OnahNwachukwu Editor, THEWILL DOWNTOWN
GGrowing up, I don’t remember celebrating Father’s Day, but as adults, in recent times, we all wish the men in the family a happy Father’s Day, as it is a day to celebrate dads for their love and commitment. At THEWILL DOWNTOWN, we highlight six celebrity dads who have shown excellence in their careers and as dads. Deyemi Okanlanwon, father of three, often shares his fatherhood experiences on social media, providing a glimpse into his life as a dad.
For Tobi Bakre, fatherhood is a journey of continuous learning and growing; he describes fatherhood as one of the best experiences in the world.
Daniel Etim Effiong recently had his third child and is seamlessly balancing his acting career with fatherhood.
Fatherhood is a significant aspect of Tuface Idibia’s life, and he often expresses his love and commitment to his children through his social media platforms.
Banky W often shares his experiences and reflections on fatherhood, emphasising the joy and responsibilities it brings.
And lastly, Adekunle Gold is always eager to flaunt his family, happily showing affection to his daughter through his social media posts. Read their stories of how they combine their careers with fatherhood on pages 8 through 10.
Our other pages have pretty exciting content. The fashion pages show ways in which men can wear print and patterns. The beauty page highlights five important reasons to incorporate vitamin C into your skincare routine. The gift guide page suggests some gifts for Father’s Day to get Dad.
You can now scan the QR code on our cover page to download the magazine’s latest issue. Don’t forget to click on the instructions below the QR codes on page 16 to download our playlist.
Happy Father’s Day, and to our Muslim readers happy Eid-el-Kabir.
Until next week, enjoy your read.
AT 25:
The draft bill for the return of Nigeria to a regional system of government sent to President Bola Tinubu by Afenifere Chieftain, Akin Fapohunda and a letter from elder statesman, Edwin Clark, urging the President to consider implementing the 2014 National Conference Report, both on June 13, 2024, may well summarise the growing public clamour for political restructuring of the country in the face of dwindling expectations, 25 years down the line.
“But it is like asking the President to jettison his ‘Renewed Hope Agenda,’ not even midstream into its implementation, no matter the seriousness of the idea expressed in the draft bill,” a source in the presidency told THEWILL at the weekend.
Titled “A bill for an Act to substitute the annexure to Decree 24 of the 1999 with a New Governance Model for the Federal Republic of Nigeria,” with new extant laws to be cited as, “The Constitution of the Federal Republic of Nigeria New Governance Model for Nigeria Act 2024,” the bill
proposes to divide Nigeria into eight geo-political regions with rough makeshift boundaries.
Acknowledging the seriousness of the bill’s contents and Clarks’ letter, the source, however, argued that the President was poised to make the desired reforms and launch the country on the path of economic recovery and growth. “After all, he is one of the arrow heads of the struggle for the return of democracy in the country. He knows where the shoe pinches,” the presidential aide said, opting to remain anonymous.
President Tinubu made the point during his nationwide broadcast on June 12, Democracy Day.
Among other things, he said, “I stand uniquely placed in this regard. I was among those who took the risk to midwife the birth of our democracy. I am now a direct and obvious beneficiary of the fruits of those historic efforts.
“As president of this nation, I am morally and
constitutionally bound to preserve this precious form of governance.”
He vowed to do his utmost best to protect the rights, freedom and liberty of every Nigerian citizen and “to do whatever is necessary to cement democracy as our way of life.”
Noting that the challenges ahead are steep and multiple, he pledged to pursue reforms to redirect the “economic difficulties we face as a nation.”
He said, “Our economy has been in desperate need of reform for decades. It has been unbalanced because it was built on the flawed foundation of over-reliance on revenues from the exploitation of oil.
“The reforms we have initiated are intended to create a stronger and better foundation for future growth. There is no doubt the reforms have occasioned hardship. Yet, they are necessary repairs required to fix the economy over the long run so that everyone has access to economic
opportunity, fair pay and compensation for his endeavour and labour.”
Another comrade –in-arms during the prodemocracy struggles, is not so optimistic in his assessment of the past 25 years of democracy in the country. He is Professor of Political Science at the Lagos State University, Sylvester Odion Akhaine.
As a former General Secretary of the Campaign for Democracy and the United Action for Democracy, who was in and out of prison during the military crackdown on pro-democracy activists in the country, Odion-Akhaine thinks that unless urgent constitutional and legal actions are taken, the future looks bleak.
“I think the first point would be to ask the question: What were the issues that we fought for? " he told THEWILL in a brief interview on Friday.
Akhaine observed that Nigeria is still in the same state as the military regime when it comes to observance of the rule of law, which is in breach. The judiciary, he laments, has not fared better in the new, democratic dispensation when compared to the pro-democracy period.
“Under the current dispensation, the judiciary has been humbled, given the series of corruption allegations against it. Under the military, the judiciary acted in sync with the struggle against military rule. Remember that it was Justice Dolapo Akinsanya that declared the Interim Government headed by Earnest Shonekan, illegal.”
For Professor Anthony Kila, who is the Chairman of June 12 Movement in the country, it rings good to the ear to hear that Nigeria has had 25 years of uninterrupted democratic process. But what has been the result?
“We still do not have the kind of democracy that was dreamed off 33 years ago. We still deal with issues, such as police brutality, dysfunctional bureaucracy, multi-dimensional poverty, nepotism, corruption, distrust among ethnic groups, religious division and a federation that is not genuinely federal, not to mention the dire economic condition of most Nigerians,” he said.
According to him, it is safe to say that while some things have been done, much more needs to be done, “for our democracy to be a true democracy, we can trust and be proud of.”
Chairman of the Board of Trustees, Obidient Movement Council, March Oyinki concurs with Prof Kila. He said 25 years of democracy in Nigeria has left bitter experiences in the memories of the people, especially with the electoral process and bad governance.
“The lack of accountability and transparency in government are some of the reasons the nation has failed to make any tangible progress,” Oyinki told this newspaper in an interview.
“Elite closure is the most fundamental thing,” Prof Akhaine said, adding that this posture of the ruling elite has made it difficult for people with integrity, honesty to thrive in the system. “If you want to understand the current situation and fuel crisis in the country, you have to look at the consumerist disposition of the elite. They lack the will to pursue productive ventures. Enterprises are hardly encouraged, not to talk of support. I learnt that between today and 10 years ago, about 800 foreign companies have left the country. Even during the COVID-19 pandemic, we saw how palliatives were hoarded by representatives of the people and the people had to invade the warehouses. These are some of the contradictions in the system.”
For Chief Clark and Fapohunda, the solution lies in constitution making. Clark urged President Tinubu to implement the recommendations of the 2014 National Conference, such as scrapping the current system of 774 local authorities and allow states to determine their own local systems; the creation of 18 new states that will be equally spread around the country; revenue allocation that reduces the share of the Federal Government and increases allocation to the states; a modified presidential system of government that combines the presidential and parliamentary systems of government, as well as power sharing and
“In point of view of national politics where State Houses of Assembly and local government councils are subject to the tyranny of the state governors who impose candidates, independent candidates can make inroads at the grassroots where people are more likely than not to support and defend their votes for the candidates of their choice
rotation at all levels of government.
The presidential candidate of the Peoples Democratic Party, PDP, in the 2023 general election, Atiku Abubakar, points to a political solution. In his Democracy Day statement made available to THEWILL, he said that political parties should always challenge cases of bad governance and seek to amend it.
Atiku said, among other things, that opposition political parties should be able to come together and form a coalition that will retire the ruling party and articulate a plan of good governance that will earn the conviction of Nigerians.
“Today, the failure of the opposition parties to uphold the functionality of their existence is the major threat to our democracy. The earlier they realise that the fortunes of Nigeria lies in their forging a coalition, the better it will be for our country and the people,” he said.
Professor Akhaine agrees with him, saying that loyal opposition should be able to criticise policies and personalities, when they deviate from set national goals.
“Patriots must join the political arena because politics is about the contestation of power. It is not about violence in a democracy; it is about supremacy of the ballot box,” he said, adding with a call on the National Assembly to revisit the independent candidate provision in the constitutional amendment, which former President Muhammadu Buhari declined to sign in the March 2023 amendments.
“In point of view of national politics where State Houses of Assembly and local government councils are subject to the tyranny of the state governors who impose candidates, independent candidates can make inroads at the grassroots where people are more likely than not to support and defend their votes for the candidates of their choice.”
In support of a patriotic action, Prof Kila says that the June 12 Movement has resolved to help create the atmosphere for the emergence of a people’s constitution that will create a Nigeria that “respects our diversity and is designed for our peace, progress and prosperity.”
The Emir of Kano, Muhamadu Sanusi II cited the ongoing ex-President Donald Trump saga in the United States of America to say there is no perfect system in the world, adding that if the country once practiced the parliamentary system and it failed, why are people calling for it?
“To me, this is no solution. Into how may parts are you going to slice this country to get a homogenous nation, with all the inter marriages and all that? I am not sure that is the solution. We cannot shift responsibilities away from human beings, from the people who are responsible for running the system.”
Oyinki agrees. “Not until the rule of law, checks and balances, as well as separation of powers are made to work effectively, true democracy will remain elusive in the country.”
L-R: Governor of Lagos State, Mr. Bababjide Sanwo-Olu; Chairman, Dangote Group, Alhaji Aliko Dangote; Prime Minister of Grenada, Hon. Dickon Mitchell and the Grenadian Minister of Foreign Affairs, Trade and Export Development, Hon. Joseph Andall, during the opening of the 31st Afreximbank Annual Meetings and the 3rd AfriCaribbean Trade and Investment Forum (ACTIF) 2024, at the Grand Hyatt Baha Mar, Nassau in Bahamas on June 13, 2024.
President Bola Tinubu has celebrated with the Muslim Ummah on the joyous occasion of Eid-el-Kabir, saying that the sacrifices of Nigerians will not be in vain.
In a statement issued on Saturday by his Special Adviser on Media and Publicity, Ajuri Ngelale, the President congratulated the Muslim faithful and prayed that Allah accepts their supplications and acts of obedience.
He noted that Eid-el-Kabir is an event that denotes sacrifice, faith, and obedience to the will of the Almighty.
President Tinubu enjoined Nigerians to reflect on the essence of the occasion, which bears strong meaning and significance for the nation.
He emphasised that sacrifice and duty are essential ingredients to nation-building, noting that it takes collective purpose, will, and action to bring about great change.
President Tinubu called on citizens to spare a prayer for the nation for continuous peace and stability while working according to purpose in promoting unity, peace, and progress.
The Senate has assured Nigerian workers of speedy passage of the proposed National Minimum Wage Bill. Chairman of the Senate Committee on Media and Public Affairs, Yemi Adaramodu, gave the assurance on Friday when he spoke with newsmen in Abuja.
President Bola Tinubu, on Wednesday, in his Democracy Day national broadcast, had assured the Organised Labour that an executive bill on the new national minimum wage for workers will soon be sent to the National Assembly.
