₦airaland Forum

Nigerians, other Africans elect thieves but want them to act like Jesus not Barabbas:


Patrick Lumumba, popular Kenyan lawyer and activist, says Nigerians and other Africans elect thieves as leaders, expecting them to act like Jesus Christ.

Citing biblical example of how the crowd supported the release of notorious thief Barabbas while calling for the crucifixion of Jesus, Mr Lumumba said Africans are attracted to thieves.

“Africans, for some reason, are attracted to thieves. Africa, for some reason, is attracted to men and women who can’t serve and when they are not served they complain.

“When Africans are told choose you now whom we shall release, Jesus of Nazareth or Barabbas, they say release Barabbas and when he behaves like Barabbas, they say why are you not behaving like Christ,” Mr Lumumba said.

Mr Lumumba, who once served as director of the Kenyan anti-corruption commission, said this in his speech on Monday at The Platform, an annual programme organised by Poju Oyemade, the senior pastor and founder of The Covenant Nation.

Mr Lumumba berated Africans for electing the worst amongst them to be their leaders, saying “Africa is only going to realise its potential when in all areas, by dint of choice, we enable our best men and women to serve in different areas.”

“Most of Africa is suffering because we do not have democracies. We have kakistocracies and kakistocracy is government by our very worst. This is what we must deal with and this is what we must say. Who do we elect into our public offices?” said Mr Lumumba.

Nigeria is Africa’s most populous country with an estimated population of over 200 million.

Mr Lumumba’s statement comes as the outcome of Nigerian last presidential election which Bola Tinubu of the All Progressives Congress was declared the winner by the Independent National Electoral Commission (INEC) is being challenged by opposition parties, while a wave of coup sweeps through the continent.

Military juntas in the last three years have truncated democratic governments in some African countries, including Mali, Burkina Faso, Guinea, Sudan, and most recently Niger Republic, and Gabon, citing rife corruption, insecurity and increased poverty.

TemplarLandry:
This boy with a nose that looks like that of a rat is influential? 😂😂😂😂
Those who drafted him to that list must have Influenza.

12.5kg cooking gas hits N12,500

Price of 12.5kg of Liquefied Natural Gas or cooking gas has increased to N12,500 as Nigeria celebrates her 63rd Independence anniversary, The PUNCH has gathered.

Market survey by our correspondent revealed that gas retailers had jerked up prices of 12.5kg from N10,000 reported towards the end of last month, to around N12,500 in Lagos.

The PUNCH had reported how the President, Nigerian Association of Liquefied Petroleum Gas Marketers, Olatunbosun Oladapo, warned that the price of 12.5kg cooking gas could hit as high as N18,000 by December if the Federal Government did not checkmate the activities of the terminal owners.

However, despite the warning, Olatunbosun told The PUNCH on Monday, that the government was yet to wade into the crisis.

I Watched Video Of Person Shot During Protest, Not...
“Yes, the price is now N1,000 per kilogram but the government is yet to step in despite a meeting we had with the NMDPRA,” he said.

According to him, gas retailers still buy 20 metric tons of gas for N14m at the depot.

Substandard cooking gas, cylinders in circulation, operators warn
“We still buy a 20 MT truck at N14m at the depots. And the price of diesel has increased that it now costs N1.7m to take gas from Lagos to the North due to the high cost of diesel. If we sell here at N1,000 per 1kg, just imagine how much it would cost in the Middle East and North.


“What we pray for is for prices to come down so that the ordinary masses can benefit from the decade of gas policy of the Federal Government that seeks to make gas accessible and affordable for the common man.”

The PUNCH had in September, reported how terminal owners jerked up the price of cooking gas from between N9m-N10m per 20 metric tons to N14m.

“There is a ridiculous hike in gas prices going on right now, and I am afraid that if the Federal Government does not step in to checkmate the activities of these terminal owners, price could reach as high as N18m for a 20 metric tons truck by December. This means that a 12.5kg could go as high as N18,000,” he had told The PUNCH.

According to him; terminal owners were “hiding under the guise of high foreign exchange to increase price, and further increase the suffering of the masses,” he said.

Although gas terminal owners do not have a visible association, spokespersons for NavGas, Friday Agwu, and Nipco Plc, Askay Kumar, did not respond to enquiries by The PUNCH.

My husband is not a magician – Remi Tinubu



The First Lady, Oluremi Tinubu on Sunday said her husband, President Bola Tinubu is not a magician.

