Osun Economic Summit: Leading From The Frontlines

By Olowogboyega Oyebade

Do you know that as the Osun Economic and Investment Summit came to an end on Thursday, 21st November, 2019,  no fewer than 22 investors showed interest in partnering with and investing in the State? Do you know that the investors both local and international also reaffirmed their commitments to explore the potentials of the State in the areas of agriculture, mining, infrastructure, health, education and Information and Communication Technology?    Are you aware that Ms Dookhony said her organisation was ready to partner with the State in setting up the necessary policies and providing immediate solutions towards creating an enabling environment while Mr Muhammed pledged to partner the State to boost its power sector by providing four sub-stations in Osogbo, Ede, Iwo and Ife as well as installing DPGW Cables from the State to several locations around the country?   Do you know that Dr Segun Aina, the Chairman of Osun Development Association has promised to establish IT-Hub in various towns  in the State, starting first with Otan-Ayegbaju, his home town? Do you know that the CEO of Work-Station, an innovation company promised to train youths in the State on how to be innovative IT and grow rich?  Do you know that the take-aways from the Summit were enough good news?  You care for more?  Enjoy this time-out.  

        Do you know that while declaring the Summit closed, Governor Adegboyega Oyetola, said the State will continue to provide enabling environment for every investor to thrive and every business partner to succeed by continuing to strengthen all existing frameworks to protect businesses as well as honouringall commitments? Are you aware that Governor Oyetola signed the Executive Order establishing OsunInvestment and Promotion Agency, a decision taken to further demonstrate the State’s commitment to socio-economic development?  Do you want to know what the Agency will set out to do?  Come along, please.  The voice of the Governor cuts in:

“I believe that with the support of our partners, we can put up a formidable front through which we can collectively accelerate development and take our beloved State to the most enviable height of development. I wish to state unequivocally that I commit myself fully to working with all our valued investors and development partners to deliver on the lofty ideals.”

Do you know that an Investment Promotion Agency (IPA) is most often a government agency (or occasionally a non-profit organization functioning similar to a Chamber of Commerce) whose mission is to attract investment to a country, State or city? Do you know that the agency have four core four functions which include: image building,  investment generation, project management and after-care services?  Are you aware that the agency performs these functions by introducing investors to  local suppliers of raw materials; providing useful statistical data and business information such as  macro-economic indicators (Gross National Product, Gross Domestic Product, Human Development Index, inflation rate, labour quality, average wages, attractive sectors of domestic economy; security issues, practical support like securing permits or completing other administrative obligations and by managing any investment incentives that the State may offer to foreign investors, companies or individuals?

Do you know that the Agency under the Federal Act in Nigeria is to co-ordinate and monitor all investment promotion activities, initiate and support measures which shall enhance the investment climate in Nigeria for both Nigerian and non- Nigerian investors; promote investments in and outside Nigeria through effective promotional means; collect, collate, analyze and disseminate information about investment opportunities and sources of investment capital, and advise on request, the availability, choice or suitability of partners in joint-venture projects; register and keep records of enterprises in Nigeria, identify specific projects and invite interested investors for participation in those projects; initiate, organize and participate in promotional activities such as exhibitions, conferences and seminars for the stimulation of investments; maintain liaison between investors and Ministries, Government Departments and Agencies, institutional lenders and other authorities concerned with investments; provide and disseminate up-to-date information on incentives available to investors; assist incoming and existing investors by providing support services; evaluate the impact of the Commission in investments in Nigeria and make appropriate recommendations; advise the Federal Government on policy matters including fiscal measures designed to promote the industrialization of Nigeria or the general development of the economy; and performs such other functions as are supplementary or incidental to the attainment of the objectives of the Act?

