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‘Nigeria Still Underdeveloped Because of Absence of Visionary Leaders’

Gideon Arinze in Enugu

A former Minister of National Planning, Prof. Osita Ogbu, has said that Nigeria remains underdeveloped despite its potential because it lacks leaders with the right vision and philosophy.  

Ogbu made this known yesterday, while speaking at the inaugural edition of the Nigerian Hamilton Project put together by the Nigerian Economic Summit Group (NESG), in partnership with the Institute for Development Studies (IDS), University of Nigeria, Nsukka, themed, “Development As Attitude.” 

In his address, Ogbu, a development economist, said that in Nigeria, an individual with capacity is defined as one who can finance the electoral process during an election. That is why the country keeps producing leaders who do not have the right leadership philosophy.

“We do not put in efforts in the process of searching and deciding those who become our leaders,” he said. The choice of who takes over from where a leader stops is also crucial, we must begin to look at the knowledge they come with and what they think that the society should look like,” he added. 

He noted that development is ultimately shaped not just by leadership alone, but by the ideas, values, and philosophies leaders bring into governance.

“It is not simply a question of leaders,” he stated. “It is the values and philosophies that guide their important actions. These determine the quality of leadership and, ultimately, the development outcomes.”

Earlier, a member of the board of the NESG, Nnanna Udeh, said that the Nigerian Hamilton Project is an initiative designed to stimulate national conversations around leadership, governance, and economic transformation.

“This event marks the first in a series of similar engagements to be held across Nigeria in the months ahead, “he said. 

The highlight of the event was an interactive panel discussion which featured the Director of IDS, Dr Ben Nwosu, a Senior Lecturer at the institute, Dr Chukwuma Agu and Chairman of the FIT Group of Companies, Loretta Aniagolu.

​  

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    Adhere to Our Party’s Ideology, SDP’s Adebayo Tells Defectors

    Adhere to Our Party’s Ideology, SDP’s Adebayo Tells Defectors

    . Says new entrants should wait for future elections

    The 2023 Presidential Candidate of the Social Democratic Party, Prince Adewole Adebayo has called on defectors to the party to strictly adhere to its Ideology and not to bring their shenanigans from their old parties.

    Speaking on News Central breakfast show on Monday, monitored by our correspondent, Prince Adebayo said party structures across the thirty six states and Abuja have been sufficiently informed on how to educate the new members no matter their status in life.

    He said the party welcomes all the new entrants, disclosing however, that ” What we have managed to do is to define what our party stands for.

    “That is why you have seen some of the reactions as people are joining our party, we welcome them and we tell them ideological issues and we also tell them all these shenanigans that you do in your party, don’t bring them here.

    “We spend a lot of time educating our members. Do not suddenly get used to money you did not ask for or monies you did not work for. Do not start to learn a bad habit, start to set up fake structures,don’t start to do unlawful registration, don’t start to fragment yourselves, don’t start talking about ethnicity. So we keep educating our people.

    “And if you go around the state, you will see a lot of tension because when they come and they say, oh, we want to move into a bigger sectariat, we need to buy this and that, people say, no, that’s not what we need in this party, may be you should keep your money to yourself.”

    Continuing he said: “You saw that there was a press conference by all our state chairmen where they said, look, you guys who are coming newly should study our ideology, don’t try to impose anything on us. We don’t need anything from you, just join the party and start behaving well.

    “We don’t want them to come and change us, we want to change them and we don’t want to be used for things that are not in the interest of the people.

    “You remember in my speech which went viral last week on my wife’s 50th birthday, I said, if you have arrangements in your former political party, if you were a former supporter of President Tinubu and you had your conspiracy against the people and you promised your own reward for that and they didn’t give it to you, that is not the basis to come to the SDP,and if you come to the sdp, don’t tell us, we don’t want to know, we’re not interested in it.

