Paradise News

Category: Business

  • Governor Ayade’s Dreams, Cross River State only Hope

    By Inok Solomon 


    When the Oil Price started falling, the naira was admitted in one of our hospital with no proper medical equipments. Inflation began to creep into the economic system. People knew something was wrong, but without much to turn to, we did not know what was wrong. The amount of money said to be stolen by past administration, made inflation a visitor to every household. Then the Oil Price took cover for fear of been stolen too. 
    President Buhari called His economic native doctors, and they started mixing the monetary policies. Interest Rates, Foreign exchange rates, Stock market, Stolen money returns, Banks rates, EFCC rates. The more the mix, the more Inflation is gathering momentum.

    Today, a new word is flying the vocabulary air: “STAGFLATION.” Meaning, the economy is not only inflating as prices of goods and services are going Higher by day, but the economy is stagnant. People and businesses are not making more money, yet inflation is growing, things are getting more expensive.

    Prices are increasing, yet wages are not keeping up with inflation. At the same time, people are losing their jobs in the thousands by day.

    Today, those who knew something was wrong with our money, and wanting to get rich quick, invested heavily on capital gains. Even so much of the money stolen from the federation accounts into private hands, entered into Capital Gains ventures, like stock, bonds and many quick hits. Today, inflation had crashed the stock market, and render so many poor including our stolen monies.

    The government in an attempt to remedy the situation, is now printing money in the form of Bailouts. Bailouts for salaries, Bailouts for Pensions, Bailouts for Gratuities and Bailouts for Banks, Bailouts for the Stock market. Big question is, where are the monies deductions over the years for pensions Trust Funds? Inflation have rendered all useless because investors directed all into quick money making ventures of capital gains. In like manner our so much oral stolen monies.

    For those who understood Governor Ben Ayade from His inaugural day, 29th May, 2015. Intuitively understanding that the Naira was becoming worthless, His Signature Projects were pointers for people to stop saving money and begin investing in things that appreciate with inflation.

    To take the first step for the state and create such an environment, He directed His efforts to the Garment Factory, Pharmaceutical Factory, Rice City, Bakassi Deep Seaport, Superhighway and lots more.

    Basically, His intentions is to open the state to a Cash Flow society, where individuals can see opportunities right in front of their door post, and live away from the old system of: Go to school, get a job, work hard, save money, your house is an asset and your biggest investment, live below your means, get out of debt, invest for the long term in a well diversified portfolio of stocks, bonds and mutual funds, that have one pit fall, retire, and the government will support you, live happily ever after.

    Total nonsense and the greatest deciet of mankind. Inflation and recession sweeps all under the carpet in one night. It is only a rule to keep the 80-20 standard. The principle that state that, for many events, about 80 percent of the effects come from 20 percent of causes. The entire riches of Nigeria is owned and controlled by just 20 percent while the 80 percent work to keep the 20 percent up.

    Governor Ayade is saying, there is good news for those who are ready to move on into the brave new world. This is the best of times for those willing to study, learn quickly, work hard and not join the chorus of negative people.

    Recession is a reset blessing, we need to learn from the past to succeed in the future. This is our time to become what we want to become if we want to.

  • GTBank MD named CEO of the Year at 2016 Africa Investor Awards

    Managing Director/CEO of Guaranty Trust Bank plc; Segun Agbaje has emerged the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year at this year’s 9th annual Ai CEO Investment Summit which took place on the sidelines of the UN General Assembly.

    GTBank MD, Segun Agbaje

    Launched in 2007, the Ai Institutional Investment and Capital Market Awards is the only pan-African Awards designed to recognize Africa’s best performing stock exchanges, listed companies, investment banks, research teams, regulators, socially responsible companies and sovereign wealth and pension fund investors. The investment and business leadership awards aim to reward exceptional business practices, economic achievements and investments across Africa, whilst recognizing the institutions and individuals improving the continent’s investment climate.

