By Eric Elezuo

President Muhammadu Buhari has felicitated with the Chairman, Heirs Holdings and United Bank for Africa Group, Mr. Tony Elumelu, as he clocks 60 years, saying that the avowed entrepreneur is an embodiment of resourcefulness and impact.

Buhari’s congratulatory message is contained in a statement signed by his Special Adviser, Media and Publicity, Mr. Femi Adesina, and made available to The Boss.

The president praised the audacity of the ‘distinguished banker, economist and philanthropist’ in the world of business, bringing to light how he has stood out among competitors to uplift the life of the ordinary Nigerian in particular, and African in general, noting that he was in 2020 ranked among the World’s 100 most influential personalities by Time Magazine.

“President Muhammadu Buhari rejoices with distinguished banker, economist, and philanthropist, Tony Elumelu, CFR, on his 60th birthday, March 22, 2023, sharing joy and warmth of the occasion with the entrepreneur, who was ranked amongst World’s 100 most influential personalities in 2020 by Time,” the statement read.

Buhari further acknowledged Elumelu’s “combination of youthfulness in style, broadness in networking, with both old and young, and the passion in pursuing and realizing dreams that the entrepreneur continually projects, graciously guiding others to nurture their business ideas to reality, especially in meeting societal needs and rendering value,” while joining the family and friends to offer thanksgiving to God for all that his life is worth, as well as wishing him long life, good health and wisdom.

Read the statement in full:

“President Muhammadu Buhari rejoices with distinguished banker, economist, and philanthropist, Tony Elumelu, CFR, on his 60th birthday, March 22, 2023, sharing joy and warmth of the occasion with the entrepreneur, who was ranked amongst World’s 100 most influential personalities in 2020 by Time.

“President Buhari felicitates with Chairman of the United Bank of Africa (UBA) Group on the milestone, affirming the honor and pride that the benefactor has brought to Nigeria, and Africa, with his achievements, lighting the way for many to grow through inspiration, mentorship and training, with focus on raising generation of entrepreneurs.

“The President believes Elumelu’s benevolence typifies his humble background and upbringing, starting out as a young banker, daring to dream of a modern and technologically friendly financial institution, Standard Trust Bank, and leading one of the biggest mergers with the UBA, which made history and strengthened the economy.

“President Buhari notes the combination of youthfulness in style, broadness in networking, with both old and young, and the passion in pursuing and realizing dreams that the entrepreneur continually projects, graciously guiding others to nurture their business ideas to reality, especially in meeting societal needs and rendering value.

‘As the Chairman of Heirs Holdings, Transcorp and Tony Elumelu Foundation clocks 60, the President joins family members, particularly his wife, Dr Awele Elumelu, in thanksgiving to God for all the resourcefulness and impact, with brighter future ahead.

“President Buhari prays for long life, good health and wisdom for the Humanitarian.”

The Man Tony Elumelu

Tony O. Elumelu is one of Africa’s leading investors and philanthropists.

He is the Founder and Chairman of Heirs Holdings, his family owned investment company, committed to improving lives and transforming Africa, through long-term investments in strategic sectors of the African economy, including financial services, hospitality, power, energy, technology and healthcare.

Tony is the Chairman of pan- African financial services group, the United Bank for Africa (UBA), which operates in 20 countries across Africa, the United Kingdom, France, the UAE, and is the only African bank with a commercial deposit taking presence in the United States. UBA provides corporate, commercial, SME and consumer banking services to more than 35 million customers globally. He also chairs Nigeria’s largest quoted conglomerate, Transcorp, whose subsidiaries include Transcorp Power, one of the leading producers of electricity in Nigeria and Transcorp Hotels Plc, Nigeria’s foremost hospitality brand.

He is the Founder and Chairman of Heirs Oil & Gas, an upstream oil and gas company, whose assets include Nigerian oil block OML17, with a current production capacity of 50,000 barrels of oil equivalent per day and 2P reserves of 1.2 billion barrels of oil equivalent, with an additional 1 billion barrels of oil equivalent resources of further exploration potential. Heirs Oil & Gas is committed to creating resource based added value on the African continent.

