Film traces life of rock studio and asks what’s been lost…Read full details

This file photo taken on January 25, 2014 shows producer Butch Vig accepting the Best Compilation Soundtrack for Visual Media for 'Sound City: Real to Reel' onstage during the 56th GRAMMY Awards Pre-Telecast Show at Nokia Theatre L.A. Live in Los Angeles, California. The decrepit two-story brick building looked abandoned, like it could be a drug den. But inside were born some of the classics of 1990s rock. Smart Studios was the base of producer Butch Vig, who recorded Nirvana's "Nevermind," the 1991 album that took grunge to a global audience, as well as Smashing Pumpkins' debut "Gish." "The Smart Studios Story," a documentary that premiered last year and recently began screenings, traces the unlikely rise to prominence of the site and asks what has been lost with the demise of so many major studios.Smart Studios had survived even when Vig and co-owner Steve Marker in the mid-1990s devoted more time to their own band, Garbage, fronted by Scottish singer Shirley Manson.<br />KEVORK DJANSEZIAN / GETTY IMAGES NORTH AMERICA / AFP

The decrepit two-story brick building looked abandoned, like it could be a drug den. But inside were born some of the classics of 1990s rock.

Smart Studios was the base of producer Butch Vig, who recorded Nirvana’s “Nevermind,” the 1991 album that took grunge to a global audience, as well as Smashing Pumpkins’ debut “Gish.”

The studio, in the liberal-minded Midwestern university town of Madison, Wisconsin, was well away from the hubs of major labels — not only in geography, but in its do-it-yourself spirit.

“The Smart Studios Story,” a documentary that premiered last year and recently began screenings, traces the unlikely rise to prominence of the site and asks what has been lost with the demise of so many major studios.

Smart Studios had survived even when Vig and co-owner Steve Marker in the mid-1990s devoted more time to their own band, Garbage, fronted by Scottish singer Shirley Manson.

But Smart Studios finally shut down in 2010 amid the rapid evolution of the music industry.

“Now anyone can record on a laptop in their bedroom with state-of-the-art technology. So why would you go spend $200, $300 or $500 for a day in the studio?” Vig asked.

“The saddest aspect was that sense of community. I’ve recorded in studios all over the world and I don’t have that kind of sentimental bond with any of them, quite frankly,” he told AFP.

The film’s director, Wendy Schneider, said that studios were not only places to record but incubators for music scenes.

Schneider, who worked herself at Smart Studios in its heyday, said that while world-famous studios still exist, she doubted another institution similar to Smart would emerge.

Nowadays, “the investment is in the venue that draw the audience. The warehouse to develop the artists is not seen as important,” she said.

– Community feel –

Raised in the Wisconsin town of Viroqua, Vig moved to Madison to study at the University of Wisconsin and played drums in the band Spooner as he searched for affordable ways to record local music.

Finding the warehouse that became Smart Studios, Vig and Marker lined the walls with abandoned egg cartons to insulate the sound. To make ends meet, Vig would drive a taxi and Marker for a time lived in the studio.

The studio was across from the Friendly Tavern, whose staff and customers would show up after a few rounds to offer backing vocals.

“It wasn’t really a business model that was trying to make money; it was trying to stay open,” Schneider said.

Vig began to draw national attention by recording Madison band Killdozer, whose cluttery guitar and bleak lyricism foreshadowed grunge.

Vig, who would later also work with Sonic Youth and Green Day, created a full, crisp sound through methods that included recording parts twice and giving ample room to drums.

With his mild manner, Vig won the trust of artists. Smashing Pumpkins frontman Billy Corgan in the documentary said that Vig looked like “the guy who comes to clean your pool.”

– DIY spirit –

“Back then, there were very few distractions and you had engineers beyond committed to your record. They weren’t checking their cellphones or their Facebook,” Schneider said.

In an age when record labels still had generous budgets, executives would send artists for weeks or months to record with Vig. The documentary recounts nearly 24-hour sessions as the studio scrambled to finish in time for the next booking.

Vig, now 61 and based in Los Angeles, voiced regret that many younger artists would never get to experience the “hallowed halls” of his and other famous studios.

But he did not begrudge younger artists and engineers who were trying to record on the cheap.

“Everything comes full circle. That was the same attitude we had when we started. Now the tools are out there,” Vig said.

Fitch downgrades Nigeria’s rating to negative (Read full details)

Fitch Ratings

• Five banks dominate CBN’s $1.1b forex disbursements
International ratings agency, Fitch Ratings yesterday revised the outlook on Nigeria’s long-term foreign and local currency issuer default ratings (IDRs) to negative from stable, putting it at ‘B+’.

By this, Fitch is telling international investors that the country’s debt offer is subject to speculations (uncertainty) and moving towards non-investment grade.

A credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of a country, thus there is a big impact on the country’s borrowing costs.

The last time Fitch rated Nigeria this low was shortly after unveiling of the flexible foreign exchange policy by the Central Bank of Nigeria (CBN) citing currency depreciation.

According to the agency, the revision of the Outlook on Nigeria’s Long-Term IDRs reflected tight liquidity and low oil production, which have so far led to the country’s recession since 1994.

While the economy contracted through the first three quarters of 2016, Fitch now estimates a growth of -1.5 per cent in 2016 as a whole and expects a limited economic recovery in 2017, with growth of 1.5 per cent, which it said is well below the 2011-15 annual growth average of 4.8 per cent.

It added that gross general government debt increased to an estimated 17% of GDP at end-2016, from 13% at end-2015, lending a support to the rating.

Meanwhile, the CBN has said its foreign exchange utilisation records for banks showed a disbursement of $1.1 billion in November 2016.

However, of the 4,328 transactions in the period under review, five banks dominated the deals with 2,892, representing about 67 per cent of the total activity.

The banks with highest utilisation were First Bank of Nigeria, with 1,039 deals; Zenith Bank, 706; Stanbic IBTC, 397; Standard Chartered Bank of Nigeria, 389; and First City Monument Bank, 361.

Out of 25 financial institutions- commercial and merchant banks involved in the transactions, only 1,436 deals were left for the remaining 20 banks.

The apex bank yesterday asked banks to bid in a special currency auction due soon, in efforts to clear backlog of demands from businesses.

The backlogs were particularly for fuel importers, airlines, raw-materials producers, and makers of agricultural chemicals and machinery for manufacturers.

In December 2016, CBN sold about $1 billion on the forward market to tackle the backlog of dollar demands, in an effort to support production and fulfill its pledge to the real sector operators.

Research analyst at FXTM, Lukman Otunuga, noted that CBN is aware that the nation still remains exposed to both external and internal risks, particularly exchange rate, despite improved outlook, which should keep the CBN on high alert.

“It must be understood that the cause behind the incessant rise in consumer prices is the disparity between the official and black market exchange,” he said.

Fitch downgrades Nigeria’s rating to negative

Jammeh agrees to step down, to leave Gambia (Read full details)

This handout picture taken and released by the Senegalese presidency on January 20, 2017, shows Senegal's President Macky Sall (L) shaking hands with imam of the Omarienne mosque of Dakar Seydou Nourou Tall (R) flanked by Gambia's new President Adama Barrow (C) as they attend Friday prayer at the Omarienne mosque in Dakar. Regional leaders held 11th-hour talks with Gambia's Yahya Jammeh to persuade him to hand over power peacefully on January 20, as troops from five African nations stood by ready to intervene failing a negotiated deal. Jammeh has rejected President Adama Barrow's December 1 election win, despite significant pressure from regional powers and the UN, sparking a major crisis and sending Gambians and tourists — vital for the tiny country's economy — fleeing.<br />Handout / SENEGALESE PRESIDENCY / AFP

President of The Gambia, Mr. Adama Barrow, has confirmed that defeated former President Yayah Jammeh has agreed to step down.