“In this spirit, we have negotiated in good faith and with open arms with Organised Labour on a new national minimum wage. We shall soon send an executive bill to the National Assembly to enshrine what has been agreed upon as part of our law for the next five years or less", the President said.
*Continues online at www. thewillnews.com
The Bayelsa State Government has commiserated with the family of late Alhaji Auwalu Aliyu, the Plateau State Government and the Arewa Community in the state over the murder of their member in a robbery incident in Yenagoa.
A Government House statement said the Deputy Governor, Senator Lawrence Ewhrudjakpo, had already met with the leadership of the Arewa Community and assured them of the government's determination to ensure the arrest and prosecution of Alhaji Aliyu’s killers.
Senator Ewhrudjakpo, who urged the Police to do everything possible to arrest those involved in the dastardly act in no distant time, noted that the state government considers the isolated criminal incident as a challenge.
He, therefore, charged all security agencies to intensify their efforts at protecting lives and property by nosing around and cracking down on suspected criminal hideouts in the state.
While extending the state government's condolences to the Arewa Community, Senator Ewhrudjakpo also advised them to remain calm and avoid any retaliatory action as the police command was already on top of the situation to apprehend the culprit.
He said, “We really feel your pain over the gruesome death that occurred in our midst. One thing you need to know, which I need to stress and stretch, is that for all Bayelsans and the state government, anybody who is doing legitimate business here, is a Bayelsan.
“And as we protect the lives of every other Bayelsan, who is born and raised here, that is the way we protect any other person. Nigerian or non -Nigerians who decided to come and reside here and that is the law elsewhere in the world.
“We also need you to talk to your members, not to take the laws into their hands. Already, the police are working hard to fish out anyone involved in the killing of your son and our brother. We have already directed the police to intensify their investigations and get the culprit arrested.
Cross River to Partner UCTH on Health Insurance
The Cross River State governor, Senator Bassey Otu has said his administration will partner the University of Calabar Teaching Hospital, UCTH in providing health insurance services to its citizens.
The governor emphasized that the UCTH will play a key role in his administration's rejiggered health insurance scheme as the primary provider of tertiary referral services in the state.
Governor Otu made this known in Calabar during a courtesy call on him by the management team of the UCTH led by its Chief Medical Director, Professor Ikpeme Ikpeme.
"We would always try to build partnerships to sustain the tempo of the foundation we are building.
'We would look at possible areas of collaboration where our people can access healthcare services without incurring financial hardships.
"We are strengthening our health insurance scheme to ensure that UCTH is effectively utilised in providing tertiary referral services for the benefit of Cross Riverians and residents alike," the governor stated.
The governor pointed out that his administration is doing a lot to strengthen Primary Health Centres (PHCs) and secondary health facilities to cater to the people's basic health needs while the UCTH handles referrals and more complicated cases.
Speaking earlier, UCTH's Chief Medical Director, Prof Ikpeme Ikpeme, reassured the state government that UCTH, an 800-bed capacity health facility, remains committed to providing optimum health services to Cross Riverians and Nigerians at large.
The Port Harcourt Division of the Court of Appeal has issued an order urging the two parties in the Rivers State House of Assembly to maintain the status quo and suspend further actions until the determination of an appeal before it.
The order followed an appeal filed by 25 defected Rivers Assembly pro-Wike lawmakers led by Martin Amaewhule against the ruling of a Rivers State High Court presided over by Justice Charles N. Wali, delivered on May 10 and 30, which granted an order restraining them from sitting and parading themselves as members of the Assembly.
Speaker Victor Oko-Jumbo and two others, including Sokari Goodboy and Orubienimigha Timothy had in a suit filed through their lawyers, B.N. Owunabo, Esq, K. O. Ogunjobi, Esq, B. S. Orupabo, Esq, 0. J. Ifejika, Esq. and T. Aprioku, Esq, argued that Amaewhule and 24 other defected lawmakers ceased to be members of the Rivers State House of Assembly since December 13 when their seats were declared vacant.
The 25 lawmakers had announced their defection to the All Progressives Congress (APC) on December 11, 2023. Subsequently, the Rivers Assembly, led by former Speaker Edison Ehie, on December 13, declared their seats vacant following their defection.
In a ruling delivered via Zoom on the appeal No.CAs/PH/198/2024, filed by the 25 lawmakers against Oko-Jumbo and five others, a three-member panel of Justices, including Jimi Olukayode Bada, Hamma Akawu Barka, and Balikisu Bello Aliyu, ordered that parties maintain status quo.
It further restrained the parties from taking any further action pending the hearing of the appeal.
The court adjourned until June 20, for hearing on the appeal.
The Federal Government has declared Monday, June 17 and Tuesday, 18, 2024, public holidays, to mark this year’s Eid-el-Kabir celebration. Minister of Interior, Olubunmi Tunji-Ojo, made the declaration on behalf of the Federal Government. The minister, in a statement signed on Friday, by the Permanent Secretary in the ministry, Dr Aishetu Gogo Ndayako, congratulated all Muslims and Nigerians both at home and in the Diaspora on the occasion and urged them to use the period to pray for peace and prosperity for the country. Tunji-Ojo called on the Ummah to continue to imbibe the spirit of peace, kindness and sacrifice, as exemplified by Prophet Ibrahim (Peace be upon Him) and to also use the period to pray for unity, prosperity and the stability of our country.
“The Minister assured that the Administration of President Bola Ahmed Tinubu GCFR is committed to safeguarding the lives and property of all Nigerians. “While wishing the Muslim Ummah a happy Eid-ul-Adha celebration, the Minister advised all Nigerians to take responsibility in the resolve to hand over a prosperous Nigeria to our children”, the statement added.
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede has disclosed that
President Bola Ahmed Tinubu has greatly shown immense political will in the fight against economic and financial crimes by not interfering in the works of the Commission.
He stated this in Ile-Ife, Osun State while on a courtesy visit to the Ooni of Ife, Oba Adeyeye Enitan Ogunwusi (Ojaja II).
He disclosed that, “since I was appointed the Chairman of the EFCC, the President has never called me to stop, impose, dictate or prescribe any directive as regards the affairs or activities of the Commission, rather the anti-graft agency has so far enjoyed adequate support needed from the Federal Government towards achieving the mandate of the Commission”.
The EFCC’s boss told the Ooni of Ife that given the autonomy the Commission has gotten so far, “I can assure Nigerians that the EFCC will stop at nothing to curb if not eradicate corruption in the country and hold political office holders accountable for their activities regarding the management of the resources that are meant to better the lives of Nigerians”.
He added that President Tinubu has continued to support him immensely in the way and manner needed for the Commission to achieve its mandate despite all unhealthy complaints and criticisms coming from some elites and political office holders in the country.”
Olukoyede, while expressing his gratitude to the foremost monarch for the support and royal blessings coming from him so far in the fight against corruption, he assured that “the EFCC will fight head-on those entrusted with our common wealth for robust economic growth but using using them for their personal gains”.
The anti-graft czar stated that the EFCC under his leadership has adopted new dynamic measures in looking into the roots of corruption by creating a new department called “Fraud Risk Assessment and Control” saddled with the responsibility of working through the budgetary allocations in all ministries, departments and agencies of Nigerian Government to demand and ensure accountability on how our common wealth is being utilized.
“Few months after I assumed office, I created a new department that will ensure that all public office holders are strictly held accountable for the resources entrusted in their hands by Nigerians which are meant for the effective growth of our economy.
“Let me state this clearly that all what I do in the course of discharging my duties as a public servant is not to witch-hunt anybody and not for any personal reasons but to ensure that the grand strategic plans of President Bola Ahmed Tinubu towards a better Nigeria is achieved”, he said.
In his response, Oba Ogunwusi thanked the anti-graft czar for his unequivocal commitment, deliberate efforts and passion he is deploying towards the fight against corruption. He particularly applauded the community engagements and collaboration initiatives among relevant stakeholders in combating the menace of corruption adopted by the Chairman to ensure corruption is brought to its knees.
The Martins Amaewhule-led 25 Rivers State lawmakers who defected from the Peoples Democratic Party, PDP, to the opposition All Progressives Congress, APC, during the heated supremacy battle between ex-Governor Nyesom Wike and his successor, Siminalayi Fubari, had sometime ago threatened to impeach the governor after serially obtaining court injunctions to either annul the passage of the N800 billion budget or amend the local government law and give the Speaker powers to appoint officials of the House of Assembly Service Commission.
Not anymore. The tables have turned and the future seems bleak for them. At least for now that Wike, Minister of the Federal Capital Territory, has been able to secure federal appointment for only one of his political supporters, Chukwemeka Woke, (one of those Commissioners who resigned in a huff from Fubara’s cabinet), who was recently appointed by President Bola Tinubu as Managing Director of Ogun-Osun River Basin Authority.
Two judgements delivered last week not only weakened their stand as the laws were reversed and restored the governors’ powers but also dealt a severe blow to the status of the 25 lawmakers.
The first law was the amended Section 3 of the Rivers State House of Assembly Service Commission Law, which striped Governor Fubara of the constitutional power to appoint the Chairman and Members of the Rivers State House of Assembly Service Commission. The Amaewhule-led Assembly had passed the law to confer on him, the Speaker, the powers to make the appointment.
A Rivers State High Court, sitting in Port Harcourt last Tuesday, however, nullified the law. While delivering judgment on the suit filed by a Non-Governmental organisation, Association of Legal Legislative Drafting and Advocacy Practitioners, Justice Kariba Dagogo Jack said the amended law number 3, 2024, was inconsistent with the provisions of the Constitution and as a result, it was null and void.
The Judge held that the Constitution unambiguously empowered Governor Fubara to constitute the House of Assembly Service Commission and some other commissions, boards and Institutes, but confirmed by the Assembly.
The power to constitute the House of Assembly Service Commission to the Speaker, said Justice Dagogo-Jack, contravened the doctrine of separation of powers which guarantees the right of the various arms of government to operate independently of each other.
The presiding Judge further declared that the Rivers State House of Assembly is not authorised by law to exercise executive powers, which includes the constitution of the Rivers State House of Assembly Commission, which is among bodies described in part 2 of the 3rd schedule of the Constitution whose membership are to be constituted by the governor.
Similarly, a Rivers State High Court judgement, which appeared to have given a life line to the embattled by declaring that 25 lawmakers of the Rivers State House of Assembly were still members of the PDP, went up in smoke when it was subjected to further legal interpretation.
The presiding judge, Okogbule Gbasam, in a ruling filed by Wosa Amadi and three others seeking to declare the seats of the 27 lawmakers vacant, following their defection to the All Progressives Congress in December 2003, ruled that the claimants failed to prove to the court that the 27 lawmakers truly defected to the APC, noting that the said defection cannot be established through newspaper publications, radio announcements or online publications.
According to the court, a defection can only be established through the party membership register, a membership card and such members fulfilling all requirements of their membership in the party.
Miffed by the reportorial interpretation of the ruling, Rivers State Attorney-General and Commissioner for Justice, Dagogo Israel Iboroma, cried foul.
