MONDAY 2ND AUGUST 2021 by THISDAY Newspapers Ltd

Onyeagwu: Africa is the New Frontier for Global Growth With huge population, large market, active labour force, rich natural endowment, continent holds enormous potential Nume Ekeghe

countries in Africa, for the continent to attain its full potential. Onyeagwu made the call in a keynote address at the Africa Investment Risk & Compliance Summit 2021 organised by the Emerging Business Intelligence &

The Group Managing Director/ Chief Executive of Zenith Bank Plc, Mr. Ebenezer Onyeagwu, has called for increased impact investing in Nigeria and other

Innovation (EBII) Group which held at the University of Oxford, United Kingdom, at the weekend. The Zenith Bank boss delivered his keynote address after the special keynote address by the President of Ghana, Nana Akufo-Addo, who

was the Special Guest of Honour. Dr Amani ABOU-ZEID, The African Union Commissioner in charge of Infrastructure and Energy, also delivered a keynote address at the Summit. In his address with the theme:

"Leveraging Impact Investment Opportunities for Growth in Africa," Onyeagwu described impact investing as an investment that yields optimal returns for investors, value for all stakeholders, and guarantees continued sustenance

and existence of humanity.” He decried the shallowness of Africa's financial market as depicted by the fact that no African exchange is among the Morgan Stanley Continued on page 53

Manufacturers Back CBN’s Ban of FX Sale to BDCs...Page 8 Monday 2 August, 2021 Vol 26. No 9611. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 25°C-33°C

MAIDUGURI 31°C-31°C

UT H

& RE A S O

ENUGU 25°C-28°C

KANO 27°C-33°C

LAGOS 24C-27°C

PORT HARCOURT 20°C-30°C

How Malami, Buni Deﬁed Osinbajo’s Directive to Stop APC Congresses Stakeholders canvass reinstatement of dissolved NWC without Oshiomhole Your ward congresses are a nullity, says PDP APC: Opposition party not an interpreter of law Chuks Okocha and Adedayo Akinwale in Abuja Worried by the narrow escape of his party, the All Progressives Congress (APC), in retaining Ondo State and the broader implications of the pronouncement by the Supreme Court, particularly, as it relates to the position of the National Chairman of APC, Mai Mala Buni, President

Muhammadu Buhari, from faraway London, had directed Vice President Yemi Osinbajo to take charge of the legal concerns and come up with a decision in the overall interest of the party. Osinbajo, too, wasted no time in summoning a meeting of all the lawyers in the cabinet to deliberate Continued on page 53

FBI Indictment: PSC Suspends DCP Abba Kyari Don't use Saraki’s case to cover cop’s summons, groups warn EFCC Kingsley Nwezeh in Abuja Acting on the recommendation by the Inspector-General of Police, Mr. Usman Baba, to suspend the Deputy Commissioner of Police, Abba Kyari, over his indictment by United States Federal Bureau of Investigation (FBI), the Police

Service Commission (PSC), yesterday, approved the IG request and has suspended Kyari. The Inspector-General of Police, Mr. Usman Baba, had Sunday recommended the immediate suspension of Deputy Continued on page 53

BELL OPENING FOR SEPLAT AT LSE… R-L: Chief Executive Oﬃcer, Seplat Energy Plc, Mr. Roger Brown; Board Chairman, Dr. ABC Orjiako; Chief Financial Oﬃcer, Mr. Emeka Onwuka; and Non-Executive Director, Nethalie Delapalme, during the Opening Bell Ceremony by the Board and Management of Seplat Energy at the London Stock Exchange (LSE) … on Thursday.

13 Killed, over 22,000 Displaced in Fulani, Irigwe Bloody Clash in Plateau... Page 52

MONDAY AUGUST 2, 2021 • T H I S D AY

MONDAY, 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

Manufacturers Back CBN’s Ban of FX Sale to BDCs

OPS calls for unified exchange rate Emefiele: Political leaders support our action on currency dealers Naira sustains gains on parallel market Dike Onwuamaeze Members of the Manufacturers Association of Nigeria (MAN) have strongly supported last week’s decision by the Central Bank of Nigeria (CBN) to discontinue with the weekly sale of the United States dollars to Bureau De Change (BDC) operators. This is just as members of the Organised Private Sector (OPS) have advised the Central Bank of Nigeria (CBN) to go beyond its action on the currency dealers and work towards unifying the foreign exchange (FX) windows in the country in order to checkmate round-tripping and other malpractices. Also, the CBN Governor, Mr. Godwin Emefiele has explained that it was not only the apex

bank that was disturbed by the infractions being perpetrated by the BDCs prior to the apex bank’s hammer, saying the political leadership in the country had also expressed concern about the activities of the currency dealers. However, despite concerns that the naira may depreciate heavily against the dollar on the parallel market after the central bank’s action, the nation’s currency maintained its rally on Friday as it closed at N515 to a dollar, stronger than the N520 to a dollar it was the previous day. MAN in a statement titled: “MAN’s Perspective on the CBN New Policy on Forex Allocation to BDCs,” signed by its Director General, Mr. Segun Ajayi-Kadir, stated that the directive of the CBN on the BDCs corroborated with its view and may help

address the maladroit (sic) activities of operators in the BDC market. “However, much of the efficiency and effectiveness of the new guidelines will be determined by how determined the CBN and commercial banks will be to ensure that FX gets to genuine users. “For instance, with the new policy, manufacturers will depend solely on the interbank market for their FX needs. We hope the banks will provide a seamless process and timely execution of foreign exchange applications by manufacturers,” the association added. Ajayi-Kadir also noted that MAN had made various submissions on the need for the CBN to collapse various FX windows into a single official

foreign window. “We believe that a single FX window will eliminate the excesses of middlemen, save the value of the naira and allow for available FX to be allocated productively using the official banking protocols,” he added. MAN further argued that a major challenge with FX allocation to the BDC segment, “is that the operators always lacked the ability and the will to continuously adhere to set guidelines. Most times their operations drift into round tripping and other financial incongruities that negate the overall objective of creating the BDC foreign exchange market. “The end result was always the escalation of the premium of foreign exchange in BDC compared to the official window

and further depreciation of the naira.”

Emeﬁele: Political leaders support our action on currency dealers

Emefiele, in responding to a question on the matter said the political authorities had engaged the central bank on the infractions going on in that segment of the market in the past. “This is an issue even the political authorities had engaged the central bank on and we tried our best to defend the BDCs. Put bluntly, even our leaders who constitute the political authorities have raised concerns about the modus operandi of BDCs in Nigeria. We did our best to defend them, but at this stage,

we cannot continue. “So, if you ask me if we carried the political authorities along, I would say the political authorities themselves had long though that this should stop,” he added. According to the CBN Governor, apart from monetary and price stability, the central bank also has a responsibility to maintain the reserves and exchange rate of the country. “So, it is our primary role ascribed to us by law that we should do what we need to do. They were countries whose central bank was selling forex to BDCs in the past and at some point they dropped the idea. “But we have as a result of request and pressure continued to do this and we have done this to see that we create business for those who operate in this market. And we believed that as long as they continue to do this, not only for their benefit, but for the benefit of the economy,” he added.

OPS Calls for Uniﬁed Exchange Rate

VISIT TO WACOT RICE MILL… L-R: Corporate Aﬀairs Director, TGI Group, Sadiq Kassim; Managing Director, WACOT Rice, Neeraj Kumar; Group Managing Director, TGI Group, Rahul Savara; Executive Governor, Kebbi State, Senator Abubakar Atiku Bagudu; Managing Director/CEO, First Bank of Nigeria Plc, Dr. Adesola Kazeem Adeduntan, and Chairman, WACOT Rice Limited, Farouk Gumel, during the site inspection of WACOT Rice mill in Argungu, Kebbi State …yesterday

Petrol Climbs to 99.4% in NNPC’s Total Product Imports Corporation posts sale of N234.63bn fuel in March FG appeals $1.3bn Eni, Shell corruption case in Italian court

Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) has continued to narrow its total basket of importation of refined petroleum products to just premium motor spirit (petrol), with the importation of kerosene now fully stopped. Also, the quantity of petrol brought into country by the corporation climbed to 99.24 per cent in March this year. The data contained in the just-released March 2021 edition of the NNPC Monthly Financial and Operations Report (MFOR), indicated that a paltry 450,000 litres of diesel was brought into the country during the month, constituting less than 0.76 per cent of total imports. The NNPC stated that its downstream subsidiary, the Petroleum Products Marketing Company (PPMC), recorded N234.63 billion revenue from the sale of white products in the month of March 2021, representing a 24.7 per cent increase compared with the N188.15billion sales recorded in the previous month of February 2021. The report indicated that total revenue generated from the sales

of white products for the period of March 2020, to March 2021, stood at N2.129 trillion, whereby petrol contributed about 99.24 per cent of the total sales with a value of N2.113 trillion. In terms of volume, it noted that the above value translated to 1.75 billion litres of white products sold and distributed by PPMC in the month of March 2021 compared to 1.4billion litres in the month of February 2021. “This volume is made up of 1.782 billion litres of petrol and 0.45 million litres of diesel. Total sale of white products for the period of March 2020 to March 2021 stood at 17.374 billion litres and petrol accounted for 17.265 billion litres or 99.37 per cent. “The NNPC continues to diligently monitor the daily stock of petrol to achieve uninterrupted supply, effective distribution and zero fuel queues across Nigeria,” it stated. In the gas sector, the corporation stated that a total of 222.74 billion cubic feet (bcf) of natural gas was produced in the month of March 2021, translating to an average daily production of 7,183.33 million standard cubic feet per day (mmscfd). “For the period of March 2020 to March 2021, a total of

2,911.62bcf of gas was produced, representing an average daily production of 7,409.60mmscfd during the period. “Production from Joint Ventures (JVs), Production Sharing Contracts (PSCs) and NPDC contributed about 63.23 per cent, 19.78 per cent and 63.99 per cent respectively to the total national gas production," it added. On natural gas off-take, commercialisation and utilisation, NNPC stated that out of the 210.55bcf supplied in March 2021, a total of 138.38bcf was commercialised, consisting of 45.42bcf and 92.96bcf for the domestic and export market respectively. “This translates to a total supply of 1,465.42mmscfd of gas to the domestic market and 2,998.26mmscfd of gas supplied to the export market for the month. “This implies that 63.18 per cent of the average daily gas produced was commercialised while the balance of 36.82 per cent was re-injected, used as upstream fuel gas or flared. “Gas flare rate was 9.50 per cent for the month under review (i.e. 671.13mmscfd) compared to average gas flare rate of 7.25 per cent (i.e. 532.37mmscfd) for the

period of March 2020 to March 2021,” the corporation said. According to the NNPC, a total of 844mmscfd was delivered to gas-fired power plants in the month of March 2021 to generate about 3,530mega watts (mw) compared with February 2021 where 825mmscfd was supplied to generate 3,580mw. The report also disclosed that the corporation recorded 70 vandalised points across its pipeline network in the period under review, representing 29.63 per cent increase from the 54 points recorded in the previous month. It stressed that while the Port Harcourt area accounted for 63 per cent of the vandalised points, the Mosimi area accounted for 21 per cent and the Gombe area accounted for the remaining 16 per cent. Meanwhile, Italian prosecutors and the Nigerian government have appealed the acquittal of Eni and Shell as well as a series of past and present managers, in the Malabu corruption case, according to a Reuters report. In March, a Milan court had acquitted the two companies and defendants in the oil industry's biggest corruption case involving the $1.3 billion acquisition of a Nigerian oilfield a decade ago.

The federal government said at the time it was surprised and disappointed by the verdict and would consider lodging an appeal in the case which revolved around a deal in which Eni and Shell acquired the Oil Prospecting Licence (OPL) 245 offshore oilfield in 2011 to settle a long-standing dispute over ownership. Prosecutors alleged that just under $1.1 billion of that amount was siphoned off to politicians and middlemen, but the court in Milan said there was no case to answer and acquitted the companies and all other defendants. "We have always maintained that the 2011 settlement was legal. We will review the appeal that has been filed," Reuters quoted a Shell spokesperson as saying. Eni stated that it acknowledged the appeal by the prosecutors and Nigerian government. "Waiting to read the reasons for the appeal; Eni confirms its total extraneousness to the contested facts," a spokesperson said. Last month, two prosecutors in the case were placed under official investigation by magistrates for allegedly not filing documents that would have supported Eni's position, with Italy's justice ministry ordering an inquiry into the conduct of the pair.

Also, the OPS were optimistic that the new policy direction by the CBN might be beneficiary to the economy in the long run, saying no central bank in the world sells FX directly to the BDC except in Nigeria. They, however, observed that channeling the supply of foreign exchange through the commercial banks without addressing its supply side might unintentionally trigger a boom in the black market for foreign exchange. Members of the Nigeria Employers’ Consultative Association ((NECA) told THISDAY that banning FX allocation directly to the BDCs and channeling same to the commercial banks without addressing the supply side of the market would not be enough. The Director General of the NECA, Mr. Timothy Olawale, enjoined the CBN to, “develop strategies in addressing the exchange market by reviewing the fixed market regime and allow the market to find its balance, as fixed market regime is disincentive to inflow of foreign exchange and diaspora remittances. “An exchange management posture that features multiple official rates, distorts the market, denies foreign exchange to critical productive sectors and facilitates illegal arbitrage.” Speaking in the same vein, the Director General of the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), Mr. Ayo Olukanni, told THISDAY that the association understood the need for the CBN to take urgent measures to ensure the legitimate use of FX and prevent wholesale and illegal use, but, however, “sees this directive as a latest in the long list of actions by the CBN to ensure absolute control of the Nigerian foreign exchange market, in terms of who buys, who sells and for what purpose. “But, given the bureaucratic nature of the process of obtaining ‘legitimate’ foreign exchange, the implication of this directive is likely to be a blossoming black market for foreign exchange with serious implications on businesses with time-sensitive needs for foreign exchange in terms of import of raw materials.”

MONDAY AUGUST 2, 2021 • T H I S D AY

T H I S D AY • MONDAY, AUGUST 2, 2021

COMMENT

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

FALLOUTS FROM SUSPENSION OF BUREAU DE CHANGE Boniface Chizea writes that the banks must be monitored closely to ensure they comply with the rules

ureau de change (BDC) operators are trending in the news since the Central Bank of Nigeria, following its bimonthly Monetary Policy Committee meeting, dropped the bomb shell that it would no longer sell weekly foreign exchange to BDCs. The CBN served notice in the same breadth that it would discontinue with further issuance of new licences and would abruptly terminate processing of applications already in hand. It has already promised to refund the mandatory deposits of N35 million as well as the processing fees of one million as the case might be. It is good for us to observe upfront that Nigeria is probably the only country in the world that has an arrangement whereby official forex is sold to BDC. In other jurisdictions they are expected to operate autonomously of government by sourcing the forex they sell. The CBN will for now return retail customers to the commercial banks that it has mandated to designate reserved tellers for such transactions to facilitate matters. And assured that it would provide a toll-free line for customers’ complaints, warning the banks to expect heavy sanctions should they be found wanting or in anyway constitute themselves as clogs in the wheel. The CBN explained that the BDCs have departed from the original reason for their establishment which is to deal at the retail end of the market to enable small users circumvent redtape and the inevitable associated delays to become large scale dealers in foreign exchange perpetrating in the process illegal financial flows as well as facilitating graft and money laundering. It also accused foreign companies operating in Nigeria, embassies, development finance institutions as being complicit as they patronized the BDC to obtain funding for their domestic expenses and threatened to report them to appropriate authorities in their respective countries. Not to leave anyone in doubt of how lucrative BDC transactions have become, their numbers grew from 74 in 2014 to over 5,500 today! With the allocation made by CBN to operators standing at a whopping 5.7 billion dollars per annum! Would the CBN be able to withstand the pressure that will most certainly be unleashed on it to reverse itself on this decision? I have my doubts because there is hardly any important player in the Nigerian economy today who does not own and operate a BDC! And the fact is that most of those involved have multiple licences! But no doubt the CBN does not need us to inform it that policy flip-flop does untold damage to the image of the country amongst the international community and as a follow up undermines the attractiveness of the economy for foreign direct investments. It is on record that the sale of official foreign exchange to BDC had been stopped before in 2016 when a soft oil market caused a drought in dollar inflows. There was also a temporary stoppage in March, 2020 as a result of the pandemic to control the large gathering of customers looking for forex to avoid a breach of distancing requirements occasioned by the COVID protocols. But sale was resumed shortly afterwards in August 1, 2020. Therefore, what has

WHAT IS CERTAIN IS THAT DESPITE CBN BEST EFFORTS, ACCESS TO FOREX FOR RETAIL USERS WILL BE IMPEDED. IN SPITE OF THE REQUIREMENTS FOR THE ESTABLISHMENT OF DEDICATED TELLERS, THERE IS NO WAY THE SPEED OF TRANSACTIONS WILL FAVOURABLY COMPARE WITH DEALING WITH BDC OPERATORS

just happened with the ban is familiar territory for the CBN and we must give the bank the benefit of the doubt that it must be up to the task to anticipate and handle the likely fallouts. But what are these likely fallouts? What is certain is that despite CBN best efforts, access to forex for retail users will be impeded. In spite of the requirements for the establishment of dedicated tellers, there is no way the speed of transactions will favourably compare with dealing with BDC operators. It is also certain that there will be an additional costs by way of commission charges which inevitably the banks must impose in order to recoup related overheads. There is bound to be an initial knee-jerk fall in the rate of exchange of the naira. This is no brainer as supply must be negatively affected at the outset. But what has been reported so far is that while the naira has suffered the inevitable fall in rate at the parallel market, it has been reported that Nafex (The Exporter/Importer) window witnessed an appreciation. There might be downsizing amongst the BDC operators as they right size in response to inevitable reduction in the level of activities. In this pandemic environment of lack of productivity and therefore rising unemployment, this is bad news. Nigerians are acknowledged genius in circumventing policy thrusts that impact on them negatively. The CBN must be prepared to monitor closely the banks so that there will be no sabotage. What if the banks discover a loophole that would enable them sell the Fx inflow for customers instead to BDC operators for rent seeking purposes! Would the CBN be able to plug in advance this potential loophole? This to my mind will be an acid test that will determine the ability to achieve desired results. It has been reported that some unpatriotic elements who had access to official forex hitherto simply round tripped to make a killing as they smiled to their banks. The difficulties which abound as administrative measures are initiated explain why some Economists root for the enthronement of market forces. But is there any market in the true sense for Fx in the Nigerian economy with only one dominant supplier? To say the obvious these are rather uncertain and difficult times as we monitor for trends to manifest. The rate of exchange was under N200 to the dollar in 2016 when this administration came on board. Today at the official window it exchanges for close to N420, more than 100% depreciation due largely to lack of productivity in the Nigerian economy. And this development has accounted for a massive spike in prices of goods and services such as has never been witnessed in recent memory. But as we groan and complain, it is incumbent upon us to rise, smell the coffee and be accountable. We must imbibe the patriotic mindset to make whatever little contributions we can make in our little corners to contribute to a solution even if it is only a little orientation in our consumption habits for a preference for made in Nigeria. We must accept that all hands must be on deck for us to achieve the desired result of a stable rate of exchange. Dr. Chizea wrote from Lagos

GRIMACES OVER LOCATION OF AIRCRAFT ENGINEERING LAB Locating the laboratory in Gusau is inappropriate and counter-productive, writes Musa Wada

n keeping with its commitment to promoting scientific and technological development in the country for rapid and inclusive development, the current administration established a couple of Advanced Aircraft Engineering Laboratories (AACELabs) in the country in 2017, including the one located in Gusau, Zamfara State. The decision to establish the aeronautical training centres in the country obviously stems from the realization that development of aircraft engineering retains within it, enormous potential to create considerable economic and financial benefits for the country through its large-scale spill-over effects. Strategically, the operationalization of the aircraft engineering laboratories would create room for the Nigerian Airspace Research and Development Agency (NASRDA) to play increasingly important roles in aeronautical technology progress, the very essence of its establishment as a statutory organ of the Ministry of Science and Technology. Nigeria stands to benefit greatly from further development of its aeronautics technology. The AACELabs are tasked with the responsibility of conducting advanced research and development in aircraft engineering such as civil aviation aircraft (trainer version), thrust generating materials, wind tunnel simulation, navigation guidance and control. They are to specifically provide an avenue for advanced research for the development of turbine engines, airframes and wings, combustion of fuel combination, avionics and control, aircraft communication system, and space vehicles material engineering analysis. All these are with the view to developing the engineering and scientific capabilities necessary to produce space transport vehicles with aircraft engines in accordance with NASRDA’s road map (25 years) and timeframes.

The operational and strategic mandates of the AACELabs, if faithfully driven free from any political trappings or other vested interests, are such as will profoundly affect the cost and the speed of aircraft design processes as well as the efficiency of future aircraft in the country. The vision for the future of aeronautical technology can be realized only through investments in computational and experimental infrastructure and in the development of indigenous competitive aircraft engineering skills and capabilities. For this aspiration to be met effectively, science and engineering efforts require that the sector must be reinvigorated through adequate appropriate investments and careful assessment of investment strategy. This development charts a new course for NASRDA to traverse towards the specific aerodynamics goals needed to achieve competitiveness and set the country on the trail of advances in aircraft engineering development. Indeed, NASRDA attached great importance to technology development needs for higher and more efficient and productive functioning of aviation vehicles and the general technical operations of the nation’s airports as well as the need to upscale its facilities’ capacities through the wind tunnel simulation but overall constraints have limited its ability to establish the kind of aggressive research efforts needed to advance Nigeria’s competitiveness in aeronautics. Two recent developments at NASRDA points to near realization of these dreams - the recent emergence of Dr Halilu Ahmad, a thoroughbred professional given to sustained deliberation and constructive approaches to work and relative issues, and the creation of the AACELabs. But it is still not uhuru. The decision to locate the AACElab in the Northwestern town of Gusau, Zamfara State cast shadows on the achievements because for

reasons of practical utility and overall functionality optimization. Having the lab in Gusau under the present circumstances is inappropriate, inefficient and counter-productive. Whatever the considerations that underpinned the choice of the location, they certainly aren’t sound investment decisions. Why have we chosen to let things fall apart when the centre can still hold? There is a more befitting centre in Zaria! Let me put my reasoning in clearer perspectives. Gusau, to say the least, is somewhat far-fetched. It is one of the cities unfortunately being overrun by banditry, and exposed to the nefarious activities of a marauding band of dacoits and kidnapping gangs. The consequent high tension and the temper tantrums that have enveloped the society in recent times combined with the high incidence of banditry pose security threats to that society and therefore renders it an unsafe location for such a sensitive national project. Added to that is the fact that the AACELab is the first and only aviation facility in Gusau for now. This implies starting everything about it from the scratch which will deprive the project of any backward or forward linkage advantages. Going headlong to locate the AACELab in Gusau only shows indifference to the cost to government for its operationalization. The project being in Gusau will in no efficient way benefit from advances in similar outfits or carry out any valid testing and verification. It is a fact of experience that close proximity to other agency facilities and organizations contribute to cost saving resulting from less travel, more prompt on-site support and ease in technology sharing. Besides, the laboratory is also expected to attract other talents from across the world, especially the ECOWAS sub-region. Therefore, the location of such a facility must be one

that admits itself of an appealing ambiance. Zaria city in Kaduna State offers all these advantages and more, and because of its more central location. It is, to a considerable extent, less exposed to the kind of security threats that has decimated Gusau. I find it quite puzzling that the Minister of Science and Technology, Dr Ogbonnaya who supervised the process agreed to Gusau as a location for the laboratory. However, the minister may, at this point, wish to reflect further and rethink the decision with a high sense of national priorities. Basically, two broad steps should guide the decisions in choosing locations for an agency. The first step is to determine whether a given location is functionally suited to achieve the purposes of the office that is to be located. The second step is to test the location for its ability to meet a range of factors that have been shown to be important in meeting required goals. Zaria by its evolutionary design is the West African sub-regions’ centre of aeronautics. The Nigerian College of Aviation Technology (NCAT), Ahmadu Bello University, Zaria, National Automotive Design and Development Council, Zaria are all found in Zaria and there is the Airforce Institute of Technology, Kaduna which lies a few kilometres away from Zaria. Or do economies of scale not matter now? Perhaps the thinking is to balance government presence in certain localities. If that be so, a compromise can be reached. AACELab has three major departments including the technical, administration and financial departments. It is both naturally and nationalistically fair to at least to move the technical department or together with any of the other two departments to Zaria for the much desired processes optimization. Wada wrote from Abuja

T H I S D AY • MONDAY, AUGUST 2, 2021

EDITORIAL

DEALING WITH THE LAGOS FLOODS The authorities should audit environmental plans to mitigate ﬂooding disasters

he storm water dumped on Lagos by a recent heavy rainfall, accompanied by strong wind, has ebbed in most parts. But it has left desolation among those that were impacted adversely. A four-storey building under construction in Lagos Island collapsed, a boat travelling from Falomo to Badagry in the afternoon capsized and many vehicles that were submerged in the flood now have engine problems. The storm water also caused flooding in most parts of Lagos Island, particularly low-lying areas like Banana Island and Park View Estate, and environs in Ikoyi, Victoria Island, Lekki and Ajah, as well as Apapa, Ikeja, and other areas. The greater challenge is that the problem is not about to abate. Ordinarily, heavy rainfall over a short period of time can cause flash floods, and moderate rainfall over several days can overflow rivers or dams. But Lagos is a low-lying coastal city that should drain itself naturally if the LAGOS IS A LOW-LYING water paths are not COASTAL CITY THAT SHOULD blocked by the several DRAIN ITSELF NATURALLY IF buildings that line the THE WATER PATHS ARE NOT banks of the Lagoon, BLOCKED BY THE SEVERAL canals, and drains. That principally BUILDINGS THAT LINE THE accounts for why BANKS OF THE LAGOON, storm water floods CANALS, AND DRAINS the streets, homes, and other unlikely places. This is also a national challenge since flood risk is not properly considered in land-use planning, nor is it properly understood by people living in areas subject to low-probability, high-impact flooding events. Annually, just before the rain sets in, the Lagos State government sends out its work gangs to clean up the city’s tertiary drains and canals and compel residents to clear out their primary drains. These water channels are usually clogged with solid waste dumped by some residents that are ignorant of the consequences. Interestingly, the state government knew the rain would come very hard this year. While

Letters to the Editor

presenting the Year 2021 Seasonal Climate Predictions in April, the Commissioner for the Environment and Water Resources, Tunji Bello, said there would likely be “days with extremely high rainfall, which may result in ﬂooding.” The government discussed with the Ogun-Osun River Basin Authority which has ensured control and monitoring of the steady and systemic release of water from Oyan Dam to prevent ﬂooding downstream. It advised residents in communities in coastal and low-lying wetland areas of the state, to move upland when the need arises to avert needless loss of lives and property, promising to alert them at the appropriate time. But all these have been of little effects.

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

lot of money has gone into Lagos’ drains. In 1984, the federal government took a $72 million loan from the World Bank on behalf of the state government to extend the primary storm drainage network of the metropolitan area to ameliorate wasteful and costly problems of flooding. The loan was repayable in 20 years. There was also an effort known as ‘Drainage Master Plan for Lagos State and Pilot Area Integrated Infrastructure System’, prepared by a company, Dar Al-Handasah Consultants/CIVTRA Consultants, an international consortium of professional service firms. It operates in Africa out of Cairo, Egypt, among others. The company identified the storm water drainage problems in Lagos and developed surface water drainage systems in line with sustainable development and green storm water systems. They also proposed effective and economic mitigation and prevention measures. They then prepared a storm water drainage master plan and an environmental policy framework. The company said they went beyond their plans and provided hands-on support to fix part of Lagos State’s drainage system, providing the state with a life that is far less disrupted by floods. What the recent floods have shown is that the plan was not full proof. We therefore urge the Lagos authorities to audit their environmental plans to mitigate flooding disasters that make the state not very habitable, especially during rainy seasons.

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.

ROYALTY CURRENCY IN PETROLEUM INDUSTRY BILL

fter almost 20 years of vacillation, the National Assembly finally brought the Petroleum Industry Bill (PIB) close to a close with the passing of the bill by the two chambers of the legislative arm and subsequent harmonization. This is perhaps the biggest contemporary issue in Nigerian energy space this year and a key one for even the global oil and gas industry. The progress deserves some commendation. However, there are certain provisions in the bill that are not in synchronisation with government’s general policy direction for the energy industry. One of such areas of policy mismatch is gas development. Successive governments in Nigeria have been coming up with different policies that seek to enhance gas development and utilization in Nigeria. From the Nigerian Gas Masterplan of 2008 to the National Gas Policy of 2017, Nigerian government has experimented with different initiatives to aid gas development in Nigeria. Declaring the years 2021 to 2030 the Decade of Gas by President Muhammadu Buhari earlier this year shows the current government is showing some commitment to gas sector in Nigeria. This was also in addition to the launch, in December 2020, of the National Gas Expansion Programme and the National Autogas Roll-out Initiative. I hope the efforts go beyond slogan as the importance of gas to the development of Nigerian

economy cannot be emphasised. From being a key source of electricity generation to being a cheaper source of energy for large industries, gas plays an important role in the domestic economy. The PIB has done well to propose a lower royalty rate for gas production in Nigeria compared to the existing legislation. However, it fails to address a major issue that suppliers of upstream gas to Nigeria’s domestic markets face – foreign exchange issue. I attended a webinar of key operators and investors in the gas sector sometime in 2020 and all the presenters listed foreign exchange crisis as a major challenge in the sector. Suppliers of gas to the domestic market receive payments in naira. It is therefore expected that statutory payments to government arising from gas production or gas sales to the domestic market should be payable to government in naira. Nigeria upstream gas producers who sell gas to the domestic market are grappling with inability to source dollars and the PIB would be a good tool to ameliorate the challenge by permitting payment of their royalties and taxes in naira, rather than in dollar. This provision was made for supply of crude oil to the domestic market for local refining in the PIB as contained in paragraph 9(3) of the 7th schedule to the PIB ( page 428 of the House of Representatives’ version), which reads thus: “Royalties shall be paid in United States dollars, however, for production delivered for local refining, royalties may be wholly or partly paid in naira at Central Bank of Nigeria applicable exchange rate

for the valuation of crude oil delivered.” It is a good provision, but gas delivered to domestic market is missing here. Gas probably needs this more than oil. Royalty (and indeed other statutory payments) on supply of gas to the domestic market should be made in naira. This will go a long way in solving a major issue gas producers face in Nigeria. The provision could be extended to all statutory payments in the entire gas sector, beyond upstream, such that operators in the midstream and downstream sub-sectors of the Nigerian gas industry are allowed to pay their company income tax and education tax in naira irrespective of the currency of their accounting. After all, they earn their revenues in naira. With over 206 trillion cubic feet in proven gas reserves, Nigeria is generally regarded as a gas province with little oil. It is therefore very important that government policies and legislation are coordinated to support the economic exploitation of this resource and make Nigeria realize the potential in its gas sector. Removing bottlenecks like this foreign exchange challenge will go a long way in enhancing the performance of operators in this critical sector that the government has identified as key to its plan for this decade. It is never too late to correct this oversight in the PIB. Perhaps before the harmonization is completed. Perhaps before the president signs. Suraj Oyewale, Lagos

MONDAY AUGUST 2, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY AUGUST 2, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

Email: nseobong.okonekong@thisdaylive.com 08114495324 SMS ONLY

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

For APC, It’s Descent to Another Season of Crisis The recent Supreme Court judgement which upheld the electoral victory of Ondo State Governor, Rotimi Akeredolu has created another crisis in the ruling All Progressives Congress, writes Adedayo Akinwale

Buhari

he Supreme Court ruling on the Ondo State governorship election last week upheld the victory of Governor Oluwarotimi Akeredolu, it, however, brought to the fore questions about the legality and status of the Caretaker/ Extraordinary Convention Planning Committee (CECPC) led by the Governor of Yobe state, Mai Mala Buni. While the governing party may have won a pyrrhic victory at the apex court, the party has been thrown into turmoil and also exposed to a bleak political future. In its split judgment of four against three by the seven member-panel, which sat on the Ondo governorship election petition, the Supreme Court had contended that the reason it did not sack Akeredolu was because the Peoples Democratic Party (PDP) and its governorship candidate in the October 10, 2020 election, Eyitayo Jegede, (SAN) failed to join Buni even when the issues revolved around him. Although, Justice Mary Odili, in a dissenting minority verdict, upheld Jegede’s appeal that the nomination of Akeredolu, which was signed by Buni was not valid under Section 183 of the 1999 Constitution. Since the judgement was delivered, there have been divergent views on the interpretation of the judgement given by the apex court as regards the legality of Buni’s chairmanship. Nevertheless, if legal experts’ analysis of the judgment were anything to ponder, then, the fate that befell the APC in Zamfara State after the 2019 elections would be a child’s play by the time the consequences of the party’s current choices begins to manifest before and after the 2023 polls. This development has divided the stakeholders in the APC over Buni’s continued stay, both as National Chairman of the party and governor of Yobe State. Section 183 of the 1999 constitution unequivocally forbids a sitting governor from combining his office with any other job, that demands performing in executive capacity, same as Article 17 (iv) of the APC constitution. Interestingly, this aspect of the judgement, though simplified by the Supreme Court justices, has since ruffled feathers in the APC as it has the capacity to also affect the party in the forthcoming November 6 governorship election in Anambra State as well as the ward congresses of the party which commenced on Saturday nationwide. Stakeholders in the APC are currently divided over the matter with the party congresses scheduled for July 31 which have since started. While majority of party members were convinced the situation portended a serious crisis for the party, a few others were of the view that the party was on the right path. Many are at a loss to understand the APC’s refusal to learn from bitter lessons of the past. As was the case in Zamfara, the fate of Sena-

Buni

Oshiomhole

tor Andy Uba, the candidate of the APC hangs in the balance as the party might be unable to field any candidate for the election. In spite of APC’s seeming attempt to brush off the grave implications of the judgment by calling on members not to entertain any fear and insisting that Buni’s position isn’t injurious to the congresses and the governorship election in Anambra, some personalities on the top echelon of the APC are worried about the potential minefield it has unwittingly cultivated ahead for itself. Thus, many stalwarts of the party couldn’t believe how close they came to losing Ondo to the PDP and that the only saving grace was that the appellant – either by providence or commission – failed to include Buni as a party in the suit. Also, worth mentioning is the fact that the APC in Zamfara State has taken the party to court asking it to declare as illegal, the fact that Buni has continued to combine the two of offices of governor and National Chairman being executive positions, adding that it contravened both the constitution of APC and the country, the 1999 constitution as amended. For the record, Article 17 (iv) of the APC constitution states that ‘no official of the party shall at same time hold any executive position in any government institution’. Therefore, the argument that being party chairman is not an executive

position may not apply here, going by the provision of the APC constitution. In other words, even if supporters of Buni are bent on interpreting Nigeria’s constitution upside down, they cannot do the same to the party’s constitution, which states that no official of the party shall hold any position in government. Party Chieftains Reactions to the Judgement The Minister of State, Labour and Employment, Festus Keyamo (SAN) in a leaked memo said while the ruling party won the legal battle, the Supreme Court has just weaponised all those that would be aggrieved by the APC congresses to proceed to court to challenge the competence of the Buni-led committee to organise the congresses and National Convention. He warned that the judiciary will subsequently destroy the entire structure of the party from bottom to top. He said; “We are lucky the Supreme Court has just given us a great and useful hint to save our party just before the beginning of our congresses. We cannot gamble with this delicate issue. The time to act is now. The planned congresses across the country slated for this weekend (July 31) must immediately be suspended because it will be an exercise in futility as analysed above. The competence of Gov. Mai Mala Buni to organise the congresses has been

When the issue came up to the Supreme Court, their Lordships in their wisdom, three of them, gave a different interpretation to the position of Section 183 and the Electoral Act and four of them upheld the position of the tribunal and the Court of Appeal that holding a party position by Gov. Buni and the secretary does not contravene the provision of Section 183 and that is still the law. A minority judgment remains nothing but a minority judgment. It is of no value. So, where do people get their interpretations from? Itold Gov. Buni and the National Secretary not to be intimidated. The congresses of the party will go on as scheduled on by God’s grace. Everything that has been put in place by the party will come to fruition because you can imagine the kind of confusion that the country would have been thrown into if the judgment of had gone the other way

Akeredolu

called to question by the Supreme Court.” As a way forward, Keyamo said the NEC of the party should urgently meet and consider and reconstitute the Caretaker committee to exclude, not only Buni, but anyone holding any executive position in any government establishment as stipulated in Article 17 of the APC Constitution. To summon NEC which is technically not in place at the moment, Keyamo noted that under Article 25 of the APC Constitution, it is the National Chairman or two-thirds of members of NEC that can summon a NEC meeting, adding, “since we cannot vouch for the legality of any NEC meeting summoned by Mai Mala now, the safest is to get two-thirds of NEC members to sign an invitation to summon a NEC meeting where the CECPC would be reconstituted and our party would be safe.” Alternatively, the Minister said the Board of Trustees of the party, which includes Mr. President, can be activated to organise a National Convention in line with Article 13 of the APC Constitution where it is given such powers. Those powers can be delegated at the meeting to a Committee in line with the APC Constitution which will run the party and plan the convention. “Above are my humble and respectful suggestions to save our party from imminent danger in the light of the Supreme Court judgment. To ignore this and do otherwise would be tantamount to playing with fire and the opposition would simply wait till our presidential primaries in 2023 to disqualify our candidate and destroy the party,” he stressed. In his submission, Mr. Kayode Ajulo, a popular Abuja-based lawyer and former National Secretary of the Labour Party said Buni has to vacate his seat as the National Chairman of APC with immediate effect. He said it is incontrovertible that the continuous stay of the Governor as Chief Executive Officer of the APC runs contrary to provision of the Constitution and as such may be an albatross on the party, as all he had done before would be null and void, including nomination of candidates within the period of his so called leadership of the party. Similarly, two Presidential aides, Sen. Babafemi Ojudu and Sen. Ita Enang said a cursory reading of the minority judgment appears to have removed the carpet of legality from the feet of CECPC, rendering it illegal, null, void and of no legal capacity to undertake any action on behalf of and in the name of the party. They said It has also brought to question the legality of all the actions taken by it since inception. They were of the opinion that in view of the impending ward, local government, states and zonal congresses and indeed the National Convention which the committee was primarily set up for should be suspended and put on hold Continued on page 18

T H I S D AY ˾ MONDAY AUGUST 2, 2021

MONDAY DISCOURSE

Fayemi

pending the determination of the legal status of the Committee to undertake all the activities it so far has, and indeed jurisdiction to conduct the congresses and convention. Omo-Agege’s Contrary View Contrary to the position of other party members, the Deputy President of the Senate, Sen. Ovie Omo-Agege argued that there is no law under that bars or prohibits a Governor who is a member of a political party and won elections under the political party from carrying out specific assignments on-behalf of his party, saying how this will amount to holding an executive office is beyond every stretch of human comprehension. He added: “Is the appointment of a Governor to Chair a Caretaker committee of his political party, same as being an ‘Executive Office’ in respect of which he is to be paid remuneration? Can it be said that a sate governor who is the Chairman of the Governors Forum of Nigeria is occupying an “Executive Office”? Can it also be argued that the President cannot be appointed as the Chairman of Africa Union? “From the explicit provision of Section 183 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), it is absolutely impossible and untenable to argue that the provisions of Section 183 bars a Governor from being a Chairman or member of a Caretaker Committee set up by his or her political party. Moreso, the position of the Chairman of a Caretaker Committee cannot by any sense of imagination, logic or simple common sense be classified as being a salaried Executive Office.” Omo-Agege insisted that the Caretaker Committee was duly constituted by the NEC of the party and given a specific mandate to put necessary measures in place to conduct a seamless elective National Convention. Buni’s Position Not Injurious to Congresses, Anambra Guber - Party Counsel Meanwhile, a member of the legal team of APC, Chief Niyi Akintola has said that the position of Buni as the chairman was not injurious to the party congress and the forthcoming Anambra governorship election. Akintola while addressing a press conference last Thursday in Abuja alongside the Secretary of the party, Sen. John Akpanudoedehe called on all party members not to entertain any fear, adding that there had been misconceptions since the Supreme Court judgement as ‘media lawyers’ went on air, airing views on what they know nothing about. Akintola stated: “There have been a lot of misconceptions. The “media lawyers” who we describe as television lawyers, going on air, airing views on what they know nothing about. Some of them have never been to court before, some of them are just too media-driven for the legal profession. You begin to wonder what manner of lawyers will have time to go to television and radio stations in the morning when his colleagues are out there in the courtrooms and in the libraries.” Akintola pointed out that the ruling was not the first time there would be dissenting judgments in governorship and Presidential election petitions. According to him, Because our memory is very short in this clime, many people have forgotten that in 1979/80, there was a minority or dissenting judgment in the case of Awolowo and Shehu Shagari. A minority judgment remains what it is. A minority judgment. It has no efficacy. It has no value. The only value a minority judgment

Jegede

Keyamo

has is for academic purposes and research. You cannot even cite it as an authority. Our adjectival law and jurisprudence does not allow for any efficacy to be attributed to minority judgment. Akintola further recalled that in 2008, in Muhammadu Buhari against Musa Yar’Adua, which he said he was privileged to be a member of the legal team representing Alhaji Atiku Abubakar against Yar’Adua, he said there was a minority judgment which was delivered by eminent jurists namely, Justice Alina Mukhtar who later became Chief Justice of Nigeria, Justice Oguntade and Justice Onnoghen who also became Chief Justice of Nigeria, saying in their wisdom they gave a minority judgment in favour of Buhari. He wondered why anybody in his or her right senses would be attaching too much importance to something that should be in the realm of academic discourse. He said, “As a matter of fact, the judgment of the tribunal which said holding elective office and party position does not contravene Section 183 of the constitution still stands. This was upheld by the Court of Appeal and a majority decision of the Supreme Court. I do not know why people are attributing so much relevance to the judgment of the minority.” Akintola pointed out that the judgement of the tribunal was affirmed by the Court of Appeal which means that decision says that the holding of party position does not contravene Section 183 still subsists. He stated: “When the issue came up to the Supreme Court, their Lordships in their wisdom, three of them, gave a different interpretation to the position of Section 183 and the Electoral Act and four of them upheld the position of the tribunal and the Court of Appeal that holding a party position by Gov. Buni and the secretary does not contravene the provision of Section 183 and that is still the law. A minority judgment remains nothing but a minority judgment. It is of no value. So, where do people get their interpretations from? “I told Gov. Buni and the National

Secretary not to be intimidated. The congresses of the party will go on as scheduled on by God’s grace. Everything that has been put in place by the party will come to fruition because you can imagine the kind of confusion that the country would have been thrown into if the judgment of had gone the other way.” “Our candidate in Anambra is on terra firma, a firm ground. The decision of the tribunal upholding the right of any party member including those holding elective positions to hold party offices remains sacrosanct and that position was affirmed by the Court of Appeal and also affirmed by the majority judgment of the Supreme Court. In fact, none of the Justices who gave the majority judgment had anything to say on the holding of party positions concurrently with political offices even though the apex court has the right to go into an issue without looking at the merit, unlike the lower courts.” On his part, Akpanudoedehe said the party decided to invite one of the senior counsels who was part of the case from the beginning to brief the media in order to clear the air about the misconception about the judgement. He said, “We have not conducted the Congresses. Maybe a lot of people have seen that they are in a disadvantaged position in their communities and they want to vent their anger by misinforming the public. All what you are hearing is because of the Congresses. I want to assure them that Congresses will be fair, transparent and I want to advise them to go into their wards and be party men. “On behalf of the Caretaker Committee, we stand firmly with the National Chairman and we declare our unalloyed loyalty to him and to the President of the Federal Republic of Nigeria. Our party is strong and will continue to be so. This chairman has been able to lift the party from the woods into the skyline that is recognised all over the world. So, we will not danced to the beat of the PDP. We will not be used to bring down the government of the APC.

