TheNewsGuru

Tag: Yemi Osinbajo

  • FG, AfDB mull $500m innovation fund for ICT growth in Nigeria

    Vice President Yemi Osinbajo on Monday said the Federal Government is working with African Development Bank (AfDB) to establish a 500-million-dollar innovation fund for technological growth.

    Osinbajo stated this at the opening ceremony of the 22nd African Securities Exchanges Association (ASEA) Annual General Meeting and Conference organized by the Nigerian Stock Exchange (NSE) in Lagos.

    The Vice President said that the fund was aimed at increasing the competitiveness of Nigeria’s Information and Communications Technology (ICT) industry.

    “We are accordingly working with the AfDB to establish a 500-million-dollar innovation fund; this will support activities in the sector.

    “Given the size of our economy and the potential of technology and creative segment, I am hopeful that capital market operators will work toward innovative financing solutions to lend further support to these two sectors,” Osinbajo said.

    He further stated that the Central Bank of Nigeria (CBN) would soon issue licence for payment service banks, which would increase access to financial services, low income earners and the unbanked.

    The Vice President noted that the partnership was also essentially to ensure that African champions continued to rise in a sustainable manner.

    According to him, such partnership must be between government and private firms, as well as between businesses associations “and this is something we must pay a great deal of attention to”.

    He explained that government was committed to ensuring macroeconomic stability in an inclusive economy with a diversified production base.

    “We also realized that a conducive and supportive environment is essential for business to thrive and we have accordingly invested heavily in infrastructure while working strenuously to make it easier to do business in Nigeria.

    “We also realised the importance of sustainable future and we become the first African country to float the green bond to promote the environmental objective of our Economic Recovery and Growth Plan (ERGP),” he said.

    Osinbajo said that government would ensure that its rising population was protected, housed without further depleting or damaging resources.

    He emphasised that African companies, essentially those listed on the exchanges and those that made up the association, must also be champions on the rise.

    He said that companies must innovate and take advantage of the unique features of the African economy.

    “It is evident that ASEA has a key role in our quest for economic growth and development.

    “This is not only because of the vital role that capital markets plays in our domestic economy, but because the association reflects the right place of collaboration and partnership required of African countries and economic institutions to bring about a more vibrant and dynamic continental economy,” Osinbajo said.

    The Minister of Finance, Mrs Zainab Ahmed, urged ASEA to develop a strong and vibrant domestic investors’ base.

    Ahmed, who was represented by Ms Mary Uduk, acting Director-General of Securities and Exchange Commission (SEC) said that low domestic investors’ base was limiting African capital markets.

    She said that the capital market size of Africa was very low, thereby limiting market potential, noting that ASEA must promote world-class capital market, characterised by high level of liquidity.

    The conference has “Champions On The Rise: Africa’s Ascension To More Sustainable Future” as its theme.

     

  • Osinbajo raises concern over threat of robots, AI

    Vice President Yemi Osinbajo has raised concern over the growing threat posed to humans by the deployment of robots and artificial intelligence in work places.

    Osinbajo stated this at the Closing Ceremony of the 50th Anniversary Celebrations and Annual Conference of the Chartered Institute of Personnel Management (CIPM) on Friday in Abuja.

    The vice president said that to brace up for the challenge, the Federal Government was focusing on imparting employable skills on students from primary school to tertiary education.

    According to him, no sensible discussion of the economy can be done without acknowledging the role of the people.

    He said that in the next few years, Nigeria would be contending with having one of the largest youth populations in the world.

    “We will be the third most populous nation in the world. What sort of skills will these young men and women require? Where will they work?

    ”Already, we are contending with how technology is redefining the structure of industry and commerce and the skills required to function in them.

    “But more disturbing is the growing apprehension of redundancy of many who today work in the millions of jobs that may be unnecessary as robots and Artificial Intelligence perform the same functions far more efficiently and even cheaper.

    “What will retraining this possibly redundant workforce entail? What happens to pensions of retired humans when the majority of current workers are robots who earn nothing?

    “How about the growing concerns about work life balance? What sort of work environment makes for the most productive worker?

    ”Is it the formal workspace which we are used to or something less constraining more flexible as we are seeing in the new technology companies.’’

