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How Brain Jotter’s viral dance revived Mike Ejeagha’s ‘Gwo Gwo Gwo Ngwo’ 41 years after

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How Brain Jotter’s viral dance revived Mike Ejeagha’s ‘Gwo Gwo Gwo Ngwo’ 41 years after

Destiny may be delayed, but it cannot be denied—a statement that rings true for the legendary highlife singer Mike Ejeagha, whose 1983 hit recently went viral, thanks to skit maker Chukwuebuka Amuzie, Brain Jotter.

 

Interestingly, ‘Gwo Gwo Gwo Ngwo’ is not a song title; it is the refrain in “Ka Esi Le Onye Isi Oche,” a song on Ejeagha’s ‘Akuko Na Egwu’ Original Vol. 1, a music album released in 1983.

 

Ejeagha’s renewed fame 41 years after his song’s release is reminiscent of Obesere’s monster hit, ‘Egungun Be Careful,’ which went viral 18 years after it was initially released after a clip from the track’s music videos went viral.

 

Like Ejeagha, Obesere’s career also enjoyed a resurgence in March 2020, leading him (Obesere) to record a remix featuring Zlatan Ibile.

 

Having recovered the fame he had first enjoyed when the track was released 41 years ago, Ezeagha, 92, revered for his Igbo folk songs, has been showered with cash gifts, and Brain Jotter even gifted him N2 million and a car.

 

 

Ejeagha’s 41-year-old classic track, “Ka Esi Le Onye Isi Oche,” tells a whimsical tale of a tortoise tricking an elephant into believing he was appointed festival chairman. This tale has captivated a new generation.

 

Brain Jotter’s viral challenge, which started as a joke, involves the dancers moving their waists rhythmically and doing legwork to the beat of the song “Gwo Gwo Ngwo!”

 

The video garnered millions of views and sparked a viral TikTok trend. The dance involves two people facing each other, walking towards one another before engaging in a comic dance step.

Mike Ejeagha

The song’s resurgence after 41 years has brought renewed attention to Ejeagha’s contributions to Nigerian music, but only a few know the story or the man behind the song.

 

 

Born in August 1932 in Enugu State, Ejeagha began his musical journey in elementary school. Inspired by guitarists Moses Aduba and Cyprian Uzochiawa, he eventually formed his band, Mike Ejeagha and Merry-makers, in 1950.

 

His fame grew through radio programs like “Guitar Playtime” and “Akuko n’egwu” (storytelling in music), where he shared folktales and music rich in social and cultural relevance.

 

Brain Jotter and Mike Ejeagha

Brain Jotter and Mike Ejeagha

After recording 33 albums and being hailed as a pioneer in Igbo folk music, Ejeagha’s recent resurgence in popularity is only a testament to his enduring legacy.

 

He is described as the “grandfather of modern Igbo folk music” as he was in the habit of narrating folktale stories in his songs.

 

The renewed interest in his work has sparked calls for a biographical documentary, though funding challenges have stalled the project.

 

As his song “Ka Esi Le Onye Isi Oche” continues to trend, fans are reminded of Ejeagha’s significant impact on Nigerian music and culture.

 

The song’s catchy melody and relatable lyrics, which tell a folktale about a cunning tortoise and a mighty elephant, have resonated with audiences of different ages.

 

The dance craze extended beyond ordinary users, with celebrities, athletes, and public figures joining the fun.

 

The folktales

The song narrates how the tortoise tricked an elephant into believing he was appointed festival chairman.

 

The story goes that once upon a time in the animal kingdom, the elephant offended the king. The king declared that anyone who could capture the elephant would marry his daughter.

 

Despite the enticing reward, everyone was scared because of the elephant’s enormous size. However, the tortoise confidently told the king that he would bring the elephant despite his small stature.

 

While others were fearful, the tortoise boasted that he would lead the elephant to the palace with a rope. The elephant, unaware of the bounty on his head, was approached by the clever tortoise.

 

The tortoise told him that the king had recognised his good deeds and wanted to reward him with a chieftaincy title, making him the festival’s chairman.

