Super User

Super User

 

Investigation reveals that the Federal Government has amassed a staggering sum of N11 trillion through auctions and sales of Treasury bills and saving bonds issuance over the past four months, as uncovered by The PUNCH.

An in-depth analysis of bonds and bills results issued in the first four months of the year by both the Central Bank and the Debt Management Office indicates that the government secured N3.1 trillion in FGN bonds and N7.92 trillion in T-bills between January and April 2024, totaling N11.2 trillion.

These bonds play a pivotal role in the government’s debt management strategy, serving various purposes such as providing investors with a relatively secure investment avenue, aiding in the management of the country’s debt profile, and facilitating efficient fund management.

Treasury bills and FGN bonds are classified as risk-free, theoretically with zero risk, as the government is expected to always fulfill its debt obligations, with the option of printing money if necessary.

In January 2024, the Federal Government raised approximately N418.197 billion from four bonds auctioned, followed by N1.49 trillion from two FGN bond offers issued by the DMO in February, albeit falling short of the N2.5 trillion target.

March 2024 saw the DMO raising N475.67 billion in its bond auction, capitalizing on the current upward trend in rates, while April 2024 witnessed the Federal Government raising N626.8 billion in its FGN bond auction.

The total amount raised was approximately 32 per cent higher than the N475.67 billion raised in the March auction, signaling robust market confidence in the government’s creditworthiness.

Regarding T-bills, a total of N1 trillion was on offer in January, but investor demand oversubscribed, reaching a whopping N2.3 trillion. The one-year bill, offered for N600 billion, attracted a massive N1.8 trillion subscription, of which the central bank sold N908.7 billion.

In March 2024, the DMO sold bills valued at N2.69 trillion across its auctions, marking an increase of N11 billion compared to the value of T-bills sold across auctions in February 2024 (N2.589 trillion).

The CBN also conducted a successful T-Bills auction on April 24, 2024, raising approximately N362.45 billion across various maturities, showcasing the market’s strong appetite for government securities.

This significant amount raised comes amid the government's plans to fund the 2024 budget deficit of N9.18 trillion and settle debts, including Ways and Means Advances.

Approximately N4.83 trillion from the proceeds of Nigerian Treasury Bills and Bonds issued in 2024 has been allocated to settle the Ways and Means Advances from the CBN, as disclosed by the Minister of Finance, Wale Edun.

 

Nigeria's military has ordered two officers to face court martial proceedings over a drone strike that killed at least 85 civilians, the defence HQ said on Thursday, more than four months after President Bola Tinubu ordered an investigation.

The Dec. 3 air strike was one of the deadliest to hit civilians as the Nigerian military increasingly relies on aerial assaults in fighting Islamic militants in the northeast and armed kidnapping gangs in the northwest.

Defence Headquarters spokesperson Edward Buba said the findings of an investigation of the strike in a village in northern Kaduna state showed that it should never have happened.

"The military has conducted a painstaking investigation into the incident and has initiated disciplinary action against those culpable," said Buba, adding that they would face a court martial.

The military has said it wrongly took the religious gathering of villagers in Kaduna as that of armed criminal gangs and apologised for the error.

But it was one of a series of aerial assaults by the Nigerian military that have killed civilians.

Last month, an air strike on a village in northwestern Zamfara state killed at least 33 people, according to residents and a traditional leader, in a military operation targeting armed kidnap gangs and their hideouts.

 

Reuters

 

Suspected bandits have attacked Maraban Agyaro where they abducted the village heads of Kakangi and Kisaya villages, and killed eight villagers in Birnin Gwari Local Government Area of Kaduna State.

The attackers invaded the area around 8am on Thursday, during which they also abducted four farmers who were on their respective farms.

A local source in the area also reported that six women were abducted in the village.

It was gathered that the two village heads were on their way from Kakangi to Birnin-Gwari when they were abducted.

Daily Trust gathered that the eight villagers were killed as they tried to rescue the captives.

The Member Representing Kakangi Ward at the State House of Assembly, Yahaya Musa Dan Salio, who confirmed the incident, said all eight people killed were from Kakangi.

“Yes, I just received a call that two village heads in my constituency were abducted and eight other people killed. All those killed are residents of Kakangi,” he said.

When contacted, the State Police Command Public Relations Officer, Mansur Hassan, said he would get details from the area before commenting.

