Connect with us


BIG STORY

FG Under Heavy Criticism As 24 States Lose Foreign Investments

Published

on

The Catholic Bishops’ Conference of Nigeria, the Sultan of Sokoto, Alhaji Abubakar Sa’ad all- led Jamaatul Nasril Islam, some state governments, and the Manufacturers’ Association of Nigeria have taken a swipe at the Federal Government over its failure to address the rising insecurity in the country.

The groups stated this on Monday as killings and other forms of insecurity took a toll on investments in the country with foreign investors shunning  24 states in 2021.

Earlier on Monday, the National Bureau of Statistics released data, which indicated that Nigeria generated a total of $698.7m from Foreign Direct Investments in 2021.

According to data from the NBS, the FDI generated in 2021 was the lowest the country recorded in 10 years.

FDI is one of the three major types of investments and a critical source of capital inflow into the country.

Other sources include foreign portfolio investment, foreign loans, and trade credits, among other investments.

NBS defines FDI as an investment whereby the investor has some control or a significant degree of influence on the management of a domestic enterprise.

It notes that the FDI occurs when the investor has enough equity in the enterprise to entitle them to 10 percent or more of the voting rights in that company.

A breakdown of FDI in Nigeria over the last 10 years shows that in 2012, FDI stood at $2.60bn, it declined to $1.27bn in 2013 but rose to $2.27bn in 2014.

FDI fell again in 2015 to $1.41bn; it fell further to $1.04bn in 2016 and $981.75m in 2017.

Further analysis of data from the NBS revealed that the FDI rose again to $1.19bn in 2018 but dropped by $256m to $934.34m in 2019.

The latest capital importation report from the bureau stated that the FDI fell by $332m to $698.78m in 2021 from $1.028bn in 2020.

24 states attracted $0 foreign investments

The report also revealed that 24 states in the country failed to attract any foreign investment last year.

These states are Adamawa, Bauchi, Bayelsa, Benue, Borno, Cross River, Ebonyi, Edo, Enugu, Gombe, Imo, Jigawa, Kaduna, Katsina, Kebbi, Kogi, Nasarawa, Niger, Ondo, Plateau, Sokoto, Taraba, Yobe and Zamfara.

Also, 10 out of the 24 states failed to attract foreign investments in the last three years.

The states are Bayelsa, Ebonyi, Gombe, Jigawa, Kebbi, Kogi, Plateau, Taraba, Yobe, and Zamfara.

Manufacturers blame insecurity

The Chairman, Infrastructure Committee of MAN, Ibrahim Usman, said that aside from the COVID-19 pandemic that affected several companies abroad, there was the issue of insecurity plaguing the country

He said, “Since the COVID-19 pandemic, a lot of the companies that invest abroad have been affected by the pandemic. That is a major cause. Secondly, the insecurity in the nation has continued to go unabated. Nobody wants to invest in a country where there is so much insecurity. Investments thrive only where there is peace and security.”

Issue of foreign exchange,  policy somersault invest in Nigeria risky – MAN

Usman also said that the lack of stable power supply is affecting the productive sector, which is meant to attract foreign investments.

“Also, the availability of electricity is directly related to the advancement in terms of investments. People normally invest in the productive sector. The productive sector cannot operate without adequate reliable, affordable electricity. That’s another major cause. We haven’t made the stride we are supposed to have in terms of electricity supply. The Nigerian electricity supply industry is still at the lowest point,” Usman said.

He added that there was also the issue of foreign exchange and lack of consistent policies, which had made investing in the country highly risky.

Usman added, “Also, there is the issue of foreign exchange. A lot of times we do policy somersault. The government can suddenly come up with a new policy that discourages investors. There must be consistency in policymaking because investors plan 10-20 years, and sudden changing policies can affect their investments.”

Exchange rate affecting business – LCCI

Also, the Deputy President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, identified three factors responsible for the steady decline in Nigeria’s FDI.

According to him, the major factor is the unpredictability of Nigeria’s foreign exchange market and the devaluation of the naira.

He explained that foreign investors were skeptical of investing in Nigeria because the value of their returns would have declined in the future due to the naira devaluation.

