MONDAY 4TH JULY 2022 by THISDAY Newspapers Ltd

Komolafe: With Takeover of 29 Assets, Indigenous Participation in Nigeria’s Gas Sector Now 50% Oil production by local operators hit 30% Emmanuel Addeh in Abuja Chief Executive of the Nigerian Upstream Petroleum Regulatory

Commission (NUPRC), Mr Gbenga Komolafe, yesterday said that with the surging participation of Nigerians in the oil and gas

sector, local operators are now responsible for as much as 50 per cent of gas production and 30 per cent of crude oil output.

Speaking in Abuja last night at the Independent Petroleum Products Group (IPPG), Gala in celebration of the industry

icons, Komolafe stated that at least 29 assets have been divested in recent years and are now being operated by Nigerians.

“As at today, I am proud to say that indigenous companies Continued on page 5

Ahmed Kuru: AMCON Has Recovered N1.4trn from Debtors…

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Monday 4 July, 2022 Vol 27. No 9946. Price: N250

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PDP BoT Chairman Recommends High-powered Delegation Led By Atiku, Okowa to Visit Wike...

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Recovered N1.8bn: Recall Buratai for Investigation, PDP Tells Buhari Alleges APC is haven for treasury looters Chuks Okocha in Abuja

The Peoples Democratic Party (PDP) yesterday called on

President Muhammadu Buhari to immediately recall the former Chief of Army Staff (COAS) and Ambassador to Benin Republic,

Lt. Gen. Tukur Buratai (rtd) to face investigations and clear his name over alleged connection with the N1.8 billion recovered

by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) in a property in Abuja.

In a statement, the National investigation of Buratai was Publicity Secretary, PDP, Debo predicated on the earlier Ologunagba, said the party’s Continued on page 5 demand for the recall and

Atiku: Killings, Insecurity Persist Because Previous Acts Have Not Been Punished Says authorities must go beyond issuing threats Declares everyone is vulnerable On PDP crisis, vows to bring party together under a formidable umbrella

Chuks Okocha, Kingsley Nwezeh in Abuja and Hammed Shittu in Ilorin Presidential candidate of the opposition Peoples Democratic Party (PDP), Alhaji Atiku Abubakar, yesterday, said killings by raiding assailants and general insecurity across the country had continued unabated because culprits from previous incidents were left unpunished, and this naturally generated more criminals. Atiku said the situation might remain, except the authorities went beyond mere issuance of threats

to actually punish those behind the killings. Arguing that not dealing decisively with the killers creates an atmosphere for others to plan future attacks. He declared that with the current state of the country, everyone was vulnerable. But the former vice president believed the fate of the country depended on happenings within the main opposition party, saying when PDP gets better, hope for a better Nigeria is rekindled. In a related development, the military high command, weekend, Continued on page 5

Kwankwaso: Nigerians Eager to 61ST ORDINARY SESSION OF ECOWAS... President Yemi Osinbajo, ( L) who represented Nigeria on behalf of President Buhari being welcomed by Ghana’s President, Nana Akufo-Ado to the Chase Out APC in 2023... Page 50 Vice 61st Ordinary Session of the Authority of ECOWAS Heads of States and Government in Accra, Ghana... yesterday

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NBS: Aviation Fuel Import Rose by 287% to N293bn in Three Months Price of aviation fuel may rise to N1000 per litre Chinedu Eze with agency report The National Bureau of Statistics (NBS) has disclosed that Nigeria spent N292.56 billion on the importation of aviation fuel, known as Jet A1 in the first three months of the year – January to March 2022. Oil and gas industry publication, Sweet Crude Report stated that aviation fuel import featured prominently in Nigeria’s trade data for the stated period. NBS in its Foreign Trade Statistics Report for First Quarter of 2022, aviation fuel, referred to as, ‘kerosine type jet fuel,’ accounted for 4.96 per cent of Nigeria’s total

import of N5.9 trillion, with the commodity ranking the second most imported commodity in the country in the first quarter. According to the NBS report, aviation fuel import in the first quarter of 2022, represented a significant increase of 287.29 per cent compared to the N75.54 billion spent on its import in the fourth quarter of 2021. In the fourth quarter of 2021, the NBS disclosed that jet fuel import was the sixth most imported commodity, accounting for 1.27 per cent of the period’s total import figure of N5.94 trillion. In the first quarter of 2021, there was no mention of jet fuel import

in the foreign trade statistics of the NBS, despite the country recording total imports of N6.85 trillion for the period. Furthermore, the NBS reported that the most notable import item in the period was Premium Motor Spirit (PMS), also known as petrol, which gulped N1.67 trillion of Nigeria’s import bill. The first quarter 2022, fuel import figure, according to the NBS, represented an increase of 15.97 per cent and 142.73 per cent, when compared to N1.44 trillion and N687.74 billion spent on the import of the same commodity in the fourth quarter of 2021 and first quarter of 2021, respectively.

The NBS said: “The value of total imports in first quarter 2022 stood at N5.90 trillion, this decreased by 0.67 per cent when compared with the value recorded in the fourth quarter of 2021 (N5.94 trillion); but increased by 21.04 per cent compared to the value recorded in the corresponding quarter of 2021, which is N4.875 trillion. “In terms of Imports, in the first quarter of 2022, China, The Netherlands, Belgium, India and the United States were the top five countries of origin of imports to Nigeria. The values of imports from the top five countries amounted to N3.44 trillion representing a

share of 58.34 per cent of the total value of imports. “The commodity groups with the largest values among the top imported products were ‘Motor Spirit ordinary’ – N1.507 trillion), ‘Kerosene type jet fuel’ – N292.56 billion, and ‘Durum wheat (not in seeds)’ – N258.31 billion.” Managing Director of CleanServe Energy Limited, Chris Ndulue, in an interview with THISDAY, expressed concern that the price of the product would continue to soar, as long as there is increase in the price of crude in the international market and Nigeria is still importing the product. “Marketers are spending more

money importing refined fuel products and as long as there is demand of aviation fuel, they will continue to import but the price may rise to N1000 per litre or even more. “This is affecting airlines but as long as airlines are operating there will be demand of the product but what the airlines will do is to scale down their operations and, of course, they will pass the prices to their customers,” Ndulue who is former Managing Director of Arik Air said. He said the solution to the high price of aviation fuel was local refining which he said would take time before it would be realised.

"And if you receive a distress call, you have to respond, which was what happened. It is unfortunate we suffered casualties but it's because of the difficult terrain, bad roads. A bitter lesson learnt, moving forward, we will find appropriate measures." Some security experts also spoke with THISDAY on ambushment of troops in Niger State and the North-east. Assistant Regional Vice President, ASIS International, th world's largest association of security management professionals, Dr. Kabiru Umar, said poor operational planning was responsible for the persistent ambushment. Umar said, "There have been numerous cases of ambush of military and other security convoys in all parts of the country. These ambushes occur against well-protected military and other security convoys, who are travelling between locations for either routine duties or for special missions and on convoys that have been deployed for reinforcement following distress calls involving civilians or other security personnel. "These are some of the reasons for the ambushes: poor operational planning and operational security that does not guarantee the security of the operation. These may be because of poor intelligence, a nonsecure means of communication (our troops still communicate via GSM lines), fifth columnists that have infiltrated the rank and file, unaddressed grievances that provide incentive for sabotage, and no visual oversight of the mission.” He also identified, “Defective intelligence that did not properly situate the capacity and capability of the enemy thereby not properly informing the mission of the likely expectations in terms of

the strength of the adversary and dominance within the threat environment." Umar explained that the key to preventing further ambushes included correcting the above lapses. "Technology can be force multiplier and a quick win towards solving both challenges," he added. In a similar vein, Executive Director, Rule of Law Accountability and Advocacy Centre (RULAAC), Mr Okechukwu Nwangwuma, said the military had failed to deploy resources appropriately. According to Nwangwuma, "It is scandalous that in spite of huge budgetary allocations and huge borrowings ostensibly to equip the military and strengthen the operational capabilities of the security forces to tackle terrorists and bandits, who are daily kidnapping and killing Nigerians across the country, the terrorists continue to have the upper hand in terms of the sophistication of their arms and operations. "They now even operate with helicopters. Every now and then, our soldiers are ambushed in operations, abducted and killed in their numbers by better-armed terrorists. When disgruntled soldiers complain about not being adequately equipped and motivated to face the terrorists or complain about the consequent high casualties on their part, military authorities arrest, courtmarshal, imprison, dismiss and/ or disappear them." He also accused government of suppressing information on its operations, stressing, "Yet, government spokespersons continue to insult the sensibilities of Nigerians by continuing to lie that the military is making progress in tackling banditry and terrorism,

ATIKU: KILLINGS, INSECURITY PERSIST BECAUSE PREVIOUS ACTS HAVE NOT BEEN PUNISHED said it would take appropriate steps to address the issue of ambushment of soldiers, which had hindered military operations in the North-west and North-east over the years. It stated that in spite of the ambushing of troops by terrorists, the military had been able to roll back insurgent activities, forcing them to surrender in their thousands. The military attributed the recent Shiroro attack to difficult terrain. Posting on his verified Twitter handle, Atiku, who reacted to recent attacks on security personnel in some parts of the country, also stated that the conflicts in PDP had provided an opportunity for the party to not just come together, but also get stronger together. He stated, “The attacks in Niger and Taraba states that led to the loss of scores of lives of soldiers, police personnel and civilians are worrisome. This is yet another attack that further exposes how vulnerable we are. “My thoughts and prayers are with the families of the deceased,

even as I condole with the Nigerian military and the Nigeria Police. –AA.” But when THISDAY exclusively approached the former vice president to expatiate on the security situation and the options before the country, he said, “The key to ending these spate of attacks on our military formations, from the point of view of civil authority, is to end impunity. “These killings keep recurring because previous killings have not been punished. We need to go beyond the rhetoric of mouthing that those behind these killings will face the full wrath of the law. “The fact remains that those behind such previous killings have not been dealt with. That is why these killings keep happening, and even as we speak, these belligerents are likely planning future killings. So, we must end impunity. That is one. “Secondly, from a military standpoint, I am of the view that the president should not talk at the military. Quite the opposite.

RECOVERED N1.8BN: RECALL BURATAI FOR INVESTIGATION, PDP TELLS BUHARI assertion by the National Security Adviser (NSA), Gen. Babagana Monguno, after the exit of Buratai as COAS that the $1 billion drawn from the national coffers under the APC administration for the purchase of arms to fight terrorism in the country could not be traced. The PDP said the assertion by the NSA heightened suspicion on allegations of barefaced looting of money meant to equip the security forces. According to the PDP, "Such corruption under the APC administration has led to the upsurge in unhindered terrorism attacks, mass killing of citizens and loss of many of our gallant fighters in the front in the last seven years. "It is therefore of serious interest to Nigerians when reports that the ICPC discovered the sum of N1.8 billion in various currencies, expensive cars and jewelries secreted in a property in Abuja allegedly linked to the former COAS broke out." Accordingly, the PDP said, "There are already apprehensions that the discovered money is part of the security fund that was criminally diverted. This is especially against the backdrop of the frenzy and spirited efforts by certain quarters linked to the APC to suppress investigation and free flow of information, politicise the matter and sweep it under the carpet." The PDP urged Nigerians to recall that it had on several occasions alleged that the looting of the treasury was officially sanctioned and enabled by the APC administration with its refusal to prosecute those who were alleged and found to have been involved in massive corruption. It further recalled it had also alleged that the PDP drew attention to plans of the APC

to create a slush fund account from monies fraudulently drawn from the national treasury to finance their plot to rig the 2023 general elections. This, the PDP said was evidenced by the alleged massive use of money by the APC to prosecute a vote buying scheme in the recent Ekiti State Governorship election. "The prevalence of vote buying in that election by the APC was even acknowledged by the Chairman of the Independent National Electoral Commission (INEC), Prof. Yakubu Mahmood, which prompted the INEC Chairman to demand for speedy trial of those arrested for vote buying in the Ekiti State election," the PDP stated The PDP also said reports of massive looting by APC leaders and their cronies in government Ministries, Departments and Agencies further confirmed the ruling party was a haven for treasury looters. Moreover, it said the recent alleged looting of N80 billion by the suspended Accountant General of the Federation, Ahmed Idris, “which investigation has now gone cold is suspected to have been engineered by the cabal at very high level of the APC administration.” In addition, the PDP, the spokesperson said the party is standing with Nigerians, insisting that Buratai should return to the country and personally face investigation to clear his name. In view of this, the PDP stated: "This is because any allegation bordering on looting of funds meant for the fight against terrorism is of grave national concern and consequence. It must be thoroughly investigated and anybody found wanting must be made to face the full weight of the law no matter how highly placed."

The holder of that office has to listen to them. They know their strengths and weaknesses. They know better than anyone the threats facing Nigeria. They know where the shoe pinches.” Atiku said, if elected president next year, “I intend to listen to them and provide them with everything they need. To that end, our soldiers have to be motivated. And I am not just talking about their wages. They have to know that their lives are important to their Commander-in-Chief. “Under my watch, such losses of lives will be minimal. However, where even one soldier is killed, it is the duty of the C-in-C to personally empathise with their families, so, those left behind are motivated, because they see that their service to the nation matters. “If you join the military, you should have financial and social security. At the barest minimum, if you die in service, then your family becomes the responsibility of the federal government. “Our troops need the right leadership, the right weaponry, and the right conditions of service. When our military know that the nation and the C-in-C are behind them, these incidents of insecurity will also soon be behind us.” In yet another statement, Atiku, while addressing current concerns in the party, said, “ when party gets better, hope is higher, Nigeria’s rescue is imminent.” He called for a united party, adding, "As a presidential candidate of the PDP, I shall ensure that I do my all to bring the party together under a formidable umbrella. "We must not lose focus of the bigger purpose of rescuing the country from the hardship that fellow Nigerians continue to endure under the ruling party. "One of the characteristic attributes of democracy that I

admire a lot is that it is a system with an intrinsic asset of crisis management. It becomes even interesting that, perhaps, the most noteworthy outcome of a democratic process is the greater possibility of conflict generation. "So, a remarkable lesson that I have learned in politics is that in some instances, conflicts are healthy realities. I know, for instance, that when conflicts arise out of genuine concerns about having an inclusive political process, it signposts the viability of that process and, more importantly, the eagerness of stakeholders to be active participants in the success of such process. "As leaders and stakeholders in the Peoples Democratic Party, the simmering agitations in our party are a reflection of our credential as a democratic party. Whatever our agitations are, I believe it is borne out of a collective concern for the growth of our party and the country. Therefore, I don’t see a divided house in the PDP. I see an opportunity for us to come together stronger and united.” ‘Military Taking Steps to Tackle Troops’ Ambushment, Killing’ Chief of Army Staff, Lt. Gen. Faruk Yahaya, at the weekend, vowed to track down the terrorists behind the killing of troops in Shiroro, Niger State. Speaking in a chat with THISDAY, Director, Defence Information (DDI), Maj. Gen. Jimmy Akpor, who admitted that the military suffered casualties in Shiroro, attributed the development to the difficult terrain, where the attack took place. Akpor stated, "It is not a conventional terrain, where you know what is where. If the road is not good that you cannot traverse within 30 minutes and, instead, takes two hours and your vehicle is a marked military vehicle and it is a difficult terrain.

Continued on page 15

KOMOLAFE: WITH TAKEOVER OF 29 ASSETS, INDIGENOUS PARTICIPATION IN NIGERIA’S GAS SECTOR NOW 50% contribute about 30 per cent of crude oil and 60 per cent of gas production as well as 40 per cent and 32 per cent of oil and gas reserves respectively,” he added. He explained that today, seven indigenous companies are among the top 20 with the highest oil reserves in the country. He stated that the IPPG remains a major force in the exploration of the nation’s hydrocarbons resources for optimal value addition, promising to ensure a clement regulatory environment for the oil producers. The NUPRC boss recalled that prior to 1970, the Nigerian oil and gas space was dominated by foreign companies in the upstream and downstream sectors, with the first award of oil blocks to two indigenous companies failing because of lack of finances and technical know-how. Since then, Komolafe noted that there have been a number of programmes where 30 blocks were awarded on sole risk basis, while 24 were awarded between 2003 and 2004. “Over 29 assets have been divested between 2009 till date presenting an opportunity for

indigenous companies,” he stated. Fifty seven fields, he recalled were recently issued in 2020 resulting in 102 Petroleum Prospecting Licences (PPLs) issued by the commission to indigenous companies. He revealed that Nigeria has the largest participation of local operators in the oil and gas space among all petroleum producing countries in Africa, arising from a robust local content policy. “As a regulator, the commission is not oblivious of the threats posed to the development of the Nigeria’s hydrocarbons industry by divestments of the IOCs which is mainly attributable to a hostile upstream environment arising from the menace of crude oil theft and energy transition,” he added. He urged the IPPG to see the divestment in the IOCs assets as an opportunity rather than a threat, stressing that it was time to look inwards and deploy their competences in the industry. Komolafe posited that the energy demand in Africa by 2040 will increase by 30 per cent compared to the current level, adding that divestment

from onshore and shallow water will give a huge chance to local IPPG members. He urged IPPG to remain competitive, adopt innovation in decarbonisation and cost efficiency, ensure good relations with host communities and be prepared to make the right investment in gas infrastructure. According to him, section 52 has set out the oil and gas fund which he said could be good for mergers and acquisitions, partnerships and synergies. The IPPG is an umbrella body of the indigenous Petroleum Exploration and Production (E&P) companies in Nigeria. The Group was established in 2015 with the primary objective of promoting and advancing the development of the Nigerian energy industry. It has 25 members which engages government and other industry stakeholders on matters affecting the industry with a view to realising a sustainable industry aspirations and maximising its contribution to the socio-economic development of Nigeria. Also speaking, Chairman IPPG, Abdulrasaq Isa, noted that improving in-country

value extraction of Nigeria's hydrocarbon resources and supporting the country’s energy security remain one of the lofty goals of the group. He commended the President, Muhammadu Buhari, for his steps to lift the petroleum industry through the passage of the Petroleum Industry Act (PIA) as well as his support for the group and lauded the transparent conduct of the recent marginal fields bid rounds. According to him, the event was held to recognise individuals who contributed immensely to the sector in the past years. Some of those honoured included the Pioneer Chair of Seplat, Ambrosie Orjiako, Austin Avuru of Platform Petroleum, Abdulrasaq Isa of Waltersmith, Dr. Tunde Afolabi of Amni International and Layi Fatona, Pioneer Managing Director of Niger Delta E&P. Others were: Danjuma Saleh of Waltersmith, Charles Odita, formerly of Shell and Midwestern Oil,Oluseye Fadahunsi , Adebayo Ayorinde, Osariemen Owieadolor, Ignatius Ifelayo, Ebiaho Emafo, Pade Durotoye and Dr Ladi Bada.

T H I S D AY • MONDAY, JULY 4, 2022

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

COURTESY VISIT TO DANGOTE GROUP... L-R: Head, Corporate Banking at Union Bank, Mr. Olusola Olubi; MD/CEO, Mr. Mudassir Amray; Chairman/CEO Dangote Group, Alhaji Aliko Dangote; Board Chair, Union Bank, Mr. Farouk Gumel, and Group Managing Director, Dangote Group, Mr. Olakunle Alake, during a recent visit to the Dangote Group’s Head Oﬃce in Lagos...recently

Report: Skyrocketing Global Fuel Prices Threatening Livelihoods, Social Stability Long queues persist in Abuja Emmanuel Addeh in Abuja The latest round of global energy crisis, resulting in rising fuel prices could spur social unrest around the world, a New York Times report has warned. The cost of filling a car’s tank, getting to work and cooking dinner has spiked, the report stated, as families worry over

depleting resources. In Nigeria, the report stated that stylists now use the light of their cellphones to cut hair because they can’t find affordable fuel for their petrol-powered generators. THISDAY reports that the problem has been further worsened by local challenges of transporting the products

Edo's Second Modular Refinery Boosts State's Petrochemical Industry With the 10,000 barrels per day (bpd) Duport Refinery promoted by the Nigerian Content Development and Monitoring Board (NCDMB) and Duport Midstream Company Limited (DMCL) ready for operation in July, Edo State is fast becoming a hub for petrochemical industries, opening the state up for more investment in the oil and gas industry. According to a statement, the Duport Refinery is the second modular refinery completed in the state, following closely behind the 6000bpd Edo Refinery constructed by AIPCC Energy Limited and Peiyang Chemical Equipment Company Limited. It noted that the combined capacity of the two refineries positions the state as a major hub for petrochemicals a the country, as the construction projects create job opportunities and build local capacity for projects in the oil and gas industry. Executive Secretary, NCDMB, Simi Wabote, during a recent facility tour of the Duport Energy Park in Egbokor, Orhionmwon Local Government Area of Edo State, said: "The plan is that on July 18, DPR will come and do the final check-in terms of giving us the approval to introduce hydrocarbon into the refinery. So, between now and the end of July, this refinery, in addition to the one we have in Ibigwe, will become operational. “This will be the second refinery that will switch on in July. Currently, one of our

refineries is working, which is Watersmith modular refinery that is producing 5,000bpd and serving the eastern market. In terms of our modular refinery operation, by July, this one will go live to tell you that there are modular refineries working in the country. “There have been substantial improvements. In March, we were here to do our inspection and also had a board meeting. During the meeting, the board mandated Duport to carry out a lot of activities with a view to officially commissioning this in June.” On his part, Chief Executive Officer of DMCL, Akintoye Akindele said production would begin after the final assessment of the facility is done by the regulatory agency. A finance expert and lecturer at the University of Benin, Mr. Nosakhare Ikponmwosa, described the two refineries as evidence that the state was ripe to take its rightful place in the oil and gas space, giving the activities of oil and gas companies in the state over the years. According to him, “We must give credit to the Governor Godwin Obaseki-led government who expressed strong faith in the industry by providing the N700 million investment that birthed the Edo Refinery years ago. That move changed a lot of things. Today, we have the capacity to refine thousands of barrels for the benefit of Edo people and the country in general.”

from the depot as tanker drivers and owners seek a rise in the so-called bridging fund. The challenge has worsened in Abuja, which has witnessed long fuel queues for more than half of this year. At the weekend, it got worse as filling stations shut down their facilities while the NNPC stations entertained lines stretching kilometres. In Britain, it now costs $125 to fill the tank of an average family-size car, it said, while Hungary is prohibiting motorists from buying more than 50 litres of gas a day at most service stations. Last Tuesday, police in Ghana fired tear gas and rubber bullets at demonstrators protesting against the economic hardship caused by gas price increases, inflation and a new tax on electronic payments. “The staggering increase in the price of fuel has the potential to rewire economic, political and social relations around the world. High energy costs have a cascading effect, feeding inflation, compelling central banks to raise interest rates, crimping economic growth and hampering efforts to combat ruinous climate change,” it stated.

The invasion of Ukraine by Russia, the largest exporter of oil and gas to global markets, and the retaliatory sanctions that followed have caused gas and oil prices to gallop with an astounding ferocity. The unfolding calamity comes on top of two years of upheaval caused by the Covid-19 pandemic, off-and-on shutdowns and supply chain snarls. Last month, the World Bank revised its economic forecast, estimating that global growth will slow even more than expected, to 2.9 per cent this year, roughly half of what it was in 2021 according to the bank’s president, David Malpass, who added that “for many countries, recession will be hard to avoid.” In Europe, the report said that an over-dependence on Russian oil and natural gas has made the continent particularly vulnerable to high prices and shortages. In recent weeks, Russia has been ratcheting down gas deliveries to several European countries. In Nigeria, where public education and health care are in dire condition and the state cannot ensure its citizens electricity or basic safety, many people feel that the fuel subsidy is the one thing the government

does for them, the New York Times said. It quoted one Kola Salami, who owns the Valentino Unisex Salon in the outskirts of Lagos, as having had to hunt for affordable fuel for the gas generator he needs to run his business. “If they stop subsidizing it,” he said, I don’t think we can even. …” His voice trailed off. There is little relief in sight. “We will still see high and volatile energy prices in the years to come,” said Fatih Birol, the executive director of the International Energy Agency. At this point, the only scenario in which fuel prices go down, Mr. Birol said, is a worldwide recession. Meanwhile, supply disruptions from Libya and Norway pushed the prices of crude oil higher by about 2 per cent at the weekend, with the Brent rising by $2.71 or 2.5 per cent to $111.74 a barrel and the United States West Texas Intermediate growing by $2.81 or 2.7 per cent to $108.57 a barrel. Libya’s National Oil Corporation (NOC) declared force majeure on crude exports from its oil terminals amid continued blockades of production and ports, which

have severely crippled the country’s exports. The force majeure comes after weeks of protests and closures amid the new rift in Libya’s political class over who should be governing the country. The company said it was considering declaring force majeure within 72 hours unless production and shipment of oil resume in the Gulf of Sirte, which hosts the oil export terminals of Zueitina, Brega, Ras Lanuf, and Es Sider. The state oil body stated that production has seen a sharp decline, with daily exports ranging between 365,000 and 409,000 barrels per day, a decrease of 865,000 barrels per day compared with production in normal circumstances. In Norway, a planned strike among oil and gas workers from today could cut the country’s overall petroleum output by around 8 per cent or around 320,000 barrels of oil equivalent per day unless a last-minute agreement is found over wage demands. Also, low crude and fuel supplies supported the oil market even as the US Dollar, which typically has an inverse relationship with crude, rose.

NSIA, Vitol Commit $50m to Establish Carbon Reduction, Offset JV The Nigeria Sovereign Investment Authority (NSIA) and Vitol yesterday announced that they have entered into an agreement to establish a joint venture (JV) to invest in a range of high integrity, socially impactful, carbon avoidance and removals projects. According to a statement yesterday, NSIA and Vitol have agreed to make an initial commitment of $50 million to this new venture. The partnership would invest exclusively in projects in Nigeria, partnering with local non-governmental organisations (NGOs) that have proven track record of successfully delivering high-quality projects that combine carbon offsetting with

social benefits that contribute to UN Sustainable Development Goals. “It is anticipated that the new venture will be open to new investors as the partners develop the project pipeline. This initiative will seek to mobilise voluntary market carbon capital from the partners and potential third parties in a small step toward a more equitable energy transition for Africa,” it added. Speaking on the partnership, Managing Director/Chief Executive Officer, NSIA, Uche Orji said: “NSIA is committed to playing a leading role in advancing climate solutions that help to lower Nigeria’s carbon emission as an integral

part of its ESG strategy. “NSIA expects that the partnership with Vitol will be key to establishing and accelerating carbon reduction and avoidance in Nigeria by providing an enabling platform to trade carbon credits. “We are therefore very pleased to be working with Vitol to channel our investments in sustainable projects to deliver emission-reduction results as well as significant socio-economic outcomes that will be of benefit to Nigerians.” On his part, the Head of Environmental Products, Vitol, Michael Curran said: “Vitol has been investing in high-quality carbon mitigating projects globally for over a

decade, with a recent focus on sub-Saharan Africa. “We are delighted to be partnering with NSIA to support Nigeria’s national efforts to reduce greenhouse gas emissions through projects that address critical environmental and climate threats. “The projects will have a clear focus on delivering social benefits, alongside the highest standards of carbon offsetting. “Used appropriately as part of a comprehensive corporate energy transition strategy, offsetting will play a key role in meeting the Paris Climate Agreement objectives and contribute toward the UN Sustainable Development Goals.”

MONDAY JULY 4, 2022 • T H I S D AY

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NEWS

BOOSTING RELATION THROUGH JOINT MUSIC CONCERT... Governor Ifeanyi Ugwuanyi of Enugu State (right) and the Public Aﬀairs Oﬃcer, US Consulate General, Lagos, Stephen Ibelli (2nd right) identifying with students of Enugu State, during their joint music concert with students of Morehouse College, Atlanta, Georgia, United States of America, held at Michael Okpara Square, Enugu...weekend

NNPC, Sahara JV Mulls Construction of Jetties across West Africa to Boost LPG Supply Peter Uzoho WAGL Energy Limited, a joint venture business operated by

the Nigerian National Petroleum Company (NNPC) Limited and Sahara Group, has announced plan to develop and construct

jetties across West African countries to boost the supply and penetration of Liquefied Petroleum Gas (LPG) in the

Nigerian Workers Constitute Labour Party's Major Structure, NLC Clarifies Onyebuchi Ezigbo in Abuja The Nigeria Labour Congress (NLC) has reiterated that workers in the country have decided to support Labour Party in the 2023 general elections. Against the background of critics’ claim that the Labour Party as presently constituted lacks the necessary structure that would enable it win the presidential election, the General Secretary of the NLC, Mr. Emma Ugboaja said the organised labour has unanimously decided that the way forward was to re-adopt the Labour Party as a platform to take power. Ugboaja who spoke to THISDAY, at the weekend, said that Labour Party was originally formed with the ideals and aspirations that are in line with that of the teeming workforce in the country. He said: "Workers have decided to take their destinies in their own hands and they have checked all round and came to the conclusion that the Labour Party’s presidential candidate, Mr. Peter Obi is among the finest the country has ever produced. So it is not a question of unknown quantity, he has antecedents. "His antecedents sit squarely well with what our aspirations are to have our workers engaged, to have the unemployed engaged, for justice come into play and to ensure the redistribution of the wealth of our country and to turn it into the wealth of everybody rather than the wealth of a few

and to have the capacity to save after taking care of the needs of the workers to use in developing the country in the future," he said. " In our deliberations, there was single mindedness and unanimity that the way forward is to really re-establish the Labour Party which of course is a creation of the Nigeria Labour Congress and the working people of Nigeria. So there is always a time and a season. The moment has met the labour movement in Nigeria and there is no going back,” he said. Speaking on critic's claim that the Obi has no structure and that labour party was not prepared to win the 2023 election, the NLC scribe said: “Labour Party could have been said to be unprepared when the labour movement in Nigeria was taken the back seat and it is an open secret that they were operating without the blessings of the two Labour centres in Nigeria. "Now the Labour Party is operating with the blessings of the two Labour centre, you can't be more prepared than that, you can't be more prepared than the people that have struggled over the years to engage government on key existential issues that has still not been addressed. "Is it security? Is it production of petroleum products? Is it minimum wage? You cannot be more prepared than a man who has yearned and argued for a decent engagement and now has the platform to express that. On the point being raised that the labour centres should

not engage in partisan politics, Ugboaja said Labour has a written position on that: "People can't change the goal post, the Supreme Court of Nigeria has decided on that matter, so anybody saying that, should be talking from the barracks and we are no more in the military regime. “We are in a civilian democracy and the highest court of the land has ruled on the matter and as far as we are concerned, we stand on the rule of law.”

sub-region. The Managing Director, WAGL Energy Limited, Mr Emmanuel Ubani, revealed this in a statement obtained yesterday, saying discussions were already at advanced stages for the first in the lot. He said the move was part of the several efforts by the company to take advantage of opportunities in the energy transition space, adding that WAGL had embarked on developing infrastructure to take beneficial advantage in the emerging energy transition era. While acknowledging growing LPG demand in Africa, Ubani advised that more strategic policies and investments were required to further promote and deepen the product's utilisation in rural communities in the continent. According to him, for LPG

to increase to a significant or dominant market position in Sub-Saharan African countries, an enabling environment for the sector must be put in place. He listed the elements that make up the enabling environment as infrastructure -both liquefaction and regasification plants, gas distribution, pipelines and/or gas distribution trucks, cylinder distribution and/or segmented local distribution to individual houses and industries. He said, "All parts of the value chain must be in place and functional, that is, a distribution system to enable feasible access for the users must exist, a ready and vibrant market network and most importantly, acceptable and accommodating uses of the alternative energy source. "Ensuring this requires both

public and private investments at a level that allows for economies of scale, supporting in making the sector commercially viable. Sufficient attention on policy and strategic level, with clear responsibility allocation and appropriate regulation of the sector, is required.” Ubani maintained that nations seeking to lead energy transition across the continent would need to massively de-risk and promote more private sector investment, a step he described as very critical. "Governments need to do a great job at providing an enabling environment for the sector to thrive. They need to take advantage of the abundancy and competitiveness of renewables and also support systemic innovation, especially as it affects the changing energy mix," Ubani advised.

Audit Report: Senate Summons PTDF Boss over N2bn Land Compensation

Sunday Aborisade, Abuja

The Senate Public Account Committee (SPAC) has summoned the Executive Secretary of the Petroleum Technology Development Fund (PTDF), Dr. Bello Aliyu, to appear before it on July 19. Aliyu was invited over the alleged demolition of the Abuja and Kaduna offices of the National Council for Arts and Culture, on the orders of his agency, without paying N2 billion compensation to displaced residents. The Chairman of SPAC, Senator Mathew Urhogbide, summoned Aliyu, while his panel was considering the query of the Auditor General for the Federation in the 2017

Audit Report. The AuGF had queried NCAC over its failure to do justice to the N44 million earmarked for the construction of its office in Kaduna, the capital of Kaduna State, despite the fact that N2 billion had been earmarked to compensate those who would be displaced from the land. The Director General of the NCAC, Chief Segun Runsewe while appearing before the Senate panel at its last sitting on Friday, said the N400 million was judiciously spent by his agency for the construction of its office in Kaduna. He, however, said the site was demolished by PTDF for the construction of its training

school. Runsewe added that the Kaduna State Government handed over the site which was originally allocated to the NCAC to the PTDF. He said an arrangement was made for compensation after the demolition to the real owners of the land, but that the PTDF allegedly refused to pay the beneficiaries. He said the PTDF claimed that it had the federal government's approval to build its training institute in Kaduna. The NCAC boss said his agency's title to the land was revoked but that the money earmarked for the compensation was not paid to the NCAC after the site's

demolition. Runsewe further lamented that the PTDF also took over the NCAC's land in Abuja The Senate panel therefore resolved to invite the PTDF management to explain its refusal to pay compensation despite the provision of N2 billion for the initial occupants of the land. The SPAC Chairman said, "The PTDF should appear before us on July 19 and explain its refusal to pay out the compensation. "PTDF is expected to appear before the Senate Committee on July 19 and defend its decision not to compensate NCAC despite the fact that the N2 billion meant for compensation.

