THEWILL NEWSPAPER, March 03, 2024

International Women’s Day is set aside to honour women and reflect on their struggles; this year’s theme is Inspire Inclusion. A theme about inclusion in all aspects for women: It is a call to value diversity and create an environment where each woman’s voice is heard. Inspire Inclusion as a theme captures the need for a more inclusive world. Our cover personalities are the women from Showmax’s hit drama series, Flawsome Bisola Aiyeola, Sharon Ooja, Ini Dima-Okojie, and Enado Odigie; they discuss their different roles as the characters they play in the series. Each character has their struggles, but at the end of the day, there is light at the end of the tunnel. They also shed some light on this year’s International Women’s Day theme. You can read their story on pages 8 through 10.

It’s been very hot these days, so our fashion pages shed some light on appropriate clothing for the weather. You can be stylish in the heat. Think of it as summer. Go to pages 14 and 15 for this.

Our beauty page discusses the difference between body lotion and face cream, highlighting reasons why you shouldn’t use your body moisturiser on your face. See page 7.

Page 3 is interactive; click on the page title to take you to the page you would like to read.

Click on the link beneath the QR codes on page 16 to download the playlist. You won’t regret it.

Until next week, enjoy your read.

Photo: Kola Oshalusi @insignamedia Makeup: Zaron

COVER

Journey to Naira's Free Fall

BY SAM DIALA

Mr Ambrose Agada is a transporter and trader at the popular Ile-Epo Food Market in Alimosho Local Government Area of Lagos State. Every day, since the past three weeks, he watches helplessly as his record sales turnover drops with such rapidity that he has not seen in his almost one decade in the business.

At a time he used to gross N500,000 per day on the average, but a paltry N180,000 now trickles into his purse due to a significant drop in sales.

The Benue-born trader, in an interview with THEWILL, said an average yam tuber (1 kg) that sold for N3,000 last year, now goes for N8,000 and it is virtually out of the reach of most categories of buyers that used to patronise him.

More frustrating is the fact that the loss of bargaining has made the business uninteresting. Nowadays buyers just vanish when he tells them how much his yams cost, leaving him with no other choice than to pray for one that is prepared to haggle, at least.

Agada attributes the development to the high cost of transportation as diesel and petrol sell for N1,800 and N750 per litre, respectively, among other increased expenses.

Another trader, Alhaji Ado, who sells yams, onions and potatoes, lamented that it takes close to three weeks’ round trip to source the items from the North as a result of insecurity and extortion on the roads by different groups – security agents, touts and countless local government

revenue officials. “This used to be a 7 to 10 day-round trip, mid last year.”

THEWILL interacted with some women carrying babies on their backs, who were canvassing patronage to assist buyers carry the items they bought to their cars, while begging for or waiting to pick up broken pieces of yam.

“This is the way I feed my children. My husband is a bus conductor and he does not earn much from the job. Two of our children have dropped out of school because we cannot cope with their education. They now engage in street hawking of sachet water,” a woman who identified herself as Iya Seun said.

In another scenario, a middle-class family known as the Aigbe family had started going for substitute foodstuffs sold at lower cost, as against the alternatives they had fed on for many years. Oats for pap; meat, fish and eggs for broken dry fishes and what he called “biscuit bones” for meat and a regular staple of rice with little beans once in a week.

Mr Busari Aigbe, a civil servant, said the family of four had to make the adjustments to cope with other demands on his salary in the form of school fees, transportation and sundry bills.

“I thank God that I have some money to run my home, no matter how bad the situation is,” he told THEWILL last Friday, adding, “ I imagine how many others without a steady income manage these days. I have neighbours and live in a community where things are not what they used

to be and this may be for a long time, given the current hardship.”

Such ‘many others’ were at that time registering their anger and frustration in protests on the streets of Minna and Suleija in Niger State; Ota, Sagamu and Abeokuta in Ogun State; Oyo and Ibadan in Oyo State, as well as Kano in Kano State.

Also, protest marches were held in Osogbo in Osun State; Port Harcourt in Rivers State; Sokoto in Sokoto State; Lokoja in Kogi State, and in Lagos, the country’s commercial capital. Even those in confinement and in refugee camps across the country took part in the protests.

The death of seven persons in a stampede at the Nigeria Customs Service (NCS) depot where 25 kg bags of rice were sold at a discounted price of N10, 000 to the public and the threat by Internally Displaced Persons in some camps in Borno to join terrorists in the bush over shortage of food and increased hardship in the camps, speak volumes about the dire situation in the country.

The Genesis

The journey to the fall of the Naira and its devastating impact on homes in the country started on June 14, 2023 when President Bola Tinubu, in a bid to reform Nigeria’s volatile foreign exchange market and bring stability to the embattled naira, approved the floating of the domestic currency and the unification of the forex market.

The policy saw the naira plunge to N664.04 to a dollar

...Journey to Naira's Free Fall

hungry Mr Udeh was enraged that his late son could enter the kitchen to take food without getting permission from his father. In anger, he was alleged to have dashed into his room, brought out a gun and shot his son.

Explaining it Deeper

According to a psychologist, Dr Bamidele Oyelowo, “These are signs of anger, frustration and loss of hope in tomorrow. The situation is aptly captured in a Yoruba proverb, ‘Ebi ki n wo inu, ki oro mi wo be,’ which means literally that a hungry man is not ready for any kind of communication because he is angry.”

Dr Oyelowo noted that the hunger in the country is severe and could do much harm in the near future if it is not arrested because the ordinary Nigerian cannot earn enough income to cope with the high cost of available goods and services.

“This is what happens when a worthless currency chases valuable goods and services which, in turn, leads to impoverishing the people. Floating the naira at this time was a major policy gamble by the Bola Tinubu Administration. We may not come out of the misery in the near future, notwithstanding the fire-fighting approach by the government and the Central Bank of Nigeria,” Oyelowo told THEWILL in a telephone chat.

Professor of Capital Market at the Nasarawa State University, Keffi, Uche Uwaleke, said the floating of the naira was hasty and premature because the economy was not ready for the reform. He blamed the World Bank and the International Monetary Fund (IMF) for putting the pressure on Nigeria to float the naira.

“They pushed us to float the naira when we were not ready, only to turn around to slam us when the promise of increased forex inflow has yet to materialise. Now, we have been left in the lurch,” Uwaleke told THEWILL in a note.

The price of a paint-tin of garri has increased from N750 in June 2023 to N2,200, a carton of noodles bought for N3.500 mid last year now sells for N10,000. A paint-tin of beans sells for N5, 500 against N2,500 last June, while the same measure of rice rose from N900 to N1,800.

Deeper Impact

“Nigerians are hard-hit and bleeding from all sides because of the drastic reduction in their purchasing power triggered by a massive devaluation of the naira. They are choked with a high cost of living that makes life difficult. More disturbing is that we do not see an end in sight because the trouble is far deeper than what anyone can imagine,” said Agada.

The Bizarre

Across the states, Nigerians witness bizarre acts of frustration among the citizens over the hardship that spreads like an infection. This includes the sale of their children to make ends meet.

In January, the Police in Anambra State arrested a 38-year-old mother of 11, Chinyere Chukwu from Okija in Ihiala Local Government Area, caught attempting to sell her two sons for N1.1 million “because of economic hardship”.

A similar incident had occurred in Ogun last year where a 33-year old woman, Olaide Adekunle, was arrested for allegedly selling her 18-month-old baby for N600 in Sango-Ota to settle a debt.

A man identified as Marcel Udeh from Umunneochi Local Government Area of Abia State was recently nabbed by the Police for allegedly killing his son. The son’s offence was that he ate the last portion of food in a pot inside the family’s kitchen.

According to the story in a video that went viral online,

Similarly, hundreds of residents of a community in Katsina were seen in a viral video looting food stuffs from trailers reportedly belonging to Dangote Group. The

“

The death of seven persons in a stampede at the Nigeria Customs Service (NCS) depot where 25 kg bags of rice were sold at a discounted price of N10, 000 to the public and the threat by Internally Displaced Persons in some camps in Borno to join terrorists in the bush over shortage of food and increased hardship in the camps, speak volumes about the dire situation in the country

incident elicited reactions from different X users.

Organised Labour, Others

Unsettled by President Tinubu’s jibe at it during the commissioning of the Lagos Red-line, to the effect that the NLC strike has political undertone, the President of the NLC, Comrade Joe Ajaero, two days after embarking on a warning strike nationwide, said that issues of governance, social welfare, inclusion would be behind labour’s actions and he urged the President to implement the MoU signed with organise labour.

Some of the NLC’s requests included a review of the framework for the completion of rehabilitation work on the nation’s refineries; a review of the framework for the maintenance of roads and expansion of rail networks across the country; implementation of N25,000 cash transfers to 15 million poor households; tax waivers for workers, small businesses and the general public; setting up the National Minimum Wage Committee; provision of funds for MSMEs across the nation.

Government’s reaction

Speaking to THEWILL on the demands by the NLC and the expectations by Nigerians for speedy answers to their economic and social problems, a presidency source noted that government reforms take months to mature and so people think in the intervening months that nothing is being done.

“Reforms, such as the Federal Government is embarking upon, given the rot in the system, will not mature in nine or 10 months. That is why we are calling for understanding and patience. How many of us are aware, for instance, that massive capital importation has gone up by 66 per cent, compared to a 33 per cent decline in the first quarter of this year? I can tell you too that a 1 billion -dollar grant has gone into the health sector. Other reforms like the state police being pushed by the government will take some time to become reality because of the constitutional implications. The Students Loan Scheme is almost concluded and for the first time in any government history, a social security scheme is on the pipeline for Nigerians. So too is a consumer Credit scheme.”

Even so, in a frontal response to the financial threat to survival of most families across the country, President Tinubu had declared food insecurity a national emergency and consequently, set up a Committee on Food Emergency. He moved the assignment to his office and that of the National Security Adviser.

The Presidency recently set up a selected team of 16 stakeholders called a “tripartite” Economic Advisory Committee to solve Nigeria’s tripartite problems: a national currency on a free fall and foreign exchange crisis, hyperinflation and the high cost of living.

Some states, such as Lagos, Ogun and Borno have introduced palliative measures to help their people.

President Tinubu has maintained the plea to Nigerians to be patient over the biting economic hardship, which has thrown more Nigerians into multidimensional poverty.

The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, is firing from all cylinders to rescue the falling naira through aggressive monetary policy measures. But little can be achieved in the near future amid a massively devalued naira that has lost over 200 percent of its value and ranked the third worst performing currency in the world.

Experts maintain that overlooking low productivity, worsening insecurity, poor infrastructure, particularly electricity, amounts to treating symptoms against the cause.

Many multinational companies are shutting down and leaving the country. Foreign investment is lagging, leading to job losses and a rise in the misery index. This, to them, is the basic solution that the government needs.

L-R: Governor of Kogi State, Mr. Ahmed Ododo; Governor of Imo State and Chairman, Progressives Governors Forum, Sen. Hope Uzodinma; his Kwara State counterpart and Chairman, Nigeria Governors Forum, Alhaji AbdulLateef AbdulRazaq; President Bola Tinubu; Governor of Lagos State, Mr. Babajide Sanwo-Olu; his counterparts, Prince Dapo Abiodun of Ogun State; Prof. Babagan Zulum (Borno); Mr. Abiodun Oyebanji Ekiti State; former Governor of Lagos State, Mr. Akinwunmi Ambode; (in front row): wife of Lagos State Deputy Governor, Mrs. Oluremi Hamzat; wife of the Governor, Dr. Ibijoke Sanwo-Olu, during the commissioning of the LMRT Red Line project, at the Ikeja Train Station, Kudirat Abiola Way, Lagos, on February 29, 2024.

Divisive Language, Veiled Threats Against Labour Unacceptable – NLC Replies Tinubu

The Nigeria Labour Congress (NLC) says the use of divisive language and veiled threats against Labour by President Bola Tinubu is unacceptable.

Responding to the remarks made by the President against the NLC on Thursday, Labour urged Tinubu to foster constructive dialogue and collaboration in addressing the myriad challenges facing Nigeria.

THEWILL reports that the Labour union was responding to the President's statement on Thursday when he described as unreasonable the incessant strikes by the NLC in just nine months of his administration.

Speaking in Lagos when he inaugurated the Red Rail Line on Thursday, President Tinubu, who said the NLC is not the voice of Nigeria, asked the union to wait till 2027 if it is interested in joining the electoral process.

However, Comrade Joe Ajaero, President of the NLC, in a statement on Friday, said the union is not after President Tinubu’s job.

Ajaero, who reiterates NLC's unwavering commitment to championing the interests of Nigerian workers and the broader populace, urged President Tinubu to heed the voices of ordinary Nigerians, prioritise governance over politics, and take meaningful steps towards building a more inclusive and equitable society.

Ajaero urged Tinubu to stop playing politics and address the hunger and unemployment facing Nigerians.

Titled "MR. PRESIDENT: WE ARE NOT AFTER YOUR JOB", the statement reads: "The recent statements attributed to President Bola Ahmed Tinubu during the commissioning of the Red-Line Railway Project have sparked deep concern within the Nigeria Labour Congress (NLC). We find these remarks, particularly those concerning the role of Labour in governance, to be profoundly at variance with the struggles faced by ordinary Nigerians under existing policies.

"President Tinubu’s insinuation that Labour lacks the moral ground to challenge his administration, merely nine months into office, is deeply troubling. Moreover, his focus on partisan issues and the distant 2027 election cycle, rather than the urgent needs of the populace, further underscores a disconnect from the realities faced by Nigerians on a daily basis.

Otu Reinstates Dethroned C’River Traditional Ruler

FROM BASSEY ANIEKAN, CALABAR

Governor Bassey Edet Otu of Cross River State has directed the immediate reinstatement of the Village Head of Obufa Obio Ukem, Clan Head of Efut Ukem, Muri Munene and Paramount Ruler of Calabar South, His Highness, Prof Itam Hogan Itam.

Governor Out’s decision is based on the ruling of the High Court of Cross River State in Suit No. HC/MSC/154/2022 between HRM Muri Munene (Prof.) Itam Hogan Itam vs. Governor of Cross River State and two others.

Judgment on the suit was delivered on July 19, 2022 and set aside the removal of Prof. Itam as the Village Head of Obufa Obio Ukem, Clan Head of Efut Ukem, Muri Munene and Paramount Ruler of Calabar South.

The governor, in a statement by his Chief Press Secretary, Emmanuel Ogbeche, declared Prof. Itam Hogan Itam as the only and duly recognised Village Head of Obufa Obio Ukem, Clan Head of Efut Ukem, Muri Munene and Paramount Ruler of Calabar South.

The governor said that any other person who claims the title will be regarded as an impostor, adding that such a person will be contravening Section 37 of the Traditional Rulers Law, Cap T4, Laws of Cross River State, 2004, and shall be prosecuted to the fullest extent of the law.

Governor Otu also congratulated the traditional ruler on his restoration to the throne of his forefathers and urged him to pursue peace, inclusion and work towards the good of all Calabar South and the State in general.

A former governor of the state, Ben Ayade had dethroned Itam and stripped him of the title of Muri Munene and Paramount Ruler of Calabar South.

Ayade subsequently recognized Etubom Nyong Effiom Okon as Paramount Ruler of Calabar South.

