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FG Set to Unveil Equipment Leasing Registration Authority (ELRA)
By Tony Obiechina, Abuja
The Federal Government said it has concluded plans to formally unveil the Equipment Leasing Registration Authority (ELRA) today (Tuesday) 7th November, 2023 in Abuja, the Federal Capital Territory.
ELRA Executive Chairman, Engr. Saidu Njidda, said the unveiling ceremony which is to be performed by Mr.
Wale Edun, Minister of Finance and Coordinating Minister of the Economy would enable the Authority to play the role of a key driver and Facilitator of two of the 8-point Agenda of the Tinubu Administration- ‘Access to Capital and Job Creation. ”Recall that the ELRA Board was inaugurated in May 2022 by Zainab Shamsuna Ahmed, the former Minister of Finance, Budget and National Planning following the establishment of the authority which is in accordance with Section 8 of the Equipment Leasing Act, 2015.
The inaugurated board comprises 11 members including Engr. Saidu Njidda, Executive Chairman, Barr. Bassey Imoh, Registrar/Secretary, one representative each from the CBN, SMEDAN, NACCIMA, Federal Ministry of Finance, Federal Ministry of Justice, Federal Ministry of Trade and Investment, and three representatives from the Equipment Leasing Association of Nigeria, the umbrella body of lessors which sponsored the bill.
In a statement, the Executive Chairman of the Board of ELRA observed that the implementation of the Equipment Leasing Act, a viable alternative to loan heralds a new are of enhanced revenue generation given that the industry is capable of generating an estimated total volume of $1.5trillion globally accounting for 20% of total investment in equipment and contributing about 1.5% of Gross Domestic Product (GDP).
Njidda also notes that Equipment Leasing as an alternative and significant source of finance to loans has been immensely contributing to capital formation in the global Economy with its wide usage in many countries for the acquisition of capital assets.
He highlights that the major players in the Leasing industry in Africa include South Africa, Morocco and Nigeria who are ranked amongst the top 50 Leasing Countries in the world with Ghana, Rwanda, Egypt, Kenya, Tunisia and Angola, playing significant roles
The ELRA Boss further observed that in Nigeria, particularly over the last 10 years, Leasing has contributed over ₦14.3 trillion to the country’s GDP and continues to be more relevant especially under the prevailing situation where access to finance is difficult, especially for Micro Small and Medium Scale Enterprise (MSMES).
“The whole essence of Leasing is to enhance the planning, improvement and development of any economy, by building and supporting productive ventures, through capital formation, generating employment and creating wealth”, he noted.
He pointed out that despite the importance of leasing as a financing option to Nigeria’s industry sector players and the Economy, the penetration rate in Nigeria is still very low which currently stands at less than 1percent when compared to the potential of the Nigeria economy, and in other developed economies like Europe and America where the penetration is as high as 28 percent.
The Chairman further explains that the major players in the Leasing industry are the lessor, who provides the asset to be leased and sometimes with other auxiliary services, the lessee who is the user of the equipment and has possession of the equipment or asset but not the title, the supplier who sells and assures the performance and suitability of the asset, the financier, who gives out money as raw material of leasing, the lease broker who sometimes facilitates the lease as intermediary with manufacturer and financier, the lease professionals who structure and manage the lease, and the Government who plays a vital role in the industry in terms of policy formulations, the legal framework, Tax, accounting and other regulatory policies.
“It is pertinent to point out that the conduct and roles of the players mentioned above are the keys in stabilizing and supporting a healthier leasing industry Ecosystem which the Authority seeks to regulate with support from Government”, Njidda added.
He listed the major challenges of lease penetration as the poor inflow of Direct Foreign Investment (DFI) in the lease industry, lessor’s apathy to some category of leasing among others which he attributed to the absence of Government support through regulatory environment and financial intervention in order to grow the sector and enhance its contribution to Nigeria (GDP).
He expressed optimism that with the passage of the ELRA Act and the full take off of the Authority, fraudulent and unscrupulous practice of transacting parties including the manufacturer will be identified and handled accordingly adding that this will no doubt fill the gap and bring out a comparative advantage in driving the Equipment leasing sector to a developed status, from the existing scenario of developing status through the introduction of appropriate policies, guidelines and standing orders that will shape up and sanitize the industry.
