WEDNESDAY 26TH AUGUST 2020 by THISDAY Newspapers Ltd

Banks to Take over Electricity Bill Collections President approves cost-reflective tariffs Obinna Chima, Dike Onwuamaeze, Nume Ekeghe in Lagos and Emmanuel Addeh in Abuja The Central Bank of Nigeria

(CBN) has directed deposit money banks (DMBs) providing bank guarantees to Nigeria Bulk Electricity Trading (NBET) Plc and the Transmission Company of

Nigeria (TCN) on behalf of the Electricity Distribution Companies (Discos) to take full responsibility for collections of the Discos’ bills. In addition, the banks

are also to charge of the remittances of the Discos to both NBET and TCN. This is coming as some financial market analysts yesterday commended the

decision by the CBN to end the age-long practice of forex exchange (FX) over-invoicing. The directive on electricity bill collections, whose implementation is with

immediate effect, was contained in a letter addressed to all banks, dated August 21, 2020, that was signed Continued on page 9

Sylva: PIB to Enthrone Indigenous Control of Oil Sector... Page 8 Wednesday 26 August, 2020 Vol 25. No 9270. Price: N250

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CBN Moves to Unveil, Prosecute Companies for FX Abuse, Over-invoicing Analysts hail new measures Obinna Chima In a bid to give teeth to its new policy coup against over-invoicing and forex overpricing, the Central

Bank of Nigeria (CBN) has begun moves to unveil and prosecute “buying companies” that had been engaged in the unwholesome practice, THISDAY learnt yesterday.

Its Economic Intelligence Unit and Nigerian Financial Intelligence Unit (NFIU), THISDAY gathered, are working with Interpol and the Federal Bureau of Investigation

(FBI) to uncover companies that had been engaged in the forex fraud. According to information available to THISDAY, the forex fraud is perpetrated

by these companies buying houses that are invoiced at inflated prices abroad, which they then offer to original equipment manufacturers (OEM). The companies then

go abroad to cream off the forex often at 40 to 60 per cent of the transaction amount. Many multinational Continued on page 10

Buhari Lists Economy, Poverty, Seven Others Top Priorities in Next Three Years Omololu Ogunmade President Muhammadu Buhari yesterday in Abuja listed nine policy issues that will be the major focus of the remaining three years of his administration. According to him, between now and 2023 when he will complete his second term of four years, he will channel time, energy and resources towards growing the economy, fighting poverty, improving access to quality education, healthcare and enhancing productivity, among others. Buhari, while receiving letters of credence from Ambassadors and High Commissioners of eight countries at the State House, Abuja, said the priority areas were geared towards dictating people-focused policy directions of the federal government in the next few years. “In our efforts to achieve a realistic domestic and foreign policy, as well as national development, we

have identified the following nine priority areas to guide our policy directions over the next few years," he said. A statement by his media adviser, Mr. Femi Adesina, listed the nine priority areas to include: building a thriving and sustainable economy; enhancing social inclusion and reduce poverty; enlarging agricultural output for food security and export; attaining energy sufficiency in power and petroleum products and expanding transport and other infrastructural development. Others are: Expanding business growth, entrepreneurship and industrialisation; expanding access to quality education, affordable healthcare and productivity of Nigerians; building a system to fight corruption, improving governance and creating social cohesion and improving the nation's security. Buhari said efforts were being made to sustain Nigeria’s Continued on page 9

PRECIOUS STONES FROM ZAMFARA... Governor of Zamfara State, Alhaji Bello Matawalle (left), and President Muhammadu Buhari during the presentation of some gold bars and precious stones from the state to the president in Abuja…recently

South-west States Reject FG’s Bid to Regulate Regional Security Agencies... Page 10

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NEWS Shaibu, APC Return to Trenches over Alleged Training of Thugs

Group News Editor Ejiofor Alike

Email Ejiofor.Alike@thisdaylive.com, 08066066268

Martins Iﬁjeh in Lagos and Adibe Emenyonu in Benin City The deputy governorship candidate of the Peoples Democratic Party (PDP) in Edo State and Deputy Governor of the state, Hon. Philip Shaibu, has alleged that the former National Chairman of the All Progressives Congress (APC), Mr. Adams Oshiomhole, is grooming ‘soldiers’ to destabilise the forthcoming September 19 gubernatorial election in the state. He also said he entered into politics long before Oshiomhole and that the ex-governor rode on his structure in Edo North to become governor during his first tenure. But in a swift response, APC denounced the allegations by Shaibu, describing him as a distressed politician approaching the end of his career. Speaking on Arise News Channel, the broadcast arm of THISDAY yesterday, Shaibu said the APC was putting thugs together to cause violence because it was obvious it would not win a free and fair election in the state. Shaibu said: “During Oshiomhole’s tenure as governor, he raised thugs and then pacified them to sustain his government. When Governor Godwin Obaseki came on board, the same ex-governor insisted that we should leave these

thugs to collect revenue and do all manner of things, but the governor told him his government did not intend riding on thuggery. “Before we disbanded these thugs, they became a nightmare to Edo residents. They would stop your vehicle and demand for all manners of levies. They would even go as far as asking you to pay for the radio in your car. If you don’t do these, they would break your windscreen. When people are building houses, they would come to destabilise the place. “Because we didn’t want these, Oshiomhole now believed we dismantled his infantry. Some of those thugs who made themselves available to us were trained, rehabilitated, and then made enforcers. But those who refused to make themselves available are the Tony Kabakas who are being groomed by the ex-governor to cause chaos.” He said although he describes Oshiomhole as his father, the ex-governor rode on his political structure to become governor, adding that while he was mobilising people for the ex-chairman of APC, Governor Obaseki was mobilising resources in Lagos for the success of his election. “Oshiomhole rode on me and my boss to win his election. Obaseki mobilised over 70 per cent of the funds that helped Oshiomhole to win. He told us he didn’t have money at the time, and he didn’t have a

Malami: I Don’t Need More Powers to Supervise EFCC Alex Enumah in Abuja The Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami, yesterday dismissed claims that he was scheming for more powers to oversee the Economic and Financial Crimes Commission (EFCC). According to him, he does not need to tinker with the legal instrument establishing the EFCC, the Economic and Financial Crime (Establishment) Act 2004, to enable him to effectively do his job. The minister, in a statement made available to journalists in Abuja by his media aide, Dr. Umar Gwandu, stated that by virtue of all legal instruments governing the conduct of governmental operations, he has indisputable statutory powers to regulate the operations of the commission without recourse to any additional legislation. He cited Section 43 of the EFCC Act that provides that “the Attorney-General of the Federation may make rules or regulations with respect to the exercise of any of the duties, functions or powers of the

commission under this Act." He said: "For the avoidance of doubt, the Attorney-General of the Federation and Minister of Justice believes in the doctrines of separation of powers as an epitome character of the democratic administration and could not, therefore, meddle into the affairs of the legislature for megalomaniac sake. "It is a global practice in democratic societies that the legislature may at their discretion and as deem fit, spearhead the amendment of existing legislations in order to accommodate certain exigencies occasioned by contemporary realities and the need to improve performance to achieve best practices without any prompting from external organs of the government." Malami said the priority of his office is to see to the effective execution of its statutory mandates of supervising all the parastatals under the Federal Ministry of Justice to make them function in the best interest of the public, which constitutional responsibility he is engaged by President Muhammadu Buhari to discharge.

political structure. He came to my structure. I entered politics before him. I introduced him to his structure; took him to those he needed to meet. “So, he can’t say he made me win my elections. I was known by my people. I was there when they needed shelter; I shared my food with those who were hungry. When they are doing ceremonies, I go to celebrate with them; I am there for those who lose loved ones; during rain and sun, I have umbrellas to cover them, and so on. So, he knows I am fully on the ground hence the plan to stop me at all cost.” Emphasising that he will continue to block alleged

plans of Oshiomhole and the APC flag bearer, Pastor Osagie Ize-Iyamu to cause chaos, he said: “If these two people tell me ‘good morning,’ I know exactly what they mean. Obaseki may not know them so well as I do. That is why they keep dropping my name anywhere they go as the person fomenting trouble.”

Dep Gov Distressed, Ending his Political Career, Says APC Meanwhile, the APC has denounced the allegations by Shaibu, describing him as a distressed politician

approaching the end of his career. In a statement released by the Chairman, APC Media Campaign Council, Mr. John Mayaki, the party described the state deputy governor’s outburst and his petition to the Police as a makeshift plan to feign sympathy after his initial plot to stage an attack on his own convoy and blame it on the APC was foiled by the party with a public alarm that revealed the shameful strategy. “Mr. Philip Shaibu is a distressed politician who is approaching the end of his political career in Edo State. He has failed his people, betrayed his region, and has

been rendered homeless by his greed and a desperate ambition to replace Obaseki as governor in 2024.” “He is a politician without a base; an earthly roamer who cannot find solace anywhere. He is not one to be taken seriously and we hope that upon his departure, the Police dispatched his petition to its shredding room,” Mayaki said. APC described the petition filed by the deputy governor asking the Police to arrest Oshiomhole as a cheap ploy to use the authorities to carry out the plans his allegedly armed thugs couldn’t fulfill and urged the Police not to waste their resources on it.

FAREWELL OLUMILUA... L-R: Son of the deceased, Mr. Olumide Olumilua; daughter, Pastor Yetunde Banjo; Ondo State Governor, Chief Rotimi Akeredolu (SAN); another son of the deceased and Commissioner for Information & Values Orientation, Ekiti State, Mr. Muyiwa Olumilua; and Ekiti State Governor, Dr. Kayode Fayemi, during the funeral rites for a former governor of Old Ondo State, Ambassador Bamidele Olumilua, at the Ekiti/Ondo States boundary…yesterday

Supreme Court Rule on Kogi Gov Election Dispute August 31 Alex Enumah in Abuja Governor Yahaya Bello of Kogi State and other contestants to the state governorship seat will on August 31 know their fate as the Supreme Court delivers judgments in two appeals over the conduct of the November 16 governorship election in the state. A seven-man panel of the Supreme Court presided over by the Chief Justice of Nigeria (CJN), Justice Ibrahim Muhammad, yesterday adjourned till next Monday judgments in two separate appeals challenging the victory of Bello in the election. The court deferred its judgments shortly after taking the submissions of lawyers to parties in the separate suits. The two appeals fixed for judgments are that of the Peoples Democratic Party (PDP) and its governorship candidate, Mr. Musa Wada, and that of the Social Democratic Party (SDP) and its candidate, Ms. Natasha Akpoti. The appeals seek to upturn the judgments of the Court of Appeal, which affirmed the election of Bello.

At yesterday’s hearing, PDP and Wada's lawyer, Mr. Jibrin Okutepa (SAN), pleaded with the apex court to allow the appeal and grant the reliefs sought by his clients. However, Bello's lawyer, Mr. Joseph Daudu (SAN), and that of the Independent National Electoral Commission (INEC), Dr. Alex Izinyon (SAN), urged the court to dismiss the appeal for lacking in merit. Daudu pleaded with the apex court to affirm the concurrent decisions of the Court of Appeal and the state governorship election petition tribunal. The CJN, after taking arguments, told the counsel the court would deliver judgment in the matter on Monday. In the second appeal filed by the SDP and Akpoti, the apex court also fixed its final verdict on the same day with that of the PDP. However, the appeal filed by the Democratic People's Party (DPP) and its governorship candidate, Mr. Usman Mohammed, was struck out after an oral application for its withdrawal by their lawyer, M. S. Ibrahim.

The withdrawal was a sequel to the court's prompting over the eligibility of its candidate who was said to be 31 years instead of the mandatory 35 years. The apex court struck out the appeal with a cost of N200,000 in favour of the first and second respondents. The Court of Appeal, Abuja Division, had, in July, affirmed the election of Bello as governor of Kogi State after it dismissed four appeals filed by the PDP, DPP, SDP and Action Peoples Party (APP) and their respective governorship candidates for lacking in merit. INEC had last year declared Bello, candidate of the All Progressives Congress (APC) winner of the poll, having won the majority of votes cast in the election. However, the four contestants and their parties disagreed with INEC and subsequently approached the Kogi State Election Petition Tribunal to challenge the victory of Bello. But their petitions were all dismissed by the tribunal for lacking in merit.

Similarly, the Court of Appeal agreed that the cases of the appellants lacked merit and even dismissed some with cost against some appellants. Still not satisfied, the appellants approached the apex court to set aside the judgments of the appellate court on the grounds that it discarded evidence of rigging and violence in seven local government areas of the state. The Court of Appeal in its unanimous judgment had held that the allegations of over-voting, multiple thumb-printing, and results falsification were not proved by the appellants. In the ruling delivered by Justice Haruna Tsamani, the appellate court held that the appellants merely dumped documents on the tribunal without calling witnesses to link the documents to the allegation of over-voting. According to him, a party who alleges over-voting must tender the voter registers for the affected polling units and the results of the polling units, show how, without overvoting, the results would be in his or her favour.