    He said that the third major pillar of the Economic Recovery and Growth Plan was called investing in people; on human capital development.

    “Our plan, especially with regards to education and health, is one that we have spent a great deal of time working on, and we are, of course, in the process of ensuring that it is fully implemented.

    “One of the most important features of that Human Capital development plan is Science, Technology, Engineering, Arts and Mathematics (STEAM) Education.

    “The focus is on employable skills from primary school all the way up to tertiary education. But the focus on primary and secondary education is on employable skills, especially technology.

    “So, our focus is on teaching young people from the primary school, even pre-primary school, using all of the new techniques such as code writing skills, software writing skills and all that.

    “The new technologies that are developing and all of what we are seeing today clearly shows us that anyone in the coming generation will be left behind if they are not at the cutting edge of technology.

    ”We believe that our educational system must incorporate that, which is why a lot of attention, in the new curriculum, is focused on science, technology, engineering and mathematics.’’

    He said that the Federal Government was also doing same with health care as for the first time, it was spending one per cent of the entire consolidated revenue fund on health care.

    He commended CIPM for its contribution to the National discourse on unemployment with the presentation of the results of the research on the unemployment crisis in Nigeria.

    Osinbajo said that CIPM’s white paper was extremely useful contribution to the minimum wage debate and also commended the institute for the very informed contributions its representatives had made at the Quarterly Business Forum.

    Earlier in his welcome address, Mr Udom Inoyo, President, CIPM, said that members of the institute were specifically trained to manage work place issues.

    He said that CIPM was committed to helping the government in nurturing a workforce that would meet the 21st century challenges.

     

  • Nigeria business leaders launch blueprint humanitarian fund

    Some business leaders in Nigeria on Thursday came together to launch a blueprint, first-ever joint humanitarian fund with the United Nations (UN), to address the humanitarian crisis in north-eastern part of the country.

    TheNewsGuru (TNG) reports the UN Nigeria Humanitarian Fund – Private Sector Initiative (NHF-PSI), as it is known, seeks to raise awareness and support from the business community in Nigeria to play an important role in the lives of vulnerable Nigerians.

    Officials of the UN present at the launch said the UN NHF, managed by the UN Office for Coordination of Humanitarian Affairs (OCHA), which has 17 donor countries that have raised 70 million dollars so far, became operational in May 2017.

    The partnership with the Nigerian private sector would see companies in the country support the UN NHF, and join donor countries that have already donated to the Fund, in the new blueprint, the NHF-PSI.

    Vice President Yemi Osinbajo, said the NHF-PSI was an exciting initiative that would yield results in helping the 1.8 million displaced persons in the north-east region.

    Osinbajo represented by Mrs Adejoke Orelope-Adefulire, Senior Special Assistant on Sustainable Development Goals, noted that some companies were already providing humanitarian assistance in the region.

    “This new initiative will further sharpen the efficiency of these supportive companies by giving them the opportunity to collaborate with the UN and also streamline their humanitarian efforts.

    “About 80 per cent of the people who need our help are women and children who continue to suffer deprivation and hardship that you and I may never have to face.

    “Therefore, I urge you all to work with this administration in the socio-economic rehabilitation of the region,” he said.

    Mrs Amina Mohammed, Deputy Secretary-General, United Nations, said the launch was personal to her considering that she grew up in Maiduguri that is now affected by the crisis that had displaced millions and killed over 27,000 people in recent years.

    “The creative and generous efforts was about leveraging innovative partnerships between the public and private sector to have real impact.

    “Thanks to your vision and generosity, Nigerian business will be able to pool funds, resources and ideas to provide life-saving assistance to the population of North-East Nigeria.

    “The Nigeria Humanitarian Fund has already allocated nearly 70 million dollars in the 18 months to meet the urgent, life-saving needs of thousands of Nigeria,” she said.

    Mohammed said the fund would deal with the congestion in existing camps and treat hundreds of children with malnutrition.

    “The fund also highlights the cross-cutting impact of humanitarian work in health by providing assistance to contain cholera outbreak in north-east considered to be the country’s worst outbreak in the last ten years.

