Commerce

SANWO-OLU RAISES LAGOS EMPLOYMENT TRUST FUND SUPPORT BY 100 PER CENT

Published

1 year ago

March 3, 2022

Yinka Rahman

…‘LSETF creates 182,000 jobs in five years, upskills 12,000 youths’ – Exec. Sec.

…Governor charges employment agency to assist more entrepreneurs, businesses

Lagos State Government has expanded the net of employment opportunities for young people in the State, as Governor Babajide Sanwo-Olu, on Thursday, announced a 100 per cent increment in capital subvention to Lagos State Employment Trust Fund (LSETF) – an independently run agency established to provide financial support to business owners and entrepreneurs for wealth creation and to tackle unemployment.

The Governor doubled the agency’s subvention in a move to further increase access to finance for budding entrepreneurs seeking to grow their businesses through soft loans and funding support.

Sanwo-Olu made the announcement at the second edition of Lagos Employment Summit organised by LSETF. The event with the theme: “Sustainable Job Creation Strategies: Collective Action and Prosperity for All”, is being held at Eko Hotels and Suites in Victoria Island.

Stakeholders in the employment generation community, including policymakers and implementation partners, are currently meeting at the two-day summit, which has the objective to foster conversation on sustained job creation partnership and strategies towards enhancing viable pathways and transition from education to employment.

Sanwo-Olu said the incentive would further strengthen other State Government’s interventions initiated towards empowering and upskilling innovative young people, while also providing support grants for established businesses. With the increased allocation, the Governor said more entrepreneurs would be captured in grant allocations to Micro, Small and Medium Enterprises (MSMEs), thereby lowering unemployment figures of the State.

He said: “We have seen that LSETF can work and indeed, it is working. We have seen the potential of the agency in sustaining creation of job opportunities for our teeming productive residents. I strongly believe that we can achieve a lot more in bringing down the unemployment rate in Lagos if we entrust the agency with a lot more capital grants to support businesses and innovative people.

“LSETF has the capacity and has demonstrated it in the last four years. Given the opportunity of increased funding, the agency can double the employment figures. It is only by scaling up the subvention that we can further demonstrate our readiness to reduce the rate of unemployment. I have asked for the agency’s budget size and I have seen what it is. This is a public pronouncement that we are doubling the subvention.

“We are doing this, because the LSEFT management team has given us practical proof of concept that the intervention can boost employment opportunities. In this regard, I make an appeal to our funding and development partners to also double their donations to the agency, because there are more people in the State to be taken out of poverty when they have access to business finance. This way, we would be empowering more people to create wealth and spread prosperity.”

The Governor said his administration, in the last three years, had committed over N10 billion in grant to strengthen LSEFT’s activities, supporting 34,000 MSMEs through the intervention.

The intervention, the Governor said, was instrumental to the 6.7 per cent drop in the unemployment rate, as recorded by the National Bureau of Statistics (NBS) before the disruption occasioned by the Coronavirus (COVID-19) pandemic.

Sanwo-Olu said that the agency needed to rejig its activities, with the aim to extend the financial assistance to more businesses in the State, stressing that COVID-19 could no longer be used as excuse for not assisting productive people in creating wealth through entrepreneurship.

He said: “We cannot continue to give COVID-19 as an excuse, because the pandemic is behind us now. We need to think of approaches that will create opportunities for teeming number of our youths in the coming days. Young people are waiting on us and relying on us. It is one of our campaign promises that, LSEFT would come out stronger and better under our leadership. I charge the Board of Trustees and the management team to take this opportunity to push LSEFT further to become a global brand that all of us can truly be proud of.”

The Governor pledged to incorporate outcomes of the summit into the implementation of the State’s governing agenda.

Commissioner for Economic Planning and Budget, Sam Egube, who put the unemployment rate in Lagos at 37.3 per cent, said the summit was organised with the goal to address employment levels in Lagos, by bridging the gap between job availability and employability in the labor market.

The Commissioner said the stakeholders were gathered to collaborate, design and develop initiatives that would improve and sustain employment outcomes in the State. He disclosed that the State Government would be launching a 25-year job development plan anchored on a thriving economy, human-centric city, modern infrastructure and effective governance.

“This summit is critical dialogue sessions between different stakeholders for us to evaluate and re-evaluate thoughts and initiatives targeted at better employment outcomes. It will provide avenues for various stakeholders to deliberate on relevant areas on job creation, different aspects of skill development and sustainable growth for decent employment, the connection between our training centers and the emerging job opportunities,” Egube said.

LSETF Executive Secretary, Ms. Teju Abisoye, disclosed that 45 per cent of the skilled labour force in the country was concentrated in Lagos, said participants at the summit would identify new trends and opportunities in diverse sectors and value chains that needed to be prioritised with the right investment.

Reeling out the impacts recorded by the agency in the last five years, Ms. Abisoye said LSETF, through its interventions, had created over 182,000 direct and indirect jobs in Lagos. She added that the agency had saved 50,000 direct jobs through support and business stimulation.