         Do you know that the vision of the agency is to be the pre-eminent Investment Promotion Agency in the emerging markets?  Are you aware that its mission is to pro-actively position and promote Nigeria as the preferred investment haven’?  Do you know that its core values are: accountability, anonymity, discipline, impartiality, integrity, meritocracy, patriotism, political neutrality, professionalism and transparency? Do you know that the new Osun Investment Promotion Agency will not perform less than this standard?  Do you know that the Agency will take off immediately to demonstrate that our State is really ready for business?  Are you aware that one of the side-line attractions to the investors and participants at the Summit was the focus of mind of Mr Adegboyega Oyetola to put his eyes on the ball throughout the sessions of the Summit far late into the night, listening, taking down notes and making presentations, too?  Do you know that at least, six of the panelists saw this singularity of mind and remarked that Mr Adegboyega Oyetola demonstrated the attributes of leaders leading through the front lines?  Do you want to know what it takes to lead through the front lines? Come along, please.

​Have you read about Sun Tzu, MacArthur and Patton, successful military leaders who were admired as the best leaders because they led their troops from the front lines? Do you know that  courage and focus are two requirements  for every leader (military or civilian)?  Do you know that soldiers do their duty regardless of fear and risk to life or limbs on the battlefield?  Have you read about 2nd Lt. Audie L. Murphy who became the most decorated soldier in American history at the time  during World War II?  Do you know that he had been turned down for enlistment by the Marines, Navy, and Army paratroopers because of his physique?  Are you aware that on 26th January, 1945, at Holtzwihr, Germany, Murphy (as the leader in battle) ordered his men to withdraw from an attack of enemy tanks and infantry so as not to lose any of them or get them wounded?  Do you know that during the tactical withdrawal, he mounted a fiercely burning tank named ‘Destroyer’  and fired its 0.50 caliber machine gun for more than an hour, killing 50 enemy German soldiers, stalling the attack they wanted to launch  and forcing the enemy to withdraw to peril?  Are you aware that he narrowly escaped death with the skin of his teeth but mortally wounded, with putrid gashes all over his body?  Do you know that eventually,  he led his men in a counter-attack, won that battle with devastating payloads against the enemies and was awarded the Medal of Honor for his actions?  Do you know that this is what it takes to lead by the front lines, which Vince Lombardi described as “working yourself out in a good cause and lying exhausted on the field of battle… victorious”?  The voice of Phillip of Macedonia cuts in:  “An army of deer led by a lion is more to be feared than an army of lions led by a deer.”

​Do you know that the action of Mr Governor to organize the Summit was an action grafted in extreme audacity, bringing people from all over the world to Osogbo? Amazing!  Do you know what audacity means? Have you read the story of Admiral  HoratioNelson at the Battle of Copenhagen in 1801?  Are you aware that the battle started badly for the British and the fleet commander, Adm. Sir Hyde Parker saw defeat as very inevitable? Do you know that  CommanderHyde ordered Nelson to withdraw by sending a military  signal to him?  Do you know that Nelson was informed of the signal by one of his officers but angrily responded:

“I told you to look out on the Danish Commodore and let me know when he surrendered. Keep your eyes fixed on him.”?

Do you know what he did further?  Can you believe that he then turned to his flag captain, and said:

“You know, Foley, I have only one eye. I have a right to be blind sometimes”?

Can you believe that Nelson raised the telescope to his blind eye and said:  “I really do not see the signal”?

Can you believe that in the end, the British fleet won, thus making the Battle of Copenhagen one of Nelson’s greatest victories? Can you now see a lesson in audacity, the same spirit displayed by  Frederick the Great in the Battle of Hohenfriedberg in 1745 and the battles of Rossbach and Leuthen in 1757, in which Frederick invaded Bohemia during the Third Silesian War (Seven Years’ War) with England as his only ally, faced Austrian, French, Russian, Saxon, and Swedish forces, and though he came close to defeat many times, he finally won the war? Audacity in display!