MONDAY JULY 4, 2022 • T H I S D AY

T H I S D AY • MONDAY, JULY 4, 2022

NEWS

OONI GETS ODOGWU BITTERS… L-R: Chairman, Cubana Group, Chief Obinna Iyiegbu; His Imperial Majesty, Ooni of Ife, Oba Adeyeye Ogunwusi Enitan, Ojaja II, and Director, Cubana Trading and Investment Company Limited, Mr. Francis Nwaogwugu, during the presentation of Odogwu Bitters to the Ooni at his palace in Ile Ife, Osun State...recently

Ahmed Kuru: AMCON Has Recovered N1.4trn from Debtors N116.9bn eligible banks’ assets recovered on Polaris Bank Lawmaker seeks more inter-agency committee’s support for corporation

Obinna Chima

The Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has put the total recoveries at about N1.4 trillion. Kuru, revealed this in a presentation he made at this year’s edition of the House of Representatives Committee on Banking, and Currency retreat with the management of AMCON among other stakeholders, held in Lagos, at the weekend. Giving a breakdown of the amount recovered so far by the corporation, Kuru explained that it was made up of cash - N681 billion; property forfeiture - N279 billion; share forfeiture - N140 billion; and other strategic assets - N208 billion. Similarly, he said a total cash recovery of over N116.9 billion had been recovered on Polaris Bank’s Eligible Bank’s Assets (EBAs) from when the bank was acquired till date. The retreat had as its theme, “Asset Recovery as a tool for Enhanced growth, and Stability of the Banking sectors sustaining the Impact and Bridging the challenges of AMCON.” The AMCON MD/CEO, according to a statement, who was represented by Mr Matthew Coker, who is AMCON’s Group Head,

Asset Management Directorate told the lawmakers that despite the Special Powers as provided by the Act, AMCON was still struggle with the implementation due to our judicial system. He said, “The Corporation’s recovery processes at this point majorly depends on the Judiciary i.e., Obtaining Possessory Orders or Orders for sale. The slow pace of our court processes and sometimes conflicting orders by the Courts, especially at the Federal High Court (FHC), which is our Court of first instance frustrates recovery process. There are delays in obtaining dates in the Court to hear AMCON matters. “Deposit of judgement sum as provided for in the act is not enforced by the Courts, some of the obligors are still active contractors of the government. They carry out businesses with government with debtor company names or other pseudo names and the BOFIA Act that provided for a Special Tribunal on recovery and enforcements would have hastened the adjudication of our matters in Court if the Judiciary had constituted a task force specifically in that regard.” Earlier, the Federal House of Representatives Committee Chairman on Banking and Currency, Hon. Victor Nwokolo, disclosed that the National

Assembly would as a matter of urgency summon the leadership of the various key committees that are overseeing the different agencies of the federal government to investigate why the Inter-agency Committee on the recovery of the huge outstanding debt owed the Asset Management Corporation of Nigeria (AMCON) were not working as directed by the Presidency.

In September 2019, the Vice President, Prof. Yomi Osinbajo had inaugurated an Inter-agency Committee to speedily resolve the challenges in recovering over N5 trillion AMCON debts. Osinbajo, who inaugurated the committee at the Presidential Villa, Abuja, had tasked its members to deploy their expertise in the assignment to ensure that AMCON meets its mandate within reasonable

timeline. Members of the committee included heads and representatives of agencies such as the Independent Corrupt Practices and Other Related Offences Commission (ICPC), the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU). Others are heads of the Central Bank

of Nigeria (CBN), the Nigeria Deposit Insurance Corporation (NDIC), the Federal Ministry of Justice and AMCON. They were expected to review the status of the huge debts owed to AMCON, deliberate on practical, legal and other strategies for the recovery of the outstanding debts. The committee is chaired by Prof. Bolaji Owasanoye (SAN) who is also the ICPC chairman.

2023: Group Writes Buhari, Warns Muslim-Muslim Ticket Portends Danger to National Stability North Central, not North West deserves vice-president slot, says APC stakeholders Adedayo Akinwale in Abuja A group under the aegis, Nigeria Democracy Defence Watch, has written President Muhammadu Buhari, and warned that a MuslimMuslim ticket being mulled by the All Progressives Congress (APC) portended danger to national stability. In a seven-page letter titled: ''APC’s Muslim/Muslim Ticket in Nigeria's 2023 Elections: A Threat to National Stability, Regional Peace and Security'', the group said it would only portray Nigeria as an Islamic and a sectarian nation. The letter made available to

journalists yesterday and jointly signed by its National Coordinator, Ahmed Adamu and the National Secretary, Niyi Adegoke, said, Muslim/Muslim ticket would be resisted by millions of practicing Christians, moderate and progressive Muslims and civic groups, ethnocultural associations and enlightened members of the International community. "It is pertinent to note the serious implications of the above with regards to security. This is especially, when one rightly imagines that Christians will feel threatened with a Muslim/Muslim ticket, and may resort to pulpit preaching and

mobilisation of opinions across the Christendom. "Civil society organisations and students would likely protest this destructive introduction into our polity in various manners, which may constitute security concerns. However, it should be noted that the ‘original sin’ is the adoption of a Muslim/Muslim ticket by the ruling APC, and not the reactions and responses that may follow it," it stated The group, therefore, urged Buhari to prevail on the presidential candidate of the party, Asiwaju Bola Ahmed Tinubu, to tread with caution and refrain from his

unyielding desire to foist on the nation, a Muslim-Muslim ticket. In a related development, some APC stakeholders from the North East region, have urged the ruling party to pick the vice-presidential candidate of the party from the North Central. Addressing journalists after an emergency stakeholders' meeting held on Sunday in Abuja, its National Coordinator, Abba Suleiman, said picking the running mate from North Central would afford the party to win the 2023 presidential election and position it as a party known for fairness, equity and justice.

Global Fund, CSO Lament Funding Gaps in Nigeria's Health Sector Says 15% budget still elusive Onyebuchi Ezigbo in Abuja The Global Fund and the Civil Society in Malaria Control, Immunisation and Nutrition (ACOMIN) have expressed concern over the slow pace of execution of intervention programmes in the health sector due to deficiency of funds. Speaking to THISDAY shortly after the Quarterly Focused Media Dissemination meeting of ACOMIN in Abuja, the Representative of the Country Coordinating Mechanism for Global Fund, Tajudeen Ibrahim, said so far very limited progress had been achieved in the fight against malaria which is one of the deadliest vector-driven disease in Nigeria despite great opportunities to eradicate the scourge.

Apart from not being able to procure adequate anti-malaria drugs, he said there was also poor resource mobilisation to finance both procurement of needed facilities and personnel. For instance, he said in 2020, federal, states and Local government were supposed to come together to make sure that, “we mobilise resources that is enough looking at the National Malaria Strategic Plan, to finance the plan.” He noted that with all the efforts, Nigeria was able to buy SP drugs worth of N98.8 million which was about 330,000 cases of the commodity. This just about 1.29 percent of the country total need. In addition, Ibrahim said government was expected to procure

$300 million loan from the World Bank, the Islamic Bank and the African Development Bank. According to him, the implementation is supposed to have started since last year but because of lack of political will, approval has been granted by the National Assembly but the Federal Ministry of Health is yet grant it's approval. He said that the country needs to exhibit the "right political will not just by words of mouth but through action and following through with our commitment because the people that are supposed to benefit from this impact project have been shortchanged considering the timeline set for the programme". Ibrahim explained that the reason this period is the right time to embark on media is because

it is the political campaign era to get the political aspirants to understand the importance of funding health projects and for them to queue into it. According him, Nigerians should begin to interrogate the aspirants on what they have offer them in the health sector. Speaking on the progress made in the malaria Intervention campaign, Ibrahim said that a lot of efforts have devoted to achieving malaria control but that it is important shift emphasis to elimination of the malaria scourge in the country. While giving update on the activities of the malaria Intervention campaign the National Coordinator of ACOMIN, Mr. Ayo Ipinmoye lamented the funding inadequacies

in the health sector which he said had adversely affected the smooth implementation of the anti- malaria programme in the country. He also lamented that Nigeria had not been able to allocate up to 15 per cent of the country’s national budget to health in over 20 years. Ipinmoye urged Nigerians to demand concrete health agenda from politicians currently jostling for leadership positions in 2023. He said there was need for governments to show the right political will in the fight against malaria. “Political will has been said to be the tenacity of a political actor to do and say things that will produce a desired result. Most of the factors that affect the lives and health of the general populace are determined by the political leadership.

“Due to the level of influence such leaders have by virtue of their positions, their priorities affect what gets adequate attention and what does not. "It was against this backdrop that, in 2001, members of the African Union held a conference in Abuja, to critically review and assess the situation and consequences of some of the diseases ravaging Africa. "One of the resolutions made at this meeting was that the African countries that were present would begin to allocate at least 15 per cent of their respective annual budgets to improve the health sector. This has since come to be known as The Abuja Declaration which Nigeria has consistently not met up with,” he said.

MONDAY JULY 4, 2022 • T H I S D AY

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T H I S D AY

MONDAY JULY 4, 2022

EDITORIAL

Editor, Editorial Page PETER ISHAKA Email peter.ishaka@thisdaylive.com

MENACE OF AIR POLUTION IN LAGOS Air pollution has become another silent killer that requires urgent attention by the authorities at all levels

energy demand and are the third source of air new report from the World Bank has pollution. The poor combustion of the gasoline and thrown up frightening data of pollution oil used to operate the generators pollutes the air and in Lagos that should be of concern to causes huge health damage. residents and the authorities. No fewer 7KH UHSRUW VWDWHV IXUWKHU WKDW LI DV H[SHUWV SUHGLFW than 30,000 people, the report states, die Lagos becomes the world’s largest city by 2100, the every year from pollution in Lagos. The sources of pollution will likely increase as industry study estimates that illness and premature deaths due grows and transportation needs soar. But the study to ambient air pollution caused losses at $2.1 billion in also proposes various remedies to improve air quality 2018, representing about 2.1% of Lagos State’s Gross such as using cleaner passenger vehicles, shifting to Domestic Product (GDP). In the same year, it caused public transport, adopting cleaner fuel and using 11,200 premature deaths--the highest in West Africa. alternative power sources. But the challenge goes But the conclusions beyond what the state came as no surprise. can or should do. There With Lagos as the largest There is an urgent need for the government to launch awareness is currently no reliable city in West Africa, and programmes to call people’s attention to the harmful eﬀect of air estimate of the impact one of the most densely of ambient air pollution, populated cities, the pollution, particularly carbon emissions from vehicles and black nor a comprehensive air UHVXOW LV D VXͿRFDWLQJ PL[ pollution control plan in of air pollution, singlesoot from illegal activities, as well as the danger of being exposed Nigeria. use plastic pollution and to the particulates On account of the solid waste on the streets. dire consequences of air The World Bank report pollution, the federal government ought to maintain a coincides with the 2022 Economist Intelligence Unit system of rating the safety of the air in every part of the (EIU) ranking which places Lagos as the second-worst T H I S D AY FRXQWU\ FDOOHG WKH $LU 4XDOLW\ ,QGH[ 8QGHUVWDQGLQJ city to live in among 172 cities worldwide. That Lagos EDITOR SHAKA MOMODU WKH $LU 4XDOLW\ ,QGH[ LV LPSRUWDQW EHFDXVH LW JLYHV DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA has a long tale of woes regarding environmental MANAGING DIRECTOR ENIOLA BELLO people vital information about the conditions of the pollution is understandable since the city state is DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU air in their location and how the quality of the air in populated with many industrial steel plants and solid CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI their city can impact their health. In the absence of a ZDVWH GXPSVLWHV LQVWHDG RI VDQLWDU\ ODQGÀOOV 7KHUH EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN UHDO WLPH $LU 4XDOLW\ ,QGH[ WKHUH LV DQ XUJHQW QHHG MANAGING EDITOR BOLAJI ADEBIYI are even cases of homes piping their wastewater and THE OMBUDSMAN KAYODE KOMOLAFE for the government to launch awareness programmes solid from bathrooms into open drains. It is therefore WR FDOO SHRSOH·V DWWHQWLRQ WR WKH KDUPIXO HͿHFW RI DLU OLWWOH VXUSULVH WKDW WKH :RUOG %DQN UHSRUW ÀQGV WKDW pollution, particularly carbon emissions from vehicles /DJRV LV D SODFH ZKHUH UHVLGHQWV ZDNH XS WR ÁRRGHG and black soot from illegal activities, as well as the T H I S D AY N E W S PA P E R S L I M I T E D houses after a brief rainfall, thick fogs/dew emanate EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GDQJHU RI EHLQJ H[SRVHG WR WKH SDUWLFXODWHV IURP H[KDXVW SLSHV RI LQGXVWULDO SODQWV ZKLOH VLQJOH GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, 1LJHULD·V DLU TXDOLW\ LV H[SHFWHG WR EH JRYHUQHG E\ XVH SODVWLFV EORFN WKH GUDLQDJHV DQG FDXVH ÁRRGV ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI the National Environmental (Air Quality Control) With industrial emissions as the second source DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, Regulations, 2014. The purpose of these regulations, ANTHONY OGEDENGBE of air pollution, it is little wonder that Lagos is an DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI according to the federal government, is to provide for environmental nightmare. Industrial and commercial SNR. ASSOCIATE DIRECTOR ERIC OJEH improved control of the nation’s air quality to such zones like Apapa, Idumota, Ikeja and Odogunyan, ASSOCIATE DIRECTOR PATRICK EIMIUHI DQ H[WHQW WKDW ZRXOG HQKDQFH WKH SURWHFWLRQ RI ÁRUD ZKHUH FHPHQW FKHPLFDOV IXUQLWXUH UHÀQHU\ VWHHO CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DQG IDXQD KXPDQ KHDOWK DQG RWKHU UHVRXUFHV DͿHFWHG DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO industries are concentrated, have high levels of TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com by air quality deteriorations. But there seems to be no pollution. Generators supply half of Lagos’ total political will to enforce the regulation.

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LETTERS WITH DIGITISED SCHOOL, SANWO-OLU SCORES AGAIN In today’s competitive world, nothing short of quality education gives one an edge. And with a global embrace of technology, any classroom that fails to incorporate tech into its curriculum may MXVW EH VKRUW FKDQJLQJ LWV VWXGHQWV +HQFH LW ZDV ZLWK H[FLWHPHQW that I read and saw pictures of how the Lagos State government transformed Vetland Junior Grammar School, Agege. Call it a ‘rebirthing’ and you would not be wrong. Prior to its transformation, the school was just made up of bare classrooms, with desks and chairs for students while the teachers used the ubiquitous blackboards and chalk to teach. It bore the skeletal architecture of schools founded during the administration of Lateef Jakande between 1979 and 1983. However, a strong pedigree of administrators ensured discipline DQG DFDGHPLF H[FHOOHQFH RI LWV VWXGHQWV ZKLFK VDZ LW HOHYDWHG WR D model school by the Lagos State government. But through the years, its basic and austere structures remained. On Wednesday, June 29, the Lagos State governor, Babajide Sanwo-Olu commissioned a ‘new’ Vetland Junior Grammar School, Agege, which the state described as a technology-driven modular learning space. Built with shipping containers, the school has nine classrooms, three laboratoULHV DQG IRXU VWDͿ URRPV ZKLFK DUH ZHOO LQVXODWHG ,W LV DOVR RͿ JULG as it is powered by solar panels, which guarantee constant power supply to enable digital teaching and learning. Aside from equip-

ping the classrooms with interactive touch-screens, Sanwo-Olu said the pupils would be given electronic tablets to aid both in-class and virtual learning. It is noteworthy that 620 students in the school would also enMR\ VSRUWLQJ IDFLOLWLHV WR LQFOXGH D PRGHUQ ÀYH DVLGH IRRWEDOO SLWFK a multi-purpose-built court where Volleyball, Tennis, Badminton and Basketball can be played. The transformation was a bit surreal, UHÁHFWLQJ RQ KRZ WKH VSDFH ZDV MXVW D IHZ PRQWKV DJR %XW NHHQ watchers of the Lagos State public education space may not be too surprised at the developments. Before the mushrooming of private schools, it was public schools that largely catered for the educational needs of children in Nigeria. 6DGO\ RYHU WKH \HDUV PDQ\ JRYHUQPHQWV DW GLͿHUHQW OHYHOV KDYH neglected public schools, thereby making them relics of the past. Thankfully, Lagos is on a drive to revamp this as Sanwo-Olu said the model college’s upgrade is part of strategic intervention in the public school system which has led to the modernisation of over 200 public schools. At the event, parents of the students were impressed and thankful to the state government. Chairman of the school’s Parent-Teacher Association (PTA), Barr. Omoyele Akintayo thanked Sanwo-Olu for listening to the yearning of the parents to rebuild the school with structures that have a modern outlook. Also, the Lagos State Com-

PLVVLRQHU IRU (GXFDWLRQ 0UV )RODVKDGH $GHÀVD\R VDLG WKDW WKH school being unveiled was testament of how the Sanwo-Olu administration’s education reforms had transformed public schools. The entire project was conceived and delivered by the Special Committee on Rehabilitation of Public Schools (SCRPS) set up in 2019 by the Governor to implement interventions designed to improve access to basic education. Chairman of SCRPS, Mr. Hakeem Smith said the containerised structures were raised on high density rafts carefully calculated to hold both live and dead loads. He said WKH ÁRRUV ZHUH PDGH RI WHUUD]]R PDWHULDO IRU GXUDELOLW\ DGGLQJ FRQYHQLHQFH IDFLOLWLHV ZHUH ÀWWHG LQ WKH DFDGHPLF DUHD ZKLOH WZR composite toilets, which are water-free, are built for visitors and security guards. He said the school was also rebuilt with a water V\VWHP ÀWWHG ZLWK D ÀOWUDWLRQ FRPSDUWPHQW WR GHOLYHU SRWDEOH ZDWHU to the pupils. It is refreshing that the Lagos State government is focused on revamping public education in the state and correcting the blighted belief that a teacher’s reward should be in heaven. Surely, with these steps, public education in Lagos can only get better. And these car gifts are a tonic for the winners to do more and also a motivation for others to emulate. Patrick Okewale, Lagos

T H I S D AY • MONDAY, JULY 4, 2022

NEWS

LAUNCH OF SMARTCASH PSB BY AIRTEL AFRICA… L-R: Chairman of Smartcash PSB Ltd, Dr. Kingsley Umadia; Lagos State Commissioner for Finance, Dr. Rabiu Olowo; Chief Human Resources Officer, Airtel Africa, Rogany Ramiah; Group Chief Executive Officer, Airtel Africa, Dr. Segun Ogunsanya; Special Advisor to the President on Social Investments, Mrs. Maryam Uwais; Managing Director & Chief Executive Officer, Airtel Nigeria, ABIODUN AJALA Surendran Chemmenkotil and Chief Executive Officer, Smartcash PSB, Muyiwa Ebitanmi, during the launch of Smartcash PSB by Airtel Africa in Lagos...weekend

Lekki Deep Seaport: A Game-changer in Nigeria's Maritime Economy Eromosele Abiodun After several harrowing years of waiting to end the Apapa traffic nightmare that has become the shame of Nigeria, the traumatised residents of Apapa, citizens who ply the route to work on a daily basis, and port users woke up to a cheery news over the weekend of the docking of the first ship at the Lekki Deep Seaport, designed to be a significant game-changer in Nigeria’s maritime economy. Scheduled to commence operation by the end of this year, the port being constructed by Harbour Engineering Company (CHEC), is a $2 billion investment in the Lagos Free Trade Zone initiated by the Tolaram Group. Managing Director, Nigerian

Ports Authority (NPA), Mohammed Bello-Koko, who received the marine vessel “Zhen Hua 28,” a heavy lift carrier, stated that the Lekki Deep Seaport, when operational, would reduce ship-waiting time by 50 to 60 per cent. According to Koko, the cargo dwell time will also reduce by more than 60 per cent when operations start before the end of the year. He said the port had the capacity to handle and evacuate more cargoes, adding that the cargo clearing process would be faster due to the automation of the port. Board Chairman, Lekki Port Lagos Free Trade Zones (LFTZ), Biodun Dabiri, said the Lekki port would begin to deliver Nigeria

Falana Tasks ECOWAS Leadership on Speedy Adoption of Protocol against Third Term Alex Enumah in Abuja Rights activist, Mr. Femi Falana has called on West African leaders to make concerted efforts in the quick adoption of the proposed amendment of the Protocol on Democracy and Good Governance, aimed at ensuring that no president in the region serve beyond the two terms constitutional limit. Falana predicated the charge on reports that Cote d’Ivoire, Senegal and Togo were opposing the progressive amendment to the protocol. In a letter to the Heads of State and Government of the Economic Community of West African States (ECOWAS), the senior lawyer warned that delay in adopting the amendment would encourage sit tight president to do everything to perpetuate themselves in office, including amendment of their country's Constitution to their favour. He noted that, "the move to amend the protocol aims at ensuring that Heads of State and Government do not change the constitutions of their countries to stay beyond two terms in office, which is the common constitutional requirement in several member states.” While he lamented the opposition to the amendment by Cote d’Ivoire, Senegal and Togo, he stressed the need, “for the majority of member states to reject the moves by the minority member states, and to show the leadership and political will by swiftly adopting the amendment to the protocol as

currently proposed, especially given the recent experiences of unconstitutional change of governments in some African countries." He submitted that the proposed amendment to the protocol on term limit was entirely consistent with the ECOWAS foundational treaties, and the African Union Constitutive Act. "The timely amendment will be a positive, effective and satisfactory response to the recent unconstitutional change of governments in some member states. "As the African Charter on Democracy, Elections and Governance (African Charter) states, unconstitutional change of government amounts to a serious threat to stability, peace, security and development," he added. "Rejecting the reported moves by Cote d’Ivoire, Senegal and Togo to truncate the proposed amendment to the protocol would send a powerful message to rogue governments in the sub-region that the ECOWAS is willing and able to apply its foundational instruments and principles faithfully, consistently, and effectively. "If the reported moves by Cote d’Ivoire, Senegal and Togo are allowed, it will encourage dictators who seek to amend and manipulate their national constitutions to elongate their terms of office. It will also lead to escalating attacks on political opponents and activists who oppose such illegal constitutional amendment," he added.

N E W S A N A LY S I S as a regional hub for maritime business. Dabiri stated, “Now the vessel we just received is carrying some major cranes and those cranes will enhance the transformation business of the deep seaport. The draft depth of this sea is about 16.5 meters and the vessel itself can only take about 14.5 meters, the implication of this is that there is nowhere in this country that this vessel can berth and that is what makes it historic.” Indeed, last Friday’s development is a significant one for Nigeria and port users. This is because over the years, efforts to develop deep seaports in Nigeria have not yielded any positive results, as unstable government policies, and lack of safety and security of funds invested by promoters hindered the development of Greenfield seaports in the country. The deep seaports were conceived to improve the overall cargo handling capacity of Nigerian ports, and thereby increase the country’s gross domestic product (GDP). The handling capacity of ports in Nigeria is put at 60 million metric tonnes, while demand and usage is about 100 million metric tonnes. These are expected to rise with the increasing population, urban expansion, and attendant demand for more markets. The cargo throughput handled in the ports increased from

66,908,322 metric tonnes in 2009 to 74,910,282 metric tonnes in 2010, indicating a 12 per cent increase. According to global trends in port development, out of over 100 seaport development projects being executed in the world, approximately 60 to 75 per cent are deep seaports or terminals. The balance is mostly inland waterway ports and jetties. This clearly indicates that Nigeria needs better-designed port facilities in tune with increased cargo traffic, for the country to be globally competitive. Moreover, as emphasis is shifting to larger and more economical vessels that require deeper harbour drafts, global logistics trends have made the need for deep seaports more imperative. The development of Lekki Deep Seaport was conceptualised on the basis of a significant gap in projected demand and capacity. Market studies indicate that the demand for containers in Nigeria is expected to grow at 12.9 per cent up to 2025. However, given the expansion constraints on the existing infrastructure, the capacity in Lagos is incapable of meeting the growing demand. The capacity shortfall for container terminal facilities in Lagos is projected to be 0.8 million Twenty-foot Equivalent Units (TEUs) in 2016 going up to 5.5 million TEUs in 2025. The strategic location, optimised layout, and modern facilities provide Lekki Port a distinct competitive edge over any other

port facility in the West Africa region. When completed, the multipurpose port would cover an area of 90 hectares with three container berths, long dry bulk berths, and three liquid berths. Initially, the port would handle close to 1.5 million TEUs of containers annually, and this would be upgraded to 2.5 million TEUs in the future. The channel would be dredged to 14 meters depth, which would be deepened to 19 metres as traffic grows, while the breakwater, which protects the vessels from the waves, is 1.5 kilometres long. The port project is jointly financed by a consortium of six banks, which include the African Development Bank (AfDB), the European Investment Bank (EIB), Standard Chartered Bank (SCB), RMB, Africa Finance Corporation (AFC), and Standard Bank. Lekki Deep Seaport is jointly owned and developed by the Tolaram Group, NPA, and Lagos State Government as equity investors. Tolaram, which has the concession to build and operate the port for 45 years, appointed the China Harbour Engineering Company, the world’s biggest marine engineering company, as the Engineering, Procurement, and Construction (EPC) contractor to oversee the design, construction and commissioning of the port project under the supervision of an American project management consultant, known as Louis Berger Group. Meanwhile, some stakeholders

have warned that the Apapa tragedy may be a child’s play if urgent steps are not taken to address the Lekki Deep Seaport access road challenge. It is learnt that the management of NPA has been pleading with Lagos State Government, Federal Ministry of Works and Housing, and Dangote to hasten the expansion and reconstruction of the road leading to port. Reliable sources told THISDAY that the contract for the expansion of the Lekki Port access road had been awarded to Dangote under the tax credit scheme. However, work is yet to commence on the dualisation of this segment. It was learnt that Dangote was yet to pay the contractor, Hitech Construction Limited. Sources told THISDAY that Hitech had already mobilised over 150 personnel on ground and all equipment were ready, waiting for the commitment to commence the work. “Sand filling measurements have been finalised, right of way has been agreed and cleared to a large extent,” a source volunteered. As Nigeria moves closer to achieving its dream of owning a deep seaport, it is expected that the project would tackle the challenges that may arise from the decreasing capacity of the river ports across the country to handle cargoes as a result of their various stages of collapse and the humongous amount needed for their reconstruction.

ATIKU: KILLINGS, INSECURITY PERSIST BECAUSE PREVIOUS ACTS HAVE NOT BEEN PUNISHED and that the state of insecurity is better than the situation they inherited. "If it is so, why are they making it a policy of government to suppress information and hide the truth about figures of casualties on the part of soldiers in the field? Why are they not able to rescue kidnapped victims even when their locations are well-known and families are, therefore, left to negotiate and pay ransom to kidnappers to secure the freedom of their kidnapped family members? "Even with numerous cases of ambush, abduction and killing of our soldiers reported on a daily basis, including the recent Shiroro incident, government continues to live in denial. "Many Nigerians, who have called on President Buhari to resign on account of the incompetence and failure of his regime, have been vindicated by calls by two state governors in the north on

the citizens they are elected to govern to buy arms to defend themselves from incessant attacks by terrorists. It is obvious that the Buhari regime is incompetent to provide security to Nigerians. If citizens have to protect themselves, do we still need the government? Certainly not!"

Find Lasting Solution to Insecurity, ACF BoT Chair Tells Buhari

Chairman, Board of Trustees (BoT) of Arewa Consultative Forum (ACF) in Kwara State, Dr. Alimi AbdulRazaq, urged President Muhammadu Buhari to intensify the war against terrorism and find a lasting solution to insecurity in the country. Alimi, a legal icon and Mutawali of Ilorin, however, called on the leadership of ACF and all Nigerians to join hands with the federal government to halt insecurity in the north, in particular, and Nigeria, in general.

Speaking during a meeting with executive members of the Kwara State chapter of ACF, led by the chairman, Dr. Mohammed Ghali Alaaya, Alimi noted that the government needed the support of all Nigerians in tackling the hydra-headed security challenges facing the country. He urged the government to do more in funding the security agencies, adding that more still needs to be done in the area of intelligence gathering in the fight against insurgency, banditry and other violent crimes across the country. Alimi identified unemployment as one of the causes of insecurity. He applauded the federal and state governments’ efforts to create employment opportunities for the unemployed youth through implementation of robust agricultural policies. He described the federal government's strides in the development of the agricultural

value chain through the interventions of the Central Bank of Nigeria (CBN) as a step in the right direction. Earlier, Alaaya had intimated the BoT chairman with the prospects and challenges of ACF in the state and sought his support in the areas of policy and project implementation. He appealed to Alimi to use his good offices to reposition ACF in Kwara, stating, “The need to unify and integrate our people is paramount, but priority should be given to curbing insecurity in the north. We need to promote dialogue across ethnic and religious lines." Alaaya pledged the commitment of his team to not only reinvigorate ACF in the state, but also provide the platform to evolve policies and programmes that would meet the yearnings and aspirations of the people of the state and complement the efforts of government at all levels .