In a related development, bandits operating in Sokoto State have ambushed members of Civilian Joint Task Force (CJTF) killing nine of them with several others sustaining varying degrees of injuries, according to local sources.

The incident occurred last Sunday in Isa Local Government Area, known to be a stronghold of bandits and a dangerous zone for security operatives.

According to a reliable source familiar with the situation, three CJTF members were abducted by the bandits during the ambush.

“Our members encountered the ambush while responding to a distress call to assist security forces,” the source recounted. “Tragically, we lost nine brave comrades in the attack, with many others wounded. Additionally, three of our members were abducted. 

Since the beginning of the year, following a call from the state government to reinforce security efforts against banditry in the northwest, CJTF members have been actively engaged in supporting the troops.

“This latest loss adds to the toll of 19 gallant members who have fallen victim to bandit attacks in Sokoto State alone,” the source lamented.

This marks the second ambush targeting CJTF members in Sokoto State in a span of two months.

 

Daily Trust

 

Russian military personnel have entered an air base in Niger that is hosting U.S. troops, a senior U.S. defense official told Reuters, a move that follows a decision by Niger's junta to expel U.S. forces from the country.

The military officers ruling the West African nation have told the U.S. to withdraw its nearly 1,000 military personnel from the country, which until a coup last year had been a key partner for Washington's fight against insurgents who have killed thousands of people and displaced millions more.

A senior U.S. defense official, speaking on condition of anonymity, said Russian forces were not mingling with U.S. troops but were using a separate hanger at Airbase 101, which is next to Diori Hamani International Airport in Niamey, Niger's capital.

The move by Russia's military puts U.S. and Russian troops in close proximity at a time when the nations' military and diplomatic rivalry is increasingly acrimonious over the conflict in Ukraine.

It also raises questions about the fate of U.S. installations in the country following a withdrawal.

"(The situation) is not great but in the short-term manageable," the official said.

The Nigerien and Russian embassies in Washington did not immediately respond to a request for comment.

The U.S. and its allies have been forced to move troops out of a number of African countries following coups that brought to power groups eager to distance themselves from Western governments. In addition to the impending departure from Niger, U.S. troops have also left Chad in recent days, while French forces have been kicked out of Mali and Burkina Faso.

At the same time, Russia is seeking to strengthen relations with African nations, pitching Moscow as a friendly country with no colonial baggage in the continent.

Mali, for example, has in recent years become one of Russia's closest African allies, with the Wagner Group mercenary force deploying there to fight jihadist insurgents.

Russia has described relations with the United States as "below zero" because of U.S. military and financial aid for Ukraine in the war now approaching the end of its second year.

The U.S. official said Nigerien authorities had told President Joe Biden's administration that about 60 Russian military personnel would be in Niger, but the official could not verify that number.

After the coup, the U.S. military moved some of its forces in Niger from Airbase 101 to Airbase 201 in the city of Agadez. It was not immediately clear what U.S. military equipment remained at Airbase 101.

The United States built Airbase 201 in central Niger at a cost of more than $100 million. Since 2018 it has been used to target Islamic State and al Qaeda affiliate Jama'at Nusrat al-Islam wal Muslimeen (JNIM) fighters with armed drones.

Washington is concerned about Islamic militants in the Sahel region, who may be able to expand without the presence of U.S. forces and intelligence capabilities.

Niger's move to ask for the removal of U.S. troops came after a meeting in Niamey in mid-March, when senior U.S. officials raised concerns including the expected arrival of Russia forces and reports of Iran seeking raw materials in the country, including uranium.

While the U.S. message to Nigerien officials was not an ultimatum, the official said, it was made clear U.S. forces could not be on a base with Russian forces.

"They did not take that well," the official said.

A two-star U.S. general has been sent to Niger to try and arrange a professional and responsible withdrawal.

While no decisions have been taken on the future of U.S. troops in Niger, the official said the plan was for them to return to U.S. Africa Command's home bases, located in Germany.

 

Reuters

 

Here's what's on the table for Israel and Hamas in the latest cease-fire talks

Israel and Hamas appear to be seriously negotiating an end to the war in Gaza and the return of Israeli hostages. A leaked truce proposal hints at compromises by both sides after months of stalemated talks.

