₦airaland Forum

The man went to the court and won. So, what are you talking about? Forget about all those allegations against him.

Love Machine:
His wealth is questionable.He was part of the crooks who diverted FG bailout funds for airlines for personal use.

Do you have at least an evidence to show that his wealth is questionable?

Dr. Jimoh Ibrahim lecture series is a topic-by-topic compilation of lectures delivered by the billionaire businessman and founder of Energy Group of Companies, Barrister Dr. Jimoh Ibrahim (CFR), on how he conquered abject poverty and became a billionaire at a record age of 36. It also contains his lectures on financial intelligence, several business and wealth creation ideas. To read it, click:
http://www.tectono-business.com/2015/10/tectono-business-review-presents-dr.html

Tectono Business Review is the Nigerian version of Harvard Business Review, Oxford Business Group, EuroMoney and Financial Times. It publishes business news, business articles and business adverts.

It is meant for the elites like business tycoons, top politicians, captains of industries, heads of federal parastatals, top managers of blue-chip companies. It is very educative and informative.

Avail yourself of this opportunity of reading Tectono Business Review publications just by clicking:
www.tectono-business.com

Although all the nine banks –First Bank, Diamond Bank, Sterling Bank, Skye Bank, Fidelity Bank, United Bank for Africa, Keystone Bank, First City Monument Bank, and Heritage Bank — suspended from the foreign exchange market have since been readmitted by the Central Bank of Nigeria (CBN), the episode points to the need for caution when the regulatory authorities decide to wield the hammer to redress perceived violations.

Even before the formal announcement of a recession by the Federal Government, most economists were of the view that the economy was headed in that direction. All the economic indices were negative and getting progressively worse from the first quarter right through the second quarter. Now the economy has contracted by 2.6 per cent. Given that scenario, and the vital role which the nation’s banks will have to play in any possible recovery, the CBN should have exhausted all options before taking the drastic action to bar over half of our commercial banks from the foreign exchange market at once. It became counter-productive. Eight banks in search of $1.77bn to remit immediately drove up the exchange rate to more than N500/US$1.

Who can benefit from that? UBA should not even have been included in the list. The bank’s protest and its immediate return to the forex market pointed to a hasty decision. Secondly, the CBN had just recently taken steps to save Skye Bank from imminent crisis. The bank needs all the restoration of public confidence it can get. Banishing it publicly from the foreign exchange market would deepen its woes and create collateral damage in the inter-bank market. Granted, the banks failed to remit about $1.77bn NNPC’s funds to the Treasury Single Account (TSA) when instructed to do so. But, the TSA introduction was a sudden policy change, which caught all the banks unawares. The immediate withdrawal ordered was simply not totally feasible given the scarcity of dollars which had characterised the Nigerian economy since 2015.

Until the new government came into office, Ministries, Departments and Agencies of governments kept large funds in various accounts for use when needed. Seldom would any organ of government request for all its funds at once. That was the old normal. With TSA, the Federal Government requested for all the deposits at once. That is the new normal. But, most financial experts are of the view that the Federal Government failed to provide sufficient notice to the banks. That was the cause of the problem. Now that a more realistic settlement has been reached, the nation can quickly forget this interruption in our march to recovery. However, it needs to be stressed that, more than ever, caution is needed in imposing sanctions on banks during recession. We must do everything legitimate to support them.
Source: www.tectono-business.com

Ime Archibong directs activities at Facebook and leads the team focused on accelerating Facebook’s product strategy by establishing partnerships, driving product integrations and unlocking new business opportunities with leading companies across multiple industries and sectors.

Call him Zuckerberg’s deputy and you would not be far from the truth, because they seem to be Siamese twins in fashioning new ideas that have transformed Facebook into something much more than a social media initiative. The fact that they are beside each other at every trip and event Facebook is expected to play active part, says it all.

