Sanusi Lamido responds to allegations of financial recklessness

Suspended CBN governor, Sanusi Lamido Sanusi yesterday Sunday March 16th responded to allegations of financial recklessness leveled against him by the Financial Reporting Council of Nigeria (FRCN) and the Federal Government. Find the full statement he released below...

I am compelled to make this public statement to address the various allegations levied against the Central Bank of Nigeria (CBN) and cited as the reasons for my suspension from office as the Governor of the CBN on the 19th of February 2014.

As a matter of record, the allegations were made in the following documents: Continue..

i. Briefing Note of the Financial Reporting Council of Nigeria (FRCN) dated 7th June 2013, Ref: PRES/188/T&I/89 to His Excellency, President Goodluck Ebele Jonathan [the Briefing Note];
ii. The Letter of Suspension dated 19th February 2014, which I received from the Office of the Secretary to the Government of the Federation; and
iii. The petition dated 9th February 2014 by Mr Erastus Akingbola.

However, before I go into the above issues, let me reiterate for the records, the achievements of the CBN during my tenure as the Governor: 

The Record

Firstly, let me state that I have been extremely fortunate to have had a solid and supportive team led by the Deputy Governors and supported by the Departmental Directors, as well as thousands of hardworking and dedicated staff who must be given the credit for all that the CBN has achieved. I would also like to acknowledge for the record, the foundation laid by my predecessor, Professor Charles Chukwuma Soludo, in a number of areas. The CBN Act, 2007, which he championed, established the CBN as a truly autonomous entity of the Federation, and made it possible for us to take the difficult decisions necessary for restoring and maintaining macroeconomic stability. The FSS 2020 and PSV 2020 documents provided the principal strategic roadmaps that led to many of the innovations in payment systems, non-interest banking, financial inclusion, the Asset Management Corporation, IFRS, Risk-based Supervision, and the like.

Indeed, it will be impossible for me to review almost five years of revolutionary change made possible by the work of thousands of employees in the CBN in collaboration with other Regulators, Banks and Other Financial Institutions and Government Ministries in this press statement. However, I will mention a few of the key highlights.
On monetary policy, the Bank has improved the institutional framework for policy-making. A properly constituted Monetary Policy Committee (MPC) with a clear mandate for maintaining stability has been established. The MPC has been supported by improvements in research, data and forecasting capacity, and we have also paid attention to clear communication of our objectives to the market. As a result, headline inflation has remained below 10 per cent since January 2013, from a peak of 15.1 percent and 13.9 percent in 2008 and 2009 respectively. Core inflation declined from 11.2 per cent in December 2009 to 7.9 percent in December 2013, while food inflation maintained a downward trend from 15.5 percent in December 2009 to 9.3 percent in December 2013. In addition to the conventional liquidity management products, the Bank approved financial products to manage liquidity in non-interest financial institutions. The CBN also promoted the formation of the financial Markets Dealers Quotations Over–the-Counter (FQDM OTC) Plc as a self-regulatory OTC operator.

In the area of safeguarding the value of the local currency and maintaining stability in the foreign exchange market for the overall sustenance of macroeconomic stability and growth, the CBN over the period has successfully maintained a stable exchange rate regime and a robust external reserve position conducive to sustainable growth and development.

On the Banking System, I was appointed Governor in the middle of a global financial crisis when the Nigerian banking system was on the verge of collapse. The Bank moved swiftly to remove the managing directors and executive directors of the banks where major corporate governance failures were discovered, provided liquidity support, pioneered the setting up of the Asset Management Corporation of Nigeria (AMCON) to purchase non-performing loans, recapitalize the banks and pilot a process that led to mergers and acquisitions, as well as recapitalization of all the weak and failing banks. As a result, all financial soundness indicators – Capital Adequacy, Asset Quality, Liquidity and Profitability ratios – were normalized. As a result of the work by the Bank, not a single depositor or creditor lost money in any Nigerian bank during or after the financial crisis.