    According to Hubert Danso, CEO of Africa investor: We are proud to honour a prolific business leader whose contributions across the continent has raised Africa’s profile as a viable international investment destination. In winning this award, GTBank’s CEO, Segun Agbaje, has displayed astute foresight in positioning the GTBank brand at the forefront of the African banking industry by providing alternative approaches to inclusive banking and economic growth across the continent.

    Commenting on the award, Segun Agbaje, Managing Director/CEO of GTBank said “I am humbled and happy to be recognized as the 2016 Ai Socially Responsible Investment (SRI) 30 CEO of the year. This award is a reflection of the hard work and dedication of the amazing team of people at GTBank.

    He further stated that, “As a Proudly African and Truly International Bank, we will continue to differentiate ourselves by leveraging Africa’s immense opportunities in a way that creates value for all stakeholders.

    Under his leadership, Guaranty Trust Bank plc has also received numerous accolades and commendations for exceptional service delivery, innovation, corporate governance, corporate social responsibility and management quality. Some of the accolades received by the Bank since his appointment as Chief Executive Officer include Best Bank in Nigeria by Euromoney; African Bank of the Year by African Banker Award; Best Bank in Nigeria by World Finance UK, Most innovative Bank by EMEA Finance; Best Banking Group by World Business Leader Magazine and Best Bank in Nigeria award by the Banker Awards.

  • Dangote now selling Handbags, Crayfish, Agege Bread to fight Recession (Photos)

    Dangote Group of Companies has done it again and guess what? This time, the business mogul has improvised so many domesticated products, including Crayfish, etc. 
    Aliko Dangote, the president and CEO of the largest company in Africa recently rejected the offer of him buy Nigeria oil and National assets but has come up with ideas to salvage the economy downturn Nigeria is facing. Don’t you think he’s a genius? By refusing to buy the nation’s assets, he definitely does not want the government to sell it, don’t you think so? 
    In his ambiguous strategy, the riches man in Africa now produces and also sells handbags, Crayfish flavoured Maggi, Agege Bread, etc. Read his conversation with the Nigerian president, Muhammadu Buhari during the launching of his new products below… 

    Dangote: Oga, do you know we now sell crayfish flavored Maggie and Spaghetti?

    Buhari: Kai!! Dangote!! Shinkina fa. You finish everything. So, now you sell crayfish fa?

    Dangote: We have started selling Agege bread too. Wahahi, Malam mai shayi everywhere in Nigeria likes it.

    Buhari: Dangote you sell everything. From cement to bread, to spaghetti, now to cray & Agege bread? Kai!! Walahi you are very good business man. In recession people must buy bread and crayfish and you are there to help them.

    Dangote: Kai!! Ka gan ne kinang. Walahi man must improvise to survive.

    Buhari: It is Ok Dangote. Do you sell these bags too? This pink one is good for Hajia Aisha Buhari.

  • Would you buy the new Ferrari car for $2.2million (N946million)?

    LaFerrari Aperta 

    When it comes to the best of car, definitely most preferably a lot of people would go for Ferrari and guess what? The giant car company has just revealed its fastest convertible car ever and it has already sold out.

    We couldn’t help but leverage our admiration over the giant stride tied around this new mug, a car everyone would love to have. But would you buy this charming Princess for two million, two hundred thousand dollar ($2.2M) which is equivalent to nine hundred and forty six million naira (N946M)?

    Well, named the LaFerrari Aperta, the brand new ride is a convertible version of an existing model, the LaFerrari hybrid supercar.

    According to CNN, the car was revealed to the public for the first time on September 29 at the Paris Motor Show, but it actually sold out in July despite its hefty $2.2-million price tag.

    The Aperta features a V12 engine with 750 horsepower, making it the most powerful engine ever used in a Ferrari road car, with a top speed of 217 miles per hour.

    Known for their Formula 1 speedy car productions, the Aperta for sure is a competent when it comes to real roadshow.

    We guess, the next generation cars may come handy and as well faster than the military jets or something more than that. And if you’ve already obtained your Aperta, do enjoy your boggy ride….