During a chat with journalists prior to his coming to Nigeria alongside his boss, Mark Zuckerberg, he opened up on how Facebook sees Nigeria and what benefits the multi-billion dollar company can derive from the visit.

He said: “One of the things I had walked away with having spent time with many Nigerian young entrepreneurs and ecosystem partners I have met over time is the energy in their hustle. It really inspired me. “I knew some of them who studied in the United States and decided to come and settle in Nigeria. But they are doing something really interesting in the ecosystem. I was really blown away by their dedication to transforming Nigeria.

“Despite the challenges prevalent in the environment here and indeed on the rest of this continent, there is still a lot of creativity coming out from this part of the world. I sit and scratch my head looking at the geniuses that come out of here despite the conditions and wondering what they can do in better conditions. In a non personal capacity, I also want to learn and understand what is on the ground. It is an opportunity for Facebook to add value to what they are trying to do. More importantly, it is part of a listening and learning process for us to really appreciate what is happening around from fellow tech minds.”

However, he also revealed another side of him that is not known to many; Archibong is a full blooded Akwa Ibomite. But in his entire adult hood the tech expert has only visited his country, Nigeria, twice. For him, it is an exciting experience and he relished the idea of home coming like a toddler could relish his Christmas clothes.

“I am happy to be home. We are doing some sort of town hall meeting with some tech entrepreneurs and developers and specifically sharing Facebook’s ten year road map with them. I have been in Nigerian a few times, my father is from Uyo, Akwa Ibom but he grew up in Aba, Abia State. My mum is from Enugu. So, we spent a lot of time going back and forth when we came home for the holidays in those days. During my last visit, we were able to work in Nigeria and launch an internet.org initiative in Nigeria; that was the first time I was here by myself. So this second coming is so important to me in so many ways,” he added.

Archibong is truly a big boy both in body size and in terms of portfolio he controls at Facebook. As the Director of Strategic Partnerships, he leads the team focused on accelerating Facebook’s product strategy by establishing partnership, driving product integrations and unlocking new business opportunities with leading companies across multiple industries and sectors. He also supports the Internet.org team, leading their global partnerships work with developers and content creators that will accelerate the next 5 billion people coming online.

Prior to joining Facebook, Ime was an Advanced Technology Business Development Professional at IBM, focused on licensing IBM’s global portfolio of storage research technology. He started his career at IBM as a software engineer in the Systems and Technology Group before transitioning to the corporate strategy team, and then eventually the business development team.

Ime holds a Bachelor of Science degree in Electrical Engineering and Computer Science from Yale University and a MBA from the Stanford Graduate School of Business. Archibong is one of Silicon Valley’s 40 Under 40 Tech Diversity launched in 2015, in partnership with theREGISTRYBayArea.com, to highlight the underrepresented role models and achievements of the wide range of people who make the tech industry brilliant. “40 Under 40: Tech Diversity – Silicon Valley” is a unique recognition of the outstanding achievements of 40 diverse leaders from underrepresented ethnicities, under the age of 40, in the Innovation Economy. They are viewed to have a heightened focus in the tech industry to embed diversity into their companies, services and products, as well as their working practices.
Source: www.tectono-business.com

Nigeria, Africa’s largest economy, is at a critical juncture in 2016. While the future remains bright for the bellwether of African growth, the next months and years will be characterized by significant turbulence.

After a decade of rapid economic growth that made the country a go-to destination for global capital, investors are increasingly questioning whether Nigeria will live up to its promise as an awakening economic giant.

The exuberance seen in 2015 following a smooth political transition to the administration of President Muhammadu Buhari, the corruption-fighting former general has now dissipated. A seemingly perfect storm of macroeconomic and localized problems has created a grey cloud over Nigeria.

The country is struggling with three interrelated challenges: the collapse of oil prices to below $40 a barrel and the resultant budget deficit; a crippling foreign exchange shortage and an ongoing battle against violent extremism in the north.