​Do you know why all the invited workers of Osunstayed from the crack of the dawn till late night participating actively in the Summit?  Do you know that it was because of the fact that their morale was high?  Do you know that one of the elements to lead by the front lines is to take care of your soldiers, the workers of the State by paying them their entitlements as and when due?  Do you know that workers of the State are now receiving their full salaries before any month ends?  Do you know that by that act of duty of care, Mr Adegboyega Oyetola is emulating the attributes of what defined  Alexander the Great as a leader?  The unimpeachable ability to place his men (workers)  first?  Have you read his story?  Come along!

         Do you know that in one of the war  campaigns, after covering more than 650 km in 11 days, Alexander and his soldiers were nearly dead from thirst and fatigue?  Are you aware that some Macedonians  brought back a few bags of water from a distant river, and they offered Alexander a helmet-full of water,  as the leader that must be first taken care of?  Can you believe that although, the mouth of Alexander was so dry that he was nearly choking?  Do you know that he gave back the helmet, full with water,  with his thanks and explained that there was not enough for everyone, and if he drank, then the others would faint?  Do you know that when his men saw this, they spurred their horses forward and shouted for him to lead them onward with blind-folded loyalty?  Do you know that with such a king, they said, they would defy any hardships?  Do you know that the payment of full salary in the face of paucity of funds in the last one year is a signature that is marketing the State positively, now? Do you know that hunger is a smart ballistic of war and it should not be used on friends?  The same thing goes with salaries.  Buyers of power must beware to use it in peace times.  It is more lethal than weapons of mass destruction (wmd).  Do you know that there are eleven timeless principles of leading from the front lines?  You care for them?  Enjoy this time-out.  The voice of Maj. Gen. Maxwell D. Taylor cuts in: “The badge of rank that an officer wears on his coat is really a symbol of servitude to his men.”

Do you know that the eleven Timeless Principles of Military Leadership include: know yourself and seek self-improvement, be technically and tactically proficient, develop a sense of responsibility among your subordinates, make sound and timely decisions, set an example, know your people and look out for their welfare, keep your people informed, seek responsibility and take responsibility for your actions, ensure assigned tasks are understood, supervised, and accomplished, train your people as a team and employ your team in accordance with its capabilities?  Have you read  General Colin Powell’s autobiography titled: “My American Journey”?  Do you know that he prescribes that for a leader to lead from the front lines, he must practice the following creeds?

Leadership is solving problems. The day Soldiers stop bringing you their problems is the day you have stopped leading them.

“Stop, Look, Listen – then strike hard and fast with all the power you need.

Never let your ego get so close to your position that when your position goes, your ego goes with it.

Never believe the first thing you hear.

“The commander in the field is always right and the rear echelon is wrong, unless proved otherwise.”

Nothing happens without example…even if the example is your own.

Teach the basics…then teach them again.

Take frequent moments to acknowledge and recognize the sacrifices your service members and families are making.

There is nothing more important than accomplishing the mission…except for taking care of your people.

The best leaders are able to show, when appropriate, both confidence and humility.

Good ideas have no rank.

Leadership is not a thing; it is a relationship.

Never let the sun go down on a soldier’s pay problem.

Take care of the little things and the big things will take care of themselves.

A core function of every military organization is to develop leaders.

Everything takes 8 times as long as you think it will.

           Do you know that leadership is paramount to the success of any army or organization?  Do you know that they directly control the climate and quality of life of their subordinates?  The statement of Napoleon cuts in: “A leader is a dealer in hope.” –