    Asked if the policy of the current administration is yielding any result ,he responded that;

    “It is known that we are are opposed to President Tinubu vehemently on policy, We do not have a history with him,we have no understanding with him. When they won the election and they were offering us positions, we did not accept, we did not dramatize it, we just told them sorry keep your position to yourself, run your government, we will be here offering alternative policies.

    “The same thing with the coalition we are talking with the people. What we are saying is if you plan something out there on how to wrest power, don’t come to us. If you want to wrest power for the benefit of the people, you can start talking to us on what you are going to do differently.

    “Start talking to us about how you are going to show to the people that you are repentant and you are accountable for your past actions, past words, past mistakes, past misgovernance.

    “Once you do all of that, you can then join our party, grow in the structure and when we see that you have behaved very well, maybe not in this election, maybe in future election, we will start to feature you” he explained

    ​  

    . Says new entrants should wait for future elections The 2023 Presidential Candidate of the Social Democratic Party, Prince Adewole Adebayo has called on defectors to the party to strictly

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    Morocco Eyes Investment in Nigeria’s Capital Market, As SEC Canvasses African Cooperation   

    Morocco Eyes Investment in Nigeria’s Capital Market, As SEC Canvasses African Cooperation   

    Ndubuisi Francis in Abuja 

    The Securities and Exchange Commission (SEC) has urged cooperation among African capital markets in order to build a stronger interconnection within the continent and enhance development of new products.

    The call came as Morocco expressed a special interest in the Nigerian market for investment. 

    SEC Director General, Dr. Emomotimi Agama, made the call during a visit of the Board of the SEC to the Autorite Marocaine Du Marche Des Capitaux, AMMC (Moroccan Capital Market Authority) in Rabat, Monday.

    “We need to cooperate in Africa, invest in each other’s market and grow our continent. We want to build collaboration so that as Africans, we can have a focus and build a strong interconnection. The time is now for us to look inwards.

    “We are aware of your strength in Collective Investment Schemes and we know we can learn a lot from you. The population of Nigeria is huge and we need people to understand the huge benefits in CIS and how they can key into it.

    “We appreciate the strength of the Moroccan economy and structure and we want to see what role the capital market has played in all of this,” he stated. 

    In a statement, SEC quoted Agama as saying that the capital market is the nerve centre of the economy, adding that the citizens need to understand how to use it to create wealth to improve their quality of life.

    According to him, “The capital market is an enabler to the development of the economy and we believe there is so much to learn from Morocco to help strengthen our own market. We are excited about what the future holds for us and how we can forge a common front. 

    “We are happy about the progress of CIS in Morocco and we want to learn from you and also tell you about or experience because there is a lot to gain. 

    “Our relationship and integration will go a long way in building both markets and make life better for our citizens. We encourage governments to use long-term capital for long-term projects.

    “The capital market is the solution to raising funds for long term infrastructure development. We see the capital market as a solution provider to move the economy forward. We want to make Africa better and a destination of choice. We want to jointly work with other regulators to achieve it.”

    In her remarks, the Chairperson and CEO of Moroccan Capital Market Authority, Ms. Nezha Hayat, expressed her delight at the relationship between the two regulators, saying that the capital market has evolved and that people would rather invest in the market. 

    “Capital market has now diversified so much, but for us, everything goes through mutual funds. We think CIS is very important because people put their money in funds that are regulated and are controlled.

    “People have more access through CIS. It is key to encourage the truth of any market. 

    “I believe in an integrated market, so cooperation is better. We are interested in dual listing; we will soon be authorising funds in foreign currency which means the mutual funds can also be invested in foreign countries. 

    “We have a special focus on Nigeria, which will be one of the markets where this will happen. We need to deploy initiatives that will focus on developing our continent,” she added. 

    Also speaking, the Chairman of the SEC Nigeria Board, Mr. Mairiga Katuka, said the SEC is interested in learning from other jurisdictions to make the capital market in Nigeria work better. 

    ​  

    Ndubuisi Francis in Abuja  The Securities and Exchange Commission (SEC) has urged cooperation among African capital markets in order to build a stronger interconnection within the continent and enhance development

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