Nothing but euphoria will witness the maiden edition of The Naija Pepper soup Festival as top Nigerian entertainers are set to make December 14th a day that will forever linger and remains memorable.
First of its kind, The Naija Pepper soup Festival was conceptualized to bring about the lost memory of that special cuisine discovered and first prepared in West Africa even when some people believe it’s of foreign origin. The Naija Pepper soup Festival however is a celebration of culture using food {Pepper Soup} as a common denominator. The festival features varieties of Nigerian Pepper Soup and the major accompaniments of a Pepper Soup experience drinks and music.
Tagged ‘Ibadan Invasion’, the maiden edition which has been endorsed by Oyo State Government will hold on 14th December 2019 at Agodi Gardens and put together by Portyer.
In his speech during a courtesy visit to his office, the Honourable Commissioner for Information, Culture and Tourism, Hon Wasiu Olatunbosun applauded the entire team for bringing out such unique concept.
“All I have been seeing here is Amala festival, Pounded Yam galore and so on, celebrating pepper soup seems and looks very unique to me and I believe so it will to other people, it’s a welcome idea and we can’t but give it the needed support”.
However, the brain behind the festival, Mr. Rotiwa Arowa, CEO Portyer Event said “It’s an experience no one can afford to miss, a special experience and the first where over 50 cooks will be on ground to prepare different kinds of pepper soups for people to consume, this is one area that has not been explored and another huge potential for tourism attraction. it will also go alongside music and entertainment as top and popular Nigerian singers like Obesere, Eedris Abdulkareem, Adex of Artquake, Klever Jay etc will be on stand to thrill guests”.
When asked why the choice of Ibadan as the venue for the maiden edition, “ Ibadan is the political capital of Yorubaland and as it is, it is the indigenous capital where event of this magnitude can hold, though plans are on to extend the subsequent editions to other parts of the Naija but we have to start from the cradle.”
Heritage Banks, Adron Homes, Noble FM, Oyo State Government and top media organizations are throwing their weights behind the Naija pepper festival, “Ibadan Invasion”.
This is definitely good news as help has finally come for the complete operations of former Nigerian youth international Sani Shehu also known as Sani Emmanuel, you will recall we reported earlier that the 2009 FIFA U17 tournament Golden Ball winner has been down with leg injury (Achilles Tendonitis), and Evangelist Bisola Hephzi-bah Johnson’s Bisola Johnson’s Foundation has been at the forefront of those trying to raise money for his treatment.
It was also well covered when former teammate and friend Ogenyi Onazi, decided to foot part of the bill to the tune of N1.4million which he had already paid into a Lagos based hospital that is supposed to carry-out the operation sometimes last week. However, help has come from a new direction has one of those who were reached by the social media campaign seeking help for him, later reached-out to the anchor of Brekete Family on Human Right Radio 101.1 FM Abuja, who in turn brought the young boy to the live programme where he was promised an all-expense paid proper treatment in Germany.
This information was made known to us be the convener of Bisola Johnson’s Foundation, who while appreciating the Brekete Family also frown at role of religious leaders who turned blind eye to his plight, the statement on her Facebook account states “Brekete Family is taking up Sani Emmanuel’s case. Shame to religious people. I bless God for this.”
TRACE announces the next edition of TRACE Live, headlined by the legendary rap icon, Reminisce. Themed, ‘OG b4 iG’ and taking place at Terra Kulture on November 28th at 9pm, this edition of TRACE Live will shed a spotlight on Reminisce’s musical journey and take the audience through the root of his inspiration.
Always a night filled with rich music and cultural appreciation, TRACE Live celebrates the beauty of music by highlighting a blend of live vocals, instruments, dancers, and an energetic audience. Previous performers include Flavour, Adekunle Gold, Falz, Tubaba, Wande Coal, Reekado Banks, Runtown and Simi.
Remilekun “Reminisce” Khalidsafaru is a singer, songwriter and rapper who has immensely influenced Nigeria’s rap culture since 2008. The rapper, who blends both Yoruba and English, is considered a music industry icon, and an influence on the newer generation of rappers.
His first ever single, 2008’s “Ever Since” shot him into the limelight. Subsequently, the indigenous rapper has dropped hit singles such as “Ponmile”, “Tesojue”, “Kako Bii Chicken”, “Local Rappers” and “Oja”. The musician has 4 studio albums to his credit – Book of Rap Stories, ALAGA IBILE, BABA HAFUSA and EL-HADJ. As a testament to his talent transcending borders, in 2014, Reminisce was featured in a TIME Magazine article which tagged him as, “one of the seven world rappers you should meet”.