  • Cross River State may Lose $30m World Bank CADP Investment

    Cross River State Government House 

    By Inyali Peter

    In what can be best described as an utter wickedness and greediness on the side of Cross River State Governor, Senator Ben Ayade, the state is set to loose about $30 million world bank funded Commercial Agriculture Development Project (CADP).

    This is as a result of the governor’s refusal to sign the CADP list of successful candidates for training of the last set of people in the current agreement simply because all his candidates who predominantly are his family members failed to make it at the interview stage.

    It is so unfortunate that this is happening after the panel had awarded more slots to Obudu, Ayade’s local government to accommodate some of the names from government house in the list.

    CADP is a fully funded world bank program aimed at improving Agriculture produce in Nigeria by commercialization of production, processing and marketing outputs among small and media-scale commercial farmers and Agro-Processors.

    The program is a five years renewable investment program which has been running in Nigeria since 2009. Cross River became one of the states to benefit from the project in 2011 and the agreement for the current tranche is set to expire by December this year.

    As a state which pride itself as investors destination in Nigeria, one would have expected the self acclaimed ” digital ” governor to do everything within his powers to renew the agreement. But unfortunately, the lack of vision and foresight characterized in the Ayade’s administration is likely to deny the state opportunity for renewal.

    Part of the agreement is that funds released for states must be exhausted within the period of the agreement to be qualified to bid for renewal. And in situations where the funds are not used, World Bank who still have direct control of the account domiciled in the Central Bank of Nigeria will retrieve the money and block every opportunity of possible renewal.

    Early this year, thousands of Cross Riverians mostly youths and women who are the major target in the program applied for different value chains to include, Cocoa, Oil Palm and Poultry available in the program for the state. Qualified candidates were invited for interview and six hundred people were selected to participate in the training for their respective value chains.

    After training, the world bank would disburse funds in the form of grants and also provide equipments for them to start up their own businesses.

    This batch was supposed to be the last for the current agreement so it was panned to be a fast process to avoid the sponsor (world bank) retrieving what is left in the state CADP account operated by the Central Bank of Nigeria.

    The process was going on smoothly until the list of successful candidates was sent to the governor for his approval which is part of the requirement for world bank to disburse funds for the successful candidates.

    The Governor in his usual egocentric and self-centered manner declined from signing the list for a simple reason that all his candidates who are mostly his family members and political appointees were not in the list.

    Several attempts to convince the governor to give the approval has heat the rock as he has vowed to rather have world bank retrieve the money and block the state from possible renewal than sign a list that doesn’t contain all his interest.

    How the governor has consistently put his personal interest ahead of the overriding public is what has left the applicants and Cross Riverians wondering.

    With the increasing unemployment rate across the country, governments at all levels need to be proactive and responsive to issues of public interest such as this. This project would have instantly created about six hundred jobs for Cross Riverians.

    The state was selected among Kaduna, Lagos, Kano and Enugu in the first place because it is believed that Agriculture employs about 80 percent of the state labour and contribute highly to the Gross Domestic Product (GDP). But that was in past and not Ayade’s administrations which has killed virtually all the programs in the agriculture sector.

    The state cocoa estate in Etung local government area has been hijacked by Calabar based politicians and Ayade aides who know little or nothing about cocoa farming. Cocoa farmers are crying that they have lost a full year farming season owing to the disagreement with government over the allocation process.

    And now, Ayade has not only damaged the opportunity for the state to engage young jobless graduates but has also greedily terminated an agreement that other states are seriously struggling for.

    While the other four states are in serious negation on how to renew the deal, Ayade is thinking of how to monopolise the whole system for his family members at the detriment of the public.

    Democracy is generally referred to as “Government of the people, by the people and for the people” not government of the family, by the family and for the family. This is the best time for all well meaning Cross Riverians to rise against this wickedness melted on our jobless graduates by a betrayal of public trust-Ayade.

    As the federal government is working round the clock to diversify the economy, Cross River state can place herself as a key partner for the development by running a transparent CADP. Cross River state belongs to all of us not a particular family. The governor’s family is a part of Cross River, not the entire Cross River.