 

READ ALSO: Burna Boy becomes first African artiste to hit 2 billion streams in UK

Excited by the news, the elephant agreed to go to the palace with the tortoise.

 

As they made their way to the palace, the tortoise, lagging behind the faster elephant, suggested, “Since you’re bigger and quicker, let’s enter the palace together. Tie a rope around your neck so I can follow right behind you.” The elephant agreed, and they continued on their journey.

 

However, as they neared the palace, the tortoise realised their arrangement might need more convincing. He pleaded with the elephant, “If I follow behind, I might slow you down. Please, let me ride on your back.” The innocent elephant agreed.

 

When they entered the palace, the entire village was astonished to see the tortoise riding the elephant with a rope around the elephant’s neck. The king was equally amazed and hailed the Tortoise, exclaiming, “Gwo Gwo Ngwo! Chairman!”

 

Listen to the original song below.

 

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South African with Nigerian father faces backlash in race to becoming Miss SA

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A 23-year-old South African beauty queen, Chidimma Vannesa Onwe Adetshina, has faced backlash after making it to the top 16 at the ongoing Miss South Africa (Miss SA) pageant.

 

Born in Soweto to a Nigerian father and South African mother, Adetshina has been targeted by some South Africans who claim she is not South African by birth.

 

According to a South African Vlogger, some South Africans are unpleased that Adetshina made the top 16 in the pageant, adding that Nigerians in South Africa are known to engage in questionable jobs.

 

Responding to the trolls, the beauty queen said in various interviews that she is a South African and qualified to compete at the pageant.

 

“I am a South African citizen and I have met all the requirements to be a part of the Miss SA competition. The fact that my father is Nigerian does not take away from the fact that I am South African. My mother is South African, and I was born and raised in this country,” she said.

 

Also clearing the air on the issue, the Miss SA organisation, in a statement confirmed that Adetshina met all the requirements to participate in the pageant.

 

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“All documentation provided by the entrants is screened and vetted. Chidimma is a South African citizen and has met all the requirements to be a part of the Miss South Africa competition. Her mother is South African (Zulu), and her father is Nigerian,” they said in the statement.

 

According to the Miss SA organisation, to be eligible to contest for the pageant, the contestant must be a South African citizen and possess a valid ID or passport. If the contestant holds dual citizenship, documents relating to both must be made available.

 

Also, as stated in the amended South African Citizenship Act, citizenship can be acquired by birth, descent, or naturalisation.

 

While most South Africans are against the Miss SA organisation allowing Adetshina to continue with the competition, in 2001, Vanessa Carreira, born to Portuguese-Angolan parents in South Africa won the Miss South Africa title.

W’Bank, AfDB to invest $7.5bn in Nigeria’s power sector

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The Minister of Power, Adebayo Adelabu, has said that the World Bank and the African Development Bank have concluded plans to invest $30bn in boosting electricity in Africa.

 

Of this sum, Adelabu said Nigeria will get about 25 per cent, being $7.5bn.

 

Adelabu disclosed this during a visit to Splendor Electric Nigeria Limited, a porcelain insulator company located in the Odogbolu area of Ogun State.

 

According to him, the banks would spend the funds on extending electrification to an additional 300 million Africans in the next five years.

 

He told the management of the Splendor to get set to partake in the electrification that would soon commence, adding that he was confident that 20 to 25 per cent of the fund would be awarded to Nigeria because of its large population.

 

“I want to inform you of the proposal or the intention, which is at an advanced stage, by the World Bank and the African Development Bank to spend about $30bn to extend electrification to an additional 300 million Africans within the next five years. And Nigeria is going to participate fully in this. I am confident that nothing less than 20 per cent or 25 per cent of this fund would come into Nigeria because of our population,” the minister disclosed.

 

Adelabu maintained that the focus of the project would be on the enhancement and upgrade of power infrastructure.

 

He said efforts were ongoing to revamp the power sector in Nigeria and Africa in general, adding that there would be regional collaboration to save the continent from energy poverty.

 

Speaking on the Siemens project, he noted that the Presidential Power Initiative involves the construction of thousands of additional lines and tens of new transmission and injection sub-stations.