MONDAY JULY 4, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY JULY 4, 2022

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E

Furore Over Senate’s Decision to Probe Ex-CJN, Justice Muhammad Legal experts and the Human Rights Activists are at daggers drawn with the Senate over its decision to probe the immediate past Chief Justice of the Federation, Justice Tanko Muhammad (rtd), describing it as legislative rascality. Sunday Aborisade reports

Lawan

resident of the Senate, Dr Ahmad Lawan, had on resumption of plenary after the Easter break, last month mandated the Committee on Judiciary, Human Rights and Legal Matters, chaired by Senator Opeyemi Bamidele, to as a matter of urgency, wade into the crisis rocking the Judiciary, following the publication of a leaked memo by 14 Justices of the Supreme Court. The aggrieved Justices who signed the leaked memo included, Justice Olukayode Ariwoola, who took over in acting capacity from Mohammad, who resigned on health grounds, about a week after the allegations of graft and maladministration became a public knowledge. Other Justices who appended their signature to the document were, Justice Musa Dattijo Mohammed; Justice Kudirat Motonmori O. Kekere-Ekun; Justice John Inyang Okoro; Justice Chima Nweze; Justice Amina Adamu Augie; and Justice Uwani Musa Abba-Aji The rest were, Justice Mohammed Lawal Garba; Justice Helen Moronkeji Ogunwumujimi; Justice Ibrahim Mohammed Musa Saulawa; Justice Adamu Jauro; Justice Tijjani Abubakar and Justice Emmanuel Akomaye Agim. The Justices, in the memo, protested the nonpayment of legitimate entitlements by the CJN. According to them, annual foreign training, meant to enhance capacity building for the country’s judicial process, had been blocked. They also protested the non-replacement of poor vehicles; accommodation problem; lack of drugs at the Supreme Court clinic; epileptic electricity supply to the Supreme Court; increase in electricity tariff; no increase in the allowances for diesel; lack of internet services to residences and chambers, among others. Part of their memo to the ex-CJN read, “We are serving this country diligently and to the best of our ability. We resolve disputes between the Executive and the Legislature including all manner of disagreements, between governments and individuals. “It would be a tragedy if the Nigerian public were to know that we are unable to resolve our own problems internally without going public. “The decision to write to you formally must be seen by Your Lordship as an effort on our part to preserve the dignity of the Judiciary and the respect accorded to us by Governments and people of Nigeria.” They also asked the former CJN to be alive to his responsibility and expressed fears of a possible shutdown of the judiciary due to the concerns raised in the memo. The Justices drew Mohammad’s attention to an internal memo served by the Chief Registrar, which notified judges that electricity would be supplied to the court between the hours of

Muhammad

8:00 a.m. and 4:00 p.m. daily, due to the lack of diesel. They said, “The implication of this memo is that the Justices must finish their work and close before 4pm. Your Lordship with all due respect, this is the peak of the degeneration of the Court; it is the height of decadence, and clear evidence of the absence of probity and moral rectitude. “Your Lordship, this act alone portends imminent danger to the survival of this Court and the Judiciary as an institution, which is gradually drifting to extinction. “Your Lordship, this is a wake-up call. Your Lordship must take full responsibility as our leader. You must not concession your responsibility to people who have no responsibility or stake in preserving and defending the dignity of the Institution. “Your Lordship occupies a position of leadership. We will not wait for the total collapse of the institution.” Other issues brothers on the nonsigning of amended Court Rules, an abrupt stoppage of foreign workshops and training per annum for justices; and no provision of qualified legal assistants. Reacting to the issues raised, Mohammad, in a statement, denied allegations raised against him by the Supreme Court Justices. The denial was contained in a statement by his Senior Special Assistant (Media), Ahuraka Isah. According to him, the apex court had been living up to its constitu-

Ariwoola

tional responsibilities. He said, “When a budget is made, it contains two sides, that’s the recurrent and the capital, yet all the two are broken down into items. “The Federal Government releases the budget based on the budget components. And it’s an offence to spend the money meant for one item for another.” The ex-CJN described his response to the memo of the Supreme Court Justices as “dancing naked at the market square.” He lamented the effect of Nigeria’s economic situation on the apex court as responsible for the situation affecting the Judiciary. Mohammad said, “The Supreme Court definitely does not exist outside its environment, it is also affected by the economic and socio-political climate prevailing in the country. Besides that, the Apex Court has to a larger extent been living to its constitutional responsibility. “When a budget is made, it contains two sides, that’s the recurrent and the capital, yet all the two are broken down into items. The Federal Government releases the budget based on the budget components. And it’s an offence to spend the money meant for one item for another. “Take, for instance, the Supreme Court budgeted this year to re-roof and rehabilitate its complex built over 30 years ago and that is being done. “The work on the extension of the complex is near completion, the esthetic lawns and cleanness of the perimeters are being well-kept, and security and water supply are adequately provided for his brother Justices in their offices and residences. “During the pandemic, a profound and extracare was maintained to avoid causalities among them as well as the staff generally. It would have

The Senate is merely embarking on legislative rascality because the issue on ground is outside the scope of their oversight functions. In the ﬁrst instance, the Justices memo was addressed to the CJN not to the parliament. The Senate should have allowed the Judiciary to embark on the probe. Secondly, the allegations against the ex-CJN border on graft and not about contract award. Issues of contract award and execution is in the purview of the legislature not a case of graft against an oﬃcial of government. The issues raised against the ex-CJN should be handled by the appropriate government agencies not the parliament.

amounted to an act of irresponsibility to divert money meant for the above for otherwise.” He also debunked an allegation that nothing was done to uplift the court, saying that the death of some justices affected the budget of the court. Mohammad said, “Besides, two Supreme Court Justices died within the period under consideration. Both the four retirees and the two departed cost the court some funds in the forms of gratuities and allowances. “Two weeks ago, eight Supreme Court Justices were nominated for a workshop in London as the court cannot take all of them there at once otherwise the job would suffer. They would be going in batches.” The Senate President in his remark shortly before the red chamber adjourned plenary, penultimate Tuesday, said the Senate Committee on Judiciary, Human Rights, and Legal Matters, should look into the matter as part of its oversight functions. Lawan said, “We may recall that there were some issues coming out of the Judiciary. “We must have interest in what is happening in that arm of government. “I believe that we owe it to Nigerians, to look into what is happening in that arm of government, with the view to bringing solutions to the problem that our Judiciary in Nigeria faces. “So, I’ll urge our Committee on Judiciary, Human Rights and Legal Matters, to get involved with the CJN and Judiciary generally - at this level with the Supreme Court - to find out what the real issues are; and how the National Assembly can help.” While the Senate panel was making preparations towards the probe, the news of Mohammad’s sudden resignation on health grounds, hit the air waves. Notwithstanding the resignation of the head of the nation’s apex judiciary institution, the Senate passed a resolution last week to go ahead with its probe. The resolution which followed a motion moved by Senator Opeyemi Bamidele, mandated the Committee on Judiciary, Human Rights and Legal Matters, to go ahead with the probe of the crisis in the Judiciary by looking into the complaints raised in the petition by the Justices of the Supreme Court. It also tasked the Committee to interface with the three arms of government, as well as at the Bar and on the Bench to collate aggregate views and positions on the short term, medium term and long term measures needed to decisively address the crisis facing the Judiciary. The Senate said such measure must include the immediate fiscal intervention as well as long term and sustainable budgetary allocations, Continued on page 19

T H I S D AY ˾ MONDAY JULY 4, 2022

MONDAY DISCOURSE

As Seven New Ministers Join Buhari’s Cabinet this Week With Senate conﬁrmation last week of seven new Ministers, President Muhammadu Buhari is expected to administer oath of oﬃce on the appointees for them to commence work in earnest. Deji Elumoye reports

Buhari

Ikechukwu

Umana

he need to participate as candidates of the ruling All Progressives Congress (APC) in the forthcoming 2023 general elections in the country led to the resignation of some Ministers in May, 2022 to pursue their individual political ambition. While some serving Ministers had signified their intention to vie for elective office as early as April this year, they remained in office till May when President Muhammadu Buhari told the ambitious political office holders to vacate office within one week. It took the issuance of a circular by the Secretary to the Government of the Federation, Boss Mustapha, for the affected public office holders including Ministers to vacate office. In the circular dated May 11, 2022, Mustapha said President Muhammadu Buhari had observed and noted the expression of interest and intention by some members of the Federal Executive Council, Heads of Extra-Ministerial departments, agencies, parastatals of government, ambassadors and other political office holders to contest the upcoming Presidential, Gubernatorial, National and State Assemblies’ elections. He said the President had directed that the affected office holders aspiring to run for various offices in the 2023 General Elections, should tender their resignation on or before Monday, May 16, 2022. The SGF said for smooth running of the machinery of government and the country’s foreign missions, the affected ministers are to hand over to the Ministers of State where they exist or to the Permanent Secretary, where there is no Minister of State. Eventually, the Ministers that resigned include that of Transportation, Rotimi Amaechi; Niger Delta Affairs, Godswill Akpabio; Science, Technology and Innovation, Ogbonnaya Onu; the Minister of State for Education, Chukwuemeka Nwajiuba; Minister of State for Mines and Steel Development, Uche Ogah; and Minister of State for Niger Delta Affairs, Tayo Alasoadura. The Ministers’ resignation was in accordance with the provisions of Section 84(12)

Ekuma

El-Yakub

of the Electoral Act which states that “No political appointee at any level shall be a voting delegate or be voted for at the convention or congress of any political party for the purpose of the nomination of candidates for any election.” Although President Buhari did promise to immediately replace the exiting Ministers at a valedictory session he held for the ex-Ministers at the State House, Abuja, it, however, took the President over one month to forward the new ministerial nominees to the Senate for confirmation in line with provisions of the 1999 constitution of the Federal Republic of Nigeria (As Amended) Last Tuesday, the Senate eventually received the list of seven nominees from President Muhammadu Buhari for consideration and confirmation as Ministers. Their nomination was contained in a letter addressed to Senate

President Ahmad Lawan and read at plenary. In the letter, President Buhari listed the ministerial nominees to include Henry Ikechukwu (Abia), Umana Okon-Umana (Akwa-Ibom), and Ekuma Joseph (Ebonyi), Goodluck Obia (Imo), Umar Ibrahim(Kano), Ademola Adewole (Ondo), and Udum Odi (Rivers). Ikechukwu, was a former commissioner for Industry, Science and Technology in Abia state until 2020 when he left the PDP for the APC. Ikechukwu said he left the PDP because he had “always been sidelined in my ward, local government area and state party decisions”. In the build-up to the APC national convention, he was nominated by the Abia chapter of the party for the role of national vice-chairman in the south-east. However, he was beaten to the position by Ijeomah Arodiogbu, who was elected based on consensus. Umana, a renowned economist and politician was in 2020 re-appointed by President Buhari as the Managing Director and Chief Executive Officer of the Oil and Gas Free

Zones Authority (OGFZA). Ekuma, a former special adviser to Ebonyi Governor also served the state as Commissioner for Investment between 2019 and 2021 el-Yakub was appointed by the President as his Senior Special Assistant on National Assembly Matters (House of Representatives) in 2019. He is an APC stalwart from Kano State and was a member of the House of Representatives from 2003 to 2007 representing Kano Municipal Federal Constituency. Adewole, a native of Akure in Ondo state lost the APC primary election for Akure North/South federal constituency and his nomination was said to be a way of compensating him for being a committed member of the ruling party. Within 24 hours, the Red Chamber confirmed all the seven nominees after their screening exercise which lasted for about five hours during plenary last Wednesday. By this week, President Buhari will swear in the new Ministers and assign them portfolio. The swearing-in ceremony may hold on Wednesday at the Council chambers of the State House in Abuja before the commencement of the weekly Federal Executive Council (FEC) meeting. The new Ministers, who are joining the Buhari administration which has less than one year left in office, will be expected to bring their wealth of experience to bear on any ministry they are assigned to oversee. They should also key into the mantra of the Buhari administration and be team players like their colleagues in the Federal Executive Council. At all times, the thinking of the new Ministers should be how to impact positively on the nation by working hard to make necessary difference in their new political appointment. They should build on the foundation laid by their predecessors so that by the time the Buhari administration will be winding down by May, 2023, there will be cause to thank the President for the confidence reposed in them.

Furore Over Senate’s Decision to Probe Ex-CJN, Justice Muhammad required for the optimal performance of the judiciary, in line with global best practices. Bamidele noted that poor welfare of Judicial Officers would adversely affect the output of Judiciary in service delivery. The ranking Senator said, “The Judiciary, which is the epicentre of the temple of justice, should be preserved by the Senate through appropriate legislative measures in order to safeguard this highly revered institution and prevent it from being ridiculed.” According to him, the Committee, in taking steps to look into the matter as directed by the Senate President, has started the process of making arrangement to interface with relevant stakeholders both at the Bar and on the Bench. He said that the resignation of Muhammad, on Sunday 27th June, 2022, “will not prevent

the committee from going ahead with it’s assignment in the quest to find a probable lasting solution to the matter.” The Senator said, “Even though Hon. Justice Tanko Muhammed has stepped down as CJN, most of the Issues raised by the Justices of the Supreme Court and other stakeholders within the Judiciary, still remain and need to be addressed urgently to prevent an eventual shut down of the Judiciary.” Rights activists and legal experts are, however, of the opinion that the Senate which belongs to a separate arm of government, has no business, meddling in the affairs of the

judiciary just as the bench could not dabble into the affairs of the parliament. Those who spoke with THISDAY on and off the record, noted that the issue could better be handled by either the National Judicial Council, any of the anti-graft agencies or the Nigerian Police Force. A former director of the State Security Service, who is a lawyer, Mr Mike Ejiofor said the Senate could hide under its oversight mandate to carry out the probe but expressed reservation over the eventual outcome of the exercise. Ejiofor said, “The Senate can actually institute such probe in exercise of its oversight functions but I don’t have confidence in the outcome of its probe. “This is because so many things happen when lawmakers embark on oversight functions. It

could be a way of getting at the judiciary. “We have the various anti corruption agencies. The NJC should start the probe and hand over the outcome of their efforts to the anti-corruption agencies for proper prosecution. I don’t think anything would come out of the Senate probe. “The oversight activities of the legislature is usually not transparent and that’s why I don’t have confidence in what would be the outcome of the Senate probe.” On his part, the Legal Adviser of the Peoples Democratic Party (PDP) in Kwara State, Mr. Michael Aborisade, also kicked against the planned probe of the ex-CJN by the Senate. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY JULY 4, 2022

FEATURES

Group Features Editor: Chiemelie Ezeobi Email: chiemelie.ezeobi@thisdaylive.com, 07010510430

Bridging the Food Gap In bridging the food gap by reducing hunger and starvation while raising volunteer changemakers along the way, Maduabuchi Ubani writes that the Lagos Food Bank Initiative, which is the first indigenous food bank in Nigeria, is focused on providing food relief, nutrition intervention, dietary counselling and nutrition education to vulnerable women and children across low income, underserved and far-to-reach communities. So far, the initiative has reached more than 1.7 million people across 140 communities within and outside Lagos

Food intervention items at the Lagos food bank warehouse

Transformed NUMEPLAN beneﬁciary baby

y first meeting with Micheal Sunbola did not exactly start on a remarkable note. No, it didn’t. You know how you never get the second chance to make the first impression, right? Well, let’s just say I didn’t quite make the first positive impression; we didn’t exactly hit the ground running on our first meeting, and that was entirely my fault. I have lived in Lagos for years, but on that said day, I clearly underestimated the traffic to his office on Lagos Mainland. Not like I want to pass the blame or anything, but yes, the traffic app on my phone did state that it would take me exactly 45 minutes to get to Michael’s office. Well, let’s just say it took me close to 3 hours to get there. So you can imagine the kind of impression I made of myself that day on our first meeting. I got to his office, and waited for another 30 to 45 minutes, because this clearly was a busy man, and efforts were being made to squeeze me into his schedule for the day. I had already blown my chances by arriving late, and clearly, I was trying to steal the time of others. It really was an edgy situation. Eventually, I was ushered into his office, and there was this air of uncertainty on what was going to happen next. There I was, seated in front of a man whom I promised to have a quick session with, and be on my way. The look on his face wasn’t easy to read, but then, I just had to flow with the tide and hope for the best. I was already in his office,

LFBI in-house Nutritionist and some of the NIDS beneﬁciaries

Transformed NUMEPLAN beneﬁciary baby right? What’s the worst that could happen? So our conversation commenced. The Start of Something Phenomenal Michael Sunbola is the Founder of Lagos Food Bank Initiative- the first indigenous food bank in Nigeria that is focused on providing food relief, nutrition intervention, dietary counselling and nutrition education to vulnerable women and children across low income, underserved and far-to-reach communities. So far, the initiative has reached more than 1.7 million people across 140 communities within and outside Lagos. Michael’s office at Punch Estate, Mangoro has the ambiance of

Michael Sunbola

flowers in the botanical garden of Singapore. And when he spoke, it was the same aura of calm and ease that he exuded. As a trained litigator, Michael had started and built the food bank initiative since 2016 with no prior knowledge of the development sector. My jaw practically dropped at this revelation. In fact, he had not even volunteered for any community project before he started the food bank. “All I had was the dedication and zeal to create a positive change,” he started. “I had quite a challenging childhood, and I remember days when I and my siblings sometimes had to go to bed with no food in our belly. We didn’t deserve that as kids, actually, no child deserves it. “So starting the initiative was my way of stirring a positive ripple effect. It was my way of ensuring that what I passed through during my childhood does not happen to any mother or child. And since 2016, that’s is exactly what

Lagos Food Bank Initiative- the first indigenous food bank in Nigeria is focused on providing food relief, nutrition intervention, dietary counselling and nutrition education to vulnerable women and children across low income, underserved and far-to-reach communities. So far, the initiative has reached more than 1.7 million people across 140 communities within and outside Lagos

we have been doing. "Starting Lagos Food Bank Initiative has since made me understand you do not really need to be an expert at something before you can actively begin; what you need is the strong to-do spirit, a good team, and the willingness to help create positive changes around you. Once you start, things will in fall place, and you will move from there. That’s what happened and is still happening to us at the food bank". Community-based Programs When the food bank started operation, it did not roll out all of the community-based projects at once. In fact, the grand blueprint has always been to look into communities and point out areas that residents need urgent help. It is this hands-on commitment and collaboration with underserved communities that has enabled Lagos Food Bank Initiative to come up with their community-based projects. Emergency Food Assistance The initiative started with the Temporary Food Assistance Program (TEFAP). What TEFAP does is to provide nutrition intervention to vulnerable women and children across underserved communities. So far, the TEFAP community program has served more than 50,000 residents across more than 130 communities within and outside Lagos. The program has helped to fight hunger, starvation and malnutrition across different Continued on page 21

T H I S D AY ˾ MONDAY JULY 4, 2022

FEATURES

Bridging the Food Gap

Some beneﬁciaries of the Temporary Food Assistance Program (TEFAP)

Michael Sunbola and Partner NGOs communities. “Many people came to know the Lagos Food Bank through the TEFAP program, but that is not the only community projects we offer. In fact, we have six community based projects that are making positive impact across different far-to-reach and underserved communities,” Michael noted. Feeding Program for School Pupils Apart from TEFAP, there is the Education Enhancement Intervention for Food Insecure Students (EDUFOOD). This community based program reaches out to pupils in low cost primary schools across underserved communities and feeds them for three days of the week. The aim of the program is to reduce drop out from school due to no feeding arrangement for the child, and also to enhance the growth and well being of the pupil. So far, the EDUFOOD program has reached out to more than 3 thousand Pupils across 21 schools in underserved and far-to reach communities. Food Intervention for Mothers and Malnourished Babies Then there is the Nutritious Meal Plan Intervention for Vulnerable Mothers and Children (NUMEPLAN). The interesting angle about the NUMEPLAN program is that it works directly with the Primary Health Centres (PHCs) across underserved communities. So the nutritionists at Lagos Food Bank Initiative stay in touch with the officials at the PHCs, who in turn direct extreme cases of mothers and their malnourished babies to the food bank. When these mothers get to the food bank with their babies, the babies and the mothers are given nutritious food relief that can last them for weeks and also placed on a diet plan. Once enrolled in the EDUFOOD program, the mothers and their babies report weekly to the food bank for supervision and progress update. So far, the EDUFOOD program has made impact in the lives of more than 400 vulnerable mothers and babies across 30 PHCs in far-to-reach and underserved communities.

Michael Sunbola and some LFBI Volunteers Michael stated. Job Placement & Family Farming Community Programs Apart from the Job Placement Community of the food bank which helps to connect people in undeserved communities to menial jobs across Lagos, there is also the Family Farming program which helps women in remote communities to grow their own food for consumption and for commercial sales. The food grown by these women under the family farming program include vegetables, snails, and chickens. Both the job placement program alongside the family farming programs together have made impact in the lives of thousands across hundreds of communities. Community Program For Diabetic Patients The Food Bank Initiative also took into consideration the people living with diabetes and have no funds to meals plans suitable for their health challenges. “Looking at the diabetes challenge among vulnerable women in underserved communities made up to begin the Nutrition Intervention for Diabetes Self-Management. “The purpose of the program is crystal: to help provide food relief for people suffering from diabetes who cannot afford to buy food as required by their health conditions. So these women come in, and we not only provide the food, but also give them the necessary trainings that they need to stay healthy and effectively manage their conditions,”

Bringing Volunteers Aboard Volunteers take up the large chunk of work at the food bank. These volunteers are the ones who go into communities to pick out and tag beneficiaries who need food relief the most. They are also the ones who help in packaging the food relief for these families across different communities, while also helping out in the other programs by the food bank initiative. But it never used to be like this. When the food bank started in 2016, only 245 volunteers showed up for the first community outreach. But six years down the line, the initiative boasts of more than 15,000 volunteers. “The volunteers are (and will always remain) our strong link,” Michael stated. “Many of them come as far as Lagos Island to give their time, skills and energy to the programs we run at the food bank. You can see the passion and enthusiasm in them to render assistance and help to positively change the narrative. "Over the years, many volunteers have reached out to share the personal growth and development that have happened in their lives, due to their volunteering services at the food bank. We have some who have gotten better jobs, some others have improved on their skillset, and then we have others who have keyed into national and international opportunities. "It’s heartwarming to know that we are not just absorbing volunteers, instead, we are raising positive change agents that are intentional about community development, social impact, community engagement and servant leadership.” Working with Other Ngos Although the food bank initiative have overtime reached out to many communities and vulnerable people in the society, the platform recently engaged other NGOs that are into

Food systems, policies and even laws tend to be the least discussed topic in the grand scheme of things. It is not given the due attention that it truly deserves. But none of us can go a day without eating

food relief to help connect more vulnerable families in different underserved communities within and outside Lagos. This engagement includes the giving of food items to NGOs that operate in different far-to-reach communities. So far, the Food Bank Initiative has been able to distribute food items to more than 150 NGOs that are into nutrition, food relief, and hunger intervention across different communities within and outside Lagos. “We figured that for more people to benefit from the hunger intervention program of the Lagos Food Bank Initiative, we had to collaborate with other NGOs that are within our niche to help make the project a success. "The most engaging part remains that these NGOs we are working with understand the terrains within the communities they operate; They know the people who are in dire need of these food relief. So they help us reach out to these vulnerable people, and the general aim is achieved. It’s a win-win for everyone.” Final Thoughts As our session came to its concluding part, I’m not sure Michael recalled that I was late for our meeting in the first place. We were practically engrossed in the conversation that we lost track of time. But then, I had to take my leave, and he too, clearly, had a lot on his plate. But before I took my leave, he made a very striking comment, one that that I am inclined to share here. Michael said that “food systems, policies and even laws tend to be the least discussed topic in the grand scheme of things. It is not given the due attention that it truly deserves. But none of us can go a day without eating. “The discussion around issues like food wastage and interdisciplinary connection should be given topmost priority. And that’s what makes our work at the food bank very important. "Just we know that what we are doing at the food bank will outlive us, people who are saddled with the responsibilities of making decisions should have a long term mindset when it comes to food security and sustainability. When it comes to food, we are all involved. Every single one of us.”

T H I S D AY • MONDAY, JULY 4, 2022

PERSPECTIVE

Women's Right: A Key Driver of Rwanda’s Progress Jeannette Bayisenge When the BBC reported recently that women were being trained to drive electric-powered motorcycle taxis in Rwanda, many readers were surprised. Not only was this an innovative, environmentally conscious line of work, but it’s also one that many might not regard as a typically female profession. Not in Rwanda, however, because we regard every job as gender neutral. Rwanda has received a considerable amount of criticism in the news recently. No country is perfect, but there has been no recognition of everything that Rwanda has achieved since the 1994 geocide against the Tutsi – such as huge advances in female empowerment. I am proud to say that, today, Rwanda has the highest rate of female labour force participation not just in Africa, but the entire world. 86 percent of Rwandan women are active in the national labour market. They also hold 55 percent of government cabinet positions and 61.3 percent of seats in our country’s parliament. For me, it is clear: the leaps that Rwanda has made over the last 28 years wouldn’t have been possible without the contribution of the extraordinary women of our country. In 1994 Rwanda was a nation in ruin. The horrors of the genocide against the Tutsi had left the economy crippled and our society damaged almost beyond repair. At the time, I never could have dreamed that we would find ourselves where we are today: in less than three decades, it is estimated that over a million Rwandans have been lifted out of poverty as a result of sustained economic growth. From 2005 to 2017, the proportion of the population living in extreme poverty was slashed from 35.8 to 16 percent. Today, we continue to work to get that number down to zero, but I firmly believe that we are on the right path to getting there and that this transformation would have never happened had Rwanda not unleashed the talents and abilities of the women of our country. This hasn’t only benefited our economy but has also helped change the fundamental nature of Rwandan society as well. Pre-genocide Rwanda was a primarily paternalistic society, with little opportunity for women to assume leadership roles in government or wider society. But the atrocities that occurred in that period profoundly disrupted the old social order. Early on, it was clear to the post-genocide government that women’s leadership and

Rwanda Minister of Gender and Family Planning, Prof. Jeannette Bayisenge influence would be vital at a time where forgiveness, reconciliation, and peace building were desperately needed. So, from the outset, equality of opportunity and of representation was central to Rwanda’s reconstruction policies. The empowerment of Rwandan women is intrinsically linked to our vision for the country and the transformation that our society has undergone since 1994. Female empowerment was and is one of the main

driving forces of this transformation as well as one of its most valuable outcomes. Research shows that improving gender equality helps foster reconciliation and peacebuilding, increases economic growth, reduces poverty, enhances societal well-being, and helps ensure sustainable development – all of which we have seen in Rwanda first-hand. None of this was easy. Undoing societally ingrained patriarchal norms and building a more equitable society takes serious work,

which is why Rwanda devised innovative mechanisms to promote women’s representation and inclusion. Driven by the Ministry of Gender and Family Promotion, policy and lawmakers introduced some of the most female-friendly policies in the world as well as actively identifying gender-discriminatory laws to be amended or repealed. But non-government actors played a key role as well. More than 50 civil society groups operating under the Pro-femmes Twese Hamwe umbrella organisation helped us get to where we are today by providing free legal aid to women or educating men about gender-based violence. Other reforms enabled women to register on land titles and use their land as collateral to obtain loans, encouraging financial independence. Girls’ education was prioritised and incentives were created for girls to study traditionally male-dominated subjects, which is why, female enrolment in STEM (Science, Technology, Engineering, Mathematics) stands at 46.2 percent. Our nation’s collective commitment to inclusive and the hard-won achievements of Rwandan women are helping lead our country towards a brighter future, one that doesn’t only benefit our citizens, but can also help vulnerable people from across the world. In April 2021, the administrators at the School of Leadership Afghanistan [SOLA], a ground-breaking all-girls boarding school, began to fear for its future following the planned withdrawal of U.S. troops from Afghanistan. On August 30, two weeks after the Taliban seized Kabul and a day before the last U.S. soldier left the country, SOLA began its first day of classes in our capital Kigali. In Rwanda, not only has our tragic past filled us with empathy for those fleeing danger, but we immediately recognised the importance of SOLA’s noble work in shattering outdated norms and preparing girls to succeed in the world, which why the Rwandan government did not hesitate in making plans to accommodate the school’s 250 students and staff. No country is perfect, but Rwanda has made such progress over the last 28 years that it can provide safe haven to those seeking safety and opportunity and I am confident that Rwanda will continue to embrace this duty in the future. •Signed: Minister of Gender and Family Planning in Rwanda, Prof. Jeannette Bayisenge

NEWS ANALYSIS

2023: What are the Options Before Wike? Chuks Okocha in Abuja The leadership of the Peoples Democratic Party (PDP) must be miserable and feeling threatened at the moment. The party is worried that one of its big guns, major financier, and incumbent governor of Rivers State, Nyesom Wike, is unhappy and could take some unpleasant decisions in a fit of his palpable anger. This can unsettle as well as alter some political calculations in the PDP ahead of next year’s general election. Wike, an advocate of southern presidency, had put up a good showing at the May 28 presidential primary of the party in Abuja, where he clinched the second place, coming very close to the ticket. The politics under the table that tilted victory in favour of former Vice President Atiku Abubakar was a huge disappointment to him. He would later allege gang-up after the primaries and eventually resolved to move on. Yet, another opportunity came up: the presidential running mate. Although Wike had, while pushing for the presidency, said the vice president's position was not a consideration for him, Atiku, too, was said to have promised to pair with him for the election, while brokering truce, shortly after the primary. That had triggered something new in Wike and set anew the options before him. As vice president, you’re just microseconds away from being president, he might have thought to himself, and so, he went for it. To his shock, that, too, vanished – right before him. While the party leadership had reportedly set up about

four advisory committees on the matter, one of the committees, however, voted and 14 out of the 17 members – a majority of them governors – voted in support of Wike. Atiku ignored the recommendation and opted for Delta State Governor, Dr. Ifeanyi Okowa, who has just declared his certificates missing, as the most suitable partner for the onerous task of returning Nigeria to its pride of place in 2023. Wike is, therefore, angry and has been speaking subliminally through his proxies – leaving no one in doubt that he is prepared to rock the boat. But, at what cost to him, personally, and to his party? He had previously stated and continues to affirm that he would never leave the PDP for any other party, given his place in the political equation of the party, state and country. But his rumoured meeting with the presidential candidate of the APC, Bola Tinubu, in France, weeks after the one he had with the Labour Party presidential candidate, Peter Obi, in Port Harcourt, and another meeting with the presidential candidate of NNPP, Rabiu Kwankwaso, almost created some panic. That has since been denied, as the carrier of the alleged misinformation, Joe Igbokwe, was roundly denied by his party, the APC, and Tinubu, and even stereotyped as fake news carrier by his own people. For Igbokwe, it’s a permanent damage, as no word from him may be taken seriously. This, nonetheless, something fishy is definitely going on with Wike as far as his options are concerned. What, therefore, are these plausible

options? First, assuming Wike has changed his mind about defection and is now considering leaving the PDP for the ruling All Progressives Congress (APC). If he defects, then, there would be too many challenges to deal with in the party. This is because, in the APC is another former governor of Rivers State and immediate past Minister of Transportion, Chibuike Amaechi, under whom Wike once worked as Chief of Staff. Amaechi is out of office but certainly not out of reckoning. His recent visit to Port Harcourt is a testament to that fact. Besides, of the seven new ministers appointed by President Muhammadu Buhari, Amaechi was believed to have nominated two – for Rivers and Akwa Ibom states – an indication that he remains as strong an issue in every consideration. Besides, managing the two tendencies (Amaechi and Wike) is certainly going to tricky for APC and Tinubu, because the decision could compromise the battle for the soul of Rivers, which Amaechi had undertaken since 2015. Of course, the starting point would be seniority in the party at the state level. At the moment, Amaechi controls the structure, but with Wike in the party, it remains to be seen how this will pan out, else, another Ogun and Zamfara states' scenarios might be loading. So, this option seems dead on arrival. The second option is to stay back in the PDP, strike a deal with APC, and play the spoiler for his party. This is even a more dangerous gambit for him. Yes, Wike boasts huge financial chest, but Rivers is a traditional PDP

state. So, what happens if he loses at the end of the day? After all, Amaechi was once governor and controlled as much resources, but he has also been unable to take back the state he governed for eight years as governor and another eight years as Speaker of the House of Assembly, apparently because he is no longer in PDP. Wike may want to learn from Amaechi, because if, in spite of playing anti-party, PDP eventually wins the presidency in 2023 as well as the state, then, it would be game over for him. His situation will be worse than whatever Amaechi might have found himself in now. After all, Amaechi had the federal government to run to. There’s a third option, which is that Wike may choose to stay back in PDP but remain indifferent to whatever is being done in the party, except paying attention to Rivers, so he could retain the state. With the presidential and National Assembly elections slated for the same day, what then happens to his candidates for the other elections? The snag here is that since politics is no less an investment for the players, it is what you put in that you will get back, if the investment finally yields result. What this means is that he might not be entitled to anything if the party won the presidency, at the end of the day and without an input from him. The last but not the least option, which many have considered his best bet, is to outgrow the pain, see the disappointment as an act of God and yield to the overtures of the party and Atiku, in collective and shared

common interests. This, most definitely, is not going to be without some horse-trading, negotiations and compromises, but it would leave him better, when compared to other options flashing before him at the moment. It might be painful; it is one to end well, ultimately. Benue State Governor Samuel Ortom and a former governor of Ekiti State, Ayodele Fayose, have come out to say so much in their recent media exposures. While Ortom suggested that Wike be properly pacified in collective interest, Fayose thought it was game over – that the time to leave had come – stressing that, staying back could haunt Wike for the rest of his life. Well, Fayose is no longer a member of PDP, although a friend of Wike; his reasoning is expected to be completely out of sync with the projected successes of the PDP. But Wike, at this point, must be able to talk to himself and consider all the options open to him in his quiet moment very carefully. Above all, and importantly, too, Wike must know that staying politically relevant post-2023 is a battle that is beyond merely boasting some huge war chest. Enduring relationship will enable survival, which will in turn, actualise the much-needed relevance. But, if what Wike said upon returning from his vacation in Turkey, was anything to consider, then, he might have resolved to embrace the last option, which is his best shot at the moment. However, everything remains fluid and mercurial, until they are concretely sealed.

T H I S D AY • MONDAY, JULY 4, 2022

FOCUS

LEKKI DEEP SEAPORT:

Changing Nigeria’s Maritime Story Last week’s ﬁrst ship docking at the $2bn ultra-modern Lekki Deep Seaport, Lagos, signals the repositioning of Nigeria as the prime maritime hub of West and Central African regions, writes Louis Achi

ast Friday, the vessel ZHEN HUA 28, a heavy lift carrier, berthed at the Lekki Deep Seaport, Lagos, delivering three Ship to Shore (STS) Cranes and 10 Rubber Tyred Gantries (RTG) that will help in the swift evacuation of cargoes from vessels to the shore. It was a first. These cranes, touted as the most sophisticated port equipment, will be used for the first time in Nigeria at the Lekki Port, putting Nigeria at the forefront of container operations in West Africa. The Lekki Deep Seaport with almost 17-meter draught constructed by China Habour Engineering firm is a $2 billion investment in the Lagos Free Trade Zone initiated by the Tolaram Group and conceived to be a key game-changer in Nigeria’s dawdling maritime economy. An upbeat President Muhammadu Buhari congratulated the Federal Ministry of Transportation and the Nigerian Ports Authority (NPA) and all stakeholders in the maritime sector over the successful berthing of the first ship at the Deep Seaport. He recalled that his approval of four new seaports in the country, including the Lekki Deep Sea port, was hinged on growing the economy. “The successful delivery today (last Friday) at the Lekki Deep Seaport of three Super Post Panamax stateof-the art Ship to Shore (STS) Cranes and 10 Rubber Tyred Gantries (RTG) is a testament to the unflinching commitment of NPA to providing the support necessary for placing Nigeria on the global list of countries with Deep Seaports,” the substantive MD/Chief Executive Officer of NPA, Mr. Mohammed Bello Koko enthused, adding that the Lekki Deep Seaport, when operational, would reduce ship waiting time by 50 to 60 per cent. Further according to the NPA boss Koko, “The successful delivery of these very important equipment which are critical for the Lekki Deep Seaport to commence operations before the end of the year 2022 is a demonstration of our readiness to take trade facilitation a notch higher. This has been made possible by the tremendous backing of His Excellency, President Muhammadu Buhari and the Federal Ministry of Transportation who have over the time played a key role from the initial construction stage and also granted fast tracked approval for this historic exercise. “For us at the NPA, the coming on stream of Lekki symbolises a lot of positives. Apart from being Nigeria’s first Deep Seaport, Lekki Port will also be the first fully automated port at take-off. This provides an insight into the path we are already toeing as a management team to govern the operationalisation of not just the forthcoming Badagry, Ibom and Bonny Deep Seaports, but also of the reconstruction of the aged Tin-Can Port, where work is set to commence once we secure the necessary approvals from the Federal Ministry of Transportation and FEC, respectively.” In addition to the maritime equipment delivered last Friday, two pieces of ship-to-shore cranes and five RTG cranes will arrive Lekki Deep Seaport in mid-August this year. Then two more units of ship-to-shore cranes and six RTG cranes will also arrive at Lekki port before the end of year 2025. Another crucial dimension to the actualization of the Lekki Deep Seaport was the all-out leadership and persistence of then Minister of Transportation Chibike Rotimi Amaechi. As at the time he became minister, there was nothing there. In his second tenure, he paid close attention to it and pushed the project with commendable focus.

Managing Director, Nigerian Ports Authority (NPA), Bello-Koko He really persisted and secured all necessary Federal Executive Council (FEC) approvals and was visiting site almost every two months to ensure there were no glitches. He gave his time and telephone lines to the contractors to ensure uninterrupted contacts. This much were also acknowledged by both President Buhari and NPA MD/CEO Mohammed Koko. Under the technical guidance of the International Maritime Organization, NPA is assiduously working to deploy the Port Community System (PCS), which will enable Nigeria respond squarely to the dictates of global trade facilitation and optimise the opportunities of the African Continental Free Trade Area (AfCFTA) Agreement to which Nigeria is signatory.” Obviously worried by the gradual loss of the maritime hub status and critical revenue, due to the inadequacies of seaports in the country, the Federal Government and Lekki Port LFTZ Enterprise Limited signed a 45-year concession to develop a deep sea/multipurpose port in Lagos State. The Lekki Deep Seaport has a natural depth (draught) of almost 17 metres, Quay Length of 680 metres, Breakwater of 1.909 metres, two Container Berths and Marine Services Jetty to handle containers, as well as liquid and dry bulk cargoes. With these metrics, Lekki port is

projected to be one of the most modern deep seaports in West Africa, which will serve as a vast support to the burgeoning commercial operation across Nigeria and repositioning the country as the maritime hub of the region. Also, the NPA had revealed that with the country accounting for 70 per cent of the cargoes imported into West and Central Africa, developing modern deep seaports will be a huge potential revenue earner for the nation along with the attendant multiple socio-economic benefits. It’s worth recalling that neighbouring countries had capitalised on shortcomings in Nigeria’s maritime sector to claim transshipment hub status as they are rapidly developing into modern seaports with automated facilities and infrastructure as well as deeper draught that can accommodate larger vessels with Nigeria-bound cargoes. Land-locked countries such as Chad and the Republic of Niger, which, hitherto were using Nigeria’s ports as transit points for their cargoes have diverted to Ghana, Togo, Benin Republic, Cote d’Ivoire and Cameroon. Also, the majority of importers divert Nigeria-bound cargoes to the neighbouring countries just as investors shun the nation’s ports to invest elsewhere. The cargo diversion costs Nigeria an estimated N130 billion yearly according to reports.

