Business

Nigerians Demand Timely Payment Of NYSC Members

Published

14 years ago

May 24, 2012

Some concerned Nigerians on Monday urged the National Youth Service Scheme (NYSC) to urgently pay corps members’ their April allowances to save them from hardship.

The citizens said on Monday that the non-payment of the allowances would increase doubts about the continued relevance of the scheme.

Reports say that the Minister of Youth Development, Mr Bolaji Abdullahi, had given the assurance that the money would be paid on or before May 18.

He had explained that the delay in the payment was due to transition to a new accounting system.

Mr Femi Omokungbe, Chairman, Academic Staff Union of Polytechnics, Yaba College of Technology Chapter, urged the government to re-evaluate the scheme to ascertain its relevance.

Omokungbe noted that many Nigerians had advocated the scrapping of the scheme because of recent developments, including security challenges.

“Going by the very sad incidences that involved corps members while actively serving their fatherland, and now this issue of delayed allowances, I think there is need to review the scheme.

“There is no way we can compare the NYSC of the 1970s to that of the recent years.

“ If government is not capable of actualising the aims and objectives of this scheme, it should be rested so that these youths can start thinking of the way forward early enough,’’ he said.

Miss Seyi Oduneye, a corps member with a government establishment, stated that the delay in the payment of allowance had been negatively affecting the corps members.

She claimed that the scheme was fast becoming irrelevant.

“There is nothing to be proud of again about serving one’s father land.

“I feel this 10 month- service is just a waste of time and efforts.

“It is better we start engaging ourselves as soon as we graduate from universities without getting to be exposed to all these shortcomings,’’ she said.

Mr Simon Akojo, also a corps member, said, “I think the primary course of this delay had to do with bureaucracy as well as insufficient fund, but they are just trying to find a way of dancing around it.

“Otherwise, I do not know how to explain the fact that government will be delaying the little stipend it pays us.”

Miss Adebimpe Adesina, a corps member, stated that the delay was making life difficult for her.

Adesina said that since the NYSC had stopped posting corps members to banks and industries where they could be paid additional stipends, the scheme should no toy with corps members’ allowances.

“Corps members in state public schools are not being paid any allowance apart from that of NYSC. They depend only on this N19 800,“ she said.

Another corps member, Mr Peter Anozie, appealed to the Federal Government to give corps members special consideration in the payment of allowances.

A parent, Mrs Temitope Alawode, also appealed to the government to urgently pay the allowances to avoid discouraging the youths.

“This act is very dangerous for our children. It could expose the females to prostitution and the men to bad gangs,“ she said.

The Chairman of the Federal Capital Territory chapter of the National Parent-Teacher Association, Mr Musa Talle, appealed to the NYSC authorities to urgently pay the allowances.

“ I appeal to the government to do everything possible to pay these corps members immediately, considering the fact that they are far away from their parents,’’ Talle said.

The Chief Public Relations Officer, NYSC, Lagos State, Mrs Florence Takon, told NAN that the problem was not peculiar to the corps members.

Takon blamed the non-payment on delayed monthly federal allocation to the NYSC.

“Corps members and all staff have not received their salaries.

“ Some other ministries and government agencies are also affected by this problem.

“We heard last week that the money would be paid but we don’t know why it has not been paid; hopefully, it will be paid this week,’’ she said.

When contacted, the Head, Budget and Planning, NYSC, Abuja, Mr Ladipo Laniyan, gave the assurance that the allowances would soon be paid.

Laniyan spoke to NAN on telephone.

“Very soon all the problems with allowances will be a thing of the past,” Laniyan said.

Business

Wealth Creation: GCPBS Convenes Strategic Investment Workshop In PH

Published

3 days ago

April 20, 2026

The Tide

In a significant move aimed at strengthening financial literacy and promoting sustainable economic growth, the Alumni Association of the Garden City Premier Business School (GCPBS) has hosted its inaugural Annual Executive Workshop in Port Harcourt, drawing key stakeholders from across Nigeria’s financial and public sectors.

The workshop, themed “Wealth Creation through Investment in Money and Capital Markets,” held at the Corporate Residence, William Jumbo, Port Harcourt recently, brought together financial experts, policymakers, and professionals to deliberate on practical investment strategies in a rapidly evolving economic environment.

