Opinion
FHA and PPP Revolution In Nigeria, By ABUBAKAR YUSUF
Since the globally coined Public Private Partnership PPP arrangements that occasioned synergy between the public service and private entities, particularly organised private sector, the Federal Housing Authority FHA under it’s housing programs had embraced the new parlance over two decades and beyond mere nomenclature, keyed into the practice and practical implementation of the laudable arrangements in the country since 2000.
As the official sole provider of houses for public and ordinary Nigerians, the agency had penultimate provided such arrangements that had metamorphosed in the six geopolitical zones, including the Federal Capital Territory FCT, with quantum and quality of affordable houses to Nigerians, in line with it’s mandate and now obsolete act , as well as synergy with the global and local investors that thrived in the provision of houses across length and breadth of Nigeria.
What this means was that the PPP initiatives of FHA that debuted in states like Rivers, (Port Harcourt), Lagos, Ibadan, Imo, Kaduna, Abuja , the nation’s capital city among many others states in the last decades had metamorphosed and transformed to full fledged activities in the current Federal Housing Authority FHA, under the leadership of Senator Gbenga Ashafa.
Cumulatively in the early days of PPP in FHA , inspite of the outdated act desiring amendments and needed reforms which the current leadership had tackled headlong both at the National Assembly and administratively, the agency achieved over 1,500 housing units yearly, in comparison to the pronounced official figure of 1,000 in a year in 2023, over two decades away.
Combining the PPP arrangements with other modest innovations by the successive management sustained by the current leadership, using site and service, direct construction and the globally acceptable PPP arrangements, the authority had transcended beyond mere pronouncements with practical realities that had achieved over 1,500 yearly, without subvention and grappling with obsolete act that needed amendments and modest reforms .
The leverage of the current management under Senator Gbenga Ashafa as a former Senator and lawmaker, administrator and his bureaucratic exposure in land matters spanned decades, having handled such gigantic assignment in the cosmopolitan Lagos state, which made the immediate past administration of former President Muhammadu Buhari prevailed on his engagement and preference, that enabled him achieved his agenda of mass housing for all Nigerians,as part of his campaign manifestos, and to also key into the Renewed Hope Agenda of President Bola Ahmed Tinubu, with the needed legal and administrative reforms which have been initiated in the last three years and nearing completion.
All these , according to Senator Gbenga Ashafa who met a moribund FHA with dilapidated working tools and structures, demoralized workforce with backlog of promotions and grossly understaffed authority, was reverted to optimum function within a year on assumption of office.
This was coming from an agency without subvention over the decades and budgetary provision in line with it’s act, but acted under the discretion and arrangements of a competitive market were the private sector that had access to unfettered fund both locally and internationally held sway.
What it means is without legal encumbrances, FHA as the sole agency charged with the provision of mass and affordable houses for Nigerians will be able to assess bonds, approach capital market to mop up funds with a view to meeting not only the yearnings and aspirations of Nigerians in the area of housing, bridge housing deficits, but surpassing the global and local provision of houses beyond the required 50, 000 units annually .
Piloting the affairs of the authority adequately and administratively, Senator Gbenga Ashafa’s reform policy commenced with the land reclamation program that left the FHA lands and properties porous and the mercy of shylock land grabbers across the country, had yielded results and envisaged reforms deploying adminstrative and legal means to achieve these objectives.
Many Nigerians particularly in Lagos and Abuja had turned FHA lands to free and green honey, making billions from it’s illegal occupation both at night and weekends, through forgery of it’s documents and forceful means as well as other any subtle guise , with some using the two main religion, Christianity and Islam to acquire it’s Lands, the negative development and retrieval process was upped that led to recovery of Multi Billion assets of FHA Lands/ properties.
Inspite it’s obvious constraints, the management ensured more housing development and initiatives across the country both at it’s estates in Lagos at Festac Town, Abesan , one to five, FHA Lugbe and Gwarimpa among many others in the country was on course.
It constructed and completed with government support and intervention the 748 Zuba mass housing estate which included the introduction of ‘Rent to Own’, and also plucked back it’s investments in the oversubscribed Zuba with standard facilities provided to the ongoing Bwari Mass Housing Estate, that had opened up the area housing many government establishments, due for sales, having acquired of over 250 Hectares of Land for more construction.
The FHA advancing it’s PPP arrangements also reclaimed the over 200 hectares Federal Housing Authority FHA estate at Mbora, and commenced construction of over 1,000 houses with the ground breaking ceremony carried out during the Golden Jubilee anniversary in 2023.