“Since 1990, the value of the naira has been on the decline and projection shortly is not showing any significant difference,” he said.

Idahosa, who is a chartered accountant, noted that investors were also reluctant to invest in a country where the cost of doing business is high. He explained that the high cost of electricity in Nigeria and inefficient port and rail systems were undoing Nigeria and its quest for FDI.

“Also, our Company Income Tax is among the highest in the world. Most countries have 15-16 percent or thereabout, but ours is 32.5 percent. Most investors are going to places where taxes are low and moving to countries where governments are looking at the number of jobs created rather than high taxes,” Idahosa noted.

He urged the Nigerian government to address these challenges urgently to drive FDI into Nigeria.

The Managing Director of Cowry Asset Management Limited, Johnson Chukwu also said that investors were looking for countries with economic and political stability, and good economic growth.

According to him, the country experienced contracted growth due to the pandemic and is also battling insecurity, which has been discouraging foreign investments.

Chukwu said, “Foreign Direct Investments go into countries with very good investment climate. Among those things that foreign investors are looking for is economic and political stability. They are also looking at the growth of the economy. Before last year, the economy contracted in 2020. Although it grew by 3.4 percent last year, investors were looking at a contraction in 2020.

“Secondly, we see a situation where the level of insecurity is high in the country. This discourages foreign investors.”

The Chief Executive Officer, Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, stressed the need for better reforms to strengthen investors’ interest.

He also emphasized the need to address the issue of insecurity plaguing the country.

Benue blames  insecurity, says investors shun FG too

On his part, the Benue State Commissioner for Finance, David Olofu, also blamed the Federal Government.

Olof said security challenges facing the country prevented investors from coming to invest in the state in 2021.

He stated, “It is obvious that insecurity prevented many states from attracting investors in 2021. How many investors did the Federal Government attract?

“How will investors come even when citizens are not safe? How will investors come when citizens cannot themselves invest in their place? “

Investors made inquiries, but never turned up – Zamfara

The Managing Director, Zamfara State Investment Cooperation, Dr. Anas Hamisu  Lawal, also said security challenges were responsible for the non-attraction of investors in the state.

Hamisu maintained that there were several requests from the investors wishing to come to Zamfara, adding, “The first question they always ask is the security situation in the state.”

According to him, the state has currently four requests from investors who want to come to the state to invest, adding, “They are willing to invest whenever the security situation improves.”

But the Gombe State Commissioner for Information, Julius Ishaya, debunked the insinuation that the state failed to attract investments in 2021, stressing that the state had never had it so good since the administration of Muhammadu Yahaya.

Also, the Secretary to the Plateau State Government, Prof Danladi  Atu, dismissed the NBS claim as untrue and urged the Federal Government agency to always verify its facts.

But the Special Adviser to the Enugu State Governor on Information, who also oversees the Ministry of Information, Mr. Steve Oruruo, told one of our correspondents on the telephone that the state had been working assiduously to create a stable and secured environment for businesses to thrive, and that had placed the state as the most secured state in the South- East.

Nigeria heading towards multiple chaoses – JNI

The JNI, in a statement by its Secretary-General, Dr. Khalid Abubakar-Aliyu,  condemned the recent attack on the Abuja-Kaduna rail and warned that Nigeria was heading towards multiple chaos.

It stated, “To say the least Jama’atu Nasril Islam (JNI) is agonized and short of words to express herself over the gory incident of the infamous train attack which happened on Monday, March 28, 2022.

“The well-orchestrated incident remains highly condemnable, reprehensible, and upsetting to every rational mind. It appears that the continuous callous acts of mayhem, killings, and arson happening almost on daily or weekly bases around us; either within communities and/or on the roads we ply, have automatically reset our human psyche that we now have accepted such dastardly acts as part of our lives, to the extent that we no longer feel them. The humanity in us is slowly being eroded thereby making us adapt to the new normal within which we, unfortunately, found ourselves.”

Catholic bishops berate FG

Catholic bishops in a statement by the National Directorate of Social Communications, Catholic Secretariat of Nigeria, in  Abuja, said the security apparatus lacked intelligence or the ability to fight and defeat terrorists in our nation.