In addition to the quantitative measures, we broke up universal banks and encouraged the setting up of specialized banks (including the first Non – interest Bank in the Country’s history), pushed for the adoption of IFRS and Basel 3, enhanced risk-based supervision, issued Competency Guidelines for the staff in the banking industry, established a Consumer Protection Department and developed a Financial Inclusion Strategy and Roadmap, among others for the CBN.

The Bank implemented policies aimed at reducing the excessive use of cash in the system to ensure safety, improve efficiency and curb money laundering. The transformation of NIBSS, the insistence on interoperability of channels, encouragement of electronic banking, the licensing of Mobile Money Operators, the Agent Banking and tiered-KYC frameworks have all led to rapid growth in volume and value of non-cash transaction and enhanced financial inclusion.

The Bank has played its leadership role in ensuring industry compliance with environmental sustainability and governance standards, including a strong focus on women and the handicapped.

The CBN in the last five years has taken a leading role in providing long-term low-cost funding to priority sectors of the Nigerian economy in a bid to help in bringing to reality the Transformation Agenda of the government of your Excellency. We have provided these funds at single-digit interest rates to micro, small and medium enterprises, as well as to companies operating in the power, aviation, and agricultural sectors of the economy, and also to large industrial enterprises with potential for structural transformation.

The Bank has invested in human capital, improved staff welfare and attracted and retained specialized skills in the areas of Banking Supervision, Information Technology, Shared Services and Risk Management.

On Financial Performance, the Bank has in the last five years kept a lid on overheads and cost of currency management. As a result, the Bank has continued to produce sterling results and contributed substantially to the Federal Budget. In the five years, 2009 – 2013, the Bank contributed N376 billion to the Federal Budget as Internally Generated Revenue (IGR).Based on 2012 financials alone, we paid N80 billion to the Ministry of Finance. On the basis of the 2013 results and at the request of the Coordinating Minister of the Economy (CME), we paid N159 billion to the Ministry of Finance in February this year; the same month the audited accounts of the CBN were approved by the Committee of Governors (COG). Indeed, due to the precarious position of Government finances, the CBN in February 2014, upon the request of the CME, gave the Ministry a further ‘Advance IGR’ of N70 billion in anticipation of 2014 profits.

May I add that, in 2008, the year before my appointment, the CBN contributed N8 billion to the Federation Account. Although the Bank is not a profit-centre, in the first four years of my term, the Bank alone contributed 75 percent of the total IGR paid by MDAs leading to commendation by the House Committee on Finance at several Public Hearings. 

Recognitions
As a result of these achievements of my colleagues and staff, we received numerous recognitions consistently throughout my tenure from highly-regarded publications. These awards are based on a competitive process where analysts and economists rank Central Bank Governors across regions and the globe.

In 2010, The Banker Magazine, a publication of Financial Times in London, named me Best Central Bank Governor in the World and Best in Africa. At the Annual World Bank/IMF Meetings, Emerging Markets, a publication of Euromoney Institutional Investor named me Best Central Bank Governor in Sub-Saharan Africa for 2009, 2010 and 2012. The African Banker Magazine named me Best Central Bank Governor in Africa, 2012. This is in addition to being named Forbes Africa Person of the year 2011 and listed by TIME as one of the 100 most influential people in the world, 2011.

I have always regarded these honours not as personal accolades, but as a tribute to our nation and the committed and resourceful women and men of CBN.

Response to the allegations in relation to my suspension

On Wednesday 10th March 2014, I submitted a Memorandumto His Excellency, Mr President, with supporting documentation,effectively addressing all the allegations contained in the FRCN Briefing Note, the Letter of Suspension and the Akingbola Petition.

Having submitted my response to the President, I am further compelled, following the recent press briefing and comments by the Senior Special Adviserto the President on Media, as well as numerous other references to the allegations in both local, international and online media, to put to the public my responses, in the interest of transparency, accountability and my responsibility to the Nigerian people.Let me also state that I saw the FRCN “Briefing Note” for the first time when it was attached to the suspension letter. At no time was this report sent to the CBN either by the President or the FRCN for comments or explanations. As for the Akingbola petition, it is a rehash of baseless allegations he has been making since 2010 which apparently he must have been asked to reproduce on February 9, ten days before the suspension. It is indeed strange that the CBN Governor can be suspended based on allegations written by a man who ran his bank into the ground and against whom judgement has been obtained in a London court, and who furthermore is facing criminal prosecution at home for offences including criminal Theft.

