Economy
Succession and Obligation of Leadership
By Jerome-Mario Utomi
Am I a good leader? I do not know and I guess no one else does. The people, the future and history will stand judged and I will accept their judgments no matter what they might be. Nevertheless, I am fully convinced that I am leading my people, not only on the right part but on the only one available -Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirate (UAE).
Presently, the global community is in agreement that Nigeria is blessed with abundant resources –both human and natural. But in spite of these resources, development professionals are concerned that the nation is equally littered with a huge number of ‘coercive’ and selfish leaders as against truly ‘democratic, pace-setting and coaching’ leaders.
Essentially also, Nigerians, particularly the poor masses, are aware of these disappointing performances of their leaders and need no one to remind them. They are visible realities.
Aside from these failures exacerbated by public office holders/policymakers non-recognition that the efficiency of the government does not only affect the performance of the public sector –but affects that of the whole country including the private sector, Nigerians have in the past six years watched the country lie prostrate and diminish socially and economically with grinding poverty and starvation driving more and more men into the ranks of beggars, whose desperate struggle for bread renders them insensible to all feelings of decency and self-respect while the privileged political few continue to flourish in obscene and splendour as they pillage and ravage the resources of our country at will.
Also rings apprehension is the awareness that with less than two years to the expiration of this administration, there is neither a sincere desire among elected officials to engage best minds to help get the answers and deploy the resources we need to move into the future or engineer a sustainable process of generational change in the nation’s leaders structure via recruitment and allocation of rightful leadership positions to, but youthful Nigerians.
From the above realities, the following questions may be asked; what is the obligation of leadership in any given society, state or nation? What is giving a boost to Nigeria’s poor leadership that is notoriously reputed for, and devoid of a sincere succession plan?
Why is such negative leadership practice gradually becoming a norm in Nigeria? Why are public office holders in Nigeria reluctant to alleviate the real condition of the poor, the deprived, the lonely, and the oppressed or at the very least, get into their lives and participate in their struggle? How come public office holders in Nigeria are never willing to give, train, or admit youths into leadership apprenticeships? Why is this practice of leadership type characterized as self-centred and non-coaching? Why is Nigeria’s leadership ideology not based on considerations such as; meritocracy, pacesetting, people-focused but primarily on mundane factors such as tribal/ethnicity, religion, power rotation and federal character? Why has leadership in the country seriously failed to provide security and pursuit of the economic welfare of citizens which are the only two constitutional responsibilities of the state which all leaders must achieve?
To many, the answer to the above is signposted in leaders’ ground propensity/penchant for corruption, cronyism, backdoor or under the counter leadership approach/ practices. Others argue that more often, leaders believe that knowledge is power and that they retain power only by keeping what they know to themselves. Their implicit strategy is to preserve their leadership discretion by deliberately leaving the rules for success and failure vague. In their calculation, it is better to maintain control by keeping the people at arm’s length as bringing them close would represent a threat.
Could this be the only explanation?
Definitely not! There also exist public office holders in Nigeria who understand power as the ability to protect their interest and not as an opportunity to engineer social, political and economic prosperity.
However, one can make a stronger case as to why Nigeria’s leadership challenge is a crisis.
To support this claim, this piece will bring to mind/cast a glance at how Kuen Yew, Pioneer Prime Minister of Singapore used creative leadership prowess characterized by talent hunt, education, leadership apprenticeship/ coaching, to stamp out leadership mediocrity in Singapore, and in its place, install sustainable leadership excellence for the nation via the establishment of succession structure/culture that allows brilliant minds to collide and create.
Let’s listen to Lee; our greatest task was to find the people to replace my ageing ministers and me. My colleagues and I had started to search for younger men as possible successors in the 1960s. We could not find them among the political activists who joined the PAP, so we scouted for able, dynamic, dependable, and hard-driving people wherever they were to be found.
In the 1968 general election, we fielded several PhDs, bright minds, and teachers at the universities, professionals including lawyers, doctors, and even top administrators as candidates. In by-elections in 1970 and 1972, we fielded several more. We soon discovered that they needed to have other qualities besides a disciplined mind able to marshal facts and figures, write a thesis for a PhD, or be a professional.
