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The Co Chair of the Bill and Melinda Gates Foundation, Mr . Bill Gates, on Thursday said the Federal Government’s Economic Recovery and Growth Plan was not reflective of the people’s needs.

He also said the country would do better with strong investments in health and education, rather than concentrating on physical infrastructure to the detriment of human capital development.

Gates spoke alongside the Chairman of the Dangote Foundation, Alhaji Aliko Dangote, at a special session of the National Economic Council held at the old Banquet Hall of the Presidential Villa, Abuja.

The theme of the event was the role of human capital investment in supporting pro-poor and economic growth agenda.

The council, chaired by Vice President Yemi Osinbajo, has all the 36 state governors, relevant ministers and the governor of the Central Bank of Nigeria as members.

Gates stated, “Nigeria is one of the most dangerous places in the world to give birth, with the fourth worst maternal mortality rate in the world ahead of only Sierra Leone, Central African Republic and Chad.

One in three Nigerian children is chronically malnourished.

“In upper middle income countries, the average life expectancy is 75 years.

In lower middle income countries, it’s 68; in low income countries, it’s 62. In Nigeria, it is lower still, just 53 years.

“The Nigerian government’s Economic Recovery and Growth Plan identifies investing in the people as one of three strategic objectives.

But the execution priorities don’t fully reflect people’s needs, prioritising physical capital over human capital.

People without roads, ports and factories can’t flourish. And roads, ports and factories without skilled workers to build and manage them can’t sustain an economy.”

He added that investment in infrastructure and competitiveness must go hand in hand with investments in the people to anchor the economy over the long term.

He noted that Nigeria’s approach placed more priority on physical capital over human capital development.

Gates stated that Nigeria had “unmatched economic potential and what becomes of that potential depends on the choice Nigerian leaders make.”

According to him, available statistics show that Nigeria “still looks like a low income country.”

He, however, said the country would thrive if the government was ready to invest in health, education and opportunities, warning, “If you don’t, however, then it is very important to recognise that there will be a sharp limit on how much the country can grow. ”

He assured the government that his foundation was eager to support it to make “Nigeria a powerhouse that provides opportunities for all its citizens.

”Citing the gains Nigeria had recorded in the immunisation against polio, Gates urged the government to pursue human capital development with the same vigour to achieve the desired results.

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Again, Oando Floors Securities Exchange Commission

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Again leading oil and gas company, Oando has floored Securities Exchange Commission, SEC as Justice Ayokunle Faji, sitting at a Federal High Court in Lagos, Friday, 5  July 2019 granted leave to Oando Plc to file a motion for a judicial review of the SEC’s decision imposing a fine of N89,675,000 on it.

Justice Faji, granted “an order of certiorari bringing up to the Federal High Court for the purpose of being quashed, the decision of the first respondent (SEC) contained in its letter dated 31st May 2019”.

SEC Acting Director-General Mary Uduk, SEC and Mutiu Sunmonu, who was appointed as Oando’s interim head, are the first to third respondents. 
 

The court also granted an order of certiorari for the quashing of SEC’s directive to Oando to convene an extraordinary general meeting on or before July 1 to appoint new directors and articulate remedial measures for alleged corporate governance lapses.  The court further granted an order of certiorari for the quashing of a press release by SEC on June 1 appointing an interim management team to be headed by Mr Mutiu Sunmonu (the third respondent) to oversee Oando’s affairs.

The judge granted “an order of prohibition and/or an injunction restraining and preventing the first and second respondents by themselves, agents, servants or whomsoever, howsoever from enforcing or seeking to enforce the decision contained in the letter dated 31 May 2019.”

Justice Faji also granted “an order of prohibition and/or an injunction restraining and preventing the second respondent from enforcing or seeking to enforce the decision of the first respondent contained in the press release made on Sunday, 2 June, 2019 appointing an interim management team to be headed by the third respondent to oversee the affairs of the applicant.”

The court made “a declaration that the first and second respondents acted ultra vires and without jurisdiction in making the decision contained in the letter of 31 May 2019 which conveyed the imposition of a fine of N89,675,000 on the applicant…”

Also granted was “an order directing that the leave sought herein if granted shall operate as a suspension and or stay of the decision of the first respondent contained aforesaid in its letter of 31 May 2019 as it relates to the applicant and as contained in the press release made on 2 June 2019 appointing an interim management team to be headed by the third respondent.”