He described the report on the court ruling as false and misleading.
Arguing that Justice Gbasam struck out the suit for want of locus standi and jurisdiction, as well as abuse of court process, Iboroma clarified that the suit did not seek to declare the seats of the defected lawmakers vacant.
“As Hon. Attorney-General and Commissioner for Justice and 3rd defendant in SUIT NO DHC/20/ CS/2024, I can say the suit did not seek to declare the seat of Martins Amaewhule and 26 others in the Rivers State House of Assembly vacant. And so, it was struck out for want of locus standi and jurisdiction and also for being an abuse of court process which robbed the trial court of jurisdiction to adjudicate on the matter.”
According to him, a Rivers State High Court, presided over by Justice Charles N. Wali, in a ruling, delivered on May 10 and 30, 2024 granted an order restraining Amaewhule and the 24 other Pro-Wike lawmakers from sitting and parading themselves as members of the Rivers State House of Assembly.
On Friday, the Port Harcourt Division of the Court of Appeal issued an order urging the two parties in the Rivers State House of Assembly to maintain the status quo and suspend further actions until the determination of an appeal before it.
“However, it may be very difficult to persuade the court to allow them to remain in the legislative house unless they are prepared to go back to the people and have their mandate renewed by the people. That is the provision of the law,” Falana concluded
The order followed an appeal filed by 25 defected Rivers Assembly pro-Wike lawmakers led by Martin Amaewhule against the ruling of a Rivers State High Court presided over by Justice Charles N. Wali, delivered on May 10 and 30, which granted an order restraining them from sitting and parading themselves as members of the Assembly.
THEWILL learnt that since the embattled lawmakers realised the constitutional blunders caused by their defection and the overwhelming public support that has swung in favour of the governor and against Wike, they have been making secret moves through political players in the state “get a soft landing,” according to a government source. Unfortunately for them, none is willing to publicly make their case heard, fearing a backlash.
THEWILL recalls that recently, some Senior Advocates of Nigeria, SAN, said that the defected lawmakers stood to lose their seats,following extant court cases on defection.
One of the lawyers, Femi Falana, SAN, said the 25 lawmakers
who had threatened to impeach Governor Siminalayi Fubara, were either not properly guided or advised.
He said, "The matter is in court. A couple of days ago, the High Court sitting in Port Harcourt granted an order of injunction restraining the 25 lawmakers from parading themselves as members of the Rivers State House of Assembly on the grounds that they had decamped and thereby for now, have forfeited their rights to be legislators.
He said that unless the lawmakers can show or demonstrate that there is a division in their political party that sponsored their election, they cannot remain in any legislative house if they defected to another party.
To buttress his point, he quoted the Supreme Court case of Adegbule vs Labour Party, whereby no lawmaker can decide on his or her own that there is a division in a party, not just a division in a local government or in a state. It has to be a division down the line, including the national level.
"However, it may be very difficult to persuade the court to allow them to remain in the legislative house unless they are prepared to go back to the people and have their mandate renewed by the people. That is the provision of the law,” Falana concluded.
This renewal of mandate is what the PDP wants and has gone to court to retrieve its mandate.
According to its National Publicity Secretary, Debo Ologunagba, the party is not facing pressure from any quarter to compromise its position in court, where it has clearly stated that the lawmakers ceased to be members of the Rivers State House of Assembly since December 11, 2023, when they publicly announced their defection from the PDP to the APC.
He said the affected members have since lost their seats in the Rivers State House of Assembly, having arrogantly committed an unpardonable constitutional breach.
On the legal path to retrieve its mandate, he said, “For the avoidance of doubt, the PDP in its Counter Claim by its National Legal Adviser, Kamaldeen Ajibade SAN in Suit No: FHC/ABJ/CS/1681/2023 filed at the Federal High Court Abuja stated clearly that the former Rivers State lawmakers “are no longer members of the Rivers State House of Assembly from December 11, 2023 when they publicly announced their defection from the PDP to the APC.”
In the said suit, the PDP seeks, among other things, the following declaration/orders against the former Rivers State lawmakers: “A Declaration that by provisions of Section 109 (1)(g) of the Constitution of Nigeria 1999 (as amended), the seats of the plaintiffs have been vacant since December 11, 2023 when the plaintiffs announced their defection to the All Progressives Congress (APC).
“A Declaration that the plaintiffs are no longer members of the Rivers State House of Assembly, having defected to the All Progressives Congress (APC) on 11th December 2023.
“An Order directing the first defendant (INEC) to conduct byeelections in the respective constituencies of the plaintiffs in compliance with the provisions of the laws.”
The recent lamentation by an official of the Economic and Crimes Commision, EFCC, that the ex-Kogi State governor Yahaya Bello has ridiculed the judiciary by failing to present himself for trial over an alleged N80.2 billion fraud leaves much to be desired.
Obviously frustrated by the highwired drama surrounding the arraignment of the former governor, the anti-graft agency's official, Acting Zonal Director, Benin Zonal Command, Mr Effa Okim, blamed the dodgy system of due process and transparency prevailing in the country for the debacle.
But last Thursday, the case came up at the Court of Appeal, Abuja, when the Judges rose to the occasion. It quashed a previous ruling made by the Kogi State High Court against the Commission and its Chairman, Ola Olukoyede, in a case of contempt and restraining order filed by Bello.
Delivering the lead judgement, Justice O.K Oyewole, held that, “a court of law cannot preclude the EFCC or any law enforcement agency from investigating and prosecuting crime. This is a fundamental jurisdictional point that cannot be shoved aside as it borders on the doctrine of separation of powers.”
The Court noted that it should not be drawn into the well of technicalities
and granted the Commission the authority to continue its prosecution of Bello.
Recall that the EFCC’ s running legal battle with Mr Bello started while the former Kogi governor was still in office before the well- publicised but failed attempt to arrest him in his Abuja residence, forcing the agency to declare him wanted while the Nigerian Immigration placed him on a watch list.
In addition, the Minister of Justice and Attorney-General of the Federation, Lateef Fagbemi, a Senior Advocate of Nigeria, pleaded with negligible success with the former governor to obey EFCC's summons. Even so, the pointed conclusion drawn by an irate Okim, though a sad commentary on the state of affairs in the country, is like holding a mirror to the managers of the country’s affairs. He said, “It’s not me, it is the Federal Republic of Nigeria.” Indeed.
At any rate, the point at issue is that it is high time the rule of law becomes the cornerstone of official and public engagements in the country.
Institutions and organisations are rule based and they cannot deliver on their mandates if they are allowed or compelled by circumstances to act in the breach of due process. More so for agencies like the EFCC, and its sister agency, the Independent Corrupt Practices and Other Related Offences, ICCP which, by their
core mandate on anti-corruption should be given every assistance to constantly keep the gaze on economic and financial crimes and government and public services related corruption that has reduced Nigeria to a laughing stock globally. EFCC may have been circumscribed in the execution of its mandate by reason of its structural set up, as some have often argued. It may have been barking more than biting as yet some others say when it comes to prosecution of high profile cases of corruption.
But that is no reason by any suspect, high or low, to deliberately flout its rules and undermine its capacity.
It is on this note that we urge the Commission and its Chairman not to be distracted by the shenanigans of the governing elite, many of whom are in the habit of gaming the system through their connections and trying to make mockery of the fight against corruption.
They should instead continue to match their often high-profile suspects in their game by exploring the legal and constitutional instruments at their disposal.
In this light, the recent Appeal Court judgement that restored the Commission’s right to prosecute ex-Governor Yahaya Bello, should be seen by the Commission as a victory of sorts, however which way the case may eventually go.
The late distinguished American historian, Babra Tuchman, noted that failed leadership is of four kinds, often in combination: Tyranny or oppression, excessive ambition, incompetence or decadence and folly or perversity.
I am concerned only with the last, folly or perversity, which is the pursuit of policy contrary to a nation's interest. Central to failed leadership is why holders of high office so often act contrary to the way reason points and enlightened self-interest suggest. Surveying the vast spectrum of our recorded past, Tuchman explored this paradox and identified Folly's hallmark: the self-destructive act carried out despite the availability of a recognised and feasible alternative.
CENTRAL TO FAILED LEADERSHIP IS WHY HOLDERS OF HIGH OFFICE SO OFTEN ACT CONTRARY TO THE WAY REASON POINTS AND ENLIGHTENED SELF-INTEREST SUGGEST
Why do leaders act in folly in spite of clear alternatives? The answer lies in wooden-headedness, folly's chief symptom, which Tuchman says is caused by self-deception and consists of assessing a situation in terms of pre-conceived fixed notions while ignoring or rejecting contrary signs.
History records Philip II of Spain as probably the surpassing wooden-head sovereign of all time "No experience of the failure of his policy could shake his belief in its essential excellence. Why is it that our leaders often fail to act in our interest? Philip III, King of Spain at the dawn of the 17th Century was said to have died of a fever contracted from sitting too long near a hot furnace, helplessly overheating himself because the person, whose duty it was, to remove the furnace, when summoned, could not be found. This was a classic case of total self-deception based on the preconceived notion that the King does no work. Yet the alternative was simple. Folly accounts for Nigeria's slow progress to democratic consolidation.
Folly or perversity is at its worst when individual sovereignty shapes policy. Under this condition, folly's affliction is usually total and fatal. Tuchman tells of a classic case of folly: Rehoboam, King of ancient Israel, Son of Solomon and David, was confronted early in his reign with a revolt by ten out of twelve tribes of Israel over the forced labour tax decreed by his father. He consulted with the old men of his father's council who advised him to accede to the people's demands in exchange for their renewed loyalty.
Not to look weak and to exercise his sovereignty, Rehoboam found the advice too lame and turned to his inner council, composed of his peers. They knew his disposition and, like counsellors of any time who wished to ingrain and consolidate their position, gave advice they knew would be palatable. "Make no concessions", they admonished, "but tell the people outright that your rule would be not lighter but heavier than your father's". They composed famous words that could be any despot's slogan for him: And this shall thou say to them; whereas my father laid upon you a heavy yoke, I will add to your yoke. "Whereas my father chastised you with whips, I shall chastise you with scorpions". That his subjects might not be prepared to accept this reply meekly seemed not to have occurred to Rehoboam beforehand. Instantly - so instantly as to suggest that they had previously agreed upon their course of action in case of a negative reply - the men of Israel announced their secession from the House of David with the battle cry: "To thy tents O Israel! See to thy own house, David."
Not without reason, Rehoboam earned in Hebrew history the designation "Ample in folly". The twelve tribes of Israel were never reunited. But driven from their lands and forcibly dispersed into the great unknown by the Assyrians. The alternative course that Rehoboam might have taken, advised by the elders and so lightly rejected exacted a long revenge that has left its mark for two thousand-odd years.
As the great historian, Gibbon, would say, it is difficult to fix the lowest point in Nigerian political history, but one of them certainly occurred when after the elections of June 12, it was annulled. Gibbon's ’Decline and Fall of the Roman Empire,’ completed in 1788, contains important lessons for us today. No other historian has so eloquently and penetratingly portrayed the terrible magnitude of the Roman Empire's descent into anarchy. This is no place to discuss Gibbon's work, but to note that leadership is the critical and essential characteristic of good governance. There are lessons in this for our leaders in Nigeria, our dear beloved Nation.