 

The Ibadan-born politician mentioned that the pilot stage of the Siemens project is nearing completion, adding that Phase 1 of the project would soon commence.

 

With a population of over 200 million people, Nigeria still grapples with an epileptic power supply, with millions of citizens still wallowing in darkness.

 

According to the Nigerian Bureau of Statistics, there are less than 13 million electricity customers in Nigeria.

 

A report by the International Energy Agency stated that Nigeria’s national power grid collapsed 46 times from 2017 to 2023.

 

According to the report, Nigerians endured more nationwide blackouts in 2023, especially on September 14 when the grid collapsed due to a fire on a major transmission line. About four more collapses have occurred this year.

 

 

People in NNPC don’t want subsidy scam to end’- Emir Sanusi

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The 16th Emir of Kano, Muhammadu Sanusi II, has said that Alhaji Aliko Dangote should not be blamed for buying dollars at lower rates at the time he was building his refinery because that was the actual rate the apex bank was selling to everybody at that time.

 

Sanusi, who commented on the issue through SOP Chat Group, initially said: “I honestly do not think it is a good idea for me to make comments on these issues, but some comments surprise me, and I just have to say something.”

 

The emir then went on to remark: “Aliko Dangote did not fix the price at which the CBN sold dollars. Everyone who got dollars from the CBN got dollars at the same rate if they bought on the same day. So we cannot blame him for buying dollars at a rate the CBN itself decided to sell to its customers.

 

“So the question for me is this. Let us forget the man Dangote. If the Central Bank were to prioritize a single enterprise for forex allocation, how many enterprises can we think of that are worthier than a refinery like this one?

 

“Consider the drain on our forex from importing petroleum products; the tens of billions of dollars of forex spent abroad; the huge losses due to theft in the name of subsidy.

 

“By the way, how much forex did Dangote buy from the CBN at this subsidized rate? How much forex did NNPC take from the federation account in the same year in the name of running and turning around its dead refineries? What are we benchmarking against?

 

“If any Nigerian came to me as a Central Bank Governor with a project like this refinery, I would recognize immediately its potential impact on the economy and give it all the support needed.

 

“Let our views on forex policies not becloud our sense of priorities. Once the CBN decided to sell dollars at the below market, it would be forced to ration the limited dollars available.”

 

“To my mind, giving dollars for the construction of a refinery is better than rice importers and, indeed, almost every other enterprise apart from education and health, given the impact on the macro.”

 

On the argument by NNPC that relying on one refinery is bad for our energy security, Muhammadu Sanusi II said: “This is most laughable. On the contrary, relying on a local refinery is far more secure than these imports.

 

“It is a very rich argument from an entity that had taken billions of dollars in the name of turnaround maintenance and not produced a drop of product from four refineries because it is more profitable to continue extracting rent in the name of subsidy. If NNPC activated its refineries, there would be no monopoly. Then, we can see the sulphur content of its products and compare them to Dangote’s.”

 

He said further: “Until then, keeping quiet is the honourable option for it, NNPC and its spinoffs have lost any right to talk until they fix the mess they have thrown us into.

 

“In any case, if the Dangote refinery is unable to meet local demand, the gap can be filled by imports, these people in NNPC do not want to end their lucrative subsidy scam, and I don’t think they will end it.

 

” But as a nation, if we do not thank Dangote for what he has done as an African to deal a hammer blow to multinationals and the rentier system and for structural change in this economy through value added in various sectors, we should not condemn him.

 

“Also, we tend to repeat stories without evidence. We hear about Dangote getting favourable taxation but no one has said what this tax is, if he got it alone or if it was offered to a sector or to pioneers, and if such a practice is in fact normal to encourage investment.”

 

The emir concluded thus: “Instead of killing Dangote, we should try and make more like him. Nigeria always kills its heroes and its best because of envy and pettiness.”

Fintech: OPay drives innovative features to protect users

A leading fintech company, OPay, has unveiled enhanced security features to protect the funds of customers.

 

In a statement issued on Sunday, the mobile money platform said the innovations were in tandem with its desire to provide peace of mind for the users of their platform.