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NEWS

Sylva: PIB to Enthrone Indigenous Control of Oil Sector Kyari lists parameters for sustainable growth Chineme Okafor in Abuja and Peter Uzoho in Lagos Nigeria’s indigenous oil and gas firms could gain huge control of the country’s oil and gas sector through the new Petroleum Industry Bill (PIB), which the federal government has started work on, the Minister of State for Petroleum Resources, Mr. Timipre Sylva, said yesterday. The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mallam Mele Kyari, has also urged stakeholders in the Nigerian oil and gas industry to evolve innovative ways of repositioning the sector for sustainability, especially as the industry grapples with COVID-19 challenges. Sylva, in his address to participants at the Society of Petroleum Engineers Nigeria Energy Industry Transformation Summit (NEITS), a copy of which was sent to THISDAY, said the government had deliberately made the participation of indigenous oil firms “an element of national strategy,” in the yet-to-be passed PIB. For 20 years now, Nigeria has repeatedly struggled to reform its oil and gas industry with a new law to replace the 1969 law, which industry experts believe is outdated. Experts and institutions such as the Nigeria Extractive Industries Transparency Initiative (NEITI) have equally claimed that billions of dollars’ worth of investments and returns have been lost to the country’s failure to reform the sector. They also called for a law that ensures greater indigenous participation in the sector. But in his presentation, Sylva explained that the global COVID-19 pandemic has made indigenous participation in Nigeria’s oil industry essential. He added that the government’s work on the PIB has also taken this into consideration. According to him, before the

enactment of Nigeria’s local content law in 2010, Nigerians were mostly spectators in the oil industry but that has changed in the last 10 years as Nigeria, in the aftermath of some legal reviews has recorded exponential growth in the number of indigenous service providers in the sector. “With the pandemic, encouragement of local industry participation is now an element of national strategy. “The proposed PIB will further encourage participation of Nigerians in the various oil and gas activities,” Sylva said. He noted that the government’s declaration of 2020 as ‘Year of Gas’ is now being pursued through the National Gas Expansion Programme (NGEP) to deepen gas utilisation and make it an alternative fuel for Nigerians. To ensure that the goals of enthroning indigenous control of the industry is achieved, Sylva advised participants to take advantage of the looming opportunity from the expected passage of the PIB. He said: “As experts, the onus ultimately rests on you to take on the challenges and opportunities, the industry and pandemic have created. As we fast-track our race to cleaner energy through gas, cognisant of the development in other climes, this is a wake-up call for Nigeria to increase efforts and reduce her dependence on oil. “Therefore, we must rejig our petroleum industry and energy framework in order to chart a new course. On our part, all efforts are being made to sustain the current relative peace in the Niger Delta for sustained investment. “The proposed PIB takes care of the foregoing to put Nigeria amongst the league of investment havens. It is therefore our belief that the future is bright and attractive for the Nigerian petroleum industry.” The minister stated that gas as an alternative to oil would be prioritised in the

PIB to drive up Nigeria’s national development goals and urged indigenous firms to consider this. “Our current transition from oil dependence to cleaner energy in gas offers a sustainable pathway to industry and national development. “The Petroleum Industry Bill will provide a framework for sustained and increased petroleum industry activities in terms of developing gas for the domestic market and increasing oil production under competitive terms to support the goal of a stronger non-oil economy for the benefit of all Nigerians,” Sylva added. In his address, Kyari urged stakeholders in the Nigerian oil and gas industry to evolve innovative ways of repositioning the sector for

sustainability, especially as the industry is grappling with COVID-19 challenges. In a statement issued in Abuja by NNPC's Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, Kyari said industry players should train their eyes on a strategy that focuses on people, partnerships, profit and posterity. He explained that the new normal era brought about by the COVID-19 pandemic has reinforced the need to boost the human capacity within the industry for the next phase and develop the capacity to attract, train and retain people in the sector. “There must be collaboration across different dimensions; government, industry, academia, and, particularly, with the communities where

we carry out our operations. The social license to operate is critical to the industry’s long-term survival. "Also, a partnership among industry peers to chart new ways of resolving industry challenges and preparing for tomorrow cannot be overemphasised. I am delighted the SPE provides such a veritable platform,” Kyari said. According to him, for sustainability, industry players must learn to manage cost, improve efficiency and deliver required cash-flow (margins) for reinvestment and expansion. He stated that without creating profit today, “we wouldn’t be in a position to take advantage of the opportunities that keep us viable and ready for

tomorrow”. Another key to reposition the industry for sustainability, according to the GMD, is for industry players to always act and take decisions with posterity in mind. “We must bequeath to the next generation a world worthy to live in. Our operations must, therefore, be carried out in a safe manner without adversely impacting the environment. As you know, most discussions around energy substitution or green economy stem from looking at the Industry as ‘dirty’ and ‘unconscionable’. "It must be reiterated that our industry remains the bedrock of modern human existence. We must, therefore, work to create a positive view if we are to remain relevant in the long run,” he said.

PROPAGATING SIMPLE AGENDA... Governorship candidate of All Progressives Congress in Edo State, Pastor Osagie Ize-Iyamu, during his campaign at Emai Owan East…yesterday

CBN, Banks Plan Stimulus for Airlines, Media Obinna Chima The Central Bank of Nigeria (CBN), banks and other members of the Bankers’ Committee have unanimously agreed to extend special facilities to Nigerian-registered airlines and the media industry to enable them adequately address the negative impact of the COVID-19 pandemic. Addressing bank chief executives at the bimonthly virtual meeting of the Bankers’ Committee yesterday, a statement quoted the CBN Governor, Mr. Godwin Emefiele, as urging the banks to support local airlines, noting that such support is critical to helping the industry recover from the economic crisis triggered by the pandemic. Emefiele also advised the

banks to support the media to cope with the lingering pandemic in order to avoid massive job losses in the industry. The CBN had in the advent of the COVID-19 in Nigeria, announced N1.2 trillion intervention funds to support critical sectors of the economy; out of which N1 trillion was to support local manufacturing sector and to boost import substitutions. The remaining N100 billion of the intervention funds was to support the health sector in equipping laboratories and enhancing research to produce vaccines and test kits in Nigeria. The bank, also in March 2020, unveiled guidelines for the implementation of a N100 billion Targeted Credit Facility (TCF) as a stimulus package to support

households and micro, small and medium enterprises affected by the COVID-19 pandemic. Yesterday’s development from the CBN and the Bankers’ Committee might just be an answer to the optimism expressed by the Minister of Aviation, Senator Hadi Sirika, who had said the ministry was hopeful that businesses in Nigeria’s aviation sector would be given the opportunity to access palliatives from the central bank. “With support expected for the media in Nigeria, many media houses will be able to weather the storm generated by the pandemic,” the statement added. Also, at the meeting, as part of its efforts to increase foreign exchange liquidity in the country, the CBN

directed banks to submit the names, addresses and Bank Verification Numbers (BVNs) of exporters that have defaulted in repatriating their exports proceeds for further action. The directive came barely 24 hours after the bank announced the abolition of third-party “Form M” payment. The move by the CBN followed the adoption of the strategy to discourage over-invoicing, which some businesses have allegedly used to divert foreign exchange from the country through the opening of “Forms M” for which payment are routed through a buying company, agent, or other third parties. The bank, in collaboration with the Bankers’ Committee, had threatened sanctions against exporters who

failed to repatriate foreign exchange proceeds from their international business. The CBN stated that its foreign exchange manual provided that all exporters should repatriate export proceeds to the country to support the local currency and boost the economy. In addition, Emefiele said he planned to meet chief executives of multinational companies in Nigeria to discuss the revamping of exports. He said the central bank was ready to encourage the revamping of Nigeria’s export sector through deliberate policies to boost investment and job creation. While decrying the situation where many Nigerian produce of export quality were waiting to be tapped, Emefiele said

the CBN, in collaboration with the Federal Ministry of Industry, Trade and Investment, would ensure the facilitation of a reboot of the Nigerian export market. Alluding to President Muhammadu Buhari’s charge for Nigerians to produce what they eat and eat what they produce, he said the country had no choice but to diversify its economic base to end the reliance on crude oil. The meeting is expected to come up with a roadmap on how best to revitalise the export sector in order to earn foreign exchange for the country as well as generate jobs for Nigerians. Emefiele had earlier initiated a campaign tagged: ‘Produce, Add Value and Export’ (PAVE), especially for agricultural produce.

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South-west States Reject FGâ&#x20AC;&#x2122;s Bid to Regulate Regional Security Agencies Says IG can't determine Amotekun's structure Â&#x153;Â&#x17D;Â&#x152;Â&#x17E;Â&#x203A;Â&#x2019;Â?Â˘ČąÂ&#x2DC;Â&#x17E;Â?Ä&#x2122;Â?ÇŻČą Shehu, however, stoked the controversy yesterday as he said on a live television programme Some states in the South-west that Amotekun would be run, in yesterday rejected a bid by the accordance with the structure federal government to regulate Â?Â&#x2DC;ČąÂ&#x2039;Â&#x17D;ČąÂ?Â&#x17D;Ä&#x2122;Â&#x2014;Â&#x17D;Â?ČąÂ&#x2039;Â˘ČąÂ?Â&#x2018;Â&#x17D;Čą ÇŻ â&#x20AC;&#x153;Whatever name they go by, regional security outfits. They faulted a statement by Amotekun or whatever will be the Senior Special Assistant to streamlined and they will be the President on Media and run in accordance with the Publicity, Malam Garba Shehu, Â&#x153;Â?Â&#x203A;Â&#x17E;Â&#x152;Â?Â&#x17E;Â&#x203A;Â&#x17D;Čą Â&#x160;Â&#x153;Čą Â?Â&#x17D;Ä&#x2122;Â&#x2014;Â&#x17D;Â?Čą Â&#x2039;Â˘Čą Â?Â&#x2018;Â&#x17D;Čą that the Inspector General of Â&#x2014;Â&#x153;Â&#x2122;Â&#x17D;Â&#x152;Â?Â&#x2DC;Â&#x203A;Čą Â&#x17D;Â&#x2014;Â&#x17D;Â&#x203A;Â&#x160;Â&#x2022;Čą Â&#x2DC;Â?Čą Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x17D;ÇŻČą Police (IG), Mr. Mohammed They will be localised, they will Adamu, will determine the be owned by local communities, structure of the regional they will be managed by them,â&#x20AC;? security agencies, including he added. According to him, the the Western Nigerian Security Network codenamed â&#x20AC;&#x2DC;Operation community policing structure will be the same across the Amotekun.â&#x20AC;&#x2122; Amotekun, an initiative of the 36 states and whatever does six states in the South-west to not conform with the national enhance security for the region structure will not be â&#x20AC;&#x153;in the by partnering national security scheme of things.â&#x20AC;? â&#x20AC;&#x153;You know the constitution of agencies, was birthed amidst the controversy from the federal Â?Â&#x2018;Â&#x17D;ČąÂ&#x152;Â&#x2DC;Â&#x2013;Â&#x2013;Â&#x2019;Ä´Â&#x17D;Â&#x17D;Â&#x153;ČąÂ Â&#x2019;Â&#x2022;Â&#x2022;ČąÂ&#x2039;Â&#x17D;ČąÂ?Â&#x17D;Ä&#x2122;Â&#x2014;Â&#x17D;Â?Čą government's opposition to the as including council chairmen, traditional rulers, religious idea. The law passed by the leaders, civil society groups various Houses of Assembly and all of that. So, you are Â&#x2019;Â&#x2014;Čą Â?Â&#x2018;Â&#x17D;Čą Â&#x203A;Â&#x17D;Â?Â&#x2019;Â&#x2DC;Â&#x2014;Čą Â&#x153;Â&#x2122;Â&#x17D;Â&#x152;Â&#x2019;Ä&#x2122;Â&#x17D;Â?Čą Â?Â&#x2018;Â&#x17D;Čą going to have a single type structure, functions and other structure of community policing key outlines for the regional Â&#x2122;Â&#x17D;Â&#x203A;Â&#x2013;Â&#x2019;Ä´Â&#x17D;Â?ČąÂ&#x160;Â&#x2022;Â&#x2022;ČąÂ&#x160;Â&#x152;Â&#x203A;Â&#x2DC;Â&#x153;Â&#x153;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x152;Â&#x2DC;Â&#x17E;Â&#x2014;Â?Â&#x203A;Â˘Čą James Sowole in Akure, Victor Ogunje in Ado Ekiti and Yinka Kolawole in Osogbo

and whatever is not in line with this does not have a place in the scheme of things. That is my understanding,â&#x20AC;? he stated. Reacting to the presidencyâ&#x20AC;&#x2122;s position, the Ekiti State government said the recruitment and mode of operations of Amotekun would be determined by it. The Special Adviser on Security to the governor, Brig. Â&#x17D;Â&#x2014;ÇŻČą Â&#x2039;Â&#x17D;Â&#x2014;Â&#x17D;ÂŁÂ&#x17D;Â&#x203A;Čą Â?Â&#x17E;Â&#x2014;Â?Â&#x160;Â&#x2014;Â&#x160;ČąÇťÂ&#x203A;Â?Â?ÇŻÇźÇ°Čą Â?Â&#x2DC;Â&#x2022;Â?Čą ČąÂ?Â&#x2018;Â&#x160;Â?ČąÂ&#x160;Â&#x2022;Â&#x2022;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x153;Â?Â&#x160;Â?Â&#x17D;Â&#x153;Čą in the South-west operating the security network enjoyed the Â&#x2022;Â&#x17D;Â?Â&#x160;Â&#x2022;ČąÂ&#x203A;Â&#x2019;Â?Â&#x2018;Â?Â&#x153;ČąÂ?Â&#x2DC;ČąÂ&#x152;Â&#x2DC;Â&#x2014;Â?Â&#x203A;Â&#x2DC;Â&#x2022;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x2DC;Â&#x17E;Â?Ä&#x2122;Â?ÇŻ Ogundana countered the position canvassed by Shehu, saying only the community policing being proposed by the federal government will Â&#x2039;Â&#x17D;ČąÂ&#x152;Â&#x2DC;Â&#x2014;Â?Â&#x203A;Â&#x2DC;Â&#x2022;Â&#x2022;Â&#x17D;Â?ČąÂ&#x2039;Â˘ČąÂ?Â&#x2018;Â&#x17D;Čą ÇŻ

