2023 Budget: We will Need to Borrow over N7trillion to Pay Petrol Subsidy – Minster of Finance
Finance Minister, Zainab Ahmed
The Federal government has proposed to borrow over N11 trillion to finance the proposed 2023 budget deficit, a development far above the stipulated threshold in the Fiscal Responsibility Act.
Zainab Ahmed, minister of finance, budget and national planning, said this on Monday while appearing before the house of representatives committee on finance to defend the 2023-2025 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP).
She said the government’s budget deficit is expected to exceed N12.42 trillion if the federal government keep the petroleum subsidy for the entire 2023 fiscal cycle.
Reeling out numbers to the committee, Ahmed said the 2023 budget proposal is based on two options.
On the first option, the deficit is projected to be N12.41 trillion in 2023, up from N7.35 trillion budgeted in 2022, representing 196 percent of total revenue or 5.50 percent of the estimated GDP.
Based on this, Ahmed said the federal government would spend N6.72 trillion on subsidy payments.
On the second option, if the federal government keeps subsidy payments till June 2023, the budget deficit would amount to N11.30 trillion, which is N5.01 trillion of the estimated GDP. In this option, the PMS subsidy is projected to gulp N3.3 trillion.
The minister further said the first option is not likely to be achievable based on the current trend, while the second option would require tighter enforcement.
She said the new borrowings would come from local and international sources. Ahmed said N9.32 trillion in new borrowings, comprising N7.4 trillion from domestic sources and N1.8 trillion from foreign sources, adding that the government is expected to generate N206.1 billion from privatisation proceeds and N1.7 trillion in multilateral project-tied loans.
On the two proposals, Ahmed said they have budget deficits far above the stipulated threshold in the Fiscal Responsibility Act.
The fiscal responsibility law provides a limit of 3 percent threshold for sustainability but the president can “exceed the ceiling if there is a clear and present threat to national security or sovereignty of Nigeria”.
In 2020, the federal government exceeded the fiscal borrowing threshold, citing the COVID-19 pandemic.
2023 BUDGET BENCHMARK PROPOSALS
The minister said oil production for 2023 would be pegged at 1.69 million barrels per day. A real GDP growth rate of 3.7 percent and an inflation rate of 17.16 percent for the year. She added that the budget would be premised on $70 per barrel of crude oil and an exchange rate of N435.57 to the dollar.
REVENUE
Ahmed said the government was projecting revenue of N8.46 trillion for 2023 — N1.9 trillion of which would come from oil-related sources while the balance would come from non-oil sources.
ON SUBSIDY
Ahmed said the petrol subsidy regime would remain up to a mid-2023 sequel to the 18-month extension announced early in 2021.
She added that N3.36 trillion would be provided to pay the subsidy in 2023.
The minister also told the session that there would be tighter enforcement of the performance management framework for government-owned enterprises “which would significantly increase operating surplus/dividend remittances in 2023”.
DEBT SERVICING
She said there were no projections that Nigeria would default on her debt services in the nearest future.
While the amount currently used in debt servicing had overshot appropriation in the 2022 budget, she said systems are put in place to manage the situation.
“We planned that 60 percent of revenue would be spent on debt servicing, but in some months, the ratio went up to 90 percent,” she said.
“We have been able to, consistently without fail, service our debt, and we do not have any projections even in the near future that we will fail.
“We actually follow the Medium Term Debt Management Strategy very strictly; the debts are not taken haphazardly, and they are planned.
“They are appropriated, and then we borrow against appropriation.”
The minister acknowledged, however, that the government was under pressure to manage debt servicing following the drop in revenue generation.
FirstBank commemorates its annual Corporate Responsibility & Sustainability week and promotes kindness across over 7 countries
The FirstBank CR&S Week is a dedicated week designed to offer opportunities for employees to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach;
The FirstBank CR&S Week is held in Nigeria and 7 other countries: United Kingdom, Ghana, DRC, Guinea, Sierra Lone, Senegal and Gambia;
Since its maiden edition in 2017, the FirstBank CR&S week is fast becoming a household name in the Bank’s host economies.
In furtherance of its continued commitment to impacting the lives of individuals in its host communities across 7 Countries: Nigeria, United Kingdom, Ghana, DRC, Guinea, Sierra Lone, Senegal and Gambia. FirstBank of Nigeria Limited has announced the Fifth edition of its Corporate Responsibility & Sustainability (CR&S) week, scheduled for 22- 27 August 2022.
