I have no political party card. And on that, I call it the way I see. I want to congratulate the governor of Imo State for bringing the President to Ala Igbo. Yes, you can throw verbal insults; fine. But fact be fact, disconnecting when you are not disconnected will not serve you any purpose. 

If the southeast continues to pay taxes to Nigeria, we need to engage with Nigeria. So, it is good the Imo State Governor was able to bring the president to Imo state. Hopefully, he will visit Ebonyi state next month. 

Then, the President spoke like a politician when he said “‘the evidence is there for everyone to see that Igbos are in charge of Nigeria’s economy” in Imo State. I think every part of Nigeria is in charge of something; those varying capabilities are things we can deepen as a nation. We need to show civility and decency with power. The way the President spoke today will bring many friends to him. I challenge him to modulate his policies and be a leader for all Nigerians.

Then, next time there is a state visit, Nigeria needs to showcase our women leaders. This is not 1960!

—–press release on below

THE EVIDENCE IS THERE FOR EVERYONE TO SEE THAT IGBOS ARE IN CHARGE OF NIGERIA ECONOMY PRESIDENT BUHARI TELLS SOUTH EAST LEADERS

President Muhammadu Buhari Thursday in Owerri said that he would want to be remembered as the President who stabilised Nigeria in the area of security, economic prosperity and triumph over corruption.

The President, who spoke at a town hall meeting with South East leaders during his one-day official visit to Imo State, said with less than two years left in his eight-year tenure as President, security still remains a major priority for his administration.

‘‘If there is no security, there is nothing anyone can do no matter how much you try or the initiative you have.

‘‘Security is number one priority and then the economy. When people feel secure they will mind their own business,’’ he said.

The President told South-East leaders that while fighting corruption in Nigeria had become very sophisticated and difficult, he would continue to strive to leave a lasting legacy of integrity and accountability in the system.

‘‘Nobody can accuse me of having companies or mansions anywhere in the country and I thank God that I try to keep myself as clean as possible, so that I cannot be taken hostage.

‘‘I will do my best to ensure that Nigerians that try hard, succeed in their efforts,’’ he said.

On the forthcoming 2023 elections, the President reaffirmed his commitment to free, fair and credible polls, urging the leaders to honestly educate their constituencies on the need to hold their elected representatives accountable.

Acknowledging the resourcefulness and enterprising spirit of Igbo people, the President said:

‘‘The fundamental thing about the Igbo people is that there is no town you will visit in Nigeria without seeing the Igbos being in-charge of either infrastructure or pharmaceutical industry.

‘‘Therefore, it is unthinkable for me that any Igbo man would consider himself not to be a part of Nigeria.

‘‘The evidence is there for everyone to see that Igbos are in charge of Nigeria’s economy.’’

Noting that no country can make any meaningful progress without the development of infrastructure, the President expressed regret that successive governments at the Federal level contributed to the decay of critical infrastructure in the country.

He promised that the Federal Government would complete ongoing key projects in the South East, including the 2nd Niger Bridge as well as the railway lines and routes linking the region with other parts of the country.

‘‘I firmly believe that when you get infrastructure right, Nigerians will mind their own businesses,’’ he said, adding that as a group, the Igbos stand to benefit more from the ongoing development of infrastructure in the country because ‘‘they are more enterprising.’’

President Buhari had earlier commissioned four projects executed by Governor Hope Uzodinma, including the Naze/Ihiagwa/Nekede/Obinze link road, the Balloon Driven/Flood Control drainage at Dick Tiger Road, the Egbeada Bypass road and the New Exco-Chambers, Government House, Owerri.

Addressing Imo residents at the commissioning of Egbeada bypass named after a prominent son of the State, Chief Emmanuel Iwuanyanwu, the President said he was very impressed with the level of work done by the State government.

‘‘I am very pleased with what I have seen and I assure you that I will support Imo State within the Constitution of the Federal Republic of Nigeria,’’ he said.