Despite progress toward economic diversification, oil exports still account for two-thirds of government income and because of the previous administration’s failure to keep a rainy day fund, the country’s economy has been hit hard with little to soften the blow. Estimates have the government’s oil revenues dropping by more than 80 percent, and the country’s budget deficit is expected to double to $11 billion in 2016 as the administration is seeking to maintain spending on much-needed infrastructure. To fund the budget and pay government employees, Nigeria plans to borrow around $5 billion from the World Bank, African Development Bank and the Chinese government.

Oil dependency combined with a strong U.S. dollar has led to the rapid depreciation of Nigeria’s currency, the naira. The currency fell nearly 50 percent over the past 18 months against the dollar, and the spread between the official and street level exchange rate now runs at about 120 naira. The Nigerian Central Bank has continued to prop up the naira, and Buhari is adamant that he “won’t kill the naira” by devaluing it. They have, instead, introduced controversial capital controls that dramatically limit access to foreign exchange, spurring outcries from investors, small businesses and consumers that all rely heavily on imports.

Given these foreign exchange constraints, many international investors are looking elsewhere over concerns that they will not be able to get the dollars they put into Nigeria out. Ivory Coast just surpassed Nigeria in its rank as the top African destination for investment.

With government spending dependent on new loans and business stymied by the lack of dollars, Nigeria is experiencing its lowest rate of GDP growth in 16 years at 2.1 percent. Lines of cars waiting for scarce petrol that stretch for miles are a daily sight. Many of the country’s state and local government employees have not been paid in 27 months, including some within its military. This is only making the grueling fight against Boko Haram, a militant group based in the northern part of the country, even more difficult.

With the price of oil almost certainly remaining near current levels and emerging markets slowing down globally, Nigerians will have to settle for short-run pains. This is a harsh reality in a country with a population nearing 180 million people, half of which are between the ages of 15 and 34, and one which is expected to double in size by 2050. With 5.2 children on average to each Nigerian mother, the country has a lot of mouths to feed and consumer desires to satisfy.

But there is opportunity in this challenging shift. If the Buhari government can use the dire economic situation as an impetus for making hard policy changes—reforms in the oil sector, in the management of the military, and in the bureaucracy—the groundwork can be laid for a robust and sustainable period of future growth. Fortunately, many of the building blocks are in place.

More than 80 percent of Nigeria’s GDP growth over the course of its modern boom has been from the non-oil sectors, including services, manufacturing and agriculture. Nigerian companies also are stepping up to fill some of the gaps in the market. The Dangote Group—the local industrial behemoth—made a big bet on tomato paste this year with a critical investment in Nigeria’s turbulent northern state of Kano.

History shows that the Nigerian people are exceedingly resilient, optimistic, and entrepreneurial. This is not the first oil price collapse the country has seen, and Nigeria rapidly rebounded after price shocks in 1997 and 2008. The current shock will likely prove no different—the famous Nigerian “hustle” will keep businesses alive and well-positioned for the return to growth. If international investors show the same resiliency and ride out the storm, they will find profit over the medium-term.
Source: www.tectono-business.com

President Muhammadu Buhari’s Economic Team headed by the Vice President, Professor Yemi Osinbajo, has served notice of its intention to introduce a bill in the National Assembly (NASS) seeking “emergency” powers to fix the economy.

In a nutshell, the bill, which is expected to be in the NASS as soon as members resume from their recess, seeks to: speed up the procurement process and raise mobilisation fees to contractors to 50% from the current 15% (thus ensuring that local contractors are favoured) and abridge the process of sale/lease of governments in order to raise revenue.

Others are, to allow virement, (the reallocation of funds to projects in the budget) by the Executive without the approval of the Legislature as the Constitution demands; amending some laws, for example, the Universal Basic Education Commission (UBEC) law to allow states that do not qualify to access their share of the UBE funds to enhance the education sector; speeding up the process of obtaining the Nigerian visa and compel crucial agencies like National Agency for Food and Drugs Administration and Control (NAFDAC) and the Corporate Affairs Commission (CAC) to improve our poor doing business rating.

