Chief Adebayo Omotoso Embassy Celebrates 90 Years: A Remarkable Journey of Resilience and Wisdom.

Chief Adebayo Omotoso Embassy Celebrates 90 Years: A Remarkable Journey of Resilience and Wisdom.

By Arc. Sola Omotoso

Today, the air is filled with an aura of celebration as Chief Adebayo Omotoso Embassy, a distinguished elder statesman and patriarch, marks a significant milestone in his life - his 90th birthday. Surrounded by a gathering of family, friends, and well-wishers, Chief Embassy's journey is commemorated with reverence and admiration for the resilience, determination, and unwavering faith that have defined his extraordinary life.

Born into adversity, Chief Embassy's life story serves as a beacon of hope and inspiration to many. Despite facing the heartache of losing his parents at a tender age, he displayed remarkable resilience and determination that would shape the trajectory of his life. His unwavering commitment to excellence propelled him to achieve remarkable success in various spheres of life, setting an exemplary standard for generations to come.

As a father, Chief Embassy has been a pillar of strength, guidance, and unwavering support to his children. He instilled in them values of hard work, integrity, and compassion, laying the foundation for a legacy of unity and resilience that continues to inspire all who have had the privilege of crossing paths with him.

In his role as a politician, Chief Embassy led with exemplary integrity and wisdom, ensuring peace and progress in his community even in the face of adversity. His dedication to serving God and humanity through the church reflects a heart filled with love and compassion for others, leaving an indelible mark on the lives of many.

Today, as Chief Embassy celebrates his 90th birthday, the occasion is marked by joy, laughter, and the warm embrace of loved ones. It is a time for reflection on the countless blessings and memories he has bestowed upon his community and beyond. His remarkable journey serves as a testament to the power of resilience, determination, and unwavering faith in overcoming life's challenges.

As Chief Embassy embarks on the next chapter of his journey, he is wished continued health, happiness, and countless blessings. May God's grace and favor continue to shine upon him, guiding his steps and filling his days with peace and fulfillment.

Happy 90th Birthday, Chief Adebayo Omotoso Embassy! Here's to many more years of love, laughter, and cherished memories.

©️Powered By Arc. Sola Omotoso.

EKSG Supports Indigent Students With N30 Million, Renovates Schools With N641 Million.

EKSG Supports Indigent Students With N30 Million, Renovates Schools With N641 Million. 

....First Lady Urges Students to Justify Investment.

Wife of Ekiti State Governor, Dr. Olayemi Oyebanji, has urged students of public secondary schools to justify the huge investment of the state government in them by working hard to attain academic excellence.

Dr. Oyebanji gave the advice on Friday while performing the official flag-off of the disbursement of financial support to indigent students and the disbursement of funds for the second phase of the mass renovation of public secondary schools in the state.

Addressing the students many of whom attended the flag-off ceremony held at Lady Jibowu Hall, Government House, Ado Ekiti, the Governor's wife said the gesture was one of the many strategies of the State Government to retain school-age children in school and also ensure that no child is out of school. 

Under the scheme supported by the World Bank-assisted Adolescent Girls’ Initiative for Learning and Empowerment (AGILE), about N30 million was disbursed to 2,808 indigent students with those in senior secondary school receiving N25,000 while beneficiaries in junior secondary school getting N20,000.

Also, seven public secondary schools received cheques totalling N641 million to renovate facilities like administrative blocks, laboratory facilities, hostels, classrooms, libraries, sporting facilities, among others for the comfort of students, teachers and other staff.

The benefitting schools are Doherty Memorial Grammar School, Ijero Ekiti; Ayede Grammar School, Ayede Ekiti; Egbeoba High School, Ikole Ekiti; Eyemote Comprehensive High School, Iyin Ekiti; Ilejemeje Community High School, Iye Ekiti; Ise Comprehensive High School, Ise Ekiti and Ileowuro High School, Agbado Ekiti.

Congratulating the students who have met the eligibility criteria for this first cohort of financial support for the 2023/2024 academic session, Dr. Oyebanji encouraged them to seize the opportunity to strive for excellence with the understanding that "education is not just about acquiring knowledge but also about developing the skills and resilience needed."

The accounts of the 2,808 beneficiaries, the first cohort, were credited and they received their ATM cards to access the support funds. They ar expected to receive the fund in three tranches. The condition for its continuity is retention in school.  

The First Lady explained that the gesture reaffirmed the Oyebanji Administration's commitment to the provision of access to quality education for all school-age children and to further strengthen the free and compulsory education programme for primary and secondary school students in the state. 