Many stalwarts of the party couldn’t believe how close they came to losing Ondo to the PDP and that the only saving grace was that the appellant – either by providence or commission – failed to include Buni as a party in the suit. Also, worth mentioning is the fact that the APC in Zamfara State has taken the party to court asking it to declare as illegal, the fact that Buni has continued to combine the two of oﬃces of governor and National Chairman being executive positions, adding that it contravened both the constitution of APC and the country, the 1999 constitution as amended. For the record, Article 17 (iv) of the APC constitution states that ‘no oﬃcial of the party shall at same time hold any executive position in any government institution’. Therefore, the argument that being party chairman is not an executive position may not apply here, going by the provision of the APC constitution

Ajulo

So, I want to assure the members of this party to be loyal to the party and we will hold the Congresses as scheduled and we are firm about what we are doing.” With a temporary reprieve coming the way of the ruling party following the ruling of the Supreme Court, the APC may be walking on landmine ahead of the 2023 elections if it sticks with Buni as the caretaker chairman.

CHRONICLE OF APC’S DESCENT INTO CRISIS **On November 12, 2019; Mr. Stephen Oshawo, Chairman of Ward 10 in Etsako West local government area in Edo State, where the former National Chairman of the APC and former Governor of Edo State, Mr. Adams Oshiomhole is registered as a member of the party announced his suspension for alleged anti-party activities **On March 4, 2020, a Federal Capital Territory High court affirmed the suspension of Oshiomhole as the National Chairman of the party. **However, on the March 5, 2020, a Federal High Court in Kano gave another judgment which vacated the judgement of the FCT High Court and restored Oshiomhole as the National Chairman of the APC. ***On March 16, 2020; reprieve came the way of Oshiomhole when the Appeal Court sitting in Abuja reinstated him as the National Chairman. *** Also, on June 4, 2020 the executive committee of APC in Ward 10 Etsako West, Edo State lifted his suspension. ****On June 17, 2020, the late former Governor of Oyo state, Abiola Ajimobi took over as the acting National Chairman of the party. ***Also, on the same day, the Deputy National Secretary of the party, Chief Victor Giadom announced that he assumed the office of the National Chairman of the party, following the sack of Oshiomhole by Court of Appeal. ****Another claim to the office of the Natiinal Chairman of the APC was made by the former National Vice Chairman South-south, Hilliard Eta, who declared himself as the acting National Chairman. ***June 25, 2020, An emergency NEC meeting was summoned that led to the sack of the Adams Oshiomhole-led National Working Committee (NWC) following a protracted leadership crisis that almost consumed the party. **The Buni-led CECPC which was mandated to reconcile aggrieved party members and conduct a national convention within six months was inaugurated. Had the committee stuck to the stipulated time rather than the extension it sought at three different times, the ruling party would have been saved from the present mess it finds itself. ***Political analysts say while it was clear from the onset that the caretaker committee was illegal and alien to the party’s constitution, Oshiomhole and other members of the then NWC, as well as other stakeholders of the party were bullied to accept the decision of the National Executive Council (NEC) of the party presided over by President Muhammadu Buhari. None of the members of the disbanded NWC wanted to be seen as going against the directive of the President, including withdrawal of all cases about the leadership of the from the courts ***However, six months after the NWC was sacked, the former National Vice Chairman, South-south, Hilliard Eta summoned the courage to challenge the decision of the NEC in court. Eta approached the Federal High Court in Abuja to challenge the dissolution of the Oshiomhole-led NWC.

T H I S D AY ˾ MONDAY AUGUST 2, 2021

POLITICS

Buni: APC on the Path to Self-destruct Sati Bulama, a concerned All Progressives Congress member from Biu, Borno State writes that in going ahead with its congresses under the leadership of Governor Mai Mala Buni of Yobe as acting National Chairman of the party, the APC stands the risk of losing all as the continuous recognition of the Buni-led committee is tantamount to putting all its eggs in one basket in a delicate race that requires tact and caution

he All Progressives Congress (APC), from all indications, has ignored the timely warning of some of its concerned members not to go ahead with the congresses of the party which started with Saturday’s ward congress. The ward congress is supposed to jump-start series of processes nation wide, that will eventually lead to the national convention of the APC, to put in place a substantive National Working Committee (NWC) for the party. APC has been run at the national level by a caretaker committee chaired by the Governor of Yobe State, Malam Mai Mala Buni, since the sack of the Adams Oshiomhole-led NWC last year. But in going ahead with the congresses under the leadership of Gov. Buni, the APC stands the risk of losing all as the continuous recognition of the Buni-led committee is tantamount to putting all its eggs in one basket in a delicate race that requires tact and caution. This is in the light of Wednesday’s Supreme Court judgment on the election of Ondo State Governor, Oluwarotimi Akeredolu, which called to question, both status of the party’s Caretaker/ Extraordinary Convention Planning Committee (CECPC) and the national caretaker committee of the party led by Buni. The applicant, had in the suit, challenged the competence of Gov. Buni as a sitting Governor to run the affairs of the APC as Chairman of the Caretaker Committee contending that it runs foul of Section 183 of the 1999 Constitution which states that a sitting Governor shall not, during the period when he holds office, hold any other executive office or paid employment in any capacity whatsoever. The Supreme Court while delivering judgment on the case, only failed to grant the prayers of Akeredolu’s challenger because he failed to join Gov. Buni in the suit. Minister of State for Labour and Productivity, Mr. Festus Keyamo in a swift reaction, alerted the party of the implications of the judgement stating that it means that any other person affected by the actions of the Buni-led Committee will, given the position of the court, henceforth not fail to join him in any subsequent case in court. “These includes any subsequent election matter in any part of this country and all the APC congresses that are about to hold,” he said adding that the judiciary could subsequently destroy the entire structure of the party from bottom to top.” Even before the Supreme Court judgment, Senator Kabir Garba Marafa had earlier in the year, warned the APC on its decision to continue to allow Gov. Buni to chair the party. He said, “when you look at the APC constitution, section 17 sub 4 forbids Mala from being the chairman of the party. I have alerted Mr. President long time ago that we should be wary of banana peel because if this thing is pushed to the limit, when you push a man to the wall he is going to fight back so we are going to ask this fundamental question when the need arises to do so.” It appears the need has arisen as other stakeholders have equally raised an alarm since the judgement. Not a few have in the light of the issues raised, called for the suspension of the ward and other congresses pending the determination of the legal status of the CECPC to administer the

party. Keyamo for instance suggested that for the party to move forward and avoid the grave danger, the NEC of the party can urgently meet and consider and reconstitute the CECPC to exclude, not only Gov. Buni, but anyone holding any executive position in any government establishment as stipulated in Article 17 of the APC Constitution. He said alternatively, the Board of Trustees of the Party, which includes Mr. President, can be activated to organise a national convention in line with Article 13 of the APC Constitution, where it is given such powers. But the other party members disagree CECPC Secretary of the APC, Senator Akpanudoedehe, for instance faults this point saying the Supreme Court’s judgment had no bearing on the CECPC’s status and its membership. One of APC’s lead counsel, Chief Adeniyi Akintola (SAN),

also described as erroneous the impression that the Buni committee lacks the powers to conduct the party’s congresses. Akintola, who led the legal team of Governor Akeredolu, said the positions of the CECPC chairman and secretary are sacrosanct stressing that a minority judgment has no efficacy. Deputy President of the Senate, Omo-Agege said the Caretaker Committee was duly constituted by APC NEC and given a specific mandate to put necessary measures in place to conduct a seamless elective national convention of the party stressing that Section 183 of the Constitution only bars a governor from holding executive positions like being a minister or any other executive positions for which he shall be paid for. But the Supreme Court judgment is already causing ripples within the party. Already, a chieftain of the APC from Abia State, Kalu Agu, has approached a High Court

The Supreme Court judgment is already causing ripples within the party. Already, a chieftain of the APC from Abia State, Kalu Agu, has approached a High Court of the Federal Capital Territory (FCT) for an order of perpetual injunction restraining the APC from going ahead with its ward congresses as well as subsequent local governments, states, zonal congresses and the party’s National Convention. Agu is also asking the court to declare as null and void any of the APC’s congresses and convention held under the current acting National Chairman of the APC’s Caretaker Committee, Mai Mala Buni

of the Federal Capital Territory (FCT) for an order of perpetual injunction restraining the APC from going ahead with its ward congresses as well as subsequent local governments, states, zonal congresses and the party’s National Convention. Agu is also asking the court to declare as null and void any of the APC’s congresses and convention held under the current acting National Chairman of the APC’s Caretaker Committee, Mai Mala Buni. This he said is because Buni was never elected at any congress to run the affairs of the APC and that the party’s constitution does not allow any person who holds an executive position to occupy any position in any of its organs. Agu, who disclosed that he intends to contest for the position of National Legal Adviser of the APC during the party’s next convention, said his interest would “be affected by a conduct of a congress superintended by Buni who is a sitting Governor of Yobe State and also discharging the functions of the elected National Chairman and the National Working Committee of the first defendant.” As no date has been fixed for hearing on the matter, the greater challenge for the APC lies in the possibility of losing all it laboured for in future through a court judgment. It will amount to a huge waste of resources to conduct congresses and primary to field in general elections, only to lose such if on these grounds the court does not recognise the candidates of the APC as it happened in the 2019 general elections in Zamfara State. The foundation clearly appears shaky and the risk too big for APC to continue in the manner it is doing just to protect the interest of a few. APC stands to put its house in order and save itself from embarrassment if it adheres to wise counsel and halt the congresses. As Keyamo has said the time to act is now.

MONDAY AUGUST 2, 2021 • T H I S D AY

T H I S D AY ˾ Ͱ˜ ͰͮͰͯ

FEATURES

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

Who Raped Keren, Leading to her Death? The case of 14-year old Keren-Happuch Aondodoo Akpagher, a student of Premier Academy, Lugbe, Abuja, who was allegedly raped in her school - a situation that eventually led to her death, is one too many of cases whereby the girl-child has been sexually assaulted in recent times. Her case has continued to spark debates, just as investigation to unravel the culprit continues, writes Emameh Gabriel

ndoubtedly, the growing security threats from Nigeria’s South-east region gives cause for concern. But it was not always so. Until recently, the South-east region was arguably the most peaceful part of the country, but now, it has evolved into a hotbed of violence targeting state security institutions by armed men popularly referred to as unknown gunmen. Her 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. The death of a child is a profound feeling of disquiet and painful experience for any parent. But for a parent to lose her only daughter, one that she was so attached to, could be more devastating to endure, such that may leave her in endless grief. The story leading to the death of 14 year old Karen-Happuch Aondodoo Akpagher of Premier Academy is one that left everyone heartbroken when her mother, Mrs Vivien Akpagher, recently at the NUJ secretariat in Abuja narrated how her daughter was sexually assaulted and later died of complications as a result of a condom left in her private part. It was the first time Mrs Akoegher came out in public since the death of her child to share the heartbreaking story of how Keren became one of the lastest victims of sexual abuse and how she slipped into depression when she came back home and eventually died few days later in the hospital. Akpagher who had declined speaking with the media since the death of her daughter told newsmen in Abuja that there is “deliberate distortion of facts and publicity stunt by Premiere Academy, Lugbe in order to preserve their business interest without regards to the life of my daughter which they have cut short". She said the years of promise she had looked forward to with her daughter has been cut off by the school as she sobbed: "I named my daughter Keren-Happuch, which means God has filled my cup, but Premiere Academy, Lugbe took the cup emptied the water and broke the cup. The cup I gave to Premiere Academy full, they returned to me empty and broken. This is too much to take. My heart is in turmoil". As a mother, she said she did everything within her power to save her daughter but it was too late because those (Premier Academy) she entrusted with the responsibility to look after her daughter did nothing to help her, rather they shielded a suspected pedophile and later embarked on a media stunt to safe their face. “You would have noticed that since my daughter died, instead of the management of Premiere Academy, Lugbe, to allow my family to grieve and mourn her, Premiere Academy, Lugbe, Abuja has been preoccupied with wanting to look good to the public rather than work to bring out the rapist. “Premiere Academy, Lugbe, Abuja has put the business interest of the school above the life of my 14 year old girl. They have even tried to tarnish her image with ugly stories." According to her explanation, management of the school had knowledge of her daughter's condition (that she was raped

Late Keren in the school) and despite effort by Keren who had earlier made a distress call appealing to her to come and take her home, the school authority told her that there was no cause to worry that she was fine. But this was not so as it was an attempt to buy them time to manage the situation and sweep it under the carpet. But a concerned staff from the school had informed her of her daughter's condition and had insisted that she come take her home. She said: "On the 22nd day of June 2021, my 14 year old daughter, Keren-Happuch Aondodoo Akpagher died. Keren-Happuch whom I fondly call Didoo, was a boarding student of Premiere Academy, Lugbe, Abuja. “On the 18th June 2021, my daughter had informed me that she had an eye infection and asked me to come and pick her by 5pm same day. But her teacher, whose phone was used, advised that I come pick her on Saturday, 18th of June 2021, being a call day to avoid landing her (teacher) in trouble since her phone was used. “On the 19th day of June, being an official call-weekend, Keren-Happuch called me, begging that I come to pick her as she was ill with an eye infection. I called the school matron to secure an exeat on the 19th day of June for Keren, but was told Keren

would be placed in isolation for seven days on her return from home. The matron suggested an alternative of the school driving her to the clinic and taking her back to avoid isolation. “After her treatment, Keren was distraught when she learnt that she was going back to school and begged to go home with me. I promised her I will secure an exeat from the school and pick her. I called the principal, who agreed to give her one. “Following that assurance from the principal, I got to Premiere Academy, Lugbe on the same day at about 1pm to pick my daughter, but wasn’t granted permission to pick her. The matron assured me that they were taking good care of her and that she was fine. “Following assurances by the matron, I left without my daughter. However, while heading back home on the said 19th day of June, I received a call from a concerned staff of the school, telling me that my daughter was badly sick and seriously distressed in school on Wednesday, the 16th day of June 2021 with inability to walk without assistance of some of her friends, who helped her to class to write a continuous assessment test in tears. “The caller told me to disregard claims made by the matron that my daughter was not sick, insisting that

For what I have dreaded has come upon me, And what I have feared has befallen me. "I have had no peace, no quiet, no rest, but trouble keeps coming"quotes from Job 3 vs 25, 26

she was in dire straits and needed to be taken away from school immediately. “The caller advised me to come to the gate and make a lot of noise to constitute a nuisance otherwise I would not be allowed to take my daughter away. “Alarmed at this information, I returned to school around 2.30pm or thereabout, constituting a nuisance at the gate for the next three hours or thereabout as well as calling the phone numbers of the school’s principal and matron before I was finally allowed to take my daughter away for medicare. “Three days after I took away my daughter, she died in a hospital in Abuja on the 22nd day of June 2021. But, before Keren's death, the hospital discovered that she had been raped, condom left in her vagina, which had caused an infection that resulted to sepsis and trauma that led to her demise.” Raped and broken, till her life was abruptly cut short in one of the most brutal and unimaginable manner, Keren Happuch was adjudged to be godly, intelligent and a reserved girl. Even management of her school attested to it. Before her death, Keren had marked a portion in her Bible- a self-explanatory of the trauma and depression she might then be passing through in silence. It reads: "For what I have dreaded has come upon me, And what I have feared has befallen me. "I have had no peace, no quiet, no rest, but trouble keeps coming"- quotes from Job 3 vs 25, 26: Her dream of becoming a nurse to use her kindness and good nature to nurse people and bring them back to good health ended up in the hands of a rapist who snatched that dream away from her. "The Keren I know, was a very good girl. Academically she was sound. She was always on her own. She has never appeared before any disciplinary committee for any

T H I S D AY ˾ Ͱ˜ ͰͮͰͯ

FEATURES reason. She was very reserved", a school official and Enrollment and Marketing Officer, Mrs Lilian Agbodike, who spoke at the instance of the head of the school told THISDAY. Allegations against Premier School The mystery behind her death has continued to spark heated debates, rife with conflicting theories, attempted manipulation and false inventory of evidence by concerned parties, a situation that has been described as clearly a display of vested interests- interests that are disservice to the course of Justice. Coalition of Gender Based Violence Responders, a body currently investigating the incident, has accused the school management and the police of an attempt to stampede justice. The group told THISDAY in an interview that certain people have been making attempt to keep information very quiet, just as they suspect that the delay in releasing information and making available the autopsy result at the right time could as well defeat the purpose of investigation into Karen's death. That the police has refused to release medical reports to the family of the deceased almost a month after her death, is enough proof to corroborate their claims that certain persons are bent at destroying available evidence that will lead to the root of the crime. Nonetheless, the Centre for Gender Based Violence Responders has vowed to pursue the case to the latter, saying Keren's death would not be one that would just be added to existing statistics of child rape, and so it is doing everything within its power to ensure that the culprit are brought to book. The group has also said it was well equiped with damning evidence that will expose some of the dark activities going in Premier Academy. Leader of the group, Mr Lemmy Ughegbe told THISDAY that the group has already petitioned Human Rights Commission to launch a full scale investigation into Premier Academy, Lugbe into the death of Karen and allegation of sundry sexual abuses in the school, where he alleged that, "even teachers are abused too by superior teachers". He said not only is there a oath if silence in the school where students have been coerced not to speak out but also disturbing is the continual shielding of perpetrators by management of the school. Since her death, the investigation has become almost a white whale for armchair detectives and conspiracy theorists. While, CGBVR has insisted that Keren was allegedly raped in the school, and that the school authority are in the know and are investing resources to sweep the case under the carpet to save the school the embarrassment, management of the school has vehemently denied that the crime was committed by any of its staff. They have also denied record of such incident in the school in the past. Investigation to unravel the actual cause of her death has turned into a game of interests by people in authority allegedly attempting to undermine ongoing findings, just as countless attempts to muzzle out human rights group through various means, including threats to life and that of their immediate families have continued to be part of a plot to silent voice of dissent. "The Police itself has been a primary party in trying to muffle up information. Giving advantage to a prime suspect in the rape that led to the death of the 14 year old girl, the group had alleged, said Mr. Lemmy. Findings Keren was said to have fallen sick on 16th July when she drew the attention of the school authority to her condition and requested that she be allowed to go home to her mother but her request was not granted. On the day in question (16th June), it was reported that she was unable to walk to class for her continous assessment test. Her classmate had to support her to class because she couldn't walk on her own. She was said to have written the test that day in tears and in pains. After the mother was able to get her

She said both staff, drivers and cleaners were involved in abusing minors in the school. "It was a whole bunch of pedophiles in the school that were taking care of kids. And the Vice Principal (Now Head Teacher) knew about this. The ED, that short woman knew about this. They all knew about this but everybody just kept it hush hush" "I know of one Mr Alade and one Hausa teacher. Mr Alade was sacked. He asked one girl in my set to come to his office. Obviously you know what and she reported. She said even at that, there was delibrate attempt by fellow staff to sweep this particular case under the carpet and even accused the victim of seduction. "Also the Hausa teacher was also sacked. I would say that Premier Academy is guilty of carelessness and negligence to their students when it comes to having pedophiles around." Also leader of Coalition of Gender Based Violence Respondents told THISDAY that they "know of a cook who was sacked". I am emphasising the P.H.E teacher because before they could put their house in order, and begin to lock up everywhere and hide things, we were able to get this particular photocopy of this letter of sack", he said.

Mrs Vivien A., Keren's mother child, based on the advice of the informant in the school, findings by this newspaper have revealed that it took the school three and half hours to get Keren to the mother after she had screamed continually at the gate for them to release her daughter. An official of the school confirmed the delay when she told THISDAY that the delayed was caused due to official exit protocol in the school. But this was days after they had told her mother that Keren was in good shape and nothing was wrong with her. "Later that day, she requested to go home on weekend. Maybe she wanted to go home from the hospital but she was brought back because there was no exit (permission from the school) to allow her leave. She said it was at this time that Keren called her uncle to tell her mother that she wanted to come home for the weekend and a permission was granted that same day. When THISDAY visited Premier Academy Lugbe to confirm incident, the school denied allegations that it was conniving with the police to stampede ongoing investigation. An official of the school told this newspaper that the only time the school had contact with the police was on the two occasions they were invited by the police. "The second time the school went there was when our male teachers were invited. The issue of statement of conniving with the police, I don't think it is true", she said. But could the police have acted on its own without a complainant before going after protesters demanding for justice for an innocent teen who was raped and eventually died? Observers have said police action has yet again raised suspicious. Was Keren Raped in School and by Who? Even as preliminary findings have shown that late Keren was sexually assaulted given the time frame of the incident and the time she last left

home, authorities of the school have vehemently denied the involvement of their staff. They have also denied record of such incident in the school in the past. But findings by this newspaper have shown that no less than four staff of Premier Academy have been either sacked or suspended indefinitely on grounds of sexual related offences and abuse. A document obtained by THISDAY revealed that the school had on 19th February this year, barely three months before Keren's death, suspended a Physical and Health Education teacher on allegations of sexual related offence. The document which was signed by head of Academy, Mr Chris Akinsowon, had directed the teacher to hand over all the school property in his possession and proceed on indefinite suspension without pay. While this could establish a ground for indictment against the school, an ex-student, Amina Tamina (not real name) had through an audio record obtained by THISDAY revealed that the school has become notorious for sexual abuse and molestation. She alleged that the school still harbours no less than three identified pedophiles. She said she felt guilty for not coming out to report the school when she was still a student. Amina accused the school management of covering up for staff engaged in the act. She has also vowed to help expose the rest of these staff, just as she alleged that the current Head Teacher of the institution is aware of the activities of these staff. "She didn't have to die. I feel guilty. I don't know why. Like I said I am an ex-student. When I was in Premiere, honestly there was problem of pedophiles. I can see that as of today, they still have three known pedophiles in the school. I think one of them is still head of house or so, I can't really remember. "Please if there is anything I can do to help please, I feel for some reasons very guilty for not reporting those staff".

Three days after I took away my daughter, she died in a hospital in Abuja on the 22nd day of June 2021. But, before Keren's death, the hospital discovered that she had been raped, condom left in her vagina, which had caused an infection that resulted to sepsis and trauma that led to her demise

There is the Possibility Karen was Raped in School- Official Whether or not Karen was raped in her school, is still a subject of debate but preliminary examination from medical reports obtained so far has established that she was raped in her school. A school official who spoke with THISDAY and who had earlier denied knowledge of such incidents in school before she was confronted with credible information, was neither here nor there. She said whenever the school suspects any move that goes against official ethics, it acts on it by deploying preventive measures. "I have never heard about molestation. I have been here for a very long time. I have never heard of molestation from a staff, teaching or none teaching staff. But the only thing as a student, I come to you as a teacher after class for further explanation, the school frowns at it because anything can happen. The school is very proactive. So when they see situation that can lead to anything, they try to manage it. " Asked if she was aware of staff being sacked or suspended on allegations of sexual harassment or molestation, she said: "You know anything I read on social media, I don't take it seriously because people give unverified information. Ok now, the autopsy was done on Wednesday and they said the result would be out in two weeks time. We are still waiting for the result but the next morning we saw a result from them, I don't know where they got that one from, so whatever they are saying, I don't take it seriously. As far as I am concerned, they are not reliable. The test was carried out by a neutral person." On whether Keren was raped in the school, she said it was possible it happened in the school but not a staff of the school. "Even if it happened here in the school, it was not Premier Academy, it was somebody. I think if the result is out and it happened here, the culprit would be dealt with", she told THISDAY. Meanwhile findings by this newspaper and preliminary results from the autopsy that was carried corroborated the medical report on how Keren died. Our findings have shown that Keren was in Premiere Academy in Lugbe for at least six weeks before she fell so sick before it was discovered that was raped. There is a common ground that she was raped in Lugbe. There was common ground in the laboratory and medical report that condom was in her which led to her being infected. Keren was at age 9 diagnosed a diabetic type 1. Which means she was vulnerable to candidiasis and toilet infection. "By the calculation, five days after sexual assault of this nature, sepsis would set in. Now the fifth day was when she became terrible sick and she was rushed to the hospital. Sepsis is very fertile within two Continued on page 23

T H I S D AY ˾ Ͱ˜ ͰͮͰͯ

FEATURES

Who Raped Keren, Leading to her Death? days of it settling in and it is deadly. Two days after this happened, she died", her mother had narrated. Verified medical reports have also proven that condom cannot stay in a woman private part for more than 7 days. The condom caused sepsis and available medical reports have also shown that Keren died as a result of these complications between this time frame. Which means, if Keren was in the school for six weeks before the incident, there is no way she may have been raped outside the school. Police Alleged Complicity and Threats to Life Meanwhile Center for Gender Based Violence Respondents has also accused the police of an initial plot to compromise the results of autopsy. The group alleged that the action of the police has betrayed an hidden agenda among some officials of the FCT Command to temper with available evidence. "The Police that on July 3rd, 2021, autopsy was scheduled, by the pathologist in collaboration with the Police. Unfortunately, the pathologist, Dr. Desmond Ike Okonkwo, who is of the Maitama General Hospital, Abuja, who was appointed by the police to carryout the autopsy, requested for a copy of the medical report, the Deputy Commissioner of Police, in the FCT Command, Fom Pam Joseph, said it was not necessary and refused to release it. The group wonders how the police should take the place of the doctor. "He wanted to direct how autopsy should be conducted. He is not a Doctor, he is not a Pathologist, he is just a Police Officer. Because of that, the autopsy scheduled for 3rd of July, 2021, was stalled, it was frustrated, it did not hold. Because the DCP Fom Pam Joseph, refused to do the needful." Leader of the group, Mr Lemmy said this became a cause of worry for the coalition and observed that this was clearly a display of vested interest. "Why would a Deputy Commissioner of Police (DCP) frustrate an autopsy that builds on a medical report?, he asked. "Take note again that the DCP has ensured that the mother of the child that is dead does not have a medical report of her daughter. Those two facts are the reasons the Coalition is alarmed! Is Fom Pam Joseph now the Public Relations Officer of Premier Academy? Image maker? Wanting to protect Premier Academy by disallowing the mother of this child to have a medical report? Whereas the mother of this child paid for all the medical treatment of this child! What is his rationale? He doesn't want her to have it so that she does not also share it with the press. He frustrated the autopsy initially slated for July 3rd, 2021" "So we have put everybody on their toes by talking about preliminary findings. If anything, you can only expand your autopsy report, you can expand the details to when you suspect that it would have happened. But you can not change basic findings. One basic findings that could not be argued by any of the sides, is the fact that she was raped. There is no argument about that." Mr Lemmy had also alleged threat to his life and that of members of his family. He said some security personnel suspected to be from the DSS have been trailing him and have gone as far as contacting his wife in her office. He said the men in question may have been on illegal duty because the DSS would not have acted that way if they were truly on official assignments. "There is a high power play in this matter, in a bid to intimidate and just truly cover up a lot of shenanigans. When we reported to the DCP through the OC Gender, she said it was the DCP that wanted to see us, so she went to the DCP and came back to tell us that the DCP said he had a cold and therefore is not disposed to talking to us that, if and whenever they need us they would send for us so we left.

Markings in Keren's Bible few days before her death "I went to submit a petition to the Human Rights Commission, asking the Commission to do its work of launching a full scale investigation into Premier Academy, Lugbe, one, into the death of that child; two, a full scale investigation into allegation of sundry sexual abuses in the school, a Channels Television Crew decided to interview me, and I was talking with them when we saw two power bikes, with a Nissan DSS Patrol Van and four hefty men inside two persons each on the superbikes, then as we finished the interview, a DSS guy huge and masked blocked my way and said someone wants to see me. "I protested, who wants to see me?

Then a lady stepped forward and was asking if there was a problem. I then replied, does it seem to you there's a problem here? The lady was now asking me, what they are doing is it right? I replied, what you are doing is wrong. You are breaching our constitutional right guaranteed under Section 35 to Section 39 that gives us the right to hold an opinion, express ourselves, and to speak, he told THISDAY. National Human Rights Commission Steps in While all parties involved in the investigation are awaiting the full outcome of the autopsy, National Human Rights Commission (NHRC)

By the calculation, five days after sexual assault of this nature, sepsis would set in. Now the fifth day was when she became terrible sick and she was rushed to the hospital. Sepsis is very fertile within two days of it settling in and it is deadly. Two days after this happened, she died

has said that it would investigate Premiere Academy over allegation of rape in the school, with a condom left in her uterus by the rapist, which infected her with sepsis and resulted in her death on June 22. The Executive Secretary of the Commission, Tony Ojukwu, made this disclosure after receiving a petition from the group led by its leader, Mr. Lemmy calling for a full-scale investigation of the rape of Keren-Happuch in order to identify the rapist and bring him to justice. He said: "I wish to thank the coalition for not taking laws into its hands and I assure you that the commission would investigate the content of the petition lodged by the coalition. We have seen and read about this case on social media. But your petition has come in and you have itemised the concerns. We shall look into it thoroughly,’ Barrister Ojukwu said. "You have done the right thing by not taking laws into your hands. We shall investigate your petition with a view to deciding whether or not to accede to the prayers contained therein,’ he added. "The Commission takes matters like this very seriously and we must all continue to seek safe spaces for children as they go out in search of education in our schools", he assured.

MONDAY AUGUST 2, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY AUGUST 2, 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

3 0 , 2 0 2 1

S & P INDEX 1/4 TO DATE

535.12% 0.13% 0.40%

YEAR TO DATE

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

0.40% -20.10%

Foreign Investors Exit Takes Toll As Stock Market Decline by N973.2bn in Seven Months

Eromosele Abiodun and Darasimi Adebisi Profit-taking on price appreciation of stocks recorded last year and foreign investors exit Impacted the Nigerian equities market negatively in the first seven months of 2021 as investors lost N973.2billion. Specifically, market capitalisation, which measures the value of all stocks dropped by N973.2billion in seven months to N20.083trillion from N21.057trillion the stock market opened in 2021. Consequently, the Nigerian Exchange Limited All-Share Index (ASI) dropped by 4.3 per

cent to 38,547.08 basis points as at July 30 from 40,270.72basis points the market opened in the year under review. Analysis of the market performance in the first seven month of 2021 showed that the stock market, which kicked off the year with bullish moment from 2020, appreciated by 5.3 per cent in January, 2021. The market subsequently reversed as a result of profittaking and modest yield on fixed income market, which created sentiment trading by investors’. Accordingly, the stock market depreciated by 5.9 per cent in half year ended June 30, 2021. Meanwhile, the profit-taking

eased as the stock market ended July, which is the beginning of the second half of the year, with a growth of 1.7 per cent. Further analysis of the market performance revealed that the market capitalisation, which measures the value of all equities, gained N324 billion from N19.760 trillion on June 30, 2021 to N20.084 trillion on July 30, 2021, while Nigerian Exchange (NGX) All-Share Index rose by 1.69 per cent from 37,898.56 points on June 30, 2021 to 38,547.08 points on July 30, 2021. Market operators linked the positive performance to bargaining hunting and positioning ahead of corporate

results for the half-year ended June 30, 2021. While some investors were trading cautiously waiting for the corporate results, some were taking advantage of the low prices to enter the market, hence the gain recorded in the month under review. Meanwhile, in line with the uptrend in the market, the sectorial indices closed on the positive side in the period under review. The NGX Oil and Gas Index gained by 20.40 per cent. NGX Premium Board index followed with a gain of 6.58 per cent while NGX Banking index rose by 4.06 per cent during the month.

Others are NGX Industrial Goods, Pension, NGX 30 and Lotus II recorded 4.64 per cent, 3.12 per cent, 2.78 per cent and 2.10 per cent in the month of July. On the other side, the NGX Insurance index declined the most, falling 2.98 per cent, while NGX Consumer Goods went down by 0.54 per cent in July. Similarly, the Nigerian Exchange (NGX) All-Share Index rose by 1.69 per cent from 37,898.56 points on June 30, 2021 to 38,547.08 points on July 30, 2021. Commenting on the performance, the Chief Executive Officer, APT Securities and Funds,

Mr. Garba Kurfi, attributed the stock market decline to foreign investors exit over foreign exchange scarcity. He noted that investors’ profittaking has also contributed to downward performance of the stock market in seven months. According to him: “The foreign investors exit from the country has affected the equities market as many of them choose to move out of the country because of difficulties to obtain foreign exchange.” He added that, “Other African Exchanges are doing better than us as they attracted more foreign Continued on page 26

H1 2021: Global Insurance Market Records Losses, Claims Worth $42bn Ebere Nwoji with Agency report The global insurance market was in the first half of 2021 inundated with claims from natural disasters and catastrophes as well as claims from civil unrest, a report by global insurance broker, Aon has revealed. Claims from the risks, according to the report, are estimated to have reached $42 billion for the first-half of 2021. Aon in the report stated that the claims are 2 percent higher than 10-year average. In Nigeria, while both the Nigeria Insurers’ Association

(NIA), which is the umbrella body of insurance underwriters and the regulator, the National Insurance commission (NAICOM) are still collating the actual claims figure paid by insurers within the period, many insurers are still battling with a backlog of claims resulting from the October 2020 EndSARS protest. Insurers told THISDAY that the EndSARS protest claims is already clashing with their claims responsibilities in the first half of the year. According to NIA, there are a total of 1,661 protest-induced claims as a result of the #EndSars protests, of which 143 substantiated

claims worth N105.0million have been settled. Similar experience is shared by South African insurers as reports from that clime said losses from week long riots was estimated at over $690 million. According to Reuters, claims from damage and theft from businesses affected by civil unrest in South Africa are likely to be between ZAR7bn ($484m) and ZAR10bn ($692m). The news agency said the riots and looting which started on July 9 and ended July 17, left more than 117 people dead, hurt thousands of businesses and damaged major infrastructure, including

telecommunications towers, in some of the worst civil unrest in decades. It said the unrest, which was triggered by the jailing of expresident Jacob Zuma after he failed to appear at a corruption inquiry, widened into an outpouring of anger over poverty and inequality. South African Special Risks Insurance Association (Sasria), a state-owned insurer set up after private firms stopped underwriting risks relating to political violence due to unrest during apartheid, has received around ZAR100m in claims so far, its managing director Cedric Masondo told

Reuters, adding this was expected to rise significantly. Aon, said that while $42 billion of first-half catastrophe insured losses is only 2 percent higher than the 10-year average ($41 billion), it is 39 percent higher than the 21st Century average ($30 billion), and 101 percent higher than the average of all years since 1980 ($21 billion). In total, Aon estimated that natural disaster cost the global economy around $93 billion in the first-half of 2021. It stated, “The economic loss tally is some 32 percent lower than the previous decade ($136 billion), 16 percent lower since 2000 ($110

billion), but 9 percent higher than the average of all years since 1980 ($85 billion). All of these numbers remain preliminary, “it stated. Aon’s data comes from a minimum of 163 natural disaster events that occurred in H1 2021, which was below the 21st Century average (191) and median (197). In terms of loss of life, it said natural disasters claimed 3,000 lives during the first-half, which is well below the long-term average (since 1980) of 38,900 and the median of 7,600. Across the events, Aon counted 22 that drove billion dollar Continued on page 26

M A R K E T D ATA A S AT F R I D AY, J U LY 3 0 , 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 (%)

100.38

2.90

-0.72

NTB 26-Aug-21

3.00

3.01 -0.75

100.34

2.91

-0.72

NTB 9-Sep-21

3.10

3.11 -0.86

100.92

3.20

-0.82

NTB 16-Sep-21

3.15

3.16 -0.91

101.08

3.21

-0.82

NTB 30-Sep-21

3.25

101.67

3.54

-0.93

NTB 14-Oct-21

3.35

CONTRACT TENOR (MONTH) 1

Contract

Current Rate ($/₦)

NGUS AUG 25 2021 420.93

NGUS SEP 29 2021 422.38

NGUS OCT 27 2021 423.83

3.27 -1.02

NGUS NOV 24 2021 425.28

3.37 -1.12

NGUS DEC 29 2021 426.73

C Ps MATURITY

Discount Yield

Change (%)

CMBL CP XI 2-AUG-21 MREP CP XXXI 13-AUG-21 UNCP CP III 27AUG-21 VAAG CP I 27AUG-21 TTNG CP II 31AUG-21

3.74

-0.67

8.70

8.73

-0.71

4.14

4.16

-0.77

10.06

10.14 -0.77

4.51

4.53

-0.79

MONDAY AUGUST 2, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

ENSURING ADEQUATE HEALTHCARE…

L-R: Group Head, Health Finance, Sterling, Ibironke Akinmade; Permanent Secretary, Hospital Management Board. Commissioner, Dr. Williams Afolabi; Honorable Commissioner For Health, Ekiti State, Dr. Oyebanji Fulani and Head Regional Growth, Helium Health, Abiola Oshunniyi, during the signing of an MOU among Sterling Bank, Ekiti State Ministry of Health and Human Services and Helium Health on Digital Healthcare in Ekiti …recently

WFP Tags Nigeria, 22 Other Countries “Hunger Hotspots” Partner private sector to achieve zero hunger Gilbert Ekugbe The World Food Programme (WFP) has stated that Nigeria and 22 other countries across the globe would experience acute food insecurity over the next four months as steep food insecurity levels continue to increase in scale and severity. According to WFP’s report obtained from its website, the situation is of grave concern as conflict, the economic repercussions of Covid-19 and climate crisis are expected to drive higher levels of acute food insecurity in these countries which it tagged as “hunger hotspots.” The 23 hotspots identified are Afghanistan, Angola, Central Africa Republic, Central Sahel, Chad, Colombia, Democratic Republic of the Congo, Ethiopia, and El Salvador. The rest are

Honduras, Guatemala, Haiti, Kenya, Lebanon, Madagascar, Mozambique, Myanmar, Nigeria, Sierra Leone as well as Liberia, Somalia, South Sudan, Syrian Arab Republic, and Yemen. This is just as the WFP and the Organised Private Sector (OPS) in Nigeria have partnered to achieve Zero Hunger by 2030. The partnership is apt as agri-food systems are failing and not sustainable in many parts of the world posing a great threat to global food insecurity. Recently, the Food and Agriculture Organisation (FAO) and WFP warned that 41 million people were at risk of falling into famine unless they received immediate food and livelihood assistance, stating that 2020 saw 155 million people facing acute food insecurity. WFP stated that bureaucratic

obstacles as well as a lack of funding also hamper the two UN agencies’ efforts to provide emergency food assistance and enable farmers to plant at scale and at the right time. The Director-General, FAO, QU Dongyu, said the vast majority of those on the verge are farmers, stressing that alongside food assistance, world food bodies would do all they can to help farmers resume food production themselves, so that families and communities can move back towards self-sufficiency and not just depend on aid to survive. “That is difficult without access, and without adequate funding and so far, support to agriculture as key means of preventing widespread famine remains largely overlooked by donors, unfortunately. Without such support to agriculture, humanitarian needs will keep

skyrocketing, that’s inevitable,”he added. The Executive Director, WFP, David Beasley said families that rely on humanitarian assistance to survive are hanging by a thread, saying that the thread to reach these families describing the consequences as nothing short of catastrophy. The report also said the new highest alerts issued for Ethiopia and Madagascar add to South Sudan, Yemen, and northern Nigeria, which remain among the acute food insecurity hotspots of greatest global concern. “In some areas of these countries populations already experiencing conditions of famine and significant numbers of people are at risk of falling into famine,” WFP added. The report also flags other countries as amongst the worst hunger hotspots – where life-

threatening hunger is on the rise - Afghanistan, Burkina Faso, the Central African Republic, Colombia, the Democratic Republic of the Congo - the country with the highest number of people in urgent need of food assistance in the world, Haiti, Honduras, the Sudan, and Syria. Meanwhile, speaking at a forum in Lagos, the Country Director in Nigeria, WFP, Paul Howe, said there is an urgent need for a wholistic society approach to achieve zero hunger, maintaining that to address food insecurity, there is need to tap into the dynamism of Nigeria which he described as a gateway to achieve food security in Africa and indeed the rest of the world. Howe stated this at a zero hunger sprint pitch event to reward five young entrepreneurs with innovation and ideas to find

practical ideas to ending hunger in Nigeria. “The problem of hunger in Nigeria goes beyond the North East and much bigger than any single entity can address on its own. We really need a wholistic society approach to achieve zero hunger. We must tap into the potential that is here in Nigeria for us to be successful. So fuller societies approach, the government, private sector, UN agencies, development agencies must work together in tapping into the dynamism that Nigeria has, “he said. He said the zero hunger sprint pitch event expected to reward five entrepreneurs with $50,000 each would expose young and talented people with incredible ideas while also matching them with mentors and investors that would help to address food insecurity.

