Development – Tech | Business | Economy https://techeconomy.ng Tech | Business | Economy Mon, 15 Jul 2024 11:06:21 +0000 en-GB hourly 1 https://wordpress.org/?v=7.0 https://techeconomy.ng/wp-content/uploads/2025/06/cropped-256Px-32x32.png Development – Tech | Business | Economy https://techeconomy.ng 32 32 Will Supreme Court Judgment Spur LGAs to Innovation, Development? https://techeconomy.ng/local-government-autonomy-will-supreme-court-judgment-spur-lgas-to-innovation-development/ https://techeconomy.ng/local-government-autonomy-will-supreme-court-judgment-spur-lgas-to-innovation-development/#respond Mon, 15 Jul 2024 11:00:13 +0000 https://techeconomy.ng/?p=136782 The just-concluded weekend presented 8.2 billion people on the planet with a potpourri of issues, from the “supposed assassination escape” of former U.S. President Donald Trump to the celebration of the world’s population.

On the home front, the media industry was awash with enthusiasm, eulogy, admiration, and encomiums celebrating the academic giant and literary colossus, the first African Nobel Laureate in Literature, Prof. Oluwole Soyinka. 

But the most outstanding event for social thinkers and lovers of good governance was the decision of the Supreme Court of Nigeria, granting local government councils autonomy. 

Imagine waking up one morning to see your street replaced with smooth asphalt, the local market filled with fresh and affordable produce from nearby farms, not wilting imports and the community centre no longer looking like a dusty relic, but now a hub of activity, with after-school programs and adult education classes. Sounds like a fantasy, right?

Well, this dream could become a reality for millions of Nigerians thanks to a recent Supreme Court ruling that granted financial autonomy to Nigeria’s 774 local governments (LGAs).

But hold on, before we go too deep into those imaginations, there’s a catch (isn’t there always?). 

This ruling hands over the purse strings – a whole lot of them – to your local government. The same local government that, well, let’s just say hasn’t always been known for its stellar financial management. 

BREAKING: Governors Prohibited from Dissolving LG Councils, Supreme Court Rules

So, the question on everyone’s mind is this: will this bring enhanced local development, or lead to financial disaster that leaves your street looking more like a moonscape than a smooth highway? 

Well, the road ahead for local government autonomy looks to be a wild, bumpy, and undeniably interesting ride. Will our dreams come true, or is a nightmare waiting to happen?

While leaders, like Kwara State Governor AbdulRahman AbdulRazaq, and Governor Sheriff Oborevwori of Delta State view it as a positive step towards empowering local communities, others, like human rights lawyer Liborous Oshoma, raise talks about possible pitfalls. 

Governor Oborevwori asserts that the decision aligns with the principles of local government autonomy, while AbdulRazaq emphasises the need to carefully study the ruling to understand its full implications.

Oshoma, in his interview with ARISE NEWS, stressed the importance of effectively implementing existing laws. He argued that the ruling simply reaffirms constitutional provisions often ignored in practice. 

According to Oshoma, the real challenge is not the absence of laws but the consistent failure to enforce them properly.

Impact on Grassroots Democracy

The judgment is seen as a stimulus for enhancing grassroots democracy, as granting local governments more control over their finances and decision-making processes, will enable them to address local needs more effectively and efficiently. 

Governor AbdulRahman AbdulRazaq of Kwara State, also the chairman of the Nigerian Governors’ Forum (NGF), said this could strengthen local governance, however, the newfound autonomy comes with its challenges. 

One major issue is the potential for financial mismanagement and corruption at the local level. 

While increased financial control can lead to more direct and responsive governance, it also brings the risk of misuse of funds. As Liborous Oshoma pointed out, the problem often lies in the implementation of laws and the competency of local officials. 

Effective governance at the grassroots level will require stringent anti-corruption measures and solid financial management systems.

State vs. Local Government Power Dynamics – A Change in Control

This development weakens the financial control state governments have traditionally held over LGAs, leading to a more balanced relationship between state and local authorities. 

With less financial leverage, state governors may be less inclined to interfere with local decision-making, allowing LGAs greater autonomy in pursuing their own development priorities.

As LGAs retain autonomy over local projects, states could provide guidance and technical assistance while focusing on broader development strategies without the burden of micro-managing local affairs. 

Examples from countries like Brazil, where states play a very important role in regional development, could be instructive.

However, this change may also create friction between state and local authorities. The issue of who should conduct local government elections is a case in point. 

