Three Conditions Necessary For Nigeria To Improve – Atedo Peterside

 

Nigerian entrepreneur and economist, Atedo Peterside, has identified three conditions necessary before Nigeria can improve significantly.

He made the comment while speaking on Channels Television’s breakfast show, Sunrise Daily.

Mr Peterside, who lamented that Nigeria has lost about 35 million jobs in five years, said it was impossible to separate economics from politics.

According to him, Nigeria has to focus on the quality on the electoral act, lessen voter apathy and increase participation in political parties.

READ ALSO: Nigerian Students Ready To Be Shot To End Strike – Asefon

“The quality of the electoral act makes a big difference regarding what type of candidates you attract,” Mr Peterside said.

And “it is important to get young Nigerians to turn back and believe in the system,” he added when commenting on voter apathy.

Mr Peterside also stressed that a “country is as good as its political parties.”

Jonathan’s chances

Mr Peterside, who recently joined the Social Democratic Party (SDP) also commented on speculations that former President Goodluck Jonathan will soon join the ruling All Progressives Congress and contest again for President.

He said although he voted for Jonathan in 2011, his approval ratings have since gone down and the job description for a Nigerian President has evolved.

“You know again that I am a data person and I’m sorry, I cannot change who I am,” Mr Peterside said.

“Goodluck Jonathan, I was on his economic team, I worked with him, I was also on Yar’Adua’s economic team.

“Let me use the data, I said in 2011, Goodluck Jonathan had a 54% approval rating and by 2015 before election, it had collapsed to below 26%, the recent poll I saw, not done by us because we don’t waste time on things that are not all that relevant, his approval rating was below 5%.

“So everybody is free to ignore data and come out and do anything they want to do. In fact, I hope that the APCs of this world would make a mistake and bring out people whose approval ratings are very low. You cannot fool all of the people all of the time.

“He was the best candidate, I voted for him in 2011, that was a different era, that was a totally different era. The skill set, the gravity of the problem, the coverage required, it is a totally different job. Time does not stand still. But please, let parties ignore data and bring out anybody they like. Everybody should run the party the way they want to run their party. I have no say in APC, I have no say in PDP, I mean, I joined SDP just this week, I have a bit of a say but I’m not even a party officer.

“I’m in a chapter; the chairman of my state chapter is a lady who is below 35. You know, these are young people that have come in en masse because they don’t want APC, they don’t want PDP and I’m following them.”

Jonathan No Longer The Best Candidate For President In 2023 – Atedo Peterside

 

Nigerian entrepreneur and economist, Atedo Peterside, on Thursday said parties thinking of fielding Goodluck Jonathan as their candidate will be doing so in the face of damning data.

He made the comment while speaking on Channels Television’s Sunrise Daily amid speculations that the former President may defect to the All Progressives Congress and contest for President in 2023.

Mr Peterside said although he voted for Jonathan in 2011, his approval ratings have since gone down and the job description for a Nigerian President has evolved.

“You know again that I am a data person and I’m sorry, I cannot change who I am,” Mr Peterside said.

READ ALSO: Fayemi Joins Presidential Race, Unveils Agenda

“Goodluck Jonathan, I was on his economic team, I worked with him, I was also on Yar’Adua’s economic team.

“Let me use the data, I said in 2011, Goodluck Jonathan had a 54% approval rating and by 2015 before election, it had collapsed to below 26%, the recent poll I saw, not done by us because we don’t waste time on things that are not all that relevant, his approval rating was below 5%.

“So everybody is free to ignore data and come out and do anything they want to do. In fact, I hope that the APCs of this world would make a mistake and bring out people whose approval ratings are very low. You cannot fool all of the people all of the time.

“He was the best candidate, I voted for him in 2011, that was a different era, that was a totally different era. The skill set, the gravity of the problem, the coverage required, it is a totally different job. Time does not stand still. But please, let parties ignore data and bring out anybody they like. Everybody should run the party the way they want to run their party. I have no say in APC, I have no say in PDP, I mean, I joined SDP just this week, I have a bit of a say but I’m not even a party officer.