The event which is themed: “Kindness…. A Way of Life” reflects the single-minded purpose to make a difference in the world by inspiring and institutionalising kindness. SPARK is an acronym for Start Performing Acts of Random Kindness and it is a values-based initiative designed to raise consciousness that we can choose to be kind.
The FirstBank CR&S Week is a dedicated week designed to offer opportunities for employees to give their time & resources to defined causes in line with the Bank’s CR&S strategic approach. The CR&S Week will offer employees opportunities to give their time & resources to defined causes. The Week’s activities are an aspect of the Bank’s Employee Giving & Volunteering Program, which was instituted to encourage employees to give back to the community as well as inculcate in them the integral corporate culture of giving.
The Bank held the maiden edition of the CR&S week in 2017 with a focus mainly on three key initiatives/activities which were giving and visits to orphanages/less privileged homes/IDPs; career counselling day; and Staff Promoting Acts of Random Kindness (SPARK) initiative – which is now Start Performing Acts of Random Kindness. The CR&S week has become more successful in subsequent years and it is fast becoming a household name in the Bank’s host economies.
There are five main activities to be implemented during this year’s CR&S Week in Nigeria, FBNBank UK and across the SSA markets. These activities include SPARK APP,Kind Comments Day, Visits to orphanage/less privileged homes, SPARK School Engagement, and Women Economic Empowerment. The major highlight of the Week will be the launch of the SPARK APP. The app is strategic in the Bank’s journey to institutionalize “A Day of Kindness” on a national level, and globally position the Bank as a Corporate Citizen in leveraging new media to drive sustainability practices.
The SPARK App is a sensational application designed to have individuals abreast with the act of kindness through various kindness-based quotes and inspirational phrases that will be displayed on one’s phone screen, especially when the phone is idle.
Kind Comments Day is an initiative that focuses on inspiring and encouraging everyone to be deliberate with the use of kind words in relating or interacting with anyone.
In addition, with Women Empowerment, the Bank will support, VVF patients in need of surgical operations and also empower them with vocational skills as they integrate back into the society.
The SPARK Schools Engagement will be implemented through the National Competition of JAN SPARK School Integration. The activity is aimed at rewarding the various participating students, following their SPARK activity, Through the partnership with JAN, SPARK is integrated into the JAN Company Program, where students are taught the values of SPARK. The SPARK schools’ competition has been tied with Company programme regional competition,ensuring they imbibed the values taught during the training. One of the highlights of the event is the visit to orphanage homes and the less privileged, across various cities which will be carried out by volunteers from the Bank.
Speaking on the week, Dr. Adesola Adeduntan, CEO, FirstBank said “The CR&S Week is another opportunity to strengthen our commitment and extend our reach beyond the communities where we operate in Nigeria and across our subsidiaries. Over time, our goal has stayed the same, to create platforms through which our positive impact is felt.”
“For us in the FirstBank Group, beyond saying that we care, we take a step further and show it,” he concluded.
Through the years of commemorating its annual CR&S Week, FirstBank has impacted lives across its host communities in Nigeria, the United Kingdom and its SSA subsidiaries. These impacts comprise the partnership with Lagos State Government on the provision of a Primary Health Centre at Ijedodo Community, Lagos State; engagements with over 60 charities, Non-governmental organisations, orphanages, correctional centres, schools and Internally Displayed Persons (IDP) Camps which resulted in touching the lives of over 20,000 underprivileged individuals in the society including widows, orphans and children with disabilities.
Insecurity: Lagos Speaker Advocates True Federalism, Implementation of Panel Reports
…Says Lagos Government Proactive On Issues Of Security
– Suggests State, Community Policing Systems
Hon. Victor Akande, representative of Speaker Mudashiru Obasa with members of the academic community.
The Speaker of the Lagos State House of Assembly, Rt. Hon. (Dr) Mudashiru Obasa, has described Nigeria as a country that desires true federalism as part of the solutions to the nation’s security crisis.
Dr. Obasa stated this on Wednesday at the 2022 National Congress and Scientific Conference of the Nigerian Psychological Association held at the Lagos State University.
The Speaker, who was awarded Honourary Fellow of the academic body, lamented that insecurity had continued despite the federal government’s deployment of financial and other resources to its fight.
He also urged the federal government muster the political will to implement the recommendations of different panels and committees that have investigated immediate and remote causes of insecurity in the country.