Barrow, yesterday, wrote on his Facebook page, BarrowOfficial: “I would like to inform you that Yaya Jammeh agreed to relinquish power and leave the country.

““He is scheduled to depart Gambia today #NewGambia.”

He earlier wrote thanking Senegalese President Macky Sall: “Thank you once again President @Macky_Sall for hosting me and my family.”

He added: “I must also express profound gratitude to ECOWAS, AU, the Security Council of the UN and all nations who stood by us.

“Am taking this opportunity to thank the entire electorate of the #Gambia and Gambians in the Diaspora.”

Gambia’s Chief of Defence, Ousman Badgie, had said yesterday said there “is not going to be any war or any fighting’’ as talks to convince Yahya Jammeh to cease power continues.

The Gambian Army Chief assured that the West African leaders would continue to make a final attempt to convince Yahya Jammeh to cede power.

“It’s a political misunderstanding; it is going to be solved politically, not militarily.

“Security is guaranteed 100 per cent,’’ the army chief adds, inviting thousands of Gambians who fled their country in fear of violence to return.

“You cannot push us to war for an issue we can solve politically,” Badjie said. “We don’t see any reason to fight.”

“West African troops that crossed from neighbouring Senegal into Gambia to help unseat Jammeh would be welcomed “with a cup of tea,’’ said

The Gambia’s defense forces pledged their allegiance yesterday to the new President, Adama Barrow, while the leaders of Guinea and Mauritania tried to persuade Jammeh to cede power in the West African nation.

The Economic Community of West African States (ECOWAS) military force awaited orders to roll into the capital and force Jammeh from the office he held for 22 years.

Barrow, who was elected president last month, was sworn in Thursday at the Gambian Embassy in Dakar, Senegal and the United Nations (UN) Security Council voted unanimously to approve the regional military intervention.

A Gambian Presidential aircraft was seen parked on the tarmac of Banjul’s airport yesterday.

The leaders of Guinea and Mauritania had arrived in Gambia’s capital in a last-ditch diplomatic effort to get Jammeh to cede power to Barrow.

Badjie told The Associated Press that Gambia’s security services all support Barrow and would not fight the regional force that was poised to push out Jammeh if talks failed.

With his security forces abandoning him and his cabinet dissolved, Jammeh was increasingly isolated as the last-minute talks continued at his official residence in the capital, Banjul, with the leaders of Guinea and Mauritania.

The West African regional force, including tanks, moved in during the evening without facing any resistance, said Marcel Alain de Souza, chairman of ECOWAS.

At least 20 military vehicles were seen yesterday at the border town of Karang. They included troops from Senegal, Ghana, Nigeria, Togo and Mali, and they moved in after Barrow’s inauguration and the U.N. vote.

Guinean President Alpha Conde arrived in Banjul with Mauritanian President Mohamed Ould Abdel Aziz. Mauritania has been mentioned as a possible home in exile for Jammeh. After a first round of talks, they broke for Friday prayers and resumed.

Conde would offer Jammeh the chance to step down peacefully, de Souza said.
Jammeh “has the choice of going with President Alpha Conde,” he said, but if that fails, “we will bring him by force or by will.”

He had agreed to step down, but demanded amnesty for any crimes he may have committed during his 22 years in power and wanted to stay in Gambia, in his home village of Kanilai, de Souza said. Those demands are not acceptable to ECOWAS, he added.

Jammeh’s continued presence in Gambia would “create disturbances to public order and terrorist movements,” said de Souza. ECOWAS wants Barrow to take power in Gambia without any security threats, said de Souza.

At a news conference in Nouakchott before leaving for Gambia, Abdel Aziz said he would “never understand” why Jammeh backed off from his initial pledge to accept defeat and step down, Mauritanian state media reported.

In his inaugural speech, which took place under heavy security, Barrow urged Jammeh to respect the will of the people and step aside. He also called for Gambia’s armed forces to stay in their barracks.

Some of Gambia’s diplomatic missions have begun switching their allegiance.

“We embrace and support the new president Adama Barrow,” said Almamy Kassama, an official at the Gambian mission to the African Union in Addis Ababa, Ethiopia, in an email.

The U.S. supported the regional force’s intervention and was in touch with officials in Senegal, said State Department spokesman John Kirby, adding that he didn’t have tactical information, but “obviously, it’s very, very tense.”

Senegalese radio station RFM reported 30 Gambian soldiers had crossed into Senegal to fight alongside the regional forces.

“I think the Gambian military would know it’s outnumbered,” said Maggie Dwyer, an expert on West African armed forces at the University of Edinburgh. “Gambia’s military has very little combat experience. This would be a very difficult situation for them.”

She estimated it had 2,400 troops at most, plus fewer than 1,000 paramilitary forces.

“My guess is a very small number would actually put their life on the line for Jammeh,” though some could stand by him to get the same deal he might receive to avoid prosecution, Dwyer said.

Soldiers at checkpoints in Banjul appeared relaxed, with one telling visitors, “Welcome to the smiling coast.”

Other nations have begun stepping away from Jammeh, with the African Union saying the continental body no longer recognizes him.

About 45,000 people have fled Gambia for Senegal, fearing violence, according to the Senegalese government and the U.N. refugee agency.

About two-thirds are children accompanied by women, the U.N. said.

Only about a few thousand international tourists are believed to still be in Gambia, and efforts continued to evacuate them.

Jammeh agrees to step down, to leave Gambia

Ada Osakwe: The making of a creative food entrepreneur (Read full details)

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Ada Osakwe

Ada Osakwe

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Ada Osakwe is a creative food entrepreneur and passionate agribusiness advocate. As the Founder and Chief Executive of Agrolay Ventures, an investment firm targeting early-stage agribusinesses, Ada seeks to redefine the food production and retail opportunity across Africa’s large consumer markets. Agrolay invests in food start-ups as well as incubates its own new agri-ventures. The company currently has four investments including The Nuli Juice Company, Nuli Foods, Nature’s Bounty and African Courier Express. For three years, on a secondment from the Tony Elumelu Foundation, Ada served as the Senior Investment Adviser to Dr. Akinwumi Adesina, the former Nigerian Minister of Agriculture and Rural Development. There, she advised the Minister on agriculture investment-related activities involving private sector investors and led investment policy and financing initiatives including the development and launch of the Fund for Agricultural Financing in Nigeria (FAFIN). Prior to her role at the Ministry, Osakwe was a Vice-President at Kuramo Capital Management in New York, where she led the firm’s Private Equity investments. For four years, she was a Senior Investment Officer at the African Development Bank Group (AfDB), based in Tunisia. She began her career as an Analyst in the Debt Capital Markets team of BNP Paribas investment bank, London.
Ada received her MBA from the Kellogg School of Management, Northwestern University, holds an MSc in Economics and Finance from the University of Warwick, U.K. and a BSc in Economics (First Class Honours) from the University of Hull, U.K.
Osakwe is a Young Global Leader of the World Economic Forum and on the 2016 Choiseul 100 Africa list, a unique ranking of young African economic leaders. She received the ‘Achiever in Agriculture’ Award in 2015 and in 2014, was named one of Forbes 20 Youngest Power Women in Africa.