She made the remarks in Abuja while speaking at the interdenominational church service to mark Nigeria’s 63rd Independence Anniversary, tagged, “Christ in you, the hope of glory.”

She said the Tinubu administration inherited the situation on the ground but is willing to fix things without putting blame on any administration.

“All we inherited are things that had happened many years ago; we are not here to put blame on any administration but to fix what has been damaged.

“My husband is not a magician; he is going to work and I believe and hope that we will have peace in this country; the best is yet to come to us,” she said.

“Good governance can only be impactful if the people follow the example of Jesus Christ, our Lord, who embodied the fruit of the spirit, including love, joy, peace, long-suffering, gentleness, goodness, faith, meekness, temperance and forgiveness.

“A Nigeria of abundance has begun, and to be part of the greatness that God has started in the nation, Nigerians must look beyond their current realities and embrace hope anew,” she said.

“There is no challenge, obstacle or difficulty that we cannot overcome or surmount if we imbibe the nature of Christ who said in Matthew 11:28 that ‘come unto me, all ye that labour and are heavy laden, and I will give you rest’.

“In times like these, all we do is to keep our hope alive, the lively hope which Jesus Christ has birthed in us,” she said.

TemplarLandry:
Good for the midget.

TemplarLandry:

I am not behind insecurity in Imo, says Uzodimma


The Governor of Imo State, Hope Uzodimma, has said that he is not responsible for the insecurity ravaging the state.

The governor who spoke at his home town in Ozuh Omuma, Oru East Local Government Area of the state during the dedication of St.Rose of Lima Catholic Church Parish Ozuh Omuma also added that his aides were not fuelling the state’s insecurity.

A statement issued by his spokesperson, Oguwike Nwachuku, quoted the governor as saying that he was a product of grace and the mercy of God.

The statement read in part, “Bishop of Catholic Diocese of Orlu, Most Rev Dr. Augustine Ukwuoma in his Homily said the Church dedication will help to foster peace and bring to an end the insecurity and bloodletting in the area and parts of the State.

“In his remarks at the end of the Service, an elated Governor Uzodimma thanked the dignitaries who came from different parts of the country and used the opportunity of the dedication to inform the congregation that neither himself nor his government is instrumental to the killings in Imo State.

“He described the insinuation as evil, devilish and an attempt to smear his image and blackmail his government.

“He reiterated that as a Governor he needs peace to serve the people well and urged those behind the insecurity in Imo State to have a rethink or be ready to face the wrath of God.


“The Governor said that despite all the accusations and blackmail against his person and his administration, God has proven to be with him, saying, “because power belongs to God.”

“He said as someone who has benefited from God’s grace, he owes God a lot of gratitude, noting that it is unthinkable for anyone to link him or his government to the cause of crises and violence in a State God made him Governor.

“He therefore admonished those responsible for the violence and carnage in Imo State to desist forthwith because they will at the end answer for their sins before God.”

Tunde835:
I'm saying this again you guys are attracting enemies to your tribe with your behavior on this forum. Nobody will respect you because you insulted them.

Ofunaofu:
Gandollar is the one giving us this assurance

Wonderful

accordadoga30:
Igbos and propaganda.

Of this was true, just check who is behind the American twitter or Facebook account and you will find out it's one 0kOrø

illicit:
Me, a kid?

Say no more

illicit:
Not movies

Which one are you tho?

illicit:
Oga stepper

America meets with Al Qaeda and Taliban

Israel meets with whatever Terrorists fighting them

How do you negotiate prisoners exchange, ceasefire if you don't meet

It's standard ops

Non kinetic approach, Obasonjo called it carrot and stick

Didn't Yaradua negotiate Amnesty with Millitants? So he didn't meet them


Mr stepper

yarimo:
This is very commendable from Governor adeleke, but get ready to leave osun state government house in 2027

stuffs2002:
SE has always been a region of hate and intolerance.

They never preach love and peaceful coexistence.

illicit:
It happens all over the world

Treamdesign22:
no be lie

SMEs turn to loan apps as hardship bites


In this piece, Temitayo Jaiyeola explores how Small and Medium Enterprises are patronising loan apps to survive harsh economic realities

The average life expectancy for Small and Medium Enterprises in Nigeria is five years due to harsh economic conditions, infrastructural deficits, lack of access to capital, and inconsistent government policies.

