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Ambode Awarded Best Performing Governor In Nigeria In New York

…Vows To Retain Lagos As Investors Haven

Lagos State Governor, Mr. Akinwunmi Ambode at the weekend said the State was gradually emerging as the choice destination for investors, assuring that his administration would continue to work round the clock not only to become a shining example for Africans in Diaspora but retain the State as investors haven.
The Governor, who spoke at the 2016 International Forum on African Leadership, where he received an award for Best Performing Governor in Nigeria, organised by the African Leadership Magazine and held at the Regis Hotel, New York, USA, said since he assumed office on May 29, 2015, efforts have been geared towards creating a conducive and friendly environment for investors and for businesses to thrive.

Governor Ambode, who was represented by the Commissioner for Wealth Creation and Employment, Mr. Babatunde Durosinmi-Etti, apologised for his absence to receive the award, but said that he acknowledged the importance of the event hence his decision to send a powerful delegation including Durosinmi-Etti; the Commissioner for Information and Strategy, Mr. Steve Ayorinde; his Special Adviser on Overseas Affairs and Investment, Professor Ademola Abass; and his Chief Press Secretary, Mr Habib Aruna, to represent him.

The Governor, in his remarks shortly after receiving the award, said the security and judicial reforms which he initiated at the commencement of his administration and the creation of the Office of Overseas Affairs and Investment were part of efforts to reduce the burden of bureaucracy and security concerns for would-be investors.

While stating that the State is open for business, Governor Ambode assured would-be investors that government would continue to invest in security, job opportunity and infrastructure which are the tripod upon which his administration was built.

He said that Lagos is also playing a leading role in the Nigeria economy, and as such must not shy away in ensuring that it takes the lead as Nigeria restrategises to restructure its economy for greater prosperity.

“Lagos as the fifth largest economy in Africa is like a country and with the momentum with which the State is moving, it might soon emerge as the biggest economy in Africa. It is home to almost every religion, tribe and colour and accommodates the largest pool of black people all over the world, including Africa’s richest man, Alhaji Aliko Dangote, who is from Nigeria and has a home in Lagos”, the Governor said.

Earlier, in his opening remarks, Publisher and Chief Executive Officer of African Leadership Magazine, Mr. Ken Giami while thanking participants for finding time to honour the occasion, said the focus of the Forum was for good governance and how it could impact on the African continent.

“We have to connect, build bridges and cultivate both intra and inter African interests and connection, continue discussion and conversation on how to move Africa forward.

“A continent that has all the natural resources but still at the lowest ebb in the rank of other continents, needs trade and investment because there are many opportunities that abound in Africa. This is the time for countries all over the world to explore the resources that abound in the continent to make the world a better place for us”, Giami said.

Other recipients of the African Leadership Awards at the event include the President of Malawi, Prof. Arthur Peter Mutharika; President of Burkina Faso, Mr. Roch Marc Christian Kabore; Vice President of South Sudan, Mr. Taban Deng Gai, among others.



Photo: Commissioner for Wealth Creation & Employment, Mr. Babatunde Durosinmi-Etti, on behalf of Governor Akinwunmi Ambode, received an award of Best Performing Governor in Nigeria; President of Malawi, Prof. Arthur Peter Mutharika; his Wife and Chairman of Ecobank, Mr. John Aboh during the2016 International Forum on African Leadership organised by African Leadership Magazine in Regis Hotel, New York, U.S.A at the weekend.

Soludo: "Falana Does Not Know The Difference Between A Bank LOAN And A DEPOSIT"

former Governor of the Central Bank, Chukwuma Soludo, has insisted that senior lawyer, Femi Falana, apologise for making incorrect allegations.
Mr. Falana had called for Mr. Soludo’s probe, after he accused the former bank chief of doling out $7 billion to commercial bankers while he was in office. The Senior Advocate claimed that the loan was never returned by the beneficiary banks.
Mr. Soludo has, however, clarified the disbursements; saying it was never a loan, but deposits placed in the appropriate banks by the federal government.
“I can’t believe that the learned and respected Senior Advocate of Nigeria does not know the difference between a bank LOAN and a bank DEPOSIT,” Mr. Soludo said.
The former Central Bank chief added that “none of the 14 Nigerian banks needed a loan or requested for a loan, and the CBN did not grant any loan with our foreign reserves.”

Read Mr. Soludo’s full statement below:

FEMI FALANA CONTINUES TO LIE: I INSIST ON HIS APOLOGY
Chukwuma Charles Soludo
I have just read further statement from Femi Falana in response to mine and his position that he does not need to apologize to me but that instead I may wish to direct my demand for apology to Mr. Festus Odoko (then head of corporate affairs at the CBN). I hereby further wish to state as follows:

When I read Falana’s original statement, claiming that he had “evidence”, that I ‘dolled out’ $7 billion of foreign reserves to banks as a LOAN, I denied the charge and challenged him to publish such evidence. His “evidence” turns out to be a newspaper report quoting the announcement by CBN through Mr. Odoko that “deposits worth $7 billion representing the apex bank’s share of the foreign reserves estimated at about $38 billion has been released to the consortium of bankers” (The Guardian newspaper of 5/10/2006). The same newspaper report noted that the Investment Committee of the CBN (charged with responsibility for deciding where and how our foreign reserves should be kept) approved the decision to allow 14 Nigerian banks with capital base of more than $500 million to be part of the consortium of banks that hold our foreign reserves as deposits.

