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Nigeria’s Problem Isn’t Restructuring – Osinbajo

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The Vice President, Yemi Osinbajo, has said that simple geographical restructuring is not the problem with Nigeria.

He said that prudent management of national resources and providing for the people properly were better ideas for Nigeria’s development challenges.

Laolu Akande, Senior Special Assistant to the President on Media and Publicity, Office of the Vice President, communicated Mr Osinbajo’s view in a statement in Abuja on Monday.

The vice president was fielding questions from a cross-section of Nigerians at a town hall meeting in Minnesota, U.S., on Sunday.

Mr Osinbajo spoke on a wide range of issues covering the economy, anti-corruption, health, agriculture among others.

According to the vice president, the problem with Nigeria is not a matter of restructuring.

He said that Nigerians must not allow themselves to be drawn into the argument that Nigeria’s problems stemmed from some geographical restructuring.

“It is about managing resources properly and providing for the people properly, that is what it is all about.

“I served for eight years as Attorney General in Lagos State and one of the chief issues that we fought for in Lagos State was what you call fiscal federalism.

“We felt that there was a need for the states to be stronger, for states to more or less determine their fortunes.

“For example, we went to court to contest the idea that every state should control, to a certain extent, its own resources; we were in court at that time up to the Supreme Court and the court ruled that oil-producing states should continue to get 13 per cent derivation.

“While we were at the Supreme Court only the oil-producing states and Lagos were interested in resource control, everybody else was not interested in resource control for obvious reasons.

“Now, that is the way the argument has always gone, those who have the resources want to take all of it, while those who do not have want to share from others.”

He said that Nigeria must create the environment that allowed for people to realise themselves economically because that truly was what the challenge was with Nigeria.

Mr Osinbajo said that unless Nigerians were able to deal with the fundamental questions around corruption, their economic circumstance would keep going one step forward, two steps backwards.

“All that we have been able to deal with is grand corruption. When we started the TSA, the whole point was to aggregate all of the funds of government that were in private banks.

“So, we put all of the money in the central bank so that we could at least see the movement of money and by doing so, we were able to save 50 per cent of the corruption that was going on then.”

Relying on OPEC statistics on oil revenues accruable to Nigeria under successive administrations between 1990 and 2014, the vice president said not much was done in infrastructure development in spite of the huge oil revenues earned.

He said that under the Babangida/Abacha administrations (1990 – 1998) Nigeria realised 199.8 billion dollars.

Under the Obasanjo/Yar’Adua governments (1999 – 2009), the country got 401.1 billion dollars; and during the Jonathan administration (2010 – 2014), Nigeria got 381.9 billion dollars from oil, Osinbajo said.

“The question that we must all ask is that what exactly happened to resources? The question that I asked is that where is the infrastructure?

“One of the critical things that we must bear in mind and see is that this government despite earning 94 billion dollars, up until 2017, we are spending more on infrastructure and capital than any previous government, so we are spending N1.5 trillion on capital, that is the highest we have spent since 1990.”

In the area of agriculture, Mr Osinbajo said that the target was to attain self-sufficiency in the production of rice, tomato, among others.

According to him, the government is doing a lot of work in agriculture as it has increased local production such that Nigeria is no longer spending five million dollars daily on rice import.

“Today, we are doing 11 million metric tonnes of paddy rice and are now importing only 2 per cent of what we used to import,” he said.

Nigeria’s Ambassador to the US, Mr Sylvanus Nsofor, led other Nigerians to the meeting.

(NAN)

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Samsung’s CEO, Han Jong-Hee, Dies at 63

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The co-CEO of Samsung Electronics, Han Jong-Hee, has died of heart attack on Tuesday. He was aged 63.

A spokesperson for the South Korean tech giant confirmed this.

Han, who oversaw Samsung’s consumer electronics and mobile devices businesses became the Chief Executive Officer of South Korea’s biggest company in 2022.

He had joined the tech giant in 1988 after earning a bachelor’s degree in electrical engineering from Inha University. Before he started to run Samsung’s electronics and devices division, he was in charge of the display operations.

In a tribute to the deceased, Samsung said Han dedicated more than 37 years of his life to leading Samsung’s TV business to become a global leader.

The company said, Han as the head of its electronics and appliances businesses, contributed to its growth amid challenging business environment.

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HURIWA Tasks Fagbemi, Onanuga to Prove Fubara’s Alleged Link to Militants

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The Human Rights Writers Association (HURIWA) of Nigeria has criticised the Attorney General of the Federation (AGF), Lateef Fagbemi, and Special Adviser to the President on Information and Strategy, Bayo Onanuga, for alleging that Rivers State Governor, Siminalayi Fubara, is connected to militant activities in the Niger Delta.

The group described the claims as baseless and lacking credible evidence.