Leadership, he added, is more than just ability. It is a combination of courage, determination, commitment, character, and ability that makes people willing to follow a leader. We needed people who were activists with good judgment and interpersonal skills. The search became more urgent at each subsequent election because I could see that my colleagues were visibly slowing down.
To do this, Lee said something interesting; I had to find and get into the office a group of men to provide Singapore with effective and creative leadership. Had I left it to chance, depending on the activists coming forward to join us, I would never have succeeded. We set out to recruit the best into the government. The problem was to persuade them to enter politics, get themselves elected, and learn how to move and win people over to their side. It was a slow and difficult process with a high attrition rate. Successful, capable professionals and executives are not natural political leaders, able to argue, cajole, and demolish the argument opponents at mass rallies, on television, and in parliament.
To see how wide the net must be cast for talent, I had only to remember that the best ministers in my early cabinets were not born in Singapore. Three-quarters of them had come from outside Singapore. The net that brought in my generation of leaders was thrown in a big sea that stretched from South China across Malaysia, to South India and Ceylon.
Whenever I had a lesser minister in charge, I invariably had to push and prod him, and later to review problems and clear roadblocks for him. The end result was never what could have been achieved. When I had the right man in charge, a burden was off my shoulders. I needed only to make clear the objectives to be achieved, the time frame within which he must try to do it, and he would find a way to get it done, he concluded.
Indeed, while the above account in my view sums up the obligation of leadership, this piece must underline without fail that Nigeria and Nigerians need leaders like Lee of Singapore and Mohammed bin Rashid Al Maktoum of UAE to lead them not only on the right part but on the only one available.
Jerome-Mario Utomi is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), Lagos. He could be reached via [email protected]/08032725374.
Economy
Food Concepts Return NASD OTC Exchange to Danger Zone
By Adedapo Adesanya
Food Concepts Plc neutralized the gains recorded by three securities, returning the NASD Over-the-Counter (OTC) Securities Exchange into the negative territory with a 0.27 per cent loss on Thursday, December 4.
Yesterday, the share price of the parent company of Chicken Republic and PieXpress declined by 34 Kobo to sell at N3.15 per unit compared with the previous day’s N3.49 per unit.
This shrank the market capitalisation of the OTC bourse by N5.72 billion to N2.136 billion from N2.142 trillion and weakened the NASD Unlisted Security Index (NSI) by 9.57 points to 3,571.53 points from 3,581.10 points.
Business Post reports that Central Securities Clearing System (CSCS) Plc went down by 50 Kobo to N38.50 per share from N38.00 per share, FrieslandCampina Wamco Nigeria Plc gained 29 Kobo to sell at N55.79 per unit versus N55.50 per unit, and Geo-Fluids Plc added 5 Kobo to close at N4.60 per share compared with Wednesday’s closing price of N4.55 per share.
Trading data indicated that the volume of securities recorded at the session surged by 6,885.3 per cent to 4.3 million units from the 61,570 units posted a day earlier, the value of securities increased by 10,301.7 per cent to N947.2 million from N3.3 million, and the number of deals went up by 146.7 per cent to 37 deals from the 15 deals achieved in the previous trading session.
At the close of business, Infrastructure Credit Guarantee Company (InfraCredit) Plc was the most traded stock by value on a year-to-date basis with the sale of 5.8 billion units for N16.4 billion, trailed by Okitipupa Plc with 170.4 million units worth N8.0 billion, and Air Liquide Plc with 507.5 million units valued at N4.2 billion.
InfraCredit Plc also finished the session as the most traded stock by volume on a year-to-date basis with 5.8 billion units transacted for N16.4 billion, followed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.2 million, and Impresit Bakolori Plc with 536.9 million units traded for N524.9 million.
Economy
Investors Gain N97bn from Local Equity Market
By Dipo Olowookere
The upward trend witnessed at the Nigerian Exchange (NGX) Limited in recent sessions continued on Thursday as it further improved by 0.10 per cent.
This was despite investor sentiment turning bearish after the local equity market ended with 23 price gainers and 28 price gainers, indicating a negative market breadth index.