“I’m in a chapter; the chairman of my state chapter is a lady who is below 35. You know, these are young people that have come in en masse because they don’t want APC, they don’t want PDP and I’m following them.”

 

Participate In Political Activities To Move Nigeria Forward, Peterside Tells Youths

 

President and founder of ANAP Foundation, Atedo Peterside has asked Nigerian youths to participate in political activities to move the country forward.

Speaking during an interview on Channels Television’s Newsnight which aired on Monday, Peterside said the young people should develop an interest in the nation’s affairs and be involved in the voting process.

According to him, a situation whereby the young people do not show interest in elections would mean them selling their birthrights to politicians.

READ ALSO: 2023: Zoning Presidency To South-East Will Stop IPOB Agitation – Northern Group

“Many more people have to get involved in that activity. A large volume of educated youths deciding to opt out, saying I have no more interest, I won’t vote and register. When you do that, you have surrendered your birthrights to the politicians who get elected,” he said.

President/Founder of ANAP Foundation, Atedo Peterside speaks during an interview on Channels Television’s Newsnight on December 6, 2021.

 

“On getting into office, he can do whatever he likes because you have told him you are not interested. So, you are not interested in your own future. So why do you expect him to deliver on your own future?

“I think more people will get politically active. It may not necessarily be businesspersons. The people whose destiny is on the line are the youths. They are the ones who must take part in the process right down to register to vote.”

He also reacted to the Federal Government’s plan to remove fuel subsidy by June 2022, noting that it is the job of leaders to present convincing arguments to a large number of people who might otherwise have opposed the removal of the subsidy on the price of petrol.

According to him, such arguments must be compelling enough to make the people accept the choice of a painful but long-term beneficial decision.

This is even as he explained that currently, some of those making the argument and are in leadership positions give confusing signals.

[email protected]: Peterside Wants Banks To Give Nigerians Easier Access To Loans

 

Mr Atedo Peterside, an investment banker and pioneer chief executive officer of Stanbic IBTC Bank Plc, says Nigerians must be granted freer access to loans if financial inclusion is to be deepened in the nation. 

Speaking as a guest on Covenant Christian Centre’s flagship programme, The Platform, Mr Peterside said a large percentage of funds that banks in Nigeria have within their coffers must be made available for lending.

“We have to make sure that all the funds or at least a large percentage of funds that banks and other financial institutions have available are actually available for lending,” Mr Petersided said.

READ ALSO: It Makes No Sense For Oil To Be Cheaper In Nigeria Than Saudi Arabia – Buhari

The economist said it is sad that a look at the balance sheets of Nigerian banks shows that they have huge sums of funds which are locked up in the Central Bank of Nigeria (CBN).

According to Mr Peterside, “these are the types of challenges we are to solve” for the nation to attain financial inclusion.

He further stated that more important than just having money to be lent is the fact that the nation must progressively enable freer access to the funds which will be borrowed by Nigerians.

“What should qualify people for credit should be the quality of the project they want to go into and less of how much collateral they have to offer,” Mr. Peterside stressed.

The dynamic entrepreneur noted, however, that this is a long project, adding that the concept is something that various countries struggle with.

Chairman Of Cadbury, Atedo Peterside Resigns After 10 Years

File Photo of Atedo Peterside, 

 

The Chairman of Cadbury Nigeria Plc, Atedo Peterside, has announced his resignation, 10 years after holding the position.

He announced this in a statement signed by him on Tuesday, noting that he believes this is the right time to move on to concentrate on other challenges.

The former Cadbury Chairman also noted that while the Board is well endowed, his departure would enable the company to inject a new independent director into the fold.

“The periodic injection of “new blood” is good for the system especially when further diversity is achieved in the process viz geography, demography and the injection of new and varied skill sets,” he said.

Peterside also noted that the company is on a profitability path that can be sustained if normal trading conditions are allowed to prevail.

He, therefore, wished the Board, management and staff, all the best in their future endeavours.

See his full statement below.

29 June 2020
Dear Directors,
Resignation As Cadbury Chairman

You will recall that I first broached the subject of resigning from my Cadbury Nigeria Plc (Cadbury) chairmanship position a few weeks ago.