She said 12,335 young persons were trained in modern skills, 413 tech start-ups supported through soft financing, while 68,582 new tax payers were added into the tax net of the State.

Commerce

Labour Party Senatorial candidate, Oyibo Chukwu killed in Enugu

Published

4 weeks ago

February 23, 2023

admin

The Labour Party candidate for Enugu East Senatorial district, Oyibo Chukwu has been killed.

Oyibo, a lawyer was said to have been attacked while returning from a campaign trip in the Agbani area.

He was said to have been burnt inside his vehicle, and three persons were suspected to be with him in the vehicle but it was not yet known how many of the occupants were killed.

Information about the attack is still very sketchy but a top member of the party has confirmed it but said he should not be quoted until the family speaks.

It was also learned that the APC governorship candidate in the state, Uche Nnaji was also attacked at the spot where the Labour candidate was killed.

Commerce

Naira crisis: Await our decision, S’Court tells states seeking to join suit

Published

4 weeks ago

February 22, 2023

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The Supreme Court, on Wednesday, shut its door to more states seeking to be joined as interested parties in the suit challenging the decision of the Federal Government to ban the use of the old N200, N500 and N1000 banknotes as valid legal tenders.

A seven-man panel of Justices of the apex court, in a unanimous decision, asked all the states interested in the matter to await its decision in the suit that was originally filed by three northern states- Kaduna, Kogi and Zamfara.

The panel headed by Justice Inyang Okoro took the decision after it rejected a joinder application that was filed by Abia State.

It proceeded to consolidate the different suit that was filed by Rivers State, with all the pending cases challenging the Naira swap policy that FG introduced through the Central Bank of Nigeria, CBN.

All the suits the apex court consolidated for hearing on Wednesday, were marked: SC/CV/162/23, SC/CV/162/23, SC/CS/197/23, SC/CV/200/23, SC/CV/210, SC/CV/227, SC/CV/229/23 and SC/CV/222/23.

It will be recalled that the court had earlier joined seven states- Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto and President Muhammadu Buhari’s homestate, Katsina, as parties to the suit that was filed by the three northern states.

Though only the Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN, was initially cited as the sole defendant in the matter, the apex court okayed requests by Edo and Bayelsa states to be allowed to join the suit to support FG as co-plaintiffs.

Rivers, Kano, Jigawa and Nasarawa states had maintained that there own case was different, stressing that their grouse was not only with the Naira swap policy, but also with the cash withdrawal limits the CBN allowed for corporate entities and individuals, respectively.

While consolidating all the cases, the Supreme Court noted that the issue in dispute resolves around Section 20(3) of the CBN Act.

It held that there was no need for more states to apply for permission to join the legal fireworks.

“We will no longer join any state in this matter. When we give our decision, whoever that is dissatisfied can file a fresh suit. There is still time”, the apex court held.

It will be recalled that the apex court had on February 8, issued an interim order that restrained FG from implementing its February 10 deadline for the use of the redesigned Naira notes as legal tenders.

However, despite the order of the ex-parte order by apex court, the CBN had since invalidated the old N500 and N1000 banknotes, even as President Buhari, in a nationwide broadcast he made on February 16, okayed the N200 note to remain a legal tender till April 10.

Specifically, the states, in their consolidated suit, are among other things, seeking a declaration that the Demonetization Policy of the Federation being currently carried out by the CBN under the directive of the President of the Federal Republic of Nigeria, is not in compliance with the extant provisions of the Constitution of the Federal Republic of Nigeria 1999 (as amended), Central Bank of Nigeria Act, 2007 and actual laws on the subject.

They applied for, “A declaration that the three-month notice given by the Federal Government of Nigeria through the CBN under the directive of the President of the Federal Republic of Nigeria, the expiration of which will render the old banknotes inadmissible as legal tender, is in gross violation of the provisions of Section 20(3) of the Central Bank of Nigeria Act 2007 which specifies that Reasonable Notice must be given before such a policy”.

As well as, “A declaration that given the express provisions of Section 20(3) of the Central Bank of Nigeria Act 2007, the Federal Government of Nigeria, through the CBN, has no powers to issue a timeline for the acceptance and redeeming of banknotes issued by the Bank, except as limited by Section 22(1) of the CBN Act 2007. The Central Bank shall at all times redeem its bank notes”.

Besides, the states urged the apex court to direct the immediate suspension of the demonetisation of the Federal Government of Nigeria through the CBN under the directive of the President of the Federal Republic of Nigeria until it complied with the relevant provisions of the law.

The plaintiffs told the apex court that since the CBN announced the new naira policy, there has been an acute shortage in the supply of the new naira notes in their respective states.

They decried that residents in their states who complied with CBN’s directive and deposited their old naira notes have increasingly found it difficult to access new naira notes to conduct their daily businesses.

They maintained that the inadequacy of the new naira notes as well as the haphazard manner the monetary policy was being implemented, has wrought serious hardship on residents in their states, stressing that the 10-day extension of the deadline would not be sufficient to address the challenges occasioned by the policy.

