WEDNESDAY 28TH JULY 2021 by THISDAY Newspapers Ltd

CBN Releases $200m to Banks to Quell FX Speculation

Disbursement to legitimate users begins this morning Ends FX sale to BDCs, to channel weekly allocations to banks Says BDCs aid corruption James Emejo in Abuja

The Central Bank of Nigeria (CBN) yesterday released a total of $200 million to all commercial

banks in the country as part of efforts to meet dollar demand for legitimate end users in the country. This followed the decision

by the regulator to henceforth discontinue foreign exchange (FX) sale to Bureau De Change (BDC) operators in the country. THISDAY gathered from a

senior central bank official all banks customers that require FX for legitimate transactions such as school fees, Personal Travel Allowance (PTA), Basic Travel

Allowance (BTA) and medical payments would be required to undergo minimal documentation to assess the greenback. The CBN Governor, Mr.

Godwin Emefiele, had earlier disclosed the end of FX sales to BDCs while briefing journalists at Continued on page 16

IMF Raises Nigeria’s Growth Forecast for 2022, retains Growth Projections for 2021...page 10 Wednesday 28 July, 2021 Vol 26. No 9606. Price: N250

www.thisdaylive.com TR

UT H

& RE A S O

FG: Nigerians in Diaspora Funding Secessionists, Spreading Fake News Olawale Ajimotokan in Abuja The Federal government has accused some Nigerians in the Diaspora of financing the activities of secessionists in the

country and also in the habit of spreading fake news. Minister of Information and Culture, Alhaji Lai Mohammed, made the allegation on Tuesday in Abuja at a meeting with members of the Nigerians in Diaspora

Organisation (NIDO), UK Chapter, as part of the activities marking the initiative tagged: 'A Week in and for Nigeria'. He criticised members of the Diaspora for identifying with secessionist groups that

were campaigning around the world, who saw them as allies to propagate their fake narratives about the country. He also expressed angst and disappointment against some members of the Diaspora for

relying on platforms that peddled fake news and misinformation about the country. "It is in recognition of the relevance of Nigerians in Diaspora that the secessionist groups that are campaigning around the

world for their causes have identified and are effectively using some of them (Nigerians in Diaspora) to propagate their fake narratives about the country, Continued on page 16

UK: Nigeria’s Security Challenges Overwhelming, Multi-pronged Seeks better strategy to tackle unemployment Says Britain ready to offer consular services to Nnamdi Kanu May give country a new grant of $125 million for education Emmanuel Addeh, Onyebuchi Ezigbo in Abuja and Michael Olugbode in Abuja The British Government, yesterday, admitted that Nigeria’s security challenges were both overwhelming and multi-pronged and therefore called on the federal government to firm up strategies to tackle the growing unemployment crisis as part of moves to addressing the root cause of insecurity in the country. Speaking on the Arise News Television, United Kingdom’s High Commissioner to Nigeria, Continued on page 16

Emeﬁele: CBN’s Intervention Funds Not SANWO-OLU AND HIS FRESHLY MINTED LGA CHAIRMEN… National Cake... Lagos State Governor, Mr. Babajide Sanwo-Olu and his Deputy, Dr. Obafemi Hamzat in a group photograph with newly sworn-in Chairmen and Vice Chairmen of Local Governments and

See full interview on pages 26 & 27

Local Council Development Areas at the Lagos House, Alausa, Ikeja... yesterday

WEDNESDAY JULY 28, 2021 • T H I S D AY

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322

Northern Elders: APC Would Have Completely Wrecked Nigeria By 2023 Says ruling and opposition parties are same

Chuks Okocha in Abuja The Northern Elders Forum (NEF) has expressed concerns over the state of the country and concluded that by the next

general election in 2023, the ruling All Progressives Congress (APC) would have completely wrecked Nigeria. The group, which challenged governors elected on the platform of the Peoples Democratic Party

(PDP) to show evidence that the APC was using extra legal means to poach its members, however, dismissed both the ruling and opposition parties as one and the same. Spokesman of NEF, Hakeem

Baba-Ahmed, who maintained that both the APC and the PDP had been destroying Nigeria since 1999, when she returned to civil rule, spoke Monday night during a programme on Channels Television.

BUHARI BEING WELCOMED TO LONDON BY BRITISH OFFICIALS… L-R: Former Governor of the British Virgin Islands, Mr. David Pearey; Lord Lieutenant of Sussex, Mrs. Jennifer Tolhurst; Nigeria High Commissioner to Britain, Amb. Sarafa Ishola, welcomes President Muhammadu Buhari to London as he arrives for the Global Education Summit on Financing Global Partnership for Education (GPE) in London... yesterday

His words: “What are they going to do with 2023, because between now and 2023, in one and a half years, APC would have completely wrecked this country. You are going to take over a country that is effectively destroyed by a party that has been substantially produced by PDP?” Baba-Ahmed, who was reacting to the comments by PDP governors that the Presidential Villa had become APC headquarters for coercing their members to join the ruling party, noted that while the APC would have completely wrecked the country by 2023, the PDP has not shown the blueprint for resolving the challenges bedeviling the country. He, therefore, maintained that the concern of the PDP and the APC was the 2023 presidential election, and not about developing the country. “There have been defections from both sides. Like I said earlier on, we are dealing with one and the same thing. We have governors from the other party, who just change dress and come back to sit and say I’m PDP. The next day, a governor will also defect and say I’m APC. These are the same people. “In the last 16 years, since 1999, it is these two parties that have destroyed this country and they are playing the same game, all over again. “What did the PDP say it is going to do about bringing these different parts of the

country together? Where is the economic blueprint to do with unemployment; to do with the building of the Nigerian economy? All they are interested in is 2023,” he added. On the allegation that their members were being coerced into the APC, Baba-Ahmed asked the PDP to present evidence to Nigerians that the State House was using “extra-legal and political muscle to peer away its governors to the APC. “If governors have evidence that the State House, the Villa, is using extra-legal and political muscle to peer away governors from their parties, I wish they will share some of this information with us,” he said. The PDP governors forum had repeatedly accused the presidency and the APC of intimidating its governors. In their communique after a meeting in Bauchi, Bauchi State, they said, "The meeting condemned, once again, the use of underhand tactics to arm twist some PDP Governors and other stakeholders to join the APC, a political party that has wrecked Nigeria's economy, turned Nigeria into a killing field and has nothing to offer Nigerians but misery and bad governance. "The Governors condemned Mr. President and APC for turning the Presidential Villa, that belongs to all Nigerians, into the new APC headquarters, where coerced PDP members are being paraded at intervals".

NAICOM Approves New Board for NICON Insurance, Nigeria Reinsurance Benin Republic Makes U-turn, NICON Insurance among few bad privatisation cases, says BPE

Ndubuisi Francis in Abuja The National Insurance Commission (NAICOM) has approved the new boards and managements of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re). That was as Director General of the Bureau of Public Enterprises (BPE), Mr. Alex Okoh, lamented what he described as the decay at NICON insurance, saying the company is one of the few bad cases of privatisation in the country. Head, Corporate Communications Department, Asset Management Corporation of Nigeria (AMCON), Jude Nwauzor, disclosed the approval to the change of NICON Insurance and Nigeria Reinsurance boards in a statement. The statement said the changes were to enhance the smooth running, efficient and effective management of the two firms. It said, “The reason for the changes in the board and management of the two insurance firms is sequel to the takeover of the major investor’s interests in the two organisations by AMCON and the Bureau for Public Enterprises (BPE) is working in partnership with AMCON to bring the muchneeded stability in the operation of the organisations.” The new board of NICON Insurance Limited has Mr. Lamis Shehu Dikko, as Chairman; Dr. Henry Uko Ationu as Managing Director/Chief Executive Officer; and Mr. John Abuh Oyidih as

Executive Director, Finance and Administration. It also has Director-General of Bureau of Public Enterprises (BPE), Mr. Alexander Ayoola Okoh, as Non-Executive Director, and Mr. Ahmed Dahiru Modibbo as Non-Executive Director (Independent). Similarly, the statement disclosed that the board and management of Nigeria Reinsurance Corporation had Mr. Mela Audu Nunghe as Chairman; Mr. Olugbenga Falekulo as Managing Director/Chief Executive Officer, and Mr. Olusegun Ilori as Executive Director, Finance and Administration. The BPE boss comes in as Non-Executive Director, while Mrs. Yvonne Isichei joins as Non-Executive Director (Independent). “The reconstitution of the boards and management teams of the two insurance institutions in Nigeria is to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country, and continue to deliver value to stakeholders.” Meanwhile, the director general of BPE has lamented the decay at the NICON, describing it as a bad case of privatisation. He regretted that the organisation, which was a going concern before its privatisation in 2005, was grossly mismanaged, and appealed to the management and staff to cooperate with the new board on its rescue mission, in order to reposition the organisation.

The new board of NICON Insurance formally took over the affairs of the company with its maiden board meeting at its head office in Abuja on Monday, amid tight security. The new board members arrived the company’s premises as early as 7:30am, but could not gain access to the boardroom, as it was locked while the only functional elevator in the building was shut down. It was only when some of the management staff sauntered in around 8am that the elevator was switched on and the boardroom was opened and cleaned up for the meeting. Speaking at the meeting, Okoh, who is also a board member, said the meeting was a follow-up to the last one by the board where far-reaching decisions, including the immediate termination of the appointments of the erstwhile managing director and executive directors of the insurance company were taken. A statement issued by the Head, Public Communications, BPE, Amina Tukur Othman, quoted Dikko as saying that the mandate of the new board was to preserve NICON Insurance as a going concern until a new investor comes on-board, as the previous owner had failed to sustain and maintain the organisation. He assured all employees desirous of working for the organisation that they had nothing to fear but said they should support the new board to turn around the fortunes of the company.

Speaking also, the interim Managing Director, Mr. John Abuh Oyidiih, charged the workers to cooperate with the board and management to reclaim the lost glory of the insurance company, which he described as “an institution and can’t be allowed to go down.” Oyidiih told the workers that they owed their allegiance to the company, and not to any individual. NICON Insurance was privatised in 2005, with the core investor having 70 per cent shares and the federal government retaining 30 per cent. The federal government's shares were later diluted but the fortunes of the company continued to decline, with most of the assets used as collateral to collect loans from banks. This prompted the Asset Management Corporation of Nigeria (AMCON) to take over the affairs of the company, a decision the core investor challenged in court. The court ruled in favour of AMCON but the investor went on appeal, and the court asked the parties to maintain the status quo. This was the situation before Monday’s take over by the new board. On its part, the Nigeria Reinsurance Corporation was established under the Nigeria Reinsurance Corporation Act No. 49 of 1977. It commenced operations on January 1, 1978, as Nigeria’s flag reinsurer, wholly owned by the federal government.

Files Charges against Igboho

Alex Enumah in Abuja In a sudden twist on Monday night, the government of the Republic of Benin said it would file charges against the detained Yoruba nation agitator, Mr. Sunday Adeyemo, popularly known as Sunday Igboho. Igboho and his wife, Ropo Adeyemo were arrested penultimate Monday in Cotonou, in their attempt to board a flight to Germany. The Nigerian government for weeks had been hunting for Igboho, who was popular for defending his people against killer herders and bandits ravaging the country. The Department of State Service (DSS) had in a midnight raid on Igboho's residence in Oyo State, arrested some of his allies while others who were said to have resisted invasion of the security agency lost their lives. Since the incident on July 2, Igboho has been on the run until his arrest in Cotonou last Monday. Igboho was on two occasions brought before the Court of Appeal in Cotonou, where issues believed to border around his extradition to Nigeria to answer to allegations of stock pilling arms, instigating violence and promoting disunity in Nigeria, amongst others were being heard. However, after Monday's proceedings, which started late in the evening and held behind closed-doors, the judges ordered his remand in prison

custody, pending the conclusion of investigations on how he got into Benin Republic. According to Ibrahim Salami, one of the Cotonou, Benin Republic-based lawyers of Sunday Igboho, the authorities there were concerned with how Igboho got into their country as well as those who assisted him. "I was shocked when Sunday Igboho was sent to Benin Prison yesterday. When we started this case last week, the Prosecutor told us it was Nigerian Government he had a case with but yesterday, we realised that the Nigerian Government didn't even file any case against Igboho. "The case he has, as the Judges told us, is with the Benin Republic Government", the lawyer said while on a BBC Yoruba programme. The lawyer explained that the government of Benin Republic claimed Igboho entered their country improperly with the aim of committing heinous crime against the country. He added that Igboho was also asked to mention those who accommodated him and drove him to the Airport. According to him, Igboho in his response maintained that he committed no crime but only ran for his life in Nigeria. "The Judges weren't convinced, he said Igboho should be transferred to Prison until all those involved in his activities in Benin Republic are apprehended," his lawyer said.

WEDNESDAY JULY 28, 2021 • T H I S D AY

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Oando's Share Price Jumps Following Settlement with SEC The share price of Oando Plc has since joined the Nigerian Exchange Limited’s top gainers with a 9.87 per cent increase in its share price from N3.97 on July 23, 2021, to N4.36 as of Monday. The share price appreciation was attributed to the recent settlement which saw Adewale Tinubu and his Deputy, Omamofe Boyo remain at the helm of affairs in the organisation. This followed the amicable settlement of the long-standing dispute between the Securities and Exchange Commission (SEC) and the management of Oando Plc. Following the settlement news, investors poured into the stock helping it top the gainer’s chart. Speaking on the jump in share price, an Oando shareholder who pleaded to remain anonymous said: “We are glad that the dispute is finally over, and we thank the regulator and the management of Oando Plc for resolving the issue in the best interest of the shareholders. “For four years, we the shareholders have been the ones on the receiving end. In

just one week of settling, our share price has seen a significant increase. I am confident in the management of the company led by Wale Tinubu, other CEOs in his shoes might have caved in but he did not. “He held strong to his belief and forged on till the end of the issue. I am hopeful that now that they are able to be fully focused on the business, we the shareholders will soon start to see a return on our investment.” A statement by the regulator reads that Oando neither denied nor accepted liability, adding that the settlement would lead to the withdrawal of all pending court cases. Recall that Tinubu and some of the company’s affected Directors had sued the regulator for infringement of their fundamental human rights in 2019. However, with the settlement, Tinubu and all affected Directors will be required to withdraw said court cases while remaining in their respective executive leadership roles managing the company. In addition, there will also be, “payment of a monetary sum; and an undertaking by the company to implement corporate governance

ICPC: Private Sector Aids 60% Illicit Financial Flows from Africa Kingsley Nwezeh in Abuja The Chairman of the Independent Corrupt Practices and Other Related Offences Commission (ICPC), Prof. Bolaji Owasanoye, yesterday said the private sector was responsible for over 60 per cent illegal movement of funds from Africa to foreign countries. Owasanoye made this known during the visit of council members of the African Bar Association (AFBA) led by its President, Mr. Hanniba Uwaifo, to the agency’s corporate headquarters in Abuja. The ICPC boss was quoted in a statement to have said perpetrators of illicit financial flows (IFFs) channel such funds through commercial activities enabled by the private sector. “A bulk of corruption going on in the country is caused or perpetuated by the private sector. About 60 per cent of funds taken or stolen away from Africa through illicit financial flows are being done by the private sector, basically through commercial transactions, seemingly harmless transactions that are put together by accountants, auditors and bankers,” he said. The ICPC chairman who also commented on attacks on staff of the commission and other anti-corruption agencies by suspects under investigations, said it was fuelled by impunity and weak laws. Noting that corruption was debilitating in the country, Owasanoye explained that the ICPC was focusing on public sector corruption because of its impact on the country and the private sector. He listed some of the progress made by the commission to include: deemphasising confession-based

investigation, a world-class forensic lab, staff auditing, and capacity building. He charged the AFBA to play a positive role in regulating lawyers’ effectiveness in the fight against corruption and pledged the commission’s commitment to support the up-coming anti-corruption conference of the AFBA scheduled to hold in Niamey, Republic of Niger. Earlier in his remarks, AFBA’s President, Mr. Hanniba Uwaifo, traced the problem in Africa to corruption which, according to him, had led to the underdevelopment of the continent. He stressed that the continent cannot grow unless corruption was uprooted, adding that the world was worried about the level of corruption in Africa. Uwaifo lamented that public sector corruption by government officials had held the country back from achieving its great potentials. He also highlighted some of the corrupt practices perpetuated by government officials to include election malpractices, banditry and influencing the employment of lackeys into anti-corruption agencies in order to aid their corrupt practices. Speaking on improvement, Uwaifo noted that issues of preventing corruption from taking place in the anti-graft agencies can be enhanced through constant audits of staff and materials. He commended the ICPC for its due diligence and rule of law in the prosecution of accused persons. “I want to commend the ICPC for performing creditably and not engaging in media trial and abuse of the rights of accused persons. I hope the commission will continue to perform its duties as constitutionally required,” the AFBA president said.

improvements.” Speaking on the settlement, another shareholder who also pleaded anonymous said: “The regulator has done

what it ought to have done months ago. I commend them for making this landmark settlement. “This is not a time to erode

homegrown businesses but to nurture them so they can continue to create value for the capital market and country at large seeing as we are currently

in a recession. I especially commend the resilience and perseverance of Wale Tinubu for seeing this dispute through to resolution.”

COURTESY VISIT TO THE TRADE MINISTER… L-R: Consul of the Embassy of the Kingdom of Belgium, Nelson Castiaux; Belgian Ambassador to Nigeria, Daniel Bertrand; Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and the Director of Trade in the ministry, Abubakar Aliyu, when the Belgian ambassador paid a visit to the minister in his oﬃce... yesterday

Alleged Assault: Petitioner's Lawyer Kicks as Senate Suspends Umar's Investigation Deji Elumoye in Abuja The Senate Tuesday suspended indefinitely its investigation into the alleged assault on Clement Sargwak by Chairman of the Code of Conduct Tribunal (CCT), Danladi Umar. But lawyer to Sargwak, Timizing Venyir Ramnap, condemned the move, saying the upper chamber is reneging on its statutory duty to defend the rights of citizens. The Senate Committee on Ethics, Privileges and Public Petitions, headed by Senator Ayo Akinyelure, which was investigating the alleged assault at its fifth sitting opted to suspend further probe on account of litigations slammed against it, the senate, and Attorney General of the Federation by the respondent, Danladi Umar. However, while opposing the suspension of investigation, the lawyer to the petitioner, in a brief submissions before the committee's decision, said the purported originating summons from the Federal High Court, Abuja, forwarded to the committee by counsel to the respondent, were mere court processes and not declarative orders. Venyir stated, "Courts have procedures of doing things. The present document before this committee, as read out by the chairman, is not an order from any court but mere court process served on the senate. Were it to be a valid order from a court of competent jurisdiction, senate may back out but since it is not, the senate, through this committee, still has its constitutional powers on the case and can forge ahead with the investigation.

"We hereby wish to submit that the Senate do look at its position as contained in law by rejecting this temptation." Responding, the committee’s chairman declared, "We have submitted all the originating summons to the leadership of the Senate, Clerk to the National Assembly, Clerk of the Senate and the legal department of the National Assembly. All the issues raised by the respondent, who has turned himself to a plaintiff now, will be challenged in the court because investigation on the alleged assault started here before the CCT chairman ran to court. "Be rest assured that the matter will not die like that but we have to stop investigation for now, pending the outcome of consultations we are seeking from relevant authorities and, in particular, the counter offensive being made against the CCT Chairman in the court of law. “This is a clear case of circumventing the constitutional powers of the Senate after submitting himself to us for investigation and begged for time to study the allegations made against him. He appeared at the first sitting, sought for a week to study allegations on assault levelled against him. We gave him three weeks for that. Thereafter, at the second, third sessions, he sent representatives that he couldn't come due to ill health, only for him to inform us through his lawyers at the fourth sitting two weeks ago that he was already in court. "Here today, neither him nor any of his representatives is here, which will make us to stop the entire process for now,

because we can't write a report on the investigation by hearing from only one side. We hereby step this investigation aside sine die." Umar, in the suit with file no FHC/ABJ/ CS/671/2021, is challenging the Senate's constitutional power to conduct investigation and the purpose for which it is exercisable. Specifically, the CCT chairman is asking the court to interpret the constitutional powers granted the Senate or House Committees on Ethics and Public Petitions, whether it covers public assaults, which as averred by his attorneys, are part of the constitutional functions of the police and the courts of law. Copies of the originating summons and suit signed by Sunday Edward (ESQ) and other attorneys from Abuka and Partners on behalf of Umar, listed him as the plaintiff while the Senate, President of the Senate, Senate's Committee on Ethics, Privileges and Public Petitions, and the Attorney General of the Federation were listed as defendants. Umar in the originating summons seeks court interpretation of the powers of the four defendants to investigate the case of assault in question. The summons read in part, "Whether the purported case of assault which allegedly took place at Banex Plaza on 29th March, 2021, forms part of the matters the first defendant is constitutionally empowered to investigate. "Whether the first defendant and its committee, that is, the third defendant, are competent to investigate and/or invite the plaintiff in relation to the investigation of the allegation

of assault levelled against him. "Whether the powers of the first defendant to conduct investigation are not by and/or subject to provisions of Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999, and are not exercisable for the purposes of making law and exposing corruption, inefficiency or waste in the execution of administration of laws within its legislative competence and in the disbursement or administration of funds appropriated by the first defendant. "Whether the first defendant's move to conduct investigative hearing on the petition before it is not unconstitutional and does not amount to an unwarranted usurpation of the functions of the Police and of the Courts of competent jurisdiction." Umar went further, through his attorneys, to inform the Senate to discontinue the investigative hearing, as the alleged assaultee (Clement Sargwak), has been sued. The letter read, "We write to inform you that the case between our client and Clement Sargwak is now before the High Court of the Federal Capital Territory (suit no FCT /HC/ CV/ 1544/2021 Mr. Danladi Umar vs Clement Sargwak) and the issue as to whether or not Clement Sargwak had discontinued and/or withdrawn his petition before your Honourable Committee is equally subjudice. "We trust that Senate, as the upper chamber of the National Assembly, will respect due process and refrain from delving into a matter that is before a court of competent jurisdiction."

WEDNESDAY JULY 28, 2021 • T H I S D AY

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

IMF Raises Nigeria’s Growth Forecast for 2022, retains Growth Projections for 2021 Nume Ekeghe The International Monetary Fund (IMF) has revised upward its growth forecast for the Nigerian economy in 2022 by 0.3 per cent to 2.6 per cent compared to its earlier projection in its April edition while it retained its growth forecast for 2021. Division Chief, Research Department, IMF, Malhar Nabar, revealed the growth projections while responding to a THISDAY question, during a virtual media briefing on the World Economic Outlook (WEO) yesterday Speaking on the theme of the WEO, “Fault Lines Widen in the Global Recovery,” he stated that the reemergence of fuel subsidy

and rise in security was hindering growth. According to Nabar, “In terms of our forecast for Nigeria this year, we have maintained an unchanged forecast of 2.5 per cent and we have upgraded slightly for 2022 to 2.6 per cent. The reason for the unchanged forecast for this year is because it is a product of opposing developments. We saw activities as elsewhere respond a lot stronger than what we expected earlier in the year.” “Looking out ahead, we think that up take in cases in the rest of the continent is going to pose a downside risk factor and is going to drag on growth going forward. “In terms of our upgrade

in 2022, it is related to the improvements in terms of trade, the oil production we expect to increase going forward would lift growth for 2022. It is also predicated on continued in external financial conditions which recently have been very supportive of growth and it important that continues in order for this growth forecast to pan out.” He further noted the recent access to its emergency financing facilities was able to relieve some of Nigeria’s foreign exchange (FX) liquidity problems. He added: “Nigeria has been a beneficiary of our IMF funding; it has accessed our emergency financing facilities last year and

that is also contributing to this outlook by alleviating some of the liquidity needs the Nigerian economy face.” Furthermore, on emerging market economies, the report projected fiscal deficit for 2021 is 7.1 per cent of GDP which is 0.5 percentage point smaller than in the April 2021 WEO. On Nigeria, the report states: “In low income developing countries, the overall fiscal deficit in 2021 was revised up by 0.3 percentage points from the April 2021 WEO, mainly because of the reemergence of fuel subsidies as well as the additional COVID-19 and security related support in Nigeria. “Still, at 5.2 percent of GDP,

the overall fiscal deficit remains well below that of advanced and emerging market economies, reflecting financing constraints about 60 percent of Low income and developing countries (LIDCs) are assessed to be at high risk of or in debt distress. The public debtto-GDP ratio for 2021 is projected at 48.5 percent. Several LIDCs have announced an intention to restructure their debts and some have sought debt relief under the G20 Common Framework (Chad, Ethiopia, and Zambia). Once the recovery is firm, achieving debt sustainability while pursuing the United Nations Sustainable Development Goals will require raising domestic revenues, improving spending efficiency,

SET TO BUILD MORE CEMENT COMPANIES… Gombe State Governor, Alhaji Muhammad Inuwa Yahaya (middle) after the meeting with a group of investors who visited him to brief him of an advanced plan to commence the establishment of a cement factory in Kembu and Kwali districts of Akko and Yamaltu-Deba Local Government Areas of the state.

developing medium-term fiscal frameworks, and undertaking structural reforms to facilitate private sector activity.” It added: “As part of preparing medium-term fiscal plans, countries should undertake an analysis of risks and mitigation measures. This is important given lower buffers, an uncertain outlook, and fiscal vulnerabilities including COVID-19 loans and credit guarantees to firms that could be realized over several years. As with growth, risks across countries also diverge. Countries, particularly those with high debt and non-reserve currencies, will have less room to maneuver if global interest rates rise more than expected.” On Sub-Saharan Africa, it stated that the projection also remains unchanged from its previous predictions, which it pegged at 3.4 percent, “however we had a slight adjustment upwards by 0.1 percent for 2022 to 4.1 per cent growth. The 2021 forecast for sub-Saharan Africa is unchanged relative to the April WEO, with an upgrade for South Africa following a strong positive surprise in the first quarter offset by downward revisions in other countries. The worsening pandemic developments in subSaharan Africa are expected to weigh on the region. “In some emerging market and developing economies in sub-Saharan Africa and the Middle East and Central Asia, food prices have increased significantly amid shortages and the rise in global food prices. Currency depreciation has also lifted prices of imported goods, further adding to overall inflation. Core inflation which removes the influences of energy and food prices however remains contained for the most part.”

PDP to Buhari: History Won’t Be Kind to You If… Lampoons president for travelling to London for virtual meeting

Chuks Okocha in Abuja

The Peoples Democratic Party (PDP), yesterday, said history would not be kind to President Muhammadu Buhari if he continued to think about himself alone at the expense of majority of Nigerians.

It also described as appalling, the fact that the president deployed the nation’s scarce resources to travel to London for the Global Education Summit on Financing Global Partnership for Education (GPE) 2021-2025, when the meeting was scheduled to be virtual.

The PDP also berated the Buhari Presidency for trying to hide his private appointment with his doctors under the virtual meeting, apparently in a bid to launder his consistent failure to honour his pre-2015 campaign promise not to embark on medical tourism, if elected

President. "Indeed, there is no way history will be kind with President Buhari, as he has always wished, if he continues in his manner of thinking only about his needs at the expense of the generality of Nigerians. "Our party, however, urges

Nigerians not to resign to despondency in the face of such incompetent, selfish and insensitive Buhari-led All Progressives Congress (APC) administration, but to remain resilient in rallying on the platform of the PDP to rescue our nation from misrule," the

Adesina: NBET's Indebtedness to Egbin Power Now N388bn Power firm invests $3bn on expansion plan Peter Uzoho Egbin Power Plc has said the total debt the Nigerian Bulk Electricity Trading Plc (NBET) owes the power generating company is presently at N388 billion. The Director of Egbin Power Plc, Mr. Kola Adesina, disclosed this yesterday, when the Senate Committee on Privatisation and Commercialisation undertook a visit to the plant in Lagos. Adesina, however warned that the huge debt the NBET was owing the plant may put a question mark on the country's sanctity of contracts and discourage investments in the nation's power sector. He pleaded with the Senate committee to help address the debt as well as the gas supply challenge facing the company and other power generation companies (Gencos) in the country. He said the gas constraints had cost the Genco 106.34MW since June 2020, adding that in

2021 alone, the company lost N13.68 billion to the challenges he highlighted earlier. Adesina disclosed to the visiting Senators that as a company that believes in Nigeria, Egbin was making $3 billion investments for expansion, revealing that $1 billion had already been invested in its value chain and was currently perfecting investment plan of $2 billion for expansion. He gave the breakdown of the investment to include $1.8 billion for Egbin Power 2 and overhaul of the existing plant as well as $2 billion for estate (quarters). Adesina said: "The plant, which is the biggest in SubSaharan Africa with capacity of 1320MW was generating 400MW as at the time we took over, but today the generation has surged above 800MW. At some points, we generated 1,100MW. We have been doing an average of 1,000MW this year. "We are having a future

investment including the Egbin 2 expansion, overhauling of Egbin 1 and staff quarters that will cost $2 billion. "Despite these, there are challenges we face that we want this Committee to help us with. The NBET still owes Egbin a debt of N388 billion including money for actual energy wheeled out, and interest for late payment. "There is a challenge of gas constraints which cost us 106.34MW since June 2020 due to these external constraints. In 2021 alone, we have lost N13.68 billion to these external constraints." Stating that his company would stop at nothing to help improve power supply in the country, Adesina noted that Sahara Group, owner of Egbin, had also invested in the distribution stratum of the power industry through the Ikeja Electric Plc. "We made an investment of $1 billion in total for the generation and the distribution because we know that there is a need for a

handshake between the generation and distribution. An average Nigerian doesn't understand what Megawatt mean. What he or she understands is to press his or her switch and the bulb is lighted. "We are of the belief that Nigeria deserves better. We cannot understand why the country with over 200 million people will still be generating about 4000MW. As Nigeria is struggling with this 4,000MW, Korea is generating 120,000MW per day," Adesina further said. In his reaction, the Chairman of the Senate Committee on Privatisation and Commercialisation and leader of the delegation, Senator Theodore Orji, commended the Genco for making such huge investments in order to help solve the country's power supply challenge. He indicated the support of the committee to the $2 billion future investments plan by Egbin, maintaining that the plant has "done well" in justifying the

October 1, 2013 power sector's privatisation by the federal government. Backed by other members of the delegation that included the Deputy Chairman of the committee, Senator Adelere Oriolowo, among others, Orji queried the transmission and gas constraints, which have downed the power available below actual generation capacity. Noting that Egbin was "doing fine" with its post privatisation investments and activities, Orji stated that the plant, which has invested about $1billion in the last seven years, should be encouraged to do more. "This is a fact-finding mission about the power privatisation. We are encouraged by what we have seen at Egbin and we shall go back to the Senate to give our report on the entire process. "I can say that you are trying your best. You are doing fine and you should be encouraged to do more in terms of investments," he said.

party stated. The party, in a statement by its National Publicity Secretary, Mr. Kola Ologbondiyan, insisted that President Buhari had no justification to travel to faraway London, since it was a virtual meeting or for a medical checkup, which he could have done at home, if his administration had not wrecked the healthcare system. "President’s action has confirmed the stand by majority of Nigerians that he is wasteful, thinks only about himself and cares less about millions of our citizens, who do not have access to foreign medical treatment, but who are dying on daily basis, because the Buhari administration has crippled our health sector. "It is disheartening that while Mr. President is spending tax payers’ money relishing the expertise of London doctors and the luxury of medical facilities in that country, millions of Nigerians are dying in decrepit medical facilities at home," the PDP stated. The opposition party further wondered: "Is it not atrocious that Mr. President is more interested in going to London for a virtual education summit, when hundreds of students, who ought to be beneficiaries of the meeting, are languishing in kidnappers’ dens, with the Buhari administration taking no concrete steps to rescue them and end incessant abduction of students in Nigeria?