Reminisce is undoubtedly a rap scene thought leader, who has been acknowledged by the industry as an OG before the influence of social media. This special combination of TRACE Live and Reminisce is sure to bring the experience of a lifetime to show goers, while reminding everyone of Reminisce’s incredible catalogue and talents.
TRACE Live, Lagos’s largest live show series, is presented by TRACE in partnership with Cabal Entertainment and Bolanle Austen-Peters. The show is proudly sponsored by Lord’s Gin, Munch It, Pepsi and Tom Tom.
Tickets are available at NairaBox.com.
For TRACE friends and fans outside of Lagos, watch the OG b4 iG live stream here.
Keep up with all things TRACE, and watch out for the next TRACE Live announcement here, and on all of our social media platforms: @tracenaija
The Minister of State for Labour and Employment, Festus Keyamo SAN has visited the family of the late Urhobo leader, Olorogun Dr. Ramsey Mowoe, CON who died yesterday, Monday, November 24th, 2019 to pay his last respect.
The late Olorogun Mowoe was an influential civil servant who rose through the ranks to an enviable position of Permanent Secretary with the Presidency. Before his retirement, he was with the Ministries Works and Housing, Industry and Finance.
The late octagenarian who was the former President of Urhobo Progressive Union was survived by 2 wives and 5 children.
During the condolence visit to the family residence at Sun City, Abuja today, the honourable Minister extolled the virtues of the 78 years old nationalist whom he described as one of the intellectual pillars of the Urhobo kingdom, “although I did not have the opportunity of meeting him in person, the Mowoe dynasty typifies dignity, I could remember one of them, I think the eldest who was a popular lawyer used to be an inspiration to us growing up, we can say we towed their path during our school days, Olorogun Ramsey Mowoe’s death is not just for the Urhobo nation but the whole country as a whole, we must rally around the family to give him a befitting burial”, the minsiter said.
The Minister was at the Mowoe’s residence earlier today to pay his last respect where he signed the condolence register.
President Muhammadu Buhari and his Dutch counterpart, Prime Minister of The Netherlands, Mark Rutte, are happy with the public-private partnership between FrieslandCampina WAMCO Nigeria PLC, producer of dairy brands Peak and Three Crowns milk, and the Niger State government on the backward integration initiative ongoing on 10,000 Hectares of Land at the Bobi Grazing Reserve in the state under FrieslandCampina WAMCO’s Dairy Development Programme (DDP).
Both country leaders witnessed the signing of a Memorandum of Understanding (MoU) between the Governor of Niger State, His ExcellencyAbubakar Sani Bello, and the President, FrieslandCampina Consumer Dairy, Mr. Roel van Neerbos, at the Presidential Villa, Abuja on November 26, 2019. This is in line with the Government’s National Livestock Transformation Plan which seeks to grow livestock farming in Nigeria and transform the Dairy sector into an economic force that will yield the twin objectives of economic growth and people empowerment.
As the Federal Government’s preferred partner on dairy development and backward integration initiatives, FrieslandCampina WAMCO continues to lead DDP in Nigeria by expanding to more States. Currently the company has developed pasture on 1,000 of the 10,000 hectares of land assigned to it at the Bobi Grazing Reserve, and established key infrastructure including a Milk Collection Centre with a high capacity cooling tank and high quality milk testing equipment. Furthermore, the company has emerged the first to introduce hydroponics – a method of growing high-nutrient grass in harsh environments – a green house pasture development that would ensure year-round feed for cows. It has also provided solar-powered boreholes to support farmers with potable water and provide water for the cattle.
President Muhammadu Buhari and Prime Minister of The Netherlands, Mark Rutte, witnessed the signing of the MoU between FrieslandCampina WAMCO and Niger State today in Aso Rock, Abuja
The MOU between Niger State and FrieslandCampina WAMCO acknowledges the nine-year successes of the latter’s Dairy Development Programme (DDP) in Oyo, Ogun and Osun States respectively. It seeks its replication and expansion of local dairy production at the reserve, as well as train dairy cooperatives in Niger State on best global practices.