Currently, State Independent Electoral Commissions (SIECs) oversee these elections, but there are calls for the Independent National Electoral Commission (INEC) to take over this responsibility. 

It’s been indicated that INEC’s involvement could ensure fairer and more transparent elections, reducing undue state influence.

Economic Implications – Direct Federal Allocations and Local Development

One of the most obvious economic implications of the ruling is the direct allocation of federal funds to local governments. This change is expected to have a huge impact on local development projects and service delivery, as disbursement processes will now be streamlined, potentially leading to faster access to resources for local development projects. 

This could accelerate economic growth at the grassroots level, particularly in previously neglected regions. LGAs can prioritise and execute projects that address the immediate needs of their communities.

However, with financial autonomy comes the need for accountability. Effective use of these funds will require local governments to implement strong financial management systems. 

As Oshoma noted, while the law provides for financial autonomy, the key challenge lies in its implementation. Ensuring that funds are used effectively will necessitate strong oversight mechanisms and a focus on transparency.

Local Government Autonomy??? And So What???

Like a coat of many colours, the Supreme Court verdict also declared that caretaker local government chairmen and committees are illegal. 

Currently, no fewer than 21 states in the country are without duly elected local government councils, a clear-cut aberration of the constitution.

These states are running the affairs of local government councils with caretaker committees appointed by state governors, a situation that goes against the provisions of Section 7 of the 1999 Constitution, which guarantees the operation of local government by democratically elected officials.

We are of the opinion that subsequent events following the Supreme Court stance should drive development at the local government level, all things being equal, which may or may not be based on several factors.

As a topical issue akin to the developmental drive and a sine qua non for organic emancipation conceived by the heroes of democracy, the verdict has registered the opinions of notable figures in the legal field, social commentators, politicians, and public affairs analysts alike.

Reacting to the Supreme Court verdict, Barrister Mike Agbedor Abu Ozekhome (SAN) noted that, “Section 7 of the constitution is clear about how the local government should come into being. It has been going on in almost all the states of the federation. 

We have also witnessed it since 1999, where state governments dissolved local governments that were duly elected by the people and for the people, thus putting their surrogates as caretakers and chairmen. There is nothing like local government caretakers in the constitution; it is an aberration. 

What the Supreme Court is saying is henceforth we would only pay money to the local government chairmen, but these local government chairmen have to be democratically elected, not handpicked as caretaker chairmen.”

Femi Falana, human rights activist and Senior Advocate of Nigeria lauded the Supreme Court’s judgment granting full financial autonomy to the local governments, saying the judgment would promote accountability at the grassroots level.

The judgment by the apex court on Thursday declared it illegal and unconstitutional for state governors to continue to receive or retain funds allocated to the local councils under the State and Local Government Joint Account.

However, faulting the verdict of the apex court, former Governor of Delta State, Chief James Ibori, said that the financial autonomy granted to local government councils has dealt a severe setback to the principles of federalism.

Reacting on his X handle, Ibori said: “The Supreme Court has dealt a severe setback to the principle of federalism as defined by Section 162(3) of the 1999 Constitution (as amended). The court’s ruling on the matter is an assault on true federalism. 

The Federal Government has no right to interfere with the administration of local governments under any guise whatsoever. There are only two tiers of government in a federal system of government. I’m opposed to fiddling with the allocations to the Joint LG Accounts at the state level, but that in itself does not call for this death knell to the clear provisions of Section 162 of the constitution. 

The implications of the ruling are far-reaching. In the coming days, we will begin to fully understand the implications of the Supreme Court decision. An assault on the constitution is not the answer to fiddling with the Joint LG Account. If the ruling is saying governors cannot tamper, touch, or fiddle with the Joint Accounts, that’s fine because they shouldn’t be doing that in the first place.”

For us, amid the cacophony of opinions and the pros and cons of the subject matter, while the verdict of the Supreme Court still holds, we strongly believe that accountability, transparency, awareness, proper political education, and a willingness to serve will help the masses benefit maximally from the said autonomy. 

While the foredoom lasts, let’s collectively and individually do the needful.