In all honesty, I can’t believe that the learned and respected Senior Advocate of Nigeria does not know the difference between a bank LOAN and a bank DEPOSIT, and there is no way I would have imagined that he was referring to the deposits with banks as LOAN. As I stated in my earlier response, Nigeria’s foreign reserves are required by law to be kept in foreign currency abroad. This has been kept either as deposits in banks or invested in sovereign instruments such as the US treasury bill. Before 2006, none of the Nigerian banks was considered big enough or with the infrastructure to manage our foreign reserves. Consequently, our reserves were kept with a consortium of other countries’ banks such as JP Morgan Chase, USA, UBS of Switzerland, Citibank, USA, Bank for International Settlement (BIS), Switzerland, etc. Indeed, in much of the 1990s especially under Gen. Abacha, our reserves were almost exclusively kept with BIS Switzerland.

After the consolidation of banks by December 2005 and as part of our long term vision that Nigerian banks should ultimately take charge and manage Nigeria’s entire foreign reserves, the CBN took the patriotic step of allowing the biggest of our banks to join the consortium of other countries’ banks holding our reserves as deposits. The CBN decided as a first step to give the biggest Nigerian banks a small portion of our reserves, $7 billion as deposits, while the remaining $31 billion as at that date remained with other countries’ banks as deposits and other investments.

It is interesting that Femi Falana would refer to the deposits held by Nigerian banks as LOAN while saying nothing about the other deposits with other countries’ banks.

Let me state that none of the 14 Nigerian banks needed a loan or requested for a loan, and the CBN did not grant any loan with our foreign reserves. As I stated in my earlier statement, the CBN Act does not allow the CBN to grant loans with our reserves to banks, and no loan was ever made. Chief Falana is therefore looking for a repayment of a LOAN by banks that never existed in the first instance. Under my tenure, Nigeria’s foreign reserves grew from $10 billion to all time high of over $62 billion and due to our efficient management, Nigeria never lost a penny of it.

Finally, I must say that I don’t believe any of the conspiracy theories flying around, including those who question the motive, timing, and content of his bogus claims, and some even allude to it as a hatchet job. Going into the archives to fish out a newspaper report of 10 years ago about deposits and making up a fantasy story around it to become a loan, could give anyone cause for suspicion. Even several of the allegations against my successor, Emir Sanusi, are laughable and betray a lack of most elementary knowledge of how a bank such as the CBN works. As one of his admirers, I want to believe that this is one of those cases he is proving to be human after all and therefore could get his facts completely wrong. It may be challenging for him to admit his error and apologize, but if he is not on a mission, it is the only honourable thing for him to do.

Woman Brutalizes Maid In Lagos, Cuts Her With Hand Saw (photo)

The operatives of the Lagos State Police Command have arrested a woman who allegedly abused her housemaid by inflicted a severe injury on her wrist with a saw.

The incident was said to have happened on Sunday in the Meiran Alagbado area of Lagos state after neighbours heard the shout of the girl in the woman’s apartment.

On getting to the apartment to ascertain the cause of the shout, the neighbours managed to force open the woman’s door and found the underage maid bleeding profusely while still doing some domestic chores.

A neighbour who witnessed the scene said the girl told them that her madam was in the habit of using crude items on her anytime she is beating her.

She said: “While the girl was trying to escape, the woman used the saw to inflict that injury on her.
“Not bothered with the blood flowing from the girl, the woman still forced the maid to wash clothes with the same hand.”

The matter was later reported to the Meiran Police Station by the aggrieved neighbours, leading to the woman’s arrest and detention.

My Fiance Is Leaving Me , Cause I Let Out My Painful And Biggest Secrets To Him

am feeling so devastated right now , my fiance is leaving me , cause I open up to him , that I once had an abortion .
my fiance and I already meet with our parents , he asked of my hands in marriage, and I accepts , we have been to our parents house , but there's an issue in my side , my father don't was not really good with it , cause of cultural differences, but later agreed we can go ahead with it , so my fiance tells me I need to get pregnant , so that we will do the marriage , I agree to that , but it isn't forthcoming , so I started remembering my past , when I had an abortion , so I opened up to him cause of the love we and trust I shared with him , I have carried out possible best, I am okay but some hormonal challenges , after a month he text me , that he's no more interested in the relationship , i am full of regrets right now , I don't know what to do