U.S. Secretary of State Antony Blinken this week praised Israel for offering what he described as significant concessions and saying “ the time is now” for Hamas to seal the deal. Hamas leaders, meanwhile, say they are reviewing the proposal in a “positive spirit” and sending a team to Egyptin the coming days to continue the talks.

Here’s what we know so far about the current proposal, confirmed by Egyptian and Hamas officials who spoke on condition of anonymity to discuss behind-the-scenes negotiations.

WHERE THE TWO SIDES STAND

Israeli leaders are weighing whether to accept a deal that would delay or prevent their planned ground invasion of the southern Gaza city of Rafah — a scenario that falls short of Prime Minister Benjamin Netanyahu’s pledges of “ total victory ” and the destruction of Hamas.

Hamas’ militant leaders must decide if giving up the hostages, the group’s biggest bargaining chip, is worth securing a long-term truce but not necessarily a permanent end to the war.

The plan offered by Egyptian mediators aims to stave off Israel’s Rafah offensive, which the U.S. says would have devastating consequences for over a million displaced Palestinians crowded against the border with Egypt. The Egyptians have also warned Israel against the operation, fearing a flood of Palestinian refugees driven into its territory.

DE-ESCALATE IN PHASES

The initial stage of the deal would last for 40 days. Hamas would start by releasing female civilian hostages in exchange for Palestinian prisoners held by Israel.

After this first batch, Israeli troops would withdraw from a coastal road in Gaza and head inland to facilitate the entry of humanitarian aid. This would also allow displaced civilians to return to their homes in the northern Gaza Strip. Hamas would provide a list of hostages who are still alive during that time. Israel estimates that Hamas is holding about 100 hostages and the remains of 30 others either killed in the Oct. 7 Hamas attack that sparked the war or who have died in captivity.

Within the third week, both sides would start indirect negotiations that aim to restore permanent calm. Three weeks into the first phase, Israeli troops would withdraw from central Gaza.

NEXT STEPS TOWARD PEACE

The second six-week phase would seek to finalize arrangements for a permanent calm, the release of all remaining hostages held by Hamas, both civilians and soldiers, in exchange for more Palestinian prisoners. The soldier hostages would not be released before the start of the calm.

The third and final stage would include the release of the remains of deceased hostages still in Gaza, more prisoners held by Israel, and the start of a five-year reconstruction plan. The plan says that Hamas would agree not to rebuild its military arsenal.

STICKING POINTS

Both sides want to end the war on their own terms.

Hamas leaders have for months refused anything short of a full Israeli pullout from the Gaza Strip and a permanent end to the fighting. Hamas negotiators will be seeking clarification on these issues when they return to Cairo.

Israel wants to see all remaining hostages home safe, with Hamas and other militant groups crushed on the battlefield and expelled from power in Gaza — unable to launch another attack like the one on Oct. 7 that sparked the war.

Israel says the Rafah invasion is critical for these goals. Netanyahu says Israel will invade the town with or without a hostage deal.

Netanyahu also faces heavy domestic pressure. Thousands of people have joined weekly demonstrations calling on him to reach a hostage deal immediately. At the same time, hard-liners in his Cabinet have threatened to bring down the government if he ends the war.

The Biden administration, which provides Israel crucial military and diplomatic support, says it opposes a Rafah invasion unless Israel provides a “credible” plan for protecting civilians there.

POST-WAR UNCERTAINTY

It is not clear whether the cease-fire proposal addresses key questions about what happens in Gaza once the current round of fighting ends.

The United States has called for a plan that includes a return of the internationally recognized Palestinian Authority, which was ousted from Gaza by Hamas in 2007 and now administers parts of the occupied West Bank.

The Biden administration seeks eventual Palestinian governance in Gazaand the West Bank as a precursor to Palestinian statehood. Netanyahu and his right-wing government reject a role for the Palestinian Authority in Gaza and say they will never allow a Palestinian state.

Israel wants open-ended freedom of action for its military in Gaza, while the Biden administration says it won’t accept a return of Israeli military occupation of the Gaza Strip.

It also remains unclear who will run Gaza during the five-year reconstruction phase, what will happen to Hamas during that time and who will pay for the daunting job of rebuilding.

The stakes were underscored in a new U.N. report Thursday that estimated damage caused by the war in Gaza at over $18.5 billion. It said it would take until 2040 to rebuild all of the homes destroyed in nearly seven months of Israeli bombardment and ground offensives. Gaza was already grappling with a 45% unemployment rate before the war, according to the U.N. Development Program.

