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Buhari’s Row with Wife Signals Frustration over FG Inertia

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A row between the Nigerian President Muhammadu Buhari and his wife has brought cracks in the ruling party right into the open, as frustration grows over government inertia in trying to drag the country out of its first recession in 25 years.

Aisha Buhari publicly criticised her husband’s record in office, saying she might not support him if he seeks re-election in 2019 unless he shakes up his administration, which she said had been hijacked by a “few people”.

The president tried to laugh off the rebuke from his wife of 27 years, saying “she belongs in the kitchen” – but without addressing the substance of her remarks, made last week in an interview with the BBC.

Reuters reported that the 73-year-old won last year’s election promising a new era in the West African nation, where graft has enriched an elite while most of the 180 million Nigerians live in poverty despite the OPEC member’s oil wealth.

Buhari came to power backed by his All Progressives Congress (APC) party, a broad coalition of politicians who united to remove his predecessor, Goodluck Jonathan, without having a joint plan on how to run the country.

Now, 17 months into office, there are few signs of Buhari’s promised reforms to diversify the economy away from exporting crude, prices of which have halved since 2014.

Already the naira is down 35 percent this year, making it one of the worst performing currencies in the world, and the National Bureau of Statistics forecasts the economy will shrink by 1.3 percent in 2016.

But criticism of the government goes beyond an apparent lack of urgency in tackling the economic crisis. A belief is growing that power is concentrated among Buhari’s chief of staff and an inner circle at the presidential villa, making it difficult for ministers to get the attention of the president.

The first lady is not alone in her views. Senate President Bukola Saraki, the third most senior politician in Nigeria, took to Twitter to express his concerns.

“It has become clear that there is govt within govt of @MBuhari who’ve seized apparatus of Executive powers to pursue their nefarious agenda,” he tweeted in June.

Buhari’s spokesmen declined to comment while the president himself has defended his economic record in general terms.

“I believe that this recession will not last,” he said this month. “We have identified the country’s salient problems and we are working hard at lasting solutions.”

Annual inflation accelerated in September to 17.9 percent, a more than 11-year high, and last week about 100 young people demonstrated near the central bank over the naira’s fall.

But, generally, the discontent has yet to turn into mass protest. “Let me commend Nigerians for your patience, steadfastness and perseverance. You know that I am trying to do the right things for our country,” said Buhari.

Nevertheless, Buhari has not answered questions about how Nigeria is governed under his presidency.

“People feel that the country is being run by a small clique of people who have taken over and are acting in the name of the president,” said Clement Nwankwo, director of the Policy and Legal Advocacy Centre, a think-tank in Abuja.

Buhari has put Vice President Yemi Osinbajo, a commercial lawyer, in charge of economic politics. But Osinbajo, who favours a more flexible currency policy to attract badly-needed foreign investment, has struggled to get his ideas heard.

“There is great worry that the input of the vice president does not seem to be taken into account in implementing policies, especially on the economic front,” Nwankwo said.

Buhari has said that as an ex-general he is no expert in economics, and yet he long rejected a devaluation of the naira – just as he did as military ruler in the 1980s when Nigeria was also in recession.

When the central bank finally dropped the naira’s peg to the dollar in June, the currency slumped 30 percent and many equity and bond investors had in any case long since gone.

Even now, Nigeria is operating a “managed float” which is keeping the official naira rate at around 305 to the dollar, far stronger than Monday’s black market rate of 455.

As ever in Nigerian politics, the division of powers between the mainly Muslim north, where Buhari is from, and the Christian south is playing a role.

Diplomats say members of northern circles known to Buhari for decades have resisted some ministers such as Finance Minister Kemi Adeosun, a southerner in her 40s who was not his first choice.

A source close to the presidency described the accusations of inertia as grumbling by some in the APC who had hoped for jobs or contracts under a system of patronage which Buhari stopped under his anti-graft drive.

Buhari needed to pick a cabinet from the APC but this was complicated because he was constitutionally bound to pick a minister from each of Nigeria’s 36 states.