    In this era of no tolerance for corruption, Ayade must come clean from the many fraudulent allegations hanging on his neck especially as it concerns the development of agriculture in the state.

  • Wife of CRS Governor Partners Etisalat Nigeria on Etisalat Fight Malaria Initiative in Cross River State

    Etisalat Fight Malaria Initiative 

    MALARIA HAS MET A STRONGER FORCE… TOGETHER WE WILL END MALARIA FOR GOOD IN CRS. – DR LINDA AYADE

    Wife of the Cross River State Governor, Dr. Mrs. Linda Ayade’s Mediatrix Development Foundation and Cross River State Primary Healthcare Development Agency has stepped up the fight against malaria in partnership with telecommunications operator, Etisalat Nigeria to tackle malaria in primary secondary and tertiary  schools through ICT as computers were also distributed to schools at University of Calabar Conference Centre, Calabar. The event featured the official signing and official flagging off of the Etisalat Fight Malaria Initiative in Cross River State as it formed part of an ongoing Pan-Nigeria crusade by the telecommunications firm against the scourge of malaria in the country.

    Speaking during the official Flagged off in Calabar, Wife of the  Governor, Dr Linda Ayade said she initiated the Hunt Malaria program in 2015 to fill the gap in malaria prevention and treatment and also reduce the prevalence of malaria and HIV in public schools. According to her, more than 10,000 students have benefited from distribution of treated nets and 25,000 youths and students will be trained on ICT to champion the fight against malaria in the state while noting that ICT was brought in as one of the tool to fight against malaria which Etisalat have agreed to partner with her foundation to equip schools in CRS with computers. She applauded Etisalat for their kindness while promising to sustain the initiative in CRS.

    Earlier speaking, Dr Betta Edu in her welcome addressed said CRS have been working so hard to end malaria for good. We have intensify major steps to be taken as an Agency and one of such is the partnership with Her Excellency Dr Linda Ayade’s pet organization, Mediatrix Development Foundation to secure partnership with telecommunications giants Etisalat to initiate ” Etisalat Fight Malaria program in the state. She eulogized the State Governor, Senator (Prof) Ben Ayade for the conducive atmosphere he has created for partners to invest in CRS without no hitch, first lady Dr Linda Ayade and all major stakeholders in health sector who have contributed to the fight malaria initiative. We are revitalizing the primary health sector by rehabilitating primary health centers under the one functional PHC per ward policy of the state Government, we have employed doctors to man the PHCs, we have stepped up the fight against infant and maternal mortality which can be cause by malaria.

    Vice President Government Regulatory and corporate affairs Etisalat, Ibrahim Dikko who spoke through Head, of Government  and Community relations, Mohammed Suleh-Yusuf  said the partnership is part of the company’s passionate commitment to sustainable
    development of youth and by such we must start by making sure their health is stable.

    “One of the key focal areas of our CSR intervention programme is health, and this initiative forms a part of it. We have a target to use ICT in fighting Malaria in Nigeria because our youths need to be I.T oriented to research new technological strategies  to curb the disease in the state. We expect that through these clubs, education and information on prevention of other opportunistic infections and diseases that threaten health of our youth will be achieve through the setting up of ICT centres in schools with the fight malaria clubs. We applaud the Government of CRS especially Her Excellency, Dr Linda Ayade for building this partnership with us.

    Also speaking, Honorable Commissioner of Information and Orientation, Mrs Rosemary Archibong said the scourge of malaria is on the
    increase due to poor sanitation practices; this
    provides a breeding ground for the activities of
    mosquitoes which leads to malaria. We are glad
    that Etisalat is supporting this programme. we at Information and orientation  sector will support the fight by disseminating information on malaria to Cross Riverians.

    The chief host, Prof Zana Akpagu, Vice Chancellor of University of Calabar in his remarks said MDF have been so proactive especially in the area of malaria prevention which the foundation is taking a lead. He lauded the Etisalat partnership and describe it as service to humanity.