    “We at the United Nations are honoured to partner with you in saving lives and extending solutions and support to millions that are in need and to build on the progress made by the Government of Nigeria, by the international community, and by the Nigerian people themselves,” she said.

    Mohammed urged businesses to imbibe sustainable business practices that allow initiatives like NHF-PSI to provide humanitarian support in an environmentally friendly and sustainable manner.

    Edward Kallon, UN Humanitarian Coordinator, noted that by forging joint enterprise between deeply committed private, public and non-governmental actors, NHF-PSI presented a tremendous opportunity to raise the standard of humanitarian response in Nigeria and around the world.

    “Although Nigeria is the largest economy in Africa, over 7 million people in north-east Nigeria are in need of life-saving assistance.

    “NHF-PSI is founded on the premise that Nigeria’s private sector not only cares profoundly for its nation’s most vulnerable, but also possesses the vision, resources and natural problem-solving ability to reduce it on an unprecedented scale if harnessed into collective action,” he said.

    Also, Mr Jim Ovia, Chairman, Zenith Bank Plc, said Nigeria with a population of over 200 million, should see the initiative as a wake-up call to support the fund with their widow’s mite.

    “The 70 million dollars was not contributed by Nigerians, launching the NHF-PSI is for us to emulate what other countries have done to assist the humanitarian crisis in our country,” he said.

    Ovia said the initiative was the first private sector collaboration with UN and urged other Nigerians to support and make the project sustainable.

    The Governor of Borno State, Kashim Shettima, said Boko Haram had done a lot of damage to the state which would take years to rebuild and would cost about 300 million dollars.

    Represented by Senator Alli Ndume, Shettima thanked the donors for their humanitarian efforts in the north-east, adding that it would help restore stability and peace to the region.

    Members of the NHF-PSI steering group are Zenith Bank, Access Bank, Nigerian Economic Summit Group (NESG), Nigerian Stock Exchange (NSE), Templars Ltd and amongst others.

    NHF-PSI expects to raise over USD300 million for the initiative in the coming years.

     

  • PDP tasks Osinbajo on alleged N33bn corruption

    PDP tasks Osinbajo on alleged N33bn corruption

    The Peoples Democratic Party (PDP) has charged Vice President Yemi Osinbajo to address the allegation of corruption leveled against him by the House of Representatives.

    The lawmakers had, during the week, accused Osinbajo of complicity in a N33 billion scam allegedly perpetrated at the National Emergency Management Agency (NEMA).

    A statement on Saturday by the spokesman of the PDP, Kola Ologbondiyan, urged Osinbajo to respond to the allegation, instead of sermonizing and parading himself like a saint.

    The opposition party said the Vice President owed it as a personal moral burden, both as a preacher and Professor of law, to directly explain how the fund meant for the wellbeing of Nigerians suffering in the Northeast, was mismanaged under his supervision, instead of the lame attempts to dismiss the allegation and divert public attention from the scandal.

    “Nigerians were thoroughly appalled to learn, from the House of Representatives, how Prof. Osinbajo, as Acting President, in June 2017, unilaterally pulled N5.8 billion, from the Consolidated Revenue Fund of the Federation, purportedly for emergency intervention on food in the North East, which has now turned scandalous.

    “Prof. Osinbajo should explain how, according to findings by the House of Representatives, all the six states of the Northeast failed to receive the emergency intervention for food security, for which a major part of the money was claimed to have been expended, under his direct supervision as Chairman of Board of the National Emergency Management Agency (NEMA).

    “What has Prof. Osinbajo to say on the revelation at the public hearing conducted by the House of Representatives that there was no evidence the World Food Programme (WFP) received the 5000 metric tons of rice, which NEMA claimed to have bought and donated to WFP for distribution to victims of insurgency in the region?

    “What has our Vice President to say to the report indicating that four of the companies that supplied food items to the region financed their projects through N2bn they each received as loan from the Central Bank of Nigeria (CBN)?

    “What is his answer to the huge allegations in the public domain that bulk of the money meant for suffering Nigerians in the Northeast was diverted to private pockets of key All Progressives Congress (APC) and the Presidency cabal to finance their wasteful lifestyle?