Mastercard Confers Quality Certiﬁcation on Electronic Payplus Globally-acclaimed electronic payment company, MasterCard, has retained its seal of authority on the quality of cards produced by Nigeria’s foremost smart card manufacturer and payment solution company,

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

Electronic Payplus (Epay Plus) Limited. Epay Plus, a member of the prestigious International Cards Manufacturers Association (ICMA), recently announced a partnership with another international electronic payment company, American Express, to produce its range of smart cards in Nigeria. American Express, in its approval said Electronic Payplus Limited had complied with the security requirements as stipulated by the Payment Card Industry (PCI).

MasterCard, in a Statement of Quality letter, dated June 10, 2021, said it restated approval to Electronic Payplus Limited, based on the company’s submission of, “a number of Smart Cards Products and Services in conformity with the MasterCard Card Quality Management (CQM) Requirements.” It further noted that, “the terms and conditions of the MasterCard Card Quality Management Certification Agreement shall apply to this Statement of Quality and

related CQM Label(s).” Electronic Payplus Limited started operations in May 2005, as a payment service provider. Sixteen years later, the Company has grown to become Nigeria’s biggest Smart and Digital Card production, with capacity to produce all kinds of secure cards. Apart from bank cards, the company has expanded capacity to produce SIM Cards, Biometric Identity Cards, Electronic ticketing for public transportation

(Rail, Bus Rapid Transport, Ferry, etc.), Voter’s Card and Residency Cards for Diplomatic and Expatriate Workers. Managing Director and Chief Executive Officer of Electronic Payplus Limited, Mr. Bayo Adeokun, described the MasterCard Card Quality Management (CQM) as a vote of confidence on the quality of cards produced by his company. “What this means is that Mastercard has certified that all products from our factory meet the required standard as

specified by MasterCard and they are of the same quality with products from any other MasterCard certified factory in the World.As you can see, this certificate was issued on 10th June, 2021,” Adeokun explained. Electronic Payplus Limited continues to bolster Payment Card Industry confidence in the range of card service offerings, which include Visa, MasterCard, American Express and Verve, with the high quality and security of cards produced in its facility.

It added, “After that, the severe weather event in Europe in June drove a $3.4 billion industry loss, the Fukushima

offshore earthquake a $2.5 billion loss and another US severe weather event $2.5 billion as well.”

H1 2021: GLOBAL INSURANCE MARKET RECORDS LOSSES, CLAIMS WORTH $42BN economic losses, the majority of which were weather related. On an insured loss basis, the global broker said there were at

least 10 separate billion-dollar industry catastrophe loss events. It said the costliest of them all was the US winter storm

and freezing weather delivered by the polar vortex, which Aon pegs at the generally accepted $15 billion level.

FOREIGN INVESTORS EXIT TAKES TOLL AS STOCK MARKET DECLINE BY N973.2BN IN SEVEN MONTHS investors. The profit-taking by investors’ was as a result upsurge of prices of stocks in the fourth quarter of 2020 when most of the stocks doubled their prices within three months.” Analyst at PAC Holdings, Mr. Wole Adeyeye said investors are engaging in profit-taking over price appreciation of stocks

recorded last year. He maintained that the growth in July 2021 was drive by impressive half year results of listed banks, others. According to him: “The market gained in July was driven interim dividend payout to shareholders and impressive corporate earnings.

Most of the stocks in July were undervalued and investors take position in those stocks and it impacted on the All-Share Index. Investors positioned themselves for dividend payout by fundamentals and it also drives the stock market in July.” He noted that the stock market in seven months

performance was impacted by government policies; stressing investors took advantage of relatively high yield in fixed income market. Looking ahead, he maintained that the Central Bank of Nigeria (CBN) suspension of foreign exchange supply to Bureaux de Change (BDC) would generate

speculation this month. According to him, “Foreign investors will be watching if the Naira will appreciate amid the latest policy of CBN on foreign exchanges market. If the CBN can sustain foreign exchange supply to the banking sector, the stock market might appreciate further in August.”

T H I S D AY ˾ MONDAY AUGUST 2, 2021

BUSINESSWORLD

STATUS REPORT

Dangote Sugar Sustains Growth Despite Increasing Finance Cost

Darasimi Adebisi

2021 at N48.64billion from N36.07billion in H1 2020. The breakdown of total assets revealed that long-term assets rose by 14.3 per cent to N116.26billion as at June 30, 2021 from N101.73billion reported in H1 2020 while current assets dropped by nearly five per cent to N167.6billion as at June 30, 2021 from N176.3billion reported in 2020 full year results. Meanwhile, total liabilities of Dangote sugar refinery was N164.78billion as at June 30, 2021, an increase of 7.5 per cent from N153.32billion in 2020. The company’s total equity dropped by 4.5 per cent to N119.1billion as at June 30, 2021 from N124.7billion reported in 2020.

angote Sugar refinery sustained growth in profit before tax and profit after tax amid hiker in finance cost in its unaudited result and accounts for half year (H1) ended June 30, 2021. The sugar processing company last week released its unaudited result and accounts for H1 2021 with growth in revenue, but hike in finance cost reduced its profits. The company revenue rose by nearly 28 per cent to N131.96billlion in H1 2021 from N103.23billion reported in H1 202. Dangote Sugar refinery was able to grow its revenue on the backdrop of growth from the sale of 50kg sugar and molasses. The sale of 50kg Dangote sugar closed H1 2021 at N128.4billion from N98.33billion reported in H1 2020 while revenue from the sale of sugar-Retail dropped by 40 per cent to N2.35billion in H1 2021 from N3.88billion in H1 2020. The gain in 50kg of Dangote sugar was primarily driven by price implemented in second quarter (Q2) of 2021 as decline in retail sugar of the company is the highest quarterly decline in at least 18 quarters In addition to revenue, the company report revenue from the sale of molasses at N667.99million in H1 2021 from N390.07million in H1 2020. Also, Freight income was down by nearly 10 per cent to N571.36million in H1 2021 from N634.32million in H1 2020. Geographical breakdown of Dangote Sugar revenue revealed that Northern part of the country reported highest revenue, followed by West. Revenue reported by Dangote Sugar in the Northern part of the country rose by 36 per cent to N52.42billion in H1 2021 from N38.54billion in H1 2020 while revenue reported in Western region of the country gained 39 per cent to N13.36billion in H1 2021 as against N9.64billion in H1 2020. Lagos state recorded highest value of revenue in H1 2021, closing at N60.57billion, about 27 per cent increase when compared to N50.16billion reported in H1 2020. Nigerian Bottling Company Limited and Seven Up Bottling Company Limited operating from Lagos are the two customers who buy industrial non-fortified sugar that represents more than 10per cent of total sales during the period. The company this year might sustained growth in revenue on the heels of Central Bank of Nigeria (CBN) policy that licensed three firms to exclusively import sugar into Nigeria. The approval of the import license is in line with the federal government National Sugar Master Plan. It tends to encourage and incentivize sugar refining companies in their backward integration programme for local sugar production followed a review of the three companies’ achievement of reasonable progress on the policy in the sector. Under the Nigerian Sugar Master Plan by the Federal Government through the National Sugar Development Council, the CBN is mandated to monitor the implementation of the backward integration programmes of all the companies.

ANALYSTS VIEW

Dangote However, Cost of sales for period rose by 25.4 per cent to N103.36billion from N82.41billion in H1 2020, driven primarily by 36 per cent growth in raw materials and 29 per cent increase in freight expenses respectively. Included in freight expenses is the depeciation charge on the company’s fleet of trucks. Interplay between revenue and cost of sales position Dangote Sugar’s gross profit to N28.59billion in H1 2021, 37.3 per cent increase from N30.82billion reported in H1 2020 as gross margin moved from 20.2 per cent in H1 2020 to 21.7 per cent in H1 2021. Consequently, cost-to-sales ratio closed H1 2021 at 78.3 per cent from 79.8 per cent in H1 2020 However, total operating expenses rose by 36.6 per cent to N5.24billion in H1 2021 from N3.8billion in H1 2020, mostly driven by administrative expenses that gained 41.4 per cent to N4.95billion from N3.5billion reported in H1 2020. Dangote sugar’s selling and distribution expenses appreciated by 13.5 per cent to N288.8million in H1 2021 from N333.99million in H1 2020. Further performance in profit & loss figures brings operating profit at H1 2021 at N23.48billion compared to N17.4billion reported in H1 2020. Meanwhile, the company’s Net finance cost stood at a negative of N4.8billion in H1 2021 relative to a N1.48billion in H1 2020. The surge in finance cost was mainly

driven by an increase in foreign exchange loss that rose by 112.4 per cent to N2.79billion in H1 2021 from N1.3billion in H1 2020, following the currency devaluation within the period. About N1.86billion finance cost on Letter of Credit also contributed to hike in net finance cost of Dangote Sugar refinery in the period. None-core business income, thus dropped by 68.5 per cent to N128.91million in H1 2021 from N409.68million reported in H1 2020.

DOUBLE-DIGIT GROWTH IN PROFIT Dangote Sugar refinery reported doubledigit increase in profit before tax in the period under review to N18.76billion from N17.04billion reported in H1 2020. The company paid a tax of N6.15 billion in H1 2021 from N5.46billion in H1 2020 to dragged profit after tax to N12.61 billion, 8.85 per cent higher when compared to N11.58 billion reported in H1 2020. On the flip side, profit before tax declined by 9.7per cent y/y to N6.81 billion in second quarter of (Q2 2021) from N7.54 billion reported in Q1 2020, while Profit after tax fell faster by 17.4 per cent y/y following a 7.8per cent y/y increase in tax expense. Dangote sugar refinery’s reported N283.87billion in total assets as at June 30, 2021 from N278billion reported in full year ended December 31, 2020, was driven by growth in trade and other receivables. Trade and other receivables closed H1

Commenting on the company’s performance, analysts at Cordros Research said the company has maintained its double-digit top-line growth trajectory for eight consecutive quarters despite implementing a substantial price increase. The Lagos-based research firm noted that the reopening of land borders did not affect the company’s sales volume adversely, which implies a limited influx of unlicensed sugar into the country. According to the analysts, “However, the persistent increase in operating and finance cost remains a concern. Nevertheless, over the rest of 2021 financial year, we believe the company will maintain positive performance given its market leadership position and substantial progress in its backward integration programme despite renewed competition in the sugar industry.” Commenting on the Company’s first quarter 2021 performance, the Group Managing Director/CEO, Ravindra Singhvi said had : “The health and safety of our people and partners remain our priority. Our refineries in Apapa and Numan continue to operate ensuring the health and safety protocols are upheld and our commitment to the environment is sustained. We have experienced improved yield from our sugar cane plantations and continue to partner with our outgrowers for the supply of sugar cane for production. “Amidst the protracted socio-economic uncertainties occasioned by the COVID-19 pandemic and heightened insecurity during the quarter under review, we have continued on the growth path, as our talented and dedicated team have enabled us to mitigate some of the adverse impacts of the worsening traffic gridlock in Apapa and other macroeconomic headwinds. We remain committed to the implementation of the “Dangote Sugar for Nigeria” Master plan as we continue to pursue our Backward Integration Projects.” He added, “Dangote Sugar Refinery is Nigeria’s largest producer of household and commercial sugar with 1.44M MT refining capacity at the same location. Refinery located at Apapa Wharf Ports Complex, refines raw sugar imported from Brazil to white, Vitamin A fortified refined granulated white sugar suitable for household and industrial uses. “Our Backward Integration goal is to become a global force in sugar production, by producing 1.5M MT/PA of refined sugar from locally grown sugar cane for the domestic and export markets.”

MONDAY AUGUST 2, 2021 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Agboarumi: Standardisation Key to Boosting Nigeria’s Exports The Managing Director of Skyway Aviation Company Plc, Mr. Basil Agboarumi, in this interview with Chinedu Eze said there is progressive increase of exports from Nigeria, especially non-oil exports. However, bureaucratic bottlenecks associated with government inspection agencies often result in delays in the export of goods. Excerpts: Handling companies have been complaining recently that their services are under-priced and they want the cost of their services to reﬂect what is obtainable in other countries, especially in Africa, given the same circumstances. Can you throw more light on this? ver the years, there have been some problems. As at yesterday (Wednesday, July 28) when we were at the League of Airports and Aviation Correspondents (LAAC) seminar, I think the chairman of AGHAN (Association of Ground Handling Companies of Nigeria) was trying to throw more light on the situation of ground handlers in Nigeria, the metamorphosis of the ground handling companies in Nigeria, and how they came to be in the first place. Fortunately, SAHCOL (Skyline Aviation Handling Company Limited) happens to be older than the competitor and SAHCOL was the ground handling services aspect of Nigerian Airways. It was set up to service Nigeria Airways as at that time. Then at a point in time, well for whatever reasons, Nigerian Airways started having problems. Of course, you understand that it will also begin to affect everything that was connected to Nigeria Airways. That was what prompted the foreign airlines then to float another ground handling company. If you look at that AGHAN report, they listed the five foreign airlines. They came up and set up another ground handling company, the Nigerian Aviation Handling Company Limited (NAHCO), in conjunction with the Federal Airports Authority of Nigeria. It was called Nigeria Airport Authority (NAA) then. So, it was formed with the foreign airlines with various percentages of ownership. The major reason why they established another company was because SAHCOL then had a mandate to efficiently provide services to the Nigeria Airways. So the foreign airlines needed a handling company that will meet their professional needs in ground handling service provision. As shareholders, they can insist on certain specifications of service, as long as professionalism was concerned. Of course, as at that time whether you make profit or you don’t make profit, nobody bothered, as long as you were meeting that need of movement of cargo with people from one point to the other. But the newly established company became profitdriven; so it has to be run to provide service and make profits. But that was not the motive when Nigeria Airways established SAHCOL. They were more interested in the service. At a point, things began to happen, which gave rise to changes. NAHCO was the first to become privatised by going to the Nigerian Stock Exchange and now they have shareholders. All the foreign airlines that were shareholders there then had left. None of them has shares in the company. And for us, we came out after Nigeria Airways was liquidated; we had to survive. At a point, the government was holding 100 percent ownership of the then SAHCOL. So when we found ourselves in that situation, we had to run out in search of money and that brought us to the point where we began to sincerely speak to ourselves about the realities of the issues on ground. We realised that for us to succeed we have to operate profitably. That brought us to the situation where we have to review what we were paid for for our services. Everyone knows that aviation is the same everywhere. I say to you that aviation follows the same standards and international best practices. We get the same equipment from the same market, even SAHCO Plc and NAHCO Plc are all ISAGO (IATA Safety Audit of Ground Operations) certified ground handling companies. We know what we went through to get the certification. I know the training that we put into this place, because there is nobody that will operate ground handling services that will not be certified. So, the staff are subjected to the same training, examination and certification. The Nigerian Civil Aviation Authority (NCAA) carries out audit in this place every time. The airlines also will audit us to ensure that we have what it takes to manage ground handling services. We attend foreign conferences with other ground handling companies in the world and we know what is obtainable in other places. I am seated here today as the Managing Director of SAHCO, I understand the challenges of the things that

Agboarumi needed to be done. It is just simple logic that you have to pay the right price. The fact of the matter is that the airlines have not been paying the right prices, especially in Nigeria. They have not been paying the right price. Yes, there is understanding that it was like that before, but now things have changed. We need to get equipment and not just equipment, modern equipment. Equipment needs at the ramp today is quite different compared to what we used to have in the past. Things have changed. Even the cost of forex these days and then the cost of exchange rate, the economy, the staff, you are working with have changed. COVID-19 has also come in with its own challenge of certain protocols of some PPE (personal protection equipment) that you must use to do this work. And so, with all these things and the cost of running the machines, the wear and tear of the machines, because it is just like your car, the machine can break down without giving you notice and before you know it, you are running to get it fixed or replaced. Let us talk about agro export. Reports indicate that SAHCOL has the unique quality of being more prepared than others in the area of export of perishable goods. So, what are the stages and how prepared is SAHCOL to boost such exports? For us at SAHCOL, we have been prepared for a long time. We are just waiting for the exporters, whether it is export or import. We have been there for so many years. We put up cold rooms because most agric products need cold rooms at certain temperature of which those things must be kept. So, when we were building our warehouse; you will understand that we have the best cargo warehouse in West Africa as at today and it is fully automated. By the time we were building our warehouse, we took this into consideration and we put in the temperature control fridges and freezers, up to the point that warehouses in this part still have a time they operate. There are Customs bonded warehouses. But for us it is 24 hours, no matter what you are shipping into the country; we have places where they will be kept. So, when you come in at any time of the day on the aircraft, you have to be sure that those things are well kept in that environment. So that is

exactly the kind of preparedness we have. We have the trained personnel to handle dangerous goods, even up to recently the pharmaceuticals and other things like that. So, for us we are providing the right kind of training, in terms of the facility, in terms of manpower and in terms of the equipment. So we have gotten all these things in place and I can tell you that we have been prepared. When we prepared for export of products from Nigeria, Nigerians were not even exporting much from aviation. But I know where we have gotten to in terms of our export facility today. We are looking for expansion; we are talking with FAAN to give us space to expand our export. Because where we are now is quite tight and I know that one way to grow is to continue to expand. For Nigeria, the language Nigeria does understand was to import but we are not pushing anything out. But suddenly Nigerians are beginning to understand that the only way you can source for or get forex into the system is to also engage in export because export is dollar-based. So, I am telling you we are doing very well in export, our export has grown. We are determined to expand. We are also engaging FAAN to give us space. Industry observers say there is too much bureaucracy in the processing of exports at the airports. Has the situation changed? Yes, there is bureaucracy for people moving exports. Most of the airlines that move export from Nigeria use their belly hold. Most cargo flights that bring in cargo expect to take some cargo out of the country. Now the volume of exports has gone up and requires the services of cargo airplanes. There are a lot of bureaucracies in place, which have to do with various government agencies. We have some bodies that have been fighting against this and urging the government to look at these impediments and some of these bodies pushing for this have got as far as the Presidency. But at the end of the day, when all these bureaucracies are taken care of, the price of export products will increase. These products are being exported to go and do one thing; they will go and compete in the market out there. By the time it gets outside, the cost of movement compared to what you have outside there, when you get there you just

can’t compete. So, it becomes a challenge. Are you working with the Nigerian Export Promotion Council? They visit us and they have been in this environment recently. I have read something in the media. So, they can’t say they are not aware of these challenges that the airlines are having in terms of movement of things. They said it and it is there in the media. These are some of the things they needed to pick on and do something about it. I think that is one of their core mandates. Compared to the last ﬁve years, would you say there has been an increase in what you export and what are the major things you export? Yes, there is an increase. Export is growing by the day, especially exposure to export in aviation. It is growing by the day, I can tell you that. And when Nigerians export they export anything exportable. Many things that Nigerians produce are needed from neighbouring West African countries. So, many of our products produced here by some of these big manufacturing companies in Nigeria, they ship them to neighbouring countries. And also many of our products also go to, especially these agro products that you are talking of, many of them go to our warehouse. Like snails, they are shipped outside the country. Others are oil, spare parts, women hair, weave-on, kolanuts, the list is endless. We are yet to meet the standard of packaging? Packaging is still a challenge. For me as a brand person I would have first compared what comes in with what goes out. The one that comes in, how are they packaged? When you see a packaged product come into the country, compare it to what is done here, you will observe that we have a long way to go. There is no doubt that we could work with so many organisations. I know of companies that are already interested in packaging of export, but it is the synergy that we are talking about. And of course you will also talk about the Custom agents. I think they have a major role to play in this place. Let us standardise because whatever goes out of this country goes to sell Nigeria. So, if the packaging goes out and they say these goods are coming from Nigeria and they look at the presentation if they are not good looking it will form negative opinion about Nigeria. I believe that government must put interest in it to ensure that whatever goes out of this country

T H I S D AY ˾ MONDAY AUGUST 2, 2021

BUSINESSWORLD

INTERVIEW

is given the proper standard. There must be a standard of what the packaging should be on or should look like. Since you went public, how has your operations been going and how do you intend to use the synergy between SAHCOL, Marriot and Sifax to deepen your operations in the aviation sector? SAHCOL came out of the ashes of Nigerian Airways and because of what happened to Nigerian Airways after it was liquidated, SAHCOL needed to be helped. At that time it was a parastatal under the Federal Government of Nigeria. And so government decided to sell and SIFAX Group bought it. Many companies have been privatised and they have been very unlucky. But I think for us we are a very fortunate company that a company like SIFAX Group came to buy SAHCOL, which is now Skyway Aviation Handling Company Plc (SAHCO). And, of course, being a fully indigenous company in Nigeria, one would have thought what could they do? But rather than the then SAHCOL going down, it survived. Obviously when companies are privatised, one of the things that you will know is that staff will lose jobs. And even while they are there, so many other things will be happening that will become a challenge but that did not happen to SAHCO. Apart from staff retaining their jobs, the staff strength of SAHCO grew, almost doubled from privatisation to now. So that is what SIFAX Group has done. Now, one of the challenges SAHCO was having before was the challenge of equipment because our equipment are so much capital intensive. But when SIFAX Group came in, one of the first things I saw was massive deployment of equipment and it could only take SIFAX Group to do that. They came as a saviour of course. SAHCO was given to them 100 per cent, with the charge to do whatever it would take to succeed. Of course, when you have a child that is not doing well, that you don’t even have a hope if he will survive, you can easily hand over the child to everybody. SAHCO has become a beautiful bride because it is doing well, it is listed in the stock market and it is doing very well. Because SIFAX Group played its role well, they invested and they allowed the company to survive. SIFAX Group came as a saviour and became the 100 per cent owner of this place. Until 2018 when SIFAX Group had to respect the share purchase agreement that said, divest some percentage of the shares to the stock market. So that was how SIFAX Group took SAHCO to the stock market and gave out some shares to the Nigerian public whereby you now have shareholders with SIFAX Group. And Dr. Taiwo Afolabi is still the major shareholder of SAHCO. So, SIFAX Group is the major shareholder of the Skyway Aviation Handling Company Plc with other shareholders as listed in the Nigerian Stock Exhange. Now that is the relationship. SIFAX Group owns through a company called Mac-Folly, for example, we can say that SAHCOL is also a subsidiary of the SIFAX Group. So SIFAX Group is a group that has interest in Maritime, in the hospitality industry, in the oil and gas, in haulage, as some other aspects of transportation. SIFAX Group invested in SAHCOL, and just the same way SIFAX Group has a hospitality arm called the Mac-Folly Hospitality. So Mac-Folly was the one that built Marriot Hotel. Well, Marriot is fully managed by the Marriot Group, but SIFAX Group built it and handed it over. They have the franchise, they are the owner of the group and they built it 100 per cent and handed over to the Marriot brand. The Marriot brand manages Marriot Ikeja, Lagos, but it is owned by SIFAX Group through the Mac-Folly Hospitality. So, we are all subsidiaries of the group.

is to ensure that we also help and enable the security architecture to be efficient. For goods that are shipped to Europe, we have what we call the ETD machines (explosive detectors) in our warehouses and these are investments that we have made. Apart from the security agencies that operate in our warehouses, don’t forget we are just a gateway. Just like the international airports, government has put their agencies, from the NDLEA, Customs, Quarantine, SSS, Immigration, to ensure that their eyes are open to track whatever that passes through that gateway that has to do with their specific areas of calling and they know how to cooperate and how to do that. So we are there, we cooperate with all the security agencies to ensure that the work within the area of our operation are not hampered. We give them all the full support because at the end of the day we are working towards the same goal and the same aim which has to do with the facilitation of cargo, passenger or goods from one point to the other in a very safe and in a very secure way. For example, in SAHCO our motto is speedy, secure, safe and expedient ground handling service. So, we support security and we work hand in hand with all security agencies apart from our own security. Because we have various level of security that are engaged that we are paying, even in our facility here we have the police, Civil Defense, even for night operations, we have our own aviation security on ground. And we have another sub security and we have surveillance system that monitors the security and, by the grace of God, this environment is fully surveillance covered. So, from the time the goods are coming out from the ramp, we follow up to ensure all goes well.

Lets talk about airport security and security of the goods that come through your company. What is your relationship with the Nigerian Customs Service? One of the things I have come to understand is that we are a community of people and we are just like the human body. Just as different parts of our body work together to sustain our existence; that is the way it is in aviation. Every aspect of service delivery helps the body, which is aviation, to prosper. For us as a ground handling company, we operate Customs bonded warehouse. One of the things that aviation sells to us is safety, safety, safety and safety. And for safety to be right, the security has to be right. For example, if you are looking at it from the cargo aspect, definitely we have various levels of security that we operate with. And in talking about the safety of goods and cargo that passes through our warehouse, yes it is actually the duty of the Federal Airports Authority of Nigeria to provide scanning machines for all the gateways across the federation. Even up to a point when we were waiting for FAAN and we were not meeting that responsibility, we went and spent our money and bought scanning machine and installed them in our warehouse. Even though we are still expecting FAAN to return our money to us because it is their duty; it is government responsibility to ensure that scanners are provided for gateways. And what we are doing

Have you had issues of people bringing in drugs and how were you able to manage it? I can tell you that the National Drug Law Enforcement Agency (NDLEA) director here is much in touch with us. And the way we operate, we would have wished that the issue of drugs were fully eliminated. But one thing I have realised sitting on this seat is that criminals will always be criminals. I used to tell a proverb that I picked from Chinua Achebe’s Things Fall Apart; the eneke the bird said since hunters have learnt how to shoot without missing; I have learnt how to fly without perching. That is how the security agencies are tackling security issues at the airport. If you have been in aviation for some time you will notice that there is continuous restriction, as criminals became more daring. Before I even started working as an IT student, I can enter the Murtala Mohammed Airport and go to anywhere up to the ramp. We will drive at the airside and go anywhere but over time things have changed. Do you know why? Because of the challenges of security, and that is why even myself as the Managing Director of SAHCO, I can’t just move into the airport without being challenged. Even with my ODC (On duty card) I still have to go through some levels of checks before I will be allowed to access

“There are a lot of bureaucracies in place, which have to do with various government agencies. We have some bodies that have been ﬁghting against this and urging the government to look at these impediments and some of these bodies pushing for this have got as far as the Presidency.“ certain areas of the airport. That is exactly what has happened. So, when you are talking about the issue of drugs, you will be surprised why in their wisdom the government had to set up a full agency called the NDLEA. They are all over the country and because they know that the criminals will continue to try. I wish you know what these drug people are doing. Every day they are becoming more sophisticated in their way of operation. And also the NDLEA, I know they are not sleeping, many times they share the tactics that they are using. And what have we done also? That is why we talked about the scanning machine, we put the scanning machine and we have come up with ETD and so many other gadgets to track all these things. Our duty also is that we are giving the NDLEA and all those people that are involved the level playing ground to ensure that they do their work. We don’t interfere in their work. If they have suspicions and they said they needed to do anything, we give them all the full support that is needed. And so, that is one of the major role that we play, and if we identify, I can tell you that many times our staff have also tracked the cargo because sometimes we give them some level of training to identify certain things. I am telling you they tell the officers that have been trained to do that and they take it to a new level. So we are giving that support. But it is unfortunate that those drug people have continued with their nefarious activities. We don’t interfere with the authorities because we have the NDLEA officials in our facilities and their duty is to ensure that they monitor what is going on. Once in a while they even bring in their dogs and the dogs will bring out certain things. They ensure that they continue to go after them and catch them. They don’t give them free access to continue to operate as they like. When I called about the Ilorin Airport incident recently, you argued that an airport should have necessary equipment; that if there is any incident like an aircraft breaking down on the runway, it should be able to use that equipment to take it out and it made sense. So, do you still maintain that position or what is the general notion about that? You know when we were talking about handling charges; I took you through certain things. For us, apart from just being ground handling company, we are here for business too. Somebody will even ask you what is wrong with you. It is just like an airliner taking an aircraft and flying it to an airport where they are not picking passengers; you are not picking cargo from there, which is foolishness in investment. So, for us as ground handling company, we cannot just move equipment to areas where they are not needed. Yes, it was an unfortunate issue that happened on the landing of the aircraft. Of course, incidents happen everywhere, you can even drive your vehicle on the way and your tyre got busted on the

way. That was one of the things that happened, but when it happened because of the level of operation in that place, I learnt it needed to be moved out of the runway. In Lagos here when things like that happen, we deploy some of our equipment to assist the agencies to move that. So, everybody in this industry have their duties and responsibilities and government also have their duties and responsibilities. For us as a ground handling company, we pay 5 per cent of our gross revenue to government through FAAN. So it is expected that they have also things they must provide to make my service work. Even though I might be doing one thing that the government should do, but it should not be expected because I pay tax to government. All forms of taxes that we are supposed to pay we are meeting our obligations. We are still paying concession. So at that point like I said to you, when you called me, everybody has his responsibility. Yes, if we had the equipment there and we needed to assist at that particular point in time, we will do that. Why do you think that the government set up NEMA (National Emergency Management Agency)? And NEMA has all sorts of facilities to help at any particular point in time. So, whatever agency or government, they should also have minimum things in case of emergencies like that. Like I said, the industry belongs to all of us, we should be sincere to speak out. I used that opportunity at the LAAC conference seminar to speak out on things all of us need because we all have to build this industry. Fortunately, we are only opportuned to play our role today. There were people in the field of play yesterday and they are not here today. And some of them are only opportuned to watch from the flanks today, while others are in the field of play. We are here today; tomorrow it will be another person’s turn. But the question we should ask ourselves is, while we were here, what did we do differently? That is why we are speaking in that area, everybody is trying their best to speak and to counsel and to give the right advice but aviation must work. Because the man outside there, immediately they hear you work in aviation, they do not even understand the area you are working. Even you as a journalist, when they call you they think that you have answers to all problems. So, that is why we must talk to ourselves and ensure that if the government needs to do something, then the government should do what it needs to be done. I am playing my role, I am meeting my duties and my responsibility to ensure that the industry continue to make progress. So, we believe that we all have our duties to help this industry grow. But aviation companies are few. Can you form a cartel as some groups have done in this industry? That would not be good for the industry. We understand that competition is good. But for us, like what AGHAN is pushing for now, let us compete on providing service. By the time you have a cartel, you can just say okay since you are now a cartel you just collect the money and they are not giving quality service, which is not good. But to do what we are trying to do, increase the price but not form a cartel. We can still compete on service. Look at what is happening in the banking sector. You have the right to go to any bank where you believe that you are getting the service. But if we cannot be a cartel, yes apart from the fact that it is anti-competition, like you know, government will not allow us to do that. We are also people that respect the law. But also there is nothing bad because we have a common problem. We can say okay let’s come together and see how we can solve this problem and that is why AGHAN was set up. It has been so bad for so many years that everybody wants to shortchange. I know I came in here just few years ago, but I can tell you that the rock has been there but nobody wants to sheath the sword for the other, who wants to bell the cat? So we said okay, since it is like that, let us continue to be foolish, let’s do that war. We continued to drop prices since that is the way you can get a client and the airlines actually enjoyed what was going on. And that is exactly what has actually brought us to where we are today. Competition is good but it is just that it will not be for the best interest of the aviation industry; to the airlines for us to come to the point whereby we say we are forming a cartel. Cartel is not for any industry, at the end of the day if we are not even careful with what we call cartel, it will also consume the ground handling companies, because it is not the best way. If the interest we are driving is for the flying public then the way to go is to just pay the right pricing for the kind of service that you are enjoying. I think that is the best way to go for all of us. What has been your experience since you went public? By the grace of God we are doing quite a lot. For us we have done very well. Since we went public, we have a duty to our shareholders.

T H I S D AY ˾ MONDAY AUGUST 2, 2021

BUSINESSWORLD

BANKING ANALYSIS

UBA’s Africa Presence As Elixir for Remittances United Bank for Africa Plc’s strong presence in 20 African countries is a game changer for diaspora remittances, writes Ugo Aliogo

lobal remittances are said to be the most probable largest channel of external finance in developing countries. Foreign Direct Investments (FDIs), remittances play a vital role in arresting poverty, which might affect the socio-economic existence of a country. Therefore, it is safe to say remittances are a major driver of long-run growth and development. Having said that, It’s imperative to build productive capacities, transform the structure of economies, generate employment and reduce poverty. In recent times, African countries have had relatively good economic growth performance. However, average investment rates on the continent remain low relative to what is considered necessary to achieve national development goals. They are also low relative to the average rate for developing countries. These facts suggest that Africa’s recent growth may be fragile and that it is unlikely to be sustained in the medium to long term if current trends continue. The key question, then, is how can Africa catalyse investment for sustained and transformative growth. One of the quick wins and most effective solution to this challenge in recent times are remittances from Nigerians living abroad which has significantly increased domestic income, social welfare and economic development. The economic benefits of remittance inflows have similarly proven to be instrumental in funding cash and non-cash investments thereby fostering new businesses, servicing debts and essentially… drive economic growth. One Nigerian bank with an enviable foot print across Africa; present in 20 countries to be precise has done well to make far reaching impact on the continent and has in no small way brought about unprecedented growth in Nigeria and the countries where it is present. The Central Bank of Nigeria (CBN) and banks work closely to broaden the scope and scale of diaspora inflows through formal remittance channels dominated by International Money Transfer Operators (IMTOs). The United Bank for Africa (UBA) has through its operation in 20 African countries and partnership with IMTOs supported Nigeria’s foreign capital inflows and CBN’s policies on exchange rate stability, reserve accretion, job creation, poverty reduction and economic growth. Without a doubt, diaspora remittances continue to remain major sources of stable external financing for Nigeria and developing countries. Countries have continued to harness these benefits despite the global fall in remittance flows in the last year due to the COVID-19 pandemic. To keep the dollar flows coming, the Central Bank of Nigeria (CBN) and commercial banks work closely to constantly improve Nigeria’s remittance infrastructure, ease the process of international money transfer and simplify the experience for senders and recipients. For these stakeholders, the efficiency of remittance services, especially as provided through commercial banks’ and International Money Transfer Operators (IMTOs’) partnerships are critical to boosting dollar liquidity in the economy.

PwC Forecast The PwC forecasts suggest that Nigeria’s remittance flows could reach $34.89 billion by 2023, hence the need for the apex bank and commercial banks to continually work closely to ensure that more funds flow into the economy. In this regard, the CBN had urged banks to develop products and investments vehicles, geared towards attracting funds from Nigerians in the diaspora. Such channels for sending and receiving funds from the diaspora are expected to be seamless and convenient to their customers. In compliance with this directive, the United Bank for Africa (UBA) Plc, with operations in 20 African countries, has used its wide network to boost foreign capital flows to the economy.

by the sender to collect funds,” the bank said in an emailed report.

Sending Money

Uzoka

The UBA partnership with top IMTOs is ensuring convenience in sending and receiving money from anywhere in the world. For instance, through the bank’s remittance partners, customers can receive money directly into their UBA account or pick up cash at any of its branches nationwide. UBA has also created money transfer services that allow customers to deposit, transfer and withdraw cash in local currencies across 20 African countries. The UBA, led by its Group Managing Director/CEO Kennedy Uzoka, is also implementing the ongoing ‘Naira for Dollar’ policy of the CBN, which gives a N5 rebate for every $1 sent by Nigerians in the diaspora. According to CBN Governor, Godwin Emefiele, the new measure would help to make the process of sending remittance through formal bank channels cheaper and more convenient for Nigerians in the diaspora. In a circular to all authorised dealers and deposit money banks, the apex bank said the policy, which was to end on Saturday, May 8, will continue till further notice. Forex Trading Associate, AZA, a global forex dealer, Oghenefejiro Eduviere, said the ’Naira for Dollar’ policy will continually support exchange rate stability and boost dollar flows to the economy.

Operational Guidelines for IMTOs International money transfer is a fast and secure electronic payment service that allows money transfer across African countries and beyond. Although the operational guideline for each IMTO differs, the objective remains to provide seamless and affordable money transfer service to beneficiaries. According to UBA, to send or receive money through IMTOs would require completing a form indicating the IMTO service, Bank Verification Number, savings or current UBA account, valid means of Identification for non-account holders (National I.D card, International Passport, Drivers licence or Nigerian Voters Card). For receivers, a Personal Identification Number (PIN) code provided by the sender is required.

The bank says it remains one of the leading banks in terms of remittance services across Africa. “We are currently ranked number two in Money Gram, number three in Western Union and Ria money transfer services. In April, our cumulative transaction count was 33,000 and the amount remitted through UBA was about 14.03 million,” it said. The bank added that it remains committed to providing ease and convenience for money transfers across the world. UBA’s partnership with MoneyGram, Western Union, Ria Money Transfer, World Remit, Flutter Wave, AFTAB (Ace Money Transfer), Cash Pot, Colony Capital (Fincode), Swift Payment, Naira Gram, IDTPS Boss Resolution, SmallWorld, Sendwave and Omnex has enabled it to serve more people in the remittance market. Country Manager, Nigeria and Ghana, at WorldRemit, Gbenga Okejimi, said the company was excited by the fact that it can continue to enable the transfer of remittances to more people across Nigeria whilst also supporting the Nigerian government in its efforts to strengthen the economy. WorldRemit founder Ismail Ahmed created WorldRemit to ensure that the diaspora community could send money back home easily and through a safe platform. The company said it is constantly evolving, innovating and adapting to ensure that our customers’ needs are met efficiently. It added that customers of UBA can access US Dollar pay-out through bank transfer and cash pick up options. The World Remit does not require a minimum amount for transfer. However, the initial transaction is subject to a maximum of $2,000, while the maximum limit per transaction is $7,500, the total of which must not exceed $50,000 every six months. There are no charges to the beneficiaries. For instance, with Africash account and non-account holders of UBA can send and receive money in local currency from all its branches across Africa. “The customer just need to fill Africash form, provide Bank verification Number (BVN), open a savings/current account with the bank. For Verification holders, a valid means of Identification is required while the receiver should have the Personal Identification Number (PIN) code provided

Also, the UBA Connect gives its customers the option of sending or receiving money across 20 African countries with ease. This service is also available to account and non-account holders of the bank. The bank explained that all the channels are safe, secure, provide competitive rates, easy and convenient. It stated, “Flutter Wave is safe, secure, and beneficiaries receive transfers within minutes and service available to UBA account and non-account holders. Africash services are available in cash collection and account transfers. “With the account transfer, the beneficiary needs not to worry about visiting any business location for payment as funds are instantly credited to the beneficiary’s account from the send point. Africash is available in US dollars and local currency, where regulations allow US dollar transfer and receivers are to indicate preferred currency.” The Africash pricing, the bank said, reflects the market realities in each country of operation, “but, in all, prices remain competitive. On average, the price is one per cent or less. The transfer limits vary from one country to another. However, a $50,000 weekly transfer limit applies based on countries’ regulations. Also, customers can open accounts with Instant Money Transfer International inflow and credit same into the account. The UBA Nigeria Western Union Money Transfer is also a major remittance channel. The Western Union is an international money transfer service, which has been in service for over 149 years.” “It enables you to send and receive money worldwide. With a network in over 200 countries, Western Union controls 20 per cent of all remittance transactions. It is a fast and easy way to send or receive money in naira or dollars and is available at any UBA Branch,” the bank said. It added that the receiver of the fund through Western Union is expected to provide Money Transfer Control Number (MTCN), “sender’s full name, receiver’s full name, answer to test question (if provided), location (Country) where money is being sent from as well as an amount to be received. Also to be provided are valid, non-expired government-issued photo identity card which includes International Passport, Voter’s card, BVN, Nigerian Driver’s Licence. “In the Fast channel, a customer account is credited in approximately 48 hours, depending on the time of initiation of the transaction. Customers can calculate their fees, receive transfer notifications and track transactions online. The customers can also take advantage of loyalty schemes and such services as standing instructions.” It added that the UBA Nigeria Western Union Money Transfer enables people to send and receive money worldwide. It stated, “With a network in over 200 countries, Western Union controls 20 per cent of all remittance transactions. It is a fast and easy way to send or receive money in naira or dollars and is available at any UBA Branch. Money Gram uses a high-performance, web-based application that makes it easy for customers to receive their money within a few minutes of their payment request. “You can now send money to over 200 countries from any UBA branch to family and friends. The service has a maximum send limit of $1,000 equivalent per customer every quarter and is available to account and non-account holders. “With Money Gram, money can be received directly into a UBA account or at a UBA branch with the reference code received from the sender. At the branch, the beneficiary will complete and submit the ‘receive form’. Once details have been verified, the beneficiary receives cash in their local currency.” RIA Money Transfer, the bank said, is one of the largest international money transfer companies in the world. “With a worldwide network in over 140 countries, RIA allows customers to receive the money within minutes directly into their UBA naira account or cash at a UBA Branch close to you from friends and family living abroad, “the bank said.