Â&#x17D;ČąÂ&#x17D;ÂĄÂ&#x2122;Â&#x2022;Â&#x160;Â&#x2019;Â&#x2014;Â&#x17D;Â?ÇąČąČ&#x2C6; Â&#x2DC;Â&#x2019;Â&#x2014;Â?ČąÂ&#x2039;Â˘ČąÂ?Â&#x2018;Â&#x17D;Čą law that established Amotekun, all the states have the legal Â&#x2122;Â&#x2DC;Â Â&#x17D;Â&#x203A;Â&#x153;ČąÂ?Â&#x2DC;ČąÂ&#x152;Â&#x2DC;Â&#x2014;Â?Â&#x203A;Â&#x2DC;Â&#x2022;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x2DC;Â&#x17E;Â?Ä&#x2122;Â?ÇŻ "The recruitments and operations are under the states. Even those to be recruited into Amotekun in Ekiti have been contacted about the date of the recruitment.

"So, only the community police will be controlled by the federal government with the arrangements on the ground. "The states that established Amotekun will control the Amotekun security network." Also speaking on the issue, the Ondo State government yesterday said those pushing the idea of centralised regulation of Amotekun might be ignorant of the provisions of the law that established it. The Senior Special Assistant Çť ÇźČą Â?Â&#x2DC;Čą Â?Â&#x2018;Â&#x17D;Čą Â&#x2014;Â?Â&#x2DC;Čą Â?Â&#x160;Â?Â&#x17D;Čą governor on Security, Alhaji

Â&#x2019;Â&#x2013;Â&#x2DC;Â&#x2018;Čą Â&#x2DC;Â&#x201C;Â&#x17E;Â&#x2013;Â&#x2DC;Ç°ČąÂ?Â&#x2DC;Â&#x2022;Â?Čą Čą in Akure that the law that established Amotekun is clear on its operations and structure. According to him, "Amotekun is a project established by law made by the state House of Assembly. Whoever said what you asked me about may be ignorant of the law. By and large, Amotekun came into being because the police could not do what was expected in Â?Â&#x17D;Â&#x203A;Â&#x2013;Â&#x153;ČąÂ&#x2DC;Â?ČąÂ&#x153;Â&#x17D;Â&#x152;Â&#x17E;Â&#x203A;Â&#x2019;Â?Â˘ÇŻČą Â?ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x2122;Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x17D;Čą had been doing as expected, there would not be a need for

Amotekun. "AmotekunČąÂ&#x2019;Â&#x153;ČąÂ&#x161;Â&#x17E;Â&#x2019;Â?Â&#x17D;ČąÂ?Â&#x2019;Ä&#x203A;Â&#x17D;Â&#x203A;Â&#x17D;Â&#x2014;Â?Čą from community policing that the federal government Â&#x2019;Â&#x153;ČąÂ&#x153;Â&#x17D;Ä´Â&#x2019;Â&#x2014;Â?ČąÂ&#x17E;Â&#x2122;ÇŻČąAmotekun came before community policing. "But let me say this, Amotekun is not to compete with the existing security agencies but established to complement their operations. So, Amotekun was established by law and would operate according to the law that creates it." The Osun State government Â&#x153;Â&#x160;Â&#x2019;Â?Čą Â?Â&#x2018;Â&#x17D;Čą Â&#x153;Â&#x17D;Â&#x152;Â&#x17E;Â&#x203A;Â&#x2019;Â?Â˘Čą Â&#x2DC;Â&#x17E;Â?Ä&#x2122;Â?Čą remained the brain-child of all the governors in the South-west. Â&#x2018;Â&#x17D;Čą Â&#x2018;Â&#x2019;Â&#x17D;Â?Čą Â&#x203A;Â&#x17D;Â&#x153;Â&#x153;Čą Â&#x17D;Â&#x152;Â&#x203A;Â&#x17D;Â?Â&#x160;Â&#x203A;Â˘ČąÂ?Â&#x2DC;Čą Â&#x2DC;Â&#x;Â&#x17D;Â&#x203A;Â&#x2014;Â&#x2DC;Â&#x203A;Čą Â&#x2039;Â&#x2DC;Â˘Â&#x17D;Â?Â&#x160;Čą Â˘Â&#x17D;Â?Â&#x2DC;Â&#x2022;Â&#x160;Ç°Čą Â&#x203A;ÇŻČą Â&#x153;Â&#x2013;Â&#x160;Â&#x2019;Â&#x2022;Čą Â&#x2013;Â&#x2019;Â&#x2122;Â&#x2019;Â?Â&#x160;Â&#x2014;Ç°ČąÂ&#x153;Â?Â&#x160;Â?Â&#x17D;Â?Čą that the structure of the security Â&#x2DC;Â&#x17E;Â?Ä&#x2122;Â?ČąÂ&#x153;Â&#x2018;Â&#x2DC;Â&#x17E;Â&#x2022;Â?ČąÂ&#x2014;Â&#x2DC;Â?ČąÂ&#x2039;Â&#x17D;ČąÂ&#x160;ČąÂ&#x2122;Â&#x203A;Â&#x2DC;Â&#x2039;Â&#x2022;Â&#x17D;Â&#x2013;Čą Â&#x153;Â&#x2019;Â&#x2014;Â&#x152;Â&#x17D;ČąÂ?Â&#x2018;Â&#x17D;ČąÂ&#x2DC;Â&#x17E;Â?Ä&#x2122;Â?ČąÂ Â&#x160;Â&#x153;ČąÂ&#x160;ČąÂ&#x2039;Â&#x203A;Â&#x160;Â&#x2019;Â&#x2014;Â&#x152;Â&#x2018;Â&#x2019;Â&#x2022;Â?Čą of the South-west governors. Meanwhile, the police have Â&#x152;Â&#x2022;Â&#x160;Â&#x203A;Â&#x2019;Ä&#x2122;Â&#x17D;Â?Čą Â?Â&#x2018;Â&#x160;Â?Čą Â&#x153;Â?Â&#x160;Â?Â&#x17D;Â&#x153;Čą Â Â&#x2019;Â&#x2022;Â&#x2022;Čą Â&#x2039;Â&#x17D;Čą responsible for the salary and upkeep of community policemen. Â&#x2018;Â&#x17D;Čą Â&#x17D;Â&#x2122;Â&#x17E;Â?Â˘Čą Â&#x2014;Â&#x153;Â&#x2122;Â&#x17D;Â&#x152;Â?Â&#x2DC;Â&#x203A;ČŹ

Â&#x17D;Â&#x2014;Â&#x17D;Â&#x203A;Â&#x160;Â&#x2022;Čą Â&#x2DC;Â?Čą Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x17D;Čą Â&#x2019;Â&#x2014;Čą Â&#x152;Â&#x2018;Â&#x160;Â&#x203A;Â?Â&#x17D;Čą Â&#x2DC;Â?Čą Â&#x17D;Â&#x153;Â&#x17D;Â&#x160;Â&#x203A;Â&#x152;Â&#x2018;ČąÂ&#x160;Â&#x2014;Â?Čą Â&#x2022;Â&#x160;Â&#x2014;Â&#x2014;Â&#x2019;Â&#x2014;Â?Ç°Čą Â&#x203A;ÇŻČą Adeleye Oyebade, said on a television programme that the Â&#x2019;Â?Â&#x17D;Â&#x203A;Â&#x2019;Â&#x160;Čą Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x17D;Čą Â&#x2DC;Â&#x203A;Â&#x152;Â&#x17D;ČąÂ&#x203A;Â&#x17D;Â&#x2013;Â&#x160;Â&#x2019;Â&#x2014;Â&#x17D;Â?Čą one entity but constables to be recruited for community policing would be part-time personnel. He explained: â&#x20AC;&#x153;They are special constables and they shall be recruited as Â&#x152;Â&#x2DC;Â&#x2013;Â&#x2013;Â&#x17E;Â&#x2014;Â&#x2019;Â?Â˘ČąÂ&#x2122;Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x2019;Â&#x2014;Â?ČąÂ&#x2DC;Ä&#x153;Â&#x152;Â&#x17D;Â&#x203A;Â&#x153;Čą and the process of recruitment shall be guided by Section 49 Â?Â&#x2DC;ČąĹ&#x203A;Ĺ&#x2013;ČąÂ&#x2DC;Â?ČąÂ?Â&#x2018;Â&#x17D;Čą Â&#x2019;Â?Â&#x17D;Â&#x203A;Â&#x2019;Â&#x160;Čą Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x17D;Čą Â&#x152;Â?ÇŻ â&#x20AC;&#x153;So, the special constable is going to be an auxiliary Â&#x2122;Â&#x2DC;Â&#x2022;Â&#x2019;Â&#x152;Â&#x17D;ČąÂ&#x2DC;Ä&#x153;Â&#x152;Â&#x17D;Â&#x203A;ÇŻ â&#x20AC;&#x153;We are expecting them to put in 16 working hours in a week and the remuneration is going to be paid by the state government after we must have trained and retrained and got them deployed in the local government where they have been recruited because they know the culture, the language, the orientation and the topography of the area for them to be able to work with the police at that level.â&#x20AC;?

BUHARI LISTS ECONOMY, POVERTY, SEVEN OTHERS TOP PRIORITIES IN NEXT THREE YEARS position as a profitable investment destination with unequalled incentives in all sectors. He listed a large market and flexible tax system as areas of focus that investors from various countries could explore. The president described Nigerians as the â&#x20AC;&#x153;nationâ&#x20AC;&#x2122;s most prized assets," saying the priority areas have already been captured in the Economic Recovery and Growth Plan (ERGP). He described the ERGP as a medium-term initiative pioneered by the federal government to restore economic growth and development through the resourcefulness and resilience

of citizens. He appealed to the envoys to maximise the opportunity of their deployment in the country to improve on Nigeria's relations with their respective governments and people. â&#x20AC;&#x153;I have no doubt that you might have prior and in-depth knowledge of Nigeriaâ&#x20AC;&#x2122;s huge potential, which you will hopefully see for yourselves. I, therefore, urge you to go around the country, see things for yourselves and report to your home governments. This is important as you all are representatives of both your sending and host states," he said. Buhari added that Nigeria supported various principles

of international law, cultural diversity, the sovereignty of nations and valuable relations among nations without discrimination. He explained that Nigeria does not discriminate among nations irrespective of their sizes as every nation is respected in its own right. Nigeria is also ready to respect and relate with every country in the spirit of dialogue and cooperation, he stated, while enumerating areas of cooperation where Nigeria is ready to be involved. â&#x20AC;&#x153;Nigeria strongly supports joint action to ensure a democratic and fair world order based on strict respect for the norms of international

law, the United Nations charter, recognition of the unquestionable value of cultural diversity, national sovereignty, and the right of all countries to decide their future freely, without external pressure. â&#x20AC;&#x153;Nigeria does not divide its partners into big and small; we value and respect every country, and with every country, we are ready to pursue dialogue, as well as build cooperation on the basis of equality and constructive mutual respect. â&#x20AC;&#x153;These include our cooperation in strengthening regional, continental and global peace and security, resolving complex issues, settling conflicts, as well

as addressing dangerous threats to mankind, among which include terrorism, the proliferation of small arms and light weapons, human trafficking, cybercrimes, poverty, communicable diseases and epidemics," he said. According to the statement, the Ambassador of Algeria to Nigeria, Hocine Latil, who spoke on behalf of his colleagues, said each of them conveyed greetings and their home governments' agenda to Nigeria. He said Nigeria was always focused on resolving conflicts in Africa and simultaneously not failing in its domestic matters. â&#x20AC;&#x153;On behalf of my

colleagues, we thank you for receiving us. We know that your schedule is tight. As the giant of Africa, you are always focused on resolving conflicts in the continent, while taking care of your domestic issues as well," he stated. Besides Latil, other diplomats who presented their letters of credence yesterday were Luong Quoc Thinh of Vietnam; Dr. Benson Alfred Bana of Tanzania; Traore Kalilou of Cote dâ&#x20AC;&#x2122;Ivoire; Abakar Saleh Chahaimi of Chad; Jamal Mohammed Barrow of Somalia; Brahim Salem El Mami Buseif of Sahrawi Arab Republic and Mohammed Alibak of Iran.