WEDNESDAY JULY 28, 2021 • T H I S D AY

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

Rivers Gets Law School Campus, as 880 Lawyers Take Oath Alex Enumah in Abuja Rivers State has joined the league of states hosting campuses of the Nigerian Law School, following the federal government's approval for the establishment of a campus in Port Harcourt, the Rivers State capital. The approval was announced Tuesday by the Director General of the Nigerian Law School, Professor Isa Hayatu Chiroma (SAN) at the 2021 Call to Bar ceremony held in Abuja. The occasion, however, witnessed the formal administration of oath of the legal profession by 880 successful law graduates at the December 2020 Bar final examination. The exam was conducted by the Nigerian Law School under the supervision of the Council of Legal Education. Speaking at the occasion, Chiroma disclosed that the federal government’s approval followed a request from the Rivers State

government to build, equip and hand over a brand new campus of the Nigerian Law School to the Council of Legal Education in the state. He also announced that the state governor, Mr. Nyesom Wike had recently given approval for the construction of 1,500 seating capacity auditorium and two 900 bed spaces of male and females hostels for the Yenagoa Campus of the Nigerian Law School. Chiroma noted that the projects were kicked off for immediate construction last month by the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN). He equally disclosed that the institution had last month admitted law graduates of the National Open University of Nigeria (NOUN) for remedial course, even as he commended members of the Body of Benchers and other relevant stakeholders in the legal profession for their commitment, cooperation and

assistance in the resolution of the NOUN students crisis. While charging the new wigs to adhere strictly to the norms and ethics of the legal profession, Chiroma pointed out that a total of 1,561 students sat for the December 2020 Bar final examinations, out of which 880 came out successful.

In his speech, Chairman of the Body of Benchers and life Bencher, Justice Olabode RhodesVivour urged the newly admitted lawyers to refrain from any act or conduct that would obstruct or adversely affect the course of justice. “You must adhere strictly to the provisions of the rules

Administers oath of secrecy on 42 staff Deji Elumoye in Abuja The Presidency, Tuesday, administered the oath of secrecy on 42 out of the staff of the State House with a warning that any staff found leaking classified information to the public wouldbe sanctioned.

The Permanent Secretary, State House, Tijjani Umar, who spoke when the oath was beingadministered on the concerned staff by Justice Hamzat Muazu of the Federal Capital Territory High Court, at the State House, Abuja, warned that the presidency would not tolerate

Vice President Yemi Osinbajo, SAN virtually delivers remarks at the 2021 UN Food Systems Pre-Summit in Rome, Italy... yesterday

Photos: Tolani Alli

Secondus Slams N5bn Libel Suit against Afegbua The National Chairman of the Peoples Democratic Party (PDP), Uche Secondus, has dragged a former Commissioner for Information in Edo State, Kassim Afegbua to a Federal High Court, Abuja, claiming N5billion damages among others over libelous publications against him. In the suit, Secondus claimed that the allegation by Afegbua published by several media establishments within and outside the country alleged that he misappropriated the sum of 10billion naira belonging to the PDP and therefore libeled him, because nothing of such happened. In the writ of summons filed by Emeka Etiaba, SAN, against Afegbua, Media Trust Ltd and the Sun Publishing Ltd, Secondus sought a declaration of the court that Afegbua has failed to prove that the PDP generated the sum of N10,000,000,000.00 from the sale of nomination forms and/ or other sources since 2017. Secondus also sought a declaration that the publications were false and malicious. Other claims by the PDP national chairman included a "Declaration that the false and malicious publications made by the defendants against the claimant (the subject matter of this Suit) is defamatory. "And an order of this court

directing the defendants to publish a written apology in all the News and Social media platforms including but not limited to the Daily Trust Newspaper, Daily Sun Newspaper, ThisDay Newspaper, The Guardian Newspaper, Punch Newspaper, Pilot, New Telegraph, The Nation, Nigerian Television Authority, African Independent Television, Channels Television among others where the Defamatory materials were published and in particular, the 2nd and 3rd Defendants’ Newspapers." Secondus also sought an order of perpetual injunction restraining the defendants, their agents and privies from further making the defamatory publications against the claimant. He also asked for damages in the sum of N5,000,000,000.00 only, being general damages for the humiliation, castigation, vilification, attack of the claimant’s integrity and person by the defamatory publications. Secondus further claimed that the publications were false and the said publications, which the 1st Defendant knew to be false had brought him to odium and had seriously challenged his right standing in the society as a trustworthy character. The PDP chair noted that the libelous publications had been read by prominent members of his party, members of the

infamous conduct. Justice Rhodes-Vivour was, however, optimistic that the future of law practice in Nigeria was bright with the advent of legal analytic softwares and the internet, which has provided a complete range of legal information and source materials, including judicial decisions.

Presidency Threatens to Sanction Staff Found Leaking Classified Information

WORKING HARD TO BOOST FOOD PRODUCTION…

Chuks Okocha in Abuja

of professional conduct and maintain best practices at all times”, he said, while also cautioning that the Legal Profession and Disciplinary Committee (LPDC) would not hesitate to discipline any erring lawyer, whose conduct negated the sacrosanct standards of the legal profession or amounted to

Public (both Nigerians and non-Nigerians) as they were published in several news and social media such as Facebook, Twitter, Instagram and others operating both in Nigeria and in the whole world. He further said the fact that the publications were read by the general public has been confirmed further by the phone calls that have trailed the said

publications, which included calls from his pastors, governors, senators, honourable members of both the Federal House of Representatives and State Houses of Assembly, Commissioners and many prominent members of the PDP nationwide, had portrayed his personality in bad light in the estimation of the right thinking or reasonable members of the public.

truancy and breach of oath of secrecy by the staff, stressing that leaking classified information without authorisation was a grievous offence. He said: "This exercise is the beginning of doing what is right in various offices. The rules must be enforced and any breach carries a consequence. From now on, you are under the radar, we are going to watch and follow you. "What we have done today is to administer the oath of secrecy on staff of the State House, who handle classified documents. When we say classified documents, they are secret and other documents that ought not to be handled without due diligence. So, I think it's so important because we are alarmed by the fact that nowadays, due to deployment of staff and through retirement, we discovered that a number of our officers need to be placed under the radar. "They will be aware that the jobs that they are holding, and the kind of documents or information they are holding from day to day, Monday to Friday and beyond, those documents are so important and must be safeguarded. “And the breach of such documents would take away from the delivery of service and that was the reason why we decided that we should do the needful by administering the oath of secrecy, and highlighting the inport of letting them know what information they are managing, and then, the consequences of the breach of such information. I think when you let people know, and then along the way, you find them wanting, the consequences are very clear.” Umar added that prior to the administration of oath, a sensitization training was held for the workers His words: "Before we even went forward to do the administration of the oath, what we did was to do a sensitization training for them, so that the

Official Secret Act will be spelt out to them very clearly. "And the Special Services Office of the Office of the Secretary to the Government of the Federation was here today to take them through all the rudiments of that information that they require, and the type of knowledge that they would need to keep close to them in discharging their day-to-day responsibilities." The Permanent Secretary added: "You could see from the solemn way the exercise was conducted by Justice Hamza Muazu of the FCT High Court, the staff are now much more aware and much more alert, going forward, about their responsibilities. "And then to the likely outcome of what any breach might bring about, we have not had any breach. We don't anticipate to have any breach. But then it's our duty to let them understand that if there is any, that also includes after they have left government service, that will be investigated. And then the appropriate punishment will be given." Umar, who disclosed that the exercise would be continuous, expressed delight that so far the State House has not recorded any breach of information. “We have not had any breach. We don't anticipate having any breach. But then it's our duty to let them understand that if there is any, there will be consequences after investigations and that also includes after they have retired from the Civil Service," he said. Earlier, the Director of Special Services Department, Office of the Secretary to the Government of the Federation, Mr. Tukur Yahaya, took the staff through sensitisation, explaining the essence of the Official Secrets Act, 1962. “The essence of this exercise is to ensure the safety and security of government information, documents and facilities,” he explained.

Offa Tackles Afe Babalola on S’Court Judgment on Erin Ile Alex Enumah in Abuja Offa Descendants Union, a tribal association, has disagreed with a Senior Advocate of Nigeria, Chief Afe Babalola, over his position on a Supreme Court decision on Erin Ile community in Kwara State. The group, in a statement made available to journalists, stated that the apex court in its 1973 judgment did not award any part of Offa land to Erin Ile. The statement, signed for and on behalf of the Offa Descendants Union by Muideen Ibrahim, stated that the statement attributed to the senior lawyer was capable of causing prejudice and bias against the people of Offa in Kwara State. Babalola, had a few days

ago, advised the Kwara State Governor, AbdulRahman AbdulRazaq against reviewing the Supreme Court judgment on the land dispute involving Offa and Erin Ile, stating that the governor lacked the powers to undertake any such action. This, however, was sequel to a peace committee recently constituted by Governor AbdulRazaq to find lasting peace to the two communities. The committee is headed by a former governor of the state, Chief Cornelius Adebayo. But Babalola, who claimed to have handled the Erin Ile’s boundary dispute case against Offa in 1971, said the apex court gave judgment in favour of the town, by affirming that a place named ‘Kere Ipinle’, a boundary

between the two feuding towns, belonged to Erin Ile. Babalola said no committee or individual could review the judgment of any court. In their reaction, the Offa Descendants Union, noted that the statement credited to Babalola could influence the committee against the Offa community. "Our attention has been drawn to the various publications credited to Chief Afe Babalola, SAN wherein he warned the Kwara State Governor and stated inter alia that Erin Ile won the case in Supreme Court in 1973. "Offa is a community of responsible people and we do not intend to join issues with Chief Afe Babalola, SAN on what he said in the various publications. This is because

the statement credited to him is highly prejudicial and intended to bias the minds of the members of the Panel that was duly constituted by the Kwara State Government and also the general public against Offa. "Offa will present its position to the Panel at the most appropriate time. But be that as it may, the Supreme Court Judgement of 1973 did not award any part of Offa Land to Erin Ile", Ibrahim said. The group pleaded with all to allow the panel to do its job well without being biased, adding that Offa was a very peaceful town with people of high integrity, who had a lot of respect and regard to the members of the panel that was constituted by the governor.

WEDNESDAY JULY 28, 2021 • T H I S D AY

T H I S D AY •WEDNESDAY, JULY 28, 2021

COMMENT

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

MOGHALU’S MILLENNIAL APPEAL

Kingsley Moghalu is not a money bag, but connects with the people easily, writes Nduka Nwosu

any Nigerian elders and seniors keep wondering why the name Moghalu is still trending among young people, the youths of today, the millennial generation that is, who constitute a significant voting population in the electoral register. The answer lies in his ability to connect with the man down the road, that next door neighbour if you like, who can connect with his promises to the Nigerian people in search of the solution to his everyday problem. In 2019 when Kingsley Moghalu threw his hat into the Presidential ring, many were stunned at his boldness and how he easily sold his manifesto to an electorate that is used to the bag of lies coming from the old stock of politicians. Moghalu’s politics is not the politics of money bags. He is not a money bag and does not pretend to be one. Having had a unique exposure locally and globally thanks to his diplomat parents who took him round the world, Moghalu knows the enormous possibilities open to today’s millennials whose access to knowledge and skill acquisition are all they need to live a good life. He has made himself a brand interpreting and offering solutions to the myriad of problems created by politicians and technocrats who steal our collective commonwealth without looking back. When the convener of the Moghalu 4 Nigeria Movement talks about SWAG, the millennials follow him with a passion, a ‘swagalicious’ passion that is. And what is SWAG if one may ask? SWAG is Moghalu’s four-point agenda he has promised to deliver in four years while in office. There is no mystery there except that everything this present Fourth Republic and its drivers have failed to deliver, he tells you is deliverable with greater opportunities for all. Moghalu knows a system or country bedevilled by insecurity cannot get it right fighting poverty and getting the millennials the right skills to attract the right jobs at home. The consequence is job loss, massive unemployment and an economy that is low on innovative ways of doing things. SWAG is all about offering a standard health care system that will draw the confidence of Nigerians to get treated at home rather than run to foreign countries in search of good Medicare. It is about quality education and good governance that is people oriented, accountable and with deliverables. That is the Moghalu brand for 2023 and a 21st century agenda. That is the language of the millennials. So, when Moghalu tweets that the ban on twitter is anti-youths and regressive, he knows what he is talking about, just as he lent support to the EndSARS peaceful movement asking the government to get rid of police brutality and wanton waste of our young lives. When he talks about the prohibitive cost of living, the Keke Napep driver or Okada rider tells his colleagues, we must vote for this brother. He understands us. That is a movement in the making. Moghalu has expressed his disappointment over the brazen passage

AS 2023 APPROACHES, MOGHALU IS ASKING THE MIDDLE CLASS, THE INTELLIGENTSIA, ENTREPRENEURS, AND EVERY SECTOR OF THE POLITY INTERESTED IN RE-WRITING OUR NATIONAL DISCOURSE FOR POSITIVE CHANGE, TO JOIN WHAT HE CALLS A MOVEMENT OF THE PEOPLE

of a bill by the National Assembly seeking to cancel electronic transfer of votes while endorsing electronic voting, a contradiction former INEC chair, Attahiru Jega condemned in very clear terms. As 2023 approaches, Moghalu is asking the middle class, the intelligentsia, entrepreneurs, and every sector of the polity interested in re-writing our national discourse for positive change, to join what he calls a Movement of the People, borrowing from Bob Marley. He has also vigorously campaigned for a new electoral law for Diaspora Nigerians to register and vote in all elections, from abroad. “I am only one face of a movement. A movement of hopeless, silent and suffering Nigerians,” captured in Fela Anikulapo-Kuti’s hit track-Suffering and Smiling, he had said in his “I will Run,” manifesto, In selling his brand of a politician who is deeply committed to turning around the fortunes of the average Nigerian man or woman for the best, Moghalu does not shy away from the national conversation that it is time for Ndi Igbo to present a President for the country, having waited and supported the other five geo-political zones of the country to produce a president. There is no argument that the choice of the best candidate for the complex job of a president should be thrown open but only after the six zones representing the major ethnic nationalities have had a taste of the Presidency. That has always been the unwritten agreement since 1999 at the inception of the Fourth Republic. Moghalu has always argued the agitations for sovereignty and separation can be seen because of bad governance and the perpetuation of all the wrong things going on in the system. Having served as Deputy Governor of the Central Bank of Nigeria (CBN), Moghalu saw firsthand how bad governance and the wrong fiscal policies can derail the economy of a country and the other way round. His spearheading the Bank Verification Number (BVN) at a time financial technology was till evolving in our banking system, took the Nigerian financial system to 21st century banking technology. It offered a new opportunity for massive jobs provision and prepared the banks in insulating themselves from financial technology malpractices. For the five years he served the CBN, he introduced innovative systems that were hailed by his boss Sanusi Lamido Sanusi and the entire banking and finance sector practitioners. He is quick to remind you that under his supervision, no bank failed. Sanusi by the way found it convenient to endorse his contest the same way the Oni of Ife did as well as Nobel Laureate Wole Soyinka, the coalition of northern Keke NAPEP operators and Okada riders did, followed by Senate Minority Leader Senator Enyinnaya Abaribe, from the Southeast of the country, which is Moghalu’s home constituency. What this means is that Moghalu is a de-tribalised Nigerian who would approach issues of governance from the perspective of equity, justice, and inclusiveness. Moghalu is a de-tribalised Nigerian who has built bridges across the Niger socially, economically, and politically. Nwosu is Special Adviser Media and Publicity, Moghalu 4 Nigeria Movement

UBA’S GOVERNORSHIP QUEST: DESIRE OR DESTINY? Victor Afam Ogene lists the virtues of having Andy Uba in Anambra’s Government House

ohn Lennon, the famous British singer, of the Beatles fame must have forseen the future when he, many years ago, penned down the immutable lines: “There’s nowhere you can be, that isn’t where you’re meant to be.” These lines succinctly speak true of the contemporary times, especially at it relates to the November 6, 2021 Anambra State governorship election. As the day draws near, one person for whom the above prophecy profoundly speaks about is the candidate of the All Progressives Congress(APC), Senator Emmanuel Andy Uba. In deed, as my dear state, once again, returns to the national and international spotlight, many observers may be wont to describe the coming election as the ‘battle of titans’, on account of the diverse criteria already set out to adjudge the candidates and their political parties. The interest in the coming election is understandably widespread, not only because Anambra State, geographically, is the gateway into Igboland, but also given the realisation that politically and otherwise, the state has somewhat become the barometer with which the rest of the country gauge trends and developments among the Igbo. Fondly referred to as ‘The Light of the Nation’, Anambra is truly blessed in every sense of the word. Rich in culture, fertile for agriculture and populated with people of great ingenuity in commerce, literature, science, sports, leadership and entrepreneurship, Anambra metaphorically shines the light into the Igbo heartland. This is further proven by the galaxy of men and personalities that championed the independence of Nigeria. In fact, from the pre-Independence era to the flying of Nigeria’s flag independence in 1960, for example, most of the personalities that called the shots from the East were from the present Anambra. These included the late Dr. Nnamdi Azikiwe and Dr. Akwaeke Nwafor-Orizu, both at different times, President of the country and Senate President, respectively. They later had younger contemporaries in the late M.C.K Ajuluchukwu, Mbazulike

Amaechi, Igwe Osita Agwuna and Dr. Okechukwu Ikejiani - young idealistic Anambrarians who at the time sustained the fire of Nigeria’s nationalism. Even after independence, when the ship of the Nigerian state apparently left no room for the Igbo, the task of charting the path for self-actualization of the people through the instrumentality of the People’s Republic of Biafra, fell on General Chukwuemeka Odumegwu-Ojukwu who also hailed from Anambra State. At the height of the civil war, when the federal authorities were looking for an administrator for the then East Central State, they settled for late Ukpabi Asika, from Onitsha, Anambra State. Also in the Second Republic, when the position of Vice President was zoned to the South East by the defunct National Party of Nigeria (NPN), Dr. Alex Ekwueme, from Oko, readily became the choice; while Edwin Ume-Ezeoke, also from the state, emerged as Speaker of the House of Representatives. During General Ibrahim Babangida’s political transition programme, Agunwa Anaekwe, yet another Anambra son, was to emerge as Speaker of the House of Representatives. Furthermore, no one can forget in a hurry the fact that the late Dr. Chuba Okadigbo, from Ogbunike, is perhaps the most charismatic person to have served as Nigeria’s Senate President in contemporary times. Away from core politics, Anambrarians have also excelled in arts and literature. Recall our daughter, Chimamanda Adichie who has continued to sustain the fire of excellence handed over to her by literary icon, the reverential Chinua Achebe. Sorry to, perhaps, bore you with this widely acclaimed analogy; yet, the essence is to underscore the fact that Anambra has overtime, made Igboland and Nigeria proud by the uncommon exhibition of excellence in leadership. And as another opportunity to make Anambra and its hardworking people proud comes around, current realities jump to the fore. Anambra’s forthcoming governorship election is essentially about whether the people desire a recon-

nect with the Centre, as represented by the APC, or are destined to remain in the cocoon of political isolationism, as foisted by the receding All Progressives Grand Alliance (APGA) which some flustered citizens derisively renamed, Aguleri People’s Grand Association(APGA) - in obvious reference to the outgoing governor’s nepotistic tendencies. In his place, who then does the bill fit to deliver meaningful leadership that will prioritize the good and overall interest of the people devoid of razzmatazz, rhetoric and political blackmail? The APC’s Senator Andy Uba aptly fits the bill. Therefore, fellow Anambrarians, we must get it right by choosing right this time. We must not bat an eyelid in chosing a candidate that will embrace the whole of Anambra as a primary constituency and propagate equity through government policy and development strides across the state. While all the parties have chosen their candidates based on what they consider as their strategic card, my party, the APC, has started the smart move of leadership selection by presenting Senator Andy Uba, a level headed, pragmatic and well connected development strategist as its flag bearer. Strategically wired into Nigeria’s power loop, Senator Uba’s patriotic ‘Anambra First’ stratagem is a sure banker that would readily address the current feelings of alienation. As a journalist and politician with remarkable exposure, I know for a fact several salient steps Senator Uba took in his privileged position as a close aide to former President Olusegun Obasanjo, to project many Anambra indigenes, including of course, Prof. Chukwuma Soludo, former governor of the Central Bank of Nigeria; former governor and current Minister, Dr. Chris Ngige; Chief Osita Chidoka, former boss of the Federal Road Safety Corps, and a host of others to the exulted positions they held at the time. Beyond his leadership recruitment acumen, Senator Uba has, remarkably, designed a blueprint of robust all-round development in Anambra that is hinged on peace and security of Anambra and

its people. A business hub, Anambra will not have a meaningful development and businesses will not thrive if the current floundering security arrangement in the state is allowed to subsist. In seeking to achieve this quest, he has promised to bring governance closer to the people, by ensuring that local government leadership is plugged back to true democracy, rather than the leadership-by-appointment anomaly foisted on the state by its current helmsman. The linkages between unemployment and insecurity perhaps propelled his strategic plan for massive purpose driven skills acquisition and youth empowerment schemes, put in place to address the twin issues of job creation and insecurity. Obviously conscious of the fact that the Uba candidacy offers the best chance for the APC to occupy Anambra’s Agu Awka Government House, a powerful pressure group, the APC Patriots, recently urged all stakeholders to close ranks, pull their strength and resources together to ensure resounding victory. “In deed, rather than take recourse to recriminations, this, we dare say, is the time to close ranks, bond together and jointly work as a Team in the foreseeable march to Agu Awka Government House,” Ikenga Dozie Ikedife, the APC’s deputy governorship candidate in the 2017 election, and leader of the APC Patriots admonished. Already, members of the APC Patriots, which steering committee consists of, amongst others, three former House of Representatives members, Hons Emeke Nwogbo, Chizor Obidigwe and Afam Ogene; former National Assembly aspirants in 2019, Ike Chidolue and Chidi Ogbaji; the party’s zonal youth leader, South east, Olisaemeka Onyeka, and Barrister Chuks Chinwuba, a renowned political strategist, have begun consultations aimed at rallying all previously aggrieved aspirants back into the fold. Hon. Ogene, a former newsmagazine Editor, represented Ogbaru Federal Constituency (20112015), in Nigeria’s House of Representatives

T H I S D AY • WEDNESDAY, JULY 28, 2021

EDITORIAL

GROWING A JOBLESS POPULATION The World Bank report on the economy is another wake-up call

ast week report by the World Bank that Nigeria is currently undergoing the worst unemployment crisis in its history should concern all relevant stakeholders in the country, even when it came as no surprise. Titled, ‘Of Roads Less Travelled: Assessing the Potential for Migration to Provide Overseas Jobs for Nigeria’s Youth’, the report particularly raised the alarm over the nation’s expanding working-age population combined with scarce domestic employment opportunities amid dwindling resources. This, according to the report, is creating high rates of unemployment, particularly for youth. The bank particularly noted that the socioeconomic challenges facing the country in the last 10 years have led to an astronomical increase in the number of Nigerian citizens seeking asylum and refugee status in other countries. A combination of rising unemployment, booming demography, and unfulﬁlled aspirations, according to the World Bank, results in increasing IN VIRTUALLY ALL PARTS pressure on young OF THE COUNTRY, MANY Nigerians to migrate FARMERS CANNOT ACCESS in search of gainful employment THEIR FARMS BECAUSE overseas. When you OF INSECURITY. THIS HAS juxtapose the report STARTED MANIFESTING IN THE RISING COST OF FOOD against the background that there has ACROSS THE COUNTRY been an 80% drop in foreign direct investment in the last 12 months, it is obvious that we have a serious challenge on our hands. Already, insecurity has driven away many multinationals to pitch tent in nearby countries like Ghana while targeting Nigeria’s large market. Several businesses have also cut back because of Covid-19 uncertainties and the rising cost of doing business in the country. Government restrictions of social media and threatened regulations are limiting the entrepreneurial scope of the youth who are worst affected by unemployment. Meanwhile, the demand for young Nigerian graduates in both the United States and United Kingdom has increased. Nigerians are seen

Letters to the Editor

as aggressive, hardworking, achievement motivated among third world immigrants. The UK has adjusted its immigration policies, now allowing new Nigerian graduates a two-year window to work in the UK after graduation.

T H I S DAY EDITOR SHAKA MOMODU DEPUTY EDITOR WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

T H I S DAY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGED ENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

aken together, these situations are increasing domestic unemployment and driving emigration. The situation is worse for those who live in rural communities. The Food and Agricultural Organisation of the United Nations has harped on how the insurgency deny farmers access to agricultural inputs in the area. But the problem is not restricted to the North-east. In virtually all parts of the country, many farmers cannot access their farms because of insecurity. This has started manifesting in the rising cost of food across the country. Despite the claims by government officials, the much-touted economic growth has not generated sufficient employment, nor has it addressed the growing gap between the rich and the poor. What makes the World Bank report even more worrisome is that the prospects of turning around the situation looks bleak given fluctuating oil prices and cascading value of the Naira. While states and local governments seek oil-rents and jeopardise internally generated revenue, successive national governments have also not adequately used oil revenue to lift the ordinary Nigerian out of poverty. Rather, and in addition to rent-seeking, these revenues have served as slush funds and continue to enrich a few corporations and individuals over the masses. The high rate of out-of-school children and poor output in the education sector also contribute to deepening the challenge of unemployment as the nation continues to churn out a crop of uncompetitive youth in a world driven by technology. The federal government has also continued the regime of waivers to only a few persons as well as payment of subsidies that do not impact on the poor. All said, we hope the federal government and the authorities in the 36 states will see the World Bank report as another wake-up call on the need to come up with strategies for job creation for our growing young population.

TO OUR READERS Letters in response to speciﬁc publications in THISDAY should be brief (150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (9501000 words). They should be sent to opinion@thisdaylive.com along with the email address and phone numbers of the writer.

IN PRAISE OF ASIWAJU BOLA TINUBU

ith his recent refurbishment of the Arewa House Library at the Ahmadu Bello University, Zaria, Asiwaju Bola Ahmed Tinubu has once more lived up to his reputation as a builder of men, women and youths. At the inauguration of the upgraded library, which had cost over N500 million, the Lagos State Governor Babajide Olusola Sanwo-Olu, Katsina State Governor Aminu Bello Masari, and Kaduna State Governor Nasir El-Rufai extolled the laudable efforts of the man who holds the title of the Jagaban of Borgu. Governor Sanwo-Olu, who was represented at the event by his deputy, Obafemi Hamzat, said the edifice has served and fulfilled the purpose of its establishment by sustaining its enviable status as a reliable centre for research and documentation. Tinubu, a former Lagos State governor, also donated N100 million for the reconstruction of the Katsina Central Market, which was recently razed by fire. Recall that Governor Aminu Masari, other political office holders and civil servants in the state have pledged to contribute part of their salaries towards its rehabilitation. That is the Jagaban for you. He has empowered so many people, not only in southwestern Nigeria where he hails from, but also

from all over the country and in different sectors of the economy. With a political career spanning three decades, Tinubu was briefly elected as a Senator representing Lagos West Constituency during the short-lived Third Republic. A former political associate of the late Shehu Musa Yar’Adua, his brother (the late former president) Umaru Yar’Adua, Atiku Abubakar, Baba Gana Kingibe, Rabiu Kwankwaso, Abdullahi Aliyu Sumaila, Magaji Abdullahi, Dapo Sarumi and Yomi Edu, he would later become a founding member of the pro-democracy National Democratic Coalition (NADECO), which fought for the restoration of democracy and the restoration of the mandate of the late Chief Moshood K. O. Abiola as the winner of June 12, 1993 election. After a four-year exile during the reign of General Sani Abacha, he returned to the country just in time to usher in the Fourth Republic. Assuming office in May 1999, after his election as the Lagos State governor as the Alliance for Democracy’s candidate, he made large investments in education and returned a number of schools in the state to their original owners. He also constructed new roads in a bid to upgrade the status of Lagos as a modern megacity and expanded the state’s revenue base, among other achievements. Prince Olatayo T. Adepuji, Abuja

NOT SO BLEEPING SERIOUS

ustralian Kaylee McKeown has won the Olympic 100m backstroke after a very hard year of family sadness and yet the media reports are concentrating on her unfortunately inappropriate response when interviewed. She was asked if she had anything to say to her family and she replied ‘Bleep’ Yeah! Although profanity isn’t appropriate it was probably because there wasn’t enough oxygen or energy left for her brain to think, “That was truly quite a remarkable swim I believe.” Let’s concentrate on what she got right after four years of hard training rather than a slip of the tongue. Yes, as a champion it is assumed she will be a role model and perfect in all ways but in reality, she is a human being who has achieved a fantastic result. Let her have a bit of fun and celebrate. Well done, Kaylee. Dennis Fitzgerald, Melbourne, Australia

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

SIXTEEN U K : N I G E R I A’S S E C U R I T Y C H A L L E N G E S OV E R W H E L M I N G , M U LT I - P R O N G E D Catriona Laing, who was on the programme to elucidate on the Global Partnership for Education (GPE), kicking off in London today, hinted that the British government had continued to follow-up on its request to Nigeria to allow it provide consular access to the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, who is currently being tried for various offences including treason. Arising also from the sum-

mit, Laing stated that the UK was looking to a new grant for Nigeria to the tune of about $125 million, which would enable it to reach millions of children here in Nigeria, being the largest grant available under the summit. She, therefore, in a tweet on her verified Twitter account @CatrionaLaing1, called on President Buhari and other senior officials in his government to commit increase funding to education in the country.

