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Wema, NCF, Shoprite, others Win CSR Awards

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Wema, NCF, Shoprite, others Win CSR Awards

For the developmental legacies they have done for the society in the areas of education, health and environment, Wema Bank Plc, Nigerian Conservative Foundation, (NCF), Shoprite, Sterling One Foundation, the Osteogenesis imperfecta Foundation Nigeria (OIFN) and others have received awards of excellence.

Mrs Adenike Shobajo, Managing Director, AS+A Communications, made the presentations at the organisation’s 2022 Public Relations Forum/Awards to commemorate her 70th birthday anniversary on Wednesday in Lagos.

Shobajo used the occasion to call on businesses operating in the country to embrace CSR for the development of the nation.

She said that there are influential, well-placed and endowed Nigerians like them, who sit in their closets without any care for the underprivileged.

According to Shobajo, the event is to encourage such individuals to come out and join in building a just and egalitarian society.

“The award is in recognition of all the successes they have achieved over the years as socially responsible corporate and individual personalities for the promotion of commerce and industry, most especially in areas of national development,” she said.

Mrs Olapeju Ibekwe, the Chief Executive Officer, Sterling One Foundation, reiterated her focus on contributing to the Sustainable Development Goals (SDGs), as a way of improving the livelihood of people in underserved communities.

She hinted that the foundation’s focus areas were on education, health, climate action, gender equality and food security.

Ibekwe disclosed that its 2023 focus was to expand education programmes, launch giving impact, train and fund 100,000 youths, plant 10 million economic trees and adopt key primary health centres.

“Through our key partnership programmes, we would be achieving all of the set goals as our give back to the society to drive inclusive growth and development,” she said.

Dr Joseph Onoja, the Director-General of NCF, noted the need to respect mother nature’s demands by embracing the proper usage of land, and drainage systems to advance and sustain the environment.

Onoja advised that there was no need to build along flood planes; areas where water must pass through to salvage lives and properties when nature decides to take its course.

“We must save the planet so that the planet would save us eventually.

“Nigeria must prosper while living in harmony with nature,” he said.

Mrs Tarela Aghanti, the Founder, OIFN, stressed the need for more awareness, support and care for persons with osteogenesis imperfecta also known as brittle bone disease to help them live better lives.

Aghanti, represented by Mrs Dobra Awobokun said that early and proper diagnosis could go a long way in helping them live longer lives.

“There’s the need for right medications and expertise to support and provide the treatment and we are committed to going the extra mile to ensure that is made available.

“We need government and other persons to understand what the OI means and support by providing better medical facilities to better accommodate the needs of those living with the ailment,” she said.

Dr Adetokunbo Pearse, a lecturer at the University of Lagos, emphasised the need to shore up the country’s budgetary allocation to education to at least 15 per cent from the current 6.5 per cent to salvage the future of the youth.

Pearse noted that the United Nations Educational, Scientific and Cultural Organisation recommends 26 per cent as benchmark for education allocation in the budget of any country.

“Everything you do to the youth is a reflection of you and if you don’t take care of them, you are not taking care of the society.

“Education is the antidote to poverty and I am canvassing for funding to drive good education statistics,” he said.

 

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Economy

EKO BRIDGE REPAIRS: LASG Rolls Out Diversion Plan Beginning Monday

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EKO BRIDGE REPAIRS; LASG Rolls Out Diversion Plan Beginning Monday

The Lagos State Government on Friday announced that traffic will be diverted away from Eko Bridge to facilitate emergency repairs by the Federal Ministry of Works. 

The diversion, according to the Commissioner for Transportation, Mr Oluwaseun Osiyemi, will commence on Monday, 16th September 2024, and will last for 8 weeks.

“The repairs will be carried out in four phases, during which the bridge will be intermittently fully or partially closed, depending on the work schedule”, Osiyemi stated, advising Motorists to use the following alternative routes during the repairs:

*Motorists heading to the Island from Funsho Williams Avenue can make use of the service lane at Alaka to connect to Costain and access Eko Bridge to continue their journeys.

*Alternatively, Motorists heading to the Island can access Costain to connect Eko Bridge to link Apongbon for their destinations.

*Motorists can also connect Apongbon inwards Eko Bridge to link Costain to access Funsho Williams Avenue.

*Motorists can also make use of Costain inwards Alaka/Funsho Williams Avenue or alternately go through Apapa Road from Costain and link Oyingbo to access Adekunle to link Third Mainland Bridge for their desired destinations.

*In the same vein Motorists heading to Surulere are advised to use Costain to link Breweries inward to Abebe Village to connect Eric Moore/Bode Thomas to get to their destinations.