When you returned to Nigeria to serve as the Senior Investment Adviser to Dr. Akinwumi Adesina, Nigeria’s former Minister of Agriculture, what were the personal goals you set for yourself?
My decision to return to Nigeria to work in government and the personal goals I set was heavily influenced by my constant desire to make a direct and purposeful impact in Africa, a desire that has always driven my career decisions. I had started my journey as a debt market analyst at BNP Paribas investment bank in London, and after a year, I joined the African Development Bank (ADB) in Tunisia. At 24 years old, I was the youngest professional to have ever joined this large and influential institution. I was so excited about being part of something bigger than me, developing Africa! From working in the Treasury team for 2 years managing a portfolio of assets and supporting capital markets development in African countries, to joining the pioneering Public Private Partnerships team financing infrastructure projects like hydropower dams, toll roads and ports, I was determined to make a difference. However, 3 years into the job, I soon became disillusioned. The bureaucracy involved in such large institutions became an unnecessary distraction for me, affecting my view on how I could significantly play a part in Africa’s development. I wanted to be even closer to the issues facing Africans on-the-ground and play my part in shaping these issues, unhindered.

By this time, I had started investing in Private Equity (PE) funds in my role as a Senior Investment Officer at the ADB and appreciated that this was an impactful tool that directly benefited people through investments in entrepreneurs and businesses with the potential to transform economies. And so I decided to pursue this path and on leaving the ADB for Business School, focused on building a career in Africa private equity investing. After giving this a try with a few firms, the disillusionment I felt a few years earlier set in again. This was because I observed that as Africa PE got more attractive, practitioners seemed more concerned about raising larger-sized funds, resulting in earning more fees. With larger funds came larger minimum size investments (e.g. $50 million), and as a result, too much money quickly started chasing too few opportunities, given that in Africa, there are not so many investment-ready companies that require as much as US $ 50million investments. Instead, there are many smaller, earlier-stage companies who need much smaller amounts of investments. I found that not only were there no active angel or venture investments into Africa to address this latent need, but not many people were focused on building the world-class, investible businesses from scratch that investors could put money into. Given my ever-present drive to make greater impact, this issue worried me, and I resolved to do something about it.

I left the PE firm I was working with in New York, and took up a public sector role in Nigeria’s federal government to truly help me understand the policy issues that affect the every-day entrepreneurs and business-people responsible for driving growth of our economies. My position was fully-funded by the Tony Elumelu Foundation and I was seconded to support Dr. Adesina, Nigeria’s Minister of Agriculture in his bold plans to transform Nigeria’s agriculture sector through focused, progressive policies and increased private sector investments. In this role, my personal goals remained the same, to drive true impact on-the-ground. After nearly four years on the job, I am grateful to have received a birds-eye view of critical national policy issues that affect businesses, which ultimately helped me in my resolve to go even closer to the roots and build those early-stage, world-class companies that PE funds typically avoided. Today, with my company, Agrolay ventures, I am doing just that. I am not disillusioned anymore, but ignited by a fire within me to change the narrative in Africa’s economies through all my endeavours.

How was your experience working in a government setup coming from a private sector, especially from outside Nigeria?
Wow, it was different! Having worked with world-class private institutions, I was now thrown into a Nigerian civil service culture that despite having some truly talented individuals was significantly flawed organizationally. At the heart of this is the fact that there was limited accountability for actions and there were no serious repercussions for inaction or poor performance. When a civil servant knows that it is almost impossible to be fired, but only perhaps re-deployed, and when they have the mindset of “Minister come, Minister go, we civil servant always remain”, then there is no incentive to deliver exceptional work.

In spite of this, I was privileged to work for a Minister who was a brilliant professional and who understood how to rally his team around a laudable cause; to positively transform Nigeria’s agricultural sector. He did this with a private sector-driven professionalism and mindset, which quickly began to permeate through our work place. Soon everyone, including the civil servants at the Ministry, were staying at work till 1am to ensure deadlines were met, were preparing solid investment proposals, and were talking about agricultural value-chains and the importance of private sector investments. This, without a doubt, made my job as a private sector investment professional much easier during my 3 years in government.

Women are known to be subsistent farmers. But your experience transcends that level. Why agriculture?
Why Agriculture? Well with agriculture, I have now found that purpose that I have searched for throughout my career. A job whereby I can not only create wealth through impactful investments, but also make a positive impact on millions of lives.
Indeed, over half of African farmers are women, responsible for feeding our continent. But women are typically the most segregated when it comes to value-driven activities in agriculture, which actually is most profitable. I am lucky to have been exposed to the entire value-chain from farming to value-creating agriculture, enabling me put my education and experiences to work and to focus my efforts on the segments of the agricultural value chain that have a greater potential to create wealth and ensure inclusive growth. Segments such as agro-processing, which is essential for reducing the post-harvest crop losses of farmers, losses of up to 60 percent in some cases, and which is needed to create steady markets for farmers, ultimately ensuring that they are paid better and have a sustainable livelihood. I am also very passionate about growing the value created through an increased development of well-branded, packaged food products that utilize locally-grown agricultural produce as their raw materials. The global packaged food industry is expected to reach US$ 3.3 trillion dollar value by 2020, and to think that it all begins on the farm. I want to keep playing a role in industrializing our agriculture sector, moving more women, and men, from being subsistent farmers to being mechanized farmers. Ensuring that more processing is taking place to transform our produce to ensure that it becomes part of this multi-trillion dollar global food market.

With your involvement establishing the Fund for Agricultural Financing in Nigeria (FAFIN) and understanding of the Nigerian agricultural sector, how do you think investing in agriculture in Nigeria can be made attractive to skeptical investors?
The key here is to demonstrate that agriculture is a money-making business, and not some charity project, and a business that can deliver some astronomical returns. Establishing FAFIN was a deliberate effort to showcase to the world, particularly private investors, that investing in agriculture is profitable. I also worked with my colleagues and development partners to create investment briefs that outlined the lucrative investment opportunity for various agriculture crops and livestock. A big part of this was presenting the local market demand for foods such as poultry, fish, rice, flour and fruit juice, and then showcasing how currently, billions of dollars was being sent to foreign countries to purchase these same products to import into Nigeria to meet this local demand. And yet, we have all the elements to produce these products locally! Elements such as over 80 million hectares of arable land to grow the food (Nigeria is the largest producer of many major crops in Africa), abundant water resources, and a bustling consumer market with over 170 million people to purchase this food, particularly since they have no choice but to eat to stay alive. So showcasing to investors that they can invest in agriculture locally to substitute for the imports coming in, and thereby tapping into a multibillion-dollar market, is a major case I make to anyone who remains skeptical about investing in the sector.

