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ADEDUNTAN SUSTAINS HIS WINNING STREAK, PIONEERS LEADERSHIP EXCELLENCE IN BANKING

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Since his appointment as MD/CEO of First Bank of Nigeria Limited in 2016, Dr. Adesola Adeduntan has completely transformed the financial institution and has made it attractive to every strata of the society. From an institution that used to be perceived as an old-generation bank, FirstBank is now a darling to all as it leverages latest digital tools to meet its customers’ needs. Also, under Adeduntan’s leadership, the 128-year old bank has made huge contributions to national development, thereby stimulating development, setting standards and motivating excellent output across sectors.

Clearly, these contributions to national development were what endeared Adeduntan to President Muhammadu Buhari who recently saluted him on his recognition by Cranfield University, UK, one of the most prestigious citadels of learning in Europe.

Adeduntan will on Wednesday, June 22, be conferred with Doctor of Science, Honoris Causa and he would be delivering an address to the graduating class of the university. This feat, the president in a statement by his Special Adviser (Media and Publicity), Femi Adesina, described as, “another testament to the fact that Nigeria is blessed with the brightest and the best in all areas of human endeavor.” Buhari lauded Adeduntan for being a role model to the younger generation, showing that hard work pays, and with resourcefulness and doggedness, great heights are achievable.

Adeduntan holds a Doctor of Veterinary Medicine from the University of Ibadan, Master’s in Business Administration from Cranfield University, and is Fellow of Institute of Chartered Accountants of Nigeria (ICAN), as well as Chartered Institute of Bankers of Nigeria (CIBN).

The president sent best wishes to Adeduntan and family as he hoisted Nigeria’s flag proudly to receive an honor Cranfield University said was in recognition of his outstanding contribution to business. Incidentally, Buhari’s commendation came on the day the bank successfully held its AGM which showed a stellar performance in its financials, a transformational result that put the bank on course to reclaiming its leadership position of the financial sector.

Adeduntan has a distinguished career in finance having held senior positions at Citibank Nigeria, KPMG and Arthur Andersen Nigeria. He studied at Cranfield University as a British Chevening Scholar, achieving an MBA in 2005.

Commenting on the honour by Cranfield University, the FirstBank boss said: “I am extremely humbled and most grateful to the university for this recognition. My time at Cranfield served as a catalyst for my professional and personal development propelling me to the leadership position I occupy today.

“I am a firm believer in talent management, being vital to further accelerate Africa’s growth to enable it to benefit growth to enable it to benefit from its demographic dividend and the opportunities therein. I look forward to sharing my experiences with the students on the universal applicability of the skills the Cranfield MBA provides to positively impact the world.”

On his part, the Chief Executive and Vice-Chancellor of Cranfield University, Professor Karen Holford CBE FREng also congratulated Adeduntan, saying: “It is an honour to welcome Dr Adeduntan back to Cranfield to recognise all his professional achievements in this way. His own experience at Cranfield University has propelled his career forward and this serves as a true inspiration for our graduates both this year and in the future.”

Indeed, Adeduntan is an accomplished professional with distinctive international and domestic experience in commercial and investment banking, development finance, audit, and consulting; a philanthropist and leader with keen interest in providing platforms for the development of other young leaders.

The FirstBank Group, the commercial banking arm of FBN Holdings Plc, which he heads is made up of First Bank of Nigeria and subsidiaries including FBNBank UK, FBNBank DRC, FBNBank Ghana, FBNBank Senegal, FBNBank Guinea, FBNBank Gambia, FBNBank Sierra Leone and First Pension Custodian as well as Representative Offices in France and China.

Adeduntan is overseeing one of the most extensive transformation programmes in sub-Saharan African financial services industry, with the goal to reposition FirstBank Group to market pre-eminence.

He is leading FirstBank Group on the journey to win the most significant emerging business opportunities in the financial services industry through the development and execution of a digital-led strategy that has established FirstBank as the dominant player in digital banking.

FirstBank Group’s transformation programme, under the leadership of Adeduntan has enabled the bank to grow customer accounts from about 10 million in 2015 to over 36 million (including digital wallets), become the second largest issuer of cards in Africa with over 11.8 million issued cards, onboard over 18.6 million active customers on FirstBank’s digital banking platforms, and initiate and grow the most expansive bank-led Agent Banking Network in Africa with over 170,000 agents.

