I thanked Mr. Speaker when he did his part. Today, I want to thank Mr. Governor for doing his part. Yes, Governor Alex Otti of Abia State, on Thursday, signed the Abia State of Nigeria Governors and Deputy Governors Pension Repeal Bill of 2024 into law. With the signature, former governors and deputies would not be receiving pensions. To the Attorney General of the state, Ikechukwu Uwanna, you are working, making sure the right law stays even as we take some crazy ones out of the books.

To all nations, Abia is working day and night to pass the Grand Law which will repeal poverty through improvement of human welfare and opportunities in the God’s Own State. We ask you to join us to craft that law through investments, support and other ways.

Governor Alex Otti of Abia on Thursday signed the Abia State of Nigeria Governors and Deputy Governors Pension Repeal Bill of 2024 into law.

In a speech after assenting to the law in Nvosi, Mr Otti described the new law as part of the efforts made to promote good governance and stewardship in Abia.

The governor said that he strongly believed that leadership was all about stewardship and should not be viewed as an opportunity to embezzle public funds.

He thanked the Abia House of Assembly for expeditiously dealing with the bill and commended them for the cordial relationship between the legislative and executive arms of government.

Mr Otti said that the cordial relationship between both arms of government had been built on trust and understanding that the separate arms of government were working together for the people.

He assured the legislature of maximum support from the executive.

Mr Otti described the new law regarding revoking pension payments to former officeholders as a step in the right direction.

He said that “government is not about self-interest, it is actually self-interest that destroys government.”

Mr Otti said that prioritising public welfare over individual benefits ought to be given key consideration in policy-making.

He said that he was aware that he would have benefitted if the law continued to exist and added that it was best to use the funds to improve the lives of citizens.

Mr Otti also said that the pensioners were the people who needed the funds the most and not former office holders.

He expressed displeasure over the practice of allocating 80 per cent of the state’s budget to recurrent expenditure and 20 per cent to capital expenditure by past administrations.

He said that the changed policy was part of the efforts made by the present administration to reduce the cost of governance.

Mr Otti said: “I have seen engagements where people said that they have not been collecting.

“It is true because they have not been paid, and we don’t believe that those payments should be made.

“One of the people that should be paid wrote me about not being paid; I put a call across to him and explained why it should not be paid and he agreed with me.

“I told him we have not paid anyone and he said that he wants to confirm that he was not being singled out.

“The point I am trying to make is that even the people that should receive it believe that repealing the law is the best.”

The Speaker of the Abia House of Assembly, Emmanuel Emereuwa, said that the bill when signed into law would revoke Abia State Governors’ and Deputy Governors’ Law no 4 of 2001.

Mr Emeruwa, represented by his deputy, Austin Meregini, said that he had come to present the bill to the governor for his assent.

In a remark, the Attorney General of the state, Ikechukwu Uwanna, said that the governor had taken a bold and audacious step by assenting to the bill.

Mr Uwanna said that he believed that it was in line with the will of the people and thanked the House of Assembly for working in tandem with the executive to transform the state.
(NAN)

In the dynamic world of finance, the rise of cryptocurrencies has sparked a debate on the future of fundraising mechanisms, particularly whether ICOs (Initial Coin Offerings) could replace traditional IPOs (Initial Public Offerings). ICOs have emerged as a novel method for startups and projects within the crypto space to raise capital by issuing their own tokens in exchange for established cryptocurrencies like Bitcoin or Ethereum.

IPOs are the traditional route taken by companies aiming to go public. This process involves selling shares of a private corporation to the public in a new stock issuance, allowing the company to raise capital from public investors.

The transition from a private to a public company can be a critical time for private investors to fully realize gains from their investment as it typically includes share premiums for current private investors. Moreover, it opens the door for a wider range of investors to participate in the company’s growth.

ICOs represent a more modern approach, often associated with cryptocurrency projects. They allow startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks.

In an ICO, a company sells tokens that can be used on their platform or that represent ownership or a stake in a cryptocurrency project. These tokens are typically sold to raise funds for the development of a new cryptocurrency or crypto-related service.

IMOs are a relatively new concept where models, often in the form of digital assets or services, are offered initially to the public or private sectors. This can include anything from new software models to innovative service methodologies. IMOs can be seen as an extension of the ICO concept but are more focused on model-based offerings rather than currency or token-based ones.

ICOs offer a more direct and decentralized approach to investment. They have been praised for their ability to democratize access to investment opportunities and for their potential to streamline and expedite the fundraising process. Each of these avenues offers unique opportunities and challenges for companies seeking to raise capital and for investors looking to allocate their resources effectively.

However, ICOs are not without their challenges. Regulatory scrutiny has increased as authorities seek to protect investors from fraud and ensure compliance with financial laws. The lack of standardization and oversight in ICOs can lead to high volatility and risk for investors.

Despite these concerns, the potential for ICOs to replace IPOs cannot be dismissed. As blockchain technology matures and regulatory frameworks adapt, ICOs may offer a viable alternative for companies looking to raise funds while providing investors with new opportunities in the burgeoning crypto market.

While ICOs present an innovative fundraising model that aligns with the decentralized ethos of cryptocurrencies, they are not likely to completely replace IPOs in the near future. Instead, they may coexist as complementary options catering to different needs within the financial ecosystem.

Each of these mechanisms requires careful consideration regarding regulatory compliance, market conditions, and the overall goals of the entity looking to raise funds. As such, they are not one-size-fits-all solutions but rather distinct paths that cater to different strategic financial needs.