a designated account in the name of the Disco provided that: non-energy collections arising from services rendered by the Disco shall be paid into an account in the sole name of a Disco and non-energy collections arising from services rendered by a third-party vendor on behalf of a Disco shall be paid into an account in the joint name of the Disco and the third-party vendor,â&#x20AC;? it said. The CBN ordered banks to ensure that bulk purchasers/ resellers of energy maintain a dedicated and segregated account per Disco for customer energy collections for that distribution company. The financial institutions are also to ensure that bulk resellers maintain records of energy sales and make such records available monthly and on demand to the CBN, the Nigeria Electricity Supply Industry Stabilisation Strategy Limited or any other CBNdesignated entity, It directed bulk resellers not to open or close any account for energy collections without

authorisation by NESI SS Ltd or any other CBN-designated entity. The financial institutions are also required to provide on a monthly basis and on demand, details of all accounts maintained by their agents and all third parties involved in energy collections or resale (i.e. bulk resellers, Agents, etc.) for inspection by the CBN, NESI SS Ltd or any other CBN designate. â&#x20AC;&#x153;Supervised entities acting as financing agents for the purchase of energy, or similar, shall only charge fees in line with CBN regulations,â&#x20AC;? it stated.

effecting the new tariff which will now formally commence on September 1, 2020, was one of the preconditions

BANKS TO TAKE OVER ELECTRICITY BILL COLLECTIONS by the Director of Banking Supervision, CBN, Mr. Bello Hassan. In the circular titled, â&#x20AC;&#x2DC;DMB-led Electricity Market Collections,â&#x20AC;&#x2122; a copy of which THISDAY saw yesterday, the CBN said the move was in line with a directive of the Power Sector Coordination Working Group to improve payment discipline in the Nigerian Electricity Supply Industry (NESI) and to boost the overall quality of electricity generation, transmission and distribution. The CBN stated that no bank should open or continue to maintain a collection account for a Disco without the express no-objection of the bank that guaranteed the power companyâ&#x20AC;&#x2122;s exposure to NBET or TCN. Also, the payment or settlement of all NESI-related goods or services shall be made through the banking system. â&#x20AC;&#x153;Consequently, all collections for the payments of NESI regulated goods and services provided by a Disco shall be paid into a designated account

such that: collections arising from services rendered by the Disco shall be paid into an account in the sole name of the Disco and collections arising from services rendered by a third party/parties on behalf of the Disco shall be paid into an account in the joint name of the Disco and the third- party vendor(s).â&#x20AC;? The CBN directed that all energy and non-energy collections of Discos, whether cash or cashless, should only be performed by the banks. â&#x20AC;&#x153;No entity shall be permitted to collect revenues for Discos except if that entity is so authorised by a DMB in line with the relevant CBN guidelines for agent banking and agent banking relationships, therefore: the DMB shall be permitted to authorise its agents to collect energy and non- energy payments on its behalf for any Disco; the actions or inactions of the agent shall be the responsibility of the authorising DMB and any DMB found to be maintaining any account(s) for any entity

collecting payments on behalf of any Disco without appropriate authorisation shall have regulatory sanctions imposed on it,â&#x20AC;? it added. The CBN directed the banks to work with relevant stakeholders to ensure that all electricity customer payment channels/endpoints identify electricity market payments in such a way as to provide the identification of these payments and information relating to the Disco as well as the Disco account information such as account ID, customer ID, meter ID, among others. â&#x20AC;&#x153;All Disco collections (cash and cashless) shall be regarded as an energy collection and, unless identified otherwise, shall be swept automatically into a Feeder Collections Account (FCA) in the sole name of the Disco. The proper classification of accounts (into energy and non-energy) shall be the responsibility of the Disco and DMB that guaranteed the Disco or its designate bank. â&#x20AC;&#x153;AII Disco non-energy collections shall be paid into

President Approves Cost-reďŹ&#x201A;ective Tariffs Meanwhile, there were indications that President Muhammadu Buhari may have finally approved the official implementation of cost-reflective tariffs for the Nigerian Electricity Supply Industry (NESI). THISDAY gathered that

Continued on page 10

TOP GAINERS NGN NGN % NEM 0.18 2.05 9.6 WAPIC 0.02 0.34 6.2 JAPAUL 0.01 0.22 4.7 JAIZBANK 0.02 0.59 3.5 JBERGER 0.50 17.00 3.0 TOP LOSERS NGN % BETAGLASS 6.15 55.40 9.9 MAYBAKER 0.30 2.73 9.9 ARBICO 0.12 1.14 9.5 C & I LEASING 0.40 4.00 9.0 CUTIX 0.15 1.75 7.8 HPE Nestle Nig Plc â&#x201A;Ś1,256.80 Volume: 251.339 million shares Value: N1.168 billion Deals: 3,713 As at yesterday 25/8/2020 See details on Page 25

WEDNESDAY, ͺ;˜ ͺ͸ͺ͸ ˾ T H I S D AY

NEWS

Foreigners Exchange Arms for Gold in Zamfara, Says Governor Omololu Ogunmade in Abuja Zamfara State Governor, Alhaji Bello Matawalle, yesterday raised the alarm that foreigners come to the state to trade guns with locals for mineral resources. Matawalle, while answering questions from State House reporters in Abuja after showing a pack of gold mined from the state to President Muhammadu Buhari canvassed the creation of a platform for the state government by the Central Bank of Nigeria (CBN) and the federal government to be buying mined resources from small- scale miners in the state. According to him, foreign interests from South Africa and Russia will also be brought into the picture. He attributed the exchange of

guns for minerals as a source of insecurity in the state, adding that the president promised to support the state wherever it is required. He added that the president directed the Minister of Mines and Steel Development, Mr. Olamilekan Adegbite, to work with the state on the exploration of its mineral resources as part of the diversification agenda. He said: "It is very important to us as a government, particularly the issue of insecurity, to know the root cause of insecurity. Zamfara State is blessed with many mineral resources and some people outside the country come to buy gold and other precious stones and sometimes, instead of paying people, they pay back with arms. I did some investigations.

"So, the state government will be buying some of these minerals so that we can block that chain. So, now, the state government is engaging the miners. We will be buying some of this gold from them with the limited resources we have. "We came to show him (Buhari) how the states can profit from illegal miners, especially in the bush. He has seen what we have. We have so many cases of guns in Zamfara State. He is very happy with the system we have initiated and he said whatever support the state government needs, the federal government is ready to assist us. "In fact, he has given a directive to the minister of solid minerals to work with the state government to make Nigeria a great country in terms of solid

minerals to diversify from oil to solid mineral resources." Matawalle said he was in the State House to brief Buhari about challenges confronting the state, notably illegal mining, adding that the state government is planning to strengthen local miners by helping them to form a cooperative society. He stated that upon returning to the state, he would set up a committee to serve as the platform for patronage by the state, the federal government and the CBN. "When I go back, we will set up a committee on PAGMI so that they can go round and the government and CBN will be buying from us directly. "It is better they are selling it very cheap in the mining areas. The federal government, CBN and the state can come in and

be buying from these small-scale miners," he said. On security, the governor deviated from popular opinions calling for the sacking of service chiefs, saying they should rather be supported. According to him, security operatives deployed in the state are battling insecurity and have been able to contain killings in the state. "As you had been hearing before, now the narration has changed. You won’t be hearing of mass killings in the state because the security (operatives) are doing their best. I equally advised the president that calling for the sacking of the service chiefs is not the solution. "Let us support the security agencies and we as the governors will have a big role to play. We just have to support

the security agencies no matter what. If the governors are not serious, they can’t achieve what they want. "I advised the president that all those calling for the sacking of the security chiefs should think of the best way to support them to perform better instead of sacking them. "Even if you sack them, you are bringing another one. So, let us use the one that we have. We will support them as a government. My state now is at peace and everybody is aware. "We have more than 3,000 policemen going round the mining sites in order to protect the mining sites. We have security. It’s just for us as leaders to support them. I believe we will see a lot of changes in terms of security in this country," he said.

FG Appoints Momoh UNILAG’s Acting Governing Council Chairman Board ratifies Ogunsola's choice as interim VC Kuni Tyessi in Abuja The federal government has appointed the Chairman and CEO of Channels TV, Mr. John Momoh, as acting chairman of the governing council of the University of Lagos (UNILAG), Lagos. Momoh performed his first assignment yesterday by presiding over a meeting of the council to ratify the

election, by the UNILAG Senate, of Prof. Folasade Ogunsola as the acting vicechancellor. Momoh, who is the president of the institution’s alumni association, has been a member of the council representing the association. His appointment followed the suspension of Dr. Wale Babalakin (SAN) from the position over the leadership

crisis in the university. In a letter addressed to the ace broadcaster dated August 21, 2020, and signed by the Permanent Secretary in the Federal Ministry of Education, Mr. Sonny Echono, Momoh was directed to convene an emergency meeting of the council to “consider and, if found suitable, approve the Senate nomination of the acting Vice-Chancellor for

University of Lagos, in line with the enabling Act.” The letter which is referenced; FME/PS/606/C.I/ III/129, is titled; “Emergency Meeting of the Governing Council of University of Lagos.” It reads in part: “You are to preside at the meeting in the absence of the substantive pro-chancellor/chairman of council who has had to

recuse himself in line with the visitor’s directive. “You are to also submit a report on the decision of the council to the visitor through the honourable minister of education immediately thereafter.” In compliance with the directive, the council yesterday ratified the appointment of Ogunsola as acting vicechancellor.

Her appointment was ratified during a virtual meeting chaired by Momoh. Ogunsola was elected on Monday by the Senate following the federal government’s directive that the embattled Vice-Chancellor, Prof. Oluwatoyin Ogundipe and Babalakin should step aside while the Special Visitation Panel it set up looks into the university’s affairs.

round-tripping also deserve attention as part of the strategic goal of conserving our scarce foreign exchange and encouraging its judicious use in a manner that will benefit the real sector and ensure that we use it for muchneeded development of our infrastructure.” Olukanni added that the key issue, however, “is to ensure effective and transparent implementation of this policy designed to curb over-invoicing and over-pricing.” Professor of Finance at the University of Lagos, Prof. Wilfred Iyiegbuniwe, said the policy was an appropriate step to checkmate illegitimate draining of the country’s scarce foreign exchange. Iyiegbuniwe, who described the directive as “better late than never,” urged the apex bank to do more because there are a lot of loopholes in the economy that should be plugged. “The operators all knew what is going on because it is all about round-tripping and corrupt practices as the beneficiaries could use the money to do other things it is not meant for. Even the third party could eat out of it while some of them might

end in the hands of crooks,” Iyiegbuniwe said. He added that the CBN should not renege on implementing the policy even when the flow of foreign exchange into the country’s economy is improved. Also, Head of Research at Afrinvest West Africa Limited, Mr. Abiodun Keripe, said the introduction of the policy showed that CBN was serious about blocking leakages. “It’s a time such as this that the economy is grappling with FX shortages, the CBN has just gotten a little smarter with the introduction of this circular aimed at blocking over-invoicing of imported products. “It is worthy to note that this only is not a challenge in the private business environment but also in the public sector. The key takeaway is that there are FX shortages and the CBN is compelled to take initiatives at prudently managing the scare FX resources,” he added. Head of Research at United Capital, Mr. Wale Olusi, said the policy would reduce abuse which could occur in the previous structure. He said: “Over-invoicing/ under-invoicing is age-long trade malpractice that has

been around for decades; however, most banks do invoice verification before parting with value for their credit clients before now, to lessen the incidence of over-invoicing. “The policy from CBN will majorly affect freight forwarders since the rule says you can only deal with ultimate beneficiaries. Some exporting companies outsource their exports to third parties or agents. However, the circular was silent on what will happen to Forms M opened prior to now that does not conform to this new policy. “Overall, we think this is a major shift for most of the multinationals and large local manufacturers, especially in the FMCG space, with huge FX needs. We understand that most of them have relatedparty procurement agents in Europe or Asia who purchase raw material, machinery, equipment, etc on their behalf. “Certainly, the previous structure provides an avenue for abuse, but it is the structure they are used to. Hence, we expect some form of pushback. In the interim, this may further pressure parallel market rates amid the never-ending speculative attacks on the local unit."

two weeks to conclude its job due to the urgency involved and was chaired by a former Managing Director of Guaranty Trust Bank, Mr. Fola Adeola. Aside from the former top banker, other members of the committee included Prof. Charles Soludo and

Dr. Doyin Salami among others. When contacted by THISDAY on the new tariffs, the Chairman of NERC, Prof. James Momoh, called for patience. However, he gave the indication that a plan was in the works and may be

officially made public anytime from now. He said: “I don’t know that yet; we are still working on it. You will hear it officially, but not from me. This newspaper approach... it is for you to all wait until we announce it. Give us this week, you will hear it.”