The immediate past governor of Rivers State and the Minister of the Federal Capital Territory (FCT), Nyesom Wike, has been all over the place and on television serially counselling political officeholders never to trust people who don’t speak when you are oppressing them. There is a lot of wisdom in that statement, no doubt, and it is just exhilarating to hear it coming from the ex-governor. That means he is learning the hard way. Governor Fubara has been going through a baptism of fire since his inauguration. Wike has been pushing him so hard that the man had to grow up in a hurry.
Fubara did well to announce an Investigative panel to look into how the resources and affairs of the state were managed in the eight years that Wike reigned. I don’t know him and cannot say I know a thing about his brand of politics. However, probing the activities of the immediate past government in the state with the sole aim of unearthing the excesses, if any, of the head of that administration will be the best thing that happened to Rivers State and the interest of its people. Does Wike need to be reminded that his decision to antagonise and intimidate his chosen successor whom he enthroned to cover his nakedness was a big political miscalculation and naked arrogance that will only lead to his demystification and/or destruction?
The activities of Wike and his gang in the last one year were a distraction to Fubara. There will be heightened distractions in the coming years, all in a bid to ensure that the incumbent does not deliver quality service to Rivers people. The essence is to stop him from doing well in office so he doesn’t have a strong credential to flout in 2027 when he will be angling for a second term. While giving an account of his stewardship in his troubled one year in office, the Governor, Similayi Fubara, had said, “We started this journey with a bang. We were focused. We were determined to make the change we promised with a sense of urgency. But then, somehow, we suddenly found ourselves in the cesspit of crisis barely three months into our tenure.
“It was not just an ordinary political crisis. It was a vicious existential crisis. But thank goodness, the worst is over. We have successfully defended our right and opportunity to govern our state and advance its progress in freedom, and we will continue to prevail.” Fubara needs to be reminded in a very stern tone also that the worst is not over yet from the enemy camp. And the Spirit is saying to him: Keep a cool head. Stay alert. Your enemy the devil is poised to pounce and would like nothing better than to catch you napping. Keep your guard up.” (1 Peters 5: 8-9 MSG).
Irrespective of what may have turned out to be the outcome of the serial peace meetings and/or deals, between the estranged former governor of the state and his successor, Wike appears to have become the greatest enemy of the state he ruled for eight years uninterrupted in view of emerging allegations of high handedness, misrule and financial recklessness as the can of worms is being unearthed.
It was at the swearing-in ceremony of Mr. Dagogo Iboroma, a Senior Advocate of Nigeria, as the new Attorney-General and Commissioner for Justice of Rivers State at Government House in Port Harcourt, that Governor Fubara announced that the state government would set up a judicial panel of inquiry to investigate how the affairs of governance were conducted in the State before he assumed office. Those claiming that such an investigative panel is out of law are rather outrightly ignorant of the law. Such investigation is in conformity with section 2 (1) of the Commission of Inquiry law of Rivers. Let’s get this clear here: the purpose of the inquest is merely to gather facts on the subject of the inquiry after which the Governor now decides whether to proceed with prosecution in a law court or handover the case to the anti-graft agency to do the prosecution on its behalf or forget the whole thing. Investigative Panels don’t engage in the trial or conviction of any person for anything! Rivers people have been told that contrary to the impression created by the former governor when
THE ACTIVITIES OF WIKE AND HIS GANG IN THE LAST ONE YEAR WERE A DISTRACTION TO FUBARA. THERE WILL BE HEIGHTENED DISTRACTIONS IN THE COMING YEARS, ALL IN A BID TO ENSURE THAT THE INCUMBENT DOES NOT DELIVER QUALITY SERVICE TO RIVERS PEOPLE
he handed over to Siminalayi Fubara, shocking facts are emerging from Government House in Port Harcourt on the messy financial dealings under the tenure of Nyesom Wike as governor of Rivers State. He had created the impression that he was not indebted to anybody. But last week, Fubara announced that he inherited 34 uncompleted road projects worth over 225.279 billion naira spread across 13 local government areas of the state.
As alleged, the state’s allocation from the Federation Account was tied as collateral for most of the loans the immediate past governor took for his infrastructural development in the state. These are areas the panel should be looking at and finding ways to free some of the state resources so the incumbent can have what to work with. If not, Fubara would be grossly handicapped financially and may end up not doing much as a governor. Mark my words!
It is also alleged that most of the cooperative societies that benefitted from Wike’s grant were linked to former chairmen of the 23 LGAs of the state. So, the ex-chairmen should be brought in to say what they know, how much passed through them for that purpose and who were the recipients.
The billions of naira expended across Nigeria for his presidential ambition, including huge grants given by several states and governors and the money shared at the PDP 2022 national convention ground in Abuja – where did it come from, personal escrow or state resources?
The money used to sponsor Aminu Tambuwal’s presidential race for the 2019 PDP presidential ticket, where did it come from, escrow or state resources?
It would be recalled that in 2015, immediately after Wike took over, he set up an investigative panel to probe the financial and business transactions of his predecessor, Chibuike Amaechi. The panel eventually indicted Amaechi and called for his prosecution.
So, there is nothing out of place for the incumbent government to ask questions on how the resources of the state were expended in the eight years of the preceding administration after all it’s all falling in line with that same “familiar spirit tussle in the state (read my last commentary on Rivers state captioned: “Fubara Vs Wike: Again, Rivers state and the Familiar Spirit Tussle.”)
Now, my worry is that the Governor seems to have fallen asleep on the announced investigative panel. He should know this and know not just truth but peace that: a month is a long time in politics and if you don’t humble the adversary and his team, he will mess your political career up. Know ye not that the man behind your one year of “Jacob’s trouble” does not forgive and will fight most likely covertly as time goes on until he deals a devastating blow on you the opponent?
Izeze writes from Abuja.
*Continues
EDITOR Sam Diala
The revenue accruing to the Federation Accounts Allocation Committee (FAAC) via the Electronic Money Transfer Levy (EMTL) dropped by 17.6 percent from N57.69 billion in Q1 2023 to N49.54 billion in Q3 2024. This is based on data from the National Bureau of Statistics (NBS).
A study of the NBS quarterly reports showed that a total of N25.33 billion was generated from EMTL in January 2023, while N13.8 billion and N12.3 billion were recorded in February and March respectively.
Conversely, a total of N18.60 billion occurred in January 2024, as the following months had little significant impacts of N15,15 billion and N15.79 billion in February and Marh respectively.
The boom recorded in January 2023 could be attributed to the high volume of e-transactions at the peak of the CBN Naira redesign crisis which forced many bank users to patronise alternative payment channels in the midst of severe cash crunch.
Typically, EMTL is levied on transactions conducted via platforms such as mobile money, internet banking, and other electronic payment methods. The Finance Act, 2020 which gave birth to it, further specified the particular rates and circumstances of the Levy, which ensured transparency and consistency in its application.
It applies to all electronic transfers of funds placed in a Nigerian-licensed bank or financial institution. The Levy is imposed as a singular and one-off charge of N50 on electronic transfers or electronic receipts of money in the sum of N10,000 or more. Transfers under N10,000 and between accounts within the same financial institution are outside of the scope of EMTL.
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Aiteo's Earnings Top Record N471bn in Half Year, Targets N1trn in 2024
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Some stakeholders and industry experts have expressed different views on the controversy trailing the liquidation of Heritage Bank Limited, after 10 years it was established.
In December 2012, the Central Bank of Nigeria (CBN) reissued Societe Generale's banking license, but as a regional bank. Having acquired the banking license, the new ownership re-branded the bank as Heritage Banking Company Limited and opened for business under the new name on March 4, 2013. However, on June 6, 2024, the CBN terminated the existence of the Tier-2 bank by revoking its operating licence. .
Announcing the decision of the apex bank to revoke the bank’s licence, Acting Director, Corporate Communications, CBN, Hakama Sidi Ali, in statement, said: “The Central Bank of Nigeria (CBN) in accordance with its mandate to promote a sound financial system in Nigeria and in exercise of its powers under Section 12 of the Banks and Other Financial Act (BOFIA) 2020, hereby revokes the licence of Heritage Bank Plc with immediate effect.
“This action has become necessary due to the bank’s breach of Section 12 (1) of BOFIA, 2020. The board and management of the bank have not been able to improve the bank’s financial performance, a situation which constitutes a threat to financial stability. This follows a period during which the CBN engaged with the bank and prescribed various supervisory steps intended to stem the decline. Regrettably, the bank has continued to suffer and has no reasonable prospects of recovery, thereby making the revocation of the licence the next necessary step.
“Consequently, the CBN has taken this action to strengthen public confidence in the banking system and ensure that the soundness of our financial system is not impaired.
“The Nigeria Deposit Insurance Corporation (NDIC) is hereby appointed as the Liquidator of the bank in accordance with Section 12 (2) of BOFIA, 2020.
“We wish to assure the public that the Nigerian financial system remains on a solid footing. The action we are taking today reflects our continued commitment to take all necessary steps to ensure the safety and soundness of our financial system.”
A solicitor and expert in banking and financial matters, Victor Ukutt, expressed dismay over the liquidation of Heritage Bank Limited which he said was done in bad faith.
Ukutt, who is Principal Partner at Victor Ukutt and Co, Legal Practitioners, and whose firm has been extensively involved in the Asset Management Corporation of Nigeria (AMCON)-related matters, said the CBN should have considered a merger or acquisition option for the troubled financial institution.
In a chat with THEWILL, Barrister Ukutt noted that the CBN had given a soft landing to other troubled banks (names withheld) in a similar situation and were not treated so harshly.
“The CBN acted in a bad faith. There were other banks in a similar condition in the past, but the CBN extended a lifeline to them and they are still existing. The CBN did not consider the fate of the employees, investors and owners of Heritage Bank before revocaking the operating licence of the bank.
He noted that First Bank of Nigeria was the clearing house for Heritage Bank during which over N400 billion was accumulated against Heritage Bank which the CBN arranged to be recovered by FirstBank before announcing the revocation of Heritage Bank’s operating licence.
“Why did CBN not arrange a merger or acquisition with FirstBank or any other financial institution to save Heritage Bank, if there were no vested interests in the deal,” Ukutt queried.
on page 14
Under former CBN Governor, Godwin Emefiele, the apex bank did not have the appetite to close down a bank, and so Heritage was under life support for a long time, relying mostly on borrowing from the CBN and the interbank market to support its businesses
Reports revealed that FirstBank received the full repayment of a “N456 billion loan” extended to Heritage Bank. The recovery was part of a “bailout loan” arranged during the tenure of former Central Bank of Nigeria (CBN) Governor Godwin Emefiele.