A careful examination of the allegations contained in the FRCN Briefing Note to Mr President, will show that each of the allegations could easily have been resolved by a simple request for clarification or more careful review. There is no doubt that if the CBN had received the Briefing Note, which was prepared in June 2013, all the misconceptions, misrepresentations and erroneous inferences contained therein would have been cleared.

I am publishing these responses to enable the general public see that each and every allegation levelled against the CBN under my leadership is false and unfounded, and that many of the allegations were malicious and fabricated, having been designed to mislead the President into believing that the Management of the Central Bank was guilty of misconduct and recklessness.

Having provided detailed explanations, backed by verifiable documents, it is my sincere wish that His Excellency, Mr President, in line with his adherence to fairness and justice, will apply the same rationale and rigour to other agencies of the Federal Government that have had serious allegations and queries levied against them, and prevail upon them to provide responses and explanations with the same level of clarity and transparency.

In closing, I would like to place on record the dogged professionalism and patriotism of the staff of the CBN. They have, over the years, conducted themselves very creditably, and discharged their duties with the highest integrity.

Cassava bread to generate over N240bn for farmers annually

The Minister of Agriculture and Rural Development, Dr. Akinwunmi Adesina, has said that the inclusion of cassava flour into bread processing in the country will generate about N240 billion for local farmers annually. He stated this while delivering a keynote address at the Centre for Value and Leadership lecture held in Lagos. He said, “The cassava bread is not just bread, it’s also about economics. This bread alone will put N240billion in the hands of all those small holder farmers and our local processors that we have all across this country. So we must patronize this bread if we truly believe that charity begins at home. As far as I am concerned, if bread is not produced and processed in Nigeria, eaten by Nigerians, it is not good enough for Nigeria.” He explained that the ministry is also revamping exports where Nigerian youths will have global dominance in agricultural commodity markets. He further explained that the agricultural sector is getting all the support it needs to ensure that it truly begins to drive the economy, even as a foreign exchange earner. He said, “The Afrexim Bank has supported our cassava export to China because we have a contract with China for 2.2million metric tons of dried cassava as export. Afrexim Bank has given Nigeria $40million to support our small holder farmers and chip processors to be able to process all that chips and take it to China and that alone will give our farmers about $802million if we are able to meet that contract. That’s what agriculture as a business does. It lifts people out of poverty by creating wealth of opportunities.” He said that the ministry has been able to secure loans from the banks to the sector to the tune of N25 billion in 2013 from a paltry N3.5 billion in 2011. “The banks recorded zero per cent on all the loan facilities that they made available to farmers for the past two years. This is where the money is going to be made and I think that the banks are stepping up to that,” he said. He further explained that, “To reverse the lack of food manufacturing companies in our rural areas, we launched what we called staple crop processing zones. These zones are areas of high food production.

EFCC may prosecute Sanusi over alleged fraud

The Suspended Governor of the Central Bank of Nigeria, CBN, Mallam Sanusi Lamido Sanusi, may be prosected by the Economic and Financial Crimes Commission (EFCC) over alleged acts of financial recklessness in under administration’s as CBN’s head. According to sources close to the Presidency, it was disclosed that Sanusi may be invited this week for questioning on the allegations against him. President Goodluck Jonathan had last Thursday suspended Sanusi as the CBN Governor and appointed the most senior Deputy Governor of the bank, Sarah Alade, as acting Governor of the bank until the conclusion of ongoing investigations into breaches of enabling laws, due process and mandate of the CBN. Meanwhile,the president hado forwarded the names of The Managing Director of Zenith Bank, Godwin Emefiele, to the National Assembly for consideration as the new CBN Governor Although, Sanusi had gone to court to secure an order which restrains the Federal Government, the Nigeria Police and the State Security Service, SSS, from arresting him but he could still be invited by the anti-graft agency for interrogations.

