Public, private investments critical in transforming Africa’s food systems – Osinbajo
By Gistflash News
July 27, 2021
Vice President Yemi Osinbajo says transforming Africa’s food system is an obvious task requiring the active mobilisation and prioritisation of both public and private investments.
Osinbajo’s spokesman, Laolu Akande, in a statement on Tuesday in Abuja, said the vice president virtually spoke at the preparatory meeting of the United Nations Food Systems Summit 2021.
The pre-summit is a prelude to the global event scheduled for Rome, Italy, in September; an event the vice president described as crucial just as the previous dialogues held in several countries on food systems.
He said that the Federal Government was committed in complementing existing development plans, sectoral strategies, and prioritising investments in specific innovations and technologies to transform food systems in the country.
“The Nigerian Government is committed to addressing the drivers of food insecurity such as food inflation, changing consumption patterns and climate change, amongst other things.
“At the same time and as an outcome of 40 different food systems dialogues in which up to 5,000 people participated, Nigeria is prioritising investments in specific innovations and technologies to scale up and transform food systems.
“These actions complement existing development plans and sectoral strategies such as our Economic Recovery and Growth Plan, the National Policy on Food and Nutrition, and the National Policy on Food Safety.
“A specific aim of our recently launched National Poverty Reduction with Growth Strategy is to address hunger, malnutrition and poverty as part of our target of lifting a hundred million Nigerians out of poverty within a decade.”
Osinbajo added that at the heart of Nigeria’s post-COVID-19 response was the Economic Sustainability Plan.
He said that the plan had a major component, which is the Agriculture for Food and Jobs Programme (AFJP), where the country sought to leverage suitable technologies to build a resilient food system for Nigeria.
“Our Nutrition Policy addresses the issues of sustainable and nutrition-sensitive food systems – and the country has prioritised key nutrition actions that are impactful, cost-effective, scalable and sustainable.
“An integral part of our food systems’ transformation strategy is to create an enabling and supportive environment to implement these policies in a participatory manner involving farmers, investors and state governments.
“For example, when, as in our country and several others, population growth exceeds growth in national income, food supply would not meet the needs of people, especially when distribution systems are inequitable.”
According to him, post-harvest losses in Africa, and particularly in Nigeria, are more than 20 per cent of production for several food groups.
He said the losses were mainly due to poor storage, poor rural infrastructure and non-automation of food processing, among others.
“The situation in many African countries is given increased urgency with the impact of the COVID-19 pandemic, which has led to growing levels of acute food insecurity.
“This is of great concern to all of us, especially if we recall that prior to the pandemic, the prevalence of severe food insecurity was as high as 22 per cent,” he said.
Earlier in her remarks, the UN Deputy Secretary-General, Amina Mohammed, commended Nigeria’s effort, especially the vice president, for leading six ministers in the dialogues and other efforts aimed at building sustainable food systems in the country.
“Food unites us all, as families, as communities, as cultures and as humanity, now let’s use it to unite around the urgency and the actions that are needed to transform our world by 2030,” she said.
Aside Osinbajo and Mohammed, participants at the second day of the preparatory meeting included the Prime Minister of Italy, Mario Draghi; Nigeria’s Minister of Finance, Budget and National Planning, Hajia Zainab Ahmed; and ministers representing India, Canada, China, Norway, Egypt, among other countries.
CBN Sells Polaris Bank To SCIL
The Central Bank of Nigeria (CBN) has announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.
In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement, including the full repayment of the sum of N1.305 trillion, being the value of the bonds, which as part of its intervention, in 2018, to revoke the licence of the former Skye Bank Plc. and establish Polaris Bank to assume its assets and certain liabilities, the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.
The statement reads: “The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc. and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period.
“These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability. SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered. The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.
“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.”
The CBN Governor, Mr. Godwin Emefiele, was quoted in the statement as saying that: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
Media Intelligence agency Marks Six years of Operation in Nigeria
Media Intelligence agency Marks Six years of Operation in Nigeria.
P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency, celebrates its sixth year of effective operation with qualitative offerings for its numerous clients, as it rebrands with a new business logo, website, and office to deepen penetration.
The leading company has in the past six years engendered the needed growth for its clients, and the rebranding is part of efforts aimed at sustaining its leading position in the sector, having worked with over 47 brands and 17 Public Relations agencies in Africa’s largest economy.
The logo with new colors depicts the innovation and creativity of the brand, as also shown on its new website with the agency service rate, to enable brands and agencies to make faster decisions in budgeting.
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As the only AMEC Member in Nigeria, P+ has strong partnerships with the Nigerian Institute of Public Relations (NIPR) and Reelforge Media Monitoring, the biggest media monitoring agency in the East African region, covering more than five countries.
Speaking on the company’s new development, the Chief Insights Officer, Philip Odiakose, said P+ is strongly positioned to effectively deliver on its offerings, with state-of-the-art structure, process and highly skilled media analysts in an exceptional and value-driven business model in line with global best practices.
“Our Measurement and Evaluation report is in-depth, robust, and flexible to accommodate valid metrics that brands desire to see reflected in their customized reports, and also based on the AMEC Standard in accordance with the Barcelona Principle 3.0. We deploy the P+MCA (media content analysis) methodology for media evaluation and analysis based on qualitative and quantitative metrics in analyzing media exposure,” Odiakose affirmed.
He said the new office would serve as a hub in the country and the West Africa sub-region, where the company will provide media monitoring, measurement, evaluation, and performance audit services for brands, media agencies, government agencies and NGOs.
Also as part of its efficient services, the measurement and evaluation company introduced “Get-Reports,” a novel product that allows the purchase of PR performance audit reports in key sectors.
The “Get-Reports” product spans across different industries which includes the 22 Commercial Nigerian Banks PR Performance Audit Report, Top Nigerian Insurance PR Performance Audit Report, Top Nigerian Digital Banks PR Performance Audit Report, and Top Online Streaming Services PR Performance Audit Report.
It’s not too late for NASS to revisit e-transmission of election results – SAN
By Gistflash News
Sept 26, 2021
The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.
The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.
Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.
After the passage of the bill, the Speaker, Mr Femi Gbajabiamila, criticised the proposed electronic transmission of election results, saying it was not feasible in the country for now.
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