Finance

Sanwo-Olu Promises Creative Financial Model To Deliver Dividends Of Democracy

Lagos State Governor, Babajide Sanwo-Olu said his administration would be creative in its financing model to provide the required funds to deliver dividends of democracy to the people of the State.

Published

3 years ago

April 6, 2022

Sunday Osanyintuyi

Lagos State Governor, Babajide Sanwo-Olu said his administration would be creative in its financing model to provide the required funds to deliver dividends of democracy to the people of the State.

He made the statement while receiving the management team of FMDQ Group Plc and FSD Africa, who paid him a courtesy visit at Lagos House, Marina. The FMDQ Group Plc was led by its CEO, Bola Onadele Koko, while FSD Africa was led by its CEO, Mark Napier.

Speaking at the event, which was also attended by the British Deputy High Commissioner, Ben Liewelyn-Jones and Head, Economic Development, FCDO of the British High Commission, Governor Sanwo-Olu said he would continue to push until he gets the desired results for Lagos and the residents of the State.

“We need to look for other sources of financing. We need to be very creative in our financing model. The population is huge and there is pressure on us to meet up with some of our very big and expanded economy.

“We are truly pushing ourselves in various areas. I am personally excited when I know and see that our team and your team are driving toward a convergence that can better the lots of our citizens. We will continue to push until we get the desired result,” the Governor said.

Governor Sanwo-Olu, who expressed his satisfaction with the progress of the Lagos State Green Bond Issuance Memorandum of Understanding (MoU) the State Government signed with FMDQ Group and Financial Sector Deepening (FSD) Africa on Tuesday, September 14, 2021, urged all partners to leverage the partnership for full benefits on investments, adding that the relationship should be continuous and not a one-off.

In a related development, Governor Sanwo-Olu on Tuesday said the State Government will work with consulting engineering and architectural firms to prevent the collapse of buildings in the State.

He made the statement during a courtesy visit by the Local Organising Committee (LOC) Nigeria of the International Federation of Consulting Engineers (FIDIC) at Lagos House Marina.

Governor Sanwo-Olu, who reiterated his administration’s commitment to the provision of infrastructure for Lagos residents, said infrastructure is one of the ways in which societal problems can be solved. “It is something that we are looking holistically at believing that we want to improve the lots of our citizens given the political chance that God has given us.”

He said the State Government is in the process of identifying consulting engineering and architectural firms to help with monitoring building construction. “We believe that structural engineers and others can help by doing an independent assessment to ensure that everybody adheres to the rules. And the government can continue to do oversight function working with competent, capable consulting engineering and architectural firms so that we can monitor the city and prevent the collapse of a building.”

The President of the Association for Consulting Engineering in Nigeria (ACEN), Engr. Ajibade Oke, commended Governor Sanwo-Olu’s administration in the area of infrastructure. “The infrastructure in Lagos is fantastic. Look at the blue and red line rail, the BRTs, the flyover, bridges and other amenities that we are having in Lagos. We are even talking about Fourth Mainland Bridge. We thank God for the people that are managing Lagos State,” he said.

Also speaking, the Chairman, Local Organising Committee of FIDIC for the Africa 2022 Conference and past President of the Association for Consulting Engineering in Nigeria (ACEN), Engr. Charles Akindayomi, appealed for the Lagos State Government’s support of the conference which is expected to be attended by about 250 delegates from different parts of the world, noting that the support will give the State an opportunity to display the rich culture and infrastructure development to the rest of Africa.

Finance

Old naira notes still legal tender – Supreme Court Insists

The Supreme Court on Wednesday affirmed the validity of the use of old 200, 500 and 1000 naira notes.

Published

2 years ago

February 15, 2023

Chinedu Nwankwo

The Supreme Court on Wednesday affirmed the validity of the use of old 200, 500 and 1000 naira notes.

The apex court maintained that the February 8 hearing which paused the implementation of the February 10 deadline ban on the use of old naira notes still subsists.

The clarification from the court followed a complaint by Abdulhakeem Mustapha (SAN), lawyer to the Kaduna, Kogi and Zamfara states respectively.