MONDAY AUGUST 2, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

‘5G Deployment Will Boost Connectivity, Consumer Experience’ Emma Okonji The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar GarbaDanbatta has reiterated the importance of 5G deployment in enhancing consumer experience and speed in network connectivity. Danbatta gave the reassurance during the second quarter 2021 meeting and open forum of the Industry Consumer Advisory Forum (ICAF), which held in Lagos, recently. Danbatta, who was represented by the Director, Consumer Affairs Bureau at NCC, Mr. Efosa Idehen, said: “Fifth Generation Technology or 5G, as it is popularly called, is one of the new technologies

identified and regarded as a game changer. It is therefore appropriate that the ICAF forum is focused on the theme: Deployment of New Technology for Improved Consumer Experience; 5G Misconceptions and Conspiracy Theory. The 5G communication technology is the next evolution of the mobile communications technology, which is capable of creating new opportunities for growth in the economy by enabling new and dynamic business models and opening up new opportunities and markets. It also provides tremendous improvements in interpersonal communications with several innovations and services for telecoms consumers.” According to Danbatta,

the advent and continuous evolvement of new technologies would continue to drive a wide array of services in the global space. Digital technologies are ushering in new possibilities such as improved broadband services, smart cities evolution, financial services and inclusion, security, e-commerce, education, among others, which is increasing consumer expectation for new services and solutions to address some of the challenges of our daily lives. Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Mr. Gbenga Adebayo who delivered the keynote paper, dismissed unverified claims that 5G could cause health hazards like cancer and the spread of

COVID-19 virus. According to Adebayo, 5G would provide efficient support for larger numbers of connections, enabling the Internet of Things (IoT). “5G delivers improved data rates, up to 100 times faster than current mobile networks, supporting virtually instant access to services and applications, with network latency significantly reduced. In addition, it offers network slicing technology making it possible to dedicate a unique part of a 5G network for a particular service,” Adebayo said. He further explained that the deployment of 5G would require significant investment from mobile operators and other stakeholders. We need

more investment in the sector. In terms of possibilities and use cases, 5G enables increasingly intelligent personal assistant in the cloud, providing information and offering on-demand services to customers, Adebayo said. The outgoing chairman of ICAF, Ighoovie Majemite, said: “In the presence of new technologies, the consumer appetite for service becomes overly elastic. This calls for concerted effort by the telecommunications industry to meet up with the capacity and the capability to handle these new challenges to achieve enviable quality of service and better customer’s experience.” During the panel ses-

sion, participants called for increased protection of consumers, and advised NCC to do more in giving grants to researchers for the purpose of quality research that will make useful data available for consumers. They commended NCC for the publication of the Telecoms Consumer Handbook, which was an initiative of ICAF in collaboration with the Consumer Affairs Bureau of NCC. The participants commended the graphic illustrations in the handbook, which they said, would further enrich consumers’ knowledge. The handbook is downloadable from the Consumer Affairs Bureau portal of NCC’s website.

NCS to Facilitate Tech Innovation for Digital Transformation Emma Okonji In line with the federal government’s initiative to drive digital transformation across all sectors of the economy, the Nigeria Computer Society (NCS), the umbrella body of all Information Technology (IT) professionals and interest groups, has reiterated its commitment in aligning with government in achieving the drive for digital transformation. According to NCS, it would use

the occasion of its International Conference, slated to hold this week in Uyo, Akwa Ibom State, to assemble a multi-stakeholder forum to examine pertinent considerations in showcasing Innovative systems and technologies to achieving digital economics transformation. President of NCS, Prof. Adesina Sodiya, who reiterated the commitment of NCS at a press conference in Lagos, said engagement opportunities would

be explored during the conference to present and develop effective strategies, creative approaches, and practical solutions. Giving instances how digital economy drives a nation to prosperity, Sodiya said NCS had resolved to provide the technical skills and expertise for the realisation of this lofty goal of government, adding that NCS has also recognised that the drive needs highly innovative ideas and systems.

“We have made this conference a platform for developing strategies, processes, systems and technologies needed to drive and run digital economy. It will also spur the culture of building innovative systems for digital economy. Relevant key components of digital economy such as government policy and regulation, digitalisation, broadband infrastructure, emerging technologies, mobile applications, grid infrastructure,

e-government, smart cities, e-health, e-agriculture, among others, will be discussed and analysed at the conference. We are sure that the conference will re-focus and re-think the digital economy policy of government,” Sodiya said. The NCS President said participants should look forward to amazing opportunities to exchange new ideas, gain new insights, build relationships with stakeholders, promote IT profes-

sionalism, share best practices, establish standards, develop business or research relations, and find global partners for future collaborations. Manufacturers, industry experts, academics, professionals, innovators, service providers, researchers, suppliers, consultants, students, youth innovators and entrepreneurs, as well as policy makers in government and business people will come together to connect for the betterment of our nation.

T H I S D AY ˾ MONDAY AUGUST 2, 2021

BUSINESSWORLD

NEWS

National Sugar Council Receives SON’s Quality Management Certification Folalumi Alaran in Abuja The National Sugar Development Council (NSDC) has been presented the International Standard Organisation (ISO) 900:2015 Certificate of Quality Management System by the The Standards Organisation of Nigeria (SON). The Director-General of SON, Mallam Farouk Salim, at the presentation ceremony, urged the awardee to adhere to the standards so approved.

While congratulating the council, he said the award sets NSDC at par with a privileged class of quality management system certified and upgraded organisations in the country. Represented at the occasion by SON scribe, Mr. Yado Felix, Salim however, warned that the agency reserved the right to withdraw the certificate in case of non-compliance and if corrections are not adhered to. He said, “Your organisation has joined the list of government

agencies that have unreserved confidence in their quality management system to the extent of inviting a third party to assess how you run your business against the requirements of the quality management system standard.” In his response, Executive Secretary/Chief Executive, NSDC, Mr. Zacch Adedeji described the event as, “historic and innovative given our general poor attitude to quality and standards in this part of

Fidelity Bank Introduces Initiatives to Deepen Staff Skills Development Nume Ekeghe Fidelity Bank Plc has introduced several talent development initiatives to bolster its employees’ competence and ensure they are adequately prepared for the evolving banking landscape. The bank had recently commenced what it called, Policy Familiarization Program and Project Alpha. Through these programmes, aimed at building a knowledgeable and versatile staff network, the bank said it has systematically trained all categories of staff, turning their employees into subject matter experts in all areas of business.

“At all levels of these programmes, the bank provides the necessary support and data needed by its staff and at the end of each training, it assesses employees to ensure understanding and internalisation of the principles,” it stated. Managing Director and Chief Executive Officer of Fidelity Bank, Mrs. Nneka Onyeali-Ikpe said: “Abraham Lincoln is famously quoted as saying he would spend four out of six hours given to cut down a tree to sharpen his axe. This aptly summarises our position as an organisation when it comes to developing the competence of our staff. For us at Fidelity

Bank, talent development is not only non-negotiable; it is a critical factor in the success of our business even in the short term. Consequently, we will continue to introduce diverse initiatives to ensure our workforce remain adequately equipped with the right skills to deliver on our goals.” She added, “To ensure effective knowledge transfer, Fidelity Bank has increased the retirement age of staff with the aim of providing a deep reservoir of knowledge and experience for younger employees to draw from and mentorship for accelerated growth.

the world.” He reiterated the council’scommitment to excellence and professionalism in the handling of its activities, hence the resolve to submit its system for certification by the SON. Adedeji said quality and standards represented two important attributes that feature prominently in the council’s affairs as an agency of government. He said:”The council, as a matter of deliberate policy, an-

chored its corporate mandate or policy on these two ingredients, which was why we didn’t find the guidelines and operational modules of the SON strange or completely new.” He stressed that the globally tested initiatives adopted will enable the council to pursue its core mandate, which includes revitalisation of the sugar sector and the attainment of selfsufficiency in sugar production. According to him, “A lot has been achieved in this regard,

especially as it relates to the refining of raw sugar, but we are all out now to do more to develop the agricultural aspect of our Backward Integration Programme (BIP).” The immediate past NSDC ES, Dr. LatifBusari, who had initiated the reforms which culminated in the SON certification, said Adedeji and his team deserved commendation for completing the process and leading the council to the finish line.

Firm Unveils Whiskey Brand Chinedu Eze The world’s most awarded single malt whisky, Glenfiddich, recently introduced the latest addition to its robust whisky collection, ‘The Grande Couronne,’ in Nigeria. A statement from the company said the Grande Couronne sits within Glenfiddich’s revolutionary Grande series and is a 26-year-old whisky matured in American and European oak casks, and finished in French Cognac casks, adding that the Grande Couronne is a nod to Glenfiddich’s experimental maverick spirit of consistently pushing the boundaries of whisky innovation. The highly anticipated launch event, which was held is Lagos allowed guests to exclusively experience the Grande Couronne through the artistic expression of the Grande Composition. The

Grande Composition is a series of artistic collaborations, which sees a cross-cultural reimagination of the brand’s Grande Couronne bottle design. Glenfiddich discovered some of the world’s most exciting artists from 19 countries, including AyoolaGbolahan from Nigeria, and challenged them to take inspiration from the original design and put their maverick eye to it, turning it into something new, celebratory, fresh, and unexpected. The event was hosted by Chico, who kicked off with a brief history of the making of the Grande Couronne. Guests were treated to a variety of fine cuisine from Chef Emeka and entertained by soul music band - The Blues Project and a foremost dance group “DNMT”. The night of glitz and glam culminated in the reveal of the Grande Couronne, and guests were treated to a tasting of the

Grande Couronne spearheaded by Struan Grant, Glenfiddich’s Global Brand Ambassador (Virtually). Following this, the art interpretation from AyoolaGbolahan was unveiled, which segued into an auction of the art as well as limited edition signed sleeves inspired by the art piece. Proceeds from the auction will be donated to local Art foundations in Nigeria as part of Glenfiddich’s commitment to the development of the creative industry both locally and globally. Speaking at the launch event, Country Manager Nigeria at William Grant & Sons, Frances Nwosa said, “As the world’s most awarded Single Malt Whisky, Glenfiddich has a long tradition of innovation and setting the benchmark for quality. The launch of the Grande Couronne in Nigeria is a testament to the quality and pioneering spirit that has gone into the production of Glenfiddich for over 120 years.

NEMA, NITDA to Collaborate on Disaster Risk Mitigation Emma Okonji The National Information Technology Development Agency (NITDA) and the National Emergency Management Agency (NEMA) have indicated their preparedness to collaborate in finding new ways of reducing risks in times of national disasters. NEMA says it seeks support and stronger collaboration with NITDA on the deployment of Information and Communications Technology (ICT) infrastructure and digital tools and platforms that will ensure timely and lifesaving search and rescue operations during national disasters. The agencies opened discussions on their collaboration when the Director General and Chief Executive Officer of NITDA, Kashifu Inuwa Abdullahi,

received the Director General of NEMA, Mustapha Habib Ahmad, in his office. Abdullahi congratulated the Ahmad for his recent appointment, describing his task as onerous that requires sustained and strengthened partnerships for him to succeed in his duties due to its magnitude and impact on distress Nigerians. Abdullahi mentioned that NITDA, as a government apex IT regulatory body, has the mandate of developing and regulating the use of ICT in Nigeria, and to deploy its expertise on virtually all aspects of human and operational endeavors that requires the application of digital technology which, NEMA is not an exception. He described NEMA’s operations as one that requires the application of modern technology,

adding that “to work effectively and efficiently you need ICT, and technology can help you get insight and predict a disaster even before it happens”. He said modern technologies would in no small measure, position agencies like NEMA to always be on their toes ahead of any emerging situation easily, quickly, and conveniently as well as providing useful information that will make the agency take proactive measures. Abdullahi assured NEMA of NITDA’s unalloyed commitment to incorporate NEMA into its Digital Transformation Working Group (DTWG) to facilitate organising capacity building for its personnel, in order to have a full grasp of the process, when, where and how to deploy and apply the technology appropriately.

FCMBTo Empower Agribusiness, Others with AfDB’s $50m Credit Facility Nume Ekeghe First City Monument Bank (FCMB) has said that women and local enterprises involved in agribusiness, manufacturing, health care, and renewable energy will soon have access to long-term funding courtesy of a $50 million credit facility from the African Development Bank (AfDB). The bank said the $50 million credit line will narrow the lending gap to underserved segments and complement its lending efforts and operations in the Nigerian market. AfDB, it added, will disburse the funds to the bank before the end of this year.

Managing Director, FCMB, Mrs. Yemisi Edun thanked the African Development Bank for having confidence in the bank, adding that the credit line would help it increase lending to high impact sectors of the Nigerian economy. She said, “The $50 million credit line will increase access to finance for women empowered businesses and enterprises involved in agribusiness, manufacturing, renewable energy and healthcare, enabling them to build back better post-COVID-19. “We are delighted that a minimum of 30 per cent of the funds will go specifically to women empowered businesses, which would, in turn, contribute

to stimulating gender equality and empowerment. Remarkably, it aligns with FCMB’s transformative agenda of boosting household economic resilience by improving women’s access to credit and work opportunities.” She added, “In addition to the $50 million, the AfDB will provide a technical assistance grant of $200,000 to FCMB through its Affirmative Finance Action for Women in Africa (AFAWA). The Women Entrepreneurship Finance Initiative, an international partnership supporting women entrepreneurs in developing countries, supports AFAWA. The assistance grant complements the loan and will further strengthen training,

T H I S D AY ˾ MONDAY AUGUST 2, 2021

ISSUES

The Courage to Act Ending the sale of foreign exchange to Bureau De Change operators will help curb arbitrage and improve transparency in the market, writes Obinna Chima

en Bernanke, a two-term former Chair of the Federal Reserve of the United States, in his memoir, ‘The Courage to Act,’ gave an in-depth account of his actions during his eight years reign at the regulatory institution. In the book, Bernanke pointed out that central bankers must always have the courage to do the right thing first and thereafter, “the second thing would be to explain to the public and politicians why what we did was the right thing.” “If we acted, nobody would thank us. But if we did not act, who would? Making politically unpopular decisions for the long-run benefit of the country is the reason the Fed exists as a politically independent central bank. “It was created for precisely this purpose: to do what must be done—what others cannot or will not do,” he wrote further. Clearly, this was the situation the Central Bank of Nigeria (CBN) was faced with following its last week’s decision to end its age-long practice of selling the United States dollars to Bureau De Change (BDC) operators. The CBN Governor, Mr. Godwin Emefiele, while briefing journalists at the end of the Monetary Policy Committee (MPC) meeting in announcing the decision to end foreign exchange (FX) sales to BDCs said the apex bank took the decision because the currency dealers had deviated from the reasons they were licenced. According to the central bank chief, the BDCs turned themselves away from their objectives. He said the BDCs abandoned their role in the financial system and now act as agents that facilitate graft and corruption in the country. “We cannot continue with the bad practices that are happening at the BDC market,” a visibly angry central bank governor said. Furthermore, he said the decision to eliminate the BDC operators from the FX market was also 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, the BDCs were transacting in millions of dollars. 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.” 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.” Following the decision to ban the BDCs, Emefiele therefore 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 are 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 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.” REFUND OF PENDING BDCS’ LICENCING FEES Due to the decision to end FX sales to BDCs, the CBN said it would immediately commence the refund of capital deposits and licencing fees, where applicable, to BDC promoters who had pending license applications with the bank. The CBN in a circular to BDC promoters and all banks, dated July 29, 2021, and signed by the

Emeﬁele CBN Director, Financial Policy and Regulation Department, Mr. Ibrahim Tukur, advised the affected promoters to forward their requests for refund in writing to the Director, Financial Policy and Regulation Department. It added that the requests should be accompanied with telex copy of initial deposit of N35 million and account details of the refund, which should be the same as the account from which the capital deposited originated, including bank name, account name and number, as well as copy of the bank draft/telex for payment of licensing fee of N1 million, if any. CBN further directed all deposit money banks to henceforth stop accepting instructions from customers to transfer capital deposits of N35 million to the designated CBN account for the purpose of applying for BDC licenses. Similarly, the banking sector regulator, in another circular, directed all banks to set up teller points at designated branches across the country to fulfil legitimate FX requests for Personal Travel Allowance (PTA), Business Travel Allowance (BTA), tuition fees, medical payments, and SMEs transactions, among others. The Director, Monetary Policy Department, CBN, Dr. Hassan Mahmud, noted that unlike the temporary ban of FX sale to BDCs in 2016, the central bank was taking a tougher stand this time. He said going forward, the bank would only supply the greenback to banks to meet genuine retail needs of Nigerians. According to him, “This time around, there is going to be stricter monitoring and the banks themselves know what is on their shoulders now, looking at where we are coming from in terms of taking it off the BDC segment because of distortion and irregularities and arbitrages we saw in that market. “So, the banks know that this is a more serious burden on them and it is something that has to do with their reputation and the fact that the CBN has enough tools within its purview to monitor those banks and also penalise those that fall off the line.” He added that the policy would help curb arbitrage related to FX malpractices and improve transparency in the market. “One big area that was a major issue is the behaviour in the BDC market. We got to a stage that you could not differentiate between the BDC market rate and the parallel market rate, whereas BDCs are supposed to be formal institutions licenced by the central bank with a licencing guideline with what to do. “It was supposed to be the retail end to moderate prices at that level because of the shocks. We always regard that market as very little and insignificant so it is not going to really impact on the other parameters of the exchange rate,” he lamented. BANKS PLEDGE SUPPORT Also reacting to the new FX measures, the Chairman, Body of Bank CEOs, Herbert Wigwe, said authorised financial institutions in the FX market would ensure full compliance with the

CBN directives in order to ensure FX stability. Wigwe said customers could walk into their banks to purchase dollars for legitimate transactions. He noted that the banks had agreed that the process would start immediately following a meeting with the CBN. Wigwe, who is also Group Managing Director of Access Bank Plc, said the banks were ready to meet the mandate of the CBN, adding that they have more than enough capacity to deliver. He explained that the process would be centralised to avoid abuse. The Access Bank GMD pledged that the banks would ensure that the measures that had been put in place were not disrupted and abused, saying, “We will also be doing verification of the Bank Verification Number (BVN).” According to him, “The banking industry is willing and ready to carry out this function. As you are aware, the bank has very strict compliance measures in terms of Know Your Customer (KYC). For us at Access Bank, we will ensure that all our branches meet the requirements.” Also, the Chief Executive Officer, Guaranty Trust Bank, Segun Agbaje, expressed the readiness of the bank to begin implementation of the mandate given by the CBN. Agbaje assured customers that the banks had the resources to fund the process, adding that they have collectively agreed to start immediately. He also stated that different banks had different processes, therefore, banks should examine their controls, and what worked for them. Agbaje said, “There is a lot of abuse around FX, so you will find out that some of the better controlled systems are centralised, while some are decentralised. Customers should not panic, there would be availability of forex, and the banks will run a very transparent process.” ANALYSTS REACT To the Financial Derivatives Company (FDC) Limited, by putting an end to the sale of FX to BDC operators, Emefiele, has “disrupted one of the juiciest gravy trains in the Nigerian economic racket,” Financial Derivatives Company Limited (FDC) has stated. The firm stressed that, “Even though BDCs are licensed by the CBN, the point had been reached where the programme was no longer tenable and surely not sustainable.” It stated that Nigeria was spending more on BDCs than debt service. The firm wondered how a country whose total exports and receipts were approximately $59.8 billion, was spending $5 billion to subsidise “supposed Nigerian tourists during a COVID-19 year. “In other words, spending more on tourism rather than debt servicing. Therefore, the structure of the forex market needed sanitisation,” the firm headed by Mr. Bismarck Rewane added. Nonetheless, recommending solution to the problem, it stated, “The interim solution of substituting BDCs with banks is hardly going to achieve much. You are virtually handing over the yam barns to goats to secure. In the

end, there will be no yams nor goats.” It recommended, instead, that the CBN should allow banks to retail dollars as they had done in the past and make BDCs engage in retailing same but at a buy rate different from today’s subsidised rate. That is, the BDCs would be allowed to buy dollars from the CBN at the parallel market rate less a N10 premium, the research company stated. To the Chief Executive Officer, CFG Advisory, Adetilewa Adebajo, “BDCs were set up to serve retail markets with transactions under US$5,000. But this might not be sustainable, as consumers did not benefit from the official rates BDCs were given as they engaged in arbitrage with the parallel markets. “This situation offers the banks an opportunity to create a viable FX interbank market with transparent bid and offer rates that Nigerians can access via the existing inter-banking platforms. “How long this will last is yet to be seen, as we recall that CBN last year for separate reasons suspended sales to BDCs and resumed several months later.” In his contribution, Africa Tax and Legal Services Leader, PwC Nigeria, Taiwo Oyedele, noted that the main purpose of creating the BDC market was to bridge the gap between the official and parallel markets. “But there must be some lessons we can learn as country in running BDCs, even though our situation is always peculiar. “In my view, this ban has to be a temporary measure because to me, the ban is not the solution to the problem. “It should be that this ban is to think about structurally, how we address this problem,” he added. On his part, the Head, Investment Management Group at Chapel Hill Denham, Ayodeji Ebo, expressed optimism in the ability of banks to meet the PTA/ BTA demand. He, however, noted the scarcity of the greenback in the market. To Prof Uche Uwaleke, a former Commissioner for Finance at Imo State, said the decision by the CBN to stop forex sale to BDCs has merits and demerits. According to him, the action by the central bank is consistent with its move to unify exchange rates in the country and improve the level of transparency in the FX market. He said the CBN’s policy would slow down the rate of depletion of the external reserves as well as address the issue of round tripping. ABCON TO ENGAGE CBN Reacting to the decision of the central bank, the President, Association of Bureaux De Change Operators of Nigeria (ABCON), Aminu Gwadabe, said the association would engage the CBN. Gwadabe said the planned engagement would, among other things, seek to identify and sanction earring BDCs. He clarified that the association was still providing FX services, in spite of the central bank’s action. Gwadabe said the pronouncement by the CBN did not stop BDCs from providing FX services as allowed by their operating licences and in their operating guidelines. Gwadabe said, “BDCs are licenced to provide retail FX services, including buying from the public and also selling to end-users for allowable transactions, namely, PTA, BTA, payment of medical, and school fees.” He said while the CBN had stopped dollar sale to BDCs, it did not cancelled their operating licences, or ban them from providing FX services to members of the public. According to him, “While the dollar sale from CBN had helped in enhancing supply, the fact remains that BDCs are empowered to source FX from other sources and also to provide various services to members of the public. “At ABCON, we urge our members to see the CBN pronouncement as a wakeup call and opportunity to widen their customer base and deepen their business. CONCLUSION One of the roles of financial system regulators is to monitor evolving risks and potential dangers in the market place for timely intervention. That is why the action of the central bank must be commended. The CBN action if properly implemented and effectively monitored would also be beneficial to the economy as it is expected to end arbitrage, bring about transparency in the FX market as well as result to exchange rate stability.

MONDAY AUGUST 2, 2021 ˾ T H I S D AY

SPECIAL INTERVIEW

MAHMUD: NOWHERE IN THE WORLD ARE BDCS SPOON-FED The Director, Monetary Policy Department, Central Bank of Nigeria, Dr. Hassan Mahmud, in this interview on Arise News Channel, spoke extensively on issues surrounding the decision of the banking sector regulator to discontinue the sale of foreign exchange to Bureau De Change operators. Nume Ekeghe presents excerpts: What is the new horizon for foreign exchange foreign exchange management by the CBN based on last Tuesday’s announcement? ou are very much aware and like all players including analysts in the economy, of the teething problem we are having with exchange rate and particularly the persistent depreciation of the naira and the constant pressure, demand pressure and the shrinking of the supply side of it. And we have also seen that a very high pass through from that behaviour of exchange rate to inflation and for other parameters of the economy. So, the link is so strong and it is becoming more intensified and the bank needs to at least address substantial parts of those distortions coming into the economy. One big area that was a major issue was the behavior in the BDC segment of the market. It got to a stage that you could not differentiate between the BDC market or BDC rate and the parallel market rate or the black market rate. BDCs are supposed to be formal institutions licenced by the central bank with licencing guidelines, with what and what you’re supposed to do. It is supposed to be the retail end of the market to moderate prices at that level because of the shocks we constantly see. We always regard that segment of the market as very little, insignificant; so we feel it is not going

to really impact on the other parameters of exchange rate. But with time we have come to see a lot of noise in that part market and that has generated a lot of issues around the transparency of the conduct of that market. So, there was a need for the central bank to come in to put things in perspective and allow the market system to operate in a very efficient manner. It became a distortion or friction within the market’s smooth operation mechanism. Does this represent a paradigm shift in the foreign exchange policy by the central bank? Given the kind of structures we find in the economy and how we need to reach that retail end of the market and the Governor also gave an example that nowhere in the world that you see a central bank spoon-feeding a forex window by giving them direct foreign exchange cash. So, while that stoppage came, anybody that wants to go into invincible or any transaction of foreign exchange should go to their banks. One, with the banking system or the commercial and deposit money banks, monitoring is going to be more efficient, their transactions can be seen every day and you should expect some level of responsibility given even the

capital base and the professional base of those operating in that system. So, for those that want to do their Business travel allowance (BTA), personal travel allowance (PTA), school fees, medical, they can also go through their commercial banks and take those funds for foreign exchange requirements from their commercial banks. And we also gave a clause, in the event that you don’t get this, there are numbers you call and email you’re going send your complaints to and also gave the banks the matching order to disburse these funds with minimum documentation requirements, sufficient enough for them to be able to ascertain that this transaction is genuine. The announcement on Tuesday will it be permanent or as a stop gap measure? From the language the CBN Governor spoke, for now it is permanent, it is not a stop gap that after one month, one year we are coming to reverse this. It is something that has been said, even the BDCs applications that are under processing, all that is going to stop and all funding and foreign exchange requirements should go to the commercial banks.

What will be different compared with what was announced in 2016? This time around there’s going to be stricter monitoring and like I have said, the banks themselves know what is on their shoulders now, looking at where we are coming from in terms of taking this off the BDC segment because of the distortions and irregularities and arbitrages that we saw in that market. And so the banks know that this is a more serious burden on them and it’s something that has to do with their reputation and the fact that the central bank has enough tools within its purview to monitor those banks and also penalise those that also fall off the line. So, in terms of the efficiency of it, because we have also emphasised that this flows will go to the bank, the supply side as much as possible will be taken care of. The central bank will try as much as possible to meet that side and then the transparency of it will also improve for even other investors that want to have access to foreign exchange. So, in terms of the results, we expect to see a better outcome in terms of the efficiency, the delivery of foreign exchange, transparency in the transactions, the documentations that would be required would be verifiable by both the regulators and even the banks that are supposed to disburse those funds.

T H I S D AY ˾ MONDAY AUGUST 2, 2021

SPECIALINTERVIEW Is the move by the central bank in line with the advice by the World Bank and the International Monetary Fund that suggested that the CBN should narrow the gap in the exchange rate windows in Nigeria? It is part of the issue, but substantially the price distortion that we saw in terms of BDC transactions or in terms of black market transactions. You know several times when people make analysis and are referring to BDC rate, invariably they are referring to the black market rate. Even multinational institutions also use that rate, which is not a true reflection of the fundamentals of the market. So, with that distortion taken out of the system, the international community will also see that there’s transparency. The rates, whatever it is, is not the issue, it’s the price discovery mechanism that brings about that rate. If it’s a reflection of the fundamentals of the economy, it’s a reflection of demand and supply in the economy, it’s a reflection of trade movement or trade volume in the economy. Then, even with services, you will start seeing some trust and market confidence in that segment. Invariably, all players and stakeholders would take this as a very positive move by the bank and a very bold move to address that distortion coming out of that market failure. Do you think this will keep the rate at market-determined level? I think this will also bring the rates to a kind of equilibrium point. It is not like you won’t have access to those transactions or you don’t have access to funds to do those kind of transactions, but it is just that you get them from a different platform. A platform that is more dependable and more trackable. So it’s not that those services at the retail end of the market are going off the market and even the new rule does not even say that BDCs are banned. So, if the BDCs can raise their funds from other sources, fine. But for this transaction, because we want to meet the domestic demand for this foreign exchange requirements, this is an alternative window where you can use to get this. So, if you still have access to that, I think from now you will start seeing a more efficient price mechanism in terms of the rates that you’re seeing for the invisibles, the ones that go for school fees, BTA, PTA and all their medicals and travels. We know in the past that BDCs got their foreign exchange at a particular rate, the central bank gives the BDCs at a particular rate and there is a margin that is already agreed to be paid on it. But nobody goes to the market and get that rate, the banks cannot do that to you because you have a board in the banking hall that tells you what is the buying and selling rate and if it’s going beyond that, you can as well query the bank or write to central bank, that this is what we’re having and that’s monitoring. At what rate would the central bank now be selling to the banks? Well, for now I don’t know exactly what rate, it’s going to happen, but within this structure that is coming up, that will be agreed but most transactions now are now NAFEX plus a particular percentage of 0.22 per cent. So, I don’t think there will be much deviation from that, don’t forget we used to give the banks foreign exchange for invisibles - $100 million. So, there was a rate that was being used for that, there won’t be much difference. The rate is not a fixed rate so we call our exchange rate regime a Managed Floating Rate. So, that would depend on the movement in the NAFEX market but I know that it’s a margin above the NAFEX rate that plays in most of this market because the NAFEX rate from our own understanding of the behavior of the market reflects the real demand and supply determinants of foreign exchange. The commercial bank said that they are prepared and ready to work with the central bank on the expected surge in customer demand which is expected. So, is the central bank ready to meet the supply side here which has been a major issue?

One big area that was a major issue was the behavior in the BDC segment of the market. It got to a stage that you could not differentiate between the BDC market or BDC rate and the parallel market rate or the black market rate. Central Bank cannot meet the demand of the entire economy because we don’t print dollars. So, it is a function of how much inflows we get. So, while we are also working on getting alternative supply sources, we are also managing demand and one of the major ways to manage demand is to curtail unnecessary importations or unnecessary demand for foreign exchange. We want foreign exchange that we would use to get something in that would impact on the economy positively. So, we don’t want, demands that are so frivolous or are just for store of value. You want to dollarise the economy, you just take some dollars and keep at home. We don’t want those speculative use of foreign exchange and so those we must manage with some of our administrative tools, we use them to address that. But to say that we can meet 100 per cent of the entire demand of the economy, including the ones that are genuine, those that reflect and impact positively on the economy, no bank in the world can meet that. But genuine demands that are important and have credible documentations, definitely would be met. Where does the over 6,000 BDCs in Nigeria go from here? They are still there, since we didn’t ban the BDCs. We didn’t revoke the BDCs’ licenses. However, the Governor also added that all other BDCs applications that are being processed at whatever stage that they are in, the processing of those licences have stopped and those ones that have the liberty to ask for refund which is the option available and the bank has also set out procedure to do that refund. The Financial Policy and Regulation Department has already made that public and the bank has assured anybody that is in that process to get his refund within three days of application. So, we don’t expect to see any issues

around that side. However, existing BDCs that already have licence, they are still valid businesses licenced by the central bank and what is just different now is that they won’t be getting foreign exchange from the central bank. If they are able to secure their funding for BTAs and PTAs they would remain in business, but they will still operate within the specifications of their licence. Will the action have any impact on the currency inﬂows via diaspora remittances which comes through the International Money Transfer Operators(IMTOs)? I don’t think so in the terms of having negative impact on inflows. That is because substantially those inflows that come into the system through IMTOs are not being obtained at a BDC rate. Rather, people collect that from the IMTOs or from the banks and go and resell at BDC windows for higher prices and then take the naira as their gains. But now you only have that window, so you don’t have that market for arbitrage that would be incentivising people to go into round tripping. So, expect the inflows to keep coming, because the inflows are meant for certain purposes particularly the remittances for families and for other businesses that people have here. That is because when prices are reasonable, inflation will come down, people have jobs, other things are functioning you don’t even need those excesses gains to go into those hot corners and stuff like that. So, you have the value for what you’re getting. There’s a price you get for the foreign exchange that comes in which is common all over the system. You don’t see another very high price somewhere, that you have the incentive to say, let me take from this market and go to that market, you see that the difference

is just N1 or N2. Doing those connections that are sometimes very costly for you and could also be risky, in terms of you losing your funds. Getting back to the banks that are going to most likely handle more customers using their window and their bank branches, won’t that be an additional pressure on the central bank in terms of monitoring and policing the system to ensure that the banks do the right thing? Well, for the banking system and I am talking of the deposit money banks, the central bank has a very robust monitoring system both the automated one and also the banking supervision side of it as well as the examination side. The banks are just 26 banks in the country. It’s different from 5,000 institutions that you need to inspect their books, even the books then of the BDCs mostly are manual, and they are not on the automated platform. But for the commercial and merchant banks, we see what is going on there on daily basis and every second. We have electronic platforms where we monitor, our examiners know what is going on in the banks, we can do targeted examinations within hours, people can go to the banks call for their books and you have those books because it’s mandatory for them to have those books, the renditions are daily. We have platforms where banks make renditions at the end of every day; we also have tools to penalise banks heavily when they deviate and refuse to comply with our standards and it comes to them at a very high cost. So, it’s not like BDCs that just have a requirement of N35 million and then you can walk away and commit a crime of N100 million and you let go. For the banks, because of what is at stake and then the central bank also has a robust mechanism to monitor those banks and also to deal with infractions. So, on that basis we are good. The allegations of those malpractices announced by the Governor were too heavy to be ignored. Tell us more about them and what additional surveillance or monetary measures is the central bank putting in place on this? Some of those allegations are actually things that the central bank has engaged the necessary authorities to address and this is not the first time the Governor is saying it. He has spoken at several past Monetary Policy Committee (MPC) meetings of issues around corruption, money laundering going on in the BDC segment particularly during heavy political period. And you see those reflecting in the behavior of prices in those markets, and we also see other illicit activities that are going on there. The bank has raw data and information on this and they are collaborating with the necessary investigation and security agencies in dealing with this and the collaboration is still on going and very soon you will also hear from the bank how some of these agencies are also dealing with the cases. You have heard of several cases by the EFCC where some transactions were traced to BDCs and people are arrested. What is likely to change in terms of your monetary policy focus at the central bank and action between now and 2022? For the monetary policy side of things, in the last communique, we mentioned how things are tapering down positively in terms of the inflation numbers, coming down for two consecutive months, GDP numbers going up for two consecutive quarters now. Whilst, the projections are that it would improve for the third and fourth quarters of 2021 into 2022. Indeed the monetary policy stance is expansionary. However, the hold that we have now was for the policies that have been put in place since we had the pandemic, particularly from the second quarter of 2021 which included the fiscal and monetary stimulus so that the injections that got into the economy can permeate more in terms of creating more jobs, in terms of speeding up the recovery of the economy to reflate the economy back to its pre-pandemic growth rate and beyond, the Governor mentioned that for as long as our GDP is still below our population growth rate, we are still not out of the woods yet.

MONDAY AUGUST 2, 2021 ˾ T H I S D AY

FACT FILE TR

UTH

& R E ASO

With Lanre Alfred | 08076885752

TRUTH BEHIND THE HEADLINES, CONSPIRACIES, COVER-UPS, TRIALS AND TRIUMPHS

Holy Fire! If All Pastors Were Like Tunde Bakare Intrigues as Buhari’s bosom friend declare war against him Touch me if you dare! - Bakare to Buhari

ruth, the life-blood life of the nation, corrupts and an stagnates through its social tracts tr and veins, unproper circulation of it less a prop maintained between the is mainta government and the citizenry. citi Knowing this, the general gene overseer of the Citadel Global Commu Community Church, Tunde Bakare, flourished truth like a whip, recently, against the hide and aga government of President governm Muhammadu Buhari. Muh In a tenor indicative of the notion that, the surest way to ruin sur a man who doesn’t m know how to handle kn power is to give him po some, Bakare, took s Buhari, hitherto his B bosom friend and b political associate, p to t the cleaners and declared scalding d hostility against him. h

DANGEROUS EDEN… HOW LAGOS YOUTHS, HIGH SOCIETY DOPED THEMSELVES INTO A NARCOTIC HELL Psychotropic substances hit the coastal city like a blizzard, with casualties rising

HOW BANKING CZARINA, CZARINA MIRIAM OLUSANYA, SHUNNED PEER VANITIES, BEAT MALE RIVALS TO EMERGE GTBANK’S MD Why her crashed marriage, divorce proceedings couldn’t stop her She was selected on merit – GTbank insiders The peculiarity of her prowess is its intensity, capable of making all disagreeable evaporate, from their being in close relationship with her beauty and truth. Her charm may strike the sight but her genius wins souls hence when Miriam Olusanya emerged Managing Director (MD) of Guaranty Trust Bank (GTB), her appointment was driven by merit and her incontestable genius. After months of speculations and permutations, Olusanya is the new MD of GTbank. Her appointment comes on the heels of the conditions for the bank’s re-organization under a new operating company to be known as ‘Guaranty Trust Holding Company Plc’ (GTCo). But her journey to the acme of banking practice did not come on a silver platter. As the tenure of former MD, Olusegun Agbaje, wound down, there were speculations about who would succeed him. Olusanya stood in good stead because of her experience and expertise and also because a new crop of women was taking up leadership positions in rival banks, notably

Olusanya

Bakare, on Sunday, said that sovereignty is not in Buhari’s hands anymore. “You are commander-in-chief of nothing, except the people put you there. The highest office in the land is the office of the citizen. Nigerians are going to rise and demand for their rights,” he said during his sermon as his church, formerly known as the Latter Rain Assembly. The fiery pastor subsequently dared Buhari to come after him as he is wont to go after his critics. He said, “And I dare you to try to stretch your hand against me like you have done to others, then you will know whether God sent me or I’m just empty and just making noise. Nigeria for Nigeria; the time to save this country has come; the government can’t save us, the military can’t save us, Nigerians must rise and demand for what is rightly theirs. “Get out of my way, get out of my way, this is the final warning. I loved you, I served you, I respected you, I did everything to make it work for you but you turned against me and God has turned against you, get out of my way.”

the recent appointment of Nneka Onyeali-Ikpe as the MD/CEO of Fidelity Bank and Yemisi Edun of FCMB. There was, however, a cog in the wheel. Her capacity to ruthlessly go after the bank’s long list of debtors was questioned just as her marital status became an anathema. Her husband, Abiodun, had filed for divorce in Lincolnwood, Illinois, United States. Sources disclosed that the couple had separated for some years and that divorce was the only option left for them. In a clime like Nigeria’s where a single or divorced woman is deemed irresponsible, Olusanya’s chances looked bleak especially as the divorce proceeding was getting messier. Luck, however, smiled on her as she now heads one of Nigeria’s biggest new generation banks. Despite protests by rival camps to her selection, it was a given that Olusanya would beat her competitors to the bank’s top job, ultimately because she cuts a brilliant portrait of industriousness, genius, and true modesty. Unlike too many of her male and female counterparts in positions of power in the banking sector, Olusanya parades no painted face, chained to false persona by a common yearning to exploit and defraud. Neither does she play pretend in a dark industrial Ponzi scheme in which all the characters are frauds. Olusanya rather epitomises the finest of Nigeria’s league of extraordinary leading ladies, according to highly placed sources in GTB. Perhaps it is too early to judge GTBank’s MD. Time will tell if she would tread in the path of her more vacuous peers and desperately seek to live like a rock star or power-drunk empress. Blessed with position, money, and power, we would see if she would maintain a humble, pious life, particularly now that her marriage is over, or if she would splurge on expensive cars, houses, jewellery and so on.

Here goes the parable of the drug-dependent: First you take a puff, then the puff takes a puff, then the puff takes you. Even so, thousands of youths are addicted to hard drugs and their poetry of death; they keep chasing the dragon through those chloral hours until the highs erupt within their skulls, a tallow-coloured world of ghastly beauty. Eventually, they awaken to a tragic reality and discover that they had simply allowed death to lure them into a narcotic reverie, a fleeting Eden of ephemeral highs from which they crash into a permanent low. Despite the apparent dangers of drug abuse, too many Nigerian youths have lost their lives by pushing dope into their veins instead of hope into their brains. In the past, junk was the ideal product. The ultimate merchandise. No sales talk necessary. The client would crawl through a sewer and beg to buy. But nowadays, users enjoy an endless array of psychotropic substances including SK, Ecstasy, Heroin, Loud, and Cocaine. The dam is already bursting at the seams and if left unattended to, the flood will sweep away so many ambitious youths, hapless young ladies, and impressionable silver spoon kids. This is no doomsday prophecy. Among Lagos Island’s in-crowd, for instance, the jet-set and the nouveau riche have taken to a dangerous habit; marijuana and its other derivatives have suddenly lost the allure they used to hold for many. Now, the use of ‘loud,’ cocaine, that powerfully addictive narcotic with the tendency to rid its user of all inhibitions, is the order of the day. Many Lagos clubs now serve and spike their drinks with the white powder to the pleasure of their mostly filthy rich clientele. Whatever the price, by whatever name, cocaine is becoming the all-Nigerian drug. No longer is it a sinful secret of the moneyed elite, nor merely an elusive glitter of decadence in raffish society circles, as it seemed in decades past. Today, in part precisely because it is such an emblem of wealth and status, coke is the drug of choice for perhaps millions of solid, conventional, and often upwardly mobile citizens — lawyers, businessmen, students, government bureaucrats, politicians, policemen, secretaries, bankers, mechanics, real estate brokers, waitresses.