Arsenal, Man City stay on Chelsea’s tail

LONDON (AFP) – Arsenal and Manchester City replied in kind after John Terry scored an injury-time winner against Everton to preserve Chelsea’s position as Premier League leaders on Saturday. Chelsea’s victory momentarily gave them a four-point lead at the summit, but Arsenal closed the gap to a point by overwhelming Sunderland 4-1 and City are three points back with a game in hand after edging Stoke City 1-0. Arsenal had been dealt a dispiriting 2-0 defeat by Bayern Munich in the Champions League on Wednesday and they reacted in style by outclassing third-bottom Sunderland at the Emirates Stadium. Left on the bench against Bayern, Olivier Giroud was restored to the starting line-up to face Sunderland and the Frenchman responded with a brace of goals in the first 31 minutes. The former Montpellier man also played a role in the glorious move that led to Tomas Rosicky chipping in Arsenal’s third goal before half-time, with Laurent Koscielny heading home a fourth in the 57th minute. Emanuele Giaccherini claimed a late consolation for Gus Poyet’s side, who face City in next weekend’s League Cup final. “After playing for so long with 10 men in a difficult game in mid-week against Bayern Munich, it was good to win today,” said Arsenal manager Arsene Wenger. “We are still there in the table. It is down to consistency and our performances.” City also tasted Champions League disappointment in mid-week, losing 2-0 at home to Barcelona, and their return to winning ways was not quite as straightforward as Arsenal’s. Manuel Pellegrini’s side toiled in front of goal against Stoke at the Etihad Stadium and there was a sense of relief when Yaya Toure broke the deadlock from Aleksandar Kolarov’s cut-back in the 70th minute. “They were defending with 10 players in their box,” said City manager Pellegrini. “I thought we controlled the game and it was a matter of time before we scored.” Earlier, Terry’s last-gasp winner allowed Chelsea to hold onto top spot as they snatched a 1-0 victory against Everton at Stamford Bridge. With Everton goalkeeper Tim Howard in sparkling form, Chelsea looked set to drop points until Terry marked his return to the team after a three-game absence by toeing home a Frank Lampard free-kick in the 93rd minute. “When you score in minute 90-something, you could speak about being lucky, but the reality is that the boys chased it,” said Chelsea manager Jose Mourinho. “I feel sorry for Everton because a point would have been fair, but we were the team that was trying to win, which is our responsibility.” Terry’s strike was a bitter blow for an enterprising Everton side, who squandered an opportunity to close the eight-point gap that currently separates them from fourth-place Liverpool. Meanwhile, Felix Magath saw victory snatched from his grasp in his first game as Fulham manager after a 1-1 draw at West Bromwich Albion. Fulham were on course to climb off the foot of the table thanks to Ashkan Dejagah’s 28th-minute goal, only for Matej Vydra to plunder an 86th-minute equaliser with a shot that squirmed past Maarten Stekelenburg. “We were so near to a victory,” said Magath, who succeeded Rene Meulensteen as manager last week. “We are disappointed, but in the whole game, 1-1 was correct.” Vydra’s goal meant that Cardiff City remained second from bottom after they were crushed 4-0 at home by Hull City, who prevailed through a Nikica Jelavic brace and strikes from Tom Huddlestone and Nikica Jelavic. Hull are now six points above the relegation zone and West Ham United are a point better off in 10th after goals from Matt Jarvis, Carlton Cole and Kevin Nolan set up a 3-1 win at home to Southampton. Later on Saturday, Wayne Rooney will hope to celebrate his new Manchester United contract with victory when his side visit Crystal Palace, a day after he committed himself to Old Trafford until 2019.