In a statement issued on Monday in Abuja, HURIWA’s National Coordinator, Comrade Emmanuel Onwubiko, addressed remarks made by Fagbemi last week, accusing Fubara of “tele-guiding militants” to sabotage oil installations.

Onanuga, in a separate opinion piece, supported the Federal government’s declaration of a state of emergency in Rivers State, citing intelligence reports suggesting militant threats linked to the governor.

“These are serious allegations that can destabilise not only Rivers State but the entire Niger Delta, yet no concrete evidence has been made public to substantiate them,” Onwubiko said, faulting the officials’ reliance on unverified intelligence.

HURIWA highlighted Governor Fubara’s denial of the allegations in an official statement earlier on Monday, where he rejected any ties to militant groups and labeled viral videos alleging explosions on oil and gas facilities in Rivers State as “fake and malicious.”

The group praised Fubara’s call for security agencies to investigate the videos’ origins and prosecute those responsible.
“Governor Fubara’s insistence on peace and constitutional governance has been clear in all his public engagements. It is disheartening to see such character assassination being perpetuated from the highest levels of the federal government,” Onwubiko stated.

The association questioned why federal authorities have not presented tangible evidence if it exists, arguing, “As far as we are concerned, the dissemination of these unproven claims is not just unprofessional but a dangerous precedent in the democratic space.”

HURIWA also challenged Fagbemi and Onanuga to avoid “pettiness and rumour mongering,” urging them to base their statements on facts.

“It is disgraceful that at a time when Nigerians are yearning for stability and good governance, top officials of the federal government are busy engaging in baseless accusations, further tarnishing Nigeria’s image before the international community,” the statement added.

The group further criticized the state of emergency in Rivers State as “unconstitutional, unnecessary, and politically motivated,” asserting that no evidence of war or a breakdown of law and order, as required by Section 305 of the 1999 Constitution, has been shown. “The AGF and other federal agents must be reminded that the Supreme Court judgment, which is now being used to justify executive overreach in Rivers State, does not license rumour-based governance,” HURIWA noted.

HURIWA urged Fubara to pursue legal action against those making the claims, stating, “even if the judiciary is seen by some as compromised, it is essential to set the record straight by taking advantage of available legal avenues.”

The association called on security agencies to launch a transparent forensic investigation into the allegations and incidents in Ogoniland and other parts of Rivers State, insisting it must remain free of political interference. “The dangerous game of labeling peaceful citizens as militants without evidence is not only reckless but risks plunging Rivers State into avoidable chaos. Nigeria’s democracy deserves better,” the group concluded.

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Dangote Cement Achieves Higher CDP Ratings for Climate Change & Water Security

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Dangote Cement Plc (DCP) has achieved a ‘B’ score in climate change and water security disclosures according to the recently released 2024 CDP results.

CDP (formerly Carbon Disclosure Project) is the world’s largest, most comprehensive dataset on environmental action which empowers investors, companies, cities, and national and regional governments to make earth-positive decisions. Dangote Cement has disclosed its environmental practices annually through the CDP since 2018.

CDP provides a voluntary framework for companies to report on Climate, Water Security, and Forests. It rigorously evaluates corporate environmental performance, assigning scores from A to D based on companies’ transparency, governance, and measurable actions towards sustainability.

Following the release of company scores in February, Dangote Cement’s score on water security which was C was upgraded to B. Similarly, the company’s commitment to supporting a climate resilient future was also demonstrated in its climate change score of B in 2024.

Managing Director/Chief Executive, Dangote Cement, Mr. Arvind Pathak speaking on the new rating said, ‘Dangote Cement leads in Africa as one of few businesses in six states and regions of Africa to disclose through CDP.’ He further stated that ‘the 2024 score is an outcome of ongoing efforts to reduce our carbon footprint, accelerate climate action and promote sustainability across our business and its value chain’.

The Head, Sustainability, Dangote Cement, Dr. Igazeuma Okoroba in her remarks expressed gratitude to all stakeholders who aligned with the Group’s Environmental, Social, and Governance (ESG) strategy overseen by the company’s Board which supported the achievement of an improved rating this year. She stated that ‘this year’s results are evidence that our contribution to create a world where people, planet and profit are truly balanced is paying off.’

Affirming the company’s commitment to decarbonisation, Dr Igazeuma stated that ‘Although this year’s score demonstrates our transparency on sustainability, DCP’s goal is to go beyond disclosure and take meaningful action through tangible solutions, innovations, and projects to close the gap between ambition and reality.’

Dangote Cement Plc is sub-Saharan Africa’s largest cement producer with an installed capacity of 45.6Mta across 10 African countries and operates a fully integrated “quarry-to customer” business with activities in manufacturing, sales, and distribution of cement.

The company is on track to meet its decarbonisation targets through energy efficiency measures, adoption of supplementary cement materials, carbon offsets and other sustainable practices.

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