Declaring war against the president, he said, “I’m not holding dialogue with anyone anymore… because it is war.” It would be recalled that Buhari and Bakare contested for the presidency on a joint ticket in 2011 for the positions of president and vice president respectively. They had maintained a chummy relationship until their recent falling out due to Buhari’s perceived neglect of Bakare’s admonitions on political and national matters. While some pundits argue that Bakare ought to have sought less combative approach in dealing with his friends, the pastor’s fiery reproach of Mr. President has elicited widespread applause among various segments of the populace, many of whom are disgruntled with Buhari’s perceived maladministration of the country. Many are of the opinion that if more religious leaders should garner courage to condemn President Buhari’s disastrous approach to governance, he may be guided to commit more responsibly and judiciously to the country’s myriad problems. Largely unchecked by law enforcement, a veritable blizzard of white powder is blowing through the coastal city of Lagos, and it is causing significant social and economic shifts no less than a disturbing drug problem. Aside from cocaine, other psychotropic substances have gained widespread appeal among thousands of youths enslaved to a hankering for SK, Ecstasy, Meth, Loud, to mention a few. Once it gets into their system, they become less inhibited and more vulnerable to crime. Chindima Adaora, the controversial side chick and 300 level Mass Communication student of the University of Lagos, who got arrested for allegedly stabbing her billionaire boyfriend, Super TV boss, Usifo Ataga, to death, was reportedly high on hard drugs while committing the crime. Despite Chidinma’s subsequent retraction of her earlier confession to the crime, her predicament and the blow-back generated in the aftermath of her crime hasn’t served as a deterrence to several young ladies and guys who still take to the use of hard drugs. Celebrities, married and single ladies continue to indulge in the reckless use of psychotropic substances. Further findings revealed that many of them use hard drugs as aphrodisiacs and stimulants to artistry in desperate and ordinary moments of their lives. The consequences, of course, are always better imagined.

FORTUNE MADE IN DOLLARS, RUINED BY NAIRA… NIGERIAN BANKS, BILLIONAIRES GROAN UNDER SHAKY MOUNTAIN OF DEBT

The thunder of debt reached them well before its lightning charred their pockets’ threads, and whirlwinds of liabilities knocked the cojones off their frames even as it stamped the kahuna off their deified names. In the storm, hundreds sank into the surf of indebtedness; a well-heeled few plunged headfirst, dabbling breaststroke, backstroke, and death-stroke perhaps, in a spirited dart for a lifeguard or something like it. In the end, their mercantile flurry disappeared in the flare of intense currents and chilling jetsam and flotsam - the grave of venturous tycoons. If you could read between the lines, you just might decipher the saddening fable of the maverick businessmen, who assumed a burden of debt in a frantic quest of entrepreneurial acclaim. To attain wealth, they plunged in indebtedness, incurring tons of liability, forgetting that debt has never been a dependable harbinger of wealth. There is no gainsaying several businessmen have borrowed their way into a bind. When the going was good, and the foreign exchange rate

T H I S D AY ˾ MONDAY AUGUST 2, 2021

FACT FILE

2023 ELECTION: Loyalists Storm Mecca for

Hakeem Muri-Okunola to Be Lagos Governor

oyalists of Hakeem Muri-Okunola, the Head of Service, Lagos State, fancy his chances as the successor to the current governor, Babajide Sanwo-Olu. With the groundswell of rumours that the incumbent will only complete the second term of the past Christian governor, HMO, a devout Moslem, believes that he is in better stead to get the ticket come 2023. Thus, he has reportedly been reaching out across religious and political divides to make his dreams of governing Nigeria’s most important state come true. In fact, sources said some prayer warriors allegedly travelled to Mecca to seek Allah’s face on his ambition. Not just that, he has reportedly been playing the Bourdillon politics by always visiting the residence of the grandfather of Lagos politics, the man who can make or mar his ambition, Asiwaju Bola Ahmed Tinubu. The odds favour HMO somehow. He is young, turned 49 in January; he is a Lagosian through and through and is an integral member of the Lagos establishment having served in various inﬂuential capacities in the state government since 1999. Currently, he is the most powerful civil servant in the state because the Head of Service was formerly combined with the Secretary to the State Government during the military regime and the appointed civil servant automatically becomes the Deputy Governor but the oﬃces were humoured their frantic lusts, many of them took fancy loans from the banks; they borrowed $10 million at the exchange rate of N350 to $1. The horizon seemed rid of storms and the crisis of perilous liabilities. But no sooner did the naira take a plunge, now exchanging at N502 to a dollar, they sank in the riotous waves of debt. Due to the financial crisis, many of them have incurred millions of debts in dollars even though their earnings are in naira. Tough luck! While the naira exchanges at an unrealistic N450 to a dollar, they have to pay up their million-dollar debt and buy inflow at N515 or thereabouts. Unfortunately for them, no help is coming from their cohorts in the banking industry as their bankers are caught up in the wave of debt and ugly liabilities. Even the banks are in crisis; a consequence of bad management, lack of visionary planning, and inability to recoup many of the bad loans they gave in the time of plenty. To repay their soaring debts, many businessmen have been forced to sell their properties and borrow more voraciously from official and unofficial sources within and outside the country. There is no gainsaying the rising mountain of debt is casting an ominous shadow on the nation’s banking scene. A growing number of monetary experts, bank regulators, and economists are concerned about the ability of some less well-heeled businessmen to repay their debts. They worry that a series of defaults could severely jolt the banking system and other major lending platforms—and perhaps imperil the banking industry. Yet bad loans and defaulting debtors are not the plagues of the banking industry. More worrisome is the lavish management culture and reckless spending of the banks.

JUST A MATTER OF CASH… WEAK ENFORCEMENT OF COVID-19 TESTING IN LAGOS AIRPORT AIDING SPREAD OF VIRUS How health workers, immigration officials allow passengers from Turkey, other countries evade preventive isolation Sometimes, virtual crimes lie dormant, and transgressions are stored away in a criminal’s head, like an opera, only to await the crafty influence of luck to inspire their opening bars. Crime, like virtue, has its degrees. However, cash disperses the threshold between the petty criminal and the heavy hitter. Both are masterminds all the same, merchants of grief and variant evil. It doesn’t matter what the vice is, or the likely magnitude of its consequences, Nigerians would do anything, for a crisp or dirty wad of cash. They forget that no one had ever mended his fortunes, nor helped a just cause, by endangering lives and breaking the law - especially when their hustle, or fortune-hunting if you like, gravitates towards mass murder. As the coronavirus ravages across the world, in its third wave, with the new delta variant, nations across the world have initiated measures to combat the scourge and prevent its spread

separated in 1999. Had that tradition subsisted, HMO, as he is popularly called, would have become the substantive Deputy Governor of Lagos State. An alumnus of the Lagos State University where he read Law and the University of London where he got his Master’s in Business Law, HMO was employed as Company Secretary at the state-owned Ibile Holdings before he was headhunted by former Governor of Lagos State, Asiwaju Bola Tinubu, who made him Personal Assistant. He was later moved to the Ministry of Lands as Executive Secretary and later upgraded to Permanent Secretary. It was in this position he came into social, financial and political renown. His financial liquidity became a hot-button issue among bona fide money-men. He flourished unfettered under the administration of former Governor Babatunde Raji Fashola who gave him a free hand to run the ministry. However, he had his fair share of rough-handling from the former Governor of Lagos State, Akinwunmi Ambode, who felt he was too powerful or so and redeployed him to the Ministry of Sports ostensibly to render him powerless. But he has since bounced back to reckoning in the scheme of things in Lagos and now sets his sights on the ultimate goal of ruling the state even when the current occupier of the state desires a second term.

Amaechi through their entry points, but those who should be the gatekeepers in Nigeria, like health workers and immigration officials, are functioning as the enemies of the state. Instead of enforcing stipulated protocol to the letter, they have devised ways to circumvent the process and sabotage the government efforts while lining their own pockets. At the international airport in Lagos, it is business as usual with the officials making a ‘killing’ every day from passengers desperate to avoid isolation. For instance, a returnee from Turkey who had opted to stay at the Radisson Hotel, GRA, Ikeja, was required to pay N1.4million for the seven days of isolation at the hotel. However, some of the government officials told him point-blank that with just $300 (about N140, 000), he could be set free. He took this option, expectedly. As the world continues to battle the coronavirus, the pandemic is not abating, just as the nations keep reinventing and restrategising several measures at curtailing its spread. The Nigerian government is no less proactive. To prevent the spread of the virus by international passengers, the ‘provisional quarantine protocol for travellers arriving Nigeria’, dated June 30, 2021, prohibits travellers from the quartet of Brazil, Turkey, India and South Africa. Also, contrary to airlines and some countries’ advocacy for vaccination and antigen test as entry requirements, the Federal Government has stuck to mandatory Polymerase Chain Reaction (PCR) test, quarantine and self-isolation for all arriving passengers. While evaders of any of these conditions shall be prosecuted, defaulting airlines are liable to fines in excess of $3,500 per illegal entrant or default. All passengers arriving in Nigeria are required to go through the routine Port Health screening and present electronic or print-out evidence of pre-boarding COVID-19 PCR test and the Permit to Travel Certificate/ QR Code; present their international passports for clearance through the Nigerian Immigration Service System’s Migrants Identification Data Analysis System (MIDAS); and proceed on mandatory seven days self-isolation/quarantine in their selected in-country destination. That is where the problem is, in Nigeria. The local protocol, signed by the Secretary to the Government of the Federation, Boss

Mustapha, stated that non-Nigerian passport holders and non-residents, who visited Brazil, India, Turkey or South Africa within 14 days preceding travel to Nigeria, shall be denied entry into Nigeria. “Nigerians and those with permanent resident permits, who visited Brazil, India, Turkey and South Africa within 14 days preceding travel to Nigeria shall be made to undergo seven days of mandatory quarantine in a government-approved facility at the pointof-entry city and a cost to the passenger. “The following conditions shall apply to such passengers: within 24 hours of arrival shall take a COVID-19 PCR test; if positive, the passenger shall be admitted within a government-approved treatment centre, in line with national treatment protocols; and if negative, the passenger shall continue to remain in quarantine and made to undergo a repeat PCR test on day seven of their quarantine. “Passengers who provided false or misleading contact information will be liable to prosecution; and persons who wilfully disregard or refuse to comply with directions of Port-Health staff, security agencies or evade quarantine shall be prosecuted in accordance with the law,” the advisory stated in part. As things stand, for their immediate freedom and to save money, many international passengers are entering the country illegally and mixing freely with families and friends and other hapless citizens, thanks to the connivance of immigration officials and health workers who should know better.

ON AMAECHI’S OUTRAGEOUS LOVE FOR THE CHINESE Transportation Minister favours Chinese contractors April 2021 - ‘I’m sick and tired of them’ - Amaechi on Chinese contractors July 2021 - Says: ‘I prefer them to Nigerian contractors’ What changed? Some leaders thrive on their power. But great leaders strive to empower; they do not feel power is absolute. Unlike Nigeria’s transportation minister, Rotimi Amaechi. He has beef with Nigerian contractors. Just when they look up to him for a lifeline, he gives it to them with poison ivy lips and a razor blade between his teeth. The transport minister would rather fete and hobnob with Chinese contractors. Recently, he delivered a blunt message to local construction companies who’ve long complained that they’re shut out of bids for the large infrastructure projects that often go to Chinese contractors, stating that: “We are not using our local contractors because they are not qualified. If you want to participate, build capacity. We can’t give you a life-threatening contract if we don’t trust your capacity.” The minister went on to explain that in order to win a federal government building contract, a company must be able to demonstrate five years of experience in the relevant field,

Okunola

an obstacle that most Nigerian construction firms have struggled to overcome. Yet contrary to his claims about Chinese companies, the latter hardly measure up to the lofty repute propagated about them by the transport minister. It would be recalled that he has persistently lamented the continuous delay by the China Civil Construction Company (CCECC) and its counterpart, TEAM Consortium, in delivering the ongoing 156km Lagos-Ibadan rail project. Just recently, in April to be precise, the minister berated the contractors for the slow pace of work on the remaining stations. Amaechi, who was on an inspection tour of work on the stations along the LagosIbadan rail corridor, therefore, summoned the two companies to a roundtable meeting to answer questions over their failure to deliver the project. Lamenting that the speed of work has reduced, he said, “We agreed with them that we will commission this April, but who will commission an uncompleted project.” “For CCECC, I’m sick and tired of them and that is why I asked them to see us on Wednesday, although most of the things remaining are minor and it cannot delay the movement of goods. They have promised to finish by the end of the month; okay I believe them, but I want them to reiterate that,” he added. Besides, Amaechi noted that, “TEAM consultant firm has also complained that they (CCECC) don’t go by their work plan”, directing that, “For Ibadan-Kano, everybody must follow according to work plan both in terms of payment, construction, inspection, and everything.” According to him, the Ibadan-Kano rail project would be a different ball game as the plan must be followed. It would be recalled that he made a similar complaint about the company’s lethargic and unprofessional disposition to work ethic in the last quarter of 2020. Apparently, Amaechi got it wrong castigating local contractors in preference for the Chinese. Someday, perhaps, the transport minister would come clean about the nature of his fascination with Chinese contractors. Nigerian construction companies are by no means alone in complaining about the advantages that are afforded to Chinese competitors. Politicians and local contractors in Namibia have expressed similar frustrations about the insurance and experience requirements that prevent local firms from bidding for projects.

STATUS OVER EVERYTHING! DESPITE HARD TIMES, NIGERIAN BANKS SPLURGE ON PRIVATE JETS

Wealth has never been a sufficient source of honour in itself. It must be advertised, and the normal medium is obtrusively expensive goods, like a private jet. As an end, the acquisition of a private jet by an individual may be deemed extreme, ignoble too perhaps if acquired by a bank. The latter is expected, among other things, to be frugal and inclined to deploy its enormous financial resources as a means of enabling it to do some good in today’s bleak and impoverished world. A private jet, however, constitutes a severe strain on a company’s resources; aviation specialists

MONDAY AUGUST 2, 2021 ˾ T H I S D AY

FACT FILE

Sanwo-Olu At The Crossroads Of Grace And Reproof... Will He Dare Godfather, Tinubu For A Second Term? APC elders, pundits watch him with eagle eyes The pressure on him is killing - Insiders

inally, Babajide Sanwo-Olu is at the threshold of grace and reproof. All the permutations and intrigues that birthed his emergence as Lagos governor have led him to the crossroads where dishonour jostles with honour for the soul of the covetous. En route 2023, will he declare intent to vie for a second term? Will he yield to the heady tang of power and frantically strive to perpetuate himself in office? State House sources revealed that the very hard-working Lagos governor, like his predecessors, has been stung by lust’s dragonfly thus he has become acquisitive of the frills of his current office. Come 2023, Sanwo-Olu may not leave, they claim, adding that there is a lot of closed-door plotting and backroom conspiracy by loyalists to the incumbent governor. They are reportedly egging him towards rebelling against his benefactor and godfather, Asiwaju Bola Ahmed Tinubu, by declaring his intention to vie for a second term as the executive governor of Lagos. If Sanwo-Olu should listen to his loyalists and throw his hat into the ring, he would be declaring war against Asiwaju Tinubu by whose machination he emerged Lagos of governor. It would be recalled that Sanwo-Olu’s predecessors, Akinwumi Ambode, and Babatunde Raji Fashola, conveniently bowed to the burden of their lusts and the pressure of loyalists who incited them against their godfather, Tinubu, by seeking a second term in office without his blessing. While Fashola got away with it after a hard-fought battle to reclaim his mandate, Ambode ended up

Awosika demonstrate that owning an aircraft outright is relatively expensive. For example, companies such as Air Partner, the world’s largest aircraft chartering firm, point out that business jets can be chartered for about $6,100 per hour. And it says they are always available and there are no on-going costs. Trust the Nigerian banker never to be left out; aircraft usage by a local bank Chief Executive Officers (CEOs) may be less - as the aircraft is often left idling in the hanger - thus increasing the hourly cost and making its acquisition extravagant and reckless. Keeping a private jet on standby is undoubtedly a costly enterprise that even the mega banks are wary of undertaking, globally but Nigerian banks are unperturbed by the steep cost of such indulgences. According to new research, the cost of owning and maintaining a private jet is so great that the estimated mean average wealth of its prospective owner is calculated at around $1.5 billion. Much less than that and the numbers simply don’t stack up. For example, a long-range Falcon 2000DX is estimated to cost around $40 million, and that’s only the upfront purchase price. This has led to the rise of alternative models such as a membership programme, fractional ownership or buying by the hour. But these cost-saving measures do not appeal to Nigerian banks splurging on the steel vessels that their CEOs might deploy them as taxis to and fro official and mostly unofficial engagements. As private jet acquisition becomes more trendy and attains a frenzy among the country’s top banks, pundits counsel that bank CEOs and their boardroom associates should consult their rational faculties more often in the discharge of their duties. The question on everyone’s lips is: “Why even purchase a private jet? Could first-class commercial travel not offer all the comfort needed, at a fraction of the cost?”

severely bruised in the high-octane power play that erupted in the wake of his decision to run for a second term. Interestingly though, Ambode has remained popular among Lagosians. His fightback exposed the soft underbelly of the godfather. The Tinubu camp is closely monitoring the deeds, statements and body language of Sanwo-Olu to ascertain if he is also bent on treading the footsteps of his predecessors in office. Any declaration of intent by Sanwo-Olu would undoubtedly be seen as an affront to his benefactor and generalissimo of Lagos politics, Tinubu. The latter’s apologists are wary of Sanwo-Olu. A very close source to the two-time Lagos governor and APC leader said nobody is taken by his perceived humility, stressing that experience has taught Tinubu never to trust, blindly, any godson or political associate. But what really is Sanwo-Olu’s play? Would he, like Ambode, spoil for a fight only to backdown at the last minute or go to battle against the person and political empire of the all-powerful Asiwaju Bola Ahmed Tinubu, the man who calls himself the owner of Lagos? Will he fall to the pressure from sycophants? Will he simply allow Tinubu to decide the next governor of Lagos? Having performed remarkably in his first time out, would he let Tinubu seal his fate on a whim and stifle his hankering for an encore in the State House? Or will he rise up and stake his claim to the governorship seat no matter whose ox is gored? We are watching. Of course, bank apologists would cite deletion of waiting time, and the facility for the CEOs to drive right up to the tarmac and fly at short notice; they would also allege that private jet travel is safer in terms of operation and maintenance of the aircraft. But such excuses fly in the face of reason in a country like Nigeria where struggling banks splurge on private jets as a means of ennobling their CEOs and announcing their entrance into the pantheon of the country’s filthy rich. At a time when bankers in the United States of America are facing tougher rules on transparency, bonuses and the use of corporate jets among others, in response to the global financial credit crunch, chief executives of Nigerian banks appear to have intensified their contest for status with their current private jet acquisition spree. This, no doubt, conflicts with the hitherto conservative nature of the banking profession and bankers’ fabled capacity to spend in line with necessity. The private jet is ultimately a status conferer to the Nigerian bank CEO; and neither he nor his bank gives a hoot if it hurts the bank, shareholders and mostly impoverished clientele in the long run

are out to cause discord within the First Bank family. It would be recalled that Awosika, who was the former chairman of the bank’s board of directors, led her colleagues to theatrically sack Adeduntan as the bank’s Managing Director (MD), and name his deputy, Gbenga Shobo, as his replacement. But barely 24 hours after Adeduntan was sacked, the governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, reinstated Adeduntan and sacked the boards of both the First Bank Limited and FBN Holding Plc. Emefiele explained to journalists that Awosika and cohorts had it coming given the bank’s poor corporate governance, credit maladministration and risk management malpractices, on its watch. Speaking to journalists, he disclosed that the CBN had previously granted “regulatory forbearances (pardon) to enable the bank work out its non-performing loans through provision for write off of at least N150 billion from its earning for four consecutive years.” First Bank had recorded a total loan impairment of over N565 billion between 2016 and 2020; and about N376.4 billion, more than half the total loans impaired, were provided for in 2016 and 2017 alone. Emefiele revealed that the insiders who took loans from the bank, with controlling influence on its board of directors, failed to abide by the terms restructuring their credit facilities; the CBN’s inspection of the bank’s books in December 31, 2020 revealed that such insider loans had been materially non-compliant for over three years, he stressed. Thus the CBN intervened to save Adeduntan and reestablish his insistence on best corporate governance.

FALSE NEWS IN FIRST BANK: AWOSIKA, OTUDEKO’S LOYALISTS NOT FRUSTRATED Insiders dismiss rumours of tsunami, Say MD Adeduntan has buried the hatchet OSINBAJO DID NOT Panic has seized the boardroom and halls of First Bank Plc; this minute, terror infests the FORCE GOVT. AGENCY TO bank like an inflamed tumour, rendering it a GUARANTEE N7BN LOAN shadow of the colossus it used to be. Soon after Adesola Adeduntan regained FOR IN-LAW, HAKEEM control of the bank’s leadership following SHAGAYA his ouster as its Managing Director (MD) in Caution as mischief a palace coup orchestrated by the defunct Ibukun Awosika-led board of directors, the centre makers spread malicious has refused to hold for loyalists of Awosika and the chairman of Honeywell Group, Oba lies against Nigeria’s Vice Otudeko, who was reportedly in cahoots with President her and a member of the board. Rumour has it that Adeduntan has gone for the jugular of his perceived detractors and has set in motion a chain of payback and checks that would prevent them from sabotaging his efforts at sanitising the bank of corruption. Consequently, the affected members of staff have become jittery and they have started running helter-skelter to save their jobs. Insiders close to Adeduntan have, however, dismissed the rumour as a figment of the imagination of certain mischief makers who

Somewhere between the coasts of wild envy and joblessness, mischief makers have rediscovered their knack for hounding the famous, rich families of Hakeem Shagaya and his in-law, Vice President Yemi Osinbajo. But if truly, haters are like hunting horns whose sound die on the wind, their recent offensive against Hakeem, the son of Bola Shagaya and son-in-law to VP Osinbajo will suffer sudden death. Just recently, the social space was rife with rumours of Hakeem’s perceived abuse of his

Osinbajo connections with VP Osinbajo and due process. The bone of contention was the Niger Delta Power Holding Company Limited (NDPHC)’s illegitimate guarantee of a N7 billion loan to a private company, ASolar Systems Nigeria Limited, under the Solar Power Naija scheme. It is noteworthy that Solar Systems is promoted by Hakeem Shagaya and Osinbajo is the chairman of the board of NDPHC, a company owned by the three tiers of government. Officials of NDPHC, however, argued that the board followed due process in approving the guarantee and that they are not aware of any conflict of interest. In its letter to the Central Bank of Nigeria (CBN), NDPHC offered to stand as the guarantor to ASolar Systems to secure a N7 billion loan from Sterling Bank Plc with a five-year tenor. If Solar defaults in payment for 90 days, NDPHC will become liable and the deductions will be made from its account as the guarantor. The Shagaya case, however, is not the first time that the NDPHC, a government company cum public facility, would mortgage its resources as a guarantee to private companies, according to recent findings by a local news medium. The NDPHC previously committed the Federal Government of Nigeria to a $118 million guarantee for Accugas, a company of 7Energy Ltd (now owned by Savannah Energy), to supply gas to Calabar GenCo. With NDPHC not generating enough revenue to pay, the liability is currently being borne by the Ministry of Finance, which now settles the monthly invoices running into billions of naira. However, the NDPHC has responded that it followed due process by acting as guarantor to Hakeem’s company. Notwithstanding stakeholders in the industry and the general citizenry are outraged by the supposedly shady transaction involving a government agency and private business. Pundits argue that the NDPHC had no business acting in such capacity for a private venture. Whatever the tenor of rumour and public opinion about the incident, haters may shove their dissent up their behind, neither Hakeem nor Osinbajo abused due process, according to sources in the presidential villa, in Aso Rock, FCT, Abuja.

MONDAY AUGUST 2, 2021 • T H I S D AY

T H I S D AY ˾ Ͱ˜ ͰͮͰͯ

CITYSTRINGS

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

Assessing Operational Readiness through Harbour Defence The Eastern Naval Command recently held Exercise Secure Response. Chiemelie Ezeobi reports that the exercise was designed to enable the command assess preplanned responses and state of readiness of units, ships and bases in building habour defence capacity to effectively prevent and repel any form of attack by economic saboteurs

Some evolutions/drills being conducted by personnel of the Command during Exercise

harity they often say begins at home. No matter how cliche that has become, the truth behind it still resonates. For the Eastern Naval Command (ENC) of the Nigerian Navy (NN), it would be ironic if they are able to safeguard the maritime domain but fail to protect its flanks- the harbour of the command and base therein. Exercise Secure Response To show its capabilities in protecting its harbour, shore and even the sea, they recently conducted Exercise Awkward codenamed Exercise Secure Response. According to the command, the purpose of the exercise among others was to reinforce the prevailing security arrangement of the ships, units and bases in the Eastern Naval Command in order to build capacity to effectively prevent and repel any form of attacks by economic saboteurs. The Flag Officer Commanding (FOC), Eastern Naval Command, Rear Admiral Sanusi Ibrahim noted that the defence of the maritime domain of Nigeria is synonymous to the survival and protection of key infrastructure and platforms across the nation. However, the actualisation and sustenance of this task is highly depended on the ability of the NN to effectively secure its habour, exercise the men and platforms among others. Consequently, as part of the Nigerian Navy Schedule of Events 2021 and in line with the Chief of the Naval Staff Strategic Directive 2021 – 5, the ENC activated Operation Awkward 2021. The purpose of the exercise among others was to reinforce the prevailing security arrangement of the ships, units and bases in the command in order to build capacity to effectively prevent and repel any form of attacks by economic saboteurs. Additionally, the exercise was designed to enable the command assess unit's preplanned responses and states of readiness. According to the FOC, the scenarios were set against the prevailing threats within the ENC Area of Responsibility (ENC) to enhance the capacity/

in the conduct of base security; practice the participating units in the use of Maritime Domain Awareness assets in surveillance, threat assessment and operational engagement; and identify if any possible shortcomings in the capacity, training and doctrinal practices in NN harbor defence/base security procedures. Participants All ships, operations bases and units, including the Maritime Domain Awareness Centres in the Eastern Naval Command participated in the exercise.

Objectives Accordingly, the objectives of Exercise Secure Response were to assess the capacity and operational readiness of ENC ships in harbour defence; assess the capacity and readiness of ENC bases and units

Conduct THISDAY gathered that ships were exercised on identifying the presence of frog men with the intent to lay limpet mines. Similarly, the bases were availed with the necessary report of suspected coordinated attacks by miscreants through the water front and land with the intent to carry out nefarious acts. Also carried out during the exercise were the simulations to test ships, units and bases on medical evacuation skills as well as Civil Military Relations engagement during civil unrest or protest. All these evolutions were geared towards enhancing personnel efficiency in line with the Chief of the Naval Staff vision to enhance the navy as a well - motivated and ready naval force in the discharge of her Constitutional mandate and other assigned tasks in fulfillment of national security objectives.

The scenarios were set against the prevailing threats within the ENC Area of Responsibility to enhance the capacity/preparedness of own personnel to curb the activities of criminal elements and other undesirable miscreants that threaten the safety and security of lives and property in Nigeria

Overall Impression At the closing ceremony, the FOC said the outcome of Operation Awkward 2021 was successful. Admiral Ibrahim noted that his assessment of the exercise was based on the overall performance of participating ships and units. He was particularly impressed with the level of coordination and synergy by units in the command during the conduct of the exercise. He therefore implored officers, ratings and civilian staff of the command to sustain the zeal exhibited during the conduct of the exercise.

FOC EAST, Rear Admiral Sanusi Ibrahim being checked during the exercise

preparedness of own personnel to curb the activities of criminal elements and other undesirable miscreants that threaten the safety and security of lives and property in Nigeria.

T H I S D AY ˾ Ͱ˜ ͰͮͰͯ

CRIME&SECURITY

Nigeria, Ghana Navies Strengthen Ties over Security Threats, Train 19

SBS Commander, Commodore Noel Madugu, handing over a plaque to First Adviser, Ghana High Commission, Ghana Navy, Commodore James Kontoh at the Special Boat Services (SBS) presentation of awards in Lagos Rebecca Ejifoma

hen the Nigerian Navy (NN) concluded the Basic Operating Capability (BOC), it was not only to cover all facets of security threats facing the nation today, but to also strengthen the existing military cooperation between the NN and the Ghana Navy (GN). After 24 weeks intensive training, the NN certified 19 of its operatives and those of the GN fit for the elite squad, Special Boats Services (SBS). Among the latest 19 graduates were nine Ghanaians and 10 Nigerians. The 19 were among 44 participants of the BOC course 16, which featured rigorous and dangerous tasks in counter terrorism, counter insurgency, hostage rescue, riverine/back waters, antipiracy, sabotage/enemy infiltration operations. Specifically, the operatives comprising both commissioned and noncommissioned officers learnt survival techniques both in underwater, above water and ground operations to enable them individually take on, overpower and neutralise scores of enemy forces. Twenty five other participants who did not succeed in all the tasks were withdrawn and returned to their respective naval units/formations in Nigeria and Ghana to continue with routine duties. Meanwhile, the GN operatives benefitted in similar training from

the NN in 2017 which held at the Joint Maritime Security Training Centre (JMSTC), Navy Town, Ojo. At the graduation ceremony, the Flag Officer Commanding (FOC) Naval Training Command (NAVTRAC) Rear Admiral Kamarudeen Lawal, said the SBS training aimed at building capacity to deal decisively with asymmetric threats and confront emergency situations to ensure security within the maritime domain and ashore. He described as remarkable, the skills displayed by the graduates, adding that he was confident the skills gained would help both countries confront current and emerging security situations. He said: "I am very impressed with what I saw today. These personnel have undergone 24 weeks of training, covering all facets of threats which are facing us today. At the times we found ourselves, we think that we even need more. "So I want to congratulate the commandant of the school for turning up his personnel and I hope that they would continue to train more so that they would be able to bring peace for all of us to do our work. "If I may recall, 44 of you were selected to participate in this training and today 19 of you have proved your mettle and have demonstrated that you have the mental tenacity, physical tough-

ness and the will consistent with Special Operations Forces around the world." According to Lawal, the graduates received one of the best standards of training which they have complemented by their strong desires to imbibe same. He encouraged them to sustain the attitude and take it into the field in order to ensure that their navies fight effectively and to justify the investment made on them. "Also, take advantage of all you have learnt here and bring it to bear when the need arises. The confidence reposed in you must not be taken for granted, especially at this time that our national aspirations are being threatened by numerous security, economic and social challenges," he said. The FOC also expressed gratitude to the Chief of Naval Staff (CNS), Vice Admiral Awwal Gambo, for the investment in infrastructure, teaching aids and continuous financial support to the SBS to achieve its mandate, which he said have enabled the service contribute more to training within tri-service and other friendly countries for the enhancement of security and wellbeing of the West African region. Earlier, the Commander SBS, Commodore Noel Madugu, said much was expected from the new

inductees, advising them to utilise all the knowledge and experiences gained during the training to surmount security challenges. He said: "Ghana and Nigeria are two countries that have been operating closely. We have had various exercises and trainings with Ghanaian officers. In most of our training institutions, we have Ghanaian officers teaching, and we also have Nigerians who are teaching in Ghana. "So we have come a long way and I believe this is just a way to further strengthen our relationship." According to him, the overall objective of the BOC is to train officers and ratings of the Nigerian Navy and other allied nations to be able to operate in small organised units that are equipped with specialised skills required to operate in a multidimensional threat environment. Addressing the personnel, Madugu said: "No doubt, it has been a challenging period but I am sure you have been well equipped with skills required to succeed in today’s dynamic battle space where the adversary is equally well prepared. "However, I am confident that you would rise to the occasion when the need arises. To the SBS Training Team, I say well done for your contribution to the success of this course and making BOC 16 the warriors that they are today. "Without your commitment, dedication and hard work, BOC 16 warriors would not have been what they are."

Police Apprehend Three Fake Officers in Ogun Becky Uba Umenyili

he Ogun State Commissioner of Police, CP Edward Awolowo Ajogun, has ordered full investigation into the case of two men arrested for impersonation. The duo, identified as Tajudeen Bankole and Fawoyi Rotimi, were arrested in in Ibogun town of Ifo Local Government area of the state. The suspects, who were arrested in a hotel following a distress call by the management, had allegedly presented themselves as police officers and demanded a huge amount of money. The management made effort to reach the police immediately while the melo-darama was still on.

On interrogation, one of the suspects confessed that he was a dismissed policeman while the other one used to be an informant. Meanwhile, they both had forged police warrant cards, which have been retrieved from them by the police. Similarly, the SWAT department of the ommand also apprehended another impersonator, namely Oduola Abiola, who hitherto operated as a Civil Defence officer. The 31 year-old man was arrested when a stolen phone was traced to him at Ibara area of Abeokuta, cladded in a complete civil defence uniform, which he confessed to have stolen from a civil defence officer.

In another development, the command arrested a 25 year-old young man, namely Adetoro Kazeem, for blackmailing and extorting the sum of N7,363,900 from his victim, Gloria Ogunnupebi. Ogunnupebi further narrated to the police how Kazeem contacted her over one year ago and threatened to release her nude pictures to the public except he was given the sum of N200,000. Unfortunately, after that first payment, Kazeem continued to demand for more money on occasional basis, which she always paid, but upon her distress, she placed a clarion call to the police to intervene because she was at a

suicidal point. Following her report, the police, through their intelligence and technicalbased investigation, successfully traced the suspect to his hideout in Ibadan Oyo state, where he was apprehended. On interrogation, it was discovered that the suspect was in the business of blackmailing and extorting money. He admitted that he committed the crime as charged and further disclosed that he has many OPAY accounts with different names through which he used to receive money from his victims. Commissioner Ajogun, commended the detectives for a well done job and ordered an in-depth investigation into the past activities of the suspect in order to prosecute him.

T H I S D AY ˾ Ͱ˜ 2021

BUSINESS/MONEYGUIDE

Delta State Targets N425bn Budget for 2022 Fiscal Year Sylvester Idowu ÓØ ËÜÜÓ An ‘indicative budget’ of N425 billion has been proposed by the Delta State government for the 2022 fiscal year. The proposal was approved by the state executive council weekend after consideration of the Medium Term Expenditure Framework and the Fiscal Strategy Paper (MTEF and FSP) in line with the Fiscal Responsibility Law 2020. The state Commissioner for Economic Planning, Dr Barry Gbe, dropped the hint shortly after the state Exco meeting adding that his ministry had earlier proposed N388 billion for the period, which was however jerked up by the council to accommodate other matters not envisaged before. In the 2021 fiscal year, Governor Ifeanyi Okowa presented a budget proposal of N378.48 billion but the state assembly increased the figure to N383 billion before passing the same into law. Gbe, however, disclosed that the N425 budget

was “indicative,” adding that, “It is not full and final. So, we will be going to the House of Assembly with an indicative figure of N425 billion as a total budget size for 2022. The microeconomic indicators that informed the indicative 2022 budget was a deliberate adoption of the Federal Government MTEF and FSP where they planned crude oil to be sold at 57 dollars per barrel in 2022, with daily production of oil at 1.88 million barrels and exchange rate of N410 to the dollar. “These are the indicative figures that made up the microeconomic framework of the Federal Government and that is what we also used in our projections. However, the Internally Generated Revenue (IGR) which for 2021 half-year was put at N35 billion is to be scaled up through what we are trying to put in the informal sector so that we can become a little ambitious and then increase it from the N65 billion-plus of 2021 to doing N75 billion in 2022.” He added, “We also try to

scale down what we called net financing which is to say that we don’t need to borrow much to increase the revenue side of our 2022 budget. However, in our intention to finish strong, we felt that there would be a need to also maintain some figures around net financing. “So, the revenue side of the budget for 2022 will be adequately funded through the statutory allocation, the IGR of the state, grants that we expect from donor agencies and multilateral agencies like the World Bank, UNESCO, UNICEF and some others that might likely come up.” The commissioner stated that the executive council also projected that the capital expenditure side should be higher than the recurrent expenditure side of the budget. According to him, the state government will be doing a 56/44 ratio distribution between capital and recurrent expenditures to enable it to finish ongoing capital projects in 2022.

Transcorp Hotels Records 84% Revenue Growth Transcorp Hotels Plc has announced its un-audited financial statements for the half-year ended June 30, 2021. The results published on the Nigerian Exchange Group showed that revenue rose by 84 per cent to N8.4 billion from N4.5 billion in June 2020, while total assets rose by 5.27 per cent to N119 billion from N113 billion during the period under review. Shareholders’ funds stood at N61 billion, maintaining its year-end 2020 level. The Company’s results are a testament to its resilience, recording a 97 per cent improvement year-on-year, with a Loss Before Tax of N102 million in HY 2021, compared to N3.5 billion in HY 2020. “Our performance reflects the capacity of our business to run sustainably and improve revenue significantly, even in tough economic conditions,” said Mrs. Dupe Olusola, Managing Director/Chief Executive Officer of Transcorp Hotels Plc. “We saw demand improve at

impressive levels during the first half of the year, with occupancy nearing the pre-pandemic levels at some points. For example, occupancy was 67.2 percent in June, growing from 44.8 per cent in January,” she said. Commenting further, Mrs Olusola stated: “We are encouraged by the signs of complete recovery in our corporate and group bookings, as companies begin to return to full operations and more physical meetings are held. In the meantime, we remain diligent in the execution of other initiatives for the year, leveraging technology and the expertise of our people to deliver best-in-class guest experience across all our assets, properties and touch points.” Speaking on Transcorp Hotel’s remarkable performance, the Chief Finance Officer, Oluwatobiloba Ojediran, said, “We have seen an upward trend in our quarterly performance with a revenue of N4 billion in Q1 2021 to N4.8 billion in Q2 2021, resulting in a total revenue performance of

N8.8 billion. This is an impressive performance as it represents 94% of the N9.3 billion revenue that was recorded in the pre-COVID H1 2019.” In conclusion, the MD/CEO, Mrs. Olusola reaffirmed Transcorp Hotel’s commitment to efficiency, excellence and execution, which she said, “will help us deliver even stronger returns to our esteemed shareholders in the second half of 2021 and beyond, as we reinforce our position as leaders in the hospitality sector delivering excellent service, innovation and excellent standards to all our stakeholders”. Transcorp Hotels Plc. is one of Africa’s leading hospitality companies, committed to redefining service standards across the continent while remaining truly and authentically African. The Company’s hotels include Transcorp Hilton Abuja and Transcorp Hotels Calabar. It also recently launched Aura, an online platform for booking accommodation, food and memorable lifestyle experiences.

Flour Mills of Nigeria Announces 12% Increase in Proﬁt Darasimi Adebisi Flour Mills of Nigeria Plc has announced 12 per cent increase in profit before tax to N7.3 per cent in first quarter (Q1) ended June 30, 2021 results compared to N6.5billion reported in first quarter results of 2020. According to the company, its group’s profit after tax was N5.4billion in Q1 2021, 10 per cent increase when compared to N5billion in Q1 2020. The group’s revenue was N233.7billion, compared to N154.5billion in Q1 2020 ( a 51 per cent increase). Company Secretary/Director, legal services, Flour Mills of Nigeria, Joseph Umolu in a signed statement said: The growth in revenue was driven by an impressive performance across all business segments

underpinned by sustained demand in Agro-allied, particularly in the company’s Edible Oils and Fertilizer business, and continued improvements in the food segment.” According to him, the group maintained an impressive performance with robust revenue growth and profit improvements across all segments despite the current challenges in the operational climate. He added that, “Our food business continues to develop as a result of strategic decisions and investments in route to consumer redistribution, including further investments in vans, automation of redistribution performance tracking, and improve dealer inventory management.” However, the group managing director, FMN, Mr. Omoboyede Olusanya in a statement said:

“The first-quarter result shows a strong start to the year and a promising indication of the business’s future as we pursue our strategy of operational efficiency and long-term growth. I’m particularly pleased that we achieved an amazing topline growth and remained profitable, with profit before tax increasing by 12 per cent and profit after tax increase by 10 per cent. “I envision even more organic growth across the group, fuelled by our expanding ethos of putting consumers at the heart of our business. “As we continue to execute our long-term strategy of excellencedriven growth, I am optimistic that we will meet our year-end growth targets while improving operating efficiency, lowering finance costs, and ultimately increasing shareholder wealth.”