She said: "The government is committed to regular payment of salaries to our teachers, renovation of old school buildings, release of running grants to each school, payment of WAEC/SSCE fees, provision of ICT facilities and capacity building of our teachers. 

"In addition, the State Government also takes care of vulnerable students to ensure they attend classes and complete their education. Identified vulnerable students are taken away from hostile environments and lodged in boarding facilities to enable them access good quality education without hindrance.

"It is one of the many strategies of the State Government to retain school-age children in school and also ensure that no child is out of school. Ekiti state prides itself as the State with the second lowest data on out-of-school children and we intend to bring the data as close to zero as possible."

Dr. Oyebanji recalled that N916 million was disbursed to ten schools last year for renovation in ten local government areas expressing delight that the exercise has reached completion stage in the benefitting schools.

Representatives of the State Executive Council, Council of Traditional Rulers, State Universal Basic Education Board, Elders' Forum, Academic Staff Union of Secondary Schools, Alumni Associations, Youth Parliament and Children's Parliament delivered goodwill messages and hailed the state government's giant strides in education sector.

Oyebanji, US Delegation, Others Laud Cavista Holdings' Contributions to Ekiti State Development.

Oyebanji, US Delegation, Others Laud Cavista Holdings' Contributions to Ekiti State Development.

Ekiti State governor, Biodun Oyebanji, alongside US Consul General, Will Stevens, Former Ekiti State governor, Dr. Kayode Fayemi, Speaker of Ekiti State House of Assembly, and other dignitaries, have commended Cavista Holdings for its unwavering dedication to fostering investment and economic growth within the state.

Cavista Holdings, the parent company of Agbeyewa Farms Limited and Glocient Hospitality (managers of Ikogosi Warm Springs Resort and Conference Center) received the accolades during a visit by the US delegation to these prominent sites in Ekiti State.

During discussions on trade and investment with Charge D’ Affairs of the US Embassy, David Greene, and US Consul General, Will Stevens, Governor Abiodun Oyebanji lauded Cavista Holdings as a key contributor to the state's economic prosperity agenda, emphasizing the alignment of vision and the substantial dividends it has brought to Ekiti.

Echoing the sentiment, Rt. Honourable Adeoye Stephen Aribasoye, Speaker of the Ekiti State House of Assembly, expressed delight at the significant investments made by Cavista Holdings in his constituency, particularly at Agbeyewa Farms. He pledged the Assembly's support for the company's initiatives, including its plans for extensive cassava production, aimed at bolstering employment opportunities for Ekiti indigenes.

US Consul General, Will Stevens, commended Agbeyewa Farms as a remarkable investment, underscoring the pride of the US in its association with such ventures. He also praised the transformation of Ikogosi Resort by Glocient Hospitality, a Cavista Holdings subsidiary, highlighting its historical significance dating back to the vision of missionary John McGee in 1952. Stevens affirmed the US government's commitment to collaborating with Cavista Holdings to strengthen bilateral relations.

Former Governor of Ekiti State, Dr. Fayemi, expressed pride in the successful restoration of Ikogosi Warm Springs resort, citing it as validation of the state government's decision to privatize critical assets. He emphasized the importance of prioritizing security and fostering community engagement to ensure a conducive environment for foreign direct investment.

The collective acknowledgment from state officials and the US delegation underscores Cavista Holdings' pivotal role in driving economic development and fostering international partnerships within Ekiti State.

Cavista Holdings Limited, established by visionary entrepreneur and investor, John Niyi Olajide, is a dynamic and rapidly expanding investment holding company with a global footprint across four continents.

With strategic investments spanning Nigeria, Botswana, the United States, the United Kingdom, Canada, India, the Philippines, and New Zealand, Cavista Holdings delivers innovative products and services that enrich the lives of millions worldwide.

With a diversified portfolio encompasses key sectors including Agriculture, Hospitality, Technology, and Financial Services, reflecting our commitment to driving sustainable growth and fostering prosperity. Beyond financial metrics, Cavista Holdings is dedicated to community empowerment, environmental sustainability, and purposeful initiatives that generate lasting value and catalyze positive change in society.

Tinubu not architect of Nigeria’s economic situation – Oyebanji.

Tinubu not architect of Nigeria’s economic situation – Oyebanji.

.…Says palliatives not permanent solution, urges Nigerians to go back to farming.

Ekiti State Governor, Mr Biodun Oyebanji on Friday absolved President Bola Ahmed Tinubu of any blame over current economic situation in the country, saying the situation preceded his ascendancy to office.

He however said the President is capable of fixing the current challenges if given ample time and necessary support.