In his remarks at the town hall meeting, Governor Uzodinma said Ndigbo believe in a united Nigeria predicated on ‘‘justice, equity and fairness.’’

He thanked the President for addressing the interests of Ndi Igbo through deliberate policy initiatives designed to give the people a true sense of belonging, including the ongoing construction of the 2nd Niger Bridge, among others.

Governor Uzodinma said the people of South East would remain grateful to the President for approving the establishment of a Naval Base in Oguta Local Government Area of the State, adding that as time unfolds, the economic benefits of the base would manifest.

The Governor also commended the President for strongly supporting the appointment of two prominent Igbos into two key international organisations-Dr Ngozi Okonjo-Iweala, Director-General of the World Trade Organisation (WTO) and Dr Chikwe Ihekweazu, Assistant Director-General of Health Emergency Intelligence, World Health Organisation (WHO).

In his remarks, the President-General, Ohaneze Ndigbo Worldwide, Prof. George Obiozor assured the President of the continuous support of Ndigbo.

‘‘Ndigbo are committed to Nigerian unity and there is news for those trying to push us out of Nigeria.

‘‘Ndigbo in Nigeria are like fish in the ocean and no matter how rough the storm is, it cannot drive the fish out of the ocean.

‘‘Mr President, it is in this context, that we see a new dawn in your distinguished presence in Igbo land and believe that on your return to Abuja the significance and substance of this visit will form new foundation of a platform for meaningful dialogue on critical issues of concern to the Igbo nation,’’ he said.

Femi Adesina
Special Adviser to the President
(Media & Publicity)
September 9, 2021

Nigeria is a special place. The nation was celebrating a magical profitability of NNPC only for us to just notice that the profit was indeed “technical” (not driven by the usual common demand and supply equilibrium pricing movements). Yes, some movement of funds from the federal government made the Nigerian National Petroleum Corporation (NNPC) whole. It is indeed a very crazy one for the nation; many have challenged the validity of that profit!

Hoping that audited statements when released would provide clarity, the auditors ramped up the high voltage searchlight, revealing something frightening : “The group reported a net profit of N287.2 billion (Corporation: N235.3 billion) during the year ended 31 December 2020 and, as at that date, the current liabilities exceeded it current assets by N4.6 trillion (Corporation: N729.1 billion)…These events or conditions, along with other matters as set forth in Note 42, indicate that a material uncertainty exists that may cast significant on the group and corporation’s ability to continue as a going concern.” the auditors PricewaterhouseCoopers (PwC) said.

Now, are you going to buy the shares of NNPC? I have explained my experience with Transcorp Plc here.

Yes, NNPC could be teetering on the brink of bankruptcy as the liabilities outweigh its assets by as much as N4.6 trillion. Of course, Nigeria will say nothing to worry because it is Nigeria.

Please, can someone email the full audited statement to us here; I need to spend time and read the revelations well ahead of the 2024 planned IPO, since it is evident that the Corporation will need to go public to raise money, and improve its balance sheet.

Nonetheless, commendation to the current leadership of NNPC for going that close to reveal these then-“classified documents”. Now, we know where we stand in this country: the temple which feeds the nation may need more sacrifices!

NNPC Will Sell Shares in 2024 to The Public – Will You Buy?

Jaiz Bank, I truly welcome your team to Tekedia Mini-MBA. Welcome to our Institute and thanks for the opportunity to co-learn with a pioneering institution in non-interest banking in Nigeria.

I wrote an article here on Noor Takaful on its business model of solving the insurance conflict (any rejected claim is profit) by returning excess unspent claims to customers or charities. But you know what, a CEO from Indonesia corrected me via inmail, reminding me that what I credited to the US-based Lemonade as a new invention, was something their institution has been doing for decades!

That explains it all: we need to expand our business textbooks to capture what global business is doing.

