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Just In: Cash Distribution Will Never Combat Poverty – Atiku

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Jennifer Akamanu

 

The presidential candidate of the People’s Democratic Party (PDP), Atiku Abubakar, does not think direct cash distribution to the poor can help combat poverty, as he takes a different policy path to President Muhammadu Buhari on addressing the malaise.

 

The Buhari administration has a string of special intervention programmes operated to tackle poverty, a scourge that has taken a soaring nature in Nigeria, ironically Africa’s largest economy by GDP size and largest oil producer.

 

According to the World Bank 2017 Atlas of Sustainable Development Goals, between 1990 and 2013, Nigeria added 35 million people to its poverty population, jumping from 51 million to 86 million (and now over 100 million). Of the 10 populous countries surveyed, Nigeria is the only country that failed to reduce poverty.

 

By 2018, Nigeria has overtaken China and is only behind India, arguably, with the highest number of extremely poor people within one national territory.

 

 

Among the Buhari anti-poverty programmes, Trader Moni offers N10,000 cash to market women (and men) trading in a few markets across the country. There is also a N5,000 monthly grant to ‘poorest Nigerians’. The latter does not offer up to $1 a day to the beneficiaries, falling below the $1.9/day global poverty line.

 

“Rather than direct cash distribution,” says Mr Abubakar in the policy document he launched at the start of the campaign towards the 2019 elections on Monday, “What we shall do (is to) provide skill acquisition opportunities and enterprise development for job and wealth creation (and) improve citizens’ access to basic infrastructure services – water, sanitation, power, education and health care.”

He also vows he would help “marginalised and vulnerable citizens” remove discrimination and enhance their access to education and income-generating activities as well as “implement pro-poor policies that will enhance their participation in economic activities and improve household income.”

 

Ultimately, Mr Abubakar, a former vice-president, promises to lift 50 million people out of poverty by 2025. To execute this ambition, there are no specifics or mentioning of the steps to be taken in Mr Abubakar’s policy document.

 

Instead, the PDP candidate says he would “reconcile the link between economic growth and human development through proper selection of effective polices on education and health, and set as our major policy objective the transformation of the agricultural sector into a viable high-income generating enterprise for the rural workers.”

 

But in social media event to kick off his campaign, he mentioned it would take two years to achieve the goal of removing 50 million Nigerians from poverty.

 

He spoke of “investments (that) will create a minimum of 2.5 million jobs annually and lift at least 50 million people from poverty in the first two years.”

 

“If he says creating 2.5 million jobs would lift 50 million people out of poverty, that is almost impossible to achieve given that Nigeria’s average household is about five or six persons,” economist Mohammed Al-Salafi said, pointing to flaws in Mr Atiku’s policy ambition. “So we could expect to see about 15 million people who would benefit from that policy, assuming it comes to fruition.”

 

Meanwhile, one other programme of the current All Progressives Congress (APC) administration, N-Power, is not about direct cash distribution. It deploys thousands of unemployed graduates to fill inadequacies in public services in education, health and civic education, with N30,000 monthly benefit. It is the country’s poster work-for-cash social programme to address the challenge of unemployment.

 

However, it comes short of fitting into the standard definition of conditional cash transfer (CCT), contrary to the government’s boasts.

 

CCT programmes transfer cash to poor households based on the condition that the beneficiaries demonstrate pre-specified investments in the human capital of the members of the households, especially children.

 

In other words, they are not just for the recipients to use for clothing and feeding, but also to combat wider effects of poverty and social problems a country faces such as low-school enrolment rate, poor rate of vaccinations for children, gender disparities and malnutrition, among others.

For instance, in Bangladesh and Cambodia, CCTs have been used to drive a reduction in gender disparities in education, the World Bank reports.

 

In the case of Nigeria, however, there are no conditions that beneficiaries of social programmes need to demonstrate; for instance, enrolling their children in school – to tackle the country’s notorious problem of high number of children out of school.

 

At any rate, Mr Abubakar’s current plan does not get to grips with the gaps in the current administration’s policy and consequently offers no remedy.

 

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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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