As a food entrepreneur, apart from the problem of unstable power supply, what other challenges do you have to contend running your business?
Getting great talent to build world-class businesses remains a problem and a serious concern. My businesses will only progress if I am able to build a solid team that can execute on our vision. I am saddened by the state of affairs in our country with graduates who do not meet minimum standards in basic education. I interview so many who cannot do basic addition and division of numbers. How can they apply to be sales reps if they cannot even make basic mathematical calculations or string complete sentences together? My heart bleeds for Nigeria when I see this because we cannot talk about moving Nigeria forward without investing seriously in our education systems to raise the intellect of our youth who are the future of our nation.

Was it easy getting the workforce who can drive the vision you have for the business?
No, due to the challenge of sub-standard education and professionalism that I just spoke of. So it is still very much work in progress. 2017 is all about talent acquisition for me.

I am so thankful to my colleagues that have helped me build the businesses up till today, some who have been with me since the start in January 2015. I look forward to their continued growth within the company as we become bigger and better at all we do.

Was it difficult for you to source funds for starting Agrolay Ventures?
I am yet to source funds for my investment holding company, Agrolay Ventures. So far, my personal money has gone into the company and I have also raised funds at the portfolio company levels. This period has allowed me to prove the concept of investing in early-stage agriculture and food related businesses. I am now at the start of the process of fundraising from outside investors to allow the company broaden its portfolio from its current four holdings to our vast pipeline of interesting agribusiness opportunities that have the potential for significant shareholder returns.

The Lagos State Government demolished your flagship store in Ikoyi last year. How has that impacted your projection for the business?
The Nuli Juice Company is one of our star portfolio investments of Agrolay. Since its launch in January 2015, the company has expanded from selling a single juice product to opening up Nigeria’s first farm-to-table casual dining restaurant. We currently have four outlets in Abuja and Lagos and are set to open four more by March 2017. Indeed, we had the unfortunate circumstance of our Ikoyi, Lagos outlet being one of five stores that were brought down by the Lagos State Government on the morning of 1st September 2016. But this difficult operating environment we are in only makes us stronger. We have come out of that experience with a renewed zeal to be successful and to be a brand that Lagosians, and all Nigerians can be proud of. It is since the demolition that we have thought even more innovatively about our growth. We have also started becoming a voice that pushes for an improved treatment of small and medium enterprises (SMEs) across the country by our governments. Governments must do a much better job as facilitators of enterprise, and not be a hindering force to SMEs that we all know are the engines of growth and employment in any economy.

Was there any sort of compensation from your landlord or the government?
No! No compensation was given! And in fact, we didn’t bother pursuing with the government. Not sure I want to sit in court for decades. We decided to just move on.

You once remarked in an interview that you went into “creative food entrepreneurship” because you want food and beverages produced in Nigeria to meet international standards. Have you achieved that with Agrolay Ventures?
This was certainly my vision setting out and still remains the case. I am so passionate about seeing Nigerian food brands on the shelves and streets of other African countries and beyond. I train the colleagues that work with me to be diligent at their jobs, to create great products, deliver excellent service, maintain high and consistent standards, and to adopt the right values. We look for these traits too in the companies that we seek to invest in. As long as we continue on this path, I have no doubt that we will achieve our vision for Agrolay.

How does African Courier Express fit into the business?
Great question! Being an e-commerce logistics company, it definitely seems like the outlier in what should be an agro-centric investment strategy. However, we took a view that the company will eventually be convinced about the investment opportunity in the agro-allied sector, servicing the huge unmet demand for logistics for moving farm products over thousands of miles in the country, or fresh produce that requires cold truck logistics. Logistics is an extremely important and lucrative aspect of agribusiness and one that is not being looked at enough.

Your time in both public and private must have been eventful. Which of these has an impact on you as a business owner?
I am so blessed to have seen most sides of business in my career. From private sector, to quasi-public to full-blown public sector, I have had a truly rich and unique career, and one that not many people can boast of. I have received unparalleled professional exposure and it is really a combination of these experiences that have prepared me for what I am building today. But really, I think it’s in my genes. I have a father and mother who have both built their own individual businesses from the ground up, with the utmost integrity in Nigeria. These are my inspirations.

With string of awards to your name, all testifying to your achievements, do you see yourself as a model other young women can look up to? Do you mentor young women who have interest investing in agriculture?
I am extremely fortunate to have had my hard work recognised by many. It is humbling. I certainly see myself as a model and mentor quite a few young women and men who seek to go into agriculture and general entrepreneurship. In fact, one of the things that drove me to continue building my business after all my hard work, money, and sweat was torn down back in September, was the fact that I needed to show courage for the many young Nigerians who have looked to me for encouragement and mentorship. I needed to let them know that all my advice to them to invest in Nigeria’s agriculture, to be bold and audacious in their goals, was real advice, and that in spite of the adversity that may come from time to time, particularly in Nigeria, we all have to pick ourselves up and keep moving to achieve our dreams. I was recently invited by the the President of African Development Bank to join his 12-member select advisory group on the ADB’s Jobs For Youth In Africa. I am excited to use the platform to continue being a voice for youths across the continent as they seek to develop their dreams in an environment that is not always friendly to them.

Who is Ada Osakwe?
She’s a woman determined to break boundaries in the world and play a leading role in the transformation of Africa and its generation of young people.

Ada Osakwe: The making of a creative food entrepreneur

APC lauds senator Effiong’s defection (Read full details)

Senator Nelson Effiong

The South-South Zonal Secretariat of the All Progressives Congress (APC) has declared that the decision by Senator Nelson Effiong (Akwa Ibom South Senatorial District) to dump the Peoples’ Democratic Party (PDP) for APC is a right decision.

Reacting to the defection, APC said the Senator took a wise decision that would sustain his political carrier, as well as give relevance to the people he represents.

The party’s National Vice Chairman (South-South) Ntufam Hilliard Eta, who said this in a statement signed by his Chief Press Secretary, Mr. Bassey Ita, pointed out that Senator Effiong decision was auspicious and well thought out in current political decision.

“Senator Effiong had felt the wind of change in Akwa Ibom state and since he cannot come against it or stand in its way, it was wise he joined it.”

He added that, with the coming together of the likes of Obong Umana Umana, Chief James John Akpanudoedeghe, Obong Nsima Ekere, Chief Sam Enwang,Madam Rachel Akpabio and Atuekong Don Etiebet among many others, there’s a clear indication that change is going to replace retrogressive governance in the state.

APC lauds senator Effiong’s defection

Saraki makes case for Nigerian engineers on projects (Read full details)

Senate President Bukola Saraki at the National Assembly PHOTO: TWITTER/NIGERIAN SENATE

Senate President Bukola Saraki, on Friday, called on government agencies at all levels to integrate Nigerian engineers, technicians and artisans in their workforce when embarking on construction projects as a way of utilising local capacity and conserving scarce foreign exchange.

Saraki, who make the call in his remarks before he formally flagged-off the construction of the Dauran-Birnin, Tsaba Birnin and Magaji Kauran Namoda Roads in Zamfara State, according to a statement by his Chief Press Secretary, Sanni Onogu, also called on all government agencies to use locally made equipment where possible.

He, however, noted that the 8th National Assembly is on the verge of passing the Federal Roads Authority Bill and National Road Fund Bill into law to promote a safe and efficient management of the nation’s road networks and open opportunities for alternative funding mechanisms from the private sector that will guarantee continuous improvement of the quality of roads year in year out.