With the coming on stream of the ultra-modern Lekki Deep Seaport, these challenges which have pulled the country behind in the maritime sector will shortly become a story of the past. Indisputably, the history, growth and progress of nations are closely interwoven with the degree of development of the maritime industry. Not surprisingly, maritime trade has played a key role in Nigeria’s economic development. The maritime sector accounts for about 95% of the vehicular means of Nigeria’s international trade. The maritime industry is a key sector of the nation’s economy putting into consideration the country’s status as a major oil exporting country. An adequate and efficient maritime transport system plays a vital role in the development of a country’s market especially the market of international trade by transforming local markets in to national, regional and international focus. This allows economies of great scale in areas that have promising comparative advantage with concomitant generation of huge employment opportunities. The maritime sector is capital intensive and thus requires huge amount of funding. It then little wonder the NPA MD/CEO Koko noted that “Our strategic intent of becoming the maritime logistics hub for sustainable ports services in Africa rests heavily on how well we are able deepen our efficiencies through construction of deep seaports in order to leverage the concomitant benefits of economies of scale.” He further made it very clear that “The commitment of the Nigerian Ports Authority (NPA) to providing every support necessary to place Nigeria on the global list of countries with Deep Seaports is unflinching. This is why matters related to the operationalization of Lekki Deep Seaport before the end of this year have been placed on top priority.” On his part, the Minister of Information, Lai Mohammed, during a recent tour of the port, said when completed the port would make Nigeria regain the maritime business that it lost to ports in Togo, Cote d’Ivoire and Ghana. He also estimated that over $201 billion in taxes, royalties and duties would be generated for the government as well as the creation of 169,972 jobs when the port commences operations in the fourth quarter of 2022. According to Mohammed, the aggregate economic impact of the port, put at $361 billion in 45 years, would be over 200 times the cost of building the port adding that the direct and induced business revenue impact of the port is estimated at $158 billion in addition to a qualitative impact on the manufacturing, trade and commercial services sector. “No port in Nigeria currently has this. The excellent equipment is why this port can do 18,000 twenty-foot equivalent unit (teu), which is more than four times the number that can currently be handled by our other ports,” he stated. Also, the Managing Director, Lekki Deep Sea Port, Du Ruogang, assured that the port would change the economic landscape of Nigeria and West Africa at large with its largest terminal capacity. He said the operators will have a terminal operating system that will be more integrated, not only to drive the functionality of the port but e-commerce as well. Ruogang further said the competitive edge of the port is its ability to accept larger vessels and discharge ships twice as fast, thereby reducing the overall port stay of a vessel as well as the costs for importers and exporters minimally, while savings are handed to the consumers.

T H I S D AY • MONDAY, JULY 4, 2022

This Week In Tech 08097710984

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Tech Top 5 News NIGERIA’S INTERNET SUBSCRIPTIONS ROSE BY 2.7% IN Q1 2022 he National Bureau of Statistics has said the number of active internet subscriptions in Nigeria rose quarter-on-quarter (QoQ) by 2.7 per cent. This is a rise to 145.8 million in the first quarter of 2022 from 141.9 million in the fourth quarter of 2021. NBS disclosed this in its ‘Telecoms Data: Active Voice and Internet, Porting and Tariff Information’ for Q1’22, stating that the number of active voice subscribers also rose QoQ by 2.09 per cent to 199.5 million in Q1’22 from 195.4 million in Q4’21. The report also showed that Lagos had the highest number of active voice subscribers and internet subscriptions in Q1’22, with 24.2 million and 17.8 million, respectively. “In Q1’22, a total of 199.5 million active voice subscribers were recorded compared to 192.4 million in Q1’21. This represents a 3.71 per cent rise in voice subscriptions Year-on-Year (YoY),” stated the report. On a QoQ basis, growth stood at 2.09 per cent. Similarly, a total of 145.8 million active internet subscribers were recorded in Q1’22 compared to 144.9 million in Q1’21.” This represents a 0.62 per cent increase in active internet subscriptions YoY. Based on state analysis, Lagos had the highest number of active voice subscribers in Q1 2022 with 24.2 million, followed by Kano with 11.6 million and Ogun with 11.5 million, while Bayelsa had the least with 1.45 million, followed by Ekiti with 1.78 million. Lagos stood top for active internet subscriptions recorded at 17.8 million, followed by Ogun with 8.53 million and Kano with 8.36 million.

CBN RELEASES CYBERSECURITY GUIDELINES The Central Bank of Nigeria has recently released a new set of cybersecurity guidelines to improve the operations of Other Financial Institutions (OFIs) in Nigeria, starting January 1, 2023. The draft guidelines have been issued further to aid CBN’s effort in strengthening the cyber resilience of OFls, following the increase in the number and sophistication of cybersecurity threats and attacks against them. In a letter to the OFIs, which was accompanied by a copy of the new framework, the CBN explained that the guidelines have become imperative amid increasing cybersecurity threats currently facing financial institutions in the country. The letter stated, “As a result of recent increase in the number and sophistication of cybersecurity threats against financial institutions, especially Other Financial Institutions (OFIs), it has become mandatory for institutions to strengthen their cyber defences if they are to remain safe and sound.” The bank stated, “Consequently, the CBN hereby issues the attached Risk-Based Cybersecurity Framework and Guidelines for OFIs, which represent the minimum requirements to be put in place by all OFIs. The effective date for full compliance with the provisions of the guidelines is January 1, 2023.” It added, “In recent times, threats such as ransomware, targeted phishing attacks, and Advanced Persistent Threats (APT) have become prevalent, demanding that financial institutions, including OFIs, strengthen their cyber resilience and take proactive steps to secure their critical information assets to ensure their safety and soundness.”

Tech Personality of The Week CHIJIOKE DOZIE

his week’s tech personality is the CEO and co-founder of Carbon, Chijioke Dozie. He also doubles as the CEO of OneFi. Carbon is a pioneer fintech provider of micro-loans in Nigeria, now turned into a full-fledged digital bank with a mission to empower all people with the financial access they need to pursue a life of dignity and prosperity. It is a company with operations in Nigeria and Ghana. It provides simple payment solutions, high-yield investments, easy-to-use tools for personal financial management, and empowers individuals with credit access through its mobile app ‘Carbon’. Onefi is an African Mobile-First Consumer Lending Business tech startup offering Nigerians loans, bill payments, and high-interest savings. It started as a digital lender and has morphed into a platform that provides several financial services. Pulse (www.Pulse.africa), an innovative media company, appointed Chijioke Dozie as chair of its Pan-African board of directors in 2021. PAYMENT APP, ABEG, REBRANDS TO POCKETAPP As part of its commitment to growth in the fintech space, a social payments company, Abeg, has rebranded to Pocket by Piggyvest. With the acquisition, the fintech company has been approved in principle by CBN to operate as a Mobile Money Operator (MMO) to drive digital payments and inclusion for microentrepreneurs in Nigeria. The Mobile Money Operator licence will enable the company to carry out activities around like, Wallet creation and management, e-money issuing, USSD, agent recruitment and management, pool account management, non-bank acquiring as stipulated in the regulatory requirements for non-bank merchant acquiring in Nigeria, card acquiring, and any other activities that the CBN may permit. In a statement, co-founder and COO of PiggyTech Global Limited, Odunayo Eweniyi, said, “We’re incredibly pleased that PocketApp has been granted an approval in principle as a Mobile Money Operator in Nigeria. We will now work closely with the Central Bank to meet all its conditions to receive the full operating license, enabling us to continue growing and expanding the scope of our social payments, social commerce, and other digital financial products to reach millions of Nigerian micro-entrepreneurs.” She added, “PocketApp affirms its commitment to the financial inclusion agenda of the CBN and the Federal Republic of Nigeria and will continue to make it easier for our teeming young population to seamlessly carry out their transactions while saving them costs and giving them more access to get paid.”

MOOVE RECEIVES $20M FUNDING FROM BRITISH INTERNATIONAL INVESTMENT Mobility fintech startup, Moove has received a $20 million four-year structured credit from the British International Investment (BII), the UK government’s development financing agency. This investment will enable the company to purchase and import brand new fuelefficient automobiles into Lagos, which will then be leased to drivers who will work their way to asset ownership over a three to four-year period. This move is also targeted at removing one of the major impediments to developing ride-hailing transportation infrastructure in Nigeria’s commercial metropolis. According to the co-founder and co-CEO, Moove, Ladi Delano, the new funding has placed the platform in a stronger position to use its technology and productivity data in creating a more inclusive financing ecosystem. “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs whilst also tackling the unemployment problem affecting over a third of Nigerians by generating the opportunity for more seamless and sustainable employment,” said BII’s Chief Executive, Nick O’Donohoe. He added, “In Moove, BII has a partner that aligns with our commitment to back dynamic tech-enabled businesses that can help accelerate impact in Nigeria by strengthening the country’s informal transport industry. I am delighted that not only will BII’s investment help to create jobs and provide entrepreneurial self-starters with the means to own their vehicles, but Moove’s clear focus on gender diversity will foster inclusive economic opportunities for

women, both within the company’s workforce and among its drivers.” The investment represents BII’s focus on mobilising resources to assist Nigeria in establishing self-sufficiency and market resilience, expand access to inclusive economic opportunities and catalyse the country’s unlimited entrepreneurial ambition. FLUTTERWAVE APPOINTS NEW CHIEF TECHNOLOGY OFFICER Africa’s payments technology company, Flutterwave, has announced the appointment of former Goldman Sachs’ Managing Director, Gurbhej Dhillon, as its chief technology officer (CTO). Gurbhej joins at a key time for Flutterwave, following its recently completed Series D funding round, valuing the company at over $3 billion and maintaining its rapid expansion. According to the company, the new CTO will further develop Flutterwave’s innovative technology platform, which currently supports integrations with key technology partners like VISA, Mastercard, and Discover Card Networks, and customers like Uber, Flywire, Booking.com etc. He will focus on improving the architecture and infrastructure and providing leadership, enabling other engineering and product leaders to create the best solutions that support customer business growth. In his role as CTO of flutterwave, Gurbhej hopes to support the Community to attain higher levels. Founder and CEO, Flutterwave, Olugbenga Agboola, said: “I look forward to working closely with Gurbhej as we continue to expand rapidly. With the needs of our customers constantly evolving, we remain focused on driving further innovation across the business and continuing to develop our innovative technology platform that simplifies payments and connects the African market with the world. Gurbhej’s experience and deep expertise in developing financial technology platforms will be instrumental in Flutterwave’s further growth.”

T H I S D AY ˾ MONDAY, JULY 4, 2022

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

Group Business Editor Eromosele Abiodun Email oriarehu.eromosele@thisdaylive.com

08056356325

J U L Y

S & P INDEX

4 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

DMO: FG Raised N1.84trn Via Bond to Bridge 2022 Budget Deficit in H1

Kayode Tokede The federal government in first half (H1) of 2022 raised a total of N1.84 trillion through the FGN bond market to finance the N6.26trillion 2022 budget deficit, the Debt Management Office (DMO) FGN Bond auction results has revealed. The FGN bonds are debt securities of the Federal Government of Nigeria (FGN) issued by DMO on behalf of the federal government and it has the obligation to pay the bondholder the principal and agreed interest as and when due. The N1.84 trillion raised by the DMO from local investors represents an increase of 29.8 per cent compared to N1.42 trillion FGN bond raised in H1 2021.

The DMO FGN bond auction result revealed that February 2022 has one of the highest amount raised by government, while January has the lowest amount raised. The February auction result for the 12.50% FGN JAN 2026 (Reopening, 10-Year Bond) & 13.00% FGN JAN 2042 (Re-opening, 20-Year Bond) recorded allotted amount worth N415.42 billion (inclusive Non-Competitive Allotment), while auction result for January’s 12.50% FGN JAN 2026 (Re-opening 10-Year Bond) & 13.00% FGN JAN 2042 (New Issue 20-Year Bond) recorded N170.64billion allotted amount by the debt management office. However, the FGN Bond auction result issued by DMO revealed that the total amount offered between

January and June 2022 increased to N1.2 trillion as against N900 billion offered between January and June 2021. The DMO data revealed that the FGN bonds recorded oversubscription in H1 2022 despite mixed interest rates. The DMO in H1 2022 offered N1.2trillion FGN for subscription and it was oversubscribe by N3.02 trillion, which is 39.8 per cent or N1.82 trillion oversubscription rate. The monthly breakdown of FGN Bond revealed that DMO on behalf of the Federal government offered for subscription N225 billion worth of FGN bonds by auction in June 2022. The bonds were listed in three tranches: N75 billion – 13.53% FGN Mar 2025 (10-yr Re-opening); N75

billion – 12.50% FGN Apr 2032 (10-yr Re-opening) and N75 billion – 13.00% FGN Jan 2042 (20-yr Re-opening). For May, the debt office had issued a similar bond worth N225 billion for subscription by auction in May 2022. The bonds were also issued in three tranches with 13.53%, 12.5%, and 13% for the 10-year reopening bond, 10-year reopening bond, and 20-year reopening bond respectively. Meanwhile in April, the DMO offered three new FGN bonds valued at N225 billion for subscription through auctions. They are a N75 billion FGN bond at 13.5 per cent interest rate, due in March 2025 (10-year re-opening) and a N75 billion FGN bond, due in April 2032 (10-year new issue). The bond issuance was auctioned

in three tranches with a 13.53% FGN Mar 2025 bond programme seeking to raise N75 billion, which gathered a total subscription book of N108.43 billion across 87 bids, with a marginal rate of 10.00%. In the same vein, the second bond programme, the 12.5% FGN Apr 2042 bond raised a total subscription of N78.22 billion across 227 bids, representing an N3.22 billion oversubscription on the offered amount of N75 billion with a marginal rate of 12.50%. The DMO in April re-opened 13.00% FGN Jan 2042 (20-year bond) bond programme with an offer of about N75 billion, which gathered a total subscription book of N222.76billion across 113 bids and finally allotted N79.68billion

to investors. The 13.00 per cent comes with a marginal rate of 12.90%. For March, FGN bond issuance recorded an oversubscription of N448.42 billion over the intended N150 billion offered by the DMO. The bond issuance was auctioned in two tranches with a 12.5% FGN Jan 2026 bond programme seeking to raise N75 billion, which gathered a total subscription book of N231.02 billion across 97 bids, with a marginal rate of 10.1500%. In the same vein, the second bond programme, the 13% FGN Jan 2042 bond raised a total subscription of N367.40 billion across 141 bids, representing an N157.32 billion Continued on page 27

Nigeria’s External Reserves Depreciated by $1.37bn in Six Months Nume Ekeghe Despite the increasing price of crude oil, Nigeria’s external reserves depreciated by $1.37billion or 3.37 per cent in the first six months of 2022 to $39.16billion as of June 30 from $40.52 billion it closed in 2021, data obtained from the Central Bank of Nigeria (CBN) daily reserves’

movement has revealed. External reserves are assets held on reserve by CBN in foreign currencies and these reserves are used to back liabilities and influence monetary policy. The foreign exchange buffer of the CBN in January was hovering at an average of $40 billion and later slide to $39 billion in three months

(February- April) consecutive before reaching $38 billion in May 2022. The CBN data revealed that it remained flat at $38billion in June and eventually closed at $39.16billion on June 30, 2022. THISDAY analysis of the CBN data revealed that external reserves in January dropped by $481.4million or 1.19per cent to $40.04billion,

while in February, it declined by $121.4million or 0.30 per cent to $39.86billion. The external reserves in March were down by $317.8 million or 0.79 per cent to $39.55 billion and in April, the external reserves gained $41.5million or 0.1 per cent to $39.58 billion from $39.54 billion it commenced the month under review.

Interestedly, the external reserves were down by $943.07million or 2.39 per cent to $38.48billion, the highest decline in 2022, and eventually appreciated by $674.4million or 1.75 per cent to close at $39.16billion in June 2022. The decline in external reserves is coming on the backdrop of a steady increase in global oil prices

as gas costs soar amid fears of a global economic shock from Russia’s invasion of Ukraine. According to the CBN, daily crude oil price in six months of 2022 appreciated by 70.3 per cent or $53.62 per barrel to $129.87 from $76.25 per barrel reported Continued on page 27

M A R K E T D ATA A S AT F R I D AY, J U LY 4 , 2 0 2 2 BILLS

BONDS DESCRIPTION

Price

Yield

14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027 13.98 23-FEB2028

109.58

8.05

108.04

10.07

106.55

10.25

120.08

10.73

113.28

10.77

Change Updated Time (%) July 1, -0.01 2022 July 1, 0.00 2022 July 1, 0.00 2022 July 1, 0.03 2022 July 1, 0.00 2022

MATURITY

Discount

Yield

OTC F X F U T U R E S

CPS

Change Updated Time (%)

NTB 14-Jul22 NTB 11Aug-22 NTB 8-Sep22 NTB 13-Oct22

6.20

6.21

0.12 July 1, 2022

6.00

6.04

0.00 July 1, 2022

3.45

3.47

0.00 July 1, 2022

6.00

6.10

0.00 July 1, 2022

NTB 10Nov-22

3.90

3.96

0.00 July 1, 2022

MATURITY TRBH CP V 26-JUL-22 FSDH CP VI 1-AUG-22 NENL CP I 24-OCT-22 FSDH CP VII 27-OCT-22 SIBP CP III 27-OCT-22

Discount Yield 11.47 11.56 8.08

Change Updated Time (%) 0.00 July 1, 2022

8.14

0.00 July 1, 2022

15.87 16.71

0.00 July 1, 2022

10.10 10.44

0.00 July 1, 2022

9.29

9.58

0.00 July 1, 2022

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS JUL 27 1 429.51 2022 NGUS AUG 31 431.36 2 2022 NGUS SEP 28 3 433.21 2022 NGUS OCT 26 4 435.06 2022 NGUS NOV 30 5 436.92 2022

Updated Time

July 1, 2022 July 1, 2022 July 1, 2022 July 1, 2022 July 1, 2022

MONDAY, JULY 4, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

PTAD: Final Report on Health Insurance Scheme for Pensioners Submitted to FG Seriki Adinoyi in Jos Pension Transitional Arrangement Directorate (PTAD) has disclosed that the federal government has received a final draft report on plans to introduce health insurance scheme for pensioners in the country. The Executive Secretary of PTAD, Dr. Chioma Ejikeme who confirmed the development in Jos, Plateau state during a stakeholders’ engagement forum organized for pensioners from the North Central Zone of the country, added that the report passed through the Ministry of Health. Ejikeme said, “PTAD’s determination to change the narrative as far as pension administration under the

Defined Benefit Scheme in Nigeria is concerned is irrevocable and I would have to say so far so good. “Our journey from field verification, mobile verifications, to putting together a solid data base of pensioners, benefit computation, ensuring the regular payment of monthly pensions which we never failed to do since inception, and paying long overdue pension arrears to pensioners have been a progressive one filled with creativity, dedication, commitment, persistence and milestone achievements.” She said PTAD is looking at a situation where everything about pension will be smooth sailing, adding, “We know it is not a perfect situation yet, especially when we recognize that excellence is a journey,

and not a destination, but it is a fact that giants strides have been made and will continue to be made in our efforts to reposition pension administration in the country. “Just yesterday, the final report of the technical committee on health insurance for senior citizens was given to the Honourable Minister of Health. So, we see good things coming.” Speaking, Director Pensioner Support Services Department, Mrs. Nneka Obiamalu called on pensioners to always channel their complaints to any of their platforms and offices for immediate solution. She made a presentation on how PTAD was transforming pension administration from the ugly past to serve their needs.

Airtel Targets 36.8% Unbanked Adults with Smartcash Payment Service Gilbert Ekugbe The federal government has unveiled a national financial inclusion strategy to reduce the percentage of adults excluded from financial services in the country, Vice President, Prof. Yemi Osinbajo has said. Osinbajo, who stated this during the launch of Airtel Africa Smartcash payment service bank in Lagos, said the federal government is committed to ensuring that all Nigerians have access to financial services in the country. He said the strategy is being pursued with broad range of interventions, saying that financial inclusion has always been a critical factor for economic growth and development in the country. “For us, financial inclusion is not an option, but a necessity

because it is the back bone for economic growth,” he said. He added that the National Social Investment Programmes (NSIP) under the present administration rest on the stimulation and sustenance of all available channels of financial support for the people and economic growth. The Airtel Africa’s Group Chief Executive Officer, Segun Ogunsanya, said the launch of SmartCash Payment Service Bank gives Airtel fresh impetus to continue growing its footprint in the continent and delivering innovative solutions. “In the bank, we have the best of both worlds a hybrid of commercial bank and mobile financially services offering last mile connection to the financially excluded. Through it, we want to contribute towards driving financial

inclusion in Nigeria, to empower Nigerians while transforming the payment landscape in Nigeria and the rest of Africa,” he said. He said Airtel Africa, a leading provider of telecommunications and mobile money services with a presence in 14 countries across Africa, will deploy the smart cash payment service to provide secure and reliable financial services across Nigeria. The Chief Executive Officer & Managing Director of SmartCash Payment Service Bank, Muyiwa Ebitanmi, said: “Through SmartCash Payment Services Bank, we aim to bridge the financial divide by providing rural and urban Nigerians access to innovative, highly secured and reliable banking services that is powered by technology and is relevant to their needs.”

IoD Expresses Worry over Nigeria’s Rising Public Debt Gilbert Ekugbe The Institute of Directors (IoD) has expressed concerns over Nigeria’s rising public debt combined with its high spending needs, noting that

Group Business Editor Eromosele Abiodun Deputy Business Editor Chinedu Eze Comms/e-Business Editor Emma Okonji Asst. Editor, Money Market Nume Ekeghe Senior Correspondent Raheem Akingbolu (Advertising) Correspondents Emmanuel Addeh (Energy) KayodeTokede(CapitalMarkets) James Emejo (Finance) Ebere Nwoji (Insurance) Reporters Nosa Alekhuogie (ICT) Peter Uzoho (Energy) Ugo Aliogo (Development)

the difficulty in raising extra tax revenue is putting the country in a difficult fiscal policy trilemma. The president and Chairman of Council, IoD, Mrs. Ije Jidenma, at its 38th Annual General Meeting (AGM), said according to the Debt Management Office (DMO) in its quarterly data series on Nigeria’s public debt put Nigeria’s domestic debt at N19.2 trillion equivalents to 11.1 per cent of 2021 Gross Domestic Product (GDP). She added that the increase according to the report can be attributed to new borrowings by both the Federal and State governments. “The DMO explained that the increase was largely accounted for by the $4 billion Eurobond issued by the government in September 2021. For the Federal Government, the 2021 Appropriation and Supplementary Acts included total new borrowings of N5.48 trillion to part- finance the deficits,” she said.

In her words: “The size of the federal government’s borrowings in the year, estimated at N5.1trn (excluding the supplementary budget), including the $1.25trn Eurobond issue, is likely to exert upward pressure on market yields in the second half of 2022.” She noted that Nigeria recorded a sum of $6.7 billion as capital inflows from foreign countries in 2021, stressing that the value represents a drop of 31 per cent relative to the $9.7 billion received in the previous year. “This represents the lowest inflows recorded since 2016. If this trend of lower foreign inflows continues, it would add to the current pressure on the nation’s external reserve, a situation that could further weaken the exchange rate if it lingers. Hence, the Nigerian government needs to improve Nigeria’s export capacity to earn foreign exchange to meet our import bill obligations and bolster our foreign reserve level,” she advised.

Contributory Pension Scheme as Panacea for Retirement Challenges in Nigeria The introduction of the Contributory Pension Scheme (CPS) in 2004 addressed the challenges of the Defined Benefits Scheme (DBS), which was unsustainable and caused undue hardship to retirees. Before the CPS, huge pension liabilities made it impossible for the Federal and State governments to meet their pension obligations to retirees in the public sector. In the private sector, on the other hand, the retirement plans were characterised by meagre pensions or no pension coverage at all The CPS introduced the following innovations that completely transformed the pension and retirement landscape in Nigeria:

INDIVIDUAL RETIREMENT SAVINGS ACCOUNT One of the benefits of the CPS is that participants are allowed to open individual Retirement Savings Accounts (RSA), where contributions are accumulated till retirement. The RSA addressed the problem of pension liabilities. Once an employee exits active service, funds are available for immediate payment of retirement benefits. The CPS also permits members to make Voluntary Contributions to their RSAs from their salaries. The mandatory requirement that PFAs provide regular/periodic statements of accounts to contributors ensures RSA holders are informed on the status of their PENCOM DG, Aisha Dahir-Umar RSAs, especially when their employers pay Life Annuity (RLA). The sum of N25.17 pension contributions. billion was approved as lump sums, while the monthly pension and annuity MOBILITY OF LABOUR The RSA facilitates labour mobility across payment were N425.88 million. PenCom sectors and different tiers of government. Once also approved PFAs to pay N6.545 billion RSAs are opened, and Personal Identification to 9,578 RSA holders under the age of Numbers (PINs) are issued to employees, the 50 years that lost their jobs and were PINs are tied to each employee throughout unable to secure another employment their lifetime. Thus, when an employee four months after. The amount approved changes jobs from one employer to another, for payment represented 25 percent of he maintains his RSA for contributions from their RSA balances. Furthermore, PenCom the new employer. Therefore, there is no granted approvals to pay death benefits need to open another RSA while changing to the Administrators/ Legal Beneficiaries jobs. The employee simply needs to provide of 3,001 deceased employees and retirees in the sum of N16.03 billion during the the new employer with his PIN and PFA. period. These benefits payments indicate that the CPS provides financial security CONTRIBUTORS’ RIGHTS First, the CPS allows participants to select in retirement and during a temporary any PFA to open an RSA. Secondly, the PRA job loss. 2014 guarantees the right for RSA holders to transfer their retirement savings account MINIMUM PENSION from one PFA to another once a year. Thirdly, GUARANTEE The CPS also provided for a Minimum participants retiring under the CPS can decide on the mode of their retirement benefit Pension Guarantee (MPG) as contained payment. Retirees under the CPS can choose in the PRA 2014. Thus, the MPG is a either the Programmed Withdrawal (PW) or provision for all individuals who have Retiree Life Annuity (RLA) method. The PW contributed some years but have not is a product offered and administered by the accumulated enough to have a minimum PFAs under the regulation and supervision pension. PenCom is working to determine of PenCom, which provides a retiree with the the minimum pension and commence the option of a lump sum and regular monthly implementation of the MPG. or quarterly pension payments. In contrast with the PW, the RLA is a product ACCUMULATION OF of Life Insurance Companies regulated by LONG-TERM FUNDS The CPS has generated a pool of longNAICOM. The RLA offers a retiree periodic payment based on the expected life span. term funds that have been invested in the In addition, employees in service before economy. The Scheme has accumulated 2004 are assured of their Accrued Pension N13.879 trillion as of 31 March 2022. Rights under the CPS. The Accrued Pension Thus, the CPS has directly fulfilled the Rights represent an employee’s benefits for functions of transferring resources over the past years of service up to June 2004, time and pooling funds in an efficient when the Pension Reform Act (PRA) that manner. The creation of funds for long-term birthed the CPS came into effect. Finally, investments significantly impacts capital RSA holders under 50 who lose their jobs formation and investment. The CPS has reformed pension and have been unable to secure another job within four months are allowed to access 25 administration in Nigeria so that workers get their retirement benefits immediately percent of their RSA balance. after retirement. The CPS is, therefore, inevitable given the issues associated with BENEFITS PAYMENTS the old DBS, including but not limited UNDER CPS During the first quarter of 2022, PenCom to coverage, funding, transparency, and approved 7,724 requests for retirement inability to pay retirement benefits. These benefit payments. The requests consisted challenges led to the accumulation of of 5,326 payments under Programmed enormous pension liabilities that are yet Withdrawal (PW) and 2,398 under Retiree to be fully settled.

T H I S D AY ˾ MONDAY, JULY 4, 2022

BUSINESSWORLD

STATUS REPORT

PZ Sustains Profitability Amid Hike in Operating Expenses

Kayode Tokede

espite a hike in operating expenses, PZ Cusson Nigeria Plc unaudited year result and accounts for the period ended May 31, 2022 showed sustained growth in profit driven by double-digit growth in revenue. Interplay between hike in foreign exchange loss and significant increase in cost of sales had threatened the multinational company’s profit & loss figures recovery in the year under review. The company has not declared a dividend. The company’s revenue hits another milestone in 2022, driven by growth recorded in its home and personal care products and durable electrical appliances amid low purchasing power due to double-digit inflation, among other factors. The breakdown of revenue in the last 5-year revealed that PZ Cusson Nigeria reported N100.04 billion revenue, an increase of 21.1 per cent from N82.58 billion revenue reported in 2021. The firm had reported N66.99 billion revenue in 2020, a N74.34 billion revenue in 2019 from N80.55 billion reported in 2018 and closed 2017 with revenue of N78.22 billion.

PERSONAL CARE PRODUCTS

The company’s home and personal care products includes morning fresh, Zip, Canoe, Premier, Excel, Joy, Stella, Venus, Imperial leather, Cussons Baby, Original Source, Carex, Robb, among others. The Dural electrical appliance of PZ Cussons

includes Thermocool Refrigerators, Freezers, Televisions, Generators, Air conditioners, Washing Machines, among others. Cost of sales for the period grew significantly 27.4 per cent to N75.7 billion in 2022 from N59.48 billion in 2021. So, Cost of sales/revenue increased to 75.72 per cent in 2022 from 72.03 per cent in 2021. The growth in revenue contributed to 5.1 6per cent increase in gross profit to N24.3 billion in 2022 from N23.09 billion reported in 2021. This dragged gross profit margin to 24.28 per cent in 2022 from 27.9 per cent in 2021. PZ Cusson Nigeria is exposed to commodity price risk arises from specific needs to buy quality and quality to meets its manufacturing standards. These raw materials include crude palm oil, tallow, sodium silicate and linear alkly benzene. The company has been effective with its method of purchasing these materials in advances and this is based on management’s past experience with price movement in Nigeria. Meanwhile, total operating cost of PZ Cusson Nigeria rose by nearly seven per cent to N16.9 billion in 2022 from N15.86 billion reported in 2021. Due to the operating environment, the company recorded a growth in impairment of trade receivables to N139.4 million in 2022 from N85.06 million in 2021.

IMPAIRMENT LOSS

The impairment loss as at May 31, 2022 related to several customers that are not expected to be able to pay their outstanding balances, mainly due to economic circumstances. Interestingly, in the year under review, the company reported foreign exchange loss of N4.2 billion from N5.95 billion reported in the prior year. On this, operating profit closed 2021 at N3.08 billion as against N1.19 billion operating profit recorded in 2021. PZ Cusson Nigeria reported N5.76 billion income from non-core business income in 2022 from N2.07 billion in 2021. From the profit & loss figures, PZ Cusson Nigeria reported 251.96 per cent increase in interest income to N839.64 million in 2022 from N238.56 million in 2021 as interest cost dropped significantly by 84.6 per cent to N11 million in 2022 from N71.48 million in 2021. Meanwhile, the group closed the year with N9.67 billion profit before tax from N3.44 billion profit before tax reported in 2021 financial year. With tax expenses of N3.27 billion, PZ Cusson Nigeria reported profit of N6.4 billion from N1.7 billion reported in 2021.

TRADE AND OTHER PAYABLES

PZ Cusson Nigeria in 2022 unaudited financial statement reported significant

increase in trade and other payables to increase total liabilities. As trade and other payables rose by 32.4 per cent to N57.89 billion in 2022 from N43.74 billion in 2021, the Group current liabilities rose by 35.4 per cent to N62.3 billion in 2022 from N46 billion in 2021. Total non-current liabilities grew by 14.9 per cent to N5.77 billion in 2022 from N6.72 billion reported in 2021. Meanwhile, PZ Cusson Nigeria reported a 12 per cent increase in total assets to N108.05 billion in 2022 from N87.34 billion in 2021, while total equity gained 16 per cent to N39.96billion in 2022 from N34.55 billion in 2021.

CONCLUSION

The group and company are controlled by PZ Cusson (Holdings) Limited, incorporated in the UK, which owns 73.27 per cent (2020: 73.27 per cent) of the group and company’s shares. The remaining 26.73 per cent (2020: 26.73 per cent) of the shares are widely held. The recent performance by PZ Cusson Nigeria has not attracted local/foreign investors to its stock. With outstanding shares of 3,970,477,045.00, and trading at N9.60 as at June 30, 2022, earnings and dividend to shareholders are two intrinsic factors driving the stock price on the Nigerian Exchange Limited (NGX). The company needed to sustain its revenue growth and source materials locally in a move to reduce cost of sales and drive bottom-line performance.