“Nigerians are sick of flimsy excuses and bogus promises of the government to deal with terrorists,”  they added.

Summon northern stakeholders meeting  on insecurity, CAN tells Buhari

The News Agency of Nigeria reported that the Christian Association of Nigeria, Northern chapter,  called on the President, Major General Muhammadu Buhari (retd.), to summon a meeting of northern stakeholders to proffer solutions to the challenges of insecurity in the north.

Reverend Yakubu Pam, Chairman of CAN of 19 northern states including the Federal Capital Territory, made the call while declaring open the association’s 2022 first quarter National Executive Meeting on Monday in Abuja.

Pam also urged the President to seek assistance from former heads of state in addressing the insecurity in the region.

BIG STORY

Adron Homes Welcomes New Executive, Emphasizing Commitment To Professional Excellence

Published

on

In a strategic move to foster growth and elevate the quality of service delivery, the Management of Adron Homes and Properties is thrilled to announce the appointment of exceptional staff members who have exemplified remarkable professionalism and have significantly contributed to the advancement of the Adron brand. We proudly introduce our newly appointed leaders: Adenike Ajobo as Managing Director, Olubunmi Akinfe as Deputy Managing Director, Ihuoma Azuru as Assistant Managing Director of Sales and Marketing (Lagos Nigeria), Barbie Ette as Assistant Managing Director of Sales and Marketing (Northern Nigeria), Odunola Ogundapo as Assistant Managing Director of Sales and Marketing (Western Nigeria), Olasumbo Oguntoye as Assistant Managing Director of Housing Nigeria, and Haastrup as Director General of Customer Service. Together, they will drive our mission forward and ensure continued excellence at Adron Homes.

Aare Adetola Emmanuel King, the Chairman and Group Managing Director of Adron Homes, has issued an important directive to the newly appointed directors of the company. He emphasized the critical need for quality delivery in all aspects of their work. Aare King highlighted that each director must align their actions and decisions with the overarching vision and mission of the organization. He urged them to remain committed to the company’s goals and to foster a culture of excellence, ensuring that their contributions not only meet but exceed the expectations set forth by Adron Homes.

Adenike Abosede Ajobo stands out as a highly regarded authority in the fields of corporate branding, public relations, business repositioning, and organizational strategy. She holds a degree in Linguistics from the prestigious University of Ibadan and has further enhanced her expertise with an Ordinary National Diploma (OND) in Marketing from The Polytechnic of Ibadan.

Her dedication to professional growth is reflected in her memberships with esteemed organizations, including the National Institute of Marketing of Nigeria (MNIMN), the Nigerian Institute of Public Relations (NIPR), and the Nigeria Institute of Personality Development and Customer Relationship Management (NIPD-CRM-dsgnt). These affiliations illustrate her unwavering commitment to continuous learning and excellence within her industry.

Adenike’s professional journey with Adron Homes commenced in January 2024 when she took on the role of Group Company Secretary. Her exceptional leadership skills and strategic vision quickly propelled her up the ranks, and she soon became the Deputy Managing Director of Southern Nigeria. Her impressive performance has now garnered her a well-deserved promotion to the position of Managing Director at Adron Homes, where she is set to steer the company toward a promising future, leveraging her insights and experience to craft innovative strategies for growth and development.

Akinfe Olubunmi Omolara is an esteemed leader and achiever, recognized for her dedication to maximizing her potential in every role she undertakes. She is a graduate of Obafemi Awolowo University, lle-Ife, Osun State, with a Bachelor of Science degree in Microbiology. Her career journey at Adron Homes and Properties, reflects her remarkable growth and commitment to excellence. She has progressed through a range of pivotal roles, from Deputy Group Sales Manager, District Sales Manager, and Deputy District Sales Manager to Deputy Group Customer Relations Officer, Regional Chief Operating Officer, and Chief Operating Officer. Her leadership and strategic acumen continued to shine through her promotions as the Director of Sales and Marketer and later promoted as the Director General of Sales and Marketing. She has now been promoted to the position of Deputy Managing Director , where she will drive growth and operational efficiency for Adron Homes.