The Management has also acquired land of about 700 hectares in Kabusu district(maitama ii extension) of the FCT to construct the ‘Diaspora smart city’ with over 17, 000 housing units to be launched before the end of the first quarter in 2024 .
This was in addition to provision of 2,000 houses known as “Renewed Hope Estates” each in the six geopolitical zones in the country, within the year to address more housing problems in view of the global requirements.
Construction and occupation was already ongoing at it’s ENL estate in Guzape, Express view in Lugbe, Osun, Oyo, Rivers , imo, among other states with already acquired Lands.
This was encouraged by the new administration of Renewed Hope Agenda with a promise to surpass the 50,000 units houses to Nigerians annually, but a target of 100,000 units guaging the administration’s willingness to invest and support the transformation agenda of Senator Gbenga Ashafa at FHA.
With the glaring supports and promises of the global bodies, experts and professionals like AUHF, Shelter Afrique Development Bank that declared it’s intentions to invest about $40M into Nigeria’s housing development in 2024, during the celebration of the 50th anniversary and Golden Jubilee in 2023, and with needed supports and enabling environment from the supervising Ministry through synergy, supervision and unfettered access to it’s activities, no doubt the current leadership will take FHA to a comfortable achieving of over 100,000 Hosusing units annually, ahead of the target of the supervising Ministry’s 50, 000 houses to be built annually.
The FHA Mortgage Bank FHAMB rated as one of the best Primary Mortgage institution PMI by the Federal Mortgage Bank of Nigeria FMBN, as a result of the reforms been carried out under Senator Gbenga Ashafa is already positioned to do more for the off takers under National Housing fund NHF subscribers, and with access to 25% equity in Pension Commission PENCOM.
The last three years reforms in the Bank has yielded results in many folds, resulting in the resucitation, provision of robust mortgages and expansion of it’s offices, management and activities.
Aside the Corporate office, FHAMB had opened up many branches and introduced products that attracted civil servants, farmers , business men and artisans as well as physically challenged person’s across the country.
On many occasions, the Bank handed over completed houses to many professionals including medical doctors and personel, that had discouraged the syndrome of ‘JAPA’ prevalent across African nations with Nigerian not in exception.
The ground breaking ceremony of a multi million naira new corporate headquarters recently launched by the Managing Director, Chief Executive officer CEO Federal Housing Authority FHA, Senator Gbenga Ashafa, was an indicator of the Bank’s readiness to deliver and improve on its mandate and retail banking in line with the global practices.
The proposed presentation of keys to beneficiaries at Luxiar/FMBN estate in Bwari Abuja in the first quarter of the year in 2024, was a testimony to the great things happening in the housing sector under Senator Gbenga Ashafa, as the Managing Director, Chief Executive officer CEO, Federal Housing Authority FHA.
The transformative and innovative template, no doubt, with the ongoing strides and sustained efforts along with government supports , the target of 100, 000 units houses annually will become achievable under the current leadership and Renewed Hope Agenda of President Bola Ahmed Tinubu.
All hands must be on deck to support the laudable objectives of the administrative reforms, robust oversight and needed amendments of the existing act, so as to guarantee needed investments in the housing sector, provision of more affordable houses devoid of any administrative bottle necks in Nigeria.
Yusuf Is A Public Affairs Analyst, Writes from Abuja on yus.abubakar3@gmail.com.
FHA and PPP Revolution In Nigeria, By ABUBAKAR YUSUF.
OPINION.
Since the global coined Public Private Partnership PPP that occasioned synergy between the public service and private entities, particularly organised private sector, the Federal Housing Authority FHA under it’s housing programs had embraced the new parlance over two decades and beyond mere nomenclature, keyed into the practice and practical implementation of the laudable arrangements in the country since 2000.
As the official sole provider of houses for public and ordinary Nigerians, the agency had penultimate provided such arrangements that had metamorphosed in the six geopolitical zones, including the Federal Capital Territory FCT, with quantum and quality of affordable houses to Nigerians, in line with it’s mandate and now obsolete act , as well as synergy with the global and local investors that thrived in the provision of houses across length and breadth of Nigeria.
What this means was that the PPP initiatives of FHA that debuted in states like Port Harcourt, Lagos, Ibadan, Imo, Kaduna, Abuja , the nation’s capital city among many others states in the last dispensation had metamorphosed and transformed to full fledged activities in the current Federal Housing Authority FHA, under the leadership of Senator Gbenga Ashafa.