CBN MOVES TO UNVEIL, PROSECUTE COMPANIES FOR FX ABUSE, OVER-INVOICING companies, including Chinese, Indian and Middle East, it is learnt, may be caught in the investigation. “The practice has gone on for decades and the apex bank thinks it is important to step back a bit and not only put a stop to it but also ensure that the abusive companies face the law,” a source in the know of the investigation said. The CBN had in a bold move to arrest the abuse on Sunday directed banks and other authorised dealers to desist from opening Forms ‘M’ whose payment are routed through a buying company, agent, or other third parties. In addition, the apex had announced the introduction of a product price verification mechanism, which is to help prevent overpricing or mispricing of imported goods and services. It said the move was part of its continued efforts to ensure prudent use of the scarce foreign exchange resources and eliminate incidences of over-invoicing, transfer pricing, double handling charges and avoidable costs that are ultimately passed to the average Nigerian consumers. The measures attracted praise

by the Chairman of United Bank for Africa (UBA), Mr. Tony Elumelu, who said bolder and more cohesive measures like these would make the difference in the spirited efforts to revive the nation’s ailing economy. Some financial market analysts in separate interviews with THISDAY also praise the CBN’s anti-forex fraud measures yesterday. The CBN had taken the measures in a circular titled: “Destination Payment for All Forms M, Letter of Credit and Other Forms of Payment,” dated August 24, 2020. The circular addressed to all authorised dealers and members of the public was signed by the Director, Trade and Exchange Department, CBN, Dr. Ozoemena Nnaji. A Form M is a mandatory statutory document to be completed by all importers for the importation of goods into Nigeria. It is mandatory for all importers to complete and register Form ‘M’ with authorised dealers at the time of placing orders. THISDAY gathered yesterday that preliminary investigations had shown that many foreign companies, including Flour Mills Limited, Nestle and several

other Indian related businesses have already been implicated and the Interpol has begun to trail their transactions.

Analysts Hail New Measures Meanwhile, some financial market analysts yesterday commended the decision by the apex bank to end the age-long practice of FX over-invoicing. The analysts, in separate interviews with THISDAY said the policy was a major move against FX abuse. The Director-General, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Ayo Olukanni, said: "Whatever could be done to block leakages and ensure the prudent use of the country’s foreign exchange, which is now scarce, would be viewed as a good strategic policy move. “Consequently, we welcome this measure to block overinvoicing and overpricing at this critical period when the country’s main source of foreign exchange through the sale of crude oil is at another phase of the burst and boom cycle. “Other loopholes such as

BANKS TO TAKE OVER ELECTRICITY BILL COLLECTIONS given by the World Bank for a $1.5 billion loan for Nigeria. The president signed off on the new planned electricity prices yesterday, which THISDAY gathered will be reviewed every quarter. Of the $1.5billion World Bank loan to be approved

for Nigeria, $750million has been earmarked for the power sector and is one of the preconditions for approval of the loan. Other preconditions include the removal of fuel subsidy and unification of exchange rate, which the Central Bank of Nigeria (CBN) is

implementing. THISDAY gathered that Buhari had set up a committee earlier this month to look at the issues in the Nigerian Electricity Supply Industry and come up with a report on the tariff structure among other recommendations. The committee was given

WEDNESDAY AUGUST 26, 2020 ˾ T H I S D AY

NEWS

Buhari: We Can Defeat COVID-19 as We Defeated Wild Polio Commends Dangote, Bill Gates Dangote advocates increased funding for health sector Omololu Ogunmade in Abuja President Muhammadu Buhari yesterday in Abuja said African countries could defeat COVID-19 pandemic the same way it defeated the wild Polio virus on the continent. The president made the assertion at the formal certification

of the Wild Polio Virus eradication in the African region during the virtual session of the 70th World Health Organisation (WHO) regional committee for Africa in the State House, Abuja. He praised Bill and Melinda Gates, Aliko Dangote, Emeka Offor, United States Centre for Disease Control and Prevention,

...Approves One-year Waiver of Import Levy on Electricity Meters Ndubuisi Francis in Abuja President Muhammadu Buhari has approved a one-year deferment of the 35 per cent import adjustment tax (levy) imposed on fully-built unit (FBU) electricity meters (HS Code 9028.30.00.00). This is in consonance with the 2019 fiscal policy measures for the implementation of the Economic Community of West African States (ECOWAS) Common External Tariff (CET) 2017 – 2022. The approval was specifically predicated on a request by the Minister of Finance, Budget And National Planning, Mrs. Zainab Ahmed to support the Nigerian Electricity Regulatory Commission (NERC) in rolling out three million electricity meters, under the Meter Asset Provider (MAP) framework. A statement issued by the Special Adviser, Media and

Communications to the minister, Yunusa Tanko Abdullahi said the request had cited to a 35 per cent import adjustment tax (levy), which was approved in 2015 on the importation of FBU electricity meters, which attracted 10 per cent import duty rate in the ECOWAS CET. According to the statement, “the 35 per cent levy was imposed on the recommendation of the Federal Ministry of Industry, Trade and Investment, to encourage local production, as well as protect investments in the local assembly of electricity meters. “An important feature of the MAP regulation is a gradual up scaling of the patronage of local manufacturers of electricity meters with an initial minimum local content of 30 percent with the potential of significant job creation in the area of meter assembly, installation and maintenance.”

Nigeria’s COVID-19 Cases Rise By 252 to 52,800 Martins Iﬁjeh Nigeria has recorded 252 new cases of COVID-19, bringing to 52,899 the number of confirmed cases in the country. Announcing this yesterday, the Nigeria Centre for Disease Control (NCDC) said Plateau recorded 50 new cases; Enugu, 35; Rivers, 27; Lagos, 26; Federal Capital Territory

(FCT) and Kaduna, 18 each; Ekiti and Kano, 10 each; Taraba, nine; Anambra and Edo, eight each; Delta, seven; Ogun, six; Abia and Bayelsa, five each; while Ebonyi and Osun, one each. It said: “Nigeria has so far recorded 52,800 cases of COVID-19. 39,964 patients have been discharged, while 1007 persons have died.”

Mailafia Resigns Appointment with NIPSS Seriki Adinoyi in Jos The embattled former Deputy Governor of the Central Bank of Nigeria (CBN), Dr. Obadiah Mailafia has resigned his appointment with the National Institute for Policy and Strategic Studies (NIPSS) in Kuru, Plateau State Until his resignation, Mailafia was a Director at the National Institute, Nigeria’s think-tank institution. Counsel to the former apex bank’s deputy governor, Mr. Yakubu Bawa confirmed the development to THISDAY in a text message, but did not give further details on it. He said, “Yes, it is true that my client, Dr. Mailafia has resigned his appointment with NIPSS.” Investigations revealed

that his resignation may not be unconnected with the developments since the controversial interview he granted Nigeria Info FM on some security issues in the country and the killings in Southern Kaduna. He had on Monday, approached the High Court of Plateau State to declare his latest invitation by the Nigeria Police Force to Force Headquarters, Abuja as unconstitutional, unlawful, illegal, and ultra vires, with no legal effect whatsoever. Bawa had said that Mailafia’s invitation by the Police over the issues the DSS was already investigating contravenes the law of the land, stressing that his client was not going to honour the Police invitation, which he described as strange and alien to Nigeria’s extant laws and procedures.

GAVI, United States Agency for International Development (USAID), European Union (EU), the Japanese and German governments and various nongovernmental organisations for their roles in achieving this feat. This is coming as the Chairman of Aliko Dangote Foundation and Dangote Industries Limited, Alhaji Aliko Dangote, has emphasised the need for governments across Africa, particularly the federal and state governments in Nigeria, to increase their budgetary allocations

to the health sector to improve basic healthcare for the people. Buhari who said eradication of polio in Nigeria was the fulfillment of his promise in 2015 upon assuming office, added that elimination of the virus encouraged him to believe that COVID-19 could also suffer similar fate in Africa. ‘‘I recall that shortly after assuming office in May 2015, I made a pledge to Nigerians that I would not bequeath a polio-endemic country to my successor. ‘‘This certification is, therefore, a

personal fulfillment of that pledge to not only Nigerians, but to all Africans. ‘‘At a time when the global community is battling the COVID-19 pandemic, this achievement strengthens my conviction that with the requisite political will, investments and strategies, as well as citizens’ commitment, we will flatten the epidemic curve. ‘‘I can affirm the commitment of all African leaders to this course of action,’’ he said. A statement by the president’s

media adviser, Mr. Femi Adesina, said the president assured the global community that Nigeria would sustain the feat and draw lessons learnt from polio eradication to strengthen its health system, especially the primary health care, and also prioritise health security. Buhari told the meeting that Nigeria used data systems, community engagement and innovative technology to monitor and predict the occurrence of polio outbreaks.

READY FOR THE RACE...

Chairman of Lagos State chapter of All Progressives Congress (APC), Alhaji Tunde Balogun (left), and an aspirant for the vacant senatorial seat of the Lagos East and former Group Managing Director of Polaris Bank Limited, Mr. Tokunbo Abiru, during the presentation of APC’s nomination form to the aspirant at the party’s secretariat, Acme road, Lagos… yesterday

NAFDAC Warns Nigerians against Consuming Apple, Blackcurrant from Australia Faith Akah The National Agency for Food and Drug Administration and Control (NAFDAC) has cautioned Nigerians to stop consuming an organic apple and black currant originating from Australia. NAFDAC’s Director-General, Prof. Moji Adeyeye, who disclosed this, said the products had been

certified harmful for human consumption. “The Centre for Food Safety of Hong Kong’s Food and Environmental Hygiene Department has warned against the consumption of Pure Tassie Organic Apple and Blackcurrant Juice originating from Australia. “This was due to unacceptable level of patulin (a mycotoxin), which

had exceeded the maximum limit in fruit juice,” she said. Adeyeye pointed out that the level of patulin content in the affected fruit juice can induce the liver, spleen, and kidney damage. She added that the toxic level would affect the immune system and causes nausea, gastrointestinal disturbance and vomiting. Adeyeye implored importers,

distributors, retailers and consumers to immediately stop the importation, distribution, sale and consumption of the affected commodities. The News Agency of Nigeria (NAN) reported that the NAFDAC director-general also urged members of the public in possession of the affected fruit to submit stock to the nearest NAFDAC office.

Hushpuppi’s Trial Set to Begin in US Ramon Abbas, the Nigerian Instagram celebrity with the name “Hushpuppi,’ has been arraigned in an American court in California as his trial begins on October 13. Abbas pleaded not guilty to the four-count of conspiracy to commit wire fraud, money laundering conspiracies, international money laundering and engaging in monetary transactions in property derived from specified unlawful activity.

In June, the 37-year-old known for flaunting an opulent lifestyle on social media, was arrested in Dubai by special operatives of the Emerati Police and American Federal Bureau of Investigation (FBI). The FBI’s investigation, according to the affidavit obtained by Premium Times alleged that Abbas financed this extravagant lifestyle through crime. He is alleged to be the leader of a group that facilitates

computer intrusion, business email compromise (BEC) fraud and money laundering. His targeted victims, majorly in the US, had been duped of hundreds of millions of dollars, the FBI says. In July, Abbas alongside Olalekan Ponle, popularly known as Woodberry, was extradited to Chicago in the United States where he was first arraigned. However, because the U.S. Court in Illinois does not have

jurisdiction over the case, he was transferred to Los Angeles, a city in California. Since his transfer to California late July, he has been held in the custody of the U.S. Marshal in a federal prison. Arraignment Meanwhile, the prosecutor has kickstarted the process of arraignment by filling necessary documents and forms after his first appearance on August 17.

IG: Statutory Entry Requirements for Police Recruitment Remain Sacrosanct The Inspector-General of Police (IG), Mohammed Adamu, yesterday said the statutory entry requirements into the Nigeria Police Force remain sacrosanct and would be thoroughly followed in the ongoing Police recruitment screening exercise. A statement by the Force Public

Relations Officer, DCP Frank Mba, in Abuja said IG’s reassurance became necessary following news report making the rounds in some sections of the media that the IG has suspended the entry requirement for candidates who applied to join the Nigeria Police Force as Police constables in

the ongoing recruitment screening exercise. “The IG, while noting that no one has the powers to alter the conditions for recruitment into the Force – these, having been clearly provided for in Sections 71 – 75 and other relevant sections of the Police Act and Regulations

– stated that all candidates who successfully completed the online recruitment registration exercise were invited for physical and credential screening from 24th August 2020 to 6th September 2020 at various venues in States across the Federation and the FCT.