The Commissioner for Transportation, Mr Oluwaseun Osiyemi, assures that Lagos State Traffic Management Authority officers will be deployed to the rehabilitation areas and alternative routes to minimize travel delays and inconvenience.

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Economy

INFLATION: Centre Urges FCCPC To Desist From Price Control Mindset

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INFLATION: Centre Urges FCCPC To Desist From Price Control Mindset

The Centre for the Promotion of Private Enterprises (CPPE) has urged the Federal Competition and Consumer Protection Commission (FCCPC) not to adopt a price control mindset in a bid to tackle inflationary pressures.

CPPE Founder, Dr Muda Yusuf, gave the advice in a statement on Sunday in Lagos.

Yusuf expressed concerns over the approach, methodology and recent threats by the FCCPC targeted at market leaders, traders and supermarket owners.

He stated that the approach made the FCCPC appear to be unwittingly transforming into a price control agency rather than a consumer protection commission.

He noted that the core mandate of the commission was the creation of a robust competition framework across sectors and the protection of consumer rights and interests.

“Consumer protection is not about directly seeking to control price at the retail end of the supply chain and this is why the CPPE is concerned about the FCCPC’s approach.

“The commission seems to be fighting the symptoms rather than dealing with the causes of the current inflationary pressure in the economy,” he said.

Yusuf said that the best way to protect consumers from exploitation theoretically and empirically, was to diligently promote competition across sectors.

According to him, the experience with the telecoms sector amply validates this position.

Yusuf stated that the emphasis should not be on pricing but on deepening the culture and practice of competition and a level playing field for all investors.

He noted that intense competition made profiteering difficult and diminished the chances of exploitation of consumers.

“The retail sector of the economy is characterised by a multitude of players as there are an estimated eight million retailers in the trade sector of the Nigerian economy.

“The truth is that the retail segment of the economy is the least vulnerable to price gouging or consumer exploitation on a sustainable basis, contrary to the thinking of the commission.

“The reality is that the risk of profiteering increases with monopoly powers. This is why the attention of the commission should be focused on creating a good competition framework to deepen competition across sectors,” she said.

The CPPE boss urged the commission to get a proper comprehension of the dynamics of pricing and the key drivers of inflation such as naira exchange rate depreciation, and high energy costs among others.

“Our view is that the proposal by the FCCPC to traverse markets across the country to ensure price regulation is unlikely to yield concrete outcomes and this is not a sustainable strategy.

“What we need to fix are the fundamentals driving production, operating and distribution costs which resulted in spiralling inflation in the first place.

“The commission needs to be more diligent and thorough in its analysis before alleging consumer exploitation by the trading community,” he said.

The CPPE boss also appealed to the FCCPC to refrain from further intimidation of the operators in the retail sector of the economy most of whom are micro and small businesses, with many in the informal sector.

He said if the trajectory continued, there was an emerging risk of market suppression and private enterprise repression by the FCCPC, marking an elevation of regulatory risk in the Nigerian economy and detrimental to investors’ confidence.

Yusuf instead, urged the commission to collaborate with other government agencies to tackle the fundamental causes of inflation in the economy. 

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Economy

NNPCL’s Financial Strain, Threatening Fuel Supply

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NNPCL's Financial Strain, Threatening Fuel Supply

The Nigerian National Petroleum Company Limited (NNPC Ltd) is experiencing financial strain, which has put considerable pressure on the company and threatened the fuel supply’s sustainability.

Mr Olufemi Soneye, Chief Corporate Communications Officer of NNPC Ltd, affirmed this in a statement on Sunday, acknowledging reports in national newspapers regarding the company’s significant debt to petrol suppliers.

Already, incessant fuel queues occasioned by pronounced scarcity in Lagos and Ibadan have resulted in several petrol stations currently selling petrol between N950 and N1,000 per litre.

Industry stakeholders put the NNPCL’s debt at about $6 billion, which has caused the product suppliers to become reluctant about importing Premium Motor Spirit (PMS) for the company.

The NNPCL has however kept mum on the actual amount it owes, only acknowledging that she currently owes.

Reacting to the situation, Soneye stated that the financial strain had placed considerable pressure on the company and posed a threat to the sustainability of fuel supply.

“In line with the Petroleum Industry Act (PIA), NNPC Ltd remains committed to its role as the supplier of last resort, ensuring national energy security,” he said.

Soneye added that the company was collaborating with relevant government agencies and other stakeholders to maintain a consistent supply of petroleum products nationwide.

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