Leading sustainable dairy development in Nigeria
According to the company’s Executive Director, Corporate Affairs, Ore Famurewa: “The Dairy Development Programme (DDP) was officially launched by our company in August, 2010 in Kwara State. This climaxed with the signing of an MoU between the Federal Ministry of Agriculture and Rural Development and FrieslandCampina WAMCO Nigeria as its partner on Dairy Development in April, 2011 and was subsequently renewed in June, 2016.
“The DDP enables dairy farmers to run their businesses optimally with higher yields and better milk quality. This successful and unique model has benefitted over 7000 farmers including 950 women, a Milk Bulking Center (MBC), 6 Milk Collection Centers (MCC) and 20 Milk Collection Points (MCPs) across Oyo, Ogun and Osun states” explained Famurewa.
FrieslandCampina WAMCO with its DDP partners are collaborating to deepen the inclusive model for local sourcing of fresh milk in Nigeria. The Farmer2Farmer is an initiative which allows Certified Dutch dairy farmers share knowledge and technical knowhow with local dairy farmers through on the farm practical training bi-annually.
Specialized trainings are organized on feeding and watering of cattle, calf-rearing, artificial insemination for breed improvement, milking hygiene and practice, milking machine maintenance, hoof care, housing and barn design for local farmers and cooperatives in its over 90 DDP communities to improve milk collection.
The Dairy Development Programme is a sustainable business model that operates the smallholder system. Together with our partners, we empower young farmers and traditional pastoralists with modern animal husbandry methods and provide them a guaranteed market. Through the Dairy Development Programme, the company provides quality nutrition from Grass to Glass by breeding well cared-for cows which are the basis of good quality milk.
With strong alignment to FrieslandCampina WAMCO’s business strategy, the DDP drives local product innovation that provides support in reducing incidences of malnutrition. As part of its achievement, the company recently invested 23million Euros into building an ultra-modern Ready To Drink (RTD) Factory in November 2019. With the commissioning of this factory, locally sourced milk will be used in the manufacturing of Peak Yoghurt.
FrieslandCampina has the ambition to improve the standard of living of dairy farmers in Nigeria where it operates its Dairy Development Programme which has proven highly successful; milk quality and safety and volumes have increased considerably, therebyempowering dairy farmers and creating employment; women are also given the opportunity to participate in technical and entrepreneurial trainings, thus safeguarding food security and nutrition.
FrieslandCampina will continue to lead the dairy space and maintain our position as the market leader as well as the trail-blazer of the Dairy Development Programme in Nigeria. We remain committed to supporting the Federal Government and lead dairy development in Nigeria.
According to Roel van Neerbos, President, FrieslandCampina Consumer Dairy, “This mission is an important step in strengthening our longstanding relationship with the Nigerian government. The collaboration aligns with our vision to provide better nutrition to the world with our Dairy Development Programme (DDP). FrieslandCampina enables the local dairy farmers, like in Nigeria, to run their businesses optimally and raise the quality and quantity of their dairy production via the DDP.”
The MoU between FrieslandCampina WAMCO Nigeria Plc and Niger State Government was made possible by the intervention and staunch support of the Central Bank of Nigeria; one of our core partners of the DDP in Nigeria.
President, FrieslandCampina Consumer Dairy, Mr. Roel van Neerbos, and Governor of Niger State, HE Abubakar Sani Bello at the signing of the MoU between the company and the state in the Presidential Villa, Abuja
The signing of the MoU was witnessed by the Central Bank Governor, Mr. Godwin Emefiele; Honorable Minister of Agriculture & Rural Development, Sabo Nanono; Ambassador of the Kingdom of The Netherlands, His Excellency Harry van Dijk; Consul General, Jan van Weijen; President Consumer Dairy, Royal FrieslandCampina The Netherlands, Mr. Roel van Neerbos; The Chairman, Board of Directors, FrieslandCampina WAMCO Nigeria PLC, Mr. Moyo Ajekigbe; Non-Executive Director, Engr. Mustapha Bello and Executive Director Corporate Affairs, Mrs. Ore Famurewa.
Taking into consideration the importance of Micro, Small and Medium Enterprises (MSMEs) to the economy, Heritage Bank Plc has continued to structure financial inclusivity initiatives in empowering over 2000 female entrepreneurs towards economic enablement and self-realization.
This move is in line with the people-oriented policies of the Central Bank of Nigeria (CBN), Heritage Bank Plc is partnering with a Non-Governmental Organization, Prime Women Builders Foundation of Nigeria (PWOBFON) in providing skills training to the female entrepreneurs.