Cumulatively in the early days of PPP in FHA , inspite of the outdated act desiring amendments and needed reforms which the current leadership had tackled headlong both with the National Assembly and administratively, the agency achieved over 1,500 housing units yearly, in comparison to the bandied figure of 1,000 in a year in 2023 over two decades away.
Combining the PPP arrangements with other modest innovations by the successive management solidified by the current leadership, using site and service, direct construction and the globally acceptable PPP arrangements, the authority had transcends beyond mere pronouncements with practical realities that had achieved over 1,500 yearly with no subvention and grappling with obsolete act that needed reforms and amendments .
The leverage of the current management under Senator Gbenga Ashafa as a former Senator and lawmaker, an administrator and his bureaucratic exposure in land matters spanned decades, having handled such gigantic assignment in the cosmopolitan Lagos state, that made the immediate past administration of former President Muhammadu Buhari prevailed on his engagement and preference that enabled him achieved his agenda of mass housing for all Nigerians,that was part of his campaign manifestos, and to also key into the Renewed Hope Agenda of President Bola Ahmed Tinubu, with the needed legal and administrative reforms which have been initiated in the last three years and nearing completion.
All these , according to Senator Gbenga Ashafa who met a moribund FHA that had dilapidated working tools and structures, demoralized workforce with backlog of promotions and grossly understaffed authority, was reverted to profitability within a year on assumption of office.
This was coming from an agency without subvention over the decades and budgetary provision in line with it’s act, but acted under the discretion and arrangements of a competitive market were the private sector held sway that had access to unfettered fund both locally and internationally.
What it means is without legal encumbrances, FHA as the sole agency charged with the provision of mass and affordable houses for Nigerians will be able to assess bond, approach capital market to mop up funds with a view to meeting not only the yearnings and aspirations of Nigerians in the area of housing, bridge housing deficits, but meeting and surpassing the global and local provision of houses beyond the required 50, 000 units annually .
Piloting the affairs of the authority religiously and administratively, Senator Gbenga Ashafa reform policy commenced with the land reclamation program that left the FHA land and properties porous and the mercy of shylock land grabbers across the country, which had yielded results and envisaged reforms deploying adminstrative and legal means to achieve the objectives.
Many Nigerians particularly in Lagos and Abuja had turned FHA lands to free and green honey, making billions from it’s sales illegally even at night and weekends, through forgery of it’s documents and forceful means as well as other any subtle guise , with some using the two main religion, Christianity and Islam to acquire it’s Land, the negative development and retrieval process was upped that led to recovery of Multi Billion assets in Lands.
Inspite it’s obvious constraints, the management ensured more housing development and initiatives across the country both at it’s estates in Lagos at Festac Town, Abesan one to five, FHA Lugbe, Gwarimpa among many others in the country was on course.
It constructed with government support and intervention the 748 Zuba mass housing estate which included the introduction of Rent to Own, and also plucked back it’s investments in the oversubscribed Zuba with standard facilities provided to the ongoing Bwari Mass Housing Estate, that had opened up the area that housed many government establishments, due for sales having acquired of over 250 Hectares of Land for more construction.
The FHA advancing it’s PPP arrangements also reclaimed the over 200 hectares Federal Housing Authority FHA estate at Mbora, and under construction of over 1,000 houses with the commencement and foundation laying ceremony carried out during the Golden Jubilee anniversary in 2023.
The management has also acquired land of about 700 hectares in Kabusu district(maitama ii extention) of the FCT to construct the Diaspora smart city with over 17, 000 housing units to be launched before the end of the first quarter in 2024 .
This was in addition to provision of 2,000 houses known as “Renewed Hope Estates” each in the six geopolitical zones in the country within the year to address more housing problems in view of the global requirements.
Construction and occupation was already ongoing in it’s ENL estate in Guzape, Express view in Lugbe, Osun, Oyo, Rivers , imo, among other states with already acquired Lands.
This was encouraged by the new administration of Renewed Hope Agenda with a promise to surpass the 50,000 units houses to Nigerians annually, but a target of 100,000 units guaging the administration’s willingness to invest and support the transformation agenda of Senator Gbenga Ashafa at FHA.
With the glaring support and promises of the global bodies, experts and professionals like AUHF, Shelter Afrique Development Bank that promised to invest about $40M into Nigeria’s housing development in 2024, as promised during the celebration of the 50th anniversary and Golden Jubilee in 2023, and with needed supports and enabling environment from the supervising Ministry through synergy, supervision and unfettered access to it’s activities, no doubt the current leadership will take FHA to a comfortable achievements of over 100,000 Hosusing units annually, ahead of the target of the supervising Ministry’s target of 50, 000 annually.