Represented by Hon. Victor Akande, chairman of the House Committee on Judiciary, Human Rights, Public Petitions and LASIEC, Obasa further advocated for sincere national mediation, negotiation, arbitration, reconciliation, and broad amnesty as modern conflict resolution strategies where necessary.
Speaking on the topic, ‘Security and National Sustainability’, Obasa described Lagos as one of the safest states in the country owing to the proactive efforts of all the tiers of government in the state.
“Here in Lagos State, we’ve taken preventive steps to ensure that law and order do not collapse for no good reason. We established the Neighbourhood Safety Corps because we are aware of the critical need for quick response from local security officers at the grassroots level.
“The state government’s efforts, led by the Neighbourhood Safety Corps and aided by the other security officers on the ground, have made Lagos a secure place to live for everyone.
“There is, however, reason to believe that the federal government would support the same objective by establishing a state police force. Community preventative policing, as opposed to curative policing, is crucial for maintaining national security in light of the current state of affairs. Constant contact between the security agencies and community people is necessary to get the country out of its current situation.
“At the same time, all three tiers of government should work to significantly cut spending on administration, which includes things like defence and domestic security. As one might expect, this is crucial if we want to see progress in the real sectors of the economy,” Obasa said.
The Speaker, while noting that military action and confrontational approach tend to increase violence rather than decrease tension, added: “to rehabilitate all militants who embrace reconciliation, however, we need to place a greater emphasis on the concepts of mediation, negotiation, arbitration, reconciliation, and broad amnesty as modern conflict resolution strategies.
“The principle of true federalism advocated by militants in the Niger Delta and other groups should be adopted because it guarantees genuine political autonomy and the right to control resources.
“In a similar vein, the federal government and other stakeholders in Nigeria’s violent sociopolitical and ethnically based crisis need to muster the political will to carry out the recommendations of the numerous panels and committees set up to investigate the immediate and remote causes of the crisis.”
He attributed insecurity to a number of factors including the country’s inheritance of a faulty security structure and the failure of successive governments to effectively restructure the system.
Beyond impacting knowledge, the Speaker tasked tertiary institutions to be interested in the affairs of the nation as part of their contributions to the sustenance of national progress.
He commended the NPA and LASU for honouring him as he promised to continue to play roles for the advancement of Nigeria.
Earlier in his address, Prof. Olukayode Afolabi, President of NPA, lamented the security situation of the country saying it now affects every facet of Nigeria’s development and forcing investors away.
Among other suggestions, he said there was an urgent need to bring psychologists into the recruitment and development processes of security personnel.
On her part, Prof Adenike Boyo, Deputy Vice Chancellor (Academics) of LASU who represented the Vice Chancellor, Prof. Ibiyemi Olatunji-Bello, expressed hope that the 5-day conference would add value to Nigeria’s development.
Eromosele Ebhomele
Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
ZENITH BANK ADVANCES WITH STRONG DOUBLE-DIGIT GROWTH IN GROSS EARNINGS IN H1 2022
In a clear demonstration of its industry leadership and consistency in providing superior financial returns, Zenith Bank Plc has announced its audited results for the half-year ended 30 June 2022, recording an astounding double-digit growth of 17% in gross earnings from N346 billion reported in H1 2021 to N405 billion in H1 2022. This is in spite of a very challenging macroeconomic environment.
According to the bank’s audited half-year financial results presented to the Nigerian Exchange (NGX) on Tuesday, 23rd August 2022, this growth was underpinned by a 19% YoY growth in interest income from NGN204 billion to NGN242 billion and an 18% YoY growth in non-interest income from NGN127 billion to NGN149 billion. The growth in interest income was driven by the modest increase in the loan book and improved interest margins. The increase in non-interest income attests to the Group’s success in its income diversification strategy.
Profit before tax (PBT) grew 11% year-on-year (YoY) from NGN117 billion to NGN130 billion. Earnings per share (EPS) also grew from NGN3.38 to NGN3.55 over the same 6-month period.
The Group also recorded an 11% year-to-date (YtD) increase in total customer deposits to close the period at NGN7.15 trillion. The retail strategy of the Group continues to deliver outstanding results as retail deposits grew by 17% YtD from NGN1.82 trillion to NGN2.13 trillion. Retail activities also supported the growth recorded in fees on electronic products which grew by 45% YoY from NGN17 billion to NGN25 billion.