.​Do you know that as the State has got another  good leader who stays at the front lines, many good things will be taking place?  Have you heard something about the Finance Bill at the National Assembly?  Do you know what it seeks to achieve? Do you know that the Bill seeks to amend the provision of the Companies Income Tax Act by curbing Base Erosion and Profit  Shifting (BEPS) as proposed by the Organization for Economic Cooperation and Development (OECD) and broaden the triggers for domestic taxation of income earned by non-resident companies in Nigeria through dependent agents and via online market platforms?  Do you know that the Bill seeks to address the taxation of industries, such as insurance, start-ups and the capital markets, deemed by the Federal Government of Nigeria as critical to the growth and development of the Nigerian economy?  Do you know that the Bill proposes to improve the efficiency of the Nigerian VAT system taking into consideration recommendations from various stakeholder groups? Do you know that the Bill also seeks to expand VAT coverage by addressing some critical issues such as taxation of digital economy, VAT registration thresholds and intangibles? Are you aware that the Bill wishes to subject certain imported goods to excise duties in similar manner as their local manufactured counterparts?  Do you know that the Bill also seeks to provide clarity and efficiency in the administration of individual income taxes in Nigeria?  

            Are you aware that the Bill also covers the taxation of business combination and seeks to prevent abuse of provisions of the Act on group restructuring? Do you know that the Bill also seeks to increase revenue generation from duties on Electronic Stamps Duties?  Do you know that the Bill seeks to improve revenue by removing the tax exemption granted for dividends or incomes received from companies charged under Petroleum Profits Tax Act? Do you know that this Executive Bill was submitted with the 2020 Appropriation Bill? Do you know that it marks another milestone in deepening tax culture in Nigeria?  Do you know that the States and Local Governments will have enough funds to take care of their basic needs in the new year, if passed and assented to, as 85 per cent of what is collected goes to the States and Local Governments and only a paltry sum of 15 per cent stays with the Federal Government?

         Have you heard the news?  Do you know that on 21st November, 2019 when we were concluding the Summit, the Senate of the Federal Republic of Nigeria considered the report of the Senator Solomon Adeola-led Senate Committee on Finance on the Finance Bill 2019 and passed the amendment meant to generate revenue to fund the 2020 Budget? Do you know that when it is eventually assented to by the President, the Act would have amended six tax provisions and make them more responsive to tax reform policies?  Do you know that the Act seeks to amend the Customs and Excise Tariff Act to encourage local manufacturers?  Do you know that the legislation under the bill include Companies Income Tax, Value Added Tax, Customs and Excise Tariff, Capital Gains Tax Act, Petroleum Profit Tax, Personal Income Tax, and Stamp Duties Act?  

​Are you aware that Section 60 of the Petroleum Profit Tax Act provides: “No tax shall be charged under the provisions of the Personal Income Tax Act or any other Act in respect to any income or dividends paid out of any profits which are taken into account, under the provisions of this Act, in the calculation of the amount of any changeable profits upon which tax is charged, assessed and paid under the provisions of this Act”?  Do you know that this obnoxious provision has now been repealed in the present amendment and oil companies will now be made to pay taxes on the dividends being paid to their shareholders to generate more revenues for Nigeria?  Do you know that goods imported and those manufactured in Nigeria will  now be charged with duties of excise at the rates specified as against the provision in the repealed Customs and Excise Tariff Act, that only manufactured goods in Nigeria will attract duty, as contained in the Fifth Schedule of the Act? Are you aware that a landing charge corresponding to the excise duty imposed on any goods manufactured in Nigeria, has been included in the Customs duty in the Customs Duty Rates column of the first schedule in this Act to generate more revenues?  Are you aware that Section 4 of the Value Added Tax Act of 2007, was amended by substituting “5 per cent” with “7.5 per cent” thereby raising the effective VAT rate in the country to 7.5 per cent on goods and services?