 

OPay is a mobile money operator licensed by the Central Bank of Nigeria and it recently revealed that its users’ deposits were protected by the Nigeria Deposit Insurance Corporation, the same as the traditional banks, offering a double layer of protection for users’ hard-earned money against unforeseen circumstances.

 

On the new security features, the Managing Director of OPay, Mr Dauda Gotring, said, “At OPay, users’ financial security is our top priority. By combining comprehensive regulatory compliance, innovative security features, and ongoing user education, we are building a digital banking ecosystem where users can transact with confidence.

 

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“We have developed a short code to allow users to lock their accounts immediately if their phone or card is misplaced or stolen. So, if this ever happens to our dear users, they can get a phone and dial #955*131# to lock their account and #955*132# to lock your card immediately without any hassle.”

 

According to the firm, the USSD short code allows users to instantly lock their OPay account in case their mobile phone is misplaced or stolen, adding that it also grants the user immediate control, allowing them to lock their OPay card with a single dial.

 

“Protecting users’ data from phishing attacks and scams is equally crucial. OPay is actively committed to raising user awareness through regular SMS and in-app notifications. These reminders emphasise the importance of never disclosing your one-time password, as no OPay staff will ever request it. By empowering users with knowledge, OPay fosters a vigilant community against fraudulent activities.

 

“Adding another layer of protection, OPay’s advanced fraud detection system actively monitors for suspicious activity. If a potential scam is identified, the system triggers an immediate double-confirmation alert before any transaction occurs. This crucial pause empowers users to verify the recipient and transaction details, effectively catching scams in their tracks before any damage is done. It’s like having a vigilant financial guard protecting users in the digital marketplace,” part of the statement read.

Adegboruwa Asks Supreme Court To Stop Lagos Government’s Movement Restrictions During Sanitation Exercise

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Fifteen grounds were listed in support of the application signed by Oluwatosin Adesioye, Esq., Deputy Head of Chambers (Litigation) of Ebun-Olu Adegboruwa SAN & Co.

 

A human rights lawyer, Ebun-Olu Adegboruwa, SAN, has dragged Governor Babajide Sanwo-Olu of Lagos State to the Supreme Court seeking an order to restrain the government of Lagos State from imposing movement restrictions on Lagosians during the planned monthly environmental sanitation exercise.

 

In a Motion on Notice filed at the registry of the Supreme Court on Monday, July 22, 2024, the human rights advocate is seeking an order of injunction to restrain Sanwo-Olu, the Attorney General, Lagos State Commissioner for Environment and Lagos State Ministry of Environment.

 

The four were listed as 1-4th Respondents as Adegboruwa seeks an order against them from restricting his movement and that of other residents of Lagos State, on the last Saturday or any other day of every month for the purpose of observing any environmental exercise/activity pending the hearing and final determination of the appeal pending in the Supreme Court.

 

In Motion Marked SC/CU/380/2024, Adegboruwa, sought among others an order restraining the respondents from arresting and detaining him and other residents of Lagos State on the last Saturday or any other day of every month whatsoever, for the purpose of enforcing compliance with the environmental sanitation policy of Lagos State pending the hearing and final determination of the appeal pending before the Supreme Court.

 

Fifteen grounds were listed in support of the application signed by Oluwatosin Adesioye, Esq., Deputy Head of Chambers (Litigation) of Ebun-Olu Adegboruwa SAN & Co.

 

Recently, there has been unconfirmed news of the planned resumption of the monthly environmental sanitation policy of Lagos State, by which all residents are forced to remain indoors for three hours on the last Saturday of every month.

 

On March 16, 2015, the Federal High Court, Lagos presided over by the Honourable Justice M.B. Idris (as he then was) struck down the environmental sanitation programme of Lagos State and further restrained the Inspector-General of Police and all police officers from enforcing the said policy through indiscriminate arrest of citizens for non-compliance.

 

Although the Lagos State Government appealed against the judgment, it nonetheless abolished the unpopular policy.

 

In a 17-paragraph affidavit in support of the application for injunction before the Supreme Court, Mr. Daniel Sidi Wamdzu, Litigation Executive in the law office of the applicant narrated the sequence of events leading to the case.

