Business
Corporate Nigeria Pays Tribute To Ogunbanjo
Lagos stood still last Friday when corporate Nigeria paid tribute to prominent corporate lawyer and philanthropist, Chief Christopher Ogunbanjo.
Biztellers reports that the event, tagged, an Afternoon of Tributes was put together by the Nigerian Exchange Group (NGX) and the Lagos Chamber of Commerce and Industry (LCCI) in Victoria Island, Lagos to eulogise and honour the memory of Ogunbanjo.
Prominent among those who graced the event were the NGX, LCCI, the Central Bank of Nigeria (CBN), Dangote Group, BUA Group, Coronation Group, Zenith Bank, FCMB Group, etc.
Governor, CBN, Dr Olayemi Cardoso in his tribute eulogised the late Ogunbanjo not only for his strides in the corporate world but also his life as a father and grandfather.
Cardoso said, “Papa was a remarkable individual whose life and legacies transcend a myriad of fields. In particular, his contributions to the organised private sector in Nigeria was not only a life of achievements, it was also one that charted the way forward for multiple generations, inspiring them to elevate and aspire to be like him.
“Through his efforts, the foreign currency decree of 1985 was promulgated, laying the foundation for a more robust and internationally connected financial system.
“I recall quite vividly that Chief Ogunbanjo was part of a group of forward-looking businessmen who in the late 1960s championed local equity participation in foreign firms operating within Nigeria.”
On his part, Chairman, NGX Group, Dr Umaru Kwairanga, represented by Chief Executive Officer, NGX Group, Oscar Onyema, said, “As we reflect on his remarkable journey, we remember that he was a force behind the growth of many Nigerian companies. A true legal luminary, his influence reaches far beyond the boardroom.
Paying tribute to the late lawyer, President, Dangote Group, Alhaji Aliko Dangote described him as a champion of industrialisation in Nigeria which in his view explained the high turnout of corporate Nigeria at the event.
He said, “That is the reason most of us are here today. I have worked with him closely. I and Abimbola (Ogunbanjo’s son) worked tirelessly to ensure his vision for NGX is sustained. I completed my tenure as president and handed over to Aigboje Aig-Imoukhuede and he handed over to Abimbola. We are going to miss him.”
In his comments, billionaire businessman and Founder of BUA Group, Alhaji Abdul Samad Rabiu said, “He was an astute businessman and a philanthropist. He gave back to society, that was very important to him. I want to express my sincere condolences to the family and the business world.”
In the same vein, the incoming president of LCCI, Gabriel Idahosa, said that the late Ogunbanjo embodied dedication and service to country whilst the outgoing president, Dr Michael Olawale-Cole expressed confidence that Chief Ogunbanjo was resting in peace in the bosom of the Lord.
On his part, Chairman, Coronation Group, Aigboje Aig-Imoukhuede and former President of the National Council, Nigerian Stock Exchange said it was a privilege to pay tribute to the man whose name and signature are on the founding inaugural memo and articles of the exchange.
“He put food on the table for many stockbrokers, many bankers but most importantly, millions of investors who benefited from his work during the privatisation program.
“The privatisation program was very much stimulated by his efforts and is certainly, alongside with the establishment of the exchange, the defining moment in the building of the Nigerian capital market.
“He not only made those contributions, he went on to chair several companies, to be an active investor in several companies and therefore put his money where his mouth is,” Aig-Imokhuede added.
Former Chairman, NGX Group, Bamofin Abimbola Ogunbanjo, eulogising his father, said, “I would not be far from the truth to say that chief acquired his impressive credentials on the actual battleground of corporate law practice, in company boardrooms, and right here in the Lagos Chamber of Commerce where he stood out as a respected voice of the organised private sector.”
Other dignitaries in attendance were the Chairman, Zenith Bank, Jim Ovia, Group Chief Executive Officer, FCMB Group, Ladi Balogun, Chief Executive Officer, NGX, Mr Temi Popoola, former Presidents of the LCCI, representatives from the Nigerian Bar Association, as well as family members of the deceased
Following the marginal reduction of the pump prices of premium motor spirit (PMS) by the Dangote Petroleum Refinery and the Nigerian National Petrol Company Limited (NNPC Ltd), civil society groups have reacted by calling for further downward review.
Recall that the Dangote Petroleum Refinery had announced a partnership with MRS Oil and Gas to offer petrol at N935 per litre at retail outlets, while it reviewed the ex-depot price from N970 to N899.50 per litre.
The move, saw state oil major, the Nigeria National Petroleum Company peg its retail prices at N965/litre.
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However, the civil society groups are of the opinion that the price reduction, fall short of expectations.
According to the Chairman, Centre for Accountability and Open Leadership, Debo Adeniran, the reduced price of N935/litre was still expensive and unsatisfactory.
He pointed out that petrol was just one of the products coming out of crude and that both government and private business could still give out free petrol to citizens while making huge profits from the other products.
In his words, “Well, we believe that if NNPC and the private sector actually give out PMS for free, they will still not run their business at a loss, because the other derivatives of petroleum products can still serve them, and can still make them to break even. So, even at that N900 and something, it’s still expensive.