The FHA Mortgage Bank FHAMB rated as one of the best Primary Mortgage institution PMI by the Federal Mortgage Bank of Nigeria FMBN as a result of the reforms been carried out under Senator Gbenga Ashafa is positioned to do more for the off takers under National Housing fund NHF subscribers and with 25% equity in Pension Commission PENCOM.
The last three years reforms in the Bank has yielded results in many folds, resulting in the resucitation, provision of robust mortgages and expansion of it’s offices, management and activities.
Aside the Corporate office, FHAMB had opened up many branches and introduced products that attracted civil servants, farmers , business men and artisans as well as physically challenged person’s across the country.
On many occasions, the Bank handed over completed houses to many professionals including medical doctors and personel that had discouraged the syndrome of ‘JAPA’ prevalent across African nations with Nigerian not in exception.
The ground breaking ceremony of a multi million naira new corporate headquarters recently launched by the Managing Director, Chief Executive officer CEO Federal Housing Authority FHA Senator Gbenga Ashafa, was an indicator of the Bank’s readiness to deliver and improve on its mandate and retail banking in line with the global practices.
The proposed presentation of keys to beneficiaries at Luxiar/FMBN estate in Bwari Abuja in the early period of the year in 2024, was a testimony to the great things happening in the housing sector under Senator Gbenga Ashafa, as the Managing Director, Chief Executive officer CEO, Federal Housing Authority FHA.
The transformative and innovative template, no doubt, with the ongoing strides and sustained efforts , the target of 100, 000 units houses annually will become achievable under the current leadership and Renewed Hope Agenda of President Bola Ahmed Tinubu.
All hands must be on deck to support the laudable objectives of the administrative reforms, robust oversight and needed amendments of the existing act, so as to guarantee needed investments in the housing sector devoid of any administrative bottle necks.
Yusuf Is A Public Affairs Analyst, Writes from Abuja onFHA and PPP Revolution In Nigeria, By ABUBAKAR YUSUF.
OPINION.
Since the globally coined Public Private Partnership PPP arrangements that occasioned synergy between the public service and private entities, particularly organised private sector, the Federal Housing Authority FHA under it’s housing programs had embraced the new parlance over two decades and beyond mere nomenclature, keyed into the practice and practical implementation of the laudable arrangements in the country since 2000.
As the official sole provider of houses for public and ordinary Nigerians, the agency had penultimate provided such arrangements that had metamorphosed in the six geopolitical zones, including the Federal Capital Territory FCT, with quantum and quality of affordable houses to Nigerians, in line with it’s mandate and now obsolete act , as well as synergy with the global and local investors that thrived in the provision of houses across length and breadth of Nigeria.
What this means was that the PPP initiatives of FHA that debuted in states like Rivers, (Port Harcourt), Lagos, Ibadan, Imo, Kaduna, Abuja , the nation’s capital city among many others states in the last decades had metamorphosed and transformed to full fledged activities in the current Federal Housing Authority FHA, under the leadership of Senator Gbenga Ashafa.
Cumulatively in the early days of PPP in FHA , inspite of the outdated act desiring amendments and needed reforms which the current leadership had tackled headlong both at the National Assembly and administratively, the agency achieved over 1,500 housing units yearly, in comparison to the pronounced official figure of 1,000 in a year in 2023, over two decades away.
Combining the PPP arrangements with other modest innovations by the successive management sustained by the current leadership, using site and service, direct construction and the globally acceptable PPP arrangements, the authority had transcended beyond mere pronouncements with practical realities that had achieved over 1,500 yearly, without subvention and grappling with obsolete act that needed amendments and modest reforms .
The leverage of the current management under Senator Gbenga Ashafa as a former Senator and lawmaker, administrator and his bureaucratic exposure in land matters spanned decades, having handled such gigantic assignment in the cosmopolitan Lagos state, which made the immediate past administration of former President Muhammadu Buhari prevailed on his engagement and preference, that enabled him achieved his agenda of mass housing for all Nigerians,as part of his campaign manifestos, and to also key into the Renewed Hope Agenda of President Bola Ahmed Tinubu, with the needed legal and administrative reforms which have been initiated in the last three years and nearing completion.
All these , according to Senator Gbenga Ashafa who met a moribund FHA with dilapidated working tools and structures, demoralized workforce with backlog of promotions and grossly understaffed authority, was reverted to optimum function within a year on assumption of office.
