Minister of Finance, Mrs. Zainab Ahmed, yesterday presented the second tranche of N100 billion Sukuk cheque to the Minister of Power, Works and Housing, Mr. Babatunde Fashola, for payments to contractors handling some select road projects across the six geo- political zones.
The first N100 billion Sukuk cheque was presented to the Federal Ministry of Power, Works and Housing in the last quarter of last year for roads construction.
The Federal Government, on December 28, 2018, issued a 7-year N100 billion Sovereign Sukuk (15.743% N100billion Al Ijarah Sukuk due 2025) as part of the new domestic borrowing in the 2018 budget to finance road projects. The offer attracted significant interest from a wide range of retail and institutional investors with a total subscription of N132.20 billion, which represents a subscription rate of 132.2 percent.
The Director General of the Debt Management Office (DMO), Ms. Patience Oniha, who spoke about the offer, said retail investors in the offer accounted for 17.33 percent of the total allotment compared to 4 percent recorded in the debut issuance, indicating that the stated objectives of financial inclusion and deepening of the investor base for government securities, in addition to infrastructure funding, are being achieved.
“The high level of subscription and participation by a diverse range of investors demonstrate the high level of investor confidence in the financing product, particularly, because the road projects funded with the proceeds of the first Sukuk that was issued in 2017 were evident for all to see.
“The 25 road projects, which benefited from the debut Sukuk, have resulted in improved transportation across the six geo-political zones.
“The proceeds of this second Sovereign N100 billion Sukuk will also be deployed to financing infrastructure, in keeping with the government’s commitment to bridging the infrastructural gap. The proceeds will be for the construction and rehabilitation of 28 key economic road projects in the 2018 budget. The projects are located in the six zones of the country with each zone having a total allocation of N16.67 billion.”
I will embark on constant raiding of black spots in Osun — CP Isyaku Mohammed
By Ismail Azeez, Osogbo
The New Commissioner Of Police, CP Isyaku Mohammed has said the State Command will embark on constant raiding of the black spots and criminals hideouts across the state.
The new CP disclosed this at the Police headquarters, Osogbo, State capital on Friday, said he has directed all formations to draw up action plans to actualise missions that will instantly arrest prevalent crimes in their areas to the barest minimum.
Mohammed stated that during his stay in the state as chief law enforcer he will provide credible leadership that is professional and accountable to the people through intelligence-led, community-oriented.
He noted that he is open to constructive criticisms and welcomes all manners of suggestions that will aid his administration in providing better police services to the good people of Osun State.
He urged the residents of the State to join forces with the State Command to make the State a peace-haven for all.
He said, “This occasion offers me an opportunity to meet with you, the Fourth Estate of the Realm, and invite you to share in my mission of making Osun state a safe haven and home of peace for all who live and carry-on legitimate businesses therein. Together we shall all chart a good course in policing the State; and I therefore, solicit for your generous cooperation in sustaining the already existing strong synergy and good working relationship between you and the officers of the Command.
“I want to clearly state that as the chief law enforcer of the state, my mission is to bring to reality the vision of the Inspector-General of Police of zero tolerance to corruption, a secured environment for citizens to thrive, policing with International best practices, upholding the Rule of Law, and Respect for fundamental Human Rights of all citizens.
“All these I shall strive hard to achieve, especially with the support of team-spirited Officers and men I met in the Command, together with the cooperation of other security agencies in the state and stakeholders such as the traditional rulers, religious leaders, public spirited associations, students and youth leaders etc; as security is a collective responsibility. I have no doubt that, together we shall fight all criminal elements in the State to a standstill and Osun State will not be a safe haven for criminals to breed.
“In arrival, I received briefings on the security state of the Command, especially with respect to pockets of prevalent crimes such as: Cultism, Rape/ Defilement, Land Grabbing, Communal clashes etc.
“This will be immediately followed by a tour of the formations for on the ground/spot assessment of every locality within the state to ascertain their peculiarities, as I lead this mission of keeping the state safe, from the front,” the CP added.
Every inch of Lagos was founded by the Awori — Olofin of Isheri declares
In response to a recent statement made by the Benin Oba regarding the historical founding of Eko (Lagos), His Royal Majesty, Oba SulaimanAdekunleBamgbade, the Olofin of Isheri and revered successor of the ancient throne of the Aworis’ progenitor, has affirmed to the Awori Heritage Alliance of North America that Eko (Lagos) was undoubtedly founded by the Awori people.