Making lucid her position on insecurity, Laing argued that the issue of kidnapping both in the north and south could not be divorced from unemployment and poverty and maintainedthat the Nigeria police needed to ramp up their intelligence gathering capabilities. “On the scourge of kidnapping, the police need to be able to deal with it. They need much more intelligence and therefore need to work with communities to

identify these kidnappers. “There’s physical infrastructure that needs to be better. And the children need to know what to do; they need to be very well drilled if there’s going to be an attack. Even with all those kind of measures, ultimately, you’ve got to get to the root causes, which is why this epidemic of kidnapping is happening in Nigeria,” she noted. Drawing a correlation between COVID-19 and the current

C B N R E L E AS E S $ 2 0 0 M TO B A N KS TO Q U E L L FX S P E C U L AT I O N the end of a two-day meeting of the Monetary Policy Committee (MPC) in Abuja. Emefiele directed all commercial banks to immediately create designated branches for the sale and disposal of FX to customers who deserve it for legitimate purposes. He said the CBN will no longer process or issue new licences for BDC operations in the country, adding that all licences being currently processed, regardless of the stage, had been suspended. He said the CBN would now channel weekly FX allocations hitherto meant for BDCs to commercial banks. Emefiele said commercial banks were now permitted to begin accepting FX cash deposits from their customers. He explained that the measures were to ensure that the apex bank was better able to carry out its mandate in an effective and efficient manner as well as to guarantee preservation of the commonwealth and financial system stability. Emefiele said the decision to eliminate the BDC operators from the FX market was necessitated by their dubious and unwholesome practices, adding that the operators have gone beyond their primary role of being retail dealers of FX to wholesale dealers. The CBN governor stated that rather than catering for the retail users, who required about $5,000 to meet their FX needs, BDCs now transacted in millions of dollars. He said BDCs bought dollars from the CBN at N197 only to sell to their customers at N250. Emefiele said it was no wonder that BDCs had risen “from a mere 74 in 2005 to 2,786 BDCs today. In addition, the CBN receives close to 150 new applications for BDC licenses every month.” He said the move was inevitable as the drop in oil prices was depleting dollar reserves, which, according to him, had dropped from $37.3 billion in June 2014, to $28 billion presently. The CBN governor expressed concern that Nigeria’s import bill now stood at N917.6 billion a month. He said regarding the BDC operators, “They have turned themselves away from their objectives. They are now agents that facilitate graft and corruption in the country. We cannot continue with the bad practices that are happening at the BDC market.” Emefiele added that there was evidence of prevailing ownership of several BDCs by the same promoters to procure multiple FX from the apex bank. He said, “Several international organisations, embassies, patronise BDC through illegal forex dealers to fund their institutions. We will deal ruthlessly with Nigerian banks that deal with illegal BDCs and we will report foreign organisations patronising them.” Emefiele added, "The public should note that once a customer provides basic documentation to purchase FX, all banks must immediately meet that on demand or within a stipulated

timeframe sell foreign exchange to the customer. "Any customer who doesn't receive FX along these lines must report this to their banks and where they are unsatisfied with the resolution, they are required to contact the CBN on out toll free line 07002255226 or email cbd@cbn.ng to lodege the complaints with details of the bank transaction." Shedding more light on the reasons for the stoppage of FX sales to BDCs, Emefiele explained that the CBN sold over $20,000 to more than 5,500 BDCs per day, adding that the amounts translated to about $110 million per week and $5.72 billion per year. "The CBN and the government cannot continue to allow this unwholesome practice to continue in Nigeria," he said. According to him: "In total disregard for the policies that the CBN introduced to meet its mandate of safeguarding the value of the naira, we have continued to observe that stakeholders in some sectors have not been helpful in this direction. "In particular, we have noted with disappointment and great concern that our BDC operators have abandoned the original objectives of their establishment, which was to serve retail end users who need $5,000 or less. "Instead, they have become wholesale dealers dealing in forex to the tune of millions of dollars per transaction. Despite the fact that Nigeria is the only country in the world today where a central bank sells dollar directly to BDC operators." He added, "Operators in Nigeria's bureau de change segment have not reciprocated the bank's gesture to help maintain price stability to the large market. "Whereas, the bank has understanding with BDC operators that they make small margins from the US dollar allocated to them, they have reneged and become somewhat greedy, recalcitrant with abnormal high profit sale while ordinary Nigerians have been left to feel the pain and therefore suffer. "Rather than work to achieve the laudable objectives for which they were licensed, the bank has noted the following unintended but unfortunate outcomes. "Increase in operators only interested in wider margins and profits from the forex market regardless of prevailing rates in the market. "Gradual dollarisation of the Nigerian economy with attendant adverse consequences on the conduct of monetary policy and subversion of the cashless policy initiatives of the CBN." He added that BDCs had resorted into financing of unauthorised transactions with FX procured from the CBN. He stated, "Our examiners are currently looking at the books and we have reports that indict embassies, international organisations who instead of selling their FX to the recognised investors and exporters’ window have resorted into operating with illegal FX dealers in contravention of our laws. "And we will deal ruthlessly with Nigerian banks who have

acted as collaborators with these forex dealers because they've allowed their banking and payment systems infrastructure to be used to facilitate these illegal dealing in foreign exchange." Emefiele added, "As for those foreign organisations involved, we will report them to their regulators, we will write to those organisations. These unintended outcomes have placed unsustainable financial burden on the CBN and had limited foreign exchange." Emefiele expressed concern about the level of insecurity in the country, saying it has negative implications for business confidence and overall economic activities. He urged the federal government to intensify security surveillance in farming communities to ensure uninterrupted farming activities. However, at the meeting, the MPC also resolved to retain Monetary Policy Rate (MPR), otherwise known as interest rate, at 11.5 per cent and the asymmetric corridor of +100/-700 basis points around the MPR. The apex bank also left the Cash Reserve Ratio at 27.5 per cent and Liquidity Ratio at 30 per cent. The MPR is the rate at which the CBN lends to commercial banks and it often determines the cost of borrowing in the economy. Emefiele, who read the committee's communiqué, explained that the decision to hold all the monetary policy tools constant was due to the need to stimulate the growth of the economy. He said the MPC decided to hold all policy parameters constant believing that it would enable the continued permeation of current policy measures in supporting the recorded growth recovery and macro-economic stability. The committee also noted the marginal increase in the external reserves, which rose to $33.83 billion on July 22, 2021, from $32.78 billion as at June 30. According to the CBN governor, aggregate credit as at the end of May 2021 stood at N24.23 trillion, compared to N22.68 trillion at the end of December 2020, representing a year-to date increase of N1.55 trillion. He said under the central bank’s development finance initiatives, the sum of N756.51 billion was granted to 3,734,938 small holder farmers cultivating 4.6 million hectares of land, of which N120.24 billion was extended for the 2021 wet season to 627,051 farmers for 847,484 hectares of land, under the Anchor Borrowers’ Programme (ABP). He said, “For the Agribusiness/Small and Medium Enterprise Investment Scheme (AGSMEIS), the sum of N121.57 billion was disbursed to 32,617 beneficiaries; and for the Targeted Credit Facility (TCF), N318.17 billion was released to 679,422 beneficiaries, comprising 572,189 households and 107,233 Small and Medium Scale Enterprises (SMEs). "Under the National Youth Investment Fund (NYIF), the

Bank released N3 billion to 7,057 beneficiaries, of which 4,411 were individuals and 2,646 SMEs. "Under the Creative Industry Financing Initiative (CIFI), N3.22 billion was disbursed to 356 beneficiaries across movie production, movie distribution, software development, fashion, and IT verticals." Emefiele also said, "Under the N1 trillion Real Sector Facility, the Bank released N923.41 billion to 251 real sector projects, of which 87 were in light manufacturing, 40 in agro based industry, 32 in services and 11 in mining. "On the N100 billion Healthcare Sector Intervention Facility (HSIF), N98.41 billion was disbursed for 103 health care projects, of which, 26 are pharmaceuticals and 77 are in the hospital services. "Similarly, the sum of N232.54 million was disbursed to five beneficiaries under the CBN Healthcare Sector Research and Development Intervention (Grant) Scheme (HSRDIS) for the development of testing kits and devices for COVID-19 and Lassa Fever." Emefiele pointed out that the committee observed the gradual recovery in output growth following positive growth in the first quarter and improving Purchasing Managers’ Index in subsequent months. He expressed optimism that the second quarter output result would show further improvement. According to him, the committee commended the continued effort of both the monetary and fiscal authorities as well as public health agencies to stem the COVID-19 pandemic and return the economy to the path of recovery. He said, "While the economy has been gradually reopening, members noted that the pandemic was far from over and, therefore, continued to hinder the recovery.” The MPC urged the Presidential Task Force on COVID-19 to intensify efforts towards procurement of more vaccines to ensure that more Nigerians are vaccinated. Emefiele said the CBN would continue to release maize from its strategic reserve directly to feed-millers as part of its response to address rising food prices and moderate the price of maize across the country. He stated, "Notwithstanding, the moderate decline in market indices, the Committee noted that the equities market remained in a good place, indicating sustained investor confidence in the Nigerian economy. "The MPC applauded the continued resilience of the banking system in the face of severe shocks to both the domestic and global economies. "Members noted management’s effort in maintaining a reasonably low level of non-performing loans ratio, even though aggregate credit moderated slightly. “The Committee encourages Nigerian banks to extend more credit to consumers and firms to enhance consumption and production activities necessary to strengthen the recovery."

economic crisis in Nigeria, Laing noted that insecurity had risen across Nigeria as more people have been thrown into poverty and unemployment, who are finding alternative sources of income and tragically finding kidnapping as a means of livelihood. “And these are poor people, who see it as an easy route to funding through the kidnapping scourge. There needs to be some form of community kind of interpeace dialogue to ensure that those, who are preyed to stray can be brought back in through elders as well as religious leaders to persuade them that this is not the pathway. “But I think the government is grappling with this. The range of insecurity challenges that this government is facing is just completely overwhelming. And so I really do understand the challenges they’ve got, particularly with kidnapping in terms of paying a ransom,” she added. While stressing that the UK had a very clear policy of not paying ransoms, she admitted that it was a dilemma for the parents of kidnapped school children, who were left in very dire situations, with their kids in the bushes. She mentioned that the farmer/ herder conflict and kidnappings associated with that, would be resolved through livestock ranching, because people’s means of livelihood would have to be preserved. “You’ve got this farmer/ herder sort of conflict and then kidnapping increasingly spreading around the country. In the northeast, its the Islamic State of West Africa. If you’re a young man without a job, they present to you a viable alternative. Ultimately, employment opportunities are probably the single most valuable way to solve this underlying problem,” the UK envoy said. On education in Nigeria, Laing stated that UK’s collaboration with Nigeria might havebegun

to bear fruits in northern states like Kano, Kaduna, Katsina and Sokoto, where it hadmanaged to increase enrolment from 46 per cent to 60 per cent and delivering official 20,000 female teachers specifically to encourage girls to get an education. As a consequence of the summit, the UK high commissioner, stated that the country was looking to a new grant for Nigeria of $125 million that would enable it to reach millions of children here in the country, being the largest grant that was available under the summit. She argued that two-thirds less maternal mortality was likely to occur among children,whose mothers had gone through primary education and likely to add about 20 per cent to their earnings. Still on education, Laing, while calling on Nigeria’s president and other senior officials in his government to commit increase funding to education asked Buhari to commit such funding to a future, where every Nigerian child could access 12 years of quality education. Laing stated this in her tweet that read thus: As President @ MBuhari and other senior government officials attend #GES2021 tomorrow, High Commissioner @CatrionaLaing1 encourages them to commit to increasing funding for On Kanu, she noted that the British government had continued to follow-up on its request to provide consular access and that the government would continue to provide assistance. “On Nnamdi Kanu, all I will say is we’re on record as saying that we can offer consular assistance to British nationals. We have requested consular access and that’s all I’m prepared to say in this interview. “Everyone with dual nationale, we can and we often do offer consular assistance and in this case, we have offered consular assistance to Nnamdi Kanu,” she noted.

FG: NIGERIANS IN DIASPORA FUNDING SECESSIONISTS, SPREADING FAKE NEWS in addition to relying on their financial contributions to fund their nefarious activities. This is disheartening," Mohammed said. He commended NIDO for its patriotism and steadfastness that was beamed at shinning a positive light on Nigeria, celebrating the country and contributing towards a better nation, rather than badmouthing the country around the world. He appealed to the Diaspora organisation to take the initiative from those who were bent on painting the country in bad light in the comity of nations. "Instead of contributing their own quota to these efforts, all you hear from a section of Nigerians in Diaspora and their allies back home are fake narratives and untrue allegations of religious persecution, political marginalisation, human rights abuses, etc. These are baseless and false. "As an organised and wellconnected group, I implore NIDO to leverage its contacts in government circles, parliamentary groups and global think tanks in world capitals to help change the narrative and sweep the carpet off the feet of secessionist groups, insurgents and anarchists, who are bent on pushing false narratives to portray Nigeria in bad light. "I have no doubt that you will take this call seriously and do everything in your power to change the narrative for the better," Mohammed said. He emphasised that the federal government was currently reengineering and ramping up its diplomatic efforts to counter

and reverse the narrative, in addition to countering pervasive anti-government propaganda. Mohammed stressed that the Buhari Administration considered Nigerians in Diaspora as critical stakeholders in the Nigerian project, which informed the creation of the Nigerians in Diaspora Commission (NIDCOM), which was coordinating and providing an organised system of collaborations of Nigerians in Diaspora. He stated that whenever the President travelled outside the country, he always made it a point of duty to regularly engage with Nigerians in his host country. He also cited the unavoidable division among Nigerians in Diaspora in some countries as a factor that hampered such engagements. While admitting that the country was saddled with security challenges, he boasted that no administration in the history of the country had done so much with so little. "The Administration came in at a time that the country has lost one third of its revenue, due to a drastic crash in oil prices. Despite that, the administration has recorded tremendous achievements in the area of infrastructure – roads, rail, power, housing, dams, etc., agriculture, where the country is closer than ever to achieving self-sufficiency in major staples, the fight against corruption, which the administration is prosecuting in an institutionalised manner as well as the revamping of the economy, especially, through diversification," he said.

WEDNESDAY JULY 28, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

MIDWEEKPOLITICS

Group Politics Editor NSEOBONG OKON-EKONG Email nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

How Prepared is PDP for the Battle Ahead? The internal crisis rocking the main opposition party, the Peoples Democratic Party (PDP) may cost the party the 2023 elections if not nipped in the bud, Adedayo Akinwale writes

Secondus

ately, the National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus has been in the eye of the storm, no thanks to the recent defections of members of the opposition party including three governors and some members of the National Assembly to the ruling All Progressives Congress (APC). The internal crisis as well as the recent defections which has seen the party depleted has put the PDP on the edge just less than two years to the 2023 elections. The internal squabbles in some state chapters of the party have not helped either, while the electoral chances of the party continues to dwindle ahead of the 2023 elections. Prior to the 2019 presidential primary, political analysts were of the view that if the PDP failed to conduct a free and transparent presidential primary election, the party would lose the main election itself. But the Secondus-led National Working Committee (NWC) of the party did not disappoint when it conducted the most transparent and rancour-free primary in recent times, to the satisfaction of all the presidential aspirants who later supported the party’s presidential candidate, Alhaji Atiku Abubakar. This was also replicated in the state chapters of the party during the conduct of the governorship primaries which was done without the influence of any godfather. The NWC ensured that power was returned to the people and the people had more confidence in the process more than ever before. The ripple effect of the transparent primaries manifested in the election with the PDP winning 15 States. In the House of Representatives, PDP won 115 seats while it won 35 seats in the Senate. The strong performance of the PDP in the last general election and in some off-season elections gave Nigerians some ray of hope that the PDP would be able to challenge the APC as the country matches towards the 2023 elections. D e f e c t i o n s a n d c a l l s f o r S e condus Sack Against the backdrop of recent defections from the fold of the PDP, a former Commissioner of Information in Edo state, Prince Kassim Afegbua, was the first to bell the cat when he called for the sack of the PDP National Chairman, saying the opposition party was heading

Abubakar

Tambuwal

to a gloomy future. He said, “When I raised the alarm two months ago about the gradual decimation of the PDP by the Uche Secondus leadership, many thought I was raising dust over nothing. The continuing defection of major PDP stakeholders to the ruling APC is a further testimony to the leadership tactlessness and spinelessness of the Secondus-led National Working Committee of the party. “There is a more compelling need to urgently call for a stakeholders meeting to mitigate, amongst other things, this obvious decimation of the PDP by a leadership that is utterly bereft of ideas, confused, intellectually hollow, phlegmatic and absent-minded in the affairs of the nation and the party. An opposition party that should be gaining momentum because of the leadership failures of the ruling APC, is at best losing some of her best hands across the nation, and losing the much needed momentum.” Also, a member representing Donga/Takum/Ussa and Yantu federal constituency of Taraba State in the House of Representatives, Hon. Rimande Shawulu asked Secondus and other members of the NWC to resign their positions. Shawulu in an open letter to Secondus dated 6th July, 2021, titled, ‘In the Interest of our Party, Democracy and the People of Nigeria: Time To Do The Needful’, said the events of

the last two years have been disastrous for the main opposition party. He said, “To put it bluntly, in a presidential democracy, a strong opposition party is necessary to provide a viable alternative to the governing party. Our party is failing in this regard. Your good self took over to enable the party to regain momentum. Presently, without discounting the efforts and sacrifices you have made, it is obvious that our party is in far worse circumstances than when Alhaji Adamu Muazu fled the scene. You cannot fail to note that our party lost both the 2015 and 2019 elections, and we have fewer members in the National Assembly than we had in 2015.” “In several of our cultures in Nigeria, leaders who lead their people into disastrous circumstances commit suicide! Sir, history calls and beckons on you to do the needful, not to die but to live for the party by surrendering leadership, in order for reconciliation and repositioning of the party to begin in earnest for a fresh start. “You, and indeed, all members of the National Working Committee should make such a sacrifice in the interest of the PDP, Nigeria and democracy. I plead with you sir to show leadership today and in the interest of the party, your good name, and the future of Nigeria to resign immediately as National Chairman.”

Most of the defections are not justifiable, political observers are of the view that most of the PDP members that defected to the ruling APC are ungrateful, saying their actions were borne out of personal greed and not that the leadership of the party at the national level had done anything wrong. In the case of Zamfara state, It was as a result of the efforts by the leadership of the party who fought up to the Supreme Court before the party was able to win back the state

Ortom

Pa n a c e a t o t h e c r i s i s Even though things are falling apart in the camp of the opposition party and all the blame is laid on the doorstep of the national chairman, rather than engaging in blame games, party leaders and other stakeholders of the party have to come together and unite all the aggrieved members of the party before the 2023 elections. While most of the defections are not justifiable, political observers are of the view that most of the PDP members that defected to the ruling APC are ungrateful, saying their actions were borne out of personal greed and not that the leadership of the party at the national level had done anything wrong. In the case of Zamfara state, It was as a result of the efforts by the leadership of the party who fought up to the Supreme Court before the party was able to win back the State. Also, in the case of Umahi, it took the bravery of former Secretary to the Government of the Federation, Anyim Pius Ayim, former Governor of the state, Sam Egwu and other party chieftains who fought to make sure he won the election despite the fact that he was not popular and he is from minority in the state. Similarly, former Governor of Cross River state, Liyel Omoke fought hard to make sure Ayade became the governor of the state. Without argument, the recent defections have depleted the ranks of the PDP. Nevertheless, the main opposition party still stands the best chance and also remains the best option to the ruling APC. But, there is no way the PDP will take over power without it being united. In order to achieve unity in the party at the moment, the issue about zoning of the presidency should be put to rest for now, while all party members from Ward level to national level should come together and work for the party. The PDP ought to represent the hope of Nigerians for a new future and to, at the very least, provide some formidable resistance and pull from the brink that the APC government has tragically brought Nigeria to continue to fail. With the 2023 elections just two years away and with a few offseason governorship elections in a few States getting underway in a few months, the party needs time to reorganise, reconcile feuding members and prepare to campaign with well-prepared and articulated programmes to rescue Nigeria from the present morass.

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

POLITICS

Electronic Voting: A Difference Between 8th and 9th Senate

GOVERNANCE IN PHOTOS

Chuks Okocha compares the leadership of the then President of the 8th Senate, Dr. Abubakar Bukola Saraki and the 9th Senate led by Senator Ahmad Lawan

L-R: First Lady, Ekiti State/Old student Abeokuta Girls’ Grammar School, Erelu Bisi Fayemi; Ogun State Governor, Prince Dapo Abiodun; his wife Mrs Bamidele Abiodun; and National President, Abeokuta Girls Grammar School Old Girls Association (AGGSOGA), Yeye Otunba Adetola Hassan; during a courtesy visit to the Governor by the old students as part of activities marking their ﬁrst global conference and 65th anniversary of the school in Abeokuta

Lawan

Saraki

during voting on Constitution Amendment bills. Division of the chambers for the purpose of voting during constitution amendment process is a compulsory method necessary to fulfill the provision of the constitution on the issue of two-third or three-fifth support for the issues to be amended. Division for the purpose of accurately deciding the position of each member on issues in the legislature is what they literally means, it means the House is divided and cannot achieve a consensus. Saraki usually tried to get the entire chamber to achieve consensus through debate and transparency/openness. This is easier to achieve once the chamber is called upon to toe the path preferred by the generality of the people who are the constituents of the legislators. To determine what the people’s preference is, Saraki usually gauged opinion through the press, the civil society group, sometimes he commissioned opinion polls and sounded out people across the country representing diverse section of the national demography. This is called Leadership and it greatly worked well for him as the chairman of the National Assembly It is therefore easy to mobilize members in support of a Bill whose purpose is patriotic, rather than partisan, broad rather than narrow, creative and problem solving rather than conservative or uninspiring. That is why throughout the 8th Senate, it was said that Senators congregated to work for Nigeria, not for party or for personal interests. The problem with the current Senate is that every position is pushed based on what the Presidential Villa wants and how the ruling party wants members to vote or argue. Instead of the leadership of the 8th Senate having strong relationship and control with and over the members, the members are mobilized, co-ordinated and controlled from outside the chamber by interests outside the chamber. Thus, what happened on the electronic transmission of results would not have happened under Saraki and Dogara, two legislative leaders who have effectively deployed their experience, focus and staff quality to improve legislative performance and delivery on the Agenda set at the commencement of the legislative session in 2015. That is why some members of the current Senate and even members of the public miss the dynamism, focus, innovation and brilliance of the Saraki era in last week’s handling of the amendment of the Electoral Act. Many of the commentators wondered why Ahmed Lawan and some of the members of the Senate leadership refused to learn from the pro-people Strategy of the Eighth Senate. Many however have concluded that the desperation by the current leadership to please Buhari and be in the good books of the executive have robbed them of the strategic finesse, tactical sophistication and popular appeal that are needed for handling the prevalent, contending issues of today’s Nigeria.

he manner the two arms of the National Assembly handled the electoral reforms bill has brought the lawmakers under serious criticism as a result of its decision to vote down the adoption of electronic transmission of the results of elections from the polling stations to the central collation centres. The initiative to amend the electoral act which first came into the equation in the Eighth National Assembly led by Dr. Abubakar Bukola Saraki who was the 13th Senate President in Nigerian history was aimed at strengthening the credibility of the electoral process and ensuring that results announced at the end of elections reflect the actual votes cast by the electorate. Though not officially enshrined in the statuette books, the transmission of election results online was was first used in the conduct of the Edo State governorship election last yea and later the Ondo state governorship election. The outcome of the two elections was evidence of the improvement it could bring to the electoral process. It is no news that the 8th NASS successfully passed the Electoral Act (amendment) Bill 2017 thrice and on each occasion President Muhammadu Buhari who was then scheming for his re-election in the 2019 polls found one reason or the other to withhold his assent to the bill. It was the general impression, and sadly so, that one of the reasons the bill was turned down by the President was much more in his personal interest than in the national interest It seems the reason the Bill was not signed to law was because the President and his party were opposed to the aspect that they believed will not be in sync with their wish in the elections. At least the bulk of the Bill passed by the defunct Senate and the one considered by the committee on INEC of the present chambers are the same, except that the legislators now voted to water down one of the most progressive initiatives of the last Assembly. The question now is: How did Saraki and his colleagues in the 8th Senate as well as the House of Representatives headed by Hon. Yakubu Dogara pass the Electoral Act without any rancour or crisis? The answer to this is in the ability to manage different interest. This is where the capacity of the leadership of each chamber, their popularity or acceptance among members, the motive and interest of the leadership as well as their loyalty to common cause come into play. With the former Senate President Saraki and the then Speaker of the House of Representatives Yakubu Dogara enjoyed solid relationship, popularity and acceptance with and among their members. And this is because both men refused to be dictated to from any power centre outside the legislature. Rather, the external force that could dictate to Saraki, Dogara and their colleagues were the people - the electorate. Under Saraki’s watch, hardly could you get a time when a Senator insisted on division of the Senate during voting on issues, except

Valentine Ozigbo (left), the People’s Democratic Party ﬂag-bearer in the November 6 Anambra State governorship election, in conversation with Hon. CID Maduabum, the Director General of the PDP Governors Forum at a recent meeting of the PDP Governors Forum held at the Government House Bauchi

President Muhammadu Buhari (left) with Speaker, House of Representatives, Hon. Femi Gbajabiamila after presenting the report of the Special Committee on National Security to the President at the State House

Osun State Governor, Mr. Gboyega Oyetola; newly installed Owaloko of Iloko-Ijesa, Oba Akeem Olusayo Ogungbangbe and his wife, Olori Modupe Ogungbangbe, during the Coronation of Owaloko of Iloko-Ijesa, Oba Akeem Olusayo Ogungbangbe, at iloko-Ijesa

T H I S D AY ˾ ͰͶ˜ ͰͮͰͯ

FEATURES

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

Engendering Exponential Rise in Aba Shoe Production Busy hands of artisans coupled with the efforts of the state government to promote micro, small and medium scale enterprises has engendered exponential rise in the reputation and scale of production of made in Aba products, thereby earning it the undisputed hub of shoe production in Nigeria, Emmanuel Ugwu-Nwogo reports

he Aba North Shoe Plaza Industrial Market is a beehive of activities on any business day. Inside the numerous workshops that dot the area artisans are busy crafting various types of foot wears. The production process involves thousands of hands dexteriously shaping the footwears at every stage till the finishing touch when they are ready for the market. The products enjoy good patronage not only in Nigeria but across West Africa and beyond. Evidently, there is high level of specialisation and division of labour with each artisan producing a particular type of footwear. The Chairman of the industrial market, Deacon Daniel Obioma said over 15,000 artisans are working at the cluster, each producing on daily basis an average of 12 pairs of footwears of different types and designs - shoes, sandals, pams, boots, canvas, cortina, sneakers, etc. The beehive of activities at the Aba North Shoe Plaza are replicated at several other clusters in other locations in Aba. They include Umuehilegbu(Bakassi), Power Line, Ariaria(Old site), Samek, Imo Avenue, Ochendo Shoe Plaza, among others. The number of artisans varies from cluster to cluster but it is estimated over 100,000 pairs of hands are involved in the production of the famous Aba Shoes or footwears. The combined production outputs from all the clusters is what has conferred on Aba its undisputed reputation as the hub of shoe production in Nigeria. It was earned, not ascribed. And over the years, Enyimba City, as Aba is fondly called, has maintained its status as the hub of shoe production in Nigeria. The artisans that toil in their workshops day in and day out ensure that the reputation is sustained irrespective of the vagaries of the economy. There were times when the footwears from Aba were regarded with derogatory air of inferiority. But that era has gone for good. Governor Okezie Ikpeazu in his relentless drive to promote micro, small and medium scale enterprises (MSMEs) has engendered exponential rise in the reputation and scale of production of made in Aba products. "The made in Aba shoe you know before is not what we have now," enthused Obioma. The chairman of Aba North Shoe Plaza said that the quality of made in Aba products got a major boost when Governor Ikpeazu came into the scene to promote shoemaking business. "There has been a great idea, exposure and high standard since he came into shoe industry in 2015," he said. According to him, Ikpeazu's intervention has placed Aba producers on the global market space thereby expanding their customer base. "It is a very good development for us," he said adding that the state governor has taken them to exhibitions in a number of foreign countries. To ensure a sustained global competiveness of Aba footwears, the Ikpeazu administration is not leaving anything to chance. Quality must never be compromised has become an article of faith for both producers and the government. The General Manager of Abia State Quality Management and Marketing Agency, Mr. Sam Hart said his agency has continued to keep a tab on the products and services coming out of Aba to ensure they have the mark of international standard. "We have strengthened our Quality Management Department by appointing a UNIDO-trained quality specialist as director who has pursued our standardisation drive with vigour. We have introduced Abia State Quality Standards and have undertaken random quality control visits in addition to partnership with Federal Quality Management Agencies for synergy in Abia State". Apart from the emphasis on standards, a whole lot has changed for the Aba shoe making industry. Hitherto, the trade was sustained through the age-old Igbo apprentice system, which has become an area of study in Harvard University. Chinedu Joseph, who specialises in making of boots, said he inherited the trade from his own father after undergoing years of tutelage. He has now been on his own for over 15 years and following in the footsteps of his

Marketing oﬃcer of The Footwear Academy, Chioma Edoziem, shows oﬀ some of the products father in making boots. "I'm happy doing my job," he said, adding that he makes up to 10 pairs of boots daily "because there is division of labour in the process". However, there is now a conscious effort to train the artisans outside of the apprenticeship system. Mr. Bentley Chukwuemeka and wife, Chidinma co-founded The Footwear Academy, Aba, to produce the manpower needed for the Aba footwear industry. It was set up with a vision "to be the foremost footwear training and production institution in Africa, putting Nigeria on the roadmap of footwear business by training and mentoring students who will dominate and be relevant to Africa when equipped with the right skill and technology". The academy, which sprang up in Aba last year is pursuing its vision with vigour. It has attracted the attention of Governor Ikpeazu who regards it as a good mix in the Aba shoe making business. The governor has even enrolled as a student of the academy to acquire the skill of making footwear. Ikpeazu's studentship at the academy is a significant endorsement of the new idea of infusing formal training into the Aba footwear industry. According to the marketing officer of the academy, Miss Chioma Edoziem, the duration of the training lasts between two weeks and 12 months "depending on what each individual wants". In the course of training, students are trained on footwear design, sourcing of materials and shoemaking. The production manager, Benjamin Ishaya said students get to know every minute details in the shoe making process as "each step requires accuracy". Edoziem further stated that the academy also offers "soft skills" to its students, which

includes how to market their products. Since last year, she said the academy has trained over 100 persons, most of who were sponsored by the Pind Foundation, a non-governmental organisation. On requests, the academy do undertake training programmes outside its Aba base. For instance, the marketing officer said such training programme was conducted at Ihiala in Anambra State under the sponsorship of local governments. While training footwear makers, the academy also engages in full production of shoes and other footwears based on orders placed by customers. For instance, Edoziem pointed out that the footwear academy was currently engaged in the production of 150 pairs of sneakers for a customer based in Canada. "We really want to make a difference with our products," she said. There's been a sustained drive by Governor Ikpeazu to keep Aba at the uppermost rung as the hub of shoe production not just in Nigeria but in Africa. His relentless campaign for made in Aba products both within and outside the shores of Nigeria is unprecedented. The state Commissioner for Information, Chief John Okiyi Kalu said the Abia chief executive is so passionate about Aba products and demonstrates it in words and deeds. "No important visitor comes to Abia without receiving made in Aba product from Governor Ikpeazu," he said, adding that he always models the products by his dressing . He has also organised exhibitions at Aba, Abuja and New York City to further expose made in Aba shoes to the international markets. But with the expanding market base comes the challenge of mass production to cope with demands. To get around

