Author: The Elites

President Bola Tinubu has approved the appointment of the Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, as the Chairman of the Board of the Nigerian Education Loan Fund (NELFUND). This was announced in a State House Press Release by the Special Adviser to the President on Media and Publicity, Chief Ajuri Ngelale on April 26, 2024.

According to the statement, ‘‘the President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds and of ensuring that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.’’

Jim Ovia, CFR, is the Founder and Chairman of Zenith Bank Plc, one of Africa’s largest banks with over $21.4 billion in assets and shareholders’ funds of over US$2.4 billion as at December 2023.  Zenith Bank is a global brand listed on the London Stock Exchange and the Nigerian Stock Exchange.  In addition to major operations in Nigeria and other West African countries, the Bank has sizeable operations in London and Dubai. 

Jim Ovia is the Founder and Chancellor of James Hope University, Lekki, Lagos which was recently approved by the National Universities Commission (NUC) to offer postgraduate degrees in business courses. James Hope University commenced activities in September 2023.

Through his philanthropy – the Jim Ovia Foundation – he has shown the importance he accords good education.  In support of the Nigerian youth, Jim Ovia Foundation offers scholarships to indigent students through the Mankind United to Support Total Education (MUSTE) initiative. Most of the beneficiaries of Jim Ovia Foundation scholarship are now accountants, business administrators, lawyers, engineers, doctors etc.

He is the author of “Africa Rise and Shine”, published by ForbesBooks. The book which encapsulates Zenith Bank’s meteoric rise, details the secrets of success in doing business in Africa. He is an alumnus of the Harvard Business School (OPM), University of Louisiana (MBA), and Southern University, Louisiana, (B.Sc. Business Administration). Jim Ovia is a member of the World Economic Forum (WEF) Community of Chairpersons, and a champion of the Forum’s EDISON Alliance.​

In recognition of Jim Ovia’s contributions to the economic development of Nigeria, in 2022, the Federal Government of Nigeria honoured him with Commander of the Federal Republic, CFR. Also, in May 2022, Jim Ovia was conferred with the National Productivity Order of Merit (NPOM) Award by the Federal Government of Nigeria. Earlier, he has been conferred with the national awards of Member of the Order of the Federal Republic, MFR, and Commander of the Order of the Niger, CON, in 2000 and 2011, respectively, as a testament to his visionary leadership and contributions to Nigeria’s financial services sector.

The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.

BABAFEMI OJUDU

I received the sad news of the passing of my former colleague in The Guardian newspapers as well as in the Senate, Senator Ayogu Eze.

Ayogu was a brilliant journalist. One of the dedicated reporters The Guardian recruited and trained in the 1980s.

Ayogu transitioned from journalism to politics and excelled in this career. He ascended from being a governor’s spokesperson to being a commissioner and later a senator. He was skilled at his work as a legislator, and we had close associations even though we used to have principled disagreements. He was PDP, and I was APC. Sometimes we had shouting matches at committee meetings, and sometimes we made jokes about our disagreements. He will later quit the PDP to join the APC, two parties that have since morphed into one like siamese twins.

Ayogu tried twice to be the governor of Enugu State but faced setbacks.

Early in February, I got a call from him inviting me to the wedding of his daughter in Lagos. “You must honor me with your presence. This girl is your daughter. His mother is your sister from Ifaki, Ekiti State,” he said. I was touched by that, particularly at a time when most Nigerians are retreating to their ethnic enclaves. The story of Ayogu and his Ekiti wife, who, if I am not mistaken, he met at The Guardian, is one that gives hope. The wedding happened, but sadly, I couldn’t attend. Two days later, I tried to call to apologize for my inability to attend but could not reach him. I called a mutual friend who informed me that Ayogu suffered a massive stroke the day after the daughter’s wedding. The news was devastating.

Two months later, I woke up to the news of his passing. What a very sad one this is—this intertwining of joy and sadness. How could the occasion of such joyousness be married with the tragedy of a stroke and ultimately death? That is the nature of our existence.