To insert his influence he then brought in people he has known for decades. Members of his “kitchen cabinet” include his chief of staff Abba Kyari, whom Buhari has also put on the board of state oil firm NNPC, his uncle Mamman Daura and Babachir Lawal, the secretary to the government of the federation.

“Buhari is deeply suspicious of politicians because of Nigeria’s history of graft,” said one Western diplomat. “There are few people he trusts or regularly talks to to seek their advice.”

The pre-eminence of the inner circle has, say political insiders, created a rift between the president and Bola Tinubu, a former Lagos state governor who rallied southern Christian elites to help win power.

Tinubu has issued statements attacking APC chairman John Oyegun and oil minister Emmanuel Ibe Kachikwu, deepening divisions in the party.

Buhari has won plaudits from ordinary Nigerians by saying he will target a hyper-rich elite accused of massive corruption.

He has also managed to retake most territory lost to the Islamist militants of Boko Haram and negotiated the release of 21 of more than 200 girls kidnapped in 2014, although suicide bombings remain part of life in northeastern Nigeria.

But much of his first year in office was beset by slow progress. A five-month wait for his cabinet to be formed was followed by wrangling with parliament over the 2016 budget, which was only signed off by Buhari in May.

Efforts to make Nigeria more business-friendly have stalled. Trade Minister Okechukwu Enelamah wants to ease visa rules, acknowledging complaints from foreign executives about obstructive embassy officials, but has given no timeframe.

Nigeria could have earned as much as $8 billion in travel receipts this year, instead of the $500 million booked in 2014, had it adopted visitor-friendly visa rules like Ghana, Renaissance Capital said in a report.

Some investors have expressed frustration over hard currency curbs. “You can’t even discuss a rational foreign exchange policy,” David Lapido, director at Amaya Capital invested in Nigeria’s power industry, told a panel debate.

Leading economists recently met Buhari, stressing it was high time for action as there were just 18 months left before the next election would paralyse politics.

“We were very frank,” said Bismarck Rewane, CEO of Financial Derivatives consultancy who attended the meeting. “The president is paying serious attention to the economy. I am now more optimistic.”


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Union Bank gets Multiple ISO Certifications

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Union Bank has attained certifications in MSECB management system in ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018.

MSECB is a leading international provider of audit and certification services for management systems based on a wide range of global standards.

A recent statement from the bank disclosed that it received the certifications following assessments of its management system covering information security, its service delivery, and business continuity standards under the combined Information Management Systems standards.

The information security management systems ISO/IEC 27001:2022, ISO 22301:2019, and ISO/IEC 20000-1:2018 are internationally recognised standards that outline the requirements for establishing an effective information management system that guides against data breaches, IT system compromises, and disruptions to business processes.

Commenting on the bank’s recent attainment, Francis Mojoyinlola, Chief Information Security Officer at Union Bank, said, “The bank’s continued adherence to best international practices, as acknowledged by an independent third-party audit from a reputable international certification firm, reaffirms our capacity to erect, implement, and maintain best information and security management practices.

“We remain committed to offering our esteemed customers simpler, more innovative services rooted in the highest standards of information security and cutting-edge innovative banking service.”

The recent achievement by Union Bank follows the bank’s recertification of Payment Card Industry Data Security Standard version 3.2 and the International Organisation for Standardisation ISO/IEC 27001:2013 certification attained in 2018.

According to the lender, it further highlights its commitment to the strictest information management security standards while securing its pride of place as one of Nigeria’s most trusted financial institutions.


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PalmPay Bolsters Lagos Agriculture Initiative with Effortless Payment Solutions

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PalmPay, a leading fintech platform, has partnered with the Lagos State Government to bolster its agricultural initiative, offering robust payment solutions to empower residents and businesses alike with the necessary financial tools for success through the Food Discount Market initiative tagged – Ounje Eko.

