Connect with us
nairametrics
UBA ads

Business News

BudgIT’s Onigbinde has resigned as Technical Adviser to Ministry of Budget

Seun Onigbinde’s (@seunonigbinde) resignation is coming barely weeks after his appointment as Technical Adviser to the Budget Minsitry was made public.

Published

on

Oluwaseun Onigbinde

Following the public outrage that heralded last week’s appointment of Oluseun Onigbinde as a Technical Adviser to the Ministry of Budget and National Planning, the data analyst and Co-founder of BudgIT just announced that he is turning down the offer.

Making the announcement via Medium, Onigbinde said that his decision to step down came after he thought long and hard about the development and people’s reactions.

UBA ADS

“Upon further reflections on the furore that has been generated by my new role as the Technical Adviser to the Minister of State for Budget and National Planning, I humbly resign the appointment.”

Onigbinde also stated that the media coverage of the appointment last week “created a complex narrative”. This, he believes, would have made it difficult for him to function optimally in the new role.

GTBank 728 x 90

[READ: BudgIT’s Co-founder gets Federal Government appointment]

He then expressed his gratitude for having been considered for the important role, even as he appreciated all those who reached out to him with congratulatory messages following the appointment.

Note that Onigbinde’s resignation as the Technical Adviser to the Ministry is coming barely days after the announcement was made public. And despite that unexpected turn of events, he said he remains committed to the important process of nation-building.

“My sincere interest is to see a Nigeria that grows and optimises resources for the benefits of all Nigerians.

“My loyalty to the good cause of our nation, Nigeria compelled me to accept the call to provide technical skills and this experience has more than strengthened it.”

app

Surprisingly, Onigbinde also expressed a rare public support for the President Muhammadu Buhari-led administration. According to him, he will use his capacity as the Director of BudgIT to provide support to the Federal Government when need be.

devland

BudgIT, on its own, will continue “to build civic awareness on the right of every Nigerian to know how public resources are managed.”

Recall that Nairametrics reported about the public outrage that met Onigbinde’s appointment last week. Many Nigerians were surprised that he even accepted the job in the first place, fearing that BudeIT would become “compromised” following the development. Some others even called him a hypocrite for accepting to work for the same government he has been so critical of over the years.

[READ: Nigerians berate BudgIT’s Onigbinde for accepting a government job]

In the meantime, the man is trending again on Twitter, just like he did last week Friday. This time, Nigerians’ have mixed reactions to the news of Onigbinde’s surprise resignation. Twitter user, Demola Aliyu Adeniran believes he should be applauded for finally doing the right thing. Ayo Sogunro agrees.

app

But Dipo Awojide does not quite agree. Instead, he believes Nigeria just missed an important opportunity of having one of its best brains serve the country.

Meanwhile, one Omo Baba Oke is screaming “shame” on Onigbinde for choosing to settle for the role of the critic instead of that of a change maker.

Emmanuel holds an MSc. in International Relations and a B.A in Philosophy & Logic, both from the University of Ibadan. He is a communications professional. As a Lead Business Analyst at Nairametrics, he focuses mostly on quoted companies, their products/services, and the economy in which they operate. Emmanuel is also experienced in the areas of corporate communication, brand communication, corporate storytelling, public relations, business research, management/strategy, etc. You may contact him via his email- emmanuel.abara@nairametrics.com.

2 Comments

2 Comments

  1. Mayor

    September 16, 2019 at 2:28 pm

    It doesn’t make sense since he already accepted the role…

  2. Ayotunde

    September 16, 2019 at 3:32 pm

    “Log kya kahenge”

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Tech News

Tiktok’s In-App revenue surges amid lockdown

ByteDance Ltd’s brainchild, TikTok, together with Douyin ranking tops globally on mobile apps with the highest revenue generated for the month of April.

Published

on

TikTok announces $250 million pledge to aid combat coronavirus, Does YouTube stand a chance against TikTok?

The meme-making business has proven to be worth all the fuss, with TikTok, as well as its Chinese twin app, Douyin, ranking tops globally on mobile apps with the highest revenue generated for the month of April.

Sensor Tower, notes that just in the first quarter of this year, ByteDance Ltd’s brainchild, TikTok, together with Douyin which caters to the Chinese market, generated 315 million downloads globally, from the 187 million it had just a year earlier.

UBA ADS

The ranking, which was based on their in-app purchases, reveal a tenfold increase, as the companies garnered a whopping $78 million in revenue. The Chinese market is said to have contributed 86.6% of Douyin’s revenue, followed by the U.S market which contributed 8.2%.

This places them ahead of older names like Netflix & YouTube. As opposed to using subscriptions like these established brands, TikTok and Douyin allow users to purchase virtual currency to spend on their favorite content creators.

(READ MORE: Does YouTube stand a chance against TikTok?)

GTBank 728 x 90

While ByteDance is exploring the world of online commerce, it continues to rely on advertising as its primary income source. However, Emarketer projects that more than 75 million US social network users will make at least one purchase from a social channel in the year 2020.

