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Buhari: Nigerians Notorious for Cutting Corners

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Muhammadu-Buhari
  • Buhari: Nigerians Notorious for Cutting Corners

President Muhammadu Buhari yesterday in Abuja described Nigerians as a group of people that is notorious for cutting corners and unaccountable public life.

The president made this remark while receiving asset declaration forms in the State House from the Code of Conduct Bureau (CCB) ahead of his inauguration tomorrow for a second term in office.

He thanked the CCB team led by its Chairman, Prof. Mohammed Isa, for leading an institution which he said was at the vanguard of the fight against corruption in accordance with the principle of his administration to promote accountability.

Buhari promised to fill the form quickly and submit it to the agency with the instruction that the bureau should keep his forms very well when returned, saying he knew that some people who believe that they should not be questioned but are being questioned would move against him after leaving office in 2023.

While thanking the three-member team for accepting to serve in the agency, Buhari said CCB’s existence was vital because the country depends on its assistance in the fight against corruption as his government strives to showcase Nigeria to the world as an accountable country.

“I am very pleased; I think I am meeting you for the first time since your appointment. I have never met you before. I thank you for accepting to be in this very important institution and I thank you very much for serving me my forms which I must fill constitutionally before my second term of office.

“I think we cannot over emphasise the importance of your office because Nigerians are notorious for shortcut in service and public responsibilities and we are trying to impress our nation and the world that this administration is based on accountability.

“It is only institutions like you that will bail us out from the efforts that we have been making to make sure that people in public office do not abuse that public office and that those who come in and those that are leaving in certain positions should make sure that they hold the integrity of the office and of the country generally.

“I am very pleased that you are here. I assure you, I will quickly fill this form and dispatch it back to you so that at the end of 2023, I believe there are a lot of people that will like to take it back on me.

“So, please, make sure you keep it safely because there are people who believe they shouldn’t be questioned and some of them are already in trouble. I expect them to fight back and this is one of the instruments. So, I hope you will keep it when I finish. Thank you very much indeed.”

Earlier, the chairman of the bureau, Isa, said they were in the State House to present the forms to both the president and Vice-President Yemi Osinbajo in accordance with the provision of the constitution that public officers should declare their assets at the beginning and end of their tenures.

Isa who congratulated the president on his re-election, also thanked him for his appointment, assuring him that the bureau would do its work with every sense of honesty.

“We first have to start by expressing our sincere gratitude to Mr. President for finding us worthy of being appointed to head this very important and sensitive agency as a pioneer anti-corruption institution. Mr. President, we are very much grateful for this honour done to us and we want to assure you that we will do our work with every sense of honesty.

“Secondly, we want to congratulate you for winning the 2019 general election and for the inauguration that is forthcoming on 29, May.

Mr. President, as part of the constitutional requirements, there is need for every public officer – president, vice-president, minister, members of the National Assembly to swear on his assets declaration and liabilities in compliance with paragraph 11 sub one of the Part one of Fifth Schedule to the Constitution.

“Mr. President, it is in view of this we found it pertinent to present ourselves and also present forms to Mr. President and the vice-president for end of tenure and beginning of new tenure in office. The forms are readily here with us for presentation.”

Isa was accompanied to the meeting by his colleagues – Murtala Kankia and Dr. Emmanuel Attah.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Brands

Eat’N’Go Expands To East Africa, Projects 180 Stores By Year End

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In a bid to further extend its tentacles beyond the West African market, Eat’N’Go limited, one of the leading Quick Service Restaurant (QSR) operators in Nigeria and master franchisee for world-class food brands – Domino’s Pizza, Cold Stone Creamery, and Pinkberry Gourmet Frozen Yoghurt, announced its expansion into the East African market.

This development comes after the successful acquisition of the franchisee which operated Cold Stone Creamery and Domino’s Pizza in Kenya. This acquisition will see Eat’N’Go limited become the largest Domino’s pizza and Cold Stone Creamery Master Franchisee in Africa with operations in Nigeria and Kenya.

Since its entrance to Nigeria in 2012, the QSR company has grown exponentially and has continuously nurtured the drive to extend its footprint across the African market. This acquisition provides them their first foreign market expansion, making them a Pan African company with a total number of 147 outlets across Africa and a projection to reach 180 stores by end of 2021.

Group Chief Executive Officer and Managing Director Eat’N’Go Limited, Patrick McMichael said that expanding into East Africa represents a very exciting time in the growth of the organization and also a strategic investment for the firm and its stakeholders. “Over the years, we have fostered the mission to not just bring the best QSR brands to Africa, but to directly impact on Africa’s economy and we are glad we are finally on the way to making this happen. Studying the growth of the Kenyan market in the last couple of years, we are convinced that now is the time to extend our footprint into the country.”