Ounje Eko, meaning – Lagos Food, is a food intervention program by Governor Babajide Sanwo-Olu of Lagos State, aimed at providing succour to residents. This initiative is taking place across five (5) divisions of the State.

The Ounje Eko markets were opened at 27 locations in Ikeja; six in Lagos Island; nine in Ikorodu; five in Epe; and 10 in Badagry divisions. The food items – rice, beans, garri, bread, eggs, tomatoes, and pepper, among others – were sold at a 25% discount to residents.

Commenting on the initiative, Enakeno Umuteme, the Head of Marketing Communications, PalmPay, noted, “The Ounje Eko is indeed a laudable initiative especially as the country’s inflation rate stands at 30% according to the National Bureau of Statistics (NBS).

“PalmPay is privileged to have participated in the Ounje Eko Initiative and offered its support as one of the Independent Payment Solution providers to have partnered with Lagos State Government as payment platforms providing POS terminals as a means of payment.”

Mr Umuteme added, “At PalmPay, we are always committed to empowering individuals and businesses with the tools they need to thrive, and we believe that having supported this intervention, we were able to make a meaningful impact in our community.”

With PalmPay’s expertise in delivering secure and efficient digital payment solutions, coupled with its involvement in the discounted market initiative, both vendors and consumers can anticipate a seamless and user-friendly experience.


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6 Ways Agritech can Revolutionise Grocery Aisles

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By Diana Tenebe, Chief Operating Officer, FoodStuff Store

Forget grocery drudgery. Imagine vibrant shelves overflowing with fresh produce, thanks to a digital revolution on the farm. Agritech tackles food waste, not directly on store shelves, but throughout the food journey.

Globally, food waste is a staggering 1.6 billion tons, with a significant portion lost in supply chains. In Nigeria alone, 14 million tons are wasted annually. Here are 6 ways Agritech can offer a solution.

Precision Farming: Gone are the days of guesswork. Sensors and data analysis nowadays provide real-time insights, allowing farmers to optimise resource use and boost yields. Imagine perfectly nurtured fruits and vegetables! Additionally, agritech can analyse consumer demand and weather patterns to optimise harvests, reducing surplus that spoils before reaching stores.

Fresher, Faster Deliveries: The farm-to-store journey can be improved on so it is no longer slow and wasteful. Advancements in logistics, storage, and distribution ensure food arrives fresher and faster. Cold chain improvements and optimised routes mean fruits and vegetables retain nutrients and flavour all the way to the grocery aisle. Agritech can also play a role here by using sensors to monitor storage conditions and track shipments, minimising spoilage during transport.

Beyond Efficiency: Agritech isn’t just about optimising existing food systems. It can also be used in driving innovation. From plant-based alternatives to lab-grown meat, agritech across the world is pushing the boundaries of what we consider “food,” offering consumers a wider variety of healthy and sustainable choices.

Connecting the Dots: Traditionally, a complex web of middlemen stands between farms and supermarkets. This lengthens the supply chain, impacting both freshness and price. Agritech platforms disrupt this model by establishing a direct link between producers and retailers. Imagine farmers uploading their harvest information, including type, quantity, and quality, directly onto an Agritech platform. Supermarkets can then browse these offerings and place orders efficiently. This streamlined process eliminates unnecessary intermediaries, reducing costs and expediting delivery.

Extending Shelf Life: Research focuses on developing technologies like special packaging or coatings to slow down spoilage and extend the shelf life of perishables. These coatings might act as a second skin, regulating moisture loss and respiration rates, or even contain natural antimicrobials to fight off spoilage-causing bacteria. This not only reduces food waste but also keeps our grocery aisles stocked with fresher produce for longer.

Reducing Waste, Fighting Hunger: Agritech can connect supermarkets with organisations that collect surplus food nearing expiry. This food can be redistributed to communities or food banks, reducing waste and hunger.

Agritech’s digital revolution is transforming food production, impacting what ends up on our shelves, paving the way for a future with less waste and more abundance.


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