Some stakeholders in the economy, especially the organised private sector, have eagerly supported this proposal, obviously because fifteen months after assuming power, the Buhari regime has finally come out with the intention to do something radical to address an economy that bleeds on all fronts while the regime makes excuses by blaming its predecessors. The mass poverty from unpaid salaries, massive loss of jobs and flight of foreign capital and companies to more profitable grounds, mainly as a result of Buhari’s policies, have recently forced Nobel Laureate, Professor Wole Soyinka; former CBN Governors, Professor Charles Soludo and Emir Sanusi Lamido Sanusi as well as Cardinal Olubunmi Okogie, to voice out their concerns over the terrible economic situation.

It is our candid view that what is required to fix the economy is not a fallback to draconian laws that grease the wheels of impunity and corruption, but imaginative thinking and all-inclusive leadership. Nigeria’s President has enough powers in the constitution to do his work. All he needs is to engage actively with all stakeholders, particularly the National Assembly and other non-state actors, to get rid of bottlenecks to economic recovery. The President needs the collaboration of all sectors to succeed. That is the hallmark and beauty of democratic governance. Apart from more abandoned projects which the 50% mobilisation could create, it will also enhance large-scale corruption since politicians and influential people within the ruling party will be the primary beneficiaries of contracts.

Secondly, virement is a core legislative constitutional power. We oppose the exclusion of the Legislature, as this could worsen the unbridled favouritism and nepotism already evident in this government’s public appointments. The Legislature’s checks and balances function must be asserted in any virement action. The emergency powers which the Shagari’s government was granted never fixed the economy. They merely made the poor masses to pay for the sins and excesses of politicians. We must do away with our military or fire brigade approach to governance, where the making or change of laws is seen as the silver bullet to kill problems. It never does. It requires painstaking imagination, not emergency laws, to solve problems, especially those of economic nature. Emergency powers will only benefit politicians, open a new front for corruption and advance the shadow of civilian dictatorship.
Source: www.tectono-business.com

Organic Agriculture is the production system in agriculture that avoids synthetic chemicals but uses or¬ganic materials thereby promot¬ing soil health and biodiversity, in addition involving low stress treatment of animals and plants with sound environmental prac¬tices.

Organic agriculture is en¬joying growing acceptance in many advanced countries. Nige¬ria should join in the crusade on the massive use or application of organic agriculture. In August, 1996 over 1,000 delegates from 92 countries participated in the 11th International Scientific Con¬ference on Organic Agriculture which was held in Denmark.

The promotion of organic ag¬riculture, protection of environ¬ment, quality and safety of food and local self –reliance are es¬sential elements of food securi¬ty. Organic agriculture ensures the long term security of human and material resources, produc¬ing sufficient food of high quality while protecting the environment and conserving biodiversity.

In other words, organic agri¬culture is non-chemical agri¬culture, which is now gaining popularity in Europe and Amer¬ica. Other developing countries including Nigeria should join the crusade in the practice of non-chemical agriculture. The Food and Agriculture organiza¬tion (FAO) had encouraged local organic fertilizer during the Na¬tional Program for Food Secu¬rity (NPFS) activities in Nigeria.