Governor Oyebanji stated this during the monthly Evening of Praise and Worship programme held at the Lady Jibowu hall, Government House, Ado-Ekiti. He urged Nigerians to be patient with the Federal Government as the problem the country is facing had been there long before the President emerged.

The Governor called on Nigerians to continue to pray for the President and his government so that the various decisions they will make would be to the interests of the people. He also urged them to always maintain peace and decorum as the President has continued to lessen the burden of economic hardship on the people with his various people-oriented programmes and policies. 

While reminding the people that palliatives would not bring permanent solution to the food crisis, Governor Oyebanji called on every Nigerian to embrace farming and become productive in their own little way, and in the process support the growth and development of the country.

The Governor assured Ekiti people that the state would soon experience food sufficiency and become the food basket of the country, judging by the various programmes his administration is putting in place.

He likened the case of Nigeria as the case of the Israelites where God took them from Egypt to the promise land flowing with milk and honey believing that Nigeria would soon experience abundance of all the good things the citizens have been craving for.

According to the Governor, “I just want to encourage us today as children of God to keep faith in God and to also amplify our prayers for Nigeria, for Ekiti state and for the President. I understand what we are going through, but the truth of the matter is that the President is not the cause of these crises but God has prepared him for a time like this. What he needs is our support, our prayers, our understanding and encouragement.

 “I am just pleading with us that the President needs our help, he needs our prayers, we should not do anything to discourage him. We should thank God that we have a man of courage, a man God had prepared for a time like this, I believe in God that we will get out of this problem and when the time comes and the dividends of these reforms are unraveled, all of us will be alive.

“I thank Ekiti people for maintaining peace and I promise that we’ll continue to lessen these burdens, but the truth of the matter, which many people don’t want to listen to is that palliatives will not solve these problems, it can only be a temporary measure, when you give someone a bag of rice, in two weeks it would have finished.

“We have embarked on a programme that by next year, we will have food sufficiency in this state, because, if we don’t make haste now, I pray next year will not be worse than this. We must be able to grow ourselves out of hunger, which is what the President told us last week. 

Government will do its own bit, but you have to go back to the farm. So, no matter how small, let’s start bit by bit, you have to grow what you will eat and at least be able to feed ourselves.” He added. 

Also at the evening of praise were the Deputy Governor, Chief (Mrs) Monisade Afuye; wife of the Governor and the convener of the programme, Dr Olayemi Oyebanji; Secretary to the State Government, Dr Habibat Adubiaro; Head of Service, Engr. Sunday Komolafe; top government officials among others.

Economy: CSOs task Senators, Reps on stability, prosperity.

Economy: CSOs task Senators, Reps on stability, prosperity.

Acoalition of Civil Society Organisations (CSOs) on Friday, called on the National Assembly to probe the $3.4billion loan collected by the Federal Government from the International Monetary Fund (IMF), in April 2020 without proof of how it was utilized.

The group also kicked against ceaseless requests for loans by the Federal Government and expeditious approvals given by the National Assembly with little or nothing to point at as to what the loans were used for.

The group also added that savings made by the government from fuel subsidy removal from May last year till date, have not been accounted for by the government as Nigerians are watching and suffering.

The nine CSOs led by the Executive Director of Civil Society Legislative Advocacy Centre (CISLAC), Auwal Musa Rafsanjani, at a media briefing, alleged that the incessant loans by the FG, made the debt profile of the country presently stands at N87.9trillion which is equivalent to $114.3billion.

“The escalating debt burden has profound implications for the well-being of Nigerian citizens and failure to act quickly could result in an additional 23 million Nigerians living in poverty and 80 million working-age citizens without a full-time job by 2030.

“These concerning trends underscore the need for the National Assembly to urgently do the needful by among others, investigating the movement and spending of loans received by the Federal Government in the past and present administrations, including but not limited to the $3.4billion loan obtained from IMF as reported in the 2020 annual audited report published by the Auditor – General of the Federation.

“Stopping borrowing for recurrent expenditure ( personnel and overheads ) and dilatory capital expenditure that adds no value to economic growth, wealth creation and development.

“Demanding accountability for petrol subsidy savings and sincerity of purpose in fulfilling the government’s ‘promises of renewed hope ‘ to the millions of Nigerians who no longer have belts to tighten.”

Shettima to flag-off Light up Southeast Initiate Monday.

Shettima to flag-off Light up Southeast Initiate Monday.

Vice President Kashim Shettima will on Monday, February, launch the Light Up South East Initiative to accelerate power supply to industrial clusters in the region. 

This was disclosed in a statement issued on Friday by Senior Special Assistant to the President on Media and Communications, Office of the Vice President, Stanley Nkwocha. 