WEDNESDAY AUGUST 26, 2020 ˾ T H I S D AY

NEWSXTRA

Outrage over Fani-Kayode’s Attack on Reporter Journalist sponsored by my political enemies, says former minister UdoraOrizuinAbuja The International Press Centre (IPC), Nigerian Union of Journalists (NUJ), Socio-Economic Rights and Accountability Project (SERAP), and the Media Trust Limited, publishers of Daily Trust and other titles, have condemned a reported verbal attack on a Daily Trust Reporter, Eyo Charles by a former Minister of Aviation, Chief Femi Fani-Kayode, during the former minister’s roundtable with invited journalists in Calabar, Cross River State capital, on Thursday, August 20. But giving his account of the incident yesterday, Fani-Kayode accused the reporter of being sponsored by his political enemies to embarrass him. The former minister was in the

state to visit projects executed by Governor Ben Ayade. In his account of the incident, the reporter said that his question that angered the former minister is: “Sir, please you did not disclose to us who is bankrolling you…..” Accordingtohim,theformerminister did not allow him to conclude the question when he threw caution to the wind and shouted at him, bringing the press conference to an abrupt end. “He then rained terrible abuses on me, calling me unprintable names; that I was sponsored to come and ask and insulthim.‘Howdareyouaskmesuch a very stupid question? I know that you, a hungry-looking, brown-envelop journalist; you are sponsored to ask me such insulting question. You can look into my eyes and ask me such demeaning question! I cannot take that!

‘I am a very rich lawyer, who has been in government; who has been detained many times by governments. I have a very rich background. How can you ask who is bankrolling my tours of

the states. It is very insulting, and I cannot take that. You are very stupid. I know your publishers; I will call them in next few minutes. You have to be fired. I cannot answer any more questions from

you or from any other reporter. This conference has ended. I have very short temper…..,” the reporter quoted the minister as saying. The reporter added that it took the intervention and pleas from

Chief Press Secretary to Governor Ayade, Mr. Christian Ita and other journalists before the ex-minister would leave him, with a threat: “You can go ahead and write your rubbish. I have marked you”.

Appeal Court Upholds Judgment Reversing EFCC’s Demotion of Director Alex Enumah in Abuja The Court of Appeal in Abuja yesterday affirmed the judgment of the National Industrial Court (NIC), which reversed the demotion of the former Commandant of the Economic and Financial Crimes Commission (EFCC) Academy, Ayo Olowonihi. The appellate court in a unanimous decision held that the appeal by the EFCC against the judgment of Justice Musa Kado, lacked merit and accordingly dismissed it. Justice Musa Kado, in a judgment delivered on February 26, 2019, agreed with the complainant that, his demotion did not follow due process, and

was therefore, unlawful, illegal and should be set aside. The judge having set aside the demotion ordered the EFCC to reinstate Olowonihi back to his position as Detective Commandant, Grade Level 17. The EFCC under Ibrahim Magu had demoted Olowonihi from grade level 17 to 16/7 in 2017, two years after he was recalled from suspension without pay. Not satisfied with the commission’s decision, Olowonihi had instituted a legal action at the Industrial Court, challenging his demotion and also prayed the court to order his reinstatement as well as payment of his entitlements withheld during the period of his unlawful suspension.

NO HIDING PLACE FOR CRIMINALS...

Governor of Ogun State, Prince Dapo Abiodun (left), and state Commissioner of Police, Mr. Edward Ajogun, after police detectives killed a wanted serial killer, Mr. Feyisola Dosunmu, at the Governor’s Office, Oke Mosan, Abeokuta...recently

Abaribe Asks Ugwuanyi to Set up Judicial Panel of Inquiry on Enugu Killings Deji Elumoye in Abuja The Senate’s Minority Leader, Senator Enyinnaya Abaribe has canvassed for the setting up of a judicial panel of inquiry by the Enugu State government to unravel the circumstances surrounding the reported killings of some youths in Emene, Enugu State, by security operatives. In a statement issued in Abuja

yesterday by his Media Adviser, Mr. UchennaAwom, the Senate Minority Leader joined other groups to demand for the urgent setting up of a Judicial Panel of Inquiry by the Governor of Enugu State, Hon. Ifeanyi Ugwuanyi. The judicial panel, Abaribe said, will help to unravel the truth in the assertions of both the security and other groups on what really happened. He condemned in very strong

terms the killings last Sunday of Igbo youths in Emene, Enugu State by the security operatives, saying the constancy of the killings has given room to wide suspicion of a sinister motive. The ranking Senator also warned that the labelling of every Igbo group as terrorists and the incessant killings of her youths by the security operatives has become one too many and is no longer

acceptable to his people. He said it is disheartening that security operatives seem to derive pleasure at any slight whim to unleash mayhem using the most lethal weapons against unarmed Igbo youths at every turn. Abaribe further stated that such unsavory, brutal and hateful resort to extreme repression demean Nigeria’s democratic ethos and even questions her unity.

FG Stops Subsidy on Digital 66 Soldiers File N1.3bn Suit against FG forViolation of Human Rights Sixty-six convicted soldiers have rights to personal liberty and unconstitutional and violates detention at the custody the Switchover filed a suit at a Federal High freedom from discrimination their rights to personal liberty correctional centre, in Ikoyi and The federal government has declared that “there will be no more subsidies, either for set-top boxes or Signal carriage” as it plans to resume the rollout of Digital Switchover, a transition from analogue to digital television broadcasting. The Minister of Information and Culture, Alhaji Lai Mohammed, disclosed this yesterday in Abuja at a “Digiteam” meeting to foster dialogue among the various stakeholders in the DSO architecture. The News Agency of Nigeria (NAN) reported that Mohammed stressed that while the government is looking for money to pay outstanding debts and restart the

DSO roll out, the process will be fully private sector driven and self-sustaining. “On our part, we have made tremendous progress in our efforts to get the much-needed funds for the DSO process, in particular, to pay outstanding debts that will ginger stakeholders to resume the rollout and bring the massive benefits of the DSO to Nigerians. “As I speak, we are putting finishing touches to a memo we plan to send to the Federal Executive Council as part of our relentless efforts to secure the funds to restart the process, and we are very optimistic that our efforts will pay off soon.

PFN Expresses Reservations over CAMA The Pentecostal Fellowship of Nigeria (PFN) has expressed reservations against certain provisions in the Company and Allied Matters Acts (CAMA) 2020 recently assented to by President Muhammadu Buhari. Specifically, the body faulted Section 839(1) (a), (b), (C) in the Acts, arguing they run contrary to Section 6(6) and Section 36 of the Constitution of the Federal Republic of Nigeria. In a statement by National President of PFN, Dr. Felix Omobude, the body said: “We believe that these provisions, among others, leave the door

open to abuse, denial of fair hearing, arbitrariness and dubious use of power by the commission and/or its agents.” It expressed serious concerns over the recourse to “the vague and nebulous phrase “public interest” as grounds for taking over a non-governmental organisation by the commission and/or its agents, contrary to Section 36 of the Constitution of the Federal Republic of Nigeria. “Not only are there contradictions in the law, we believe that some of its provisions are indeed already covered by other legislations.”

Court, Lagos challenging their continued detention in the custody of the Ikoyi and Kirikiri Maximum Correctional Centres, Lagos. They are asking the court for an order directing the respondents, the Minister of Internal Affairs and Comptroller, Nigeria Correctional Services, Lagos to pay them a cumulative sum of N1.320 billion for violation of their fundamental

of their persons. In the fundamental rights enforcement suit filed by their counsel, Mrs. Funmi Falana, the applicants are asking the court for a declaration that their continued detention at the correctional centres, despite the amnesty granted them by President Muhammadu Buhari since April 9, 2020 is illegal and

guaranteed by section 35 of the Constitution of the Federal Republic of Nigeria, 1999 (As Amended) and Article 6 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (CAP A10) Laws of the Federation of Nigeria, 2004. They are therefore seeking a declaration that their continued

Apapa also violates their right to freedom from discrimination guaranteed by Section 42 of the Constitution of the Federal Republic of Nigeria, 1999 (as Amended) and Articles 2 and 6 of the African Charter on Human and Peoples’ Rights (Ratification and Enforcement) Act (CAP A10) Laws of the Federation of Nigeria, 2004.

40Years after Smallpox, WHO Declares Nigeria Polio-free The independent Africa Regional Certification Commission (ARCC) for polio eradication has officially declared Nigeria and the rest of Africa free of indigenous wild poliovirus yesterday. According to the World Health Organisation (WHO), this marks the eradication of the second virus from the face of the continent since smallpox 40 years ago. In the early 1900s cases of smallpox were recorded in

Nigeria, but upon the introduction of vaccines, the cases reduced drastically. But anti-vaccination groups kicked against the immunisation jabs, leading to a resurgence of the virus, until the WHO championed a campaign that led to the eradication of smallpox in Nigeria in 1980. “Today is a historic day for Africa. The African Regional Certification Commission for

Polio eradication (ARCC) is pleased to announce that the Region has successfully met the certification criteria for wild polio eradication, with no cases of the wild poliovirus reported in the Region for four years,” ARCC Chairperson, Rose Leke, said. The ARCC’s decision comes after an exhaustive, decades-long process of documentation and analysis of polio surveillance, immunisation and laboratory

capacity of the region’s 47 member states, which included conducting field verification visits to each country. In 1996, African heads of state committed to eradicate polio during the Thirty-Second Ordinary Session of the Organization of African Unity in Yaoundé, Cameroon. At the time, polio was said to be paralysing an estimated 75,000 children, annually, on the African continent.

INEC: 13 Political Parties to Participate in Oct 31 By-elections Chuks OkochainAbuja The Independent National Electoral Commission (INEC) yesterday stated that only 13 out of the 18 registered political parties have notified it of their intentions to participate and conduct primary elections. INEC further said all the 13 political parties that notified it

added that they would be choosing their candidates through indirect primary elections. In a statement issued by the National Commissioner in Charge of Publicity and Voter Education, Festus Okoye, he said: “Out of the 18 registered political parties in Nigeria, 13 have notified the commission of their intention to conduct primaries towards participating in the

outstanding by-elections. “All the 13 political parties opted for indirect primaries.” According to Okoye, INEC said it has observed from the notices to the commission that some of the political parties did not specify the venues within the respective constituencies for the conduct of their primaries. He said the attention of the

political parties is hereby drawn to the provisions of Section 87(4)(c) of the Electoral Act, 2010 (as amended) which makes it mandatory for any party that intends to nominate a candidate to the Senate, House of Representatives and state House of Assembly to hold its congresses in the respective senatorial district, federal constituency and the state assembly constituency.

T H I S D AY ˾ WEDNESDAY AUGUST 26, 2020

MIDWEEKPOLITICS With SIMPLE Agenda, It’s a Galore of Promises from Ize-Iyamu

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

Nseobong Okon-Ekong writes that Osagie Ize-Iyamu, the All Progressives Congress governorship candidate in Edo State for September 19 election has thrown everything he is worth into the race

Ize-Iyamu

or Pastor Osagie Ize-Iyamu, the Edo State All Progressives Congress candidate in the September 19 governorship election , the effort to achieve his ultimate goal of becoming governor has been very demanding. To be sure, it is not the first time that Ize-Iyamu set his eye on the ball. The difference, this time around is that he seems closer to a resounding score. His proclivity towards the Edo governorship is fired by a S.I.M.P.L.E. Agenda. S.I.M.P.L.E. translates into S stands for Security and Social Welfare, I-Infrastructural Development/Urban Renewal, M-Manpower Development and Training, P-Public, Private, Partnership, L-Leadership by Example and E- Employment Creation and Social Empowerment Scheme. (SIMPLE). And this what Ize-Iyamu has simy been going round the nooks and crannies of Edo State to canvas to the people. At one of the campaigns, he promised to deliver rural broadband development and ensure the availability of high-quality, affordable broadband services in rural communities to reduce inequality and raise the standard of living if he emerges as the next Governor of the state. He made this promise on during his ward tour at Arokho, Ward 7, Owan East Local Government of Edo State. He said his administration will reduce the rural-urban migration in the state by raising the quality of life in rural areas. He also promised to operate the skills acquisition center and the hospital built by Hon. Pally Iriase, Former Deputy Majority Whip of the House of Representatives and APC Chieftain, in the council. He said: “My SIMPLE Agenda is to make life better for all Edo people through manpower development, job creation, leadership by example, infrastructural development among others.” “This community is known for farming, I promise to assist farmers with loans and farm inputs if elected as Edo Governor.” Hon. Abubakar Momoh, a former member of the Federal House of Representatives who joined the campaign tour, said Ize-Iyamu is well-positioned to record an overwhelming victory at the polls because of his exemplary public service record. He praised Ize-Iyamu as a formidable grassroots politician who contributed to the development of the state as Chief of Staff and Secretary to the State Government. “The PDP candidate has nothing to show that he did in Edo North. The people are wise and they want a governor in the person of the APC candidate, Pastor Osagie Ize-Iyamu, that can provide infrastructure for them.” Mr. Lawrence Okah, the Edo APC Secretary, also expressed confidence of a comprehensive victory for the APC at the polls, stating that Ize-Iyamu represents the aspirations of the