Over the years, Enyimba City, as Aba is fondly called, has maintained its status as the hub of shoe production in Nigeria. The artisans that toil in their workshops day in and day out ensure that the reputation is sustained irrespective of the vagaries of the economy. There were times when the footwears from Aba were regarded with derogatory air of inferiority. But that era has gone for good

the ensuing challenge, the Abia governor came up with the idea of introducing automation into the Aba footwear industry. He followed it up by sending 30 young Abians to China for traning in automated shoe production and thereafter set up the Enyimba Automated Shoe Company(ENASCO) in August 2020. It is a public, private partnership(PPP) enterprise, hence Governor Ikpeazu strictly warned the managment board against running the company as government parastatal but a purely business venture. Some of the Chinese trained artisans - Amarachi Ndudim, Single Udochukwu Okeagu and Kelvin Chukwuemeka - said that they would use their knowledge and skills to contribute in making ENASCO a big success. "I am happy because of what we are producing," said Ndudim. Her colleague, Chukwuemeka assured of their commitment to their job, saying, "we want to give our people the best". Managing Director of ENASCO, Mr. Kizito Dominic said the company has come to the narrative of made in Aba shoes with a mix bag of quality and quantity. He said the company has installed capacity of producing 5,000 pairs of shoes daily though it is presently operating below its capacity due to inadequate capital and personnel. Dominic stated that the ultimate goal of ENASCO is to make made in Aba footwears "the best in the world". According to him, the company's products are attracting good patronage because "they are of very high quality and super solid". He said ENASCO produced 3,000 work boots for the Nigeria Railway Corporation(NRC) and is presently producing 9,000 pairs of pump shoes for Pep Stores of South Africa while the Nigerian Breweries Plc has placed an order for 1,600 sneakers. "Shoe business is good business because everyone wants to wear shoes," he said. The MD noted that the business environment "is encouraging" for the company. No doubt, the company is well equipped for the business of shoe production. According to the technical partner, Mr. Osaro Ekonweren, ENASCO "has the most updated shoe producing machines in Nigeria". But the monopoly being enjoyed by ENASCO as the only automated shoe factory in Aba may not last long as three privately owned automated factories are set to come on board. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ ͰͶ˜ ͰͮͰͯ

FEATURES

Agritech is the Next Frontier in Enhancing Food Security Efayomi Carr

gritech is a small but fast-growing segment of the startup universe that’s aiming to improve or disrupt the global food and agriculture industry. Over the past five years, funding in agritech start-ups across the African continent has been rising consistently, according to data from Disrupt Africa, with hot spots emerging in Kenya and South Africa. While African agritechs raised more than Ksh 6.4 billion in 2020, up 23.7% from the previous year, they still represent 8.6% of all startups across the continent. Kenya has led the way mainly because of deals in the last two years including the $85 million raised by GRO Intelligence, and other big deals involving Twiga Foods and Apollo Agriculture (a firm supported by Flourish Ventures). These investments in African agritech are quite timely as agriculture and food security in Africa has been under the pressure of many challenges such as low productivity, lack of knowledge and exposure to new farming techniques, and limited financial support -- especially for the small-scale farmers. Add to that, Africa’s weather is unpredictable, its population is exploding, and current farming practices deplete the farm soil and exacerbate deforestation and water scarcity. Farmers often lack technical expertise and young people are migrating away from rural areas and into cities. Furthermore, African farmers will need to increase their productivity in order to provide food and economic growth to support its growing population. Poor digital literacy and unwavering respect for traditional ways of working still persist. Africa remains the most food-insecure region in the world and a net importer of food. Finally, we are also in the very early days on the continent of understanding what funding models are going to work. And we can’t forget the existential threat of the climate

Carr

change crisis that looms large over our planet - Africa being the continent that will be most severely impacted. These challenges are prompting investments in newer technologies to enhance productivity through smart agriculture techniques. Lately, there has been an increased use of various technologies in agriculture

in Africa, such as Internet of Things (IoT), open source software, cloud computing, artificial Intelligence, drones/ unmanned aerial vehicles (UAVs), and big data analytics. Many tech start-ups have developed solutions targeting various aspects of agriculture, including finance, supply chain, retailing, and even delivering

information related to crops and weeds. These solutions are accessible to farmers through front-end devices such as smartphones and tablets, or even SMS. Some agritech start-ups in Africa have come up with solutions that have led to an increase in productivity of the farms. Drones are a breakthrough technology, helping farmers oversee their crops, and manage their farms effectively. They use highly focused cameras to capture pictures of crops, soil or weeds. This, in addition to big data analytics and AI, provides insights to farmers, saving their time and energy, while also helping them find potential issues which could impact the productivity of their farms. There are various agritech startups that rent or lease drones to farmers to analyse their crops and farms. Other technologies enable smart farm management through the use of networked sensors that could provide the farmer with granular details of the crops, soil, farming equipment or livestock. In addition to agritech equipment, there are also new financial services for farmers. Apollo Agriculture provides solutions related to credit, farm inputs, advice insurance and market access through the use of agronomic machine learning, remote sensing, and mobile technology using satellite data and cloud computing. Farmdrive, a Kenyan startup also plays within the finance space where it connects farmers to loans and financial management tools, all through their mobile phone. The overall impact that these startups are having on the Kenyan agricultural sector is bound to be of great benefit to the economy seeing as the agriculture sector is a large contributor to Kenya’s national GDP. It is imperative that these startups are provided with an enabling environment to spur their growth and widespread adoption across the region to the benefit of the citizens of Kenya and Africa at large. ...Carr is principal, Flourish Ventures.

Investment in Female Founders is our Collective Responsibility Nitin Gajria

o goes the old adage: The hand that rocks the cradle, rules the world. While some might find depth and truth in this saying, others might beg to differ based on realities that determine the social challenges women face the world over. So, as we move rapidly toward the middle of the 21st-century, how can we be effective allies in support of the cause to level the playing field and empower women, right here on the continent, with tangible opportunities for stepping into the leadership role proposed by this idiom? The Balance defines economic power as the ability for countries, businesses or individuals to improve their standard of living. This increases their freedom to autonomously make decisions that benefit them, while reducing the ability of any outside force to impact their freedom. The key to dismantling the structural challenges women face, therefore, lies in strengthening their economic power. These challenges are numerous and, according to the African Development Bank, they continue to drive gender inequality and even limit the continent’s progress in totality. In a similar vein, challenges identified, at the Africa Union Gender Pre-Summit on the 2016 African Year of Human Rights, as pressing for women included, but were not limited

to, economic exclusion and discrimination from financial systems. Despite these odds, however, African women repeatedly feature at the top of global surveys on entrepreneurship with the United Nations (UN) reporting that the 27% female entrepreneurship rate in Africa is the highest in the world. The UN goes on to warn, however, that most female-led enterprises in Africa are small businesses with few growth opportunities while also citing that female entrepreneurs are not evenly spread across the continent. The reality-check list on the continent’s state of female entrepreneurship is long and includes greatly uneven access to funding for female entrepreneurs, when compared with their male counterparts. For example: from January 2019 to April 2020, 13.4% of the 276 disclosed deals went to companies with at least one female on the founding team and this was just 5.7 % of the total invested capital. Within the first 4 months of 2020, this declined to 3.2%. Moreover, while venture capital funding for startups across the continent in 2017 reached an all-time high of more than $500 million, representing a 53%

year-on-year increase, only $30 million (5.3%) went to companies with female co-founders. Of the $725.6 million in funding that was invested across the African continent in 2018, only 2% went to women-owned or women-led businesses. Meanwhile, the e-Conomy Africa 2020 report by the IFC and Google highlighted that women comprise 20% of the total population of developers in Africa. Even with the numbers noticeably low, African women constantly endeavor to push through, despite the structural hurdles they face - and it shows. The startup ecosystem has begun to create opportunities for women who code across the region. Beyond the continent’s own economic growth, economic power afforded to women (through investments made in their entrepreneurial pursuits) will go a long way in reclaiming their social standing and in reclaiming their rights in areas such as education, safety and personal freedoms. Empowering female entrepreneurs is essential for both economic and social development on the continent. Google,org recently partnered with the Tony Elumelu Foundation giving a $3M grant to

provide rigorous entrepreneurship training, mentorship, coaching, access to networks and key markets to at least 5000 women. There will also be $5,000 in seed capital in the form of one-time cash grants to 500 African women informal business-owners in rural and low-income communities across Nigeria, South Africa, Kenya and select Francophone countries. This is part of the 2021 Tony Elumelu Foundation Entrepreneurship Programme, preparing women to navigate their businesses through the start-up and early growth phase. We are determined to help female entrepreneurs grow their businesses by creating initiatives that go beyond just allowing capital and by providing relevant training. In most emerging economies, entrepreneurship is the path to job creation and income generation and it can be a solution to reducing inequalities among men and women. By tackling systemic barriers-toentry, and facilitating meaningful participation in entrepreneurship, we hope to encourage women to become entrepreneurs. Through programmes that support women with funding, we will generate prosperity in Africa. We hope that the idiom, The hand that rocks the cradle, rules the world, will have real and unequivocal resonance. ... Gajria is the MD, Google Africa.

WEDNESDAY JULY 28, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

BUSINESSWORLD R A T E S MONEY MARKET OBB OVERNIGHT

A S

REPO 27.50% 28.75 %

CALL 1-MONTH 3-MONTH

A T

S & P INDEX INDEX LEVEL 1-DAY MONTH-TO-DATE

4% 6% 10%

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

08056356325

J U L Y

2 7 , 2 0 2 1

S & P INDEX 1/4 TO DATE

535.12% 0.13% 0.40%

YEAR TO DATE

0.40% -20.10%

EXCHANGE RATE N411.50/1US DOLLAR* *AS AT LAST FRIDAY

PRODUCT LAUNCH…

L-R: Auction Curator,Grand Composition Nigeria,Wana Udobang; Grande Composition Local Collaborator, Ayoola Gbolahan; Founder, Rele Art Gallery, Adenrele Sonariwo and PHOTO: ETOP UKUTT Artist, Tonia Nneji, at the launch of Glenfiddich’s 26-years old premium whisky - the Grande Couronne in Lagos... recently

FMDQ Tips Nigeria as Prime Destination of $4.5tr Private Equity Dike Onwuamaeze

ECONOMY

The Managing Director and Chief Executive Officer of the FMDQ OTC Plc, Mr. Bola Onadele has tipped Nigeria as one of the top African countries to benefit from global $4.5 trillion global private equity investment. Onadele disclosed this at the Coronation Interactive Session with the theme “Capital Mobilisation Through Private Market, ”that was organised by the Coronation Merchant Bank Limited.

He stated that the destination for private equity in Nigeria would be infrastructure and healthcare financing. Onadele, who was represented at the interactive session by the Head, FMDQ Private Capital, Mr. Yemi Osunibi, said that surveys by general and limited partners placed Nigeria as the second and third preferred investment destination respectively for private capital in Africa.

He said: “The big deal we have seen is private equity. Over the past 10 years, private equity has hit $4.5 trillion in assets under management. These global funds are finding their way into Africa and also Nigeria in particular. “Private equity is the asset class of the moment. In the West, a number of public companies are being bought out by private equity where they can grow quicker without public scrutiny.” Onadele also said that the private credit market has been substan-

tial especially in Nigeria, “as the FMDQ private capital platform has seen N664 billion transactions since it was set up in 2020. “Private credit will continue to grow in Nigeria as the public finance is challenged and a real opportunity for Africa is how to tap into private markets to develop infrastructure space. “The infrastructure market will probably be the biggest driver of growth for the private market in the next 10 years in Africa and Nigeria.” He said that global trends in

mobilising capital is shifting from traditional channels like bank lending and public capital market to private credit market because banks are focusing on bigger companies and the need to escape the high regulatory requirements and cost of compliance for public companies. “There has been a long shift toward private capital as banks and public markets have transitioned from serving small and medium businesses to larger companies. “Banks are withdrawing a

little bit from the middle market as a result of their large capital which they are focusing on larger high-rated borrowers. Even public (capital) markets are also shifting to larger companies and middle-companies have not been able to tap into such markets. “So, we have also seen a growth in the private equity market that has gone up four times since 2002. From 2015, the private equity deal has exceeded public equity deal in volume Continued on page 28

Pension Asset Grows to N12.66tn as PenCom Outline Strategic Focus Areas of Growth Ebere Nwoji The National Pension Commission (PenCom), has said that Pension assets as at June 30th 2021 has grown to N12.66 trillion representing N320 billion growth in pension assets from the N12.34 trillion in March 2021. This is just as the commission said it has set out five strategic focus areas to deepen pension penetration in the country.

Analysis of PenCom numbers showed that the sector recorded higher assets growth rate in the second quarter of the year compared to the N100 billion asset growth it recorded between February and March this year. The sector had in February this year witnessed major slide of N51.30billion, from the January figure a situation that was blamed on volatility in government bond and other federal government papers. Speaking at the 2021 Journalists

Workshop organised by the commission in Lagos, the Director General, PenCom, Mrs. Aisha Dahiru-Umar said number of registered contributors under the CPS equally grew from N9.30 million in March 2021 to N9.38 million as at June 2020. She said the maintenance of a consistent growth trajectory continues to justify the Commission’s overriding investment philosophy of ensuring the safety of pension fund assets.

She said the Commission’s Strategic Focus Areas comprise of areas of emphasis and these goals are being vigorously towards the attainment of expected objectives. According to her, public enlightenment and education is one of the five strategic focus areas currently pursued by the Commission. “This is considered germane considering that seventeen years after the pension reform in Nigeria, there still exists a

knowledge gap on the CPS. Consequently, the Commission is committed to reinvigorating its public enlightenment and education drive in order to address this challenge. “Other Strategic focus areas include the resolution of outstanding pension liabilities of the federal government; portfolio diversification of pension fund investments, improvement in customer service delivery across the pension industry and unrelenting pursuit of

sustainable growth of the pension industry by expanding coverage of the CPS, “she said. Dahiru- Umar, who was represented by the commission’s head Corporate communications, Mr. Peter Aghahowa, expressed her delight in the recent federal government’s approval for the payment of some of its outstanding pension liabilities under the CPS. Continued on page 28

M A R K E T D ATA A S AT T U E S D AY J U LY 2 7 , 2 0 2 1 FGN BONDS DESCRIPTION 11.668 FGNSB 15-AUG-2021 10.301 FGNSB 16-AUG-2021 11.150 FGNSB 11-SEP-2021 12.364 FGNSB 12-SEP-2021 12.175 FGNSB 10-OCT-2021

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield

Change (%)

100.39

3.95

-0.89

NTB 26-Aug-21

4.05

4.07

-0.83

100.34

3.97

-0.89

NTB 9-Sep-21

4.23

4.25

-0.83

100.84

4.31

-0.79

NTB 16-Sep-21

4.32

4.35

-0.83

101.01

4.32

-0.78

NTB 30-Sep-21

4.50

4.54

101.50

4.70

-0.67

NTB 14-Oct-21

4.68

4.73

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS JUL 28 2021

420.68

NGUS AUG 25 2021 422.12

NGUS SEP 29 2021 423.55

-0.82

NGUS OCT 27 2021 424.99

-0.83

NGUS NOV 24 2021 426.42

C Ps MATURITY

Discount Yield

Change (%)

MREP CP XXXIII 29-JUL-21 CMBL CP XI 2-AUG-21 MREP CP XXXI 13-AUG-21 UNCP CP III 27AUG-21 VAAG CP I 27AUG-21

7.69

-0.96

4.77

4.78

-0.95

9.74

9.78

-0.90

5.21

5.24

-0.84

11.11

11.22 -0.84

WEDNESDAY JULY 28, 2021 ˾ T H I S D AY

BUSINESSWORLD FMDQ TIPS NIGERIA AS PRIME DESTINATION OF $4.5TR PRIVATE EQUITY as a result of reduction in bank lending,” he said. He added that the lure for private credit market is also motivated by investors’ desire to escape the rigorous scrutiny regulators subject investors and publicly quoted companies in the capital market. “Institutional investors across the globe are in search of alternative channels for their growing funds. There are institutional investors who want to invest in infrastructures. So, private market enables investors to focus their funds on things that interest them,” he said. Also speaking, the Managing Director/Chief Executive Officer of Coronation Merchant Bank, Mr. Banjo Adegbohungbe said in his welcome address that the interaction sessions was initiated by the Coronation Merchant Bank Limited to stimulate discussion that would develop credible and workable solutions to common challenges. He said, “It is our intention to continue to facilitate productive engagement like this with relevant stakeholders in order to generate solutions for critical sectors of the economy and to add value to our existing and potential customers alike. “The theme, ‘Capital Mobilisation Through Private Market,’ is chosen because of the potential we see in the private segment of the Nigerian capital market. This market has had its fair share of missteps in the past. But we have come to observe very credible and increasingly sustainable structures are being built to organise the otherwise arbitrary situation earlier observed in this sector of the market.” “It is now obvious that companies need not become publicly quoted to attract much-needed capital. In fact, it is obvious that with clarity on entry, monitoring and exit investors can make more informed decisions on the investment opportunities that abound in credible private companies, ”Adegbohungbe said.

FAO Raises Alarm over Difficult Task to Ending Hunger by 2030 Gilbert Ekugbe The Food and Agricultural Organization (FAO) of the United Nations (UN) has expressed concern that the Sustainable Development Goals (SDGs) by 2030 might not be met except a holistic and coordinated approach to transform agri-food systems is aggressively deployed. FAO said agri-food systems are not delivering properly adding that in many parts of the world the systems were not efficient, inclusive and sustainable. The Director General, FAO, QU Dongyu who stated this at the Pre-Summit of the UN Food Systems Summit, added the situation was made worse by the Covid-19 pandemic. He said that around a tenth of the global population up to 811 million people were undernourished last year, stating that the number suggests it would take a tremendous effort for the world to honour its pledge to end hunger by 2030. The Director-General added, “Critical moment in time” the world faces “the historic task” to transform the agri-food systems and put back on track the achievement of the SDGs.” “To achieve this ambitious transformation; we need to change policies, mindsets, and business models,” he told participants at the Pre-Summit opening ceremony that saw the participation of dozens of heads of state and government, ministers and other high-level representatives. Some were present in person while others connected by video. He said FAO’s contribution to transforming agri-food systems has become a more efficient, inclusive and fit for purpose and is strategically poised to drive many of the changes needed to transform agri-food systems. He added that FAO’s new strategic framework for the

PENSION ASSET GROWS TO N12.66TN AS PENCOM OUTLINE STRATEGIC FOCUS AREAS OF GROWTH “The presidential approval covered payment of outstanding accrued pension rights for verified and enrolled retirees of treasury-funded MDAs that are yet to be paid their retirement benefits, as well as the back log of death benefits claims due to beneficiaries of deceased employees of

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

NEWS

treasury funded MDAs. “Furthermore, the President also approved the payment of 2.5 percent differential in the rate of employer pension contribution for Federal Government of Nigeria retirees and employees, which resulted from the increase in the minimum pension contribution for employers from 7.5 percent to 10 percent, in line with Section 4(1) of the Pension Reform Act (PRA) 2014”, she said. She also said the theme of this year’s workshop is, “Positioning the Pension Industry in the Post COVID-19 Era, adding that technologically, the Commission has equipped itself to cope with the new normal ushered in by the pandemic.” According to her, the most recent technological innovation introduced by the Commission is the in-house designed and developed Online Enrolment Application, which has capabilities to register, verify and enroll prospective retirees of Treasury-Funded Federal Ministries, Departments and Agencies (MDAs). “By the deployment of this new application, mass gathering of people has been avoided while enhancing convenience for the prospective retirees through a seamless enrolment process.

next decade, endorsed last month by the FAO Conference focuses on the transformation to more efficient, inclusive, resilient and sustainable agrifood systems, and hinges the Four Betters - better production, better nutrition, a better environment and a better life - to leave no one behind. In addition, FAO’s flagship matchmaking Hand-in-Hand Initiative aims to accelerate agricultural transformation and sustainable rural

development to eradicate poverty and end hunger. The Director-General also cited the Food Coalition an initiative conceived in partnership with the government of Italy, and FAO’s Covid-19 Response and Recovery Program which complement the UN agency’s holistic approach. FAO said it continues to build and strengthen joint efforts across sectors, regions and communities with all stakeholders, adding that

together, in solidarity, effectiveness and determination, the set goals would be achieved. The FAO Director-General also highlighted the crucial role played by young people and described how shortly after taking office in 2019 he launched the FAO Youth Committee and FAO Women’s Committee to increase youth engagement, help empower women and foster their innovative spark, also by reaching out to major youth groups from around the

world with the launch of the World Food Forum (WFF). Speakers at the event included Italian Prime Minister Mario Draghi and UN SecretaryGeneral Antonio Guterres - the UN and the Government of Italy are the Pre-Summit cohosts - the President of Rwanda and Chair of the African Union Development Agency Paul Kagame and, representing Pope Francis, Archbishop Paul Gallagher the Holy See’s Secretary for Relations with States.

REWARD FOR CUSTOMER LOYALTY…

L-R: Sales Territory Lead, Enyo Retail and Supply Limited, Tolu Ashiru; Enyo Customer, Bamidele Ayoola; Corporate Communications Lead, Enyo Retail and Supply Limited, Arinola Shobande; Area Manager, Simon Adejoh and a Customer, PHOTO: ETOP UKUTT Florence Momode at the, Enyo Special Eid el Kabir event in Lagos... recently

Goldman Adjusts Crude Forecast Down on Covid-19 Surge Emmanuel Addeh in Abuja with agency report Goldman Sachs has reduced its forecast for Brent crude in the third quarter of 2021 by $5, to $75 per barrel, following the drop in oil prices on the back of a shocking surge in the Delta variant around the globe. Oil prices had fallen by $5 per barrel on a day alone last week on a surge in the prevalence of new Delta variant coronavirus cases at a time when OPEC+ agreed to ramp up production by 400,000 bpd starting in August and another 400,000 bpd in every month thereafter until the production cut is entirely wound down.

The fear is that a resurgence of coronavirus cases could trigger more restrictive measures and slow economic recovery, and hence oil demand. “Our oil balances are slightly tighter in 2H21 than previously, with an assumed two-month 1 mb/d demand hit from Delta more than offset by OPEC+ (comprising the Organisation of the Petroleum Exporting Countries (OPEC) Russia and other producers) slower production ramp-up, ”Goldman said. Now, Goldman is projecting a Q3 deficit of 1,5 million bpd, compared to the 1.9 million bpd estimate that it had previously forecast. For the fourth quarter, Goldman predicted $80 per barrel Brent,

compared to its earlier forecast of $75 per barrel, with a 1.7 million bpd deficit in Q4 this year. Oil prices may continue to gyrate wildly in the coming weeks, given the uncertainties around Delta variant and the slow velocity of supply developments relative to the recent demand gains,” Goldman said. Reuters reported that the U.S. investment bank said that the OPEC+ deal to boost oil supply supports its view on oil prices and expects modest “upside” to its summer forecast for Brent to reach $80 a barrel. OPEC+ agreed recently to boost oil supply from August to cool prices, which have climbed to a two and half-year highs. “The agreement had two distinct

points of focus: a moderate increase in production which will keep the market in deficit in the coming months, as well as guidance for higher capacity which will be needed in coming years given growing under-investment,” Goldman Sachs said in a note. Goldman said the deal is in line with its view that, “OPEC should focus on maintaining a tight physical market all the while guiding for higher future capacity and disincentivising competing investments.” The OPEC+ deal represents $2 per barrel “upside” to its $80 per barrel summer Brent price forecast and a $5 upside to its $75 per barrel forecast for next year, “Goldman explained.

NGX Set to Drive listings, Technology, Investor Participation Eromosele Abiodun The Chief Executive Officer, Nigerian Exchange (NGX) Limited, Mr. Temi Popoola has said it aimed to drive listings of new companies, technology and improve on investor participation in the stock market. Speaking at virtual event with Institutional clients monitored in Lagos, he reiterated plans of NGX postdemutualisation, and the prospect of the Exchange to Institutional clients. According to him, “Following the recent demutualisation of The Exchange, it is important that

we continue to function well and deliver the highest level of service delivery that our stakeholders are accustomed to. “It is not lost on us that we have to embody many things for our wide variety of stakeholders. As such we have begun to think about the Exchange of tomorrow and how we can continue to meet evolving needs of the market. To do this, we will take on three major matters – listings, technology and investor participation.” He addressed two major areas around attracting more listings to the market first by considering

the driving factor behind major spiked of listing activity, and then considering barriers to entry. In dealing with the first, he noted that, “It is impossible to disconnect policy from listing activities evidenced by the successes recorded in the eras of indigenization, privatisation and the banking sector consolidation. Our strategy will, therefore, be built around policy advocacy, whilst addressing barriers to entry such as time to market, ease of entry and benefits of listing.” Moving to technology, he rec-

ognised the advanced strides The Exchange has made in digitisation over the years and indicated that it is time to take a step further to digital transformation, addressing how people connect to The Exchange, how to distribute products through technology and how to democratise finance. In this regard, he emphasised the need to attract more technology stocks to the Nigerian capital market in order to capitalise on the gains we see in global markets that are home to the world’s biggest technology companies.

WEDNESDAY JULY 28, 2021 • T H I S D AY

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Emeﬁele

Emefiele: CBN’s Intervention Funds Not National Cake Central Bank of Nigeria Governor, Mr. Godwin Emeﬁele, in this interview at the end of the Monetary Policy Committee meeting yesterday spoke about recent initiatives by the banking sector regulator. Obinna Chima and James Emejo bring the excerpts: With the ban on forex sales to BDCs, don’t you think there would be pressure on exchange rate? When you talk about pressure on exchange rate, I don't see it because if you are sure that you're conducting a legal business and you are authorised; you want to pay medical bills, you want to pay school fees, you know it is legal, you know it's not something meant to perpetrate graft and corruption - go to your bank. The bank will take your documentation and they will do your transfers for you. You don't need a BDC given the fact that we are so disappointed and we cannot continue with the bad practices that is happening there. I had said so about four or five MPC meetings ago that what happens in that market, as insignificant as the volume is, that they are all perpetuating graft, corruption, exchange of bribe money. Instead of taking your naira in big bags, you chose to collect dollar cash in small bags. We will not facilitate that for you again. It is not what a central bank should support. That is the reason we have taken this position today.

Last week, there were reports that the CBN will be unveiling its digital currency. Are you really prepared for this? Yes, digital currency is what central banks all over the world are providing as alternative to the current money arrangement. What are we saying? You have some naira in your account and you chose to convert part of your naira into a digital wallet by way of a digital currency. Of course, when this starts, the CBN will move some of the balances of banks with CBN to digital currency. So, you go to

“So, we think that this is a noble idea and we are not the ﬁrst, many other central banks are at advanced stages of revealing their own digital currency.And our own digital currency, which is tagged e-Naira will certainly come into operation by October and we are working very hard for this.”

your bank, you have N10 million and you want N2 million out of that into a digital currency, they will debit your account and move it to your wallet which you can spend across countries. So, we think that this is a noble idea and we are not the first, many other central banks are at advanced stages of revealing their own digital currency. And our own digital currency which is tagged e-Naira will certainly come into operation by October and we are working very hard for this. So, what are the objectives? On payment system, we believe that transactions will be cheaper and more efficient. On the digital economy, the Nigerian economy just like the rest of the world is going digital and cash cannot play in that space. Therefore, the e-Naira which will represent the digital equivalent of cash will be used as the fiat currency to effect transactions. And of course, in the area of facilitating monetary policy transmission, we believe that the rise of private digital money such as Facebook game and others will mean less visibility to the amount of money in the system and hence

inability of monetary authorities to properly transmit monetary policy decisions. And in terms of financial inclusion, we believe that over 30 per cent of bankable adults are still outside the financial system. So, the ability to have offline payment through our e-Naira initiative will bring most of them into the formal financial sector. How ready are we? The use of cash is declining everywhere in the world just as in Nigeria and with the advent of digital commerce which is booming in the country, more and more people are adopting the use of electronic money to facilitate digital commerce. So our e-Naira is a digital representation of cash which means it is a fiat currency that will be just as acceptable as the physical or analogue naira. We recognise the need for wide stakeholder engagement and education to be able to create awareness for the use of e-Naira as alternative to cash to further drive towards a cashless society. Now, on crypto-currencies, let me say that the Nigerian economy is big enough to accommodate choices people make with regards to how

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

they transact their businesses. I will emphasised that crypto-currencies are private monies which are not regulated by any regulatory authority and therefore, using them is your own individual decision. If you decide to use them, it means you are taking risks. And if you make money, we will wish you good luck, but if you lose money we will laugh at you. But for us at the CBN, we have passed instructions and directives to the banks that they cannot use their banking and payment systems infrastructure to allow crypto-agents or users to use them. So, that policy still remains in place and I am not sure we are about to change that policy. That will be my response on whether or not crypto currency is allowed. Then by way of update, I must say that we have made advanced progress on our digital currency and we have already appointed Bits Incorporation as our technical partner. They were selected out of 10 other solutions providers based on their performance during a rigorous evaluation process on diverse criteria including technology, ownership and control, implementation timeline, efficiency, ease of adoption, support for Anti Money Laundering and Counter-Financing of Terrorism, platform security, interoperability and implementation experience. So we are pretty confidence that Bits Incorporation has all that is needed to qualify them to be our partners in this journey and I am very sure that we will be making good progress here. How will you react to allegations that some banks are showing signs of distress? Let me say that all those social media messages going round are fake and indeed fraudulent and the CBN is currently doing everything possible to trail those perpetrators who are bent on creating problems to create banking system instability. We hope to unravel those who are behind it and we will bring them to the public if we find them. But I want to say and I repeat that the strategic health of the Nigerian banking industry remains very strong. For instance at today's meeting, data was provided to monetary policy committee members and I will say we reviewed the financial soundness indicators of the Nigerian banking industry. For instance, capital adequacy ratio averages 15.5 per cent. For the national banks, they are only meant to have 10 per cent. The international banks, those operating international licenses, they are supposed to operate at 15 per cent. If we have an average of 15.5 per cent, we believe the Nigerian banking industry is well capitalised and can meet any shocks if they arise. Secondly, non-performing loans ratio today stands at 5.7 per cent and our prescribed maximum is five per cent even at a time when there's global crisis. If we have 5.7 per cent instead of five per cent, I think it's an indication of a sound banking system. Thirdly, liquidity ratio for the banking industry today is 41.4 per cent. What is expected is a minimum of 30 per cent and if the banks have an average of 41.3 per cent, we believe that's an indication of sound liquidity in the banking system. Total assets in the banking industry from the data that we saw today rose from N37.8 trillion in May 2019, two years ago and today total assets of the banking industry N53.6 trillion as at June 2021. Total deposits in banking industry has increased from N22.83 trillion in May 2019 to N33.85 trillion in June 2021. Gross loans have grown from N15.4 trillion in June 2019, to N22.04 trillion in June 2021. Like I said earlier, non-performing loans ratios have dropped from as high as 11.17 per cent in May 2019, to 5.7 per cent in June 2021, against a maximum threshold of five per cent. So, where lies the issues on distress? I will like to appeal to members of the banking public to go about and conduct their

Emeﬁele

banking business with any bank of their choice. We are monitoring the banks and where we find that there's some weaknesses in some, we will target the shareholders. That is because we have often told the shareholders and insiders that they don't own the banks alone. Our analysis shows that if you look at the balance sheet of an average five year-old bank, the size of the deposits in those banks is almost 10 times the paid up capital of those banks. So, if you ask me, who owns banks? I will say it is depositors that own the banks and not the shareholders. The shareholders just have what I call the fiduciary responsibility which they must perform but where we find them wanting, we will take them out so that the banks can survive and depositors don't lose their money.