    “The PDP is privy to the frantic effort by agents of the Presidency and the APC to arm-twist and intimidate the House of Representatives to abort its investigation and to ensure that the report does not see the light of day

    “If Prof. Osinbajo had no ulterior intentions, why did he pull the money from the Consolidated Revenue Fund of the Federation without recourse to the statutory appropriation of the National Assembly?

    “The PDP holds that the action of the Vice President in unilaterally approving the release of the money to NEMA, where he also presides as the Chairman of Board is completely self-serving and ostensibly conceived and executed in corrupt intentions.

    “Instead of answering to the allegation, Prof. Osinbajo is employing rhetoric to divert attention, claiming that his actions are covered by his apparent abuse of Section 43 of the Procurement Act.

    “We invite the Vice President to note that Section 43 of the Procurement Act deals with the emergency duties of a procuring entity and not the processes of drawing funds from the Consolidated Revenue Fund of the Federation which is covered by the Constitution. As such, there is no way he can justify his actions under any of our laws.

    “The Vice President should therefore advice himself properly by responding to the huge corruption questions and stop his unnecessary posturing”.

  • Osinbajo, Ogunsanya commend Grange School on Diamond Jubilee

    Osinbajo, Ogunsanya commend Grange School on Diamond Jubilee

    Vice President of the Federal Republic of Nigeria, Yemi Osinbajo and Managing Director and Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya, have commended Grange School on celebration of its diamond jubilee.

    Osinbajo unveiled the anniversary logo of the Grange School at the unveiling ceremony, which took place at the school’s premises in Ikeja, Lagos, on Tuesday in celebration of the institution’s diamond jubilee.

    Ogunsanya congratulated Grange School for “bequeathing an enduring legacy on future leaders and contributing positively to the growth of the nation’s educational sector.”

    Highlights of the event included a performance from the school choir, with a rendition from the primary and secondary musical band, as well as the grand unveiling of the 60th anniversary logo by the vice president.

    Osinbajo, who was the special guest of honour at the event, commended the school for providing quality education in the last 60 years.

    He said there is a link between quality education and poverty reduction.

    Osinbajo also spoke on the federal’s government’s agenda for inclusive education in Nigeria, as part of the United Nation’s Sustainable Development Goals (SDGs).

    “Education erases poverty by almost 60 per cent in a community, increases earnings by 10 percent and reduces a nation’s inequality. To eradicate poverty, we equip the young people with education; this is to develop the category of people ready to take on the challenges of the 21st century,” he said.

    “We have a threefold plan; first is ensuring that we are able to attain all of the sustainable goals. Those standards include school enrolment, quality of education, adult literacy, quality of teaching, and we intend to meet all of those targets.”

    Guy Cassarchis, the school’s headmaster, while giving an address said Grange School understands the importance of quality education.

    He said the students are taught to be role models and mentors capable of dealing with life’s challenges, especially after school.

    He announced the planned launch of a football academy which will eventually be accessible by other talented children outside the school, opening up opportunities for them to be scouted by international football clubs that have partnered with Grange school.

    Also speaking, Awuneba Ajumogobia, chairperson of the Grange’s governing council said, the school has become a reference point in primary and secondary education in Nigeria.

    She said graduating students enjoyed first choice privileges from some of the most prestigious tertiary institutions globally.

    Ajumogobia attributed the school’s impressive academic accomplishment to its dedicated teachers, intelligent students and adequate support of stakeholders.

    The first in a series of events to mark the school’s 60th anniversary, the logo unveiling was well attended by captains of industries and important dignitaries.

     

