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Business

AfCFTA: President Buhari, 9 others receive award for contribution to agreement

AfCFTA has awarded President Buhari alongside other African leaders for their contributions to the success of the agreement.

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Those violating process of selecting Vice Chancellors will be sanctioned - Buhari. FG to seek international cooperation to curb illicit financial flows, Ghana and south africa, Illicit financial flows: Nigeria lost $157.5 billion between 2003 and 2012 - Buhari , President Buhari says World Bank, IMF data are not reliable, Ahead of Nigeria, Ghana and South Africa top FDI inflows in Africa – Fitch , Nigeria’s Buhari wants MDAs to publicly disclose transactions above N5 million  

President Muhammadu Buhari was awarded for his contributions to the start of the African Continental Free Trade Agreement (AfCFTA), alongside 9 other African leaders including Nigeria’s Dr Akinwumi Adesina, President, African Development Bank (AfDB).

The awards were presented by the African Union in a virtual event held at the Union Headquarters in Addis Ababa, Ethiopia on Friday.

The African leaders that received awards include Muhammadu Buhari of Nigeria, Akufo-Addo of Ghana, Felix Tshekedi of Congo, Ahmed Fattah Al-Sisi of Egypt, Mahamadou Issoufou of Niger, President Alpha Conde of Guinea, Cyril Ramaphosa of South Africa and Chairperson of the AU, and Paul Kagame of Rwanda.

King Mswati III, Ngwenyama of Eswatini and Prime Minister Abiy Ahmed of Ethiopia were also awarded alongside Nigeria’s former President, Olusegun Obasanjo.

The awards were received by ambassadors on behalf of the leaders for their contributions to the African free trade deal.

Mrs Saratu Aliyu, President, Federation of West Africa Chambers of Commerce, Industries, Mines and Agriculture (FEWACCI) thanked African leaders and private stakeholders for making the AfCFTA implementation possible and expressed hopes that the agreement would boost e-commerce and e-business infrastructure, and develop a roadmap for the development of a digital economy to support the growth in member states.

What you should know 

  • The African Continental Free Trade Area (AfCFTA) is expected to open up Nigerian businesses to a market of over 1.2 billion people and a GDP of $2.5 trillion.
  • Nigeria was the 34th African country to fully ratify and submit its Instrument of Ratification of the African Continental Free Trade Area (AfCFTA).
  • Mr. Bismarck Rewane, Chief Executive of Financial Derivatives Company Limited said that the African Continental Free Trade Area would create the desired impetus to stimulate the economic growth of Nigeria in 2021.
  • The full implementation of the African Continental Free Trade Area (AfCFTA) will be a long journey as Africa needs the right equipment for customs authorities at the border to facilitate the fast and efficient trade which went into effect on January 1 according to Wamkele Mene, Secretary-General of the AfCFTA Secretariat.

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Business

More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report

The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

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Cross section of Nigerians

A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.

The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.

Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.

The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.” 

Highlights of the survey include:

  • Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
  • Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
  •  Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.

Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”

Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.

In case you missed it

Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel

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Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

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unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

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