Okowa

MARKET INDICATORS 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 ˾ Ͱ˜ ͰͮͰͯ

Dangote Cement Posts Resilient Performance in First Half 2021 Daramsimi Adebisi Africa’s largest cement producer, Dangote Cement has announced resilient results for the six months ended June 30, 2021 as group sales volumes hit 15.3Mt. According to the company’s unaudited results for the period under review, Nigerian operations accounted for a sales volume of 9.87 Mt while pan African operations contributed the balance of

5.5Mt. The increase in sales volume was supported by an increase in housing infrastructure and commercial construction. In the period, the cement giants posted a profit after tax of N191.6 billion after a tax charge of N89.6 billion. Group Managing Director, Dangote Cement, Michel Puchercos, speaking on the results said, “We are pleased to report a solid set of the good results for the first half of the

P R I C E S MAIN BOARD

F O R DEALS

year. Our performance reflects the strong demand across the Group, with increases in revenue and profitability, compared to the same period last year. This strong intrinsic performance is magnified by the lower Q2 2020 results because of COVID-19. The growth trend continues, and we are focused on meeting the strong market demand across all our countries of operation.” On the steps taken by the company to protect the

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stakeholders, he said, “We also continue to maintain a strong focus on health and safety measures in all our engagements with stakeholders. We have learned a lot over the past year on how to mitigate risks associated with COVID-19. We remain committed to protecting our team members and communities by being fully compliant with local laws and regulations. We are improving the output

T R A D E D MAIN BOARD

A S

of our existing and new assets and I am happy to announce that our 3 Mt Okpella Plant, Edo State, is on track to come on stream in the next quarter.” Puchercos stated that the company’s Alternative Fuel project which focuses on leveraging waste management solutions, reducing CO2 emissions and sourcing material locally is at an advanced stage while procurement and installation of the necessary

O F

equipment across all plants is ongoing. He added that Dangote Cement is focused on sound governance, saying, “we are leading the way with our commitment to sustainability and best practices. We are driven by the goal of achieving the highest level of governance and building a sustainable brand for all stakeholders. Transparency and consistency are at the core of every part our business culture.”

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MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAY AUGUST 2, 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 29Jul-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 157.35 158.91 -2.74% Afrinvest Plutus Fund 100.00 100.00 4.64% Nigeria International Debt Fund 308.25 308.25 -23.60% Afrinvest Dollar Fund 111.46 111.46 -0.57% 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 3.23 3.39 -4.83% 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 3.80% Anchoria Equity Fund 135.39 136.95 1.79% Anchoria Fixed Income Fund 1.10 1.10 -17.55% 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 19.75 20.34 8.89% ARM Discovery Balanced Fund 428.98 441.91 7.15% ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) 1.09 1.09 -1.00% ARM Fixed Income Fund 0.97 0.97 -7.78% ARM Money Market Fund 1.00 1.00 7.93% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 105.4 105.4 3.63% AVA GAM Fixed Income Naira Fund 1,012.81 1,012.81 1.28% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.00 2.00 -12.74% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.12 2.16 -9.52% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 7.23% Paramount Equity Fund 16.10 16.92 2.29% Women's Investment Fund 137.19 138.79 3.09% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 7.01% Cordros Milestone Fund 2023 118.66 119.41 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 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 1.18 1.20 -1.41% Coronation Fixed Income Fund 1.36 1.36 -13.83% 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 7.20% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 5.70% EDC Nigeria Fixed Income Fund 1,134.84 1,149.62 -1.48% 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 N/A N/A N/A FBN Balanced Fund 191.79 193.13 2.19% FBN Halal Fund 111.49 111.49 7.77% FBN Money Market Fund 100.00 100.00 9.64% 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

126.36 157.71

126.36 3.35% 159.92 4.32% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.96 1.58 1.18

Offer Price Yield / T-Rtn 1.00 5.19% 3.96 2.35% 1.61 3.66% 1.18 3.97% coralfunds@fsdhgroup.com

Bid Price 3,720.03 3,358.16 100.00

Offer Price 3,772.57 3,358.16 100.00

Yield / T-Rtn -0.68% 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 7.76% Vantage Balanced Fund 2.81 2.87 -1.70% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 151.78 152.06 -2.39% Vantage Equity Income Fund (VEIF) - June Year End 1.29 1.33 2.14% Vantage Dollar Fund (VDF) - June Year End 1.09 1.09 0.13% 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 1,138.85 1,138.85 4.92% 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 11.51 11.57 9.93% Meristem Money Market Fund 10.00 10.00 8.09% 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 7.18% PACAM Fixed Income Fund 11.46 11.52 -5.50% PACAM Money Market Fund 10.00 10.00 4.79% PACAM Equity Fund 1.66 1.67 4.97% PACAM EuroBond Fund 112.48 114.21 2.34% 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 10.11% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,282.09 3,316.97 2.19% Stanbic IBTC Bond Fund 231.76 231.76 3.07% Stanbic IBTC Ethical Fund 1.21 1.23 3.39% Stanbic IBTC Guaranteed Investment Fund 305.02 305.02 3.52% Stanbic IBTC Iman Fund 223.91 227.28 2.60% Stanbic IBTC Money Market Fund 100.00 100.00 8.00% Stanbic IBTC Nigerian Equity Fund 10,317.03 10,461.32 -1.70% Stanbic IBTC Dollar Fund (USD) 1.26 1.26 3.15% Stanbic IBTC Shariah Fixed Income Fund 114.97 114.97 3.50% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 102.62 102.62 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 1.31 1.38% United Capital Bond Fund 1.90 1.90 3.79% United Capital Equity Fund 0.87 0.89 9.67% United Capital Money Market Fund 1.00 1.00 9.39% United Capital Eurobond Fund 119.29 119.29 4.23% United Capital Wealth for Women Fund 1.06 1.07 3.52% United capital Sukuk Fund 1.06 1.06 5.77% 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 12.95 13.06 9.14% Zenith Ethical Fund 14.25 14.27 16.22% Zenith Income Fund 24.23 24.23 1.05% Zenith Money Market Fund 1.00 1.00 6.75%

REITS NAV Per Share

Yield / T-Rtn

124.53 51.79

10.25% 2.65%

Bid Price

Offer Price

Yield / T-Rtn

13.39

13.49

1.29%

127.15 100.31 18.02 18.24

130.22 102.43 18.12 18.34

5.70% 1.07%

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

3.92 5.94 17.52 1.00 19.57 151.38

3.96 6.02 17.62 1.00 19.77 153.38

3.81% 4.38% 7.96% 5.55% -4.60% -30.89%

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.

MONDAY AUGUST 2, 2021 • T H I S D AY

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

NNPC Continues FAAC Deductions, to Withhold N174.4bn in August Only N47.1bn of projected N122bn remitted in July Subsidy payment hits N608.808bn this month Emmanuel Addeh in Abuja The Nigerian National Petroleum Corporation (NNPC) is continuing its regime of deduction from the federation account as it set to withhold N117.4 billion from the three tiers of government, THISDAY gathered yesterday. With the development, by the time the national oil company withdraws the full amount this month during its monthly Federation Account Allocation Committee (FAAC) meeting,

the total subsidy retention on petrol since this year would have hit a total of N608.808 billion since the full return of what the government termed under-recovery in February this year. Information from the NNPC’s July presentation on its activities to the FAAC, obtained by THISDAY, indicated that the corporation was only able to contribute N47.1 billion during the month. But its projected remittances to the joint account remained

at about N122 billion, leaving a deficit of about N75 billion. As expected, according to the new data detailing how the national oil company arrived at its net payment for the month, N114.3 billion was deducted in June, while an additional N50 billion, which the corporation said was in arrears, was also subtracted. The document further showed that the overall NNPC crude oil lifting of 11.58Mbbls (export and domestic crude) in May 2021 recorded 29.27 per cent increase

relative to the 9.42Mbbls lifted in April 2021. In addition, the FAAC document indicated that Nigeria maintained 1.53 million bpd of the Organisation of Petroleum Exporting Countries (OPEC) Production cut in May 2021, excluding condensates. Crude oil export revenue received in June 2021 amounted to $11.68 million, equivalent to N4.5 billion, while domestic gas receipts in the month was N37.4 billion. Feedstock valued at $48.02

million was sold to the Nigeria Liquefied Natural Gas Limited (NLNG) during the period, out of which $36 million was received during the month, with the difference being Modified Carry Agreement (MCA) obligations, gas reconciliation and credit notes. The sum of $136.15 million, being miscellaneous receipts, gas and ullage fees and interest income was received in June 2021, the document disclosed. . “The sum of N114,337,097,352.49, being the value shortfall arising from the difference between the landing cost and ex-coastal price of petrol recorded in May 2021, plus the N50 billion arrears of March 2021, was applied on the

CONFERRED WITH HONOURIS CAUSA… L:R: The African Coordinator, Charisma University, Turks and Caico Island, Prof. Ifeanyi Onodugo, Chairman, Governing Council of Institute of Management and Technology (IMT), Enugu, Chief Mrs. Ifeoma Nwobodo and the Rector of IMT, Prof. Austin Nweze after Mrs. Nwobodo was conferred with an Honorary Doctorate Degree (Honoris Causa) in Public Administration by the University, in Enugu...yesterday.

gross domestic receipts before arriving at the net receipt of N47.16 billion. “The June, 2021 value shortfall of N170,435,950,434.47 is to be deducted from the July, 2021 proceeds due for sharing at the August, 2021 FAAC meeting,” the NNPC FAAC document noted. Year-to-date, it showed that while N90.86 billion was remitted to FAAC in January, N64.161 was contributed in February, while it was N41.184 billion in March. NNPC remitted zero naira in April, but was only able to make a payment of 38.608 and N47.162 in May and June respectively. In June, the NNPC told the nation that Nigeria now loses about 42 million litres of petrol to the activities of smugglers across the country’s borders, increasing Nigeria’s estimated daily consumption of 60 million litres to 103 million litres, thereby worsening the subsidy payment regime. The national oil company stated that the under-recovery or subsidy that the government pays on the product every month had begun to hover between N140 billion to N150 billion, making the corporation unable to contribute to the national coffers, the federation account, as the subsidy it pays has kept wiping out the gains made from rising international oil prices. Group Managing Director of the NNPC, had also explained that with the exchange rate, the pump price of petrol should be N256 per litre in June, maintaining that if the NNPC was to sell at the going rate, and incorporating the current exchange rate, fuel will be selling for about N256 a litre. However, the government appeared to have been unable to remove the subsidy citing negotiations with labour as an excuse, although it is also believed that it has been weighing its implications on already skyrocketing commodity prices in the country.

Tinubu's Loyalists Tell Buni to Annul Ekiti Ward Congress Victor Ogunje in Ado Ekiti Former Minister of Works and Chairman of the Southwest Agenda for Tinubu 2023 presidential ambition (SWAGA), Senator Dayo Adeyeye, has called on the National Chairman of the All Progressives Congress Caretaker/Extraordinary Convention Planning Committee (CECPC), Governor Mai Mala Buni of Yobe State, to nullify the outcome of the ward congress conducted in Ekiti State. Adeyeye said he was aghast as a leader in APC to see party members turning abashly violent and killed one man in an intraparty congress, appealing to loyalists of Governor Kayode Fayemi to stop tainting Ekiti's integrity and portraying them as violent people. The APC leader also accused the congress committee, headed by Alhaji Yusuf Galambi of perverting the people's will, by allegedly hobnobbing with loyalists of the governor, whom he said concocted the names without election across the 177 wards. The former Minister said this in Ado Ekiti, yesterday, while expressing the views of the

SWAGA members on the ward congress held in Ekiti State, on Saturday. Adeyeye said: "The Ward Congress purportedly took place in Ekiti State. But the manner of its conduct was nothing near all democratic norms as it was warped, disorderly, perversed and can only pass for a charade. "As witnessed yesterday, the presence of INEC officials was not felt at the congresses. In most of the centres, members of the Tokan-Tokan group took over the INEC job. The presence of the law enforcement agents was also very insignificant. We witnessed a situation, where people waited agitatedly from dusk to almost dawn, in a decoy deployed to frustrate voters. "In places like Ijero, Ado Ekiti and Oye Local councils, extreme violence was visited on people, leading to one death in Ado Ekiti Ward 10. Several people were also wounded and properties destroyed. We have the video clips of some of these heinous incidents. "We are hereby telling the CECPC, our party members nationwide and indeed, all Nigerians, that there was no congress in Ekiti State yesterday. What happened was a charade

that cannot pass the test of democracy and it is totally unacceptable". Adeyeye said the congress in Ward 08 of Ado Ekiti, for instance, was allegedly conducted on Sunday, with results concocted owing to violence that dogged the exercise the previous day, saying this further buttressed how reckless the congress committee was. "APC, to us, is one big family. In view of this, internal conflicts should not be allowed to fester

if people are really desirous of our victory in coming polls. I think it is time we buried our arrogance and ego, for the party to thrive". On the statement credited to Galambi that the congress was peaceful, Adeyeye said: "How can someone say an election where somebody was killed and property destroyed was a peaceful election. "We have stretched the hands of fellowship to the Governor and his loyalists, which they rebuffed.

It is like the Tokan Tokan people are becoming dictatorial and never wanted peace in APC. I believe everybody should be on board by applying the spirit of give and take for us to win the 2022 governorship election. "How can we win when we are not together, even when we were together, it was tough for us to win. The victory of APC in 2018 was very narrow. The strength of any politician is the masses. We are going to begin mobilisation now across the state

to show the SWAGA strength." However, the party spokesman, Ade Ajayi, has denied the allegations by the leaders on the process of the congress, saying every member of the party was allowed to participate in congress. "I can tell you that nobody was deprived from the congress and it is our hope that it will be an acceptable one by the stakeholders. It is blatant lie to say that people were deprived, people participated in the process."

#TwitterBan: We’re Monitoring Repression Closely in Nigeria, Says Commonwealth Udora Orizu in Abuja The Secretary-General of the Commonwealth, Rt. Hon Patricia Scotland QC, has said the Commonwealth was closely monitoring developments around the suspension of Twitter and allegations of repression of the rights to freedom of expression, access to information, media freedom, as well as disregard for the rule of law in Nigeria.

The statement by the Commonwealth followed an Urgent Appeal on June 6 by Socio-Economic Rights and Accountability Project (SERAP) urging Ms Scotland to apply the Commonwealth Charter to hold the Nigerian government to account over the unlawful suspension of Twitter in Nigeria, and the resulting repression of freedom of expression, access to information and media freedom. Responding, Scotland in

a letter dated July 22, 2021, and sent to SERAP, said she had been following the developments in Nigeria very closely and was engaging the relevant stakeholders. The letter signed on behalf of the Secretary General by Roger Koranteng, Officer in Charge, Governance and Peace Directorate, read in part: "Please be assured that the Secretariat will remain engaged with the authorities in Nigeria and

encourage a speedy resolution of this matter. “All Commonwealth member countries including Nigeria have committed themselves to upholding freedom of expression as one of the core values and principles of the Commonwealth Charter, which underscores a commitment to the Universal Declaration of Human Rights and other relevant human rights covenants and international instruments."

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

FG Rallies NNPC, NDPHC, Others to Address Gencos' Gas Supply Challenge Corporations to provide guarantee for 1000MW gas equivalent supply Govt threatens action against MDAs over indebtedness to power firms To announce mass metering Phase 1 details today Peter Uzoho Worried by the persistent shortage of gas supply to the thermal power plants in the country, the federal government has said there is an on-going effort involving some key government establishments in the gas and power value chain to address the gas supply challenge and increase output from the power generation companies (Gencos). THISDAY gathered at the weekend that the government establishments and agencies involved in the collaboration and discussions being supervised by the Ministry of Power are the Nigerian National Petroleum Corporation (NNPC), Nigerian Electricity Regulatory Commission (NERC), Transmission Company of Nigeria (TCN), and the Niger Delta Power Holding Company (NDPHC) Plc. One of the expected yields from the on-going effort would be a specific commercial intervention by the NPDHC and NNPC that would guarantee the generation companies almost 1000 megawatts worth of gas equivalent. While the efforts to address the gas supply was in the works, the federal government also said it would take a decisive measure against the ministries, departments and agencies (MDAs) under it over their high indebtedness to the Gencos and distribution companies (Discos). This situation contributes significantly to the sector’s liquidity challenge and poor power supply to Nigerians. In response to THISDAY’s questions at the weekend about the effort being made by the government to address the issue of gas supply constraint, Special Adviser to the President on Infrastructure and Secretary of the Power Sector Reform Working Group, Mr. Ahmed Zakari, said discussions were

on-going to address the gas supply concerns. Zakari attributed the gas supply challenge to lack of firm gas agreements backed with Power Purchase Agreements (PPAs) between some of the Gencos and their gas suppliers. THISDAY had reported penultimate week that Gencos called on NNPC to intervene in the gas supply challenge facing them, demanding that NNPC, as holder of 50 per cent stake in the Joint Venture (JV) with gas producers, should intervene by taking over their gas obligations to gas suppliers to enable them have enough gas supply to be able to generate more power. Twenty-eight thousand megawatts (28000MW) of gas equivalent is required by the thermal power plants in the country, according to the National Control Centre, the Ogbomoshobased data house of the nation’s power sector, and only 13 per cent has been supplied to the thermal plants since privatisation last seven years, the Gencos had said. Executive Secretary of Association of Power Generation Companies (APGC), Mrs Joy Ogaji, had made the request on behalf of her association at a recent session in Abuja, noting that one of the major challenges facing Gencos was the request by gas suppliers for Gencos to provide “securitisation” before they could supply them gas. “My proposition is, we want NNPC, who has 50 per cent of the JVs to take up the gas obligation of the generation companies, and we will generate as much megawatts as you want, if you are able to consume or utilise it,” Ogaji had requested, explaining that such proposition would help in making gas available for all thermal Gencos to generate unrestrained and also help to reduce the electricity tariff.” However, Zakari, in a chat

Obaseki: We’re Collaborating With Judiciary, NAPTIP to Convict Traffickers

The Edo State Governor, Mr. Godwin Obaseki, has said the state government was collaborating with the judiciary and the National Agency for the Prohibition of Trafficking in Persons (NAPTIP), to ensure conviction of traffickers. Obaseki said the state government planned to go after assets and properties of persons behind the trafficking of indigenes of the state, noting that proceeds from such properties would be ploughed into the rehabilitation and reintegration of returnees. According to him, convicting the perpetrators and liquidating their assets would serve as a deterrent to others, who were still scouting for vulnerable Nigerians to traffic. He said the state had been hindered in the past by delays in prosecution, adding that whereas the government had recruited competent prosecutors, judicial processes, long adjournments and handling of victims’ testimonies were delaying its move to get convictions. He noted: “We have been able to intensify investigation and prosecution. But unfortunately,

we have not been able to get any conviction. Not because the prosecutors are not doing their utmost best, but because of the very nature of our legal system. “We are working very hard with the High Courts and NAPTIP to ensure that we get convictions. This can serve as a deterrent and punishment to the perpetrators, ensuring that they lose their property and assets with which we will now use in supporting the rehabilitation of victims. “We will work with the judiciary to try and reduce the long adjournments and also the way they treat evidence from victims. Many of these victims are afraid of revealing information on their traffickers, because of threats, but we are taking measures to provide safe houses and cover for them until we are able to get prosecutions,” he said. The governor explained that in the last four years under his watch, the number of persons trafficked from the state had reduced with the rehabilitation and reintegration of over 6,500 returnees.

with THISDAY at the weekend, explained that only four Gencos in the country had firm gas agreements with PPAs with their gas suppliers, listing them as the Shell Afam VI, owned by Shell Petroleum Development Company Nigeria Limited (SPDC); Okpai Power Plant, owned by Agip, and Olorunsogu and Omotosho

Power Plants, both owned by Pacific Energy. He pointed out that the Calabar Power Plant, one of the National Independent Power Plants operated by the NDPHC, did have a firm gas agreement but with no PPA. The presidential aide added that the existence of some form

of payment assurance between Gencos and gas producers allowed gas producers to supply them gas, noting that the payment delays through subsidy had impacted the gas producers’ appetite for other plants that did not have strong payment assurances. He said, “The Gencos with

firm PPAs that support firm gas agreements are Azura, Shell Afam VI, Okpai, Pacific Olorunsogu and Omotosho. Calabar NIPP has a firm gas agreement but no PPA. The fact that these power plants have some form of payment assurance allows for gas producers to have comfort to supply.

CSR IN ACTION… L-R: Engr Babatunde Alatise, Chief Executive Oﬃcer of CSR-In-Action, Bekeme Masade Olowola and the Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo and Director CSR-In-Action, Meka Olowola during the launching of the 2019/2020 Corporate Sustainability Report in Abuja at the weekend

13 Killed, over 22,000 Displaced in Fulani, Irigwe Bloody Clash in Plateau Over 200 houses burnt counted seven people

Seriki Adinoyi in Jos

No fewer than 13 persons have been killed in bloody clashes between Fulani militias and Irigwe youths in some communities in Bassa Local Government Area of Plateau State. Also, over 20 others reportedly sustained fatal injuries and had been receiving treatment in hospitals, while as about 22,000 have been displaced. THISDAY further gathered that during the clash, over 200 houses were burnt in the affected communities, which include Zanwrah, Kpatenvien and Kpachudu among others. Confirming the clash on Sunday, National President of the Irigwe Development Association, Mr. Ezekiel Bini said, Over 22,000 of my people have been displaced following the violence, which started on Saturday night at about 8pm and lasted till about 3am on Sunday. He said the assailants, who organised themselves in groups equally destroyed crops and looted household items belonging to the natives before setting their houses on fire. “Our people are in pains following yesterday’s attack by Fulani gunmen in some of our communities including Zanwrah, Kpachudu and Kpatenvien. What we have is a humanitarian crisis in Irigwe land”,Bini lamented. He said, “So far, we have

that were killed during the attacks and nine people, who sustained gunshot injuries. “As we speak, 275 houses were burnt down and over 22,000 people displaced including women, children and the aged. Some of the displaced persons are currently taking refuge in neighbouring communities in Miango district, while many others have relocated to Jos for safety.” But state Chairman of Miyetti Allah Cattle Breeders Association of Nigeria (MACBAN), Mr. Nura Muhammad, has blamed the Irigwe youths for the continued violence in the area. He said six Fulani also lost their lives during the clash, which according to him the Irigwe youths started, adding that 11 of his people had been hospitalised as a result. Describing the situation as critical, Muhammad said, “What happened yesterday was that the Irigwe people mobilized their kinsmen and attacked our people in Rafin Bwauna village, a settlement mainly occupied by the Muslims, Hausa and Fulani. We tried as much as possible to inform the security but to no avail. “We are still compiling the names of those killed, but for now, we lost about six of our people, while 11 persons are in various hospitals. “We in Miyetti Allah Cattle Breeders Association of Nigeria

condemn in totality, the recent happenings in Bassa LGA. We see it as tit-for-tat madness. We are calling on the government and the security agents to rise up to the challenge before the situation gets out of hand.” Meanwhile, the lawmaker representing the Irigwe/Rukuba constituency in the state House of Assembly, Mr. Musa Agah described the situation as terrible. He alleged that the attacks by gunmen were a conspiracy by Fulani herdsmen to exterminate his people from their ancestral lands. According to Agah, “What is baffling is that these attacks and killings are happening within the community hosting the headquarters of 3rd Amoured Division of the Nigerian Army. How do you explain attacks that lasted for over four hours without the presence of any security to stop the gunmen? “You can imagine the conspiracy as the gunmen eventually killed at least seven persons and set over 200 houses ablaze. We are at the mercy of God. Our people have held several peace meetings with herdsmen but it appears that the meetings were of no use, because each time there is security meeting either at the state or local government level, the next thing you hear is another attack. "As a member of the Plateau State House of Assembly, I have severally drawn attention of the

House to what is happening in my constituency, but our powers have been limited due to the failure of the executive arm to act according. During our recent plenary, I moved a motion of urgent public importance on the need to stop the carnage going on in Bassa and we summoned the Commander of Operation Rainbow and other security agents, including the Permanent Secretary, Security. “They all came with the exception of the Permanent Secretary, Security, and we have scheduled another meeting to hold tomorrow (Monday) before the latest ugly attack on our people last night.” But the spokesman of the Plateau State Police Command, Mr. Gabriel Ubah said only four persons were killed and fifty houses burnt during the violence, adding also that normalcy had returned to the communities. In a press statement, he said, “On 31/07/2021, the Command received a report that there was a conflict between gunmen suspected to be Fulani Militia and youths from Irigwe at Jebbu-Miango, Bassa LGA of Plateau State. “Unfortunately, fifty houses were torched and four natives were also shot dead. Upon receipt of the report, the tactical team of the Command was immediately deployed to the scene to tighten the security of the area and to restore peace.

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

FIFTY-THREE H O W M A L A M I , B U N I D E F I E D O S I N B A J O ’S D I R E CT I V E TO STO P A P C C O N G R E S S E S on what to do as the congresses were just a day away, Saturday to be precise. At the meeting, competent sources said, the consensus of opinions was that the party should pause the congresses slated for last Saturday before weighing other options. But only Malami objected, arguing that the exercise could go ahead, regardless. Those in attendance at the meeting which held at the vice president’s office were the Attorney General of the Federation and Minister of Justice, Abubakar Malami; Minister of Works and Housing, Mr. Babatunde Fashola; Minister of Information and Culture, Alhaji Lai Mohammed; Minister of State for Labour, Mr. Festus Keyamo; and Professor Tahir Mamman, a former Director General of the Nigeria Law School and legal adviser/member of the Caretaker/Extraordinary Convention Planning Committee of the APC. After what allegedly turned out a heated debate, everyone at the meeting, THISDAY gathered, agreed that the first step to addressing the “elephant in the room” was to suspend the congresses, which unfortunately, held last weekend. A majority of those in attendance, THISDAY was told, shared some of the argument that followed the Supreme Court judgment on Ondo and had contended that it was only logical to minimize the damage the APC might suffer in the final analysis, by first suspending the congresses and then, fashion out other possible options. But Malami would have none of it. "He disagreed with the submissions of others and insisted that the congresses could go ahead." "The resolution reached was to suspend the congresses," a source privy to the meeting stated. While debate was still on, Osinbajo was said to have made effort to reach the President by phone to intimate him of developments but failed. Having reached the decision to pause the congress, Osinbajo decided to call Governor Buni on the resolution to suspend to congresses scheduled for Saturday. But to his shock, Buni flatly rejected his directive, insisting like Malami that the congresses would go ahead as planned. Malami and Buni belong to the CPC tendency of the APC. It was a bemused Osinbajo, who watched helplessly as Buni

refused to obey his directive to suspend the congresses. According to sources, Malami and Buni’s hesitance to discard experts’ opinions despite glaring danger might have been because some people identified as cabal in the presidency did not want to lose their current hold on the party especially, that they were believed to have had a choice presidential candidate in mind, of which a change in the course of the party could undo. The truth of the matter is that the APC is currently facing an existential threat as two major tendencies wrestle for control of the party. These tendencies as represented by the legacy parties that merged to form the ruling party – the Congress for Progressive Change and the Action Congress of Nigeria (ACN). Indeed, there was said to be an understanding at inception that while the CPC, led by President Muhammadu Buhari, would control the government, how the party is run would be the prerogative of the ACN, a party led by Asiwaju Bola Ahmed Tinubu. Unfortunately, the fear of what might likely be in 2023 has begun dawn on and force the CPC tendency to not only renege on this understanding, but also doing all within its reach to completely take over the party and dominate the other tendencies especially, the ACN. Therefore, while the PDP wing of the merger, led by the Minister of Transportation, Rotimi Amaechi, has since been relegated from exerting any form of control or accorded any sense of belonging especially, that his other allies had since returned to their former party, the PDP; the CPC tendency has literally taken over the party now and is desperately working to consolidate its hold ahead of the 2023 general election. Thus, by going ahead with the congresses last weekend, despite concerns about the legal implications that option portended for the party, it demonstrates once again that it is willing to risk the existence of the party in pursuit of its narrow objective. The CPC tendency clearly seeks to plant his loyalists across the board and finally cut other tendencies to size even when its equity to the merger (states controlled pre-2015 polls) was the least, when compared to other legacy parties. However, shedding more light on the Supreme Court judgment in a position paper, which appears

in sync with Festus Keyamo's position on the raging crisis, a former National Legal Adviser of the APC, Babatunde Ogala stated, "I have read suggestions by my brother silk, Festus Keyamo, SAN to the effect that the National Executive Committee (NEC) of the Party as well as its Board of Trustees (BOT) should take charge of the affairs of the Party through a committee set up by either organ. “This is a very wise proposition except that NEC alongside all other organs of the Party were purportedly dissolved at a meeting convened and presided over by Governor Mai Mala Buni. Sadly, the Notice for the NEC meeting was issued by the same tainted leadership of the party. "Therefore, it is my view that the meeting may not have been properly convened in the eyes of the law and its resolution(s) may have been void ab initio. This gives a leeway for the NEC to resume its duties and convene meetings immediately where it will decide the future of the party. "The Board of Trustees of the Party was never and has still not been constituted till date. So, in effect, the Party does not have a BOT that could convene even a meeting of the BOT, talk more of convening a National Convention or indeed any statutory meeting of the Party. "The reinstatement of the dissolved National Working Committee (NWC) without the erstwhile Chairman, who was suspended from office by Order of a court of competent jurisdiction should be seriously considered in other to cloak the impending Ward, Local Government Area and State

Congresses as well as National Convention with the imprint of legality. “Many of the NWC members have since moved on to better things and would be reluctant to return to their positions but this is the hard decision we must all take for the sake of saving our dear party," Ogala maintained. Ogala, who was not physically present at the meeting, continued: "It is my opinion, that in this moment, there is no place for parochial grandstanding. Just as the former NWC accepted their dissolution without much hassle, it is time for the current Caretaker Committee to sacrifice for the posterity of APC. "The fate of APC is at stake in that all successes, victories and triumphs gained by the party will continue to hang on a very thin thread in the face of the progressive attitude of our courts on election and political matters." He contended that the decision of the Supreme Court had opened the flood gates for endless litigation challenging every action and decision of the APC leadership as presently constituted. "In closing,” Ogala said, “I acknowledge the Supreme Court for its decision and specifically note the hint the Court gave to us to clean our acts and come into the bounds of legality before the worse happens at the forthcoming general election. Meanwhile, the Peoples Democratic Party (PDP), last night, said the ward congress conducted by the APC amounted to a nullity, given the pronouncement of the Supreme Court, which invalidated the Buni-led national executive.

electricity, and the creative sectors. Furthermore, the bank chief exuded immense optimism on the coming into effect of the African Continental Free Trade Area (AfCFTA) initiative, which would create a single, continent-wide market for goods and services, business and investment as being in one country on the continent grants investors access to the entire continent. He also called investors’ attention to Africa’s rich natural endowment, which includes 60 per cent of the world’s uncultivated arable land and nine per cent of the world’s freshwater bodies, noting that Africa holds enormous potential for organic food production. He, therefore, implored investors in the agribusiness value chain to focus attention in Africa for organic food production instead of genetically modified food in other climes. In addition, he noted that as a socially responsible organisation, Zenith Bank continues to promote impact investment in Africa. For example, he said the bank has maintained strong advocacy for investment in Africa through its flagship sponsorship of "Inside Africa" on CNN for 16 consecutive years, which is helping to highlight the immense creativity and talent that abound on the continent and the enormous investment

statutory process conducted by the APC under this circumstance remained a nullity. "Our party, therefore, counsels those who participated in the ridiculous drama called APC ward congress to know that they have been viciously scammed. They should not worsen their situation by allowing the deceptive APC leaders to further set them against one another in bloody clashes for a party that has technically gone defunct," the PDP said. But the National Secretary of the Caretaker/Extraordinary Convention Planning Committee, Senator John Akpanudoedehe, in a statement issued yesterday said, instead of being humbled by the defeat of the recent Supreme Court judgement on the Ondo Governorship election, the PDP has turned itself to an interpreter of law. "The Peoples Democratic Party (PDP) is an old, lonely, toothless and hungry Hyena wandering aimlessly in the jungle of political wilderness. Nigerians are fully aware of its antecedents and will never take it seriously no matter how much empty noise it makes. "We note how arrogantly the PDP has become an interpreter of the laws of the nation by ignorant comments on the recent Supreme Court judgement, which affirmed the election victory of the Ondo State Governor, Rotimi Akeredolu, SAN, and dismissed the PDP's case on the grounds that it was incompetent," he said. Akpanudoedehe noted that the PDP had reached the end of its political road and Nigerians would never trust it again with the governance of this country.

FBI INDICTMENT: PSC SUSPENDS DCP ABBA KYARI Commisioner of Police and Head of the Police Intelligence Response Team (IRT), Mr. Abba Kyari. He had also set up a four-man Special Investigative Panel (SIP) headed by Deputy InspectorGeneral of Police in charge of Force Criminal Investigations, DIG, Joseph Egbunike, to investigate all the allegations contained in the relevant US court documents served the Nigeria Police by the Federal Bureau of Investigation (FBI). This is as some groups have warned the Economic and Financial Crimes Commission (EFCC) against using the case of a former President of the Senate, Dr. Bukola Saraki, to cover up the international umbrage against President Muhammadu

Buhari’s government over Kyari’s indictment. However, a statement issued by the spokesman of the Police Service Commission, Mr. Ikechukwu Ani, said the suspension took effect from Saturday, July 31, 2022. "The Police Service Commission has suspended Abba Kyari, a Deputy Commissioner of Police and Head, Intelligence Response Team (IRT) of the Nigeria Police Force from the exercise of the Powers and functions of his office. "Abba Kyari's suspension took effect from Saturday, July 31st 2021 and would subsist pending the outcome of the investigation in respect of his indictment by the Federal Bureau of Investigation of the United States," it said.

ONYEAGWU: AFRICA IS THE NEW FRONTIER FOR GLOBAL GROWTH developed markets index; only two African exchanges (Egypt and South Africa) are in the MSCI Emerging Markets Index, and just six African exchanges are in the MSCI Frontier Market Index. According to him, although the International Finance Corporation (IFC) estimates that the global investors' appetite for impact investing could total as much as $26 trillion, only approximately eight per cent of the assets of impact intent funds are focused on Africa. This he argued was not significant enough, saying Africa appears to be in the room but not on the table, considering that the continent is in dire need of investment and the continent's 1.3 billion people represent about 17 per cent of the global population of about 7.8 billion. Citing the immense opportunities in Africa that represent, including the enormous investment proposition for discerning investors huge population, large market and active labour force, and the rich natural endowment, Onyeagwu described Africa as, "the new frontier" for global growth. He made a case for increased impact investment in Africa, noting that investment opportunities on the continent cut across agriculture, healthcare, housing, infrastructure,

The PDP, therefore, vilified Buni and other APC leaders for deceiving innocent Nigerians and cajoling them to participate in the needless exercise, which ended in violent crisis and avoidable deaths, when they knew it was all in futility. But the leadership of the APC , while dismissing the PDP as no interpreter of the law, has asked it to keep its “baseless comments” on APC leadership to itself, saying it was aimed at distracting attention from its depleting fortunes and rudderless leadership, which has led its members and leaders abandoning the party. According to a statement by the National Publicity Secretary of the opposition party, Mr. Kola Ologbondiyan said, it was indeed callous that the leaders of the APC, despite knowing that any process conducted by the Buni-led national executive, whose legal status, in the face of section 183 of the 1999 Constitution and Article 17(4) of the APC constitution, has been queried by the Supreme Court, could extort from their innocent followers and subject them to a fraudulent exercise that is a nullity. “While Section 183 of the 1999 Constitution (as amended) bars a sitting governor from holding any other office while serving as state governor, Article 17(4) of the APC constitution clearly states that ‘no officer in any organ of the party shall hold executive position office in government concurrently,” he said. The PDP explained that the implication was that with Buni as chairman, the APC has no valid national executive and as such any congress or any other

opportunities on the continent of Africa. He also said that the bank leverages its in-depth knowledge of the African market to guide investors and hedge their exposures. According to him, the bank has been on a steady Environment, Social and Governance (ESG) investment journey, which started with ESG integration as a business strategy as well as being a signatory to the Nigerian Principles for Sustainable Banking and the United Nations Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking. For its efforts, Onyeagwu noted that Zenith Bank received recognition as the "Best Company in Promotion of Gender Equality and Women Empowerment in Africa" at the 2020 Sustainability, Enterprise and Responsibility Awards (SERAS). In his call to action, Onyeagwu called for a paradigm shift, noting that Africa is a work in progress, and leaders in the public and private sector should not despair. He urged leaders to champion the changes they want to see, pay close attention to responsibility and accountability in leadership. He also called for the de-risking of Africa through reforms, improved ease of doing business, respect for the rule of law and sanctity

of contract, and human capital development. Onyeagwu expressed satisfaction with the several reforms of the federal government including the Road Infrastructure Tax Credit Scheme (RITC), the establishment of the Rural Electrification Agency's (REA) Rural Electrification Fund (REF), Infraco Plc, and several other development finance initiatives of the Central Bank of Nigeria. He also noted that several African countries, including Ghana, Kenya and Rwanda, are recording massive improvements in the ease of doing business, leveraging digital technology to simplify government processes and deepen the financial system. He implored Africans to see themselves as brothers and sisters, say no to xenophobia, and speak with one voice and not with discordant tunes. The Zenith Bank boss implored the rest of the world to look at Africa as an investment destination that guarantees optimal returns. He noted that Africa has profound talent that abounds across the world and contributes to the development of these climes, and this should be reciprocated. He encouraged Africans to imbibe the spirit of UBUNTU – "I AM BECAUSE YOU ARE" since we are all connected in humanity.

In addition, the statement stated: "The commission has also directed the Inspector General of Police to furnish it with information on further development on the matter for necessary further action. "The Commission's decision, which was conveyed in a letter with reference, PSC/POL/D/153/ vol/V/138 to the Inspector General of Police today, Sunday, August 1st, 2021, was signed by Hon. Justice Clara Bata Ogunbiyi, a retired Justice of the Supreme Court and Honourable Commissioner 1 in the Commission for the Commission's Chairman, Alhaji Musiliu Smith, a retired Inspector General of Police, who is currently on leave." Otis Wright of the United States District Court for the Central District of California had ordered the FBI to arrest Kyari and produce him in the United States for his role in a $1.1million fraud, perpetrated by Abbas Ramon otherwise called Hushpuppi. The US court documents showed that the American prosecutors had first sought a court warrant to arrest Kyari on February 12, 2021, while another warrant was requested on April 29, 2021. But Wright’s permission for the FBI to arrest Kyari and hold him in a US custody was unsealed on July 26, 2021. Hushpuppi had narrated to the US court how he allegedly bribed Kyari to arrest and jail one of his rivals in Nigeria over the disputed sharing formula of $1.1million scam of a Qatari businessman. Following this development, youths in the Peoples Democratic Party (PDP), who have warned the EFCC to stay away from using Saraki’s case to cover up Kyari’s allegation said the anti-graft agency must stay away from chasing shadows. EFCC, at the weekend, had invited Saraki for questioning on Saturday, raising widespread reports about alleged arrest, with many accusing the anti-graft agency of attempting to use his case to mask the gravity of Kyari’s indictment and make it seem like the government was fighting corruption. The PDP youth, under the aegis of South-south Youth Vanguard,

cautioned EFCC against chasing shadows. In a statement by its National Chairman, James Akpofure, the group advised the anti-graft agency to go after those reaping and looting the country and stop acting like an attack dog for the All Progressives Congress (APC) federal government. "The earlier the EFCC knows that it was established to fight corruption in the interest of the public the better. It should stop doing the bidding of the government in power. By working for the interest of the people, the comity of nations will see us as toeing the right path to meet international best practices." Another group, Northern Youths Transparency Vanguard, also criticised the invitation and alleged arrest of Saraki as an attempt to divert attention from the grave corruption charges against Kyari, who is wanted in the US on charges related to wire fraud and money laundering. President, Northern Youths Transparency Vanguard, Mallam Inuwa Sabo, in a statement, accused EFCC of trying to distract public attention from the serious implications of a decorated policeman fraternizing with a known fraudster. Sabo alleged that EFCC helped to circulate a story that the former senate president had been arrested over renewed corruption allegations, when a topical and humongous case of corruption of international magnitude was hanging over the head of Kyari. "It is no news to Nigerians that the EFCC has continuously investigated allegations of corruption and raised trumped up charges against the former senate president, which when tested in the courts, have always fallen flat. Still, the EFCC and their paymasters and cyber peddlers keep fanning the flames of hyperbole and ingenious propaganda with Saraki’s name under renewed allegations of corruption. “If fighting corruption means much to the EFCC, they should address the concerns of Nigerians about the red-hot Abba Kyari relationship with the convicted scammer,” the statement said.

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS ANALYSIS

Akeredolu's S/Court Victory: Between 2023 and APC's 'Narrow Escape' Samuel Ajayi

t was a huge sigh of relief for the governor of Ondo State, Arakunrin Rotimi Akeredolu, a Senior Advocate of Nigeria (SAN), and the ruling All Progressives Congress (APC), as the Supreme Court dismissed the appeal filed by Eyitayo Jegede of the Peoples Democratic Party (PDP). Jegede, who was the candidate of PDP, was challenging the election of Akeredolu at the October 10, 2020 governorship poll in the state. But he must also count himself lucky because the seemingly 'escape route' for his legal team and what the judges based their judgement on was the fact that the Caretaker National Chair of the party and current governor of Yobe State, Mallam Mai Buni, was not joined in the suit asking for the nullification of Akeredolu's election. Had he been joined, Akeredolu's nomination would have been declared null and void in the first place since that exercise would have been deemed not to have been conducted by a properly constituted Executive of the party! Justice Emmanuel Akomaye Agim therefore averred thus: "The appeal was based on the ground that Mai Mala Buni, the Chairman of the NCCC of the second respondent (APC), was holding office as the Governor of Yobe State, contrary to the provisions of Section 183 of the Constitution of the Federal Republic of Nigeria (1999). All the issues raised, revolved around Mala Buni. But, Mala Buni, who is at the centre of the dispute was not made party to the petition. It is obvious that the determination of the said issues will affect him. Therefore, the court below was right to have held that he was a necessary party to this suit. Failure to join him renders the determination of the matter impossible. To proceed to do so would have violated the fair trial of the case." And so, in a majority judgement, four of the seven justices of the apex court upheld the decision of the Court of Appeal as well as that of the Ondo State Governorship Election Petition Tribunal, which confirm Akeredolu’s victory at the poll. However, in a dissenting judgement, Justices Mary Odili, Tijjani Abubakar, and

Akeredolu

Ejembi Eko held that the appeal should be allowed to stand. While the decision of the Supreme Court might not have created any shockwaves in Ondo State, around the country, or in the South-west, the judgement has implications beyond the 2020 poll. If the apex court had granted Jegede's appeal, PDP would have had a second governor in the South-west, reducing APC's hold in the zone to four states. And with governorship elections coming up in Ekiti and Osun states next year, as well as the 2023 general elections around the corner, APC would have had stark signs of potentially dicey elections to contend with.