 

AP

 

WESTERN PERSPECTIVE

Britain's Cameron, in Kyiv, promises Ukraine aid for 'as long as it takes'

British Foreign Secretary David Cameron promised three billion pounds ($3.74 billion) of annual military aid for Ukraine for "as long as it takes" on Thursday, adding that London had no objection to the weapons being used inside Russia.

"We will give three billion pounds every year for as long as is necessary. We've just really emptied all we can in terms of giving equipment," he told Reuters in an interview on a visit to in Kyiv, adding that the aid package was the largest from the UK so far.

"Some of that (equipment) is actually arriving in Ukraine today, while I'm here," he said.

Cameron said Ukraine had a right to use the weapons provided by London to strike targets inside Russia, and that it was up to Kyiv whether to do so.

"Ukraine has that right. Just as Russia is striking inside Ukraine, you can quite understand why Ukraine feels the need to make sure it's defending itself," Cameron told Reuters outside St. Michael's Cathedral.

Cameron, who led the UK from 2010 and 2016 as prime minister and only returned to frontline politics several months ago, met Ukraine's Foreign Minister Dmytro Kuleba and President Volodymyr Zelenskiy on his second visit to Kyiv as foreign secretary.

Britain's top diplomat celebrated the release of a long-delayed $60 billion aid package by the U.S. Congress.

"It's absolutely crucial, not just in terms of the weapons it will bring, but also the boost to morale that it will bring to people here in Ukraine."

However, Cameron did not answer directly when asked how he thought the possible re-election of Republican frontrunner Donald Trump to the White House could affect U.S. support for Ukraine.

Trump and hardline Republicans in Congress oppose further aid to Ukraine, with the possible exception of a loan.

"It's not for us to decide who the Americans choose as their president - we will work with whoever that is," Cameron said, adding that the strategy for Ukraine's allies ought to be to ensure Ukraine is on the front foot by the time of the U.S. elections in November.

 

RUSSIAN PERSPECTIVE

French president doesn’t rule out sending troops to Ukraine if Russia breaks front lines

French President Emmanuel Macron does not rule out that sending troops to Ukraine could be considered based on Kiev’s request if Russian forces broke through the front lines.

"I’m not ruling anything out, because we are facing someone who is not ruling anything out. We have undoubtedly been too hesitant by defining the limits of our action," he said in an interview with The Economist, when asked if he stood by what he had said about possibly sending ground troops to Ukraine. The French leader pointed out that "many countries <...> understood" Paris’s approach and agreed "that this position was a good thing."

"If the Russians were to break through the front lines, if there were a Ukrainian request - which is not the case today - we would legitimately have to ask ourselves this question," Macron noted. "At the NATO summit in the summer of 2022, we all ruled out the delivery of tanks, deep-strike missiles, aircraft. We are now all in the process of doing this, so it would be wrong to rule out the rest," he added.

The French president said on February 26 that some 20 Western countries taking part in a Paris meeting on further assistance for Kiev had discussed the possibility of sending troops to Ukraine. According to Macron, no consensus was reached on the issue but such a possibility cannot be ruled out in the future.

Russian Foreign Intelligence Service (SVR) Director Sergey Naryshkin pointed out on March 19 that France was already training troops to be sent to Ukraine.

 

Reuters/Tass

 

Earlier this week, I teased on my social handle about my encounter with a deity. Of course, not in the sense that one might meet a deity in the groove of a village forest.

Yet, those who have met this man – who know him – might agree that Sam Amuka, fondly called Uncle Sam, is a deity of sorts. The trail that forged the seasons of his career goes back many decades to his years at Daily Times which at its prime, was Africa’s leading journalism shrine.

On Sunday I went to see Uncle Sam, to talk about my new book, Writing for Media and Monetising It. I had dispatched a copy to him in advance, but the ritual would be incomplete without a libation.

So, I took along an extra copy and went to his Anthony Lagos residence, where he has lived like a regular Joe for many decades. As I waited for him upstairs on the balcony of his house, I glanced back and forth between the Sunday newspapers strewn on a cane table, and a silver tray with a big flask, teacups, a box of Lipton and assorted teas, a bottle of honey, skimmed milk and over a dozen of packets of Kemps cracker biscuits. 

