Nigeria: Press zooms in on Obasanjo’s position on restructuring Nigeria, others

The report that former President Olusegun Obasanjo has thrown his weight behind the need to restructure Nigeria and warning that the preponderance of wrong systems of administration is bad for the governance of any country is one of the trending stories in Nigerian newspapers on Wednesday
The Vanguard Newspaper reports that former President Olusegun Obasanjo has thrown his weight behind the need to restructure Nigeria, warning that the preponderance of wrong systems of administration is bad for the governance of any country.
Obasanjo spoke in Enugu, at the weekend, during the public presentation of the book ‘In Brotherhood We Stand: A Roadmap for the Rebirth of a Fragmented Nation’, written by Engr. Chris Okoye.
The former President, who was the chairman of the occasion, lamented that Nigeria had moved from one bad governance to another.
His words: “The clarion call in Nigeria today is one for restructuring and a reassessment of the terms of our union as a nation.
“No matter how economically viable a nation is, bad governance and a wrong system of administration can bring it down as there is a direct correlation between economic and political reforms.
“Our historical experience at constitution making and political reform show that we may have some structural defects that require adjustment so as not to continue to constrain the deepening, widening and consolidation of democratic values and practices.
“Indeed, some of the contradictions and challenges bequeathed by the colonial administration have continued to pose problems for us to this day.
“As things stand therefore, our constitution making efforts must go down the grassroots to deal with the issues of inclusion, popular participation, ownership, and legitimacy.”
The newspaper says that the Nigerian Exchange Group, NGX Plc has announced a significant investment in the Ethiopian Securities Exchange (ESX).
The NGX Group is among the top institutional investors that have injected capital into the operationalisation of the bourse alongside FSD Africa, a UK-backed non-profit financial institution, and Trade and Development Bank Group (TDB), the financial arm of the Common Market for Eastern and Southern Africa (COMESA) trade block.
This pivotal move not only marks NGX Group’s entry into East Africa but also underscores its commitment to driving growth and innovation in the African capital markets, while strategically positioning itself as the largest foreign institutional investor in the ESX.
The investment in the Ethiopian Stock Exchange reflects NGX Group’s confidence in the potential of Ethiopia’s rapidly growing economy and capital market.
By partnering with ESX, NGX Group aims to support the development of a vibrant and resilient financial ecosystem in Ethiopia, fostering increased investor participation and capital formation.
Through this investment, NGX Group aims to contribute to robust regulatory frameworks and foster best practices within the ESX ecosystem.
Alhaji Umaru Kwairanga, Chairman of NGX Group, stated: “We extend our congratulations to the ESX on its successful capital raise and commend the government of Ethiopia and the private sector for their support in bringing this pioneering initiative in the country to fruition.
“Our partnership with ESX is a resounding affirmation of our unwavering dedication to promoting economic development, transparency, and exemplary corporate governance standards that foster an environment conducive to inclusive growth, even as we aim to maximize value for our esteemed shareholders.”
The Punch reports that the combined operating expenses of 10 Nigerian banks rose by 42.51 per cent to N3.23tn in 2023 compared to N2.26tn in the previous year, according to The PUNCH findings
This was based on the annual results of the financial institutions filed with the Nigerian Exchange Limited.
Financial institutions analysed include Access Holdings, FBN Holdings, Zenith Bank, United Bank for Africa, FCMB Group, Sterling Financial Holding, Fidelity Bank, Wema Bank, Stanbic IBTC and Guaranty Trust Holding Company.
According to Investopedia, an online investment education platform, an operating expense is an expense that a business incurs through its normal business operations.
It includes rent, equipment, inventory costs, marketing, staff expenses, insurance, step costs, funds allocated for research and development, and depreciation and amortisation.
In 2023, personnel costs and other operating expenses were the major drivers of the increase in the operating expenses of the lenders.
In the period under review, Nigeria’s largest bank, AccessCorp, saw its operating expenses grow by 38.85 per cent to N697.53bn from N502.36bn in 2022.
Explaining the increase, Holdco stated that its personnel cost increased by 43.97 per cent to N167.90bn from N116.62, due to an increase in wages and salaries.
Other operating expenses also went up to N465.67bn from N341.32bn, on the back of IT and e-business expenses, which rose to N78.05bn.
The 30.49 per cent rise to N68.81bn in the Asset Management Corporation of Nigeria surcharge that the group paid last year also contributed to the appreciation of its operating costs.
AccessCorp’s depreciation and amortisation costs stood at N63.96bn.
FBN Holdings’ unaudited results revealed that operating expenses jumped by 46.83 per cent to N534.34bn in 2023.
The newspaper says that the Super Falcons qualified for the women’s football event of the 2024 Olympics in Paris after playing a goalless draw with South Africa at the Loftus Versfeld Stadium, Pretoria on Tuesday.
Taking a 1-0 lead into the encounter, from the first leg in Abuja on Friday, the Falcons, who have never lost on South African soil, knew they must avoid a defeat to end their 16-year wait and they did just that to silence the home crowd.
The qualification means the 11-time African champions will participate at the Olympics for the first time since Beijing 2008.
American coach Randy Waldrum kept faith with the same players that earned the victory at the Moshood Abiola National Stadium in Abuja five days ago.
Trying to make their home advantage count, Banyana Banyana piled pressure on the Falcons in the opening minutes as they tried to level the aggregate from the blast of the whistle.
Unperturbed by the African champions’ early pressure, the Falcons held their ground as they began to string passes and were almost rewarded with a goal four minutes into the encounter. Captain Rasheedat Ajibade dribbled past her marker before floating a fine cross into the South Africans’ area but Chinwendu Ihezuo headed straight at Kaylin Swart, in goal for the hosts.
The first 45 minute was all about the Falcons as they created a series of chances to extend their lead.
GIK/APA