It must also be noted that APC is anything but a united front in the zone. At the centre of a raging but suppressed schism within the party is the 2023 presidential race, with at least four heavyweights of the party in the zone rumoured to be eyeing the presidential seat. They include APC national leader and former governor of Lagos State, Senator Bola Tinubu; his successor and current Minister of Power and Works, Babatunde Fashola; former governor of Ogun State, Senator Ibikunle Amosun; and current governor of Ekiti State, Dr. Kayode Fayemi. While none of these has openly declared an intention to contest the 2023 presidential

election, their body language seems to give a lot away. APC, too, would not be comfortable to lose any more state, particularly in the South-west, close to a general election. Between 2019 and now, the party has lost three states: Bayelsa, Benue and Edo. But it has also gained Zamfara, Ebonyi, Imo and Cross River, all via defections, except Imo. For Akeredolu, also, it was a personal victory. Lately, he has become vocal and has drawn the ire of the Presidency. The presidential indignation against him began when he gave herdsmen, who wreaked havoc in forests in the state a quit order. Akeredolu had asked them to come and register with the state government, and also gave them marching orders to vacate the forests or face the wrath of the law. Ondo State is also one of the states that have banned open grazing of cattle. And on his watch as Chairman of the Southern Governors Forum, the 17 southern states have adopted a common position against open grazing, which goes against the grain under the Muhammadu Buhari presidency. With his actions, Akeredolu had shown that he would always choose to fight for the interest of the South-west rather than play the good boy of the party. Senior Special Assistant to the President on Publicity, Mallam Garba Shehu, issued a strongly worded statement condemning Akeredolu's order to the herdsmen. If Akeredolu had lost at the Supreme Court, only few of the president's core loyalists would have really empathised with him. The Supreme Court judgement on Ondo State is, indeed, victory for APC and Akeredolu. Akeredolu can still stand tall, and APC maintains its five governors in the South-west, against PDP’s one. At least, before the governorship elections in Ekiti and Osun next year. Beyond this, however, as eminent lawyer, Mike Ozekhome, wrote, APC's opponents might have been "weaponised". And Jegede's legal team would be leaking their sounds now; asking themselves why didn't they join Buni in the suit. And while APC might have escaped with this, perhaps they won't next time unless things are put in proper shape within the party.

El-Zakzaky: Anti-climax for a Trial that was Going Nowhere Samuel Ajayi

fter spending almost six years in detention, with countless bouts of confrontation between his very fanatical followers and law enforcement agents, a Kaduna State High Court, presided by Justice Gideon Kurada, yesterday ordered the immediate release of the leader of the Islamic Movement in Nigeria (IMN), Ibrahim El-Zakzaky, and his wife, Zeenat. This brings to a culmination a long trial, which many analysts had said was not really going anywhere. El-Zakzaky was facing charges bordering on culpable homicide, unlawful assembly and disruption of public peace. The Kaduna State government and the federal government had given the impression that what they had with El-Zakzaky was more or less a personal battle due to his brand of religious practice. There was even a time when his trial was conducted in secret. When he was in jail, his supporters regularly clashed with security operatives. In January this year, five members of IMN, also known as Shiites, were injured in a clash with security operatives during a protest for his release. On March 21 this year, his supporters organised a march to commemorate his 70th birthday and, yet again, call for his release. An unidentified member of the sect was reportedly killed and many were injured during a clash with men of the Nigeria Police in Abuja. In July 2019, four members of the sect were killed during a protest march to demand for

El-Zakzaky

his release. Mahdi Garba, a member of the movement, told Al Jazeera that the protest started peacefully with supporters chanting “Free Zakzaky” but the police attacked their members. “The total number of casualties is yet to be ascertained but for now four persons confirmed dead," he said. But yesterday, his no-case submission

was upheld by Justice Gideon, who stated that the prosecution failed to establish a prima facie case against the defendants. El-Zakzaky had been in detention since December 2015. Many believed his long detention was politically motivated and there were strong links to Saudi Arabia. Besides, there was the belief that the age-long rivalry between the Shia and Sunni Islamic sects might have contributed to the regular brushes his followers had with the authorities. There is also the allegation making the rounds in Kaduna State that El-Zakzaky’s followers have little or no regard for constituted authority. At times, during processions, they cared less about other members of the public, as they usually took over roads and public places regardless of the effect of such on traffic. Beyond all these, the general belief was that the trial was going nowhere. So it was not surprising to many when the judge delivered the verdict in an eight-hour ruling on the no-case submission application filed by the El-Zakzaky's lawyers from the chambers of Lagos lawyer, Femi Falana, SAN. El-Zakzaky's defence team was led by Marshal Abubakar, who represented the lead counsel in the suit, Falana. Abubakar told reporters what transpired during the ruling. He stated, “The trial of Sheikh El-Zakzaky and his wife, Zeenat, has come to an end as

the court found them not guilty of the alleged crime filed against them by the Kaduna State government. The court found that the charges that were filed in 2018 pursuant to the Penal Law enacted by the state government in 2017 over an alleged offence committed in 2015, were incompetent." However, there are also the security implications of his release going by the volatile security situation in the state, especially with the activities of bandits that have forced the closure of public schools across the state. But for now, El-Zakzaky and wife have been freed by the court of law. And he is expected to be released. Whether the government will El-Zakzaky and his wife enjoy their new found freedom is another thing. They have left the prison and are reportedly in Abuja for medical check-up. Even with the couple out of the gaol, it seems Gov. Nasir el-Rufai is hell bent on keeping El-Zakzaky behind bars by whatever means possible. Dari Bayero, the state director of public prosecution, said they were not in agreement with the decision of the High Court, hence, new charges border on terrorism and treasonable felony have been leveled against the cleric. His words: "We are going to appeal, there is no doubt about it, in fact, we have obtained the court judgment because we are not in agreement with my Lord’s reasoning and conclusion, it is not in consonance with the facts on the ground.” Perhaps, what the state government has against El-Zakzaky and his wife is more of a personal axe to grind than protection of the public peace.

MONDAY AUGUST 2, 2021 • T H I S D AY

ADVERTORIAL

MONDAY AUGUST 2,, 2021 • T H I S D AY

NEWS

War is a Reaction to Jeopardised Rights, Says Sierra Leonean Judge Michael Olugbode in Abuja A Sierra Leonean judge, Justice Tonia Barnett, has described war as a reaction to jeopardised rights and warned that only those that have not witnessed war that called for it. Barnett, who was in Nigeria at the weekend to seek the support of ambassadors from the West African sub-region in her bid to land a sit at the African Commission on Human and Peoples’ Rights, said: “If the citizens’ rights are being jeopardised, it allowed for uprising and a peaceful society will not be enhanced.” The judge, who addressed

ECOWAS ambassadors at Transcorp Hilton, Abuja, said: “As Africans we want a peaceful society, we have cried too much. Those who have not experienced war would want war.” Barnett recounted her story that highlighted a tale of a woman whose teenage life was robbed by rebel incursion in Sierra Leone. She said: “My upbringing made me strong and has given me an opportunity to be here tonight.” She disclosed that her career trajectory was shaped by an event she witnessed as a teenager when a man was hacked down during the Sierra

Leonean Civil War on a mere allegation without being tried that “I felt never should a man or woman suffer such faith. “My nomination by my President, President Julius Bio, has garnered support from the judiciary in Sierra

Leone and key civil society organisations, including the human rights organisation.” She said that being a judge who has never been investigated and whose morality has never been questioned met the qualification

criteria for the job as stipulated by article 31 of the Charter of African Human and Peoples Rights. Barnett said her work as a legal practitioner and judge over the years, working mainly to protect and promote human

rights lent credence to her work experience as a precondition. She said: “Before I was appointed judge, I was a magistrate for 11 years, hearing and determining sexual abuse cases and cruelty to children.

NDLEA Arrests Woman with 35 Wraps of Cocaine Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA), have arrested a woman with 35 wraps of cocaine hidden in her underwear at the Murtala Muhammed International Airport, (MMIA), Lagos. The woman, Ms. Edith Okafor, was apprehended on Saturday during the outward clearance of passengers on Air Cote D’Ivorie, to Monrovia, Liberia. According to a statement that was issued yesterday by the Spokesman of the NDLEA, Mr. Femi Babafemi, the suspect, who tucked the pellets of cocaine in her underwear to beat security checks at the airport was picked up for search and questioning during which the wraps of the illicit drug were found on her. Babafemi said that the suspect claimed that her desire to make money pushed her into drug trafficking. He also disclosed that another suspect, Mr. Echendu Maduakolam, an intending male passenger going to Istanbul was arrested at Gate A departure hall of the MMIA on Tuesday, July

27, during outward clearance of Egypt airline to Turkey with 78 grammes of cannabis mixed with dried bitter leaves. On the same day, another intending male passenger, Egbon Osarodion, going to Milan, Italy, was arrested at the airport’s Gate A departure hall during outward clearance of passengers on Egypt airline with different quantities of 225 milligrammes of Tramadol and Rohypnol that were concealed in foil papers wrapped in a polyethylene bag. In another incident, the NDLEA operatives from Kontagora Area Command of the agency in the early hours of Thursday July 29, 2021, acting on credible intelligence, raided a warehouse at Mailefe village in Kontagora Local Government Area of Niger State, where drug supplies for bandits operating in parts of the state were stored. About 125 bags of cannabis sativa were recovered after a thorough search of the warehouse, while a man seen praying in front of the house fled into the forest when he sighted the narcotic officers from afar.

Flood: Bauchi to Rehabilitate Ningi -Kano Road Segun Awofadeji in Bauchi The Governor of Bauchi State, Mr. Bala Abdulkadir Mohammed, has directed the immediate rehabilitation of the major road in Ningi Local Government Area (NLGA) that connected vehicular movements from Bauchi to Kano and other parts of Northwestern sub-region within the next one week. It would be recalled that three persons were killed after the car they were traveling in was washed away by the flood at Malka village in NLGA of the state. THISDAY checks revealed that the flood caused the collapse of the road. The flood, which left many travellers on the busy BauchiNingi - Kano highway as well as villages alike stranded was attributed to several hours of heavy downpour between that occurred between Thursday night and Friday. Mohammed said that the state government would support contractors to fix the road on time

because of its economic importance to the state even though the collapsed highway bridge was a federal road, “We are here with the officials of FERMA and Triacta on a joint inspection visit to this collapsed highway bridge to see how we can solve the incident immediately. “The economic loses as a result of the incident is so monumental and as such, Bauchi State Government will support contractors to fix the bride and we hope Mr. President will refund us because of his love to people of Bauchi State.” The governor also appealed to the federal government to work with competent contractors in order to ensure that permanent solutions were provided to avert reoccurrence of collapsed federal highways in the state. “On behalf of the federal government and the state government I want to use this medium to commiserate with the families of those who lost their members as a result of the incident,” Mohammed said.

A BOOST TO SMES…

L-R: Divisional Head, Retail Bank, Wema Bank Plc, Dotun Ifebogun; Head of Marketing Communications and Investor Relations, Funmilayo Falola; Managing Director/CEO, Ademola Adebise; Head of SME Banking, Arthur Nkemeh; and Chief Financial Officer, Tunde Mabawonku, at a press conference to officially announce Wema Bank’s SME Business School in Lagos...recently

Private Jet Owners to Pay Outstanding Customs Duties Eromosele Abiodun The Nigeria Customs Service (NCS) has stated that about 30 out of 65 private airplanes verified so far are liable to pay required duties to the federal government. The NCS Public Relations Officer, Mr. Joseph Attah, who made this known while speaking with newsmen in Abuja, revealed that some of these airplanes came into the country by temporary importation agreement, which

allows them to bring the jets without payment because it was secured by bond. Thereafter, he said many of the private jet owners failed to turn up to pay on the expiration of the agreement, which necessitated the verification. Following the exercise, he said there would be more revenue to be accrued to the federal government, “because those who failed to adhere to the agreement would be made to pay the duties.”

Attah also stated that the verification had also given opportunity to the NCS to clearly differentiate airplanes in the country that were on commercial operations from those owned and used for private purposes. The customs spokesman restated that the verification was not meant to embarrass anybody but to ensure that the owners of the private airplanes pay the required duties to the government.

He further disclosed that with the impact of the first two weeks’ extension, the NCS had again given another two weeks, which commenced from Monday, July 26, to Friday, August 6. Specifically, he said:“Considering the rising number of compliance and the number of jets that are liable for payment of duties as well as indications by those people to do so, the Comptroller-General has again graciously given them another two weeks.

Emenike’s Loyalists Sweep Ward Congress in Abia Emmanuel Ugwu-Nwogo in Umuahia The Secretary of the Contact and Strategy Committee of the All Progressives Congress(APC), Chief Ikechi Emenike, has reinforced his firm grip of Abia APC against rivals as his loyalists swept leadership and delegates positions in the ward congress held at the weekend. The congress had passed off peacefully in all the 184 wards of Abia State despite the tension it had generated in the camps of

the various Abia APC chieftains jostling for the control of the party from the grassroots. Loyalists of the Senate Chief Whip, Senator Orji Uzor Kalu, apparently shot themselves in the foot after they reportedly boycotted the ward congress and even alleged that a parallel congress was held. But the Chairman of the APC Ward Congress for Abia State, Hon. Israel Sonny Goli, told journalists that there was no parallel congress whatsoever in Abia.

“In events like this, definitely those not favoured by the outcome of the congress would come out with such allegations. But we cannot accept that as a true reflection of what happened today (Saturday),” he said. Goli, who led the sevenmember committee to monitor the congress in a number of wards across the state, said that the congress was an all-inclusive exercise hence the committee had no business with anybody that refused to participate.

He lauded Abia APC faithful for their “quite impressive turnout and right attitude” to participate in the congress which was why there was no report of violence or unruly conduct in all the wards. Meanwhile the Chairman of Abia APC, Chief Enyinnaya Harbour, has dismissed the purported suspension of the party’s foremost chieftain in Abia, Chief Ikechi Emenike, saying that it was a joke taken too far by “sponsored elements”.

Two Abducted Kebbi School Students Escape from Bandits Ismail Adebayo in Birnin Kebbi Two of the students of the Federal Government College, Yauri in Kebbi State, have escaped from bandits who abducted them. It would be recalled that 94

students of the school were seized by the bandits 46 days ago. Twelve of them were said to have been rescued by the military while one died when the army engaged the bandits. The two students who just escaped from the bandits were

said to be wandering in the forest at Dandalla, a few kilometers from Dansadau in Zamfara State when they were rescued by locals. The two students were said to have been kept in captivity at Kuyanbana forest, which

borders Kebbi, Niger, Kaduna, Zamfara and Katsina States. According to one of the locals who spoke to our correspondent, the two students have been handed over to the police at Dansadau in Zamfara State.

Ganduje, Okorocha, Fashola, Others to Discuss Nigeria’s Unity Adedayo Akinwale in Abuja The Governor of Kano State, Dr. Abdullahi Ganduje, former Governor of Imo State, Sen. Rochas Okorocha, the Minister of Works and Housing, Mr. Raji Fashola (SAN), would discuss the country’s unity on Thursday

following the recent agitations by separatists calling for the balkanisation of the country. The public lecture series organised by journalists covering the ruling All Progressives Congress (APC) is aimed at contributing to the intellectual development

of the nation’s democracy. The Chairman of the Conference Organising Committee, Mr. Babatunde Ayeni, in a statement issued yesterday said the invited dignitaries would discuss the topic “Sustaining United and Indivisible Nigeria: A myth or Reality,” at the event

billed to hold at the Sheraton Hotels, Abuja. Ayeni noted that the Chairman, Caretaker/ Extraordinary Convention Planning Committee (CECPC) of the APC and the Governor of Yobe State, Mr. Mai Mala Buni, would be the chairman of the occasion.

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Okonkwo Rejoins Anambra Guber Race as ZLP Candidate Chairman of the United Nigeria Airlines, Dr. Obiora Okonkwo, has rejoined the Anambra State governorship race, with Zenith Labour Party (ZLP) substituting its candidate with his name. The substitution of candidate was completed on Friday, July 30, 2021 at the Independent National Electoral Commission (INEC). The submission of Okonkwo’s name followed his earlier resignation from the Peoples Democratic Party (PDP) in protest over the outcome of primary election where the party was alleged to have abandoned its constitution and used an

illegal process to pick its governorship candidate. Also submitted to INEC was the name of Dame Jessie Balonwu, a former member of the House of Representatives and also a former State Women Leader of the PDP, as runningmate to Okonkwo. Balonwu, who is from Onitsha North and South Federal Constituency of Anambra North Senatorial District, was also the first Igbo female senator-elect and Commissioner for Education in Anambra State. She also served the state meritoriously as Chairman, Anambra State Universal Basic Education Board (ASUBEB between

2005 and 2007. According to a statement, Okonkwo’s movement to ZLP was said to have followed a groundswell of pressure from political and community leaders, opinion molders, stakeholders, support groups and institutional advocates for the good governance of Anambra state. “The pressure had led to the formation of the Save Anambra Coalition which is an amalgam of advocates of good governance from all the senatorial zones of the state and cut across all political parties and established institutions and faith-based organisations in the state.”

COVID-19: Lagos Records Six Deaths, 519 Cases The Lagos State Commissioner for Health, Prof. Akin Abayomi, said the state recorded six COVID-19-related deaths within two days, increasing pandemic-related mortality to 384. Abayomi disclosed this through his Facebook account @ProfAkinolaAbayomi, yesterday while giving the state’s COVID-19 update for July 30 and 31. The commissioner disclosed that 4,437 tests were conducted on the reported dates, out of which 519 new COVID-19 infections were confirmed. “The new infections increased the state’s total COVID-19

cases to 63,872,” Abayomi said, noting that there are currently 2,783 active COVID-19 cases in communities being managed under the state’s Home-Based Care. Abayomi disclosed that the number of patients receiving treatment at the state’s isolation facilities had increased from 128 to 136 persons. According to him, 56,127 of the infected people have recovered in communities, while 4,399 have recovered in the state’s COVID-19 isolation centres. The commissioner added that 607,803 COVID-19 tests have been conducted in the

state since pandemic hit the country. He had last week said the state was currently under a severe stress and strain of COVID-19 third wave, with emergence of between 100 and 300 new cases daily. He said that isolation facilities were filled up and overstretched, necessitating creation of more spaces to accommodate patients. “I hereby appeal to everyone, either in Lagos or neighbouring states, that COVID-19 is not yet over. We have quite a long way to go and we do not know how many more waves of infections are still ahead.

Trailer Parks Get August 12 Deadline to Fully Automate in Lagos As part of efforts to decongest access to Apapa ports, the Nigerian Ports Authority (NPA) has given authorised trailer parks an August 12, 2021 deadline to meet all its requirements for full automation or lose their listing. The acting Managing Director, Mr. Mohammed Koko, told THISDAY in Lagos at the weekend that the deadline was imposed at the end of a meeting with stakeholders late last week, explaining that those who fail to meet the requirements fully would be replaced by other interested companies that show capacity for full automation. The full automation, he further explained, was necessary for the success of

the electronic call-up system (ETO) the NPA had instituted last month in order to ease access to the ports in Apapa. He said: “For ETO to work properly, there has to be multiple trailer parks. We advertised and people showed interest as being part of the parks that NPA will use on ETO. “We gave them what was needed for them to qualify: uninterrupted power supply because of the CCTV and the automated systems, Internet access network, the CCTV, and automated gate systems. “Some of them have started while some of them have not. Those that have not deployed, we have given them a few more days but I think that in not less than ten days any park that does

meet those requirements, we will delist it and give others a chance because if the parks are not effective and don’t meet what we want then the efficiency of ETO will also be affected.” Koko hailed the federal government and the Minister of Transportation, Mr. Rotimi Amaechi, for completing the extension of railway to the Apapa ports, saying it would further help ease the gridlock in the ports’ city. “I am thanking them for the recent completion of the rail system into Apapa,” he said, explaining: “We believe it is a game changer.” He said the NPA had been working with the Nigerian Railway Corporation (NRC) to see how cargo can be evacuated from the ports.

Lagos Demolishes Shanties on Lekki Coaster Roads Segun James Following the rising number of illegal communities springing up along the Atlantic Ocean shoreline, the Lagos State Government at the weekend destroyed all shantytowns along the Lekki Peninsula axis of the state. The Chairman of the state Environmental and Special Offences Unit (Taskforce), CSP Shola Jejeloye, who disclosed this to journalists, reiterated the preparedness of the state government to monitor and prevent future encroachment

and illegal occupation of any part of Lekki coastal road, which serves as alternate route to the Lekki-Epe road. He said the taskforce has demolished thousands of shanties on the road, and is prepared to do more in the interest of the environment. The team, led by Jejeloye, visited the ghettos two weeks before a three-day removal notice was served to warn the occupants to vacate the road. The state government had in December 2019 demolished all structures built on the road to pave way for its usage by

motorists and other road users. Jejeloye noted that the exercise was carried out to allow for the construction of the coastal road linking Lekki to the Free Trade Zone (FTZ). He added that the road would also serve as an alternative route to Lekki-Epe expressway to enhance free flow of traffic on the corridor. According to him, “We have enlightened the occupants on the strategic nature of the road they have built their shanties on. Unfortunately, immediately it was cleared in 2019, they mobilised themselves and extended their occupation of the road.

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FG Refunds N143bn to Five States for Road Construction Ismail Adebayo in Birnin Kebbi The Minister of State for Works and Housing, Mr. Abubakar Aliyu, on Saturday in Kebbi disclosed that the federal government had refunded N143 billion to five states that constructed federal roads. The minister who was in Kebbi State to inspect federal roads constructed by the state government during a courtesy call to Governor Abubakar Atiku Bagudu, at the Government House in Birnin Kebbi, said: “Out of the total distance of roads we

have across the country, 34,000 kms are under the jurisdiction of the federal government out of which we are currently working on over 13,000 kms simultaneously with over 800 contracts currently ongoing. “Before now, some states may find it extremely necessary, because of urgency, to approach the federal government to seek permission to construct federal roads that are within their states. The federal government will give them the permission and they will be reimbursed later.” He added that before 2016 the

Federal Executive Council (FEC) set up a committee to verify and clear road construction executed by some state governments. “The committee was headed

by the Minister of Works and Housing, Hon. Babatunde Raji Fashola, and was able to clear and verify 25 states that built federal government roads in

their states,” he said. The minister said that President Muhammadu Buhari had given approval for the payment of N477 billion,

which was shared among the 25 states respectively, adding that this is the third set that Kebbi is among, alongside Yobe and Taraba States.

Bandits, Kidnappers are Insurgents, Says Masari Francis Sardauna in Katsina The Katsina State Governor, Aminu Bello Masari, yesterday said the world, including Nigeria, is bedevilled by different forms of security challenges. The governor also declared bandits and kidnappers in the North-west region of the country as insurgents. The governor, who revealed this to journalists shortly after a special prayer session in commemoration of ‘Yaumush Shukur’, added that insecurity is threatening global peace, including in Nigeria. Yaumush Shukur is a thanksgiving day organised annually by prominent Islamic scholars in Katsina State to seek “Allah’s blessings and bounties” to the state. Masari explained that the effort of his administration in checkmating the activities of bandits and other criminals in the state has significantly

improved the security situation of the state. According to him, “If you look at the world today, every community, including in Nigeria, is bedevilled with some form of insecurity or another. “In this part of the country, we are dealing with bandits who have become insurgents, and thank God from what we see today and the reports we receive, there is significant improvement in the situation when compared to what was happening last year. “In all spheres of life, we have produced if not the best but among the best in this country. So, we should thank Allah for it. Allah has said if you thank Him, then He will add more, and if you don’t, His punishment is severe. “In answering that call, we are here to thank Allah for sparing our lives and for making Katsina among the leading states in the country.”

‘Why Sokoto Speaker Boycotted APC Congress’ Onuminya Innocent in Sokoto Facts have emerged why the Speaker of Sokoto State House of Assembly, Hon. Muhammad Aminu Achida, boycotted the Saturday All Progressive Congress (APC) Ward Congress. The Sokoto State Chapter of the APC on Saturday held it ward congresses across the 23 local governments of the state. Achida and the member representing Illela /Gwadabawa federal constituency, Mr. Balarabe Salame, who are staunch members of the party boycotted the exercise. THISDAY gathered that Achida and Salame belong to a faction of the party in the state they claimed that Senator Aliyu Wamakko, the leader of the party, imposed candidates on the party. The speaker and Salame have not hidden their thought. They have expressed it severally in many forum that the imposition of candidate made the party to lose the 2019 governorship election to the People Democratic party. Achida, who represented Wurno State Constituency, emerged speaker with the backing of Governor Aminu

waziri Tambuwal. Salame, the former acting governor, is nursing an ambition of contesting governorship election come 2023. An ally of the speaker who spoke on condition anonymity explained that the speaker was not comfortable with the consensus arrangement by the party in the state. He further disclosed that as a major stakeholder the speaker was sidelined stressing that he was not called or invited during the stakeholders meeting prior to the congress. He allayed fear that some aggrieved members in the party including speaker might challenge the legality of the congress in law court. He maintained that if the national headquarters did not intervene in the matter the crisis might consumed the party before 2023. “You can imagine a stakeholder like speaker of the State House Assembly was not consulted before the decision on consensus was adopted he stated. He noted that the PDP in the sate is stronger now than 2019 warning the APC to be careful in resolving it crisis.

SIGNED AND SEALED …

L-R: Head of Marketing, West Africa, Shalina Healthcare Limited, Sandeep Sahu; Head, Consumer Business, West Africa, Mr. Suresh Karuppiatisamy; Vice President, Pharma Business, West Africa, Shalina Healthcare Limited, Mr. Arum Raj; and the Shal’Artem Brand Ambassador, Samuel Animashaun Perry (Broda Shaggi), during the contract signing ceremony between Shal’Artem and Broda Shaggi in Lagos...recently DAN UKANA

Secession: Osun Monarch Tasks Buhari on Equity, Fairness in Appointments Alex Enumah in Abuja A Paramount Traditional Ruler and the Oluwo of Iwo Land in Osun State, Oba Abdulrasheed Akanbi, has called on President Muhammadu Buhari to employ the principle of justice, equity and fairness in his distribution of resources and political appointments in the country. Oba Akanbi, who also identified corruption as the root

cause of underdevelopment and other social ills in the Nigeria, argued that the country cannot make any meaningful progress until corrupt officials and citizens are made to pay the supreme prize. The monarch spoke at the weekend in Abuja during the public presentation of four books authored by a Federal Prosecutor and Head

of Complex Case Unit in the Federal Ministry of Justice, Mr. Aminu Alilu. Akanbi counseled the President to always endeavor to balance federal appointments adding that respect for federal character is a factor that would entrench Nigeria’s unity and promote its oneness. Oba Akambi urged President Buhari to do a retrospect so as

to make necessary adjustments in the appointments he has made so far. “A step forward to addressing such will pave way for other collaborative moves at strengthening the unity of Nigeria,” he said. On the issue of corruption, the Oluwo maintained that Nigeria will get to nowhere in terms of development until all corrupt persons are eliminated as being done in China.

Groups Tackle EFCC over Saraki Chuks Okocha in Abuja The Youths Vanguard of the Peoples’ Democratic Party (PDP) has warned the Economic and Financial Crimes Commission (EFCC) to desist from media trial and harassing the former President of the Senate, Dr. Bukola Saraki. Also, a Northern Youths Transparency Vanguard (NYTV) group has flayed the arrest of Saraki, which they described as

an attempt to divert attention to the corruption charges against a deputy commissioner of Police, Abba Kyari. The group further accused the EFCC of media trial against the former senate president. The PDP youths under the aegis of South-south Youth Vanguard, also cautioned the anti-graft agency to beam its anti-corruption search light on the appropriate quarters and stop chasing shadows.

The group was of the view that the EFCC planned to use Saraki’s case, which has already been dispensed with by competent courts, to cover the indictment against the Deputy Commissioner of Police, Mr. Abba Kyari, by the Federal Bureau of Investigation of the United States of America. Recall that Kyari has been linked with serial internet fraudster, Ramon Olorunwa Abbas, alias Hushpuppi, a

development that is already in the public space. The PDP’s youths, in a statement by its National Chairman, Mr. James Efe Akpofure, counseled the antigraft agency to go after those reaping and looting the nation, whose stock-in-trades were not hidden from the public. They also counseled the EFCC to work for the people and stop being used by the government in power to hunt perceived enemies.

Accountant Harps on Importance of Self-control in Organisations One of Nigeria’s leading minds in accounting, Christian Ekeigwe, has harped on the need for accountants to exercise sufficient self-control as they play their gatekeeping roles in society. Ekeigwe, a fellow of The Institute of Chartered Accountants of Nigeria (ICAN) and Certified Public Accountant (CPA, Massachusetts), traced audit

failures to lack of self-control in people holding critical governance and control positions in organizations, and yet accounting wisdom does not recognise this pathology. He, therefore, describes self-control as “accounting’s blindside”, which he said is the root cause of what ails it (accounting) and from where it suffers myriads of setbacks.

Ekeigwe, who is the Chairman of Audit Committee Institute (ACI) and pioneered IT auditing in Nigeria decried the fact that “self-control has been unremarked in the accounting conversation in our society despite recent egregious audit failures, which he said can only be explained by flaws in human judgment due to insufficient self-control competence.”

Ekeigwe made these assertions in the third edition of his now soughtafter allocution series to the accounting profession titled, ‘A Letter to My Profession.’ He said that after four decades of training and working in the accounting profession, he has come to the conclusion that self-control, the “skill that matters most,” is the blindside of accounting.

Only God will Determine My Successor, Says Kebbi Gov Ismail Adebayo in BirninKebbi The Governor of Kebbi State, Mr. Abubakar Atiku Bagudu, has disclosed that only God will determine the person that will succeed him after his tenure at the Government House in Birnin Kebbi.

Bagudu commended the All Progressive Congress (APC) stakeholders and members for the peaceful conduct of the party’s ward congress in the state and said that only God gives leadership to any person he wishes at his own appointed time. He said: “True to this, as it is

now, only the Almighty Allah knows who will succeed me. But whoever will be, I pray that he will be better than me and will make Kebbi State greater than its now.” Bagudu applauded the party leadership in the state for their commitment to the efficacy of the

consensus strategy as successfully deployed by the party in exercise. The governor, while addressing party supporters shortly after the affirmation of the new leaders of his ward Nasarawa 2, said history has just repeated itself as consensus had at several times been adopted and it worked well.

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Obey Human Rights Law in Kanu, Ighobo’s Cases, Falana Urges FG Ugo Aliogo Human rights lawyer and activist, Femi Falana (SAN), has warned the federal government to respect the rule of law and international human rights law in handling the cases of secessionists, Mazi Nnamdi Kanu and Chief Sunday Adeyemo popularly known as Sunday Igboho. Falana, who disclosed this yesterday at the Geneva Refugee Convention Symposium to mark it 70 years of existence organised

by the United Nations High Commissioner for Refugees (UNHCR) in Lagos, noted Kenya and Nigeria have an extradition treaty, adding that what would have been done was to go court and bring back the individual, “of course that was going to be done in the case of Ighoho.” He also noted that the government of Benin Republic refused the extradition of Ighoho to Nigeria, citing reasons that they were following the rule of law and due process. According to him, “The

court in Benin Republic is sitting almost on a daily basis because the issue of liberty is involved. Whereas in our own court, it is not so, Nnamdi Kanu was to be brought to court last

Monday, but it didn’t happen; there is no explanation to that, and the case has been adjourned for three months. Apart from the Nigerian court, we also use the ECOWAS regional court to

protect the rights of refugees.” The human rights activist explained that Nigeria has a very comprehensive law for the protection of refugees such as the National Commission on

Refugees’ Act 2004, noting that the law is a domestication of the United Nation Convention of 1951 as well as the Africa Union (AU) Refugee Convention of 1969.

Appeal Court Rejects Nwosu’s Post-conviction Bail Request Wale Igbintade Attempt by the former Managing Director of the defunct Finbank Plc, Mr. Okey Nwosu, to secure a temporary relief from the judgment of an Ikeja High Court that found him guilty of stealing over N18 billion from the bank has hit the rock as the Court of Appeal, Lagos Division, dismissed his request for bail pending appeal. The appellate court held that Nwosu’s bail application is unmeritorious and dismissed it accordingly. In his lead ruling, Justice Abdullahi Mahmud Bayero, held that there was no credible evidence given by an expert in the field of medicine relating to alleged ill health of the appellant (Okey Nwosu). Two other members of the panel, Justice Fatima Omoro Akinbami (presiding) and Justice Frederick Oziakpono Oho also consented to the ruling.

Justice Lateefat Okunnu of the Lagos High Court in Ikeja had on January 5, 2021, in Charge No. ID/115°/2011 convicted and sentenced Nwosu to three years imprisonment. Convicted alongside Nwosu were three former directors of the defunct bank: Mr. Dayo Famoroti, Mr. Danjuma Ocholi and Mr. Agnes Ebubedike. They were arraigned before the court by the Economic and Financial Crimes Commission (EFCC) on a 26-count charge of stealing and illegal conversion. Dissatisfied, Nwosu approached the appellate court for an order admitting him to bail pending the determination of his appeal filed against the judgment. In his Motion on Notice brought pursuant to Order 17 of the Court of Appeal Rules 2009, supported by 16 Paragraph affidavit deposed to by one Kate Nwosu, which stated that Nwosu is greatly ill and in urgent need of medical treatment and attention.

Lagos Deputy Gov to Deliver Lecture on Good Governance The Deputy Governor of Lagos State, Dr. Obafemi Hamzat will be delivering this year’s anniversary lecture of Lagos Country Club on Tuesday, August 3. The lecture, which commemorates the club’s 72nd anniversary, will be preceded by Jumat prayer on Friday and Thanksgiving service on Sunday. President of the Club, Mr. Funmi Bamkole, said the topic of the lecture was instructive in today’s Nigeria because good governance is germane to developments in all sectors of the economy.

Bamkole said: “As a responsible and foremost family club, the topic ‘Good Governance’ is significant to us, not just as members of Lagos Country Club, but as Nigerians. Good governance is the engine that drives a nation towards a good direction. And this is the time to put Nigeria back on track, having experienced contraction from the complexi5es of COVID 19”. He said Hamzat was a perfect fit for the lecture because of his pedigree and achievements in government and the private sector

Ganduje Visits Doguwa Flood Victims, Donates N3.6m Ibrahim Shuaibu in Kano

Kano State Governor, Abdullahi Umar Ganduje yesterday paid a condolence visit to the families of 18 Doguwa flood victims and donated N200,000 to each of the victims’ family. He prayed for the reposed of the souls of those who died in the flood as a result of a heavy down pour. According to him, “When the information of this tragedy reached us, we were seriously shocked. May Allah forgive the victims who died as martyrs, being washed away by flood.

May He give them the ultimate reward of Jannatul Fiddaus.” Ganduje was in the company of the House of Representatives Leader, Alhassan Ado Doguwa, party leaders, and members of the State Executive Council. Families of the victims expressed their appreciation to the governor and his entourage, and prayed for successful completion of his tenure. THISDAY gathered that 18 people died in Doguwa Local Government Area of the state after a vehicle they were traveling on was washed away by flood.

SUPPORTING THE ARMY…

Chief Medical Director, Nigerian Army Command Hospital, Abuja, retired Major General Ikechukwu Okeke (left), presenting a souvenir to Founder of DAO Garden Of Love Charity Foundation, Mrs. Dorcas Owei, when the foundation donated wheelchairs and crutches to the military hospital in Abuja…recently

APC Stakeholders Seek Reinstatement of Sacked NWC without Oshiomhole Chuks Okocha in Abuja Ripples of the minority judgement of the Supreme Court on the Ondo State governorship election have continued as stakeholders of the All Progressives Congress (APC) yesterday suggested a reinstatement of the National Working Committee (NWC) of

the party to avoid any possible danger ahead. In the possible reinstatement, however, the former National Chairman of the party, Adams Oshiomhole, should not benefit from it, as he was validly suspended by the courts. Also, the APC stakeholders said the party is in a precarious situation because it has no

standing Board of Trustees (BoT) that would have acted as the conscience of the party. These positions were canvassed in a meeting summoned by Vice President, Yemi Osinbajo at the State House, which was attended by the Attorney-General of Nigeria, Abubakar Malami; Minister of Works, Babatunde

Fashola; Babatunde Ogala SAN, the immediate-past National Legal Adviser of APC, and some governors on the party platform. In the position paper presented by Ogala, though not officially adopted, it seemed to enjoy the views of many at the meeting, as Malami was said to have objected to it.

Ekiti APC Congress: Police Trail Alleged Killer of Party Supporter Victor Ogunje in Ado Ekiti The police in Ekiti State have begun a manhunt for the suspected killer of a member of the All Progressives Congress (APC) during the ward congress held last Saturday. The man, who was identified as Jide, was killed at Ward 10 in Ado Ekiti after being allegedly beaten with substance suspected to be charm.

The victim was said to have been rushed to the hospital, but died few moments later. Speaking with journalists in Ado Ekiti yesterday, the state Police Public Relations Officer (PPRO), ASP Sunday Abutu, said the police are working tirelessly with the party leaders to apprehend the suspect. According to him, “We are putting all the necessary efforts to track down the suspected killer,

including working with the party leaders to arrest him. “The matter happened yesterday, and what we are doing now is to investigate the matter thoroughly and ascertain those involved in the dastardly act. “Though no arrest has been made, we are optimistic that no effort will be spared on the matter because the state Commissioner of Police, Mr. Babatunde Mobayo, won’t tolerate crimes in the state.”

Meanwhile, the state APC has denied the accusation that the violence that trailed the congress led to the death of Jide. A statement issued by the APC Director of Media, Sam Oluwalalna, said without prejudice to the ongoing police investigations, the issues around the isolated case of violence that occurred in Ward 10, Ado-Ekiti, was not masterminded by members of the party.

Uzodimma Goes Tough on Illegal Security Task Force on Petroleum Imo State Governor, Hope Uzodimma, has ordered the arrest and possible prosecution of persons or group of persons masquerading as members of a security taskforce on petroleum matters in the state. The state Commissioner of Police, Abutu Yaro, has been mandated to arrest such

persons or group of persons, and ensure that they face the full weight of the law “for claiming what they are not, including claiming to be working for the government.” For the avoidance of doubt, Uzodimma has not constituted any such security taskforce, and views the activities of such

persons or group involved as inimical to his vision, which includes to ensure that things are done properly and within the ambits of the law. The governor reiterated that there is no such security taskforce on petroleum matters set up by him with terms of reference and job specifications

handed over to the members, and therefore, views activities of persons or group of persons pretending to be working in that capacity as criminal. He also advised members of the public to be wary of those involved in such claims, and report them to the appropriate authorities.

Again, Abe Defends Buni, Insists S’Court Secured APC Chair’s Tenure Emmanuel Addeh Former federal lawmaker, who represented the Rivers South-east senatorial district in the Senate, Magnus Abe, has again defended the Caretaker Committee Chairman of the All Progressives Congress (APC), Governor Mai Buni, insisting that contrary to opinions expressed by a few party members, the Supreme Court judgment last week actually secured his (Buni’s)

tenure. In a statement he signed yesterday, Abe noted that the court judgement in Jegede vs Akeredolu indeed ended the controversy over the propriety of Buni’s appointment. He noted that it is now clear that Buni’s competence in relation to Section 183 of the 1999 Constitution (as amended) cannot be decided in any case in which Buni is not a party. Abe noted that while the Minister of State for Labour,

Festus Keyamo, may have argued that henceforth, all litigants will not fail to join the chairman in any subsequent case in court, the question remains whether Buni can be party to any lawsuit anywhere in the country while still serving as governor of Yobe State. According to him, “Section 308 of the Constitution of the Federal Republic of Nigeria (as amended) states clearly that no civil or criminal proceedings can be instituted or continued

against a serving governor, neither can any legal processes or summons be issued against the governor in any guise whatsoever. “By holding that Buni in person and not the APC alone will have to be a party to a suit in which this matter will have to be decided, the Supreme Court has already decided that the matter cannot be adjudicated upon until May 29, 2023, when the immunity conferred by the constitution on Buni will expire.”