FROM SAMPSON UHUEGBU, OWERRI

The Imo State Police Command has arrested a 300-level student of Imo State University (IMSU) Owerri, Francis Marvellous, for allegedly stabbing to death one Chinagorom Marvellous Kingsley who was a final year student of the Federal University of Technology Owerri (FUTO) and a member the University’s Man O’ War Unit.

In a statement signed by the Police Public Relations Officer (PPRO), ASP Henry Okoye, the arrest was a sequel to a swift response to a distress call received from the Chief Security Officer (CSO) of FUTO, retired DSP Patrick Egwu, by police operatives on convoy patrol who promptly arrested the suspect, who was almost lynched at the scene by an angry mob.

"The body of the victim was recovered and rushed to the Federal University of Technology Teaching Hospital, Owerri, where he was confirmed dead and deposited at the mortuary."

The statement partly reads, "On interrogation the suspect confessed to the crime, admitting that he had a heated argument with personnel of the University’s Man O’ War Unit on 29/03/2024, at about 2200hrs during which he brought out a knife he neatly concealed in his trousers and stabbed the victim to death."

The Police also said that efforts are on top gear to arrest other suspects to ascertain their involvement in the case, saying they would be arraigned in court upon completion of a comprehensive investigation by the State Criminal Investigation Department, SCID.

The Command therefore dispelled the false narratives making the rounds on social media that the victim was stabbed to death by a member of the Hausa /Fulani community, warning that the false information is the handiwork of mischief makers, who want to provoke unnecessary intertribal conflict between the good people of Imo State and the Northerners residing in the State.

"Accordingly, the Commissioner of Police Imo State Command, CP Aboki Danjuma, has directed the Deputy Commissioner of Police in charge of the State Criminal Investigation Department to take charge of the case and ensure that the suspects involved in this case and purveyors of fake news are arrested made to face the full wrath of the law," it warned.

Ex-President Buhari to be Docked?

BY AMOS ESELE

It is hard to see the end of the probe launched by the Senate into the payment of over N30 trillion Ways and Means secured from the Central Bank of Nigeria, CBN, by the immediate past government of the federation in the last 10 years.

One thing that is certain for now is that the senior lawmakers have the support, even if subtle, of the presidency. How far this alliance goes with the inquiry will, in all probability, depend on the politics tied with the probe, the alliances of interests and how far the current government reforms gain traction with the people.

A presidency source who spoke to THEWILL in confidence last weekend said that what is coming out of the Central Bank of Nigeria, CBN, (considering the revealed financial mismanagement by the presidential special investigator) is so alarming that the immediate reaction of the relevant authorities is to set in motion some structure to manage the “sickening malfeasance. Just printing money to serve the elite.” Will the truth ever come out?

Recall that before he left office in May 2023, former President Muhammadu Buhari had left a warning, more or less a threat, in a January 2023 interview, for anyone who dares to call him to question his government’s policies.

“Nobody should ask me to come and give any evidence in any court, otherwise, whoever it is would be in trouble because all important things are on record. I made sure about that. Important issues are all on record.”

Well, D-day is here. Given the way some of Buhari’s ministers, especially the former Minister of Humanitarian Affairs and Disaster Management, Sadiya Umar Farouq, is being quizzed by the Economic and Financial Crimes Commission, EFCC, over alleged embezzlement of billions of Naira, it is only natural that the searchlight will

““Nobody should ask me to come and give any evidence in any court, otherwise, whoever it is would be in trouble because all important things are on record. I made sure about that. Important issues are all on record

eventually be beamed on the former President’s ‘Ways and Means.’

At any rate, four weeks from now, during which the Senate ad hoc committee will have to carry out a holistic investigation into the matter and report at plenary, will provide a sense of direction. Meanwhile, investigation shows that the committee to probe the humongous N30 trillion Ways and Means, has some interests to contend with despite its strategic inter-party nature.

Comprising majority of Senators from the governing All Progressives Congress, APC, namely, Senator Jibrin Isah, APC, Kogi East as Chairman; Senators Asuquo Ekpenyong, APC, Cross River South; Mohammed Tahir Monguno, APC, Borno North; Olamilekan Adeola, APC, Ogun West; and

Sani Musa, APC, Niger East, it also has members drawn from three other political parties.

They are Victor Umeh, Labour Party, LP; Anambra Central; Aliyu Wadada, Social Democratic Party, SDP; Nasarawa; Abdul Ningi, Peoples Democratic Party, PDP, Bauchi Central and Ipalibo Banigo Harry, PDP, Rivers West.

The composition of the committee followed the Senates’ adopted resolution of the need to probe the ‘Ways and Means’ of former President Buhari’s administration: In other words, “ the loans or advances that the CBN give to the Federal Government for short-term or emergency finance to fund delayed government expected cash receipt of fiscal deficits.”

The debate that preceded the constitution of the

...Buhari to be Docked?

probe committee gave an inkling into the underhand dealings surrounding the CBN loan.

One the one hand were Senators who thought the loan was shrouded in secrecy and on the other were those who felt attention should be paid to the current hardship in the land and ways to end it.

In the first group is Senator Ali Ndume, APC, Borno South, who insisted that details of ‘Ways and Means’ failed the test of parliamentary rules. He disclosed that the government then merely informed the lawmakers of their intention, but hid the figures and records.

In concurrence with Ndume, Deputy Senate President, Jibrin Barau, bemoaned the manner the loan was handled as one of the reckless ways of spending that had caused inflation in the country. He urged the probe committee to be meticulous in its work to ensure the money was completely liquidated in the accounts of the CBN.

He said, “According to statistics, broad money supply, which is a key parameter for key inflationary trends, increased from N78.3 to N78.4 trillion in 2023, the highest ever recorded in Nigeria.

‘’The Central Bank of Nigeria’s Ways and Means which provides direct lending to the Federal Government of Nigeria causes unprecedented liquidity in the economy and the current inflationary pressure that we are experiencing.

“The financial obligation to the CBN now stands at N30 trillion. The inability to repay this temporary accommodation by the Federal Government led to the regularisation of a 40-year loan at 9 percent interest per annum.

“By implication, this debt will appear in the balance sheet of CBN for the next 40 years until liquidated. It is, therefore, imperative to interrogate the loans of the N30 trillion Ways and Means with a possibility of recovering whatever possible.”

Also in the gaze of the ad hoc committee is the N10 trillion expended on the Anchor Borrowers Programme and the $2.4billion forex transaction out of $7 billion obligation made for that purpose.

Leading the pack of defenders is former President of the Senate, Ahmed Lawan under whose watch the Ways and Means advances were approved for the Muhammadu Buhari Administration.

Lawan was quick to point out that the probe would serve no useful purpose. He said the approved amount was N23 trillion whereupon his successor and current President of the Senate, Godswill Akpabio, corrected, saying the additional N7 trillion was accumulated interest. For Lawan, what was paramount in the minds of Nigerians

“This moment stands as a powerful reminder that the legislative arm of government must effectively play its constitutional role at all times in the interest of the people they represent, despite the personal sacrifices that may need to be made. Only then will the public and the people truly benefit

was how to put food on their table.

“Nobody in this chamber should suggest that we should not look into anything that we feel is in the public interest, but let me say this very clearly, what Nigerians want today is food and security. How are we going to provide food for Nigerians

and protect their lives,” he said.

Akpabio, however countered that the country was undergoing economic challenges because of illegal financial transactions undertaken by the previous administration.

These accounts and records came out during the lawmakers' oversight of the Economic Management Team of the Federal Government on the state of the economy a fortnight ago.

The Joint Committee on Banking, Insurance and Other Financial Institutions had drawn a report of that interaction between the economic team and the joint committee, which later became a subject of debate at the Senate.

According to the Chairman of the joint committee, Senator Yahaya Abdullahi, during a presentation of the report, the ways and means loan was one of the major factors that caused the current economic hardship in the country

He urged the Federal Government to settle the N30 trillion debt in order to reduce money supply and advised the CBN to ensure that beneficiaries of various intervention programmes who failed to utilise the funds judiciously should be made to refund the monies given to them.

In its report, the joint committee specifically mentioned that monetary policy under Buhari, especially the Ways and Means Advances, instigated the current inflationary pressures on the nation’s economy.

No Mean Feat

After all has been said and done, the question remains whether the Senate will be able to make any headway with the probe.

A one-time President of the Senate, Bukola Saraki, thinks so, even if symbolically. In a tweet in his X platform, he said what the 10th Senate has done with the matter approximates the oversight function of his tenure during Buhari’s first tenure which earned him and his colleagues name calling and attacks by the government and its supporters.

He said, “I must acknowledge the 10th Senate's effort in even deliberating on these crucial issues.

“This moment stands as a powerful reminder that the legislative arm of government must effectively play its constitutional role at all times in the interest of the people they represent, despite the personal sacrifices that may need to be made. Only then will the public and the people truly benefit.

The aforementioned presidency source told THEWILL: “This is a cleaning process in the CBN and if properly handled will affect our financial stability positively.”

Ondo 2024: APC, PDP Aspirants File Out For The Contest

BY AMOS ESELE

With the remains of late Governor Oluwarotimi Akeredola laid to rest two Fridays ago, governorship aspirants on the platform of the All Progressives Congress, APC, increased the tempo of their aspirations to clinch the party’s ticket on the April 17 party primary as scheduled by the Independent National Electoral Commission, INEC.

Tagging along, leaders of the main opposition Peoples Democratic Party, PDP, came together to decide on how to checkmate and match the governing APC ahead of the primary. Should they agree on a consensus candidate and stand by their choice or dissipate their strength by fighting separately for the party’s ticket?

For the APC, former Deputy Governor, then acting governor and now governor, Lucky Aiyedatowa is leaving nothing to chance, even though his current position as incumbent gives him enough clout to consolidate his position and parlay with every interest group on his terms.

At a meeting with his campaign organisation, Lucky Aiyedatiwa Campaign Organisation Foot Soldiers, LACO-FS in Akure, he said he was losing no sleep over his candidature of his party and eventual victory at the November governorship polls.

According to the Director of Information of LACO-FS, Mr Kayode Fasua, the governor urged his supporters to work as though he had won the election. The governor, he said, based his optimism on symbolism and incumbency power.

Aiyedatiwa, he said, is resting on the prediction late Governor Akeredolu made about him as the natural successor. According to the governor, “ a lot of people don’t know Akeredolu; they don’t know that he was a prophet.

“There was a time after he (Akeredolu) returned from a medical vacation that he told the cabinet members during an executive council meeting that ‘Look, Aiyedatiwa will emerge as the next governor.”

His invocation of such powerful symbolism has not deterred other aspirants from throwing their hats in the ring and taking the battle for governorship to Aiyedatiwa’s doorstep.

In the meantime, 25 persons are said to have indicated interest in the party’s ticket. They include former Secretary to the State Government (SSG), Oladunni Odu; former member of the House of Representatives, Mayowa Akinfolarin; governing board member of the Niger Delta Development Commission (NDDC), Olugbenga Oedema; retired Director of Finance at the Nigerian Defence Academy, Gen. Olumide Ohunyeye; and Senator representing Ondo South Senatorial District, Jimoh Ibrahim.

Foremost among them is Senator Jimoh Ibrahim who has been flooding newspapers with wrap-around advertisements of his aspirations, rallying support by posturing as apostle and propagator of President Tinubu’s Hope Agenda in the state.

Nonetheless, certain crucial political interests that are at play will make or mar the may aspirations at play. The first and perhaps majorly is the general interest of the governing party to retain the state both as an APC state and as a vehicle for the 2027 general election. With the two PDP governors in the South-West, namely Seyi

Makinde of Oyo State and Governor Ademola Adeleke of Osun and stunning performance of PDP’s Ladi Adebutu in the 2023 poll in Ogun State, losing Ondo will be a political casualty too many for the APC.

Even so, removing a seating governor for another candidate is a road yet to be tread by current political parties in Nigeria, meaning that Governor Akeredolu’s death gave Aiyedatiwa a golden chance which he may mismanage to his peril. This is because it would be hard for a seating governor to swallow his defeat calmly and then go on to peacefully supervise the election of his rival under the current winner -takes -all political system.

He is also favoured by the prevailing sentiments to allow the south senatorial zone produce the candidate this time around. Ex -Governor Olusegun Mimiko from Ondo Central did eight years Late Akeredolu from the North held sway for almost eight years before his death. But then many aspirants, including Senator Ibrahim are from the South as Governor Aiyedatiwa.

PDP

For the main opposition Peoples Democratic Party, PDP, victory of the party in the neighbouring Osun State last year may serve as a tonic in the face of public reaction against the prevailing hardship in the land. In the face of this circumstance, the party met with aspirants at its secretariat in Akure, the state capital and proposed a consensus arrangement to choose a candidate among the aspirants, namely Sola Ebisemi, former Deputy Governor Agboola Ajayi, Bamidele Akingboye, Adeolu Akinwunmi, Bosun Arebuwa and John Ola Mafo.

Confirming this development, the Acting State Chairman, Basorun Tola Alabere, said the party aims to

“There was a time after he (Akeredolu) returned from a medical vacation that he told the cabinet members during an executive council meeting that ‘Look, Aiyedatiwa will emerge as the next governor

pick a candidate through a consensus arrangement or go for primary if that fails.

Publicity Secretary, Kennedy Peretel said, rhetorically, that “if the consensus plan fails to materialise, the party will be left with no option but to organise a free, fair and transparent primary.” He added that all the aspirants were confident of the party’s chances at the November Poll, “ in the face of hunger and anger in the land orchestrated by the APC.”

Speaking on this, one of the aspirants, Ebiseni disclosed that the aspirant who will fly the flag of the PDP at the polls will be determined by the party and will be accepted by party members as well as the people of the state.

Ebiseni said, “In realisation of that, all the aspirants, at least eight of us now, have been called together by the leaders of our party, the former Governor of Ondo State, Dr. Olusegun Mimiko, the State Working Committee, the Chairman of the Elders’ Committee, and all the aspirants, including our representatives at the Ondo State House of Assembly, to engender a rancour-free primary.

“The first step that the leaders are selling to us as aspirants is to see the possibility of a consensus.

“That is what is being sold to us. I’m happy to say that you will hear from the party itself what resolutions have been reached, but I want to assure you guys that in the fullness of time, the PDP is going to come out with a candidate that all of us will rally around.”

How this works out is yet to be seen because the SouthWest zone coordinator of the National Association of Nigerian Students, NANS, John Ajayi is already canvassing support among his colleagues for the candidature of one of the aspirants, Akingboye, if the party must adopt a consensus in the choice of a candidate.

Alao said “That is why, as the coordinator of over 30 million Nigerian students in the southwest, we are ready to show our strength to support the man with vision, who is proactive, and that is why we are pitching our tent and ready to give the needed support to Oba Otunba Bamidele Akingboye in the forthcoming governorship election in Ondo State.

The ''ebi npawa o'' (we are hungry) cry among most Nigerians now is no more a lousy prank but a clear message indicating the intense hunger and misery among most Nigerians as evident in the recent stampede at the Nigerian Customs Service office in Yaba, Lagos, which resulted in the death of seven Nigerians while trying their luck to get a 25kg bag of rice for N10,000

Boosting Agricultural Production to Fight Hunger

Nigeria needs to step up its game and learn one or two lessons from Ukraine, a country that is presently at war with Russia but has not relented in its bid to feed its people. It is sad to note that while Ukraine still supplies grains to the world, especially Africa, Nigeria, which is not at war, is unable to feed her people who are daily crying and dying of hunger even in peace time.