The Olofin in a press statement said, “In light of this confirmation, we, the Awori Heritage Alliance of North America therefore issue the following statement to emphatically and resolutely repudiate the remarks made by the Benin Oba concerning the founding of Eko (Lagos) during his courtesy visit to the Lagos House, Marina on Sunday, 26 November 2023.
“This statement by the Benin oba is not only erroneous, it in fact constitutes an utter disregard for the centuries old strongly held historical traditions of Eko (Lagos); as well as the documented historical facts on the founding or source of Eko, Lagos.
“In his statement, the Benin oba alleged that a ‘certain area in Lagos, maybe the nucleus of Lagos was founded by my ancestors.’ This profound misrepresentation of historical fact actually undermines the rich and verifiable history of the Awori subgroup of the Yoruba ethnic group who are the autochthonous people and founders of Eko, Lagos.
“It is imperative to at this point adduce certain highlights from the published as well as archived official historical records of Lagos, as collected from the native historical traditions of the indigenous inhabitants of Eko (Lagos) by the British colonial administrators of Lagos & Nigeria.
“The Deputy Chief Secretary to the British Government of Nigeria, Sir Alan C. Burns, GCMG published the ‘History of Nigeria’ in 1929 for the British colonial authorities based on the historical traditions collected in Nigeria from the native sources. The founding of Eko (Lagos) was detailed, and the nature of Lagos’ relationship with Benin was clearly spelt out as quoted below.
“A band of Yorubas, led by a cadet of the royal family, appears to have settled at Isheri, on the Ogunriver… the settlers then spread southwards to EbuteMetta, on the mainland opposite Iddo island, where a town was built and farming was begun. Some time after this the inhabitants moved across to Iddoisland. Iddo, however, was scarcely large enough to support the number of settlers, it was [then] decided to begin cultivation on the neighbouring island of [Eko] Lagos. [When] the first invasion from Benin took place; the inhabitants were fortunate that at this crisis their Olofin, or ruler, was a man of great courage and strong character, and under his leadership the King of Benin’s soldiers were repulsed.
“Subsequent attacks met with no better success, and the Olofin gained in fame and influence. He is reputed to have had thirty-two sons, one succeeded his father as Oloto of Iddo, the title of Olofin falling into abeyance. The custom of the [Eko] Lagos chiefs to wear ‘white caps’ came originally from Iddo, and was introduced by the ten sons of the Olofin, whose successors still wear similar caps.
“Some little time after the Olofin’s death there began the peaceful penetration into [Eko] Lagos of settlers from Benin. The Binis probably realised that they would not be able to occupy [Eko] Lagos by force, as they had already been so decisively beaten in their attacks on Iddo, and it is thought that they were also prevented from further aggression by superstitious fear, the dying wife of the Olofin having pronounced a terrible curse on any further invaders from Benin. Whatever may have been the reason, the Binis arrived with no great show of force, and permission was asked of the [Eko] Lagos people for them to land.
“Furthermore, a ‘confidential’ colonial report of the British Intelligence Division entitled ‘Précis of Information Concerning the Colony of Lagos, Together with Notes on the Neighbouring Native Territories,’ compiled in February 1888, unequivocally admits the Awori’s founding role of Eko, Lagos.
“This British document, which was printed for the archives of Her Majesty’s Stationery Office, outlines the arrival of the Bini immigrant group (among other non-native immigrant groups) into Lagos. These non-native groups, such as the Bini group, were able to settle-in on the island only after their sought permission to land was granted by the Awori natives. European coastal trading activities had by circa 1570s transformed the Eko area into a focal point of considerable importance. This development drew in non-native immigrant trading groups such as the Bini group.
“All of the above historical information which were collected from the historical traditions of the natives, by the British authorities evidently establish the following facts:
“That the Awori (a subgroup of the Yoruba ethnic group) are the autochthonous people of Eko (Lagos), as well as the founders of Eko, Lagos.
“That the Bini trading group who visited the area centuries later, and got allotted a piece of the island to encamp (as was done for others) have nothing to do with the founding of Eko, Lagos.
“In addition to the foregoing historical facts regarding the founding of Eko, we wish to shed light on another often-misrepresented aspect of our history. This pertains to the identity of the historical Ashipa — the progenitor of the royal dynasty of the Eko kingdom.