people for a change in government. He said: “We are here to present our Governorship candidate to the people of the different wards in Owan East. The people are yearning for change and Ize-Iyamu is the change the people want.” Taking the incumbent governor of Edo State to task on what he has done to deserve a second term, Ize-Iyamu’s campaign team challenged Governor Obaseki to show his achievements and records in office. Governor Godwin Obaseki was said to celebrate only excuses, deceit and blackmail to Edo people, according to the APC governorship candidate. Ize-Iyamu said the Peoples Democratic Party (PDP) and Governor Obaseki may only be advertising another four years at the helm in the state which has run on lazy gossips and tactless lies peddled in the media to generate sympathy and distract attention from their failures. Mr. John Mayaki, the Chairman of the Edo APC Media Campaign Council, who endorsed the statement said Governor Godwin Obaseki is a confused candidate spurned by his closest aides and associates because he lacked administrative skills and frittered away his goodwill on lazy, and corrupt, endeavors that yielded nothing but worthless MOUs. He said the Governor’s incompetence is made worse by his refusal to accept responsibility for his failures, a flaw, which according to Mayaki, led the Governor into declaring at a recent rally that “Edo State has been thrown in darkness in the last five years by the APC.” He mocked the Governor for forgetting that he had in fact been in office for four out of the five quoted years and the indicting fact cited by him on the poor state of electricity only reinforces the claim of the that his emergence has been a tragedy that must be reversed on the 19th of September. Mayaki said, “Mr. Godwin Obaseki’s reelection campaign is an assault on common sense, decency, and ethics. He has failed to articulate his achievement in the last four years, even in special media charades put together by what is left of his tattered team of staff.” “When they rushed to launch a farcical ‘MEGA’ plan that is now nowhere to be found and thrust the embattled Governor in front of a camera, he stuttered, fumbled, and ended up saying nothing other than the fact that his administration was a MEGA failure and his entire re-election campaign, a MEGA circus.” “Unfortunately for him and his people, the people of Edo State are not in need of clowns. What they want is a prepared Governor like Pastor Osagie Ize-Iyamu of the APC who has a visible manifesto and specific plans on how to deal with the challenges confronting the state.” “Obaseki has continued to whine and sulk because he was served a rejection notice everywhere he has been in the state with his fellow clowns. Even at their recent event, he was heard criticizing the APC for the state of electricity in Edo in the last five years, forgetting that he was Governor for at least four out of the five.” “All promises including the GeleGele Seaport, Benin Industrial Park, and Mini-stadia in all 18 LGAs of the State have been abandoned for name-calling and finger-pointing.” “Obaseki’s answer to the people’s question of what he has done in the last four years and why he has done to deserve re-election has been “Oshiomhole said”. Sadly for him, Oshiomhole is not on the ballot. Before he realizes though, it would be too late. He is indeed the sluggish Governor who is slow to everything, including basic understanding.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Governor Ifeanyi Ugwuanyi of Enugu State (left) with the State Commissioner of Police, Mr. Ahmed Abdurrahman, when the governor visited the scene of the clash between members of Indigenous Peoples of Biafra and security agencies in Enugu

Akwa Ibom State Deputy Governor, Mr Moses Ekpo (in suit), casting his vote to nominate a chairmanship candidate for the Peoples Democratic Party in Abak, his Local Government Area, for the forthcoming local government elections in Akwa Ibom

L-R: Mr. Benedict Alabi , Deputy Governor of Osun State, Governor Adegboyega Oyetola and Chairman, Capital Market Support Committee on COVID-19, Mr. Ariyo Olushekun; during the donation of 150 Infrared Thermometers and 50,000 face masks to the ssate by Capital Market Support Committee, at the Governor’s oﬃce, Abere, Osogbo

L-R: Representative of the National Coordinator, Federal Project Support Unit (FPSU), Mr. Tunde Falola; Secretary to Ekiti State Government, Mr Abiodun Oyebanji; and General Manager, Ekiti State Community Development Agency (EKSCDA), Mr. Steve Bamisaye, during a working visit of the World Bank- sponsored Project team to Ado Ekiti

T H I S D AY Ëž Ë&#x153; Í°Í´Ë&#x153; Í°ÍŽÍ°ÍŽ

COMMENT

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

THE TRIAL OF EL-RUFAI

Nasir Rufai could do more to contain the crisis in southern Kaduna, writes Sonnie Ekwowusi

ast week the Nigerian Bar Association (NBA) dramatically withdrew the invitation it had earlier extended to Kaduna State Governor Mallam Nasir El-Rufai to speak at the 2020 Annual General Conference of the NBA slated for August 26-29, 2020. The charges (emanating from different lawyers including some members of the public) preferred against Governor El-Rufai at the court of public opinion last week, are, inter alia, that since 2015 to date El-Rufai has been fragrantly disobeying court orders; disregarding and abusing the rule of law; adopting a nonchalant attitude to the monumental carnage in Southern Kaduna; threatening people whom he feels are opposed to him. For example, on February 5 2019, El-Rufai threatened the international observers covering the last general elections that if they dared interfered with the elections they would go home in â&#x20AC;&#x153;body bagsâ&#x20AC;?. As at last Friday, the www.change.org/p/nigerian-barassociation-help-stop-nasir-el-rufai-from-speaking-at-nba-agc had collected the signatures of not less than 4, 300 witnesses ready to testify in the charges preferred against El-Rufai. The testimonies of some of the witnesses published online are hereunder stated: â&#x20AC;&#x153;As a lawyer, I join my colleagues in condemning d decision to invite Gov.@elrufai of Kaduna State to address the viral conference of NBAâ&#x20AC;Ś .â&#x20AC;? (Nnamdi Asomugha Sr Esq.); â&#x20AC;&#x153;As at today, Southern Kaduna is the most active site of massacres and mass atrocities in Nigeria. Despite this Governor El-Rufai dismissed the atrocities going on in Southern Kaduna as â&#x20AC;&#x153;media hypeâ&#x20AC;? (Open Bar Initiative). â&#x20AC;&#x153;For fragrant disregard for the rule of law and disobedience to court orders and for saying that he would give money to the killers in Kaduna to stop their killing, El-Rufai lacks moral right to address lawyersâ&#x20AC;? (Femi Falana SAN) In his defence, Governor El-Rufai, together with his witnesses, has lampooned the NBA for allegedly being parochial and bowing to pressure from anonymous crowd without giving him a fair-hearing. Citing section 3 (6) of the Nigerian Bar Association Constitution and Bye-Law in their testimony for El-Rufai, the NBA, (Bauchi Branch) faults the withdrawal of El-Rufai from speaking at the conference. It calls on the NBA National Executive Committee (NEC) to rescind the withdrawal failure which the NBA (Bauchi Branch) would boycott the 2020 NBA Conference. The Muslim Rights Concern (MURIC) construes the NBA withdrawal of the invitation of El-Rufai as a â&#x20AC;&#x153;declaration of warâ&#x20AC;?. It urges all lawyers from Northern Nigeria to boycott the 2020 NBA Conference. What a prescription for intolerance?â&#x20AC;? (Abubakar Sani Esq.) Let me say this again: The fundamental issue that calls

HOW CAN EL-RUFAI DISMISS THE ATROCIOUS KILLINGS IN SOUTHERN KADUNA AS MEDIA HYPE?

for determination in this public trial is not the person of His Excellency Governor Mallam Nasir El-Rufai. Far from it. Neither has it got anything to do with tribe and religion. I agree with the out-going NBA President Paul Usoro (SAN) that the trial of El-Rufai has â&#x20AC;&#x153;no ethnic or religious colourationâ&#x20AC;?. The fundamental issue at stake in this trial is the crisis and bloodletting in Southern Kaduna. Therefore any mudsling and rebellious impulses towards tarnishing the image of Governor El-Rufai are completely misconceived. El-Rufai, ontologically, is a good person. My closest physical encounter with him dates back to his days on the Editorial Board of THISDAY Newspaper. At that time, he stood out for his exceptional brilliance in analyzing national issues. So, Governor El-Rufai is good. Having said this, I wish to reiterate my earlier comment that the main issue in this trial is the spilling of innocent blood in Southern Kaduna. This is why after 55 years after some 1.5 million Jewish children were killed during the German Holocaust, many are still seeking justice today. This is why after 50 years Nigeria has not made any meaningful sociopolitical progress because the blood of almost two million Biafran civilians (three quarter of them small children) who died from starvation caused by the total blockade of the region by the Nigerian government is still demanding for justice today. Southern Kaduna is in the grip of gruesome death. Imagine blindfolding an innocent three-year- old girl and slicing off her head with a machete in Southern Kaduna. On August 16, 2020, Reverend Adalchi Usman of the Evangelical Church Winning All (ECWA) Unguwan / Madaki, Maro Ward, in Kajuru Local Council was killed when a commercial vehicle in which he was travelling in was ambushed by armed assailants. On 17 August Mr. Bulus Joseph was gruesomely killed on his farm in Sabon Gida Idon, along the Kaduna-Kachia road, in Kajuru Local Council by Fulani militia. On 18 August, Malachy Bobai, farmer and a 16-year-old student Ms. Takama Paul were killed by Fulani militia. I can go on and on. The crisis in Southern Kaduna has been on for ages. El Rufai may be doing his best, but the crisis seems to be getting worse. Rather than remain sober, El-Rufai is going about making statements that suggest that he is playing politics with the killings. For example, how can El-Rufai dismiss the atrocious killings in Southern Kaduna as â&#x20AC;&#x153;media hypeâ&#x20AC;?? Why does he threaten the opposition for expressing different views on the killings? Governor El-Rufai, undoubtedly, is conscious of his place in history. For now, the people of Southern Kaduna do not think he is doing enough to end the bloodshed. This is why he should do more and mend his relationship with the people today.

EMEFIELE AND THE BURDEN OF A PROPHET

Jackson Ugbechie argues that the CBN Governor deserves commendation for his courage to stop the importation of some items

ateline June 2015: Godwin Emefiele, the Governor of Central Bank of Nigeria, CBN, banned importation of 41 items which the apex bank classified as â&#x20AC;&#x2DC;not valid for forexâ&#x20AC;&#x2122;. These items ranged from consumables like rice, poultry products, vegetables and processed vegetable products to building materials like cement, roofing sheets, etc. The aim was to encourage local manufacture of these items, all of which can be produced locally. The other objective of the ban was to ease pressure on the nationâ&#x20AC;&#x2122;s foreign reserves. Crude oil (the major source of forex) was beginning to lose its allure in pricing. Simply put: national income (inflow) was shrinking perilously. Today, by benefit of hindsight, it could be appropriately said that Emefiele was a prophet who saw tomorrow and quickly rallied his people to prepare for the impending storm. Not long afterwards, the real storm came bearing down on global economies. Nigeria and other nations with huge reliance on crude oil revenues took a heavy shellacking from the storm. Crude oil prices took a dip. From a mere dip to a free fall until it bottomed out at $27.67 in 2016. Fast-forward 2020. Oil price is still low. Recovery has been sluggish, accentuated by the global Covid-19 pandemic. Nigeria with a population of about 200 million, low export, heavy import-dependent economy and a lifestyle that borders on flamboyance has been much hobbled by the oil price drop. The naira is still under pressure but it could have been worse if CBN is still funding the importation of the over 40 banned items. It could have been more difficult defending the naira in the forex market. This is the sense in which Emefiele deserves commendation for his uncommon boldness to stop the issuance of forex for the importation of these items. Emefieleâ&#x20AC;&#x2122;s foresight, vision and strong anticipatory hunch has saved Nigeria from what could have been the worst

economic crisis in human history since the Great Depression. The decision to declare over 40 items â&#x20AC;&#x2DC;not valid for forexâ&#x20AC;&#x2122; must have been a difficult one to take. But great leadership is about making tough calls; taking, sometimes, unpopular decisions. Emefiele did that at the most auspicious time. It was contrary to the wishes of the advanced economies of the West which see Nigeria as their largest, most profitable market in Africa. A policy to encourage local manufacture and patronage of locally made goods should be music to any patriotic Nigerian. It will encourage honing of skills, create jobs in millions, stop the drain on our external reserves and ultimately shore up the sagging strength of the nationâ&#x20AC;&#x2122;s primary sector. But you donâ&#x20AC;&#x2122;t expect such decision to go down well with the advanced nations whose major market in Africa was about to be shut. This explains the baleful treatise conjured by The Economist magazine to deride the CBN policy. The usually opinionated UK magazine had in the wake of the ban on importation of over 40 items published a self-serving satire on Emefieleâ&#x20AC;&#x2122;s efforts to save the naira. The copiously disingenuous article in The Economist tried to denigrate the CBN policy. But that was not enough to make Emefiele change his mind. The multipleaward winning central banker, convinced that the policy was in the best interest of the county, stuck to his gun. He was unwavering. Now, Emefiele has been proved right and The Economist wrong. Nigerians are producing the banned items from grains to roofing sheets. No matter the cynicism from those who preach classical textbook economic theories to Nigeria but act otherwise in their native countries, the truth is that foreigners cannot love Nigeria more than Nigerians. Emefiele proved this truism by raising the red flag when he foresaw the lurking economic