It reminds me of the title of a periodical I used to read when I was growing up: Sadness and Joy. The earlier we accept this as the reality of life, the better for us mortals. This will do us the good of moderating our appetite for wealth, for position, for all the glittering things of life; it will chip away at our huge and unhealthy ego; it will help us relate to living moderately, giving and not always taking.

Ayogu has done his bit and gone; we can only console his wife, children, and all those he left behind while the rest of us, who are still playing God, learn a lesson from this flimsy and fleeting human existence.

Journey well, dear brother and friend.

First Bank of Nigeria Limited, West Africa’s premier financial institution and leading financial inclusion services provider, announced its recognition as theBest Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa at the Global Finance ninth annual World’s Best Private Banks Awards for 2024 held at the Harvard Club of New York on March 21, 2024.

According to Global Finance, its Private Bank Awards honour banks that best serve the specialized needs of high-net-worth individuals as they seek to enhance, preserve, and pass on their wealth.

FirstBank Private Banking business model was revamped in January 2023 on the back of a stellar performance in 2022, to consolidate its position and maintain its pride of place as the leading Private Bank in Nigeria with distinct product offerings covering investment advisory, wealth management, asset management and lifestyle solutions.

The Bank has remained consistent in reinventing itself, enabling success through the years of its existence for the last 130 years, responding to the changes in the private wealth space and the opportunities presented by certain factors like borderless technology, renewed interest in mineral wealth, migration opportunities, concerns for wealth preservation amongst many others.

Receiving the awards, Idowu Thompson, the Group Executive,Private Banking and Wealth Management, FirstBank said; ‘we are greatly honoured to be recipients of the awards Best Private Bank in Nigeria and Best Private Bank for Sustainable Investment in Africa, both testaments to our enduring commitment to continuously creating value by strengthening financial awareness and driving inclusiveness in  our customers journeys from wealth creation, growth, preservation and its orderly transfer.”

“We are delighted with the impact we have made in putting our customers first as this has played a very vital role in enabling their successes and contributing to national development. These awards are dedicated to our esteemed customers. We reaffirm our continued dedication to continuing to improve and delivering excellence in banking”.

Joseph Giarraputo, Founder and Editorial Director of Global Finance said: “Private banking is an art as well as a science in which knowledge of economic and financial trends are paired with a deep understanding of client needs. Global Finance’s Private Bank Awards highlight institutions that deliver both.”

Amongst other awards, FirstBank recently added to its awards kitty are Best Private Bank in Nigeria 2024 by Global Banking and Finance; Best CSR Bank in Nigeria 2024 by Global Banking and Finance; Most Innovative Digital Bank, 2024- Nigeria by Digital Banker Africa ; the Most Innovative Banking Brand in Nigeria 2023 by Global Brands Awards; Financial Institution of the Year 2023 by Afrexim Bank; and Best Corporate Bank in Nigeria 2023 by Euromoney Awards for Excellence.  

Amidst a rapidly evolving global landscape, First Bank of Nigeria Limited has demonstrated exceptional leadership in integrating sustainable practices into its banking operations. Through strategic investments, innovative solutions, and a steadfast dedication to environmental, social, and governance (ESG) principles, FirstBank has remained a trailblazer in sustainable finance for its customers, irrespective of where they may be across the globe.

Zulu Adigwe, a veteran Nollywood actor, has passed away.

A movie producer, Stanley Nwoko, announced the death of the actor in a post on his Instagram page on Tuesday.

“What caused his death yet to be reviewed.

“Rest in peace Good actor.”

Adigwe was best known for paternal roles in Nollywood movies.

He first achieved fame as Mr. B in the sitcom: “Basi and Company.”

e featured in the 2019 blockbuster: :Living in Bondage: Breaking Free.”

Adigwe was born in Enugu State, where he spent most of his childhood, but moved to Austria, where he attended primary and secondary school.

Prior to acting, he studied French and German, worked as a teacher, and briefly studied Medicine before returning to Nigeria after his father’s death.

He enrolled with the University of Ibadan where he studied Theatre Arts, graduating with First Class Honours.

Adigwe’s interest in acting started when he was seven.

His earliest appearance on Nigerian television was in Basi and Company where he played the lead character, Mr. B, replacing former actor. Albert Egbe. who left the series after a dispute with the show’s creator, Ken Saro-Wiwa.