UAC Nigeria gained 10.00 per cent to finish at N88.00, Morison Industries appreciated by 9.94 per cent to N3.54, Ecobank rose by 8.53 per cent to N36.90, and Coronation Insurance grew by 8.47 per cent to N2.56.
On the flip side, Ellah Lakes depreciated by 10.00 per cent to N13.14, Eunisell Nigeria also shed 10.00 per cent to finish at N72.90, Transcorp Hotels slipped by 9.95 per cent to N157.50, Omatek shrank by 9.23 per cent to N1.18, and Guinea Insurance dipped by 8.46 per cent to N1.19.
Yesterday, the All-Share Index (ASI) went up by 152.28 points to 145,476.15 points from 145,323.87 points and the market capitalisation chalked up N97 billion to finish at N92.726 trillion compared with the previous day’s N92.629 trillion.
Customs Street was bubbling with activities on Thursday, though the trading volume and value slightly went down, according to data.
A total of 1.9 billion stocks worth N19.2 billion exchanged hands in 23,369 deals during the session versus the N2.3 billion valued at N21.0 billion traded in 21,513 deals a day earlier.
This showed that the number of deals increased by 8.63 per cent, the volume of transactions depleted by 17.39 per cent, and the value of trades decreased by 8.57 per cent.
For another trading day, eTranzact led the activity chart with 1.6 billion units sold for N6.4 billion, Fidelity Bank traded 31.0 million units worth N589.3 million, GTCO exchanged 28.3 million units valued at N2.5 billion, Zenith Bank transacted 27.1 million units for N1.6 billion, and Ecobank traded 21.9 million units worth N744.3 million.
Economy
Naira Loses 18 Kobo Against Dollar at Official Market, N5 at Black Market
By Adedapo Adesanya
The Naira marginally depreciated against the United States Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Thursday, December 4 amid renewed forex pressure associated with December.
At the official market yesterday, the Nigerian currency lost 0.01 per cent or 18 Kobo against the Dollar to close at N1,447.83/$1 compared with the previous day’s N1,447.65/$1.
It was not a different scenario with the local currency in the same market segment against the Pound Sterling as it further shed N15.43 to sell for N1,930.97/£1 versus Wednesday’s closing price of N1,925.08/£1 and declined against the Euro by 20 Kobo to finish at N1,688.74/€1 compared with the preceding session’s N1,688.54/€1.
Similarly, the Nigerian Naira lost N5 against the greenback in the black market to quote at N1,465/$1 compared with the previous day’s value of N1,460/$1 but closed flat against the Dollar at the GTBank FX counter at N1,453/$1.
Fluctuations in trading range is expected to continue during the festive season as traders expect the Nigerian currency to be stable, supported by intervention s by to the Central Bank of Nigeria (CBN)in the face of steady dollar demand.
Support is also expected in coming weeks as seasonal activities, particularly the stylised “Detty December” festivities, will see inflows that will give the Naira a boost after it depreciated mildly last month, according to a new report.
“As the festive Detty December season intensifies, inbound travel, tourism spending, and diaspora inflows are expected to provide moderate support for FX liquidity,” analysts at the research unit of FMDA said in its latest monthly report for November.
Traders cited by Reuters expect that the Naira will trade within a band of N1,443-N1,450 next week, buoyed by improved FX interventions by the apex bank.
Meanwhile, the crypto market was down as the US Federal Reserve’s preferred inflation gauge, core PCE, likely rose in September—moving in the wrong direction. However, volatility indices show no signs of major turbulence.
If the actual figure matches estimates, it would mark 55 straight months of inflation above the US central bank’s 2 per cent target. The sticky inflation would strengthen the hawkish policymakers, who are in favour of slower rate cuts.
Ripple (XRP) depreciated by 4.5 per cent to $2.08, Solana (SOL) went down by 3.8 per cent to $138.11, Litecoin (LTC) shrank by 3.1 per cent to $83.23, Dogecoin (DOGE) slid by 2.5 per cent to $0.1463, Cardano (ADA) declined by 2.1 per cent to $0.4368, Bitcoin (BTC) fell by 0.9 per cent to $91,975.45, Binance Coin (BNB) crumbled by 0.9 per cent to $899.41, and Ethereum (ETH) dropped by 0.7 per cent to $3,156.44, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 apiece.
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