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Nigeria Needs Financial Engineering To Surmount Economic Challenges – Ogomudia

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DAN DENT( ASABA)

SPONSORED BY: H&H

Former Chief of Defence Staff, General Alexander Ogomudia (rtd.), on Friday, said Nigeria requires great financial engineering to enable the country resolve the multifaceted economic challenges bedevilling its sustainable development.

General Ogomudia disclosed this at the public presentation/launch of a book titled “200 Most Outstanding Deltans” held at the Unity Hall, Government House, Asaba.

He added that financial engineering was also needed to generatee resources that would oxygenate the economy of the nation as well as the foreign reserves needed for the country to interface with the global economic system.

According to him, the present situation in the country, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals unless the government would continue to take loans.

“We were told that Nigeria needs a total of N13.57 trillion naira to run as a country but we are barely able to generate N5.5 trillion naira in revenue out of which, last year, we spent N4.2 trillion naira on debt servicing thus leaving only N1.3 trillion naira as against N13.57 trillion which we needed to run the country.

“You will agree with me that resolving this kind of economic challenge will require great financial engineering.

“This kind of engineering is also needed to generate resources we need to run our country and the foreign reserves needed for us to interface with the global economic system.

“This situation, if left unresolved, could lead to inability of government to pay salaries with the attendant consequences of social upheavals unless we are going to continue to take loans,” the retired General said.

Speaking on the book (200 Most Outstanding Deltans) jointly authored by Pastors Powell Tos, Kennedy Bienose and Mr Nelson Egware, Ogomudia said the publication was a power house of individuals whose personal achievements are truly outstanding.

According to Ogomudia who was the Chairman at the ceremony, the public presentation/launch of the book, by implication, speaks to the subject of development be it in Delta State, some other states or in Nigeria generally as a country.

“To some people, the event of today is an ordinary one but to me, it is unique and special since it mirrors a perspective to development which recognises achievements, hard work and the idealism of performance per excellence.

“From the names of those who made the list in this first edition, it is clear that putting the list together, like the Secretary said, is a herculean task.

“I am aware that Delta State parades some of the best talents in this country. Therefore, the list would have been a lot longer than what we have now but I believe that subsequent editions, like the Secretary said, would definitely address all that have been ommitted,” he said.

While congratulating the outstanding personalities, Ogomudia noted that their recognition through the publication, was a further manifestation of a little mustard seed which, he said, was planted by Governor Ibori at the onset of democratic governance in 1999, adding that Ibori set the stage for the recognition of Deltans who were able to make it to the top of their careers.

“Today’s event, therefore, marks another dimension in performance and recognition of individual achievements since it has some historical perspectives through the launching of this book.

“The 200 outstanding Deltans who made the list, have made history today. Indeed, their achievements and joint contributions made today’s event possible. If they didn’t achieve, l am sure nobody will waste his time trying to put together a list,” he stated.

“Occasions like this, according to him, work for our youth because they are our hope for the future, adding that they must recognise that the profound challenges of the future which stretched before them are enormous.

“To this extent, you must note that every generation has its own challenges and yours, l doubt if it could be an exception.

“If you are prepared to play any role of your own which off course, you must do, you must recognise that the future is already here with most economies now being technologically driven.

“In addition, competition for the best jobs and industries will come from the cutting edge technologies which you must endeavour to play a role.

“The challenges will also include mind bogging inventions that are coming up daily which are also knowledge driven for which you must prepare yourself adequately,” Ogomudia said, pointing out that the event should serve as a catalyst that will spur the youth into working hard in order to meet the challenges ahead.

In his remarks at the ceremony, Governor Ifeanyi Okowa thanked the authors of the book for their painstaking effort in putting the book together.

The Governor who was represented by his deputy, Deacon Kingsley Otuaro said in a population of about 6 million people that are outstanding in their different respect, picking 200 most outstanding “is undoubtedly, a very painstaking work.”

“l want to use this opportunity to say that whoever that is there, is there in a representative capacity of the fact that we are all true Deltans and we are all winners,” he added.

Earlier in his welcome speech, the Secretary of the organising committee, Pastor Kennedy Bienose disclosed that the book is a document for posterity, adding that there would be subsequent editions, even as he said that the e-version of the book would be available soon.

The book reviewer, Godfrey Ubaka who is the Editor-In-Chief of The Pointer Newspaper said the book which was lucidly presented was aimed at celebrating excellence.

The highlight of the ceremony was the unveiling of the book by the Minority Leader of the House of Representatives, Hon. Ndudi Elumelu and Speaker of the State House of Assembly, Chief Sheriff Oborevwori, among other dignitaries.

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TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies

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TCC is Required, WAEC Exams Still Free in Lagos, LIRS Clarifies

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos State Internal Revenue Service (LIRS) has reiterated that the provision of FREE West African Examinations Council, WAEC registration for SS3 students in state-funded secondary schools is a vital policy of the Lagos State Government and that free education policy from kindergarten to SS3 is still in operation.