Adigwe’s introduction to the cast saw Mr. B re-invented as a guitar-strumming layabout composing and singing get-rich-quick ditties.

He also performed Basi and Company’s new theme song, and an album coinciding with the series – Mr. B Makes His Millions – was released under Polygram Nigeria in 1990.

In 1991, Adigwe was among the original cast of Checkmate, playing lecherous university lecturer Monday Edem in the pilot episode, but the role was recast after production moved from Enugu to Lagos.

His first movie was Blood of the Orphan, which earned him acclamation and recognition.

In 2004, he also starred in Living Abroad, directed by Elvis Chuks, which also featured Ernest Asuzu, Emeka Enyiocha, and Anne Njemanze.

In 2019, Adigwe featured as Pascal Nworie in Living in Bondage: Breaking Free.

In the intricate mosaic of Nigeria’s societal fabric, Otunba Adejare Adegbenro stands as a beacon of commitment, resilience, and service.

Born on March 6th, 1973, in Lagos, he draws from a lineage steeped in political legacy, being the grandson of the late Premier of Western Region, Alhaji Daudu Sooroye Adegbenro. Raised in a family that values service to the community, Otunba Adegbenro has carved his path as a distinguished figure in Nigerian society.

The culmination of his familial heritage and dedication to community service was marked by his installation as the first Otunba Laje of Owu Kingdom in Ogun State, Southwest Nigeria.

This historic event, which took place on January 20th, 2018, under the auspices of His Royal Majesty Oba Olusanya Dosunmu II, traditional ruler of Owu kingdom, reinforced Otunba Adegbenro’s deep-rooted ties to his cultural heritage and commitment to uplifting his people.

Beyond his traditional titles, his influence extends globally, with his appointment as High Commissioner by the International Human Rights Commission (IHRC), where he spearheads foreign special missions aimed at preventing illegal migration and human trafficking. This appointment is a testament of his reputation as a renowned security expert and industrialist, whose expertise transcends national borders.

In his role as the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons, and Pipeline Vandalism (NATCOM), Otunba Adegbenro has demonstrated a steadfast commitment to combating threats to national security. His vast experience in security consultancy and supply of security gadgets has positioned him as a pivotal figure in Nigeria’s security landscape.

However, Otunba Laje of Owu Kingdom’s contributions extend beyond the realm of security.

Through his foundation, the Otunba Adejare Adegbenro Foundation (OAAF), he channels his resources towards uplifting the less privileged in society. With initiatives ranging from the provision of boreholes to communities lacking access to clean water, to scholarships for deserving students, he exemplifies the spirit of philanthropy and communal solidarity.

Reflecting on his journey, Otunba Adegbenro once acknowledged the challenges he has faced, from navigating the complexities of entrepreneurship to confronting societal stereotypes.

Yet, through it all, he remains resolute in his commitment to service and upliftment. His philosophy, rooted in faith and compassion, drives him to make a tangible difference in the lives of others, regardless of obstacles encountered along the way.

Otunba Adejare Adegbenro stands as a testament to the power of leadership, resilience, and unwavering dedication to the common good. In him, Nigerians find not only a visionary leader but a compassionate steward of progress, whose impact reverberates far beyond the shores of his homeland.

Lagos State Governor, Mr. Babajide Sanwo-Olu, has congratulated Nigerian Chess master, Tunde Onakoya, for setting a new Guinness World Record for the longest marathon chess.

The governor said Onakoya’s remarkable story showed that with determination, dreams can indeed soar to monumental heights.

Sanwo-Olu, while commending Tunde Onakoya for beating World Guinness records, said the journey of the Chess master from Lagos, Nigeria, to global recognition embodies the spirit of Lagos as a great city.

He said: “Congratulations to Chess Master Tunde Onakoya on breaking the world chess marathon record in Times Square, New York, United States of America. Your journey from Lagos, Nigeria, to global recognition embodies the spirit of our great city.

“Tunde continues to demonstrate that greatness can emerge from even the most humble beginnings. His remarkable story serves as a blueprint for all of us in Lagos-a city where his impact has been felt the most, showing that with determination, dreams can indeed soar to monumental heights.