Saraki makes case for Nigerian engineers on projects

IDP Camp Bombing: We’re yet to ascertain death toll (Read full details)

IDPs’ camp. PHOTO: hrw.org

The Borno State Commissioner for Health, Dr. Haruna Mshelia, has informed that Medicine Sans Frontiers (MSF), Committee of the Red Cross and Red Crescent (ICRC) and United Nations (UN) humanitarian agencies are still evacuating more victims of Rann air strikes to Maiduguri for treatments.

Mshelia spoke yesterday in Maiduguri during an interactive session with journalists on death tolls and casualty figures in three hospitals in the state capital. He said the 54 hospitalised victims were in stable conditions, with medical experts from the state, humanitarian partners and the military attending to their emergency health needs.

“It is still too early to give you an accurate death toll and casualty figures of Tuesday’s Rann accidental air strikes on an Internally Displaced Persons (IDPs) camp. As I speak to you, evacuation of survivors was still ongoing using four helicopters that were provided by the United Nations and Nigerian Air Force (NAF).”

He said more bodies are still being recovered from the bombed IDPs camp, 24 hours after it was mistakenly hit by the NAF fighter jet, adding that Governor Kashim Shettima has also deployed his deputy, Alhaji Usman Mamman Durkw, Mamman Sheriff; representing Kala/Balge/Bama/Dikwa/Ngala Federal Constituency and State Assembly members among other officials to scene of the incident at the Nigerien
border town of Rann.

Dr. Mshelia informed that, “Of the 54 victims, 32 patients are receiving treatment at the State Specialists Hospital; 16 victims are being treated at 7 Division Military Hospital at Maimalari Cantonment, while six persons are hospitalised at the University Teaching Hospital (UMTH).

IDP Camp Bombing: We’re yet to ascertain death toll

Nigeria’s crude oil output increases by 403,900bpd (Read full details)

Crude Oil Production

Nigeria’s crude oil output increased by about 403,900 barrels per day (bpd) to 1.940 million bpd in December 2016, above November levels of 1.536 million bpd, according to the current figures released by Organisation of the Petroleum Exporting Countries (OPEC).

Compared to third quarter 2016, 1.2 million bpd output, the boost in production is attributed to Federal Government’s overtures to militant groups in the oil-rich Niger Delta region, to pave the way for a comprehensive dialogue with a view to resolving all the issues.

Due to the vandals and militants activities Nigeria’s crude oil output dropped to as low as 900,000 bpd in early 2016, a far cry from the 2.2 million barrels benchmarked in the budget.

Despite the December uplift, the country is having a shortfall of 260,000 barrels daily, which will challenge the full execution of the 2017 National Budget, also pegged at 2.2mbpd.

OPEC said in the report released on Wednesday, that crude oil production in December decreased by 2.21 million bpd from the previous month to average 33.08 mbpd.

According to OPEC, which supplies about 40 percent of the world oil, output increased the most in Iraq, Angola and Libya, while production in Saudi Arabia, Nigeria and Venezuela showed the largest decline.

Speaking on efforts the country is making to increase oil output, Minister of State for Petroleum Resources, Dr. Emmanuel Ibe Kachikwu, in his 2017 projection for the industry hoped that Nigeria would achieve 2.1 million barrels per this month.

Kachikwu noted that the vandalism of the Forcados export pipeline negatively impacted on the country’s oil output, adding that the issue was currently being addressed.

He said: “In terms of crude oil output, we are still not where we should be. These days, I am always conscious about giving figures so that I do not attract attention unnecessarily. “Obviously, the Forcados incident did impact us. My guess is that we are moving closer to 1.9 million barrels per day at this point. We are still managing the issue.”

The Director General of the Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf stressed the need for the country to increase output.

To achievethis, Yusuf said the country must tackle the problem of the Niger Delta, which is a critical to maximising inherent opportunities.

“Remember, we were exempted from the OPEC quota thing, so we should take full advantage of that by increasing our output. We cannot increase output unless we deal with Niger Delta issue. So that is why we have to tackle this issue of Niger Delta. We need to come up with clear ways of dealing with the problem,” he said.

Nigeria’s crude oil output increases by 403,900bpd

Police arrest Premium Times publisher, Olorunyomi, reporter (Read full details)

Dapo Olorunyomi

The Nigeria police yesterday raided the head office of an online medium, Premium Times in Abuja, and arrested the newspaper’s publisher, Dapo Olorunyomi, alongside the judiciary correspondent, Evelyn Okakwu.

Plain-clothes officers conducted a search at the office shortly after 5:00p.m. yesterday and said they were acting on a complaint filed by the Chief of Army Staff, Tukur Buratai.

The arrests came days after Premium Times turned down the army’s demand to retract news stories about the Nigerian Army and its operations.

The paper’s Editor-in-Chief, Musikilu Mojeed, condemned the raid. “They should stop deluding themselves that they can muzzle the press and intimidate Premium Times,” said Mr. Mojeed.

“They should know that our loyalty lies with our readers and the Nigerian people who have a right to know.”

He said the paper will continue “to discharge its responsibilities in line with global best practices, social responsibility and patriotism, even at great risk to our personal liberties.”

The Nigerian Army had recently written to the newspaper, threatening to sue the paper for what it termed unwarranted serial provocative, unauthorised, libelous and defamatory publication” against the Chief of Army Staff, Tukur Buratai, a Lieutenant General, and the army’s counter-insurgency operation in the north-east of the country.

The letter, dated December 22, 2016, and signed by I.M Alkali, a major general, on behalf of Mr. Buratai, accused the paper of publishing reports without reference to the army, adding that its stories exposed a “deep hatred for the leadership of the Nigerian Army.”

The letter expressed displeasure with three stories published by the medium between October and December last year.

The reports were those on the planned invitation of Buratai by the Code of Conduct Bureau for asset verification, the disappearance of a high number of soldiers after a Boko Haram attack and an investigation detailing how soldiers allegedly killed a kidnapped pastor and labeled him a kidnapper.

The army in its letter described the reports as “false,” “unsubstantiated,” and “unprofessional.”

Premium Times, had last week, through its lawyers, delivered a detailed response to the army, affirming its stories, and unequivocally rejecting the demand for retractions and apology.

The paper, instead, asked the army to write a letter within seven days of receiving its reply, withdrawing the allegations and threats against it and its staff, or risk being sued.

Jiti Ogunye, the newspaper’s principal counsel, who signed the response, took the army to task on the “grave implications” of its letter, describing the letter as a threat to the wellbeing and life of Premium Times’ staff.

“By your letter you have threatened the lives of our clients, and our clients are thus obliged to put the public on notice that should any harm come to them, you, the Chief of Army Staff and the Nigerian Army should be held accountable,” he wrote.

Ogunye said the “chilling threats” contained in the army’s letter was an affront on the constitutional guarantee of civilian control of the army and the freedom of the press.

The newspaper also claimed the army lied when it denied a report that its troops were being deployed to The Gambia as part of efforts to force President Yahya Jammeh from staying put in office.

In a report entitled Nigeria raises troops for The Gambia, ready to remove Yahya Jammeh last week Thursday, the paper said the army was sending a battalion of about 800 soldiers drawn from the 19 Battalion, Okitipupa, Ondo State, to The Gambia, possibly as part of a sub regional Economic Community of West Africa (ECOWAS) intervention force.