DMO: FG RAISED N1.84TRN VIA BOND TO BRIDGE 2022 BUDGET DEFICIT IN H1 oversubscription on the offered amount of N75 billion with a marginal rate of 12.700%. However, in February, the FGN bond issuance by the DMO recorded an oversubscription of N407.72 billion over the intended N150 billion The bond issuance was auctioned in two tranches with 12.5% FGN Jan 2026 bond programme seeking to raise N75 billion, which gathered a total subscription book of N325.40 billion across 230 bids with a marginal rate of 10.95per cent The second bond programme, the 13% FGN Jan 2042 bond raised a total subscription of N232.32 billion across 151 bids, representing a N157.32 billion oversubscription on the offered amount of N75 billion

with a marginal rate of 13per cent. In addition, FG bond issuance for the month of January 2022 by the DMO recorded an oversubscription of N175. billion to stand at N170.64 billion despite only seeking to raise N150 billion its 20-year bond issuance. DMO issued two tranches of bonds in its first issuance for the year, reopening its 12.50% FGN Jan 2026 bond and issuing a new 13.00% FGN Jan 2042, which is set to mature by 2042. The breakdown of the report by DMO revealed that the first tranche was oversubscribed by N36.19 billion with subscriptions of N111.19 billion, surpassing the offered amount of N75 billion, while the second tranche was

oversubscribed by N139.05 billion over the N75 billion offered amount. The federal government had highlighted that the 2022 budget has debt deficit of N6.26trillion, forcing the federal government to issue new borrowings of N5.012 trillion (of which domestic – N2.506 trillion and foreign – N2.506 trillion); drawdowns on Project-tied Multilateral/Bilateral loans – N1.156 trillion; and Privatisation Proceeds of N90.73 billion. With the added new debts to the debt stock, it is expected that the country’s total debt stock going to hits N45.86trillion by December 2022. Speaking with THISDAY on FGN bonds oversubscription, the Head Financial Institutions’

Ratings Agusto & Co, Mr. Ayokunle Olubunmi had noted that FGN bonds interest rate is higher relative to treasury bills. He explained that, “the FGN bonds have no default risk, meaning that it is certain your interest and principal will be paid as and when due. The interest income earned from the securities are tax exempt compared to treasury bill that expired in January 2022.” Analyst at PAC Holdings, Mr. Wole Adeyeye said, “Mind you, most investors do away with the stock market and invest in bond because they have the assurance that the market is the safest of all investments in domestic debt market since it is backed by the

Federal Government, and as such it is classified as a risk-free debt instrument.” He added that, “the deficit in the budget has given room for the government to borrow. Government needs money to finance key projects this year. “The money spent on debt servicing is eating deep into the government’s revenue, which makes borrowing an unsustainable form of financing.” Speaking on the development, an economist and Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the FG had notified the general public of borrowing more in 2022.

“Since we have a deficit of N6.3trillion and you also have an additional subsidiary budget of N4trillion, naturally it has soar up the deficit and it is easier to raise money locally than raising it at the international market. Domestic borrowing is a low- hanging fruit. “With all the volatility and foreign exchange issues, it makes sense to borrow at the domestic market rather than borrowing from the international market. It is all a reflection of our macroeconomy environment challenges and weak fiscal policy of the government. All this borrowing also is a reflection of the weak financial position of the government and it will continue like that.”

noted that the dwindling external reserves to the crisis in Niger-delta and sustained foreign exchange interventions by CBN. He said: “Nigeria is having a peculiar oil theft challenge in the Niger-Delta and that is affecting our daily production quota. Government is still trying to confront pipeline vandalises, causing confusion at the points of production which is expected to have a negative impact on the country’s ability to meet the OPEC quota allocated to Nigeria.” He explained further that: “Most of Nigeria’s oil transactions are paid for most times in 90-day

times- it is called forward transactions. In some cases, we go into a swap agreement whereby those that refined products for Nigeria are paid back through crude oil. It means we are not selling but exchanging through crude oil. “When we do forward transactions, the money does not reflect in the external reserve immediately. Those are the complicated issues in the global market that most people will not understand. Common man on the street will expect the steady hike in global oil price to impact on our external reserve but the underline challenges might delay it.”

NIGERIA’S EXTERNAL RESERVES DEPRECIATED BY $1.37BN IN SIX MONTHS on December 31, 2021. Experts expressed that the current crisis in Niger-Delta relating to oil theft might be responsible for dwindling production, a major contributing factor impacting on external reserves growth on the backdrop of increase in global oil prices. They noted that the increasing CBN’s intervention in the foreign exchange market is also a contributing factor. The International Monetary Fund (IMF) had warned that Nigeria’s external reserves could fall to $29.1billion by 2024 on the back of lower oil prices, restricted

Eurobond market access, and higher capital outflows. According to the report, the country’s foreign position is weaker as foreign buffers are limited. The Washington-based lender said, “High interest payments relative to fiscal revenues expose Nigeria to interest rate and growth shocks.” A member of the CBN’s Monetary Policy Committee (MPC), Mike Obadan, who is a Professor of Economics, University of Benin during the May 2022 meeting in his personal statement noted that, “In light of the foregoing, the Nigerian economy has continued to exhibit

features which make monetary policy choices difficult for the policy makers, in particular, the monetary authority. “Two of these features are fragile economic growth and escalating inflation. Others are high and unstable exchange rate, uncomfortable external reserves levels (the stock at $ 38.61 billion in April, 2022 covers 7.2 months of import of goods and services), crude oil export regime which does not yield accretion to external reserves, weak capital inflows and balance of payments position, bourgeoning fiscal deficits and associated high domestic and external debt, both of

which gulp a significant proportion of government revenue in debt servicing, among others.” Mr Robert Asogwa, who is a member in his personal statement at the end of March 2022 meeting had said the large oil thefts in the Niger Delta Region has diminished the possible benefits to the country as oil production level has dropped consistently. “However, the current level of reserves is still adequate to shield the economy against external vulnerabilities,” he added. The Former President Chartered Institute of Bankers of Nigeria, President, Prof. Segun Ajibola

MONDAY JULY 4, 2022 •T H I S D AY

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L-R: Deputy Director of Transsion West Africa , Luke Pan;Google head of Nigeria and Ghana,Ngozi Madueke;National TECNO Brand Manager, Chip Tang; Media Personality, PHOTO: ETOP UKUTT Taymesan Emmanuel;and Celebrity influencer, Chef Chi: at the launch of the TECNO CAMON 19 held in Lagos… recently

Ogun Mobilises Patronage of Govt Portal for Business Registration Dike Onwuamaeze The Ogun State Commissioner for Industry, Trade and Investment, Mrs. Kikelomo Longe, has made a renewed call on entrepreneurs in the state to register their businesses on the state government’s online portal for Business Premises Permit (BPP). Longe made the call at recent stakeholders’ engagement and

training programme on BPP automation in Ijebu-Ode for entrepreneurs in Ogun East Senatorial District. She stated that the BPP registration is in line with the Business Premises Amended Law 2006, adding that registering on the portal would enable the government to gather data and plan better for businesses operating in the state while information

available on the database would be used to reach the registered businesses when there are interventions and programmes. Longe said: “As you know in Ogun State, the law requires that all entrepreneurs should register their business premises and renew the registration annually. Before 2021, it used to be done manually. Now with the portal, it can be done

online to the convenience of business operators in the state. I encourage entrepreneurs to go online and register their businesses. It is to the benefit of all if you log on to the portal and process the business premises permit.” In her presentation, the Senior Special Assistant to the Governor on Industry, Trade and Investment, Ms. Sola Arobieke, said that the

programme was organised to enlighten business operators about the benefits of registering on the portal and to get feedback from the stakeholders. Arobieke said the automation would help eliminate any form of extortion of business owners, as well as help entrepreneurs register and renew their BPP in a transparent, fair and convenient manner.

Earlier in their separate goodwill messages, the Chairman, Nigerian Association of Small-Scale Industrialists (NASSI), Ogun State Chapter, Mrs. Yetunde Doyin-Bello, and the President of Hotelier Association, Ijebu-Ode, Mr. Segun Timi, lauded the state government for the imitative, calling on entrepreneurs to embrace the process.

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Firm Harps on Standards to Drive Nigeria’s Construction Industry Gilbert Ekugbe Hammakopp Consortium, a Civil Construction, Maintenance, and Fabrication firm, has stated emphasised on the need for construction firms to adhere strictly to standards to boost growth and development of the nation’s construction industry. Besides, strict adherence on quality and standards are vital to addressing the spate of building collapse in the country. The Head of Operations, Ikenna Chukwudum stated this at the media parley organised by Hammakopp to intimate the public about its success story and how it has become the preferred local construction partner of

multinationals. Hammakopp is a subsidiary of the Nestoil Group. According to him, its insistence on standards and quality before undergoing any construction project is why it has made its mark in the construction industry. Hammakopp has a well-equipped laboratory where various construction materials are tested before being deployed to sites and this, it says has been the game-changer as most of the causes of poor road construction, building construction collapse etc. are due to the inability of some construction companies to do appropriate testing before starting their projects.Another reason is the use of sub-standard materials in construction activities.

Chukwudum said: ‘’We deploy a unique combination of local and foreign professionals that deliver excellent services to the Construction Industry. Our policy of using the best available resources combined with duteous supervision that ensures a safe working environment without compromising on quality has put us ahead.” He stated that asides from some of the various construction projects they have delivered for the federal government and some state governments, their contribution towards the 2nd Niger Bridge construction in partnership with Julius Berger is a game-changer that shows they have come of age.

Caverton Offshore Support Group Announces New Appointments Chinedu Eze Caverton Offshore Support Group has announced new appointments in line with its goal to reposition its subsidiary companies (Caverton Marine and Caverton Helicopters) to address the changes and challenges within the aviation, marine logistics and fossil energy sectors. The Group Board of Directors has therefore approved the appointment of Captain Ibrahim Chafe Bello as Managing Director/Accountable Manager of Caverton Helicopters Limited, effective July 1, 2022. The Group said Captain Ibrahim Bello has over 34 years of continuous aviation experience in various sectors. He started his aviation career with the Nigerian Air Force in 1987. He served with the Presidential Air Fleet, Abuja as an Aircraft Maintenance Officer, rising to become the Chief Engineer of the Hawker and Gulfstream Fleets respectively. He retired from the Nigerian Air Force in 2004 meritoriously with the rank of Squadron Leader. On retirement from the air force, he proceeded to Delta Connection Academy, Florida, USA where he obtained his Fixed Wing CPL Multi / IR in 2004. The Board also approved the appointment of Mr. Rotimi Makanjuola as Group Chief Operating Officer (COO) and

Mrs. Lolade Abiola as Executive Director of Training for Caverton Helicopters. As COO, Mr Makanjuola will oversee planning and implementation of business strategies for growth across the Group (marine and aviation). In the statement signed by the Chief Executive Officer, Caverton

Offshore Support Group, Olabode Makanjuola, said that the new Executive Director of Training, Mrs. Lolade Abiola holds a Bsc in Computer Science from Kings College London, UK and an Msc in Air Transport Management from Cranfield University’s School of Aeronautical Engineering.

Jumia Assures Nigerians of Quality Products, Trust in 10 Years Emma OkonjI After a successful and satisfactory 10 years operation of e-commerce business in Nigeria, Jumia has assured its Nigerian consumers of trust, quality product and services, including pricing in the next 10 years. CEO, Jumia Nigeria, Mr. Massimiliano Spalazzi, who gave the assurance in Lagos recently during the 10 years anniversary celebration of Jumia Nigeria, said having met its target in its first 10 years of operations as e-commerce giant in Nigeria, Jumia would focus more on consumers’ needs and satisfaction in the areas of trust and service quality in the next 10 years. “In the next 10 years, we will look with confidence to focus more on customers’ needs in order to satisfy the customer always. We will pay more attention to quality, prizing and trust,” Spalazzi said. Jumia Co-CEO and Co-Founder,

Jeremy Hodara, said he was proud of the achievements of Jumia Nigeria in the last 10 years. He said he had always believed that any business that can be successful in Nigeria, could be successful in any country in Africa. “When we started 10 years ago, no one believed that e-commerce will be successful in Nigeria, but 10 years after, we have established a successful e-commerce business in Nigeria, with the support of our partners and customers. Today we have expanded Jumia operations in Nigeria to meet the daily needs of customers, including advertising,” Hodara said. Speaking on the theme: ‘The Role of e-Commerce in Shaping the Nigerian Economy,’ the Director General, Lagos Chamber of Commerce and Industry, Dr. Chinyere Almona, said Jumia revolutionised e-commerce business in Nigeria within a space of 10 years.

Mara Set to Launch Cryptocurrency Wallet to Manage Finances Nosa Alekhuogie Mara, a pan-African company that offers suite of crypto products, has announced the pre-launch of the Mara Wallet, a portal to the crypto economy. The product is focused on helping people begin their journey towards conveniently managing their crypto-finance needs, take a major step towards financial freedom, and learn more about cryptocurrency and blockchain in Africa. The Mara Wallet is a fast and secure multi-currency crypto wallet that gives Africans control

over their cryptocurrency. Offering both user-facing products and core infrastructure, Mara reveals a product roadmap that enables users to easily buy, sell, send, withdraw, store, and protect a wide range of fiat and cryptoassets such as cryptocurrencies and NFTs in real time and without any prior crypto knowledge. Commenting on the prelaunch of the Mara Wallet, the Co-Founder and CEO at Mara, Chi Nnadi, said: “At Mara, we are committed to the financial empowerment of the individuals that use our products and services to meet their various

crypto-finance needs, and take responsibility in building an informed community seriously. While describing how the Mara Wallet waitlist works, Nnadi said: “Pre-registered users will join a queue to enable early access on a first-come, first-served basis. Moreover, a higher position on the waitlist increases the odds of periodically winning prizes. As soon as users join the waitlist, they instantly earn a signup reward. All users who refer the Mara Wallet to their friends, family and community also earn further rewards when those users sign up using their unique referral link.

Four Suspects Apprehemded for Vandalising EEDC Installations A young man identified as Wisdom Kalu Onu, an indigene of Abia State was apprehended yesterday by the security personnel of the University of Nigeria, Nsukka, for vandalizing electrical installations located within the Campus premises, belonging to the Enugu Electricity Distribution Company PLC (EEDC). The Head of Corporate Communications, EEDC, Mr. Emeka Ezeh, who made this known

today in Enugu confirmed that the suspect, along with the vandalized materials have been handed over to Nsukka Urban Police Station for proper investigation and possible prosecution. Ezeh, who narrated the ugly experience the company has been going through in the hands of vandals reiterated the company’s resolve to continue working with critical stakeholders to ensure that these elements perpetrating this

dastardly act are apprehended and brought to book. He said that there is no day that passes without the company receiving a report of electrical installation that has been attacked. “It has gone so bad that the vandals now go as far as draining transformer oil, even after carting away with the armoured cables”, a situation he described as disheartening.

BELEMAOIL PRODUCING LIMITED (BPL)

TENDER OPPORTUNITY Provision of Helicopter (Aviation) Services Tender Ref: BPL.SCM.A.2111.01, NipeX Ref:2100002404 1.0 INTRODUCTION Belemaoil Producing Limited (BPL) in its role as operator of the NNPC/BPL Joint Venture, in its capacity as Operator of Oil Mining Lease 55 (OML 55) on behalf of itself and is under a Joint Venture (JV) with Nigerian National Petroleum Corporation (NNPC) hereby invites reputable and competent registered Nigerian companies (DPR registered and licensed) with proven experience and professional level of expertise in the provision of Aviation Services (Rotary and Fixed Wing) with specifications in the scope of work below to apply for inclusion into the bid list of the tender.

2.0 SCOPE OF WORK/SERVICE REQUIREMENTS The bidders shall be required to provide fit for purpose helicopter type with associated services as required below: AS365N3 or Equivalent for routine use Bell 206 or equivalent for adhoc use A regulatory requirement spells out the importance of visiting Inda Jacket 4; a jacket with a small sized helipad. Movement of personnel across the three platforms for Crew Changes and other projects are essential routine activities for steady operations. SCOPE OF WORK Provide a rotary wing service including helicopters that meet required specification and schedule (which includes emergency flights) for the trips of the Aircraft to the Seven (7) landing areas: Robertkiri, PP, Idama PP, Inda PP, Inda Jacket #4, Bonny LACT, RBK LACT and Port-Harcourt. The provision, operation and maintenance of required helicopter to transport personnel and light items between OML 55, Port-Harcourt and production platforms in line with NCAA requirements maintenance of alternate helicopters whenever main primary helicopters are not unavailable due to maintenance or inspection requirement The provision of all necessary equipment and personnel for all helicopter flights including support equipment and personnel. The provision of history of aircraft and other relevant information Safety Plan (Emergency Response Plan) for travelling personnel must be provided as a part of the tender document. The preferred bidder (contractor) to ensure its pilots, mechanics, technicians, maintenance team will be able to schedule flights, update charts, manifests, logs, overhaul equipment and schedule routing maintenance and inspection so as not to disrupt execution of proposed service. Provide all required equipment, spare parts, personnel, maintenance, ground facilities, fuel, lubricants, licenses, permits to support and operate helicopters for OML 55 operational and development requirements in line with NCAA regulations. Emergency Medevac, rescue and general evacuation of personnel and light items from OML 55 facilities to designated safe locations.

3.0 MANDATORY REQUIREMENTS To be eligible for this tender exercise, interested contractors are required to be pre-qualified in 3.08.03 – Air Transport Services of Passengers and Freight (Product/Services) in NipeX Joint Qualification System (NJQS) database: 3.08.03 – Air Transport Services of Passengers and Freight All successfully pre-qualified suppliers in this category will receive a double envelop Invitation to Tender (ITT) via NipeX To determine if you are pre-qualified and to view the product/service category you are listed for, open http://vendors.nipex-ng.com and access NJQS with your log in details. Click on Products/Services Status tab to view your status and product codes If you are not listed in a product/service category but are registered with the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to do business, contact the NipeX office at 8, Bayo Kuku Road, Ikoyi, Lagos with your NUPRC certificate as evidence for necessary update. To initiate the NJQS prequalification process, open www.nipex-ng.com, click on services tab followed by NJQS registration To be eligible, all tenders must comply with the Nigerian Content requirements in the NipeX system.

4.0 NIGERIAN CONTENT REQUIREMENTS Bidders are invited to express complete understanding and willingness to develop in-country capability and capacity for related work packages in compliance with the Nigerian Oil and Gas Industry Content Development Act (NOGICD, 2010) and Cabotage Act. Pursuant to the above, bidders’ submissions shall be evaluated strictly with the minimum evaluation criteria defined in the NOGICD Act, only bidders’ whose submissions are in compliance shall proceed to the next stage of the tender process. The information/documentation that will be required to be submitted by bidders at the ITT stage among others are as follows: Nigerian Content Plan that addresses utilization of Nigerian Labour, Services, Materials and Equipment for this service in order to achieve the minimum targets as set out in line with the requirements of the NOGICD ACT. Provision of evidence that 50% of the equipment deployed is owned by the Nigerian subsidiary if applying entity is a multinational (Clause 41 (2) of the NOGICD Act). If not the case provision of concrete plan to comply in the next 3 years. Description of committed infrastructure (asset, equipment, technical office, and administrative space, storage, workshop, assembly area, and maintenance, testing, laboratory, etc.) Provision of evidence of application for NIGERIAN CONTENT EQUIPMENT CERTIFICATE (NCEC) or certificate issued by Nigerian Content Development and Monitoring Board (in respect of any components, spares, equipment, systems and packages to be used on the project Provision of detailed description of all work bidders will accomplish using Nigerian Resources (Labour, Material & Services) Provision of details of key Management positions that are Nigerian Nationals and the percentage of the Company total workforce (direct and in-direct employees) that are Nigerians.

Detail past experience/present commitment to staff training and development of its Nigerian personnel. Furnish details of specific training plans that will be provided for Nigerians specific to this scope of work’ Demonstration that entity is a Nigerian company as defined in Clause 3(2) of the Act which gives exclusive consideration to Nigerian Indigenous service companies which demonstrate ownership of equipment, Nigerian personnel and capacity to execute such work to bid on land and swamp area of the Nigerian oil and gas industry A Nigerian Registered Company as the contracting entity and lead contractor in executing scope of work can form genuine alliance or joint venture partnership with foreign company showing details of scope and responsibilities of parties for this work. Evidence of joint venture binding agreement duly signed by the CEO of both companies which must be governed by the laws of the Federal Republic of Nigeria including evidence or plans of physical operational presence and set-up in Nigeria Provision of company ownership details, shareholding structure and copies of CAC forms CO2 and CO7, including company memorandum & article of association. Innovative proposals that would enhance the Nigerian Content for the project and other associated activities in-country. Provide MOA with NCDMB approved research Cluster and demonstrate how to utilize the Cluster during the execution of the project. Tenderers shall be registered with Nigerian Airline Operators having an Airline Operators Certificate (AOC) from relevant authority and also provide evidence of operating license evidence of regulatory, operating/practicing licenses and govt. authorities permits, certification and standard authorities by NCAA. Tenderers shall demonstrate patronage of local sources for: Catering service, Petroleum product service, Uniform tailoring service, Ticket voucher, printing service, operational vehicle supply and medical service. In line with the NCD Human Capacity Development Initiative, Bidder shall commit to providing Project-Specific training, man-hour, budget, skill development and understudy plan for Nigerian personnel utilizing OGTAN registered trainer(s) or other approved NCDMB training institution(s). Tenderers shall demonstrate capability for: Nigerian Office space, in-country Maintenance Hangers, Nigerian-owned Aircrafts with minimum of 51% ownership, with all personnel and manpower such as pilot, co-pilot, cabin crews etc, of Nigerian origin. Tenderers shall provide evidence of registration with NCDMB NOGIC Joint Qualification System. NOTE: Bidders shall be requested to provide evidence to show their compliance with the above listed requirements at the ITT stage. Failure to meet the Nigerian Content requirements is a “FATAL FLAW.”

5.0 CLOSING DATE Only tenderers who are pre-qualified in the NJQS Product/Service categories as listed in Section 3.0 above as at 16.00 hrs, 22nd July 2022 being the advert closing date shall be invited to submit Technical Tenders.

6.0 ADDITIONAL INFORMATION Expected contract award – Q2 2022. Contract duration will be for a 2 years and a one-year extension option. All cost incurred in registering and prequalifying for this and other product/service categories shall be borne solely by Tenderers. Tenderers that are prequalified for this product/service category in NJQS must ensure that the name and contact details (physical address, email address and telephone number) of their company and authorized/responsible personnel is up- todate in their company profile in the NJQS database. BPL shall communicate only with authorized/responsible personnel of prequalified companies and not through unauthorized individuals or agents. All respondents to BPL must ensure full compliance with the Nigerian Oil and Gas Industry Content Development Act, 2010. (NOGICD) All respondents should educate themselves on the requirements of the NOGICD and ensure full compliance. Non-Compliance is a FATAL FLAW. Technical details and specification of suitable air crafts required will be issued to prequalified Tenderers in the relevant categories via the Technical ITT. This advertisement of “Invitation to tender” shall not be construed to be a commitment on the part of NNPC/BPL to award any form of contract to any company and/or associated companies, sub-contractors or agents; nor shall it entitle any company submitting documents to claim any indemnity from NNPC/BPL and/or any of its partners. NNPC/BPL reserves the right to take final decision on any of the documents received in the Technical package. Please visit NipeX portal at www.nipex-ng.com for this advert and other information and note that this tender will be processed through NipeX system.

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Value of 14 Banks’ Stocks Tumble by N134bn on Investors’ Apathy Kayode Tokede As investors’ apathy and divestment around the banking stocks persists at the Nigerian Exchange Limited (NGX), the worth of 14 listed banks have depreciated by N134 billion in first half (H1) of 2022. According to THISDAY findings, the market capitalisation of banking sector heavy-weights such as: Zenith Bank Plc, Access Holdings Plc, United Bank for Africa Plc (UBA) Plc, Guaranty Trust Holding Plc (GTCO) and Stanbic IBTC Holdings Plc were key contributing factors to the NGX Banking Index decline performance in the period under review. The Vice President,

Highcap Securities, Mr. David Adnori noted that, “It has been a challenging 2022 thus far for listed banking stocks on the NGX. “Year-to-date, the sector index has returned a disappointing 2.04 per cent or 8.28 basis points to 397.79 basis points and has grossly underperformed the broader equities gauge (NGX-All Share Index: +21.3per cent). Notably, the Banking index is the second-worst performing sector index after the insurance index on the NGX. From all indications, the values of GTCO and Zenith Bank recorded the highest decline in the period under review, followed by Stanbic IBTC Holdings. The market capitalisation

of GTCO on the NGX depreciated by N161.87billion as the stock price fell by N5.50 or 21.15 per cent to N20.50 per share as of June 30, 2022 from N26.00 the stock price opened for trading in 2022. Analysts attributed the decline in GTCO performance in stock price to weak unaudited first quarter (Q1) 2022 result and accounts for period ended March 31, 2022. The group in its Q1 2022 financial result announced N43.21 billion profit, representing a decline of 5.1per cent from N45.55 billion reported in Q1 2021. The company also reported

earnings per share of N1.51, a 5.63per cent drop from the N1.60 reported in Q1 2021. Also, Zenith Bank market capitalisation dropped by N108.32 billion, given a N3.45 or 13.72 per cent decline in stock price to N21.70 per share as of June 30, 2022 from N25.15 per share it commenced trading this year. Other top decline performance in market capitalisation was Stanbic IBTC Holdings that dropped by N31.7billion, while Access Holdings and Unity Bank down by N1.78 billion and N1.05billion, respectively in H1 2022. THISDAY reliable gathered

that banks such as: Fidelity Bank Plc, Unity Bank Plc, Sterling Bank Plc, FCMB Group Plc and Union Bank of Nigeria Plc recorded marginal increase in stock prices on the NGX. Others with marginal growth in stock price include: ETI, Wema Bank Plc, FBN Holdings Plc and Jaiz Bank Plc. However, Wema bank in H1 2022 gained N95.28billion in market capitalisation, on the backdrop of N2.47 or 343.06 per cent gain in its stock price to N3.19 from N0.72. Analysts at Coronation Research in their latest report titled, ‘Nigerian Banks: Q1

22 earnings review’ said, “The narrative that the fundamentals of the banking sector are compelling has persisted, even as investor apathy around bank stocks remains. In our view, although bank margins and profitability have come down slightly in recent years, bank stocks have been oversold. “In an environment where negative inflation-adjusted yields remain the theme, bank dividends continue to offer more attractive yields than Treasury bills. In addition, with yields on the rise, we think FY 2120 may have been the bottom in terms of banks’ profitability.”

L I R S Optimises Payment Procedure on e-Tax for Taxpayers The Lagos State Internal Revenue Service (LIRS) has announced that it is currently optimizing its payment procedures for utmost efficiency and taxpayers’ convenience. The Executive Chairman of the Lagos State Internal Revenue Service, Mr Ayodele Subair, in a statement said the agency, as part of its digitalization process, is discontinuing all previously used bill references effective from August 1st, 2022. Consequently, according to the Chairman, only the Enterprise Tax Solutions (eTax), generated bill references will be acceptable for tax payments. The eTax platform, which went live in October 2019, was

launched by LIRS to engender seamless tax operations and reduce compliance costs to taxpayers. Since its launch, eTax has improved the effectiveness of tax administration in Lagos State. Subair added that the eTax was built as a one-stop shop for all tax transactions, and it is in the same spirit that the generation of bill references, required for all tax payments is now exclusive to the eTax platform. He reiterated that by the cutoff date of August 1st, 2022, eTax would become the only authorized channel to generate bill reference for tax payments and other tax-related transactions in Lagos State.

L-R; National Success Manager, BetKing Nigeria, Mr.Oloruntele Shaji; Recipient of new and fully furnished BetKing Shop,Mr. Gbenga Alagba; Director of Agency Operations, BetKing Nigeria, Mr. Uche Okafor; and Regional Success Manager, BetKing Nigeria, Mr.Chidozie Agochukwu, during the 100 BetKing rollout program aims to reward loyal PHOTO: ETOP UKUTT agents across Nigeria with fully furnished shops held in Lagos… recently

HR Practitioners Task to TEXEM, UK Unveil Opportunity for Data-driven Drive Business Growth Decision-making in Nigerian Organisations with Innovation Oluchi Chibuzor Human Resource (HR) Practitioners in the country have been tasked to play a more critical role to drive business growth through innovations, problem solving skills and upholding ethical behaviours within their organisations. In view of this, they were equally urged to be proactive by avoiding dilemma situations in their quest to create a competent workforce. The event with the theme, “The Leading Leader: Driving Exponential Growth Through Leading Behaviour,” saw about 50 HR being inducted. Speaking at an induction programme, held in Lagos recently, the Managing Director, Certification Edge, Ajibola Bamidele, emphasised that with the world of work changing professionals in the industry must adapt to trends

to lead business growth. Bamidele noted that, “We are looking at the HR thinking like a CEO and driving the business. HR not only supports the business, but they must start to understand that if the business fails they fail because they manage the people, set the Key Performance Index. “So the challenge is about the mindset, we are not seeing ourselves as business drivers and also there is a lot of skill gap. With this training , we are building their capacity to help develop their leadership skills to drive business to profitability.” Also, making her presentation titled, ‘Leading The HR Function’, the Chief Talent Officer, Coronation, Pai Gamde, said it is about HR practitioners training, developing, pulling out influences and solving problems for the organisations.

UK firm TEXEM has urged Nigerian organisations to use available opportunities to embrace data-driven decisionmaking. The company asserted that such a strategy would give room for better performance and sustainable success. A statement by TEXEM’s Director, Special Projects, Caroline Lucas, on its website expressed the need for the organisations to understand the importance of utilising data after the COVID-19 era. \It said such a strategy would bring about the effective and efficient achievement of organisational goals. “Executives should develop strategies to drive effective and efficient achievement of goals using big data and machine learning,” the statement announced. It said any opportunity to acquire the knowledge to achieve this goal should be grabbed by strategic executives who want to make headway, especially in these challenging and disruptive times.

The statement announced that towards this end, TEXEM would organise a programme in the country from July 20 to July 21. “This programme aims to help executives develop strategies to drive effective and efficient achievement of goals using big data and the internet of things,” it said. The theme of the programme at The Wheatbaker Hotel, Ikoyi, Lagos, is “Data-Driven Decision Making For Effective And Efficient Achievement Of Organisational Goals”. The programme’s methodology encompasses group and individual virtual activities, peer-to-peer learning, games, observation practice, and self-reflection to make learning fun, engaging and insightful. “Participants will learn practical skills and actionable insights from the world-renowned TEXEM’s faculty. TEXEM’s tested and proven methodology comprising of case studies will be deployed during the programme to encourage participants to enhance their

cognitive skills. “It will encourage them to improve their analytical rigour, evaluation, and conceptual skills and assist them in managing ambiguity better. Leveraging TEXEM’s tested and proven methodology, participants will have their assumptions challenged; enhance their social capital through professional exchange with critical partners and colleagues. This programme is actionable and would reflect the contextual realities that organisations operating in Nigeria and Africa currently face,” the statement explained. It said that some of the challenges that organisations in Nigeria presently face include the unprecedented worldwide pandemic occasioned by the novel coronavirus and the impact of the Russia-Ukraine war that had affected every other country. “The programme will help leaders and their organisations make more impactful and innovative decisions through benchmarks and reviews. It

will also help leaders and their organisation to harness opportunities before their rival does, allow them to identify and address risks before they materialise and, in the process, save on costs. Strategically, this programme would equip leaders with requisite insights on how to thrive despite the challenging operating context in Nigeria,” the statement added. A renowned faculty delivering the two-day programme is Prof. Rodria Laline, the Founding Director of the Harvard University Maximise Your Board’s Potential Programme. Laline is also a former Visiting Professor Of Insead, IMD and IESE and the Co-Founder of Global Chipcard Alliance (the company that creates chips for ATM cards). She is the former CEO Of Global Research And Development, an organisation that collaborated with IBM, ING, Hewlett-Packard, Digital Equipment Corporation, Honeywell Bull, Elsevier Science, Oracle Corporation, Siemens and Philips.

T H I S D AY ˾ MONDAY, JULY 4, 2022

HOMES&DESIGN

CENTRAL BANK OF NIGERIA’S BUILDING:

Shimmers, Towers Above Its Neighbourhood The Lagos office of the Central Bank of Nigeria is a new 23-storey building in the heart of the Lagos business district. Those who stop in their stride to view this great work of architecture are taken in by its overshadowing magnificence. Bennett Oghifo writes

n the heart of Lagos’ busy financial centre, Julius Berger was assigned to rebuild the Central Bank of Nigeria’s Lagos Office, comprising demolishing the existing 11-story building and constructing a new 23-story office building with a basement. The site location posed the greatest challenge to the project. The limited size of the site did not allow for an appropriate material and/or equipment

yard on-site, requiring Julius Berger to place its office yard and main material storage yard hundreds of meters away. The densely built and tightly neighbouring premises, buildings and streets also made it difficult for piling works and the movement of trucks and other equipment to manoeuvre towards the site and its surroundings. Due to the high groundwater level,

comprehensive subsoil investigations were carried out. As a result, a special groundworks design was implemented to ensure that groundwater would not enter the building pit during the basement construction. Floors one to five of the edifice have been designed as the building’s car park, whereas floors 6 to 19 form the main office floors consisting of the different Central Bank of Nigeria’s

departments and facilities. On top of the 19th floor, a circled three-story penthouse office area with a helipad was constructed. The building, including the penthouse floors, is “wrapped up” in an aluminium glass façade with natural stone elements. Together with the façade’s additional recesses and curved parts, the building reflects the highest architectural and technical standards within the financial district of Lagos Island.