Despite the elevated yield environment, the cost of funds increased only marginally from 1.3% in June 2021 to 1.4% in June 2022. The increase in the cost of funds was lower than the increase in yields on interest-generating assets, giving rise to an improved Net Interest Margin (NIM) of 7.1% from 6.4% in June 2021.
Total assets rose to NGN10.12 trillion at the end of June 2022 from NGN9.45 trillion at the end of December 2021. Despite the headwinds imposed by the operating environment, the Group grew its risk assets as gross loans grew by 5% YtD, from NGN3.5 trillion to NGN3.7 trillion. This was achieved at a moderate NPL ratio of 4.4% (FYE 2021: 4.2%) and cost of risk of 1.4% (June 2021: 1.3%). Prudential ratios such as liquidity and capital adequacy also remained stable and well-above regulatory thresholds at 60.5% and 21.0% respectively.
The Group is focused on advancing its digital banking strategy anchored on a strong technology base, and intends to consolidate on the gains achieved in prior years across all business segments. Combined with the Group’s industry leadership, we expect this to drive improved performance and deliver enhanced returns to stakeholders.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, including being recognised as Number One Bank in Nigeria by Tier-1 Capital, for the 13th consecutive year, in the 2022 Top 1000 World Banks Ranking published by The Banker Magazine; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best Commercial Bank, Nigeria 2021 and 2022 in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022; Best in Corporate Governance ‘Financial Services’ Africa, for three consecutive years from 2020 to 2022, by the Ethical Boardroom; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards 2020 and 2021.
Similarly, Zenith Bank was honoured as Bank of the Decade (People’s Choice) at the ThisDay Awards 2020 and emerged winner in four categories at the Sustainability, Enterprise, and Responsibility (SERAS) Awards 2021, carting home the awards for “Best Company in Reporting and Transparency”, “Best Company in Infrastructure Development”, “Best Company in Gender Equality and Women Empowerment”, and the coveted “Most Responsible Organisation in Africa.
LIKE FATHER LIKE SON: CREATIVE PROPHET ISRAEL OGUNDIPE’S SON, WINNER MAKES EXPLOITS
News making the rounds confirmed, Winner Ogundipe, the son of Prophet Israel Oladele Ogundipe of Genesis Global,is currently smiling to the banks. This is owing to the fact that, the promising young man has learnt to have diversify like his father.
In a recent release by the media aide to Prophet Israel, Oluwaseun Fabiyi, he revealed that, the promising young man is making waves, in an online business networking he delved into.
Aside his football career,Winner is said to have been scooping home at least Sixty Thousand Naira (N60,000) daily, from the business.
Without mincing words, Oluwaseun Fabiyi the media aide to his Dad, prophet Israel Oladele Ogundipe aka Genesis Global emphasized that, Winner has been a goal-getter right from his tender age. He added that, the young man in his unrelenting nature;had aspired to be a footballer. He said,In adhering to his father’s several teachings on hard work and diligence, Winner felt football only; might not put food on his table or allow him to actualize his other dreams,he therefore promptly delved into online networking,for self reliance and actualisation.
In the same vein, prophet Israel has maintained that,his son’s many exploits are not accidental, rather,they are because of his own resolve to adhere to biblical injunction which says; ” train up a child in the way he should go,and when he’s old, he shall not depart from it.”. He explained further that, for a child to give his parents rest on every side, financially,such a child must be shown the ways of Godliness and hard work.
While Winner’s age mates and contemporaries are busy indulging in fraudulent activities and unnecessarily lavishing their parents’ resources and affluence, he has chosen not to be intimidated,but to follow the path of his father’s footsteps, and there’s no gainsaying that, he is a greater version of Prophet Genesis.
Since Winner is never tired of diversifying, one can only watch out for his next breakthrough.
A civil rights advocacy group, Human Rights Writers Association of Nigeria, (HURIWA) has called on President Muhammadu Buhari, not to allow plot to sell a Commercial Bank (Polaris Bank) has reported in a section of the media.
A news platform had reported that the CBN had allegedly proceeded with the secret sale of the distressed bank.
The group said if the Commercial Bank is sold it will not only compound the harsh economy Nigerians were going through but negatively affect the electoral fortune of the ruling All Progressives Congress (APC) in 2023 general elections.
Although the management of Polaris Bank Limited had debunked reports, describing it as a “fake news report”, urging the public to disregard it.
The Bank through a statement described the report as speculative and deliberately intended to create panic.