The reports further revealed that CBN promptly credited FirstBank prior to its decision to revoke Heritage Bank’s license, thus averting what could have been a significant impairment charge for First Bank Reports confirmed that the actual amount received by First Bank was N456 billion, concluding a seven-year wait since First Bank supported Heritage Bank in clearing.
An investment analyst and Chairman, Trusted Shareholders Association of Nigeria, Mukhtar Mukhtar, said regulatory functions of the government agencies are often influenced by political considerations.
“There is no way the CBN could have taken the action without confiding in the Presidency. When Charles Soludo and Sanusi Lamido Sanusi were CBN governors, they obtained the consents of the Presidents then before the reforms they embarked upon.
“T don’t know the owners of the bank, but the CBN should have encouraged them to go into a merger or acquisition arrangement to save the financial institution, its employees and the depositors’ funds.
“It is really very sad the way the bank’s operations were terminated by the CBN which I consider callous at difficult times and makes one suspect there is a sinister motive to the whole matter,” Mukhtar told THEWILL.
However, a former Deputy Governor at CBN, Kingsley Moghalu, has said the recent revocation of Heritage Bank’s licence by the apex regulator should not worry anyone.
In a statement via X, Moghalu described the revocation of the bank’s license as the chronicle of a death foretold, adding that the move was not surprising. He asserted that the apex bank’s action was to protect depositors’ funds and maintain confidence in the banking system.
“The revocation of the banking licence of Heritage Bank by @cenbank is the chronicle of a death foretold. In other words, it’s not surprising.
“I don’t think it should worry anyone, nor does it mean that the financial system isn’t sound. Banks are businesses, even if very special and thus heavily regulated ones. A bank that is badly run should not have a lifetime guarantee. The important thing is to protect depositors’ funds,” he stated.
The National Co-ordinator, Pragmatic Shareholders Association, Mrs Bisi Bakare, applauded the CBN’s revocation of the Heritage Bank’s operating licence, adding that the liquidation of the Tier-2 bank was overdue.
She told THEWILL in a telephone chat that the action would serve as a deterrent to those who engage in corporate governance rascality, which does not augur well for the nation’s financial services industry.
Mrs Bakare urged the authorities to go after those behind the huge non-performing loans that led to the death of Heritage Bank because they do not mean well for the economy.
“Who are those borrowers behind the non-performing loans? Are they not Nigerians? Do they not live in this country? The CBN and other relevant agencies should fish them out and compel them to pay the loans they collected from the bank because the loans are depositors’ funds,” she stated.
*Continues online at www. thewillnews.com
The process of collecting and remitting the Levy involves financial institutions collecting the Levy on each qualifying electronic transfer and remission is expected to be made to the Federal Inland Revenue Service (FIRS) within the timeframe stipulated.
The Finance Act, 2023 stipulates that revenue accruing by the operation of EMTL shall be distributed to the three tiers of government on the basis of derivation with the Federal Government receiving 15 percent State Governments receiving 50 percent and the Local Governments receiving 35 percent of the EMTL realised.
THEWILL reports that the system has pushed the banks into stiff completion as their e-revenue continues to surge with the Tier-1 banks topping the game..
United Bank for Africa (UBA) has maintained the lead in electronic banking (e-banking) revenue among theTier-1 banks, according to data from the FY 2023 and Q1 2024 financial statements of the institutions.
In the Tier-1 category are Access Bank, FirstBank of Nigeria, Guaranty Trust Bank, United Bank for Africa and Zenith Bank.
The e-banking income includes revenue from electronic platforms, such as mobile applications, USSD channels, Internet banking, ATM, PoS as well as other debit and credit card transactions.
The banks have embarked on several avenues to expand their e-banking channels for maximum performance and enhanced revenue generation, which have created a stiff competition among them.
Analysis of the FY 2023 financial statements of the Tier-1 group in their Holco structures, revealed that the Big Five generated a total of N385.85 billion in e-banking revenue as against N277.14 billion in 2022, representing a 40 percent increase.
UBA earned the highest e-banking income among the Tier-1 financial services institutions. The bank generated N125.57 billion in 2023 representing 32.5 percent of the Tier-1 group total income for the year.
By this, Africa’s Global Bank grew its e-banking income by 59 percent when compared with N75.94 billion it earned in 2022 to emerge the first in 2023, followed by Access Bank which recorded N101.61 billion against N59.65 billion in the previous year, accounting for a 70.34 percent rise.
First Bank grew its e-banking income by 20 percent to N66 billion in 2023 from N55 billion in the preceding year, ranking it the third among the Big-Five group. It was followed by Zenith Bank with e-banking revenue of N51.81 billion compared to N45.73 billion in the preceding year, representing a growth of 13.3 percent.
The financial statements of Guaranty Trust Bank revealed that the 34-year-old bank recorded N40.82 billion as e-banking income in 2023, against N31.73 billion in 2022, constituting a 28.6 percent increase.
The Q1 2024 financial statements of the Tier-1 group (excluding FirstBank of Nigeria) amounted to N108.95 billion against N64.32 billion or 70 percent increase and followed the same performance trend by the major banks..
The remarkable increase in e-banking revenue of the banks shows the high level of interest in alternative payment systems by bank customers as the CBN pushes for expansion in financial inclusion across the country.
According to Nigeria Inter-Bank Settlement System (NIBSS), e-banking activities through the electronic payment transactions in Nigeria hit an all-time high in 2023 as it rose by 55 per cent to N600 trillion, compared to N387 trillion in 2022.
Also, the total value of point of sale (PoS) transactions for 2023 was N10.73 trillion compared to N8.39 trillion recorded in 2022 indicating a 27.85 per cent increase.
The data from NIBSS indicated that in March 2023, the volume of e-payment transactions reached an unprecedented peak of 1.17 billion, followed by the 968 million transactions recorded in December.
Exclusive: Aiteo's Earnings Top Record N471bn in Half Year, Targets N1trn
Aiteo Eastern Exploration and Production Limited, one of Nigeria’s largest indigenous producers, has recorded crude sales of $325m about N471 billion in the first half of the year and could be on course to reach the N1 trillion naira mark in revenue for 2024, according to financial records obtained from banking sources.
The sources, who asked that their identities be masked because they are not authorised to speak on the development, said Aiteo’s remarkable earnings is on the heels of its successful return to crude production late last year, at its OML 29 asset in Nembe Bayelsa, after constant crude theft and vandalisation forced it to shut production for over two years.
The company, which African billionaire, Benedict Peters, founded, has shipped around 3 million barrels of Nembe Crude Oil Blend for the half year and is steadily increasing output, according to the banking sources, who showed us data to back the claim.
“Aiteo loaded 954, 176 barrels on the vessel named AEGEAN MARATHON in February 2024, in March MT Delta Kanaris loaded 953, 252, in May 2024, MT POPI P loaded 957, 757 barrels, while MT AQUABLISS loaded 233, 655 in January’, according to data seen by THEWILL. Nembe Blend average for the period was around $86pb and exchange rate on Friday was around N1485 – $1.
Aiteo declined to comment on this report.
THEWILL recalls that Aiteo acquired OML 29 and the Nembe Creek Trunk Line (NCTL) from Shell in a landmark transaction in 2014 that closed at around $3.01bn where a group of lenders raised $2bn with Peters contributing about $1bn dollars in personal fortune to conclude the deal and restart production.
The consortium of lenders that committed $2bn according to
It is most auspicious at this time, exactly one year after the inauguration of the Bola Tinubu Administration (May 29, 2023), to do an appraisal of how well or otherwise the Nigerian economy has fared. This performance assessment also gives the opportunity to gauge the direction, if any, that the economy is headed. In doing this, it is most fitting to use appropriate barometers, to portray the extent of progress (or lack of it) in the past twelve months.
It is apposite to mention here that the two arrow-head policies of the administration had been the removal of fuel subsidy, which Mr. President announced in his inaugural address; and the Naira floatation effectuated by the Central Bank of Nigeria (CBN) mid-June 2023. Although there have been ancillary and kindred policies by the administration, it has been the wide-ranging and far-reaching impacts (mostly unintended and negative) of these two key initiatives that have shaped the economy in the past one year.
One of the immediate effects of fuel subsidy removal was the unprecedented jump in the pump price of Premium Motor Spirit (PMS): from about two hundred naira per liter to between six hundred to eight hundred naira per liter within one week of the subsidy withdrawal. The impact and import of this pump price spike soon percolated and spread economy-wide, pushing up the prices of food, transportation, and all consumer items practically through the roof. This soon began to reflect in consistent spikes in inflation rate.
Thus, while the rate of inflation (measured by Consumer Price Index, CPI) stood at about 22.22 percent as of April 2023, by April 2024, it had hit 33.69 per cent, according to data from the National Bureau of Statistics (NBS). This runaway inflationary trend has since translated into thoroughly weakened consumer purchasing power. It has also resulted in mounting stock of inventories for many business, especially in the manufacturing sector.
Almost simultaneously, the floating of the Naira, in a bid to unify exchange rates in the foreign exchange (FX) market, led to a massive devaluation of the national currency. While the rate of exchange (officially) was about N462/$ as of May 2023, by March 2024, it was almost hitting N1900/$. From this nadir, however, the exchange rate has remained volatile, moving from a new strength of almost N1000/$ in April to hover around N1400/$ in the last week of May 2024. All these have translated into worsening trend of FX scarcity in the forex market, and endless devaluation of the Naira. As a largely import-dependent economy, massive importation of all manner of goods and services by Nigerians also meant imported inflation. This filters in through rising cost of importing PMS (almost 100 percent of local need), machineries, raw materials, other intermediate goods and sundry items for conspicuous consumption.
As the rising inflationary trend kept ravaging the economy and impoverishing the citizenry, the apex bank adopted a tight monetary stance to checkmate it. Thus, in an unprecedented monetary policy initiative, the CBN through its monetary policy committee (MPC) raised the indicative interest rate (monetary policy rate, MPR) by a cumulative 750 basis points in a space of three months (February to May). MPR got hiked from 18.75 per cent in February to 22.75 per cent; got raised further in March to 24.75 per
cent, and yet further to 26.25 per cent in May 2024.
Alongside the hike in MPR, the apex bank also raised the Cash Reserve Ratio (CRR) to 45 per cent: essentially to drain (and ‘sterilize’) more loanable funds of the deposit money banks (DMBs). This, plus the over 35 percent effective interest rate on bank loans, following from the MPR at 26.25 per cent, meant shrinking access to credit for businesses in the economy. On its part however, latching onto the high interest rates environment it created, the apex bank wooed and attracted some foreign portfolio investors (FPIs) and sold them Government Treasury Bills in an Open Market Operation (OMO).
Apparently, the OMO and the ‘hot money’ generated therefrom, was deployed by the apex bank in the FX market (at some point) to achieve a temporary strengthening of the Naira. This ‘gain’ was however very short-lived, and sooner than later, volatility resumed in the FX market. This then underlined the long-known fact that the FX market is bedeviled more by dollar scarcity than any other challenge. At all times, demand for the US green back
far outstrips its supply in the forex market.