“Tunde’s entire journey was showcased on digital billboards and celebrated with watch parties, capturing the true spirit of Lagos. Despite enduring pain and fatigue, Tunde persevered, driven by his commitment to empower the children he champions. 

“This is your moment, Tunde, and Lagos stands with you every step of the way.”

As the country faces economic challenges, the need for adaptive strategies in the fintech industry becomes paramount. In line with this, leading Fintech startup, Hydrogen Payment Services Limited (‘Hydrogen’), has teamed up with Co-creation Hub (‘CcHub’) to host an insightful event themed,‘Adapting Fintech Business Models to Economic Climes’. 

The event, set to take place on Thursday, April 18, 2024,from 12:00 WAT at the CcHub office in Sabo, Lagos, will delve deep into the intricacies of Nigeria’s economic challenges and how these influence the fintech ecosystem. Participants will gain actionable insights on how to adapt fintech business models to volatile economic conditions by prioritising flexibility, agility, and customer-centricity.

This collaboration underscores the shared commitment of both entities to empower aspiring founders venturing into the Fintech space amidst economic uncertainties. By leveraging their respective expertise and resources, Hydrogen and CcHub aim to equip emerging entrepreneurs with the knowledge, tools, and support needed to thrive in today’s dynamic economic conditions.

Emeka Awagu, Chief Technology Officer at Hydrogen, commented on the strategic partnership with CcHUB:

“Our alliance with CcHUB amplifies our shared commitment to pioneering transformative solutions in Nigeria’s fintech sector. By leveraging Hydrogen’s technological expertise alongside CcHUB’s innovative approach, we are primed to set a new standard for fintech excellence and drive impactful change across the industry.”

The event will feature a distinguished panel of industry experts and thought leaders, including, Ina Alogwu, Group Director, Digital Transformation, ARM HoldCo; Emeka Awagu, Chief Technology Officer, Hydrogen, and Miracle Ezechi, Digital Marketing Manager, Hydrogen.

The panel discussion will be moderated to encourage an engaging and insightful conversation on the strategies and innovations required to thrive in Nigeria’s Fintech landscape amidst economic challenges.

Interested attendees are encouraged to register here and serve a spot.

In an unprecedented move, Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

While rolling out the products, the refinery supplied at a substantially reduced price of N1,200 per litre three weeks ago, representing over 30 per cent reduction from the previous market price of about N1,600 per litre.

This significant reduction in the price of diesel, at Dangote Petroleum Refinery, is expected to positively affect all the spheres of the economy and ultimately reduce the high inflation rate in the country.

Lagos State Governor, Mr Babajide Sanwo-Olu, has congratulated the Secretary of the Governance Advisory Council (GAC), Alhaji Mutiu Are on his 65th birthday.

Governor Sanwo-Olu in a congratulatory message issued on Tuesday by his Special Adviser on Media and Publicity, Mr. Gboyega Akosile, described Are as a seasoned administrator and committed politician.

He said Alhaji Are has made remarkable contributions to governance and politics in Lagos as a chieftain of the ruling party in the State for many years, adding that his positive impacts as scribe of the GAC are felt within the party and the State as a whole. 

Governor Sanwo-Olu commended Alhaji Are for being a committed and passionate leader, noting that the All Progressives Congress (APC) chieftain has used his various positions for the progress and development of Lagos State and Nigeria as a whole in different capacities. 

He said: “On behalf of my darling wife, Ibijoke, the Government and the people of Lagos State, as well as leaders and members of the Governance Advisory Council (GAC) of the All Progressives Congress, I congratulate Alhaji Mutiu Are on his 65th birthday. 

“As Alhaji Mutiu Are celebrates this significant milestone, I pray that God will increase him in good health to enable him to render more service to humanity, Lagos State and Nigeria.”

If great care is not taken, President Bola Tinubu may suffer sabotage by his kitchen cabinet. Despite some flashes of brilliance from within, mediocrity runs through his ministerial team, like the proverbial dark cloud sullying the silver mists of his Renewed Hope agenda.