But a statement of caution released by Tuesday in Abuja by the national coordinator of HURIWA, Emmanuel Onwubiko, criticised the alleged lack of transparency and the shadiness in the reported sale of Polaris Bank allegedly by the CBN.
While calling on the President to avoid negative effect of such move against the APC, HURIWA said: “President Buhari should stop the illegal sale of the bank immediately. The CBN governor has apparently been misinforming the President to approve ridiculous sales just as he wrongly advised the President to approve the sale Exoon Mobil to Seplat and the attendant bank and forth.
“Recall that Emefiele was also allegedly fingered in the ridiculous sale of 104-year-old Union Bank by two-year-old Titan Trust Bank. The Economic and Financial Crimes Commission should have probed the CBN governor over this allegation which is contrary to Sections 9 and 11 of the CBN ACT 2007 but as usual, the former presidential aspirant of the All Progressives Congress, is an untouchable cabinet member of President Muhammadu Buhari.
“The CBN should be stopped from allegedly selling off banks in the country to cronies and friends as end-of-tenure benefits.”
The statement also called on the apex bank to issue a statement statement on the position of the bank on the matter in order to douse tension among the customers and stakeholders of the Bank.
According to HURIWA, “It is concerning that the so-called sale lacks transparency and is shrouded in so much darkness as no due diligence was not carried out, no tender, no advertisement to create public awareness, nothing, just some kangaroo and arrangee sale.
“To be exact, selling a bank which over N1.2 trillion was used to rescue at an alleged N40 billion is highly ridiculous and scandalous.”
How Wiseman Daniel Accurately Predicted Ruto’s Emergence As Kenyan President (Video)
When God speaks, the wise listens. Wiseman Daniel whose real name is Daniel Emelandu Udochukwu has been proven that the prophetic mantle from late Senior prophet T.B Joshua has fallen on the wisemen including him with the confirmation of his prophecy on the just concluded Kenyan presidential election.
On May 8th, 2022, Wiseman Daniel has stated in a video made available to us that William Ruto will win the election.
The man of God, said on 8th of May 2022 during a Sunday service on Elohim Ministry. ( You can get the video on Youtube, Facebook) that:
1. the Kenyan elections will not go the way the Mountain has planned it.
2. KENYA flag flying in a different dimension
3. One side of the Flag, a letter between V & X = William
4. Another side of the flag, a letter between Q & S = Ruto
Interestingly just as he predicted, the outgoing president came from the Mount Kenya region, he tried to support the Right Honourable former Prime Minister but he didn’t make it to the throne.
Secondly, missing letters represent William Ruto.
The Deputy President of Kenya, William Ruto has been declared winner of the country’s close-fought presidential election.
Some commissioners had rejected the results of the just concluded election.
Chairman of the country’s Independent Electoral and Boundaries Commission, Wafula Chebukati made the declaration on Monday.
According to him, Ruto had won almost 7.18 million votes (50.49 percent) against 6.94 million (48.85 percent) for his rival Raila Odinga in the August 9 vote.
William Ruto has won the race to be the fifth president of the East African nation, according to results announced by the Independent Electoral and Boundaries Commission (IEBC).
Wiseman Daniel whose real name is Daniel Emelandu Udochukwu is a Nigerian Pastor, Prophet who is the founder and General Overseer of Wiseman Daniel Ministries – The Everlasting Light Of Hope International Ministry (The ELOHIM) and Former Senior Pastor at (SCOAN)
Please watch the prophecy about Kenya election given 8th of May, 2022 and give glory to God.
FIRSTBANK COMMEMORATES 2022 INTERNATIONAL YOUTH DAY, DEDICATING THE WEEK TO CELEBRATING THE YOUTH
FirstBank of Nigeria Limited has announced its commemoration of the 2022 International Youth Day, globally celebrated today, 12 August 2022 and themed “Intergenerational solidarity: Creating a World for All Ages.”
The International Youth Day is commemorated every year on 12 August, bringing youth issues to the attention of the international community and celebrating the potential of youth as partners in today’s global society. The Day also amplifies the message that action is needed across all generations to achieve the United Nations Sustainable Development Goals (SDGs) and leave no one behind.
Leading up to the day, the Bank dedicated the week of 8 – 12 August with a lineup of activities to reiterate its commitment to Youth Empowerment.
As a Bank renowned for its role in developing the economy through sustainable employment and entrepreneurship endeavours, the 2022 edition of the Youth Week will promote economic empowerment and employment, digital technology, and education as its focus during the celebration.