    Mr Asu Okang, Commissioner of youth and sport expressed delight at the exercise just as he lauded the telecom firm for taking up the fight against malaria which claims millions of lives yearly especially in Sub-Saharan Africa largely due to environmental reasons. He said the Ministry was unfolding a youth multi sectoral program that will engage our youths and students on part time jobs.

    Present at the event were SSG, Barr (Mrs) Tina Agbor, House Committee Chairman on Health, Hon.Dr. Ekpo Ekpo Bassey who spoke briefly on measures taken by the house to strengthen healthcare in state such as Ayadecare,  primary healthcare bills now laws. Others are representatives of UNFPA led by Dr Yakubu Aliyu, Executive Director of MDF, Mr Jeffrey Adamade, Dr Iwara Iwara, State Program Manager Roll Back Malaria, Dr Steven Takim who represented the honorable Commissioner of Health and University of Calabar Students Union Government Executives, other members of exco, CRS women, commissioners wives group etc where present. The event also featured official signing of MOUs  by both parties. And the presentation of laptops to wife of Governor who presented to all schools present. Event started with a courtesy call at VC office.

  • Governor Ayade Flag-off FADAMA III Programme in Calabar

    Cross River State Deputy Governor, Professor Ivara Esu addressing Cross Riverians during the flagging-off of the FADAMA III programme 

    The Cross River State Government Sen. Prof. Ben Ayade has assured that the flagging-off of additional financing of Fadama III marks another turning point in our quest to diversify our State and National economy by revamping agriculture and making it the mainstay of the economy.

    Governor Ben Ayade who was represented by his Deputy, Prof. Ivara Ejemot Esu state this while performing the official flag-off of the Fadama III programme in Calabar.

    He described agriculture as the bedrock of our development and commended the National Project Coordinator and all the line staff for working assiduously to ensure that the revival of the programme is actualized, adding  that as a State, we are blessed with vast arable and suitable climatic conditions for the participation in different agricultural value chain.

    Sen. Ayade emphasized that the present administration will continue to accord priority attention to the execution of projects that will have direct impact on our people and by extension, accelerate the pace of socio-economic growth in the State, maintaining that why the State has established and maintained productive synergies with donor agencies and other critical partners for enhanced development, assuring that the State will honour all obligation by prompt release of counterpart funds to ensure take-off and completion of all such projects and programmes.

    According to the Governor, the loans are refundable and so must be judiciously applied for the purpose they are meant for as no form of misappropriation will be tolerated, and used the forum to urge project managers to close monitor beneficiaries to ensure that they are put into expanding cassava production in the State.

    He used the forum to challenge our youths to take up vocations in agriculture as it has potentials to increase income and generate employment saying that mechanized Technologist and application of right inputs for enhance increased production as well as expanded income from the same land.

    Speaking earlier, the Commissioner for Agriculture, Prof. Anthony Eneji, who was represented by the Director of Administration in the Ministry, Dr. Francis Adie intimated that based on the lessons learned from the previous programmes, the present additional financing is aimed at scaling up the achievements of Fadama III to support increase production of Cassava, Rice, Tomatoes and Sorghum.

    Dr. Adie maintained that as the 2nd highest producer of cassava in the country, there is need for us as a State to scale up and assume the prime position as number one in the country and commended the state government for prompt approval and release of funds to facilitate efficiency in the area of cassava production.

    The ceremony featured presentation of agricultural manual and other literary materials to farming groups and co-operative societies.

    Report by: Paulyne Eba (Dep gov’s Press unit, Calabar)

  • Governor Ayade accused of Hijacking CBN Anchor Borrowers Programme Funds

    Professor Benedict Ayade, Governor of Cross River State

    By Iyali Peter

    Central Bank of Nigeria, CBN Anchor Borrowers Program in Cross River state is allegedly in disarray as the state governor, Sen. Ben Ayade has been accused of hijacking the process and flooding the list with his political appointees and family members.

    Ayade, according to a reliable source has forwarded over five hundred names which comprised mostly of Calabar based politicians and his family members who are not rice farmers to the Ogoja branch of Bank of Agriculture.