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GMH Issues N5b Commercial Paper for Housing Development https://techeconomy.ng/gmh-issues-n5b-commercial-paper-for-housing-development/ https://techeconomy.ng/gmh-issues-n5b-commercial-paper-for-housing-development/#respond Tue, 06 Dec 2022 09:56:14 +0000 https://techeconomy.ng/?p=90756
God Made Homes (GMH) Limited, a Lagos-based company, has agreed to provide homes for Nigerians through a N5,000,000,000 Commercial Paper (CP) deal with Qualinvest Capital Limited, Pathway Advisors Limited, and six other professional parties.
Commercial paper is an unsecured form of promissory note that pays a fixed rate of interest. It is typically issued by large banks or corporations to cover short-term receivables and meet short-term financial obligations, such as funding for a new project.
The other six parties include Keystone Bank, Ferdinand Eze & Co., the issuer’s auditor, and Dupont Capital Advisory Limited. The new practices include trustees, Chariots and Spirit LP as solicitors to the issuer; and STL Trustees Limited as solicitors to the transaction.
 
Speaking during the signing of the contract, GMH Chief Executive Officer Ayoolanrewaju Joseph said the fund will make sure the company completes projects on time and to specifications.
 
Joseph said: “Funding has been a major issue in the real estate finance sector. This will help to reduce our cost overrun in the long run by having enough capital to purchase finishing materials.”
He added that Keystone bank will offer the guarantee for the CP and that the issuing houses are Qualinvest capital limited and Pathway advisors limited.
According to Joseph, the company has covered more than 70 dwelling units in its seven years of operation.
Akin Oni, a representative of STL Trustees Limited, stated that STL will function as the transaction’s trustee and that keystone bank has secured and supported the CP.
“CPs are not long tenure districts, but depending on when it is given, it probably won’t be more than 270 days,” Oni added. Given its size of N5 billion, it won’t be provided all at once; instead, it will be released in segments as the market demands.
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FIRS Boss says Entrepreneurship, Industrial Hubs Hold Key to Nigeria’s Development https://techeconomy.ng/firs-boss-says-entrepreneurship-industrial-hubs-hold-key-to-nigerias-development/ https://techeconomy.ng/firs-boss-says-entrepreneurship-industrial-hubs-hold-key-to-nigerias-development/#comments Mon, 03 Oct 2022 16:55:08 +0000 https://techeconomy.ng/?p=85342 According to Muhammad Nami, Executive Chairman of the Federal Inland Revenue Service, entrepreneurship and industrial hubs spread throughout the federation are crucial to Nigeria’s economic success.

According to a statement issued yesterday by Mr. Johannes Wojuola, Nami’s Special Assistant (Media & Communication), the implementation of the model will result in a generalized restructuring of the economy.

Nami urged Nigerians to invest in the development of entrepreneurship and industrialization hubs because they hold the “key to unlock the massive economic potentials of the country” in his Goodwill Message to the nation’s citizens on the occasion of the nation’s 62nd Independence Day anniversary.

He called on state governments to emulate the Ondo State’s Entrepreneurship Village which was set up to groom and harvest talents for the industrialization of the state.

The chairman called on other state governments to set up similar hubs in their states as a way of channeling the energies of young Nigerians to productive uses.

He said, “Nigeria is a country with limitless potential. We are resilient and talented people, and what these young Nigerians need is the enabling environment to thrive.

“A good place to start is the setting up of Entrepreneurship and Industrial Hubs across every State in the country. This would set off a chain reaction that would turn around the fortunes of the country, and tap into the potentials of our vast young and dexterous population.”

Mr. Nami called on the various state governments to adopt and deploy this model as a strategy to tackle issues of unemployment and insecurity while spurring economic activities in their states.

“The model will take young people away from the streets and put them into productive activities.

“You will be surprised by the number of jobs that would be created. Multitudes would have their lives changed, and an abundance of economic activities would be sparked across the nooks and crannies of our country in an unprecedented manner. Nigeria has what it takes to lead the world, and this is one way to go, ” Nami said.

The FIRS boss also tasked Nigerians to see themselves as the drivers of the country’s development through their patriotic conduct, such as paying taxes.

He said, “I am a firm believer that each of us has a role to play in building the Nigeria of our dreams.

“But we can only achieve this when we are patriotic and carry out civil obligations expected from us, such as respect for law and order, paying our taxes, and loyalty to our country.”

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Nigeria Computer Society Prepares Young Innovators via TIDP Bootcamp https://techeconomy.ng/nigeria-computer-society-prepares-young-innovators-via-tidp-bootcamp/ https://techeconomy.ng/nigeria-computer-society-prepares-young-innovators-via-tidp-bootcamp/#respond Wed, 07 Sep 2022 11:16:51 +0000 https://techeconomy.ng/?p=82973 The Nigeria Computer Society (NCS) continues to provide the platform for innovations to thrive, and the latest is the launch of the Technology Innovation Development Programme (TIDP) for young innovators in Nigeria.