Crude oil production and export from which improved FX inflow should have been realized, remained dogged by a multiplicity of issues. These include the lingering bizarre phenomenon of oil theft that has since been depleting Nigeria’s realizable FX earnings. From all indications, the economic sabotage (oil theft) did not abate one bit in the past one year. If anything, the Government has been engaging and sponsoring non-state actors as security providers for oil operations. This has, however, been generating more tension and acrimony among stakeholders than the desired results.
The upshot of this is that Nigeria’s crude oil production and export have consistently remained far below its allocated quota by the Organization of Petroleum Exporting Countries (OPEC). While the nation’s OPEC quota stands at about two million barrels per day, Nigeria’s actual production has been hovering around one million barrels per day.
This level has only inched up to about 1.3 million barrels per day few months ago. Yet, the nation’s 2024 Appropriation Act is couched on assumed oil production level of 1.78 million barrels per day.
Surprisingly, and unfortunately too, as the Tinubu administration clocks one year, the damaging effects of the fuel subsidy removal policy are yet unresolved. Today, neither the privately-owned Dangote Refinery nor any of the Government-owned ones is producing/supplying the badlyneeded PMS. This accounts for why, in the past two months or so, acute scarcity of the product has remained virtually in all nooks and crannies of the country. There is only the hope/promise that the Port-Harcourt Refinery would recommence production ‘soon,’ after years of lying moribund. Another ripple effect of the key policies of the Government in the past one year (with the attendant impoverishment of the citizenry) has been the raging demand by workers for improved salaries and wages. Indeed, it has been a dingdong between the Government and the organized labor (NLC and TUC)—manifesting in sporadic protests by labor unions in various parts of the country. There have been several failed negotiations between Labor and Government; even today, the stalemate yet subsists over what will constitute the minimum or living wage in the country.
In the face all these, rather devising any prompt and concrete solution to the pervading misery and hardship in the land, Government came up with palliatives. In cash and kind, the Government doled out palliatives to Nigerians, apparently targeting to assuage the sufferings and impoverishment of the ‘wretched of the earth.’ But the abuses and corruption in the system largely defeated the objectives of the initiative. And so, till date, especially at sub-national levels, most palliative measures are being mistaken for real economic development. And the game goes on!
Even as the Government marks its one year anniversary, it is yet to present its overarching economic roadmap and development trajectory. Only wooly statements such as proposal to come up with a 2024 supplementary budget and self-adulation of having undertaken ‘bold’ reforms are all the scorecard in the public space.
To this could be added the fanfare around Mr. President going to the National Assembly (NASS) to sign into law Nigeria’s readopted ‘old’ national anthem. And then, the palliative of allowing Abuja (Federal Capital Territory, FCT) residents ‘free’ use of the city monorail for next six months. And so on. Alas, whither the Nigerian economy?
• Okeke is a practising economist, business strategist, sustainability expert and ex-Chief Economist of Zenith Bank Plc.
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In celebration of Fathers' Day today, IVORY UKONU writes on prominent Nigerians whose children have successfully followed in their footsteps, businesswise, and taken the businesses to the next level
Larry Izamoje
ike Chief Raymond
and founder of Brila FM, the first sports radio station in Nigeria, Larry
C
Alhaji Abdulfatai Gbemisola founded the popular Fatgbems company in 1986 in Abeokuta, Ogun State. At that time, it was just a trading company that specialised in the sale of automobile components, such as tyres, lubricants and vehicle spare parts. The company was a major distributor for Michellin and Trendsetters tyres. But through sheer hard work, commitment and dedication learnt at his father's feet, Alhaji Gbemisola’s son, Abdulkabir, has taken the company to greater heights.
After he passed away in 2012, Gbemisola’s four sons took charge of the company and ran it in their various capacities. Abdulkabir is the Chairman and Group CEO of Fatgbems Group of Companies as the first son. The 46-year-old rebranded it in 2017 and expanded it, diversifying into different sectors of the economy.
The conglomerate now has interests in petroleum marketing, haulage, trading, manufacturing, agriculture and real estate, making the company to become a top player in the Nigerian business space.
The Group is behind Torque tyres Nigeria. Fatgbems Petroleum Ltd started out with one service station in Ejigbo, Lagos in 2006, but today, it has grown to over a hundred service stations across the country.
Fatgbems Petroleum Ltd operates one of Nigeria's largest petroleum storage facilities, a 30 million-litre storage tank farm located in Lagos. The facility has a state-of-the-art gantry capable of dispensing and trucking 3 million litres of petroleum products daily. The company has a truck holding bay that warehouses 100 trucks per time.
does not want to wait to die before bequeathing his legacy to his children. His first daughter, Debbie, has followed in his footsteps and is today, a force to be reckoned with in the global sports media. At only 30 years, she is making waves as the Chief Operating Officer of Brila Media Group, while her father remains the chairman and founder. Armed with a bachelor's degree in information management from the University of Sheffield and a Master's degree in management from UCL, she is driving the dynamic transformation of Africa's sports entertainment landscape. With a Harvard certification in Innovation and Strategy, as well as expertise in User Innovation from MIT, Debbie leads a passionate team of sports media enthusiasts who are revolutionizing the industry through storytelling, cutting-edge digital strategies, stakeholder management and innovative systems. Her invaluable contributions include overseeing the remarkable rebranding Brila FM across key cities in Nigeria. Her unwavering passion for the business of sports and the challenges she has overcome as a woman in a male-dominated industry is worthy of emulation.
Aliko Dangote
Chiefhief Raymond Dokpesi is a man of many firsts. He was first a personal assistant to late politician, Alhaji Bamaga Tukur, when he was a general manager with the Nigerian Ports Authority. He later went on to work as a civil servant in the Federal Ministry of Transport where he was inspired to start a shipping business, Africa Ocean Lines, the first indigenous shipping line in Africa, in the 1980s. Following the demise of the shipping company, Dokpesi turned to his second interest, broadcasting and established Daar Communications before launching RayPower, Nigeria’s first private FM radio station in 1994. Two years later, he launched Africa Independent Television, AIT and in the early 2000s, launched its signals in the United States, Mexico, the Caribbean, Europe, as well as countries within Africa. Long before his demise, he handed over the running of DAAR Communications to his first son, Raymond Paul Dokpesi Jnr alongside DAARSAT, Faaji FM. The official handover was done in 2014 during the 65th general annual meeting of the company's board of directors. The older Dokpesi stepped down as the chairman of the company and elevated his first son to the position of chairman. The older Dokpesi however remained the founder. Dokpesi senior made the right choice handing over to Paul as the young man had worked his way up the ladder, starting from the newsroom. He had no special privileges and had to learn the ropes in other to keep the organisation afloat.
Africa’s richest man and philanthropist, Aliko Dangote may have built a sprawling conglomerate, Dangote Group and is leading the charge in running it, but his three daughters, Halima, Fatima, and Mariya, who all work for the family business in various capacities, are already being positioned to handle different aspects of the business when he becomes too frail and old to run the conglomerate or after he has passed on. Halima his first daughter works closely with him and she is being groomed to take over the reins of leadership when he retires from active business. She follows him around and serves as his personal assistant. She also represents him at various fora when he is unable to be physically present. The Dangote Group, which began as a small enterprise trading in commodities, including bagged cement as well as agricultural goods like rice and sugar, is one of the largest conglomerates in Africa today, with international operations in Benin, Ghana, Zambia, and Togo. It has moved from being just a trading company to being the largest industrial group in Nigeria, encompassing divisions like Dangote Sugar Refinery, the largest refinery in Africa and the third largest in the world, producing 800,000 metric tons of sugar annually; Dangote Cement; Dangote Flour; a Peugeot assembly plant; Dangote refinery.
The Dangote Group is also a major importer of rice, fish, fertilizer and it exports cotton, cashew nuts, cocoa, sesame seeds and ginger to several countries. Additionally, it has major investments in real estate, banking, transport, textiles etc.
L Dokpesi, sports enthusiast Izamoje Aliko Dangote and his children
Although wealthy businessman, Oladipo Jadesimi has two daughters; his first daughter, Amy with his wife, Alero Okotie-Eboh, a daughter of Chief Festus Okotie-Eboh and another, Emma Thynn, a fashion model who is now the Marchioness of Bath, a product of his affair with a British socialite, Suzanna McQuiston daughter, it is however Amy that he is positioning to take over the running of his hugely successful Aradel Group which he established in 1993.
Amy is currently the chief executive officer of Lagos Deep Offshore Logistics Base (LADOL), a privately owned logistics and engineering facility in the Port of Lagos. Aradel plays big in the energy sector and is one of the biggest oil and gas companies in Nigeria. It has four oil wells in Nigeria and one of his subsidiaries, Aradel Holdings operates these oil wells. His Aradel refinery owns the biggest modular refinery in Nigeria with a capacity to produce 11,000 barrels of crude oil daily. Aradel refinery has its own oil well servicing the refinery, and this is why their refinery is one of the few refineries that runs at full capacity. Oladipo is also the founder of the Lagos Deep Offshore Logistics Base, where he serves as the executive chairman. He was a founding partner of Arthur Andersen Nigeria and is also the Chairman of the board of First City Monument Group Holding Company.
Osborn Nweze, son of the current Minister of Works, David Umahi, has continued to remain an enigma to the Nigerian public. Despite his young age, he has been at the helms of affairs at Brass Oil and Construction Limited, a company founded by his father. He was barely over 21 years old when he took over running the company from his father, who
had to relinquish the management of its day-to-day operations to him so he could focus on his duties and responsibilities while he was governor of Ebonyi State. The family business also includes the family's hospitality business, a hotel chain, Osborn La Palm Royal Resort, named after him. The 300-room edifice located in Rivers State is comparable to The Lagos Marriott Hotel or any hotel of its kind in West Africa. Young, vivacious and innovative, Osborne who is a nephew to billionaire businessman, Arthur Eze, dreams of becoming a leader in the tourism and hospitality industry in Africa in the not-too-distant future. Osborn might be the son of a politician, but he has clearly proven that he can hold his own with how well he has transformed the family business set up in 1998 from a mere motel to one with edifices in three other major cities in Nigeria. And what is more, he is already forging his own path. A graduate of Engineering from Surrey University he also holds an Msc from the University of Aberdeen, Osborn runs Forte GCC Innovative Solutions, an engineering and real estate consultancy business that offers a wide range of entertainment and IT solutions. He is also the managing director of Brass Oil as well as The Osborn Foundation through which he shows off his philanthropic side. The foundation is dedicated to shelter, education, empowerment, poverty alleviation and infrastructural development for all Nigerians as evident in the helping hand, he has extended to pupils as close as in his home state to as far as Kano State.