  • Global Competitiveness: Nigeria ranks 107 in ICT adoption

    Nigeria has been ranked 123rd in adoption of Information and Communications Technology (ICT) out of 140 countries assessed in the 2018 Global Competitiveness Report (GCR) of the World Economic Forum (WEF).
    TheNewsGuru (TNG) reports the GCR is an annual ranking which compares the national competitiveness environment of 140 countries based on 12 pillars – four grouped under basic requirements, six under efficiency enhancers and two under innovation and sophistication factors.
    GCR ranked countries on the ICT adoption pillar based on mobile-cellular telephone subscriptions, mobile-broadband subscriptions, fixed-broadband Internet subscriptions and fiber-to-the-home/building Internet subscriptions.
    According to the GCR, Nigeria, with 25.7% of Internet users and ranking in 107th position in number of Internet users out of the 140 countries surveyed, emerged in 123rd position with the score of 26.2 over 100 in ICT adoption.
    The 2018 GCR of the WEF placed the population of Internet users in Nigeria at 48 million out of 188.7 million people.
    While 75.9% of Nigerians are connected to the Internet through mobile-cellular telephone subscriptions, 19.9% are connected through mobile-broadband subscriptions.
    According to the GCR, no Nigerian is connected to the Internet using fixed-broadband Internet subscriptions and fiber-to-the-home/building Internet subscriptions.
    Overall, Nigeria ranked 115th out of the 140 countries assessed in the 2018 GCR of the WEF, and the country improved in three out of four pillars classified as Enabling Environment pillars: Institutions, Infrastructure, ICT adoption and macro-stability pillars.
    Meanwhile, speaking on Monday at the 24th Nigerian Economic Summit (NES), Nigeria’s Vice President Yemi Osinbajo said in the past two years, the President Muhammadu Buhari’s government has spent quite a bit of time and resources looking at how to prepare for a technology-driven future.
    “We have launched one of the most aggressive drives for promoting business in the tech space. We have partnered with local and international tech companies and innovators, in the building of tech hubs, and promoting innovation.
    “Our aim is to democratize access to support for innovation and cyber commerce and to create jobs,” Osinbajo stated.
     

  • Buhari misses NES24 plenary on corruption, rule of law

    Vice President Yemi Osinbajo on Monday represented President Muhammadu Buhari, who was unavoidably absent at the opening of the 24th Nigerian Economic Summit (NES) scheduled for October 22 to 23 at the Transcorp Hilton Hotel in Abuja.
    TheNewsGuru (TNG) reports President Buhari was expected to address the summit opening, and also immediately headline a plenary on corruption and rule of law, that was moderated by Prof. Ngaire Woods, Founding Dean of the Blavatnik School of Government, and Professor of Global Economic Governance, University of Oxford.
    Headlining the event on behalf of Buhari, Vice President Osinbajo said the government is doing so much to tackle grand corruption and systemic corruption; stating that since he became vice-president, he has seen how much impact corruption can have on a country, and its more than he ever imagined.
    He also stated that one of government’s biggest frustrations in the fight against corruption is the speed of prosecution, which he said is slow, and many times constitutionally so.
    He added that the two convictions of former executive governors secured by the federal government showed that the hand of justice may be slow, but it would eventually catch up.
    He noted that reforms, including the criminal justice reform, have been helpful, but regretted FG cannot reform States judiciaries.
    When asked by Ngaire Woods on who calls him before he sacks corrupt government officials, Osinbajo said he gets many calls from religious and political leaders.
    “I would like to refer to the Nigerian elite, and it’s probably not fair to be that broad, but practically, every segment, because people who have access to you, they could be political leaders, religious leaders, business leaders, whoever has access to you.
    “We have a system where people just feel like, ‘why don’t you just give this guy a break?’ Which again is part of the problem. You don’t get one call, you get several calls,” he stated.
    TNG reports the Vice President sacked Lawal Daura, former director general of the Department of State Services (DSS). He was also involved in the suspension of Ayo Oke, former director general of National Intelligence Agency (NIA) and Babachir Lawal, former secretary to the government of the federation (SGF).
    Theme of NES24 is “Poverty to Prosperity: Making Governance and Institutions Work.
     

  • Osinbajo, service chiefs, IG-P, governors at NEC meeting

    The Acting President, Prof. Yemi Osinbajo, is currently presiding over the National Economic Council (NEC) meeting at the Council Chambers of the Presidential Villa.

    The presence of services chiefs, the National Security Adviser and the Inspector-General of Police suggests that security may be top on the agenda being discussed at the Thursday meeting.

    In attendance are the Chief of Army Staff, Lt.- Gen. Turkur Buratai, the Chief of Air Staff, Air Vice-Marsall Sadiq Abubakar, the Inspector-General of Police, Mr Ibrahim Idris and the National Security Adviser, Maj.-Gen. Babagana Mungono (Rtd).

    No fewer than 12 state governors are also attending the meeting.