COVER
After Five Months Bello, EFCC Standoff Turns Theatric
From Joseph Amedu, Lokoja
Former Governor of Kogi State Yahaya Bello yesterday honoured the invitation of the Economic and Financial Crimes Commission (EFCC).
A statement from Bello’s Media Office signed by Michael Ohiare said that the decision was made after due consultations with his family, legal team and political allies.
The statement read, “The former governor, who has great respect for the rule of law and constituted authority, had all the while only sought the enforcement of his fundamental rights in order to ensure due process.
“The case has been before a competent court and Alhaji Yahaya Bello had been duly represented by his legal team at every hearing.
“It is important for the former governor to now honour the invitation of the EFCC to clear his name as he has nothing to hide and nothing to fear.
“The former governor believes firmly in the efforts of the administration of President Bola Tinubu to place Nigeria on the path of sustainable economic development and support the fight against corruption in the country.
“It is on record that he was the first Governor of Kogi State to put in place an anti-corruption mechanism to check graft and ensure that the resources of the state work for the people of the state.
“He was accompanied to the EFCC Headquarters by high profile Nigerians.
“It is our hope that the commission will be as professional as necessary and respect his fundamental rights as a citizen of the Federal Republic of Nigeria.
“Details of his engagement with the operatives of the anti-graft agency will be disclosed later.”
However, EFCC denied that the former governor was in its custody.
The commission, in a statement by its spokesperson, Dele Oyewale said that Bello remained wanted with a subsisting warrant of arrest.
He said, “Media reports today that a former Governor of Kogi State, Mr. Yahaya Bello is in the holding facility of the Economic and Financial Crimes Commission, EFCC is incorrect.
“The commission wishes to state that Bello is not in its custody.
“Bello, already declared wanted by the commission for alleged N80.2 billion money laundering charges, remains wanted with a subsisting warrant for his arrest.”
Bello was declared wanted after the incumbent governor of Kogi State, Usman Ododo helped the embattled former governor to escape arrest in April.
Ododo’s arrival with heavy security at the residence of the ex-governor in Wuse, Abuja prevented the EFCC men from effecting his arrest.
Ododo’s entourage drove out with Bello in the governor’s car.
Since then, it was said have holed up in the Kogi State Government House, Lokoja.
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Alia Hands over Seized Palliatives Truck to EFCC, ICPC in Makurdi
From Attah Ede, Makurdi
Governor Hyacinth Alia of Benue State yesterday handed over a truck of palliatives he recently confiscated in Makurdi to the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) with a charge on them to conduct a thorough investigations bordering on alleged diversion.
The National Emergency Management Agency (NEMA), had on Sept.
11 through the office of the representative of House of Representatives for Kwande/Ushongo Federal Constituency, Terséer Ugbor deployed two trucks of palliatives to his constituency for onward distribution to IDPs and vulnerable households.However, one of the trucks containing several materials worth millions of naira was confiscated by the state governor.
Our correspondent had earlier reported that the seized truck was conveying assorted relief materials meant for IDPs in the Kwande/Ushongo federal constituency was caught offloading its contents at a private residence around Kilometre 2 in Makurdi.
Further checks revealed that the palliatives, which were loaded from a NEMA warehouse in Jos found their way to a private residence under the directives of Ugbor.
The governor explained that he gave a standing order that the truck be impounded and moved to Government House Makurdi so as to know why goods released from NEMA for distribution to IDPs in Kwande and Ushongo could be offloaded at a private residence in Makurdi.
Alia who spoke at NEMA headquarters upon his return from the United Kingdom expressed displeasure over the discovery of some hidden facts regarding the matter.
He explained that preliminary investigations revealed that the goods were coming from NEMA and were meant to be sponsored by the state government and lifted by the State Emergency Management Agency (SEMA).
In a letter from NEMA headquarters addressed to the representative of the Kwande/Ushongo constituency, Ugbor, who lobbied for the materials, the agency specified that the state government should pay for the expenses of lifting the materials in Jos and that the materials be taken to the state by NEMA and handed over to SEMA.