I’ve no regret stopping Amaechi in 2007 —Obasanjo

PORT HARCOURT— FORMER President Olusegun Obasanjo, Monday, said he had no regret over his decision to stop Governor Rotimi Amaechi from contesting as the governorship flag bearer of the Peoples Democratic Party, PDP in the April 2007 general elections. Obasanjo at the Ambassador Nne  Krubo Model Secondary School, Ebubu community, Eleme Local Government Area, Rivers State, before commissioning the institution, said he acted based on reports available to him then. He said: “I believe I took a decision I believed was right. When I took it, I had no apology. I fast and pray to take decisions on important issues. When I have something that requires action, it must be taken, otherwise I am not a worthy leader. A report came on Amaechi which indicated that there were some issues and I said yes, there are some issues, going by the report.” He said he was not happy with the court verdict which declared Amaechi winner of the election since he did not physically participate in the exercise. “I found the judgment awkward in the sense that, how can a man who had not contested an election, was not voted for, be declared winner? I laugh about it, but kept quiet.” COMMISSIONING—From left: Rivers State Commissioner for Education, Miss Alice Nemi; Rivers State Governor, Chibuike Amaechi; his wife, Dame Judith Amaechi and former president, Chief Olusegun Obasanjo, at the commissioning of Amb. Nne Kurubo Model Secondary School, in Ebubu, Eleme Local Government Area, Rivers State, yesterday. Photo: Nwankpa Chijioke. He said the issues Amaechi had with his candidature were straightened by the judgment of the Supreme Court. “He took it to the higher court and at the Supreme Court, he won and that was the end. As far as I am concerned, the issues have been straightened out.” Obasanjo challenged those who are not satisfied with the apex court’s verdict to take their case to God. While commending the governor for his achievements so far in the state,  Obasanjo appealed to Amaechi not to blame his predecessor, former Governor Peter Odili, for his failure to emerge the PDP flag bearer in the April 2007 election, saying  that he (Obasanjo) should be held responsible for that action. “I phone Amaechi not to take anything against his predecessor. Hold me responsible for whatever decision taken against you, not your predecessor,” he said. “When you invited me, many people said I should not come. They said for security. There is nothing more dangerous than fear.  At my age what should I fear even if it is death?” Turning to the governor, he said “If I die tomorrow, send a cow for my funeral. They told me that one road named after me was cancelled by you (Amaechi). Why should I come, they asked me? If anybody named anything after me, good luck to him. I am not working for Nigerians to name roads after me. I want my name to be in the minds and heart of people of the world, not necessarily on roads. If you invite me and I didn’t come because of the road that was cancelled, then I don’t deserve to be honoured, I will be petty,” he said.

Some elected Ijaw leaders have failed our people —INC Western Zone

Yenagoa—The zonal leadership of Ijaw National Congress, (Western Zone), has rated low the performance of some elected leaders of Ijaw extraction, saying that they had failed the people. INC Western zonal chairman, Chief Robinson Ogunkoru, said though a few distinguished politicians and activists were desperately searching for ways and means to turn around the bad fortunes of the region through welfare programmes and infrstructural development plan, majority of the elected leaders were indifferent, selfish and have failed in their campaign promises to the people. Ogunkoru, who spoke at the unveiling and launch of the website, owned by the founder of the Nengi James Foundation, lampooned some elected representatives of the people in government, noting that many of them have failed to live up to the expectation of the people. Commending the initiatives of the Nengi James Foundation over its scholarship scheme, inter-school competitions among indigent Ijaw students, presentations of cash and computers to secondary students, he said  “even those who we toiled hard to elect, many of them have failed us. But here is a man, who has done so much with the little resources at his disposal for the cause of our people. “Nengi James is selfless and committed to the struggle for the emancipation of the people of the Niger Delta region. He is no doubt a dogged activist, who is concerned and committed to the emancipation of the Ijaw youths and the region at large. If only every Ijaw man can show so much zeal and commitment to the development of our people, then the Ijaw nation will be great,” he added.