At the graduation ceremony/ certificate award ceremony held at Ikeja Local Government headquarters over the weekend, the MD/CEO of Heritage Bank, Ifie Sekibo said the bank is keen in cultivating real partnerships with Micro, Small and Medium Enterprises (MSMEs).
Sekibo, who was represented by the Head, Brand Management & Sustainability Ozena Utulu explained that the lender is interested in initiatives that encourage people to start their own businesses and gradually grow them into conglomerates.
According to him, the partnership with PWOBFON is vital in many ways particularly in the area of job creation, economic empowerment and financial inclusion.
His words: “apart from skills training, the women have been told the importance of record keeping in business, savings culture and the benefits of having bank accounts as a gateway to accessing other financial services.”
He said Heritage Bank has been a leading Nigerian bank with an excellent service culture hinged on working with each customer to create a name, wealth and heritage.
Also speaking, President/Convener Prime women Builders Foundation of Nigeria, Kemi Olofinkua applauded the bank for its support, and urged other corporate organizations to take a cue from the lender in supporting grassroots women empowerment.
She explained that through the support from the Heritage Bank and the Ikeja Local government, the women, based on their choices, have been equipped with 15 vocational skills covering event decoration, small chops making, baking, pastries, bead making, computer training , soap making, makeup, tailoring, digital marketing, Photography, hairdressing among others.
To underscore the importance of women empowerment, the CBN had earlier set aside 60 per cent of its N220 billion MSMED Fund for providing financial services to women.
L-R: Secretary to the Local Government, Surulere, Comrade Hakeem Dauda; Supervisor for Women Affairs & Poverty Alleviation, Adenike Yusuf; President/Convener Prime women Builders Foundation of Nigeria (PWOBFON), Adekemi Olofunkua; Vice Chairman, Ikeja Local Government Development Council, Yomi Mayungba and Head, Brand Management & Sustainability, Heritage Bank Plc, Ozena Utulu, during the graduation ceremony/ certificate award ceremony held at Ikeja Local Government headquarters
According to Olofinkua, this training is important because when women are positively occupied, the level of poverty will reduce and great achievements will be recorded not only on the home front, but on several sectors of “our national life.”
“Heritage Bank has been very supportive and our desire is to see participants of PWOBFON Empowerment Day, doing great in their various vocations. Each and every one of us must deliberately find something to occupy us and bring good profit. There are lots of vocations that each and every one of us can excel in; so that we will not be frustrated along the part of life,” Olofinkua stated.
The executive chairman, Ikeja Local Government Development Council, Dr. Mojeed Alabi Balogun, represented by his vice, Yomi Mayungba said the local government is interested in the initiative because it is in line with its grassroots skills training program . According to him, this is a way of keeping not only women, but men also out of the streets.
He disclosed that the first batch of trainees started from Ikeja and this is the 10th year anniversary. “The local government is delighted to partner with the NGO, Heritage Bank and other interested parties,” Balogun said.
Recently there’s story that former Nigerian youth international golden boy Sani Emmanuel has been off the radar because of a career ending injury, in the published news the player explained how injury forced him to quit the game of football at the time when he should be playing active soccer.
Sani Emmanuel was among the players who played for Nigeria at the 2009 FIFA U-17 World Cup which was hosted by the West African nation. Nigeria reached the final of the championship before losing 1-0 against Switzerland, and Sani Emmanuel was among the players who helped Nigeria that year.
The 26years old Sani Emmanuel scored five goals for the Golden Eaglets in the championship to win the Silver booth after he had won the Golden Ball in a tournament that paraded players like Alvaro Morata and Isco of Spain, Neymar of Brazil, Mario Gotze of Germany and Nigerian internationals Kenneth Omeruo and Ramon Azeez, and was forced to call it quit with football just four years into his playing career due to an hamstring injury.
Sani who recently took to the social media to solicit for support from Nigerians to enable him operate on his unhealed leg injury (Achilles Tendonitis) that has kept him bedridden for so long, since he had depleted the money he made during the four years he spent as a player for Beitar Jerusalem of Israel.
According to a story published by Evangelist Johnson Bisola Hephzi-bah on her blog, she shed light on the relationship between the General Overseer of Synagogue Church of all Nations (SCOAN), Prophet T.B. Joshua and the injured player whose fame during his playing days for the Golden Eaglet of Nigeria had been harnessed for publicity to the advantage of the pastor.