 

Continue Reading

Business News

Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office

Some of the projects to be commissioned will be done virtually, while a few will be done on-site.

Published

on

COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office

Lagos state governor, Babajide Sanwo-Olu, will virtually inaugurate housing, education, and road projects on May 29, as part of activities to mark his first year in office.

According to a report by NAN, the projects are part of the government’s efforts to renew infrastructure in critical sectors and to make the commercial centre a smart city.

UBA ADS

Some of the projects to be commissioned will be done virtually, while a few will be done on-site.

The projects

Lagos state Commissioner for Information and Strategy, Mr Gbenga Omotoso, listed some of the projects in an official statement. He said:

”In the education sector, Sanwo-Olu will conduct virtual inauguration of completed classroom blocks in Maya Secondary School, Ikorodu; Eva Adelaja Junior School, Bariga; and Saviour Primary School, Ifako-Ijaiye, among others. 

GTBank 728 x 90

“Virtual inauguration of completed works such as the Concrete Jetty in Baiyeku, Ikorodu, Aradagun-Ajido- Epeme Road in Badagry, and the Maryland Signalisation project also form part of the itinerary to commemorate the anniversary.”

(READ MORE: Lagos increases health workers’ allowances, commissions local production of face masks)

Omotoso also stated that the Governor would inaugurate the 360-unit Lagos Homes in Ikorodu, and then visit Igbogbo Baiyeku IIB Estate, Lekki, and the Courtland Villas on Femi Okunnu Estate during the week.

Plans for celebrating Children’s Day

 In a related development, Governor Sanwo-Olu will deliver an address on Wednesday May 27 to mark the children’s day celebration, and the 53rd anniversary of Lagos state.

Omotoso, however, noted that all celebrations would be kept on the low in reflection of the current challenges and realities of the COVID-19 pandemic.

app

Presenting one-year scorecards

The activities for the week are expected to begin with press briefings at J.J.T Park in Alausa on May 27, where members of the State Executive Council will present their scorecards in line with the six pillars of the state’s T.H.E.M.E.S Agenda.

devland

(READ MORE: Lagos Medical workers call off strike, as IG sends strong warning to security agencies)

According to the information commissioner, there will be two sessions of press briefings daily from May 27 to June 3, as the Governor considers it expedient to render a stewardship account of the last one year.

“Three special publications highlighting the achievements of the Babajide Sanwo-Olu administration and testimonies of beneficiaries of various initiatives of the government are slated for presentation to the public by the governor and his Deputy, Dr Obafemi Hamzat,” he added.

Continue Reading

Around the World

Central banks digital currencies pose a threat against the U.S dollar

In general, digital currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows.

Published

on

Central banks digital currencies pose a threat against the U.S dollar.

A new report by America’s biggest bank, JP Morgan Chase, said the U.S dollar is being faced with a major threat as many  central banks’ digital currencies continue to gain traction.

Analysts, including Josh Younger, the head of U.S. interest-rate derivatives strategy and Michael Feroli, the chief U.S. economist, wrote in a report saying this:

UBA ADS

“There is no country with more to lose from the disruptive potential of digital currency than the United States.

This revolves primarily around U.S. dollar hegemony. Issuing the global reserve currency and the medium of exchange for international trade in commodities, goods, and services convey immense advantages.” 

Aditi Kumar and Eric Rosenbach also recently penned an opinion piece for Foreign Affairs in which they noted that “Just recently, America’s arch-rival China became the first major economy to carry a real test of a national digital currency.”

GTBank 728 x 90

(READ MORE: Why the strong dollar is giving Nigeria headache)

In general, electronic currencies could weaken the power of U.S. sanctions and the ability of the U.S. Treasury to watch illicit financial flows. A digital Chinese currency (yuan) combined with China’s developed electronic payment systems may give China more future influence than it ever bargained for.  

What Nigerians should know about Digital currencies

A digital currency is a cash balance recorded electronically on a store value card or other physical devices, which could someday replace the physical notes of the naira, for instance.

Digital currencies can be decentralized, that is where the control over the cash supply can come from diverse sources. Digital  currencies can also be centralized, where there is a midway point of control over cash supply, just like the way central banks work.

Central banks digital currencies pose a threat against the U.S dollar.

app

Although JP Morgan does not see the U.S dollar being overthrown as the world’s reserve currency anytime soon, experts warned that the U.S dollar dominance could weaken. This is because its processing trade settlement and the SWIFT system could make it more vulnerable.

devland

The American bank continued by saying:

“Offering a cross-border payment solution built on top of a digital dollar would, particularly if designed to be minimally disruptive to the structure of the domestic financial system, be a very modest investment to protect a key means to project power in the global economy,

“For high-income countries and the U.S. in particular, digital currency is an exercise in geopolitical risk management.” 

Federal Reserve Chairman Jerome Powell said months ago that the Federal Reserve was taking a critical view on the issues regarding a digital currency.

app
Continue Reading