 

He stated, “Sequel to the commencement of Suit No. FHC/L/CS/1690/2024 before the Federal High Court of Lagos State, sitting at Ikoyi, Lagos State, on 16th day of March 2015 judgment was delivered by the Federal High Court, Coram Honourable Justice M.B. Idris (as he then was) (hereafter the Trial Court).

 

“By the judgment of the Trial Court, it was held that the rights of the Applicant as guaranteed under Sections 35 and 41 of the 1999 Constitution had been infringed upon by the Respondents and as such all the substantive reliefs sought by the Applicant against the Respondents were granted as prayed.

 

“The Applicant and other residents of Lagos State have been, without any resistance or hindrance, allowed their everyday free movement inclusive on the last Saturday or any other day of every month whatsoever since the judgment of the Trial Court. On the other hand, the Respondents terminated the monthly environmental sanitation exercise which hitherto held on the last Saturday of every month.

 

“The Respondents’ appeal against the judgment of the Trial Court was allowed by the Court of Appeal, Lagos Judicial Division on the 23rd day of November 2011, and being dissatisfied with the decision of the Court Below, the Applicant filed a Notice of Appeal on 6th February 2022 against the judgment of the Court Below.”

 

He further stated, that the record of appeal was settled, compiled and transferred to this Honourable Court which has led to the present appeal to wit: Supreme Court No: SC/CV/380/2022. “While the Applicant and the Respondents, been subjected to the final determination of the instant appeal, are awaiting the hearing and final determination of this appeal, the Applicant as well as other residents of Lagos State have been enjoying their everyday free movement inclusive on the last Saturday or any other day of every month in Lagos State.

 

“As it stands, the Respondents are yet to file a Respondents’ Brief of Argument despite receiving on the 31st day of May 2022 the Appellant’s Brief of Argument filed on 9th May 2022. Notwithstanding that the extant appeal is pending and ripe for hearing, the Respondents have been taking steps to re-introduce the compulsory compliance with their monthly environmental sanitation policy/ exercise in violation of Section 35 and 41 of the 1999 Constitution and the rights of the Applicant.

 

“Particularly as published in news reports, the Respondents have indicated their resolve and concluded arrangements to resume their compulsory environmental sanitation exercise in Lagos State in the month of July, 2024 or subsequent thereafter with the threat to restrain the movement of the Applicant and other residents of Lagos state (the very issue submitted to this Honourable Court for final determination in this appeal).

 

“Online publications of the Punch Online and The Guardian titled: “Lagos to reintroduce monthly environmental sanitation after eight years”. As it stands the Applicant is apprehensive that despite the pendency of this appeal which the same is ripe for hearing, the Respondents are now taking steps to erode the judicial powers of this Honourable court to determine the Appeal despite not filing any Respondent brief to this appeal.

 

“Rather than await the final decision of this Honourable Court in determining the validity of the compulsory compliance with the Respondents’ monthly environmental sanitation policy/ exercise vis-à-vis the Applicant’s right to liberty and movement as guaranteed by the Constitution, the subject matter of this appeal, the Respondents are now resorting to self-help in total disregard to the pending appeal with the aim to render a fait accompli to the decision of this court.

 

“I am informed by Emmanuel Omohavwa, Esq. a legal practitioner in our law firm, on the 22nd day of July, 2024 at about 1:00pm via a telephone call and I verily believe him to be true when he stated as follows:

 

That this appeal raises recondite issues of law for determination and likely to succeed hence the non response or opposition to the Appeal on the merit from the Respondents.

 

“That it is in the interest of justice if the res of this appeal (which is Applicant’s continuous enjoyment of free movement in, within and out of Lagos State as guaranteed by the Constitution of the Federal Republic of Nigeria) is preserved pending the final determination of this appeal.

 

“The Applicant has been diligent in prosecuting this appeal hence the timely filing of the Appellant’s Brief of Argument since 9th day of May, 2022. That the pending appeal has arguable grounds and there are chances of success thereto.”