This was coming from an agency without subvention over the decades and budgetary provision in line with it’s act, but acted under the discretion and arrangements of a competitive market were the private sector that had access to unfettered fund both locally and internationally held sway.
What it means is without legal encumbrances, FHA as the sole agency charged with the provision of mass and affordable houses for Nigerians will be able to assess bonds, approach capital market to mop up funds with a view to meeting not only the yearnings and aspirations of Nigerians in the area of housing, bridge housing deficits, but surpassing the global and local provision of houses beyond the required 50, 000 units annually .
Piloting the affairs of the authority adequately and administratively, Senator Gbenga Ashafa’s reform policy commenced with the land reclamation program that left the FHA lands and properties porous and the mercy of shylock land grabbers across the country, had yielded results and envisaged reforms deploying adminstrative and legal means to achieve these objectives.
Many Nigerians particularly in Lagos and Abuja had turned FHA lands to free and green honey, making billions from it’s illegal occupation both at night and weekends, through forgery of it’s documents and forceful means as well as other any subtle guise , with some using the two main religion, Christianity and Islam to acquire it’s Lands, the negative development and retrieval process was upped that led to recovery of Multi Billion assets of FHA Lands/ properties.
Inspite it’s obvious constraints, the management ensured more housing development and initiatives across the country both at it’s estates in Lagos at Festac Town, Abesan , one to five, FHA Lugbe and Gwarimpa among many others in the country was on course.
It constructed and completed with government support and intervention the 748 Zuba mass housing estate which included the introduction of ‘Rent to Own’, and also plucked back it’s investments in the oversubscribed Zuba with standard facilities provided to the ongoing Bwari Mass Housing Estate, that had opened up the area housing many government establishments, due for sales, having acquired of over 250 Hectares of Land for more construction.
The FHA advancing it’s PPP arrangements also reclaimed the over 200 hectares Federal Housing Authority FHA estate at Mbora, and commenced construction of over 1,000 houses with the ground breaking ceremony carried out during the Golden Jubilee anniversary in 2023.
The Management has also acquired land of about 700 hectares in Kabusu district(maitama ii extension) of the FCT to construct the ‘Diaspora smart city’ with over 17, 000 housing units to be launched before the end of the first quarter in 2024 .
This was in addition to provision of 2,000 houses known as “Renewed Hope Estates” each in the six geopolitical zones in the country, within the year to address more housing problems in view of the global requirements.
Construction and occupation was already ongoing at it’s ENL estate in Guzape, Express view in Lugbe, Osun, Oyo, Rivers , imo, among other states with already acquired Lands.
This was encouraged by the new administration of Renewed Hope Agenda with a promise to surpass the 50,000 units houses to Nigerians annually, but a target of 100,000 units guaging the administration’s willingness to invest and support the transformation agenda of Senator Gbenga Ashafa at FHA.
With the glaring supports and promises of the global bodies, experts and professionals like AUHF, Shelter Afrique Development Bank that declared it’s intentions to invest about $40M into Nigeria’s housing development in 2024, during the celebration of the 50th anniversary and Golden Jubilee in 2023, and with needed supports and enabling environment from the supervising Ministry through synergy, supervision and unfettered access to it’s activities, no doubt the current leadership will take FHA to a comfortable achieving of over 100,000 Hosusing units annually, ahead of the target of the supervising Ministry’s 50, 000 houses to be built annually.
The FHA Mortgage Bank FHAMB rated as one of the best Primary Mortgage institution PMI by the Federal Mortgage Bank of Nigeria FMBN, as a result of the reforms been carried out under Senator Gbenga Ashafa is already positioned to do more for the off takers under National Housing fund NHF subscribers, and with access to 25% equity in Pension Commission PENCOM.
The last three years reforms in the Bank has yielded results in many folds, resulting in the resucitation, provision of robust mortgages and expansion of it’s offices, management and activities.
Aside the Corporate office, FHAMB had opened up many branches and introduced products that attracted civil servants, farmers , business men and artisans as well as physically challenged person’s across the country.
On many occasions, the Bank handed over completed houses to many professionals including medical doctors and personel, that had discouraged the syndrome of ‘JAPA’ prevalent across African nations with Nigerian not in exception.
The ground breaking ceremony of a multi million naira new corporate headquarters recently launched by the Managing Director, Chief Executive officer CEO Federal Housing Authority FHA, Senator Gbenga Ashafa, was an indicator of the Bank’s readiness to deliver and improve on its mandate and retail banking in line with the global practices.
