General
Buhari’s Speech At ‘Change Begins With Me’ Launch
On Thursday, President Muhammadu Buhari launched the ‘Change Begins With Me’ campaign in Abuja.
The event was attended by several personalities. Reproduced below is the President’s speech at the occasion:
SPEECH BY HIS EXCELLENCY, PRESIDENT MUHAMMADU BUHARI, AT THE LAUNCH OF THE NATIONAL RE-ORIENTATION CAMPAIGN, CHANGE BEGINS WITH ME, AT THE BANQUET HALL OF THE STATE HOUSE, ABUJA, ON THURSDAY, SEPTEMBER 8TH 2016
PROTOCOLS:
I welcome you all to this important occasion of the launching of the National Re-orientation Campaign, called ‘Change Begins With Me’. Nigeria today is passing through a challenging moment where hardly anything works in a normal manner. Many have attributed this phenomenon to the total breakdown of our core values over the years.
- It is safe to say today that honesty, hard work, Godliness have given way to all kinds of manifestations of lawlessness and degeneration in our national life. This is why we have among our cardinal objectives ‘change’, which implies the need for a change of attitude and mindset in our everyday life.
- I need not mention the serious effort we have engaged in since the inception of this administration on the fight against corruption in our public life. With the progress we have so far made in that regard, we feel the need to ensure that we put in place the necessary sustainable framework for action and measures that will help to entrench and consolidate the progress achieved so far.
- This we believe can best be maintained through attitudinal change, and the change of our mindset in private and public life. The campaign we are about to launch today is all about the need for us to see change not merely in terms of our economic, social progress but in terms of our personal behaviour on how we conduct ourselves, engage our neigbhours, friends and generally how we relate with the larger society in a positive and definitive way and manner that promotes our common good and common destiny, change at home, change in the work place, change at traffic junction, change at traffic lights etc.
- This campaign is part of the determination of our party to seek to carry all Nigerians along on the journey to a better and greater society that we all can be proud of.
- There is no doubt that our value system has been badly eroded over the years. The long-cherished and time honoured, time-tested virtues of honesty, integrity, hard work, punctuality, good neighbourliness, abhorrence of corruption and patriotism, have given way in the main to dishonesty, indolence, unbridled corruption and widespread impunity.
- The resultant effect of this derailment in our value system is being felt in the social, political and economic sphere. It is the reason that some youths will take to cultism and brigandage instead of studying hard or engaging in decent living; it is the reason that some elements will break pipelines and other oil facilities, thus robbing the nation of much-needed resources; it is the reason that money belonging to our commonwealth will be brazenly stolen by the same public officials to whom they were entrusted; it is the reason why motorist drive through red traffic lights, it is the reason that many will engage in thuggery and vote-stealing during elections; it is part of what has driven our economy into deep problem out of which we are now working hard to extricate ourselves. Every one of us must have a change from our old ways of doing things, we cannot fold our arms and allow things to continue the old way.
- We must resist the temptation to fall back on the same partisanship, pettiness and immaturity that have poisoned our country for so long. Let us summon a new spirit of responsibility, spirit of service, of patriotism and sacrifice, Let us all resolve to pitch in and work hard and look after, not only ourselves but one another, What the current problem has taught us is that we cannot have a thriving army of rent seekers and vested interests, while the majority suffers.
- Rather than sit back and complain endlessly, we have decided to act pragmatically, with the launch of this National Re-orientation Campaign. The campaign will not be a sprint but a marathon that will run the course of our tenure. We are under no illusion that the changes we seek will happen overnight, but we have no doubt that the campaign will help restore our value system and rekindle our nationalistic fervour
- I am therefore appealing to all Nigerians to be part of this campaign. Our citizens must realize that the change they want to see begins with them, and that personal and social reforms are not theoretic exercise. If you have not seen the change in you, you cannot see it in others or even the larger society. In other words, before you ask ‘where is the change they promised us’, you must first ask how far have I changed my ways ‘what have I done to be part of the change for the greater good of society’.