His career in banking and finance spanning almost three decades, has earned him various recognitions and awards including Forbes Best of Africa – Outstanding Leader in Africa, Distinguished Alumnus Award by both the Cranfield University’s  School of Management and the University of Ibadan, African Banking Personality of the Year,  African Banker of the Year Award; Banking Icon of the Decade by the Sun Newspapers and induction into the African Leadership Magazine (ALM) Hall of Fame, Honorary Citizenship of the State of Georgia and Congressional Commendation Award from the Georgia Senate – USA, Bank CEO of the Year by the AES Excellence Club and several other awards.

He has attended various executive and leadership programmes at Harvard Business School (USA), Wharton School (USA), London Business School (UK), IESE (Spain), University of Oxford (UK), University of Cambridge (UK), CEIBS (China) and INSEAD (France). He is a fellow of both the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN).

Adeduntan’s leadership drive also reflected in First Bank Nigeria Limited’s recently released full year 2021 financial statement. The results clearly showed the strength and resilience of the iconic African elephant as well as the financial institution’s leadership in the industry. The impressive results were a reflection of the robust strength and growth of the iconic African elephant, showing that the bank has taken its rightful position among the industry leaders.

In addition, it showed the level of work the current board, management and staff of the bank have put in to turn the tide in the 128 years old institution with entrenched corporate governance.

The full year 2021 performance by the bank represented a shift in the financial institution’s performance trajectory and was made possible through its undeterred commitment in pursuing its transformational agenda; cutting across customer-led innovation, building a digitalised bank, culture change, reinventing the bank’s workplace and safeguarding its assets for the digital age.

For the first time, FirstBank Group posted the best result in more than a decade history of the bank by crossing the N100 billion profit line. Specifically, in the full year 2021 financial statement, the FirstBank Group reported a 73.9 per cent growth in its profit after tax to N117.8 billion, as against the N67.8 billion recorded as of December 2020, just as its profit before tax stood at N130.9 billion, which was a significant rise by 77.9 per cent year-on-year, as against the N73.6 billion it was as of December 2020.

FirstBank’s gross earnings also increased by 30.3 per cent to N716.8 billion in 2021, up from N550.3 billion it was as of December 2020. Also, it recorded non-interest income of N342.2 billion in the year under review, which was 106.4 per cent higher than the N165.8 billion recorded as of December 2020. As a result of years of strategic restructuring of its balance sheet and operations, its gross earnings also moved northwards by 30.3 per cent, its total assets was up 15.9 per cent to N8.5 trillion as of the end of 2021, as against the N7.4 trillion recorded the previous year, just as its customer deposits also climbed by 19.5 per cent to N5.6 trillion, up from the N4.7 trillion recorded the previous year. The bank’s customer loans and advances also improved by 28 per cent to N2.8 trillion in the year under review, up from N2.2 trillion the previous year.

FirstBank has shown innovation, resilience and commitment to growth by significantly reducing its non-performing loans (NPL) from 25% in 2016 to an acceptable level of 6.1% in 2021.

To demonstrate that the bank’s performance in 2021 was not a fluke, the Bank equally performed excellently well in Q1 2022. FirstBank recorded 32% increase in gross earnings to N180bn in Q1’22 from N136.6bn in Q1’21. Profit after tax was up 108% to N32.4 billion (Q1’22) relative to N15.6 billion (Q1’21). This impressive performance is hinged on robust loan portfolio, effective cost structure and increased digital services.FirstBank recorded the highest decline in its cost-to-income ratio in Q1 2022, dropping from 79.5% recorded in Q1 2021 to 67.03% amongst tier-1 Banks in the review period.  

With FirstBank under Adeduntan, the safety of customers and the security of their transactions come first. This has ensured the bank keeps the trust of Nigerians gained over the many years of its enduring legacy of safety and security.

The bank also delivers unique and bespoke financial services solutions across all customer segments underpinned by its commitment to innovation and the customer experience. It also leverages its strong investment banking capabilities to support clients in defining and executing innovative debt solutions as well as offer strategic advice at the highest level, arrange tailor-made financing structures, manage risk and ultimately help clients to realise their aspirations.