Tony is the most prominent champion of entrepreneurship in Africa. In 2010, he created The Tony Elumelu Foundation (TEF), the leading philanthropy empowering a new generation of African entrepreneurs, catalysing economic growth, driving poverty eradication and driving job creation across all 54 African countries. Since inception, the Foundation’s flagship programme has identified and catalysed nearly 16,000 entrepreneurs and created a digital ecosystem of over one million Africans, as part of a ten year US$100m commitment to fund, mentor and train young Africans.

The Foundation is increasingly sharing its unique ability to identify and access young entrepreneurs across Africa, with institutions such as the European Commission, United Nations Development Programme, the International Committee of the Red Cross and other global development agencies, implementing thematic programmes that have focused on women and fragile regions. His businesses and the Foundation are inspired by Tony’s economic philosophy of Africapitalism, which positions the private sector, and most importantly entrepreneurs, as the catalyst for the social and economic development of the African continent.

Tony sits on a number of public and social sector boards, including the World Economic Forum Community of Chairmen and the Global Leadership Council of UNICEF’s Generation Unlimited. In 2020, in recognition of his business leadership and economic empowerment of young African entrepreneurs, he was named in the Time100 Most Influential People in the World, and recognised with Belgium’s oldest and highest royal order. In 2022, TIME again recognised Tony with its inaugural TIME100 Impact list, honouring him alongside six global leaders who have gone over and beyond to move their industries – and the world – forward.

By Eric Elezuo

More than one week after the apex Supreme Court ruled that the old N1000 and N500 notes be allowed to exist side by side with the newly redesigned notes, President Muhammadu Buhari and the Central Bank governor, Mr. Godwin Emefiele, have remained silent, and unable to give Nigerians the directives to follow amid prolonged suffering occasioned by the cash crunch.

On March 3, 2023, after a long drawn legal battle between some state governors against the Federal Government, the Supreme Court had ruled that the validity of the N200, N500, and N1,000 Naira notes be extended till December 31 when they would have been easily eased it.

A seven-member panel of the court led by John Okoro unanimously directed that the CBN must continue to receive the old notes from Nigerians, stressing that the directive of President Muhammadu Buhari for the redesign of the new notes and withdrawal of the old notes without due consultation is invalid.

Reading the lead judgement, Emmanuel Agim, a member of the panel, also condemned the President’s disobedience of the court’s February 8 order that the old N200, N500, and N1,000 notes should continue to circulate alongside the new ones.

He said the president’s broadcast of 16 February that only N200 notes should remain legal tender made Nigeria’s democracy look like a mere pretension while democracy is replaced with autocracy.

He said: “It is not in doubt that the President refused to comply with the order of the court that the old 200, 500, and 1,000 naira notes should continue to be legal tender,” the court said.

“Interestingly, there is even nothing to show that that the President’s directive for the release of N200 notes was implemented.

“I agree that the first defendant ought not to be heard when the president has refused to obey the authority of this court.

“Disobedience of order of court shows the country’ democracy  a mere pretension and now replaced by autocracy. This suit is meritorious.”

Recall that the CBN in October 2022 introduced what many has labelled a controversial monetary policy which birthed newly redesigned 200, N500, and N1,000 notes with tight deadline to mop up the old notes from circulation. A January 31 deadline was initially set for the complete mopping up of the old naira notes. The policy and its implementation was challenged at the Supreme Court.

As envisaged, the policy led to scarcity of currency notes, bringing untold hardship to millions of citizens in an economy significantly driven by the informal sector with a large proportion of unbanked persons.

The end of January deadline initially set for ending the legal tender status of the old Naira notes was extended to February 10 as the supply of the new notes fell far short of the volume needed by citizens to meet their most basic needs across the country.

On February 3, three state governments – Kaduna, Kogi, and Zamfara – citing the hardships the continued scarcity of naira notes brought to their people – sued the federal government at the Supreme Court for a reversal of the policy.

Five days later, the court issued an interim order suspending the implementation of the deadline set by the federal government, and directed that the old and new Naira notes should continue to circulate pending the resolution of the case.

Unmoved by the court’s order, the CBN insisted that the old notes had stopped being legal tender after the February 10 deadline while the scarcity of the new notes persisted.

