General
Women Can’t Help in Nation-Building if Excluded by Law, Cultural Practices—Johnson
By Aduragbemi Omiyale
The chairman of Guinness Nigeria Plc, Mrs Omobola Johnson, has lamented the imbalance in female representation in all facets of life, warning that it could hinder women from being part of nation-building.
She said this on Wednesday, March 2, 2022, when the Nigerian Exchange (NGX) Limited hosted a digital closing gong ceremony to celebrate the accomplishments of female chairpersons of NGX listed companies and their affiliates who were appointed in 2021.
The event was organised in line with the exchange’s ongoing collaboration with the International Finance Corporation (IFC) which aimed to reduce the gender gaps in leadership, employment, and entrepreneurship under the Nigeria2Equal programme.
In her presentation, the businesswoman said, “It is quite ironic that we are celebrating the advancements we have made in corporate governance a day after the National Assembly voted very strongly against a bill that was seeking to address the imbalance in female representation in all facets of our national life.”
“Building a greater nation requires all hands to be on deck. Women want to be partners and collaborators on this journey and we cannot be if we are excluded by law, cultural practices and norms,” she submitted.
In her remarks, the Chairperson of NGX Real Estate Limited, Mrs Angela Adebayo, appreciated the board of directors of the bourse for the laudable initiative.
She acknowledged the transition of NGX Group of Companies from a company with less than 30 per cent female representation on the National Council of the Nigerian Stock Exchange (NSE) to a group of four companies with two female Chairs.
She also commended NGX for its continuous efforts in collaborating with renowned organisations such as the IFC and leveraging its platform to make gender issues front and centre in the economic agenda.
On her part, Mrs Catherine Echeozo, Chairman of NGX Regulation Limited, acknowledged and congratulated the board chairperson appointees being celebrated, highlighting the benefits of diversity. “Diversity is about tapping on the full breadth and depth of talent available and equipping companies with diverse talents and viewpoints so that they can better navigate and address challenges in an increasingly complex and competitive global environment,” she stated.
Commenting on the opportunities that corporate organisations can leverage from promoting gender equality, the chairman of Ecobank Nigeria, Mrs Bola Adesola, stated that, “As a pre-eminent Pan-African institution in over 33 African countries, our focus on gender balance supports our mission to contribute to the economic and financial development of our continent.
“This is so because one in four Micro, Small and Medium Enterprises, in Africa is managed by a woman. Ecobank is very happy to continue to collaborate with NGX and IFC to Break the Bias. I would like to urge us all to diligently work against actions that threaten the human rights of half the population of our dear country.”
The Chairman of Access Bank Plc, Mrs Ajoritsedere Awosika, congratulated all the recent board appointees and highlighted the importance of celebrating female leaders as a critical step to inspiring younger professional women.
She said, “This closing gong ceremony is a laudable occasion where NGX has shown that evidently, there is a need to celebrate women in order for other women to come up.
“This celebration of women that NGX is implementing in partnership with IFC is going to go a long way to show other institutions the need to promote what is ongoing at all levels of human endeavour that women are actively getting into positions of service to make a positive difference.”
During his opening remarks, the CEO of NGX, Mr Temi Popoola, assured that the organisation will continue to provide the platforms to support issuers and market participants to achieve their gender goals and aspirations.
As for the Senior Country Manager for Nigeria, IFC, Mr Kalim Shah, the IFC will continue to invest in increasing women’s participation in corporate leadership, employment and entrepreneurship.
General
Tinubu in UAE for 2025 Abu Dhabi Sustainability Week
By Modupe Gbadeyanka
President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).
He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.
A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.
He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.
However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.
The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.
In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.
ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.
It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.
At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.
The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.
General
Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement
By Dipo Olowookere
The Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.
Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.
Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.
This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.
Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.
Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.
In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.
Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”
He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.
However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.
Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.
“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.
Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.
As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.
Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.
For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.
General
Nigeria Suffers First National Grid Collapse of 2025
By Modupe Gbadeyanka
Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.
It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.
Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.
It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.
This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.
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