A Guide to Celebrating Valentine's Day for the Single Ladies (the Healthy Way)

Valentine's Day has a way of making single people feel like they have the clap. Forget that! Take yourself out on a date and give the finger to the idea that V-Day is only for lovers. Here are some heart-healthy ways to spend a love-filled day with friends (or on your own) when Cupid comes bearing his bow and arrow. Rejuvenate With Some Spa Time: Pamper yourself on Valentine's Day by splurging on a spa package. Relieve pain, reduce hypertension, and boost immunity with a massage; sit in the sauna to loosen up muscles; or my favorite, indulge your skin with an antioxidant-boosting facial. Take a Fun Fitness Class: Fitness dates aren't just for couples! Rev up your Valentine's Day and try a class that is totally out of the box - pole dancing or trapeze lessons, anyone? Say Cheers: Grab a girlfriend and head to your nearest wine bar - your heart will love you for it! The antioxidants in red wine help reduce the risk of heart disease and raise levels of heart-healthy omega-3s. Home alone? Pour yourself a glass and raise a toast to yourself. Put on Your Dancin' Shoes: Whether it's in the privacy of your own home or out on the town, dancing is always a great way to celebrate. It's also a calorie burner: 30 minutes of dancing burns almost 150 calories. Whip Up a Healthy Meal: I always feel satisfied after taking the time to cook a homemade meal. Share the load and divide the meal up among friends - nothing beats cooking together! Make it even more of a Valentine's Day feast by incorporating these heart-healthy foods into your meal.

Why I left Tinsel – Damilola Adegbite

Over the past few years, Damilola Adegbite has become one of the most recognizable actresses in Africa.  She plays the role of ‘Thelma Duke’, the gorgeous actress in the day time soap, Tinsel on Africa Magic; a role which has seen her become a favourite of soap lovers. Damilola, who recently left the set of Tinsel to explore the film industry, during a courtesy visit to Vanguard, spoke on why she left the soap, life outside Tinsel, her relationship and more. Enjoy!
You left Tinsel. Why?
Well, it was… as much as people don’t believe me, it was a personal decision. I just wanted to experience more of the movie world. It really wasn’t an easy decision to make because Tinsel has been part of my life for a while and we are family. But the only thing constant is change; basically every human being should re-evaluate their lives more often and make decisions.
I wanted to experience film. I wanted to experience movie-making and that is what I am doing now. And, I am pleased with it.
Can you describe your experience on Tinsel? You were one of the first on Tinsel?
I will say I am one of the few that had it luckily. Tinsel is a very pretty platform. I didn’t have to deal with the exploitation that other actors go through for getting script and all that. I had a proper platform and it was a worthwhile experience and one I will always be grateful for. I enjoyed it while it lasted.
What is your relationship with Gbenro Ajibade?
Laughs.  We are ex-colleagues.  We are just friends.
For four years, you played Thelma in Tinsel. How did that role influence your life?
Definitely not negatively! Well, do you mean affecting my personal life or my career?
I mean both.
Well, personally, no. I learnt to detach myself from the characters of the roles that I play. Career wise, it gave me a beautiful platform that I am building on today.
- See more at: http://www.vanguardngr.com/2013/02/why-i-left-tinsel-damilola-adegbite/#sthash.hlpPiIjY.dpuf

Over the past few years, Damilola Adegbite has become one of the most recognizable actresses in Africa.  She plays the role of ‘Thelma Duke’, the gorgeous actress in the day time soap, Tinsel on Africa Magic; a role which has seen her become a favourite of soap lovers. Damilola, who recently left the set of Tinsel to explore the film industry, during a courtesy visit to Vanguard, spoke on why she left the soap, life outside Tinsel, her relationship and more. Enjoy!
You left Tinsel. Why?
Well, it was… as much as people don’t believe me, it was a personal decision. I just wanted to experience more of the movie world. It really wasn’t an easy decision to make because Tinsel has been part of my life for a while and we are family. But the only thing constant is change; basically every human being should re-evaluate their lives more often and make decisions.
I wanted to experience film. I wanted to experience movie-making and that is what I am doing now. And, I am pleased with it.
Can you describe your experience on Tinsel? You were one of the first on Tinsel?
I will say I am one of the few that had it luckily. Tinsel is a very pretty platform. I didn’t have to deal with the exploitation that other actors go through for getting script and all that. I had a proper platform and it was a worthwhile experience and one I will always be grateful for. I enjoyed it while it lasted.
What is your relationship with Gbenro Ajibade?
Laughs.  We are ex-colleagues.  We are just friends.
For four years, you played Thelma in Tinsel. How did that role influence your life?
Definitely not negatively! Well, do you mean affecting my personal life or my career?
I mean both.
Well, personally, no. I learnt to detach myself from the characters of the roles that I play. Career wise, it gave me a beautiful platform that I am building on today.
- See more at: http://www.vanguardngr.com/2013/02/why-i-left-tinsel-damilola-adegbite/#sthash.hlpPiIjY.dpuf