It wasn’t long before Uncle Sam emerged from the corridor, his imminent presence announced by the barking of a puddle that first accosted me when I climbed the stairs. The puddle was not here when I visited a few years ago.

“Superstar!” Uncle Sam teased, as he came out.

I replied, smiling, that 88 was good on him. He corrected me: “I’m 89!” He then tore a packet of Kemps crackers and sat on the bed-shaped cane chair to my right, waiving the young man who had followed behind to make him some tea. 

The young man took out two Lipton tea bags, and after pouring hot water from the flask went on to add not one or two, but I think three teaspoons of honey. Then, he grabbed the tin of skimmed milk. I looked at Uncle Sam, thinking the young man was mistaken and expecting he would ask him to stop. He didn’t. Instead, he looked approvingly, even expectantly, munching his Kemps.

At 59, in my obsession to live a long, healthy life, only God knows how many things I have given up. I can’t remember the last time I used any sweetener, gluten-free or not, for my tea or pap, much less milk. I was puzzled to see an 89-year-old man having his tea not just with plenty of honey but also topping the brew with spoonsful of milk. 

Uncle Sam smiled as he took the steaming teacup from the young man, stirred it gently, and took a sip. As if to create the perfect ambience for his refreshment, he turned on music stored in a flash drive that was plugged into a player.

“You don’t know I’m called Daddy DJ?” he joked in response to my puzzled look.

Sam Amuka, I know. Uncle Sam, I know. Who doesn’t? He is the Jimmy Breslin of Nigeria’s journalism. Writing about Breslin, who died seven years ago at 88, Tom Wolfe described him as, “The greatest columnist of my era.” And that, from Wolfe, a master of the craft in his own right, says a lot. 

In a tribute to Breslin, The Guardian wrote that he was the champion of the trials and troubles of the ordinary people in New York. “He filled his columns with gangsters and thieves, whom he knew first-hand from drinking in the same bars. He told stories that smacked of blarney behind their anger.”

And Breslin himself once said, “Rage is the only quality which has kept me, or anybody I have ever studied, writing for newspapers.” That was Sad Sam, the tempered version of which we now know as “Uncle Sam.”

But “Daddy DJ?” I was meeting him in that incarnation for the first time this Sunday morning. Yet, it made no difference. I could see a common thread of empathy and humanity binding the three persons in one man. I was happy and comfortable to share the story of my new book, in-between sips of my own tea – sugarless, milk-less – and yes, also in-between mouthfuls of Kemps cracker biscuits which I had not tasted for a very long time.

I did not start out to write a self-help book. As my career as a journalist crossed the 35-year mark and I inch closer to the sixth floor of life, it became increasingly difficult to ignore suggestions to share my experience in a more permanent form. I’ve been writing for the media since I was 22 and even managed to write a book on Nigeria’s anti-corruption war in 2008. But the urge to share more has increased. 

In yielding, I wondered what I could do differently. In recent times, I have been invited by universities and professional groups to speak on the challenges facing journalists and young writers, especially in light of the extraordinary explosion in the use of artificial intelligence in the workplace, at school and at home. 

Decades after TIME magazine famously predicted that journalism could be on its death throes and it turned out that the death was exaggerated, the technology appears to have sparked the second panic wave. 

So what? I thought perhaps it might be useful to combine my speaking experiences with decades of writing a weekly column now enriched in both audio and visual formats to serve the needs of a younger generation of content providers, especially students and those in the earlier stages of their writing career, trying to find their way. And not just trying to find their way – but also, trying to earn some extra money or attract value, while doing so.

The book title clearly suggests a media bias – media here meaning traditional and social media. That is deliberate as audiences in these areas are my primary focus. Whether you are still in school, just starting out on a writing career path or are, in fact, in the middle levels of your career, you would find this book useful. 

It draws not only on my personal experience – struggles and triumphs – I also interviewed professionals across age brackets who generously shared their experiences with me.

For me, writing this was like walking back through the years of my career, beginning from when there was even no career but just the dream to become a writer someday, to my schools when I was formally introduced to the craft, through many changes along the way, a good number of which I didn’t even see coming. 

You don’t have to wear my shoes or tread my path. But this book is a good guide for common obstacles many literary content providers face in the new world as they try to find their own way.  

I set out to do an online course largely on journalistic writing for value, not to write a book, but ended up with a resource that will benefit a much larger variety of audiences than I had envisaged. 