Ukraine has just demonstrated that although the country is still at war, it remains a global food basket with the donation of 25,000 tonnes of wheat as emergency food assistance to Nigeria under the auspices of the United Nations World Food Programme (WFP) response in the North-East.

The donation of the grains was part of Ukraine’s humanitarian ‘Grain from Ukraine’ initiative launched by President Volodymyr Zelensky.

The ''ebi npawa o'' (we are hungry) cry among most Nigerians now is no more a lousy prank but a clear message indicating the intense hunger and misery among most Nigerians as evident in the recent stampede at the Nigerian Customs Service office in Yaba, Lagos, which resulted in the death of seven Nigerians while trying their luck to get a 25kg bag of rice for N10,000.

A recent attack on a spaghetti-carrying truck in Zaria is another manifestation of the real hunger in the land and the desperation of the people, just as protests in various Internally Displaced Peoples (IDP) camps across the North East as well as the protest rally by the Nigeria Labour Congress (NLC) are

ways of passing the real message that things are no longer at ease to the Federal Government.

It is a big shame that the recent Customs rice bonanza suddenly turned another tragedy for people battling acute poverty and hunger in the land as the cause of the stampede was the desperation of a people to survive the harsh economic climate that they have suddenly found themselves in the face of the massive loss of the value of Naira and increasing cost of almost every item.

With inflation in the country frequently on the rise, currently standing at 29.9 percent and its attendant effects on the skyrocketing prices of goods and services, this is really not the best of times for Nigeria, which appears not ready to shed its inglorious toga as the poverty capital of the world. It is sad that while countries like Argentina and India are showing signs of improvement, the same cannot be said of Nigeria in its present state.

As if the government is even more confused on the real solution to the prevailing problems, all the interventions made have not really achieved the desired results as more Nigerians continue to groan under the biting pangs of hunger. It is either that the solutions are not effective enough or they are not really appropriate for the Nigerian situation, the government is also battling with saboteurs among its officials, especially by those who are bent on benefitting from the misery of the people.

Rather than concentrate on frequent give-aways under the guise of the so-called palliatives that are not even alleviating anything, the focus should be on mass concentration on

agriculture to produce food on a large scale to fight acute hunger and misery in the country. Government at all levels should mobilise the citizens, especially the youth and unemployed, to go back to the farms and cultivate food crops to feed the nation.

A state of emergency should be declared on food production to make it mandatory for governments to lead the way in food production as a government that cannot feed its people is already a failed government and no amount of propaganda and lies can change the narrative. Mass mobilisation to the farms, rather than lousy palliatives and give-aways that keep the recipients as perpetual hangers-on, is the way forward.

Security should be stepped up to protect the farmers who are daily fleeing the farms as a result of the activities of marauding herdsmen and killer terrorists who have taken over the farms across the country. The forests should be cleared of all bandits, using technology such as drones in support of the military, as it is only beasts and animals that live in the forest, not sane and normal human beings.

With well over 26.5 million Nigerians grappling with acute food shortage across the states, according to a recent World Bank Human Index report, the Federal Government needs to act fast and move from mere rhetorics to real action in its response to the big problem at hand. This is not the time to play politics with the lives of the people or time for blame game on who is responsible for what and the likes. The problem at hand is a national crisis and should be treated as such even as it very shameful that a country as blessed as Nigeria cannot feed her people.

THEWILL NEWSPAPER TEAM

NNPC Ltd. $3.3 Bn Crude Oil Pre-Payment Loan: How Oramah Exposed Atiku's Ignorance

BY ADEWOLE KEHINDE

"Speak the truth. Transparency breeds legitimacy, “ John C. Maxwell

Former Vice President Atiku Abubakar, through a statement issued on January 25, 2024, asked President Bola Tinubu to account for the Nigerian National Petroleum Company Limited’s $3.3 billion emergency crude repayment loan.

Atiku insisted that there were questions to be answered about the integrity of this deal and charged the Federal Government to talk directly about the details behind the deal.

WITH PROJECT GAZELLE, AN INNOVATIVE FINANCIAL PLAN FROM NNPC LIMITED, FUTURE CRUDE OIL REVENUES WILL BE USED TO PAY CURRENT OPERATIONS, IMPROVE LIQUIDITY, AND ADD TO NIGERIA'S FOREIGN EXCHANGE RESERVES

The financing arrangement that the NNPC Limited was able to obtain to prepay future royalties and taxes to the Federal Government is a forward-sale structured finance facility backed by crude oil and sponsored by the National Oil Company, which serves as both the sponsor and the seller.

The facility entails the advance sale of a predetermined quantity of crude oil barrels to a Special Purpose Vehicle (SPV), which has applied for the necessary finance from foreign financial institutions.

To receive upfront funding from a special purpose vehicle (SPV) supported by foreign financial institutions, NNPC Limited undertakes to sell a set number of future barrels of crude oil production in advance.

On Sunday, Benedict Oramah, President of the African Export-Import Bank (Afreximbank), addressed the oil-for-cash loan agreement with the Nigerian National Petroleum Company (NNPC) Limited, which further brought out the ignorance of Atiku, who was the 2023 presidential candidate of the Peoples Democratic Party.

In an interview with Arise News posted on Sunday on X, Oramah said the $3.3 billion crude oil prepayment loan obtained by NNPC Limited will not be repaid with $12 billion, as publicised by Atiku Abubakar.

In his remark, Atiku further asserted that a 12 per cent interest rate was used to secure the financing.

“It is unthinkable that the Federal Government will lead the nation to accept a $3.3 billion loan with an interest rate not to exceed 12 per cent and an estimated $12 billion in repayment," he stated. However, given that the loan has a five-year term and bears a margin of 6.0% annually over the three-

month secured overnight financing rate (SOFR), the former vice president's assertion appears to be false.

Oramah, who doubles as Afreximbank board chairman, also said the loan had a 6 per cent margin, which makes it one of the best-priced loans. According to him, the loan will significantly reduce the foreign exchange (FX) shortage and help stabilise the financial sector.

“Well, the interest rate on the loan is, so far, the base rate that governs the cost of funds, so to speak. The facility is a 5-year loan.

“We’re not talking about three years ago or four years ago. We’re talking about today, where interest rates have gone up, and we’re just hoping that inflation will go down globally so that rates can start going down.

“And in fact, if those rates start going down, the interest rate on this loan will also start going down. So that’s what I thought about it—about the pricing of the loan,” Oramah said. He said the facility was transparent, adding that there was nothing to hide about it.

The Afreximbank President said anybody who wants to “compare it can compare it against the yields on the Nigerian bonds trading today.”.

“What are the yields for a seven-year Nigerian bond? Most likely to be about 15 per cent, if not more.

That is where the treasure is,” he said.

Oramah described the loan as effective, as it helps with the acute foreign exchange shortage in the country and stabilises the financial system.

He added that the international institution is not the only lender of the $3.3 billion facility.

With Project Gazelle, an innovative financial plan from NNPC Limited, future crude oil revenues will be used to pay current operations, improve liquidity, and add to Nigeria's foreign exchange reserves—all while balancing the country's requirements with its larger economic objectives.

This project ensures immediate cash, minimises the impact on future earnings, and may improve Nigeria's credit rating while showcasing the operational independence and financial expertise of NNPC Limited.

Repayments are calculated and linked to future oil sales; risk-averse pricing in oil sales contracts reduces the impact of fluctuations in oil prices.

Project Gazelle mixes short-term funding needs with long-term viability in accordance with the terms of the most recent PIA and NNPC Limited's path towards operational excellence and economic contribution as a Limited Liability Company.

It is more fruitful for comments from a distinguished statesman like Atiku to be directed towards nation-building rather than just undermining the government or an institution.

•Kehinde is the publisher of Swift Reporters.

President Tinubu, Nigeria is Not Working!

BY UZODINMA NWAOGBE

It is very clear that Nigeria is not working. The blind, deaf and sick can say it loud that the country is at a standstill. No doubt, President Bola Tinubu is not the cause of the socio-economic problems we are all going through, but he cannot extricate himself from being part of the problem. Now that he has the ‘knife and yam,’ every blame stops at his table.

Nigeria is presently witnessing a tale of arrested development and regression. There is nothing showing any significant improvement in our human and economic development. It is all abysmal failure and backwardness. Nigeria is in a case of ‘sorrows, tears and blood.’ A very sad and disappointing story. Nigeria, with our natural, economic and intellectual resources is still rated as one of the poorest countries in the world. The painful part of Nigeria’s story is that every successful administration pulls us back more than its predecessor. None has achieved a greater height. What is wrong with our leaders?

Where did they emanate from?

It is not a funny story at all. We need to get the country out of the deep gully it has found itself. The underdevelopment, mismanagement, embezzlement, looting, insecurity, destruction of infrastructures, and the multiplying effects of corruption. It is so deep. Nigeria is on its knees!

It is a fact that Nigeria records more hours of power outages in Africa. And, it is getting worse by the day. Power is an essential energiser of development. There cannot be development in the midst of darkness. There has to be power to pump life into the economy. There is no industry or small business still existing in the country without its own power supply. That is basically for them to remain in business.

Nigeria can end its power problem in two years. Ghana ended theirs in a year, why can’t we? It is all about determination. The leaders of the country must pick a special interest in the power sector and declare a state of emergency. If the current Governor of Abia state, Governor Alex Otti, is working round the clock to stabilise the power supply in the commercial city of Aba, then the Federal Government must feel challenged and begin to do something to stabilise power in the country. It is not rocket science, they say.

To achieve a steady power supply in Nigeria, the following can help: Importation of generator sets should be banned and strict laws made for adherence. Ghana, Senegal and some other African countries have constant power supply, Nigeria can!

Stop every government-owned institution, including Aso Villa and NASS, with the exception of hospitals, from running on generator sets.

No senior government official will be allowed to use a generator set at home.

No person or group, especially the engineering firms, working with the Federal Government, will be given any contract when they run on a generator set.

The party secretariat of the government in power must not use a generator set in their offices.

Let the Federal Government not host any international event except the venue will be powered by EDC.

All these and more should be employed to encourage all hands on deck. For power supply to be permanent in Nigeria, a radical approach must be taken.

NIGERIA CAN END ITS POWER PROBLEM IN TWO YEARS. GHANA ENDED THEIRS IN A YEAR, WHY CAN’T WE? IT IS ALL ABOUT DETERMINATION. THE LEADERS OF THE COUNTRY MUST PICK A SPECIAL INTEREST IN THE POWER SECTOR AND DECLARE A STATE OF EMERGENCY

The Federal, state and local governments must have farm lands that are in operation. The farms should be turning out farm produce yearly. Nigeria cannot be economically viable without farming in large quantities. The country must be returned back to the era where agriculture was a priority. The security of farmers must be guaranteed. The military and local hunters should be drafted into the forests for the adequate security of farmers. The government should support and encourage farmers with modern technology to improve their produce.

Corruption must not be handled with kid gloves. Nigeria is known as one of the most corrupt countries in the world. We are rated as a ‘fantastically corrupt’ country. The anti-corruption fight began by former President Olusegun Obasanjo has actually declined. Nigeria cannot move forward when we romance with corruption. The war against corruption must be total. There must not be VIP treatment for some. To make the anti-corruption war successful, the untouchables in the society must be touched.

The President can pick, concentrate and make it his priority for a particular refinery owned by the Federal Government to work. Let him assemble petroleum engineers, not politicians, to get the refineries to work. It is a big shame for a country with crude oil and about three refineries to be importing finished products for local use.

•Nwaogbe contributed this piece from Umuahia. *Continues

Transcorp Power is set to debut on the Nigerian Exchange Limited (NGX), boasting a market capitalisation of N1.8 trillion.

The company is a member of the Transcorp Group, which includes Transcorp Hotel, equally listed as a separate entity.

The company revealed in a statement that it aims to offer 7.5 billion ordinary shares, of 50 kobo each, at a listing price of N240.00 per share.

The listing ceremony is set to take place on March 4th at the premises of the Nigerian Exchange Limited.

It stated, “We are delighted to announce that the facts behind the Listing and Closing Gong Ceremony of Transcorp Power Plc to commemorate the Listing by the introduction of 7,500,000,000 Ordinary Shares of 50 kobo each at N240.00 per share on Nigerian Exchange Limited is scheduled for Monday, March 4, 2024”

THEWILL recalls that in April 2023, Transcorp Chairman, Tony Elumelu reportedly stated that there were plans to list Transcorp Power as a separate entity within 5 years.

Mr Elumelu made this comment when he was asked about rumours making the rounds about potential spin-offs of Transcorp Power Plc following a board resolution passed after its Annual General Meeting (AGM).

He had hinted that a spin-off was on the cards, albeit in five years, on the condition that transmission lines and challenges with gas would have been fixed.

“We are looking at about five years from now to list Transcorp Power because we believe the transmission lines would have been fixed and the gas supply to the power sector would have improved significantly,” Elumelu was quoted as saying. .

AMCON: Dilemma of

New Management Over Multi-Trillion Naira Debt

President Bola Tinubu on February 22, 2024 approved the appointment of a new management team for the Asset Management Corporation of Nigeria (AMCON). The four-man team included Gbenga Alade, Managing Director/CEO and three executive directors, namely Aminu Ismail, Adeshola Lamidi and Lucky Adaghe

The new team succeeded the Ahmed Kuru-led management which had pioneered the affairs of the toxic asset manager since Mr Kuru’s reappointment for a second term by former President Muhammadu Buhari in December 2020.

But questions are being raised as to what the new AMCON management team is going to achieve for the period of its tenure. This can be linked to the altercation between the Senate Committee on Banking, Insurance and other Financial Institutions and top officials of AMCON in December 2023. The face-off led to the angered lawmakers calling for the immediate dissolution of the 13-year-old AMCON.

The federal lawmakers registered their displeasure over AMCON’s unsatisfactory performance when its then managing director, Ahmed Kuru, appeared before the committee on December 13, to defend the agency’s budget for the 2024 fiscal year. They frowned at AMCON’s failure to recover its over N5 trillion liabilities since 2010 the agency came into existence, yet incurring heavy recurrent and overhead costs.

“Most of the loans were owed by individual companies which were never sanctioned. At the end of the day, the same company would go to buy back their assets that AMCON had hitherto taken over. Are we going to continue like this?

“It is not only about defending the budget; it is about seeing the effect of the appropriation. We need to know whether it is working. Or are we just creating a job for those we can’t protect?” remarked Sani Musa, the committee chairman who also queried why AMCON should not be scrapped since it appeared to have lost its statutory mandate.

The positive Established by the act of the National Assembly in 2010, with an intended 10-year lifespan, there is no doubt that the corporation’s mandate of stabilising the banking sector was immediately felt with the take-over of more than N5 trillion loans and injection of fresh funds into the sector. There is the general belief that some banks are, perhaps, still operating today due to AMCON’s intervention in the industry.

Besides, AMCON has sold assets in excess of N500 billion and has resolved about 5000 Eligible Bank Assets (EBSs). The corporation has till date recovered over N1.8 trillion out of the accumulated liabilities. .

While AMCON is firing from all cylinders to recover the over N4 trillion owed by various entities that are regarded as recalcitrant debtors, the failure of some bank customers to repay their loans has largely frustrated AMCON’s efforts.

