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Columnists

EFCC: There is a new Sheriff in town

It is hoped that 40-year-old Bawa will be a breath of fresh air to the agency which has over time, lost its credibility.

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Yesterday, the Nigerian Senate approved the nominated Mr. Abdulrasheed Bawa as the new Chairman of the Economic and Financial Crimes Commission (EFCC).

Mr. Abdulrasheed Bawa, a 40-year-old graduate and the Lagos zonal office’s immediate past head, was one of the Institution’s pioneer cadets following its establishment in 2005. By this appointment, the new Chief would succeed the suspended, former head of the organization, Mr. Ibrahim Magu. Magu was suspended following allegations of misappropriation of recovered funds.

The EFCC was founded in 2005, as the Olusegun Obasanjo administration sought to expand its anti-corruption campaign to all sectors. Before then, the independent Corrupt Practices Commission (ICPC) had been established but targeted corruption in the public service as there were reports of massive decadence in the Public sector where bribery, extortion, graft and abuse/misuse of office had become the order of the day.

READ: Ibrahim Magu summoned by Code of Conduct Bureau

The EFCC on the other hand, not only investigates people across all sectors but is empowered to deal with issues around money laundering and other financial crimes such as advanced fee fraud (419).

The new Chief, in effect, is the first of his kind to head the agency, given that the organization’s past leaders have always been ex-police officers while the new Chief is a trained Economist. The EFCC has over time lost some credibility given that the organization’s past leaderships have received backlash for being selective in their anticorruption campaign, not using standard operating procedures, and being the powerful ruling class’s political tool. While it is impossible to tell how the new EFCC Chief will perform, we believe a new beginning and its attendant optimism could intensify the implementation of the anti-corruption agenda.

In recent years, Nigeria has been entangled in a number of controversial headlines bordering on corruption. From the arrest of a popular Nigerian entrepreneur for fraud, to the Jumia internal staff fraud scandal and the indictment of 80 Nigerians in the US for fraud and cyber-related offenses, Nigeria has faced immense fraud-related negative press coverage.

READ: Meet the new EFCC Chairman, Abdulrasheed Bawa

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Over the years, the country has earned for itself a negative reputation as a stronghold of cybercrimes and fraud. Even though internet fraudsters constitute a small minority of the population, the rate at which fraud is reportedly perpetrated by Nigerians is becoming increasingly alarming, hence the need for the anti-corruption fight to come to the fore.


CSL Stockbrokers Limited, Lagos (CSLS) is a wholly owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

 

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Columnists

AfCFTA to promote inclusive trades for women and youth in Africa

The SMEs and Startup ecosystem in Nigeria which are dominated by women and youths should equally take advantage of these opportunities.

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Border closure is a threat to forthcoming Lagos Trade Fair - LCCI 

Inclusive economic development remains one of the core elements of both the African Union’s Agenda 2063 and the United Nations Sustainable Development Goals (SDGs). In furtherance of this, article 3(e) of the AfCFTA main Agreement and article 27(2)(d) of the Protocol on Trade in Services specifically mandate State parties to promote gender equality and “improve the export capacity of both formal and informal service suppliers, with particular attention to micro, small and medium-sized; women and youth service suppliers.

With over 60 percent of its population being under the age of 25, Africa is regarded as the youngest continent in the world. This presents both challenges and opportunities for the continent. For instance, in Nigeria, the young population has led to attendant social risks as unemployment nears 40% creating a ticking time bomb. The popular saying is that an idle mind is the devil’s workshop.

On the positive side, however, the young population when properly harnessed will heighten productivity and provide affordable labour which in turn may lead to increase in investment. Nigerian youths just like their counterparts in other African States are known to be very innovative and enterprising. With the right policy and the enabling infrastructures, this energic population can drive the AfCFTA agenda.

Relatedly, women constitute most of the players in the SMEs ecosystem, accounting for nearly 90% of the labour force in the informal sector. A visit to the popular Balogun market in Lagos Nigeria will attest to this fact. No doubt, regional informal trades amongst women and youth within the ECOWAS region have been going on even before AfCFTA. But the new trade deal is meant to open the door to a population of 1.3 Billion people with a combined GDP of USD2.6 Trillion.

This is a huge opportunity and further buttresses the need for gender-sensitive and youth-centric implementation that will ensure sustainable and inclusive growth. As noted by a commentator, women and youth traders are less likely to be equipped with the appropriate skills, technology and resources that would enable them to benefit from trade and trade liberalization as they continue to suffer from invisibility, stigmatization, violence, harassment, poor working conditions and lack of recognition for their economic contribution.

These challenges are made worse by non-tariff barriers such as poor infrastructure, insecurity, lack of access to funds, high unemployment, weak currency, cost of capital, multiple taxations, and other regulatory hurdles.  A clear example of the hurdle being the recent intervention by the agencies of the Federal Government of Nigeria in the areas of FINTECH and Cryptocurrency.

Just last week, the Securities and Exchange Commission issued a circular advising Capital Market Operators to sever ties with platforms that facilitate access to trading in securities listed in foreign markets. While recognizing the role of the regulators to protect the investing Nigerian public and their assets, however, the interventions have been interpreted by many as capable of sending a wrong signal and acting as disincentives to innovation. Again, this brings to the fore the need for Continental Free Trade that fosters inclusiveness with member States initiating policies that create more opportunities for the youth and women.