Nigerian farmers are hence¬forth advised to go into non-chemical agriculture. At this junction it is necessary to high¬light some advantages of organ¬ic agriculture:
1. Compost fertilizer appli¬cation to the soil acts as host and source of food to the growing plants and promotes the activi¬ties of living creatures in the soil such as earthworms, termites etc.
2. It improves soil structure because colloidal materials in them help to bind loose soil par¬ticles.
3. It helps to conserve soil moisture and reduces rapid soil temperature fluctuations.
4. Mineralization of humus adds nutrients to the soil which will lead to an increase in plant yield.
5. It contributes in balanc¬ing the acid/base condition of the soil.
6. It helps in preventing soil erosion because it improves the structure of the soil and reduces the speed of run-off.
7. Generally, the use of or¬ganic agriculture has the answer for the safe and international¬ly accepted foodstuff. Products from organic agriculture are saf¬er and non-toxic to soil and hu¬man beings.
8. Commercial produc¬tion and use of compost ma¬nure would help to improve ag¬riculture and the economy. It can boost food production, farmer’s revenue and at the same time provide sound environment pro¬tection. However, one major dis¬advantage of the use of organic manure like poultry manure is that you consider the quantity of the material to use which is al¬ways very large and bulky. For in¬stance you may use about 500kg of poultry manure to serve al¬most the same purpose as 50kg (one bag) of inorganic fertilizer like N.P.K. 20.10.10.

We are proud of our Indige¬nous Knowledge Technologies. (IKT). We can use organic materials to store dry seeds like maize, cowpea (beans). The dried guava and neem leaves can be reduced by grinding into powdery form and use to store maize or beans. Also dry ground neem leaves mixed with hot pepper for storing beans in air tight containers can equal¬ly be used. Other Indigenous Knowledge Technologies in¬clude dressing seed yams with palm bunch ash against fungal attack before planting and the use of palm bunch ash to rub on bruised yam to avoid de¬cay.

These are biological or or¬ganic applications. Many parts of neem tree can be used- the leaves, seed kernel and the bark. The entire neem tree (Dogonya¬ro) has bitter properties but the most effective in repelling in¬sects is the seed kernel. It can control many insects like maize weevil, rice weevil and cowpea (beans) weevils etc. it is on re¬cord that neem tree has been used for many years in India for controlling insect-pests in farms, in the households and even in public health.

In Nigeria we cannot talk of organic agriculture without talking about farm yard manure like sheep and goat faeces, cattle and pig dungs, poultry manure etc. The integration of animals into crop production systems will make available to the farm¬er almost a free supply of ferti¬lizer. The faeces, urine and oth¬er metabolic waste products of domestic animals can all be uti¬lized effectively in the prepara¬tion of farmyard manure. In ad¬dition, organic agriculture must make for extensive practice of composting (compost manure). Composting is thus the process of rotting down of plants and animal remains in heaps before the residue is applied to the soil.
Source: www.tectono-business.com

Fertilizer Producers & Suppliers of Nigeria (FEPSAN) is a national trade association set up to represent the needs and interests of fertilizer manufacturers, blending plants, major distributors, dealers and farmers in Nigeria.

FEPSAN strives to bring the following benefits to its members and the Nigerian agriculture:
Adopting best practice to provide valuable, reliable and timely data and monthly trade and market information to help members to anticipate changes in industry/market and to properly plan their businesses.
Lobby and advocate activities for better business environment for members.
Identify and communicate leading product safety initiatives, standards and regulations to members for finished products.
Linkage with sources of raw materials and market for finished products.
Business development services such as joint procurement, publicity, adverts and promotions and capacity building for members’ company staffs.
Representation of members’ interest at the federal, state and local levels and at fairs, exhibitions and shows.
Development of database for the industry and surveys to collect data and information for joint advocacy, advisory services, database development and for members’ business planning.

Membership of Fertilizer Producers & Suppliers of Nigeria (FEPSAN) is open to all registered companies under the law dealing with manufacturing, blending and distribution of good quality fertilizer. Other players in the fertilizer value chain may be considered as affiliate members.

For further information, visit: www.fepsannigeria.com or contactinfo@fepsannigeria.com or fepsannigeria@yahoo.com
http://www.tectono-business.com/2016/09/fertilizer-producers-suppliers-of.html

This is the url of my own blog: www.tectono-business.com
Please, I need blog gurus to review it and give me necessary advise. Thanks.