“Let me say that all those social media messages going round are fake and indeed fraudulent and the CBN is currently doing everything possible to trail those perpetrators who are bent on creating problems to create banking system instability. We hope to unravel those who are behind it and we will bring them to the public if we ﬁnd them.”

What is the update on the infraco as you had promised that it would take off this quarter? Yes, I made a commitment that during the first quarter of 2021 that infraco would takeoff and you are reminding me that this is July and we are about entering August, which is the middle of the third quarter. But the update is that it takes a process for an Infrastructure Corporation that is meant to be raising about N14 trillion and N1 trillion equity from the owners, it takes a process to set up

such institution that must be established in line with world’s best global practice. And it starts with appointing the transaction adviser, which is KPMG, and the appointment of asset managers which we have done. I expect that in the course of this week, we would place an advert on the appointment of the Chief Executive Officer and the Chief Investment Officer of the Infraco and he has to be a world-class person who understands infrastructure financing and infrastructure business and must be a well-respected person. So, we are not just going to take any person because we want to make sure that we get this right. If we get it right, then it would be easy for us to raise N15 trillion, so that we can go to another phase. Let’s not forget, Nigeria’s infrastructural deficit is so wide that we consider N15 trillion to still be a drop and that is why we must get this right, so that the world would welcome us when we go for a second, a third and a fourth. During a lecture you delivered at the University of Lagos, you lamented the gap between theory and practice and talked about plans by the CBN to encourage entrepreneurship, what steps have been taken towards that? It is true. Why should we have people who graduated from the university after studying agriculture and yet we say that Nigeria has a lot of agriculture potential, but the graduates in agricultural science, agricultural extension and yet they don’t own farms. So, we are trying to see that if you are a graduate of agriculture for instance, we would like to work with the universities to ensure that these persons are supported to see that even before they graduate they own farms, conduct research on seedlings, fertilisers and other inputs. I repeat, this is the time to go into agriculture. Don’t forget, as a result

of the COVID-19, every country has closed up. We got to a point where people who produce drugs held on to their drugs, and people who produced food, held back their food. So, how would a 200 million population country survive? That is the reason we are saying if assessing credit is your problem, we would solve that problem for you, but just be committed to see that when you take a loan, you repay. So, between the time when I held that lecture at UNILAG and now, we have sent our Development Finance officers to all the universities. They met with the Committee of Vice Chancellors and they have gone to each of the universities to assess the needs based on a framework to support the initiatives of the universities. It is not about agriculture alone. Why should a pharmacy graduate leave the school and become just a drug dispenser and you cannot produce common sanitiser? We would provide our Youth Entrepreneurship Development Programme for you. We don’t mind to collaborate with the NYSC and the universities to cease the NYSC and degree certificates of the beneficiaries and give the graduates money to go into business so that they can create jobs for themselves and others. That is what we need. We are talking about developing the entrepreneurial skill in our young men and women. Agriculture in Nigeria today I can beat my chest to say is the most profitable you can imagine today. There are people we gave loans of about N10 billion under our prime anchor programme. After we collected their produce as repayment of their loans and paid them more than N10 billion as cash, and they are enjoying themselves. So, while will you as a youth sit down and be looking for job when your entrepreneurial skill can be developed. That is why we are saying we must bridge the gap between what you studied in school and that when you graduate you can practice because your entrepreneurial skills have been developed. The framework would be out, it is a programme we are very excited about and we are hoping that our universities would embrace this for the good of our country. Inflation further dropped from 17.9 per cent in May to 17.75 per cent in June and yet food prices are high, why is it so? When you say inflation, it means prices are going up. Only that in this case, the rate of increase is decelerating. We are hoping that we would get to a point where we are not talking about inflation, but deflation. We are making progress to see that the rate of increase in prices is reducing and our data supports the fact that. In fact, we are unhappy that the rate is slow. But we are all going to work together to see that it comes down very fast. Will the CBN be considering increasing its interventions in the Agric, Small and medium enterprise scheme (AGSMEIS) and others? The MPC has identified the fact that through these intervention facilities, we have seen our objectives of price and monetary stability being achieved. The MPC has encouraged the management of the CBN to do more. So, we would continue to do more. But we are appealing that when you take money you use it for good reasons and pay back. It is not a national cake, it is not a grant, but a loan and you must repay. Let me warn, if you think the money and you will not pay under some kind of funny arrangement, let me tell you that you will pay because we have your data, we know where you are and we would find you. So, use it for good purpose and after using it, you can use your profit to go to the bar or to marry. But don’t go to the bar with the principal because you must repay.

WEDNESDAY JULY 28, 2021 ˾ T H I S D AY

NEWS

REWARD FOR CUSTOMER LOYALTY…

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

BUSINESSWORLD

INSURANCE ANALYSIS

Pension Scheme and its Many Challenges It is now seventeen years since the legislative arm of government enacted the Pension Reform Act 2004,which was amended in 2014. The Act gave birth to the Contributory Pension Scheme. Ebere Nwoji reports that recently, the lawmakers reviewed the scheme to establish its challenges, gains and prospects.

ecently, stakeholders in the pension sector took a critical review of the on going Contributory Pension Scheme (CPS) in the country to determine its achievements and failures after 17 years. The stakeholders that include National Assembly Joint Committees for Establishment and Public Service of the Senate, House of Representatives Committee on Pension, members of Pension Fund Operators Association of Nigeria, (PenOp), representatives of National Pension Commission (PenCom) and representatives of various labour unions from both private and public sectors recently converged at the third annual retreat organised by PenOp for the lawmakers in Lagos. In their deliberation on the performance of the CPS 17 years after the enactment of Pension Reform Act 2004, as amended in 2014, they arrived at the conclusion that though there have been a remarkable growth and achievements in the industry with pension assets growing to N12.4 trillion, against N2.56 trillion pension deficit, before the reform, and contributors growing up to 9.4 million as at April 2021, but despite this progress, the industry is still faced with many challenges.

CHALLENGES Some of these challenges highlighted by the stakeholders include low coverage of the scheme and compliance, inadequacy of benefits and poor awareness about the benefits of pension scheme. Other challenges highlighted by the scheme operators themselves at the meeting include poor outreach of operators to Nigerian workers, the challenge of deepening investment to create impact and low exchange rate of Naira to dollar. They also identified non-compliance by various state governments, most of which are still operating the “pay as you go” system, as a major hitch to further advancement of the CPS scheme. THISDAY also gathered that the greatest challenge of the CPS scheme on the part of federal government employees was inadequate or total non- funding of the Redemption Fund against the annual projected pension liability, arising from voluntary and mandatory retirements, death of employees in service and the right of pensioners to pension review in line with section 173(3) of the 1999 Constitution (as amended). Indeed, since the advent of the CPS scheme, the failure of the federal government and some state governments that have keyed into the scheme, to transfer to PenCom the accrued rights of government workers for onward transfer to the various Pension Fund Administrators (PFAs) and managing the workers’ contributed funds have constituted delays to immediate payment of workers’ lump sum benefits after retirement.

ACCRUED RIGHTS Accrued rights are entitlement of workers from their employers before the enactment of pension Reform Act 2004 that established the CPS. The result is that in most cases, because of much delay in the release of the accrued rights, most workers don’t receive their benefits two to three years after their retirement. The situation was worsened by the fact that the Act establishing the scheme did not give room for payment of the fund contributed by the employee and his employer to keep soul and body alive pending the time government would have the necessary funds to pay their accrued rights. This often makes the retiring workers feel that there is no difference between the CPS, which is funded, and the Defined Benefit Scheme, which is non funded, since the workers who constitute the contributors have to wait for some years for government to release their accrued rights before they can receive their retirement benefits. The stakeholders however applauded President Muhammadu Buhari for the recent approval of release of workers’ accrued rights and backlog of differential based on 10 percent employer contributions according to Pension Reform Act 2014 (PRA2014).

APPROVALS Also PenCom had recently announced that the federal government had approved payment of some critical aspects of the outstanding pension liabilities under the Contributory Pension Scheme. PenCom said specifically that government had yielded to its submission to clear backlog of accrued pension rights for verified and enrolled retirees of treasury-funded MDAs who had retired but are yet to be paid their retirement benefits, as well

Pensioners protesting

“Whilst the level of our pension assets are relatively large in absolute terms, when you look at it in relation to GDP, it is actually low. This further speaks to the fact that we need to increase the level of penetration of the pensions scheme in general” as the back log of death benefits claims due to the beneficiaries of deceased employees of treasury funded MDAs. The commission also said government had approved payment of 2.5 percent differential in the rate of employer pension contribution for FGN retirees and employees which resulted from the increase in the minimum pension contribution for employers from 7.5 percent to 10 percent in line with Section 4(1) of the PRA 2014. It further said government had said payments of these outstanding for retirees and existing employees would take effect from July 2014. It is worthy to note that subsequently, the federal government of Nigeria is expected to continue with the payment of the 10 percent rate of employer pension contribution for its employees, thus ensuring a remittance of at least 18 percent monthly (employer 10 percent and employee 8 percent) as provided by the PRA 2014. According to the commission, funds have already been made available for the settlement of the above stated pension liabilities. It added that accordingly, remittance into the various Retirement Savings Accounts (RSAs) of the affected retirees and employees was already being processed, adding that the affected retirees and employees would be notified in due course by their respective

PFAs The commission, said the settlement of the outstanding accrued pension rights of verified and enrolled FGN retirees and compliance with the reviewed rate of pension contributions are significant developments

that have resolved the challenges in these aspects of the CPS that have lingered since 2014. Indeed, the government approval, if carried out without unnecessary delays from Ministry of Finance, will solve key hiccups in the operations of the CPS.

ACHIEVEMENTS With the recent approval of the accrued rights payment by the federal government coming on the heels of commencement of the transfer window, the pension industry has indeed recorded great achievement this year and in the views of the stakeholders stand the chance of tripling the current pension asset figure if other similar hiccups standing on the way of its advancement would be addressed. Suggesting way forward for the pension sector, the stake holders said there is need for huge public enlightenment to drive compliance among the state governments to expose them to the benefits of embracing the contributory pension and educate them on how to leverage pension assets to facilitate infrastructural development. In a communique issued at the end of the retreat, the stakeholders agreed that a task force should be set up by the National Assembly to engage the state governments and come up with innovative ways to drive compliance among them. They also resolved that a satisfaction survey should be commissioned by PenOp but handled by a third party to gauge the level of satisfaction with the scheme. The pension stakeholders also resolved that pension operators should take the issue of

documentation seriously in order to ensure that pensioners are not made to go through unnecessary stress in order to access their benefits.

COMPLIANCE PenOp President, Mr. Wale Odutola, who is also the Managing Director ARM Pension Managers, said though the pension industry has raised the bar for professionals locally, as investment, risk and compliance professionals within the industry can favourably compare to their counterparts anywhere in the world. He said that there are many areas where the sector is behind its counterparts in other countries. “One area is the level of pension penetration. Nigeria currently has a pension penetration rate of approximately 11 percent of its labour force. This pales in comparison to 19 percent in South Africa, 20 percent in Kenya and 77 percent in the United Kingdom. “Consequently, it goes without saying that the industry needs to deepen its level of penetration, especially in the informal sector. Another area of improvement is the level of pension assets to GDP. Nigeria’s level of pensions assets to GDP is only a little over 7 percent while in developed markets, it’s typically above 100 percent. “So, whilst the level of our pension assets are relatively large in absolute terms, when you look at it in relation to GDP, it is actually low. This further speaks to the fact that we need to increase the level of penetration of the pensions scheme in general, “Odutola stated. Former Director General, National Pension Commission (PenCom), Muhammad Ahmad, said the micro pension segment market of the sector needs to be tapped in order to bring every Nigerian in both formal and informal sector into pension coverage. He said pension operators have a lot of work in this regard insisting that large chunk of their work is in the area of conviction and building trust. He said operators’ starting point in tapping the opportunities in the informal sector is analysing the market. He noted that the operators need to channel their financial inclusion efforts to the informal sector operators in order to saturate the market. Ahmad therefore charged the various PFAs not to stay in their offices waiting for informal sector operators to come to them for the purpose of registering into the scheme but to move their workforce into the informal sector market in order to lure them into registering to pension plan.

WEDNESDAY JULY 28, 2021 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Ukachukwu: Why Sterling Bank is Investing in Healthcare Divisional Head, Health and Education sectors with Sterling Bank Plc, Mr. Obinna Ukachukwu in this interview, speaks on why Revitalising the Nigerian health sector is at the heart of Sterling Bank’s strategy on investments in the economy and how health insurance can be used to boost expansion in the healthcare industry. Nume Ekeghe presents the excerpts healthcare sector efﬁciency in Nigeria? Our vision is to improve the access and quality of healthcare through technology. We believe that, if applied rightly, technology can help close the service gap in the space as well as drive down costs.

What is the current state of pharmaceutical and healthcare ﬁnance in Nigeria? ealthcare financing in the country is still at the infancy stage for many reasons; the principal of which is that the economics around the health service business is especially faulty. The pricing for the service is not sufficient enough to sustain the chain. Now, this can be surprising because we keep talking about driving down the cost of healthcare in the country. The challenge is mostly that we do not have enough people that are able to pay for health services in a way that can sustain the industry and the only way we can solve this problem is by rethinking and recreating the health insurance business. For instance, we can crowdfund financing for healthcare services and thus enable healthcare providers the opportunity to price the service in a manner that is sufficient to attract capital.

According to a Price Waterhouse Cooper’s report, Nigerians spend $1 billion annually on medical tourism, with 60 percent of it on oncology, orthopaedics, nephrology, and cardiology. How can the country stem this tide? This medical tourism spend is actually a fraction of the over $18 billion spend in public healthcare. So, while it is good to find a way to claw back the spend on medical tourism, we should wonder more what is happening to the $18 billion. I would say that we should try to solve the fragmentation in the space. If we consolidate our demand and supply, we can find ways to begin to provide for the services that people often travel for. Again, the only meaningful way to aggregate demand is through a sustainable insurance plan. How can the country’s health sector be sustainably ﬁnanced to develop infrastructure and reduce medical tourism to improve its contribution to GDP growth? Legislation should make it mandatory for everyone to have health insurance. The government should then de-emphasise spend on health infrastructure and use the leftover from the budget to fund service delivery by ensuring everyone in the country has a health insurance plan. Do you think private sector participation can break down the political, social and institutional barriers preventing the achievement of universal health coverage in Nigeria? There is no succeeding at this without the private sector. The country can leverage the efficiencies, the commercial thinking and

Which issues should government resolve quickly to improve the healthcare business climate in Nigeria? The government should make health insurance mandatory and then make premium payments on behalf of the vulnerable. Are the incessant strike actions by doctors and other health workers a function of healthcare ﬁnancing deﬁcit or other latent issues? How can the country overcome this personnel crisis? The solution lies in health insurance. If the pool is expanded, staff will be paid well and the strikes will cease. Given the rampant sub-optimal care in health centres due to infrastructure challenges and long waiting time, how can MSMEs meet the medical needs of millions of poor and vulnerable Nigerians facing primary healthcare challenges? Again, it still points to the need for a viable health insurance industry. The key to securing access for individuals and businesses at scale lies in the implementation of a robust and thorough health insurance scheme across board. This will cater to the needs of individuals and businesses, irrespective of size of family or business alike.

Ukachukwu

approach of the private sector to create a sustainable social health intervention. There will, however, be a need for the right legislative support in the health insurance space. No doubt, the execution of the plans will be heavily reliant on the capacities available in the private sector. Revitalising the Nigerian health sector is at the heart of Sterling Bank’s strategy on investments in the economy; what inspired this unique specialisation? One day, we will all grow old and will need to draw a lot from the health system. At that point, we will regret that we had the opportunity to make a difference and we did not. This sums up our inspiration for this strategy. We knew that most financial institutions would not support the sector because

of their lack of understanding of the space. It is one major reason why we invested in sector specialisation. What activities have been undertaken by the bank to improve Nigeria’s dire healthcare situation in the last two years? A lot, but as you can guess, we would not start without attempting to contribute our quota to improving health insurance. Hence, we partnered HMOs to launch a robust monthly paid plan where we encourage people to try out for free in the first month. We also worked with the government to build various tech solutions that helped with the management of Covid-19, hospital digitisation and health insurance development. What is Sterling Bank’s vision for using technology and data to improve

What type of ﬁnancing would you recommend for health sector MSMEs to build capacity in order to serve more people; equity, debt or mezzanine? I will say a combination of a mezzanine. A mezzanine essentially is a middle ground between debt and equity financing. At Sterling Bank, we believe the solution to financing the different strata of healthcare businesses in Nigeria requires a mix of these and we respond based on the specific need to match scale. How can the widespread practice of out-of-pocket payments for primary healthcare services, which excludes the poor and most vulnerable, be reduced to the barest minimum across the country? The legislative arm of government should seek for the amendment of the NHIS Act in order to make health insurance mandatory for citizens. This way, healthcare becomes readily accessible without the constraint or fear of paying out-of-pocket by the citizenry, and the practitioners are guaranteed payment for the services they render.

FBNQuest Lists Series 19 Commercial Paper on FMDQ Securities Exchange Eromosele Abiodun FBNQuest the investment banking and asset management business of FBN Holdings Plc, has announced the listing and acceptance of the FBNQuest Merchant Bank Series 19 Commercial Paper (CP) on the FMDQ Securities Exchange Limited platform. FBNQuest Merchant Bank acted as the Arranger, Dealer and Sponsor of the transaction.

The issue was approved by the FMDQ Securities Exchange Limited and has been listed on its platform. The offer was launched in June. The company in a statement said the Series 19 CP, which is part of the bank’s N100 billion CP Program, will help the organisation meet its shortterm liquidity needs and grant them access to alternative and cheaper source of funding.

The transaction, it added, adds to its portfolio and highlights its capabilities in the successful execution of sizeable capital market and commercial debt transactions. Speaking on the transaction Head Capital Markets, FBNQuest Merchant Bank, Oluseun Olatidoye, stated, “We are pleased to announce the listing and acceptance of the FBNQuest Merchant Bank Series 19 Commercial Paper on

the FMDQ Securities Exchange Limited’s Platform. The admission of the CP Offering on FMDQ’s platform reflects the potential and growth of the Nigerian Debt Capital market.” He further stated that “The success recorded on this transaction also attests to the degree of confidence investors have in the business. As a full service investment bank, FBNQuest has advised on the issuance of

several Bonds and Commercial Papers for organisations such as Interswitch; Mixta Real Estate plc, Dangote Cement Plc, Nigerian Breweries Plc (NB), Lafarge Africa Plc, Flour Mills of Nigeria Plc (FMN), Wema Bank Plc, and UACN Property Development Company Plc (UPDC) to mention a few. “The organisation, through its Leading Conversations with FBNQuest webinar series, recommended com-

mercial papers and bonds to corporate issuers seeking to raise working capital, expand capital, refinance expensive debt and better match their cash obligations with revenues. The webinar was themed ‘Funding through Commercial Papers and Bonds’ and was designed to engage corporates and investors on the opportunities within issuing and investing in commercial papers and bonds.”

WEDESDAY JULY 28, 2021 • T H I S DAY

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 26Jul-2021, 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 158.53 160.10 -2.01% Afrinvest Plutus Fund 100.00 100.00 4.92% Nigeria International Debt Fund 318.59 318.59 -21.03% Afrinvest Dollar Fund 111.61 111.61 -0.44% ALTERNATIVE CAPITAL PARTNERS LTD info@acapng.com Web: www.acapng.com, Tel: +234 1 291 2406, +234 1 291 2868 Fund Name Bid Price Offer Price Yield / T-Rtn ACAP Canary Growth Fund N/A N/A N/A ACAP Income Funds 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 100.00 100.00 7.31% AIICO Balanced Fund 3.29 3.45 -3.31% info@anchoriaam.com 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 4.51% Anchoria Equity Fund 135.38 136.93 1.78% Anchoria Fixed Income Fund 1.10 1.10 -17.58% 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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.35 105.35 3.58% AVA GAM Fixed Income Naira Fund 1,011.95 1,011.95 1.20% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 1.98 1.98 -16.22% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.10 2.14 -9.75% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.09% Paramount Equity Fund 17.06 16.94 5.33% Women's Investment Fund 137.79 139.40 3.55% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 6.92% Cordros Milestone Fund 2023 118.84 119.60 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 107.24 107.24 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 6.65% Coronation Balanced Fund 1.19 1.20 -1.09% Coronation Fixed Income Fund 1.37 1.37 -13.68% 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 100.00 100.00 6.75% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 3.98% EDC Nigeria Fixed Income Fund 1,135.68 1,150.27 -1.42% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,393.47 1,393.47 11.39% FBN Balanced Fund 192.34 193.70 2.48% FBN Halal Fund 111.43 111.43 7.72% FBN Money Market Fund 100.00 100.00 9.45% FBN Nigeria Eurobond (USD) Fund - Retail FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

126.31 158.60

126.31 3.55% 160.79 4.91% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.96 1.60 1.18

Offer Price Yield / T-Rtn 1.00 5.09% 3.96 2.32% 1.63 4.77% 1.18 3.93% coralfunds@fsdhgroup.com

Bid Price 3,728.12 3,358.16 100.00

Offer Price 3,780.96 3,358.16 100.00

Yield / T-Rtn -0.47% 2.50% 5.57%

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A 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 100.00 100.00 7.57% Vantage Balanced Fund 2.93 3.00 2.61% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 151.69 151.97 -2.45% Vantage Equity Income Fund (VEIF) - June Year End 1.29 1.34 2.72% Vantage Dollar Fund (VDF) - June Year End 1.09 1.09 0.15% 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 1.43 1.45 4.86% Lotus Halal Fixed Income Fund 1,138.18 1,138.18 4.86% 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 11.59 11.65 10.74% Meristem Money Market Fund 10.00 10.00 8.17% 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 1.66 1.69 7.15% PACAM Fixed Income Fund 11.63 11.68 -4.14% PACAM Money Market Fund 10.00 10.00 4.90% PACAM Equity Fund 1.67 1.68 5.57% PACAM EuroBond Fund 112.45 114.19 2.32% 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 133.13 135.42 9.71% 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 1.01 1.01 10.07% 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 N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.30 1.32 1.46% United Capital Bond Fund 1.90 1.90 3.73% United Capital Equity Fund 0.87 0.89 9.85% United Capital Money Market Fund 1.00 1.00 10.27% United Capital Eurobond Fund 119.21 119.21 4.17% United Capital Wealth for Women Fund 1.06 1.07 3.58% United capital Sukuk Fund 1.06 1.06 5.74% 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 Equity Fund 12.97 13.08 9.28% Zenith Ethical Fund 14.28 14.41 16.89% Zenith Income Fund 24.22 24.22 1.02% Zenith Money Market Fund 1.00 1.00 6.50%

REITS NAV Per Share

Yield / T-Rtn

124.53 51.79

10.25% 2.65%

Bid Price

Offer Price

Yield / T-Rtn

13.51

13.61

2.17%

127.19 100.85 18.07 18.57

130.26 102.99 18.17 18.67

5.74% 1.62%

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

VETIVA FUND MANAGERS LTD Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Vetiva Banking Exchange Traded Fund Vetiva Consumer Goods Exchange Traded Fund Vetiva Grifﬁn 30 Exchange Traded Fund Vetiva Money Market Fund Vetiva Industrial Goods Exchange Traded Fund Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.98 5.95 17.72 1.00 19.98 151.24

4.02 6.03 17.82 1.00 20.18 153.24

5.33% 4.53% 9.12% 4.98% -2.63% -30.95%

NAV Per Share

Yield / T-Rtn

107.40

13.11%

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.

WEDNESDAY JULY 28, 2021 • T H I S D AY

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

EDUCATION VC: We Aim to Attract African Francophone Nationals to Christopher University Prof. Olatunji Oyelana is the Vice-Chancellor of Christopher University in Mowe, Ogun. He has pioneered three universities such as Elizade University, Ilara-Mokin, Ondo; Chrisland University, Abeokuta; and the University of Africa, Toru-Orua, Bayelsa. Oyelana, who assumed duty on April I, 2021, shared his vision for the institution with journalists. Uchechukwu Nnaike presents the excerpts: What is the proprietor’s vision for UNICHRIS? ur proprietor and chancellor, Chief Christopher Ikechi Ezeh, envisaged the need for closer collaboration and synergies between the ivory towers and industries. He advocates for the improvement in the content of our courses and programmes by integrating the skills set required by industries for the 21st-century economy to improve the quality of our university graduates with a view to enhancing their productivity for the global competitiveness of our industries on the one hand, and equally ensure that the synergy between the universities and industries translate into a positive development for our communities.

expect from UNICHRIS? Our academic programmes will be streamlined, made more attractive and dynamic, and packaged to meet the demands of industries and the emerging careers of the 21st century. This becomes expedient, as resources to fully accommodate the needs of all academic programmes are inadequate and scarce. We will identify the industry expectations for skills needs, and their present trajectories, in terms of future developmental goals. We will repackage our academic programmes to meet these special needs. About six programmes will be re-branded/re-packaged to provide staff and students with the requisite knowledge and skills. I will submit proposals to NUC for the introduction of courses and programmes in Engineering, Medicine, Nursing, Law, Earth and Environmental Sciences (Geology), Architecture, Quantity Survey, Urban and Regional Studies, and other more professional programmes. These new programmes will improve patronage and student enrolment ultimately and guarantee financial independence for the university.

What is your vision for the university? I will nurture and project Christopher University as a world-class bilingual-entrepreneurial university (with English and French or Spanish as a medium of communication). I will work to transform it into an institution with high-quality research and innovation output, high-quality teaching/training, high global graduate employability, high international visibility/reputation and a high capacity to substantially raise funds from non-government/non-statutory sources to drive and sustain the vision of our founder. My leadership at UNICHRIS would be to set apart the university as the credible alternative to public universities in Nigeria and Africa. Integration of entrepreneurial modules in our courses/programmes and attracting high qualityworld renowned academics, state-of-the-art teaching/research facilities, and brilliant local and international students will be my focus and priority. We must do things differently and not follow in the footsteps of public universities. The content of our curriculum will be dynamic and community-industry related to providing “home-grown” adaptable technologies at solving our developmental challenges as a nation. We would provide the much-needed institutional platform to build and develop local initiatives and alternative adaptable indigenous technologies that would be capable of galvanising Nigeria’s rapid agricultural, economic, and infrastructural/ industrial development. We would establish synergies and collaborations with industries to ensure a solid base for high-impact research and the inflow of industry funds. We would engage industry professionals and experts as facilitators and members of special boards to help initiate and build business models and as well help improve the chances for jobs and employment for our graduates. How do you intend to handle endowment and capital campaign projects? The rationale for instituting the endowment and capital campaign is borne out of the need to seek alternative sources of funds, reduce the burden of overhead cost on students’ fees and proprietor’s funds. Sustain the quality and standard of the existing teaching and research facilities and infrastructure for the provision of affordable, qualitative, and high-standard education. It’s also to continue to provide financial security through scholarships, fellowships, and grants for students and young academics that demonstrate scholarship in their respective disciplines and from low-income families. What are your plans for the e-learning platform? The ICT facilities have been upgraded to support a high-grade e-learning platform in all academic programmes, including other relevant internal and external e-learning resources such as distance learning platforms. The university’s Information Management Unit (IMU) is being deployed on the ICT platform to improve and enhance services such as: working and learning from home (a lesson learnt from COVID-19 pandemic), library services, student course registration, and payment of fees, examinations, and issuance of transcripts, students/ staff biometrics, and a whole range of issues around operational procedures and processes, as well as, campus security. We have achieved the goal of innovating our processes and procedure and as well promoted the uptake of IT in the delivery of services to our clients and

Oyelana

“The virtual library facilities present timeless online accessibility to books and journals for staff and students. We engage world-renowned academics and professionals in our academic programmes from across the globe.” partners. We have ultimately enhanced our system efficiency. Striving towards financial independence, we have found innovative ways of relying less on proprietor’s funds. This includes adopting a more stringent financial discipline and cutting down on overhead costs substantially. We equally strive to improve student enrolment through the introduction of professional courses and programmes. We have evolved administrative processes and course delivery techniques that are powered by IT. This has helped us streamline our activities, reduce staff redundancy and promote efficiency. We have transformed all the support services departments into independent businesses and relieve the university of the burden of wage bills. Consequently, these units have transformed into sources of revenue for the university. We have attracted industry funds through appropriate need-driven and skills-related researches that meet the skills gaps of several industries. We have equally organized tailor-made training courses for specific industries for human capacity building and system efficiency. These initiatives are being conceived and implemented on the basis of robust university-government-industry partnerships and joint funding. How will you achieve bilingual status at UNICHRIS? We will deploy state-of-the-art facilities to promote English and French as the official languages of communication, teaching, and research within the UNICHRIS community. The initial efforts will be concentrated on few specific fields, including Mass Communications, International Studies, Performing and Film Studies, and Hotel Management and Tourism. Sciences and Engineering

will follow after three years. The goal is to re-direct the interest of Francophone nationals in Africa seeking education and employment overseas, specifically in France, to Christopher University. Thereby expanding our catchment area for student admission and attract the interest of other African professionals to UNICHRIS. There are millions of nationals from Francophone Africa in pursuit of education and careers in France currently. Our entrepreneurship programmes will be powered by the outcomes of our individual and group or collaborative research efforts. We will showcase scientific and technological inventions from relevant academic disciplines. The ultimate will be to generate wealth and services from the outcomes of our research to advance the socio-economic, technological, and industrial development of our communities. Our staff and students would be required to develop and submit viable business proposals based on the knowledge of their careers and disciplines. That will be peer-reviewed by industry experts. Successful proposals would be jointly funded by all stakeholders and end-users of such research efforts. Are you thinking of setting up a postgraduate school? We will submit a proposal to the National Universities Commission (NUC) on the need to establish a postgraduate school in UNICHRIS. The school will operate within the framework of the university research thrust, envisioned through a needs assessment of industries, and powered through joint university-government-industry partnerships and participation. We will ensure that all research concepts are community-industry related and inspired. What new academic programmes do we

What are the selling points of UNICHRIS? The chancellor/founder, Chief Christopher Ikechi Ezeh, has put in place a system that only rewards competence, excellence, builds integrity, probity, and hard work, and with passion and love of country, irrespective of one’s religious, tribal, and racial standing. We are ICT-powered. Our instructional and teaching modules and library services are deployed on our e-learning platforms. The virtual library facilities present timeless online accessibility to books and journals for staff and students. We engage world-renowned academics and professionals in our academic programmes from across the globe. Their quality of teaching and mentoring has helped provide world-class experiences to our students and young academics. These international exposures have placed our students in good stead at securing international jobs and opportunities for advanced degrees in foreign universities. Our modern classrooms and laboratories are equipped with multimedia facilities and are internet-powered. The interactive electronic boards provide real-time online services and access to library resources by lecturers and students. The University of Lagos was appointed by NUC as our mentor university shortly after the issuance of our licence in March 2015. We have enjoyed this synergy, particularly in the areas of academic visits and the exchange of faculty members. However, we have taken a step further to establish a partnership with Tampere University, Finland, in Europe, for the purposes of peer review and research collaboration. Our student hostels are built with modern facilities to provide ultimate comfort and leisure, and security. The rooms are en-suite to accord our students with self-dignity, privacy, comfort, and the security they deserve as mature students. Our security architecture is difficult to bridge and violated. Every staff and student obtains specific security codes, which are engraved as electronic chips on individual personal IDs. Do you think private institutions should benefit from TETFund grants? The public tertiary institutions across the country have received trillions of naira as statutory allocations from the federal government through TETfund over the years. Through this intervention, a number of public tertiary institutions have been able to expand their infrastructures and implement a number of capital projects, thereby helping to improve teaching and research facilities and the quality of education overall. This opportunity has helped position the public tertiary institutions at an undue and competitive advantage over the private tertiary institutions in Nigeria. I sincerely advocate for a more inclusive approach, in which the private tertiary institutions can equally benefit from similar funds allocation. The right legislation in this regard will provide immediate financial relief for many private universities and the resources to build and expand their infrastructures and teaching and research facilities.