The flipside

Although AMCON’s tough stance has earned it remarkable accolades, the flipside is that among the “recalcitrant debtors” are victims of wrongfully classified debts, and toxic loans which constitute a good chunk of AMCON’s debts that may not be recovered.

THEWILL learnt from those familiar with the matter that while some of the debts owed AMCON (referred to as AMCON debts), are real and indisputable, others are not. The latter constitutes part of the countless litigations in which AMCON is either a plaintiff or defendant, or joined as such.

Among the wrongfully classified toxic assets are unsubstantiated, nonexistent, disputed and interest capitalisation facilities. Legal and finance

Elumelu

BUSINESS WEEKLY

...Dilemma of New Management Over Multi-Trillion Naira Debt

From my extensive handling of AMCON related matters, I would say that a lot of the AMCON debts will never be recovered

experts revealed that AMCON’s debt recovery drive has created casualties of victimisation and high-handedness – those with wrongfully classified debts hung on their neck like millstone.

Wrong steps

A legal practitioner who is vast in AMCON-related matters attributed the anomaly to the faulty procedure in buying the Non-Performing Loans (NPLs). He argued that this has created fundamentally legal and administrative challenges as due diligence was not exercised over the integrity of the toxic assets prior. This, he said, led to AMCON buying “unsubstantiated and disputed loans” that have now created a problem for the system.

“AMCON parades over N4 trillion debts; sadly, this figure includes unsubstantiated debts – debts that never existed; and debts whose figures remain controversial and doubtful. It is therefore futile to engage in the pursuit of such debts. From my extensive handling of AMCON related matters, I would say that a lot of the AMCON debts will never be recovered”, said Victor Ukutt, Principal Partner, Victor Ukutt and Co. (Legal Practitioners) in their Lagos Chambers.

Ukutt told THEWILL that the coming of AMCON revealed deep-rooted rot in the Nigerian banking sector: Some corrupt bank officials used the customers’ accounts for various fraudulent practices. The procedure for acquiring the toxic loans allowed fraudulent bank officials to go free while innocent customers, the victims, suffer.

Among the unsubstantiated facilities Ukutt explained to THEWILL was the case of Bamidele Enterprises Limited (not real name) who applied for a credit facility to invest in their diesel supply business. The application was never approved and no facility was extended to the customer.

Surprisingly, Bamidele Enterprises Limited was published in the CBN’s list of banks’ bad debtors. This led to a prolonged legal action that is yet to be concluded, yet Bamidele’s business has been destroyed, AMCON is yet to recover the debt that it bought erroneously.

THEWILL was shown legal mortgage documents executed as collateral for the loan which Ukutt said were fictitious as no such property existed in Ife Modakeke where it was said to be located.

THEWILL also learnt that some AMCON debts in dispute have to do with faulty processes created by the banks to swindle the customer. This includes the execution of stamp duty to perfect a legal mortgage used as collateral. Some banks were said to have under-declared the value of the mortgaged property so as to pay less stamp duty; but the customer (borrower) is debited with the charges for real/full value of the transaction.

A legal expert said the Supreme Court had ruled that the value declared for the purpose of stamp duty would be deemed to be the value of the facility even where the actual value exceeds the declared value. “There are cases like this; and the client would, through his lawyer, insist on the Supreme Court pronouncement on the matter. How will AMCON be carrying the wrong value of the facility as NPL?”, the lawyer asked.

Case of Suru Worldwide

A particular case of wrongful categorisation as non-performing loan was that of Suru Worldwide Venture, a Lagos-based firm which is into property and hotel business.

The managing director, Mr Edward Akinlade, had in a press conference in Lagos late 2020, narrated his ordeal in the hands of AMCON over a facility his firm had with a third generation bank. Mr Akinlade later spoke with THEWILL to expatiate on the issues he raised at the media chat.

...Power to List on NGX at N1.8tr Market Cap

At an expected valuation of N1.8 trillion, Transcorp Power will become the second most valuable power company on the exchange and will automatically join the SWOOT (Stocks Worth Over One Trillion Naira) league.

At present, the most valuable power company based on market capitalization is Geregu Power with a market cap of N2.4 trillion.

THEWILL also recalls that Transcorp Power Plc, had on December 10, 2023, celebrated its 10 anniversary, marking a decade of unwavering commitment to powering progress and impact in society.

Transcorp Power Plc. was borne out of Transcorp Group’s drive to fulfil its purpose of improving lives and transforming Africa by investing in strategic sectors of the economy that can catalyse growth. Hence, its investment in the 972MW Ughelli Power Plant in 2013.

The power company has grown impressively over the last decade, becoming one of the leading power companies in the country.

Earlier last year, Transcorp Power became the first power generation company to be discharged from post-privatisation monitoring by the Bureau of Public Enterprise (BPE), having satisfied the requirements of the post-acquisition plan (PAP) compliance.

Peter Ikenga, Managing Director/CEO of Transcorp Power Plc, in his comments noted that the Company’s journey had been one of resilience, innovation, and a steadfast commitment to powering progress.

“As we celebrate the 10th anniversary of Transcorp Power Plc., we reflect on a decade of impactful contributions to the energy sector. I am immensely proud of our team’s dedication and the milestones we’ve achieved,” Ikenga said, adding that the anniversary is not just a testament to the Company’s past successes but a springboard for the future.

For the last decade, Transcorp Power has been an integral part of its host community, with several community-based projects aimed at improving livelihoods.

The Transcorp Staff School which Transcorp Power Plc. Adopted, following the takeover of the Ughelli Plant, currently serves the community as well as its employees, guaranteeing a higher quality of education for the children in the community.

“We remain committed to driving positive change and being a catalyst for sustainable development. Thank you to our team, stakeholders, and the communities we serve for being integral parts of this incredible journey. Here’s to the next decade of powering possibilities and lighting up the path to a brighter future,” Ikenga added.

At the event which held in Ughelli, Delta State, Transcorp Power also celebrated its employees who have been with the company since inception and have contributed significantly to the achievements of the past decade.

Transcorp Power Plc. has won multiple international awards, including the Leading Power Generation Company Nigeria 2023 (International Business Magazine Awards 2023), Leading Power Generation Company Nigeria 2023 and Most Sustainable Power Company Nigeria 2023 (2023 World Business Outlook Awards).

Minister Inaugurates NCDMB Governing Council, Pledges to Increase Local Content Achievements

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri on Thursday in Abuja inaugurated the 4th Governing Council of the Nigerian Content Development and Monitoring Board (NCDMB).

The NCDMB Governing Council is set up under the Nigerian Oil and Gas Industry Content Development (NOGICD) Act and draws membership from representatives of select institutions connected with the oil and gas industry.

Members of the new NCDMB Council were first announced by President Bola Tinubu on December 7, 2023, and they would be chaired by the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, while the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, would serve as the Secretary of the Council.

Other members include the Executive Vice President, Gas, Power, and New Energy, Nigerian National Petroleum Company Ltd, Mrs. Oritsemyiwa Eyesan, the Chief Executive

Officer of the Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe, the representative of the Ministry of Petroleum Resources, Mrs. Bekearedebo Augusta Warrens and the Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Nicholas Odinuwe. Others include the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, Chairman of the Council for the Regulation of Engineering (COREN), Prof. Sadiq Abubakar and the representative of the Nigerian Content Consultative Forum (NCCF), Dr. Raphael Samuel.

In his remarks, the Minister congratulated the members of the Governing Council on their nomination, noting that it was based on their expertise and experience in various fields of endeavour.

He explained that the NOGICD Act provided for institutional representation on the Governing Council, to enable the agency to benefit from the expertise and professionalism of key

organisations and change the narrative in the oil and gas industry.

He confirmed that NCDMB had recorded tremendous achievements in the oil and gas industry in the last 13 years of its existence and had achieved many of the set objectives.

He solicited the cooperation of the new Council members to raise the bar of Nigerian Content development. He added that many African countries are coming to understand Nigeria’s Local Content model and it was incumbent on Nigeria to deepen the level of implementation and stay ahead of other nations.

Speaking further, the Minister stated that one of the core mandates of the NCDMB is to build indigenous human and infrastructural capacities so that Nigerians can play critical roles in the oil and gas industry.

He highlighted that NCDMB was one of the few agencies chaired by the Minister, attributing it to the importance of the organisation to the national economy.

L-R: Chairman of the Petroleum Technology Association of Nigeria (PETAN), Mr. Nicholas Odinuwe; Chairman of the Council for the Regulation of Engineering (COREN), Prof. Sadiq Abubakar; Executive Vice President, Gas, Power, and New Energy, Nigerian National Petroleum Company Ltd, Mrs. Oritsemyiwa Eyesan; Chief Executive Officer, Nigerian Upstream Regulatory Commission (NUPRC), Engr. Gbenga Komolafe; Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri; Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe; Representative of the Ministry of Petroleum Resources, Mrs. Bekearedebo Augusta Warrens; Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas and representative of the Nigerian Content Consultative Forum (NCCF), Dr. Raphael Samuel, during the inauguration of the NCDMB Governing Council held in Abuja on February 29, 2024.

Forex Crisis: CBN Revokes Operational Licenses of 4,173 BDCs

The Central Bank of Nigeria, CBN, has revoked the licenses of 4,173 Bureau De Change Operators.

According to the apex bank, the affected institutions failed to observe regulatory provisions.

These, according to the bank, include payment of all necessary fees, including licence renewal, within the stipulated period in line with Guidelines, rendition of returns in line with the Guidelines, and compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-P This was made known in a statement by Sidi Ali, Hakama, the Acting Director, Corporate Communications.

CBN said the action is in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines).

According to the apex bank, the list of affected BDC operators is available on its website.

The CBN further said it is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria, adding that compliance with the new requirements will be mandatory for all stakeholders in the sector.

FG to Borrow N1.64trn Via Treasury Bills in Q2 2024

The Central Bank of Nigeria, CBN, has said it would sell Treasury Bills, TBs, worth N1.64 trillion for the second quarter 2024, Q2’24 on behalf of the federal government.

This is contained in the apex bank’s Nigeria Treasury Bills Issue programme released today

Treasury Bills are short term (less than one year) debt instruments used by the CBN to borrow money from the public on behalf of the federal government. The CBN also uses TBs to control money supply in the economy.

The TB issue programme commences on March 7th, and ends on May 23rd, 2024.

During the period, the apex bank will issue TBs worth N414.29 billion on 91 days tenor, N43.74 billion on 182 days and N1.18 trillion on 364 days.

A breakdown of the programme revealed that in March, the apex bank plans to sell N660.62 billion worth of TBs, comprising N32.73 billion worth of 91 days bills, N12.97 billion worth of 182 days bills and N614.92 billion worth of 364 bills.

In April, the apex bank plans to sell N292.17 billion worth of TBs, comprising N10.61 billion worth of 91 days bills, N15.97 billion worth of 182 days bills, and N265.59 billion worth of 364 days bills.

In May, the CBN plans to sell N688.3 billion worth of TBs comprising N362.9 billion worth of 91 days bills, N14.7 billion worth of 182 days bills and N302.67 billion worth of 384 days bills.

Govt Slams Binance with $10bn Fine

The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis.

The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this in an interview with the BBC on Friday.

According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses

He noted that Binance is not registered in Nigeria and has no presence in the country.

According to Onanuga, people used the platform to arbitrarily fix dollar-naira rates. He said the practice negatively impacted the value of the local currency.

He further noted that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform.

Onanuga said, “The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.

“Binance harbours a lot of people who fix exchange rates which impact the country badly at a time when the government is trying to stabilize the economy,” he added.

The presidential aide added that Binance influenced the increase in foreign exchange rates through currency speculation, which caused the Naira value to fall by almost 70% in recent months.

Protection Of Nigerian Depositors Remains Priority, NDIC Says

The Nigeria Deposit Insurance Corporation (NDIC) has disclosed that the Corporation has introduced the Single Customer View (SCV) framework to expedite payment to depositors of closed banks while reiterating that their priority is to protect Nigerian depositors.

Speaking at the Corporation special day at the ongoing 45th Kaduna International Trade Fair organised by the Kaduna Chamber of Commerce Industry, Mines and Agriculture (KADCCIMA), the managing director and chief executive of the corporation, Bello Hassan said, the Corporation has also enhanced collaboration with the judiciary for speedy prosecution of failed insured institutions.

Represented by the deputy director, Communications and Public Affairs Department, Hajiya Hawwa’u Gambo, the managing director said the 45th edition of the Kaduna International Trade Fair with the theme, “Sustaining Economic Recovery through Deepening Local Content Value Chain”, falls in line with the Corporation’s mandate and public policy objective of ensuring the stability of the financial system in order to provide the necessary support to economic recovery efforts of governments, business entities and concerns.

“Indeed, our priority at NDIC is the protection of Nigerian depositors. We are dedicated to safeguarding depositors’ funds from the adverse effects of bank failure and complementing the Central Bank of Nigeria (CBN) in effectively supervising insured deposit-taking financial institutions and formulating sound banking policies.

This commitment is encapsulated in our strapline: ‘Protecting your bank deposits’, ensuring financial stability and inclusion by assuring Nigerians that their money is safe and accessible when needed”.

*Continues online at www. thewillnews.com

L-R: Winners of cars, Chigozie Anagwu; Alhaji Jimoh Ogungbola; Director, Marketing & Innovations, Guinness Nigeria Plc.

Why There are Revenue Leakages - FIRS Chairman

The Executive chairman of the Federal Inland Revenue Service (FIRS), Zacch Adedeji, has identified multiple collection channels as the cause of revenue leakages.

Adedeji spoke when he appeared before the House of Representatives Committee on finance to defend the FIRS’ 2024 budget.

The FIRS chairman said a single revenue-collection agency is responsible for collecting revenue in other countries, which he noted is a better approach.

“But here in Nigeria we have more than 62 agencies collecting (revenues) one way or the other on behalf of the federal government,” Adedeji said “And when you see people (agencies) instead of going to their area of strength, everybody tries to collect (revenue) — the leakage is all there.”

Adedeji said the nation’s obsolete laws are also responsible for tax leakages.

“Most of them (laws) are obsolete. For example, the digital tax that we are talking about — no law in Nigeria empowers us to effectively tax all these digital businesses which we know is on the rise,” he said

The FIRS boss said President Bola Tinubu has approved that contractors should be paid directly instead of transferring the money to ministries, departments and agencies (MDAs), most especially capital funding.

He said this would enable the FIRS to deduct tax directly from the contractors and improve cash management.

Adedeji advocated for a single window of revenue collection to prune leakages.

“We are also doing a lot of reform, including the single window. Because if you look at FIRS, what we collect mainly is company income tax which is the result of the difference between cost of sales and gross sales,” he said.

“But the cost of sales if inflated means you would have less profits and less taxes. Today, we don’t have anywhere to confirm the major cost of sales of all these companies because when they do the valuation sometimes, they do not have verifiable value to do that.

“I use NIMASA as an example, the basis of (revenue) collection for NIMASAA is three percent of FOB.

“That has nothing to do with marine. If you use the single window, you know the total number of vessels coming into the country and going out and the fee is just three percent. So what does NIMASA need to do about that?

“What we are saying is that these agencies were set up to do core duties. When you talk about customs, it is border and trade facilitation. Revenue is not the core mandate of customs. Customs is about border and trade facilitation.

“The real principle of the single window is that everything coming to the country is in advance, so you know the number of containers coming, the volume, what is there and you know the amount and they pay you once.