The proposed presentation of keys to beneficiaries at Luxiar/FMBN estate in Bwari Abuja in the first quarter of the year in 2024, was a testimony to the great things happening in the housing sector under Senator Gbenga Ashafa, as the Managing Director, Chief Executive officer CEO, Federal Housing Authority FHA.
The transformative and innovative template, no doubt, with the ongoing strides and sustained efforts along with government supports , the target of 100, 000 units houses annually will become achievable under the current leadership and Renewed Hope Agenda of President Bola Ahmed Tinubu.
All hands must be on deck to support the laudable objectives of the administrative reforms, robust oversight and needed amendments of the existing act, so as to guarantee needed investments in the housing sector, provision of more affordable houses devoid of any administrative bottle necks in Nigeria.
Yusuf Is A Public Affairs Analyst, Writes from Abuja on yus.abubakar3@gmail.com.
By Capt. Caleb Danladi Bako
The global shipping industry is the lifeblood of international trade, with nearly 90% of goods transported by sea. Behind this vast network of commerce are the seafarers professionals whose dedication keeps the world’s economy afloat. Yet, while the focus often falls on operational efficiency, safety, and environmental concerns, an equally critical aspect remains largely in the shadows: the mental health and wellbeing of those who spend months away from home, isolated and often battling invisible struggles.
Having worked both at sea and now within the maritime industry ashore, we have witnessed firsthand the emotional challenges faced by seafarers. Life at sea is often romanticized, but the reality is far more complex. Prolonged isolation, communication barriers, high-pressure environments, and the unpredictability of life at sea contribute to a unique mental health crisis that has, for too long, gone unspoken.
A seafarer’s life revolves around routines, watches, and operations that leave little room for personal downtime. The absence of family support systems limited recreational facilities, and minimal mental health resources onboard amplify feelings of loneliness and helplessness. Recent studies, including those by the Mission to Seafarers and the International Seafarers’ Welfare and Assistance Network (ISWAN), reveal alarming rates of depression, anxiety, and even suicidal ideation among crew members. These findings highlight a pressing need for the industry to prioritize mental health with the same seriousness as physical safety.
The COVID-19 pandemic further exposed and intensified these struggles. Hundreds of thousands of seafarers were stranded aboard ships, unable to disembark for months beyond their contracts. Crew change crises turned ships into floating prisons, exacerbating feelings of abandonment and mental exhaustion.
Though some shipping companies have since introduced mental health initiatives such as access to tele-counselling and mental wellness apps, these measures are still the exception rather than the norm.
Mental health challenges at sea are not merely personal struggles; they can have direct safety implications. Fatigue, anxiety, and depression diminish focus and decision-making ability, increasing the risk of accidents. Thus, protecting seafarers’ wellbeing is not only a moral obligation but a safety imperative for the entire industry.
As industry experts and former seafarers, we believe urgent cultural change is required. Shipping companies must move beyond token programs to embed mental health care into the fabric of maritime operations.
Practical steps include mandatory mental health training, confidential support systems, improved internet connectivity for family contact, regular shore leave, and destigmatization of seeking help.
It is time to bring the untold struggles of seafarers into the light. By acknowledging their mental health needs and committing resources to support them, we honor not only their critical role in global trade but their fundamental humanity.
Capt. Caleb Danladi Bako
Maritime expert and Academic Researcher
E-mail: Caleb.Danladi@plymouth.ac.uk, dancb2k@yahoo.com
Phone: +2348064218253
BY ABUBAKAR YUSUF
In line with the decade of action , realizing SDGs 2020-2030 agenda, the mission and vision of government agencies, parastatals and departments must be in tandem with the present realities.
Therefore, efforts by the Financial Reporting Council, FRC to implement the already reviewed annual fee due for over two years cannot be over emphasized.
The challenges posed and identified by Manufacturers Association of Nigeria (MAN), as the umbrella body of companies operating in Nigeria may be normal and usual resistance to positive changes, posed by such bodies in the development, improvement and payment of dues across board.
But , irrespective of that , FRC under the leadership of Dr Rabiu Onaolapo Olowo has developed a new template, innovations and initiatives to drive the new council in line with not only the economic indices and realities in the country, but global requirements.
This is in accordance with the zeal to generate more revenues, increased revenue generation for remittances into the federation account to enable government meet up it’s obligations, through internal mechanism and revenue drive .
With the global standards and realities, FRC cannot be operating under the cocoon of archaic policies and programs, leaving behind the modern and modest standards of International Financial Reporting Standards (IFRS), among others requirements.
