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Is Africa Really Rising? Elumelu, Adesina, Graca Machel And Others Think So.

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Elumelu At World Economic Forum

So say the co –chairs at the recently concluded World Economic Forum on Africa which was held in Kigali, Rwanda from May 11th -13th, 2016.

Rwanda, the land of a thousand hills is as beautiful as ever as it welcomed 14 African heads of state and many leading African business persons who converged to discuss how to move the African continent forward.

Leading African businessman and philanthropist Tony O. Elumelu; Akin Adesina, President of the African Development Bank; Graca Machel, former first lady of Mozambique and widow of Nelson Mandela; Phillipe le Houerou, CEO of the International Finance Corporation and Tarek Sultan Al Esso, Vice Chairman of the Board Agility were co -chairs at the World Economic Forum on Africa to discuss the 4th industrial revolution and the impact it will have across the continent.

The numerous plenary sessions and discussions throughout the forum, some of which were opened by H.E President Kagame, centred on creating dynamic and effective strategies to encourage long term development and continued economic growth in light of the opportunities and challenges faced on the continent.

According to Elumelu, discussing at the forum on moving Africa forward, organized by NEPAD, “When people say Africa is on the move, it is truly on the move because we have an ecosystem that is supporting itself. Let us remember to keep passing the baton to others’ in reference to championing young African entrepreneurs across the continent. Elumelu who has endowed $100m through his Tony Elumelu Foundation in support of Young entrepreneurs with start up businesses stated that the only way the continent’s anticipated movement will happen is when private sector helps to create significant jobs and employment for youths thus addressing one of society’s most pressing needs and challenges.

On his part, Adesina emphasized that everything revolves around power in the 4th industrial revolution. “We must recognize that it(the 4th industrial revolution) is already on its way but everything revolves around access to power and electricity.” Creation of jobs is the second issue he added. The huge numbers of youths who do not have jobs on the continent heighten social and economic fragility in Africa, Adesina said at the meeting of the forum’s co chair on the second day.

Winnie Byanyima of Oxfam who herself was not a co chair reiterated that public education was one of the keys to the success of Africa rising just as Graca Machel did. For Nelson Mandela’s widow, education and gender equality were the two main issues that needed to be resolved in order for the continent to move forward. According to her, “We have not been able to anticipate the needs of skills. We can’t move as we should if we don’t take a look at how we reinvent our systems of education and private sector has a role to play here along with the public sector. So systems will prepare young people for the future”.

There was no doubt that the top three main issues for the continent as emerged from the World Economic Forum on Africa are: job creation, access to power and transportation.

On the issue of poor transportation networks on the continent, Dr. Mayaki acknowledged that “the competitiveness of our industries is largely affected by logistics problems in Africa.’ This was further buttressed by Elumelu who explained that “Africa is a continent rooted in its past. We have a transportation system conceived, designed and built centuries ago not for the purpose of intra trade nor for moving people around, but for goods to be moved to ports. Tareq Sultan Al Esso was in agreement and said “we need to focus on trade facilitation. We have to make it easier for everyone to do business. It’s low hanging fruit”.

So again we beg the question: Is Africa rising?

Elumelu sees the glass as half full. In spite of the decline in commodity prices in the world in the past 5 years, Africa has remained relatively resilient. For Elumelu “I would rather invest in Africa than elsewhere in the world because the return on my investment in Africa is much higher than elsewhere in the world. I see myself as an Africapitalist and everything I do is guided by this philosophy’. He enjoins Africans to develop Africa but is open to help from outside of Africa. His message to foreign Aid agencies and owners of the billions of capital worldwide looking for a home: ‘let other wealthy Africans, friends of Africa who want to help Africa truly develop, and organisations committed to youth empowerment and job creation take up the rest of the applications from our Tony Elumelu Entrepreneurship Programme.’

As everyone leaves Rwanda, a once ravaged country transformed into a beautiful African haven, it is with hope that Africa also can become transformed in a truly sustainable way.

Africa is indeed rising. The continent is on the move.

BIG STORY

19 Of 38 Directors Fail Permanent Secretary Examination

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Nineteen Directors have failed the Permanent Secretary written examinations conducted in Abuja on Monday.

They were among the 38 eligible candidates who sat for the three-stage selection process to fill the vacancies for the retiring permanent secretaries from Abia, Bayelsa, Ebonyi, Enugu, Gombe, Kaduna, Kebbi, and Rivers States.

The Head of Information and Public Relations, Office of the Head of Civil Service of the Federation, Mrs. Eno Olotu, said in a statement on Tuesday that the 19 candidates still in the race will on Wednesday proceed to the second stage of the exercise, which will test their competence in the use of “Information Communication and Technology (ICT)” in conducting government business.

The Office of the Head of Service of the Federation usually follows an established tradition of carrying out a rigorous three-stage exercise that ensures that only the very best among the directors on Grade Level 17 are appointed permanent secretaries and equipped with appropriate and relevant skills to improve and sustain effective delivery of services.

The statement further noted that the successful candidates would then proceed to the final stage, where they would be grilled by a carefully constituted panel of top bureaucrats and representatives of the organised private sector, on Friday, November 15.

Olotu extended the goodwill of the Head of the Civil Service of the Federation, Mrs. Esther Didi Walson-Jack, to all the 38 candidates and appreciated the continued support of the Nigerian public in entrenching “meritocracy” in career progression in the Civil Service.

