Sunday, October 19, 2025
24.4 C
Lagos

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

Business

Troyka Holdings Chair, Biodun Shobanjo, Inducted into Loeries Hall of Fame

Nigeria’s foremost advertising leader and Chairman of Troyka Holdings,...

Zenith Bank, NEM, Seplat, AIICO, Dangote Cement, First HoldCo Recognised as Nigeria’s High-Performing Companies

L-R:    Michael Ani, Manager, Investor Relations, Dangote Cement; Oluseyi...

Finance Min, Wale Edun, to Keynote FiBOP Annual Confab Oct 18

The Honourable Minister of Finance and Coordinating Minister of...

Niteon Unveils First African Manufacturers Bank to Unlock $200bn Digital Export Market

Niteon, one of Nigeria's largest digital export marketplaces, has...

FG Boosts MSME Financing with NCGC Initiative

In a bid to boost economic growth and development,...

ICT

Konga Partners Verve to Delight Customers with Free Shopping Vouchers

  Konga, Nigeria’s leading composite e-commerce platform has partnered with...

NCC Spotlights Renewable Energy on World Consumer Rights Day

  The Nigerian Communications Commission (NCC) has concluded arrangements to...

Governors, NCC Set for Broadband Awareness Forum Oct 20

All Nigeria State Governors are set to discuss how...

VerveLife 5.0 Gears Up for Nairobi, Lagos Events

Following a successful series of Verve Life 5.0 satellite...

Telecom Infrastructure Critical to Successful 2023 Elections – Danbatta

The Executive Vice Chairman of the Nigerian Communications Commission,...

Capital Market

SEC DG: Commission Considering Gradual Implementation of ISSB Standards

The Director General of the Securities and Exchange Commission...

ISSB-Aligned Disclosures Will Lower Capital Costs, Attract Global Investors — SEC

The Securities and Exchange Commission (SEC) has unveiled plans...

SEC DG to Cadets:  Invest Early, Long Term to Create Wealth

Graduating Cadets of the Nigerian Defence Academy (NDA) have...

SEC DG: Accountability, Transparency will Boost Investor Confidence in Capital Market

The Director General of the Securities and Exchange Commission...

SEC DG: Digital Assets Represent $10tn Opportunity by 2030

The Director General of the Securities and Exchange Commission...

Insurance

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Leadway Assurance: Insurance Company of the Year at 2025 BAFI Awards

L-R: Managing Director, Leadway Assurance, Gboyega Lesi; Publisher, BuisnessDay...

Heirs Insurance Group Announces Inaugural Travel Festival: A Call for Inclusive Travel Ecosystem for Africans

Heirs Insurance Group (HIG), Nigeria’s fastest-growing insurance group, has...

Sovereign Trust Insurance Celebrates 2025 Customer Service Week

Sovereign Trust Insurance Plc has been actively involved in...

Leadway: 55 Years of Innovation, Expanding Financial Access, Inclusion Across West Africa

Leadway, one of Nigeria’s foremost non-banking financial services and...

The Federal Cabinet: Time for Effective Governance

The 2015 Presidential Election ended on Saturday, March 28, 2015. It now belongs to the history books. Regardless of the pros and cons of the polls, it came and went.

And in a commendable act worth eulogising, the then incumbent president, Goodluck Jonathan conceded defeat and congratulated the declared winner, Muhammadu Buhari, a development that earned widespread local and international applause for Nigeria as a nation.

On May 29, 2015, Jonathan handed the reins of power to Buhari, effectively handing to Nigerians a new administration at the centre formed by another political party, other than the PDP that been in office since 1999.

As days and weeks passed, agitations began to emerge on the composition of a new Federal Cabinet to assist the president to run the affairs of the nation. As expected, political pundits and other Nigerians became restless and were raising concerns over the perceived delay in constituting the Federal Executive Council (FEC) and the attendant impact on policy direction, formulation and governance.

When the agitations grew louder, Buhari came out in defence of his cautious stride and promised to unveil members of his cabinet by the end of September. Indeed, not everyone was pleased by the promise, let alone critics. But for others, it was a waiting game towards September.

Accordingly, the news that Buhari has finally submitted list of his cabinet ministers to the Senate is a welcome development on many counts.

First, it would calm frayed nerves in the polity. It would also ease the air of uncertainty surrounding the issue of governance in the country.