“We are very thrilled about this expansion as this move avails us more opportunity to provide Jobs to more Africans, especially in times like this. We remain thankful to all our customers, partners, and stakeholders who have supported us this far and we are more than ready to strengthen our dedication in satisfying the needs of our customers” Patrick added.

Eat’N’Go has over the years maintained its position as the leading food franchisee in Nigeria. As it expands its presence to other parts of Africa, the organization also places a strong focus on the quality of its products and services of all its three brands. The expansion to this new region is in line with the company’s plan to reach 180 stores across Africa by the end of 2021.

The milestone achievement and development will better position the company in its contribution to Nigeria and Africa’s economy. Currently home to over 3000 staff members across Africa, the company is committed to continuously provide job and business opportunities across the continent.

Eat’N’Go launched in 2012 in Nigeria with the vision to become the premier food operator in Africa. Today, the company has over 147 stores in Nigeria and Kenya and it continues to deliver on this promise by successfully rolling out the globally recognised brands Cold Stone Creamery and Domino’s Pizza across Africa. The company continues to expand its presence in key markets by fusing company goals with new strategic development goals and is projected to reach 180 stores across Africa by end of 2021.

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Brands

Shoprite Exit: LCCI Explains Challenges Hurting Business Operations in Nigeria

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shoprite

Following the recent announcement of Shoprite, a leading South Africa retail giant, that it is leaving the Nigerian market due to harsh business environment and tough business policies, Dr Muda Yusuf, the Director-General, Lagos Chamber of Commerce and Industry (LCCI) has explained some of the challenges responsible for such decision despite Nigeria’s huge population size.

Yusuf said while such decision is negative for the Nigerian economy, several factors like harsh business environment could have forced the company to make such decision. He said it also could be due to intense competitive pressure.

He said, “Shoprite is an international brand with presence in 14 African countries and about 3,000 stores. The comparative analysis of returns on investment in these countries may have informed the decision to exit the Nigeria market.

“The opportunities for retail business in Nigeria is immense. But the competition in the sector is also very intense.

“There are departmental stores in practically every neighbourhood in our urban centres around the country. There is also a strong informal sector presence in the retail sector. It is a very competitive space.”

According to the Director-General, there are also important investment climate issues that constitute downside risks to big stores like Shoprite.

He said, “These include the trade policy environment, which imposes strict restrictions on imports; the regulatory environment, which is characterised by a multitude of regulators making endless demands.

“There is also the foreign exchange policy, which has made imports and remittances difficult for foreign investors. There are challenges of infrastructure which put pressures on costs and erodes profit margins.”

The LCCI boss added, “But we need to stress that Shoprite is only divesting and selling its shares; Shoprite as a brand will remain. I am sure there are many investors who will be quite delighted to take over the shares.

“It should be noted that there are other South African firms in Nigeria doing good business. We have MTN, Multichoice, Stanbic IBTC, and Standard Chartered Bank, among others. Some of them are making more money in Nigeria than in South Africa.”

He added that some sectors are more vulnerable to the challenges of the business environment than others.

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Appointments

Afrinvest Appoints Mrs. Onaghinon As COO

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Afrinvest West Africa Limited, has appointed the former head of public private partnership agency of the Edo State, Mrs Onoise Onaghinon as its chief operating officer.

Onaghinon joined Afrinvest in 2003 as an analyst in the firm’s investment banking division, rising through the ranks to become an associate, then vice president and eventually executive director & head of investment banking.

She is a seasoned veteran in the Nigerian capital markets and investment landscape with over 18 years of experience in capital raising, mergers and acquisitions, and restructurings across many industries.

In 2017, Onaghinon took a sabbatical from the Firm to head the Public Private Partnership Agency of the Edo State Government. Having acquitted herself creditably in the public sector, she has rejoined the Firm to resume as the new COO.

Speaking on the appointment, group managing director of Afrinvest, Ike Chioke, said: “over the years, Onaghinon has demonstrated great leadership, professional excellence and outstanding client commitment in driving the firm’s business units, particularly our investment banking division. We are delighted to have her back and we look forward to leveraging her cross-disciplinary experience across the Afrinvest group”.

In her new role, Onaghinon will oversee human resources, legal & compliance, internal control and general services while leading the firm’s initiatives to improve efficiency across its subsidiaries.

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