“This Ashipa is identified without any trace of uncertainty in the classical Awori historical traditions as a Yoruba noble (Awori) from Isheri-Olofin. This historical fact is also documented in the same early records of Lagos history already cited above. The same information is also contained in other early records of Lagos history such as the ‘Notes of Evidence tendered by Mr. Herbert Macaulay, C.E., At the Commission of Inquiry. Re: The Succession to the House of Docemo’ in the year 1920.
“The marital-alliance of this Isheri chief (Ashipa) with the family of the then Benin Oba produced the first crowned-king of Eko, King Ado. However, we must stress that while King Ado’s ancestry traces also to the then Benin oba through King Ado’s mother; this issue from the marital-cum-political alliance does not confer the founding right of Eko (Lagos) upon Benin kingdom or the Bini people; neither does Ashipa’s tribute of gratitude to his royal-political patron & in-law confer such right.
“As has been demonstrated from the original received traditions of Lagos which are also referenced to the earliest official records of Lagos history, it becomes clear that it is blatantly erroneous and categorically misleading to even suggest that Benin kingdom founded any part of Lagos. No! Not an ‘inch’ of Lagos was founded by the Benin kingdom or the Bini people.
“Furthermore, the present Benin Oba’s snide remark at His Imperial Majesty, the Ooni of Ife, Oba AdeyeyeEnitanOgunwusi (Ojaja II) will not be overlooked. Not only was the remark disrespectful to the person of a permanent Co-chairman of the National Council of Traditional Rulers of Nigeria (NCTRN), a council of which the Benin oba is merely a member; it is also couched with grave historical fallacy. We demand an unreserved apology for this sacrilegious incivility and blatant insult to the cradle of the Yoruba civilisation.
“We strongly urge the Benin Oba to, going forward, desist from making statements such as this which are not only false (as have been demonstrated), but also have the potential to stir up irreparable inter-ethnic strife capable of setting Nigeria on the path of irreversible disharmony & potential balkanization; especially as we are all only slowly recovering as a Nation from the ugly discords of the 2023 elections.
“We stand firm in our commitment to preserving and promoting the historical truth and call for a respectful acknowledgment of the same by all parties. We also demand a retraction of this fallacious statement from the Benin oba, and we insist on an unreserved apology to all Awori sons, daughters, kith & kin; His Imperial Majesty, the Ooni of Ife; and the Yoruba race as a whole.”
Prof. Adebisi calls on Nigerians to embrace ‘everythingprenuership’
The first occupier of Dr. Mike Adenuga Jr. Professorial Chair in Entrepreneurial Studies, University of Lagos, Professor Sunday Adebisi has called on Nigerians as a matter of policy and deliberate intention, embrace “everything prenuership” to ensure value creation in the country.
Professor Sunday who is also the Director of Entrepreneurship and Skill Development Centre of the institution said this will address the issues of deprivation, hunger, unemployment, and “japaism” and move many informal businesses into the formal circle.
While delivering the first special lecture of the Professorial Chair entitled, ‘Revolutionising the Nigerian Economy to Create Jobs and Sustainable Wealth The Sole Ladder, The Sole Option, The Sole Platform’ on Tuesday at University of Lagos, he said all the things happening in and around Nigeria are windows of opportunities, adding that the citizens, if given direction and supported with well outlined policies, would help the nation create massive wealth.
“Government should identify possible innovations in the areas of their strength and motivate the citizens to pursue enterprise opportunities there. The three tiers of Government must make a deliberate effort to support the democratization of innovation and entrepreneurship from the next academic session in all levels of education in Nigeria with a good monitoring team at all levels,” Professor Adebisi said.
Earlier in her speech, the Vice Chancellor of the University of Lagos, Professor FolasadeOgunsola, expressed appreciation to Dr. Mike Adenuga for partnering with the University in enhancing the frontiers of entrepreneurial academic knowledge and skills acquisition through the endowment.
She said the drive of the Board of Trustee of the Adenuga Professorial Chair of is leading the University progressively towards the realisation of shared dream of the donor and the university which is to use the chair to collectively explore innovative pathways that would not only address economic challenges we face but also pave way for sustainable and prosperous future for our youths.
The Chairman, Board of Trustees of Dr. Adenuga Professorial Chair, Professor TaiwoOsipitan, stated that the lecture was designed to explore how to integrate entrepreneurship issues and create gainful employment in the country.
The Mike Adenuga Professorial Chair in Entrepreneurial Studies was instituted in 2008 to ignite Entrepreneurship Research and open a new frontier for entrepreneurship knowledge and practice, and enterprise creation in our nation’s nascent democracy.
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