In her right up, she explained that the boy was just one of the boys using the church’s open field for training and that they decided to do a documentary on the boy weeks after he returned from the Golden Eaglet assignment, teaching him what to say as if the church was part of his success story.
She challenged Prophet T.B. Joshua on the welfare of the boy that was once dubbed the Golden son of the SCOAN. It was discovered that the Prophet T.B. Joshua led church had during and after the World U17 tournament the church blog had published a story under the title “SANI EMMANUEL: FROM TRAGEDY TO TRIUMPH!”
In the article the church claimed the young player is back in the church where he’s living “The news is that the boy honed his soccer career at a most unlikely place – the church, specifically the Synagogue Church Of All Nations, where he is top striker with My People FC, a football club owned and funded by the church’s General Overseer, Prophet T.B. Joshua.
Emmanuel has since returned to the Synagogue where he lives. And last Sunday 22nd November 2009, he set thousands of parishioners into rapturous celebration as he stormed the sanctuary for a thanksgiving session. Former Zambian president Frederick Chiluba was among other eminent persons that rejoiced with Emmanuel, who dedicated his awards to Nigeria’s rising army of suffering youth, pledging to start a foundation that would help them become useful and influential members of the society” the report said.
Evangelist Biola Johnson also accuse the televangelist of using Sani’s documentary on Emmanuel TV to lure youths who were of the opinion that they have a career in football into the church while he’s doing nothing towards the development of these boy, she affirmed that the disposition of the supposed benevolent giver towards the health implication of Sani Emmanuel during this his trying period shows Prophet T.B. Joshua’s giving philosophy is to merely gather publicity towards his supposed philanthropic nature.
First Bank of Nigeria Limited has announced its partnership with Linda Ikeji TV for the broadcast of the TV show, First Class Material. The show is billed to premiere on all FirstBank and Linda Ikeji TV platforms across the web and social media on Tuesday 26th November at 8am and reposted at 7pm same evening- Nigerian time.
First Class Material is a programme which aims to chronicle the success stories of Nigerians who are distinct and exemplary in their achievements and importantly, a testament to the greatness of the West African country.
The weekly show would have viewers exposed to Nigerians across the globe that have carved a niche for themselves by being exemplary and influential in their chosen endeavours and career path. Success stories of notable firsts and trailblazers would be highlighted, with viewers encouraged to go beyond limits and leave no stone unturned at making their dreams a reality.
Amongst the success stories to be broadcasted through the course of the 6 months weekly programme is brilliance of Ifeoma Thorpe-White, a 17 year-old Nigerian immigrant admitted into all eight Ivy League schools in the United States, including Stanford & Harvard universities.
Speaking on the TV show, Folake Ani-Mumuney, the Group Head, Marketing & Corporate Communications, First Bank of Nigeria Limited said “First Class Material is a celebration of notable Firsts by Nigerians which underscores what First Bank of Nigeria Limited stands for. The essence of the TV programme is to have many more people informed and encouraged by the successes, thereby having these feats emulated in their chosen endeavours.”
“We are excited about this partnership with Linda Ikeji TV and remain committed to celebrating the successes of Nigerians which indeed resonates the theme of FirstBank’s 125 anniversary, thus “Woven into the Fabric of Society”, she concluded.
Also speaking, Nigeria’s renowned celebrity blogger, Linda Ikeji said “being the first to do something is remarkable. It defines and shapes paths for others to follow. And it can be truly inspiring when one is partnering with a company such as FirstBank – an institution of many firsts’’.
A group, Peace and Anti-Corruption Advocacy (PACA) has urged the Asset Management Corporation of Nigeria (AMCON) and its legal representative, Joe Dappa Esq., to exercise restraint and allow the judicial process take its course without taking laws into their hands in a matter over land.
The group asked AMCON to thread with caution and maintain status quo while awaiting the final decision of the Court of Appeal over a matter involving the asset management company and another company, Assorted Foods and Integrated Beverages Limited over the ownership and right to possession of Plot No. 136 Aminu Kano Crescent, Wuse II, Abuja.
The group in a release signed by the group’s leader, Osuagwu Ugochukwu, appealed to AMCON to maintain Res pending the decision of the Court of Appeal sitting in Abuja that had fixed hearing in the matter for May 6, 2020, adding that no party however powerful and mighty should take law into its hands and disregard the court.