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

EDUCATION

How We’re Protecting Gombe Schools from Kidnappers – Gov. Yahaya Segun Awofadeji in Bauchi Governor Muhammadu Yahaya of Gombe says the collaboration among religious and community leaders and other stakeholders has helped address the state’s security challenges. Yahaya disclosed this recently in a chat with State House correspondents after meeting with President Muhammadu Buhari’s chief of staff, Ibrahim

Gambari, at the Presidential Villa, Abuja. According to the governor, Gombe’s peculiar location makes it vulnerable but noted that security agencies had worked hard to secure the state. He stated, “We are really located in the midst of the North-East because we share boundaries with all the other five states of the zone, and as a result of that, even the effect

of insurgency, Boko Haram and issues of farmer-herder clashes have caused some security challenges in Gombe in the past. “But we have been proactive, and we are following up day by day all institutions affected, for example, the traditional rulers, community leaders and the security agencies, trying to build a mutual understanding and good

relationship among our people. I can say that compared to the rest, Gombe is relatively peaceful, and we thank God for that; we are very appreciative of the cooperation and understanding of our people.” Commenting on cases of kidnapping of students in some states, he explained that after a vulnerability assessment, his administration took proactive measures to

safeguard all schools in the state. “We assigned the local security personnel, vigilante, to work with the conventional organised security in order to safeguard our schools against attacks. “Above all, what we did for a wider society is reflected in the schools, and we concentrated our effort in building big schools that will contain

greater numbers, to reduce the chances, such that wherever students are exposed to such risks, we brought them closer to the main security agencies, so as to have peace and tranquillity,” the governor further explained. “That has succeeded,” he added, “in bringing peace to our schools, so the schools and the wider society are safe in Gombe, and we thank God for that.”

UK Envoy Lauds Guinness Nigeria’s Scholarship Scheme for Nigerian Students

L-R: Tutor General/Permanent Secretary, Education District III, Mrs. Yinka Ayandele; winner of the Y2021 State Debate Competition (senior category), Adedokun Salamat Adenike, a student of Lagos State Senior Model College, Igbonla; the Commissioner for Education, Mrs. Folasade Adeﬁsayo; and Permanent Secretary, Ministry of Education, Mrs. Abosede Adelaja, during the presentation of trophies and gifts to outstanding students... recently

The UK Deputy High Commissioner to Nigeria, Ben Llewellyn-Jones, has commended Guinness Nigeria for promoting job creation and scholarship schemes in the country. Llewellyn-Jones gave the commendation during a recent courtesy visit to the Guinness site in Benin, which coincided with the Guinness Nigeria Scholarship Award Ceremony. Speaking after the visit, the UK envoy also commended the brewing firm for being a credible taxpayer. “Guinness Nigeria Benin is a big employer, taxpayer, and it is contributing massively to the state and country. It is a British business, and we are keen that it gets all the support it needs to enable it to grow, expand and continue to support jobs in Nigeria. We are impressed with the team and its management style, and we are really supportive of its future,” said Llewellyn-Jones. Also speaking, Guinness Corporate Relations Director/ Company Secretary Rotimi Odusola described the UK diplomat’s visit to the Benin site and his participation in the scholarship presentation as notable. According to him, the annual

Guinness Nigeria Scholarship Scheme is part of the company’s corporate social responsibility programmes to support students across the country, especially from the company’s host communities, in their education. “Twenty-one undergraduates from tertiary institutions in the country were given cash awards each at this ceremony under the 2021 scholarship scheme,” he said. Aside from the scholarships, Odusola disclosed that the company extended its CSR to many communities by providing potable water, economic empowerment schemes and eye care programmes. He also stated that Guinness Nigeria had continued to create jobs for over 180,000 people in its value chain and is a source of livelihood to over 27,000 sorghum farmers. He added that the Edo State Internal Revenue Service recently commended the Guinness Benin office for complying with tax obligations in the state. Two of the scholarship scheme beneficiaries, Richard Eromosele and Larry Eguasa, from Oregbeni, the firm’s host community in Benin, lauded Guinness for supporting their academic pursuit.

Don Urges Creation of School Head Warns Parents about Mathematical Social Media Inﬂuence on Children Nationwide Research Centres

Uchechukwu Nnaike

The Head of Greensprings School (Lekki Campus), Feyisara Ojugo, has advised parents to be wary of social media and its adverse effects on children. Ojugo, who stated this during an event to mark this year’s Fathers’ Day at the school, explained how social media distorts children’s value system and urged parents to make a strong positive influence on their children.

“Social media is throwing lots of unconventional ideas to our children, and their thoughts, perspective of life, and orientation are being negatively influenced by these ideas. Our children are being shaped to think their worth is determined by how they look and what they own. “Conventional human values such as being caring, serving one another in love, respect, patience, delayed gratification, hard work, honesty, and excellence are being thrown out as if they aren’t

important. For this reason, I urge parents to be relentless in shaping and influencing their children positively by being consistent in teaching and modelling these values that make us human,” she said. Ojugo added that while parents play their part to prevent the negative impact of social media on children, schools should also teach metacognition skills. According to her, these skills help children become independent thinkers who can discern the difference between bad and good social

media content. “As parents counter the negative influence of social media on their children, schools must consolidate the effort by teaching children about metacognition,” she added. “At Greensprings School, we call it thinking about your thinking, and teaching our students about metacognition makes them reflect on their behaviour, ask internal questions and do the right thing when they come across inappropriate social media content.”

Gov. Makinde Lauded for Appointing Bauchi Emir as LAUTECH Chancellor Segun Awofadeji in Bauchi Governor Seyi Makinde of Oyo has been commended for appointing a Bauchi traditional ruler, the Emir of Katagum, Umar Faruq Umar II, as LAUTECH’s chancellor. The appointment was described as a demonstration

of Nigeria’s oneness. The Deputy Governor of Bauchi, Baba Tela, stated this in his reaction to the appointment. Tela, the Matawallen Katagum, noted that “it is a sign that irrespective of ethnic-religious differences, the country remains one indivisible entity.”

The deputy governor further said, “I am really very happy and pleased with this development. May Allah continue to strengthen the bond of ties between us and give the emir the strength and health to carry out the assignment successfully.” He expressed confidence that Umar would live up to

expectations as LAUTECH’s new chancellor because he had served the country at the highest civil service level. “At times like this, what we need is bridge-builders across the dividing rivers of ethnicity, religious differences and sectional bigotry. Engineer Seyi Makinde has indeed broken a barrier,” Tela added.

Hammed Shittu in Ilorin A professor of Mathematics at the University of Ilorin, Jacob Gbadeyan, has called for the establishment of fully equipped mathematical research centres in Nigerian universities. This, he said, would enhance research in all areas of Mathematics and improve the training and retraining of teachers and researchers in the subject. Gbadeyan, who made the submission while delivering his 199th inaugural lecture of the university titled, ‘God the First and the Greatest Mathematician: Man the Ultimate User of Mathematics,’ stated that the proposed centres might be specialised according to the research interest of each university in the country. He added that the centres would complement the activities of the National Mathematical Centre, Abuja. Gbadeyan also stated that mathematics programmes from the Universal Basic Education (UBE), post-primary and tertiary levels, must enjoy

incentives to encourage interest in the subject. He said valuable prizes might be awarded for excellence in the subject at pre-tertiary levels, while broad-based scholarships should be awarded at the tertiary level, including postgraduate level for all mathematics subjects. Gbadeyan also suggested that recruitment of mathematics teachers at the pre-tertiary levels should emphasise teaching skills and academic performance. He said doing so would encourage potential maths teachers to upgrade their teaching skills, possibly by acquiring a postgraduate diploma in education. He pointed out that “industry skills or components should be included in the mathematics programmes at the tertiary level.” Gbadeyan called on the 774 local government councils in the country to invest in teaching and research in maths, adding that this would encourage healthy competition in mathematical and scientific development in the country.

T H I S D AY ˾ WEDNESDAY JULY 28, 2021

EDUCATION

Experts Advocate Technology-driven Training to Improve Education Outcomes Funmi Ogundare Stakeholders in the education sector recently converged virtually for a webinar, ‘Extended Reality: Improving Education and Enterprise Outcomes,’ designed to foster technology-driven training among educators. In her remarks, the Chief Executive Officer of Tributary Initiative for Learning, Eniola Adefioye, stated that the programme would bring about an unprecedented digital change in the sector, especially among learners. “I am very particular about fostering technological-driven training and learning because the world has changed, and we need to move in tandem with it. The crop of learners that we have are technology-savvy, and it will be very important for us to take an active part in it and embrace the change through fostering innovative teaching and learning.” She also stressed the need for educators to embrace technology and reinforce learning, adding that once they adopt creative and innovative ways, it will

go a long way in reducing the unemployment situation in the country. “Technology has made it possible for us to create lessons on the go and bring about different elements into the training that will reinforce learning. Technology has broken barriers. We now have access to training with technology wherever we are. “We need to be very creative with the use of elements that will help the learners understand and retain. With the unemployment situation in Nigeria, we need to adopt a quick and authentic solution to improve skills development,” Adefioye further stressed. The Founder and Chairman EON Reality, Dan Lejerskar, stressed the importance of ‘Extended Reality’ (XR) technology to educate and create an experience that will help shape the environment positively. He said there was a need for Nigerians to learn practical skills, adding that with technology, “you can portray how you want people to behave in the

society, do special meetings, create a digital reality of the physical environment and invite people to explore.” Lejerskar also explained that “it is a fun way to learn” and build “the community.” “It is not just learning for learning sake, but learning for complete outcomes. You can also use it for security, health, manufacturing and transportation,” said Lejerskar. He cited an instance of how developed countries are already using the technology and creating their own environment and experiences worldwide, pointing out that students are emotionally engaged with it. “It is actually easy to implement. Knowledge is a human right, and we want to make this technology accessible and affordable. The future is bright, and XR is global. With the device, the physical world is dissolved in it and what is important is digital access that is where the value is, and anyone can create the value,” he explained. Lejerskar also noted the need for government to give

incentives to people to innovate, share experiences, and a sense of purpose to plan and come up with solutions to challenges confronting the nation. Also commenting during the event, EON Reality’s Director of Global Education and Training, Marcin Kasica, said the EON XR gives access to create content and import data from multiple formats. “It is a mobile platform, and everybody can access it via their mobile phones and create content online. Many people see mobile phones as interrupting education, but we are able to create a learning experience which would be easy to share with users,” Kasica. According to him, educators should be innovative in teaching their students to prepare them for future challenges. “Technology should be able to affect the way we work and teach. You can create lessons or content as a teacher and put it on the platform to distribute. The XR has the ability to destroy the complex of communication and break barriers,” he said.

Pupils and teachers of De Joyland School, Yaba, Lagos, during their graduation ceremony… recently

Retail Store to Raise N2m for 400 Out-of-school Children Kuni Tyessi in Abuja The Skit Store, a one-stop-shop for school, office, and lifestyle supplies, has announced plans to raise at least N2 million for 400 out-of-school children in Nigeria. Its Managing Director, Adepetun Temilola, disclosed this at the formal launch of its second Abuja store in Gwarimpa. The new store will be Skit’s sixth outlet across the country, and the megastore will also serve as Abuja regional office for the store’s parent company, SKLD Integrated Services. “SKLD’s vision is to create

value for all stakeholders. This is carefully considered because we are all about win-win at SKLD. Right from inception, SKLD has sought to bring convenience, excellent service, and innovative product delivery to all our customers. “Our value proposition remains a focus on our customers, passionate employees aligned to our excellent service delivery ethos, as well as being a socially and environmentally responsible corporate organization,” Temilola said. According to her, this will be achieved by committing 10 per

cent of customer purchases to raise the N2 million to help keep 400 African children in school. Explaining further, she stated. “We will announce our initiative with the Whitefield Foundation that allows us to contribute 10 per cent of sales proceed to educate disadvantaged children. These types of activities are ingrained in the SKLD corporate DNA and reflect our vision of being more than just a profit-making organisation playing in the school, office and lifestyle space. “It is a commitment to provide excellence and exceptional service to all

our clients while being environmentally and socially responsible. These are the core values upon which the business has been anchored as well as inform the unique needs the Skit store exists to cater to.” Also speaking at the launch, SKLD’s Deputy Managing Director, Tayo Osiyemi, said, “Gwarinpa, Abuja was carefully selected as a regional office and the sixth Skit Store because it is cosmopolitan and matches the Skit Store demography -- an upwardly mobile city with high-quality schools, offices, and professionals.

Foreshore School Displays Pupils’Talents in Art Exhibition Funmi Ogundare The Foreshore School, Ikoyi, recently held an art exhibition to showcase the creativity of its pupils. The exhibition, ‘The Joy of Living: Exploring Mediums,’ witnessed solo performances, orchestra, and drama presentations by the pupils. Speaking at the programme, Foreshore’s Executive Director, Oyindamola Egbeyemi, stated, “We added creativity to their learning experience. Children ask questions. They are very inquisitive, and they always

want to understand why things are being done. We always explain to them in a way they can understand, and creativity is a way to get the knowledge across to them.” She noted that the nonexposure of Nigerian students to art is the reason many do not appreciate the art. “Our children are beginning to appreciate the works of art and also express themselves in different ways. Art is an expression of one’s character and personality,” she said. Foreshore’s Head of School, Helen Oyewole, added that

when the school had its Pied Piper play two years ago, she had expressed optimism that the children would display other talents apart from the academic. “We bring up children at the Foreshore School to be holistic, so we celebrate every aspect of them. We also felt that after the pandemic, there is a reason to live. So art is a representation of anything you feel. The children have expressed themselves with various mediums of what they feel about life. Art is beautiful. What you have

inside is what you bring out as art which is life. We celebrate every area because we believe that every child has his talent. So our work is to groom them,” she said. The school’s fine art teacher, Oyewole Oyeku, said he knew what the children could do. “Just like the theme of the exhibition, ‘The Joy of Living,’ is to appreciate the fact that a lot of us are still alive despite the pandemic. So, we thought this is a good time to do the art exhibition, and it is also a good time to show the world what the children can do.”

Teacher’s DIARY KEHINDE OMORU

www.kayomoru.com

‘What Is that in your Hand?’

his was the powerful question God asked Moses at the miracle of the burning bush. To my mind, all God was expounding to Moses (and to mankind) was/is that, although he was holding just an unassuming raggedy walking stick, he (Moses) was fully complete and equipped to go and deliver Israel from their poverty, misery, inhibitions. I bought my own “Soro Soke” T-shirt on Tuesday through a colleague who had worn it to work. What drew me to this T-shirt were simply the “Nigerianess” and “Africanness” of it, and more importantly the simple arty-creativeness of it. So I enthused about it and proudly changed into it for the rest of the day. I inadvertently won the shirt over for its maker who was only a final year Art undergraduate. With regards to finer descriptions - “Soro-soke”, one of our present national mantra, is actually quite obscurely printed at the left breast pocket area of the T-shirt. So, I didn’t see this at the outset.ml Before I saw this inscription, I was firstly drawn to this navy top by the simple yellowy Ankara 2 by 24 inch, or so, strip that was vertically placed at the front right aspect of it. Upon seeing this inscription, arty-me saw clearly how the maker had used the simple yellow Ankara strip to then powerfully draw out one to the infinite messages this phrase “soro soke” could hold. Let me pause here and ask you reading me now what you presently have that can ultimately pronounce, present you or advance? Have you ever paused to sort out your own thoughts? What potentially promoting thing do you do best and enjoy doing most? Back to my soro-soke t-shirt, by the end of the day, 37 orders had been placed for it. Several other tweaking had been made to it by Friday with some people placing order for “soro-soke” aprons, mugs, bedding, curtains! My colleague was astonished and has already started thinking in terms of creating a business of it. Are you still preoccupied with just applauding others and completely neglectful of pushing your own talent(s) through? Now on your journey, you will be called the likes of “teacher ogbensin” (a derogatory Yoruba term for teachers). For quite a while in the past I was called this year in, year out. Whilst the archer slung her jokes, I bled inside and wrestled with a damaged self-image caused by this onslaught. Nonetheless I pressed on. Can you beat the fact that this was what an older relation of mine called me whilst I was a teacher in two of the oldest Corona Schools Apapa and VI, Lagos? She continued to call me this whilst I was a teacher in St Saviour School, Ikoyi, Lagos and whilst I was a teacher at Ikoyi Nursery School. Nonetheless I pressed on. So you will be undermined like Elias did David until David slug his unsophisticated but fatal stone at Goliath disproving Elias’ verbalised underestimations. All I could do was to prayerfully keep going; secretly tearful I went; humiliated I went; unsure I went... The only thing I was sure of was the realisation that everyone is really solely responsible for their own ultimate outcome. So I pressed on and still do! Dear reader, you just have to find the strength to take hold of the reins of your life and press on. No one can do it for you as no one can be you. Everyone of us has that one (or two, or several skills) they can race with. Find your own unique talents and skill-sets; select them like David chose his stones, then launch with them. I, however, leave you this week with a golden note of caution. Press on however rough it gets. Whatever you do, press ethically, press fairly! r 0NPSV JT B GSFFMBODF XSJUFS FEVDBUJPO IFBMUI BOE TPDJBM DBSF BEWPDBUF

“You just have to ﬁnd the strength to take hold of the reins of your life and press on. No one can do it for you as no one can be you. Everyone of us has that one (or two, or several skills) they can race with. Find your own unique talents and skill-sets; select them like David chose his stones, then launch with them.”

WEDNESDAY JULY 28, 2021 • T H I S D AY

T H I S D AY ˾ ͰͶ˜ ͰͮͰͯ

CITYSTRINGS

ÜÙßÚ ÏËÞßÜÏÝ ÎÓÞÙÜ˝ ÒÓÏ×ÏÖÓÏ äÏÙÌÓ ×ËÓÖ ÍÒÓÏ×ÏÖÓÏ˛ÏäÏÙÌÓ̶ÞÒÓÝÎËãÖÓàÏ˛ÍÙ×˜ ͖͕͔͑͑͒͑͒͑͑͘

Campaign for Transformative Governance Chiemelie Ezeobi reports that key labour and civil society groups recently converged on Abuja to launch a Campaign for Transformative Governance

Photo: Google

er story was a disturbing and heartbreaking one. Given the circumstances surrounding the death of her only daughter, the atmosphere at the Nigerian Union of Journalists (NUJ) secretariat was enveloped with emotions that left tears rolling down the cheeks of newsmen who could not control their emotions while she intermittently broke down in tears narrating the horrible circumstances that snatched life out of her 14 year old daughter. For some key labour and civil society groups across the country, governanceespecially transformative governance should be key for any society that wants to blossom. It was in a bid to canvass such that they recently converged on Abuja to launch a Campaign for Transformative Governance, which they posited was a response to bad governance in the country. THISDAY gathered that the initiative is a joint labour and civil society advocacy and campaign programme to influence radical change in government policies, processes, and institutions at all levels towards achieving transformative governance that delivers on public services, and provision of basic needs of citizens. The three thematic areas of the campaign include ensuring accessible and effective public service delivery; enabling political education of citizens for transformative governance; and promoting and enhancing human security as a panacea to the endemic insecurity in the country and ravaging

poverty and devastating conditions of the people. The groups included the Trade Union Congress (TUC), the Amalgamated Union of Public Corporations Civil Service Technical and Recreational Services Employees (AUPCTRE), and the Federation of Informal Workers of Nigeria (FIWON) among others. Civil society organisations that are also part of the initiative include Corporate Accountability and Public Participation Africa (CAPPA), and the Environmental Rights Action, among others. Giving the background on why the initiative is necessary, the groups said that the Nigerian government at all levels has failed to meet the socio-economic and welfare needs of Nigerians because of the lack of political will power and commitment. They

said that the economic, social and security outlook in the country gets worse by the day with the state becoming more repressive and intolerant of the views that challenge or criticize the actions or inactions of the government. They also frowned at the ranking of Nigeria, despite its enormous and vast resources, among the poorest countries in the world. General Secretary of the Federation of Informal Workers of Nigeria (FIWON), Comrade Gbenga Komolafe said Nigerian citizens are in search of a transformation that will make the nations’ institutions work for everybody, adding that Nigeria is confronted with several challenges, the biggest of which is insecurity, which he blamed on the Nigerian government. He insisted that the government

The three thematic areas of the campaign include ensuring accessible and effective public service delivery; enabling political education of citizens for transformative governance; and promoting and enhancing human security as a panacea to the endemic insecurity in the country and ravaging poverty and devastating conditions of the peoplee

is culpable for all the crimes going on in the country because governors and lawmakers have been accused and linked to arming thugs to terrorise people to win elections and then find it hard to retrieve the arms after elections. What Nigeria and Nigerians are experiencing now are a direct result of all these, he posited, adding that the solutions however are an active citizenship that is aware of its citizenship and readiness to confront these evils headlong. Affiliate of the Trade Union Congress (TUC) - the Nigerian Union of Allied Health Professionals, was represented by its General Secretary, Comrade Martins Egbanubi, who said that citizens of Nigeria have suffered so long and must now join forces together through a pan Nigerian movement irrespective of ethnic and religion. He explained that Labour and CSO have worked together before to chase the military from power and must now do the same again to liberate Nigeria. According to him, the concept of transformative governance is what will address the disconnect, social exclusion of the youth and inequalities that have made Nigeria what it is today. Comrade Jaye Gaskya of Praxis Center, co-Convener of the Campaign, said: the transformative governance campaign has been established to reverse the negative trend and downward spiral, adding also, that there is need for a robust and expansive civic space where the right to freedom of expression, freedom of assembly and freedom of association is guaranteed.

T H I S D AY ˾ ͰͶ˜ ͰͮͰͯ

CRIME&SECURITY

Investor Commits Suicide as 2000 Nigerians Fall Victim to Suspected Ponzi Scheme Stories by Chiemelie Ezeobi

tephen, an investor (surname witheld) recently committed suicide after falling victim to an alleged ponzi scheme where he invested resources he borrowed from the bank. The deceased was one of over 2,000 persons who fell victim to the scheme run by one Anyannso Mma of Themap.ng. Another victim, Enokela Monday, a 100-level student of Air Force Institution of Technology , Kaduna, disclosed that he also attempted suicide. He reportedly invested N1.5 million, an amount meant to pay his school fees, rent given to him by his brother, as well as a loan he collected from his friend, into the company. According to him, the business was introduced to his brother, who stays in Dubai, when he came visiting. "I accompanied him to Ikeja where he paid for the investment. He gave me money for house rent, school fees and pocket money. He also gave me some money for my mum and siblings. "I begged him to add some money for me so that I could also pay for the CRMI promotion investment. He obliged. I invested all the money given to me into the company in addition to a loan from my best friend in the Nigeria Defence Academy. "The total amount I paid into the company’s UBA account was N1.5 million. Today, my friend sees me as a bad person, he thinks I fooled him. As I speak, I can't afford my school fees, house rent and money to offset the loan I collected from my family including my friends. “In my frustration, I drank some quantity of poisonous liquid substance. But for the help of my girlfriend who was around I would have been a forgotten issue. She gave me enough palm oil that revived me. "My brother could not return to Dubai. He stayed behind to monitor the situation. He said he can’t return to Dubai because some of the money he invested in the business was loan he collected from his friends over there. My family is restless, we can barely feed. Depression is setting in”, he stated.

Other victims like Agbonifo Ohis Iyawere, Victor Okinedo, Chibueze Amuchie, Bazuaye John and family, as well as Obiakor Elochukwu Pious and wife, were said to have invested in thousands and millions to the sum of N3,340,000, N15,340,000, N800,000, N25, 081,000 and N44,900,00 respectively. The map.ng had promised them a mouth watering Return on Investment (ROI) in their advertisement placed by the company on radios, podcasts and through other social media influencers. The call for investment of funds was for the company’s various investment plans which included: logistics/bike investment, Customer Relationship Management Investment (CRMI), Education Virtual Reality for Students Investment, (VR), location sponsorship investment; real estate and independent investment. They were expected to get an ROI hovering between 60 per cent to 110 per cent depending on the investment plan and duration. To ascertain the authenticity of the investment, the investors said they visited the company’s Ikeja and Lekki offices in Lagos and in Abuja office too, depending on the part of the country they resided. They said some staff and few motor bikes were seen within the premises and along the road, which gave them the impression that they were investing in a proper company. They said their confidence was further strengthened with the well-publicised remittances made to the earlier investors. But the first signal that indicated trouble ahead for the investors occurred last year, when the company according to the investors, started giving excuses on payment of the promised ROI. When it finally dawned on them that it was a ponzi scheme, one of the investors reportedly committed suicide. About three other investors among who is David (surname withheld), also attempted to take their lives when they could not withstand the bombardments from their banks, where they took loans.

In a move to get their money back, some of the aggrieved investors have alerted the Economic and Financial Crimes Commission (EFCC), the Presidency, the House of Representatives and Senate Committees on Public Complaint, and Securities and Exchange Commission, among other relevant government bodies. In an open letter to the EFCC chairman, Mr Abdulrasheed Bawa, some of the aggrieved investors said, “ At first, the company stated that the CRMI was oversubscribed and that the company wanted to refund the excesses before payment could resume (however, they still accepted funds from some investors). "Later, it said that the SEC has ordered it to refund all CRMI investors. After that, it was one story or the other and the managing Director/Chief Executive Officer, Mr. Anyannso Mma actually went underground, claiming to have been involved in an accident, and continued hiding until it was learnt that EFCC officers had arrested him randomly. “EFCC officers held him in a detention facility at its Okotie-Eboh Office, Ikoyi for about a month and then released him on December 22, 2020. Prior to his release, he gave investors his word that as soon as he is released, he would sell some of the assets he diverted investors’ monies into and pay up investors. “To the chagrin of investors, after he was released, he stated clearly that EFCC instructed him not to meet or communicate with investors. This,the EFCC denied. Again, he stated that the EFCC has not unfrozen the company’s account as well as his personal account. "It's worthy to note that Anyannso Mma, on several occasions clearly stated that he is not the enemy. That rather, our common enemy being the EFCC, is the reason he has not paid investors. He was encouraging the investors to stage protest against the EFCC at Okotie-Eboh Office, Ikoyi, to release his assets and unfreeze his company’s accounts and his personal account. "With about 7.5 billion naira investors’

funds (from Anyanso’s own admission), still under his firm grip, EFCC Lagos has been on the matter for months without prosecution, claiming they're still investigating him. We implore you to kindly act in the interest of the innocent investors. "Furthermore, Anyannso Mma admitted using some people’s bank accounts to receive funds since EFCC had restricted his bank accounts. He also admitted that he used investor's funds to invest heavily in properties. " It will interest you to know that on three occasions, the investors have offered to help Anyannso Mma release his properties which he claimed to have been seized by EFCC, but Anyanso Mma only accepts verbally, but never comes forth with the conditions given by investors. "These conditions are as follows: That Anyannso Mma will provide an MoU making commitments for payments, using the assets as collateral if he fails to make payments afterward; That he includes payment plan in this MoU and that he sends this MoU to our various lawyers to review before adoption “Anyannso Mma may just disappear with the entirety of the money should EFCC release the assets and unfreeze his account without the investors being carried along especially in the light of both Themap.ng and Anyannso Mma holding investors incommunicado. "While there is no doubt that EFCC has no collaboration with Mr. Anyannso Mma and Themap.ng to do away with investors funds, the agency's long delay to either prosecute Anyannso Mma or release/unblock the investors’ funds and the assets purchased with investors’ funds so as to alleviate investor's plight is making a lot of investors believe otherwise”. “We the investors are appealing to the Chairman of EFCC, Mr. Abdulrasheed Bawa, to come to our aides as our only hope to get justice for the investors to ensure that every investors’ monies are refunded." Effort to reach Mr Anyannso Mma on his mobile line failed as well as that of his wife, Chiamaka Mma, was also switched off. However, the EFCC’s Head, Media and Publicity, Mr Wilson Uwujaren said, “ The much I can say is that the case is still under investigation”.

Ekhomu Hails Irabor, Amao on Rescue of NAF Pilot

ecurity expert, Dr. Ona Ekhomu has applauded the leadership of the armed forces of Nigeria (AFN) for the successful rescue of Flight Lieutenant Abayomi Dairo, whose Alpha jet was shot down by terrorist bandits in Zamfara State. ”The purposeful leadership exhibited by the Chief of Defence Staff, General Lucky Irabor and the Chief of Air Staff, Air Marshal Oladayo Amao made the difference. "They ordered quick and aggressive response to the jet downing incident. This was responsible for the eventual positive outcome”, he said. In a press release issued in Lagos on the incident, Dr. Ekhomu, President of the Association of Industrial Security and Safety Operators of Nigeria (AISSON), credited the successful rescue operation to the greater interagency cooperation and collaboration among the AFN. Furthermore, the integrated battle formation which the AFN has adopted made it easier to combine resources and execute the rescue. He noted that the “the service chiefs by going all out to rescue Flt Lt. Dairo demonstrated that the lives of all members of the AFN are important. This is good for troop morale”. He contended that the rescue of Lt. Dairo is the kind of story that is told only by the Americans. He recalled a similar rescue behind enemy lines of an American fighter pilot in March 1999. In the incident, USAF Pilot Capt. Scott O’Grady was shot down in Kosovo. He skillfully evaded capture for six days until he was rescued. Ekhomu said the same commitment to officer safety shown by the Americans in the Capt. Scott O’Grady’s case was displayed by the AFN in the case of Lt. Dairo. He also praised the Directorate of Air Intelligence that was the leading edge of the rescue effort with its overhead platforms. The technical intelligence was critical to location and extraction

Flight Lieutenant Abayomi Dairo with the CDS, General Lucky Irabor and CAS, Air Marshal Oladayo Amao of Lt. Dairo. Ekhomu, the first chartered security professional in West Africa said that the shooting down incident was quite troubling. He said that clearly the bandits now have the capability to threaten military air assets which have been the backbone of bandit interdiction operations. In Nigeria’s longest war – the Boko Haram Insurgency there have been three enemy attacks on aviation. These include the Wing Commander Chinda Hedima incident of October 2014,

the UN helicopter attack of July 2020 and the Alpha Jet incident earlier this year which Boko Haram has taken credit for. Given its goal to spread jihad in the whole of the north, Boko Haram may have provided resources and training to the bandits which is now threatening military aviation. Dr. Ekhomu warned that the North-west banditry problem was growing and spreading at a velocious rate. He urged the AFN to focus and defeat “this wicked enemy of the Nigerian people. The estimated 100,000 bandits operating in

the North-west are a mortal danger to Nigeria’s sovereignty”. He said the Dessault-Dornier Alpha Jet travels at a subsonic speed of 994Km per hour. This puts the Alpha Jet beyond the threat of AK47 or AK49 rifles. However, AA guns, GPMGs and other high grade weapons could threaten the Alpha Jet in flight. The security expert also praised NAF for its excellent survival skills training which enabled Lt. Dairo to utilise to cover, foliage and other evasive techniques to avoid capture by the bandits who were in hot pursuit.