Uncle Sam listened patiently. When I finished, he asked one question, with a worried look: “How will you get this book out, and get people to read it?”

No easy answer. Research increasingly suggests declining interest in reading, especially among younger populations. I replied that I did what I could to make the book simple, anecdotal and relatable. 

“I’m hoping,” I told Uncle Sam, “that young people would see something of themselves in my stories and the stories of others across a generational spectrum and from it, chart their own course.” 

He didn’t seem fully persuaded, but he was in earnest for me – for us – to find a way. 

How can one claim to be a journalist, for example, without reading Peter Enahoro’s You’ve Gotta Cry to Laugh, Babatunde Jose’s Walking a Tightrope or Alade Odunewu’s Allah De? Or even the more recent 

Battlelines: Adventures in Journalism and Politics by Olusegun Osoba, to mention a few?

What is in a book is the thing that might just change your life; but you’ll have to read it to find it. On that, deities whether in journalism, carpentry, medicine or the good old craft of fortune-telling, might agree.

** Ishiekwene is Editor-In-Chief of LEADERSHIP

 

 

“That a serving police officer would openly admit to being a billionaire resulting from running a curious business while still in uniform confirms the lack of accountability that defines public conduct in our country today. Yet, as I have also repeatedly stated on this page, when you run a system where there are no consequences for bad behaviour, it becomes easy for those who ordinarily should uphold the law to also become outlaws. Unfortunately, that is where we are in Nigeria today!”

Aderemi Adeoye retired yesterday as the Commissioner of Police (CP) in Anambra State. By his own admission, his net worth is now N20 billion! And he has set his eyes on displacing Alhaji Aliko Dangote as the richest man in Africa within the next ten years. I am also quoting him. “I have been privileged to be trained in Ghana, England, Israel, California and more. I have served abroad in the United Nations, and this career gave me opportunities for self-development, and these have prepared me for retirement,” Adeoye admitted during his ceremonial pull out parade from the Nigeria Police Force (NPF) in Awka last weekend. “In 2018, I founded an investment club, Alpha Trust Investment Club (ATIC) Limited. We started it with a modest sum of N54 million, but today we have investments worth over N20 billion. That will be my full-time business from Wednesday, May 1 (yesterday). We have been investing and now we want to go into full time business. And we will in the next 10 years give Dangote a run for his money.”

Let me be upfront here. I do not agree with those who find virtue in the kind of ‘poverty’ fables that propelled former President Muhammadu Buhari to power in 2015. So, I am not opposed to legitimate ‘side hustles’ without which it is difficult for professionals to stay afloat in Nigeria. But there is a problem when public officials acquire stupendous wealth that is impossible to explain and then make a show of it. Therefore, to know more about this multibillion Naira company whose promoter seeks to displace Dangote on the ‘Forbes List’, I first conducted a search at the Corporate Affairs Commission (CAC) where I drew blank. I am surprised that a business concern with a portfolio of N20 billion is not listed at the CAC. Then I did a Google search. My findings were shocking.

In February this year, some people had petitioned the Inspector General of Police, Kayode Egbetokun, asking him to investigate an alleged fraudulent diversion of over N20 billion funds by Adeoye. In the petition, dated 30 January 2024 and signed by 33 members—including Diasporan Nigerians resident in the United States, Canada, Australia and the United Kingdom—they alleged that Adeoye has been using his uniform to operate what they described as a Ponzi Scheme. “Sometime around 2017, we became ‘friends’ with Adeoye on Facebook. At the time, he was serving in the African Union on secondment from Nigeria. He endeared himself to us and many others by projecting himself as a champion for victims of fraud and an upright man,” they wrote. “Often, he claimed to have come to the aid of persons who had been defrauded on Facebook. He got many accolades from many of us for these claims. As time will show, these claims were deliberate and well-planned effort by him to win the trust of many of us on Facebook as a precursor to launching his grand scheme.”

In 2018, according to the petitioners, Adeoye “proposed an investment club on Facebook, named Alpha Trust Investment Club (ATIC), aiming to pool funds for diversified investments, including joint property purchases. The idea gained traction due to Mr. Adeoye’s credibility as a senior police officer. Trust was high, leading to initial payments directly to his personal account. ATIC was later formally established under the Corporate and Allied Matters Act, growing to over 1,400 members by 2023.”

