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Former Shell MD Bags Award for Rejecting $6m Bribe

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Akinjide Adeosun Foundation has conferred its 2020 Leadership Award on Dr. Olufemi Lalude, first managing director of Shell Nigeria Exploration and Production Company, for rejecting rejected a $6 million bribe offer.

Former Shell MD Bags Award for Rejecting $6m Bribe

The award: “Leadership in Integrity,” was conferred on Lalude, now 81, during the AAF 5th annual colloquium, with the theme: “Integrity – A Sine Qua Non to Building a Prosperous Nation.”

Speaking at the event, which held virtually, Akinjide Adeosun, AAF’s founder and chief executive officer of St. Rachael’s Pharmaceutical Nigeria Limited, said the recognition of Lalude was is in line with the core mandate of the foundation.

Adeosun said: “The core mandate is based on the belief that life would be good for everyone if the nation gets leadership right in all spheres.

“Integrity is an essential building block to building a prosperous nation. Truthfulness, honesty, respect for people, hard work and humility are traits of Integrity.

“Many years ago, our awardee, Papa Olufemi Lalude, the first managing director of the Shell Nigeria Exploration & production Company (SNEPCO) was offered a bribe of 6 million dollars.

“The organisation that offered him the bribe moved against him. However, he refused to be cowed and stood his ground.

“He was sued with his employer but he triumphed. Lalude is a man of integrity, a rarity in our clime dwarfed by corruption and greed.

“Today, Papa at 81 is living a peaceful, joyous and fulfilled contented life.

“We are celebrating him today. He began his career with integrity as his legacy in mind.

“ We have many good people in Nigeria. We must celebrate them to dwarf the bad publicity the few bad people is giving our nation.”

In his presentation, Governor Seyi Makinde of Oyo State said Nigeria would continue to find it difficult to grow without putting structures in place to strengthen openness, truthfulness and transparency in leadership.

According to Makinde, the absence of a structure for checks and balances is likely to continue to stunt the growth of the country.

He said: “There is a large trust gap between the citizens and leaders of this country due to lack of transparency on the part of the political class.

“When we talk about integrity in governance, it entails honesty, transparency and accountability in governance.

“Integrity is tied to prosperity of any nation in so many ways and as a leader, you have to be very honest.”

The foundation called on leaders in government to drive patriotism and prosperity by upholding trust and demonstrating transparency.

The News Agency of Nigeria reports that participants from across the globe joined the virtual event.

Speakers at the event unanimously said the nation had lost its old value system by embracing dishonourable practices and lack of accountability in all spheres across the family, school, business, government and society levels.

A communiqué was also issued, which stressed that integrity and honesty remain the collective responsibility to save Nigeria.

 


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Coronation Report Reveals Key Role of Private Sector to Nigeria’s Infrastructure Funding

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The maiden edition of Coronation group infrastructure report has revealed that the private sector has a critical role to play in infrastructure funding in Nigeria.

The report stated that the key to private-sector infrastructure investment is for dealmakers to structure transactions that offer attractive returns combined with an acceptable degree of risk, the risk often being eased by agreements supplied by infrastructure investment vehicles such a Infracorp.

The report said that the investor base can play its part, providing liquidity as part of its own efforts to create long-term returns with low relationship with public markets.

The report noted that Nigeria’s future infrastructure development depends on private capital, including capital allocated to Public Private Partnership (PPP) ventures, given the huge amounts of money required and the inability of government to provide it.

The report explained that the record of the federal government in capital expenditure over several decades highlighted the need for increasing private-sector investment, adding that public expenditure on transportation, education, hospitals, power, housing, and other essential infrastructure has not kept up with the needs of a population growing at a long-term rate.

The report said Public-private partnership differs from government capital expenditure in that it must pay for its capital, noting that it must attract private sector capital and therefore provide better returns than the risk-free returns of government debt.

According to the report, “Inflows of petro-dollars into government coffers did not translate into proportionately more being spent on capital expenditure, surely a missed opportunity. Still worse was to follow in the period 2011-2020 when the average level of public sector capital expenditure fell to 1.1 percent of Gross Domestic Product (GDP).”


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DLM Asset Management Set to Host Webinar to Discuss Financial Stability in Times of Economic Distress

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DLM Asset Management Limited, a subsidiary of DLM Capital Group, is hosting a webinar with the theme, “Maintaining financial stability in times of economic distress.” The much-awaited webinar, slated for Thursday, March 28, 2023, at 11 a.m., is going to cover the essential strategies to navigate through economic challenges and safeguarding one’s financial future.

Hosted by industry experts, the webinar will delve into the following key topics and teach attendees:

  • How to adopt a proactive, knowledgeable, and adaptable approach to risk assessment and mitigation.
  • How to thrive in this present economy and remain financially resilient.
  • Financial planning and discipline

During its interactive Q&A session, attendees will have the opportunity to ask questions and learn more about the subsidiary’s services from the hosts and speakers of the webinar. This includes the DLM fixed income fund, which Nairametrics identified as one of the top-performing Nigerian mutual funds in 2023.

This webinar is designed for investment savvy individuals Income earners, institutional and corporate investors, high net worth individuals, and the mass retail market.

Interested parties can register for the webinar by using this link, which is currently active. Seize the opportunity to gain experience on insightful things and get ready for a rewarding encounter.

 


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Firm Canvasses Affordable Technology to Drive Business Efficiency

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Information Communication Technology (ICT) service provider, Thamani Consulting, has stressed the need to make technology much affordable so as to make businesses seamless and efficient.

Olubunmi Abegunde, Managing Partner of the company, averred that making technology access affordable would enhance its penetration and increase uptake of digital technologies to drive employment growth of more than 22 million Africans joining the workforce each year.

He explained that the organisation remained committed to empowering businesses to thrive in Nigeria’s dynamic environment, hence churns out innovative solutions to address business problems across disciplines.

“Leveraging 20 years of combined market experience executing successful IT Projects with local and multinational organisations, we aim to capitalise on this to improve strategic utilisation of technology in Africa and support capacity building through access to requisite information technology,” he said.

He explained further that the African region more than others need increased usage of digital technologies to level-up globally, noting that polices to drive low-end technology access must be prioritised.

“This is why we do not compromise the balance of quality, standard professionalism and yet affordability in the choice of solutions we offer to clients which include: SAP training and Implementations, Software Asset Management, Plant Maintenance Process Automation and Automation for manufacturing Industries, amongst others.”


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