T H I S D AY ˾ MONDAY, JULY 4, 2022

HOMES&DESIGN

Mind the Acoustics Designing distraction-free spaces

here careful attention is paid to room acoustics as part of the planning and coordination process, unwanted noise should be minimised. Ideally, the aim is that there are no unpleasant echoes or noise levels beyond what is consistent with the main activity. This can be very different, for example,

between a lively restaurant and a library or office. Poor sound and noise can always lead to insidious stress, which can have a negative impact on health over time. To make matters worse, people may not even consciously realise that something is wrong, or may not be able to identify the cause of discomfort or stress. In a

modern apartment filled with concrete, stone, high ceilings and large open spaces, the sound bounces off these reflective surfaces and reaches your ears in a confusing way. This reverberation causes people to consume valuable brain power and induce catecholamine hormone secretion, fight or flight hormones. In a restaurant, it can mean skipping dessert, or having a terribly distracting conversation at a date or meeting where the first impression is everything. 6OGPSUVOBUFMZ UIJT BDPVTUJD JMMOFTT DBO CF NVDI more worrisome than a bad date or distracting meeting. Due to the constant presence of untreated negative acoustic space in the living environment, increased stress over time can actually cause illness. According to the WHO, excessive noise has a serious negative impact on human health and affects people’s daily lives at school, at work, at home and at leisure. It can interfere with sleep, have cardiovascular and psychophysiological effects, impair hearing, reduce performance, and cause negative reactions and changes in social behaviour. Building problems such as noisy HVAC equipment, poorly insulated rooms, or an excess of hard surfaces inside regularly resident dense areas all cause poor acoustics and resident discomfort. Human exposure to damaging noises and improperly regulated acoustics has a tangible effect on intellectual health, attention and focus. It may not lead to an early death however it DPVME DSFBUF B DPOTJTUFOU MPX TUBHF UFOTJPO and strain that accumulates over time. Typical mental wellbeing issues that can come up in such situations are a reduction in attention span, memory retention, and (in a residential context) lower quality sleep at night. Designing with top acoustics in mind is consequently an essential part of any wholesome construction strategy and wellness design plan. Here are some must haves: r 1MBOOJOH PG JTPMBUFE CBMBODFE )7"$ mechanical equipment sound levels (provides CBTFMJOF BOUJDJQBUFE OPJTF MFWFMT r 3FQMBDJOH IBSE TVSGBDFT XJUI TPVOE SFEVDJOH sound absorbing surfaces, wall panels, ceiling baffles and surface finishes r *OUSPEVDJOH DPOTJTUFOU CBDLHSPVOE OPJTF

levels (sound masking) for added acoustic privacy r 6TJOH OPO IPMMPX DPSF EPPSXBZT XJUI HBTLFUT or sweeps to block noise traveling from one side of a doorway to the other. r *OUFSJPS QBSUJUJPO XBMMT XJUI IJHI BDPVTUJD BCTPSQUJPO qualities, r *OUFSJPS XBMMT EFTJHOFE GPS BDPVTUJD QFSGPSNBODF with minimal air gaps and sound transmission Sound absorbing vertical surfaces in an open workspace r &YUFSJPS XJOEPXT XJUI IJHI BDPVTUJD BCTPSQUJPO qualities, r *NQPTJOH MJNJUT PO NVTJD QMBZFE JO B TQBDF UP limit distractions In a nutshell, good acoustics shape the experiences in any space. That`s why theatres are equipped with acoustical panelling and fittings to enhance the movie viewing experience. The acoustics in restaurants also play a vital role in the experiences of customers eating their favourite delicacies. Acoustics in offices and homes are vital to clear thinking and uninterrupted productivity. By blocking unwanted noises and improving the sound quality, acoustical building materials are used for improved quality of life. This is because the controlled environment allows for a clear, calm sound. In a room with good acoustics, the resident or UIF HFOFSBM XFMM CFJOH PG UIF SFTJEFOU JT PG VUNPTU importance. This is because the ability to reduce unhealthy noise affects performance and the overall air quality of communications. Sound absorbers are a big part of sustainable architecture with a focus on user experience. When the premise of happiness is at the heart of architecture, acoustics play an important role in incorporating many aspects of happiness, reducing stress levels and improving the quality of interactions in a space.

MONDAY, JULY 4, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

NUPRC: Enabling Oilfields’ Development The Nigerian Upstream Petroleum Regulatory Commission has finally closed out on the 2020 marginal oilfield award process with the presentation of the Petroleum Prospecting Licences to the companies. This major milestone achievement has paved the way for the development of the 57 marginal oilfields put on offer, writes Peter Uzoho

fter the stalemate witnessed in the 2020 marginal oilfields award process, which hampered it from progressing to field development, one year after award certificates were issued to the successful companies, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has finally overcome that hurdle. Now, the process has finally been concluded with the presentation of the statutory Petroleum Prospecting Licences (PPLs) to the awardee companies at a ceremony in Abuja, last week. The ball has now shifted to the companies, who are now required to put together and submit to the commission, their Field Development Plans (FDPs) for review and approval by the regulator, to enable them proceed to site.

HOW IT STARTED

The 2020 marginal oilfield bid round, which was the first after the 2003 bid round, commenced in June 2020 with the call for biddings by indigenous Nigerian oil and gas companies that have got the requisite competence and capabilities needed to vie for the fields. Fifty-seven fields designated as marginal fields spanning land, shallow-water and swamps were put on offer. The process started with the defunct Department of Petroleum Resources (DPR), which saw the process up to the presentation of award certificates in May 2021, to about 50 per cent of the 161 successful companies that made it, out of the over 665 initial bidders. However, with the enactment of the Petroleum Industry Act (PIA) in August 2021, which sanctioned the emergence of new regulator, NUPRC, and scrapped the DPR, the task of completing the award process fell on the commission. Led by one of Nigeria’s cerebral oil and gas professionals, Mr. Gbenga Komolafe, as its Chief Executive Officer, the commission upon inauguration, took closing out on the 2020 award process as one of the first critical tasks it was going to deal with immediately. Komolafe immediately embarked on series of engagement meetings with the awardees and other stakeholders in the sector in order to ensure that the process was concluded so that the companies can proceed to their various fields.

NEXUS BETWEEN THE PROCESS AND ECONOMY

Very conscious of the mood of the nation in terms of the urgent need to increase Nigeria’s oil production to the government’s envisioned 3 million barrels per day and to meet other expectations from the bid process, the NUPRC hit the ground running. In all of his engagements with the awardees, the NUPRC chief executive would explain that the marginal field programme was critical to government’s plan of building local capacity among the indigenous companies and to boost their contribution to the country through enhanced participation in the industry. He would explain that allowing local firms to take more active part in the exploration and production activities through the marginal fields would help a great deal in helping the country to shore up production and get more value during oil price rise. More than any time ever, Nigeria is currently in serious need to increase its oil production volumes, which has been so low at just a little above of 1million barrels per day. This has made it difficult for the country to meet its monthly production allocation by the Organization of Petroleum Exporting Countries (OPEC), which now stands at 1.7 million for July and 1.8 million for August. The urgency around this aspiration has been further heightened by the rising oil prices, as Brent Crude, the global oil price benchmark, has been trading above $110 per barrel in the last months. Indeed, Nigeria really needs to maximise the benefit of this price rally by producing more and exporting more oil to boost the country’s foreign exchange earnings from crude. But the country is hamstrung by the fact that its production volume is too low, and so, the price hike makes little or no sense to the country. Making the matter worse is the subsidy paid on imported petrol to keep the price of petrol consumed by Nigerians, and shockingly, by the neighbouring African countries at just N165 per litre. This alone wipes off all the gains that should ordinarily accrue to Nigeria in times of high oil prices as being witnessed now.

PRESENTING THE PETROLEUM PROSPECTING LICENSES

Having succeeded in resolving all the problems that arose in the course of the award process through the Special Purpose Vehicle (SPVs) formed by the companies on its instruction, the NUPRC went ahead to issue the Petroleum Prospecting Licenses (PPLs)

Komolafe to about 49 awardees that have fully complied with the requirements. Some of the companies presented with the PPL at the ceremony held in Abuja last week included Island Energy Ltd, Sigmund Oil Field Ltd., Shafa E&P, Emadeb Energy Ltd., Zigma Ltd., Inland Basin Ltd, Petraco Oil Ltd., Duport, Genesis Technical, Twin Summit, Bono Energy, Deep Offshore Integrated, Oodua Oil, MRS, and Petrogas among others. Others are: North Oils and Gas, Pierport, Metropole, Pioneer Global, Shepherd Hill, Akata, NIPCO, Aida, YY Connect, Accord Oil, Pathway Oil, Tempo Oil, Virgin Forest, AA Rano, Ardova Plc, Matrix Energy Ltd., Sun Trust Oil, among others. The commission also at the event unveiled the Template and Procedure Guide for the Host Communities Development Trust (HCDT) for the marginal field operators to guide them in the execution of the host community development plans as provided by the PIA. Speaking at the occasion, Komolafe noted that the commission was faced with several constraints during the course of the exercise which have now been surmounted. He listed some of them as the COVID-19 interruption, partial payment of signature bonuses by some of the awardees, and the unwillingness of co-awardees to work together in forming SPVs for field development. He explained that the marginal fields award, which was initiated in 1999 was borne out of the need to entrench the indigenisation policy of government in the upstream sector of the oil and gas industry and build local content capacity. He added that the initiative was also targeted at creating employment opportunities and encouraging increased capital inflow to the sector. The NUPRC chief executive also disclosed that about N200 billion was raked in from the 57 oilfields to the coffers of the federal government, plus an additional $7 million in signature bonuses and others during the course of the process

ANNOUNCEMENT OF HCDT TEMPLATE

Also at the event, the NUPRC announced the unveiling of the Template and Procedure Guide for the Host Communities’ Development Trust (HCDT) for commencement of implementation of the provisions of Section 235 of the PIA 2021. The unveiling of the template on host communities fund administration was a major development for oil-producing areas of the Niger Delta who are expected to benefit from the three per cent operating expenses of oil companies in the area. Section 235 of the PIA provides for the incorporation of Host Communities Development Trust by the Settlors, that is, the oil and gas

companies, for the benefit of their hosts. It places the responsibility to set up the HCDT and appoint the Board of Trustees (BoT) on the companies in consultation with the host communities. In addition, Section 247 of the Act requires the BoT to set up a management committee to handle the general administration of the fund. The HCDT provided by the PIA proposes to advance the development of the host communities within the scope of funds available to the BoTs for such purposes. It is also envisaged that sabotage of oil and gas infrastructure will be reduced since local communities now have a slice of the pie. “Again, it is noteworthy that the 2020 marginal field bid round exercise in respect of which PPLs are being issued today has attracted government revenue of about N200 billion and $7 million respectively,” he stated. Komolafe noted that the NUPRC would continue to provide a predictable and enabling regulatory environment to operators in line with its technical and commercial statutory mandates with a view to optimising the development and exploitation of the nation’s hydrocarbon resources. Lamenting that Nigeria currently was not meeting its oil production quota, he stated that it was the reason Nigeria was not feeling the positive impact of the current surge in crude prices. “It is worthy of note that the average price of crude oil in recent months has been above $100 per barrel. This upward swing in market fundamentals is largely associated with the Russian-Ukraine conflict. “However, the impact of the upswing in the crude oil price is not reflecting in the nation’s revenue earnings due to disruptions in our national oil production owing to sabotage, theft, and other operational challenges. “Therefore, potential licensees are urged to take advantage of the current market realities and quickly bring their fields to production,” he said. He announced the unveiling of the Template and Procedure Guide for the Host Communities Development Trust for commencement of implementation of the provisions of Section 235 of the PIA, 2021. He said the commission was committed to transparency in its processes and has therefore, implemented the Beneficial Ownership (BO) reporting, which requires full disclosure of ownership information. “The objective is to ensure financial transparency, accountability, and public financial management among others,” Komolafe stated. THISDAY learnt that the 57 fields, spanning lands, swamps, and offshore presented in the 2020 bid round met the criteria of an ideal marginal field. They were subsequently offered for bidding, out of which only 41 were fully paid for, while 37 fields were issued with the PPL having satisfied all conditions for award. Out of the 665 entities that expressed interest in the exercise, 161 emerged as potential awardees, and later transformed into 57 Special Purpose Vehicle(SPV) companies. This is coming months after the awardees had offered several plea to NUPRC for the release of the licenses, which according to them, would give a clear insight into the development and finance of the oil field. The SPV companies, it was gathered, need the licences in order to be able to carry out due diligence on the field and hit the first oil. Marginal fields are under-developed oil blocks located in acreages operated by the oil companies, typically to be developed by indigenous companies and have remained unproduced for a period of over 10 years. The fields that have now been issued out to indigenous participants in the oil and gas industry, are expected to increase the Nigeria’s hydrocarbon reserves, rev up technological transfer, attract investment and enhance revenue generation.

PIA IMPLEMENTATION IN TOP GEAR

Minister of State Petroleum Resources, Chief Timipre Sylva, also at the occasion, said the maiden presentation of the PPL was part of the implementation of Petroleum Industry Act (PIA), 2021, describing the conclusion of the bid round as a giant milestone. Sylva said, “The implementation of the PIA 2021 is in top gear. Consequently, the new awardees should note that their assets will be fully governed by the provisions of the PIA 2021. “While developing the assets with the special

purpose vehicles (SPVs), ensure that good oilfield practice is employed, environmental considerations and community stakeholders’ management are not neglected. “It is my strong belief that the awardees would take advantage of the current attractive oil prices to bring these fields into full production within a short period to increase production, grow reserves and reduce cost of production. “The onboarding of new oil and gas players in the petroleum sector is part of this government’s policy to encourage more indigenous participation in our petroleum operations.” The development would boost activities in the oil and gas sector, boost production output and create additional employment opportunities for Nigerians The new development is expected to enhance the country’s economic growth, increase Gross Domestic Product (GDP) and create employment, while also avoiding the error of stranded assets. The awardees are therefore expected to hit “first oil” in record time, since they have already obtained the technical knowledge on field development and operations amidst working agreement drafted for joint awardees and lease holders on the Farmout agreement and other technical enablers. The SPV member companies therefore have the duty to perform, meet their cash call and “first oil” in record time, under three years.

COMMISSION’S SUPPORT FOR FIELD DEVELOPMENT

Having crossed the hurdle of concluding the marginal field bid round, cumulating in the presentation of PPL certificates, NUPRC, however, said it was not going to stop at that, as it has to continue to work with the awardees until they hit first oil. In his intervention at a dialogue, in Lagos, last Thursday, Komolafe said the commission has advised the companies to go and put together their Field Development Plans for review and approval by the commission. “In my welcome remarks at that ceremony in Abuja, we actually said that we are not only going to stop at just issuing the license but that we will work closely with the awardees in ensuring that they hit the first oil. “So, the next stage in this is, we will be expecting them to come forward with their Field Development Plans (FDPs) which we will subject to review and work closely to ensure that they quickly proceed to their Field Development.” On measures to help the companies overcome the funding challenge in their field development process, the NUPRC boss also noted that the agency strategically and consciously invited both local and international financing institutions to the ceremony in Abuja as part of the efforts to ensure an interface between the awardees and the funders. He stated, “And we made a deliberate and conscious act at that ceremony in Abuja. The audience there consisted of financial institutions. So, it was a deliberate effort on our part to ensure that even while we are issuing the license, financial institutions were present. “Financing institutions apart from the ones we invited to the ceremony, were there. Afreximbank President was there, the International Finance Corporation (IFC) was present, apart from the local banks. “It was for conversations to begin on how to develop those fields. So, those are part of the measures we took to make sure we facilitate an interface and synergy between the awardees and the banks, to make sure that we continue to soften the ground for the development of those fields to start.”

AWARDEES HAIL TRANSPARENT AWARD PROCESS

Some of the companies that emerged winners commended the commission for conducting the most transparent award process in the history of marginal oilfield in the country. One of the oilfield winners and former Chairman of the Petroleum Technology Association of Nigeria (PETAN), Bank-Anthony Okoroafor, described the awards as the most transparent process in the history of marginal fields awards in the country, adding that the issue of “forced marriage” has now been resolved. He urged the international oil companies (IOCs) to fully cooperate with the winners by giving them assess for evacuation of crude as far as it was optimal, and avail them all the information needed to make it easier to transition to first oil. Okoroafor also urged the federal government to solve the issue of crude theft and vandalism as well as declare it a national emergency.

T H I S D AY ˾ MONDAY, JULY 4, 2022

BUSINESS SPECIAL

FOCUS

Access Corporation: Leapfrogging the Banking Ecosystem With her banking subsidiary as Nigeria’s largest commercial bank by assets and Africa’s largest in terms of customer base, Access Corporation’s transition into a full financial services holding company promises delivery of unique globally connected financial services across customers’ needs, Louis Achi writes

s the world and Africa stand on the brink of significant disruption - and of substantial opportunity - as new business models challenge traditional templates, Access Holdings Plc, trading as Access Corporation in March announced its start of operations, with initial portfolio companies and its future strategy. The Corporation which sustains Access Bank’s scale and ethical standards will have portfolio companies with significant complementarities, This will allow the now enlarged ecosystem player to walk with customers across their life cycle while delivering value to stakeholders and offering a new globally connected set of services. This ecosystem offers specialised services at the same time as a seamless integrated experience to improve both relevance and convenience. With brick and mortar structures of traditional banking practically going extinct and giving way to electronic service delivery, more Nigerian lenders have in last few years been pressing to break the glass ceiling where competition is intercontinental. But Access Corporation’s sheer pace-setting boldness takes the cake. The completion of its transition into a holding company structure led to the delisting of its entire 35.5 billion outstanding shares from the daily official list of the Nigerian Exchange. But it was obvious to most market analysts that the behemoth must have discerned great opportunity somewhere and this needed to be urgently exploited in a rapidly evolving global financial market. The company now trading under a new parent company known as Access Holdings Plc (Access Corporation) has since been relisted to reflect current realities of the market. Access Corporation now oversees a group of portfolio companies that will drive more value for customers and stakeholders. In Access Bank Group, although banking remains its core mandate, it has now been equipped to provide best-in-class, seamless and consistent customer experience, and service delivery in its operations in Nigeria, and across its 14 subsidiaries in Africa, Europe and Asia. The new Corporation comprises verticals cutting across banking, payments, consumer lending, insurance brokerage and asset management. Access Bank Group will continue to operate in Nigeria and through its subsidiaries and business offices in Africa, Europe, and Asia. These businesses have positioned Access Corporation to provide banking services, including intra-and inter-Africa trade, consumer lending, payments services, and insurance services to their customers, thereby improving wealth diversification and preservation. Speaking on the Corporation’s debut, an upbeat Mr. Herbert Wigwe, who is the Group CEO of Access Corporation said: “Many of you would have heard us talk about Access Corporation earlier this year. This natural evolution of our company will ensure that we continue to use digital tools and our partnership with Fintechs to support our customers’ lifestyles outside of the banking system. “We have set our sights on and delivered ambitious plans to transform the African financial services sector over

Wigwe

the last 20 years. Until now, we have concentrated on banking, with the goal of becoming the World’s Most Respected African Bank. “Our banking subsidiary is now Nigeria’s largest bank by assets and Africa’s largest in terms of customer base. It is now time for us to take the next transformative step, where we provide our customers with beyond banking services delivering new interconnected financial services across customers’ needs.” For the Lending Company, the focus is now largely on consumer lending company, serving individuals and SMEs. Products on offer include buy-now-pay-later loans, car loans, small mortgages, salary-based loans, working capital loans, durable goods loans, point of sale loans and much more. This is a digital business, focused on speed, convenience and value. On the other hand, the Group’s Payment Company, will drive payments locally and across the African continent and beyond. Primarily a business services company,

the Payco will make payments simpler, faster and more efficiently. The focus will be on; Switching, Card Processing, New and Emerging Payments. There is more. An Access HoldCo structure, for the nimble Wigwe, means they now have the leeway to branch out into other financial services outside its core banking operations to recompense for a largely depressed earnings capacity of commercial banking in consonance with the sector’s growing propensity to diversify income streams of operators in an enlarged entity. Effectively, the HoldCo franchise allows a parent company to hold controlling stakes in all the subsidiaries under its purview without interference in their everyday functioning, while freeing each of the companies in the group from the liability or debt settlement obligations of another company in the event of insolvency. A crucial arena the Access HoldCo seems very focused in its quest for offering of trade facilitation services

“We have set our sights on and delivered ambitious plans to transform the African financial services sector over the last 20 years. Until now, we have concentrated on banking, with the goal of becoming the World’s Most Respected African Bank.”

to its African business community is the use of an efficient payment and settlement design currently being developed to power transactions in the African Continental Free Trade Area (AfCFTA) which commenced last year with about 52 countries already aboard. The emerging consensus is that Africa still trails Europe, Asia and the United States of America among other regions in its continental trade currently below 10 per cent of global trade. For example, over the past 50 years, records show that while trade with the West comes with very few or zero bottlenecks, intra-African trade are usually mitigated by so much tariff and non-tariff barriers including payment challenges which an Access HoldCo can leverage to extend its reach across Africa and beyond in the years ahead. According to the African Development Bank (AfDB), intra-Africa exports amount to only 16.6 per cent of total trade in the continent. But the signing of the landmark trade agreement in the African Continental Free Trade Area Agreement (AfCFTA), in 2018 which commits countries to remove tariffs on 90 percent of goods, progressively liberalise trade in services and address a host of other non-tariff barriers opened a new vista for Nigerian and other lenders in Africa to become more competitive. Though much work still needs to be done, the agreement created a single African market of over a billion consumers with a total GDP of over $3 trillion which would make Africa the largest free trade area in the world. Fundamentally, this means that any lender with relevant structures can leverage payment and settlement opportunities in the continental space to make more impact. Perhaps not surprising Access Holdings’ exploited its Afrocentric leaning and opened up branches in major financial centres of the world to enable it focus more on improving trade on the continent and earn more revenue for its shareholders. An alert, sure-footed leader, Wigwe noted that, “We recognise and embrace the change that is currently happening and, as we have previously demonstrated, we will lead. Access Corporation will be a driving force in the ongoing digital revolution to the benefit of our stakeholders. “This transition will allow us to offer more career development opportunities across portfolio companies for our employees, allowing us to attract and retain the best talent in an increasingly global marketplace. We will unlock more value for our customers by focusing on distinct business opportunities with high growth rates globally, such as payments and consumer lending.” It is a given that a powerful vision pulls in ideas, people and other resources. It creates the momentum and will to make change happen. It inspires individuals, complementary organisations and institutions to commit, to persist and to give their best. Enlisting this enduring philosophy, unassuming Wigwe has also deployed impeccable professionalism, discipline and persistence to lead the change in the traditional narrative of the banking sector in Nigeria and the continent. And this is Wigwe’s forte.

MONDAY, JULY 4, 2022 ˾ T H I S D AY

BUSINESS SPECIAL

INTERVIEW

Rodrigues: Govt Must Unlock Opportunities in Bitcoin to Create Jobs Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling Bitcoin as a means of exchange. The company’s Global Community and Education Lead, Paxful, Renata Rodrigues, said Nigeria must act fast to seize opportunities presented by bitcoin to empower the vulnerable population and deepen financial inclusion. She also said education and quality regulation were critical for the operation of crypto assets. In this exclusive chat with James Emejo, she said the digital payment platform could compensate for payment difficulties in conventional banking systems, enhance diaspora remittances as well as shield people from the impacts of currency devaluation. Among other things, she argued that a growing number of people are using bitcoin as a means of wealth and employment creation, adding that bitcoin could help address social inequality in the country. Excerpts: With rising poverty and inﬂation currently confronting countries around the world, especially developing economies, what beneﬁts does bitcoin bring to the table? o, bitcoin helps in different ways – and that’s partly why I travel a lot to have an insight on how people take advantage of it. In our case, in the peer-to-peer platform people do it in different ways. Sometimes, people go to another country and they don’t have access to banks or they have very expensive means to send money back home and sometimes they have limitations back home. So you have people helping people here. For instance, because we have about 450 methods of payments…Paxful is like Alibaba but instead of you selling a bike, you sell bitcoin. For example, If I want to pay my teachers for my Portuguese classes in Brazil, what I do is that I use bitcoin as a means to settle them and so bitcoin becomes like an Uber of finance; someone in Brazil lends his access to finance to me and I sell bitcoins to them and instead of paying me they pay the teacher for me. The difference here is basically that when I do this; I am making money as well because I can charge the person my margin. The other use case is people making money and creating business around the platform. For example, we have gift cards we discounted on the platform pretty nice so you can sell your bitcoin. Like in exchange of gift cards that have the face value of $100, you are going to pay $60 for that gift card. You also have arbitrage, that is when you buy bitcoin at a small cost and send it to markets that need bitcoin, you sell more expensive and we have a lot of people who do that globally and it is a big opportunity for them.

I come from because bitcoin is a legal tender and now they create a mass of intellects. We are also building these in our centers so you have people from our bitcoin community teaching about marketing for bitcoin, legislation for bitcoin, accountability – so here at Paxful, we are building people for the new technology because it is inevitable and it is already happening and you either embrace and build a strong community that will receive this and generate employments. Yes, people will find their ways under the current embargo but you’re not going to optimize the opportunities as much as you could. In Paxful we are trying to help people to think about this as well, contribute to information and education about the technology as well.

Can you expatiate on Paxful’s strong afﬁnity for ﬁnancial literacy given the relatively low awareness and suspicions in Nigeria? As a marketer, I discovered that you can’t tell two people “come here and download my App and you’re going to have $10”; they will simply cash-out and never go back to the technology right? So we decided that it’s going to be a long term project and we are going to teach people about the technology so they can have better judgment on how to use it if they want to use it and particularly avoid scammers or avoid the bad actors around the ecosystem. So we understood that was very important. On the other hand, by talking to our users, we saw that they are not like millionaires, but more of taxi drivers and the rest and so they are interested. It’s all about making money and you just need to understand how this works. So we decided to teach these people what it is and how it works. And that’s what we’ve been doing at Paxful in the past seven years and the Paxful education center is about a year since we launched in Nigeria. So how receptive are Nigerians to bitcoin adoption so far? Yes, it’s been encouraging, what I found is that Nigerians are very enterprising. They want to understand what is there and how this can help them - and Nigerians are very objective – don’t tell me beautiful things, I want to know how this

Rodrigues works. We also help people to understand finance. I come from a culture where they say women don’t think about money – we always say we don’t have enough money to save. And what I am seeing is that people understand that bitcoin helps them to save. In another sense, if I take a 1000 bill and put it under my pillow, it’s not going to make anything for me, in fact it will lose its value in the face of inflation. So people are strongly looking for alternatives to make small amounts of money go somewhere…I see more people using bitcoin as a means to getting to more profitable ways. Do you think bitcoin can actually promote ﬁnancial inclusion in Nigeria? I think first, there are people who the banks are not interested in because these people make them spend money instead of making money. Like for the banks, it doesn’t make sense if you come with $5, I have to pay for your verification, I have to pay for your keeping – it doesn’t make sense for me – and so these people are automatically excluded from the system but they have the right to be included. And the beauty of bitcoin is that the person that buys bitcoin $3 for $5 dollar of bitcoin will have the same profit as Elon Musk that buys. In essence, bitcoin doesn’t differentiate where you come from. Bitcoin can reduce inequality in society. I

mean you can bring people to the game. For example, in India, we have this guy that started with $3 and now he’s one of our biggest traders. With unemployment currently at 33.3 per cent, the bulk of who are youths; how can crypto currency help Nigeria solve this huge challenge? I think bitcoin presents several opportunities; one, you really have an intellectual mass that can enhance employment. These guys can build their own businesses and connect with global companies and also be freelancers for global companies if they can understand the technology and that’s one of the things we want to do here in Paxful Nigeria as well. It’s also about helping the fintechs to understand the market and to be on-boarded to the Nigerian market. Right now because bitcoin is a kind of taboo in Nigeria we are blocking these opportunities to create employment for millions of Nigerians and to the economy in general. So bitcoin can be beneficial not just to the poor population but also the wealthy in the society because they understand the technology and applicability in the country and they can help companies abroad to come and apply this in the country. I am seeing this happen in Salvador Brazil where

After much hesitation by regulatory agencies, the Securities and Exchange Commission (SEC) recently announced plans to develop a detailed framework for the operation and regulation of crypto assets in the country. What is your opinion on this development? We are not against regulation at all. We understand that regulations help people to protect themselves against bad actors. In fact, we support countries with the knowledge that we’ve been seeing in different parts of the world – like this worked in this and this didn’t work –for example, one of the things we saw in El-Salvador was education. People were implementing the law and there wasn’t education there and that’s why we came with education there. And we are connecting all the centers around this. So for Nigeria, I see the same. If you implement a good law – and I know the government is making efforts to dialogue with the players in the sector and I loved this move because this is a good way to go; you must talk with the people that know the technology. I think if you’re protecting your population and you also onboard the technology, this can be more beneficial for everyone – because as a serious company, we don’t want bad actors in Nigeria, it doesn’t help our market. I totally think that if the government opens its mind to cryptocurrency, it will be amazing for this country. The Paxful education centre in Abuja has been up and running in the past one year, what exactly is your main objective for Nigeria? Nigeria is the lead and we see this in per-topeer platforms where you also see the trend in the world. One of the things is that the bitcoin innovation is coming from developing countries and not from the developed world. And this is because of the need – when we have a need for something, we get creative and build things on top of this. So Nigeria is already leading in the way you should use bitcoin. What we are doing at Paxful is just to optimise this. We want Nigeria to be the leader of the continent as well as a leader in intellectual production around the technology of bitcoin as well. So we want the center to be a place where we can interact with other countries as well and we can invite people from different countries to think together. So we want to build knowledge and we want Nigeria to lead this effort in the continent.

C&I Leasing Assures Stakeholders of Corporate Governance Compliance C& Leasing Plc has assured its investors and other stakeholders of its commitment towards compliance with corporate governance In a statement titled: “RE: Suspension of Trading in C

& I Leasing Shares by the Nigerian Exchange (NGX),” signed by its management at the weekend, the company stated that it attention had been drawn to media reports regarding the temporary suspension

of trading on its shares by the NGX. “We wish to clarify as follows: Significantly, our operations are guided by multiple regulators for the different aspects of our services to various industries,

which has delayed our filings even though our financial reports are up to date. We are actively engaging with the Nigerian Exchange (NGX) to resolve all outstanding regulatory obligations.

“Nonetheless, we would submit our 2021 filings as soon as the necessary regulatory approvals have been obtained. We crave the indulgence, and understanding of the general public, and also wish to

reassure our shareholders, and other stakeholders including all our esteemed clientele of management’s commitment to good corporate governance, and global best practices in all our dealings.”

MONDAY JULY 4, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, JULY 4, 2022

BUSINESS/MONEYGUIDE

British International Investment Commits $20m to Mobility Fintech Kayode Tokede

British International Investment (BII), the UK government’s Development Finance Institution (DFI), formerly known as CDC Group has introduced its new name and announced a $20 million, 4-year structured credit investment in Moove – a mobility fintech democratising access to vehicle ownership in Africa. The investment reflects BII’s focus on mobilising capital to build self-sufficiency and market resilience in Nigeria, and improve access to inclusive economic opportunities while helping to catalyse the country’s boundless entrepreneurial ambition. The British High Commissioner in Nigeria, Catriona Laing CB and CEO of BII, Nick O’Donohoe, co-hosted a business reception in Lagos to celebrate the launch of BII’s new name and reiterated the DFI’s continued ambition to

scale up investment that will boost key economic sectors in Nigeria. The event was held at the British Deputy High Commissioner’s Residence in Lagos, bringing together key leaders in business and BII’s investment partners from across the country. BII’s leadership outlined the organisation’s strategy to deliver productive, sustainable and inclusive investment and pledged to deepen its capital commitments to support the emergence of more breakthrough Nigerian businesses providing progressive solutions to urgent and complex development challenges. The British high commissioner in Nigeria. Catriona Laing CB, said: “It’s a pleasure to be in Lagos to mark the launch of British International Investment, and to host Nick O’Donohoe during his visit to Nigeria.” “BII forms an important part

of the UK’s package of tools and expertise to help Nigeria build their pipeline for investment and scale up infrastructure investment, in particular to achieve clean, green growth. On how BII’s new five-year strategy is driving its investment in the world’s first mobility fintech, Moove, O’Donohoe comments: “Investing in the prosperity of Nigeria’s growing population requires innovative new partnerships that can leverage the country’s abundant capabilities and expertise.” Ladi Delano, co-founder and co-CEO at Moove, said, “We’re incredibly proud to welcome onboard a world-class partner such as BII, whose strategic support will play a key role in our mission to build the world’s largest integrated vehicle financing platform for mobility entrepreneurs.

L-R: Head, Learning and Development, Wema Bank Plc, Oluwaferanmi Owolabi: Partner, People and Business Operations, PcL., Modupe Thomas-Owoseni; Managing Director/CEO, Wema Bank Plc, Mr. Ademola Adebise; Chief Human Resources Oﬃcer, Wema Bank Plc, Mrs LoladeOgungbenro;; and the Executive Director, Lagos Directorate, Wema Bank Plc, Mr. Wole AJimisimi, at the Launch of Wema Purple Academy Leadership School held at the Training School in Lagos

Union Bank Set to Reward Customers N55m in Savings Promo Nume Ekeghe Union Bank has announced the return of the Save & Win Promo, its flagship campaign aimed at rewarding new and existing customers with cash rewards and other gift items worth over N55 million. Following a successful first season, this second edition of the nationwide campaign which coincides with the Bank’s 105th anniversary will benefit more customers

to appreciate them for their support and loyalty over the years. Speaking on the reason for the campaign’s rerun, Union Bank’s in a statement, Head, Retail Banking & Digital, Union Bank Ms. Lola Cardoso in a said: “Union Bank is excited for the return of our Save & Win promo. This campaign is another opportunity to give back to our customers in a way that matters while promoting the savings culture among Nigerians. As we cel-

ebrate our 105th anniversary, we remain committed to delivering products and services that enable our customers to achieve their personal and business goals.” She noted that to increase their chances of winning in the draws, customers can continue to top up their savings in multiples of N10,000. Winners in the promo will emerge through a series of transparent, electronicallygenerated draws, which will be supervised by relevant regulatory institutions.