Alia who discovered that some of the trucks conveying other materials such as mattresses were still missing, directed anti-graft agencies to liaise with a three-man committee from the state and conduct a thorough investigations to uncover more facts.
“It was also discovered that the materials were to be distributed directly to the affected persons by officials from the agency’s North Central Zonal Office in collaboration with the Benue State Emergency Management Agency team.
“I have directed that the Acting Executive Secretary of SEMA, James Iorpuu, officers of the EFCC, and a few others should monitor the situation and ensure that due process was followed and that the materials were distributed to the rightful people.
“I thank President Bola Tinubu for having Benue people at heart. I therefore use this opportunity to call on the National Assembly members to consider the conditions of vulnerable people in their states and ensure that they provide for their constituents whatever the federal government gives,” Alia stated.
The Chief Press Secretary (CPS) to the governor, Tersoo Kula in a statement in Makurdi, said the Director General of NEMA through a phone call, thanked the governor for being vigilant and also promised to continue to collaborate with the state government to ensure the fair distribution of materials coming from the Federal Government.
Similarly, last month, the governor uncovered the diversion of relief materials for an IDPs camp in Makurdi by SEMA officials.
The diverted food items include: 55 bags of rice, 24 bags of garri, Indomie noodles, beans among others.
The Executive Secretary of SEMA was perplexed, wondering how the governor got wind of the development.
Three staff of the agency were arrested in connection with the incident.The IDPs said diversion of relief materials by staff of SEMA was a common happening.
COVER
CBN Appoints New Board for Keystone Bank
By Tony Obiechina, Abuja
Central Bank of Nigeria (CBN) has reconstituted the board of directors of Keystone Bank.
In a statement by the bank on Wednesday, the move is part of the apex bank’s strategy to ensure sustained growth for the financial institution.
According to the statement, Ada Chukwudozie is the new board chairman alongside five other non-Executive Directors.
They are Abdul-Rahman Esene, Fola Akande, Akintola Ayodeji Olusoji, Obijiaku Samuel, and Senator Farouk Bello.
In addition, the CBN named two new Executive Directors, Ladi Oluwole and Abubakar Usman Bello.
Chukwudozie, a prominent figure in Nigeria’s corporate sector, brings nearly three decades of experience in business strategy, management, and administration.
Her expertise cuts across multiple industries, including De-Endy Industrial Company Limited, Dozzy Group, the Manufacturers Association of Nigeria, and Vogue Afrique Magazine.
Esene, with over 43 years of experience in banking, investment management, and corporate finance, has held leadership roles in major institutions including Fidelity Bank, Afrinvest, and Global Arbitrage International Inc.
Akande boasts over 25 years of experience in legal, compliance, and risk management, having worked with global brands like Cadbury, Stanbic Chartered Bank, and Shell.
Olusoji has a distinguished 30-year career in accounting, finance, and business development, having served at institutions such as Sterling Bank, Access Bank, and Intercontinental Bank.
Samuel with more than 35 years of experience in banking and treasury operations has left a significant mark on Nigeria’s financial sector, previously working with Zenith Bank and Fidelity Bank.
Senator Bello, a seasoned banker with over 20 years of experience, has led initiatives across both the public and private sectors, including the National Assembly and Guaranty Trust Bank.
The two new Executive Directors bring their vast expertise to the table. Oluwole, the new Executive Director of Risk Management comes with over two decades of experience in credit and enterprise risk management, including previous roles at Bank of America.
Bello, Executive Director for the Northern Directorate has extensive experience managing corporate, retail, and public sector clients.
Speaking on the appointments, Keystone Bank’s Managing Director and CEO, Hassan Imam expressed confidence in the new board members, adding that their wealth of experience would play a crucial role in the bank’s continued repositioning and growth.
“We are pleased to welcome the new chairman, non-executive directors, and executive directors to the board of Keystone Bank.
“We are confident that their extensive experience will be invaluable as we continue to reposition the bank to seize emerging economic opportunities while maintaining strong corporate governance and providing our customers with a secure and reliable banking experience,” Imam said.