World Bank Group Prepares Major Overhaul to Guarantee Business

The World Bank Group has announced a major overhaul to its guarantee business that will deliver simplicity, improved access, and faster execution through a new, convenient marketplace. The new reforms are critical to achieving the goal of tripling annual guarantee issuance to $20 billion by 2030.

The Private Sector Investment Lab, earlier launched by the World Bank Group in June 2023, was created to identify barriers and potential solutions to renewable energy investment. Political risk insurance emerged as a key area of interest among the group, which also raised issues with accessibility. The recent G20 Independent Expert Group report on Strengthening Multilateral Development Banks also called for an expanded use of guarantees to mitigate risk and catalyze private finance.

Currently, the World Bank Group offers 20 guarantee solutions spread across the institution. Each comes with different processes, rules, and standards. Ultimately, this holds back their potential and impedes client access.

The overhauled approach, the first significant change in 15 years, will consist of six concrete updates:

Condensed Structure: Moving all of guarantee experts from across the World Bank Group under one roof, providing a seamless experience for clients and easier access to the full suite of guarantees.

Simplified and Comprehensive Product Menu: Compiling all World Bank Group guarantees in a single menu, allowing clients to easily identify and select the guarantee instrument that best suits their individual needs.

Streamlined Process: Launching a common approach for all guarantee reviews and removing redundant processes, giving transparency and certainty to our clients across our guarantee process, delivering an improved client experience.

Greater Accessibility: Investing in a more accessible client experience by growing our guarantee teams and training staff worldwide, providing private sector and country clients with easy access to guarantees from anywhere in the world.

Scale: Applying a risk-weighted approach that focuses resources on high-impact projects and portfolios of projects, reducing duplicative risk analysis and freeing up capacity to tackle more complex challenges.

Innovative New Tools: Offering new and innovative guarantee products that will enable the private sector to get more involved in solving the development challenges of today.

The overhaul and one-stop-shop will be available to all World Bank Group clients on July 1, 2024.

Mark Mugisha; another car winner, Dr Edmond Okafor; Head of MSS & RTS, Guinness Niger PLC, Ujunwa Chukwumah, Head of Sales, MSS & RTS / Commercial Director, Guinness Nigeria PLC, Adesanya Olusanya, during the presentation of cars and awards to the distributors of Guinness Nigeria PLC. brands in Lagos on February 23, 2024.

Photo: Peace Udugba.

Running Nigerian Economy on Palliatives?

BY MARCEL OKEKE

In dealing with one of the initial shocks of the fuel subsidy removal in June 2023, many agencies of the Federal Government and a good number of state governments ‘officially’ reduced working days of the week to either three or two days, instead of the normal five.

This initiative was a sort of palliative to lighten the burden of civil servants who were faced with an outrageously high and rising cost of transportation, triggered by rise in the pump price of fuel (Premium Motor Spirit, PMS) sequel to fuel subsidy removal by President Bola Ahmed Tinubu administration on May 29, 2023.

However, while the reduction in work days may alleviate the plight of the civil servants, productivity at the state and Federal levels was utterly sacrificed. In other words, the main reason for hiring these civil servants was played down— all culminating in unquantifiable loss of the ‘output’ of these public servants.

On the aggregate, nationwide, Nigeria would have lost immeasurably in terms of the productivity that would have added up to the much needed economic growth and development.

Productivity is a measure of economic performance that compares the amount of goods and services produced (output) with the amount of inputs used to produce those goods and services. Productivity is said to increase when more output is produced with the same amount of inputs or when the same amount of output is produced with less inputs.

the frayed nerves and ire of the populace across the country.

In the past couple of weeks, there have been public protests in not a few towns and cities in various parts of the country: Kano, Kaduna, Oyo, Ogun, Lagos, Abuja, Edo and Osun states, etc. As the protests keep spreading like wild fire, governments (states and federal) seem yet preoccupied with ‘dousing’ the tension

Ever since the adoption of the two or three days (working) week in June 2023, almost every initiative of the Federal and state governments have principally to do with palliatives

But in the subsisting ‘palliative regime’ in Nigeria, the same number of civil servants is being used to ‘produce’ the same or less services at the Federal and sub-national levels: all because of the adverse impact of government policies.

Ever since the adoption of the two or three days (working) week in June 2023, almost every initiative of the Federal and state governments have principally to do with palliatives. There have been hues of ‘salary awards’, cash transfers and motley in-kind palliatives. It is on record that the Federal Government at a point late last year, announced a dole of N5 billion to each of the states for an assortment of palliative packages for their citizens. The utilisation of this fund got ‘soaked’ in the politics of each of the states; and the governors mainly used their political party ‘network’ to reach out to select beneficiaries.

Till date, many of the state governments are still contending that they were given only N2 billion and not N5 billion; and that the money was only to be repaid. Howbeit, it remains very doubtful if the right targets (the very vulnerable) got the government’s largess (palliatives) in most of the states. This is why, over the past months, rather than things getting better, many more Nigerian have been pushed into the poverty trap in the face of sharp increases in the cost of living.

The import of all these has been continuing deterioration of the nation’s social fabric: sharp increases in crimes and criminality, upheavals and skirmishes, youth restiveness, organized protests, etc. All these have combined to heighten socio-economic tension, even as insecurity keeps posing existential threat to all.

The polity is now such that government at all levels is contending with a hungry, angry and restive citizenry. The upshot of this reality has been packaging and re-packaging of all manner of palliatives to (perhaps) merely assuage

(anger, hunger, poverty) through palliatives. This is perhaps why, instead of expeditiously coming up with a new/improved salary structure (or minimum wage), the Federal government seems more bent of paying ‘cash awards’ and ‘crumbs’ to calm the Organized Labor (OL), as it were.

The upshot of this has been that in the past eight or nine months, the OL has been in an endless dingdong with the Federal government over the form and content of palliatives as well as the new minimum wage.

essentially to come up with “immediate measures to stabilize the economy.” Made up of representatives from the Federal and state governments as well as the Organized Private Sector (OPS), the panel is to help initiate steps to speedily “bring life back to the economy.”

The situation is not different in other states of the country: it is either the government is buying and distributing foodstuff or buying and deploying buses to ‘ease’ transportation challenges in its domain. These buses are made to charge ‘subsidized’ fares as palliatives for the people. Since June 2023, the Federal government had during festive seasons ensured ‘low fare’ charges by the Nigerian Railway Corporation (NRC) for users of the railways across the country—all in the spirit of palliatives.

While these remain open-ended, the Federal government has resorted to giving ‘food palliatives’; under this arrangement, the Tinubu administration, through the Ministry of Agriculture and Food Security, is working on releasing 42,000 metric tonnes of assorted food commodities to support the vulnerable population across the country. As this is ongoing, various state governments in a variety of ways, are institutionalizing the ‘palliatives culture.’ In Lagos state, the commercial hub of the country, for instance, a ‘Special Dispensation Palliative Advisory Committee’ has just been set up.

Chaired by the Governor, with his Deputy as alternate Chairman, the 11-man inter-party panel is to determine the content and variety of palliatives to be put in place by the government, going forward. It will also determine the timing and mode of distribution—to reach the teeming populace.

At the Federal level, too, President Tinubu has equally empaneled a tripartite economic advisory committee—

Some state governments have so integrated the ‘palliative culture’ into their mode of operation that they rather give crop seedlings (yam, maize, cassava, etc.) to their populace than introduce them to mechanized farming. In point of fact, the seedlings (and in some cases, fertilizer and other inputs) are sold by government (agencies) at subsidized rates—again, as palliatives.

In truth, a panoramic view of all these ‘palliative interventions’ will put to question whatever has been the economic development blueprint of the governments. If there has been any realistic economic roadmap, would palliatives or ad hoc provisions been necessary? Indeed, in the absence of a realistic destination (roadmap), every road (palliatives and doles) just takes Nigeria to somewhere (economically). And that has been its plight for upwards of one year now. At present, the Nigerian economy badly needs direction, stimulation and leapfrogging for a quantum leap. Palliatives will always remain what they are: crumbs!

•Okeke is a practising Economist, Business Strategist, Sustainability expert and ex-Chief Economist of Zenith Bank Plc

SHOTS OF THE WEEK

Photo Editor: Peace Udugba [08033050729]

L-R: Former Secretary General of the Commonwealth of Nations, Chief Emeka Anyaoku and Anambra State Governor, Professor Chukwuma Charles Soludo, during the funeral ceremony of late Professor Benjamin Obiefuna Nwabueze, a former Minister of Education and a renowned constitutional lawyer who passed on at the age of 94 years in Anambra State on March 1, 2024.

L-R: Assistant Chief State Council, Federal Ministry of Justice, Department of Public Prosecution,  Chinyere Obasi (left); the newly sworn in Justice of the Supreme, Justice Chidebere Nwaoma Uwa(2nd left); former Senate Committee Chairman on Gas, Sen. Nkechi Nwogu (right) and others, during a reception by Ama-ala Abia, for the newly sworn in Justice of the Supreme Court in Abuja on February 27, 2024.

L-R: Group Chief Executive Officer, Nigerian Exchange Group, Mr. Temi Popoola; Past President of Council, The Nigerian Stock Exchange (NSE), Dr. Oba Otudeko; Chairman, Coronation Group and Past President, NSE, Mr. Aigbojie Aig-Imoukhuede; Mrs. Titi Ogunbanjo (wife); Ladun Ogunbanjo (daughter); Group Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga; Timi Ogunbanjo (son); Senator Tokunbo Ogunbanjo (brother); Former Chairman, NGX RelCo, Erelu Angela Adebayo; Former Minister of Trade and Investment, Otunba Niyi Adebayo; former Chairman, Nigerian Exchange Limited (NGX), Mr. Abubakar Mahmoud, SAN, and former Chairman, NGX RegCo, Mrs. Cathy Echeozo, gathered for an Afternoon of Tributes and Closing Gong Ceremony in honor of the Former President of NSE Council and Chairman of NGX Group, Late Bamofin Abimbola Ogunbanjo in Lagos on February 27, 2024.

L-R: Permanent Secretary, Ministry of Petroleum Resources (Oil and Gas), Amb. Nicholas Agbo Ella; former Minister of State for Petroleum Resources, Ibe Kachikwu; Secretary-General, Organization of Petroleum Exporting Countries, Haitham Aighais; representative of President Bola Tinubu, Alhaji Mohammed Idris; Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri and Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, during 2024 Nigeria International Energy Summit in Abuja on February 27, 2024.

L-R: Chief Financial Officer, Dorman Long Engineering, Mariam Melchior; Chief Commercial Officer, Dorman Long Engineering, Fela Ibidapo; Minister of State for Steel Development, Uba Maigari Ahmadu; Vice Chairman, Petroleum Technology Association of Nigeria (PETAN), and the Executive Chairman of Radial Circle Group, Ranti Omole, and General Manager, Strategy & Business Transformation, Dorman Long Engineering, Edidiong Ekwere, at the 2024 edition of the Sub Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos on February 15, 2024.

ENTERTAINMENT &SOCIETY WEEKLY

Funding is Biggest Challenge to Average Nigerian Businesswoman – Abby Ikomi

An all-round creative, Abby Ikomi, who runs House of Irawo, an upscale fashion brand, speaks with IVORY UKONU about the fashion industry, her life journey and some of the things that have shaped her to be who she is.

Yourecently clocked 55, yet you do not look your age. What is your secret?

God's grace, I must say. Also, I am one woman who does not joke with her beauty routine. I eat right, take my vitamins, exercise and get enough sleep. I avoid toxic people. Anything that will deprive me of my peace of mind is usually avoided. I also educate myself. Look at my skin. I can’t be doing this business and my skin will be looking dull, you wouldn’t want to buy from me. If you see my dressing room where I put my makeup, some professionals don’t have the things I have there. Then, I read a lot and do research about the things I can do. I drink a lot of greens; I blend different fruits and drinks. Care for yourself. Look after yourself. Nobody else will do it for you.

Looking back at your life in retrospect, is there anything you would have done differently?

Not one thing as I believe that everything, good or bad, works for good to those who love the Lord, according to the Bible which I believe very much in. I can't thank God enough for how far he has brought me. If I begin to list the many things I am grateful for, the pages of this interview will not be enough to contain them. I mean the things He has done in my life and the lives of my family. I am beyond grateful.

You are inching closer to 60. Are you going to evolve from the old Abby?

I want to get closer to my maker. I already have a personal relationship with him, but I want it to get deeper. I want to be more involved in projecting my craft, which is fashion designing, through which I have made my mark and to reach more milestones with it.

Speaking of your craft, not too long ago, you expanded your business by opening another branch within the same metropolis. Was the old place getting too small?

As a matter of fact, no. You know how it is when you have a vision, where you want to be, how you see yourself, the comfort, ambiance and the things you want to see. I have always had the vision that at some point I would have my own space, strictly for the Irawo brand and our high-end clienteles. That was why we set up this place.

You are now all about your fashion brand, but prior to this you were one of the most sought-after interior decorators, even producing your own furniture. What happened to that part of you?

I shut down the interior company. I wanted to explore other aspects of the creative industry I had interest in. I ran the company for over 10 years, but three years after I ventured into fashion, I shut it down.

But both professions could have thrived side by side I don’t want to say I have tunnel vision. That will be counterproductive. I didn't want to be distracted. I wanted to be focused and give it my all. I can’t afford to be distracted. This business is not even where I want it to be yet. I want it to be a global brand. I want people to be able to place orders from anywhere in the world. I am not trying to be a super luxury brand. I want to be affordable and at the same time fashionable. I wear my brand. I represent my brand.

We have not even scratched the surface of what we want to do, we want to be in every corner of the world, exporting everywhere, having shows and exhibitions. We make all our fabrics ourselves. I design the fabrics and I tell my artisans how I want them, the colour and the shape. We have not even started. We have the potential to go further. I have to be different because we incorporate African styles, our culture and modernize them. We don’t do culture appropriation; we will use what we have here and take it over there.

What sparked your interest in fashion designing?

I realised that I had so much more to offer. There is a thing about creative people, if you don’t make use of it, I believe it can slow you down in other ways. The creative part of your brain is bigger more powerful than any other. I started Irawo Studio when I was 46 years-old. Irawo is eight years-old this year. My first daughter and her siblings at that time wanted something African to wear. They said I should make them something. I went round and later got someone in Ikeja, but the person ended up charging a lot of money. When I sat down and looked at what I got, I was not satisfied. When I travelled to America to see my children,

I had to look for a Chinese woman to work on the dresses again. The woman had to redesign it. I gave her instructions on what to do and I ended up paying another round of money. When I got back from the trip, I said no more. I went to the market, bought machines, and got the necessary things needed. That was how I started the fashion business.

What inspires your designs?

I have a lot of ideas in my head. If someone is walking, I could look at the person and visualise the fabric and the style that will look nice on that person. There is an idea in my head how I want the average woman to look. You don’t have to wear the most expensive item and you can still look clean and stylish. It could be a clean nice shirt dress and you wear a trainer with it. At the end of the day, transitioning from wearing something casual in the day can be transformed to

Ikomi

Ikomi

an event at night. You could change your shoe, drop your hair, put on more makeup. Such is the image on the profile I want Irawo Studio to have. Being able to transition from casual to looking chic. Those are the things that get me inspired.

What are your brand's unique selling points?