The event attracted a distinguished audience, including alumni of the institution, officials of the Securities and Exchange Commission, financial market leaders, top government functionaries, and seasoned professionals committed to advancing wealth creation initiatives in the country.

In her opening address, Chairman of the GCPBS Alumni Association, Her Excellency Dr. Mrs. Mina Tele Ikuru, charged the participants to take full advantage of the knowledge-sharing platform, stressing the importance of continuous learning and informed financial decision-making.

Also speaking, the Rivers State Head of Service, Dr. Mrs. Inyingi Brown, underscored the need for smart investment practices, noting that true wealth lies not merely in hard work but in the ability to make money work efficiently through strategic investments.

Deliberations at the workshop exposed participants to practical insights into navigating the financial markets, with experts emphasising the need for liquidity-conscious investments and encouraging the exploration of commercial papers issued by reputable corporations.

Speakers further highlighted the benefits of leveraging money market instruments such as bank deposits, while also stressing the importance of understanding market timing—knowing when to buy, hold, or exit investments—as a critical factor in achieving optimal returns.

The concept of compounding was extensively discussed as a powerful tool for long-term wealth accumulation, alongside the introduction of SWOOT—Stocks Worth Over One Trillion—with leading financial institutions identified as dominant players in Nigeria’s stock market.

Participants were also cautioned against common investment pitfalls, including the dangers of holding excessive idle cash, exposure to inflationary pressures, and the growing threat of fraudulent Ponzi schemes often disguised with unrealistic promises of high returns.

They also stressed the importance of diversification as a risk management strategy, with experts warning that failure to spread investments across asset classes could expose individuals to avoidable financial losses.

A panel session anchored by Prof. John Ohaka featured robust contributions from Barr. Bernard Ibe and Figbene Briggs, who examined critical approaches to monitoring investments and ensuring long-term financial stability.

A Financial expert, Uche Uwaleke (FCMA) provided further guidance, advocating the adoption of the DHL investment model—Diversify, Hedge, and Long-term planning—while emphasising the need for constant monitoring of market capitalisation and price indices.

The event also featured goodwill messages and the presentation of awards to deserving individuals and organisations, including Oida Energy Limited, Xenergi Limited, Aslan Resources Ltd, and Dr. Mrs. Mina Tele Ikuru, in recognition of their contributions to economic development and professional excellence, while special honours were conferred on Prof. Silver Opuala-Charles and Dr. Mrs. Inyingi Brown.

In a closing remark, Prof. Adline Ben-Chioma who summarised the key takeaways from the workshop, reiterated the importance of informed investment decisions, as ESV Okputu delivered the vote of thanks, appreciating organisers, speakers, sponsors, and participants for their roles in the success of the inaugural initiative.

By: King Onunwor

Banking/ Finance

Ripple Survey Reveals Appetite for Digital Assets

Published

1 week ago

April 15, 2026

The Tide

Cornerstone of Financial Services

A survey of more than 1 000 global finance leaders undertaken by digital payment network Ripple shows that 72% of respondents believe they need to offer a digital asset solution to remain competitive.

According to Ripple, leaders from the banking, fintech, corporate and asset management sector have made it clear that the “digital asset revolution is happening now”.

“Digital assets are quickly becoming a cornerstone of financial services, underpinned by progressive regulation, growing interest from Tier-1 banks, a steady consumer shift from banks to fintech providers, and booming stablecoin adoption,” Ripple says.

The survey was conducted in early 2026 and the findings released in March.

Stablecoin Boon or Bane?

Ripple has experienced significant success in the stablecoin sector since launching its Ripple USD (RLUSD) stablecoin in 2024.

With a market cap of $1.56 billion, it is considered a major regulated player in the market.

No doubt the platform was pleased to learn through its own survey that financial leaders were most bullish about stablecoins.

Roughly three-quarters of respondents believed they could boost cash-flow efficiency and unlock trapped working capital.

Ripple noted that finance leaders were thinking about stablecoins as more than “just a new way to execute payments”; instead, they viewed them as effective tools for treasury management.

