Business

Soludo Seeks a New Deal For Nigeria

Published

5 months ago

November 9, 2024

**By Christian ABURIME

In a compelling convocation lecture delivered at Veritas University on November 7, 2024, Professor Chukwuma Charles Soludo, CFR, the Governor of Anambra State, outlined a vision for a transformative “New Deal for Nigeria.”

Reflecting on his own graduation experience four decades ago, Governor Soludo emphasised the stark contrast between past and present challenges faced by graduates.

He articulated concerns over Nigeria’s socio-economic issues, including rising inflation, unemployment, and a culture where wealth accumulation is prioritised over virtue.

Acknowledging the historical conditions that shaped his generation, Professor Soludo urged graduates to embrace their upcoming year of National Youth Service as an opportunity for personal and societal resetting.

He encouraged active volunteerism and community service, positioning these experiences as crucial for nurturing selfless public service.

He stressed the importance of continuous learning and adaptability in navigating the complexities of modern life, citing a worrying disconnect between graduates’ expectations and the reality of job availability.

Central to Professor Soludo’s message was the call for collective effort in nation-building, asserting that a new social contract encompassing basic socio-economic rights is essential.

He emphasised that graduates from Veritas University, equipped with a holistic education grounded in Christian principles, bear the responsibility of contributing positively to society.

Professor Soludo also advocated the need for a pragmatic approach to governance in Nigeria, reminiscent of the U.S. Marshall Plan, calling for infrastructural investment and a focus on human capital development.

He highlighted initiatives undertaken in Anambra State, such as massive investments in education and health, aimed at creating a more equitable society.

The erudite economist and former CBN governor further lamented the growing educational divide between rich and poor in the Nigerian society, proposing that breaking this cycle of poverty must be a priority.

By fostering an inclusive educational environment, he posited that Nigeria could maximise its demographic potential and prepare itself as a leading global labour supplier by 2050.

In wrapping up, Professor Soludo inspired graduates to view their futures as flexible and urged them to actively shape Nigeria’s destiny through engaged citizenship.

He called on them to cultivate hope, recognising that despite the challenges, they carry the responsibility to realise Nigeria’s potential as a great nation.

His rallying cry reminded the young graduates that true leadership and commitment to civic duty begin with individual action, urging them to contribute meaningfully to the nation’s future.

Business

Reps pass bill to give foreign investors Nigerian citizenship

The proposed legislation titled , “A Bill for an Act to Alter the Constitution of the Federal Republic of Nigeria, 1999 to include Citizenship by Investment as one of the classes of Citizenship in Nigeria, provide for the Acquisition of Nigerian Citizenship by Qualified Foreign Investors who meet Specified Investment Thresholds and for Related Matters (HB. 2059)” was sponsored by the, Benjamin Kalu, the deputy speaker and some other lawmakers.

Published

13 hours ago

March 27, 2025

OhiBaba

The House of Representatives has passed a bill to give foreign investors Nigerian Citizenship for second reading.

Business Day reports that the bill Is among the constitutional amendment bills which the Green Chamber is considering.

In the explanatory memorandum of the Citizenship by Investment Bill, it seeks to alter the Constitution of the Federal Republic of Nigeria, Cap C23 Laws of the Federation of Nigeria 2004 to introduce a new class of citizenship known as Citizenship by Investment.

The proposed alteration aims to attract foreign direct investment by granting Nigerian citizenship to individuals who invest in the Nigerian economy above a specified financial threshold or in strategic sectors critical to national development.

Business

FG Directs MAN, NECA, FRCN to Review 10% Financial Reporting Levy

Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private sector.

Published

14 hours ago

March 27, 2025

OCHEFA

The Federal Government has temporarily suspended the implementation of 10 percent financial reporting levy imposed on public interest enterprises by the Financial Reporting Council, for the next two months.

This was in response to the requests by the private sector’s operators – the like of the Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria (NECA) calling for the suspension of the FRCN Act, which imposes on non-listed entities. a 10 percent penalty on unpaid dues for every month of default, accumulating until full payment.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, announced the government’s decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.

Oduwole emphasized that the government directed the Financial Reporting Council to pause in the implementation of the new annual dues.

She explained: ” A suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly.

A pause is an administrative process simply to review, in line with what we discussed .

”Oduwole said the timeline for the suspension would not exceed 60 days, adding that the government is committed to addressing the concerns raised by the private secto

“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate.

“We are going to set up a technical working group comprising the FRC and the organised private sector who have formally written in, and this will be reviewed,’ she added.

Business

Police Investigates over N270m Thefts in UBA

CSP Benjamin Hundeyin, the command’s public relations officer, disclosed that the suspects conspired to illegally divert funds from domiciliary accounts into personal accounts before redistributing them to multiple destinations.

Published

3 days ago

March 25, 2025

OCHEFA

The Lagos State Police Command is questioning four officials of the United Bank for Africa (UBA) for alleged thefts of £138,924 (over N270 million) from international airlines’ accounts.

The fraud was uncovered when the bank detected unauthorized transactions and alerted the police.

The arrested officials include Shuaib Oluwatobiloba Olaleye, 27, who was arrested on March 12, 2025, in Ogun State, with a Toyota Camry 2012/2013 recovered from him. Oladunjoye Adegoke, 33, was arrested on March 13, 2025, in Victoria Island, Lagos, with a Toyota Camry (Pencil Light) recovered.

Austin Alfred, 38, Supervisor of the bank’s Trade Services Department, and Jude Uzobuaku, 36, a processor in the same department, were also arrested for facilitating the illegal transfer of funds to foreign accounts.

Police investigations revealed that the stolen funds were initially funneled into an account belonging to one of the suspects before being distributed to multiple other accounts to evade detection. Authorities are now working to identify additional accomplices and recover the remaining funds.

The suspects are in custody and will face prosecution as the investigation continues.

The police have urged the public to report suspicious financial transactions, reiterating their commitment to tackling economic crimes.