T H I S D AY ˾ ͰͶ˜ 2021

BUSINESS/MONEYGUIDE

Ude: Covid-19 Posses Opportunity for Banks to Identify and Fund Infrastructure Nume Ekeghe The Chief Executive Officer/ Managing Director of NOVA Merchant Bank Limited, Nath Ude has urged banks to leverage on the Covid-19 pandemic to strategize and focus more on long term investments to reduce infrastructure gap in Nigeria. He noted that the size of importation across all sectors shows that there is a huge gap in manufacturing adding that his bank is focused on identifying projects that would be impactful to the growth of the Nigerian economy. Speaking during an interview on CNBC Africa monitored in Lagos, Ude said: “Merchant banks are supposed to bridge a huge gap especially on the infrastructural side which there is a gap in. What we do is actually to identify a gap that is existing in the economy and see how we can come in.” “If you know the size of imports that happen in Nigeria,

you would understand that we literally import everything but we have capacity to manufacture ourselves. So, we identify infrastructural gaps which we need to fund that are long term in nature such as manufacturing.” “This is a huge opportunity for us as a nation and as a merchant bank and the banking industry to step into our real call to say how we can become a huge partner in terms of bridging the infrastructure gap and I think this Covid has actually created a huge opportunity for us to see what we should be doing for ourselves. So, for the second half of the year, we should focus on the impacts we should be bringing to the table,” he said. He further added that the impact of the pandemic has had its vast effect in the banking sector but however noted that the with vaccines rolling out and the economy opening, the second half of the year would experience a rebound a banks would be more profitably.

He said: “Covid impact has been huge for the banking industry and merchant banks are not isolated form this. Because of the respective restrictions going on, businesses are vastly affected and the more you have businesses affected, what then happens is that money and business opportunity shrinks and as they shrink, it has it’s impact on bankable funds and by default it also affects the size of businesses anyone can do. “For us, it reduces the opportunity you have to support as an institution and what then happens for us in the banking space is that the areas that have not been growing so well and as a result, you may not have been pushing funds to support that sector because of the impact of Covid. The good news is that with the vaccines and uptake, we are beginning to see the market moving up as well economies headlines are now moving around. It is affecting not just banks but also our lives as well.”

Ude

MARKET INDICATORS

ETI Crosses N11trn in Total Assets By Darasimi Adebisi Ecobank Transnational Incorporated (ETI) Plc crossed N11trillion in total assets to N11.02trillion as at half year ended June 30, 2020 unaudited result and accounts. The pan-African bank total assets gained eight per cent from N10.38trillion reported in full year ended December 31, 2020. ETI in its unaudited result and accounts submitted to Nigerian Exchange Limited (NGX) the bank also reported 7 per cent decline in deposits from customers to N7.86trillion as at June 30, 2021 from N7.3trillion reported in full year ended December 31, 2020 while loans and advances to customers dropped by two per cent to N3.63trillion as June 30, 2021 from N3.7trillion reported in 2020. According to the report, profit for the period rose by 29 per cent to N62.55billion in H1 2021 from N48.53billion reported in H1 2020, while profit before tax rose by 33 per cent to N85.32billion in H1 2021 from N64.13billion reported in H1 2020. The management cut in impairment charges on financial assets and increased gross earnings impacted on profits in the period under review.

From the profit & loss figures, ETI’s gross earnings was up by 13per cent to N442.9 billion from N392billion reported in H1 2020. In addition, impairment charges on financial assets, thus, dropped by one per cent to N20.77billion in H1 2021 from N21.03billion reported in H1 2020. The Group CEO, Ecobank Group, Ade Ayeyemi in a statement said, “We saw continued and sustained resilience in our performance, which is indicative of the success of our ‘execution momentum’ drive. As a result, we generated a return on tangible equity of 16.1per cent versus 15.2 per cent a year ago and increased diluted EPS and tangible book value per share by 19 per cent and 6 per cent, respectively. In addition, profit before tax increased 23 per cent to $210 million.” He expressed further that, “Group revenues rose seven per cent to $825 million, despite the challenging operating environment with the third wave of coronavirus infections threatening economic recovery. Our diversified pan-African business model continued to rise to the challenge. Revenues

grew 13 per cent and 6% in our Commercial and Consumer businesses, while our focus on growing the trade business led to increased trade assets. “The slowly increasing business and spend activity drove a 20 per cent rise in our Payments business’s revenue to $90 million. Deposits growth was strong, with total deposits now over $19 billion, an increase of $1.0 billion in the second quarter and $2.4 billion in a year, driven by our omnichannel strategy. Though loan growth remained flat, we are focused on providing support to MSMEs for growth,” Ayeyemi said. According to him, “I am proud of the team’s hard work in driving efficiency, which continues to reflect in our cost-to-income ratio of 58.7 per cent ahead of guidance and progressing well toward our medium-term goal of approximately 55 per cent. “In addition, credit quality continued to be exceptionally strong. As a result, our NPL ratio of 7.4 per cent is a substantial improvement from the prior year’s 9.8 per cent, as we also build reserves to insulate the balance sheet with an NPL coverage ratio of 86.7 per cent and pushing towards our nearterm target of 90 per cent.

‘Firms Can Raise Capital without Resorting to Capital Market’ Dike Onwuamaeze The Managing Director/ Chief Executive Officer of the Coronation Merchant Bank, Mr. Banjo Adegbohungbe, has asserted that businesses would no longer require to become publicly quoted firms before they could attract sufficient fund to grow and expand their operations. Adegbohungbe stated that there is sufficient capital in the private equity market that could be accessed by credible private companies to finance their businesses even in the long term. He made this assertion during the maiden edition of the Coronation Interactive Session on “Capital Mobilisation Through

the Private Market,” where he said that “it is now obvious that companies need not become publicly quoted to attract much needed capital “In fact, it is obvious that with clarity on entry, monitoring and exit investors can make more informed decisions on the investment opportunities that abound in credible private companies.” He however, stated that the private credit market has had its fair share of blunders in the past, which it has currently corrected with improved transparency, adequate governance structure and application of technology that would enable investors to make sound decisions on where to place their funds. He said: “This market has

had its fair share of missteps in the past. But we have come to observe very credible and increasingly sustainable structures being built to orginise the otherwise arbitrary situation earlier observed in this sector of the market. “Liquidity of the instruments, pricing transparency, and governance are some of the issues that have been raised in the past. We expect that this session will help address all of these and more.” Adegbohungbe said that the interaction session was initiative by the CMB in order to stimulate discussions that would clarify “pertinent economic and social issues with the primary intention of widening ideation process and develop credible and workable solutions to common challenges.

MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 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

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

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 ˜ ͯͳ ͰͮͰͯ

The price of OPEC basket of thirteen crudes stood at $73.15 a barrel on Thursday, compared with $75.29 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 ˾ ͰͶ˜ ͰͮͰͯ

Stock Market Down 0.12% on Profit-taking in MTN Nigeria, Others Darasimi Adebisi The Nigerian stock market yesterday closed transaction on a negative note to halt days of market gaining streak. The market loss was driven by price depreciation in large and medium capitalised stocks amongst which are MTN Nigeria Communications (MTNN), Unilever Nigeria Plc, Africa Prudential Plc and International Breweries Plc.

Also, the profit-taking is coming on the heels of Central Bank of Nigeria (CBN) decision to hold all its monetary policy parameters unchanged, leading to investors sentiment trading. The CBN’s Monetary Policy Committee (MPC) concluded its two-day policy meeting yesterday and voted to maintain all policy parameters unchanged. The interest rate was maintained at 11.50 per cent, Cash Reserve Ratio (CRR) was held at

P R I C E S MAIN BOARD

F O R DEALS

27.50 per cent and the Liquidity Ratio was retained at 30.00 per cent. In summary, the Nigerian Exchange Limited All-Share Index (ASI) dropped by 46.93 basis points, representing a decline of 0.12 per cent to close at 38,802.15 basis points, while the overall market capitalisation value lost N25billion to close at N20.216 trillion. The market sentiment, as measured by market breadth

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

closed at par, recording 20 gainers as against 20 losers. Oando recorded the highest price gain of 9.86 per cent to close at N4.79, per share. Champion Breweries followed with a gain nine per cent to close at N2.30, while FTN Cocoa Processors went up by 8.89 per cent to close at 49 kobo, per share. Fidson Healthcare rose by 6.73 per cent to close at N6.50, while Livestock Feeds gained 6.73 per cent to close at N2.29, per share.

T R A D E D MAIN BOARD

A S

On the other hand, UPDC Real Estate Investment Trust led the losers’ chart by 6.67 per cent to close at N5.60, per share. Unity Bank followed with a decline of 6.45 per cent to close at 58 kobo, while NPF Microfinance Bank lost 5.29 per cent to close at N1.61, per share. UACN Property Development Company (UPDC) lost 5.19 per cent to close at N1.28, while Chams shed 4.76 per cent to close at 20 kobo, per share.

O F

The total volume of trades decreased by 1.41 per cent to 243.086 million units, valued at N1.899 billion, and exchanged in 4,326 deals. Transactions in the shares of Access Bank topped the activity chart with 21.766 million shares valued at N204.436 million. Wema Bank followed with 21.299 million shares worth N17.862 million, while UPDC traded 14.552 million shares valued at N18.267 million.

2 7 / 0 7 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

WEDNESDAY JULY 28, 2021 ˾ T H I S D AY

NEWS

FMDQ CEO Tips Nigeria as Prime Destination of $4.5tn Private Equity Dike Onwuamaeze The Managing Director/Chief Executive Officer of the FMDQ OTC Plc, Mr. Bola Onadele, has tipped Nigeria as one of the top African countries to benefit from $4.5 trillion global private

equity investment. Onadele disclosed this last Monday at the Coronation Interactive Session with the theme: ‘Capital Mobilisation Through Private Market’, that was organised by the Coronation Merchant Bank

47 Yoruba Nation Protesters Freed

Forty-seven out of the 48 protesters arrested by the Nigerian Police during the Yoruba Nation rally held recently in Lagos State have been released from detention, leaving only one. The protesters were released after meeting their bail conditions. The Communications Manager for the umbrella body of the Yoruba Self-Determination Groups, Ilana Omo Oodua, Mr. Maxwell Adeleye, confirmed the development. “This is to inform the public that 47 out of the 48 protesters arrested by the Nigerian Police during the Yoruba Nation Rally held July 3, 2021, have been released from detention after meeting their bail conditions,” Adeleye said. The released protesters are: Olasunkanmi Tanimola,

Kabiru Lawanson, Chinemerem Emmanuel, Rasaki Musibau, Lukman Olalade, Olasanmi Oladipupo, Bashiru Shittu, Taofeek Abdusalam, Olamilekan Abata, Abdullahi Sikiru; Tosin Adeleye; Babatunde Lawal, Abiodun Taiwo, Adagunodo Babatunde; Oluwafemi Adeleye, Oloye Taiw; Akinbode Sunday, Lawal Akeem, Samuel Ire, Ogundile Dare; Saheed Kareem and Adebayo Waheed. Only Tunde Bakare is yet to be released. While others were admitted to bail, he was remanded as he had additional charges of murder and unlawful possession of a firearm. The Lagos State Police Command had arraigned Bakare for the alleged murder of Jumoke Oyeleke, the salesgirl who was killed by a stray bullet during the rally in the state.

Oyo Killings:House Accuses Customs Officers of Negligence Udora Orizu in Abuja

The House of Representatives has accused the Nigeria Customs Service (NCS) of negligence in the alleged killing of five persons by officers of the service in Iseyin, Oyo State, on May 13, 2021. The House made the accusation yesterday during the commencement of investigative hearings on the killings by its committee on Customs and Excise, which was chaired by Hon. Leke Abejide. Recall that on the fateful day, the officers allegedly killed five persons after shooting sporadically in an attempt to accost some suspected rice smugglers. Speaking at the hearing, the families of the deceased persons who were led by Mr. Tijani Rasaki, said the victims were not smugglers but indigenes of Iseyin who were going about

their lawful duties. Rasaki explained that Iseyin is located about 200 kilometres from the nearest border. He pointed out that the customs officers involved in the shooting crossed about 50 towns before getting to Iseyin where the unfortunate incident occurred. He demanded for compensation for the victims’ families, adding that that was not the first time such incident had happened in the community and that the people were fed up with the excesses from the customs. However, in his presentation, a legal representative of the NCS, Mr. Umar Lawal, alleged that on the said day a mob from the area attacked the officers who were on patrol and intercepted and seized bags of foreign rice being conveyed in two pathfinder SUVs.

Cybercrime: Court Jails Varsity Students in Kwara Hammed Shittu inIlorin A Kwara State High Court sitting in Ilorin on Tuesday convicted and sentenced a final year student of University of Ilorin, Mr. Abubakar Abdulbashit Opeyemi to jail after the court found him guilty of offences bordering on love scam and internet fraud. The two other convicts are Alimi Abiodun and Idowu Rasaq Olarewaju, who are students of the Kwara State University University ( KWASU), Molete and Kwara State Polytechnic, Ilorin, respectively. The Ilorin Zonal Office of the EFCC has secured the conviction of the three affected convicts bordering on love scam and internet fraud. The three convicts, who were

arraigned on separate charges pleaded guilty to the charges preferred against them. Delivering his ruling, Justice Mahmood Abdulgafar while relying on the plea of guilt entered by the defendants and the various exhibits tendered against them held that the prosecution succeeded in proving its case beyond reasonable doubts. Consequently, Abdulbashit Opeyemi was sentenced to six months imprisonment, which shall be suspended for one year. The judge also ordered that the convict’s iPhones, HP Laptop, which were used as instruments in committing the crime and a draft of N50,000 which he raised as restitution be forfeited to the federal government

Limited. He stated that the destination for private equity in Nigeria would be infrastructure and healthcare financing. Onadele, who was represented at the interactive session by the Head, FMDQ Private Capital, Mr. Yemi Osunibi, said surveys by general and limited partners placed Nigeria as the second and third preferred investment destination respectively for private capital in Africa. He said: “The big deal we have seen is private equity. Over the past 10 years, private equity has hit $4.5 trillion in assets under

management. These global funds are finding their way into Africa, Nigeria in particular. “Private equity is the asset class of the moment. In the West, a number of public companies are being bought by private equity where they can grow quicker without public scrutiny.” Onadele also said the private credit market has been substantial, especially in Nigeria, as the FMDQ private capital platform has seen N664 billion transactions since it was set up in 2020. “Private credit will continue to grow in Nigeria as the public

finance is challenged, and a real opportunity for Africa is how to tap into private markets to develop the infrastructure space. “The infrastructure market will probably be the biggest driver of growth for the private market in the next 10 years in Africa and Nigeria.” He said that global trends in mobilising capital is shifting from traditional channels like bank lending and public capital market to private credit market because banks are focusing on bigger companies and the need to escape the high regulatory requirements and

cost of compliance for public companies. “There has been a long shift toward private capital as banks and public markets have transitioned from serving small and medium businesses to larger companies. “Banks is withdrawing a little bit from the middle market as a result of their large capital which they are focusing on larger high-rated borrowers. Even public (capital) markets are also shifting to larger companies and middle-companies have not been able to tap into such markets.

PHILANTHROPY…

L-R: Vice Chancellor, University of Benin, Prof. Lilian Salami; Managing Director, The Abdul Samad Rabiu Africa Initiative (ASR Africa), Mr. Ubon Udoh; and Group Head, Corporate Communications, BUA Group, Mr. O’tega Ogra, during the presentation of a N1billion tertiary education infrastructure grant by ASR Africa to the University of Benin, Edo State …yesterday

Increase Education Funding, British Envoy Tells Buhari Michael Olugbode in Abuja The British High Commissioner to Nigeria, Catriona Laing has called on Nigeria’s President and other senior officials in his government to commit to increased funding of education in the country. The High Commissioner made the call yesterday in a tweet on her verified Twitter account @ CatrionaLaing1 She asked the Nigerian delegation led by President Muhammadu Buhari at the

ongoing Global Education Summit holding in London, United Kingdom (UK) to commit to increasing funding for a future where every Nigerian child can access 12 years of quality education. The tweet read: As President @MBuhari and other senior government officials attend #GES2021 tomorrow, High Commissioner @CatrionaLaing1 encourages them to commit to increasing funding for a future where every Nigerian child can access 12 years of quality

education. President Buhari is presently in London with other world leaders at the Global Education Summit co-hosted by United Kingdom and Kenya to raise $5 billion to support education systems in up to 90 countries and territories, where 80 per cent of the world’s out-of-school children live. Nigeria had already received a substantial funding from the GPE. In June 2021, the GPE formally announced the approval of a new grant for Nigeria of

$125m, an education programme that will be implemented by the World Bank in Oyo, Katsina and Adamawa states, the Statement disclosed. Over the past 10 years in Nigeria, bilateral UK support has improved education systems for 11 state governments, reaching over 8 million children. This support has helped to reach out-of-school children and ensure they can access school and receive quality learning, including basic literacy and numeracy.

Kaduna to Ensure Release of Remaining 83 Baptist School Students John Shiklam in Kaduna The Kaduna State Government has promised to ensure the release of 83 students of the Bethel Baptist High School that are still being held in captivity by bandits. The State’s Commissioner for Education, Dr. Shehu Muhammad, made the promise yesterday and said that the state government would ensure that those students who have been freed would write the ongoing

NECO examination. It should be recalled that bandits invaded the school on July 5 and abducted 121 students. One of the students was later released by the bandits due to ill health while 28 others regained freedom on Saturday while six of the students successfully escaped from captivity. The commissioner said that the state government has been working with the authorities of the NECO to enable the

students to write the exams. “There are students among them that might have registered for the ongoing NECO’s Senior Secondary School Certificate Examination. “The Ministry of Education and the NECO Zonal Office, Kaduna, will ensure that they write their examination at the nearest centre to the students,” Mohammad said. The commissioner rejoiced over the release of the students and commended the parents

and the management of the school for their patience and resilience. “We also commend all the good people of Kaduna State and security agencies for the significant roles they have been playing to ensure the safe release of these students. “It is our prayer that the released students put this horrific experience behind as they forge ahead with their lives,’’ the commissioner said.

JAMB Releases 14,620 ‘Withheld’ UTME Results, Withdraws 14 Others Kuni Tyessi in Abuja The Joint Admissions and Matriculation Board (JAMB) has revealed that it has cleared and released the Unified Tertiary Matriculation Examination (UTME) results of 14,620 candidates which had been under investigation. The exam body revealed this in a statement issued by its spokesperson, Dr Fabian Benjamin, on Tuesday, and said

the Board has also withdrawn results of 14 candidates earlier released. The affected candidates are: Gabriel Micheal, Lawson Ruth Joy, Sadiq Mahbub Auwal, Attama Lawrence Ikedichukwu( earlier withdrawn)Tambaya Yahaya, Anowa Anointing, Ogbonna Joseph Dibia, Ani Maryrose AdaLoki, Loiki Ayomiposi Precious, Ekeocha Chinecherem Michael, Oluwarotimi Toluwanimi Ayanfeoluwa, Edu

Teslim Abiola, Simon Friday Promise and Onyeama Odi. “ Also, results of 93 other candidates are still withheld. It reads: “This followed the consideration and further approval of the recommendations of the investigators by the Board’ management at a management meeting held on Tuesday, 27th July, 2021. ”You will recall that the board, in its earlier release, stated it would still review the results of the 2021

UTME exercise and any candidate found wanting would have his/ her result withheld. “Out of the withheld results thirteen were discovered to have been involved in examination infractions after they were released and the one earlier withdrawn bringing the total of the results that have been withdrawn to fourteen. “In a similar vein, the results of the 332 blind candidates whose examination was conducted this month have also been released.

WEDNESDAY JULY 28, 2021 ˾ T H I S D AY

NEWS XTRA

Osinbajo: FG Ready to Tackle Inflation, Food Security Deji Elumoye in Abuja Vice President Yemi Osinbajo has disclosed that the federal government is disposed towards tackling the current inflation

and other challenges of food security in Nigeria. Osinbajo, who spoke virtually yesterday at the preparatory meeting of the United Nations Food Systems Summit 2021,

Nigeria, Russia Sign Agreement on Nuclear Energy Olawale Ajimotokan in Abuja The Federal Government of Nigeria and the Russian Federation have signed a mutual framework for partnership on the development of nuclear energy for peaceful purposes. The Vice-President of JSC RUSATOM, the Russian Federation, Mr. Anton Moskvin, and his team met the federal government officials in Abujayesterday in connection with the agreement. Speaking at a reception for the delegation, the Secretary of the Government of the Federation (SGF), Mr. Boss Mustapha, expressed the country’s delight to be a strategic partner of the Russian Federation in the area of the peaceful application of nuclear science and technology. The Nigerian Government and Russia, however, signed three Inter-governmental Agreements

(IGAs) and two broad-based Project Development Agreements (PDAs) for cooperation on the development of nuclear energy for peaceful purposes. The agreements were consummated through the Nigeria Atomic Energy Commission (NAEC), and the Russia Nuclear Energy Corporation. According to Mustapha, the partnership will address the country’s socio-economic challenges by harnessing nuclear technology. He said such would be achieved through the diversification of the country energy resource base to include nuclear. The SGF stated that the federal government would ensure that the deployment of nuclear science and technology is done in a safe, secure and sustainable manner in line with global best practices.

Court Joins Adamawa in Atiku’s Eligibility Suit Alex Enumah inAbuja Justice Inyang Ekwo of a Federal High Court in Abuja, yesterday gave permission to Adamawa State to be joined as a party to a suit challenging the eligibility of former Vice President, Atiku Abubakar, for elective office in Nigeria. Justice Ekwo gave the permission while ruling on Adamawa State’s application for joinder, which was not opposed by other parties in the matter. Atiku was candidate of the Peoples Democratic Party (PDP) in the 2019 presidential election. A group, Incorporated Trustees of Egalitarian Mission for Africa (EMA), had in 2019 before the conduct of the general election, dragged Atiku, PDP, Independent National Electoral Commission (INEC) and Attorney General of

the Federation (AGF) respectively to court over Atiku’s qualification for the presidential election. EMA in the suit marked: FHC/ ABJ/CS/177/2019 is challenging Atiku’s eligibility on the grounds that he was not a Nigerian citizen by birth. When the matter came up yesterday, Adamawa prayed the court to be included in the suit because Atiku is from the state, and also whatever the decision the court takes in the matter will affect the state. In arguing the application for joinder, Attorney-General (AG) of Adamawa State, Afraimu Jingi, told Justice Ekwo, that Atiku against whom the suit was primarily directed, is a citizen of Nigeria from Adamawa who had been elected as a Governor of the state in 1999 and served as the vice president of the country between 1999 and 2007.

Rabies: US Bans Importation of Dogs from Nigeria, 112 Countries Olawale Ajimotokan in Abuja The United States (US) has placed a ban on the importation of dogs into the country from Nigeria and 112 other countries on account of doubt on the effective and sustainable vaccination of dogs against rabies. The President, Veterinary Council of Nigeria, Dr. Aishatu Baju, made this disclosure during the official inauguration of the ultra-modern Veterinary Diagnostic Laboratory in Abuja. She said that the facility was intended to provide quality veterinary diagnostic services to the FCT including its neighbour, Nasarawa State. “Animal diseases diagnosis

is an important component of veterinary services. I have no doubt in my mind that this laboratory will provide the much needed accurate, rapid and dependable diagnosis and effectively tackle the menace of animal diseases in FCT and it’s environs.” Speaking further, Baju said that the flag-off of vaccination against dog-mediated rabies in the FCT is pivoted as it is commendable. Also speaking, the Chief Veterinary Officer of Nigeria, Dr. Olaniran Alabi, said the need to have such a facility can never be overemphasised considering how highly fatal rabies affect all warm-blooded animals.

stressed the government’s commitment towards addressing the factors of food insecurity such as food inflation, changing consumption patterns and climate change, among others. According to him, “At the same time, and as an outcome of 40 different food system dialogues in which up to 5,000 people participated, Nigeria is prioritising investments

in specific innovations and technologies to scale up and transform food systems. “These actions complement existing development plans and sectoral strategies such as our Economic Recovery and Growth Plan (ERGP), the National Policy on Food and Nutrition, and the National Policy on Food Safety.” He emphasised that transforming African food

system is an obvious task requiring the active mobilisation and prioritisation of both public and private investments. This, the vice-president said, explained the resolve of the federal government in complementing existing development plans, sectoral strategies, and prioritising investments in specific innovations and technologies

to transform food systems in the country. Osinbajo noted that the specific aim of the recently launched National Poverty Reduction with Growth Strategy was to address hunger, malnutrition and poverty as part of the present administration’s target of lifting 100 million Nigerians out of poverty within a decade.

FOR JOB CREATION …

L-R: Chief Executive Officer of Generation Unlimited (GenU), Mr. Kevin Frey; Vice President, Corporate Communications and CSR Airtel Nigeria, Emeka Oparah; Kano State Governor, Dr. Abdullahi Umar Ganduje; Deputy Governor, Edo State, Mr. Philip Shaibu; and Minister of State for Science and Technology, Alhaji Mohammed Abdullahi, during the UNICEF Generation Unlimited launch in Abuja…recently

Two Nigerians Arrested for Fraud in US Two Nigerians have been arrested and facing up to 30 years imprisonment in the United States (US) for committing crimes bordering on various fraud schemes ranging from romance scams and pandemic unemployment assistance fraud. They are 36-year-old Osakpamwan Henry Omoruyi and 34-year-old Osaretin Godspower Omoruyi The US Department of Justice(DOJ), Washington,

announced this in a statement yesterday, saying that Osakpamwan and Osaretin previously resided in Canton. And they have been indicted on one count of conspiracy to commit bank and wire fraud, three counts of wire fraud and one count of engaging in unlawful monetary transactions. According to the DOJ, in March 2021, Osakpamwan and Osaretin were charged by criminal

complaint. In the charging documents, Osakpamwan and Osaretin, along with other co-conspirators, allegedly participated in a series of romance and other online scams designed to defraud victims into sending money to accounts and debit cards they controlled. The DOJ in the statement further explained how the various scams were perpetrated and the penalties they carry when convicted.

They said, “Romance scams occur when a criminal adopts a fake online identity to gain a victim’s affection and trust. The scammer then uses the illusion of a romantic or close relationship to manipulate and/or steal from the victim. To carry out the schemes, the defendants allegedly used fake passports in the names of others to open numerous bank accounts and directed victims to send money to these accounts.”

Ekiti Monarch Proffers Solution for Insecurity government at all levels to chairman, will end his two-year kidnappings and other heinous Victor Ogunje in Ado Ekiti The Chairman of the Ekiti State Council of Traditional Rulers, the Alawe of Ilawe-Ekiti, Oba Ajibade Alabi, has charged state governors to share part of their security votes to the traditional rulers in their various states to help tackle insecurity in the country. The monarch called on the

empower traditional institution financially, so as to enable them to tackle the challenges. The Alawe stated this in Ado-Ekiti while delivering his valedictory speech as the chairman of the state Council of Traditional Rulers. Oba Ajibade, who was appointed in 2019 as the council

tenure on July 31. The monarch, who reiterated the closeness of the traditional rulers to the grassroots, said there was urgent need for the state governors to set aside funds from their huge security votes for them to adequately provide human and other resources in addressing the waves of killings,

crimes pervading the land. He explained that the importance of traditional rulers in attaining peace, progress, security and development in the country cannot be overemphasised, noting that government at all levels must collaborate with the monarchs in driving their policies in the overall interest of the people.

Ex-Oil Trader Pleads Guilty over Nigerian Oil Bribery Scheme Emmanuel Addeh with agency report A former United Kingdombased trader for Glencore Plc, Anthony Stimler, has pleaded guilty over what United States (US) prosecutors called his role in a scheme to bribe officials in Nigeria in exchange for favourable contracts from the country’s stateowned oil company. Glencore, an Anglo-swiss

company describes itself as one of the world’s largest globally diversified natural resource companies, founded in the 1970s as a trading company and is a major producer and marketer of commodities – employing 135,000 people around the world. Stimler admitted to conspiring to both violate the Foreign Corrupt Practices Act(FCPA) and commit money laundering at a hearing in Manhattan federal court conducted

by video, court records showed. The company confirmed that Stimler had been an employee, and in a statement said it has cooperated with probes by the U.S. Department of Justice and other authorities, a Reuters report said. “The conduct described in the plea is unacceptable and has no place in Glencore,” the company said. Stimler will remain free in the United Kingdom on $500,000

bond, although his lawyers did not immediately respond to requests for comment, according an earlier Bloomberg news. Prosecutors said millions of dollars in bribes were paid to officials in Nigeria and elsewhere, in exchange for Nigerian National Petroleum Corporation (NNPC) awarding oil contracts and providing “more lucrative grades of oil on more favourable delivery terms.”

23-year-old Bricklayer Kills Lover in Edo Adibe Emenyonu in Benin City A 23 years old bricklayer, Adebayo Kingsley, a native of Ibillo in Akoko-Edo Local Government Area of Edo State, has reportedly killed his 46 years old lover. The deceased is said to be a widow and mother of four identified as Rosemary Ufeoma,

popularly called Mama Samuel from Orogun in Ughelli North Local Government Area of Delta State. The suspect, who was alleged to have hit the lady with a plank and had carnal knowledge of her thereafter was earlier accused of hitting the deceased’s 13 years old boy on the head before pouncing on

the woman thinking the son was dead. Confirming the incident yesterday, Police Public Relations Officer, Edo State Command, Kontongs Bello, said the suspect would be charged to court once investigation was concluded. Bello disclosed that the incident happened in Darlington Ogbeifun Street, Off Ogbekan

Village Road, Ugbor near Benin City, Headquarters of Oredo Local Government Area of Edo State. A resident in the area, who simply gave his name as Peter said: “This woman we popularly called Mama Samuel was a widow with four children and the last one who is 13 years stays with her.

WEDNESDAY JULY 28, 2021 ˾ T H I S D AY

NEWS XTRA

Sanwo-Olu Swears in 57 Council Chairmen, Hails Tinubu’s Legacy Segun James The Lagos State Governor, Mr Babajide Sanwo-Olu, yesterday swore in the 57 council chairmen in the state, shortly after the state’s Independent Electoral Commission (LASIEC) handed the council chiefs their certificate of return. Sanwo-Olu, however, said their victory at the council polls was a reflection of the legacy of one of the national leaders of the All Progressives Congress (APC), Asiwaju Bola Tinubu.