Many studies have shown that about 80 per cent of SMEs fold up before their fifth anniversary. According to a report titled “Perception Study: Efficiency and Impact of Regulatory Activities of Standard Organisation of Nigeria on SMEs,” numerous variables influence Nigeria’s economic climate, impacting the operations of businesses.

There are about 17.4 million SMEs in Nigeria, and they contribute about 48 per cent to GDP and account for 50 per cent of industrial jobs in the country, according to the National Bureau of Statistics.


They are vital to sustainable development since they create jobs that are essential in poverty alleviation and economic freedom for individuals.

They are also the most vulnerable to economic shocks and the country’s lack of critical infrastructure.

In 2022, the Small and Medium Enterprises Development Agency of Nigeria estimated that about two million SMEs in the country crashed between 2017 and 2021.


According to the World Bank, businesses in Nigeria lose about $29bn annually because of the country’s unreliable electricity.

It noted that over 22 million petrol generators powered about 26 per cent of all households and 30 per cent of Micro, Small and Medium Enterprises in Nigeria, increasing the cost burden on businesses.

A 2020 PricewaterhouseCoopers International Limited survey revealed that electricity accounted for the biggest costs to daily operations of small businesses.

A research conducted by the Centre for Democracy Development and SOAS University of London revealed that SMEs in Nigeria get just 1 to 5 hours of electricity in a day.

This is killing businesses, and according to PwC, low electricity supply is responsible for the death of one in seven firms that die.

This over-reliance on fuel has ensured that SMEs and commodity prices are more susceptible to fuel price shocks than normal.

It was why when President Bola Tinubu’s administration removed fuel subsidy, which has more than doubled the price of fuel, members of the organised private sector expressed fear about job losses and the possible shutdown of many businesses.

Prior to May 29, when the petrol subsidy regime ended, many SMEs were already struggling for survival due to harsh economic realities exacerbated by a cash crunch issue.

As the World Bank put it, many SMEs were unable to access credit and fund operations, limiting their ability to scale up production and invest in new projects because of the cash crunch.

The cash crunch caused the country’s GDP growth to fall to 2.31 per cent in the first quarter of 2023 from 3.52 per cent in the fourth quarter of 2022.

So, it was not surprising that after fuel subsidy was removed, the Deputy President of the Lagos Chamber of Commerce and Industry, Gabriel Idahosa, told The PUNCH, “In the near term, there will be a lot of hardship. A lot of small businesses will crumble completely. There will be a drop in production capacity.”

The President of the Association of Small Business Owners of Nigeria, Femi Egbesola’s prediction was bleaker. He lamented, “It is a sledgehammer on micro and small businesses. I just wonder how we will survive. I must tell you I am confused. The economy has been in a basket, but this is suicidal. I foresee quite a lot of businesses going under. I don’t see how micro and small businesses can survive this. Many will go down.”

Conscious of the impact of fuel subsidy’s removal on these businesses, the government had since announced that it would inject N125bn into the micro, small and medium-sized enterprises and the informal sector space to cushion the negative impact of its policy.

In a national broadcast, President Bola Tinubu, said, “Our administration recognises the importance of micro, small and medium-sized enterprises and the informal sector as drivers of growth. We are going to energise this very important sector with N125bn.”

Tinubu noted that the government would spend N50bn on conditional grants to one million nano businesses.

He said the government intended to give N50,000 each to 1,300 nano business owners in each of the 774 local governments across the country.

He further added that his administration would fund 100,000 MSMEs and start-ups with N75bn, giving the businesses access to loans of N500,000 to N1m at nine per cent interest per annum and a repayment period of 36 months.

Access to finance is crucial for SMEs to grow and survive economic shocks like fuel subsidy removal. The average small business in Nigeria earns N223,250 in monthly revenue, a study from the National Bureau of Statistics and the Financial Access Initiative Research Centre of New York University recently disclosed.

This ensures that many small businesses are at the mercy of the economic realities of their customers, leaving them unable to scale production or acquisition.

In emerging markets and developing economies, 55 per cent to 68 per cent of formal SMEs are either unserved or underserved by financial institutions, leading to a total credit gap estimated to be $5.1tn.

According to PwC, the financing gap for Nigerian MSMEs was about N617.3bn annually (pre-COVID-19 pandemic).

So, many SMEs are forced to rely on friends and families, grants, and developmental finance (that does not always go around) to keep their lights on.