But the final judgement of March 3, which allowed the old naira notes back into circulation has been kept on mute mode by the executive as neither the president or the CBN governor has given a clear cut directive as to the next step to take. This act has returned the masses to the pre-judgment era and money has remained scarce and standard of living a total mirage, especially for families that depend on daily transactions to make a living.

At various banks across the country, customers line up endlessly to collect cash, but are disappointed at the end of every day. A cross section of the customers, who spoke to The Boss, lamented that appearing at the banks has remained a daily routine, and after each day, it remains a tale of woe as the much sought after naira notes are nowhere to be found.

But some customers, who were able to get access to the bank vaults lamented that they were paid the old bank notes, which in rejecting tried to lodge it bank with the bank. But the banks themselves rejected it.

“So the old bank note is just good to give to the customer, but cannot be deposited in the banks,” an angry customer lamented. Those that risked taking the money to the markets or to buy one thing or another are still telling sad stories as its rejection remains paramount. Yet, Buhari and Emefiele have remained silent.

“I don’t understand why Mr President and CBN governor would keep silent this long on a matter this sensitive. Yes, the Supreme Court has ruled. Am I the executive that will execute the judgement? Is it no longer the duty of the executive to execute judgements of the courts?” Another customer querried.

In the same vein, DailyPost reported that a public analyst and economist, Dr. Charles Imole expressed dissatisfaction over the continued silence from President Muhammadu Buhari and the Central Bank of Nigeria Governor, Godwin Emefiele days after the Supreme Court judgment validating old Naira notes till 31 December.

According to Imole, the economic situation showed that the nation is drifting aimlessly.

“The Supreme Court gave a verdict and 5 days later, nothing has been done to officially give effect to that verdict by the President or the CBN Governor. What kind of nonsense is this? The nation just appears to be drifting and coasting aimlessly. How long will this madness continue?” He tweeted.

Meanwhile, The Punch gathered on Friday that cash had dried up in most banks in Lagos and Ogun states due to what senior bankers described as the inability of the CBN to supply them with new naira notes.

It wrote: “A branch manager of a Tier-1 bank told Saturday PUNCH that his branch last received cash last week Tuesday, adding that bankers were also frustrated about the currency crisis affecting the nation.

“The Lagos-based branch manager said, “There have been no supplies of new naira notes to my branch and other neighbouring branches this week. The last supply we got was N5m last week Monday and another N5m the following day. Members of our bullion van team have been on standby throughout this week awaiting signals to come to the CBN to pick cash, but there has been no signal. The N10m we got last week didn’t last up to Wednesday.

“Following the Supreme Court judgment, we were initially paying out the old N1,000 and N500 notes deposited with us and which had not been deposited with the CBN to desperate customers, but we had to stop when the customers came back to complain that people were not accepting the old notes from them.”

“Another senior banker corroborated this, adding that his first generation bank had not been supplied new naira notes to disburse to customers.

“He said, “Even me as a banker, I can only boast of N100 as I am speaking to you. We have not been supplied with cash this week. The Nigeria Inter-Bank Settlement System Instant Payment platform is not working; the digital payment systems are overwhelmed. When you see crowds at our branches now, we are not giving them cash, what we are doing is to deal with complaints arising from digital payments.

“I think it is deliberate not to supply naira notes to the banks because the government and the CBN don’t want politicians to mop them up. Politicians are desperately looking for cash to pay their agents now. I know of a candidate for the Lagos State House of Assembly, who has launched a passionate appeal to his friends to raise money to pay his party agents, who were not paid after the presidential and National Assembly elections and threatened not to take part in the governorship and state House of Assembly.”

It is still not known how much longer Nigerians will be made to go through the sorrow of naira scarcity or how much longer their patience will linger as reports of unavoidable deaths, illnesses and many other vices have made the rounds as a result of the naira scarcity, and Buhari and Emefiele’s undignified silence.

By Tola Ogunnubi

My mother once told me by quoting Williams Shakespeare that “Ingratitude is worse than a traitor’s arm”. This has been my life’s driving principle growing up while watching my brother since I enrolled under his tutelage. Emi Tola mo ore.