According to PACA, based on court processes, it appears that AMCON is not ready to await the Court of Appeal decision in a matter between it and Assorted Foods as to the ownership and right to possession of the said Abuja property though it is on record that the corporation got a judgment allowing it to take possession on May 16, 2018 in a suit delineated FHC/ABJ/CS/352/2015 though Assorted Foods had immediately filed a notice of appeal and Motion for Injunction which was duly served on AMCON and its lawyers.
According to PACA, records at its disposal revealed that AMCON filed responses to the appeal process to contest the appeal, indicating that parties have submitted themselves to the Court of Appeal and is expected to sheathe their swords and await the final decision of the Court of Appeal which has been slated for May 6, 2020.
Ahmed Kuru, AMCON MD
“Parties should respect the doctrine of lis pendence, which prevents the transfer of rights in the property i.e plot 136, Aminu Kano Crescent which is the subject matter of an action pending in Appeal Court, Abuja for it would be plainly impossible that any action or suit could be brought to a successful termination if alienation pendent lite were allowed to prevail,” PACA said.
Assorted Foods had through a letter submitted to the Court of Appeal on 21/11/2019, alleged that AMCON brought 30 mobile policemen to chase out tenants in the building at Plot 136, Amino Kano Crescent. Wuse II.
PACA described this as condemnable and an assault to sensibilities that AMCON staff could allegedly “detain the Court of Appeal Bailiff, Mr. Emeka Obiakor who came to serve it with the Appellant’s Notice of Appeal, motion for injunction and other appeal documents on 18/11/2019. This is an unacceptable conduct where parties are before the higher court.
“We therefore urge AMCON to thread with caution and await the final decision of the Court of Appeal over the subject matter i.e Plot 136, Aminu Kano Crescent, Wuse II, Abuja.,” the group said.
Intellectuals and leading minds across Africa have suggested the adoption by governments, of strategic policy actions which are expected to ultimately lead to the economic prosperity of the continent.
The Academics who spoke during the first Lecture Series of the UBA Professorial Chair in Finance at the University of Lagos (UNILAG) on Tuesday, listed a number of policy measures and strategies that can bring about far reaching results. These include instituting stable macro-economic policies, the adoption of supply-side strategies, capital market development, enhancement of banking and financial system, liberalisation of the economy, privatisation and reduced government dominance of economic management, democracy and good governance, human capital development, policy co-ordination and enabling the multilateral environment.
These polices are capable of creating a sustainable path towards the socio-cultural, economic and political development of the continent.
The Professor of Finance and Chairman, UBA Professorial Chair, University of Lagos( UNILAG) Prof John Ezike was joined by the Head of Department, Economics, UNILAG, Professor Risikat Dauda and Senior Lecturer, Finance Department UNILAG, Dr Olalekan Obademi as they took turns in making contributions on the theme ‘The Dynamic Structure of World Economy from Globalisation To Slowbalisation; The African Dilemma’.
Ezike who led the discourse, explained that the global economy is currently witnessing the fourth wave of revolution in civilisation, which is the movement towards de-globalisation or Slobalisation, adding that countries that have not benefitted from globalisation are those that fail to implement sound macroeconomic measures to maintain financial and exchange stability.
He said, “It behoves countries in sub Saharan –Africa, therefore, to strive to adopt policies that are in consonance with the realities of the rapid integration of world economies. The world must seek for answers in a new ideology which will allow globalisation to prosper faster, but prevents the rise of elitism. In point of fact, some world leaders are already of this view as they have condemned the trickledown theory of capitalism.”
Supporting his point, Professor Ezike shed light on how the mentioned policies can take the continent to a new high. On Stable Macroeconomic Policies, he explained that Globalisation increases the cost of macroeconomic distortions while enhancing the reward for sound policies. “As a result, it is important that sound macroeconomic, sectorial and structural policies are applied to improve internal balance, ensure external sector viability and increase the overall rate of economic growth”. Stable macroeconomic policies also ensure that the domestic economy is insulated from disruptive short term capital flows as investment savings decisions would be predicated on domestic economic fundamentals rather than market sentiments that may be unrelated to developments in the economy.