However, according to the petitioners, what is now happening “Centers on a lack of accountability, lack of proper structure, gross abuse of powers, intimidation, arbitrary punitive actions against members, negligence of duty, and a failure to adhere to regulatory requirements. All of these have cost members dearly.” After listing nine accounts domiciled in GTBank to which monies are paid with Adeoye as sole administrator, they demanded that he “be compelled to disengage from running the investments with immediate effect, with an undertaking not to touch or deal in any assets belonging to the Club, since his involvement in the scheme, and dealing in the business as a public servant, in the first place, is prima facially (sic) illegal ab initio and as a matter of law.”

There is nothing on record to suggest that Egbetokun acted on the petition. But a few weeks ago, PUNCH newspaper interviewed Adeoye who described the claims by those petitioners as “criminal defamation of character”. These were his words: “They are our members and started fomenting trouble. In the course of this, they issued threats. Someone who issues threats to others is a criminal. The person they want to haunt down is the largest shareholder, who has 11 million shares. If something is wrong with the finances, who is the first to know? What they are doing now is criminal defamation of character. When you defame a person criminally, that is a crime. The Board of Trustees met and expelled them; after they were expelled, they labelled the club Ponzi.

“We bought land as a cooperative. And we have one document for it in the name of the cooperative for each purchase. Am I supposed to tear the document into pieces and then begin to share them? We are an online investment platform. We published all the receipts and payments on our page, and every member sees them. We have created a lounge to process their settlement. We are writing to the developer to remove the parts of the bulk purchase for them and issue documents to them in their names. Developers charge 10% of the current value of the land for that. We are not asking them to pay us. They should pay directly to the developer. We will only certify them as our members for the process.”

I am still trying to process what this company is about. But there are even more critical questions that beg for answers. How can a Police Commissioner establish a ‘business’, ask the public to contribute funds that would generate returns, use his private accounts to receive such funds and claim ownership of the pool of money contributed by ‘shareholders’, after allocating 11 million shares to himself? And how could Adeoye have been diligent in his work as a law enforcement officer if he spent considerable time chasing money from people whose backgrounds he had no idea of—including those who could be criminals? Are there no regulations within the police that frown at a serving officer establishing and running a business venture, especially of this nature? Are police officers exempted from the code of conduct for public officials in Nigeria?

On Monday, there was an online post titled, ‘The audacious billionaire cop’ credited to a Mr Dauda Adesina Joki-Lasisi, a retired police officer. Joki-Lasisi (who claimed to have started his career in 1988 as a cadet inspector after training at the Police Academy in Kano) drew from his own moral examples and that of many others in the NPF to argue that money making is incompatible with the work of a law enforcement officer. He concluded his treatise with several posers. “In a service where the pension of a retired CP is not up to a N100K, what message was CP Adeoye sending to those still in service? Was it for them to embark on a rabid pursuit of money at all costs in order to secure their post-service life? And in that case, how wouldn’t these officers then compromise the sacred policing ethics by monetizing their services to the detriment of the masses and the security of the nation?” Joki-Lasisi asked. “I think retiring senior officers need to now be compelled to submit their valedictory addresses to the police authorities for vetting and possible censorship of any damaging content thereof, in order to prevent the recurrence of an embarrassing absurdity of this nature.”

I wish Adeoye well as he retires to the stupendous wealth that he has amassed for himself. But like Joki-Lasisi, I also believe that the NPF should be concerned about the reputational damage of his audacious disclosure. In my August 2021 column, ‘Beyond Abba Kyari’s Indictment’, I addressed a similar issue that borders on ethics in the police. The intervention followed the Federal Bureau of Investigation (FBI) indictment of a Deputy Commissioner of Police (DCP) then touted as a ‘Super Cop’. “By charging Kyari to their court, asking for his arrest, and placing emphasis on the fact that ‘he is a highly decorated deputy commissioner of the Nigeria Police Force …’, the FBI was implicitly making a connection between criminality and law enforcement in our country,” I wrote in the column. “There are lessons in this tragedy that should not be lost on the authorities in our country. Having allowed the police to degenerate as an institution, it is little surprise that many of their personnel now embody the worst vices of society.”