You see the word ‘unique,’ that is what we are. We are unique, we are different, and we don’t copy anyone. Naturally I am also very creative. So, I don’t need to borrow from anyone or anybody’s design. I am not saying that I am the smartest person. For me, creativity comes naturally and everything I do is all about creativity. Even this entire building, I redesigned it. Every little corner you see, I worked on it with the contractors. When it comes to attention to details, I am always on it.

With so many talents juggling for recognition, how do you manage competition?

I don’t allow myself to dwell so much on competition and that may be because I am too much in my own world. I respect people that have been in the business before me. I learn from them in ways that I can, but I don’t see them as competitors. I see them as masters in the game that I can learn from.

Which project gave you the big break?

I think my big break was when we took part in the Arise Fashion Week. That was it. I just started this business a year before then. I remember some people told me not to do the fashion show that I would mess up and I would be embarrassed. I was asked what I knew about the business and my collection that I should leave the fashion show to those who have been doing it. I got a lot of discouraging words then. However, within a week and half that I was given, I came up with the collection and I had the show. We did very well, my oldest daughter came all the way from her base abroad, and she told me she can’t let me do it all alone. That was really what put us on the map. We were a baby brand then. I am still a baby brand now. We are still learning. I came into the business with nothing but my own passion and my gift. I didn’t go to any school to learn this. It was just me being fashionable, a lot of people doubted that I could do it. They said I can’t just say because I am fashionable I should be able to run the business. But I kept on pushing and I know greater days are ahead.

ENTERTAINMENT &SOCIETY WEEKLY

I cannot lie. The biggest obstacle that I find for an average Nigerian woman doing her own business is funding. Funding is a major challenge. You can have all the ideas in the world, but if you don’t have the funds to bring the ideas and dreams into being, you will just be stuck. That is one of the issues women are facing. Banks don’t give loans to women. I heard that Access bank is doing that though. I want a financial institution to believe in my dream.

The second challenge is staffing. It is very difficult to get the right people that can carry on with your vision. There are so many challenges in the country. If you believe this person will come and do this thing for you at a particular time, what if they don’t come to work?

They will come up with all kinds of excuses.

Electricity is another challenge. We hardly have it and even if it is available, the charges are a lot. If I tell you how much I pay to Eko Electricity Distribution Company every month, it is quite outrageous and I still have to buy diesel. It can be discouraging. If you don’t have a passion for it, you will give up easily. At the end of the day, it is your passion, you are not even focusing on the profitability of the business.

Even if you are discouraged, just move to your place of work, the energy will come. Any time I get to my office, there is usually a burst of energy I feel. I think in the long run, Nigeria is going to get better, we will get there. A few days ago, I was really challenged. The tailors didn’t come and I had somebody that needed to wear aso ebi because we also do bespoke too. She needed it for a function, my tailors didn’t come. I had to call everyone I had on my contact because I needed a tailor. Those are the kind of things that will make you ask yourself why you are doing such business. At times, I tell myself that

How much of the efforts you put in the fashion show gave the business a bounce?

The fact that people became aware of us gave me the incentive to continue pushing. So, I was not going to give up. I was motivated to work hard and kept pushing. Now, I can’t say that we are a household name, but a lot of people know us and relate with us. We produce pieces that are of good quality and our clients keep coming back. My phone is always buzzing. Rome was not built in a day, people need to realize that. You just have to put in the effort. For people that are in similar business, keep on pushing, obstacles will come but you will get there. Anything you do in life, if you give up easily, you are not going to get to where you are going.

What are some of the challenges you have faced while running the business and how have you overcome them?

I am yet to overcome the challenges, but by all means business has to go on. If I wasn't passionate about it, I would have quit a long time ago. Yes it can be quite challenging,

In life, you have to be intentional about everything, what you do, things you wear, people you interact with, if not, you will just lose focus. Also, it is all about respect. Respect your marriage, husband and children. What is the role of the woman in marriage? She has to maintain her home. You must know how to manage your home. You cannot do anything else above your husband. Don’t be confrontational about issues. You are traveling for work related duties, manage your home before going. Put everything in place before leaving. You have to balance it. I was able to balance mine

Ikomi

Ikomi

I am stressing myself at my age with what I do but once you overcome it, you keep moving.

Compared to say 10 years ago, how will you compare Nigeria’s fashion industry today?

I am proud of the industry. I am proudly Nigerian. I am proud to be part of it in every way and I actually know that we are scratching the surface. In a few more years or decades, we would be rubbing shoulders with the bigger fashion brands that we know. We are actually creating a dynasty and making history. Fashion in Nigeria is going to be historical because as Nigerians naturally we are very colorful, we are very fashionable and we believe in making statements. When you add that to creativity and the fact that we are smart, what do you have? You have geniuses and that is what we have in Nigeria.

What advice would you give to anyone looking to venture into fashion designing?

Make sure you follow your passion. Don’t do something because your best friend is doing it. It will cost you a lot. Do not venture into anything because you think it is easier to do. There is no business that is easy. There is no business that is a walk in a park. If you cannot work, the business will not grow.

How are you able to strike a balance between work and family without any suffering?

I have to thank God for that and my husband. I have to really thank God for the kind of husband that I have because he really helped me. He came through for me as much as he was still a busy banker when the kids were young. Where I am stuck, let’s say during production, he will come home on time and fill in the gap, maybe help the kids to do their homework and stuff. And my kids will tell you, mum sacrificed a lot for us. They often say it. Now that they are bigger, they keep sending me gifts. They will say, mum, you did so much, you could have been more, we know that you are a very creative person, we know but you didn’t really focus on yourself.

ENTERTAINMENT &SOCIETY WEEKLY

“As much as I had a business to focus on, my primary focus has always been on my family. I don’t joke with my kids. I make sure that they are sorted first. My husband allowed me to be myself. I am not caged. I am like a butterfly, anywhere I go, I bring in my colour. You cannot find me anywhere that is dull, I am for positive vibes, anywhere I see negative vibes, I take my leave immediately. It is not that life has not brought me some challenges. Life has brought me a few challenges, but I am thankful God kept me, it means he still wants to use me for the benefit of people around me. I am so energized because I chose to be that way. In life, you have to be intentional about everything, what you do, things you wear, people you interact with, if not, you will just lose focus. Also, it is all about respect. Respect your marriage, husband and children. What is the role of the woman in marriage, she has to maintain her home. You must know how to manage your home. You cannot do anything else above your husband. Don’t be confrontational about issues. You are traveling for work related duties, manage your home before going. Put everything in place before leaving. You have to balance it. I was able to balance mine. When my kids were in school in Nigeria, I was picking them up every day unless I am not in Nigeria. You need to make sacrifices, be involved in their daily routine, be in control and give respect.

I am proud of the industry. I am proudly Nigerian. I am proud to be part of it in every way and I actually know that we are scratching the surface. In a few more years or decades, we would be rubbing shoulders with the bigger fashion brands that we know. We are actually creating a dynasty and making history. Fashion in Nigeria is going to be historical because as Nigerians naturally we are very colorful, we are very fashionable and we believe in making statements. When you add that to creativity and the fact that we are smart, what do you have? You have geniuses and that is what we have in Nigeria

Why do you think a lot of marriages crash these days even before it starts?

A lot of people give up so easily. Social media is one factor for me. A man will wake up in the morning. Instead of talking to his wife, he will go on social media and be looking at naked girls. Please note, those girls have not had kids, they have undergone body enhancements a lot of times. The man will begin to compare the ladies with his wife. This is a woman who will be there for you and has been there for you. If push comes to shove, she is the only one that will stand. These social media girls will collect money and leave. They have a lot of people they collect from. Some men are so distracted and a lot of women are quite aggrieved. Women in my own generation and that of my mother’s took a lot. They endured a lot. We can’t tell our daughters to take certain things and it still boils down to social media. The young ladies nowadays are more aware of their rights so they will not take certain things. The day that people start respecting one another, things will change. My husband will not deliberately hurt me. He respects me, we respect each other. No matter how crazy in love you are, it will not last for 50 years because of the challenges of life but the respect you have as friends will keep you going. There are no respects in marriages again. Then, you have to pray. It is important to pray. Pray together. Let your children know the importance of prayer. There are many things we have forgotten. People are no more humane. There is no empathy.

Ikomi

Ikomi

LEKE ALDER REVEALS BATTLE WITH UNNAMED AILMENT AS HE CLOCKS 60

Leke Alder, a prominent figure in strategic thinking, policy formulation and brand development recently clocked 60. To celebrate, he held a Reasoned Word event tagged 'An Intimate Festival of Words' and presentation of his biography. The ceremony, devoid of any form of extravagance, was held at Alliance Francaise, Mike Adenuga Centre, Lagos. Some of the prominent faces present at the celebration were Pastor Sam Adeyemi, Jimi Agbaje, Dele Momodu, Pastor Ituah Ighodalo, Nana Otedola, Prince Samuel Adedoyin and wife, Pastor Paul Paul Adefarasin, etc.

The technocrat who is the founder and principal of Alder Consulting was diagnosed with cancer in 2020.

Alder, whose life has been a major challenge as he has had to deal with one illness or the other every passing decade, revealed during his birthday that his birth month marked the end of his treatment for cancer, meaning that he overcame the deadly disease. But on the flipside, just as he was completing treatment for cancer, he was diagnosed with another ailment. He however did not reveal the ailment neither did he disclose the nature of the ailment, terminal or otherwise. He is however hopeful that he will overcome the ailment.

He did acknowledge the important role his wife, Morenike, nee Popoola, has played in his life and how she has been able to handle his challenges with grace despite it being quite tough for her these past few years.

Before Morenike, whom he married in 2012, Alder was previously married to Lola, his wife of many years, but the marriage ended due to some irreconcilable differences.

Meet Affiong Williams, The Entrepreneur Elevating Nigeria's Agricultural Landscape

OContinued from page 38

KINGSLEY KUKU BACK FROM OBLIVION, BAGS CHIEFTAINCY TITLE

FTayo Amusan Embarks on Another Humongous Project

seats only a few thousands.

Amusan's groundbreaking project, a 12,000-capacity arena to be located in Victoria Island, Lagos, is expected to gulp $100 million at completion. The ambitious venture to be dubbed 'The Arena,' will mark a significant milestone in Nigeria’s entertainment and sports sector and catapult Lagos to the forefront of the global events space.

The state-of-the-art facility which will feature a hotel and ample parking space is expected to be completed for use by December 2025.

The humongous project conceived by a consortium led by Amusan’s Persianas Group, in collaboration with the Nigerian Sovereign

Investment Authority, Live Nation, Oak View Group, Yinka Folawiyo Group, Adino Capital, and MBO Capital, was designed by Yazgan Design Architecture and will be executed by Sinerji İnşaat/ Sinerji Construction. The groundbreaking ceremony of the project was conducted by the Lagos State governor, Babajide Sanwo-Olu. Known for acquiring retail supermarkets such as Shoprite Holdings, operators of Shoprite supermarkets in Nigeria, Amusan is on the boards of several Nigerian companies, including Garages Limited, Southern Petroleum Limited, African Paints Nigeria Limited. He is also the chairman of Resourcery Limited.

Continued from page 38

ver two years after she triumphed in a global competition for women entrepreneurs, the Veuve Clicquot Bold Women Awards, a catalyst for entrepreneurial revolution, spotlighting women who excel in their fields while championing ethics and inclusion, Affiong Williams, founder of ReelFruit, a processing, packaging and marketing company, has taken her agribusiness to a whole new level and elevating Nigeria's agricultural landscape with the launch of a state of the art $2.5 million dried fruit processing facility in Ogun State. The facility is currently the largest in the country with a capacity of 800 metric tonnes. The launch of the cuttingedge facility not only aligns seamlessly with Williams’ mission to empower underserved communities and reduce post-harvest losses, particularly in the realm of fruit

production, it is a realization of a long-held aspiration to bolster agricultural and agribusiness endeavors in Nigeria, particularly for rural women engaged in mango cultivation in Kaduna. The company also produces a wide range of dried, healthy fruits and nuts snacks made from fruits which include mango, pineapple, cashew, banana, etc. Aside from the local market, the startup also exports its products to West African countries and beyond.

A post graduate diploma holder in Business Administration from Wits Business School, Johannesburg, South Africa, Affiong worked for four years for Endeavor Global, a global non-profit which catalyzes economic development by supporting small to medium enterprises in developing markets. In 2015, Williams was recognized by Forbes Magazine as one of the most promising '30 under 30' entrepreneurs. She is also an avid runner, completing more than 10 marathons to raise money for various charities. Williams

ormer Special Adviser to ex-President Goodluck Jonathan on Niger Delta Affairs and Chairman of the Presidential Amnesty Programme, Kingsley Kuku has returned to social consciousness after many years in oblivion. He was recently conferred with a chieftaincy title, the L'oson of Ondo kingdom by the traditional ruler of Odojomu kingdom, Ambrose Akinsade, the Jomu of Odojomu kingdom in Ondo State. The title had been vacant for some time and the traditional ruler thought it wise to have Kuku occupy the position. The chieftaincy conferment was in recognition of the fact that the paternal great-grandmother of Kingsley Kuku was a princess of Ondo kingdom. The decision to confer chieftaincy title on the former Special Adviser to President Goodluck Jonathan on Niger Delta Affairs was also hinged on the necessity to celebrate him as one of the many illustrious sons of Ondo kingdom. The L’oson of Ondo Kingdom is the third highest title in the Ojomu dynasty of Odo-Jomo in Ondo Kingdom. The title is next to Loton Ujomu in the chieftaincy hierarchy of Odo-Jomo in Ondo kingdom. Dignitaries including traditional rulers of neighbouring kingdoms joined the environmentalist to celebrate his installation.

Sayyu Dantata Mulls Sale of Luxury Banana Island Mansion

hometown in Kano State.

The mansion, which sits on several plots of land, is separated by a road but merged into one single big compound. THEWILL exclusively gathered that Sayyu who is a half-brother to Aliko Dangote, Africa's richest man, intends to execute the sale of the mansion as soon as he is able to find a suitable buyer who meets his criteria. This newspaper put a call through to him to know why he is mulling such a drastic decision but calls and text messages sent to his telephone number went unanswered.

Kuku who wielded some level of influence during the government of his former boss had fled to the US when he was asked to come render an account of his stewardship for fear of being arrested by the Economic and Financial Crimes Commission (EFCC) for his alleged role in some corruption-related offences. But in 2017, there were feelers that he was interested in becoming governor in Ondo State. That idea fizzled out into thin air when it became apparent that he had lost all political goodwill to make any impact in the race. But with his return and the subsequent chieftaincy title, there is no doubt that Kuku definitely has something up his sleeves. Time will indeed tell what he is likely nursing.

Known for living a life of luxury without compromise, Sayuu started his career as a Director of the Engineering and Transport Division of Dangote Group, considered the Largest Nigerian conglomerate, before setting out to found MRS Holdings, one of Nigeria’s largest marketers of refined petroleum products like gasoline, marine fuels, and aviation fuels.