Ihuoma Udodirim Azuru’s journey is a testament to exceptional leadership and dedication. Her academic prowess shines through with a B.Sc in Accounting, M.Sc in Business Management, MBA in Human Resources and currently studying Law at the Leadership City University, underscoring her commitment to ongoing personal and professional development. Her career with the company began as Group Head Admin and HR, where she showcased her adaptive leadership style. Subsequently, she transitioned to the role of Director of Sales and Marketing (Southwest). Moreover, she was promoted to the prestigious role of Director General for Sales and Marketing at Adron Homes. Her exceptional leadership, dedication, and strategic vision within the organization leads to her appointment as the Assistant Managing Director Lagos Nigeria.

Odunola Ogundapo is a highly regarded sales and marketing professional, celebrated for her steadfast dedication and strategic insight, which have contributed to her impressive track record of success in the industry. She holds a Bachelor of Science degree in Geology from Olabisi Onabanjo University, where she developed a strong foundational knowledge of earth sciences. Further enhancing her expertise, she earned a Master’s degree in Sedimentary and Petroleum Geology from the prestigious University of Lagos, a program renowned for its rigorous approach and focus on the energy sector. This combination of academic credentials allows Odunola to meld deep scientific understanding with strategic business acumen, enabling her to deliver exceptional results in her professional endeavors.

Odunola embarked on her career in 2017 at Adron Homes and Properties Ltd, starting as a Business Executive. In this role, she quickly demonstrated her innate talents and passion for sales and marketing, employing a goal-driven approach that not only set her apart but also paved the way for her rapid advancement within the company. Her commitment to excellence and her ability to forge strong relationships with clients and stakeholders led to her recognition as a rising star in the organization.

Currently serving as the Assistant Managing Director, Odunola plays a pivotal role in shaping and executing innovative strategies aimed at driving growth and enhancing the company’s market position. Her forward-thinking mindset and comprehensive understanding of market dynamics allow her to identify and seize new opportunities effectively. Under her leadership, the team is not only motivated but also encouraged to think creatively and push boundaries, resulting in increased productivity and morale.

Odunola’s leadership style is characterized by a unique blend of optimism and resilience, which fosters a collaborative and inclusive work environment. She prioritizes the development of her team members, nurturing their potential and empowering them to become future leaders in the organization. This commitment to mentorship and professional growth among her staff has created a culture of excellence that thrives on teamwork and innovation, ensuring that everyone is aligned with the company’s vision and goals. Through her unwavering dedication to her work and her ability to inspire those around her, Odunola Ogundapo continues to make a significant impact in the sales and marketing realm.

Aminat Olaniyan Haastrup is an inspirational customer service specialist, deeply committed to creating exceptional service experiences. With a strong educational background in Estate Management and Customer Experience, she earned her degree from Yaba College of Technology. An Associate Member of The Association of Business Practitioners (ABP) in the UK and a fellow of the Chartered Institute of Customer Relationship Management, Aminat’s journey began as the Director of Customer Services. Renowned for her dedication to customer-centric strategies, she passionately pursues unparalleled service excellence. Through transformative initiatives across the company’s customer relations landscape, Aminat has inspired those around her and achieved her new role as the Director General of Customer Service.

Continue Reading

BIG STORY

EFCC Probes Viral Video Of Chinese Allegedly Tearing Naira Note

Published

on

The Economic and Financial Crimes Commission (EFCC) has confirmed it is investigating an incident involving a Chinese national who tore Naira notes in Lagos.

EFCC spokesperson, Dele Oyewale, provided confirmation of this development to our correspondent on Friday.

Reports indicate that the incident took place at a Chinese-owned company along the Lekki-Epe Expressway, when Lagos State Government officials arrived to seal the premises over alleged regulatory violations.

A viral video captured the Chinese national resisting the officials’ attempts to shut down the company. During the confrontation, he pulled Naira notes from his bag and tore them, igniting widespread outrage on social media.

At the scene, some individuals believed to be Nigerian workers at the company appeared to shield the man from being apprehended by the Lagos State officials.

The incident has sparked significant reactions, with many Nigerians calling for the immediate arrest of the individual involved.

Social media users have expressed their anger, urging the authorities to take swift action.