However, in recent times, more small business owners have begun to turn to fintech companies that offer loan services for credit.

These companies are not only driving an increase in business loans. Fintech channels recently pushed total consumer credit to N2.35tn in the first quarter of 2023, according to the Central Bank of Nigeria.

Some of these businesses, which offer loans with less rigidity and paperwork than banks, told The PUNCH that the demand for loans had grown by 100 per cent in recent months as businesses search for capital to restock or keep their lights up.

The founders of those companies stated that harsh economic realities were making more businesses rely on more loans because of the constant rise in the cost of goods and services, especially since the removal of fuel subsidy.

The Chief Executive Officer/founder of Trade Lenda, Adeshina Adewumi, told The PUNCH that his firm’s absolute numbers had grown by 100 per cent in the last two months.

He said, “The numbers have gone quite high. In terms of users, we have grown slightly over 100 per cent within this subsidy removal period, June and July.

“The increase in loans is generally across the board even though we do not focus on individuals. We focus just on businesses that need loans to grow their business, and we have seen the number grow significantly high. We have grown by over a 100 per cent in the last two months. People are requesting N50,000 (the least we have seen) and as high as N5m.”

He argued that business owners were struggling to restock as the prices of goods and services were constantly changing in the market.

Adewumi, whose startup serves over 244,000 businesses cutting across farmers, and traders, said there had been an increase in the number of small businesses in need of N50,000 to augment their operations.

He noted that the business had not been able to meet many of the requests.

According to him, the surge in the demand for loans has created a new problem with fintech needing more liquidity.

He stated, “There is a liquidity problem in the market now. Loan apps looking for about N10m to N70m to meet their business obligations have reached out to us. We cannot currently support all the guys, even though they qualify.”

“User base has increased by 100 per cent, but we cannot serve all of them. Disbursement in May was N179m, in June N220m, in July N237m. There is an increase in demand, but supply is constrained.”

The founder of TellerOne, Olajuwon Marc, affirmed that the number of approved loans by his company has grown.

He stated that in recent times, the economy had stifled businesses and the only way they could grow is to borrow more.

He said, “Things are now very expensive and the initial capital businesses have is no longer enough to buy things from the market, and they now rely on loans to survive this. We give out these loans to SMEs.”

He continued, “The number of approved loans has grown to up to 70 per cent. The demand has surged to over 100 per cent. People always need loans, and the harsh economic realities now are driving this.”

Marc re-echoed the concerns of Adewumi that illiquidity in the loan sector was impacting how much loans firms could give, despite growing demand.

He explained that in June, the firm was able to approve N40m because it did not have enough disposable cash.


The co-founder of Regxta, who serves businesses in rural and semi-urban areas, Bello Rukayat, told The PUNCH that the company had been forced to increase its minimum disbursals from N20,000 to N30,000 because its customers were asking for more.

She said, “Our customers are asking for an increment in the value of the loan amount. We used to give N15,000 to N20,000 to our customers, but so many things are now expensive. So, we give more. Our minimum loan is now N30,000. The costs of things are skyrocketing. People are asking for more, even why still owing.”

Rukayat noted that while businesses had begun to ask for more loans, they were also struggling to pay, creating a double whammy.

She explained, “Businesses, especially those not selling essential commodities, are now lamenting and people are not even able to meet their loan obligations again. We have had people tell us that they cannot pay maybe their daily N1,500 obligation but can afford N500 daily. We collect anything they have.”

The co-founder of Sycamore, Babatunde Akin-Moses, corroborated what the other founders had said.

According to Akin-Moses, businesses currently need to spend more because of a high inflationary environment.

He explained that while there was a need for loans, there was also the concern with business income, which had been falling for many.

He, however, noted that his startup had not recorded a spike in loan application following subsidy removal.

While loan apps are offering a temporary reprieve to small businesses, there are still plenty of issues that only serious government action can solve.

Prof Banji Oyelaran-Oyeyinka, in a study titled ‘SME: Issues, Challenges and Prospects,’ said, “Compared to other emerging markets, Nigeria has historically shown a lack of commitment to building a strong SME sector.”

Until the government shows commitment to helping SMEs grow, private solutions will only last as long as road patches in the country do.

yarimo:
It shall be well with Peter obi....see how hunger is dealing with me...shame on my father, who refused to give me decent life

PoliteActivist:
What good is it if u locked up for life? The intelligence is doing it and staying our of jail to enjoy it!