Whilst thanking you all for your continued support and understanding, I firmly believe that the end of this half-year i.e. 30 June, 2020, should mark my last day because it is also an almost natural point of transition.

We successfully held our 55th Annual General Meeting last week and our Managing Director has settled nicely and consolidated her position over the course of the last 15 months.

The Company is on a profitability path that can be sustained if normal trading conditions are allowed to prevail.

The Board of Cadbury is well endowed and my departure from the Board also enables the Company to inject a new independent director into the fold. The periodic injection of “new blood” is good for the system especially when further diversity is achieved in the process viz geography, demography and the injection of new and varied skillsets.

I have spent 10 years as Chairman of Cadbury and I believe this is the right time for me to move on to concentrate on other challenges.

I wish the Board, management and staff all the best in your future endeavours and also extend my regards to the majority shareholder, the minority shareholders, the distributors and all other stakeholders.

May the good Lord continue to bless you all.

Kindest regards
Atedo N A Peterside CON

COVID-19: A Complete Lockdown Is Not Sustainable In Nigeria Says Atedo Peterside

 

As part of efforts to curb the spread of COVID-19, many nations including Nigeria have at some point had to impose a complete lockdown in certain states or across the country. 

However, there are some who believe that placing Nigeria under a complete lockdown is not sustainable, even as the nation continues to record a rise in coronavirus cases daily.

One of such is Mr Atedo Peterside who is of the opinion that there is a lot that must be taken into consideration before such a call as a total lockdown is made.

Speaking on Channels Television’s COVID-19 Update, the investment banker said a lot depends on whether the government sees the situation as a short term problem or one that would linger for a while.

READ ALSO: Over 600 Evacuees In Lagos And Abuja, We Are Reaching Saturation Point – Onyeama

According to  the economist, if the situation is for a long term, then we can be sure that the complete lockdown exercise will not work because people will be forced to disobey in a bid to save themselves from dying of hunger.

“I think it is important to emphasize that a complete lockdown is not sustainable, a lot depends on what you think we are dealing with, is it a sprint or a marathon?

“If you know it is a marathon, a complete lockdown is not sustainable; it’s not sustainable because people will not cooperate after a while, because they will die of hunger,” Mr Peterside opined.

Mr Atedo Peterside who is the founder of Stanbic IBTC Bank, noted that what the governments have been doing is transiting from early efforts of the complete lockdown to partial lockdown of a type which can be sustained.

The seasoned entrepreneur said there are scientific evidence to back the transition from complete to partial lockdown, stressing that every government must move to an arrangement which can be sustained by its people, because there is no telling how long the pandemic will linger.

Safety Nets Can Cushion Deregulation Effects – Atedo Peterside

Atedo-PetersideAn economist, Atedo Peterside, has suggested that the government should provide safety nets for poorest Nigerians to cushion the effect of the increase in the price on petrol on the masses.

Mr Peterside, however, supported the deregulation of the petroleum sector, saying “the need for deregulation is a bit stronger now than in 2012”.

Giving reasons the sector should be deregulated, he said: “The price of crude oil is somewhere around $45 and it will probably stay in that region or get to $55 thereafter.

“I am among those who believe that crude oil market has changed for almost forever with the advent of shale producers.

“If this government has shown that they are ready to take some pains, from the President, Vice President and others, if they do not do it now, I don’t know when they will ever do it.

“I like the word deregulation. It exists in aviation fuel and diesel, but in petrol and kerosene it is a problem,” he said.

The economist stressed that the payment of Petrol subsidy to marketers had become a means for few Nigerians to enrich themselves, suggesting that such funds could be paid directly to specific Nigerians, in a way it would get to all families.

Mr Peterside believes that the government could boost participation of Nigerians in the Bank Verification Number and the National ID card scheme with the direct subsidy payment if considered.

He also pointed out that the government had no business with fixing the price of petrol, explaining that a better approach would have been an announcement of a pegged price by the Nigerian National Petroleum Corporation (NNPC) downstream sector, leaving other marketers to choose their prices.

Mr Peterside further called for unity of purpose in solving the nation’s problems.