The swearing-in and oath taking took place at the Banquet Hall, State House, Alausa, Ikeja. Governor Sanwo-Olu said, “Today, we are witnessing the dawn of a new era in local government administration in Lagos State. The swearingin formality, which we have just witnessed, has officially concluded the transition of power from the former chairmen and vice chairmen whose tenure has just expired. “Lagos State has not created any vacuum in local government

NERC Mulls Reduction in Discos’ Disconnection Period to 10 Days Emmanuel Addeh in Abuja Nigerians may soon face more challenges in the supply of electricity to their homes as the Nigerian Electricity Regulatory Commission (NERC) is set reduce the legal period consumers are allowed to owe before disconnections from three months to 10 days. In a document it titled, “Consultation Paper on Review of Customer Protection Regulations in the Nigerian Electricity Supply Industry”, the regulatory agency also said it was considering re-introducing service charge to be borne by the country’s electricity customers. In the paper signed by the Chairman of NERC, Mr Sanusi Garba, obtained by THISDAY, the commision stated that it was desirous of reviewing the regulations to align them with the current market realities, ironically, in order to ensure

the interests of customers are adequately protected. However, it mentioned that the commission has also received proposals from the Discos on the amendments to some sections of the regulations in consideration of the current state of the industry. NERC said the reviewed regulations would provide for the procedures to be undertaken by Discos in connecting new customers, disconnecting and re-connecting a customer in the event of default, safety issues or at the instance of the customer. “Section 5, 1 (d) of the regulations provides for disconnection of supply to customer’s address when the customer has not paid the amount correctly billed for supply to that address by relevant date provided the period between the payment date and the date of disconnection is not less than three months.

administration in the state. “Right from your first day in office, I implore you to start thinking about the kind of legacy you would like to leave behind when your tenure comes to an end, because it will surely come to an end one day. As we all know, public office is a position

encourage council helmsmen to settle close to their people at the grassroots level. It was learnt that the rationale behind the programme was also to reduce rural - urban drift and also make the council chairmen live in their headquarters, to avail themselves of some challenges as well as meeting the needs of the people. The estates made up of several detached bungalows with sporting and recreational facilities were meant to accommodate the council chairmen, secretaries, heads of personnel and heads of the different security agencies among others in each of the council headquarters.

your predecessors, and also ensure that you surpass the legacies and the expectations of the people, who have very enthusiastically elected you. “As we all know, the local government is the closest tier of government to the people. Any gaps

or shortcomings in local government administration will be keenly felt by our people. As a result, the policies and programmes you will be implementing must be people-centric, focusing on how to improve the lives and livelihood of the people.

100 Women Undergo Fistula Operations in Borno Michael Olugbode in Abuja Hundred women with Vesico Vaginal Fistula (VVF), had successful operation as the North East Development Commission (NEDC), as the Borno State Government flagged off Free Fistula Repair Campaign Project (FFRCP) in Maiduguri yesterday. The women had their fistula repaired in successful corrective surgeries at the State Specialist Hospital, Maiduguri, at the flag

off of the project, which would be extended to all parts of the state. The Wife of Borno State Governor, Dr. Falmata Zulum, flagged off the ceremony at the Conference Hall, State Specialist Hospital, Maiduguri. Falmata, who was represented by Commissioner for Health, Mrs. Juliana Bitrus, thanked the NEDC and other development partners for complimenting the efforts of the Borno State Government towards the

provision of health care services to its people. She said: “This intervention is timely, as most women who are vulnerable due to activities of insurgency and the persistent poverty, which have caused a lot of women to fall victims to VVF would benefit from the corrective surgery project.” She appealed to the beneficiaries to stay away from sex in the next one year to enable them to have total healing, and

be reporting back to the hospital for medical check-up, as and at when due. In his goodwill message, the NEDC Board Chairman, Maj. Gen. Paul Tarfa, who was represented by the Board Member of North-West Zone, Ms. Asmau Muhammadu, said: “Statistics indicate that there are about 250,000 women awaiting repair in Nigeria, out of which only 3,000 are fortunate to be attended to annually.

NLRC Holds Gaming Conference for Lottery Devt Peter Uzoho The maiden National Gaming Conference organised by the National Lottery Regulatory Commission (NLRC) for the development and enhancement of lottery business in Nigeria would be held today in Lagos. The two-day conference is the first of its kind in the history of lottery in Nigeria, and stakeholders in the lottery business will converge in Lagos, the country’s commercial nerve centre, for the event. The Director-General of NLRC, Mr. Lanre Gbajabiamila, announced the conference yesterday in a statement, saying all the major critical stakeholders in the lottery business had been specially invited to take part

LGs Abandon Multi-million Unilorin Rape: Autopsy Points to Victim’s Naira Security Villages in Strangulation, Akwa Ibom law in his first term. The Says Witness Okon Bassey in Uyo security villages were also to The multi-million naira security villages built in all the 31 local government areas of Akwa Ibom State for top council officials have been abandoned. Investigation has revealed that the security villages have now become safe havens or hideouts for miscreants. The security villages, which were built in each of the 31 LGAs of the state by the state government, were to serve as residential quarters for top security personnel and senior officials of councils. Besides, they were meant to compliment the ‘Housing for All’ policy of the former state Governor, Godswill Akpabio’s administration under the Local Government Administration

of trust that no one holds forever. We hold it for a time and then we pass on the baton to others. “Let me use this opportunity to emphasise the need for continuity and progress in governance. I urge you all to ensure that you build on the good legacies laid by

Hammed Shittu in Ilorin

A pathologist at the University of Ilorin Teaching Hospital, Dr. Kayode Adeniyi, on Tuesday told a Kwara State High Court sitting in Ilorin that the autopsy test conducted on the raped and murdered University of Ilorin student, Olajide Omowumi, revealed the possibility that she was strangulated to death. Adeniyi, who was the eighth witness in the ongoing trial of the 8 suspects facing trial in connection with the alleged murder of Omowuni said that when dissected, her body, the kidney was whitish as a result of lack of oxygen to breath. He said a material which could be rope was used to tie the hands of the victim adding that “the report shows that her right side eye was swollen with the tongue showing patches of injuries.” “There were bruises around her private part and there were signs of penetration with deposits of smear inside her organ which suggested the possibility that she was raped. “The right side of a teeth was broken and there was clotted blood on her scalp which suggests that she must have wrestled for life and sustained injuries in the process.”

in the conference and make concrete contributions towards further development of the lottery business in Nigeria. Gbajabiamila stated that the conference, which is a product of series of robust developmental activities of the commission, would rigorously examine all the various aspects of the trade, particularly factors militating against its much

expected growth, and come up with solutions that would be painstakingly implemented. According to the statement, the Minister of Special Duties and Intergovernmental Affairs, Senator George Akume, would open the discussion at the conference, while the Founder of Law Alliance, Yahaya Maikori, is billed to give the keynote address.

Also, the Chairman of the Senate Committee on Intergovernmental Affairs, Obinna Ogba; Chairman of the House Committee on Sports, Hon. Akin Alabi, and Chairman, Governing Board of NLRC, Alhaji Abdulfatai Ibikunle, would give the legislative and executive perspectives respectively, the statement added.

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

WEDNESDAYSPORTS World Champions USA Deny Determined D’Tigress Win in Saitama

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

0811 181 3083 SMS ONLY

TOKYO 2020 OLYMPIC GAMES

Duro Ikhazuagbe Nigeria’s D’Tigress lost 81-72 to six-time Olympic champions USA in a Group B match played in Saitama yesterday. It was a brave performance from the African champions who were less than two weeks ago beaten by the same USA 93-62 in an exhibition game in Las Vegas. The Americans paraded a roster full of WNBA stars including no less than 15 previous gold medalists. Since losing at the Barcelona ‘92 Olympics, the US women have now gone 50 games without defeat at the Olympics. But they will be asking themselves how a Nigerian side they recently defeated by 31 points, came close to creating the greatest upset in Olympic women’s basketball history. Speaking on the team’s performance against the Americans, Nigeria’s Sports Minister, Sunday Dare, praised

D’Tigress for the good show despite conceding defeat to the champions. “I watched the game from the start to the end. Every moment,” said the Minister who was at the match venue. “I saw players who can fight and they fought. Team USA led by 20 points at the end of the third quarter, using their size advantage to subdue the Nigerians. But a fourth-quarter revival by D’Tigress saw the Nigerians reduce the deficit to just five points at a stage in the contest before a late surge from the US rescued the day for the world champions. “From 20 points disadvantage, I saw them climb back steadily the height, built of the Americans notwithstanding,” said Dare, before expressing confidence about D’Tigress’ chances in their next game against France on Friday. “The next game will be better. I trust them. They are like a

family. Going up against the Americans like they did, our team is good and can be better,” he stressed with emphasis. D’Tigress will take on France

on Friday in a game that, based on their performance against the Americans, could see the Nigerians record their first victory at the Olympics since

the 2004 Athens Olympics when a Nigerian side led by the legendary Mfon Udoka defeat South Korea 68-64. Aisha Mohammed-Balarabe,

who is in the current D’Tigress team recorded a game-leading 13 rebounds in that match played 17 years ago in the Greek capital.

S’Africa’s Top Golf Teacher Dreams Massive Growth for Nigeria Calls Otunba Runsewe Game Changer with his GGWF Tony Akhigbe The week-long digital golf training for selected Nigerian golf professionals ended last Saturday at the posh Golf Garden Waterfront Golf Club (GGWF) in Wuse, Abuja with lots of promises that Nigerian golf could hit the world stage in five years time. The event which was put together by the Patron of the Golf Garden, Otunba Olusegun Runsewe, had one of South Africa’s top golf teachers, Mpoh Kelosiwaag, flown into the country as an instructor in the first golf training Nigerian golf professionals would be opened to since the late sage, Chief Anthony Enahoro, as Information Minister in Chief Obafemi Awolowo Western Region, sent Nigeria’s first five golf professionals for training in London. Mpoh, who is equally an eminent member of the Botswana Professional Golf Association, said he was amazed at the hitech golf facilities he met on ground at the Golf Garden. He disclosed that apart from South Africa, no other African nation could boast of such facilities that are in tandem

with modern day digital golfing. “This is reason I make bold to say this man, Otunba Runsewe, is a blessing to your country”, said Mpoh, a man of uncommon insight, patience and gentle humour combined with an unsurpassed knowledge golf. “Otunba had a dream years back and he is living it right now. I remember 10 years ago, he came to South Africa to search for a top golf teacher who could help impart modern golfing knowledge to Nigeria professionals. I never met him before but I was recommended to him. He invited me to Nigeria to see what he had on ground and those directions of his dreams. “When I came around I met nothing but just this site of the Golf Garden. Then he told me about his dreams of bringing digital golfing facilities to Nigeria and then build a model golf facility that would be the envy of other African nations. I could imagine the type of resources and commitment that would be needed. I had my doubts. The project was tasking and I didn’t believe it could happen. And here I am now and I can see all he said he would do on ground. This is simply awesome and unbelievable.

South African golf instructor, Mpoh (right), in putting drills with some of Nigeria’s professional golfers during the training session at the GGWF in Abuja...last weekend

Team Nigeria’s senior women’s basketball team, D’Tigress, lost 81-72 to six-time Olympic champions USA in their opening game in Saitama, Japan... yesterday

T’Tennis: Aruna Quadri Disappointed over Ouster from Men’s Singles Team Nigeria's Captain to the Tokyo 2020 Olympic Games, Aruna Quadri, has lamented his ouster from the Tokyo Olympics, saying he has disappointed Sports Minister, Sunday Dare, who deserves more for his efforts in turning Nigerian sports around. Quadri who became Africa's first Ping Ponger to play in the quarter finals of the Rio Olympics in Brazil was bundled out in his third round after being drawn bye by Brazilian Gustavo Tsuboi 4-2 (15-13, 9-11, 6-11, 11-7, 7-11, 6-11). Much was expected from the Nigerian but he succumbed to the Brazilian who was ranked lower to him. "Without doubt, Sports Minister Dare has done a lot to change our sports and athletes welfare in his short time in charge. His adopt-anathlete initiative has impacted so much on many athletes. I feel disappointed I could not get a medal to say thank you," Quadri lamented at the Games Village Mixed Zone in Tokyo yesterday. Continuing he said: "If I'm to say the truth, the Sports Minister has done very well. I have played at the Olympics, Commonwealth Games and Africa Games. During this

short time he has taken charge Chief Dare has done what no Minister in the past has done. I feel disappointed,” Quadri said genuinely. He however confessed that his Brazilian opponent was better than him. "That's sports for you. I am a better player than him in ranking but he played very much better to win. You know anyone in top 100 can spring a surprise at any time. I did not underrate him because we play in Bundesliga and I know what he's capable of doing. He however insisted that

getting ousted from the Olympic was not the end of his career. “It's not the end of life. We'll continue to work to see what will happen in future". With Aruna Quadri’s defeat yesterday, all Team Nigeria's Table Tennis players have all been knocked out from the Tokyo Olympics.

Aruna Quadri...sad failing to achieve dream in Tokyo

Dope: CAF Bans Enyimba Captain, Oladapo, for One Year The Confederation of African Football (CAF), yesterday handed out a one year ban to Captain of Enyimba FC, Austin Oladapo, after failing a routine drug test. Oladapo had his sample taken after the game against Pyramids of Egypt on the 16th of May during the CAF Confederation Cup and the test revealed the presence of prohibited substances “Prednisolone/Prednisone.

The Nigeria Football Federation (NFF) was informed about the result and asked if the player will like to have an analysis of another of his urine sample taken but the player in his reply by his club elected not to have another sample taken. Enyimba maintained any trace of the prohibited substance found in his sample might have resulted from a medication the player was on

during that period of time. CAF however argued that he didn’t file for a therapeutic exemption prior to the test and he is in charge of what goes into his body. Even though Enyimba physician argued the clean record of the player in a hearing held on the 14th of July, CAF maintained the suspension will run for a year starting from 4th of July when he was provisionally suspended

WEDNESDAY, ͺ΀˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Tennis: Japan’s Osaka Loses in Women’s Singles Japanese superstar Naomi Osaka suffered a surprise exit in her home Olympics as Czech Marketa Vondrousova earned a straight-set win in Tokyo. Osaka, 23, has been one of the faces of the Games in the Japanese capital and had the honour of lighting the Olympic cauldron in last week's opening ceremony. But the four-time Grand Slam champion could not back that up by winning a medal, losing 6-1 6-4 to the world number 42 in the third round. "I definitely feel like there was

TOKYO 2020...TOKYO 2020... a lot of pressure for this," said the world number two. "I think it's maybe because I haven't played in the Olympics before and for the first year it was a bit much." Osaka, who is the reigning US Open and Australian Open champion, had won 25 of her previous 26 matches on a hard court. It was Osaka's first tournament after withdrawing from the French Open in June, when

Togo’s Agbegnenou Wins Judo Gold for France Even as Togo is yet to win any medal of any colour at the ongoing Tokyo 2020 Olympic Games, her citizen Clarisse Agbegneou became emotional yesterday when she won gold in judo for France. Agbegneou was taken into the golden score extra period by Slovenia’s Tina Trstenjak then scored a waza-ari to win her first Olympic gold medal. Competing in the −63 kg weight division, Agbegneou won the European title in 2013, the world title in 2014, an Olympic silver

medal in Rio 2016 before capping it with the gold medal yesterday. She was born to Togolese parents and holds a dual citizenship with strong ties to both countries. Togo's President, Faure Gnassingbe, personally congratulated her after she won the World Championship title in 2014. Also yesterday, Canada’s Catherine Beachemin-Pinard won her country’s second judo bronze, while Maria Centracchio of Italy also clinched bronze.

Bermuda Becomes Smallest Country to Win Olympic Gold With a population of just 63,000, Bermuda became the smallest nation or territory to win an Olympic gold medal at a summer Games when Flora Duffy won the triathlon in Tokyo. The 33-year-old, making her fourth appearance at an Olympics, came out on top of the 56-woman field with a time of one hour 55 minutes 36 seconds - more than a minute ahead of Great Britain's Georgia TaylorBrown and USA's Katie Zaferes. Bermuda already held the record for being the least populated country to win a summer Olympic medal thanks to a bronze for boxer Clarence Hill in 1976 but now they have their first gold medal winner. "It's been a heck of a lot of pressure for five years," said Duffy. "I would never recommend being an Olympic favourite for five years. Of course it's made it all worth it now. "I think the whole of Bermuda

is going crazy. That's what makes it so special to me is that, yes, this was my dream, but I also knew it was bigger than me."

she revealed she had "suffered long bouts of depression" since winning her first Grand Slam title in 2018. "I think I'm glad with how I played, with taking that break that I had," she said. "I've taken long breaks before and I've managed to do well. "I'm not saying that I did bad right now, but I do know that my expectations were a lot higher. "I feel like my attitude wasn't that great because I don't really know how to cope with that pressure so that's the best that I could have done in this situation." Following impressive wins in the first two rounds, Osaka looked to be shaping up nicely for a gold-medal bid but produced 32 unforced errors in a rusty performance against former French Open finalist Vondrousova. The 22-year-old Czech hit 18 winners against 10 unforced errors as she converted five of her 11 break points in the match. Osaka's exit follows that of Australian top seed Ashleigh Barty in the first round, leaving the women's singles draw wide open. Vondrousova will play Spain's Paula Badosa in the last eight. Ukrainian fourth seed Elina Svitolina is the highest-ranked player left in the event but she had to fight back to beat Greece's Maria Sakkari 5-7 6-3 6-4. Switzerland's Belinda Bencic beat French Open champion Barbora Krejcikova of the Czech Republic 1-6 6-2 6-3 while Garbine Muguruza beat Alison van Uytvanck 6-4 6-1.

Japan’s Naomi Osaka was knocked out of the women’s singles tennis event...yesterday

Joshua, Fury Fight May Hold Next February

Flora Duffy won Bermuda’s first Olympic gold medal in Tokyo...yesterday

Anthony Joshua's promoter Eddie Hearn has said that February is a "realistic" date for a heavyweight unification bout with Tyson Fury. The all-British fight looked set for August before an arbitration hearingstated Deontay Wilder had a right to a third fight with Fury. That has been scheduled for 9 Octoberwhile Joshua makes a mandatory defence against Oleksandr Usyk on 25 September. Hearn said talks with Fury's camp will take place after those fights. "We always wanted to do it in December," Hearn said in an interview with TalkSport. "But with AJ fighting 25 September and Fury now delayed until October, I think February is more realistic." Fury, 32, is the WBC champion

Golf: Preparations for 2021 Nigeria Cup Gather Momentum As preparation for this year’s edition of the annual Nigeria Cup gathers momentum, there are indications that the competition will be as interesting as ever. Already, an organising committee headed by the Chief Executive Officer of CMCL Golf Tours Limited, Frank Igbene has been put in place. The committee is saddled with the task of raising funds and executing plans for the weeklong competition. The Nigeria Cup is an annual event put in place by

SHOCKED AT HOME...

the golf section of Ikoyi Club 1938 to celebrate the nations Independence anniversary. Since its debut in 1997, the event has held consistently until 2020, when it was suspended because of the Covid-19 pandemic. However, this year’s edition, the organizers say is returning bigger and better. Apart from the activities which see Staff, Caddies and Professional golfers take to the Course, the Nigeria Cup has also been used as a vehicle to impact on its immediate environment through donations to Orphanage

homes and some other charity works. The Theme for this year’s Nigeria Cup is ‘Tapping Back to the Fairway’ and it will hold from September 28 to October 2nd. The event will hold with full observance of Covid-19 protocols. Meanwhile, the 2021 Nigeria Cup pre-qualifying competition has been scheduled to hold on August…28th, at the golf section of Ikoyi Club 1938. This year’s Nigeria Cup is the 24th in the series.

while Joshua, 31, has the WBO, WBA and IBF belts. Both camps said they had agreed to fight in Saudi Arabia on 14 August, to decide the first undisputed world heavyweight

champion since Lennox Lewis in 2000. With crowd restrictions having been lifted, Hearn said the showdown could now be held in the UK or Las Vegas,

but no new talks had been held over the 'super fight'. "I spent six months wasting my time so let's get these fights out of the way and let's see what happens," he added.

Haaland Denies Link with Chelsea

Borussia Dortmund star Erling Haaland has quashed talk of a move to Chelsea this summer, insisting he is happy in Germany with three years remaining on his deal. Haaland has been heavily linked with a move to the European champions this summer after another exquisite season, in which he scored 41 goals in as many games. The Blues' interest in Haaland dates back to as early as March, when UK’s Sportsmail reported they were one of three teams - alongside Real Madrid and Manchester City - interested in signing the forward.

TRANSFER NEWS Haaland, who is currently in the midst of a training camp in Switzerland in preparation for the 2021/22 campaign, has revealed contact with his agent Mino Raiola has been minimal, however. “Before yesterday I haven't spoken with my agent for one month,” Haaland told Sportbildwhen discussing the links to Chelsea. “So you have the answer. I hope it's only rumors because it's a lot of money for a person.” The forward is under contract until 2024 and insisted he remains happy to stay with Dortmund.

Haaland...denies any link to Chelsea

Man Utd Confirm Agreement with Madrid’s Varane

Raphael Varane...Agrees terms with Manchester United

Manchester United have confirmed they have reached an agreement with Real Madrid to sign defender Raphael Varane. It is understood the clubs have agreed an initial fee of £34m, which could rise to £42m, and that Varane, 28, has agreed terms on a four-year contract with the option for another 12 months. United said the transfer

would be completed "subject to a medical and to player terms being finalised". Varane, a World Cup winner with France, has made 360 appearances for Real. "Real Madrid wants to show all its affection to Raphaal Varane and his family and wishes him good luck in this new stage of his professional career," the club said in a statement.

Wednesday, July 28, 2021

COVID-19 Tests & Vaccinations

‘COVID’

UT H

& RE A SO

Price: N250

MISSILE

Book Your TEXT

58123

This service is provided in association with accredited service providers

Afe Babalola to FG

“It is my considered view that a new constitution must be in place before the next election, otherwise we will be recycling the same failed leaders that have brought Nigeria to where it is today” –Afe Babalola, warning against recycling inept leaders in 2023, to ensure meaningful progress

KAYODEKOMOLAFE Buhari’s Nation-Building Duty THE HORIZON

kayode.komolafe@thisdaylive.com

Omo eni ki buru ki a f’ekun je. (No wise parent offers his naughty child as a prey to a tiger.) – A Yoruba Epigram

utside the courtroom in Abuja two days ago, Dr. Chukwuemeka Ezeife, declared unequivocally before a television camera that “Nnamdi Kanu is my son.” He added for effect: “Yes, the man who was kidnapped in Kenya is my son.” Mazi Kanu, the leader of the Indigenous People of Biafra (IPOB), is being charged with treason and there are strong indications that terrorism, illegal possession of arms and other crimes might be added as charges whenever the prosecutor is prepared enough to produce him in court. Yet Ezeife, who wears his signature beard shorter these days, was in court to openly express solidarity with Kanu. Ezeife led the team put together by the Ohaneze Ndigbo to watch the legal proceedings. Ezeife is a former federal permanent secretary and former governor of Anambra state among many things in life. So he is a notable member of the political establishment. He should know what he was talking about by saying that Kanu “is my son.” And Ezeife is not a political personality you could accuse of making flippant statements. He is an elder stateman. There is a historical basis for his action. Apart from the Ohaneze official observers, there was a huge crowd at the court premises on that day because of the man on trial. The tension in the air was palpable. At the end of the day the state could not produce Kanu in court for some “technical reasons.” The Ohaneze Ndigbo has not endorsed the separatist agenda of Kanu’s IPOB and its many supporters. Like similar organisations in the country, Ohaneze has consistently pushed its position for restructuring Nigeria to achieve “true federalism.” Last week, Afenifere leader Chief Ayo Adebanjo defended on ARISE TV the campaign for selfdetermination championed by the Yoruba separatist, Chief Sunday Adeyemo (better known as Sunday Igboho). He drew a parallel between Igboho’s mission in Nigeria and the demand of Scottish nationalists in the United Kingdom who seek the independence of Scotland. Adebanjo trenchantly condemned the raid on Igboho’s home by security agencies. Two persons were killed during the raid. Meanwhile, Igboho who is undergoing a trial in the Benin Republic, has been accused by the State Security Service (SSS) of crimes including stockpiling arms, inciting violence and disturbing public peace. He was arrested on his way to Germany at the Cotonou airport. The Nigerian state wants Igboho back home just like Kanu was “intercepted” in Kenya and flown to Nigeria. Like Ezeife, Adebanjo, a nonagenarian and a lawyer, should also know what he is talking about in the matter of Igboho. Adebanjo is a veteran of the political establishment of the Awolowo tradition. For over 70 years he has consistently and courageously fought for the principles of a workable federalism in Nigeria. You don’t have to agree with Adebanjo to respect his unwavering commitment to his political beliefs. Like Ohaneze Ndigbo, Afenifere has not called for secession. Its position is that the country be restructured for “true federalism” for the interest of the Yoruba to be adequately protected. Beside the loud voice of Afenifere, the Ooni of Ife, Oba Adeyeye Enitan Ogunwunsi, and the

Buhari Olubadan of Ibadan, Oba Saliu Adetunji, have also sent delegations to Cotonou in solidarity with Igboho, who has been charged with some crimes by that country. Perhaps, as an aside, it is worth remarking that the matters of Kanu and Igboho demonstrate the sharp contrast between the justice process in Nigeria and that of the Republic of Benin. The SSS is yet to produce Kanu in court in continuation of his truncated trial even after holding Kanu for over a month. Now the case has been adjourned till October. Since Igboho was arrested a week ago in Cotonou, he has been appearing in court almost every day and his case has proceeded steadily. This is the difference between a system that works for the rights of the individual and the one that cavalierly discounts the essence of human freedom in the course of dispensing justice. It doesn’t matter to the Nigerian justice system that human beings are deprived of their freedom while their cases are adjourned endlessly. To be sure, the legalism of the Kanu and Igboho matters is not the purpose of this column today. It’s left for the prosecutors and defence lawyers

“The President has an important duty of nation-building using the time-honoured instruments of geopolitical equity, social justice and economic inclusion”

0805 500 1974

to argue the cases in court. The point at issue, however, is that the solution to the problem of nation-building can hardly be found in the technicalities of the courtroom. The emergence of Kanu, Igboho and similar elements in parts of the country only constitutes a symptom of this problem. So, in prosecuting Kanu and Igboho (if and when he is brought back to Nigeria), the state and its agents should be conscious of the irrefutable fact that they are not dealing with straightforward criminal cases. It is noteworthy that the media does not portray Kanu and Igboho as mere criminal suspects. Their image is that of liberation fighters and champions of their respective ethnic groups. Their matters are laden with political overtones. Come to think of it, there are some suspects of Igbo and Yoruba origins undergoing criminal trials in various courts in the land. Ezeife and Adebanjo do not defend these other kinsmen of theirs politically as they are doing for Kanu and Igboho respectively at present. This is because there is no politics in those matters. It’s important for the administration to watch the trend with due sensitivity and without the binoculars of arrogance of powers. In recent time, some critical voices are being raised from quarters that have not always been opposed to Buhari. This point is often lost in the often impulsive reactions from Abuja to some of the legitimate criticisms. The bad politics of the administration is provoking these voices. President Muhammadu Buhari already has economic advisers. Given the grave situation of the polity, the President may also need a team of honest political advisers. To paraphrase American President Joe Biden, the team of advisers being suggested here should look like Nigeria. Maybe, one explanation for Buhari’s gross mismanagement of the nation’s diversity is that those who influence his political steps do not reflect the nation’s diversity and political complexity. Buhari should be advised that his political responsibility goes beyond the periodic briefings given to him by some governors who have virtually abandoned their states while going round the country receiving unprincipled politicians defecting to their troubled party. It is important that those who advise Buhari should watch the political barometer carefully. Large sections of the elite are increasingly getting alienated by what is happening in the polity. The members of the elite themselves are increasingly influenced by what is happening on the streets. As emerging populists, the Kanus and the Igbohos in the land are fast garnering mass appeals. For instance, the streets of some cities in the southeast remained empty on Monday in solidarity with Kanu even when the state failed to bring Kanu to court in Abuja. Doubtless, the populists control the streets. Is not intriguing that apart from the masses even the elite, who are otherwise critical of the populists, are subtly expressing sympathies for the populist causes especially in the light of what is perceived as persecution? In the light of the threats to national unity, the strategists of the Buhari administration should reflect on the coded meaning of the Yoruba epigram summoned above to explain the response of the sections of the elite to the open agenda of separation in the country. There is indeed a lot wisdom in a parent not making his obstinate child a prey to a beast. If a father throws his badly behaved boy to a tiger today, the father himself may fall prey to the animal when next it is hungry. If the Nigerian state could vanquish those pushing for self-determination today, the state could one day descend on militant advocates of restructuring

tomorrow, so the argument appears to go in some respectable quarters. The state is utterly failing to isolating the separatists as marginal elements. The populist causes are beginning to occupy a big space mainstream space. It is battle for the minds of the people. Significantly, while the members of the elite are not defending violent activities, they have studiously focussed on the human rights of citizens to canvass political views and to be entitled to justice when accused of crimes by the state. The greater interest has been on the politics of the situation. In the circumstance, the President has an important duty of nation-building using the time-honoured instruments of geo-political equity, social justice and economic inclusion. That could be the antidote to the separatist ferment. The separatists take advantage of the lacuna created when the leadership fails to cement the forces of integration. It’s the duty of the leadership to convince by words and action those losing faith in the unity of Nigeria to think otherwise. It should be acknowledged that the Buhari administration is building railways, bridges, roads and health facilities. Even the harshest critic of Buhari can hardly deny the fact that the evidence of this abounds in parts of the county. However, at a time during which the fault lines have become more conspicuous than ever, the President should make conscious efforts to unite the nation by taking structural and policy steps. You need the political space of a just, united and peaceful country to fully appreciate the mortal and bricks achievements of the administration. Out of extreme disenchantment with the state of things, some pundits may wonder why anyone should expect Buhari to play the role of a unity president given his record of nepotism and insensitivity to issues of diversity. Yet, the important question of the role of the individual in history comes into the fore in the circumstance. A leader could be a force for unity or division. It is a conscious choice to make in the Nigerian situation. Buhari may not be what Giuseppe Garibaldi was to Italy or Mustafa Kemal Ataturk represented in Turkey. He could, however, still make a difference by self-correcting some of the errors of the administration impairing national unity and obstructing the path of progress and modernity. The strategists of the administration should be suggestible enough to reflect on the nation’s history. Presidents and Heads of state have been largely defined by what they did politically or failed to do in the intangible realm more than anything else. To start with, Buhari’s 20-month tenure as a military head of state is remembered more for the political acts of repression than other policy steps. Take another example. In the General Yakubu Gowon’s nine-year tenure as Head of State, his role during the civil war is more conspicuous in historically than other things that happened. Not a few disappointed citizens would doubt if Buhari could still make a difference given the limited time he has in the face of the deepening political problems. For the incurable optimists, on the contrary, a lot could still be done by Buhari to bolster national unity. All the President needs to do is to give leadership by words and action and be a unity President decidedly for the next 22 months. It is not enough for Buhari to build infrastructure; it is time Buhari took nation-building more seriously as a primary duty.

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja . All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com