Obafoluke Otudeko may be the chairman, call the shots and take all the important decision at Honeywell Group, a holding company investing in critical sectors of the Nigerian economy, but the running of the business, which sold majority of its shares to Flour Mills of Nigeria Plc, a Nigerian agro-allied group, is carried out by a select group of technocrats, two of who are his children. That he prepared them well for the onerous task of running the company and most likely, taking over from him, is not in doubt. Some say don't mix business with family, but he has clearly shown that the foundation of a successful venture is one that is supported by a family tree and that their bond goes beyond sharing a name. There is Obafemi jnr who is the managing director of the group and is responsible for providing strategic direction and oversight to the Group’s portfolio companies and investments. He has been with the company for close to 20 years and started out as Senior Manager, Projects (Oil and Gas). Over the years, he has led several key initiatives including chairing the IPO committee responsible for the successful capital market listing and capital raising for the Group’s flour milling investment, coordinating the Group’s efforts in the completion, capital raising, and opening of the five-star Radisson Blu Hotel in Lagos. He is also a non-executive director of First Bank of Nigeria Ltd, Honeywell Flour Mills Plc, and Anchorage Leisures Ltd and previously served as a non-executive director of Airtel Nigeria where his father has extensive interests. A graduate of Accountancy Studies from the University of Huddersfield, UK, Obafemi is a qualified chartered accountant and a Fellow of the Institute of Chartered Accountants of Nigeria (FCA). An alumnus of the London Business School, INSEAD Business School, he is also a member of the UK Energy Institute.
H
e founded the popular God Is Good Motors, GIG in 1998 with a vision to provide premium bus services across Nigerian cities. Unfortunately, he was kidnapped and killed in 2009. Rather than his vision dying with him, his first son, Chidi assumed leadership of the company and piloted its affairs to the success story that it is today at only 21. He is currently the Chief Executive Officer of GIG Group and he has successfully transformed it into a leading technological driven logistics company while also playing in other sector of the Nigerian economy.
Chidi expanded the horizon of GIG Group which led to the birthing of other subsidiaries which includes GIG logistics with deliveries to US, UK, China and west Africa; GIG motors, Stellas banking and finance, Richmondhill Real Estate and properties, Ziuss energy oil & gas and GIG Aviation, its latest subsidiary after the purchase of two Atr72 cargo aircraft for logistics services. The story of Chidi aptly describes the saying that when there is a will, there will be a way.
Then there is Tomi who is the Head, Corporate Services where she oversees various functions for Honeywell Group Limited, including, strategy and project execution, human resources, information technology, communications, administration, and facilities management. She has been with the company for only five years but helped set up Itanna, Honeywell Group’s corporate venture investing platform. Prior to joining Honeywell Group, she was at First Bank where her father had extensive interest. She was Head, International Banking Coordination for its International Business. Before joining First Bank, she was an Investment Manager at Stanbic IBTC Asset Management and also worked at IBM UK as a Business Development Specialist. A graduate of Law from King's College, London with an MSc in Economics she holds a Certificate in Entrepreneurship and Innovation from Stanford University and Harvard Business School.
He is the Chairman/Chief Executive Officer of De Chico Investments Limited, a Rivers State based company with massive interest in the manufacturing and distributorship of a wide range of building materials, including aluminium profiles, stone-coated roofing sheets, and all types of ceiling cladding. He began his business with a simple strategy of distributing building materials in five locations across Nigeria. The business has grown to become one of the building industry giants in the country. Over the years, De Chico Group has grown to become a company that caters for the building material needs of various segments of the construction industry in different parts of the country. The company deploys modern strategies to meet the changing needs of the industry. A well known philanthropist with charitable gestures, Chief Madubuko has properly positioned his son, Chibuzo more popularly known as Chico, who is currently involved in the family business to take over from him when he retires. The 38-year-old who has a passion for flashy cars is the chief operating officer of De Chico Investments Limited.
Dr Samuel Maduka Onyishi, businessman, founder and chairman of Peace Group of Companies with subsidiaries like Peace Mass Transit, Peace Micro Finance Bank, Peace Logistics, and Maduka University, Enugu has no doubt done quite well for himself and like the aforementioned, has positioned his first child, Judith, a female business leader who is understudying him and is very influential in the wider family business conglomerate to eventually take over the running of the business when he retires. She is currently in charge of Peace Micro Finance inAbuja, where she serves as the MD of the bank and has repositioned the bank in an uoward trajectory since her dad established it. She is also a member of the governing council of her dad's university. She holds a degree, an Msc and a PhD in Philosophy all from Nile University,
STORIES BY IVORY
UKONU
It does appear as if Otunba Gbenga Daniel, the lawmaker representing Ogun-East Senatorial District and a former Governor of Ogun State, is willing to let bygones be bygones, judging by his recent utterances concerning the incumbent governor of the state, Dapo Abiodun.
Daniel recently commended Abiodun over the recognition of the state’s oil production status, which he claimed fulfilled a vision started by his own administration when he was governor in 2003. On May 31, the Ogun State Government had announced that the Nigerian National Petroleum Company (NNPC) Limited was set to commence oil and gas exploration in the state. While commending Abiodun for seeing the vision through, he also appealed for Abiodun's support in revitalising Gateway Industrial and Petro-Gas Institute (GIPI) in the state and supporting its revitalisation in order to take advantage of underutilised development.
Otunba Daniel also drew the governor's attention to the pending construction of Makun Omi Bridge, which was planned by his (Daniel) administration but could not be realised due to the turbulent politics of that time.
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Although Governor Abiodun is yet to respond to Daniel's gesture of goodwill, this however signifies a willingness by Daniel to sheath his sword and embrace peace. The former friends became foes and have been at each other’s throats particularly in the last three years. But just before the last general election, it got worse. At some point, a former governor of the state, Chief Olusegun Osoba, tried to douse their anger. His intervention worked, but only for a while.
What was the cause of their anger? Abiodun refused to support Daniel’s senatorial ambition, alleging that Daniel had thrown his weight behind Ladi Adebutu, his opponent in the Peoples Democratic Party, PDP and as such could not also support Daniel. Daniel however claims that the reason Abiodun is
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became necessary after he established a group called ‘Omoluabi Progressives’ and launched its membership registration at his ward, penultimate week. The APC, through a communique signed by the state chairman, Tajudeen Lawal, while officially informing the party’s leadership about the upcoming electronic party membership registration as directed by the national secretariat, warned members of the party against registering with Aregbesola’s group as it is not recognised as part of APC in Osun.
The communique added that as far as they were concerned in Osun APC, Aregbesola is no longer a member of the APC. They accused Aregbesola of causing distractions within the party's affairs in the state adding that they have notified the national secretariat, at least thrice, to take appropriate actions since they are unable to tame him at the state level.
It is speculated that the 'Omoluabi Progressives' is allegedly a prelude to a new political machinery that
at war with him is because he (Daniel) supported President Bola Tinubu during the APC 2023 presidential primaries against Abiodun's choice, former Vice President Yemi Osinbajo. Daniel also claims that Abiodun failed to see that the majority of the indigenes didn't support his second term ambition as governor due to his woeful performance in his first term.
Also, sources close to THEWILL revealed that Abiodun allegedly believes that Wale Adedayo, a former Chairman of Ijebu-East Local Government Area of the state, who alleged that he (Abiodun) diverted council allocations, was used as a tool by Daniel against him. Matters came to a head when Abiodun woke up one morning and decided to bulldoze a five-storey building belonging to Daniel's wife and the state's former First Lady, Yeye Olufunke, for absolutely no reason.
Rauf Aregbesola Floats Political Group as APC Expels Him
by the rantings of APC in the state to their progressive ideas. His 'Omoluabi Progressives' group accused APC of political naivety which made them lose power to the opposition.
Recall that Aregbesola and his followers stayed away from supporting the re-election bid of his successor, Gboyega Oyetola in 2019, an anointed candidate of President Bola Tinubu, while also deriding Tinubu at the same time. Oyetola lost the Osun state governorship election to the incumbent governor, Ademola Adeleke of the rival People’s Democratic Party (PDP). Despite losing the election, Oyetola retains firm control of the APC in Osun state leaving Aregbesola no room to maneuver within the party. The launch of the 'Omoluabi Progressives' returned Aregbesola to political reckoning in the state with the ongoing membership drive boosting his status. It is worthy to note that Aregbesola has not yet publicly denounced his membership of APC.
Maryam Shettima aka Maryam Shetty has tied the knot with her lover. The 45-year-old national leader of #WeBelieve, an APC support group, tied the knot in a quiet Nikkai ceremony to Dr Adam Kaka, her former course mate while she was studying for her MSc in Sports Physiotherapy at the University of East London. Maryam was one of the ministerial nominees from Kano State who was replaced by President Bola Tinubu, with Dr Mariya Mahmoud. The president was forced to replace her following the uproar that greeted the announcement of her name as a ministerial nominee. She was alleged to have underperformed in her roles as a member of the Team Field Operations of the All Progressives Congress Presidential Campaign Committee and as a member of the Youth and Women Presidential Campaign Team, specifically focusing on Strategic Communication, during the campaigns leading to the 2023 general elections. A political and social activist, Maryam's career in physiotherapy, combined with her social entrepreneurship and educational philanthropy, has earned her recognition as one of Africa’s influential young leaders. She has worked with top-tier athletes including world record holder, Jamaica’s Usain Bolt. She has an Honorary Degree from the ESGT University of Technology, Benin Republic. She obtained a certificate and became a practitioner of Kingian Non-Violence, inspired by Dr. Martin Luther King Jr. from Emory University in the United States. She runs the ‘We Believe Movement,’ an independent, non-governmental initiative aimed at promoting a national rebirth based on viable ethos and active citizenship.
create a leisure spot for his grandchildren who were always bored whenever they came to Nigeria on holidays.
By extension, it is also a tourist place for many people who desire to come to Nigeria, particularly Lagos, as there aren't many places that tourists can visit. The Makarios Water Display is an uncommon and unusual water display that thrills visitors with nothing short of visual appeal while also mesmerising the mind and the spirit. It is one of the few water displays in the world that has a water screen in the middle.
Spanning an impressive 6,000 square meters, the park boasts a blend of cutting-edge technology and designs. It also features dancing water synchronised with music and enhanced by laser lights. But the park’s allure doesn’t stop there; holographic projections transform water into captivating screens, creating a magical atmosphere reminiscent of a fairy tale. The water display is just one out of many features that his real estate facility will boast of at completion.
Recall that THEWILL had reported that when Ashimolowo isn't preaching
the gospel, he spends time developing his vast real estate portfolio as the chairman of Makarios Luxury Properties Limited. The televangelist is one of the biggest landowners in Lagos, although he has been acquiring real estate from the age of 27, expanding it to include about 900 acres of land in the Mowe area of Ogun State where he built six estates before moving on to Ibeju Lekki coastal area of Lagos. Besides owning several properties in Pinnoch Estate, Lagos, where he lives, in a luxurious smart-enabled mansion, he also owns large acres of land scattered around Lagos where he is making a kill. His Makarios Luxury Properties called Makarios: The Luxury Place, is a dream city as he would like to call it, a world class project, an absolutely outstanding luxury place to live in that he hopes will rival the Dubai Marina. It is 95 acres of land where many rich people are now buying service plots. The estate, which is being constructed by a German company, will feature about 11 number, ten floor high rise buildings, 192 terrace houses, 18 detached houses at completion.