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Injury Stops Adegoke’s Olympic Games Sprint Title Bid

Duro Ikhazuagbe Fate played a cruel joke on Enoch Adegoke yesterday as his bid for an Olympic medal, just in his first attempt, ended in tears. The 21-year old sprinter had hamstring injury 40m into the 100m final race with him clearly ahead of Canada’s Andre de Grasse on his outer lane. The Canadian picked the bronze medal. The National Sports Festival fastest man last April gave a hint of what to expect in the final

TOKYO 2020 race when he flew past USA’s Trayvon Bromell in 9.98secs new personal Best time to reach the semi final of the blue ribband event of Tokyo 2020. The feat was a confirmation of his arrival in the league of top sprinters in the world. And in the absence of world's fastest in 2021, Christian Coleman and Trayvon Bromell (who crashed out in the semis), the 100m final had been narrowed down to South Africa’s Simbine Akani and De

Grasse. Adegoke and eventual winner, Italy’s Lamont Jacobs, were considered outsiders for the title. Adegoke’s dark horse status was more of an advantage. He was not under any pressure to false start like another Nigerian Divine Oduduru who ended his 100m quest in the heat as he was fired after all the sprinters in that heat had earlier been given warning for a technical fault. Despite Adegoke’s inability to finish the race, he still entered

Nigeria’s track history books as the first Nigerian 100m finalist since Davidson Ezinwa placed seventh at the Atlanta 1996 Olympics. He’s also the third Nigerian man to qualify for the 100m final after the iconic duo of Ezinwa and Olapade Adeniken. Adegoke's fairytale story which ended as an Olympic 100m finalist began in January when he scorched to a 10.16 seconds world lead at the Athletics Federation of Nigeria, AFN, All Comers meet in Akure, South West Nigeria.

Two months later, he ran 10.16 seconds again at the MOC Grand Prix at the sports ground of Yaba College of Technology in Yaba, Lagos. This was after a +2.7mps tail wind rendered as invalid the 10.05 seconds he ran in his

semifinal heat at meeting. Adegoke did not only prove his early in the season 10.16 seconds return in Akure was not by happenstance, he also established himself as the athlete to beat in the Nigerian athletics circuit.

Enoch Adegoke ...Injury stops him from making history in Tokyo

Amusan Becomes Second Nigerian to Make 100m Hurdles Final Italy’s Lamont Jacobs is fastest man of Tokyo 2020 Olympic Games

...Italy’s Jacobs Claims Shock 100m Gold, De Grasse Wins Bronze Italy's Lamont Marcell Jacobs claimed a shock gold in the Olympic 100m final on Sunday, after Great Britain's Zharnel Hughes was disqualified for a false start. Jacobs, who only switched away from long jump in 2018, streaked clear to win in 9.80 seconds, 0.04 clear of American Fred Kerley. Canada's Andre de Grasse won a second successive Olympic bronze in third. World champion Christian Coleman and Trayvon Bromell, the world's fastest in 2021, were both absent from the final. Coleman, banned for whereabouts failuresafter missing

Akwa Utd Wins First NPFL Title Akwa United defeated MFM FC 5-2 yesterday in Uyo to win the 2020/21 Nigeria Professional Football League title for the first time. The Promise Keepers needed just a draw to clinch the title but went extra mile to snatch all three points at home. Charles Atshimene headed the Promise Keepers in front from close range in the 24th minute before Alimi Adebayo double the lead late in the first half when he diverted Mfon Udoh’s cross into his own net. Udoh netted the third goal for Akwa United two minutes after the hour mark.

three drugs tests, and Bromell, eliminated in the semi-finals, were joined on the sidelines by the long-retired defending champion Usain Bolt. Few would have picked Jacobs, who was born in Texas to an American father but moved to his mother's Italian homeland before his first birthday, as the Jamaican great's successor. Jacobs only broke the 10-second barrier for the first time in May.

But the European indoor 60m champion carried the momentum from his fast start all the way to the line to register a time faster than Bolt's winning mark in Rio. He was greeted by compatriot Gianmarco Tamberi, who had won a joint high-jump gold just minutes before and wrapped him in the Italian flag and an embrace. "I don't know, it's a dream, a dream, it is fantastic," said Jacobs. "Maybe tomorrow I can

imagine what they are saying, but today it is incredible." Second-placed Kerley admitted Jacobs was a new name to him. "I really didn't know anything about him. It was my first time racing him at the Monaco Diamond League (where Jacobs finished third in 9.99 seconds),”he said. "He did a fantastic job." Hughes will be left to wonder what might have been in a final stripped of its usual stars and big names.

AFN Apologises to President Buhari, Nigerians Over ‘Banned 10’ Unveils members of its Medical and Anti-Doping Commission The Athletics Federation of Nigeria has apologised to President Muhammadu Buhari, the Youth and Sports Minister, Sunday Dare and all Nigerians for the unsavoury event which led to the inability of 10 track and field athletes to compete at the ongoing Olympic Games in Tokyo. In a statement issued yesterday by the federation and signed by its president, Tonobok Okowa, the track & field governing body in Nigeria insisted it was taking responsibility for the inaction of the immediate past board that led to the unfortunate suspending the athletes from the Games. “As a new board, we have to take responsibility for the inaction of our predecessors and

assure Nigerians that appropriate measures will always be taken at all times and in compliance with releveant World Athletics competition and anti-doping rules to protect our athletes,” stressed Okowa. Meanwhile, the AFN has announced a seven-man Medical and Anti-Doping Commission headed by Professor Ken Anugweje. The national governing body said the announcement of the members of the new commission becomes very necessary as the AFN is determined to ensure Nigeria is removed from the unwanted categorisation as one of World Athletics member federations deemed to have the highest doping risk and

considered as a threat to the overall integrity of the sport. “The commission has been charged with the responsibility of ensuring Nigeria is,within a reasonable period of time removed from the list of seven countries World Athletics and the Athletics Integrity Unit have named to have the highest doping risk and considered as a threat to the overall integrity of athletics,' said Okowa. “They are also to ensure appropriate anti-doping measures are in place in accordance with World Athletics anti-doping rules so that the federation can prevent a repeat of the disqulification of our athletes at global international competitions.”

Reigning Africa and Commonwealth 100m hurdles champion, Tobi Amusan on Sunday became the second Nigerian woman to qualify for the final of the sprint hurdles at the Olympics after winning her semifinal heat in 10.62 seconds. The 24-year old has now joined Glory Alozie who raced to a silver medal finish 21 years ago at the Sydney Olympics in that exclusive club. Amusan, who exited at the semifinal stage in her debut five years ago in Rio de Janeiro, Brazil will now be hoping to also join Alozie as the second Nigerian woman to win a medal in the event. Amusan who ran inside 12.50 seconds thrice in Doha, Qatar

in 2019 to place fourth in the final at the World Athletics Championship will be aiming to go at least a step higher in her first appearance in the final of the event at the quadrennial games. She holds a personal season's best of 12.48 seconds but will need to break 12.40 seconds to quarantee a place at the podium. Also in Monday's final are world record holder, Kendra Harrison of the USA, Puerto Rico's world leader in the event, Jasmine Camacho-Quinn who set a new 12.26 seconds Games record in qualifying for the final and Jamaica's Britany Anderson who ran a 12.40 seconds lifetime best in the semis.

Edo Govt Heaps Plaudits on Adegoke The Edo State Government has praised the outstanding performance of Nigeria’s Tokyo Olympic Games’ 100m finalist, Enoch Adegoke. Edo State Deputy Governor, Rt. Hon. Comrade Philip Shaibu who addressed journalists in Benin City, on the performance of Adegoke noted that if not for the bad luck that hit the athlete, he was on the path to claiming a medal for Nigeria at the event. He said despite the outcome of the race in the final, the Edo State Government will give Adegoke a red-carpet reception when he returns to the country as he is a worthy ambassador of the State. Shaibu said, “Edo people are very proud of the performance of Enoch Adegoke. He was a medal hopeful until that muscle pull. The incident in the final was unfortunate as his takeoff was very good and was about 40m into race before the bad luck in the game caught up with

him. We will celebrate with him. “Our focus is to bring him back home as our ambassador and prepare him for other future activities and also check his medical condition to ensure in future events he doesn't suffer such ill luck,” stressed the deputy governor. He added that lack of preparation has a lot of impact on the performance of Nigerian athletes which include Adegoke as they all depended on the goodwill of spirited Nigerians to embark on their training, noting that Edo State also gave support to the athlete. “Nigeria is at this level today because we have reduced sports to politics. We are proud of Enoch Adegoke who made us proud in Tokyo following his outstanding performance in the race until the muscle pull stole the show from him in the final of the 100m mens final," he concluded.

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

TOKYO 2020: A PANDORA BOX OF SCANDALS

he Games are at the half way point but it seems the Nigerian Sports fans have had a full dose of events. It has been story after story as each day brought a new point of discussion for the Nigerian team. From the opening ceremony, where observers complained of the non-uniformity of masks in the Nigerian team to the less significant ceremonial outfits worn by the athletes, the team lacked colour and our usual dab of rich cultural expressions, an observer complained. The outfit seemed like a rushed contract executed poorly for a country rich in clothing expressions. We could have exposed our regal Tiv mode or dressing, or the classy Fulani style, or perhaps the elaborate Efik attire or the boisterous Yoruba agbada. We are even spoilt for choice with the appealing Igbo dressing or perhaps go into deep national history and express our royal history with Majestic Benin dresses complete with beads. We failed to show the world what a rich culture we have in our dressing. The opening ceremony dress was not the only clothing on watch. Long before the Games, the long running battle of what the track and field athletes would wear was on the lips of many. After the factional President of the AFN, Ibrahim Gusau had, as reported, ‘clandestinely’ signed a deal on behalf of Nigeria with sports kitting company, PUMA, and had the kits delivered to him personally, the government backed AFN feigned ignorance of the contract saying no details of it were made available to them as such the Nigerian team was under no obligation to wear PUMA. Instead, it opted for

Ese Brume...in long jump ﬁnal use of a locally manufactured kit in line with the Federal’s Government policy of ‘Buy Nigeria’. Well as Nigerians wait to see if there is any consequence for that, the news that half of the Nigerian athletic team had been barred from taking part in the Games filtered in. Due to its high cases of doping violations amongst their athletes, Nigeria had been placed along with eight other countries as a ‘Category A’ country in athletics. The consequence of which was that all our athletes expected to take part in the Olympic Games had to have had at least three Out-of-Competitions tests, spaced

at least within three months apart. This was not done. As a matter of fact, only athletes that had been very active in the professional circuit were fortunate enough to have had those number of tests. So some of our young, bright athletes missed out and were denied a chance to be called Olympians. It also denied us chances to compete in some events that we had real medal prospects. This unfortunate incident led to some of our athletes holding a protest march around the Games Village and sporting areas in Tokyo. The world media were reporting it as sad to see athletes

who just want to compete denied by no fault of theirs. While the counter accusations are traded on whose fault it is between the lack of funding and action of the ministry and the negligence and intentional sabotage by the rogue federation president, the AFN through its Secretary General, Adeniyi Beyioku was quick to send a statement to educate Nigerians that this was an administrative blunder and this error was followed with a knee-jerk reaction to appoint Prof Ken Anugweje as the head of the Medical and Anti-Doping Commission of the Federation.

This action has been criticized as it was the same person in charge during these infarctions and was supposed to oversee these out-ofcompetition tests. The Federation put out a statement that read “A few athletes in the American collegiate system were tested but those tests were deemed not to have complied with WADA sample collection and analysis standards.” It went on to stress, “It must be noted that no Nigerian athlete tested positive to prohibited substances.” Just a few hours after that statement had been released, the bombshell came. Nigeria’s biggest athletes and most decorated sprinter, Blessing Okagbare, was disqualified from the Games for failing a drugs test. The presence of HGH (Human growth Hormone) in her system meant she was denied a chance to compete and provisionally suspended immediately. That was a hard one to take for Nigerians. Bitterly disappointed and downcast, the Olympics, though in its early days, already seemed like a daily dose of scandals and disappointments in equal measure for Team Nigeria. Disappointments had started with table –tennis. While not much was expected from Funke Oshonaike and her feat of 7 consecutive Games appearance was commendable, everyone had hoped her experience will enable her win a couple of matches. But the news from the ping pong table was that our top player and World Number 21, Aruna Quadri who was expected to at least equal or go better than his laudable quarter final placing in Rio four years earlier, lost

to a player almost ranked 40 places below him. His comments afterwards on social media revealed there was more than met the eye. He complained of his coaches (or rather lack of coaches) unlike the case of 2016 and that he was not guided well due to selfish administrative reasons. The Basketballers, after giving us so much hope in defeating USA and Argentina in a warm up tournament, fell like a pack of cards losing all three matches played. Immediately, basketball player Chimezie Metu, an NBA player, shifted his disappointment from being eliminated from the Olympic tournament to outright disdain and disappointment at the Ministry and Nigeria Olympic Committee. According to the Boston Globe newspaper, Metu ripped the country for what he called ‘mistreatment of athletes’. He complained of the ‘off-court things’ and how athletes are disrespected. As the Olympics goes into its final week from today, Nigerians are praying that the scandals come to an end as hopes are now hinged mainly on the wrestlers who have been free of any scandal so far. It is no wonder that global best practices are in place in the wrestling federation: Daniel Igali, an Olympic gold medalist with Canada run the show as President and coach. Coming from an environment completely different from the chaos here, no one expects anything less. A medal from Odunayo Adekuoroye or Blessing Oborodudu will be a fitting compensation for his efforts on the wrestlers.

AITEO CUP: Gov. Diri Hails 'GiantKillers' Bayelsa Utd

Rojas Smashes Triple Jump World Record to win Gold Yulimar Rojas saved her best for last in the triple jump at the Tokyo Olympic Games, sailing out to a world record of 15.67m to land Venezuela’s first Olympic title in athletics. The two-time world champion opened with an Olympic record of 15.41m (1.1m/s) but struggled to match that with her next two attempts, leaping 14.53m in round

two and producing a foul – albeit a long one – in round three. She went beyond 15 metres again in the fourth round, leaping 15.25m, and then recorded another foul in the penultimate round. By the time Rojas lined up for her final effort, her victory was guaranteed. Portugal’s Patricia Mamona had secured silver with

a national record of 15.01m (1.0m/s) and Spain’s Ana Peleteiro had jumped a national record of 14.87m for bronze. With the pressure off and nothing to lose, Rojas nailed her final effort and broke the sand at 15.67m, adding 17 centimetres to the previous world record that had been set at the 1995 World Championships by Ukraine’s Inessa Kravets.

Bayelsa State Governor, Senator Douye Diri, has lauded the feat of the stateowned football teams in reaching the finals in the male and female categories of the 2021 Aiteo Cup. An elated Governor Diri, while congratulating Bayelsa United and Bayelsa Queens for their outstanding performances, praised their indomitable spirit and resilience in surmounting the odds to qualify for the last stage of Nigeria's oldest football competition formerly called the Challenge Cup. Bayelsa United, which plays in the second-tier Nigerian National League, on Friday, defeated Premier League neighbours, Rivers United, in the semi-final by a lone goal while Bayelsa Queens, a few days earlier, crushed perennial rivals, Rivers Angels, 5-0 to also reach the final of the Aiteo Cup. The governor in a statement by his Chief Press Secretary, Mr. Daniel Alabrah, described Bayelsa United as "giant killers" for defeating other teams in the Premier League such as Rangers International of Enugu and Lobi Stars of Makurdi on their way to the final. He said the feat of the state-sponsored teams was historic as it was the first time two teams from a state were reaching the finals of such a major football competition in the country. While assuring them of the unremitting support and encouragement of the state government, he urged Bayelsa United and Bayelsa Queens to complete their heartwarming performance by bringing home both trophies to the state.

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Tokyo 2020: Another Olympic Nightmare for Team Nigeria MONDAY Report By DURO IKHAZUAGBE The last one week has become the most traumatizing one for followers of Nigeria sports. It has been one that is playing out like a bad dream of unimaginable proportion. The Olympic Games in Tokyo delayed for one year because of the outbreak of the coronavirus pandemic, is not really making Nigerians happy. Rather, it has become a sort of damper. Never have we witnessed the bizarre embarrassment playing out in Team Nigeria camp in Tokyo. Nigerians had looked forward to the Games as a way of escaping the hardship in the land. Fleeting moments of good performances by Nigerian athletes give this elixir feelings of having something to talk about, in the positive manner. But people have started to ask if Team Nigeria’s athletes are still left at the Games after nearly 80 per cent of them have exited their various sports in the first one week of competitions. They are asking if wrestler Odunayo Adekuoroye’s shoulders are bold enough to carry the burden of expectations from Nigerians at home and in the Diasporas who want to see her succeed as well as remove the reproach of returning from this global sports fiesta empty handed. From basketball to table tennis through taekwondo, swimming, Canoeing and our traditional areas of strength like track and field, it has been one bad news to another. Take for instance the senior men’s basketball team, D’Tigers that raised the hope of compatriots with massive display in the pre-Games outings in Las Vegas, USA. D’Tigers defeated world and Olympic Games defending champions USA and Number 4 team in global basketball, Argentina. Those two victories sort of raised the hopes of Nigerians that if nothing at all, basketball was going to lift the profile of our dear country in the sports with mind blowing results from Tokyo. But that was not to be. Australia, Germany and Italy taught our senior men’s team the bitter lesson of not to start dance when the stage is not fully

set. D’Tigers danced themselves lame before it was real time to enter the stage for the tango. They lost that flair Nigerians saw against USA in Las Vegas when they got to Tokyo. All through the three games they played, we saw players that wasted too many chances and could not re-enact their invisibilities. Suddenly, D’Tigers lost their claws and took on the toga of tamed domestic pets who could only bark but cannot bite. The women’s team is also about following D’Tigers out of the competition. If our teams are not winning medals like it happed in the last two editions in London 2012 and Rio 2016, our compatriots have become used to such failures. Expectations were not necessarily high until those good news from Las Vegas. If only we knew that they were not meant to whet our appetite but that they were the main course, there would have been no disappointment of any sort in Tokyo. We ate our lunch as dinner as both teams had nothing in stuck to assuage our taste for the type of expectations from Nigerians. Forget the hype that surrounded the basketball teams and all the talks about eight NBA stars in the men’s squad. As if those failures were not enough, 10 members of Team Nigeria’s 23-man track and field contingent were shut out of the Games after going through tortuous qualification routes. They were the victims of some officials who failed to perform the responsibilities for which they collect salaries and other benefits at the end of each month. These incompetent officials didn’t remember to get these 10 athletes to do the compulsory three Out-of-Competitions-Tests (OCT) in 10 months to make them eligible to feature at the Olympic Games. Because of the negligence of these AFN and or Federal Ministry of Youth and Sports Development officials, the 10 athletes became tourists in Tokyo instead of joining their

Blessing Okagbare...suspended from Games after testing positive for banned Human Growth Hormones (HGH) contemporaries from other countries to compete for honours at the highest level of their various events. All the personal sacrifices and self-denials to be in shape for the Games just varnished with that Athletics Integrity Unit’s pronouncement last Monday. The 10 Nigerian athletes were part of the 20 suspended from seven countries that were declared ineligible for Tokyo

2020. While the 10 athletes took to the streets of the Athletes Village last Friday to protest their ordeals, Nigerians didn’t know more disappointments were lurking to further shame us. Nigeria’s most successful female sprinter, Blessing Okagbare was suspended from the Games for testing positive for banned substance. By midnight Saturday, the silver

medalist from the Beijing Games in 2008, was found to have tested for Human Growth Hormones (HGH), a banned substance added to World Anti-Doping Agency (WADA) list this year. The announcement sent shock waves round sports circles at home and abroad. Although Okagbare has since appealed the result of the test, insisting that her ‘B’ sample be tested before sanctions are passed. The

AIU however ruled that with the result of the ‘A’ sample, she was no longer qualified to continue competing. That was how Nigeria’s hope in the women’s sprint crashed. With a Personal Best of 10.79 seconds, (although she ran a wind-aided 10.63secs at the Games Trials in Lagos), Okagbare was confident of at least getting to the final of the 100m, where anything can

What is Human Growth Hormone (HGH)? Some people turn to a substance called Human Growth Hormone (HGH) in hopes that it will keep them feeling and looking youthful. But experts say that hope is unfounded. And worse, these products can be harmful. HGH, produced by the pituitary gland, spurs growth in children and adolescents. It also helps to regulate body composition, body fluids, muscle and bone growth, sugar and fat metabolism, and possibly heart function. Produced synthetically, HGH is the active ingredient in a number of prescription drugs and in other products available widely over the Internet.

HGH USES AND ABUSES Synthetic human growth hormone was developed in 1985

and approved by the FDA for specific uses in children and adults. In children, HGH injections are approved for treating short stature of unknown cause as well as poor growth due to a number of medical causes, including: Turner’s syndrome:A genetic disorder that affects a girl’s development. Prader-Willi syndrome:An uncommon genetic disorder causing poor muscle tone, low levels of sex hormones, and a constant feeling of hunger

Chronic kidney disease. In adults, approved uses of HGH include: *Short bowel syndrome:A condition in which nutrients are not properly absorbed due to severe intestinal disease or the

surgical removal of a large portion of the small intestine. *HGH deficiency due to rare pituitary tumorsor their treatment *Muscle-wasting disease associated with HIV/AIDS However, the most common uses for HGH are not FDAapproved. Some people use the hormone, along with other performance-enhancing drugs such as anabolic steroids in an attempt to build muscle and improve athletic performance. Yet HGH’s effect on athletic performance is unknown. Because the body’s HGH levels naturally decrease with age, some so-called anti-aging experts have speculated and claimed that HGH products could reverse age-related bodily deterioration. But these claims, too, are unproven. The use of HGH for anti-aging is not FDA-approved. - Culled from The WebMD Medical

MONDAY, ͺ˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS CHRONICLE OF NIGERIA’S PAST OUTINGS AT THE OLYMPIAD In this report, Femi Solaja, takes a look at the country's previous performances since debut at the Helsinki Games in 1952

fter Nigeria made her debut at Helsinki Games in 1952 with no medal to show for it, the Melbourne 1956 and Rome 1960 followed with the same end result but Nojeem Maiyegun broke the jinx in the same Tokyo with a bronze medal feat in boxing in 1964. Isaac Ikhuoria followed up with another boxing bronze at Munich ‘72 Games. For the records, Nigeria has sent athletes to compete in every Summer Games since then, except for the boycotted 1976 edition in Montreal, Canada. Nigerian athletes have won a total of 25 medals, mainly from athletics and boxing but the golden feat at Atlanta ‘96 by the country’s Under-23 football team and Chioma Ajunwa’s long jump gold appear the best moment to date. Nigeria’s third gold medal was achieved at Sydney 2000 by default. We won the silver behind USA but dope infractions by some members of the American 4x400m relay team made IOC to strip them and award the gold to Nigeria.

No Show Montreal ‘76

The 1976 Games provided a platform for the country to consolidate on the gains of Ikhuoria’s bronze medal win in Munich but four years later, prospect of podium appearance in several sports including football but Nigeria at the last minute joined the rest other African countries to boycott Montreal ‘’76 in protest against apartheid South Africa. African countries wanted New Zealand barred from the Games for allowing its rugby team tour South Africa under international sporting ban. Nigerian athlete Charlton Ehizuelen had world lead jump going to the games and was primed for the gold.

Sex Scandal Moscow ‘80

The jinx of poor outing continued at the Moscow Games where Nigeria did not have a podium appearance as most of the athletes lost out in the preliminary rounds of their respective disciplines.

Los Angeles ‘84

Nigeria’s senior men’s basketball team, D’Tigers, crashed out of Tokyo 2020 without winning any of the three games they played happen. She was hoping to build on the silver from Beijing 2008. An inside source in Nigeria’s NADC, the national anti-doping body, testing the ‘B’ sample hardly produce any different result because both were collected from the athlete at the same time and the unlikely-hood of the ‘B’ producing a different result is ‘very minimal.’ At 32 years, the chances of Okagbare returning to same level she is now after a possible four-year ban, appears very dicey! And so, just like at London 2012 and Rio in 2016 (Samson Siasia’s Under-23 team won Nigeria’s only bronze medal from the football event in Brazil), the nightmare continues. But the question that is begging for an answer is why do we keep doing the same thing over and expect a different result? Every serious country desirous of making impact at the Games with podium appearance knows that the Olympics is a four-year project. It is not an ad hoc one. Because the ‘Never Say Die’ spirits of Nigerian athletes have helped us to succeed in the past doesn’t mean we were doing the right things. The scandal of the ‘Banned 10 athletes’ needs to be properly situated and those responsible told in clear terms the injustice they have done to them. Missing out of competitions testing prior to the Olympic could have been avoided if the Ibrahim Shehu Gusau and Olamide George factions were not at each other throat over the control of the AFN board. Since 2017, real administration of track & field was abandoned for petty squabbles on who is the authentic AFN. While Gusau, the elected president of the federation had access to the World Athletics and was the custodian of the password to the AFN email, Olamide George had the backings of the Sports Ministry and the Minister, Sunday Dare. And of course, those familiar with the workings of Nigerian sports know that without government’s support, whoever that is on the opposing side is doomed to fail. We saw it happen in the basketball federation as well as few other national federations. Despite the Tijani Umar led NBBF being in possession of the Kwese sponsorship money (just as Gusau had the PUMA sportswear funds), the sports ministry people ensured Musa Kida’s faction was the recognized board. The same scenario is playing out in AFN. But while Kida used his position as deputy managing director of Total Nigeria Limited to attract patronage to NBBF, AFN depends solely on government funding

to survive. With no access to the official email of the federation, the sports ministry staff, Prince Adeniyi Beyioku who is the secretary general of the AFN was somehow encumbered in having vital information from the world body at his disposal. It was not until few months ago that the official password was taken from Gusau and handed over to the secretary general who is the chief accounting officer of the federation. In the period of infighting over the control of AFN, a lot of damage was done through the neglect of real affairs of the athletes. Perhaps, if there was peace in the federation real attempts would have been made to ensure our athletes carried out the required three OCT before heading to Tokyo. Since Femi Ayorinde retired from the Sports Ministry, it appears attention to dope matters now taking back seat. Mr Ayorinde was replaced by another competent official but without the necessary push from AFN and the Ministry, what to expect is the situation in Tokyo now. For a country that earned her first global medal in boxing through Nojeem Maiyegun at Tokyo in 1964, it is sad that Nigerian boxers have continually failed to make the cut to the Olympics. Same with another sport like weightlifting were Team Nigerian boxers and lifters were feared around the globe. Remember how Peter Konyegwachie won a precious silver in boxing at Los Angeles ’84? Nigeria presented a crack boxing team to LA and made waves even if not all made it to the podium. In that team were the likes of Jerry Okorodudu, Joe Orewa, Roland Omoruyi, Charles Nwokolo and Christopher Ossai. In the weightlifting, we had the likes of Lawrence Iquaibom, Patrick Bassey, Emmanuel Oshomah, Oliver Orok, Bartholomew Oluoma and Ironbar Bassey. These lifter made weightlifting a popular sport in the then Old Cross River State. All talks to make that state the hub of the sports fizzled out as soon as the euphoria of the outing in Los Angeles ’84 died out. The next outing was a disaster at Seoul in 1988. After the Barcelona ’92 edition with a couple of medals in track, then Chairman of the National Sports Commission, Alex Akinyele set up the Alh Abdulrahman commission to probe the outing. Nothing was heard of the report filed by that panel. Do you also remember the Samuel Ogbemudia Committee and the Emeka Omeruah one-man probe panel? We have had all sorts with their reports rotting away in the archives.

Of course, Atlanta that remains Nigeria’s best outing to date, it remain debatable if that success was attain through strategic planning and preparations. Nigeria was just lucky to have dedicated athletes who were ready to sacrifice all for fatherland. Both gold medals in long jump (Chioma Ajunwa) and the Under-23 Dream Team is a different story for another day. Nigeria also profited from sheer zeal of the Sunday Bada led 4x400m elay team at Sydney 2000. The story of the poor handling of athletes affairs caused Glory Alozie who won silver in the women’s 100m hurdles switch alliance to Portugal. Francis Obikwelu and a host of other athletes who could no longer stand they manner of mismanaging athletes’ affairs switched alliance to other countries. Athens (2004) and Beijing (2008) were the last venues for medals as the rot grew in leaps and bounds. Ever since, it has been aches for lovers of Nigerian sports. While sports, a multi billion dollar business has become scientific, we are still expecting our athletes to rely solely on talents to attain podium performances. Top athletes around the world have full compliments of support staff like coaches, physiotherapists, nutritionists, chiropractor etc who guide them health wise. These were some of the issues that former Sports Minister, Bolaji Abdullahi was trying to introduce into Nigerian sports before he was relieved of the position due to politics. He realized after the failure at London 2012 that sports has become science and to compete at this level of Olympic, mere talent wouldn’t take Nigerian athletes to the dream land. However, current Sports Minister, Sunday Dare, appears on course with some of the policies he has introduced to change the narratives but the endemic corruption in the system may frustrate the expected gains. The adopt-an-athlete and getting some philanthropists to fix our decaying sporting infrastructure may help turnaround the system but like others before him, will he be around after 2023 to see his projects bear the expected results? Lack of continuity has been the bane of sports not policies. The rate of turnover of ministers in the sector is unprecedented. This perhaps is the reason many have called for the return of the National Sports Commission with qualified personnel to run its affairs. Only this will guarantee a seamless continuity of programmes and policies. The present ministry format is full of unproductive elements who think about their pockets alone and not the growth of Nigeria’s sports.

But in 1984, the country returned to winning ways. Aside from being ranked 30th best in the competition, Nigeria also returned home with one silver won in boxing by Peter Konyegwachieand one bronze courtesy the country’s 4 x 400m relay team of Sunday Uti, Moses Ugbisie, Rotimi Peters and Innocent Egbunike.

Excess Luggage Seoul ‘88

Four years later, at the Seoul Olympics, it was another poor outing with no medal to show. Instead, Team Nigeria officials won the gold medal of country whose contingent paid the highest duties for goods bought in that Asian city.

Barcelona ‘92

Barcelona ‘92 gave Nigeria her highest medals haul as at that time with 55 athletes on parade in eight sports. Team Nigeria won three silver and one bronze medals.

Atlanta ‘96

Nigeria achieved her best ever performance at the Atlanta Games. Chioma Ajunwa won the country’s first only individual gold medal to date when she came tops in the women’s long jump event. And some days later, the Under-23 Dream Team achieved another first as Nigeria became the first non-European country to win the football event as they played 3-2 against Argentina in the final match. In all, with 65 athletes in eight sports, won two gold, one silver and three bronze medals.

Sydney 2000

With 83 athletes in Team Nigeria’s contingent that included the male and female football teams, the country returned home with three silver medals. However, the silver won in the men’s 4x400m relay was elevated to gold after USA was disqualified for fielding athletes with dope infractions. Glory Alozie won the silver in the women’s 100m hurdles while Ruth Ogbeifo picked the other silver in weightlifting.

Athens 2004

Team Nigeria athletes also won two bronze medals at Athens four years later. Enefiok Udo-Obong led Nigeria’s 4x400m relay to bronze while Deji Aliu anchored the 4x100m team to another bronze.

Beijing 2008

Nigeria won three silver and two bronze medals to place 57th on the final medals table. Blessing Okagbare who debuted at the Games won a bronze that was later elevated to silver after the Russian long jumper was disqualified for dope. Okagbare as a child of destiny did not qualify for the final because she placed 13th. A Russian was disqualified for dope and so the lot fell on the Delta girl to join the finalists. Mother luck smiled on her with an Olympic medal, now a silver. Sadly, it was the Beijing edition that the Super Falcons last participated at the Games. Samson Siasia led the Under-23 Dream Team 4 to the silver after losing the final to Lionel Messi inspired Argentina.

London 2012

It was a repeat of Seoul. Nigeria returned home empty handed.

Rio 2016

A solitary bronze medal won by the John Obi Mikel inspired Under-23 Dream Team 5 was Nigeria’s consolation from the South America nation.

Monday August 2, 2021

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MISSILE Magnus Abe to APC

“The party is nothing without justice. It is time for us as a party to stop worrying over what others will do instead let us worry about what we are doing.” Former federal lawmaker, Senator Magnus Abe, positing that APC’s greatest challenge is its inability to stand up to its godfathers

ALEXOTTI OUTSIDE THE BOX

alex.otti@thisdaylive.com

Still on The Depreciation of The Naira On the 5th of July we had opened a debate in this column on the depreciation of the Naira. For those who may have missed it, kindly go to the website and update yourself so you can follow today’s discuss. We received a response from Mr. Eustace Odunze, a renowned Economist and lawyer. We hereby publish Mr. Odunze’s piece and will conclude with our reaction to him.

WHY DOLLAR RATE MAY NOT GET TO N1,000 By Eustace Odunze

r. Alex Otti’s column, “Outside The Box”, is one of my favorite pages in the THISDAY Newspaper. I find it always very well written in simple prose with amazing details, well researched information and very easy to read. I have known Alex personally for decades and I have followed his excellent career from banking to politics and now to journalism. Nevertheless, the most compelling reason why I read him every fortnight is his near exact prognosis of the problems with the Nigerian economy, and his recommendations for mitigants are always spot on. The exchange rate of the Naira to the dollar has always been a critical part of the management of the Nigerian economy from the early 1970’s when Nigeria changed its currency from the Pounds and Pence to the Naira and Kobo. The currency exchange rate has always been a challenge to economic managers in their bid to determine the optimal value of the Naira against the major currencies in the global economy. The currency of any country is the mirror of the economy of that country. The Nigerian economy is a mono product economy which is 90% import dependent. The major product of the Nigerian economy, oil is priced in US dollars and hence the principle of demand and supply, which governs the rate of a currency, does not impact the Nigerian currency with regard to its single product - oil. The over aching question then is why is price of Nigeria’s oil denominated, negotiated, traded and settled in US dollars instead of in Naira. The simple answer is that the Naira is not a convertible currency as mentioned in the column. Currency convertibility is a very interesting concept in macro economics, it is confusing and difficult to understand even by trained Economists. Alex dealt sufficiently with the issue of convertibility in his article, to which I am responding. One may then ask the question; with so much benefit to countries that have convertible currencies like, ease of exchange of their currency, availability of huge business and employment opportunities etc why do others not actively pursue convertibility for their currencies? From recent memory, Nigeria has tried several currency management policies ranging from the second-tier foreign exchange management policy of 1986 to the current one of managed float. In all, there has not been any policy deliberately targeted at making the Naira convertible, knowing that if the currency becomes convertible, oil will be negotiated and paid for in Naira. According to Financial dictionary, the key definition of currency convertibility is the ability to exchange the currency without government restrictions and controls. It means to freely float the currency or to fully deregulate the foreign exchange market. A fully deregulated foreign exchange market is the market that is governed purely by the interplay of the forces of demand and supply and the rate

Minister of Finance, Zainab Ahmed determined at the point of equilibrium between those two. Nigeria cannot afford this scenario and this explains why though convertibility may appear attractive, it has not been the objective of the country’s currency managers. The situation is also compounded by Nigeria’s sustained balance of payments deficit and the state of our current and capital accounts. It is interesting that whether a currency is convertible or not, the same factors of demand and supply apply to it, the difference being that the two critical factors of demand and supply are managed by the the government through regulation and controls. In most cases the resultant rate of the currency is said not to be the real value. Nigeria’s major supply of foreign exchange comes from the daily proceeds of crude oil sales, which accounts for about 85% of the dollar receipts. The next major source is home remittances from Nigerians abroad. In 2011 Nigeria’s total receipts from oil stood at $68.4b, it has been dropping since then to $58b in 2013, $55.5b in 2014 to $32.6b in 2018. There was a slight recovery to $34.2b in 2019, according to the Nigerian Extractive Industries Transparency Initiative NEITI . The near sustained drop in the total annual receipts is largely due to the drop in oil prices during the respective periods. The volume of crude exports held steady during the period due to the calm that was restored in the Niger Delta region. During this period, the volume of home remittances followed a near similar pattern from $24b received in 2014 and 2015, through a spike in 2016 to $35b, then dropping to $25b in 2018 and the worst figure in 5 years of $17.5b in 2019 and 2020. The figures above clearly show that between oil exports and home remittances, Nigeria nets between $70b to $75b average annual dollar receipts. This is significant and in fact huge when compared to many African countries and indeed the rest of the world. The question to ask then is why is the exchange rate of the Nigerian Naira doing so badly against the US dollar when compared to some African countries like Botswana, Morocco and even our next door neighbor Ghana ? The trouble must then be with the demand. The Nigerian economy being import dependent means that the greater supply of goods are imported. In fact a

Nigerian Minister recently alleged that Nigerians import pizza from abroad. All imports are paid for with foreign currency, the implication is that despite the significant foreign exchange receipts from crude oil and home remittances, the dollar demand far outweighs the supply thereby putting severe pressure on the rate of the Naira against the dollar. Outside the importation of goods from the necessary to the extreme luxurious and even exotic, other invisibles like school fees, mortgage payments, and medical expenses are some of the key drivers of the huge demand for foreign exchange in Nigeria. There are two significant ways for Nigeria to tackle the worsening exchange rate of the Naira under the circumstances. The first is to increase supply of the dollar to the economy and the second is to reduce demand. The best option, however, is the combination of policy initiatives to achieve both. Until now, Nigeria seems to be giving undue focus to the management of the demand and this policy approach has achieved very limited results over time. A look at the supply side of things may perhaps achieve faster and better result. The policy trust in this direction seems to center on diversification of the economy to agriculture. This is desirable since food import accounts for a significant portion of the demand for foreign exchange. It is, however, a slow and long drawn approach, its impact is in the long term and according to the renowned Economist John Maynard Keynes, “ in the long run we are all dead “. A quick win approach is the boosting of supply of foreign exchange from low hanging sources that are achievable with immediate policy changes by the government like improvement of tourism, home remittances and entertainment. A closer look at the data of Nigeria’s home remittance clearly shows that the key driver is political stability and security in country. Nigeria can easily double its home remittances up to $50b annually if the government can guarantee the safety and security of lives and properties of the citizenry. Nigerians typically feel more comfortable to remit money home when the country is stable and there is peace, equity and justice. If Nigeria doubles its diaspora home remittances in the next one year with a stable outlook for oil prices and the current peace in the Niger Delta, Nigeria can achieve an annual foreign exchange receipts in excess of $100b. With this scenario, ceteris paribus, the exchange rate of the dollar will have no business getting to N1000 as projected by Alex.

RESPONSE FROM ALEX OTTI Let me thank my friend and brother, Mr. Eustace Odunze, for exercising his right of reply and for his very kind words. It is our tradition to yield the column to readers who hold different points of view on any of the subjects we discuss here. Specifically, we had stated that we were opening a debate in the last but one column on the depreciating Naira exchange rate, titled “How Much Dollars Can Your Naira Buy?”. I am glad that a reader of Eustace’s stature has joined the discussion. On a general note, I did not see that Mr. Odunze and I fundamentally disagreed on the subject matter. The kernel of his response was that it was possible for the exchange rate not to continue its slide. Of course, we had said that much in the essay in question, and it is our hope that it does not continue to depreciate. We also recognised the impact of remittances as a major foreign exchange source alongside Foreign Private Investment and Foreign Portfolio Investment. Perhaps, what we did not state was that we

could double our current levels of remittances in order to further tame the crises. While we may not be able to argue this, it is important to note that the drivers for foreign remittances may not necessarily be within our control. Granted that improving security and building infrastructure could attract more remittances, one would need further tests to categorically state that remittances are sensitive to those factors. This is because other factors like the availability of funds to remit, the economic situation of the countries where the remitters reside, amongst others, may be other important considerations. If as it was last year when the Covid Pandemic forced many people out of job worldwide, there will definitely be a drop in remittances to Nigeria. Again, remitters living in countries that are facing systemic economic downturns would have their ability to send money abroad impaired. A change in circumstances would also affect receipts, for instance remittances to build a house will cease when such a house is completed and remittances for upkeep of parents and siblings would stop when the parents are no more or when siblings become independent. Another important point is that the longer the immigrants stay away from Nigeria, the more their links with the motherland attenuate and eventually, we may get to a generation that has little or no link with Nigeria. This will definitely have a very adverse impact on remittance flows. The point being made here is that it is difficult to plan on handouts, especially from those outside your influence. This source of foreign exchange, though significant, can only command certainty when received. Building a model around it can be a little bit tricky. In the light of all these, one believes that there are more sustainable and enduring steps to boosting foreign currency receipts to the Nigerian treasury. Beyond oil, there is gas which we have hitherto not paid serious attention to as we have been flaring same for decades and sitting on untapped trillions of standard cubic feet. Its use will not be limited to local needs but has a very large export potential. So, here, we would not only save on foreign exchange but boost our foreign currency inflows. We had mentioned a few other potential export products and potential alternative products to save on imports in the column in question. Finally, we must state that as exchange rate is a function of demand and supply, the fixation on absolute numbers may not be as useful as the policy framework. To the extent that we run short on supply and demand does not go down, prices would continue to go up and the local currency will continue to weaken. Therefore, some of our recommended courses of action, like gradually floating the Naira may lead to a spike in exchange rates. The good news is that after that spike, the interplay of demand and supply would force the rates to settle at an equilibrium. Wherever it settles is the equilibrium price also known as the true value of the currency. The next good news is that faced with the true value, consumers would be forced to make rational decisions about their choices. We had argued in the piece under discourse that managing exchange rates leads to some unintended consequences, one of which is the implied subsidy on foreign exchange from the CBN. There is no debate on the fact that whenever and wherever subsidies exist, distortions and irrational behaviour jump into the fray. This argument is also true of the subsidy on petroleum products which has not only led to inefficiency in that industry but an unexplained consistent increase in consumption of petroleum products. The point here is that the absolute rate of exchange is not relevant. If exchange rate could move from N200 to N520 in 6 years, it can also move beyond N1000 if we continue with our current form of economic behaviour.

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