Added to these is also the positive market sentiment it has sent to the financial and economic sectors in the country.

On our part, we welcome the development as concrete evidence that Nigeria is now set for effective governance. As expected, Nigerians are eager to see the nominees appears before the Senate for screening, eventual confirmation and allocation of ministerial portfolios.

Our belief is that the president has made choice of people he desires to work with to actualize his dream for the country. It is also our belief that he looked beyond party membership and affiliation in nominating such persons for ministerial appointments into the Cabinet.

We believe that appointing professional politicians into core technical positions where they lack the requisite competence would be a great disservice, both to the government and Nigeria as a nation. There should be specific positions for politicians in the Cabinet, at least as compensation for working for the victory of the party at the polls.

However, such positions should be anchored on the core competence areas of such politicians considered for nomination. We believe that every politician is a professional in one area of activity and should be duly considered within that sector.

We advise that tested technocrats should be given the opportunity to handle core technical areas, to bring the needed expertise and innovation to governance for the betterment of the people. The technocrats need not be card carrying members of the ruling party. All they need to justify their inclusion in the Cabinet is professional capacity to perform.

In terms of expenditure, we strongly advocate trimming down the size of the Cabinet and the number of Special Assistants and Advisers which drain the public purse unduly. With dwindling revenue from falling price of oil in the international market, the country cannot afford a large Federal Cabinet and the attendant State Cabinets across the country that raises the level of recurrent expenditure to a frightening level.

Indeed, austere times demand austere financial decisions for rational management of resources. Our nation today does not have the resources for a bloated Federal Cabinet. We need a manageable size of Cabinet that can run the country efficiently on available lean resources, without compromising competence.

Given the general optimism and expectations expressed by Nigerians towards the Buhari administration, the government must endeavour not to disappoint Nigerians, first, by nominating the wrong persons to the Cabinet, and secondly, failing to make reasonable positive impact within a given period of time in office.

The government cannot decree all the problems in the country to vanish overnight. However, it could initiate and implement policies that could lead to better days for the citizens through the appointment of the right caliber of persons into the Federal Executive Council.

As we await the screening, confirmation and allocation of portfolios to the ministerial nominees, we must quickly remind the nominees that being chosen out of a population of 170 million is indeed a special honour they must cherish and appreciate by living up to expectations.

Goodluck to the New Ministers!

Hot this week

13-year-old Rhema-Love Abraham Emerges Winner of 2025 Heirs Insurance Essay Championship

L:R- Funmi Olotu, National Coordinator, National Social Safety-Nets Coordinating...

Stanbic IBTC Bank, LOXEA BYD forge alliance for Electric Vehicle Financing

In a strategic move to advance Nigeria’s shift toward...

CBN, Bank of Angola Sign MoU on Technical Co-operation at IMF/World Bank Meeting

In an effort to enhance bilateral cooperation and technical...

NBS: Nigeria’s Inflation Falls to 18.02% in September, Lowest Level in Three Years

Nigeria’s headline inflation rate fell for the sixth consecutive...

NUPEMCO Marks 2025 CSW with Nationwide Pension Awareness Activities, Huawei-Supported National Essay competition

The Nigerian University Pension Management Company (NUPEMCO) celebrated the...

Topics

FG Presents Discharge Certificate to Transcorp Power Plc, 1st in Nigeria

R-L: Vice President, Professor Yemi Osinbajo and Group Chairman,...

Equities Market Extends Losses to Second Consecutive Session…NSE ASI Down 87bps

In line with the equities market correction currently being...

CBN Revokes Licence of Heritage Bank over Financial Incompetence

The Central Bank of Nigeria (CBN), in accordance with...

Brokers Take Insurance Education to Lagos State Farm Service

Dr. (Mrs.) Bola Onigbogi President/Chairman of Council The Nigerian Council of...

Stanbic IBTC: ‘Bank of the Year’ at 2021 FMDQ Gold Awards

Stanbic IBTC Holdings PLC, a member of Standard Bank...

Telecom M&A, Digital Convergence Lead Deal Activity in Africa

TMT Finance is teaming up with IHS Towers, the...

Access Bank to Host Corporate Customers Forum 2024 Sept 19

Nigeria’s top financial organisation with the largest customer base...
Exit mobile version