Opinion
Olasupo Olusi’s Revival Strategy of Ailing Industries at BOI
BY ABUBAKAR YUSUF.
On assumption of duty as the Managing Director, Chief Executive Officer of Bank of Industry, (BOI ), Dr Olasupo Olusi predetermined strides to improve on the statutory functions of the industries through adequate funding and promotion of Micro Small and Medium Enterprises MSME’s had attracted highest priority .
Having drew his policy thrust to include the mandate of the agency towards not only promoting Nigeria’s industrialization and creating an enabling outlets for ordinary Nigerians through self sustenance and self reliance, with Small and Medium Enterprises SME’s as the core of its programs.
One year down line , Olusi had carried out the availment for SME’s to Nigerians running into billions of naira and also enabled an environment for the revival of ailing Industries across the country.
The mapping out of 140 moribund and lame duck industries for availment of one billion each amounting to a whopping 140Billoon on a yearly basis formed part of its strategic drive towards promoting local production as well as competitive environment in the 21st century , for businesses to thrive under the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
The 140 indigenous companies located in Nigeria will be the first set of initial beneficiaries, with concerted efforts to extend similar government gestures for the promotion of local content, economic rejuvenation, export driven economy and reduced to the barest minimum import dependent economy.
The moves when executed will reawaken the many moribund textile companies along with other processing and blending ones abandoned over the years, either due to lack of government supports , encouragement and intervention for its continuous survival.
The 1 Billion Naira lifeline to 140 initially selected industries will also reduced the quest for foreign exchange to companies who partially depended on some imported items, to provide the needed raw materials to the country.
The initiatives, a well thought out moves by the leadership of Dr. Olasupo Olusi at Bank of Industry (BOI) to drive the nations economy from the current all round quagmire, which will be geared towards self relaince in all facets of the country’s socioeconomic development and infrastructural rejuvenation.
With determination to break the even in all areas , the new leadership under Dr. Olasupo Olusi has resolved to chart a new policy thrust, away from “business as usual” to mainstream the activities of BOI.
This is in line with the 21st century template, modest and modern ways of deploying its laudable programs towards the economic and social emancipation of Nigerians .
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
Ken Nnamani, a former president of the senate, says he did not beg Elisha Abbo, a former senator representing Adamawa north, on behalf of any judge after the ex-lawmaker lost his election case in court.
In October 2023, the court of appeal sacked Abbo and declared Amos Yohanna, candidate of the Peoples Democratic Party (PDP), as the winner of the Adamawa north senatorial election.
Appearing on Channels Television on Wednesday, Abbo said he was a victim of “miscarriage of justice”.
The former senator said Nnamani pleaded with him on behalf of a judge after he lost his election case in 2023.
Reacting in a statement, the former senate president described Abbo’s claim as “blatant lies”.
“My greatest surprise was to hear him state that Senator Ken Nnamani visited him to plead with him on behalf of a judge for the miscarriage of justice. This statement is a blatant lie. I do not know how Senator Abbo can boldly fabricate an event that never happened to buttress his allegation of judicial miscarriage against him,” he said.
“For the avoidance of doubt, I have never visited Senator Elisha Abbo at his house or anywhere. Up to this moment, I do not know where he lives. I have never discussed with him about his case, or any case pending or decided by any court of law in Nigeria.
“The only time I met with him was when he visited me in my house. It was more of a social visit by him. At this meeting, we never discussed his case or any case. I recall that when the matter of his political career came up, I advised him to avoid controversies as a young politician.
“The statements Senator Abbo made regarding me and his case are all fabrications. I believe I have had a sterling and distinguished public service career. I am determined to maintain my integrity and commitment to excellence till the end of my life.”
Heineken Lokpobiri, minister of state for petroleum resources, says the federal government plans to commence implementing the drill-or-drop provisions of the Petroleum Industry Act (PIA).
Section 94 of the PIA gives operators a period of three years to begin oil production or relinquish the assets to the federal government.
Speaking during the Cross Industry Group (CIG) meeting held on Tuesday in Florence, Italy, Lokpobiri said it is in the best interest of the country that all inactive wells go to work.
He said the federal government, under the leadership of President Bola Tinubu, has provided every necessary incentive to ensure international oil companies (IOCs) in Nigeria run smoothly and profitably.
“Now, it is imperative for these industry players to match the government’s efforts with increased investment by announcing final investment decisions (FIDs),” he said.
Furthermore, Lokpobiri discussed “the challenges, expectations, and measures to enhance the sector’s contributions towards domestic energy needs and regional expansion across Sub-Saharan Africa”.
He emphasised that while IOCs have highlighted engineering, procurement, and construction (EPC) contractors as a challenge, “EPCs will not come unless they see strong commitments from industry players”.
“The government has done its part to provide the requisite and investment-friendly fiscals, the ball is now in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” he said.
“We must also recognise that domestic crude supply is essential to national energy security. The best solution to this challenge lies in increasing production, which will ensure a balance between domestic supply obligations and external commitments.”
The minister further urged industry players to explore collaborative measures, such as shared resources for contiguous assets and the release of underutilised assets to operators ready to invest in production.
The Progressive Students Movement (PSM), a leading Pan-African student body, has commended the leadership of the Nigeria Police Force (NPF) in Ogun State under Commissioner of Police (CP) Lanre Ogunlowo, PhD, for its commitment to security and community engagement.
In a statement released on Thursday, the President of PSM Nigeria, Comrade Ambassador Okereafor Bestman, highlighted the CP’s efforts in strengthening collaboration between the police, stakeholders, and other security agencies to maintain peace and stability in the state.
“It is worthy of note that CP Lanre Ogunlowo, PhD, has further fostered a harmonious working synergy between the police, stakeholders, and other security agents aimed at ensuring peace and tranquility in Ogun State,” Okereafor said.
The student leader expressed confidence in CP Ogunlowo’s leadership, stating that Ogun State is on track to becoming one of the most peaceful states in Nigeria under his administration.
He also praised the professionalism and dedication of the Ogun State Police Command in tackling crime, regardless of its scale.
Additionally, PSM acknowledged the Ogun State government’s continued support for security agencies, particularly in providing mobility and logistics to enhance their operational efficiency.
The commendation comes at a time when security remains a top priority for residents and authorities in the state, with ongoing efforts to curb crime and ensure public safety.