Connect with us

VenturesNow

Rich also cry as Nigerian billionaire, Tony Elumelu laments over state of the nation

Published

on

The current social-economic reality in Nigeria isn’t leaving anyone out as billionaire and Chairman Heirs Holdings, Mr Tony Elumelu, Thursday lamented over Nigeria’s failure to maximize her full potential as an oil pronouncing state.

Elumelu narrated the experience of some of his colleagues at work on his official Twitter handle.

He tweeted, “This morning, I am listening to my colleagues at the office bemoan the very pressing issues that they face every day in this country, and how things have been getting worse and worse – no electricity for five days, hikes in the price of diesel, frightening food inflation, etc.

Elumelu expressed disappointment over Nigeria’s lack of efforts to make the most out of the current rise in oil price while oil-producing countries were happy that prices had been rising and their foreign reserves continue to grow.

“Meanwhile, oil-producing countries are smiling as their foreign reserves rise. What is Nigeria’s problem? We need to hold our leaders more accountable,” he added.

“How can a country so rich in natural resources have 90 per cent of its citizens living in hardship and poverty? I have often said that access to electricity is critical for our development, alleviation of poverty and hardship. And speaking of security, our people are afraid! Businesses are suffering.”

He urged Nigerians to be “vocal” about the way they are governed and hold their leaders more accountable.

He said, “Elections are coming – security and resources need to be everyone’s agenda – let’s be vocal for our nation’s priority.
“Evil prevails when good people are silent. We need to be vocal about 2023. Let’s focus on Nigeria. Demand and advocate for leaders that deliver. In 2023, Nigeria must be on a strong trajectory for progress and development.”

 

The businessman, who chairs the Board of the United Bank for Africa (UBA), argued that being endowed with huge natural resources, the country should not be in its current decrepit state.

“How can we be losing over 95 per cent of oil production to thieves? Look at the Bonny Terminal that should be receiving over 200,000bpd barrels of crude oil daily, instead it receives less than 3,000 barrels, leading the operator , Shell to declare force majeure.

“Why are we paying taxes if our security agencies can’t stop this? It is clear that the reason Nigeria is unable to meet its OPEC production quota is not because of low investment but because of theft, pure and simple!”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

VenturesNow

Nigerian banks can now trade with deposited FX

Published

on

The Central Bank of Nigeria has announced a free foreign exchange deposit window for banks in the country with instructions on how to implement it.

The procedures for commercial, merchant, and non-interest banks to join the programme were outlined in the rules that the CBN published on Tuesday.

John Onojah, the acting director of the Financial Policy and Regulation Department, and Dr. Adetona Adedeji, the acting director of the Banking Supervision Department, jointly signed the notice of the scheme guidelines, which go into effect on Wednesday.

The “Guidelines On Implementation Of The Foreign Currency Disclosure, Deposit, Repatriation And Investment Scheme, 2024” paper states that banks are free to deal with the foreign exchange that scheme participants make available.

“Commercial, merchant, and non-interest banks may trade with any deposited ITFC (Internationally Tradable Foreign Currencies) not immediately invested by a participant, provided that the funds would be made available to the participant when needed.

“Interest payment by CMNIBs on the balance in the designated domiciliary account shall be in line with relevant provisions of the Guide to Charges by Banks and Other Financial Institutions in Nigeria,” part of the guidelines read.

The Nigerian government recently announced a nine-month scheme that will allow people to deposit dollar bills held outside of the official banking system without being scrutinised. The program will start on October 31, 2024.

In its most recent instructions, the apex bank also said that banks must request information such as a Tax Identification Number (for legal people) or a Bank Verification Number and National Identification Number (for natural persons and directors of incorporated businesses).

The applicant’s designated domiciliary account details, the amount of the ITFC to be deposited, and any other information the bank may occasionally need are among the other criteria.

Additionally, the CBN insisted that banks not violate anti-money laundering, anti-terrorism financing, and anti-proliferation financing rules and regulations.

Continue Reading

VenturesNow

Ghana’s inflation rises to 22.1%

Published

on

Ghana’s consumer inflation increased to 22.1% in October, up from 21.5% in September, according to the statistics department on Wednesday.

Government statistician, Samuel Kobina Annim, told a news conference that food and non-food inflation increased last month.

“Three divisions – food and non-alcoholic beverages, housing, water and fuel, and transport – contributed about two-thirds of the overall rate of inflation for October,” Annim said.

Inflation reached its highest level since June in October.

The West African nation that produces oil, gold, and cocoa has been struggling to recover from the worst economic catastrophe in a generation.

An overhaul of $13 billion worth of foreign bonds was accepted by investors last month, bringing Ghana’s debt restructuring process closer to a conclusion.

Additionally, a third assessment of its $3 billion loan package was agreed upon with the International Monetary Fund.

Continue Reading

EDITOR’S PICK

Metro19 hours ago

Nigeria gets backing of West African countries in bid to join UN security council

Nigeria’s bid for a permanent seat on the United Nations Security Council has been boosted by the backing of several...

Culture2 days ago

Ghanaian TikToker’s longest eating marathon attempt blocked by GWR

An attempt by a popular Ghanaian TikToker, Clementina Nkrumah, also known as Afua Nash, to break the record for the...

Metro2 days ago

Zambia: Tonse Alliance names Lungu as presidential candidate for 2026 election

A newly formed political group, the Tonse Alliance (TA), has announced the endorsement of former Zambian President, Edgar Lungu, as...

Tech2 days ago

Morocco’s retail-tech startup Chari partners with Orange to digitise retailers

Morocco’s retail-tech startup, Chari, has entered into partnership with telecoms giant, Orange Maroc, to boost the digital transformation of Moroccan...

Sports2 days ago

CAF announces 50% increase in prize money for 2024 Women’s Champions League

The Confederation of African Football (CAF) has announced a 50 per cent increase in prize money for the 2024 Women’s...

Metro2 days ago

‘We appreciate your patience, but you must endure more’, FG tells Nigerians

The Nigerian government says it appreciates the endurance of Nigerians in the face of excruciating hardship and poverty in the...

Tech3 days ago

MTN Nigeria set to acquire two more licences for its fintech

Nigeria’s largest telecommunications company, MTN Nigeria, is on the verge of obtaining two licences that will enable it expand its...

Metro3 days ago

Zambia seeks global support to boost sustainable housing

The Zambian government has called for support from the international community to help it in developing sustainable human settlement initiatives,...

Culture3 days ago

Ghanaians kick as President Akufo-Addo unveils ‘self-honouring’ statue

A decision by outgoing Ghana’s President, Nana Akufo-Addo, to unveil what has been described as a “self-honouring” statue outside a...

Metro3 days ago

Nigeria, Rwanda sign MoU to boost trade, investment

Nigeria and Rwanda have signed a Memorandum of Understanding (MoU) aimed at boosting trade and investment between the two countries....

Trending