Police arrest Premium Times publisher, Olorunyomi, reporter

The Gambia’s new president takes oath of office in Senegal (Read full details)

A handout photo released by the Senegalese Presidency shows people gathering in the street as the motorcade of the newly sworn in Gambian president leaves the Gambian embassy in Dakar on January 19, 2017. Gambia's new President Adama Barrow demanded "loyalty" from the armed forces on January 19 as he took the oath of office in Senegal in a standoff with Yahya Jammeh, the longtime leader refusing to step down after his election defeat. Handout / SENEGALESE PRESIDENCY / AFP

• We won’t be involved in a stupid fight, says military
• Jammeh adamant, vice president quits
• Saraki, others differ over troops deployment

The winner of the December 1, 2016 election in The Gambia, Adama Barrow, was yesterday sworn in as new president.

After taking the oath of office at The Gambian Embassy in Dakar, Senegal yesterday, Barrow urged security forces to ‘demonstrate their loyalty’
to him in a standoff with Yayah Jammeh, the longtime leader who has refused to step down despite an election defeat.

As troops enter The Gambia to force Jammeh out of office, fight may break out between forces loyal to both parties, leading to loss of lives and property, and triggering a refugee crisis in neigbouring West African countries.

A news Agency of Nigeria (NAN) report, quoting sources in the The Gambia’s capital, Banjul, said Mauritanian President Mohamed Ould Abdel Aziz allegedly made a last-ditch effort late Wednesday night to persuade Jammeh to stand down after more than two decades in power, but was not able to convince him.

The Gambian President Adama Barrow (left) and the country’s Chief Justice, Justice Emmanuel Oluwasegun Fagbenle (right) during the swearing-in of the president in The Gambian Embassy in Senegal …yesterday.

Troops from Senegal, Nigeria and Ghana remained in position in neighbouring Senegal as the deadline passed.

Later yesterday, the British Broadcasting Corporation (BBC) reported that Senegalese troops had entered The Gambia to ensure Barrow assumed power as the country’s new president, quoting a Senegalese army spokesman.

West African leaders have threatened to remove Jammeh by force. The UN Security Council is backing their efforts.

The Gambia’s Chief of Defence Staff, Ousman Badjie said he would not order his men to fight other African troops if they enter the country’s territory.
He spoke Wednesday as Senegalese and other troops massed on his nation’s borders.

The Senegalese troops backed by Nigerian Air Force and other African troops were on standby to move into The Gambia as Jammeh approached a midnight deadline to stand down or face military action after refusing to leave at the end of his term.

The Gambia’s Vice President Isatou Njie Saidy has quit amid the rising political tensions. Saidy, who had been in the role since 1997, is the highest level official to abandon Jammeh’s camp.

The United Nations Security Council was to vote later yesterday on endorsing a west African military intervention .

Shops were shut and streets quiet in and around the capital city with tour operators evacuating hundreds of tourists from the tiny country’s popular beach resorts.

Meanwhile, the Senate President, Bukola Saraki, Deputy Senate President, Ike Ekweremadu and the Chairman, Senate Committee on Anti-Corruption, Chukwuka Utazi have disagreed over the deployment of Nigerian troops to The Gambia without Senate approval.

Utazi, (PDP, Enugu North) relying on Order 43 of the Senate Standing Rules and Section 5(4) of the 1999 Constitution as amended, noted that President Muhammadu Buhari erred by deploying troops outside the country without securing any permission from the Senate.

Also relying on Section 5(4)(b) of the 1999 Constitution as amended, Ekweremadu said the president could not deploy troops outside the country without any prior approval from the National Assembly.

But while responding, Saraki faulted Utazi’s claims and argued that Buhari was still acting within the confines of the law. He said the president could deploy troops, as long as the operation does not exceed seven days.

Quoting Section 5(5) of the 1999 Constitution as amended, Saraki maintained that until the expiration of seven days, no one can fault the action of the president.

The Gambia’s new president takes oath of office in Senegal

Ambode’s wife tasks women lawyers on domestic violence (Read full details)

Bolanle Ambode

Wife of Lagos State Governor, Mrs. Bolanle Ambode, has charged the International Federation of Women Lawyers (FIDA) to be more vocal on the worrisome trend of violence against women and children.

Mrs. Ambode while receiving the lawyers yesterday at the Lagos House, Ikeja, commended them for promoting the rights of women and children in the state and the country. According to her: “For a long time, many defenceless women and children suffered in silence because nobody stood up in their defence, a situation which has caused many broken homes, emotional breakdown and psychological trauma, among others.”

She assured the group that the state government was doing everything possible to ensure that the rights of every citizen in the state were protected.The chairperson of the association, Lagos State branch, Mrs. Ngozi Ogbolu, commended the state government for its proactive steps in adopting and enacting laws that protect, promote and preserve the rights and interests of women and children, citing the VAPP Laws of Lagos State (Violence Against Persons Protection Laws).

She disclosed that the overriding objective of FIDA was in line with the vision of the pet project of the governor’s wife; Hope for Women in Nigeria Initiative (HOFOWEM), which sought to impact the lives of underprivileged women, widows and expectant mothers, while also seeking to help rehabilitate vulnerable children and encourage their education.

Ambode’s wife tasks women lawyers on domestic violence

NJC tenders petition, panel report on Justice Ademola in court (Read full details)

NJC

The trial of Justice Adeniyi Ademola continued yesterday at the Federal Capital Territory (FCT) High Court with the tendering of a petition written to the National Judicial Council (NJC) on alleged bribery demand by the judge.

The petitioner, Fatima Sani Teidi and wife of former Director in Pensions Account Office, Head of Civil Service of the Federation and one of the prosecution witnesses, Sani Shuaibu Teidi, had accused the judge of demanding N25 million bribe from his husband to grant him favour in a criminal case presided over by him.

Justice Ademola, wife, Olubowale and Joe Agi (SAN) are standing trial on a 16-count charge bordering on alleged gratification.At the resumed hearing yesterday, the Director, Administration, NJC, Eugene Odukwu tendered a copy of the petition as well as the certified true copy (CTC) of the investigative panel proceedings and its findings which cleared the judge.

Odukwu is fourth of the 14 witnesses that the prosecutiing counsel, Segun Jegede, intended to call to prove his case.Earlier, the third witness, Ojima Etuh, told the court in her evidence-in-chief that she knew Joe Agi (SAN) as Justice Ademola’s personal lawyer.

Led by Jegede, the Research Assistant with the Federal High Court said she had carried out unofficial duties for Justice Ademola.In the cross-examination led by counsel to the first, second and the third defendants – Onyechi Ikpeazu (SAN), Chief Roberts Clarke and Jeph Njikonye – the witness admitted that Justice Ademola had once thrown out a matter brought before him by Agi over his governorship ambition.

She also admitted that in cases involving Agi as a counsel, Justice Ademola always announced that parties were free to request for transfer.Etuh confirmed that the petition in question was dismissed by the NJC thus clearing Justice Ademola of the allegation.

Attempt to call Prosecution Witness (PW) 6 was however opposed by the defense counsel on the ground that his summary of witness statement was not before the court.After listening to the parties in the matter, Justice Jude Okeke adjourned till January 30, 31 and February 1 for ruling on the PW 6 and for continuation of trial.