While explaining Capital Market Development, he explained that the capital market should be developed before opening it to international competition. He further noted that the gradual opening up of the capital market would help to reduce the influx of destabilising short term capital flows which in some cases may result in economic overheating. To avoid unintended developments, the capital market should be opened up gradually after adequate safeguards have been put in place and productive sectors have been strengthened.
Enhancing of the Banking and Financial System: In this case, he said the banking and financial systems needs to be strengthened through adequate supervisory and prudential regulations to ensure that internationalisation does not disrupt the financial sectors, precipitate macroeconomic instability and weaken the productive sectors of the economy.
L-R: Regional Head, United Bank for Africa(UBA) plc, Mr. Uche Agu; Head, Micro-small, Small and Medium Enterprises (MSMEs), UBA Plc Mr. Babatunde Ajayi; Deputy Vice Chancellor, University of Lagos(UNILAG) and Chairman Board of Trustees, UBA Professorial Chair in Finance, Professor Ben Oghojafor; Guest Speaker, Professor Dauda Risikat; Head Of Department, Finance, UNILAG, Dr. Ayo Olowe; and Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday
For Democracy and good governance, Ezike noted that good governance is invaluable for a prosperous economy and that the rule of law, transparency and accountability, the bedrock of public administration prevails. He added that, it is worthy to note that excessive government intervention in economic management creates a fertile ground for corruption and rent seeking agencies. “A well-focused administration geared towards reducing bottlenecks on the path of the private sector, would generate adequate impetus for the acceleration of economic growth, he concluded, saying rule of law reduces the incentives for corruption and ultimately creates an enabling environment for the efficient allocation of resources through the free interplay of market forces”.
According to him, history has shown that it is difficult or near impossible to sufficiently gain sustain growth in an economy like Nigeria which is highly multi-ethnic, has diverse parts, but is highly dependent on a mono-product export resource.
“At this juncture, it is safe to say Nigeria and other countries in its league, must out of necessity enthrone true federalism, in its governance and diversify its economic and export base in order to reposition the economy so as to reap the attendant benefits of dynamic world globalisation/slobalisation”, she noted
On his part, the Deputy Vice Chancellor, and Chairman UBA Board of Trustees, Mr. Ben Oghojafor, appreciated UBA for resuscitating the UBA Professorial Chair of Finance and the laudable support it continues to give the institution.
UBA had in 2015 resuscitated the UBA Professorial Chair of Finance at the UNILAG with an endowment sum of the N52.9 million with the aim of bridging the huge gap in the funding of educational system in the country.
Oghojafor said, “It is to the credit of UBA, that the seed they planted through the first endowment has grown and is now bearing fruit. It is on record that the first endowment in 1972 facilitated the establishment of the department of finance in 1973, the first of such department in Finance in any University in Nigeria and has helped train a great number of finance graduates who have gone on to make great impacts in the country”.
“We appreciate the generosity of UBA in helping to make this colloquium a reality today and are hopeful that the bank will sustain this noble initiative for a long time to come”, Oghojafor said.
In his response, Group Managing Director, Kennedy Uzoka, United Bank for Africa, represented by Head, Micro-small, Small and Medium Enterprises (MSMEs),Mr Babatunde Ajayi said: “UBA is very proud to be associated with the endowment of professorial chair of finance in University of Lagos and it is our plan to continue to endow that chair”. He also noted that it is the banks passion to improve the quality of education across the continent, particularly in the 20 African countries that the bank is present.
“It is also our way of giving back to the society, as we will continue to sustain the initiative and many more that concern education, because it is very important to UBA and we are more than committed to providing the necessary support for the youths in Nigeria and across the African continent,” Ajayi said
l-r: Director of Advancement office, University of Lagos; Mr. Oluwarotimi Shodinmu; Regional Head, UBA Plc, Mr Uzoechina Molokwu; Guest Speaker, Professor Dauda Risikat; Deputy Vice Chancellor, University of Lagos and Chairman Board of Trustees, UBA Professorial Chair, Professor Ben Oghojafor; Chair Occupier, UBA, Professorial Chair in Finance, Professor John Ezike; Head, Head, Micro-small, Small and Medium Enterprises (MSMEs), United Bank for Africa, Mr. Babatunde Ajayi; and Regional Head, UBA Plc, Mr. Uche Agu, at the 1st Annual Lecture of UBA Professorial Chair in Finance, themed: The Dynamic Structure of World Economy, From Globalisation To Slowbalisation ; The African Dilemma… held at University of Lagos on Tuesday