This initiative, part of the THEMES PLUS agenda, is included in the government’s broader efforts to provide essential services such as affordable housing, efficient transportation, free healthcare, youth and small business empowerment programs, enhanced security, and better road infrastructure, among others.

Mr. Ayo Subair, Executive Chairman of LIRS, stated, “It is standard procedure to require a Tax Clearance Certificate (TCC) to access government services. To obtain a TCC, individuals must file their annual tax returns for the applicable assessment year and ensure their tax payments are currently based on their declared income.”

He highlighted that this requirement has been in practice for a long time and aligns with Section 85 of the Personal Income Tax Act (PITA) 2004 (as amended).

It is important to emphasize that every resident of the state, whether in formal employment or not, is required by law to file annual tax returns, declaring their income and paying any taxes due.

This requirement is backed by the Nigerian Constitution, it is also the law, as stipulated in the PITA and part of the social contract between the government and residents.

The Lagos State Government is dedicated to offering quality and efficient services to its residents. As part of this mission, it mandates that all taxable individuals register with the tax authority, submit their returns, and pay applicable taxes to maintain an updated Tax Clearance Certificate (TCC).

Mr. Subair explained that tax compliance is essential for the sustainability of public programs and services.

He noted that requiring a TCC for access to free services is not a new policy but a longstanding practice intended to foster fairness and transparency in using public resources. Tax revenues help fund various public programs that benefit millions of Lagos residents. For informal sector taxpayers, who might not have detailed financial records, the government has introduced a presumptive tax of ₦10,100 (comprising ₦10,000 in annual tax and a ₦100 development levy) to facilitate their inclusion in the tax net.

To enhance convenience and streamline the process, LIRS has deployed staff and agents to markets and schools, establishing one-stop centers where individuals can obtain their TCC without needing to visit tax offices. Flexible payment options, including installment plans, are also available, though full payment must be completed before the TCC is issued.

He also added that the TCC of guardians will be accepted from students who do not reside with their biological parents.

“The aim is fairness, accountability, and sustainability,” emphasized Mr. Subair. “This policy is not about inflicting hardship, but rather ensuring that everyone, including those in the formal sector, contributes their fair share to sustain the provision of essential services.”

By meeting their civic responsibilities, residents play a role in the growth and development of Lagos State, reinforcing the government’s commitment to enhancing the quality of life for its citizens.

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LAWMA Intensifies Enforcement, Waste Clean-up Across Lagos

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… Agency Urges Residents to Stop Patronising Cart Pushers

AJAGBE ADEYEMI TESLIM

SPONSORED BY: H&H

The Lagos Waste Management Authority (LAWMA) has intensified its enforcement and clean-up operations across the state to curb indiscriminate waste disposal and maintain environmental sustainability.

The agency’s Managing Director and Chief Executive Officer, Dr. Muyiwa Gbadegesin, emphasised LAWMA’s unwavering commitment to keeping Lagos clean, noting that the monitoring and enforcement team had been mobilised to ensure compliance with waste management laws of the state.

He said, “LAWMA remains resolute in stamping out illegal waste disposal and environmental violations. Our Environmental Monitoring and Enforcement Anti-Cart Pushers Squad has been actively dislodging illegal waste operators who contribute to the degradation of our environment. We urge residents to desist from patronising them and instead work with registered PSP operators for proper waste disposal.”

Gbadegesin said the enforcement team recently carried out major operations in areas like Ifako-Ijaiye, Dopemu, Agege, Ojodu Berger, and other parts of Lagos, apprehending cart pushers known for collecting waste and dumping it at unauthorised locations, stressing that such activities violated environmental laws and undermined the state government’s efforts at maintaining a clean and livable city.

He warned that ignorance of the law is not an excuse and anyone caught engaging in cart pushing would be made to face the full wrath of the law.

The LAWMA boss further noted that the Authority had also commenced the evacuation of waste from illegal dumpsites along the Lekki-Epe Expressway, particularly behind Circle Mall, adding that the operation, simultaneously taking place at Mile 2 Badagry expressway, would continue in the coming weeks, in line with the agency’s ongoing efforts to clear accumulated waste, remove silt along the median and verges and prevent indiscriminate disposal along highways.

In a separate exercise, LAWMA has intensified efforts to clean up Lagos waterways, ensuring that rivers and water bodies remain free of waste and blockages. The initiative is aimed at reducing environmental pollution and promoting cleaner water channels across the state.

Gbadegesin urged Lagosians to support LAWMA’s initiatives in 2025, by properly disposing of their waste, reporting service gaps, and calling the agency’s helplines for backup waste collection services.

“A cleaner Lagos is achievable when everyone plays their part. We urge residents to work with assigned PSP operators, report waste-related infractions, and adopt responsible waste disposal habits. Together, we can create a cleaner and healthier city for all,” he added.

For waste management related issues and complaints, please call LAWMA toll-free numbers: 080000LAWMA (08000052962), 07080601020 and 617, or visit www.lawma.gov.ng.

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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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