NJC tenders petition, panel report on Justice Ademola in court

Stakeholders prescribe options for capital market recovery (Read full details)

• Urge listed firms to backward integrate

For the nation’s capital market to make some reasonable level of recovery in 2017, stakeholders have charged directors of listed firms to streamline their business operations through backward integration strategies.

Quoted firms were encouraged to seek viable local content opportunities and indigenous production of commodities to solve problems emanating from inflationary pressures for guaranteed return on investment.

It is believed that if listed companies looked inward and source their materials locally, they would also develop smallholder farmers along the business chain and other rural traders in the long term.

Again, it would reduce, to the barest minimum, the exchange rate volatility and depreciation, which hurt economic performance by contracting output growth and inflation.
Stakeholders, who spoke in an interview with The Guardian, linked part of the lull in the nation’s capital market to the failure on the part of companies’ board to initiating good policies that would help the management to drive the business.

Indeed, they suggested that listed firms must adopt 100 per cent local sourcing of raw materials, noting that over dependence on foreign raw materials and exposure to foreign exchange has unfortunately, subjected firms to the vicissitudes of the Nigerian economy.Furthermore, they believed that local production would improve the performance of the listed companies and reflect on their share prices on the Nigerian Stock Exchange (NSE).

According to them, some board of directors have continued to invest on failing businesses that would never yield any dividend.For instance, the Managing Director of Trust Yield Securities, Rachidi Yusuf, explained that operators have adopted new measure to encouraging local production, firms by identifying local companies they can give necessary financial advice.

“We are encouraging local production, we are identifying local companies that we can give the necessary financial advice, financial back up and grow them to a level that you can encourage them to come and get listed on the stock Exchange.

“Most of these companies are having problems because of over dependence on foreign exchange either for their raw materials or technology and because there is shortage of foreign exchange, that is affecting them negatively.

“Since we are not sure when the resolution of that shortage will be, we are saying let them start looking inwards and a number of companies have started looking inwards they are now beginning to source their material locally and produce locally.

“Those kinds of companies we would start identifying them and encourage them to come to the exchange to get more companies producing what is needed by Nigeria.”The President, Independent Shareholders Association of Nigeria, Adeniyi Adebisi, submitted that if companies remain low performing or moribund for a number of years on end, the question needs to be asked what the directors and management of such companies are doing to turn the fortunes of their companies around.

“What has been observed is that many of those in authority of these companies seem complacent, and satisfied with enjoying the benefits of their offices not minding the fact that shareholders who are not within their circle are not receiving anything.

“Personnel in this category should realise that the main purpose of their enterprises is to manage the resources put under their care to make profit and declare dividends to their shareholders.

“Any board of directors and its management that cannot achieve this over a period of time should be removed. Where it is discovered that major shareholders are colluding with others to hold down their company with complacency and inefficiency, other shareholders, especially the small shareholders should make things uncomfortable for such board by insisting on effecting a change.

“There are provisions in the Companies and Allied Matters Act that protect the interests of minority shareholders in this aspect.“Companies that ‘chant’ ‘harsh economic environment’ year in year out as excuse for their inability to make profits and declare dividend to their shareholders should be viewed as suspects,” he added.

The National Coordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie, lamented that some stocks have remained at par value since the last few years, adding that these stocks have not in any way benefited the shareholders in terms of profitability which will manifest in dividends payment.

He pointed out that most of the stocks at par value have failed to reward investors for several years. Therefore, there is no incentive to demand for them amidst competition from other good performing stocks

He noted that most insurance stocks fall under the category of non-performers, even as their condition worsened due to over exposure to the capital market during the meltdown.Okezie added that the time is ripe for listed companies that were yet to return to profitability to seek other investment options that would enhance growth.

Stakeholders prescribe options for capital market recovery

Court to hear subsidy convicts’ application on January 26 (Read full details)

PHOTO:AFP

• Suit against Shell also adjourned

Hearing on the application filed by the convicted Chairman of Ontario Oil and Gas Nigeria Limited, Walter Wagbatsoma and Managing Director, Adaoha Ugo-Ndagi, has been fixed for January 26.

Justice Lateefa Okunnu fixed the date to allow the Economic and Financial Crimes Commission (EFCC) to study and respond to the applications.At the last adjourned date, counsel to the convicts, Mr. Edoka Onyeke, argued that they were not medically fit to stand trial.

He said the report from the Lagos University Teaching Hospital (LUTH) and Havana Specialist Hospital, Surulere, Lagos, proved that Ugo-Ndagi “is not fit at this time” to appear before the court.

But the EFCC’s counsel, Oladipupo Yeye, confirmed the service of the said applications, but prayed the court to give the commission some time to study and respond to them.
Justice Okunnu had earlier ordered the Lagos State Commissioner of Police (CP), Fatai Owoseni, to keep the convicted managing director under security watch pending when she would be transferred to prison.

This followed her alleged admission at the intensive medical care unit of LUTH.The judge had further ordered the medical directors of Havana Hospital and LUTH to swear to an affidavit of means to state the convict’s health status.

Before the ruling, Ugo-Ndagi’s counsel, Y.A Kadiri, explained that she is currently receiving treatments at LUTH.But the lead counsel to the EFCC, Rotimi Jacobs, urged the court to dismiss the request and pronounce the sentence on them.

Meanwhile, a Federal High Court, sitting in Lagos yesterday adjourned to March 20, 21 and 22, the suit against Shell Petroleum Development Company of Nigeria and Shell Western Supply & Trading Ltd, over alleged crude oil theft.At the resumed hearing on Wednesday, counsel to the plaintiff, Mr. Charles Nwabulu informed the court of his application for the amendment of his pleadings.

He also sought to substitute an earlier application he earlier filed.The trial judge, Mojisola Olatoregun, condemned the position of the Federal Government’s counsel and urged him to show more seriousness in the case. She awarded a cost of N100, 000 against the plaintiff.In a similar suit, the court fixed March 30, for hearing in a case between the Federal Government and Agip Oil Company Ltd.

In the suit, the Federal Government is claiming N406.7 million dollars from the defendants, representing the shortfall of money paid into the plaintiff’s account with the Central Bank of Nigeria (CBN).The money was said to be for the crude oil lifted in 2013 and 2014.

Court to hear subsidy convicts’ application on January 26

Financial Regulatory Council and sundry reform matters (Read full details)

FRCN

Let us assume, just hypothetically, that the former executive secretary of FRCN has some kind of hidden ax to grind with the RCCG, it should not have been possible for him to use the institution he supervised as the instrument for personal vendetta. No institution should ever be so permissible of anything personal. And this possibility, as I see it, constitutes the core of the institutional deficit afflicting Nigeria. Institutions in Nigeria demonstrate a glaring incapacity to be proactive in the face of challenges, governance, political, economic, and administrative. They also lack the mechanism to prevent internal incongruities.

First thing first, every institution must react to its context and environment. With regard to the idea of corporate governance, the ought to have known that it was walking a very tight rope in its attempt to monitor a corporate atmosphere charged with complex practices. Religion is a crucial issue in Nigeria. And its mismanagement has led to critical losses for the Nigerian state. The Boko Haram insurgency that has cost many lives could be traced, in a significant sense, to some badly managed military and administrative policies. Stakeholders’ ownership is very critical in policy implementation success, and that translates into a due and meticulous diligence in ensuring that each policy issue makes the round of relevant stakeholders.