At the webinar held on 29 March 2021 to mark the signing of the MOU on strategic partnership between the AfCFTA Secretariat and the United Nations Development Programme (UNDP), the AfCFTA Secretary-General Mr Wamkele Mene re-echoed the need for inclusiveness in the AfCFTA implementation with the following words:

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We’ve learnt from other trade agreements in the world. And the lesson to draw is that if a trade agreement neglects the most vulnerable segment of the society, if a trade agreement is perceived to benefit only the multi-national corporations, only the elite, it shall not succeed and it shall not have legitimacy as far as the citizens are concerned. And so that is why I have made it my priority in the implementation of this agreement that there should be shared benefits, there should be shared responsibility with Africans across the length and breadth of the African continent in concrete areas such as affirmative action for women in trade. We are looking at concrete ways in which we can expand the benefit for young people and for women in trade. This is the type of development that we require in order to make this agreement successful. This is the type of development that we require to make sure that the benefits are inclusive.

This Statement coming from the AfCFTA Secretariat is a clear indication of the aspiration towards gender-balanced and youth-sensitive AfCFTA. However, one is not unmindful of the limited role of the AfCFTA Secretariat in the implementation process.  The actual implementation is done at the national and regional level. And this is not to underestimate the very critical albeit complementary role that the Secretariat plays in this regard.

Therefore, the change must start from each member country and percolate through the regional economic blocs and finally to the entire Africa. Nigeria through its agencies such as the Central Bank of Nigeria (assisted by the private sector) can support inclusiveness by providing AfCFTA-focused low-interest financing, training of the SMEs on cross-border trades as well as other incentives to promote the engagement of women and youth in trades on the continent.

The impact of the COVID-19 pandemic on youth and women-led businesses has widened the economic gap and further impoverished those at the lowest rung on the economic ladder – mostly women and youths. This calls for heightened capacity building in creating new trading and entrepreneurial opportunities for all. With the constant value erosion in the local currency and low-yield environment, entrepreneurs and SMEs in Nigeria can, through cross-border trades, hedge against business risks and equally take advantage of possible arbitrage that exists in different markets within the AfCFTA.

A shift from the business-as-usual approach on the issue of women and youth is needed under AfCFTA to ensure that the objectives are actualized. Although the AfCFTA is not the magic bullet or the cure for all the economic challenges facing the youths and women in Africa, it is hoped that when fully and equitably implemented, it will go a long way to address some of the factors inhibiting the economic growth of these vulnerable groups.

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A recent report commissioned by the UNDP and the AfCFTA Secretariat titled “The Futures Report: Making the AfCFTA Work for Women and Youth” which was published in December 2020 has shown that beyond the projections, numbers and negotiations, the realization of the AfCFTA objectives will depend on decisive actions and collective efforts of the African people. Therefore, concrete measures and investment are needed to ensure that women and youths, who account for the majority of the population, business owners and workforce can be better integrated into the value chains, jobs and opportunities available under the AfCFTA.

As shown by the Report, many entrepreneurs and SMEs across Africa are already taking steps and positioning themselves to benefit from the free trade area and scale their businesses. Some SMEs owners interviewed noted that they are increasing their production lines and sourcing for inter-continental partnership ahead of the progressive implementation of the various phases of the trade regime.

The SMEs and Startup ecosystem in Nigeria which are dominated by women and youths should equally take advantage of these opportunities. Finally, given that trades in goods and services are fast moving into the digital space, the AfCFTA members States need to invest heavily in digital infrastructures and urgently address the high cost of data in Africa which has made it difficult for the majority of women and youths to access opportunities available online.

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Columnists

Ikigai – Adopting the Japanese model for finding purpose and financial freedom

How do we create a life that is financially independent and inherently meaningful?

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Financial system and freedom

Okinawa is a beautiful Japanese island with a very high life expectancy and a disproportionately high number of happy people. In addition, Okinawa has one of the highest concentrations of centenarians — people who are 100 years or older – in the world. Okinawan men live till 84 on average and their women live till 90. They are also very healthy, fit, happy, and physically/psychologically independent.

A host of researchers have explored different explanations for this unique phenomenon. One common thread that consistently emerges from these studies is Ikigai – a Japanese word that means “a reason for being” or “a purpose for living.”

Ikigai travels well across the world. It encompasses the universal search for purpose and a reason for living. We all seek a meaningful life and hope that our lives will count for something. Quite often, we start by finding purpose in work. But with time, it becomes clear that work alone is an insufficient reason for living. Ikigai promises a better way. It encapsulates 4 key concepts and the bliss that exists at their intersections.

The 4 concepts are (see the diagram below):

  1. What you love to do.
  2. What you are good at.
  3. What the world needs.
  4. What you can be paid for.

The idea is that we will find a reason to live when we find something we love to do (a hobby), something in which we seek mastery (a skill), something the world really needs (a market focus), and something for which we get paid (a profession or business).

The intersections of Ikigai are also important. They encapsulate our passion, mission, vocation, and profession while postulating that our lives can only find meaning when we seek to balance all these concepts.

But Ikigai is not only about finding meaning in life. It is also applicable to our sometimes-all-encompassing goal of achieving financial independence. I define financial independence as the state where money does not dictate our lives anymore. An amazing place where we can live a life that is independent of financial considerations because our lives are funded by passive income that does not require our physical or psychological involvement. My experience is that we often need to find the areas where our profession/business resonates with our passion and market dynamics to move towards the financial independence utopia.

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This is what I teach and espouse. How do we create a life that is financially independent and inherently meaningful?

Over the next few years, I will write a monthly article for Nairametrics where I will explore different aspects of Ikigai. My key focus will be on personal finance and how we can build a fort to protect our lives and investments. After all, the good book says, “money is a defense.”

Thanks for reading. Let’s walk towards Ikigai together.

 

Dr. Tayo Oyedeji is the CEO of Overwood Investment Limited (www.overwood.ng). His career spans finance, marketing, and consulting across Europe, North America, and Africa. Dr. Oyedeji holds a Ph.D. from Missouri-Columbia and an MBA from Oxford University. 

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