An avid polo player, he not only owns a private jet, he

also owns a helicopter and is perhaps the only Nigerian billionaire who prefers to fly his helicopter himself. He likes to operate the helicopter within the Lagos metropolis, majorly to beat the perennial traffic situation. The helicopter also comes handy each time he wants to visit his warehouses in Apapa from his Victoria Island office and even to the polo club in Ikoyi for a few hours of game. As soon as he disembarks from his jet at the private hangar at the Lagos airport, his chopper is always on standby waiting. His pilots know to keep the engine running and then step back for him to take the wheels which he glides in the sky effortlessly. Just like he took lessons to become a professional at the game of Polo, so did he take the necessary lessons and certification that qualifies him to fly a helicopter. And what is more? He is skilled in architecture and design and contributed to the design and construction of the late Herbert Wigwe's waterfront mansion on Queen's Drive, Ikoyi.

STORIES BY IVORY UKONU

to bring decades-long expertise to support the company’s international expansion strategy and multinational collaborations.

Recall that THEWILL had earlier reported that Flutterwave, Africa’s leading payments technology company, further expanded its international presence to India where the founder, Olugbenga Agboola signed a partnership with IndusInd Bank Limited, a leading financial institution in the South Asian country. With a sterling reputation as a global transformational leader and business builder across Africa, Adenowo, whose husband recently got appointed Chief Executive Officer, FirstBank United Kingdom, barely eight months after he was appointed Chief Executive Officer, Standard Chartered Bank Nigeria Limited, will play an instrumental role in Flutterwave’s journey toward solidifying its pan-African and global positioning. Described as Africa’s Starchitect

by CNN, Adenowo's successful career in architecture spans over 35 years. She serves as the Principal Architect of AD Consulting, a globally recognised architectural firm using innovative thinking to solve complex problems. She is responsible for leading and overseeing a large portfolio of landmark projects locally and internationally. She has served on boards of multiple companies and initiatives including Cartier Women’s Initiative Awards, Fountain Holdings Limited, the

ENTERTAINMENT &SOCIETY WEEKLY

Leo Stan Ekeh's Silent Moves

usinessman and Zinox Group, Leo Stan Ekeh has no doubt carved a niche for himself contributions to Africa’s authorised the company distribution powerhouse, to distribute Starlink Kits. This marks a significant

latest offering, 'Neo Heritage: Defining Contemporary African Architecture.' Adenowo has received prestigious accolades, including the 2020 Forbes Woman African Entrepreneur of the Year Award, a duo of U.S. Congressional recognitions for leadership, impact and Philanthropy, the 2024 Forbes, 'Know Your Value ‘50 Over 50: Europe, Middle East and Africa’ list amongst other power lists. She is also recognised as a mentor to over 300 individuals across 6 continents.

Ex-banker and now a royal queen of Orile-Igbon, Olusola Adedoyin-Alao has achieved one of her lifelong dreams which is to be a doctorate degree graduate. She is now a PhD holder from the Department of Business Administration at the University of Lagos. The Kwara State-born daughter of the billionaire business magnate, Prince Samuel Adedoyin ensured she stuck to her decision, regardless of the frustrations or challenges,

across Africa. For many who do not know, Starlink, owned by the richest man in the world, Elon Musk, delivers high-speed, low-latency internet to users all over the world. It provides quality and cost-effective internet access to homes, and

businesses, and especially caters to those in remote locations that are currently underserved or unreached.

As the world’s first and largest satellite constellation using a low earth orbit, Starlink delivers

broadband internet

capable of supporting streaming, online gaming, video calls and more.

TD Africa’s extensive distribution network and experience coupled with Starlink’s high-speed internet aims to deliver innovative solutions and services that offer broadband connectivity, promoting economic development across Africa.

Founded over 24 years ago, TD Africa has established itself as the pioneer and largest technology and lifestyle distributor in Africa, representing over 27 global companies, including Microsoft, IBM, Apple, Cisco, Hewlett Packard, Dell Technologies, Samsung, Huawei, Nokia, Lenovo, Asus, and many more.

TD Africa has an extensive African reach, serving 47 African countries as Microsoft’s Cloud Solution Provider.

RAZAQ OKOYA

SET

TO GIVE OUT DAUGHTER IN MARRIAGE

Aina herself runs an upscale Chinese restaurant in Lagos called Flaky's Kitchen.

Okoya and Bamisile

The household of Chief Razaq Okoya was all bubbly this past weekend as it was the introduction ceremony of Aina Oluwakemi, his last child with the wife of his youth, Alhaja Kuburat Olayinka. As with all things that has to do with the Okoya family, the ceremony, which was supposed to be brief and lowkey, turned into a full-blown extravaganza with many top society figures gracing the occasion including two of his most prominent children; Biola Okoya and Moji Tejuosho. Aina's husband to be is Adegboyega Bamisile, a Royal Prince from Omuo Ekiti in Ekiti State. He is a global diplomat, a United Nations Eminent Peace Ambassador. He is also an agricultural finance expert and an international commodities broker.

Expectedly there was a lot to eat, drink and take away. Chief Okoya, a staunch Muslim, seems to be a very liberal man as he allows members of his household to follow any faith of their choosing as their conscience guides them. First it was his first child, Moji who converted to the Christian faith. Then Biola followed suit. His liberality was also evident at the ceremony as Aina showed off her Christian faith. While eulogising the attributes of her fiancée, she kept referring to him as her pastor. To further lend credence to this, gospel artist, Yinka Alayesori was on hand to thrill the soon to be wedded couple and their guests with sweet melodious tunes which they could not get enough of. Their traditional/engagement ceremony will be held soon.

Olusola Adedoyin-Alao Attains New Educational Height

to ensure her aspiration was accomplished. To say she was elated over her latest attainment is stating the obvious; she was simply over the moon with joy as she splashed the graduation ceremony on all her social media handles adorned in her gown. Her husband, Oba Olusola Alao, Olugbon of Orile-Igbon has also not stopped praising her and extolling her virtues as a hardworking queen.

A former Managing Director of

the defunct City Express Bank, Queen Sola is no stranger to taking on battles and conquering them headlong. She once battled with cancer and survived the dreaded disease to the disbelief of those who had written her off. An ordained pastor of the Redeemed Christian Church of God, RCCG, Olori Sola who welcomed a set of twins in at 59 is also a philanthropist who dishes her milk of kindness through her MariaSam Foundation.

Adedoyin-Alao

Adenowo

Ekeh

Unresolved Murder Cases of Nigerian Journalists

Nigerian journalists of a certain generation remember exactly where they were and what they were doing when news of Dele Giwa’s brutal murder by a letter-bomb reached them on 19 October 1986. It was a Sunday morning. Some would have been readying for church. Some would have been lounging at home, grateful for the lull from the frenetic feel in newsrooms.

For some senior staff and journalists of THISWEEk magazine, they were playing a Sunday soccer game at a field in University of Lagos Akoka. Kitted in jerseys, trunks and boots, they raced around the pitch, dribbled, feinted, fell, got up, scored goals, missed some and generally flowed with the fun and excitement such moments generate. Thus engaged and passing the ball from one to the other hoping to outwit an opponent, a wellrespected and admired colleague of theirs had just been done in by someone who obviously wanted him dead. The footballers didn’t know at the time. Handsets were eons away just as the footballers were distances away from radio or television. They finished their game and repaired to the office only to be told by the receptionist, Loretta, that Dele Giwa had been killed.

“We all looked at ourselves in shocked disbelief,” Uzor Maxim Uzoatu recalled to THEWILL last Friday. Editor of THISWEEK, Sonala Olumhense and other staff were with Maxim. They all looked at themselves and reacted the way people do when something unthinkable, something unimainable has happened, the way Americans of a certain generation remember exactly where they were and what they were doing when President John Kennedy was assassinated in Dallas on 22 November 1963.

The journalists/ soccer players from THISWEEK could not believe it, more so they had planned to engage staffers of the rival Newswatch magazine in Lagos, which Giwa headed, in a novelty football match. But it was true.

From their office, the journalists made straight for First Foundation Hospital Ikeja where Giwa was rushed after the blast. They met Ray Ekpu whose face was a rictus of anguish. Another Newswatch staff and protégé of Giwa, Dele Olojede was distressed “weeping.” From the hospital, they repaired to Giwa’s

Dele Giwa. Bagauda Kaltho. Godwin Agbroko. Bayo Ohu. Tunde Oladepo. Samuel Boyi. Fidelis Ikwuebe. Samuel Famakinwa. Enenche Akogwu. Chinedu Ofoaro. Okezie Amarubem. Bolade Fasasi. Zakaria Isa. Yusuf Mubarak. Eddy Ayo-Ojo. Nathan Dabat. Sunday Bwede. Abayomi Ogundeji. They all have one thing in common. Killed in the line of duty, they are Nigerian journalists whose death remains unresolved decades after their brutal murder, two or three in cold blood right in their living rooms in presence of family members in Lagos. Some of them were rubbed out on the streets by known state actors and unknown non-state actors. For instance, a trigger-happy policeman shot one in the head in Enugu. Boko Haram insurgents ‘wasted’ another for “spying on us for the Nigerian Government.” Two died at different hotels (Kaduna and Maiduguri) – one by an explosive device and the other by poison gas. Ever since the infamous assassination of Giwa, founding Editor-in-Chief of Newswatch magazine, by parcel bomb on 19 October 1986, dozens of his colleagues in print, broadcast and online media have been targets of fatal attacks. Reasons for their murder have remained obscure as the cases have been unresolved. Worse still, their killers were never caught or prosecuted. Recently, Media Rights Agenda secured a ruling from a high court judge in Abuja to reopen investigation into the death of some of the journalists. THEWILL considers some of those killed. Michael Jimoh reports…

home on 25 Talabi Street Ikeja where they saw the damage the bomb blast had done: gaping holes in the walls, windows blasted out and twisted iron bars here and there.

Minister of Information then Prince Tony Momoh was at Giwa’s residence. “We saw him swearing and cursing, promising that the government would get to the bottom of this and fish out the perpetrators,” Maxim recalled to the newspaper.

Painful as it was to report the

“

Minister of Information then Prince Tony Momoh was at Giwa’s residence.

“We saw him swearing and cursing, promising that the government would get to the bottom of this and fish out the perpetrators

gruesome and sensational killing of Dele Giwa, editor and staff of THISWEEK were among the first to get the facts and even witness the reaction of a senior government official. So, the assassination of Giwa by letter bomb became the cover for THISWEEK. Of course, the Minister of Information denied ever making such statement when the story was published. Giwa’s assassination was the first of its kind in the history of journalism in Nigeria. Reasons for the murder was not immediately clear. But soon reports began to emerge of the parcel itself coming “From the Commander-in-Chief” who was none other than military President Ibrahim Babangida. It was not the first time Giwa would receive such parcels from IBB,

as confirmed by Dele's colleague and Deputy Editor-in-Chief of Newswatch Ray Ekpu.

“The parcel bore the inscription “From the Commander-inChief” and since he had received several parcels labelled like that from the then Commander-in-Chief, General Ibrahim Babangida he had no hesitation in opening it,” Ekpu wrote in a syndicated column headlined “Dele Giwa is dead, Dele Giwa is not dead” on 20 February 2024 in some leading Nigerian newspapers. “As he tried to open it the parcel exploded and by the time he was rushed to hospital he was dead, stone dead.”

Giwa’s sudden demise rocked the entire Nigeria to its very foundation. At 30, Giwa was clearly one of the fast rising stars of journalism in Nigeria. Ambassador P Dele Cole had talked him into coming to Nigeria from the United States. Giwa had a stint with Daily Times, Sunday Concord which he edited and then a founding member of Newswatch with Ekpu, Dan Agbese and Yakubu Mohammed. It was the era of highly cerebral columnists in national papers and magazines millions looked forward to reading every week. The Guardian had more than a fair share: Alade Odunewu, Ken Mackenzie with London Letter on Page 2 of Sunday Guardian, Onwuchekwa Jemie, Edwin Madunagu, Eddie Iroh, Yemi Ogunbiyi and the boss of all bosses Stanley Maceboh. Students and readers avidly followed Giwa’s Parallax Snaps as they did many of the senior writers, columnists in other media organisations. So, to many, his death was like lobotomizing a part of the media he belonged. It was not for nothing that for months after his passing, newspapers and magazines continually asked a question in a black banner: “Who Killed Dele Giwa?”

Nigerians would be asking the same question 10 years later when Bagauda Kaltho died through an explosive device in Kaduna in 1996. TheNews Correspondent in Kaduna at the time, Kaltho went missing before the explosion only for Chairman of the Task Force on Terrorism Hassan Zakari Biu to report that police investigations showed that the journalist was one of the persons who died in the bombing at Durba Hotel Kaduna on 18 January 1996.

Kaltho’s death has a question mark over it till date, with different claims from as many sources. According to the authorities, Kaltho was on a mission to blow up the hotel but miscalculated and got blown to smithereens in the process. Kaltho’s employers told a different story, insisting that because of his strong opposition to and political views against the government of the day, General Sani Abacha’s military dictatorship, the state got rid of TheNews Correspondent in a carefully planned and masterfully executed assassination.

In May of the same year, a journalist with The Guardian Chinedu Ofuaro disappeared without a trace. He’d departed Lagos on 24 May to Obiohuru his hometown in Imo state. He neither got home nor returned to Lagos and has not been seen since then.

Two years after Ofuaro’s disappearance, tragedy struck again at The Guardian. Tunde Oladepo was the newspaper’s Bureau Chief in Abeokuta Ogun state when five masked gunmen raided his home and shot him to death in presence of his wife and

...Cases of Nigerian Journalists

children on 26 February 1998. The assassins departed as calmly as they came, removing nothing from the Oladepo household suggesting that it wasn’t a case of armed robbery. They were paid to kill. Till today, nobody knows who’d done it. Investigators reached the same conclusion after assassins rubbed out Bayo Ohu who was Assistant News Editor of The Guardian. On 20 September 2009 around 6.52 am he personally answered a knock on his door in an apartment he lived somewhere in Egbeda Lagos. Six people in white Jallabiya with matching skull caps and a woman accosted him right there, riddled his body with bullets. One of them added a coup de grace by saying “Olori buruku, oti ku” (the fool is dead) and then zoomed off in their getaway white Toyota Camry after taking Bayo’s laptop and phones. The killers have never been apprehended.

Three years before, assassins waylaid Godwin Agbroko 10 minutes away from his home in Lagos. The senior journalist with a column in THISDAY newspaper where he was also Chairman of the Editorial Board had on that night left his office in Apapa, dropped off a friend and colleague along the way. Alone in his car, they stopped his vehicle and shot him to death and then disappeared into the night. Agbroko’s immediate family had received death threats prior to his killing, and so were naturally apprehensive that he was in mortal danger. When Ruona, his daughter received the much-awaited call that fateful night, she seemed to have suspected that their worst fear had come true.

It was three days to Christmas 22 December 2006 when someone close to the family called Ruona. “Ruona I have something to tell you it’s about your Dad and we are going to have to go to press, so we need to tell you.”

“He’s dead isn’t he?” Ruona stated flatly.

Another member of the Editorial Board of THISDAY was similarly gunned down on a cold, wet night in Lagos. It was around 10.30pm 17 August 2008 and Paul Abayomi Ogundeji was heading home in Dopemu from work in Apapa when he ran into armed robbers in operation. The hard-eyed hoodlums ordered him to stop but Ogundeji refused whereupon they shot him at close range. He died on the spot.

Recalling the unfortunate incident, Editor of THEWILL Olaolu Olusina was a staff of THISDAY then. He had passed the same route with another staff Tokunbo Adedoja after they left office. "I remember calls made to us early in the morning to be sure we were not the THISDAY staff shot on that route."