      ​Do you know that the VAT Act already exempts pharmaceuticals, educational items, and basic commodities, and the exemptions are expanded under the Finance Bill, 2019 to include brown and white bread; cereals including maize, rice, wheat, millet, barley and sorghum; fish of all kinds; flour and starch meals, fruits, nuts, pulses and vegetables of various kinds; roots such as yam, cocoyam, sweet and Irish potatoes; Meat and poultry products including eggs; Milk; Salt and herbs of various kinds; and natural water and table water?  Do you know that President Buhari  listed the  five strategic objectives of the bill to include: promoting fiscal equity, reforming domestic tax laws and raising revenue? The voice of President Buhari while presenting the N10.33trn 2020 budget and the Finance Bill, 2019 cuts in:

”These objectives are; Promoting fiscal equity by mitigating instances of regressive taxation; Reforming domestic tax laws to align with global best practices and Introducing tax incentives for investments in infrastructure and capital markets….”Supporting Micro, Small and Medium-sized businesses in line with our Ease of Doing Business Reforms; and Raising Revenues for Government.”

         Do you know that the need for Nigeria to reposition its tax system in order to strengthen its revenue base is very strategic now to address the issue of dwindling revenue generation afflicting the country?  Do you know that the new VAT of  7.5 per cent will provide revenue necessary for the provision of schools, healthcare, and an economy that works for everyone?  Do you know that apart from generating huge revenues, it has an in-built mechanism to encourage local manufacturers?  Do you know that the State of Osun will receive more revenues with the signing of the Act and we will all be enough good news by it? The voice of the Senate President Lawan cuts in:

“We amended seven Acts largely to ensure that we streamline the tax system in Nigeria and ensure that we get revenues for government to provide services and infrastructure to the citizens of this country.What we have done is very significant because this is to ensure that we not only have sources of funding but credible and reliable sources of funding for the 2020 Appropriation but also for subsequent activities of government.  The revenue generating agencies will have to sit up. The National Assembly, particularly the Senate, will be mounting a lot of oversight. If they have targets, we must ensure they meet the targets. I believe what we have done is not to put taxes or burden on the ordinary people. What we have done is to create more revenue.”

​Do you know that some observers, particularly, civil servants are wary of the attendant inflation which may greet the review of taxes as inflation rate is at the 4rd Quarter of 2019 at 11.37 percent? Do you know that they are afraid of the rising trend of fall in the values of Naira which is at today 24th November, 2019 #362.50 to one US Dollar?  Do you know that it was #306.1 in 2018, #305.8 in 2017, #253.5 in 2016, #192.4 in 2015, #158.6 in 2014, #157.3 in 2013, #157.5 in 2012 and #153.9 in 2011?  Do you know that as the government intends to encourage local industries and stabilize firmly the fight against corruption, pursuing Nigeria’s stolen wealth and prevent smuggling of our precious solid minerals, the value of the Naira will begin to appreciate sooner rather than later?  

​Do you know that Heads of 19 anti-corruption agencies in the Commonwealth countries in a communiqué issued at the end of the 9th Commonwealth Regional Conference of anti-corruption agencies in Africa held in Kampala, Uganda urged heads of governments in Europe, America and other jurisdictions to speedily repatriate recovered stolen funds to African countries? Do you know that the conference enjoined heads of Government and Commonwealth Africa anti-corruption agencies to engage and empower the citizens to demand transparency, accountability and effective service delivery?  Do you know that the withholding of stolen assets from Africa has become a sore point in the relation between Africa and the countries in Europe and America?  Can you imagine a court in Britain ordering Nigeria to pay $9billion to a small British firm called P&ID  over a fraudulent oil contract in 2010?  Do you know that the repatriation of the stolen funds will address the current blight, poverty and underdevelopment in Africa, reduce unemployment, spiral inflation and reverse a slide in the values of our currencies?

       Do you know that  more wealth leaves Africa every year than enters it, by more than $40billion?  Have you read the report of a study by a coalition of UK and African Equality and Development Campaigners that revealed that African countries received $162 billion in 2015, mainly in loans, aid and personal remittances, but in the same year, $203billion was taken from the continent, either directly through multinationals’ profits and illegally moving money into tax havens by corrupt heads of governments and other officials?  Can you see this annual financial deficit of $41.3billion from the 47 African countries where many people remain trapped in poverty and diseases?  Do you know that we can prevent companies with subsidiaries in tax havens from operating in African countries including Nigeria?  Are you aware that African countries including Nigeria lose billions of dollars every year to extractive industries, western tax havens, illegal loggings and mining? ​Do you know that President MuhammaduBuhari used the occasion of the 74th United Nations General Assembly in New York joined his Zambian and Ethiopian counterparts in calling for unity among African countries to demand unconditional repatriation of assets stolen from the continent during the sidelines  high-level event on Illicit Financial Flows (IFFs) held during the Conference?

