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Assent To PIB, Other Bills- Saraki

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By Lukman Amusa

The President of the Senate, Dr Bukola Saraki, has urged President Muhammadu Buhari to assent to the Petroleum Industry Governance Bill(PIGB) and other bills critical to national development.

Saraki said this in his opening remarks at the 2019 budget presentation by President Muhammadu Buhari, the speech was however not delivered at the ceremony, but was made available to newsmen.

He noted that in response to the economic recession, the National Assembly passed a number of bills to assist the executive mobilise investment into the country to stimulate economic activities.

He said the PIGB alongside National Transport Commission Bill and Federal Road Authority Bill, had not been signed into law, contrary to the expectations of many.

“Let me make it clear that the National Assembly appreciates Your Excellency’s assent to some of these bills.

“We recognise the prerogative of the president to sign or not to sign these bills.

“However, we believe that some of the issues cited for withholding assent may be better addressed through further technical engagements, since the bills are, in the main, aligned to government policy direction,’’ he said.

Saraki said unless the country’s laws were improved upon to create the right structures that enable the private sector to power the economy, job creation and opportunity to thrive and prosper would be difficult.

“I must commend the President for the Social Investment Programme initiative.

“However, as laudable as this initiative has been, it is pertinent to note that the current approach is unlikely to have a sustainable, measurable impact that is free of corruption and abuse.

“You will agree with me that such a programme should carry no whiff of politicisation. Our role as leaders must always be to ensure that we deliver governance results that do not discriminate.

“We should also ensure that all Nigerians irrespective of ethnicity, religion and political stride have access and are seen to be treated equally,” he said.

Saraki expressed the National Assembly’s readiness to work with Buhari on the peoples-oriented programmes of the administration to ensure success.

He assured the President that the assembly would continue to work with him and his team to ensure that whatever was required through legislation and oversight to plug revenue leakages and ramp up revenues was given priority.

The News Agency of Nigeria (NAN) reports that Buhari on Wednesday unveiled a budget of N8.83 trillion for 2019.

The budget is N300 billion lower than the N9.1 billion being implemented in the current fiscal year.

The sum of N4.04 trillion or 50.31 per cent is earmarked for recurrent expenditure and N2.03 trillion representing 22.98 per cent is for capital projects.

Other estimates are N492.36 billion for Statutory Transfers, N2.14 trillion for Debt Servicing and N120 billion as Sinking Fund.

The budget is based on an oil production estimate of 2.3 million barrels per day and an exchange rate of N305 per dollar.

Other benchmarks are Real Gross Domestic Product (GDP) growth rate of 3.01 per cent and inflation rate of 9.98 per cent.

The total projected revenue is N6.97 trillion, which is three per cent lower than the 2018 estimate of N7.17 trillion.

The expected incomes consist of oil revenue projected at N3.73 trillion, and non-oil revenue estimated at N1.39 trillion.

Meanwhile, estimate from non-oil revenue consists of N799.52 billion from company income tax; N229.34 billion from value added tax, and customs duties of N302.5 billion.

“Other revenues expected in 2019 include various recoveries of N203.38 billion; N710 billion as proceeds from the restructuring of government equity in joint ventures, and other sundry incomes of N104.1 billion.

The N8.83 trillion proposed expenditure for 2019 includes grants and donor funds amounting to N209.92 billion.

The budget deficit is projected to decrease to N1.86 trillion or 1.3 per cent of the GDP in 2019 from N1.95 trillion projected for 2018.

On sectoral allocation, the Ministry of Interior would get N569.07billion, Defence-N435.62 billion, Education-N462.24 billion and Health, N315.62 billion.

 

 

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

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Access Bank Appoints Uche Orji as Independent Non-Executive Director

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).

This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.

Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.

He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.

Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.

He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.

Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:

“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.

We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.

His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.

On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”

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Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit

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Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The National Association of Nigerian Students (NANS), Lagos State University (LASU) branch, on Friday paid a courtesy visit on the Speaker of the Lagos State House of Assembly, Princess Mojisola Lasbat Meranda.

The student representatives said the visit was to congratulate Meranda over her emergence as Speaker of the State Assembly.

Meranda, an alumnus of LASU, was elected Speaker on January 13 after the removal of Mudashiru Obasa by the lawmakers over issues relating to alleged high-handedness and financial impropriety.

Describing her as a thoroughbred Lagosian, the chairman of NANS, Abdulraheem Azeez, used the opportunity to list some of the challenges faced by students in the university.

According to him, students have had to read in darkness as the Ikeja campus gets less than two hours of power supply daily.

Azeez also raised the need for the State to make available loans for indigent students as well as for the Assembly to provide opportunities for students to witness the plenary of the House.

Meranda, while thanking the students for the visit, urged them to always attend town-hall meetings in their constituencies where they can contribute and make their opinions known.

She further encouraged them to apply for the loans initiated by the government as done by students in other countries.

The Speaker requested the students to formally send their complaints in written forms to the House for action.

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EFCC Tasks Corps Members on Corruption

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AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

EFCC Tasks Corps Members on Corruption

The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede charge members of the National Youth Service Corps, NYSC, to be change agents and strong resisting force against corruption.

He also enjoined them to be active foot soldiers and whistle-blowers or intelligence-gatherers against corruption.

Speaking on Thursday, January 30, 2025 at the NYSC Orientation Camp, Yikpata, Edu Local Government Area of Kwara State, Olukoyede said It is important for youths to realise that, these roles, if performed creditably, will bring up appreciable growth in the economy of our nation. He said that, “creative energies of youths will be maximised when corruption is brought to its knees.”

The EFCC boss whose address was delivered by the Head, Public Affairs Department, Ilorin Zonal Directorate of the EFCC, Ayodele Babatunde said that most of the problem confronting the country such as kidnapping, banditry, poor infrastructure, among others were connected to corruption. He added that all hands must be on the deck to tame the cankerworm.

Olukoyede encouraged the youths to embrace the virtues of hard work and shun fraudulent practices such as cybercrime noting that, “it’s profitable to earn dignity and fame through hard work and legit business.”

While calling on the youths to channel their potentials productively and shun crime, the EFCC Chair said that, “Yahoo-Yahoo is not a sustainable way of life.”

“There is no shortcut to wealth and fame. The fact that the rate of unemployment is high should not be an excuse to resort to crime. Act of criminality might deliver wealth in the short term but there will be misery and gnashing of teeth”, he said.

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