- While the government will drive the Change Begins With Me’ campaign, it must be strongly supported by all concerned individually. In this regard the private sector is a major stakeholder. Indeed when the campaign succeeds, it will impact heavily on the private sector. A punctual, diligent and hardworking staff can only be of benefit of not just himself or herself or the organization they work for but to various governments whether at local, state or Federal level.
- While congratulating the stakeholders, especially Ministry of Information and Culture and the National Orientation Agency for conceiving this campaign, I charge all to pursue the campaign with vigour and ensure its sustenance by taking it to all the nook and crannies of this country, with the aim of getting the buy in of the old, the young, the rich, the poor irrespective of gender or other social positions.
- Your Excellencies, Honourable Ministers, Members of the National Assembly, Ladies and Gentlemen, it is now my pleasure to formally launch and handover the instrument of the Change Campaign tagged Change Begins With Me to the Honourable Minister for Information and Culture, for transmission to all Nigerians and friends of Nigeria. Indeed I say to the glory of Mighty Allah, “Change Begins With Me”
- Thank you all for your kind attention.
By Aduragbemi Omiyale
The Securities and Exchange Commission (SEC) and the Federal Mortgage Bank of Nigeria (FMBN) have announced a strategic collaboration to develop a robust Non-Interest Mortgage (NIM) ecosystem.
This significant move is part of efforts to address the nation’s massive housing deficit and deepen financial inclusion.
At a high-level meeting in Abuja of Friday, both parties agreed to create and regulate viable Sharia-compliant financing structures that will enable millions of Nigerians, particularly those excluded from conventional interest-based loans, to access affordable homeownership.
With Nigeria’s housing deficit estimated to be over 28 million units, the initiative is being hailed as a potential game-changer. It directly addresses a key barrier to homeownership: the affordability and religious compliance of mortgage products for a significant segment of the population.
The successful implementation of this framework is expected to not only reduce the housing deficit but also stimulate the construction industry, create jobs, and foster greater financial inclusion, ultimately contributing to national economic growth.
How Non-Interest Mortgage Model Works
Unlike conventional mortgages that charge interest, non-interest financing is based on principles of risk-sharing, asset-backing, and equitable returns. The models under consideration include:
- Musharakah (Diminishing Partnership): The bank and the customer jointly purchase a property. The customer gradually buys out the bank’s share through periodic payments, eventually becoming the sole owner.
- Ijara (Lease-to-Own): The bank buys the property and leases it to the customer for a fixed period. A portion of the rental payments goes towards the eventual ownership transfer.
- Murabaha (Cost-Plus Sale): The bank acquires the property and sells it to the customer at a pre-agreed markup, payable in instalments.
SEC DG Speaks
Commenting on the development, the Director-General of SEC, Mr Emomotimi Agama, said his agency would provide the necessary regulatory guidance and framework to facilitate the issuance of Sukuk (imic bonds) and other non-interest capital market products to fund these mortgages.
“Our collaboration with FMBN is pivotal to unlocking long-term financing for the housing sector. By creating a clear regulatory pathway for non-interest mortgage-backed securities, we can attract ethical investors, both domestic and international, to channel funds into this critical area. This will create a virtuous cycle of funding, construction, and ownership,” he stated.
What FMBN CEO also said
On his part, the chief executive of FMBN, Mr Shehu Osidi, said the partnership marks a critical step in fulfilling the bank’s mandate to provide affordable housing for all Nigerians.
“For a long time, a substantial number of our citizens have been unable to participate in the National Housing Fund (NHF) scheme due to the interest-based nature of conventional mortgages.
“This partnership with SEC is a strategic response to that gap. We are committed to developing non-interest mortgage products that are not only ethical and inclusive but also financially sustainable,” he noted.
An expert opinion
A housing and finance expert, Mr Ebilate McYoroki, welcomed the development he described as “long overdue.”