Since its establishment in 1894, FirstBank has consistently built relationships with customers focusing on the fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.

Over the years, the bank has led the financing of private investment in infrastructure development in the Nigerian economy by playing key roles in the federal government’s privatisation and commercialisation schemes. With its global reach, FirstBank provides prospective investors wishing to explore the vast business opportunities that are available in Nigeria, an internationally competitive world-class brand and a credible financial partner. It is expected that the leadership excellence and recognitions accorded to Adeduntan would continue to reflect positively on the FirstBank brand and fundamentals of the bank so that the elephant will continue to stand ‘gidigba.’

Culled from ThisDay

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Mr. President! The Goldilocks Solution, Please, by Hassan Gimba

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Mr. President! The Goldilocks Solution, Please, by Hassan Gimba

Yes, we are at war! This much we said last week. But the curious and sad thing is that Nigerians don’t seem to know or don’t want to know, and our leaders don’t seem to care. Our security agencies, whose activities are akin to the movement of wavelengths, continue with the aura of “everything is all right” when the trajectory is low, only to chase after those fighting Nigeria when the trajectory shoots up.

When they are at their lowest, it is the law-abiding citizen who gets the short end of their “might.” The real bad guys hold sway in the ungoverned spaces in the bushes and forests of our nation, living lives akin to the Indian Dakus—kidnapping at will and imposing taxes on their victims.

While hungry Nigerian citizens march on the streets, asking the government to allow them to breathe, they are being harassed. Those who have turned our bushes into billion-naira crime dens are being cajoled for a tête-à-tête.

The question confused and frustrated citizens are asking is, “How did we get here?” Yes, how did we get here? “Here” is like a station where going back looks impossible because the bridge is broken and moving on appears daunting because of the overgrowth of brush, bushes, thorns, and wild animals blocking the only path ahead. There is no promise of comfort in staying put, for a mighty flood that would sweep all to Hades is approaching fast.

Our founding fathers, who played a crucial role in birthing our nationhood in 1960, surely experienced great joy on that momentous first day of October when Naval Rating Salaudeen Akano, under the command of Commander Onwurah Zanyanuno Chiazor, lowered the Union Jack, which had served as Nigeria’s flag since 1914, at midnight and raised the Green-White-Green flag instead.

Had there been super intelligence that could “browse” their brains, perhaps in their minds, Nigeria was going to become an El Dorado, the utopian land of milk and honey where there would be abundant peace, harmony, equality, and uninterrupted happiness, in line with the prayer in the second stanza of our National Anthem, “Oh God of creation, direct our noble course, guide our leaders right, help our youth the truth to know…” with the anthem continuing elsewhere with “Help us build a nation where no man is oppressed…”

Now that the utopian country of their dream is our dystopian reality, what is the way out?

Some think the only way is the “hard way,” i.e., through a revolution. Others believe the best way is to change the governance system. This perhaps informs why some are proposing a return to the parliamentary system. Yet others opine that “restructuring” is the right route.

The thing is, those advocating for a revolution are romanticizing the word. They fantasize about the theoretical adventures of great revolutionaries like Karl Marx, Che Guevara, Fidel Castro, Mao Zedong, Muammar Gaddafi, Ayatollah Khomeini, Thomas Sankara, and others who uplifted the thinking of their people, emancipated them from mental slavery, and changed the direction of their countries positively.

Revolution, the type that some find glamorous, is out of the question in Nigeria, because all those mouthing it are not ready, nor are they capable of going through the mill. No man whose thinking is comfort in life can be a revolutionary. Paper revolutionary, yes; active one? No! All those making noise about it are exploiting the gullible, who they view as cannon fodder rather than partners.

The parliamentary system or any other political system, not to mention restructuring, is not the solution as long as people with the current mentality are the drivers.

In our situation, the Goldilocks Solution is the way to go because our situation is desperate, and desperate situations demand desperate remedial actions. The Goldilocks Solution is a moderate manner of doing everything — “just right” — not too extreme, not too lacking, but perfectly balanced.