Penultimate, the experience of the council towards payment of dues and remittances had been lackadaisical and laced with various resistances , litigations and sharp practices, particularly before the new fee reviewed under the guise of many anomalies, which MAN had overlooked .
Therefore, as the administrative head charged with controls and regulations, The Financial Reporting Council, FRC cannot be seen to be underpinned between new evolution and old order , as a government agency under an act amended , the singular decisions to review its activities is encumbered as an independent entity.
Experience have showed that some publicly traded companies, listed on the Nigerian Stock Exchange (NSE), continue to underreport the claims and litigation section of their annual reports, This is despite the Financial Reporting Council of Nigeria (FRC)’s pledge to curb this before now.
The companies, published their 2023 audited financial reports at various times in 2024. However, each report contained figures lower than what was earlier revealed in a 2023 report.
According to the reports, the companies claimed cases against them in court amounted to huge amount .
“There are certain lawsuits pending against the companies in various courts of law. The total contingent liabilities in respect of pending litigations as at 31 December 2023 is ₦7.42 billion.”
“Some companies had the highest reported figure for claims and litigation of some companies in 2023. They stated that the cases against them amounted to N1.008 trillion claims. However, by June 30, 2024, the figure had become zero.”
This is at variance with FRC position, were many companies were underreporting their claims.
Since litigations may not stand the taste of time as adopted by previous leadership, the best solution is to effect an administrative decision beyond stagnating the activities of the new council and effect a new lease of life into the organization, through the enactment of the new regulations, reviews and controls.
“Not disclosing these claims in their annual reports for over a decade violates the International Financial Reporting Standards (IFRS), hence the new leadership envisaged in its new position and decision.”
“Despite the FRC’s vocal commitment to addressing inaccurate financial reporting, it was revealed that partial compliance two years later.”
“The International Financial Reporting Standards (IFRS) are a set of accounting standards introduced to govern how particular types of transactions and events should be reported in financial statements. They were developed by the International Accounting Standards Board (IASB).”
“This IASB has a set of accounting standards that guide certain aspects of financial reporting.”
“IAS 37 is a standard for accounting for and disclosing provisions, contingent liabilities and assets.”
It describes contingent liabilities as “possible obligations whose existence will be confirmed by uncertain future events that are not wholly within the control of the entity”.
“An example is litigation against the entity when it is uncertain whether the entity has committed an act of wrongdoing and when it is not probable that settlement will be needed,” it states.
“A contingent liability is not recognised in the statement of financial position. However, unless the possibility of an outflow of economic resources is remote (distant), a contingent liability is disclosed in the notes.”
“Going by this provision, all defendants in the suit had contingent liabilities of at least N1.2 trillion each.”
“It is important to highlight that companies in business either have assets or liabilities. Assets add to the financial health of the company while liabilities are losses. ‘Contingent’ is a term that refers to something that is subject to probability or chance, and just as there are contingent liabilities, there are contingent assets.”
“Some companies were taking advantage of an exploitable gap in the IAS37 to operate .”
Interestingly, Council generally observed an exploitable gap in disclosure requirements as per IAS 37: ”
Provisions, Contingent Liabilities and Contingent Assets, especially as it relates to Contingent Liabilities. Paragraph 92 of IAS 37 which states that ‘In extremely rare cases, disclosures of some or all of the information required by paragraph 84-89 can be expected to prejudice seriously the position of the entity in a dispute with other parties on the subject matter of the provision, contingent liability or contingent asset.”
” In such cases, an entity need not disclose the information, but shall disclose the general nature of the dispute, together with the fact that, and reason why, the information has not been disclosed’ is instructive in this regard. This implies that entities are not compelled to disclose number of claims and financial implications thereon as such information has the potential to prejudice their position in disputes with other parties.”
“In the course of the reports, some companies declared huge amount of N11.3 trillion in contingent liabilities in its 2023 annual report; the highest it had ever declared since 2014.”
However , to achieve the global SDGs 2020-2030 agenda with Nigeria playing a leading position, the ongoing sharp practices, inactions, anti government and anti council policies by companies in the area of declaration of transparent and accountable financial reports , that is in tandem with the global standards and practices must be adhered to, in line with the intention of the new management and leadership under Dr Rabiu Onaolapo Olowo as the Executive Secretary, Chief Executive Officer ES CEO of Financial Reporting Council, FRC.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
There is something common in politics and with Politicians in this clime, it stems from the arrogance of power, it stinks to high heavens, it is shit in its worst form; that a few men and women play God, they assume that their egocentric predilections represent the collective will, and they undermine the Law as well as the mindset of the electorate. They move to Party B with the mandate given to Party A by the People. And they Cross-carpet or decamp to another Party without deference to the provisions of the Law.