    According to the source Adie Samuel, “The governor has hijacked the entire process and has filled the list with his family members and Calabar Politicians who know nothing about rice farming”.

    The source maintained, “I am from Obudu, the same local government with the governor but it’s so disappointing that after getting a message initially from the borrowers program, my name is no longer in the list from my LGA as the governor has removed my name and replaced it with his family member”.

    While commending the federal government for the initiative, another source, Benson Odey, a rice farmer alleged that “some inputs that were meant for Cross River North being the largest producer of rice in the state was diverted to Ikom by a political cabal

    “More disappointing is the fact that some politicians who are not even farmers have already gotten the highest portion of the inputs, leaving the real farmers to grumble.


    “As we speak, Inputs are secretly distributed to Ayade’s cabal at night”

    Reacting, the state agric Commissioner Prof. Anthony Eneji denied the allegations against the governor stressing that the program is under the strict monitoring team from the CBN.

    Prof. Eneji said that “Please disregard that disinformation. The programme is under firm monitoring by CBN based on strict guidelines. His Excellency, the Governor has no interference whatsoever”.

    It will be recalled that the Federal Government through the CBN is currently granting loans to rice farmers aimed at increasing food production and security in the country.

    The CBN had set aside N40 billion out of the N220 billion earmarked under its Micro and Medium Enterprises Development Fund to boost rice production in the country.

    The fund is to serve as loans to rice farmers in the range of N150, 000 to N250, 000.

    According to the CBN, the fund would be given as loans to rice farmers to procure agricultural inputs like fertilizers, pesticides and seedlings among others.

    Farmers through corporative are expected to open an account with the Bank of Agriculture to be able to access the loans.


    In the Ogoja branch of Bank of Agriculture yesterday, the turn out of farmers in the northern zone was very high as they came out in their numbers to open account.

    Already truck loads of inputs such as rice, fertiliser, herbicides among others have arrived.

  • GTBank Fashion Weekend – Promoting Enterprise

    Leading African bank, Guaranty Trust Bank plc, has announced the debut of the GTBank Fashion Weekend which will hold in Lagos on the12th and 13th of November 2016. The two-day consumer focused event is themed “Promoting Enterprise” and is set to create an ultimate fashion experience, where the most promising and talented retail brands will showcase the latest fashion trends and products to a large and diverse audience of consumers, fashion aficionados and industry professionals.

    Positioned as a sequel to the GTBank Food and Drink Weekend, the GTBank Fashion Weekend is part of the Bank’s initiative to strengthen small businesses in key economic sectors through non-profit consumer-focused fairs and capacity building initiatives that serve to boost their expertise, exposure and business growth.

    The Weekend will be headlined by top fashion industry experts,trend setters as well as locally renowned designers and style authorities. Attendees will be treated to a series of fashion events such as Entrepreneurial and Fashion MasterClasses and Retail Exhibitions.

    At the heart of the GTBank Fashion weekend are the fashion Master classes facilitated by renowned local and international fashion experts. This year’s Master Classes will cover relevant topics addressing challenges and opportunities across the entire industry value chain including: Fashion Entrepreneurship; Perfecting Design; Brand Positioning, Growth & Profitability; Product Development; The e-Commerce Leap and several others.

    The Retail exhibition will showcase dozens of leading Small Businesses within the fashion and beauty industry, offering a diverse range of affordable and luxury apparel, footwear, accessories, beauty items, and much more. As part of the exhibition experience, there will be a craft section, featuring handcrafted indigenous garments and accessories. Culminating each day will be a series of Runway shows featuring collections by renowned Nigerian and African Fashion brands.

    Commenting on the GTBank Fashion Weekend, Mr Segun Agbaje, the Managing Director of Guaranty Trust Bank plc, said; “We are thrilled to be the first in the Nigerian financial sector to pioneer an initiative that will assist in unlocking growth opportunities for businesses in the fashion industry. We believe we have a fundamental responsibility to ensure that our customers have all the necessary tools to achieve success within the global economy. We will use our strength, global reach, expertise and relationships to make a positive impact for our customers and invariably our communities. We are committed to growing SMEs in a sustainable manner that is not driven by profits but focused on empowering our customers and growing our economy collectively.”