PwC Nigeria Admits Five New Partners Kayode Tokede PwC Nigeria yesterday has announced the admission of five new partners effective July 1, 2022. They are: Abisola Atitebi, Habeeb Jaiyeola, and Femi Madariola from the firm’s Assurance practice, and Gbenga Adepetu and Tiwalade Otufale from Advisory and Tax, respectively. The international auditing firm in a statement said a record of 36 new partners joined the partnership in PwC Africa, of

which 51per cent are female. According to the company, the five new partners admitted in Nigeria have distinguished themselves, utilising their expertise and decades of providing services of the highest standards to support our clients and help them build trust, in line with The New Equation, our global strategy. The Country Senior Partner, PwC Nigeria, Uyi Akpata in a statement said :“I’m excited to welcome our new partners. Reaching this career milestone shows the monumental impact

they have had on our business- helping our clients solve important problems, leading and inspiring our people. “Our new partners understand that quality underpins everything we do at PwC. In addition to the work we do for our clients and stakeholders, making a difference in communities is something our new partners understand well. They carry out PwC’s societal purpose by driving innovative projects that are geared at developing sustained outcomes for our clients and communities in need.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

---- Memo: Credit to Govt. (Net) less FMA

0.00

---- Memo: Fed. and Mirror Accounts (FMA)

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

Sunday Okobi In order to change the way viewers across Nigeria and the African continent consume online and television content, LGC Media Limited and HOI Greenfield Nigeria Limited, have unveiled LGC Internet Protocol Television (IPTV) Canadian Technology that offers over 1,500 international and local television channels. The entertainment technology includes Live TV programmes, Video on Demand (VOD), and interactive TV, which provide the users with innovative features to improve user experience compared to TV broadcast, radio satellite or cable TV. At the introduction of LGC IPTV in Lagos recently, the Chief Executive Officer of LGC Medial Limited, Mr. Kola Esomojumi, told journalists that the launching of the entertainment device into the Nigeria market would bring fresh, superior, and alternative platform to the delivery and management of television content in Africa.

He disclosed that the interest generated across the world has been on the increase, adding that the company is poised to alter the way viewers on the African continent consume television content by making it affordable and easily accessible via “our custom-design android technology, the app, and the device. “We are of the strong view that LGC IPTV commencement of operations in Nigeria will also boost the economic base, creates several direct and indirect jobs, enhance economic diversification and promote ancillary investment in the entertainment sector.” \Esomojumi stated further that IPTV, the acronym of Internet Protocol Television, is the method of transmitting and broadcasting television programme through the internet using the internet protocol (IP). According to him, “It is secure and reliable delivery to subscribers of entertainment videos and related services which include

live TV programme among others for viewers with over 1,500 channels both global and local stations. “LGC IPTV Technology is a creation of Foreign Direct Investment (FDI) from Nigerians in Diaspora through Leadership and Governance Canada Inc in partnership with FNIK Media Inc, which is in response to the clarion call by President Muhammadu Buhari on Nigerians in Diaspora to support the economic initiative of the Federal Government of Nigeria by mobilising FDI to the country.” In his remarks, the Chief Executive Officer of HOI Greenfield Nigeria Limited, Emmanuel OjoAkhigbe-Agge, said the LGC IPTV android smart box, which was launched in Abuja recently is a product for every home and business space. On how it works, he said: “It is weather-friendly, easy to install, no need for an external antenna with over 1,500 global and local channels.

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

Tech Firms Unveil LGC Internet Protocol Television Technology

(MILLION NAIRA)

JANUARY 2021

March 2018

Inter-Bank Call Rate

15.16

Minimum Rediscount Rate (MRR) Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT MONDAY MAY 30, 2022

The price of OPEC basket of thirteen crudes stood at $118.84 a barrel on Friday, compared with $116.50 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ MONDAY, JULY 4, 2022

MARKET NEWS

Analysts Back Suspension of Nine Companies’Shares on NGX Kayode Tokede Capital market analysts have expressed satisfaction over Nigerian Exchange Limited (NGX) management’s decision to suspend trading on nine companies’ shares on the bourse. The Exchange had announced the suspension of trading in shares of African Alliance Insurance Plc, Niger Insurance Plc, Royal Exchange Plc,

Ekocorp Plc, C&I Leasing Plc, Mutual Benefits Assurance Plc, Coronation Insurance Plc, Premier Paints Plc and Ardova Plc for not submitting their audited financial statements for the year ended December 31, 2021. In a swift response, the Company Secretary, Ardova, Oladeinde Nelson-Cole in a signed statement stated that, its board and Management of Ardova allay concerns over the recent suspension of trading of the

P R I C E S MAIN BOARD

F O R DEALS

company’s securities on the NGX. According to him, “The delay in submission was primarily due to the accounting reconciliations that followed the acquisition of Enyo Retail and Supply Limited (ERSL), a transaction which was concluded in November 2021. Enyo’s accounting has now been harmonized with the IFRS accounting standard already in place at Ardova, following which the group’s Consolidated Financial Statements were completed and

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

duly audited. “These audited financial statements were approved by Ardova’s Board of Directors following its meeting on 29 June, 2022, and will be filed with the NGX on or before 8 July, 2022. In accordance with NGX rules, we expect that the suspension of trading will be lifted upon submission.” He added that, “the Board and Management apologize for inconvenience caused by

T R A D E D MAIN BOARD

A S

this administrative circumstance and reassure our stakeholders that Ardova remains committed to the highest standards of compliance and corporate governance.” Speaking with THISDAY, Professor of Capital Market at Nasarawa State University, Uche Uwaleke said the suspension move by the management Exchange has continued to strengthen listed companies’ corporate governance and timely

O F

filing of results. According to him, “The suspension over the years has continued to bring sanity to the capital market and we have seen companies responding with timely disclosure of result and accounts. “If the Exchange had not been effective with its suspension policy, most of the listed companies will be found wanting and it is not good for our domestic capital market.

0 1 / 0 7 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, JULY 4, 2022

Monday, July 4, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ dŚĞ ĞĂƌƐ ZĞƐƵƌĨĂĐĞ͙ ^/ ĚŽǁŶ ϯ͘ϰй ŵͬŵ

THISDAY AFRINVEST 40 INDEX

/Ŷ ůŝŶĞ ǁŝƚŚ ŽƵƌ ĞǆƉĞĐƚĂƟŽŶ ďĞĂƌŝƐŚ ŽƵƚůŽŽŬ ůĂƐƚ ŵŽŶƚŚ͕ ƚŚĞ ĚŽŵĞƐƟĐ ĞƋƵŝƟĞƐ ŵĂƌŬĞƚ ĐůŽƐĞĚ ƚŚĞ ŵŽŶƚŚ ŽĨ :ƵŶĞ ŽŶ Ă ŶĞŐĂƟǀĞ ŶŽƚĞ͘ dŚĞ ďĞŶĐŚŵĂƌŬ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Current Price

Ticker

ŝŶĚĞǆ ĨĞůů ϯ͘ϰй ŵͬŵ ;DĂǇ͗ нϴ͘ϭй ŵͬŵͿ ƚŽ ϱϭ͕ϴϭϳ͘ϱϵ ƉŽŝŶƚƐ͘ ŽŶƐĞƋƵĞŶƚůǇ͕ zd ƌĞƚƵƌŶ ŵŽĚĞƌĂƚĞĚ ƚŽ Ϯϭ͘ϯй͘ DĞĂŶǁŚŝůĞ͕ ƚŽƚĂů ǀĂůƵĞ ĂŶĚ ǀŽůƵŵĞ ƚƌĂĚĞĚ ŝŶ :ƵŶĞ ŐƌŽƐƐĞĚ ϱ͘ϴďŶ ƵŶŝƚƐ ĂŶĚ േϳϳ͘ϵďŶ ƌĞƐƉĞĐƟǀĞůǇ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ĨŽƌ ƚŚĞ ŵŽŶƚŚ

THISDAY AFRINVEST 40

2437.85

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC

1,732.20

5 Zenith Bank PLC 6 Dangote Cement PLC 7 Lafarge Africa PLC 8 FBN Holdings Plc 9 Nestle Nigeria PLC

ƵŶŝƚƐͿ͕ ĂŶĚ h ;ϮϮϵ͘ϰŵ ƵŶŝƚƐͿ ǁŚŝůĞ DdEE

10 SEPLAT Energy PLC 11 Access Holdings PLC

;േϭϱ͘ϴďŶͿ͕ ^ W> d ;േϰ͘ϱďŶͿ͕ ĂŶĚ E/d, ;േϰ͘ϮďŶͿ

12 United Bank for Africa PLC 13 Nigerian Brew eries PLC

ůĞĚ ƚƌĂĚĞƐ ďǇ ǀĂůƵĞ͘

14 Okomu Oil Palm PLC 15 Ecobank Transnational Inc

0.04%

ROE

31.5% 143.8%

0.0%

45.4%

81.4%

ROA

P/E

20.2%

4.1%

0.0%

18.2%

6.2%

5.6x

Divindend Earnings Yield Yield

P/BV

0.8x

6.3%

10.8%

1.2%

230.00

0.0%

8.0%

16.8%

0.0%

105.6%

13.9%

14.5x

17.9x

5.7%

71.90

0.0%

6.0%

7.2%

0.0%

23.3%

12.1%

27.0x

6.1x

4.0%

3.7%

20.45

-0.2%

4.2%

-21.3%

-0.2%

19.8%

3.2%

3.4x

0.7x

14.7%

29.7% 36.3%

3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC

were K E K ;ϯϴϭ͘Ϯŵ ƵŶŝƚƐͿ͕ D E &/d ;Ϯϵϵ͘Ϯŵ

Price Price Previous Current Change Change Price Weighting Index to YTD Change Date

6.9%

21.85

0.7%

4.2%

-13.1%

0.7%

20.6%

2.6%

2.8x

0.5x

14.2%

275.00

0.0%

3.8%

7.0%

0.0%

37.7%

16.4%

12.4x

4.5x

7.7%

8.0%

26.50

0.4%

3.0%

10.6%

0.4%

15.5%

11.1%

7.2x

1.1x

7.5%

13.9% 39.9%

11.60

0.0%

2.7%

1.8%

0.0%

20.1%

1.9%

2.5x

0.5x

3.0%

1,400.00

0.0%

2.6%

-10.1%

0.0%

112.8%

16.1%

24.3x

28.3x

3.6%

4.1%

1,300.50

0.0%

2.6%

100.1%

0.0%

7.5%

3.6%

13.2x

1.0x

3.2%

7.6%

9.40

1.6%

2.2%

1.1%

17.9%

1.6%

2.1x

0.3x

7.4%

48.7%

7.40

-0.7%

1.6%

-8.1%

-0.7%

15.6%

1.4%

2.1x

0.3x

13.5%

47.1% 3.9%

58.80

0.0%

1.5%

17.6%

0.0%

10.5%

3.9%

25.3x

2.5x

2.7%

216.90

0.0%

1.4%

52.7%

0.0%

43.6%

25.5%

11.3x

4.8x

3.8%

8.8%

10.60

0.0%

1.3%

21.8%

0.0%

18.4%

1.0%

2.2x

0.4x

6.3%

44.6%

16 Stanbic IBTC Holdings PLC 17 International Brew eries PLC

33.55

0.0%

1.3%

-6.8%

0.0%

15.6%

2.1%

7.1x

1.1x

8.9%

14.1%

6.30

0.0%

1.2%

27.3%

0.0%

-9.9%

-3.4%

32.50

0.0%

WĞƌĨŽƌŵĂŶĐĞ ĂĐƌŽƐƐ ƐĞĐƚŽƌƐ ǁŝƚŚŝŶ ŽƵƌ ƉƵƌǀŝĞǁ ǁĂƐ

18 Flour Mills of Nigeria PLC 19 Fidelity Bank PLC

0.9%

14.6%

0.0%

15.9%

4.5%

0.7x

6.5%

20.1%

3.30

-3.5%

0.7%

29.4%

-3.5%

13.3%

1.2%

2.5x

0.3x

10.6%

39.9%

90.50

0.0%

ďĞĂƌŝƐŚ ĂƐ Ăůů ϲ ŝŶĚŝĐĂƚŽƌƐ ĐůŽƐĞĚ ŝŶ ƚŚĞ ƌĞĚ͘ dŚĞ

20 Guinness Nigeria PLC 21 Presco PLC

0.7%

132.1%

0.0%

17.8%

8.1%

13.5x

2.2x

0.6%

7.4%

165.00

0.0%

0.5%

87.9%

0.0%

7.7x

4.6x

4.0%

12.9%

ĂŶŬŝŶŐ and /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ůĞĚ ůĂŐŐĂƌĚƐ͕

22 Wema Bank PLC 23 FCMB Group Plc

3.26

2.2%

0.4%

352.8%

2.2%

15.7%

0.9%

8.3%

3.46

0.0%

0.4%

15.7%

0.0%

10.7%

1.1%

2.9%

0.9%

ĚŽǁŶ ϲ͘ϲй ĂŶĚ ϱ͘ϯй ŵͬŵ ƌĞƐƉĞĐƟǀĞůǇ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ hE/dz E< ;-ϴ͘ϮйͿ͕ E/d, ;ϳ͘ϱйͿ͕ E' D ;-Ϭ͘ϳйͿ͕ ĂŶĚ h D Ed ;-ϯ͘ϮйͿ͘ ůƐŽ͕ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ and &Z-/ d ŝŶĚŝĐĞƐ ĚŝƉƉĞĚ ϰ͘ϯй ĂŶĚ ϯ͘Ϭй ŵͬŵ ƐĞƋƵĞŶƟĂůůǇ͕ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ůŽƐƐĞƐ ŝŶ W ;-ϭϲ͘ϮйͿ͕ ,KEz&>KhZ ;-ϭϯ͘ϴйͿ͕

24 AXA Mansard Insurance PLC 25 United Capital PLC 26 Dangote Sugar Refinery PLC 27 Transnational Corp of Nigeria 28 PZ Cussons Nigeria PLC

ĂŶĚ /Zd > & ;-Ϯ͘ϬйͿ͘ ^ŝŵŝůĂƌůǇ͕ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ // K ;-ϳ͘ϮйͿ͕ >/E< ^^hZ ;-ϳ͘ϭйͿ͕ KEK/> ;-ϵ͘ϯйͿ͕

37 Union Bank of Nigeria PLC 38 Sterling Bank PLC

ĂŶĚ Z Ks ;-ϭϰ͘ϭйͿ ĚƌŽǀĞ ƚŚĞ /ŶƐƵƌĂŶĐĞ and Kŝů

39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc

Θ 'ĂƐ ŝŶĚŝĐĞƐ ůŽǁĞƌ ďǇ ϭ͘ϲй ĂŶĚ ϭ͘Ϯй ŵͬŵ ƌĞƐƉĞĐƟǀĞůǇ͘

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ

0.4%

-13.8%

0.0%

0.4%

29.3%

0.4%

16.00

-1.8%

0.4%

-8.0%

-1.8%

1.24

0.8%

0.3%

29.2%

0.8%

6.6%

19.1x

8.6x

1.7x

7.4%

0.3x

5.8%

0.6x

12.5%

3.2x

11.7%

1.4x

6.3%

0.5x

1.6%

0.3%

67.2%

6.3%

7.8x

1.1x

2.5%

12.9%

0.2%

85.2%

-5.5%

12.1%

4.1%

17.4x

2.0x

3.1%

5.7%

11.10

0.0%

0.2%

16.8%

0.0%

5.2%

2.3%

12.5x

0.7x

5.9%

8.0%

234.50

0.0%

0.2%

5.7%

0.0%

1.7x

7.9%

26.50

0.0%

0.2%

18.6%

0.0%

18.1%

2.3%

5.9x

0.8x

9.4%

17.0%

7.30

4.3%

0.2%

-7.6%

4.3%

19.5%

5.5%

4.3x

0.8x

6.8%

23.3%

15.30

3.4%

0.1%

5.5%

3.4%

8.8%

5.4%

29.9x

1.3x

3.3%

0.92

1.1%

0.1%

64.3%

1.1%

17.4%

1.3%

7.1x

1.3x

4.4%

14.1%

5.49

-3.2%

0.1%

24.2%

-3.2%

6.15

0.0%

0.1%

4.2%

0.0%

6.1%

0.7%

9.7x

0.7x

1.54

1.3%

0.1%

2.0%

1.3%

10.3%

1.0%

3.0x

0.3x

-17.7%

-4.1%

62.50

0.0%

6.25

0.0%

16.2%

0.0%

P ric e

-21.5%

-163.8% 10.3% 6.5%

1.8x 1.1%

T o p 10 T r a d e s b y V o lu m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

C UT IX

2.47

9.8%

GT C O

23.5

-0.2%

LIN KA SSUR E

0.57

9.6%

UB A

22.2

-0.7%

J OH N H OLT

0.82

9.3%

ST ER LN B A N K

7.4

1.3%

C A VER T ON

1.11

8.8%

OA N D O

7.3

-3.2% 0.0%

10.20

6.3%

FB NH

6.0

C UST OD IA N

7.30

4.3%

LIVEST OC K

5.9

-1.5%

ŵŽŶƚŚ ĂƐ ϮϬ ƐƚŽĐŬƐ ŐĂŝŶĞĚ͕ ϲϵ ůŽƐƚ ǁŚŝůĞ ϰϲ ǁĞƌĞ

C OR N ER ST

0.75

4.2%

Z EN IT H B A N K

5.4

0.7%

UN ILEVER

15.30

3.4%

T R A N SC OR P

5.1

0.8%

A IIC O

0.66

3.1%

NA HCO

3.8

-5.9%

WEM A B A N K

3.26

2.2%

WA P C O

3.7

0.4%

T o p 10 L o s e r s

and KZE Z^d ;нϭϲ͘ϭйͿ ǁŚŝůĞ dZ E d ;Ϯϲ͘ϳйͿ͕ t' ;-Ϯϯ͘ϭйͿ͕ ĂŶĚ hd/y ;-Ϯϭ͘ϲйͿ were the ƚŽƉ ƵŶĚĞƌƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ͘ /Ŷ :ƵůǇ͕ ǁĞ ĂŶƟĐŝƉĂƚĞ Ă ƐƵƐƚĂŝŶĞĚ ďĞĂƌŝƐŚ ŵŽŵĞŶƚƵŵ ďĂƌƌŝŶŐ ĂŶǇ ƉŽƐŝƟǀĞ ĞĂƌŶŝŶŐƐ ƐƵƌƉƌŝƐĞ͘

T ic k er

T o p 10 T r a d e s b y V a lu e

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

C OUR T VILLE

0.47

-7.8%

GT C O

480.3

-0.2%

NA HCO

8.00

-5.9%

SEP LA T

233.4

0.0%

C A D B UR Y

16.30

-5.5%

A IR T ELA F R I

180.9

0.0%

1.49

-3.9%

UB A

165.6

-0.7%

UP D C

1.03

-3.7%

Z EN IT H B A N K

118.2

0.7%

R EGA LIN S

0.26

-3.7%

WA P C O

96.9

0.4%

N EIM ET H

F ID ELIT YB K

3.30

-3.5%

FB NH

67.5

0.0%

J A P A ULGOLD

0.29

-3.3%

M TNN

41.4

0.0%

22.25

-3.3%

OA N D O

40.1

-3.2%

5.49

-3.2%

NA HCO

30.5

-5.9%

N GXGR OUP OA N D O

Afrinvest West Africa Limited

32.9% -9.5%

1.0x

month were E , K ;нϮϳ͘ϴйͿ͕ >> ,> < ;нϮϲ͘ϵйͿ͕

11.6%

6.3%

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ƵŶĐŚĂŶŐĞĚ͘ dŚĞ ƚŽƉ-ƉĞƌĨŽƌŵŝŶŐ ƐƚŽĐŬƐ ĨŽƌ ƚŚĞ

5.2%

-5.5%

T o p 10 G a i n e r s T ic k er

16.7%

12.0x

-8.5%

16.30

33 Custodian and Allied Insurance 34 Unilever Nigeria PLC 35 Jaiz Bank PLC 36 Oando PLC

0.0% 0.4%

5.0x

10.20

29 Cadbury Nigeria PLC 30 UAC of Nigeria PLC 31 TotalEnergies Marketing Nigeri 32 Julius Berger Nigeria PLC

2.00 12.80

1.2x

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

Brokerage

MONDAY, JULY 4, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager. Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return. An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 30June-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors. Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return. NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 4.36% Anchoria Equity Fund 146.52 148.16 5.22% Anchoria Fixed Income Fund 1.21 1.21 5.62% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 22.38 23.05 10.33% ARM Discovery Balanced Fund 516.86 532.44 14.56% ARM Ethical Fund 43.96 45.28 12.84% ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund 1.04 1.05 3.03% ARM Money Market Fund 1.00 1.00 6.59% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.99 105.99 8.85% AVA GAM Fixed Income Dollar Naira 1,119.41 1,119.41 11.94% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.09 2.09 4.10% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.40 2.45 20.84% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund 1,018.17 1,018.17 4.72% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 4.26% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.09% Paramount Equity Fund 19.87 20.24 13.95% Women's Investment Fund 150.38 152.26 5.91% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 6.68% Cordros Milestone Fund 135.87 136.79 8.97% Cordros Dollar Fund ($) 110.07 110.07 5.11% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 7.87% Emerging Africa Bond Fund 1.05 1.05 8.71% Emerging Africa Balanced Diversity Fund 1.07 1.07 17.05% Emerging Africa Eurobond Fund 102.69 102.69 4.62% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1469.85 1469.85 10.69% FBN Balanced Fund 195.45 196.75 11.52% FBN Halal Fund 120.90 120.90 10.17% FBN Money Market Fund 100.00 100.00 7.01% FBN Dollar Fund (Retail) 124.41 124.41 5.90% FBN Nigeria Smart Beta Equity Fund 165.71 167.94 9.09% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 4.76% Legacy Debt Fund 3.87 3.87 -3.23% Legacy Equity Fund 1.95 1.98 11.88% Legacy USD Bond Fund 1.23 1.23 1.97% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

4,165.29 3,571.40 100.00

4,225.38 3,571.40 100.00

14.09% 5.99% 7.72%

FSDH Dollar Fund 1.11 1.11 3.93% INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.56 1.59 10.27% Lotus Halal Fixed Income Fund 1,175.85 1,175.85 4.87% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 127.86 130.69 6.26% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.05 1.05 8.54% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,691.68 3,733.88 -2.15% Stanbic IBTC Bond Fund 239.57 239.57 0.30% Stanbic IBTC Ethical Fund 1.47 1.49 -1.99% Stanbic IBTC Guaranteed Investment Fund 321.71 321.71 0.44% Stanbic IBTC Iman Fund 275.90 280.00 -0.18% Stanbic IBTC Money Market Fund 1.00 1.00 3.67% Stanbic IBTC Nigerian Equity Fund 12,624.95 12,624.95 -0.90% Stanbic IBTC Dollar Fund (USD) 1.32 1.32 0.43% Stanbic IBTC Shariah Fixed Income Fund 118.80 118.80 0.27% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 110.24 110.24 0.71% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.01 1.03 13.30% United Capital Balanced Fund 1.36 1.39 4.34% United Capital Wealth for Women Fund 1.16 1.18 12.33% United Capital Sukuk Fund 1.06 1.06 3.62% United Capital Fixed Income Fund 1.89 1.89 3.23% United Capital Eurobond Fund 121.68 121.68 2.73% United Capital Money Market Fund 1.00 1.00 7.40% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.99 14.12 6.07% Zenith ESG Impact Fund 16.24 16.42 11.17% Zenith Income Fund 22.79 22.79 3.82% Zenith Money Market Fund 1.00 1.00 6.02% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 3.93 4.03 -2.04% Vetiva Consumer Goods Exchange Traded Fund 6.19 6.29 5.89% Vetiva Grifﬁn 30 Exchange Traded Fund 19.12 19.32 8.06% Vetiva Money Market Fund 1.00 1.00 5.40% Vetiva Industrial Goods Exchange Traded Fund 21.42 21.62 7.17% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 154.25 156.25 -2.22%

REITS NAV Per Share

Yield / T-Rtn

117.13 51.68

3.47% 1.63%

Bid Price

Offer Price

Yield / T-Rtn

15.18 144.44 114.53 17.10 16.40

15.28 147.93 116.99 17.20 16.50

8.48% -4.38% -3.66% 21.89% 4.90%

NAV Per Share

Yield / T-Rtn

107.55

12.10%

Fund Name SFS REIT Union Homes REIT

EXCHANGE TRADED FUNDS Fund Name Lotus Halal Equity Exchange Traded Fund SIAML Pension ETF 40 Stanbic IBTC ETF 30 Fund MERGROWTH ETF MERVALUE ETF

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

The value of investments and the income from them may fall as well as rise. Past performance is a guide and not an indication of future returns. Fund prices published in this edition are also available on each fund manager’s website and FMAN’s website at www.fman.com.ng. Fund prices are supplied by the operator of the relevant fund and are published for information purposes only.

MONDAY JULY 4, 2022 • T H I S D AY

T H I S D AY • MONDAY, JULY 4, 2022

NEWSXTRA

AWARD TO GANDUJE... R-L: Convener and Global Director General of the National Coalition of Tinubu Support Groups, Dr. Doyin Johnson, presenting an award to Governor of Kano state, Dr. Abdullahi Umar Ganduje for his support to APC Presidential Candidate; Governor of Imo State, Senator Hope Uzodinma and a member of the coalition, Mr. Chukwumeka Okafor at Abuja…recently

Kwankwaso: Nigerians Eager to Chase Out APC in 2023 Says massive crowd indicates victory for NNPP, commissions Gombe office Segun Awofadeji in Gombe Presidential candidate of the New Nigeria Peoples Party (NNPP), Alhaji Rabiu Kwankwaso, says from all indications, Nigerians are tired of the ruling All Progressives Congress (APC) and are desirous of seeing the end of the President Muhammadu

Buhari government. Kwankwaso applauded the massive turnout of people to welcome him to Gombe State late Saturday evening, describing it as a sign that the people are ready for the opportunity to do away with the APC federal government at the 2023 general election. The NNPP presidential

Alleged Partisanship: Akwa Ibom REC, Igini Threatens APC Chieftain with N1bn Suit Demands retraction of statement linking him to PDP Alex Enumah in Abuja The Akwa Ibom State Resident Electoral Commissioner (REC) of the Independent National Electoral Commission (INEC), Mr. Mike Igini has threatened a N1billion libel suit against a chieftain of the All Progressives Congress (APC), Mr. Blessing Agbomhere. Agbomhere, according to Igini, had in a television interview he granted on June 29, accused him of not only working for the PDP in Akwa Ibom State, but equally acting as a ceremonial consultant to the State Governor, Mr. Udom Emmanuel. Slighted by the allegation which he also denied, Igini warned that he would not hesitate to commence legal proceedings against Agbomhere, if he fails to retract the said defamatory statements and tender an apology to him in four major TV stations and five prominent newspapers within the next 48 hours. In a pre-litigation notice that was prepared by his team of lawyers led by Chief Clement Onwuenwunor, a copy of which was seen by THISDAY, Igini claimed that the APC chieftain maliciously accused him of abusing his office as an electoral umpire in Akwa Ibom State. The pre-action notice addressed to Agbomhere, read: "We act as Legal Practitioners for Honourable Mike Igini (hereinafter referred to as our client) and on whose instruction we write this protest

and demand letter to you. "In a Television interview aired by Arise Television and anchored by Dr. Rueben Abati on June 29, 2022 and subsequently relayed in several other news media platforms, you maliciously published to the whole World about our client as follows: 'Mike Igini has abused the privilege of his office, he is partial/biased against the interest of APC in Akwa Ibom State, he is working for PDP in Akwa Ibom State, he is a ceremonial consultant to the Governor of Akwa Ibom State in electoral matters, he has compromised the values of INEC, he is a hatchet man hired by the PDP to work for them in INEC, shamelessly defending the rights of political parties and that he lives in the Lodge of the Government of Akwa Ibom State….. that he has videos of him driving in and coming out. "The above malicious accusations published to the whole world have ever since, been given unprecedented publicity and they constitute the most wicked attack on the towering image of our client, who over the years, has earned a deserved reputation in Nigeria and internationally as a forthright electoral umpire." Igini, however, denied all the allegations and challenged the APC Chieftain to publish evidence of his claims if he has any or immediately retract them.

candidate, who was in Gombe to commission the state’s party office, said the massive crowd that came out to welcome him from the airport into the town, had motivated him into believing that Gombe State had joined Kano and others in the league of "Kwankwasiya States". Addressing supporters at the Gombe International Hotel, shortly after commissioning the party office, Kwankwaso said there were huge indications of a bright future for the barely four months old party. According to him, NNPP

would bring real positive change to Nigerians by wiping away the tears and sufferings inflicted by the Buhari government. "The greedy APC government officials have collapsed all sectors of the Nigerian economy, with the exception of their pockets," he said, urging the people to go out and obtain their Permanent Voter Cards (PVCs), as that is the only means they can use to change the tide in Nigeria. In his remarks, Chairman, Board of Trustees of NNPP, Buba Galadima, said the 2023 elections would be very interesting for the

NNPP, going by the way they were received in Gombe State. Galadima called on members of the party to go for their PVCs as well as mobilise Nigerians in all parts of the state, especially, in villages, to do same. The governorship candidate of the party in the state, Alhaji Ahmed Mailantarki, thanked the presidential candidate for his visit and assured him that the party office would greatly enhance their campaign activities in the state. Mailantarki said NNPP in Gombe State relied very much on the masses, who

were the backbone of the party. He said NNPP had been able to win the support of Gombe people because they had followed the footsteps of Kwankwaso, who had been empowering the youth to realise their dreams and potential in different sectors. "By copying your legacies, we were able to send no fewer than eight young Nigerians to pursue their football career in Europe and other parts of world and we still plan more of such initiative," Mailantarki told Kwankwaso.

Tinubu Presidency: Afenifere Renewal Warns South-west Politicians against Sabotage Victor Ogunje in Ado Ekiti The Afenifere Renewal Group(ARG) has tasked politicians from the South-west on the imperative of unity in order to actualise the presidential aspiration of the former Lagos State Governor, Asiwaju Bola Ahmed Tinubu in the 2023 general elections. Speaking at a media briefing in Ado Ekiti, yesterday, the socio-cultural group lauded President Muhammadu Buhari and the Northern Progressives Governors' forum for their patriotism in allowing the power to return to the south during the All Progressives Congress (APC) presidential convention. Addressing journalists on Tinubu's emergence, the ARG Publicity Secretary in Ekiti, Mr. Michael Ogungbemi, said the region would end up producing a successor to Buhari if it demonstrates unity of purpose, from which other regions can key into. Ogungbemi posited that southern Nigeria would eternally be grateful for the patriotic zeal of the APC Northern Governors' Forum that insisted that power must return to the South in the spirit of normative order and promotion of justice fairness and equity in the system.

Ogungbemi said: "The ARG on behalf of Yoruba race applauded President Buhari for his statesmanship, ditto to the Northern Progressives Governors' forum, who rose above clannish sentiment and regional affinity by displaying the gravitas to embrace a panNigerian decision that power must shift to the South. "It is now time for the Southwest to display uncommon unity to complement the patriotic and progressive efforts of the APC members, who overwhelmingly elected Asiwaju Bola Ahmed Tinubu in the primary. "This is not the time to put up the toga of ego and sulk in the enmity of the past. We must chart a new course and work hard with other five zones of the country for Asiwaju Bola Tinubu to ascend the throne. "We hereby, humbly task Vice President Yemi Osinbajo, Chief Bisi Akande, the chairman, Southwest Governor' Forum, Rotimi Akeredolu, Governor Kayode Fayemi, Ibikunke Amosun, Rauf Aregbesola and other bigwigs in the progressive fold to midwife sincere and genuine reconciliation among contending forces and unite for Tinubu. "The trajectory of election in Nigeria since 1999 clearly

presents an unassailable narrative that no zone can singlehandedly produce Nigerian President without recourse to the sensibilities and cooperation of others.” He added: "With this reality, we must jettison primordial sentiments and divisive comments, and form a formidable coalition with the Igbos, Fulani Hausa, Kanuri and other ethnic nationalities to galvanise support for Asiwaju Tinubu in the forthcoming election. "One thing is certain, failure is not an option for us in this election as the APC had done us a great deal of favour by voting for a worthy and enigmatic leader of Southwest progressive politics to take over after President Buhari." Ogungbemi saluted the governor Of Ekiti State, Kayode Fayemi, immediate past Minister of Niger Delta Ministry, Godswill Akpabio, former Speaker House of Representatives, Dimeji Bankole, former Ogun State Governor Ibikunle Amosun and others who displayed uncommon patriotism and selflessness by stepping down from the primary. The ARG spokesperson added that history would continually

remember them as warriors, who made a great sacrifice for the stability of the country and for the promotion of regional solidarity. "Stepping down from the race by these political warlords clearly showed unanimity of purpose, which confirmed that the South was really ready to take the baton of leadership and this was highly commendable. "But we must start putting our house in order and form a strong synergy with other zones to be able to deliver the presidency to Tinubu. This is actionable. "Working hard to get the ticket makes other uphill task ahead of us easier. Without unity, particularly in the Southwest, sabotage and other treacherous acts may surge and hinder the actualisation of this dream and that would be an unpardonable mistake that may haunt the region for many years ahead," the ARG warned. The ARG however, exuded confidence that with strong political networks, structures and contacts that Tinubu had erected over the years coupled with his cosmopolitan political stature that towers above other contestants, the APC was set and more than ready to win the 2023 presidential poll.