Just yesterday the entire Political Structure in my home State of Delta was led by the State Governor Mr. Sheriff Oborevwori from the Peoples Democratic Party PDP to the All Progressive Congress APC, that tsunami of sorts happened without firm reasons but the usual refrain that ‘they want to align with the centre for more democratic dividends to come to the State’. I wouldn’t have opted to do this piece had the All Progressive Congress APC made great feats of the States under its watch, alas President Bola Ahmed Tinubu (PBAT) and his followers are masters of deceit, subterfuge and perfidy. They spew soulless propaganda, having no soul they lack moral margins, they lie about everything and they destroy the moral fabrics of our nation. They are shameless, spineless and have no scruples.
Where is the Soul of the men of power who dumped the PDP just yesterday for the APC in Delta State? They have chosen to stand on a Blood Stained Mandate. They have elected a Hunger ridden mandate. They have chosen a corruption riddled mandate. They laud an insecurity enabling mandate. They salute a nepotistic mandate. And they dance to a frustration festering mandate. Had the PBAT led APC at the Centre made Nigeria better than it met her, I would applaud Governor Sheriff and his fellow travelers, but the truth is what consistently the APC, including Governor Sheriff Oborevwori and his men have chosen to trample upon, nay the Truth is that under the PBAT led APC Government, Nigeria is today worse than it was yesterday.
What logic situates the movement of the Delta State Political Structures from the PDP to the APC at a time when Nigerians feel the most unsafe in their homeland? When the States of Plateau, Benue and Bornu have become theatres of human barbecues. Is it not stupidity to elect a blood stained and a blood soaked mandate over being in a Party in the opposition?
Is it not a show of shame to elect a mandate that has left the masses of the people in poverty, despondency and want over fueling the fervour of an opposition seeking a new deal and a new Republic of hope for the people? Which sincere and people oriented leader would dump the opposition for a Party that is absolutely rudderless and progressively multiplying poverty? Only the soulless and the shameless, surely.
The fulminating shenanigans that undermine the monstrous corruption of the APC Government, the unending Infrastructural decay, the unhinged failure of the energy and the power sector, the pervasive hunger, disease and pain in the land, and the murderous gangs killing and maiming citizens with reckless abandon defines the Olympic soullessness of the Delta State Political Merchants who have elected a Blood Stained Mandate over matching for the redemption of Nigeria.
I believe that it is manifest stupidity to desert the opposition at a time that our nation is in dire straits and badly craving vibrant opposition. I believe that it is a show of shame to decamp to a Party and a Government that has failed to protect lives and property.
And I hereby lampoon with unbridled vehemence all those who have chosen to stand on the blood stained and blood soaked mandate that PBAT epitomizes.
Hmmm, so suddenly my home State is now APC, interesting. A class of less than 300 people nay ‘leaders’ met at the Government House in Asaba, and in one fell swoop changed the political colour, temperature and identity of the State, interesting. My People, this One-Party State wey APC and PBAT dey push and pursue na to what end? PBAT and his Party the APC through this manifest antics of State capture have tied democracy to the stake, and are daily through acts of impunity, lawlessness, and braggadocio shooting violently at democracy, I pray they do not shoot this jingleover democracy to death. I pray that they understand that One Party State is the precursor to Authoritarian Rule and Dictatorship. And I pray that they are not oblivious of the politico-social tendencies of the Nigerian State, a State that cannot and has never been captured by any one tendency. In any case, before they completely murder democracy, it must be on record that someone warned against the Stupidity, against the Show of Shame and against the Shenanigans of our Political Operators.
Call me names, but let it be on record that when the elders and the hoard of egotistic political merchants that predominate our political kaleidoscope fiddled with the poisoned chalice of sycophancy and hypocrisy, I wasn’t quiet. Let it be on record that when they ate poisoned bread baked with blood stained and blood soaked mandate, and when they chose to dance on the tombs of the dead across our space who were unlived because government failed to protect them, that someone called out the discerning, and warned against the omnious times that they make certain.
The sequel to this patriotic effort shall most certainly tell more, reveal more and foretell the pitfalls that a most arrogant and self-seeking political class weave in the path of our ‘democracy’. We have got some difficult days and difficult times ahead.
Call me the Wailer, that’s ok, for I Wail that Nigeria may become Great.
Prof Chris Mustapha Nwaokobia Jnr
Convener COUNTRYFIRST MOVT. A Good Governance Advocacy Group.