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Tony Elumelu Foundation (TEF) On Nigeria’s Economy – Read Article
The founder of the Tony Elumelu Foundation (TEF), Mr. Tony Elumelu, yesterday said Nigeria’s economy is headed in the right direction, describing 2016 as a terrible year for the economy.
Tony Elumelu Foundation (TEF) On Nigeria’s Economy – Read Article
Tony Elumelu Foundation – Elumelu, who said this in an interview monitored on CNN yesterday, also disclosed that his Group would in the next few weeks, close a $2.5 billion oil asset acquisition deal in the country.
According to him, “things are changing in Nigeria and it appears our economic managers have finally gotten a strong grip on the economy.”
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The Chairman of the United Bank for Africa Plc, however, pointed out that there was still room for improvement, stressing that as an investor in several sectors in the Nigerian economy, “I see improvement and I am optimistic about the future.”
“Oil prices going up is good and encouraging. Our group is in the process of closing a $2.5 billion oil asset acquisition in the country. We are doing this as a demonstration of confidence in the economy. If the economy was not good or improving, we would not be contemplating that.
“The truth is that in 2016, we had a bit of challenge with capital control, but in 2018, we don’t have such any more. Access to dollar is now easy. I speak as someone who invests significantly in Nigeria.
“Raising $2.5 billion for investment would not come through if the foreign investors were scared about capital control,” he explained.
According to Elumelu who is also the Chairman of Heirs Holdings, a lot of investors outside the country don’t have enough information about Nigeria.
He stressed the need for policymakers to continue to take steps towards improving Ease of Doing business in the country so as to attract more capital inflow.
“I am a long-term investor, i was born in Africa and I made my money in Africa and i am happy to invest in Nigeria and other African countries.
STILL ON Tony Elumelu Foundation (TEF) On Nigeria’s Economy
“Today we have investments in 23 African countries. Ultimately, we keep making investments because it helps in creating wealth,” he added.
When asked about the sectors he is excited about, Elumelu said: “I am excited about oil and gas and I am excited in banking, most importantly, power. Power is important for me because Nigeria and Africa needs power to develop.
“Our group is the largest generator of electricity in Nigeria. But we can do more. We just need the debt we are owed in that sector. So, If I was to complain, I would complain about the debts owed us as power operator.
“In other sectors, I think things are improving. I think the CBN particularly has gotten the grip on the economy and a lot of windows and markets have been created for investors who want to bring in money into Nigeria and those who want to take out money from the country.
We should keep encouraging investors because we need massive investments in Nigeria to develop, to help create employment for our young ones and to help us alleviate poverty,” he added.
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Kogi state governor, Yahaya Bello, has approved the implementation of N30,000 as minimum wage for the workers in the state.
The secretary to the state government, Folashade Ayoade disclosed this on Tuesday after an extensive meeting with the organized labour in Lokoja
She blamed the delay in the implementation on the inability for the committee to meet regularly due to the covid-19 pandemic which has been overcome.
The SSG equally commended the organised labour for their understanding and patience, which she said has resulted into the signing of the implementation of the new minimum wage.
Read Also: FCTA Set to Implement Minimum Wage for FCT Workers
Author: Eunice Johnson, Abuja
The Central Bank of Nigeria (CBN) has put Deposit Money Banks (DMBs) on notice that it will stop selling forex to them by the end of 2022. CBN Governor Godwin Emefiele made this known in Abuja on Thursday at the end of the Bankers’ Committee Meeting where he also introduced the RT200 Programme.
Emefiele said the time had come for the banks to go out there and source for forex by funding entrepreneurs with ideas. The CBN, Emefiele said, will support the banks by granting rebates and other support until the banks find their feet in sourcing their forex by themselves.
He also disclosed that the apex bank’s policies and measures have led to a significant improvement in diaspora inflow from an average of US$6 million per week in December 2020 to an average of over US$100 million per week by January 2022. He added that the CBN would be reviewing these intervention programmes going forward to ensure that they continue to achieve the desired results.
He said international bodies, including some embassies and donor agencies, have been complicit in illegal forex transactions that have hindered the flow of foreign exchange into the country.
Read Also: CBN Encourages Nigerians to Accept E-Naira
Author: Gift Wada, Abuja
The Comptroller General of Customs Col. Hameed Ibrahim Ali (Rtd.) has approved the deployment of 37 Comptrollers to various Units, Departments and Commands across the country.
This was disclosed in a release signed on Tuesday by the Customs Deputy National, DC Timi Bomodi for the Comptroller General of Customs.
Among those deployed are the present National PRO of Customs Comptroller Joseph Attah who will assume the office of Area Controller of Kebbi Command, Comptroller AAS Oloyede who shall be moving from ICT/MOD to Tin Can Island Port Command, while Comptroller SI Bomoi to FCT Command. Other postings are Comptroller BA Jaiyeoba to Oyo/Osun Command, Comptroller A Dappa-Williams to Eastern Marine Command, Compt. MA Umar Kano/Jigawa, Compt. KC Egwuh ICT/MOD, Compt. LM Mark Enugu/Anambra/Ebonyi, Compt. T Tachio CTC Kano, Compt. AA Umar Western Marine, Compt. M Dansakwa North Eastern Marine, Compt. AC Ayalogu T & T and Compt. KD Ilesanmi will assume duty as Comptroller Board among others.
Ali in postings released on 7th of February, charged the newly posted Comptrollers to justify the confidence reposed in them by NCS Management by bringing to bear their years of experience and training in trade facilitation and anti-smuggling activities on their new assignment.
Given the enormous expectations of government regarding revenue generation in the current year, the Comptroller General reiterated the need for all Area Controllers and Unit heads to take full charge of the affairs of their Commands by ensuring absolute compliance with extant fiscal policies while leveraging on the efficient management of data to optimize trade facilitation and revenue collection.
Furthermore, the CGC directed all officers to be extremely vigilant in protecting the lives and wellbeing of Nigerians by ensuring the full fortification of our borders against the incursion of smugglers and other cross border criminals.
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