Metro

Nigeria’s Presidency apologises for UNGA goof

Published

1 year ago

September 23, 2023

The Nigerian Presidency has apologised over a blunder it made when announcing that President Bola Tinubu was the first African leader to ring the bell at the close of trade at the National Association of Securities Dealers Automatic Quotation System (NASDAQ) in the United States.

Tinubu had, on Wednesday, rang the closing bell at the NASDAQ headquarters in New York City on the sidelines of the 78th edition of the United Nations General Assembly (UNGA), and used the opportunity to advance his foreign investment push in front of financial markets at the famous stock exchange.

“It’s a great honour for me to be here. I am happy to bring Nigeria to your doorsteps and I am honoured that we are here, today, with a bubbling Nigerian stock market that will evolve in the West African sub-region,” he said.

‘’The greatest economy in Africa is Nigeria. There is an immense opportunity in Nigeria, where you can invest your money without fear,” the president added.

Shortly after the ringing of the bell, the Presidency released a statement claiming that Tinubu had entered the history books as the first leader of an African country to get the honour of ringing the NASDAQ bell.

“In honour of President Bola Tinubu’s determined global push to aggressively attract foreign direct investment into Nigeria.

“The world’s second largest stock exchange, the National Association of Securities Dealers Automatic Quotation System (NASDAQ), on Wednesday in the world’s financial capital, invited President Tinubu to ring the closing bell. Making him the first African President to ever receive the honour,” the statement, issued by presidential spokesman, Ajuri Ngelale said.

However, following a backlash, and fact-finding by Nigerians and media outlets that revealed that Tinubu was not the first African leader to ring the bell, the presidency, in a statement on Friday, retracted its claim and tendered an apology.

In the apology issued by Ngelale, the presidency said it later found out that a former African leader had previously rung the bell at NASDAQ, thereby debunking the initial claim of Tinubu’s historic achievement.

“We inadvertently referred to President Bola Tinubu as the first African leader to ring the bell at NASDAQ on Wednesday in New York, based on the information provided by a third-party event organiser.

“We have since found out that this information was/is incorrect as a former African leader has indeed had the privilege. This error is sincerely regretted,” the statement said.

Related Topics:#Presidency Apology Featured NASDAQ President Bola Tinubu UNGA

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Metro

Zambia: Farmers’ union warns of uncertain future for agriculture sector

Published

19 hours ago

November 24, 2024

Isaac Dachen

The Small-Scale Farmers Development Agency (SAFADA) of Zambia has warned of uncertainty on the future of the agricultural sector, stating that its outlook over the next 25 years remains uncertain and gloomy.

The Executive Director of SAFADA, Boyd Moobwe, who raised the concerns in a telephone interview with Zambia Monitor on Saturday, expressed regrets that the agric sector was facing critical challenges that could hinder its contribution to the country’s Gross Domestic Product (GDP) and overall economic growth by 2030.

Moobwe admitted that the rapid changes in agriculture due to new technologies and innovations, has been slow amid the inconsistent implementation of these advancements which raises questions about the sector’s ability to survive amidst the growing threats of climate change, political instability, and economic difficulties.

The SAFADA Director pointed out that many of the problems plaguing agriculture were self-inflicted.

“The current measures for agricultural and rural financing are inadequate due to poor data analysis and utilisation,” Moobwe said.

Agriculture, he said, “had the potential to revive the economy if proper policies were introduced and if small-scale farmers were fully involved in planning and implementing agricultural projects.”

Metro

Nigeria: CSO urges President Tinubu to investigate missing funds in Humanitarian Ministry

Published

23 hours ago

November 24, 2024

Isaac Dachen

A Nigerian civil society organization, the Socio-Economic Rights and Accountability Project (SERAP), has called on President Bola Tinubu to launch an investigation into the over N57 billion that allegedly went missing in the Ministry of Humanitarian Affairs and Poverty Alleviation in 2021.

The organisation, in a statement on Sunday, urged the president to direct the Attorney-General of the Federation and Minister of Justice, Lateef Fagbemi, as well as other anti-corruption agencies to commence a probe into the allegations without delay.

In the letter issued by SERAP’s Deputy Director, Kolawole Oluwadare and addressed to President Tinubu, the group warned against sweeping the allegations under the carpet as the Nigerian public has a right to know what happened to their money.

“The allegations amount to stealing from the poor. There is a legitimate public interest in ensuring justice and accountability for these grave allegations,” the watch dog group said.

“The allegations also suggest a grave violation of the public trust, the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation, and international anticorruption obligations.

“Hundreds of billions of naira are also reportedly missing in other Ministries, Departments and Agencies (MDAs).

“Poor Nigerians have continued to pay the price for the widespread and grand corruption in the Federal Ministry of Humanitarian Affairs and Poverty Alleviations and other Ministries, Departments and Agencies (MDAs).

“According to the 2021 annual audited report by the Office of the Auditor-General of the Federation, the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, (the ministry) in 2021 failed to account for over N54 billion meant to pay monthly stipends to Batch C1 N-Power volunteers and non-graduate trainees between August and December 2021.

“The money was not directly paid to the beneficiaries. The Auditor-General is concerned that the money may have been diverted. He wants the money recovered and remitted to the treasury. He also wants suspected perpetrators of the diversion to be sanctioned in line with the Financial Regulations.

“The ministry reportedly failed to account for over N2.6 billion of public funds meant for the home-grown school feeding programme during Covid-19, as the programme was never executed. The money was allegedly paid to five contractors to procure, package and distribute Covid-19 palliatives to Kano, Zamfara and Abia states, but without any trace.

“The ministry also reportedly spent over N78 million to carry out a survey on the ministry’s Covid-19 response to states and vulnerable groups but without any approval or document.

“The ministry also reportedly failed to account for N400 million meant to pay stipends to 4,450 independent monitors for October, November, and December 2021.

“We would be grateful if the recommended measures are taken within seven days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.

“SERAP urges you to immediately enforce the judgment by Hon. Justice Deinde Isaac Dipeolu of the Federal High Court, Lagos, ordering your government to release the spending details of N729 billion by Mrs Sadia Umar-Farouk, the former Minister of Humanitarian Affairs, Disasters Management and Social Development,” SERAP warned.