By Modupe Gbadeyanka
An international investment and holding company with diversified interests and investments in Nigeria, Ghana, Republic of Benin, Morocco, UAE, South Africa, India and several other emerging markets, Tropical General Investments (TGI) Group, has announced a landmark agreement with the Nigerian Football Federation (NFF) to support the senior national football teams, in their quest to win laurels for Nigeria.
At a joint press briefing which took place at the Godswill Akpabio International Stadium in Uyo on Friday, the NFF unveiled the TGI Group as the official food sponsor of the Super Eagles for the next three years.
TGI Group is the parent company of WACOT Limited, Chi Limited and other companies, producers of household brands such as Big Bull Rice, CHIVITA, Hollandia Yoghurt and Renew Starch.
“We are enormously ecstatic to come on board as supporters of the Nigerian football national teams,” said Mr Onyekachi Onubogu, the Executive Director of TGI Group who represented the Group Managing Director, Mr Rahul Savara, “the sponsorship is a further demonstration of the commitment of our business to the development of Nigeria in all facets.”
“We strongly believe in our investments in the Agricultural value chain and its impact on the socio-economic development of Nigeria and this new partnership we are starting with the Nigerian Football Federation will allow us to expand our footprint to the development of football in the country.
“We are resolutely committed to increasing our investments in the Nigerian economy, increasing employment and local content while supporting the communities we operate in”.
Continuing, Mr Onubogu said, “The TGI Group has over three decades of experience in building local and regional sustainable businesses in fast moving consumer goods (FMCG), agriculture, agro-allied, healthcare, chemicals, etc.
He also disclosed that because of the agreement between his company and NFF, the TGI Group will be allowed to reward the best Nigerian player with the ‘Man of the Match’ award on the days of all qualifying matches.
It would be recalled that Vice President Yemi Osinbajo recently commissioned the integrated WACOT Rice Mill in Argungu, Kebbi State. The Vice President also commissioned the Edo State Fertilizer and Chemical Company Limited (ESFCCL), managed by WACOT Limited.
While emphasizing the unifying role of soccer in Nigeria, Mr Onubogu stated that the goal of his conglomerate is to ensure that the Super Eagles does not only qualify for the 2018 World Cup but that the team puts up an unprecedented impressive performance at the competition in Russia.
Speaking on behalf of the NFF, the President, Mr Amaju Pinnick commended the TGI Group for their timely support for the Senior National Male Football team while also appealing to other corporate organizations to emulate the gesture.
He further disclosed that with the sponsorship by TGI, the Board and Management of NFF are better convinced that the goal of participating and excelling in the 2018 World Cup by the Super Eagles will be a reality.
His words, “The coming on board of the TGI Group is going to be a tremendously exciting development for the team.
“The opportunity to have the support of TGI Group and the reward for the ‘Man of the Match’ will have a huge benefit, putting the team in the best place possible to achieve our goals.
“We also talk a lot about creating memories and no doubt working with TGI Group will create some fantastic memories.”
Buhari Tasks MOFI Board to Grow Assets to N100trn
By Modupe Gbadeyanka
The newly inaugurated board of the Ministry of Finance Incorporated (MOFI) has been given the mandate to grow its Assets Under Management from the current value of N18 trillion to at least N100 trillion in the next 10 years.
A statement issued on Wednesday by Mr Femi Adesina, the Special Adviser to President Muhammadu Buhari on Media and Publicity, disclosed that the charge was given at the State House, Abuja, during the inauguration of the MOFI board shortly before the commencement of the Federal Executive Council (FEC) meeting today.
The President also tasked the new board to “be the clearinghouse for the management of federal government investments and assets in line with global best practices with a view to ensuring that these investments are delivering superior risk-adjusted returns to the government.”
He also called on the new MOFI to “work with other MDAs to create a consolidated national asset register with a view to converting these assets into cashflow-generating entities to support the government’s revenue drive and; partner with the government with a view to using government-owned investments and assets to support the government in delivering on its social and economic obligations to the citizenry.”
To this effect, he directed the Minister of Finance, Budget and National Planning, Mrs Zainab Ahmed, to commence the process of amending the MOFI Act and other legislations to institutionalise this reform further and ensure that MOFI is restructured and repositioned to become a trusted custodian and manager of Federal Government investments and assets.
President Buhari said the event was significant as the restructured MOFI will help identify “what we own” and how to get the best out of them.
According to him, the MOFI Act of 1959, now Cap. 229, Laws of the Federation, 2004 “explicitly empowers MOFI to enter into commercial transactions of any description on behalf of the Federal Government of Nigeria in its own name. As a result, MOFI was used as a Special Purpose Vehicle across different sectors to invest in commercial entities over the last 64 years. To put this in context, MOFI was created even before Nigeria’s independence.”
Speaking further, the President said, “MOFI was not structured to be governed or resourced to deliver on the expected mandate. MOFI’s peers, on the other hand, that were deliberately set up with the institutional framework, governance structure, and execution capacity, have gone on to make major social and economic impacts in their respective nations. Many of these have become global brands for investing domestically and internationally.