The event, billed to be held in Enugu, the Enugu State capital, is in continuation of the ongoing efforts to improve energy supply to industrial clusters across the country. 

The project, a collaboration between the Niger Delta Power Holding Company Limited (NDPHC) and its partners, will feature key stakeholders in the nation’s power sector. 

A key highlight of the Vice President’s engagement in Enugu on Monday will be the South East Business Roundtable featuring top government officials and business leaders deliberating on delivering reliable and sustainable power to industrial and residential areas in the region. 

The Vice President had on October 12, 2023, flagged off the initiative in the South West at the Agbara Industrial Cluster, with stakeholders committing to the successful implementation of the project across the country.

The Tinubu administration had from the onset committed to revamping Nigeria’s Infrastructure framework with the much-needed drive to empower Nigerians and strengthen the nation’s economic policies. 

Similarly, the Vice President will on the same day commission the 181-megawatt Geometric Power plant in the Osisioma Industrial Layout, Aba, Abia State.

CBN hikes BDC license fees to N2bn.

CBN hikes BDC license fees to N2bn.

The Central Bank of Nigeria (CBN) has introduced a fresh set of guidelines to keep Bureau De Change (BDCs) in check. Under the new guidelines BDCs in the Tier 1 category must have a capital requirement of N2 billion, while Tier 2 BDCs must have a capital requirement of N500 million.

Tier 1 BDCs formally were expected to cough out N15 million to acquire the license. This represents a 13,233.33 percent licence fee hike.

The CBN was forced to come up with a new set of guidelines in order to address the ongoing foreign exchange crisis in the country.

The Financial Policy and Regulation Department of the CBN headed by Haruna B Mustafa detailed what is now expected of BDCs in Nigeria.

The guidelines specify that banks, government agencies, and NGOs are prohibited from having ownership stakes in BDCs. The permissible activities for BDCs include buying and selling foreign currencies, issuing prepaid cards, and acting as cash points for money transfer operators. BDCs are not allowed to take deposits, grant loans, deal in gold, or engage in capital market activities.

In terms of sourcing foreign currencies, BDCs can obtain forex from authorized dealers, travelers, hotels, embassies, and other sources. For large transactions exceeding $10,000, a declaration of the source is required.

Regarding the sale of foreign currencies, BDCs can sell forex for purposes such as travel, medical bills, and school fees, up to specified limits per customer annually. At least 75 percent of the sales must be conducted through electronic transfers, while the remaining 25 percent can be in cash.

There are two tiers of BDCs: Tier 1, which has a national presence with branches and franchises, and Tier 2, which is limited to operating in one state with a maximum of three locations.

BDCs are required to verify the identity of their customers, maintain transaction records, connect to CBN systems, and display rates clearly. They must also submit specified regulatory returns, make their records available for inspection, and comply with the guidelines.

The guidelines also outline standards for Tier 1 BDCs that appoint franchises, covering areas such as policy, monitoring, and branding. Prudential requirements are set for BDCs, including limits on open positions, fixed assets, borrowings, and dividend payments. Additionally, BDCs must comply with anti-money laundering and countering the financing of terrorism regulations, with regard to policies, monitoring, and reporting.

The Nigerian naira has recently hit an all-time low of N2,000 against the dollar due to the prevailing economic crisis in the country. In response, the National Security Adviser, Mallam Nuhu Ribadu, instructed the Economic and Financial Crimes Commission (EFCC), Department of State Services (DSS), and other security agencies to crack down on currency speculators in the forex market. This has led to raids on BDCs nationwide and the arrest of some illegal operators.

In a related development, the Central Bank of Nigeria has announced new measures regarding the foreign exchange (FX) rate to be used for Import Duty Assessment.

The bank has advised that the Nigeria Customs Service and other relevant parties should adopt the closing FX rate on the date of opening Form M for the importation of goods as the rate to be used for assessing import duty.

This rate will remain valid until the completion of the importation and clearance of goods by the importers.

This decision the CBN said is intended to provide clarity and reduce uncertainty for both the Nigeria Customs Service and importers, allowing them to better plan and manage their revenue and cost structures amid fluctuating daily exchange rates.

“Effective from February 26, 2024, the closing rate on the date of opening Form M for the importation of goods and services will be the rate applied for the assessment of import duty” the CBN circular read.

This replaces the requirements outlined in Memorandum 9, J (2) of the Central Bank of Nigeria Foreign Exchange Manual (Revised Edition), 2018.

While the Central Bank of Nigeria acknowledges the initial volatility and price distortions following the liberalization of the FX market, it is confident that these reforms will ultimately stabilize the market and establish the necessary market confidence to attract investment capital for the growth and development of the Nigerian economy.