“As a nation, we are facing a crisis and we should forget about partisan differences and come together. We have to free the economy of the burden of the distortion called fuel subsidy.

“If government wants to give a price, I think the NNPC should be the one to announce what its current price is and leave the rest downstream marketers to fix their own prices.

“If the ruling party controls the Federal Government and some states and it cannot harness that to deregulate, realising the poor revenue era, I don’t know when they will deregulate,” he emphasised.

Stanbic IBTC vs. FRCN: Court Fails To Sit 

StanbicThe Federal High Court sitting in Lagos on Tuesday failed to sit to hear a suit instituted by Stanbic IBTC against the Financial Reporting Council of Nigeria, FRCN, and National Office for Technology Acquisition and Promotion, NOTAP.

Presiding Justice Ibrahim Buba was absent and the proceedings had to be adjourned to Wednesday, November 4.

In the suit, Stanbic IBTC Bank is asking the court to determine, among others, whether FRCN has the power to impose a fine of 1 billion Naira on it.

FRCN had last week sanctioned Stanbic IBTC over its audited accounts for 2013 and 2014 and suspended the financial reporting numbers of the bank’s Chairman, Mr. Atedo Peterside, and its Chief Executive, Mrs Sola David-Borha, and also barred them from vouching for the integrity of any financial statements in Nigeria.

The body also suspended two other directors – Mr. Arthur Oginga and Dr. Daru Owei – for attesting to what it termed the “misleading”  2013 and 2014 financial accounts of the bank, as well as Ayodele Othihiwa of KPMG professional services for his firm’s alleged complicity in the infractions highlighted in the financial reports for the two-year period.

It based its sanctions on issues raised by the bank’s minority shareholders led by the Mahtani brothers who own the Churchgate conglomerate, to some other regulatory agencies such as NOTAP, Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN), among others.

Stanbic IBTC Says It Has Met Financial Reporting Standards

StanbicStanbic IBTC Holdings says it has met the disclosure requirements of the International Financial Reporting Standards.

The company was responding to what it called “inaccurate and unseemly allegations” made against Stanbic IBTC Holdings PLC by the Financial Reporting Council of Nigeria (FRCN).

The company, in a statement said that although the matter was in court, it was constrained to respond to certain aspects of the report for the benefit of its stakeholders and the general public.

It said, “FRCN’s allegations are inaccurate and unfortunate, and the manner in which it has chosen to make them is procedurally defective.

“Whilst FRCN takes refuge in Regulation 21 of the Directorate of Inspection and Monitoring Guidelines Regulations 2014 for the wide publicity that it has given to its regulatory decision, Regulation 21 only applies ‘Where the Panel and the entity agree that accounts are to be rectified by way of revision or restatement’.

“That is not the case here, because Stanbic IBTC does not agree that its accounts are defective or require rectification.  Moreover, Regulation 27 makes clear that where a reporting entity does not accept FRCN’s position, FRCN ‘shall institute a legal action against the entity’.

“FRCN has ignored this laid down process in preference for self-help and media publicity,” it said.

The company further explained that the matters that FRCN alleged to be wrong were not wrong “in any material respect” and many are not matters of financial reporting, but matters of business decision and judgment for Stanbic IBTC and its board of directors.

“For example, the decision whether to enter into a sale and lease back, whether in relation to intellectual property or any other asset, is a business decision and entirely a matter for the board of directors of Stanbic IBTC and certainly not a matter for FRCN.

“In the same vein, NOTAP’s refusal to register a franchise agreement does not render the agreement null or void, or indeed relieve Stanbic IBTC of its liability. It merely means that any foreign currency payment due to the foreign counterparty under the unregistered agreement cannot be remitted. Stanbic IBTC has not and will not make any remittance which is subject to NOTAP approval without obtaining such approval.

“Stanbic IBTC is a very responsible organisation and fully complies with all extant laws and regulations in Nigeria and international best practices applicable to the conduct of its business.”

The statement added that contrary to media reports, the Directors of Stanbic IBTC have not been ousted, “The directors, who are from Nigeria and elsewhere, are reputable individuals who uphold the best corporate governance practices and whose credibility, integrity and proven track record are impeccable.”