The Youth Week comprises various activities, including a Fashion illustration workshop, Design skill training, Gen Z/Millennial Webinar and many more exciting activities. These activities would give participants opportunities to win various exciting gift items.
Under the First@arts program, the Bank will empower the youths through Artistry Workshop Sessions & Arts Classes. Interested in the art of fashion design and illustrations, visit the Bank’s social media handles – Instagram: @firstbanknigeria, Facebook: First Bank of Nigeria Limited, Twitter: @FirstBankngr – for information on how you can be among 10 lucky winners to have the opportunity to learn the business of fashion at Claire Idera fashion studio.
Likewise, the Creative design workshop will enable youths design skill training; design thinking principles and their application in the context of layout, typefaces and colour. Interested youths can also participate on the FirstBank social media handles, where 25 lucky winners will be selected to learn the Art of Design at Geneza School of Designs.
Commemorating the Youth Week, Dr Adesola Adeduntan, Chief Executive Officer of FirstBank said: ”We remain committed to celebrating the younger demography whose voices, actions, vigour, and tireless participation in the political, economic, and social activities have continued to birth major contributions towards the sustainable development of Africa and the world at large. The planned activities will promote better collaboration and solidarity across generations to foster successful and equitable relationships, and partnerships thereby ensuring “no one is left behind” and empowering everyone to leverage their full potential toward achieving the much-desired Sustainable Development Goals (SDGs).
This Youth demography has a striking significance for us at FirstBank with the Millennials and Gen Zs constituting almost 60% of our workforce. This shows that youths are an integral part of our organisation and every country where we operate”, he concluded.
For more information and participation in the Youth Week, kindly visit the bank’s verified social media platforms; Instagram: @firstbanknigeria, Facebook: First Bank of Nigeria Limited, Twitter: @FirstBankngr
CBA FOUNDATION TAKES INTERVENTION AMONG UNDERPRIVILEGED WIDOWS TO THE NEXT LEVEL, WITH THEIR SOCIAL ENTERPRISE INITIATIVE
If indications from two separate but related events that were held few months ago are anything to go by, then one of Nigeria’s most vulnerable groups may be on the verge of experiencing better times. The events, hosted in two separate states/regions and split by a 20-day interval, held at a time when self-splurging by many young Nigerians was at octane levels, and saw young men and women behind an NGO that caters to the welfare of underprivileged widows and their vulnerable children, passionately putting the widows’ needs above their wants.
The NGO, CBA Foundation, its dedicated and passionate staff, some supporters and donors came out in their numbers on two dedicated days to give widows in selected communities in Lagos and Anambra a treat. The Lagos outreach benefitted, in a unique way, widows in six communities in Ibeju-Lekki, namely: Badore, Iberekodo, Museyo, Magbon Alade, Okunola Ilado and Magbon Iga.
CBA Foundation seized the opportunity of the outreach to launch a new initiative it tagged Social Enterprise Initiative. The Initiative, which is aimed at ensuring the long-term sustainability of all efforts to protect and promote the welfare of widows as well as their children, is to cater to the financial, mental and physical health needs of beneficiaries. The Initiative is designed to provide comprehensive support, including health interventions, skill acquisition, business set-up, food and drinks, clothes and shoes.It also includes general support for all affected widows.
The Founder/CEO of CBA Foundation, Mrs Chinwe Bode-Akinwande explained the reason for the Foundation’s shift to the new Initiative: “We have been doing outreaches and it has been non-stop, but the essence of this Social Enterprise Initiative is for the widows to have something that will sustain them even for a longer period, something that will give them hope, knowing that they have a sustainable source of livelihood and activities that remind them that they need to keep going.”
Continuing, she reveals when the idea for the new initiative began: “When the lockdown came during the peak of covid 19, we realised that there was a need again to have something sustainable for these women. With the Social Enterprise Initiative, we identify the skills they need to possess, and what they are passionate about, we also empower them with the necessary training and then set them up with all they need for the business. At the end of the day, they won’t have to wait daily for the CBA Foundation to give them food or clothing.”
Mrs Bode-Akinwande noted that the Initiative had been informed by a rigorous analysis of the data in their database, gathered over the years on widows whom they have reached out to and the support they have been receiving from both individual and corporate donors. She said that they had dimensioned all the critical issues from widows with critical needs, where the Foundation needed to begin its interventions, to widows who needed to be set up in business and to several widows’ children who needed to be reinstated back in school.