Commerce

Old Notes: Kogi, Kaduna, Zamfara accuse Malami, Emefiele of violating S’Court order

Published

4 weeks ago

February 22, 2023

admin

Three northern states, Kogi, Kaduna and Zamfara, have initiated contempt proceedings against the Attorney-General of the Federation and Minister of Justice, Mr Abubakar Malami, SAN, at the Supreme Court, following his alleged refusal to comply with the order that extended the deadline for the use of the old N200, N500 and N1000 banknotes as valid legal tenders.

Equally joined in the contempt action was the governor of the Central Bank of Nigeria, CBN, Mr Godwin Emefiele.

The three states, in the two sets of Form 48 they lodged before the apex court, warned both Malami and Emefiele of the consequence of their continued disobedience to the interim order the court made on February 6, which halted the full implementation of the new monetary policy that was introduced by the CBN.

Specifically, Form 48, which has already been served on both the AGF and the CBN Governor, read: “Take notice that unless you obey the direction contained in the attached Order of the Supreme Court of Nigeria delivered on 3rd day of February 2023, you will be guilty of contempt of Court and will be liable to be committed to prison.”

Vanguard learned that the contempt action by the three states who had originally gone to court to set-aside the initial February 10 deadline the CBN gave for usage of the old Naira banknotes, will form part of processes the Supreme Court will consider on Wednesday.

Basically, a Form 48 (notice of consequence of disobedience of court order), is followed with a Form 49, should the party it was served on continue to disregard the court order alleged to have been flouted.

Upon receipt of a Form 49, the alleged Contemnors would be compelled to show cause why they should not be committed to prison for disobeying a subsisting court order.

It will be recalled that the three states had on February 15 when proceedings resumed on the legal dispute sorrounding the Naira swap policy, drew attention of the apex court to the fact that FG had through the CBN, banned the use of the old N200, N500 and N1000 banknotes, despite the ex-parte order that restrained it from doing so.

Counsel to the plaintiffs, Mr. AbdulHakeem Mustapha, SAN, while accusing FG of engaging in “Executive recklessness”, urged the apex court to extend the interim order.

Mustapha, SAN, further indicated that he had filed an affidavit to establish how the express order of the Supreme Court was disobeyed by FG.

However, FG’s lawyer, Mr. Kanu Agabi, SAN, urged the apex court to disregard the allegation by counsel to the plaintiffs, insisting that it was based on “mere rumour”.

Before adjourning the case till Wednesday, the seven-member panel of the apex court led by Justice Inyang Okoro, stressed that parties, having submitted themselves before the court, ought not to take any action that would affect the subject matter of the suit.

Even though only the AGF was initially cited as the sole defendant in the matter, the panel however granted applications that Edo and Bayelsa states filed to be allowed to join the suit to support FG as co-plaintiffs.

Likewise, the court allowed seven states- Lagos, Cross River, Ogun, Ekiti, Ondo, Sokoto and President Buhari’s home state, Katsina- to also join the case to challenge the new monetary policy.

On the other hand, Rivers, Kano and Jigawa states filed separate suits to vacate the cash withdrawal limits the CBN allowed for corporate entities and individuals, respectively.

The court held that all the suits would be consolidated for a hearing.

Meanwhile, barely 24 hours after the court proceeding, President Muhammadu Bihari made a nationwide broadcast and restated the ban on all the old banknotes except N200 which he okayed to remain a valid legal tender till April 10.

Aggrieved by the action, the 10 states that are now plaintiffs in the suit marked: SC/CV/162/2023, re-approached the apex court with another process to invalidate the President’s directive on the old banknotes.

It will also be recalled that Malami had filed a Preliminary Objection to dismiss the suit, even as he contended that the Supreme Court lacked the requisite jurisdiction to entertain it.

Listing his grounds for challenging the power of the Supreme Court to intervene in the matter, Malami, accused the plaintiffs of opposing FG’s power, through its agency, the CBN, to withdraw old banknotes and introduce new ones.

According to him, “The Plaintiffs’ suit is about the power vested on the Central Bank of Nigeria by the Central Bank of Nigeria Act, 2007 to call in its Banknotes and introduce new ones.

“This suit as presently constituted falls under section 251(1)(a)(p)(q) & (r) of the Constitution (exclusive jurisdiction of the Federal High Court) by virtue of the subject matter and parties.

“The Claims or reliefs are not against the Federation, but the Federal Government and its Agency, the Central Bank of Nigeria.”

“The Federal Government of Nigeria is distinct from the Federation or the Federal Republic of Nigeria. The Plaintiffs have no grievance whatsoever against the Federation of Nigeria.

“This Suit has disclosed no dispute that invokes this Court’s original jurisdiction as constitutionally defined. This suit is an abuse of the judicial process.

Plaintiff has no locus standi to institute this action. The Plaintiffs have no reasonable cause of action against the Defendant”, Malami argued.