In March 2026, Ripple began testing a new trade finance model built around RLUSD in a bid to increase the speed of cross-border payments.

The pilot initiative, developed alongside supply chain finance company Unloq [https://unloq.com], is running on the XRP Ledger inside a testing framework developed by the Monetary Authority of Singapore.

The Asian city-state is one of the platform’s biggest growth markets.

The idea behind the project is to see whether stablecoin-based settlement can streamline trade finance, too often hampered by reliance on intermediaries and slow reconciliation.

The only potential drawback is that if the initiative takes off, the Ripple to USD price could be negatively affected.

Ripple has always championed its native XRP token as a bridge asset, the “middleman” in the process of a financial institution turning dollars in the US into pounds in the UK, for example.

Ripple converts dollars into XRP and then back into pounds.

If RLUSD can do exactly the same thing, questions will be asked about XRP’s relevance.

That is a bridge Ripple will have to cross if it gets to that point.

Tokenisation Partners

Another interesting finding from Ripple’s survey is that most banks and asset managers are seeking tokenisation partners to help execute their strategies.

Some 89% of respondents said digital asset storage and custody were top priority. “Token servicing/lifecycle management also ranks highly for banks at 82%, while asset managers place greater emphasis on primary distribution at 80%,” Ripple found.

The survey also revealed that just more than half of fintechs and financial institutions want an infrastructure provider that can offer a “one-stop-shop solution”. This rose to 71% among corporate financial leaders.

Ripple attributes this to institutions and firms wanting uncomplicated, cohesive systems.

Infrastructure Rules

In its final analysis, Ripple says companies across the board are looking for partners and solutions that are “secure, compliant, battle-tested and that enable growth and execution”.

“The message is clear: infrastructure decisions made today will shape competitive positioning tomorrow.”

No surprise that this is precisely where Ripple is placing much of its focus.

Business

Niger Delta Investment Summit Targets $5bn Inflows, 500,000 Jobs

Published

2 weeks ago

April 10, 2026

The Tide

The Niger Delta Chambers of Commerce, Industry, Trade, Mines and Agriculture (NDCCITMA) has unveiled the plans to host a major economic and investment summit aimed at attracting five billion dollars, ( N7 trillion) investments in addition to creating about 500,000 jobs over the next five years.

The Chairman of NDCCITMA Board, Ambassador Idaere Ogan, disclosed this in Port Harcourt, recently.

Ogan stated that the initiative is designed to reposition the Niger Delta as a viable destination for sustainable economic growth and development.

He explained the summit would bring together investors, policymakers, manufacturers and business leaders from within and outside Nigeria to explore opportunities across key sectors of the regional economy.

According to him, the event is expected to attract high-profile participation, with President Bola Tinubu billed as Special Guest of Honour, while the Prime Minister of Barbados, Mia Amor Mottley, is expected to deliver the keynote address.

Ogan said the summit would focus on critical sectors including agriculture, manufacturing, logistics and the blue economy, which he described as areas with significant untapped potential.

He called on state governments, development partners and private sector stakeholders to support the initiative, stressing that collective efforts are required to unlock the region’s economic prospects.

NDCCITMA chairman further stated that improving security conditions and increasing economic confidence in the Niger Delta have made the region more attractive to both local and foreign investors.

He emphasised that ongoing economic reforms at the national level have also contributed to creating a more favourable investment climate.

Also speaking, the Chairman of the Summit Organising Committee, Dr. Solomon Edebiri, said the event would prioritise the growth of small and medium-scale enterprises (SMEs) across the region.

He noted the summit would provide a strategic platform for networking, business partnership and policy dialogue aimed at strengthening the private sector.

Edebiri disclosed that findings from a recent business roundtable revealed significant untapped investment opportunities, which the summit seeks to harness through targeted collaborations.

He revealed that the event would feature exhibitions of viable projects, facilitate business-to-business and business-to-government engagements, and also promote innovations across multiple sectors.

According to him, the expected outcomes of the summit include job creation, increased industrial activity and improved livelihoods for people in the Niger Delta.

To build momentum ahead of the event, NDCCITMA said the body would embark on awareness roadshows across states in the Niger Delta, as well as in Lagos and Abuja, to attract broad participation.

King Onunwor