Controversial social media influencer Daniel Regha posted on his X (formerly Twitter) account, “The EFCC should arrest this man and charge him to court for committing a punishable offense. However, my concern is how selectively justice is applied in Nigeria. If this were a high-ranking politician or their associates, the case would likely go nowhere.”

Another user, @Qladele, wrote, “The Chinese man who disrespected Nigerian currency should be arrested. The company involved should also be permanently shut down. Disrespecting your host country should have consequences. Those who obstructed justice should also face the law.”

Similarly, @Dele93748586 shared a similar sentiment, stating, “The person who insulted the Nigerian currency should be arrested, and the location sealed permanently. There must be consequences for this disrespect, and the security personnel who hindered justice should be detained.”

“Imagine if a Nigerian went to China and tore the Chinese Yuan after the Chinese government sealed his business. This is a huge blow to Nigeria. Even though I don’t support the Tinubu-led government, this is an insult to our country and government!” said @PureStanley1.

Another user, @OyinAtiBode, remarked, “Those protecting this man should face consequences, and the disrespectful foreigner should be severely punished—arrested, jailed, deported, and permanently banned from returning to Nigeria.”

Legal practitioner Tolu Babaleye, speaking (with Saturday Punch), stated that the Chinese national should be subjected to Nigerian law, as long as he was not a diplomat.

“He can be arrested, tried, and if convicted, sentenced for mutilating Naira notes, as this is an offense under Nigerian law,” Babaleye said.

Asked if the EFCC had taken action on the matter, Oyewale, the spokesperson for the commission, responded in a message (to Saturday Punch), saying, “The EFCC is looking into the issue, please.”

Continue Reading

BIG STORY

BON Awards Release Line-Up Of Activities Ahead Of November 24

Published

on

  • Kwara First Lady To Join Segun Arinze, Wole Ojo Others For Book-Reading

As the Nigerian film industry gets set for the annual pan-Nigerian Best of Nollywood (BON) Awards, scheduled to be held on Sunday, November 24, at the Sugar Factory in Ilorin, Kwara State, the organisers of the travelling awards have released a line-up of activities, alongside other highlights of the 16th edition.

This year’s event is shaping up to be an unforgettable experience, featuring a variety of engaging activities, including a book reading session and the unveiling of new award categories.

A key highlight of the pre-award festivities will be the welcome party scheduled for Saturday, November 23rd in Ilorin. This will be followed by the Book of the Year reading on the morning of November 24, showcasing “Do As You Are Told, Bani” by the acclaimed author Lola Shoneyin.

Esteemed personalities, including the First Lady of Kwara State and well-known Nollywood actors like Segun Arinze, Wole Ojo, Kemi Adekomi, Cynthia Clarke, and Chioma Okafor, will participate in the reading. This session aims to inspire and engage the youths, specifically a select number of school children from Ilorin, Kwara State.

Also, the 2024 BON Awards has been revealed that four of its major award categories have been endowed by notable figures and organisations. The endowed categories include:

Best Indigenous Movie – Endowed by Oba Saheed Eleguishi, a distinguished traditional ruler and arts patron. Best Use of Food – Endowed by Abundish Limited, an agricultural product wholesaler cum grocery market in Lekki, Lagos.

The Best Actress category is also endowed by the Deputy Speaker of the Lagos House of Assembly, Hon. Moji Ojora, a well-known philanthropist and public servant dedicated to women’s empowerment. While the movie with the Best Social Message is endowed by Hon. Toke Benson, the Lagos Commissioner for Tourism, Arts and Culture, and a prominent advocate for social issues.

According to the founder of the Best of Nollywood Awards, these new endowments promise to enhance the awards’ prestige by taking it to the next level and also offer greater recognition for excellence in these fields.

As the seven-day countdown to the 2024 BON Awards begins, and the excitement is building, Feranmi Olaoye, the Executive Director of the awards has promised that this year is not just another gala night but a getaway weekend for hardworking Nollywood practitioners, and others within the Nollywood community.

With the awards’ unique blend of celebrity-filled events and meaningful high-impact initiatives, this year’s ceremony is poised to leave a significant mark on the entertainment industry and the wider Nigerian cultural scene.

Continue Reading



 

Join Us On Facebook

Most Popular