Over the past few years, Damilola Adegbite has become one of the most recognizable actresses in Africa.  She plays the role of ‘Thelma Duke’, the gorgeous actress in the day time soap, Tinsel on Africa Magic; a role which has seen her become a favourite of soap lovers. Damilola, who recently left the set of Tinsel to explore the film industry, during a courtesy visit to Vanguard, spoke on why she left the soap, life outside Tinsel, her relationship and more. Enjoy!
You left Tinsel. Why?
Well, it was… as much as people don’t believe me, it was a personal decision. I just wanted to experience more of the movie world. It really wasn’t an easy decision to make because Tinsel has been part of my life for a while and we are family. But the only thing constant is change; basically every human being should re-evaluate their lives more often and make decisions.
I wanted to experience film. I wanted to experience movie-making and that is what I am doing now. And, I am pleased with it.
Can you describe your experience on Tinsel? You were one of the first on Tinsel?
I will say I am one of the few that had it luckily. Tinsel is a very pretty platform. I didn’t have to deal with the exploitation that other actors go through for getting script and all that. I had a proper platform and it was a worthwhile experience and one I will always be grateful for. I enjoyed it while it lasted.
What is your relationship with Gbenro Ajibade?
Laughs.  We are ex-colleagues.  We are just friends.
For four years, you played Thelma in Tinsel. How did that role influence your life?
Definitely not negatively! Well, do you mean affecting my personal life or my career?
I mean both.
Well, personally, no. I learnt to detach myself from the characters of the roles that I play. Career wise, it gave me a beautiful platform that I am building on today.
- See more at: http://www.vanguardngr.com/2013/02/why-i-left-tinsel-damilola-adegbite/#sthash.hlpPiIjY.dpuf

Over the past few years, Damilola Adegbite has become one of the most recognizable actresses in Africa.  She plays the role of ‘Thelma Duke’, the gorgeous actress in the day time soap, Tinsel on Africa Magic; a role which has seen her become a favourite of soap lovers. Damilola, who recently left the set of Tinsel to explore the film industry, during a courtesy visit to Vanguard, spoke on why she left the soap, life outside Tinsel, her relationship and more. Enjoy!

You left Tinsel. Why?

Well, it was… as much as people don’t believe me, it was a personal decision. I just wanted to experience more of the movie world. It really wasn’t an easy decision to make because Tinsel has been part of my life for a while and we are family. But the only thing constant is change; basically every human being should re-evaluate their lives more often and make decisions.

I wanted to experience film. I wanted to experience movie-making and that is what I am doing now. And, I am pleased with it.

Can you describe your experience on Tinsel? You were one of the first on Tinsel?

I will say I am one of the few that had it luckily. Tinsel is a very pretty platform. I didn’t have to deal with the exploitation that other actors go through for getting script and all that. I had a proper platform and it was a worthwhile experience and one I will always be grateful for. I enjoyed it while it lasted.

What is your relationship with Gbenro Ajibade?

Laughs.  We are ex-colleagues.  We are just friends.

For four years, you played Thelma in Tinsel. How did that role influence your life?

Definitely not negatively! Well, do you mean affecting my personal life or my career?

I mean both.

Well, personally, no. I learnt to detach myself from the characters of the roles that I play. Career wise, it gave me a beautiful platform that I am building on today.

What other movies are you doing now?