The term came from the classic children’s story of Goldilocks and the Three Bears. In that fairy tale, Goldilocks sampled the bears’ porridge, chairs, and beds, rejecting those that were too hot or too cold, too hard or too soft, settling for those she found were “just right.”

Treasury looters alone are too plentiful. If we had hundreds in the 70s and 80s, now we have millions who have soiled their fingers. Some stole in hundreds of thousands, some in millions and tens and hundreds of millions, and others in tens and hundreds of billions. Has the thievery reached the threshold of trillions? But how do you beat that? How do you investigate and prosecute this general crime that almost all Nigerians in privileged positions cannot, in all honesty, claim innocence of?

The way we are, there must be something akin to a general amnesty for ALL criminals because we are starting afresh. This has to be so because different crimes, from the littlest, like picking our pockets, to pocketing our foreign reserves, to murders in cold blood by bandits and murders by files (where budgets for roads, hospitals, and poverty alleviation have disappeared), causing deaths on highways and in hospitals, budget paddings and many more are just too numerous for our security, judicial, and penitentiary sectors to handle. Those sectors, anyway, also have their fair share of criminals.

Just last week, a bandit who sometimes appears on TikTok and even asks citizens to drop their account details for monetary gifts taxed a community ₦30 million because a military commander killed his cows! Despite the commander’s “apology” and promise not to commit such a “sin” against the criminal again, the bandit said the people must pay because the soldier was protecting them.

The governor of Katsina, Dikko Umar Radda, exposed a traditional ruler who accepted ₦700,000 from bandits to facilitate the killing of his people and a security officer who betrayed his colleagues, leading to their deaths at the hands of bandits, and now he has fled to join his real colleagues in the bush.

Let every man who has money stashed anywhere in the world bring it back and invest. No questions asked. Those yahoo boys? Allow what they have pinched as “repatriated funds” and let them be. If those who dipped their hands in the treasury bring out the loot, invest, employ, pay taxes, and sin no more, let their actions be overlooked.

All bandits, insurgents, and terrorists should return to towns and utilize their loot in nation-building. Then, the government should set a time when crimes will start to be punished promptly. From then on, we should not allow any crime, no matter how small or big, committed by whoever, to be left unpunished. It is those crimes that, like drips of water allowed over time, have become the flood threatening to drown us.

We should consider the Goldilocks approach because it is getting too late, and it may be the only way for those responsible to regain control again.

Hassan Gimba, anipr, is the publisher and editor-in-chief of Neptune Prime.

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STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

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STAKEHOLDERS CALL FOR A RE-AWAKENING IN THE NIGERIAN NON-OIL EXPORT INDUSTRY AT THE 2024 ZENITH BANK INTERNATIONAL TRADE SEMINAR

Stakeholders unanimously called for concerted efforts towards adding value to non-oil export products by processing them into semi-finished and finished goods in order to unlock significant economic benefits for the nation.

L – R: Executive Director, Zenith Bank Plc, Mr. Adamu Lawani; Executive Director, Mr. Akin Ogunranti; Managing Director, Nigerian Export-Import Bank (NEXIM), Alhaji Abba Bello; Representative of the Governor of Lagos State, The Honourable Commissioner for Commerce, Cooperatives, Trade & Investment, Mrs. Folashade Ambrose-Medebem; Group Managing Director/Chief Executive, Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON; Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo; Executive Director, Mrs. Adobi Nwapa; Executive Director, Mr. Henry Oroh; and Executive Director, Mr. Louis Odom at the 9th Annual Edition of the Zenith Bank International Trade Seminar on Non-Oil Export held at the Civic Centre, Victoria Island, Lagos, yesterday.

This clarion call was made at the 9th Edition of the Annual Zenith Bank International Trade Seminar themed “Nigerian Non-Oil Export Industry: Awakening the Giant”, which was held on Wednesday, September 4, 2024, at the Civic Centre, Victoria Island, Lagos and virtually.