An eyewitness said men in police uniform shot and killed the journalist after he refused to stop, adding that after killing him, they got into their vehicle and left the dead man and his KIA SUV behind, removing nothing from the murder scene.

With these carefully orchestrated killings of the supposed watchdogs of the society, the Nigerian Union of Journalists and Media Rights Agenda met on 22 September 2009 and pointedly noted “that journalists have become targets of assassins and aggrieved individuals/groups; that Nigerian journalists now work in an environment where there is no insurance or any form of cover/safety net for the enormous risks they face in the discharge of their duties.” More tellingly, they charged that “the security agencies are either unable, unwilling or incapable of unraveling the rising cases of the killing of journalists.”

In a protest letter sent to IGP Ogbonnaya Onovo at the time, NUJ and MRA requested that a panel of inquiry be set up to “unravel those responsible for the gruesome murder” of the journalists. Independently, the management staff of Newswatch had made the same request after Giwa was assassinated in 1986, a point made clear by Ekpu in his syndicated report on 20 February 2024.

“Since then we have fought many battles to get justice for Dele,” Ekpu wrote. “Fawehinmi asked the Attorney General of Lagos State to prosecute Akilu and Togun. No luck. Fawehinmi got the approval of the Supreme Court to act as a private prosecutor.

"The security forces harassed him endlessly sometimes sending helicopters to hover over his office. Newswatch was proscribed six months after Dele’s death so that we would not continue the pursuit of justice for Dele. We were detained and our accounts and those of the company frozen. We appeared with Fawehinmi at the Oputa panel set up by the President Olusegun Obasanjo government in 2001. Babangida, Akilu and Togun got a court injunction to prevent the panel from inviting them to appear at the panel. We, Dele’s colleagues made presentation at the Oputa panel in Lagos and Abuja. In its report the panel said “As for the case of Dele Giwa we are of the view that beyond the

“Since then nothing has been done by the authorities. Neither the government of President Umaru Yar’Adua nor that of President Goodluck Jonathan nor that of President Muhammadu Buhari had bothered to do anything about the matter

legal technicalities that some of the key witnesses clung to, the Federal Government should be encouraged to reopen this case for proper investigation.” It stated further “On General Ibrahim Babangida we are of the view that there is evidence to suggest that he and the two security chiefs, Brigadier General Halilu Akilu and Col. A.K. Togun are accountable for the death of Dele Giwa by letter bomb. We recommend that this case be reopened for further investigation in the public interest.”

“Since then nothing has been done by the authorities. Neither the government of President Umaru Yar’Adua nor that of President Goodluck Jonathan nor that of President Muhammadu Buhari had bothered to do anything about the matter. In this matter all the relevant documents are available: Fawehinmi’s presentation, Newswatch Directors’ submission and the report of the Investigating Police Officer, Abubakar Tsav. None of the past governments looked in the direction of reopening this matter.”

In the intervening years, state actors and assassins have continued to take laws into their hands killing journalists on duty just on a whim. Publisher of NewsService magazine in Enugu state Okezie Amaruben was shot by a policeman on 28 August 1998 in Enugu. In what Fela would have called power

show, a team of police officers had stormed a printer’s office on College Road Off Edinburgh Road in the “Coal City.” Amaruben had gone to the same place to collect a job the printer was doing for him. With some of the apprentices already arrested by the highhanded police officers, they mistook Amaruben for the printer who had escaped. In the process, one of the officers calmly put his service pistol to the journalist’s head and then pulled the trigger. Amaruben died on the spot.

Bolade Fasisi a female journalist and active member of the National Association of Women Journalists was killed by unknown gunmen at Ibadan on 31 March 1999. Known affectionately by colleagues as Iya Oyo, Fasasi was trailed to Ibadan where she she was killed. Reason? The treasurer of NUJ was eliminated, say those in the know, over Lagos NUJ's crisis "bordering on fraudulent withdrawals of huge sums of money from the union's account." As Olusina suggests, those who killed her are walking free today. Fasasi is the only female journalist so far who has joined the list of media practitioners murdered by unknown assassins.

Though the killers of Nathan Dabat, Deputy Editor and Sunday Bwede, reporter of Light Bearer published by the Church of Christ in Nigeria are pretty much known, they have escaped prosecution since their killing on 24 April 2010. They were ambushed and murdered after religious and ethnic clashes convulsed Nasarawa Gwong Jos for much of that year. Their mangled bodies were left at the Jos University Teaching Hospital where church authorities found them the following day.

On 22 October 2011, a cameraman with NTA Zakariya Isa was surprised by members of the Islamic sect Boko Haram at his residence in Maiduguri Borno state. They demanded to see him and when he appeared, one of the members reportedly pulled out an AK 47 from beneath his robes and shot the cameraman in the head and chest.

Enenche Akogwu of Channels Television was also killed by Boko Haram members on 20 January 2012, so with Ikechukwu Udendu gunmen killed on his way home from Onitsha to Ogidi where he lived on 12 January 2013. Udendu was editor of Anambra News a monthly publication owned and published by his senior brother Chukwulozie Udendu. Also, unidentified gunmen killed Famous Giobaro on 16 April 2017 at his residence on INEC Road Kpasia in Yenagoa. Giobaro was a desk editor with the Bayelsa state-owned Glory FM 97.1.

Such has been the spate of wanton killing of Nigerian journalists prompting MRA to, once again, take the matter to the courts in 2021. This time it was the ECOWAS Community Court of Justice in Abuja over the failure of the Federal Government of Nigeria “to effectively investigate, prosecute and punish perpetrators of the murders of 11 journalists killed between 1998 and 2019, and is asking the court to direct the Government to pay the families of each of the journalists N10 million as reparation.”

Filed on the NGO’s behalf by Abuja-based lawyer, Mr. Darlington Onyekwere, along with Ms. Chioma Nwaodike, Ms. Obioma Okonkwo and Mr. Sideeq Rabiu, MRA claimed that despite “the Nigerian government’s obligations under various domestic, regional and international instruments, it has failed, refused, neglected and/or omitted to effectively investigate, prosecute and punish the killers of the journalists who were murdered while exercising their fundamental right to freedom of expression and of the press or under circumstances connected to the exercise of these rights.”

Just last week, precisely on 16 February, 2024, MRA won a major legal victory in its battle against impunity for attacks against journalists. How was this so? In a newsletter published by MRA, it obtained judgment at a Federal High Court in Abuja which ordered the Federal Government “to investigate all attacks against journalists, prosecute and punish perpetrators of such attacks and take measures to prevent further attacks on journalists.”

Justice Inyang Ekwo of the High Court held that “journalism and media practice are constitutional professions in their respective rights” as it is the exercise of the rights provided for in Section 39(1) and (2) of the 1999 Constitution that gives foundation for journalism and media practice.

Journalists are obligated to disseminate information, Justice Ekwo noted, adding that “the society is better informed, educated, enlightened and properly guided where there is effective press. It is therefore a breach of the constitutional right of journalists and media practitioners where they are attacked, tortured, maimed or killed in the course of doing their duty.”

Road to Afrobasket 2025: Bumpy Ride Ahead For Nigeria’s D’Tigers

“The basketball Federation must prioritise strengthening governance practices and financial control systems

BY JUDE OBAFEMI

Many long-time fans of basketball have closely followed the journey of D'Tigers over the past decade. Their remarkable play and victories on the continent have justifiably earned them the moniker ‘Giants of Africa’. However, the team’s dramatic collapse in the first qualifying window of the FIBA Afrobasket 2025 raises deeply troubling questions about the state of Nigerian basketball.

By critically evaluating what precipitated their implosion, hard truths emerge on how deficiencies in our basketball ecosystem handicapped D'Tigers’ proud pedigree. Fundamentally, administrative mismanagement and governance issues have long festered. Without urgently confronting this reality and embarking on far-reaching reforms, the danger is that our hopes for African dominance will unravel catastrophically.

With the benefit of hindsight, there was an ominous indication that all was not well long before the wheels fell off in Monastir, Tunisia. As far back as the 2020 Olympics, the absence of a full-strength squad due to administrative confusion over availability should have rang alarm bells. The Nigeria Basketball Federation (NBBF) faced significant issues related to coaching staffing and competition preparations heading into the Olympics.

The musical chairs over appointing a substantive head coach further reinforced perceptions of a rudderless Federation failing to provide firm strategic leadership. However, the postponement of the Olympics to 2021 due to COVID-19 presented an opportunity for the Federation to address some of these challenges. NBA coach, Mike Brown, was named as D'Tigers' coach in early February 2020 and was given additional time to prepare the team, hire staff, and build a schedule for the Tokyo Games. This delay was seen as a silver lining, allowing for more time to understand the team's talent level and direction. However, the coaching staffing and preparation issues were not solely due to the postponement.

During the lead-up to the Olympics, the NBBF faced internal challenges, including power struggles and disputes within the Federation and with the Sports Ministry. This leadership crisis had been ongoing since 2017, with factional leaders emerging in separate elections. This situation hampered preparations for international competitions and impacted the domestic leagues. For example, the salary of the Nigeria women's head coach, Otis Hughley, was affected, despite leading the team to qualification for the 2020 Tokyo Olympics, multiple African titles, and qualification for the 2022 World Cup. Players from the D'Tigress team also faced disputes over non-payment of bonuses and organisational issues around the Olympics in Japan. These internal conflicts, combined with the broader impact of the government's withdrawal from international basketball, which affected both the men's and women's teams, posed significant challenges to the NBBF's ability to effectively staff and prepare the

...Bumpy Ride Ahead For Nigeria’s D’Tigers SPORTSLIVE

team for competing on the continent and beyond. The withdrawal from international competition had long-term implications for Nigeria's participation in future competitions and sanctions were pending before the counterproductive withdrawal decision was walked back. Despite these challenges, the NBBF and its overseas-born and diaspora players managed to achieve some level of success including wins at the African Basketball Championships. That progress was expected to continue before the team initially withdrew from the 2025 Afrobasket qualifiers ostensibly on financial grounds. This compounded suspicions that incoherence was reigning behind the scenes. When the Sports Ministry belatedly intervened to reverse the pull out, it left barely any time for quality preparation beyond lastminute travel arrangements. Landing in Tunisia on their first match day itself was thus a recipe for the disaster that duly transpired at that competition.

In their opening match against Libya, D’Tigers demonstrated commendable heart in pushing the contest until the very end before narrowly losing 82-89. Despite the final scoreline, the game was marred by unforced errors demonstrating rapid fatigue setting in. After neutralising Libya’s early surge, the undercooked Nigerians gradually faded.

With the benefit of sports science, it is apparent that arriving just hours before competitive play denied athletes optimal sleep, nutrition and recovery time prematch. Moreover, the lack of even one genuine practice session to enable the team to gel meant on-court chemistry was severely lacking. Nevertheless, D’Tigers refused to wave the white flag, battling gamely against mounting exhaustion. Yet, willpower alone could not overcome the unforgiving reality of not fielding a properly prepared team.

If the defeat by Libya could be rationalised away as an inevitable outcome under the circumstances, there was no hiding from harsh truths after the 72-62 reversal against Uganda. Fans on social media decried what many perceived as an unacceptable lack of effort and excess passivity. Clearly, the trauma of the Libya loss appeared to have drained D’Tigers of motivation so soon after.

and major surgery lie ahead, but skillful interventions can yet redeem dreams of Africa conquering global basketball.

The basketball Federation must prioritise strengthening governance practices and financial control systems. Embracing transparency, accountability and player/ community consultations shall improve policymaking. Strict codes of conduct for office bearers and ethical accountability measures will enhance integrity and functionality.

In consultation with the Sports Ministry, funding disbursement procedures must be streamlined alongside better budget forecasting and expense monitoring. Timely payment of agreed funds, allowances and expenses should become nonnegotiable. Creative revenue generation through merchandising, corporate sponsorships and public-private partnerships will provide budgetary breathing room to remove these issues around funding shortages that result in embarrassing situations like initially pulling out of the qualifying

Still, attributing blame solely on supposed psychological fragility misses the broader context. It bears remembering that disputes over player availability and resources had already severely disrupted earlier World Cup qualifying campaigns. Historic tensions between current athletes, past players and basketball administrators were also conveniently brushed aside pre-Afrobasket rather than purposefully addressed once and for all. It would be naïve imagining such unresolved issues magically disappearing without intervention.

The 78-62 thrashing by Cape Verde painfully stripped away all remaining pretensions that D’Tigers were functioning effectively as a cohesive unit. Despite a promising start to the match, claiming the first quarter 24-16, the Nigerians spectacularly capitulated thereafter. Defeated 23-9, 21-18 and 18-11 in the remaining quarters, the calamity provoked outrage across the broad spectrum of Nigeria's basketball fan base.

Inquests into the defeat identified lack of fitness,

depleted motivation and inadequate technical instruction during play as factors behind the trouncing. Yet attributing fault solely to the players lets administrators off the hook too lightly. Chronic confusion over financial responsibilities, roles and poor accountability created ideal conditions for disorder well before the squad arrived in Tunisia.

Taking a long hard look, basketball administrative bodies have displayed scant seriousness around strategic planning and performance management for national squads. The cost of this willful neglect has come back to haunt player development and tournament campaigns. Refusing to disburse agreed budgets, delaying paying allowances and abdicating leadership through coaching recruitment failures all set the rot.

Opaque decision making over squad selection, lack of respect shown by former star players and alienating the basketball community has ruptured relationships and trust. None can then be surprised when conversations around player availability transform into fraught affairs. Without fast tracking reforms, much vaunted basketball potential shall never transition from prospect into concrete achievement.

Having diagnosed the underlying ailments posing existential threats, plotting a roadmap for rehabilitation now beckons urgently. No doubt painful medicine

As observed earlier, the absence of a competent coaching staff and continuity therein has severely hamstrung team building exercises since Mike Brown returned to the NBA after the previous Olympics. A panel of respected former players, coaches and analysts should screen candidates to recommend a high performance manager and coach on a full-time basis with some in-country background.

Furthermore, proactively meeting, listening and addressing player concerns rather than downplaying them should be prioritised. Special focus must go towards nurturing relationships with former stars given their talent spotting knowledge and youth mentoring potential. Broadening the talent pool via grassroots clinics, school competitions and club games will also build bench strength.

In addition to these, well organised camps, intra-squad selection tournaments and practice games against quality local opposition will assist in the recruitment of new talent. Embarking on mini-tours to regional basketball hotspots to acclimatise before intense competitions should become routine. Sports psychology modules can also foster motivation, mental toughness and contingency planning.

Having hit rock bottom in Tunisia, Nigerian basketball possesses immense scope for redemption. The trauma of defeat has generated an appetite for introspection on why administrative failings contributed to that sporting catastrophe. The necessary roadmap now exists for how resuscitating structures and processes can transform prospects.

In truth, revamping deeply embedded governance deficits and financial systems will require political courage and technical competence. Similarly creative tensions shall mark healing long festering playeradministration relationships and building coaching leadership credentials. Still, the dream of recapturing Nigeria's African dominance should be a powerful enough incentive to persevere.

With a coordinated strategy for developing talent, motivation and team cohesion on a sustainable basis, D’Tigers can recapture former glories. The existential rollercoaster should prod urgent revivalist steps while envisioning the giant strides required to forge ahead with the necessary motivation to recover from the disappointment of this qualifier window. Approached strategically, the rocky ride to Afrobasket 2025 will become a launch-pad to even more concurrent success.