She also remarked that plans were underway at the Foundation to take the skills acquisition training further, beginning with adire-making (tie and dye). She announced that the Foundation would have a line of products that would be its adire pattern, displaying its unique signature. When sold, the net proceeds would be ploughed back into the Foundation as a constant stream of income.
The idea, the Foundation’s CEO stressed, would inspire the widows who show a keen interest in adire-making as they would be involved and exposed to its value chain which is essential to optimising their execution after their training. So, the adire-making training followed with tutorials on the step-by-step processes involved in it, materials needed and how to identify them, necessary safety precautions, various tie and dye techniques, packaging and distribution and how to make a living from adire-making.
For widows with impaired vision at the event, they were able to have free consultations with an ophthalmologist, get free eye tests and free reading glasses, courtesy of a partnership between FirstBank and Vision Spring. What followed when beneficiaries had the free reading glasses fitted and could see clearly were scenes similar to ones where people had experienced supernatural miracles. The ecstatic joy was palpable.
Take 59-year-old Hassanat Oyewunmi, for example. Tears of joy rolled freely from her eyes as she remarked that her farsightedness challenge had been addressed. She confessed excitedly that she felt “better, much better now with the glasses, and I can even see everyone clearly. It is good to know that we are not forgotten.”
Olabode Sadiat, 62, could not contain her joy as she wore her glasses and pointed in the distance, while indicating that she could see everything in her line of sight. She had suffered from a blurry vision that made reading her Bible difficult. “Nothing is more painful than not being able to read your Bible,” she had noted following the medical intervention.
The widows also received food, drinks, clothing and other materials that were distributed during the outreach. They were also given a final charge by Mrs Bode-Akinwande in which she reminded them that they were not alone and could always count on the support of the CBA Foundation.
In all, 165 widows across the six communities of Ibeju-Lekki benefitted when the Lagos outreach was held. The Anambra outreach, on the other hand, benefitted 75 widows from four communities in the Nnewi area of the state.
Food items and financial empowerment constituted the bulk of the support CBA Foundation gave the Anambra widows to celebrate the festive season. The Anambra initiative has enjoyed tremendous support from a donor who has been consistent over the past four years. The Founder of the Foundation expressed gratitude to the donor while remarking that the outreach is a source of enablement for the underprivileged widows and their children.
She continues: “We give hope to the hopeless. We are driven to support underprivileged widows to have a positive outlook on life despite the problems they experience by losing their loved one, mostly the breadwinner of the family.”
Both Lagos and Anambra outreaches were in some sense CBA Foundation’s way of giving underprivileged widows a “December to Remember” treat annually. Of course, that treat would at best be modest compared to how people who were not in any known vulnerable categories took care of themselves and themselves alone. Even with the best of intentions, CBA Foundation could only work with donations received from donors and supporters at a time of the year when most (young) people were dedicating more resources to the self-splurging that December has come to represent.
While it may not be in one’s place to dictate to others how they should spend the money they have worked so hard to make, one cannot help but try to point them to ways they could better dispense their hard-earned cash that would be in their enlightened self-interest. Or what sense is there in spending on oneself so lavishly and ostentatiously as though spending was going to go out of fashion at any moment only to provoke the have-nots to make one the target of their misdirected anger in a society that is largely dysfunctional?
A similar question should be addressed to the government and public officials: What sense is there in expending huge public resources on projects that have no direct bearing on the welfare of vulnerable groups when it only widens the gap between the haves (including public officials) and have-nots and exacerbates the conditions that heighten security concerns among the haves? At what point will the government, public officials and the privileged class start acting in their enlightened self-interest by committing genuine efforts to narrow the gap between those who have and those who can only wish?
It is high time public officials and the privileged began building strong coalitions and partnerships with groups and organisations that have been working to protect and support as well as advocate for the vulnerable for years now. They must begin to key into and support the organisations’ laudable initiatives that show great potential in helping to narrow the frightening gap.
CBA Foundation’s Social Enterprise Initiative represents one of such laudable initiatives. It is a well-thought-out initiative capable of transforming the existing arrangement for care and support of vulnerable groups such as underprivileged widows and their children and taking their welfare to the next level. The Government, individuals as well as corporate organisations must join hands with the Foundation if the Initiative is to have any chance of success.