 

He told the court that if the Respondents are not restrained from enforcing any activities/ policy that will restrict the daily movement and freedom of the Applicant as well as other residents in Lagos State, the Applicant’s appeal in this Honourable Court will be rendered “academic, otiose and nugatory”.

 

The Applicant stated that there are special and exceptional circumstances in the Applicant’s Notice of Appeal which warrant an order of injunction against the Respondents in favour of the Applicant pending the determination of the Applicant’s appeal.

 

“If this application is refused and the said appeal is eventually upheld, the res before the Court of Appeal, which is the constitutional right of the Applicant would have been grossly abused and eroded. That there is need therefore to grant this application in order not to render nugatory the decision of the Court of Appeal in the eventual success of the Applicants’ appeal.

 

“If the Applicant’s application is not granted pending the hearing and determination of his appeal, the Applicant will suffer great and untold hardship, irreversible loss of his freedom, damage and injustice as the Respondents may proceed to lavishly restrict his constitutionally guaranteed right.

 

“Having waited since March 2016 till July, 2024, a period of over eight years without derogating the Applicant’s free movement and liberty in Lagos State, the Respondents will not suffer any prejudice or hardship if they are made to be restrained and await the final determination of this appeal.

 

“It will cause greater hardship to the Applicant if the instant application is refused.”

 

Meanwhile, no date has been fixed for the hearing of the motion.

 

Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

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Minister of State Petroleum Resources [Oil] Hosts Crucial Meeting with Dangote, NMDPRA, NUPRC, and NNPC Leadership

Distinguished Senator Heineken Lokpobiri @senlokpobiri, the Honourable Minister of State Petroleum Resources [Oil], convened a high-level meeting with key stakeholders to address and resolve the ongoing issues surrounding the Dangote Refinery.

 

Present at the meeting were:

Mr. Aliko Dangote, Chairman and CEO of @DangoteGroup

Mr. Farouk Ahmed, Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (@NMDPRA_Official)

Mr. Gbenga Komolafe, Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (@NUPRCofficial)

Mr. Mele Kyari, Group Chief Executive Officer of the Nigerian National Petroleum Corporation Limited (@nnpclimited)

 

The stakeholders expressed their gratitude to the Honourable Minister for his exemplary leadership and timely intervention in facilitating this crucial dialogue. The meeting focused on finding a sustainable and lasting solution to the current impasse affecting the Dangote Refinery, with all parties demonstrating a commitment to collaborative and proactive problem-solving.

The Honourable Minister emphasized the importance of cooperation and synergy among all stakeholders to ensure the success and optimal performance of the Oil and Gas sector, which is pivotal for Nigeria’s economic growth and energy security.

 

This meeting marks a significant step towards resolving the challenges and underscores the Minister’s dedication to fostering a conducive environment for Nigeria’s oil and gas sector.

 

— Nneamaka Okafor

 

Special Adviser Media and Communication to Minster of State for Petroleum Resources (Oil)

Average Lagosian spends 57% working hrs in traffic, 28% income on transport – Yabatech don

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LAGOS: An average Lagos resident spends about 57% of his working hours commuting to his workplace, while 28% of his salary is spent on transport, a Chief Lecturer at the Yaba College of Technology, Yabatech, Dr John Okesoto, has said.

 

Okesoto, of the Department of Regional and Urban Planning, stated this while delivering the 15th Inaugural Lecture Series 2024 titled, “Lagos: The Poor, the Pot and the Bed.”

 

He blamed the situation on the fact that most of the workers have been displaced from Central Lagos where most of the businesses where they work, are located.

 

While explaining what the title of the lecture stands for, Okesoto noted that the poor stands for the worker, the pot is for the place of work and the bed, is the place where the worker lives.

 

“Low-income earners are gradually displaced from inner cities. The rich lived closer to the city centre and the poor dispersed to the fringes. The poor now spend more money to get to the city centre to earn a living. This violates the principle of sustainable development. The housing-job relationship must be addressed.

 

“In the pre-colonial era, the poor lived in the inner city and the rich in the outskirts. However, with the advent of colonialism, the reverse was the case and segregation continued in the post-colonial era with the development of Government Reserved Areas, GRAs,” he said.