Justice Faji directed Oando to ensure service on the respondents of the order and the application for judicial review within 48hours. 

He adjourned until July 22 for the hearing of the application for judicial review before the vacation judge. SEC had on May 31 announced the conclusion of an investigation of Oando and ordered its Group Chief Executive Officer, Mr Wale Tinubu, his deputy Mr Omamofe Boyo, and other affected board members to resign. It barred Tinubu and Boyo from being directors of public companies for a period of five years.

SEC subsequently set up an interim management team headed by Sunmonu to oversee Oando’s affairs and to conduct an Extraordinary General Meeting on or before July 1.

In an ex-parte application filed through their counsel, Olasupo Shasore (SAN), Tinubu and Ojo prayed for an order of certiorari to quash SEC’s purported imposition of N91,125,000 fine on Tinubu.

The application was granted. Oando, also through Shasore, filed the latest application seeking for judicial review of the SEC decisions against it with a view to quashing them, which Justice Faji granted

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At The Unveiling Of The Book, The Hidden Substance By Alonge Michael

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Penultimate Thursday, precisely 27th of June, 2019, The Hidden Substance, a motivational Book by journalist and online news media publisher, Alonge Michael ‘Dele was unveiled at the prestigious Imperial Hall, Alausa area of Lagos.

In the author’s speech, Alonge said, “Speechless is the way i feel looking at all the adorable faces within the four walls of this hall that graced my first-ever intellectual compilation, The Hidden Substance.

Sincerely I don’t know how well to say it to you all that I am nothing, but a mere product of grace.

The journey that culminated to this destination and location today was borne out of the grace that guided me to realization and discovery of The Hidden Substance that lies hidden within me.

It hasn’t been a smooth voyage, but with perseverance, dedication and hard work, falling and raising, picking up the broken pieces, mending and discarding when necessary. I hope a critical and constructive look into my life via The Hidden Substance will act as a catalyst to erupt the latent volcano in as many people that seem boxed up in a tight corner, about to surrender to the unfavourable challenges and obnoxious obstacles life throws in their path.  

I would want to encourage such people to shun every form of defeatist tendency, look inwards, challenge yourself and believe that you can always do better than now. A life of crime, drugs and other social vices should never define who you truly are. Rewrite your story, tell it to the world and someday soon you will be celebrated.

I welcome you all to the discovery of how I discovered The Hidden Substance.”

Present at the event which was professionally anchored by a sensational artist, Tito Da.fire had the presence of these notable personalities, Hajia Taibat Elemosho-Okesanjo a.k.a. Montai, Mrs. Ogboru, Omede Odekina from UBA, Gladys Sam-Sedi, MD First Spring Insurance, beauty queen Rose Tinuola, Director Swissgarde  Adeola Opeogun, Kasy Kene, Mrs. Abiola Olugboja, Sam Olatunji of BigSam Media, Mr. Babatunde Olowu, Mrs. Helen Ovie, Obayi Irene, Taiwo Agboola and Kay Campbell, Tunde Ogunmola, Niyi Tabiti, Funsho Arogundade, Yusuf Adeoye,  Aggrey Adedoyin, Omolara Olowolagba, Olajumoke Odusolu, Oduse Funmilola, Oluwaseyefunmi Odusolu, Bro Demola, Maryanne Oritoke Oshoffa, Tona Oguzie of Eluziv Concept Hospitality, Mrs. Sambo O. Kehinde, Clara Agada, Aderinoye Adedoyinsola, Ambassador Tayo Blackson, Olumide E. Ojo, Olumide Omotoye, Pastor P.A. Ajayi, Evang Gbagidi and others.


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“Peek The Civic Towers Feature On @CNNAfrica

Gbemileke Ajayi

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The Civic Towers is an iconic structure, a brainchild of Quantum Capital Partners whose Founder/Chairman is Mr. Jim Ovia.

It is popularly referred to as an “intelligent building”. #Highrise #CNNAfricaTravel #AfricanCities #Lagos”

See video below:


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