“As part of the governance structure, there will be a Governing Council headed by me, a Board of Directors under the leadership of a former Minister of Finance and an Executive Management Team headed by Dr Armstrong Takang.”
President Buhari reminded members of the Governing Council as well as the Board of Directors that this administration expected much from them. Specifically, he tasked Ministers who are members to “create an enabling environment that will facilitate the creation of a National Asset Register that will be harnessed to strengthen our fiscal and economic realities and the optimization of our investments and assets that will be under the purview of MOFI.”
In her remarks, Mrs Ahmed thanked President Buhari for his support and approvals that have made the restructuring and repositioning of MOFI possible, assuring him that Council members and the Board will ensure that the new MOFI delivers on its mandates.
US Stocks May Give Back Ground Ahead Of Fed Announcement
The major US index futures are currently pointing to a lower open on Wednesday, with stocks likely to give back ground following the strong upward move seen in the previous session.
Traders may cash in on gains by US stocks yesterday ahead of the Federal Reserve’s monetary policy announcement this afternoon.
While the Fed is widely expected to raise interest rates by 25 basis points, traders will look to the accompanying statement for clues about the outlook for further rate hikes.
After a slightly cautious start, stocks climbed higher on Tuesday thanks to sustained buying across the board.
Investors picked up stocks right through the day’s session, digesting a slew of stronger-than-expected earnings updates and the latest batch of economic data.
Data showing a slowdown in the pace of growth in US labour costs helped raise expectations that the Federal Reserve will soften its aggressive approach to fighting inflation.
The major averages all ended with strong gains. The Dow ended with a gain of 368.95 points or 1.09 per cent at 34,086.04. The S&P 500 surged 58.83 points or 1.46 per cent to 4,076.60, while the Nasdaq climbed 190.74 points or 1.67 per cent to 11,584.55.
The Dow gained about 6.6 per cent in the month, while the S&P surged nearly 3 per cent, and the Nasdaq gained as much as 11.5 per cent.
Data showing a drop in labour costs has reinforced the view that the central bank will likely slow the pace of its monetary policy tightening and raise the interest rate by 25 basis points.
The central bank’s accompanying statement will be in focus for clues about further interest rate hikes.
On the economic front, data from the Labor Department showed employment cost index wages in the US increased by 1% on quarter in the fourth quarter of 2022, after rising 1.3 per cent in the previous quarter.
The S&P/Case-Shiller Home Price Index in the United States decreased 0.8% month-over-month in November of 2022, the same as in October and marking a fifth consecutive decline.
A report from the Institute for Supply Management (ISM) said the Chicago PMI in the United States fell back to 44.3 points in January of 2023 from 44.9 in December and compared to market forecasts of 45. The reading pointed to a fifth consecutive month of contraction in business activity in the Chicago region.
PDP Created Forex Crisis That Weakened Naira Exchange Rate—Onanuga
By Aduragbemi Omiyale
The Director of Media and Publicity of the All Progressives Congress (APC) Presidential Campaign Council (PCC), Mr Bayo Onanuga, has again said his principal, Mr Bola Tinubu, did not attack President Muhammadu Buhari on Tuesday in Cross River State when he said the Naira, under the present government, has lost its value since he assumed office in 2015.
Addressing party faithful and others at the campaign rally of the APC at the U.J Esuene Stadium, the former Governor of Lagos State said, “They (the government of Mr Buhari) moved the exchange rate from N200 to N800 (in the black market).
“If they had repaired it, if they have arrested this, we won’t be where we are today. We will have been greater.
“They don’t know the way, they don’t know how to think, they don’t know how to do [it].”
But in a statement on Wednesday, Mr Onanuga blamed the media for misinterpreting Mr Tinubu’s comments, saying he was only referring to the PDP.
According to him, the APC presidential candidate never blamed the current administration for weakening the Naira in the currency market, stating that PDP created the forex crisis the country was experiencing.
“The reference to exchange rate was not in any way an attack on the Muhammadu Buhari-led All Progressives Congress administration but an attempt to capture how the economic mismanagement of the PDP created forex crisis in the country since 2015.
“Anyone who followed the entire sequence and context of what Asiwaju said at the rally in Calabar will know he directed his missiles against PDP and Atiku. Let’s we forget, the PDP left the forex reserve at $28 billion by May 2015, when Buhari took over,” a part of the statement today by Mr Onanuga said.
“Asiwaju Tinubu could not have meant President Buhari does not know road, having celebrated numerous times the achievements of the Buhari administration. Tinubu had also said at the campaign fora he would build on the achievements when elected on 25 February.
”It is simply illogical that the same Asiwaju would attack the Buhari administration for not knowing the road,” he added.
“We want to state categorically that all the machinations of the opposition elements to put a wedge between President Muhammadu Buhari and Asiwaju Tinubu will fail.
“APC, its leadership and President Buhari are strongly united behind our presidential candidate,” the statement declared.
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