“This is a masterstroke in financial inclusion. It taps into a vast pool of potential homeowners and investors who have previously been on the sidelines. If implemented transparently, it could significantly accelerate the pace of housing delivery in the country,” he submitted.
By Adedapo Adesanya
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) is seeking a change to the poor state of pension in the country’s oil and gas industry.
As a result, the union has expressed deep concern over the poor growth of pensions and widening disparities in retirement benefits for energy workers.
PENGASSAN said many retirees under the Closed Pension Fund Administrations (CPFAs) were trapped in a system that had failed to reflect current economic realities, leaving their pensions stagnant despite rising inflation and devaluation of the Naira.
The president of PENGASSAN, Mr Festus Osifo, while speaking at a one-day summit organised by the union in Abuja this week, said the problem stemmed from policy gaps in Nigeria’s pension system and inconsistent adjustments by oil companies operating CPFAs.
He explained that the 2004 Pension Reform Act introduced the contributory pension scheme while allowing some oil and gas firms to continue running the defined benefits model under CPFAs. However, the 2014 amendment to the law barred new employees from joining the defined benefits system, placing them under the contributory scheme.
According to him, while a few companies have mechanisms for regular pension growth, the majority still depend on management discretion, leaving retirees to face hardship as their fixed benefits lose value over time.
Mr Osifo also criticized the way some companies calculate their pension funds and urged the National Pension Commission (PenCom) to tighten its monitoring of the process, noting that the agency must ensure that pension funds remain adequate to cater for both current retirees and future beneficiaries.
The labour leader further disclosed that PENGASSAN would embark on sustained advocacy across the oil and gas sector to address identified gaps in pension management and improve the welfare of retirees, adding that the union will engage management of CPFAs that fail to meet their obligations to ensure equity and fairness for pensioners.
“Over time, we have realised that there is a serious gap in the system. In many organisations, people who retired several years ago still earn the same amount, even though the cost of living has skyrocketed.
“Only about 10 per cent of CPFAs review their pension benefits yearly, while nearly 90 per cent maintain static payments, depending solely on management discretion.
“PenCom must ensure that pension funds are sufficient to take care of today’s retirees and those that will join them in the future. We have observed gaps in how life expectancy and other variables are calculated, and these affect the overall fund balance.
“One of the institutions that have functioned excellently in Nigeria is PenCom. I pray they continue to maintain that high standard so that Nigeria will not happen to them.
“Those organisations doing what is right, we appreciate them. But for those that are not, we will engage them to make the lives of our pensioners more rewarding. It is our duty to take care of those who laboured before us because tomorrow we will also become pensioners,” he stated.
By Modupe Gbadeyanka
A former Governor of Anambra State, Mr Willie Obiano, has refuted reports that he passed away in London, the United Kingdom.
It was earlier reported that the politician breathed his last after a battle with an illness believed to be cancer.
He was reported to have suffered from “severe heart failure and complications related to urinary cancer,” with his health declining in the past months.
However, in a post on Friday evening, Aguleri-born former banker with Fidelity Bank Plc said, “I am alive, hale, hearty, and in excellent health. By the special grace of God, I am doing very well.”
The graduate of the University of Lagos (UNILAG) said he “woke to hear of a rumour making the rounds about my wellbeing.”
“It is unfortunate that some individuals still find joy in spreading falsehood simply for reasons yet to be established. But we will continue to rise above such mischief.
“To everyone who reached out with calls, messages, and prayers, I sincerely appreciate your concern. Your love and goodwill mean more than words can express,” he wrote, asking well-wishers to “disregard the rumour entirely.”
Mr Obiano was born on August 8, 1955. He became the Governor of Anambra State after the former presidential candidate of the Labour Party (LP) in the 2023 election, Mr Peter Obi, finished his tenure as Governor of the same state.
He was succeeded by the current Governor of Anambra State, Mr Charles Soludo, who secured a second term in office last weekend.
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