T H I S D AY • MONDAY, JULY 4, 2022

NEWSXTRA

AT LAFARGE AFRICA’S THOUGHT LEADERSHIP PLATFORM… L-R: Honorary General Secretary, The Nigerian Institute of Architects, Chike Ibeanu; , Head, Mortar, Innovation and New Product Development, Lafarge Africa Plc, Femi Yusuff; President, The Nigerian Institute of Architects, Arc. Enyi Ben-Eboh; and Chief Executive Officer, Lafarge Africa Plc Khaled El Dokani at the fifth edition of Lafarge Africa’s Thought Leadership Platform - Concrete Ideas held at Eko Hotel in Lagos...recently

PDP BoT Chairman Recommends High-powered Delegation Led By Atiku, Okowa to Visit Wike John Shiklam in Kaduna Chairman, Board of Trustees (BoT) of the Peoples Democratic Party (PDP), Senator Walid Jibrin, has recommended the setting up of a high-powered delegation to visit Governor Nyesom Wike of Rivers State to try to reconcile with him. Wike has been unhappy over the outcome of the party’s presidential primary, won by former Vice President Atiku Abubakar. The situation was further compounded, when Atiku chose Delta State Governor, Dr. Ifeanyi Okowa, as his running mate, after some governors had voted for Wike. However, in a statement yesterday in Kaduna, Jibrin

said it was imperative to set up a delegation to visit Wike for reconciliation. He said the presidential candidate himself should lead the delegation. The BoT chairman also frowned on comments being made by some party members and Nigerians over the choice of Okowa as the presidential running mate. He stated, “We must come back to our senses and give total support to the party to enable it form government in 2023. It is very necessary that our presidential candidate, Alhaji Atiku Abubakar, and the national chairman of the PDP, Senator Iyochia Ayu, immediately visit Wike as soon as they returned to the country.” Jibrin further suggested

NPC Trains Enumerators to Conduct Trial Census in Enugu Gideon Arinze in Enugu The National Population Commission (NPC) has commenced a 12-day training for 99 enumerators ahead of its trial census across nine local government areas in Enugu State. Flagging off the training in Enugu yesterday, the Federal Commissioner representing Enugu State at the NPC, Ejike Ezeh, said the nine LGAs for the trial census were chosen from the three senatorial zones in the state. Ezeh explained that while Nkanu West; Enugu North and Isiuzo council areas were selected in Enugu East, Udenu, Uzo-Uwani and Igboeze council areas were selected for Enugu North Senatorial zone even as Ezeagu, Oji River and Udi council areas were selected for Enugu West Senatorial Zone. He said that a total of 7,718 enumeration areas had also been selected for the trial census which would be used to test run the suitability and readiness of the state for the actual census in 2023. “The census would be used to test the new technology and innovations in the census enumeration both in terms of e-recruitment of personnel and

use of specially configured computer tablets for the exercise,” Ezeh said. He maintained that the selection of the coverage areas was scientifically and purposively carried out to achieve the objectives of the census, adding that the selection of samples from all states of the federation and the FCT was expected to yield nationwide information on state-specific issues that may arise for the next census and come up with possible solutions for addressing these challenges. “However, some states have been selected for full LGA enumeration to test challenges around complete coverage under various scenarios such as in hard-to-reach areas, special populations, and rural-urban settings,” he said. Ezeh further explained that the trial census would not be the actual enumeration of persons for the 2023 Population and Housing Census, adding that the outcome of the exercise would not form the basis of the 2023 census. Ezeh called on stakeholders, especially residents, security agencies and the media to support the commission during the census to ensure that the objectives are achieved.

that, while Atiku and Okowa should lead the delegation, other members of the team should include members of the National Working Committee (NWC), the BoT chairman, the 13 PDP governors, and former governors of the party, among

others. Jibrin stated, “It is very important to note that Governor Wike is very responsible and very obedient member of PDP, who assisted tremendously towards building the party to what it is today. We must, therefore,

encourage him never to leave the party. “In the light of the above, I want to appeal to all PDP members and leaders to stop making comments aimed at reducing and running down the party. We must be ready to forget and forgive ourselves

by encouraging Nigerians to continue supporting our party and us. “It is my strong appeal to all current and former governors, former presidents of Nigeria, not to add more fuel to the fire but to always try to quench the fire from spreading.”

Ortom’s Convoy in Accident as Truck Crushes Four Vehicles on Abuja-Keffi Road Olawale Ajimotokan in Abuja Convoy of the Benue State Governor, Samuel Ortom, was yesterday involved in a road accident on the Abuja-Keffi Road, a few hours after an articulated truck also crushed four vehicles close to Karu Bridge on the Abuja-Nyanya Keffi Express way. Ortom’s convoy was returning to Makurdi after accompanying the governor to the Abuja airport to catch a flight to the United Kingdom, when one of the vehicles collided with a Golf near the Karu Flyover Kugbo Hill. No life was lost in the incident. The other crash was a

multiple accident that caused heavy traffic at Nyanyan, a few metres from Karu Flyover. Amid the chaos, officers of the Nigeria Police Force, Karu Division and men of the Federal Road Safety Corps, mobilised to the scene and diverted the traffic to the newly created service lane. The Federal Capital Territory Sector Commander of the FRSC, Mr Samuel Ogar Ochi, said the accident occurred around 9:30a.m, and that no life was lost. He said the injured persons were rushed to the Asokoro General Hospital, Abuja, for treatment. "The Unit Commander

of FRSC and some of our personnel were at the scene of the crash. Actually our truck is on its way to remove the wreck on the road but nobody died," he said. On his part, Senior Special Assistant to the FCT Minister, on Monitoring, Inspection and Enforcement, Mr Ikharo Attah, said the Federal Capital Territory Administration (FCTA) was not comfortable with the spate of accidents on that road. He described as disturbing, the accidents involving heavy trucks on the Nyanya axis of the road after a section of the road was completed, and blamed the accident on

reckless driving. "And see, after the road was completed, the speed by drivers on the road is worrisome and the rate of accidents involving trailers is getting very disturbing. "If you observed, on Saturday, July 2, just 24 hours ago, we had a multiple accident involving Truck and Sharon vehicle and now this Sunday morning we are experiencing this disturbing one again. We thank God no life was lost," Attah said. He enjoined truck drivers to always exercise caution while descending from Abacha barracks to Kugbo, down to Karu and Nyanya.

Ezeife: Corruption Has Stolen Future of Nigerian Youths, Pushed them to Violent Crimes

Kingsley Nwezeh in Abuja

Civil Society Organisations (CSOs) weekend lamented the criminalisation of the poor in Nigeria and called for the reform of the criminal justice system. The call came just as a consultant on national security and counter terrorism, Dr. Dozie Ezeife, said pervasive corruption had pushed Nigerian youths into violent crimes. Speaking at the launch of two books he authored titled: "Boko Haram: Pathways to a Solution" and "Re-examining the Niger Delta Militancy," he said corruption had stolen the future of Nigerian youths and pushed a large population of the citizens into various forms of criminal

gangs wreaking havoc in all the geo-political regions of the country. A communique issued at the end of a conference on the Criminalisation of Poverty in Nigerian Organised by the Rule of Law, Accountability and Advocacy Center (RULAAC) with support from Open Society Initiative for West Africa (OSIWA) with the theme: "Criminalisation of Poverty in Nigeria: A Synopsis of Origins and Issues,” identified poverty as one of the causes of rising violence in Nigerian. "Poverty has been identified as one of the causes of rising violence in Nigeria. As such, the Agenda 2030 affirms the need to 'build peaceful, just and inclusive societies' that provide equal access to justice and that are based on

respect for human rights including the right to development, on effective rule of law and good governance at all levels and on transparent, effective and accountable institutions. "Criminal law is often administered in a discriminatory manner that appears to target the poor for being who they are and, in so doing, deepening impoverishment. The enforcement of criminal laws is done in a discriminatory manner and frequently results in arbitrary and unlawful arrests targeting the poor and other marginalised groups." The communique, therefore, called for the decriminalisation of petty crimes among other recommendations. "There is a need to decriminalise

petty crimes and offences in Nigeria. The National Assembly should put in place measures to checkmate the criminalisation of petty offences. It stressed that stakeholders in the criminal justice should work for the reform of the judiciary system by retraining its officers to become more efficient and transparent to serve justice to the people. "Stakeholders need to push for the decriminalisation of politics in Nigeria so as to institute a transparent system that guarantees the development of the country. Civil Society Organisations need to engage more with lawmakers than with law enforcement because the lawmakers make the laws," it said.

MONDAY JULY 4, 2022˾ T H I S D AY

NEWS

NDLEA Intercepts N4.5bn Heroin in Baby Food at Lagos Airport Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted 22 blocks of heroin weighing 23.55 kilogrammes concealed in packs of baby food at the Murtala Muhammed International Airport, Lagos. A statement yesterday NDLEA’s spokesman, Femi Babafemi said the consignment with a street value of over N4.5 billion came from Johannesburg, South Africa on board South African Airways flight last Wednesday as part of a consolidated cargo that arrived the SAHCO import shed of the Lagos airport. Meanwhile, the Chairman/ Chief Executive of the NDLEA, Brig. Gen. Buba Marwa (rtd) has expressed satisfaction with the exemplary performance of the officers and men of the MMIA command in the past week while also commending those of Rivers, Kaduna and Borno for being vigilant.

LEADERSHIP SUMMIT..…

L-R: Former President of Nigeria Economic Summit, Mazi Sam Ohuabunwa; Lead Partner, Detail Solicitors and Chairman, Nigerian Bar Association (NBA) Section on Business Law, Ayuli Jemide; Founder and Managing Consultant, Midridge International, Abiola Adediran; CEO, Pan African Towers, Azeez Amida; and Managing Partner, GLG Communications, Omawumi Ogbe; at the 2022 Leadership Agenda Summit in Lagos…recently

Niger Workers Ask Govt to Remit All Deductions Laleye Dipo in Minna

Workers in Niger State have used the opportunity of marking the International Day of Cooperatives to ask the state government to remit all cooperative deductions being held in the Ministry of Finance. The President of the Niger State Cooperative Federation, Mr. Labaran Garba, lamented that the continued withholding of the deductions “is criminal” and “hampering the growth of cooperative societies in the state.” Garba, in a speech at the event that was held at the main auditorium of the Teachers House in Minna, also appealed to the

government to “resume third party deductions to enable cooperators in the civil service to have effective Plan B for their retirement. He said: “Government should release all funds of various cooperative societies deductions withheld to sustain the cooperative societies’ existence in the state.” He urged all cooperative societies in the state to affiliate to unions and apexes for the strengthening of cooperative structures, pointing out that the organisation should work as a team to explore other avenues of enhancing their capabilities towards a greater cooperative movement.

Rivers Community Protests Killings of 30 Indigenes BlessingIbungeinPortHarcourt Udoda community in Ahoada West Local Government Area of Rivers State has protested the killing of over 30 indigenes by thugs and suspected military personnel during invasion of the area. The Paramount Ruler of the community, HRH Okaya Gospel, and the Youth President, Peter Francis, who spoke to journalists on the incidents, lamented that indigenes, including a chief, had been killed since the raids and attacks started in 2019. According to King Gospel, the

community was deserted because people’s houses and valuables were burnt and stolen in various invasions and attacks. The monarch blamed surveillance contractors securing pipelines that crisscrossed the community’s forest for their travails, saying each time the people requested for basic amenities, their voices were quelled with attacks and raids. Narrating their ordeals, he said: “Many people have died in these attacks and air raids. They used air raids to burn down houses and kill innocent people. Recently, they invaded this community.”

Thomas Adewumi Varsity Appoints New VC The Board of Trustees of Thomas Adewumi University (TAU) has appointed Professor Francisca Oladipo as the new Vice-Chancellor and Chief Executive Officer of the fastgrowing institution. According to the board, the appointment followed a unanimous vote in favour of the excellent researcher and administrator. Professor Oladipo, who will step into this position from Federal University Lokoja (FUL), where she currently serves as the Director of Quality Assurance and the Head of Computer Science Department. She also coordinates

the FUL-RWEYDF Centre for ICT for Development and Training, a partnership project between Federal University Lokoja and the Rural Women Empowerment and Youth Development Foundation.

Professor Oladipo

Lagos Pays 486 Pensioners N1.5bn Rebecca Ejifoma

The Lagos State Government has paid a total of N1.5 billion accrued pensions rights to 486 retirees for July. The Director-General of Lagos State Pension Commission (LASPEC), Mr Babalola Obilana, confirmed this at the 95th Batch Retirement Benefit Bond Certificates Presentation for retirees of the Lagos

State Public Service in Lagos. He said: “The åadministration of Gov. Babajide Sanwo-Olu, just like his predecessors, is committed to the wellbeing of the state’s workforce.” The DG continued that this administration has consistently prioritised pension contributions in the annual state budget. Obilana added: “We are happy to note that Lagos state is fully

compliant with the statutory requirements of the Contributory Pension Scheme (CPS) since its inception. “Despite various economic and financial challenges, employee and employer contributions are remitted promptly into individual employees’ Retirement Savings Accounts (RSAs) monthly.” Speaking to newsmen, he

described Lagos state as a high flyer, having received several awards for exceptional performance in the payment of retirement obligations. While appreciating the retirees for their labour and sacrifices during their meritorious years in public service, Obilana assured them of the state’s commitment to ensure payment of the outstanding pension liabilities.

Firm Seeks N11bn from CBN for Cattle Value Chain Project Juliet Akoje The Covener, Greenlands Integrated Agribusinesses Group, Ayobami Aremu has said that his firm is currently processing a financing of about N11 billion for an alliance in the cattle value chain project in Nigeria. He made this known in

Abuja recently at the official signing of Memorandum of Understanding (MoU) between National Association of Cattle Dealers, Processors and Marketers of Nigeria and the Comprehensive Agric Limited in a deal put together by Greenlands Agribusinesses Limited, which he said is being financed by the Central Bank

of Nigeria (CBN) through Sun Trust Bank Nigeria Limited. He stated that the feed lots and fattening houses are located and established in Kogi and Niger states currently. Briefing the press, Aremu stated that Nigeria has been in a dark space when it comes to cattle, saying he founded Greenland consults as one of

the Greenland groups about nine years ago afte he returned from the UK. “What propelled my return was to ensure that what we see done over there is replicated here. It’s in the advanced state. The feedlot has been set up in Kogi and Niger; cattle rearers are already supplying cattle to him.

Two Catholic Priests Kidnapped in Edo Adibe Emenyonu in Benin City Two Catholic priests have been reportedly abducted by gunmen in Edo State. The priests, Rev. Fathers Udo Peter and Philemon Oboh, of St. Patrick Catholic Church Uromi and St. Joseph Retreat Centre, Ugboha, respectively of the Catholic Diocese of Uromi, were

said to be travelling from Benin to Uromi when they were abducted along the Benin-Auchi-Benin road on Saturday. The incident occurred less than one week after Rev. Fr. Christopher Odia was gruesomely killed by suspected Fulani kidnappers at Ikabigbo in Etsako West Local Government Area of the state.

The Catholic Bishop of Uromi Diocese, Bishop Donatus Ogun, could not be reached for comments as he was said to be in a meeting. Meanwhile, the Edo State Police Command confirmed the kidnap incident. In a statement the command Public Relations Officer, Chidi Nwabuzor, said:”The Edo State

Police Command was informed of the incident by the Divisional Police Officer, Ugboha, Edo State, that on Sunday 03/07/2022 one Rev. Father Amos Abhulimen of St. Dominic Catholic Church Ugboha reported that he was informed by the Catholic authority via WhatsApp that the above named Catholic Rev. Fathers were attacked,

Osun 2022: Adeleke Unveils Agenda for Iwoland

Emmanuel Ugwu-Nwogo in Umuahia

The Peoples’ Democratic Party’s (PDP) Candidate for the July 16 governorship election in Osun State, Senator Ademola Adeleke, has pledged to make the repair of major roads in Iwoland a priority to ease the movement of people and goods as well as promote economic activities.

Adeleke gave the assurance at the weekend while addressing a mammoth crowd at a rally in Iwo, saying that he will work to ensure the needs of the people of Iwoland is met as governor. Earlier before addressing the crowd, Senator Adeleke and top leaders of the party had paid homage to the Oluwo of Iwo, Oba Abdul-Rasheed

Adewale Akanbi, Telu I. He bemoaned the neglect of Iwoland by the All Progressives Congress’ (APC) led government going by the poor conditions of infrastructures around in the area, saying that Iwoland is too important to have been left out in development consideration by the APC government. “Let me assure the people of

Iwoland that we will not play lip service to their needs, and this will see us fixing major roads and end the undeserved pains that users go through over them over the years. The people of Iwoland has endured enough pains, and by God grace, as your governor, I will make them go away by putting key roads in proper condition,” he said.

Banditry: Matawalle Trains Community Guards in Zamfara “The Governor said the to use possible options to The statement said the new

Governor Bello Matawalle of Zamfara has begun training for a newly-established security outfit, Community Protection Guard (CPG) to tackle banditry and kidnaping in parts of the state. The announcement was contained in a statement by Malam Jamilu Birnin-Magaji, Press Secretary to the Governor in Gusau.

outfit would give needed support to the conventional security agencies in their effort to end banditry and kidnapping that had ravaged the state. Matawalle said at the exercise, that his administration had resolved to tackle the state’s security challenges head-on by implementing new security measures.

government came up with additional measures for combating insurgency in the state. “Among the new measures is the recruitment of CPGs in each of the 19 Emirate Councils of the state. “He said the decision to establish the CPG was informed by his administration’s desire

deal with the increasing act of banditry causing loss of lives, untold hardships and rupturing inter-communal peace in parts of the state,” the statement said. It said that the governor urged the guards to concentrate fully on their training as the task ahead of them was enormous and daunting.

MONDAY JULY 4, 2022 • T H I S D AY

MONDAY, ͼ˜ ͺ͸ͺͺ ˾ T H I S D AY

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Group Sports Editor: Duro Ikhazuagbe Email: duro.ikhazuagbe@thisdaylive.com

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Eternal Rivals, Super Falcons, Banyana in Supremacy Battle in Rabat

Duro Ikhazuagbe Two of Africa’s powerhouses in women’s football, Nigeria and South Africa will go to ‘war’ at 6pm this evening in Rabat for the three points at stake in the Group C opener of the 12th Women’s Africa Cup of Nations in Morocco. Hosts Morocco secured all first three points in the opening match of the tournament on Saturday against Burkina Faso with a 1-0 victory to lead Group A. The South Africans got the upper hand in the rivalry between Super Falcons and the Banyana Banyana just 10 months ago in the Aisha Buhari Invitational Tournament hosted by Nigeria at the Mobolaji Johnson Arena on Lagos Island. That 4-2 defeat of nine-time African champions Nigeria, is the last time both countries have clashed to make today’s battle a fierce one for Falcons who have won the four WAFCON finals they have played against the ladies from Nelson Mandela’s territory.

WA F C O N 2 0 2 2 Since then, however, the Falcons have flown with formidable wings, eliminating West African archrivals Ghana and Cote d’Ivoire in the qualifying series for the WAFCON and coming close to stripping the ‘A’ Women Team of Canada in the second of a two-match tour in that country three months ago. Monday’s spectacle will see Coach Randy Waldrum send out his best legs against a team considered Nigeria’s strongest opposition on the African continent at the moment, and Coach Desiree Ellis is expected to do likewise as both teams of titanesses battle for crucial three points at the Moulay Hassan Stadium in Rabat. “Naturally, this is a very big game and we are looking forward to it. It is also a game that should be a good advertisement for African women football. When you have Nigeria playing South Africa at the senior women level,

it is a treat. “Our objectives and expectations remain the same: to earn a ticket to the World Cup and to win the trophy. We will take it one match at a time. It is interesting to play South Africa first, and we can move ahead from there.” Team captain Onome Ebi, who is the oldest player at the competition at 39, has featured in five FIFA World Cup finals, and still looks vibrant enough to feature at the FIFA World Cup in Australia & New Zealand next year: “For me, it is a good thing that we are playing South Africa first. It is a strong team and that will make our team to be strong and to give our best from the very beginning. “I have won this trophy several times but I still have the hunger to win it, and also to go to a sixth World Cup. We will look first to pick up the World Cup ticket, and then the trophy.” Nigeria will be without first choice goalkeeper Chiamaka Nnadozie, who is suspended for

receiving yellow cards in different matches of the qualifying series (against Ghana and Cote d’Ivoire), meaning Israel –based Tochukwu

Oluehi could be between the sticks for the Super Falcons against the Banyana on Monday night. After Monday’s epic clash

against Banyana Banyana, the Super Falcons have other games against Botswana (7th July) and Burundi (10th July).

2023 Africa Cup of Nations Moved to 2024 The next Africa Cup of Nations (AFCON) will be played in Côte d’Ivoire in 2024, and not 2023, Confederation of African Football (CAF) President, Patrice Motsepe, announced yesterday. The tournament was to be hosted in June-July 2023, which is the height of the rainy season in Côte d’Ivoire. "We cannot take the risk," the South African said in the Moroccan capital Rabat where the women’s AFCON began on Saturday. With the World Cup in Qatar taking place between November and December this year, the decision has been taken to postpone the finals rather than bring them forward. It means the Nations Cup will be held in January and February for the second time in a row, after this year's tournament in

Cameroon. In 2017, CAF announced that it would move the finals from their traditional January-February slot to June-July in a bid to avoid repeated disputes with European clubs forced to release players in the middle of the season. "January is not the ideal time because of the European clubs, but it is the only choice we have," Motsepe added. Under former CAF President Issa Hayatou, who was removed from office in 2017, African football's ruling body refused to countenance any possible change of date for the months the continent's flagship sports event is hosted. Yet just four months after taking charge, Hayatou's successor - Ahmad of Madagascar - turned this policy on its head following

Amstel Malta Ultra Backs S’Falcons to Overcome Bayana Bayana in Group Opener Amstel Malta Ultra, the official Malt drink of the Super Falcons is confident the Nigeria national women’s team will get off to a positive start this evening when they take on South Africa’s Bayana Bayana in their opening game of the 2022 Women’s Africa Cup of Nations in Morocco. Even though many fans believe the wide gap between the Super Falcons and Bayana Bayana has greatly reduced, Amstel Malta Ultra have faith in Coach Randy Waldrum and his Ladies to shoot down their fierce South African rivals. For over four years, Amstel Malta Ultra has been one of the key brands supporting the Super Falcons and nourishing them to

greater heights. Now, the world-class brewed Malt Drink says it is firmly rooting for the Falcons to show the continent once more why they are the number one and record champions of the Women’s Africa Cup of Nations. Brand Manager Amstel Malta, Maire Abia-Bassey, said the Super Falcons are fully aware they need to hit the ground running in their first match against South Africa and she doesn't expect anything short of victory from the Ladies. While the Super Falcons have gotten to nine WAFCON finals and won all, Bayana Bayana have made it into four finals but lost all and are desperate for a change in fortunes in Morocco.

consultation with the continent's officials. CAF Secretary-General, Veron Mosengo-Omba, said there are no plans to permanently move the finals back to January-February given the contrasting weather patterns across the continent at different times of the year.

UFC: Dare, Dabiri-Erewa Hail Adesanya on Another Successful Title Defence Michael Olugbode in Abuja

Minister of Youth and Sports Development, Sunday Dare, has congratulated Nigerian-born UFC champion, Israel Adesanya, on yet another successful title defence. Adesanya, early Sunday in Las Vegas, United States of America, defeated Jared Cannonier to retain his UFC Middleweight crown with a unanimous decision victory. Dare, in a statement, praised Adesanya for being a worthy youth ambassador for the country. The minister said Nigeria is proud of the achievements of Israel Adesanya and another UFC champion Kamaru Usman who have continued to identify with the country everytime they compete. "We are proud of Adesanya and Usman and we will continue to celebrate them because they always identify with Nigeria, they always proudly carry our flag everywhere they go. They are our global icons. We believe they have many more successes ahead of them," Dare concluded. Similarly, the Chairman/CEO, Nigerians in Diaspora Commission

Nigeria vs S’Africa Live on StarTimes The Super Falcons of Nigeria will begin their quest for another title chase at the 2022 TotalEnergies Women’s Africa Cup of Nations, with an opening match against Banyana Banyana of South Africa today at 6 pm. The match will air live on StarTimes, an official broadcaster of the tournament. Nigeria has won the competition eleven times (officially nine times), and two-time winners Equatorial Guinea, but South Africa and

Cameroon are two countries waiting in the wings, hoping to lift the trophy after the July 23 final. Throughout the world, women’s football is growing in stature and popularity and Africa is no different. Several of the continents’ stars have signed for some of the biggest clubs in Europe, with Nigerian Asisat Oshoala being a member of the Champions League-winning Barcelona squad. The striker will be just one

Super Falcons’ midﬁelder Rasheedat Ajibade (centre, with ball) in action against Canada in a friendly in Victoria City in April this year

of the stars playing in the 14th edition of the Africa Women Cup of Nations that gets underway in Morocco on Saturday. The tournament sees 12 countries compete in three groups, with the top two from each group, as well as the two best third-placed teams advancing to the knock-out stage. The finalists from the last AFCON, Nigeria and South Africa, have been drawn together in Group C.

(NIDCOM), Hon. Abike DabiriErewa commended Adesanya for retaining his UFC title. In a statement by Mr. Gabriel Odu of Media, Public Relations and Protocol Unit of the Commission, Dabiri-Erewa congratulated the champion for the giant strides by defeating his opponent Jared Cannonier to retain the title and extend his winning streak to 12-0. The NIDCOM boss hailed Adesanya's performance and applaud him for showing the true Nigerian Spirit of "Not Giving Up". She urged him to sustain the momentum and win more laurels for Nigeria in Mixed Martial Art.

Israel Adesanya (left) successfully defended his UFC belt against Jared Cannonier in Las Vegas, USA early hours of Sunday

Okorie Reveals How U.S. Universities Saved N26m for AFN at National Trials Board Member and Performance Director of the Athletics Federation of Nigeria (AFN), Victor Okorie, has revealed how American universities saved Nigeria from spending over $40,000 (about N26million) on flight tickets for athletes to attend the recently concluded National Trials in Benin city. The Trials were used to select athletes to represent the country at the Oregon 2022 World Athletics Championship and the Commonwealth Games in Birmingham, England. Okorie who also heads AFN's Liaison Department stated that the present board headed by Tonobok Okowa is bent on doing things differently with the sole aim of portraying Nigeria's image in good light. Okorie stated at the weekend that as performance director and

liaison officer of AFN, he had been able to build a good rapport with most Nigerian athletes and their coaches in the United States and Canada. “While talking with these coaches, I was told that in the past, no one has ever called to know how these athletes are doing. They also complained that in the past, no one has ever given them notice on when the athletes are needed to represent Nigeria. They really appreciate me calling them on a weekly basis to ask about the well-being of these athletes. “In return, I tell them that this is what our federation president wants. He wants things done differently from the previous board and that is why he appointed me to carry out that vision. Okorie continues; "The rapport that I have build with these

coaches, athletics directors and university presidents enabled me to tell them to book tickets for our athletes when they are needed to compete for Nigeria. One example was the World Indoor Championships when Texas Tech University bought a ticket for Ruth Usoro to attend the Championships in Belgrade, Serbia in March this year. “All our athletes, except one or two, had their tickets purchased by their universities for the National Trials in Benin city last week. I can tell you that I have saved over $40,000 in flight ticket money for the AFN/ Sports Ministry. It is through this rapport that I started over the years that helped me to achieve this,”revealed Okorie who won silver medal in 400m hurdles for Nigeria at COJA 2003 All African Games in Abuja.

Monday, July 4, 2022

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MISSILE U.S Senators to Nigeria

“Nigeria earns the dubious honour –for the second consecutive year – of being the deadliest country on earth for Christians. We wrote last year that not only has the government of Nigeria failed to take meaningful steps to mitigate such violence… We remain concerned that the government is failing to protect the religious freedom and basic safety of its Christian citizens” – Five U.S Senators, demanding relisting of Nigeria on Religious Freedom Concern list for violence against Christians.

MAHMUDJEGA VIEW FROM THE GALLERY

A Wild, Wild Zamfara?

everal times in the last decade when the insecurity situation got out of hand, religious, traditional, community, political and sometimes even military leaders called on the people to defend themselves. It is extremely okay for people to defend themselves from attack. In fact, we have always done so. Right from primary school brawls and after-school street corner fights, if someone aimed a blow at my head, I always raised my hand in self-defense. The situation however changes if the attacker has a firearm. Zamfara State Governor Bello Mohammed Matawalle created a furore last week when he announced sweeping new security measures in response to renewed outrage by bandits in his state. For more than a decade, Zamfara State was the Ground Zero of banditry. It was second in suffering only to the Boko Haram carnage in Borno State. Since becoming governor in 2019, Matawalle tried many things, from initiating dialogue with bandit groups to closing local markets and petrol stations to closing down GSM phone service in the whole state. There was a lull in recent months due to stepped up security and military operations but the recent abduction of a busload of GSM phone market traders who were returning to Gusau after a social trip to Sokoto State, as well as renewed siege by bandits on several communities that made thousands of people to flee their homes, drove Matawalle to the brink. At the weekend he launched the training of 5,000 Community Protection Guards in the state’s 19 emirates. A yawning gap in the plan is that it is not regionally coordinated with Zamfara’s neighbours. Matawalle had earlier announced the controversial measure that the state’s Police Commissioner should license citizens to own firearms in order to defend themselves from bandits. Quite alright, the difference between terrorists, bandits, armed robbers and kidnappers on the one hand and lawabiding citizens on the other is firearms. Without firearms, no one could block a highway, pull passengers out of vehicles and carry them off into the bush, for example. Bandits could probably besiege a village even without firearms, as some intercommunal warriors do, but vigilantes could put up a good defence and there may not be mass slaughter. It is firearms that changed the equation. After splashing all around for a solution, Matawalle arrived at the stunning one that if everyone gets hold of a gun, the bandits will run with their tails between their legs. He wasn’t the first person to tell citizens to defend themselves. At the height of Boko Haram terrorism when

Matawalle

bombs were exploding at Sunday church services, then President of the Christian Association of Nigeria [CAN] Pastor Oritsejafor told Christians to defend themselves. It sounded to many people like an incitement to inter-communal carnage given that some people saw the attacks as Muslims attacking Christians, never mind that Boko Haram killed everyone they could find. Over the years, Katsina State Governor Aminu Masari, in a fit of anger following a horrendous bandit attack, also called on people to defend themselves from bandits, though he did not say how. It got more interesting when Defence Minister Bashir Magashi, a retired Army General, said the same thing. In a recent viral video, Emir of Katsina Abdulmumini Kabir Usman also said people should not just sit by and be killed. At the weekend, General Overseer of the Redeemed Christian Church of God Pastor Adeboye was reported to have said the same thing in response to the horrific Owo church attack. He however clarified the next day that his was not a call to acquire guns but jaw bones of cows. It is doubtful if a truckload of jaw bones can deter a terrorist attack. After all, local vigilantes have much more lethal weapons such as bows and poisoned arrows, clubs, spears, swords and knives but all these proved inferior to firearms. Matawalle’s firearms prescription immediately ran into legal, administrative and security road blocks. Chief of Defence Staff General Lucky Irabor kicked against it. Lawyers pointed out that the Zamfara CP, a federal officer,

cannot possibly take orders from the governor on such a serious matter. In any case, the police have long banned the possession of firearms even for hunting. It is almost impossible these days for a civilian to get a firearms license, except perhaps if he was a senior security official. Maybe mass ownership of firearms will stem certain types of terrorist crime. Last week when a gunman opened fire in a Texas church, video footage of the incident showed several worshippers immediately drew their own guns and fired at the attacker, killing him instantly. A lone gunman is however different from a concerted terrorist attack involving heavier weapons and many more attackers. The big question everyone was asking in the wake of Matawalle’s suggestion was, how can we trust so many people with firearms even after the terrorism/ banditry problem is over? Once people acquire firearms, which gives the owner an unbelievable sense of power, how do you hope to take if back one day? I remember a story that a young Army Captain told me in the 1990s. As part of a military exercise they were doing at Agenebode in Edo State, young officers were issued with revolvers. He said that night, three other young officers and himself jumped into a car and drove three times to Auchi and back, hoping to encounter armed robbers on the way! They were very disappointed when they did not encounter any robbers that night. I once told this story to Alhaji Umaru Shinkafi, the retired boss of the Nigeria Security Organisation [NSO] and argued that citizens could not be trusted to handle firearms. He however said, “Not if they are trained security personnel.” In other words, he believed that retired soldiers and policemen could be trusted to handle firearms responsibly. I regret that I did not pursue the discussion further and asked him for a clarification. Whether a distinction could be made, for example, between retired officers and other ranks. Personally, I may not fear a retired police DIG or a retired Army General owning a revolver, but I sure will be afraid of a retired Police Sergeant or retired Army Corporal with one. Why because, retired policemen and soldiers have been implicated all over Nigeria of being arrow heads in inter communal clashes. Sometimes even retired officers have been so accused, including retired Army Generals. If people who had undergone many years of security training and thorough indoctrination still turned around to abuse firearms once they were out of the security forces, what should we expect of civilians? In Zamfara State for example, the banditry problem was aggravated when community vigilantes

resorted to ethnic profiling and summary execution of suspects, which invited terrible reprisal attacks. Some years ago when we were watching a TV report of a school shooting in the US, one friend remarked that Americans are crazy and that we don’t do that in Nigeria. He somehow overlooked the main factor, that our pupils here have no ready access to firearms. How many pupils in Nigeria can enter their father’s bedroom, lift a machine gun from the wall, hide it in a school bag and proceed to spread bullets in the classroom? It is not as if our kids don’t have the same motives, usually bullying by other students. The best they can do however is to fight back with their fists, or to call their elder brothers to join in the fist fight. If many parents have machine guns here, there is no reason to believe that we will not have US-style school shootings. Why are Nigerian wives and girlfriends not shooting their husbands and boyfriends every day for offences ranging from infidelity to forgetting her birthday? We used to read in James Hadley Chase’s novels that almost every American woman had a .22 or .38 caliber pistol in her handbag. All that our girls have in their handbags here are lipsticks and bleaching creams, which could change by the time Matawalle’s idea comes on stream. Don’t forget, all these Americans acquired firearms either for self defence or for sport. Nobody ever said when he went to acquire a gun that it was for school shooting, for robbing a bank, or to shoot a boyfriend. In our society which is teeming with unemployed, with so much economic deprivation, a lot of sectarian distrust, much political brigandage and widespread marital and romantic jealousy, bringing firearms ownership into the mix is like igniting the powder keg. That still leaves unanswered the question of what do with terrorists, kidnappers, bandits, armed robbers, ritual murderers and rapists. The bandits’ impunity is especially galling, as the Emir of Katsina pointed out, including raping people’s wives and daughters in their presence. In a religiously conservative society, no outrage is worse than that. We might say for now that Governor Bello Matawalle’s prescription has too many dangers and should not be official policy. But unless the Nigerian state steps forward and ends or at least drastically curbs insecurity through a combination of more manpower, better training, better equipment, smarter intelligence gathering, higher weaponry, better communication, community involvement and cutting edge technology, down the road millions of Nigerians could acquire firearms, official policy or no. Future generations will then talk about Wild, Wild Zamfara and other places.

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