Aside from some 12 ministers adjudged to have put up an average performance, the majority are struggling futilely to justify their appointment to their esteemed positions.

Beyond what is known in local parlance as the initial gra gra (IGG) projected by the incumbent ministers, many of them fall short in expectations as they continually fail to perform optimally in their separate ministries.

Consequently, several pundits have suggested the immediate sack of non-performing ministers. It would be recalled that as he commenced his four-year tenure, President Tinubu read the riot act to his ministers, stressing his eagerness to implement his Renewed Hope agenda in the shortest possible time.

So doing, he told the ministers that they wouldn’t have the luxury of time and space before he started evaluating their performance to determine who would be retained or given the boot from the Federal Executive Council (FEC).

While swearing in the Ministers last year, President Tinubu said that Key Performance Indicators (KPIs) would be deployed to assess their impact, adding that Nigerians expect so much from them and they can’t afford to fail or put up a mediocre performance.

The President vowed to kick off his team any minister found wanting in the discharge of his duties. He promised to wield the big stick when necessary.

Despite reading the riot act to his ministers, they have persistently fallen short of expectations. Even after creating 12 additional ministerial portfolios, thus increasing the number of ministers to 48, it hasn’t improved the quality of governance on his watch. At the moment, barely 12 of Tinubu’s ministers have displayed decent performance. The remaining 36 have been largely unproductive.

But for a handful of ministers, including the Minister of Finance, Wale Edun, Health Minister Ali Pate, Solid Minerals Minister Dele Alake, Works Minister David Umahi, Interior Minister Olubunmi Tunji Ojo, and the FCT Minister, Nyesom Wike, the rest have been imperceptible and uninspiring, according to pundits.

Even the suspended Minister of Humanitarian Affairs, Betta Edu, could be considered among the top 5 most active ministers in this administration.

Those President Tinubu might need to sack from his cabinet include the Minister of Power, Adebayo Adelabu, the Minister of Marine and Blue Economy , Adegboyega Oyetola, Hannatu Musawa – Arts, Culture and Creative Economy, the Minister of State, Environment and Ecological Management, Ishaq Salako, Minister of Industry, Trade and Investment, Doris Anite, Minister of Innovation Science and Technology, Solomon Lalong – Labour and Employment, Uche Nnaji, Minister of State, Labour and Employment, Nkiruka Onyejeocha, Minister of Women Affairs, Uju Kennedy, Minister of State, Water Resources and Sanitation, Bello Goronyo, and Minister of Agriculture and Food Security, Abubakar Kyar, Bello Goronyo – Minister of State, Water Resources and SanitationOthers are the Minister of Information and National Orientation, Muhammed Idris, Minister of Foreign Affairs, Yusuf M. Tuggar, Minister of Tourism, Lola Ade-John, and Minister of State, Health and Social Welfare, Tunji Alausa, Zephaniah Jisalo – Special Duties, Joseph Uysev – Water Resources and Sanitation

The performance of these ministers has been lacklustre thus leading critics to insist that President Tinubu kick them out of his kitchen cabinet as he approaches his second year in office.

Meanwhile, some Ministers have shown competence and capacity in their respective duties. Beyond their pragmatic initiatives and impactful programmes, these performing ministers also deploy effective media relations and strategic stakeholder engagements to help douse tension and calm frayed nerves among masses segments affected by the workings of their respective ministries.

These ministers are as follows:

Nyesom Wike, Minister of Federal Capital Territory

Within a few months of assumption of office, the Minister of the Federal Capital Territory, Nyesom Wike, established the FCT Civil Service Commission to guarantee the career progression of civil servants within the territory.

Rather than executing new projects, the Minister mobilised and instructed contractors to complete ongoing projects, especially road, rail and township projects or face sanctions.

Prioritising security measures and revenue generation to safeguard residents and fund infrastructural development within the FCT, Wike is also restoring the original Abuja master plan and tackling insecurity by getting rid of illegal structures.

Wale Edun, Minister of Finance and Coordinating Minister of the Economy

The finance minister, Wale Edun, initiated various fiscal reforms to revamp the economy after removing fuel subsidies that were costing the country over N400bn monthly.