A seven-man panel of the Supreme Court last Wednesday in a unanimous ruling granted an interim injunction restraining the Federal Government from implementing the Central Bank of Nigeria’s February 10 deadline for the swapping of the old naira notes with the new ones.

The judgement followed a motion ex-parte on behalf of three northern states Kaduna, Kogi and Zamfara, who on February 3rd filed a suit seeking to halt the implementation of the CBN’s policy.

On Wednesday (today), the apex court adjourned a hearing in the suit banning the use of the old naira to Wednesday, 22nd February 2023

Finance

Ekiti: Oyebanji Pays Outstanding Salary Arrears

In fulfilment of his promise to prioritise workers welfare, Ekiti State Governor, Mr Biodun Oyebanji, has approved the payment of one month outstanding salary arrears to workers in the state.

Published

2 years ago

February 6, 2023

Ahmed Usman

In fulfilment of his promise to prioritise workers welfare, Ekiti State Governor, Mr Biodun Oyebanji, has approved the payment of one month outstanding salary arrears to workers in the state.

According to the State Commissioner for Finance and Economic Development, Mr Akintunde Oyebode, Local Government and state workers will receive one month salary arrears by Monday.

The payment, according to the Commissioner, followed Governor Oyebanji’s directive that the outstanding workers’ salaries be paid from time to time based on available resources.

The Biodun Oyebanji administration will continue to prioritise workers welfare within available resources. This include timely payment of salaries, deductions and pensions as well as provision of conducive office environment and trainings to enhance their productivity.

Finance

Pay Our Money, Moba Pensioners Beg Fayemi

Pensioners in Otun-Ekiti, Moba Local Government Area of Ekiti State have appealed to Governor Kayode Fayemi to pay their outstanding entitlements before the end of his tenure on October 16, 2022.

Published

3 years ago

May 26, 2022

Seyi Babalola

Pensioners in Otun-Ekiti, Moba Local Government Area of Ekiti State have appealed to Governor Kayode Fayemi to pay their outstanding entitlements before the end of his tenure on October 16, 2022.

Pensioners, who spoke with the News Agency of Nigeria on Wednesday, lamented their conditions after retirement.

They said some of their colleagues who retired between 2014 and 2019 had died without collecting their entitlements.

One of the pensioners, Taiwo Ajayi, a retired principal, appealed to Fayemi to consider the plight of the ageing retirees who needed to take care of their health and also their children.

He lamented that he retired in 2016 but the state government had not paid him any entitlement.

Another retired civil servant, Bukola Owolabi, said it was unfortunate that many of her colleagues who retired in 2015 had died from illnesses.

Owolabi expressed regret that the departed died without enjoying the fruits of their labour because of the unending delay in the payment of the pensioners’ gratuities by the state government.

She appealed to Fayemi to offset the outstanding gratuities and pensions before the end of his tenure.

She said: “It always saddens me whenever I remember that some of my colleagues with whom I retired in the same year have died.

“None of them was able to eat the fruit of their labour after serving the state government for 35 years in office.

“They died untimely deaths with little or no financial assistance from anybody as some of them had stroke, hypertension, diabetes, ulcer, typhoid among ailments before they finally died.

“I appeal to our Governor, Dr. Fayemi, to have mercy on some of us that are still alive and give us our gratuity.”

Olusegun Agunbiade, a retired local government employee, urged the state government to consider the fact that the retirees spent 35 years of their lives contributing to the development of the state and pay all outstanding gratuities.

Agunbiade said that he retired in April 2017 but had friends who retired since 2015, but had died without getting their entitlements.

He also appealed to Fayemi to save the lives of pensioners still alive but needing money for medicals and other upkeep.

He said: “It is no longer news that ageing pensioners are dying without collecting their gratuities.

“I appeal to our governor to pay arrears of gratuities and put smiles on our faces.”

Another pensioner, Felicia Ojo, a retired teacher, said she retired in 2016 and has not been paid her gratuity.

Ojo also appealed to the state government to consider the sufferings of pensioners and pay the backlog of their entitlements.

NAN.