    GTBank has consistently played a leading role in Africa’s banking industry. The GTBank brand is regarded by industry watchers as one of the best run financial institutions across its subsidiary countries and serves as a role model within the financial service industry due to its bias for world class corporate governance standards, excellent service quality and innovation.

  • Decision Time, Cross Riverians; Sustainability for our Industrialisation, with Government or P3?

    Governor Ben Ayade of Cross River State and the Minister for Labour, Chris Ngige 

    Cross Riverians, a new Chapter is opening. Our ideas and dreams are metamorphosing from idea generation, to idea manifestation, and now is time for the thoughts of Sustainability of these manifestations, which the Garment Factory, and all other great projects born out of the industrialisation dreams of Governor Ayade will depend.

    What is P3?
    Public–private partnership (PPP) describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. These schemes are sometimes referred to as PPP, P3 or P3.

    A public private partnership is a legally-binding contract between government and business for the provision of assets and the delivery of services that allocates responsibilities and business risks among the various partners. In a P3 arrangement, government remains actively involved throughout the project’s life cycle. The private sector is responsible for the more commercial functions such as project design, construction, finance and operations.

    Given the huge amounts needed and the drive necessary for development, the government does not have the requisite capability to achieve this on its own and has thus among other options embarked upon the use of Public Private Partnerships (PPPs), for infrastructure development and thus addressing the challenges constraining the growth of the economy.

    The Federal Government of Nigerian has further established the Infrastructure concession regulatory commission through the Infrastructure Concession Regulatory Commission (Establishment, Etc) Act of 2005 (The ICRC Act) in this regard.

    The ICRC Act therefore seeks to provide for the participation of the private sector in financing, construction, development, operation, and maintenance of Government infrastructure or development projects through concession or contractual arrangements.

    The Infrastructure Concession Regulatory Commission (ICRC) and its Governing Board were then established to regulate, monitor, and supervise the concession and development projects. The Infrastructure Concession Regulatory Commission (ICRC) is responsible for setting forth guidelines to promote, facilitate and ensure implementation of Public Private Partnership (PPP) Projects in Nigeria with the objective of achieving better value for money (vfM)for infrastructure services and enhanced economic growth.

    Cross Riverians,  we are a people carrying baskets of eggs on bad roads, with no insurance, and we have no money on our own to pay for damages.

    A man came and encourage us to go through the bad road and agreed to pay for the damages that will occur given the impossibilities of going through these roads without breaking some of these eggs.

    The man has shared in the risk involve, given us new hopes and charge our energy, vigor and vitality.  He has bought over our fears and galvanise and sharpen  our talents and skills.

    The second fear in us appears; How can I sell this eggs, maintain my vehicle,  pay tax, pay all bills and continue strong in this line of hope? How can I sustain this process given that many others have failed before me even when their conditions were better than mine?

    What is the grantee of continuity given the change in government policies and programmes? This man came again and in the same manner said, just enter a contract with me and forget the rest in my hands. I will take responsibilities of the future changes based on the laws that establish our contract.

    The eggs are our small percentage in Bonds, which on its own, can do us nothing. But that gave the P3 investor, confidence to take us through our needs with more capital. The P3 investor becomes our partner and get involve in the daily running and management of the venture.  He has more money at stake so he run and manage the venture like his own through the open monitoring  and supervisory regulatory body constituted by us.

    Profit is share to us, taxes are paid to us, rents are paid to us, our children, Brothers and sisters, relatives are given jobs and our revenue expands  by the monies these P3 investors invest into our economy. We enjoy these infrastructures and better our lives, economy and contribute to the world.

    The Garment Factory,  Superhighway,  Deep Seaport,  Calapharms,  Calabar Rice City, Calabar Power Plant, etc. Are all running under the framework of P3. This is therefore, time to think about sustainability given the failed infrastructures in the past built, managed and operated by government alone.