FRC Directs Stanbic IBTC To Give Financial Details For 2013/2014 Year

ibtc-frcThe Financial Reporting Council (FRC) has directed Stanbic IBTC Plc to withdraw and restate their financial statements for years ended December 31 2013 and 2014.

The Council, in a statement, also suspended the FRC registration numbers of four of its Directors who signed the misleading statement of financial positions of Stanbic IBTC Holdings Plc for the years under review, until the investigations are completed.

These persons include Atedo Peterside, Sola David Borha, Arthur Oginga and Dr. Daru Owei.

The FRC number of the audit engagement partner, Mr. Ayodele Othihiwa, was also suspended.

The Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) have been requested to assist in the effort and the Federal Inland Revenue Service (FIRS) has also been requested to ensure related taxes are paid and the government is not unduly short changed.

N200 Million FG Donation To LASG Distinct From N1.9 billion Intervention Fund

Onyebuchi Chukwu on EbolaThe Minister of Health, Prof. Onyebuchi Chukwu, on Thursday said the N200 million donated to Lagos State by the Federal Executive Council (FEC) will not be withdrawn from the N1.9 billion Ebola Intervention Fund.

The Minister, in a statement signed by his Special Assistant on Media and Communication, Dan Nwomeh, said the “ The N200 million is a distinct and direct Federal Government support to Lagos State and does not preclude other assistance that may be rendered to the State through the Federal Ministry of Health”.

The Minister also listed corporate organizations that have made contributions to the Federal Government’s control measures against Ebola Virus Disease in Nigeria

These are:
*Aliko Dangote Foundation donated N152 million to sponsor the Ebola Emergency Operation Centre in Lagos.

*The ANAP Foundation founded by Mr. Atedo Peterside informed the Minister of Health that the foundation would be supporting affected private hospitals to the tune of N100,000 (one hundred thousand naira) per bed space. He also disclosed to the Minister that the First Consultant Hospital in Lagos where the index case was managed would be the first beneficiary and that the hospital would receive N4 million since its bed capacity is forty.

*The Tony Elumelu Foundation has pledged a donation of N50 million to support the Federal Government’s containment efforts.

*Shell Petroleum Limited donated an ambulance to the Ebola Emergency Operation Centre in Lagos.

The Federal Executive Council (FEC) on Wednesday approved the sum of 200 million Naira to support the Lagos State government in tackling the Ebola Virus Disease that has killed at least 1,200 persons since its outbreak in the West African region early this year, while President Goodluck Jonathan declared the control and containment of the Ebola virus in Nigeria, a National Emergency and set up an intervention plan with N1.9 billion approved for the control of the disease.

National Conference Committees Begin Work

National-Conference-delegatesThe 20 committees of the National Conference holding in Nigeria have commenced their sitting and consideration of the different themes the conference hopes to make key recommendations on.

Some of the committees immediately started outlining their work plan, with a few planning to invite different agencies of the Nigerian government to make presentations before them.

Other committees have also taken steps to ensure they complete their work within the two weeks given for committee work like deciding to sit on Friday and Saturday.

The conference delegates are entering into a more critical part of their assignment aimed at finding solutions to some challenges and making the country’s future better.

Extension of Conference Period

But the issue of the amount of work on ground and the time available is another one that the conference would have to decide on.

The conference has three months to deliberate on issues, but the possibility of extending the period of the conference has been mentioned by some delegates of the conference, as almost one month had been spent on discussing the issues that President Goodluck Jonathan mentioned in his inaugural speech.

Debate on how resolutions can be reached on issues and other administrative issues also took the delegates time to decide on.

Now that the committees have started work, the issue of extension will depend on their resolve to sit on Friday and Saturday.

A delegate, Atedo Peterside, had said that an extension of the conference period would amount to additional pay for the delegates, a development he said Nigerians would not welcome. he said that the conference would do all it could to ensure that all issues were discussed and concluded before the end of the three-month period.

According to the approved work plan for the conference, the committees have two weeks to complete their work.

The weeks ahead will determine if the time given will be sufficient or not.