Beside the movie I just finished with Michelle, which is premiering on 13th – and I am excited about that, I will be going into production with two Nollywood big names in February. I will rather not expose who they are now so as not to spoil the surprise. But, there other productions lined up as well.

Are you hoping for endorsements from companies?

Well, it depends on the plan that you have for yourself. Like I said, I am not really concentrating on endorsements now. I would like my acting to speak for me and then, from there, if anything else comes up, that’s fine. But I am just breaking off the platforms now and want to continue building something. So, endorsements are welcome, of course. But they are not really my focus right now but they are welcome.

Now that you are in another phase of your career, would you say Tinsel sort of limited you to an extent?

I will say ‘yes’ to a certain extent because of the time. It’s very time consuming working on soaps. Tinsel, I would say is a pretty peculiar production as well, because they emphasise a lot on quality and, you know, all of that is pretty time consuming. No producer would like to work with someone they cannot guaranty would be there. It would give their production as much time and you know effort. So, I would say that it did limit me to a certain extent; which is why I had to come to a decision.
 
Tell us a bit about your background?

 
Well, Damilola Adegbite was born into a family of four. I was born and raised in Lagos. In Surulere, to be precise, so I grew up in Surulere. I have a degree in Business Administration from Bowen University.
 
What childhood memories do you have of Surulere?

 
Wow! I had a fun childhood in Surulere; those street carnivals and all that. It was fun. And, the friends I had in that area, which would be exclusive to me. I had a lot of friends in the area, so you could basically just get up and walk into anybody’s house, eat with them and sleep there if you wanted to. Everybody’s door was open to you all the time in my neighbourhood, anyway.

 

How did you get into acting?
It’s always been a passion for me. Some people, along the course of life, decide to choose certain careers based on wherever life leads them. I am pretty focused and I know what I want and I always try to stick to that. I have always wanted to be in the arts. Even while growing up, everyone around me saw that that was what I wanted to do. I was always in some music or theatre-related issue. I was always doing something that had to do with the arts.
 
So what’s your style like? How will you describe your style?

 
My style will be: simple, classy, and comfortable. I don’t like discomfort, even if it means looking good. No. I like to be comfortable and relaxed wherever I am; free to move around without being afraid that my skirt is too short or whatever. So, I am just simple but classy.

You are always well put together on the red carpet. Do you have a special designer for your clothes?
Well, I try to patronize as many people as I can in the fashion industry. Especially, if your item or your piece flatters me or something I could rock. I basically source for most of the clothes you see.  They could be something I pick off a designer’s rack or something I put together myself.
 
So, do you have a role model in the industry when it comes to acting? Is there anybody you look up to?
Of course, there are a lot of people I admire in the industry. I learn a lot from them; I probably just watch their movies. A few of my personal favourites: I like Mercy Johnson. I like her acting. I think she is good. I like Mr. Ibu; he makes me laugh. There is something very unique about him. His talent is quite unique. I like Mojid Micheal as well. He is not a Nigerian but I think he is a very good actor. Everybody has something I like.

What would be your greatest fantasy?
I remember that yesterday I was reading a newspaper and it was talking about Mr. Aliko Dangote.  He was referred to as the richest man in Africa and there was a picture of him sitting down, eating a bowl of food.  I remember thinking to myself, to wake up in the morning knowing that you are the richest man in Africa and yet you are dressed in shorts and a tee-shirt!  You are just chilling. There must be a huge amount of self fulfillment in that.

Regardless of what it is, where I am, what I achieved, whenever, wherever, I want to be able to wake up in the morning, look at myself in the mirror and say: “You are not doing badly Damilola”. So, basically, I would want to, at all times, be happy with where I am.

What won’t you wear in the name of fashion?

I wouldn’t wear a loud wig in the name of fashion; a coloured wig.

You have a boyfriend?
Yes

How did you meet?

I saw him. I liked him and we started talking; from there till today.

Tell us what you don’t like about men.
I don’t like men who over-indulge in alcohol. I like men that have regard for themselves and for the people around them. You would have to come across to me as a very serious minded person to be with me.  That’s the honest truth.