 

Okesoto added that the predicament of the low-income working class was in deciding where to live within the city of Lagos, most especially in the inner cities, which comprise Ikoyi, Obalende, Lekki and Victoria Island.

“The purpose of the lecture is to clarify the housing inclusion of the working poor, exploring the advantages of doing so and providing a course into the future housing location choice of the working poor, ensuring that the low-income earners live close to where they work, often called the inner city.

 

“Low-income working class in the city of Lagos is limited in the choice of where to live; for economic reasons, they live far away from their workplaces. They cannot participate effectively in the housing market in the inner city of central Lagos where their workplaces exist, where the market is mostly made up of luxurious housing units, costing 40% more than what is obtained in other parts of the city.

 

“Those that effectively participate in this market are those whose mean income is far higher than that of the low-income workers. The poor for this reason are therefore restricted to the suburbs where they will have to travel for several hours; commuting costs to access their work places daily are at cut throat rates. This suggests that the inner city housing market is exclusionary to low-income workers.

 

“It therefore becomes necessary that something must be done to make the working poor live closer to where they work (make the poor sleep closer to where their pot is). The two ways of doing this are to, either take the working poor to the inner city (a place not too far but close to where they work) or take the poor to where their bed is located, which is the urban fringe.

 

“The best way to do this is to allow for the poor to also live in the inner city through deliberate zoning, where the poor workers are made to live side by side with the rich through inclusionary housing. Another way to ensure that low-income workers live close to where they work is that all governmental and non-governmental establishments, with more than 99 staffers should be mandated to make provision for staff quarters.”

 

The Rector, Dr Ibrahim Abdul, described the inaugural lecturer as a proud product of the institution.

He said the college would not relent in the pursuit of excellence.

 

Minimum wage: MAN seeks compliance exception for MSLMEs

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The Manufacturers Association of Nigeria (MAN) has called for the exception of micro, small and medium enterprises (MSMEs) in the implementation of the new minimum wage of N70,000, even as it awaits the promised assistance of the federal government to the organized private sector (OPS) for compliance.

 

Director General of MAN, Segun Ajayi-Kadir, who stated this in a statement made available to Vanguard, commended President Bola Tinubu on the breakthrough in the negotiation of the national minimum wage with the organised labour.

 

His words: “We commend the President for achieving this breakthrough and look forward to the promised assistance.

 

“On the side of the private sector, we should hold on to the promise of the President that the federal government will find a way to assist us to pay the minimum wage agreed with labour.

 

“In this regard, I would assume that reference would be made to the demands made by the Organised Private Sector (OPS) at the concluding stage of the tripartite negotiations.”

 

Ajayi-Kadir further stated: “We had intimated the committee with the challenges confronting businesses in the private sector and that there was the need to ameliorate those challenges in order to improve the capacity of our members to pay the minimum wage that we offered.

 

“We maintained that those binding constraints may constitute impediments to the full compliance of our members when the minimum wage is signed into law.

 

“So, the assumption is that the President will give expedited consideration to those challenges and take necessary steps to address them. This will go a long way in onboarding the private sector in the new agreement on the minimum wage.”

 

To this end, Ajayi-Kadir said that the OPS demanded the following:

 

“SMEs and MSMEs should be exempted from compliance in view of their incapacity and prevailing operational challenges; CBN redemptions of all validly transacted outstanding forex forwards for companies in the productive sector; and the reversal of increase in electricity tariffs or only 100% increase in electricity tariff for minimum of 20 hours of supply.”

 

Others are: Duty exemption on imported conversion kits and government subsidy on procurement of the same; freeze on introduction of new taxes on businesses for the next five years; and fixed rate of N800 for the assessment of import duty on all production inputs, amongst others.

 

President Tinubu had, last week, approved a new minimum wage of N70,000 for Nigerian workers with a pledge to review the national minimum wage law every three years. He also promised to find ways to assist the private sector and the sub-nationals to pay the minimum wage.