In her welcome address, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, highlighted the importance of non-oil export as a catalyst for job creation. According to her, “Our theme “Awakening the Giant,” speaks directly to the untapped potentials within the non-oil segment of the economy and how to optimize them. This involves an increase in the number and volume of exportable non-oil items and value addition to exportable items into finished products. Increasing the number and volume of exportable non-oil products implies more business for you, our esteemed exporters, and increased foreign exchange earnings for our country. In addition, this sector will drive employment generation for Nigerian youths who constitute 60% of the estimated 233 million population, and Zenith Bank is committed to being at the forefront of these efforts.”

Delivering his keynote address, the Secretary, National Action Committee, AfCFTA, Mr. Segun Awolowo, commended Zenith Bank and its leadership led by the Founder and Chairman of the Board, Jim Ovia, CFR, for its laudable initiative in organizing an annual export seminar targeted towards exploring opportunities for growth in Nigeria’s non-oil export industry and for its consistent exploits in supporting the implementation of the AfCFTA. Commenting on the theme of this year’s export seminar, he added that “In awakening the giant, we must focus on scaling production, productivity and value addition for some specific export products with high potential across three main sectors – solid minerals, agriculture and petro-chemicals. We should also aim to capture at least 5% of the global trade and export volumes for these products. Additionally, in the genie bottle is the services sector, which is not only a major contributor to Nigeria’s GDP but also a key driver of economic diversification, job creation, and innovation.”

Also in his keynote address, the Managing Director of Nigerian Export Import Bank (NEXIM), Alhaji Abba Bello, emphasized the need to amplify the export of services in order to facilitate economic growth. In his words, “A key area that needs mentioning is the need to intensify efforts to support the promotion of export of services to leverage on the sector’s economic strength in which the services sector annually contributes over 50% to the GDP. Specifically, strategic frameworks need to be developed to complement current Government’s US$620 million programme under the Digital and Creative Enterprise (IDiCE), which is designed to empower youths to create IT and skilled / technical jobs that could promote and expand export of ICT and creative industries products and services.”

In his goodwill message, the Governor of Lagos State, His Excellency Babajide Olusola Sanwo-Olu, represented by The Honourable Commissioner for Commerce, Cooperatives, Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the efforts of the Lagos State Government in facilitating non-oil export for the growth of the Nigerian Economy. He said, “This seminar’s theme resonates deeply with the strategic objectives of the Lagos State Development Plan 2052. Nigeria’s creative economy is a powerful engine of growth and a key pillar of our export diversification strategy. Our focus is on value addition—transforming raw agricultural products into finished goods that command higher prices in international markets. For instance, Lagos State is rapidly becoming a hub for the processing of cocoa, cashew nuts, palm oil, and sesame seeds. These products, when processed and packaged to international standards, can significantly boost our export revenues and create thousands of jobs for our citizens. The manufacturing sector offers another promising avenue for export diversification. Our vision is to transform Lagos into a global manufacturing hub, where high-quality, made-in-Lagos products are exported to every corner of the globe.

Also in his goodwill message, the Governor of Kano State, Engr. Abba Kabir, represented by the Special Adviser, State Affairs, Usman Bala Muhammad, emphasized strategic advantages in economic diversification in non-oil exports. In his words, “Our strength begins with agriculture, which has been the cornerstone of our economy for decades. Kano’s agricultural sector has a strong base that we are leveraging for diversification. However, diversification is not just about increasing crop yields; it is about adding value. Through strategic investments in agro-processing, we are converting raw agricultural products into finished goods, creating jobs, and enhancing local consumption. By aligning our export diversification strategies with global market trends and standards, and leveraging opportunities such as the African Continental Free Trade Area (AfCFTA), we can significantly expand Nigeria’s non-oil exports to African markets and beyond.

Speaking on diversification, the Governor of Zamfara State, Dr. Dauda Lawal, represented by the Commissioner of Finance, Abdullahi Bello Auta, urged stakeholders to explore other untapped areas for export. According to him, “One major important sector which contributes to non-oil export which is not harnessed and which is giving us a lot of trouble simply because it is not organized is the mining sector. I can tell you with all sincerity and courage that once we are talking of mineral resources in Nigeria, Zamfara state is the hub. There is no single solid mineral that you can talk of that you cannot find here in abundance and in good quality.”