Apart from spearheading alternative ways for generating more revenues, he has ensured equitable and transparent monthly disbursements from the federation account when due to the tiers of government.

He is also behind expanding the scope of direct cash transfer schemes to millions of more households to cushion the rising cost of living.

Muhammed Ali Pate, Minister of Health and Social Welfare

Professor Muhammed Ali Pate, the Coordinating Minister of Health and Social Welfare, has attracted various development partners to support Nigeria’s healthcare system. They include GAVI, The Susan Thompson Buffett Foundation, etc.

Besides introducing the Human Papillomavirus (HPV) vaccine into the routine immunisation system, his Ministry launched lifesaving initiatives such as Multiple Micronutrient Supplements (MMS) to improve quality maternal health outcomes.

In addition to that, the professor of public health facilitated the signing of MoU between FG and Afreximbank in which Nigeria will get $1bn deal to finance Healthcare as the country records significant progress in the elimination of Neglected Tropical Diseases (NTDs).

Olubunmi Tunji-Ojo, Minister of Interior

Olubunmi Tunji-Ojo, the Minister of Interior, cleared more than 200,000 backlogs of international passports he met within a few weeks of his appointment and ensured the speedy implementation of automation of the passport application process.

A former member of the House of Representatives, Tunji-Ojo also facilitated the E-gates system at the international airports aimed at reducing passengers’ physical contact with immigration officers and facilitating movement.

Mohammed Idris Malagi, Minister of Information and National Orientation

The Information Minister, Alhaji Mohammed Idris Malagi, hosts inter-ministerial press briefings to boost accountability in governance. He also deploys sound PR strategies in timely, responsible stakeholder engagements while addressing burning national issues with facts and sincerity of purpose. He doesn’t abuse, blackmail or bully government critics and opponents in his engagements.

Malagi, a publisher and PR specialist, in his effort to rebrand Nigeria’s image, unveiled a National Value Charter that will provide clear guidelines on the rights of citizens on the government and the government’s demands on the citizens.

) Dele Alake, Minister of Solid Minerals

After initiating his agenda of restoring investor confidence and renewing global interest in the sector, Dele Alake took decisive actions, including revoking licenses, establishing enhanced security measures and international collaborations towards the protection of the industry.

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He also launched revised guidelines for community development agreements (CDA) to ensure that host communities benefit maximally from mining operations while government royalties for economic development are safeguarded.

The Ministry signed a memorandum of understanding (MOU) with the German firm Geo Scan GmbN for the deployment of cutting-edge proprietary technology capable of exploring mineral resources up to 10,000 metres below the earth’s surface, with no cost to Nigeria.

David Umahi, Minister of Works

Concerned over corrupt practices and poor handling of projects, the Minister read the riot act to contractors on timely delivery and threatened to punish defaulters.

Besides ensuring road contractors meet the required standard within the stipulated periods, David Umahi formed a team of retired military and security personnel to protect and secure construction sites from criminals. This was to tackle incessant complaints by contractors about the safety of their workers and equipment at the sites.

Similarly, he introduced concrete road technology over asphalt in most carriageways and continuous maintenance because concrete offers superior durability, requires less maintenance and leads to long-term cost savings. According to him, concrete produces less environmental pollution, and cars run more efficiently on the surface.

Festus Keyamo, Minister of Aviation and Aerospace Development

Festus Keyamo, the Minister of Aviation and Aerospace Development has prioritised strict compliance with safety regulations in the aviation industry and enhanced infrastructure especially upgrading airports, runways, and other critical facilities to support safe and efficient air travel.

Recognising the importance of skilled personnel in the aviation sector, the Ministry develops human capacity within the industry, ensuring that professionals receive adequate training and support.

Dr. Bosun Tijani, Minister of Communications, Innovations and Digital Economy

Besides launching a start-up portal to drive digital innovation, Bosun Tijani launched the 3MTT programme through NITDA, which aims to develop 3 million technical talents by 2025, in line with the President’s vision for making Nigeria a global hub for digital jobs.

Through a series of engagements, the Ministry has attracted more investors for different projects in the sector, including laying fibre infrastructure worth approximately $2 billion across the country.

Source: TheCapital