    Do you know that according to some estimates, illicit financial flows from Africa is as much as 50 billion dollars annually?  Do you know that President Buhari in his address at the occasion, stated that Nigeria alone lost about 157.5 billion dollars to Illicit Financial Flows (IFFs) between 2003 and 2012? Do you know that he said although his administration had recovered millions of dollars stolen from our country  in the last five years, a lot more was still stuck in foreign bank accounts?  Do you know that in this critical moment that we have raised tax regime internally, we require more  international cooperation and coordination to repatriate our stolen wealth to shore up value for our Naira? The voice of President Buhari cuts in:

“Therefore, here lies a role for the African Union.  The New Partnership for African Development (NEPAD) must be supported to play a critical role in securing the cooperation of African countries and their international counterparts”.

​Do you know that lawyers in Africa, particularly Nigeria need to redeem this continent, this country?  Do you know that we are yet to comply with the advice given at Yaounde, Cameroon on 6th  June, 2014 by the South Africa’s former President Thabo Mbeki who headed the Economic Commission for Africa-African Union High-level Panel (HLP) on Illicit Financial Outflows from Africa that African lawyers must strike a balance between the interests of their clients and that of society, especially with regards to the illegal outflows of money from the continent at the occasion of the  Triennial General Assembly of the Pan African Lawyers Union (PALU)?  Do you know that there were retired Justices of the Supreme Court and high ranking lawyers that were implicated in the controversial $9 billion case against Nigeria in a British court? Yes! A respectable former Chief Justice of the Federation of Nigeria assisting a foreign firm to defraud Nigeria? Can you now see why the Naira is sliding?  

Do you know that a report estimated that $29bn a year is stolen from Africa in illegal logging, fishing and trade in wildlife? Are you aware that Reuters reported that billions of dollars’ worth of gold is  smuggled out of Africa every year through the United Arab Emirates in the Middle East – a gateway to markets in Europe, the United States and beyond?  Do you know that customs data showed that the UAE imported $15.1 billion worth of gold from Africa in 2016 and much of the gold was not recorded in the exports of African States including Nigeria plus the State of Osun?  Do you know that it simply indicates that large amounts of gold are leaving Africa with no taxes being paid to the States that produce them?  Do you know that registered mining corporations in Africa revealed that they did not send their gold to Dubai, indicating that the country got gold through the black-market?  Do you know that the environment and the host States are worse of in terms of banditry associated with mining in Nigeria?  Can you now see why Osun Government wants to regulate mining environment? Can you now see why one of the panelists at the Summit described the artisanal mining going on in Osun as gastronomic scavenging induced by poverty and not mining,  perse?

      Do you know that apart from the proceeds of the Finance Bill, 2019, do you know that the closure our borders should not just be  to keep vigil on food receipts but a need to keep vigil for black-market trades in our gold and other solid minerals without being captured in our trade receipts?   Do you know that the idea that one of our colleges should transform to a Mining Training College is a good idea that must fly?  Do you know that the training of miners here will minimize pollution, conflict and banditry and provide huge revenues?  

​As the Governor celebrates one year in office, we congratulate all political, traditional, religious and opinion leaders.  We thank everyone for your cooperation and enjoin all of us to continue as we move to the second year on 27th November, 2019. We must all join the Governor to lead at the front lines in all our public duties and private thinking. We rejoice with  Mr  Adegboyega Oyetola for  leading from the front lines.