I welcome all innovators and great companies to the 6th edition of Tekedia Institute Mini-MBA which begins on Monday, Sept 13. Pick a seat at the best school.

The Federal High Court’s ruling last month, which gives states right to collect Value Added Tax (VAT) from businesses operating under their jurisdiction, is resulting in conflict between governments. The federal government is seeking stay of execution to stop states from implementing the judgment while in Lagos State, a rift has blown out between the State and local governments over the proposed VAT sharing formula.

The Lagos State government had proposed 75% for state and 25% for local governments in VAT bill being considered in the State House of Assembly. In response to the bill, the Local Government Authorities in Lagos State under the aegis of Conference of 57 Local Governments and Local Council Development Areas (LCDAs) have requested for an equal sharing formula with the state, asking for a 50-50 sharing formula.

The News Agency of Nigeria (NAN) reports that the request was made by the Secretary of the Conference 57 and Chairman of Odi-Olowo/Ojuwoye LCDA, Abdulrasak Ajala, at a one-day public hearing on the bill organized by the Lagos State House of Assembly on Wednesday,

According to Ajala, the councils required a better sharing formula in the proposed VAT law to pursue meaningful development adding that being the closest to the grassroots, those councils that host the companies, should benefit from a better share than the 25% in the bill.

“On the distribution of revenue, you will agree with me, Value Added Tax is on consumption and production, and all these economic activities are domiciled in our respective communities. In addition, local governments, being the closest to the grassroots, need more revenues given the enormity of the responsibilities the Constitution confers on us.

“Hence, the 25 per cent in the bill is grossly inadequate for local governments to execute all the promises we made to our people; and of course all our electoral promises. This is the reason we are making a passionate appeal, on behalf of Conference 57, that we should raise the bar higher, from 25 per cent to 50 per cent,’’ Ajala said.

The revolutionary VAT judgment, which has been widely hailed as a bold step to fiscal federalism in Nigeria, was led by the Rivers State government. The governor of the state, Nyesom Wike, has ordered the Rivers State Revenue Service (RSRS) to fully implement the judgment.

Lagos is the only other state hastily enacting law to implement the judgment. The Lagos State Attorney-General and Commissioner for Justice, Moyosere Onigbanjo (SAN), said the judgment on the VAT law was not valid only in Rivers state, but any state in the country stood to benefit from it.

He noted that the National Assembly does not have powers on VAT, which was what brought them to where they are today.

In support of Onigbanjo, the Chairman, House Committee on Finance, Rotimi Olowo, had said that it would make no sense if all monies accruable to Lagos state was taken by the Federal Government.

While the economic independent states are likely going to benefit more from the ruling on VAT collection, the call by the Conference of 57 Local Governments and Local Council Development Areas for equal sharing of the revenue with the state government, is suggesting that states will have their own domestic scores to settle with local governments if the Appeal and Supreme Courts eventually uphold the trial judgment.

Update: Lagos Passes VAT Bill

Meanwhile, the Lagos State House of Assembly has passed the VAT bill along with an anti-grazing bill. The state joins Rivers State on the VAT bill.

The Lagos State House of Assembly has passed the Value Added Tax (VAT) bill, a few days after the bill passed the first and second readings at the State House of Assembly.

The House also passed a bill prohibiting the open grazing of cattle in the state after unanimous votes by the lawmakers at a sitting where the 2 bills were read for the third time during the plenary session on Thursday, September 9, 2021.

Following the passage of the 2 bills, the Speaker of the House, Mudashiru Obasa, commended his colleagues for their passion to see that the state continues to grow and also directed the Acting Clerk of the House, Mr Olalekan Onafeko, to transmit clean copies of the bills to the state governor, Babajide Sanwo-Olu, for assent.

Read TechCrunch tomorrow….a portfolio firm is going big and I am very happy for the team. Happy they have attracted angels from Goldman Sachs, Moderna, etc on this mission.

Tekedia Capital – investing on the foundations of the NEXT Africa