Less than six months after the death of her husband, Betty, the widow of Rotimi Akeredolu, the late former governor of Ondo State has decided to immortalise the memory of her late husband who died as a sitting governor. In recognition of his sterling contributions to the legal profession and Nigerian society and in appreciation of his legacy of excellence and service to mankind, she has decided to set up a scholarship
fund in his memory for deserving law students.
The Oluwarotimi Akeredolu Scholarship Fund for Lawyers will be awarded annually to aspiring lawyers who have been admitted to the Nigerian Law School and who demonstrate academic merit, leadership potential, and financial need. It’s her own way of expressing gratitude to the Nigerian Bar Association, especially the Ibadan branch, for honouring the patriarch of the Akeredolu family with hopes that it will inspire and empower the next generation of lawyers who will uphold the values and principles that Aketi embodied. Akeredolu died on December 27 of leukaemia and prostate cancer.
The Kakas Abiodun and Daniel The AkeredolusPhoto Editor: Peace Udugba [08033050729]
L-R: Debt Fund Portfolio Manager, FCMB Asset Management Limited, Mr. Ndukaku Offiah; Representative of TLG Capital in Nigeria, Mr. Aletor Adoghe; Chief Executive Officer, FCMB Asset Management Limited, Mr. James Ilori and Partner, Aluko & Oyebode Law Firm, Dr. Ajibola Asolo, during the signing of FCMBTLG Private Debt Fund’s transaction documents in Lagos recently.
L-R:Executive Director, Skyway Aviation Handling Company (SAHCO) PLC, Dr Babatunde Afolabi; Non-Executive Director, SAHCO, Dr Oluropo Owolabi; Managing Director/CEO, SAHCO, Mrs Adenike Aboderin; Chairman, SAHCO, Dr (Barr) Taiwo Afolabi; Company Secretary, SAHCO, Ms Jesuyemisi Odeyemi; Executive Director, SAHCO, Mrs Boma Ukwunna at SAHCO’s 14th Annual General Meeting in Lagos on June 13, 2024.
L-R: (front row): Olugbon of Orile Igbon, Oba Francis Alao; Director General, Oyo State Mobilization Agency for Socio-Economic Development, Dr Moronkola Thomas; former Minister of Information, Prof. Jerry Gana; Deputy Governor of Oyo State, Alhaji Adebayo Lawal; Gov Seyi Makinde of Oyo State; Speaker, Oyo State House of Assembly, Rt. Hon. Debo Ogundoyin; Chairman, Oyo State House of Assembly Committee on ICT, Waheed Akintayo; Onipetu of Ijeru-Ogbomosho, Oba Sunday Oyediran; former Minister of Power and Steel, Wole Oyelese and others at the singing of the bill establishing Oyo State Mobilization Agency for Socio-Economic Development in Ibadan on June 11, 2024.
L-R: Director, Corporate Communications and CSR, Femi Adeniran; Director, Human Resources and Administration, Airtel Nigeria, Adebimpe Ayo-Elias; Chief Executive Officer and Managing Director, Airtel Nigeria, Carl Cruz; Founder, Green Fingers Wildlife Conservation Centre, Chinedu Mogbo and Director, Sales and Distribution, Airtel Nigeria, Ifeoma Okafor-Obi, during the tape-cutting and handover of the Green Fingers Foundation Sustainability Learning Facility, constructed by Airtel Nigeria, at Sangotedo, Lagos, on June 11, 2024.
L-R: Assistant Commander General, Narcotics, National Drug Law Enforcement Agency (NDLEA), Dr Segun Oke; Executive Director, MTN Foundation, Odunayo Sanya; Deputy Country Representative, United Nations Office on Drugs and Crime (UNODC), Danilo Campisi; Wife of the Commissioner for Innovation, Science & Technology, Mrs. Omoleye Alake; Chairman, MTN Foundation, Prince Julius Adelusi-Adeluyi; Commissioner for Youth and Social Development, Lagos State, Mr. Mobolaji Ogundele and Commander of Narcotics, National Drug Law Enforcement Agency (NDLEA), Lagos State Command, Abubakar Liman Wali, at the MTN Anti-Substance Abuse Programme, in Lagos June 11, 2024.
TEagles forward, who made history by winning the Striker of the Year and King of the Pitch awards for an unprecedented third consecutive year. This remarkable feat cements Osimhen's status as one of Nigerian football's most prolific and consistent goal scorers.
With the 2024 Nigeria Pitch Awards behind us, it is clear that Nigerian football has little to celebrate
Osimhen's journey to the top has been nothing short of spectacular. His rise from the streets of Lagos to the pinnacle of European football, which peaked with his winning the capocannoniere award in Serie A as the first African to do so, is a testament to his incredible work ethic, determination, and raw talent. In the 2023/2024 season, Osimhen played a pivotal role in leading Napoli to their first Serie A title in 33 years, ending the club's long wait for domestic glory. His goal-scoring skills, lightning-quick pace, and intelligent movement off the ball have made him a nightmare for defenders across Italy and Europe. To win the Striker of the Year and King of the Pitch awards, Osimhen had to fend off stiff competition from his compatriot Victor Boniface, who enjoyed an unbeaten run with Bundesliga giants Bayern Munich, as well as Robert Mizo of Bayelsa United and Emeka Obiora of Enyimba International FC. However, Osimhen's consistent performances, both for club and country, set him apart from his rivals. His ability to score crucial goals in high-pressure situations and his leadership qualities on and off the pitch have endeared him to fans and pundits alike. There are many who believe Nigeria's sorry World Cup qualifying story so far could have been different with an in-form Osimhen leading the forward line.
Alongside Osimhen, another Nigerian football icon who stole the show at the Nigeria Pitch Awards was Asisat Oshoala. The ex-Barcelona Femení forward, widely regarded as the Queen of African football, claimed the Queen of the Pitch award, edging out Rasheedat Ajibade of Atlético de Madrid Femenino and Paris FC goalkeeper Chiamaka Nnadozie. Oshoala's success is a reflection of her incredible talent, hard work, and dedication to the beautiful game.
Oshoala's journey to the top of women's football has been an inspiration to aspiring young girls
Under George's guidance, Enyimba finished top of the Nigeria Professional Football League (NPFL) in the previous season, playing a brand of football that was both entertaining and effective. George's ability to motivate his players, implement a clear playing philosophy, and adapt to different opponents set him apart from his peers. His success with Enyimba was a testament to his coaching skills and his potential to become one of Nigeria's most successful managers in the years to come but that was until his adventure as first interim coach of the Super Eagles and then substantive head coach. The inability of his team to comprehensively execute their mandate, despite the talents available has cast a long shadow on this potential.
The current dismal performance of the Super Eagles in the 2026 World Cup qualifiers is a microcosm of the broader issues plaguing our nation. With just three points from four matches, including an embarrassing loss to Benin Republic, Nigeria is in real danger of missing out on the expanded 32-team World Cup in North America. This disappointing run encapsulates the "Nigerian attitude" that has become an albatross around the necks of many of our national endeavours.
The communique from the Nigeria Football Federation (NFF) after their recent meeting lays bare the numerous challenges besetting our flagship football team. From the need to hire an expatriate coach, to beefing up the technical department, to a lack of player discipline and commitment - the problems are multifarious. However, the core issue is the same malady affecting Nigeria as a whole - a breakdown of responsibility, accountability and seriousness of purpose across all levels.
Football is more than just a game, it is a tool of diplomacy and national projection on the global stage. The networking and reputation-building that comes with World Cup participation cannot be replicated elsewhere, especially now that moneyed interests in Saudi Arabia and Asia are heavily investing in the sport's commercial potential. Nigeria must recognise this reality instead of treating football as an afterthought.
The Federal Government's apathy towards adequately funding and preparing the Super Eagles for this World Cup cycle is symbolic of its skewed priorities. How can we expect our team to compete at the highest level when the government has been derelict in providing the necessary financial muscle? State governments have been no better. It is a shame that as the players ply their trade and excel for their wealthy European clubs, their own country cannot rally similar resources for critical qualifiers. This cavalier attitude is part of the reason we are in this mess. We had the players to at least make the playoff round, but institutional unpreparedness has squandered a golden generation of attacking talents like Victor Osimhen, Victor Boniface and Samuel Chukwueze. In their prime, they may never grace the World Cup stage because "Nigeria happened" to the Super Eagles.
Compare our approach to that of fellow group leaders, South Africa. Their government understands what is at stake and is supporting their team's quest to make a long-awaited World Cup return. It is no surprise that Bafana Bafana currently tops our group, primed to end their 20-year World Cup drought. They are doing the little things right off the pitch to enhance their chances of qualification, if you know what I mean.
For too long, Nigerian football has embodied our national dichotomy, a rich reservoir of talent perpetually undermined by institutional inertia. Our struggle in these qualifiers has seen the familiar narratives of administrative bungling, player indisci-
the government level, there is a deficit of political will to utilise football as a tool for national development beyond the ephemeral optics of a few frivolous international friendlies.
Bureaucrats move files and chase photo-ops while the real work of holistic development - investing in grassroots programs, enhancing training facilities, empowering coaching staff, and creating elite developmental pathways while getting involved in the unspoken politics of the off-field game - grinds to a halt. It is a perfect confluence of incompetence at every critical junction.
For our footballing renaissance, we need a rootand-branch reboot. The government must prioritise developmental funding and infrastructure as strategic national investments. The focus should be on long-term planning rather than pedestrian, ad-hoc crisis management. There has to be greater synergy between the sports ministry, the NFF and active player representatives to align vision and objectives. Young talents must be nurtured from an early age in an elite environment with clearly defined pathways to the national team and overseas professional clubs. There should be institutional memory sustained by consistent technical leadership to ensure continuity of football philosophy and playing identity across age-group national teams. There is also the need to broaden the country's reach in the diplomatic levers that influence the game.
Simply hiring and firing coaches and players without attacking the systemic issues is an exercise in futility. The malignant growths stunting our development must be surgically removed. Otherwise, the national team's woes will persist, and genuine progress will remain ephemeral.
Qualifying for the 2026 World Cup may already be a lost cause, but that makes the need to reboot even more urgent. Enough is enough - Nigeria must stop happening to the Super Eagles. We are a nation that exports football talent across the globe while our national team wallows in perpetual underachievement. For that generational injustice to be corrected, transformative actions must be taken beyond the stadium.
As a proud football nation, we cannot allow Nigeria's broader dysfunctions to keep undermining our national teams. It happened in 2022 and is unfolding again here towards 2026. We cannot let another golden generation waste away. It is time for a national reckoning - away from myopic quick fixes towards sustainable institutional reforms. That is what our football deserves, and it starts with keeping "Nigeria" away from the Super Eagles' dressing room.
***I just received news after submitting this piece that George Finidi has resigned as Coach of Super Eagles. I will share my views on this development in my next article.
The NFF's suggestions of employing a foreign coach and widening the player pool are knee-jerk reactions that miss the larger point. The problems are systemic and deeply rooted in how football is governed and funded in this country