Through its avowed commitment to “touching lives, giving hope…” not in mere words and empty promises but genuine and visible action on the ground (see ample examples captured on its website: www.cbafoundation.org), CBA Foundation has already demonstrated its readiness to do more with additional support. It has shown that it is living true to its #CareIsAction DNA and can thus be trusted with more support. The Social Enterprise Initiative, therefore, will be delighted to have interested partners (individuals and corporate bodies) to send an email to: cbafoundationng@gmail.com to partner with the Foundation in the drive to take the welfare of underprivileged widows to the next level where its long-term sustainability is guaranteed.
BREAKING! UNILORIN Graduate Emerges Eva Wine Nigeria Brand Ambassador
A University of Ilorin graduate, Miss Ebun Dosunmu has become the Brand Ambassador for Nigeria’s Premium non-alcoholic drink, Eva Wine.
Dosunmu emerged the winner following “The Search for Miss Eva”, a keenly contested competition, which lasted for 5 weeks and saw no fewer than 600 video entries from young women across Nigeria.
She is now the first ever brand ambassador for the popular non-alcoholic wine drink.
Ebun, a TV/Red carpet host/producer, brand strategist, and content creator, outshined nine other finalists to win the title in a keenly contested grand finale which held at the 5-star Lagos Marriott Hotel, Ikeja on Sunday, August 7, 2022.
The glamorous event brings to climax the high-energy online competition which received hundreds of video entries from young ladies all across Nigeria, among which 30 were shortlisted and 10 finalists emerged.
During the final event, the contestants presented varying performances of their talents and creativity, from singing to poetry, painting and many more, to the delight of the audience.
Nollywood superstar and show host, Deyemi Okanlawon then engaged all the finalists in a fireside chat which gave the judges the opportunity to closely assess them on eloquence, intelligence, connection with the brand and general affairs.
After their review of the night’s performances as well as points garnered earlier in the competition, the judges presented the host with the result and he went on to announce the bubbly Ebunoluwa Dosumu as the winner, while Niki Amachree emerged as the first runner-up and Lilian Orakwe was named second runner-up. Pamela Ifejoku was named third runner-up.
Ebun, who is also a graduate of the University of Ilorin, Kwara state, goes home with the grand prize of 6 million naira, an all-expense paid vacation in Dubai courtesy of Africa’s leading full-service travel company, Voiaj Travels, a complete makeover, staycation, product supply and many more.
The first runner-up wins 500,000 naira, a complete makeover, staycation, product supply, while the second runner-up wins 300,000 naira, a complete makeover, staycation, product supply and other exciting prizes.
The Country Manager for Eva Group, Tope Akanni, expressed excitement at the success of the competition. He identified the high level of creativity displayed by Nigerian ladies in their entry videos as well as the “My Eva Story” videos as one of the highlights of the competition.
He said; “We already promised that our ideal Miss Eva would be a wise young woman who can represent Eva Wine, home and away, as a virtuous, warm, creative, fun, and friendly personality. Now that we have found her, Nigerians should look out for her in the next one year because she will be the face of the brand on TV, billboards, social media, events and everywhere, from chat rooms to boardrooms.”
Reiterating why the Eva Wine brand decided not to engage a top celebrity or influencer as its brand ambassador, Mr Sanni explained how fulfilling it has been for the brand watching exceptional young ladies grabbing the Eva Wine opportunity to become self-made celebrities.
He promised that the Search for Miss Eva is the beginning of a new era in which the Eva Wine brand would support and invest more in the Nigerian youth through the media and entertainment industry.
The Managing Director of Voiaj Travels, who was also one of the judges, Lanre Olaniyan, noted that the toughest task on the night was trying to arrive at the final decision due to the sparkling qualities displayed by all the finalists. He noted that all the contestants are indeed winners and they should be proud of themselves.
“It’s a huge congratulations to the Eva Wine Nigeria team and to the winner. We are indeed proud of this project and our partnership. As the official travel partner for Miss Eva, I’d like to say her celebrity travel lifestyle starts now and we cannot wait to welcome her to the beautiful city of Dubai,” he said.
For five weeks, Eva Wine Nigeria has deployed an exciting online activation engaging young ladies across Nigeria in a reality-type talent competition with intense activities to test their eligibility for its brand ambassadorial role.
Young ladies across Nigeria were required to record a short video celebrating creatively with a bottle of Eva Wine and vibing to the campaign theme song #happymisseva.
The grand finale was streamed live on Eva Wine’s YouTube channel, Eva TV.