 

Zenith Bank retains top spot as Nigeria’s number one bank by tier-1 capital for fifteen years in the 2024 top 1000 world banks’ ranking

For the fifteenth consecutive year, Zenith Bank Plc has retained its position as the Number One Bank in Nigeria by Tier-1 Capital in the 2024 Top 1000 World Banks’ Rankings, published by The Banker Magazine.

 

This ranking places Zenith Bank Plc as the 565th Bank globally with a Tier-1 Capital of $2.01 billion. The rankings, published in the July 2024 edition of The Banker Magazine of the Financial Times Group, United Kingdom, recognise Zenith Bank’s continued financial strength and stability.

 

They are based on the 2023 year-end Tier-1 capital of banks globally and remain the primary source for global bank financials used by most international organisations in their assessments of banks.

 

Tier-1 Capital describes capital adequacy, the core measure of a bank’s financial strength from a regulator’s perspective. According to the ranking, Tier-1 Capital, as defined by the latest Bank for International Settlements (BIS) guidelines, includes loss-absorbing capital, i.e., common stock, disclosed reserves, retained earnings, and minority interests in the equity of subsidiaries that are less than wholly owned. A strong Tier-1 capital ratio boosts investor and depositor confidence, indicating the Bank is well-capitalised and financially stable.

 

Commenting on this achievement, the Group Managing Director/CEO of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said, “We are deeply honoured to be recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fifteenth consecutive year. This recognition is a testament to our strategic focus on sustainable growth, innovation, and customer satisfaction. It also emphasises our resilience and strength in navigating the ever-evolving financial landscape. Our dedicated team of professionals has remained steadfast in ensuring that we maintain our position at the forefront of the banking industry.” She extended her profound and sincere appreciation to the Founder and Chairman, Dr. Jim Ovia, CFR, whose visionary and transformative leadership has played a pivotal role in cultivating a resilient and thriving establishment. She also expressed her deep appreciation for the board’s insightful governance, the staff’s relentless dedication, and the unwavering loyalty of the bank’s esteemed customers to the Zenith brand.

 

Zenith Bank’s financial performance for the year was driven by a remarkable triple-digit growth of 125% in gross earnings, from N945.6 billion reported in 2022 to N2.132 trillion in 2023. This growth led to an improved market share in both the retail and corporate segments despite a persistently challenging macroeconomic environment. The increase in gross earnings was primarily due to growth in interest and non-interest income. Interest income growth was attributed to the increase in the size of risk assets and their effective repricing, while non-interest income was driven by significant trading gains and gains from the revaluation of foreign currencies.

 

Zenith Bank recently commenced recapitalisation efforts with the conclusion of its Capital Markets Day held on 11th July 2024. It aims to raise the least amount of capital amongst its peers at N230 billion, considering it already maintains a robust capital base of N270.7 billion. The Bank remains dedicated to supporting the growth of the Nigerian economy and providing its numerous customers with innovative and efficient banking solutions.

 

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest accolades coming on the heels of several recognitions. These include being recognised as the Number One Bank in Nigeria by Tier-1 Capital for the fourteenth consecutive year in the 2023 Top 1000 World Banks Ranking, published by The Banker Magazine. The Bank was also awarded the Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards for 2020 and 2022; and Most Sustainable Bank, Nigeria in the International Banker 2024 Banking Awards.

 

Further recognitions include Best Bank in Nigeria for three consecutive years from 2020 to 2022 in the Global Finance World’s Best Banks Awards and Best Commercial Bank, Nigeria for three consecutive years from 2021 to 2023 in the World Finance Banking Awards. Additionally, Zenith Bank has been acknowledged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards for 2022 and 2023, and ‘Best in Corporate Governance’ Financial Services’ Africa for four consecutive years from 2020 to 2023 by the Ethical Boardroom.

 

The Bank’s commitment to excellence saw it being named the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands for 2020 and 2021, and Retail Bank of the Year for three consecutive years from 2020 to 2022 at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. The Bank also received the accolades of Most Sustainable Bank, Nigeria, in the International Banker 2023 Banking Awards, Best Commercial Bank, Nigeria and Best Innovation in Retail Banking, Nigeria, in the International Banker 2022 Banking Awards. Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.