“Dangote has kind of mooted the idea that it could drop to as low as N650. And if he has mulled this, then it means that it is the state, it is the NNPC that will have been the clog in the wheel of such progress. And you know also that we expected that fuel prices, especially PMS prices, will drop below N200 when Dangote was expected to come on stream.
“So, it’s unfortunate that we are still talking about over N900 and they want us to jump up and rejoice for that. That is not satisfactory. They should just let us see the breakdown of their production cost and why it’s still there. I mean, there are countries like Libya under Gaddafi that gave out PMS for free and they didn’t run anything at any loss. So, I believe that it can still go further down.”
On his part, the Executive Director of the Civil Society Legislative Advocacy Centre, Ibrahim Rafsanjani, commended the reduction of fuel prices by the NNPC and Dangote, but said the government could still reduce the price.
“Dangote’s own is about N899 or something like that. Well first and foremost, we are happy that there is a little reduction in the prices. But also based on analysis and based on facts and evidences, we believe that it is possible for the Nigerian government to further reduce the prices.
“Because if a private company can reduce the price and it still makes profit, we wonder why government-owned enterprises cannot really pity its citizens,” he said.
The Central Bank of Nigeria (CBN) has announced a significant growth in the country’s economy, with a 3.46% increase in gross domestic product (GDP) in the third quarter of 2024.
This marks the third consecutive quarter of expansion, up from 3.19% in Q2 2024 and 2.54% in Q3 2023.
According to the newly published Q3 economic report, Nigeria’s GDP output rose to ₦20.115 trillion, reflecting a notable improvement from ₦18.285 trillion in the previous quarter.
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The CBN attributed this growth primarily to the performance of the non-oil sector, which grew by 3.37% compared to 2.80% in Q2 2024.
The report highlighted transportation, crop production, and other sub-sectors such as financial & insurance services, information & communication, trade, and real estate as major contributors to the expansion.
The non-oil sector accounted for 3.18 percentage points of the total growth rate.
“The expansion of the non-oil sector was driven by the performance of the financial & insurance, information & communication, crop production, trade, transportation & storage, and real estate sub-sectors,” the report stated.
Despite the economic growth, challenges persist. Inflation, particularly in food prices, remains a significant concern, standing at 39.93% as of November 2024.
Rising food and energy costs have also impacted transportation expenses, with intercity bus fares increasing by 20.23% year-on-year to ₦7,117.17 in July 2024, according to the National Bureau of Statistics.
Furthermore, the cost of petroleum, now exceeding ₦1,000 per litre, has driven up logistics and transportation expenses, adding pressure to households and businesses alike.
The CBN acknowledged these challenges, noting that the growth was achieved despite headwinds such as high inflation and rising operational costs.
Enhanced security measures in the Niger Delta have boosted domestic crude oil production, while restrictive monetary policies have helped moderate inflation in some areas.
“The growth recorded in the country is a result of continued efforts to improve the business environment, streamline cumbersome business processes, and deepen the quality of business infrastructure,” the CBN noted.
However, the report comes amid concerns over businesses exiting Nigeria due to persistent economic challenges.
Asharami Synergy, a leading downstream energy solutions provider, has demonstrated its commitment to community development and education by donating essential furniture to Gaskiya Junior School in Ijora, Lagos, Nigeria.
Biztellers reports that the social responsibility initiative was executed in collaboration with Sahara Group Foundation – the social impact vehicle of global energy conglomerate, Sahara Group.
It was gathered that the initiative is part of Asharami Synergy’s ongoing efforts to support education in communities.
The donation includes classroom desks and chairs for the JSS1 classes.
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CEO of Asharami Synergy, Nomnso Dike, said the project will create a more comfortable and functional learning environment and enhance student performance.
“We are delighted at the opportunity to support the attainment of Sustainable Development Goal (SDG) 4, which focuses on ensuring inclusive and equitable quality education. It has been a privilege to collaborate with the management and students of Gaskiya Junior School to deliver this project, and we look forward to future opportunities to enhance academic performance in this historic institution,” Dike said.
According to him, Asharami Synergy’s education-focused social impact initiatives have benefitted over 10,000 individuals. They focus on building capacity and providing the resources necessary to help students learn and grow sustainably.
“Education is the foundation of a brighter future, and at Asharami Synergy, we believe that every child deserves a learning environment that inspires and empowers them” he noted, adding, “This donation is not just about providing furniture; it’s a reminder to the students that their dreams are valid, and we are committed to helping them achieve their goals.”
Vice Principal Academic of Gaskiya Junior School, Sola Oladokun, commended Asharami Synergy for the donation, noting that it would inspire students to perform better with “increased concentration and fewer distractions”.
“These desks and chairs are a game-changer for our students. It’s heartwarming to see their excitement, and as teachers, we are equally thrilled because this will make teaching and learning more effective. We are incredibly grateful to Asharami Synergy and Sahara Group Foundation for this thoughtful intervention,” she added.
Two representatives of the students, Akin Moses and Chukwudi Gift, at the event said the donation would increase their “desire to dream bigger and concentrate better during lessons”.
Also speaking at the commissioning, COO at Asharami Synergy, Adekanmi Adesola, said, “What started as an opportunity to support the communities that host our operations has now come full circle. This donation directly impacts the lives of these students, and we are proud to bring smiles to the faces of the students and teachers.”
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