That a serving police officer would openly admit to being a billionaire resulting from running a curious business while still in uniform confirms the lack of accountability that defines public conduct in our country today. Yet, as I have also repeatedly stated on this page, when you run a system where there are no consequences for bad behaviour, it becomes easy for those who ordinarily should uphold the law to also become outlaws. Unfortunately, that is where we are in Nigeria today!

 

More than 10 years ago I founded my then "small" business that today has more than 600 employees and tens of thousands of customers around the globe. I talk to small-business owners every day, and while they all come from different industries and places, it is passion, freedom and impact that have been the main drivers determining their success or failure, progress or regression.

Let's take a closer look:

Passion

Passion is your drive, ambition and the love of what you do and who you serve. It provides you with a very special view of the world that others often don't see. For example, Steve Jobs had the vision of a phone with one button on the front. Jeff Bezos of Amazon had a vision for a store that sold everything.

These are well-known examples of entrepreneurs who had a unique view of the world that others didn't see at the time. Every successful small-business owner and entrepreneur must have a passion that drives them forward -- a core belief that keeps them pressing on, even though others don't necessarily have the same vision.

My strongest passion is serving entrepreneurs and small-business owners. In the beginning, many people thought I was crazy for believing that a thriving company -- just focused on small-business success -- could last. Today, Infusionsoft serves more than 25,000 small businesses.

Stop and ask yourself: What is your true passion? What makes you excited about what you are doing? The difference between those who push through difficult times and those who do not is passion.

Freedom

Freedom is the ability to spend your time and money as you see fit. Financial freedom enables you to not only grow your business and pay your employees, but to also give your family the quality of life you want for them. Freedom enables you to invest time in causes that matter to you, whether that is with your family, friends or hobbies.

My father was a teacher. Growing up, our basic necessities were always taken care of, but my father had to take additional jobs to earn extra money to supplement his teacher's salary. As I became older, I knew that I wanted to ensure I had a career which enabled me to go beyond providing for my family's basic needs, but to give us a lifestyle where money was not an issue.

Impact

Impact should be at the core of your business. You might think that when your business reaches a certain stage of growth or you have a bigger budget you'll then decide to make an impact. Don't wait! Start from the beginning. Very early in our business we made giving and helping others a key part of our purpose. If having an impact is a key part of your business from day one, you will make an impact on someone's life every day.

What's your vision for your company's impact on the world or your local community? Is that vision big enough?

Remember, it's OK and you should expect your vision to change and evolve over time. The key is to have a vision for what kind of impact your company can have and let that be another force to drive you forward.

Passion, freedom and impact are not isolated -- they work together and are achieved together. Without a passion for your business, you can't have the freedom you desire or the strength to make an impact. Without freedom, you'll never make an impact and your passion is wasted. If you are not making an impact you're not experiencing the freedom entrepreneurship allows, nor are you allowing your passion to be fulfilled.

Take a step back, identify what your passion is and what freedom means for you. Ask yourself what kind of impact you want your business to have, and then weave your answers into every aspect of your business.

As you consider these three ingredients of small-business success, it's also important to consider the stage of success your business is in. At Infusionsoft, we believe in seven stages of small-business success. Your viewpoint of your vision, freedom metrics and maybe even your passion will evolve depending on what stage you are in. For instance, a solo entrepreneur might have different motivations than an entrepreneur with an established business that is a local success story.

As you grow professionally and as your business grows, take time to periodically evaluate these ingredients and ensure they're all working in harmony towards a shared vision of the success of your business at every stage.

 

Entrepreneur

 

In April, the NGX All-Share Index witnessed a significant downturn, shedding N3.57 trillion in market value.

This marks the first monthly decline for the NGX this year, following substantial gains of 17.7%, 12.47%, and 5.64% in January, February, and March respectively.

Nonetheless, the NGX maintains a year-to-date increase of 31.36%.

The decline in the index was primarily driven by policy announcements from the Central Bank of Nigeria (CBN), particularly the proposed recapitalization plan for commercial banks, aiming to raise approximately N4 trillion in fresh capital over the next two years.

Additionally, the CBN's substantial rate hike triggered intensified sell-offs, resulting in a 6% decrease in the local bourse, with the benchmark index concluding at 98,225.63 points.

The surge in rates diverted trillions of naira from the stock market to the fixed income market, as investors pursued higher yields.

The NGX All-Share Index closed below the 100,000-point mark, ending the month at 98,225.63 points, a notable contrast to its peak of 104,562.06 points at the end of March 2024.

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