Zenith Bank launched the Non-Oil Export Seminar in 2015 as an initiative to deepen the discourse on promoting the non-oil export business in Nigeria, and remains committed to promoting the non-oil export sector in Nigeria by identifying emerging opportunities which help stimulate non-oil exports and develop robust financial products as well as incentives for operators in the sector.

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ADELE ORGANISES FREE MEDICAL SERVICES FOR LAGOS ISLAND RESIDENTS

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ADELE ORGANISES FREE MEDICAL SERVICES FOR LAGOS ISLAND RESIDENTS

Prince Adele Adewale Abolaji Taofiq, popular known as (PAAAT), a formidable aspirant for the post of Chairman of Lagos Island Local Government in next year’s council election has successfully organised a maiden Free Mega Medical Outreach for the people of the local government.

The free medical outreach, which took place at Idungaran Club, Isale Eko, Lagos Island, on Saturday and Sunday, was well attended with an incredible turnout of beneficiaries.

The Lagos State Commissioner for Basic Education, Mr. Jamiu Alli-Balogun and the Special Adviser to the Speaker of the House of Representatives on Finance, Honourable Lukman Oyewole Lawal were at the event to promote the medical outreach. Both dignitaries commended Prince Adele Adewale Taofiq for his giant efforts towards ensuring people get free medical services at this time of socio-economic crunch.

On the first day of the programme, 2,600 patients were attended to, while more than 2,700 others benefited on Sunday. The large turnouts, no doubt, reflected the deep-rooted desire of the community members to access quality healthcare and improve their well-being.

At the end of the free medical outreach on Sunday, the statistics of its beneficiaries are a clear indication of the positive impacts made to support them medically. A total of 1,572 beneficiaries received treatments for malaria, and 1,237 others were treated for typhoid. Additionally, 1,220 eyeglasses were distributed to those in need to improve their vision and enhance their quality of life. The dental unit recorded 820 beneficiaries. For diabetes tests, 753 beneficiaries were recorded.

While addressing the people at the event, Prince Adele Adewale Abolaji Taofiq (PAAAT), informed the gathering that the health support Initiative is a demonstration of his unwavering commitment to the health and welfare of the people of Lagos Island. He acknowledged the collaboration of Honourable Lukman Oyewole Lawal Foundation which provided 70 skilled medical personnel who are dedicated to providing a wide range of health services to attend to people with various health challenges. “From basic health check-ups, free dental consultation and treatments, free malaria tests and drugs to specialized consultations, free eye tests, free blood tests, free blood sugar level checks for diabetes, distribution of eyeglasses, the programme was organised to cater for the diverse healthcare needs of our community members and competent medical officials are available for the exercise,” he disclosed.

“This outreach is not only about addressing immediate health needs but also about educating our people on preventive care and healthy living practices, ” he declared.

“I would like to express my heartfelt gratitude to Honourable Lukman Lawal for his immense contributions towards the success of the programme. If not for his support, the free medical care would not have been possible. I also extend my heartfelt thanks to the ward leaders, ward excos, volunteers, and everyone who have contributed to the success of this event. Your support and dedication have been invaluable in making this outreach a reality. Together, we are making a significant difference in the lives of our community members, and I am deeply grateful for your commitment to this cause.”

“To all our beneficiaries, we assure you that your health and well-being are our top priorities. This initiative is just one of the many ways we are working to build a stronger, healthier community. We will continue to stand by you and provide the necessary support to ensure a better quality of life for everyone in Lagos Island.”

Some of the beneficiaries of the free mega medical outreach interviewed expressed their gratitude to PAAAT and Honourable Lukman Oyewole Lawal Foundation for assisting the people of the local government for providing them free medical services.

The medical team was led by Dr. Suleiman Yekini, Dr. Oluwole Olusanya and Dr. Saheed Aromire-Giwa, while the President of Retired Nurses Administrators Health Care Initiative, Mrs Victoria Abosede Oloruntegbe was the leader of the nursing crew.

The event was attended by the Lagos State Commissioner for Basic Education, Mr. Jamiu Alli-Balogun and the Special Adviser to the Speaker of the House of Representatives on Finance, Honourable Lukman Oyewole Lawal.
Other prominent people at the programme include ward Chairmen, EXCO members and other political leaders in the council.

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