After the TIDP was launched, it attracted about 72 applications from Nigerians who either had ideas or solutions to societal challenges.

Specifically, NCS wanted ideas (entries/applications) from different technology segments such as cybersecurity/critical infrastructure protection, financial technologies (FinTech), electoral systems, E-government/digital economy, smart cities, intelligent systems and robotics, teleworking and platforms, industry 5.0, digital games, messaging platforms.

After rigorous scrutiny of all the ideas by industry experts, only 5 ideas, which formed the 5 teams (RecordDigita, CashFog, Thrively, GasCheck, and UniXP), were selected.

It was this whole process that led to the ongoing bootcamp in Lagos. The TIDP Bootcamp started on the 5th of September and ends on the 9th of September 2022.

The 5-day workshop/bootcamp is about mentorship, critiquing, and fine-tuning their ideas into working systems while developing tools, solutions, and technologies for enhancing the economic development of Nigeria.

Meanwhile, the NCS is providing the necessary support for young developers through the Tech-Innovation Development Fund (NTIDF).

The Tech-Innovation Development Fund is to support individuals in private or public organizations willing to conduct developmental research and innovations in information technology.

Individuals and corporate organizations are welcome to donate to this fund. But Zinox Technologies is the only organization that has contributed to this fund. Zinox is the major sponsor for the TIDP.

At the Bootcamp

Many of the ICT industry leaders were present on the first day of the bootcamp in Lagos, including the mentors and various committees who are working with the various teams to ensure that their ideas come to fruition.

Addressing the innovators at the bootcamp, Professor Adesina S. Sodiya, President at NCS, assured the various teams that Society was committed to offering maximum support and providing the necessary things to ensure they are completely focused on fine-tuning their ideas.

Professor Adesina S. Sodiya, President at NCS

Professor Adesina said the teams would be invited again by the NCS for a second bootcamp 3 months later—this time, the ideas must have been transformed into a finished product.

“At the moment, it’s all about laying the foundation, learning, working with you, scaling, and presenting the ideas to the mentors who will provide the guidance needed to transform the ideas into a finished product.”

According to him, brand new laptops each will be given to all members of the team and other forms of financial support would be made available to keep the innovators focused and motivated.

Olusoji Okoye, Head of Research and Programs, NCS, said it was necessary to provide the platform for innovators who have ideas that can be transformed into solutions which is in line with its mandate.

He charged the various teams to take advantage of the opportunities the NCS has presented through this program and showcase their innovations.

Nigeria’s ICT Oracle – Chris Uwaje speaking at the TIDP bootcamp

“We are not looking for a product, it is the idea that matters to us at NCS. Some of the 72 applications we recorded were finished products, not ideas. What we want is an idea that can be crystallized into a product that will be for national development.”

“We want to leave an indelible mark in such a way that we put you in the position to contribute your quota and improve this country with your IT products.”

Teams at the Bootcamp

The 5 teams at the ongoing bootcamp are RecordDigita, CashFog, Thrively, GasCheck, and UniXP. They all presented their ideas to a team of experts who were there to guide them on what needed to be done to ensure the ideas are transformed into a finished product.

TIDP Mentors

Team CashFog

Team CashFog is focused on developing a payment solution for the financially excluded especially in the northern part of Nigeria where payment technologies are still novel. The team aims to solve the problem of financial exclusion.

Team GasCheck

The team developed a tech solution that detects and controls gas leakages. The solution uses a mobile application, a base, and a gas cylinder. Users of this solution automatically receive a call or text message when gas leakage is detected.

Team RecordDigita

This team developed a technology solution that allows government agencies and private organizations to track all correspondence. With the solution, users will be able to track any correspondence in the organization.

Team UniXP

UniXp is a product of extensive research and planning. The founders of UniXP being students themselves have first-hand experience with various problems on campus which include unreliable dissemination of authentic information on campus, difficulty navigating and identifying certain buildings/landmarks within the school environment as fresh students, difficulty keeping track of their schedule and files, and also difficulty in connecting suitable tutors and other students services to students to reduce stress and increase productivity, that is where UniXP as an application comes in.

Team Thrively

The team is working on a digital currency solution that will aid socio-economic development. The application will solve the problems of payment and exchange rates through tokenization. With the solution, anybody can send or transfer assets.

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