    They include Akinwumi Ambode of Lagos State, Willie Obiano of Anambra State, Udom Emmanuel of Akwa Ibom State, David Umahi of Ebonyi State, Abubakar Bello of Niger State and Godwin Obaseki of Edo State.

    Others are the Abdulaziz Yari of Zamfara State, Nasir El-Rufai of Kaduna State, Rotimi Akeredolu of Ondo State, Abubakar Badaru of Jigawa State, Aminu Bello Masari of Katsina State and Simon Lalong of Plateau State.

    Among Deputy Governors attending the meeting are Cecilia Ezeilo of Enugu State, Benson Abounu of Benue State and Ude Oko Chukwu of Abia State.

    Also in attendance are the Secretary to the Government of the Federation, Boss Mustapha and Minister of Finance, Kemi Adeosun.

     

  • Order DSS’ withdrawal from NFF Secretariat, Footballers tell Osinbajo

    A group representing retired and active footballers on Wednesday in Abuja urged the Acting President, Yemi Osinbajo, to order an immediate withdrawal of security personnel from the Nigeria Football Federation Secretariat.

    The group was led by Harrison Jalla, President of the National Association of Nigerian Footballers (NANF), as well as Victor Baribote, a former Second Vice-President of NFF.

    It argued that the presence of men of the Department of State Security at the Glass House at Wuse Zone 7 in Abuja was inimical to football development.

    During a peaceful protest at the NFF Secretariat, just before the gates leading to the Glass House, the group described the development as a violation of the rule of law.

    The protesters carried placards with inscriptions such as, “Nigeria is a creation of law, DSS should obey the laws of the land’’ and “FG, sack DSS Director of Operations’’.

    Other placards bore inscriptions such as “Osinbajo, direct DSS to follow rule of law, our laws are being disobeyed’’ and “Tell DSS to obey rule of law’’.

    Addressing sports journalists thereafter, Jalla noted that the continued presence of the DSS in the NFF Secretariat was an affront on the Nigeria Constitution.

    Jalla restated the call for the withdrawal of DSS personnel, saying it was time to uphold the tenets of the country’s law, and warning that failure to do so could lead to “anarchy’’.

    “There will be anarchy if by tomorrow (Thursday) they (DSS personnel) don’t leave here,’’ he said.

    (NAN)

  • Breaking: Osinbajo orders overhaul of SARS

    Acting President Yemi Osinbajo has ordered the immediate overhaul of the Special Anti-Robbery Squad (SARS) of the Nigeria Police Force (NPF) bringing to an end campaign to #EndSARS.

    TheNewsGuru (TNG) reports this is contained in a statement signed by Osinbajo’s spokesperson, Laolu Akande.

    According to the statement, a reformation of the NPF and investigation of alleged unlawful activities of SARS in order to afford members of the general public the opportunity to present their grievances with a view to ensuring redress are also on the way.

    “Following persistent complaints and reports on the activities of the Special Anti-Robbery Squad (SARS) that border on allegations of human rights violations, His Excellency, Professor Yemi Osinbajo SAN, Acting-President, Federal Republic of Nigeria has directed the Inspector General of Police, to, with immediate effect, overhaul the management and activities of SARS and ensure that any Unit that will emerge from the process, will be intelligence-driven and restricted to the prevention and detection of armed robbery and kidnapping, and apprehension of offenders linked to the stated offences, and nothing more.

    “The Acting President has also directed the IGP to ensure that all operatives in the emerging Unit conduct their operations in strict adherence to the rule of law and with due regard to International Humanitarian Law and the constitutionally guaranteed rights of suspects. The operatives should also bear proper identification anytime they are on duty.

    “In the meantime, the Acting President has directed the National Human Rights Commission to set up a Committee that will conduct nation-wide investigation of the alleged unlawful activities of SARS in order to afford members of the general public the opportunity to present their grievances with a view to ensuring redress,” the statement read.

    Reacting to the development, #EndSARS campaign Chief, Segun Awosanya said “The Devil is in the details. The implementation of the order is key.

    “We will remain vigilant as we press on to ensure effective monitoring. Humans are weakest at the point of success but we must understand that success by itself is a journey and a destination”.