The implication of this is simple: Any policy arising from corporate governance issue ought to have gone through the entire stretch of policy assessment and even more. Of course, no policy is impeccable. But then the ripples and revelations trailing the corporate governance code, especially for NFPO, seem to demonstrate a sloppiness bordering on lack of professionalism and institutional hastiness. Suspending a policy in itself speaks volume about the appropriateness of such a policy for its intended purpose. Thus, as a commentator rightly notes, not properly deducing the intricate nature of this issue of applying corporate governance code to, say, churches amount to an overkill, an institutional excessiveness that poses the danger of heating up the society unnecessarily.

But then, there is another side to the issue. And this involves the churches and other religious organisations themselves. While the FRCN is undergoing reconstitution, and the corporate governance code, hopefully, will be re-evaluated and reviewed, there is also a need for churches to look inward in the face of weak gate keeping that is undermining the Christian brand as the salt and the light of the world through the activities of charlatans in the guise of prophets-entrepreneurs riding on prosperity theology popular tendencies and vulnerabilities of a poverty-ridden and superstitious society and pervasive miracle mentality.

The Federal Government has the right to instigate any policy that affects its citizens, and religion plays a huge role in this regard because whatever happens in the religious realms have extensive impact on the way people relate with themselves in the public spaces. Beyond this, the FRCN is right about the critical nature of corporate governance and why not even churches and mosques can be excused. Religious organisations owe the government an adequate compliance with regulations that probes accountability. This is even more so in a state that is attempting to increase its profile of democratic governance. A church or mosque may be theocratic but that does not preclude its legal response to certain democratic imperatives concerning structures and rules.

On the other hand, the religious organisations owe their members a firm adherence to strict codes of accountability and other institutional structures that ensure not only spiritual adequacy but also financial openness. It would not be a sin if the financial transactions of a religious organisation are open within the bounds of regulation and best practices. Since the church or mosque is a custodian of morality, this institutional reform of its structures should not be a big deal. Fortunately, the RCCG is not a mean church that would be caught unaware by such institutional inadequacies.

But this is not to say that the RCCG is a perfect church. I am a member, and I should know that neither the RCCG nor any other church for that matter is immune from certain internal shortcomings that should necessitate a continual rehabilitation of its structures and institutions. Religious organisations are agents of development, especially within the environment of institutional incapacitation in Nigeria. From the Catholic Church to the RCCG and even several Islamic organisations, religious organisations play a dominant role in bringing the dividends of democracy to the doorsteps of members and other people alike.

And development in this context of underdevelopment becomes a moral imperative which would not permit the organisations to champion a good cause while they are in themselves an emblem of institutional incoherence. A strong case can be made for the autonomy of religious organisations given that, for instance, some of their founding constitution sits incongruously with the legal requirements of the federal constitution of Nigeria.

However, just as religious institutions have modified the way we think and rethink secularity in Nigeria, they must equally be modified by the imperatives of secularity and democracy. It will therefore be an act of good faith for religious organisations to firm up their institutional deficits in ways that will add to their credibility, spiritually and administratively. In many quarters, churches and mosques do not enjoy good public reputation. In fact, the reason why many lash out at them is the attempt to hide corruption behind the cloak of godliness to deceive the innocent.

On the other side, and this is even more critical, it is high time Nigeria (and religious leaders would do posterity great service if they provide a lead in this rethinking and reform) commenced a deep institutional and administrative reassessment of religion and its corporate dynamics in a manner that will put to rest the debate around whether religious organisations ought to answer to corporate regulations. The review of the corporate governance code that jumpstarted the problem in the first place could be a wonderful opportunity to resolve it finally.
Olaopa is executive vice-chairman Ibadan School of Government and Public Policy (ISGPP).

Financial Regulatory Council and sundry reform matters

Real Madrid slumps to another defeat against Celta Vigo (Read full details)

Real Madrid's French forward Karim Benzema (R) and Real Madrid's Croatian midfielder Mateo Kovacic leave the pitch at the end of the Spanish Copa del Rey (King's Cup) quarter-final first leg football match Real Madrid CF vs RC Celta de Vigo at the Santiago Bernabeu stadium in Madrid on January 18, 2017. Celta won 2-1.  AFP PHOTO / JAVIER SORIANO

After surrendering a record 40-game unbeaten run, Real Madrid suffered a second defeat in four days on Wednesday as Celta Vigo took a 2-1 first leg lead from their Copa del Rey quarter-final at the Santiago Bernabeu.

All three goals came in a six-minute spell midway through the second-half as strikes from former Liverpool striker Iago Aspas and Jonny either side of Marcelo’s reply for Madrid handed Celta a famous win.

Real can still salvage their quest for a first ever treble of Cup, La Liga and Champions League, but now need to score at least twice when the visit Balaidos for the second leg on January 25.

“I am not worried,” insisted Real Madrid boss Zinedine Zidane.

“It is not a good moment for us, two defeats (in a row), but we can overcome this. We still have the return leg to go.

“Losing 2-1 the result is not in our favour, but we know we can go there and change that.”

Celta Vigo boss Eduardo Berizzo said the Galicians’ first win at the Bernabeu in a decade didn’t surprise him, but that they would need to be even better next week on home soil to finish the tie off.

“None of my team’s victories surprise me. It is a huge win, coming to a place like this and facing the best team in the world, but we believed we could do it,” said Berizzo.

“We are happy to win, but it obliges us to play even better in Vigo because we are facing a brilliant opponent and it is the toughest footballing test.”

Cristiano Ronaldo was making his first appearance in the Copa del Rey for two years as Zidane named a strong side with just four changes from the team that was beaten for the first time in 41 matches at Sevilla on Sunday.

However, with temperatures plummeting below zero and the match not kicking off until 21:15 local time, the subdued atmosphere at the Bernabeu was matched by a lacklustre Madrid display.

Ronaldo had to wait until 33 minutes for his first clear sight of goal, but failed to make a clean connection with Sergio Ramos’s cut-back and Jonny was able to clear from underneath his own crossbar.

An unfortunate hand injury to Marco Asensio as he was accidentally trod on by Facundo Roncaglia ensured Ronaldo moved from the centre of the Madrid attack back onto his habitual position on the left as Alvaro Morata was introduced early in the second-half.

Morata has scored four times as a substitute this season, and nearly had an instant impact when he blazed over when well-positioned inside the area.

Instead, it was Celta who got the opener as the game sprung into life in the final 25 minutes.

Marcelo’s miscued clearance from Theo Bongonda’s cross only found the grateful Aspas alone inside the area and he rifled the ball high past Kiko Casilla for his 15th goal of the season.

Madrid rallied as they so often have this season when Marcelo made amends with a brilliant volley from the edge of the box.

However, no sooner had Celta kicked-off when they were back in front as a huge hole appeared in the middle of the Madrid defence and Aspas teed up Jonny to bear down on goal and slot coolly past Casilla.

Zidane threw on Karim Benzema for the hapless Danilo as the hosts chased the game in the final 10 minutes.

And the Frenchman’s daring approach should have been rewarded with a second equaliser, but Benzema somehow blazed over with the goal at his mercy seven minutes from time meaning Madrid have it all to do at Balaidos next week.

In the night’s other tie, two late goals from Ibai Gomez handed Alaves a 2-0 win at second division Alcorcon.

Real Madrid slumps to another defeat against Celta Vigo