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BIG STORY

EFCC Probes Electricity Contracts Over Grid Collapse

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The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, on Tuesday, attributed the country’s epileptic power supply to corruption within the power sector.

He stated that the commission had initiated a probe into the sector, adding that what it uncovered during its investigations would make Nigerians shed tears.

Speaking during the visit of the House Committee on Anti-Corruption and Financial Crimes to the commission’s headquarters in Abuja, Olukoyede lamented that contractors awarded projects to supply electrical equipment often opted for substandard materials.

He explained that this practice was a major cause of frequent equipment failures, outages, and grid collapses.

Olukoyede said, “As I am talking to you now, we are grappling with electricity. If you see some of the investigations we are carrying out within the power sector, you will shed tears.

“People who were awarded contracts to supply electricity equipment, instead of using what they call ‘9.0 gauge,’ they will buy ‘5.0.’

“So, every time you see the thing tripping off, gets burnt, and all of that, it’s part of our problems.”

He also stated that during its investigations, the commission discovered that in the last 20 years, capital project implementation and execution in the country were not up to 20 percent.

He said the country could not achieve infrastructural or other forms of growth under such conditions.

“We discovered that in the last 15 to 20 years, we have not done up to 20 percent of our capital project implementation and execution.

“And if we don’t do that, how do you want to have infrastructural development? How do you want to grow as a nation?

“So our mandate this year is to work with that directorate and with the National Assembly to see if we can meet up to 50 percent of execution of our capital project for the year.

“If we do 50 percent, we will be fine as a nation. The lack of implementation of this capital project, capital budget, is one of our major problems in Nigeria.

“If we can tackle that effectively, we will make progress as a nation. So we are doing everything to see how we can achieve that with your support.”

The anti-graft boss said the commission received over 17,000 petitions, adding that over 20,000 cases were currently under investigation.

He said, “We have several cases filed in court, apart from the conviction, running to thousands.

“In the last year, we have received over 17,000 petitions in EFCC. And right now, as I’m talking to you, we are investigating over 20,000 cases.

“Between last October and now, we have opened over 4,800 new cases. And what is our staff spread? We are less than 5,000 and now, with the additional responsibility of over 700 MDAs, 36 states, 774 local governments, and all of that.”

The Chairman of the committee, Obinna Onwusibe, called on the EFCC to collaborate with the judiciary to expedite the trials of suspects and reduce the number of inmates awaiting trial.

He said, “At this point, let me add that recently, on oversight visits to the maximum and minimum correctional centres in Kirikiri, Lagos State, numerous suspects have been awaiting trial for over one year, and yet we are all acquainted with the saying that ‘justice delayed is justice denied.’

“It is on this note that we call on the EFCC, the Attorney General of the Federation, and the judiciary to improve and ensure that the administration of criminal justice works in collaboration for an effective and efficient system that will bring about justice delivery to victims and society.”

He also urged the EFCC to ensure transparency and accountability in its operation.

“The negative maxim being peddled in certain quarters is that the agency is often being used to settle political scores, and this must be corrected by the EFCC,” he said.

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BIG STORY

UBA Announces Appointment Of Henrietta Ugboh As An Independent Non-Executive Director

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  • Owanari Duke Retires from Group Board

 

Africa’s Global Bank, United Bank for Africa (UBA) Plc, has announced the appointment of Henrietta Ugboh as an Independent Non-Executive Director.

The appointment has been approved by the relevant regulatory bodies, including the Central Bank of Nigeria.

UBA’s Group Chairman, Tony Elumelu, CFR commenting on the appointment, said, “Henrietta Ugboh brings a track record of professional success, integrity and leadership, which will further strengthen the UBA Group Board, underlining once again the Group’s commitment to robust corporate governance.”

Ugboh holds a degree in Economics and Statistics from the University of Benin, an MBA from ESUT Business School, and is an alumnus of the Harvard Business School’s Executive Management Program. She has over 30 years experience in banking with Citibank and is an Honorary Senior Member of the Chartered Institute of Bankers of Nigeria and a Fellow of the Institute of Credit Administration (FICA).

Elumelu added that with her considerable experience and expertise, which includes commercial banking, credit, and risk management, the UBA Board is delighted to welcome Mrs Ugboh to the Group Board, “We look forward to her invaluable contribution to the Group, as we continue to execute our unique growth strategy across Africa and globally.”

The Board also announced the retirement of Mrs. Owanari Duke, an Independent Non-Executive Director, who joined the UBA Group Board in October 2012.

During her tenure, Mrs. Duke provided distinguished leadership, serving on Committees of the Bank including the Board Governance Committee, Board Audit, Governance, Nomination & Remuneration Committee, Board Credit Committee, Finance & General Purpose Committee and Statutory Audit Committee.

On behalf of the board, Mr. Elumelu expressed UBA’s deep appreciation to Mrs. Duke for her dedication and significant contributions to the Group, wishing her the best in her future endeavour.

United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than forty-five million customers, across 1,000 business offices and customer touch points in 20 African countries. With presence in New York, London, Paris and Dubai, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative cross-border payments and remittances, trade finance and related banking services.

 

 

 

 

 

 

 

 

 

 

 

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