Words fail me to pay a deserving tribute to perhaps the greatest brother that ever trod the face of planet earth. Exactly 6 decades today, a fine, intelligent, extremely humble, quintessential gentleman was born into the Pa Isaac Ayorinde Ogunnubi clan in Ijeh-Obalende (now Dolphin Estate) area of Lagos State of Nigeria. He is the 1^St son and 1^st child, I am the 1^st son and 1^st child from the rear of our parents. We have a lot of things in common. But above all, he is such a rare gem. An enigma with immense outstanding personality.  A very admirable gentle fine man with distinguished character.  He had a most precocious growth and excelled in academics, life’s school and character.

I am a living testimony of your magnanimity, your direct benevolence of a good heart speaks volumes in my life. I benefitted and got spoilt by you. I chop your money no be small (smiles). From the Lagos State Model College, Kankon, Badagry to UNILAG, he ensured I had a good academic wellbeing devoid of worries or distarctions. He went out of his ways for me, and he taught me and my other siblings, the gizmo of spartan discipline, the ethos of hygienic living, the greatness of erudition, the obligation of goodness, the merits of integrity and the love of kindness. A brother who always has the answers to your problems. Whilst you see the problem, he sees the prospect and the possibility. He will go out of his way to give you the best support possible. Brother, thank you for giving me the best of the opportunities available.

Christened Oluwakayode Timothy Oluwasesan, he began a family anchored on the principled ideals of morality, resilience, good heritage, stability, forthrightness and uprightness.

As a young lad, I found an instant model and worthy mentor in my brother, in whom I could trust, emulate and fashion my life after. Kayode as he is fondly called, epitomises grace and character, extremely neat and fashionable, brilliant and reserved. Entrepreneur extraordinaire, Prolific Land administrator, successful Estate Valuer, and distinguished Family Man.

Kayode, the primogenitor of many firsts that lends irrevocable credence to how much commitment he invests in his personal endeavour. He made sure we never lacked as his younger ones even after the death of our parents. The responsibilities were much and tasking but with an ever understanding and supportive wife, there were no issues. A core hard worker, a complete homely husband, a reliable and responsible brother, an urbane technocrat and a chronic motivator. Supportive to a fault, defender to the end, his corrective eyes speak a million words till date.

He was clearly a shining light in those days at CMS Grammar School, Bariga Lagos. After his A levels, he went to the prestigious Yaba College of Technology and equally went to the University of Nigeria (UNN) where he was the best graduating student in his time. I am deeply proud of him. He came back to Lagos and enrolled in the University of Lagos, Akoka Yaba for both his M.Sc and MBA.

Married to a beautiful woman with a beautiful heart, Patience Olamide Ogunnubi they are blessed with 2 lovely children.

Timothy Ogunnubi introduced and put in place the process of applying and being issued Certificates of Occupancy within 90 days of payment. This made the Governor sign a backlog of 2500 certificates in a day, the first in the country.

As a pacesetter, he was able to set in motion and reposition the Lands Bureau in Lagos state to aid it in providing more professionalized services.

Because of his professionalism and dedication to work, he was elevated to the position of a Permanent Secretary in the Lagos State Civil Service.

I will never forget his resounding advice wherever I go- ‘Don’t ever forget the child of whom you are. Remember you have the glorious name of this family to protect’. This ensures I never stray away no matter what. As the first child of the family from the rear, I make bold to say that I am a direct beneficiary of your large-heartedness, cerebral gratification, good name, largesse and uncommon wit.

On this occasion of your birthday celebration and retirement from the public service of Lagos State today, I wish you more successes, long life, a bountiful harvest of your worthy and deserving investment on career and family, sound health, peace of mind, a speedy accomplishment of your yet elusive dreams and above all, all you wish yourself. I celebrate you and I want you to know that we may not always agree on so many things maybe because I have my looks after you because we both took it from our father or because you are now getting old (smiles) as a younger version of you, I want you to know today that you are a rare gem and I love you. You are a good great man.

Friends and family, may I humbly request that you wish my brother and role model a happy birthday for me, thank you all.

Tola Ogunnubi FILRMN, ANIPR is the Deputy Head, Corporate Affairs, Nigerian Agricultural Insurance Corporation, NAIC Abuja.