turbulence. The Nigerian naira dilemma is a peculiar mess created largely by a clan of crooked Nigerian elite, it will never go away by mere application of economic theories that never worked anywhere, even in the advanced West. The Nigerian problem can only go away by the application of well-thought through policies as Emefiele did. To better appreciate the Emefiele magic, letâ&#x20AC;&#x2122;s consider this scenario. In 2013 at a time when crude price was $120 per barrel what CBN received to service the forex market from petroleum inflows either from petroleum products trading, royalty, taxes, NNPC, etc., was as high as $3.3 billion in a month. By June 2014 when external reserve had dropped to about $37 billion, what the nation got had dropped to less than $2 billion. Recall that the whole crisis started in July 2014 and by March 2015 when crude price had dropped to about $48pb, the nationâ&#x20AC;&#x2122;s reserve had gone down to $30 billion. At that point, what was coming in as forex which the CBN will use to service the market had dropped to about $1.3bn from about $3.3 billion in just over a year. At that time, around January/February of 2015, CBN usually funds the forex market by Monday and Wednesdays with $200 million each of the days which is $400m in a week. At that time CBN was fighting the hostile market and saying weâ&#x20AC;&#x2122;ll defend the naira. The inter-bank market was defending the market with about $100million per day which is $500 million per week. If you add that to the official buffer of $400m on the part of CBN, it adds up to $900m weekly. This means that in a month Nigeria needed $3.6 billion minimum to fund the forex market and by interpretation fund importation. As the price of crude continued its free fall, monthly outflow hit $4bn against an inflow of just $1.3bn or $1.5bn which brought net depletion of Nigeriaâ&#x20AC;&#x2122;s reserve on a monthly basis to about $2.5 billion. If CBN had

continued the depletion of our reserve from March 2015 by $2.5 billion monthly, by now Nigeria would have zero reserve. That is the stack reality. And this is why Nigerians should commend the boldness and farsightedness of Emefiele to place a historical and landmark ban on over 40 items. Not only has he helped to boost backward integration, the policy eased pressure on the nationâ&#x20AC;&#x2122;s reserve. Obviously, Nigerians are still paying dearly for their lavish lifestyle. Statistics from the National Bureau of Statistics (NBS) show significant importation of certain items. In the half-year (January â&#x20AC;&#x201C; June) of 2019, Nigerians spent a total of N334.3bn to import prepared foodstuffs, beverages, spirits, vinegar and tobacco. NBS says within that period Nigeria imported 21 different items with the major items including live animals, animal products, vegetable fats and oil, prepared foodstuffs, beverages, mineral products, textiles, broilers and vehicles. Broilers, machinery and appliances form the biggest import which was estimated at N2.11 trillion. Mineral product ranked second with N1.3 trillion import in half-year 2019. Other top items on the import list include vehicles, aircraft and parts (N1.06 trillion), cement (N599 billion), metals (N386.1 billion). In recent past before the restriction, Nigeria spent an average of $22 billion each year on food (rice, wheat, sugar, fish, etc.) importation. The sad fact is that all of this money go to reflate the economies of Thailand, India, China and the West. If all of this could happen with restriction, imagine the scenario if there were no restrictions. Emefiele is indeed an unsung hero. Thatâ&#x20AC;&#x2122;s the burden of a prophet who is barely appreciated at home. But first Nigerians must change their exotic and outlandish lifestyle. No nation builds a strong economy on importation. r6HCFDIJF QVCMJD BGGBJST BOBMZTU XSPUF GSPN "CVKB

T H I S D AY Ëž Ë&#x153; Í°Í´Ë&#x153; Í°ÍŽÍ°ÍŽ

EDITORIAL

AN ECONOMY IN CRISIS

The crisis is another wake-up call to restructure the economy

ven when the numbers are open to broad interpretation, the figures released recently by the National Bureau of Statistics (NBS) only confirmed the deteriorating situation of things. According to the NBS, the countryâ&#x20AC;&#x2122;s unemployment rate rose to a record 27 per cent in the second quarter of 2020, from 23 per cent in the third quarter of 2018. In effect, about 22 million Nigerians, twice the population of neighbouring Benin Republic, are unemployed. The underemployment rate is much higher, put at 28 per cent. As expected, the majority of the unemployed are young men and women in their productive age. For decades, the nation has been unable to provide sufficient jobs for its growing population. As a result, millions of Nigerians - trained and untrained, young or old - are consistently exposed to large scale economic hardship and poverty. This state of affairs is further worsened by the prevailing Covid-19 THERE IS URGENT pandemic ravaging the entire world. The NEED TO REDUCE attempts to contain THE OVERWHELMING the spread of the DEPENDENCE ON virus have impeded OIL AND GIVE MORE economic activities across the world, THAN A HALFHEARTED ATTEMPT TO disrupting trade and chain of supplies, and AGRICULTURE much more. Nigeria is one of the countries hardest hit because of its overly dependence on oil. Oil accounts for 80 per cent exports, 30% of its banking-sector credit, and more than 60% of the overall government revenue. Indeed, the sharp fall in oil prices has almost brought the nation to its kneel. The $57 per barrel benchmark earlier earmarked for the 2020 budget had since been slashed to $30 per barrel. Last week, Finance Minister, Zainab Ahmed, said the economy could plunge into another economic recession. â&#x20AC;&#x153;Nigeriaâ&#x20AC;&#x2122;s Q2 GDP growth is in all likelihood negative and unless we achieve a very strong Q3 2020 economic performance the

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Nigerian economy is likely to lapse into a second recession in four years with significant adverse consequences,â&#x20AC;? she said. She was proved right with the figures recently released as the country suffered the worst contraction in a decade. The COVID-19 containment measures, although necessary, have inhibited domestic economic activities with grave negative impact on taxation and other. Furthermore, the disruption in local agri-food supply chains and higher transaction costs, aggravated by insecurity, are likely to result in substantial decline in agricultural production. Besides the human cost, the COVID-19 shock alone is projected to push about five million more Nigerians into poverty in 2020. This is more so as the country has no form of savings to act as a buffer against the economic onslaught. The Sovereign Wealth Fund is almost depleted. The uncertainty caused by the pandemic has led to a fall in private investment while remittances from Nigerians abroad have dwindled to a trickle. The country is highly indebted, spending more than 60 per cent of its income to service debts. Besides, foreign direct investment and overseas development assistance are more or less at a standstill. In response to the developments affecting the supply of foreign exchange to the economy, the Central Bank of Nigeria (CBN) recently adjusted the official exchange rate to N360, and more recently to N379. But on the parallel market, about N480 exchange for one American dollar. This has enabled spiral inflation which hit a record 12.82 per cent in July. In a report titled, â&#x20AC;&#x153;Through the Roof: A legacy of high inflation and unemployment,â&#x20AC;? SB Morgen, an African focusedresearch firm, said annual inflation in Nigeria rose for the 11th straight month in July 2020 as Covid-19 took its toll on imports and logistics. As this newspaper has said repeatedly, the economic crisis should serve as a wake-up call for restructuring the economy and putting it on a new path of rapid growth and development. There is urgent need to reduce the overwhelming dependence on oil, strengthen the budget and service delivery, and above all give more than a half-hearted attempt to agriculture.

TO OUR READERS Letters in response to speciďŹ c 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.

SKIN COLOURâ&#x20AC;&#x2122;LL DETERMINE US POLL

t is ok to holler â&#x20AC;&#x153;Black Lives Matterâ&#x20AC;? and to advocate for â&#x20AC;&#x153;Black Powerâ&#x20AC;? but reality check was the kind of experience I had whilst growing up into my teenage years over here in Minna, and I can conclude that this reality check is representative of the mindset of a larger measure of the population. Back then in the 1980s, the â&#x20AC;&#x153;bestâ&#x20AC;? secondary school in Minna was the one that had a Whiteman, Rev. Fr. J.D. Oâ&#x20AC;&#x2122;Connel from Ireland, as the principal and every â&#x20AC;&#x153;seriousâ&#x20AC;? parent wanted their charge to school at Government Secondary School (GSS) Minna, the alma mater of Cyril Stober, formerly of the Nigerian Television Authority (NTA). My soldier-father contemporaries who â&#x20AC;&#x153;investedâ&#x20AC;? in their sonsâ&#x20AC;&#x2122; schooling at the GSS Minna have today Dr. Ayuba Dauda (consultant haematologist, Tangale from Gombe State) and Pharmacist Emmanuel Agba (proprietor of Tyonex Pharmaceuticals, Tiv from Benue State) to show as â&#x20AC;&#x153;pay offsâ&#x20AC;? whilst my dad who did not see the need for me to transfer out of the Army Day Secondary School Minna (where Mrs. Gana was our â&#x20AC;&#x153;Blackmanâ&#x20AC;? principal) have me today struggling it out as a physics teacher in the university with incessant ASUU strikes to hold up my paychecks for months on end. Wasnâ&#x20AC;&#x2122;t I smart to insist on a mission school education (Baptist Secondary School Minna) for my daughter who would graduate as a medical doctor in the near future? Thus, we may desire â&#x20AC;&#x153;black emancipationâ&#x20AC;? but we are conscious that any system run by a Whiteman yields positive results most assuredly. That is so even with the way Americans think. Americans feel they are better off entrusting the affairs of their country to â&#x20AC;&#x153;pure whitesâ&#x20AC;? rather than to â&#x20AC;&#x153;coloured peopleâ&#x20AC;? and this line of thinking would hold true in the forthcoming November polls when even African-Americans will conclude that a Joe Biden-Kamala Harris (white-black) democratic ticket isnâ&#x20AC;&#x2122;t what is good for America. Ultimately, Americans of all shades will put their trust in a white-white (Donald Trump-Mike Pence) Republican ticket. r4VOEBZ "EPMF +POBI %FQBSUNFOU PG 1IZTJDT 'FEFSBM 6OJWFSTJUZ PG 5FDIOPMPHZ .JOOB /JHFS 4UBUF

THE CRISIS IN UNIVERSITY OF LAGOS

t is unfortunate that the prestigious citadel of learning, the pride of the nation and the incubator of sagacious minds is in the news recently for petty politics and personal interests of some individuals at the expense of the hard-built reputation of the institution. A situation where those who instil character, learning and refine the potential of individuals are found wanting is disheartening. The immaturity and arrogance with which the unfolding issues escalated into what the University Senate could not handle is shameful. University of Lagos is bigger than anybody. It is a deeprooted institution that no antics can shake. It has come to stay, to impart knowledge and impact on her host country and the world at large positively. It is not a personal business of anybody. It can and should not be run like a private venture of any individual or group. The failure to follow due process in addressing the issues by both parties and the disregard for the university laws would not have been thought of from an institution of such a magnitude. Personally, I am disappointed in the Vice-Chancellor and the Pro-Chancellor. The two parties exhibited actions that are contrary to the ethics, spirit and teachings of our institution. Thankfully, the visitor to the university has saved us the shame. No one should be spared in the investigation and anyone found wanting should not only pay for their misdeeds but also for dragging the universityâ&#x20AC;&#x2122;s reputation through the mud. r2VEVT "EFXBMF -BXBM BMBOJBEFXBMF!ZBIPP DPN

MASK UP PLEASE

he COVID-19 pandemic has changed the way we live at present with many of us confined to working from home and isolating wherever possible, especially here in Melbourne, Australia where we are panicking about just over 200 new cases today. This is a situation which many countries would be wishing for as their numbers head to the thousands as in the USA where there were just under 50,000 new cases on last Friday. We are basically isolated, working from home, schooling from home and watching too much TV at home although some people have returned to reading books and weeding the garden. The choice of TV shows has suddenly been reduced as the Masked Singer show has had to shut down due to some of the crew catching the virus. It appears that wearing very large, rather ornate masks probably isnâ&#x20AC;&#x2122;t enough to stop infections. The cast of second rate or lower celebrities and singers have now gone home to isolate, and the general public will have to wait till itâ&#x20AC;&#x2122;s all clear to see who the next basically has been or never was tries to sing. This shut down has been one of the few positives we have seen recently. This is a time of discomfort for most and for some life changing health issues with too many dying. We need to work together, separately, and wear our masks to get out of this. r%FOOJT 'JU[HFSBME .FMCPVSOF "VTUSBMJB

WEDNESDAY AUGUST 26, 2020 â&#x20AC;¢T H I S D AY

T H I S D AY Ëž Í°Í´Ë&#x153; 2020

BUSINESSWORLD

Group Business Editor Obinna Chima Email obinna.chima@thisdaylive.com 08152447875

Í° ÍŻ Ë&#x153; Í° ÍŽ Í° ÍŽ MONEY MARKET OVERNIGHT OBB

REPO 2.63 2

CALL 1-MONTH 3-MONTH

1.75 2.50 3.50

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

588.62% -0.61% -4.16%

S & P INDEX 1/4 TO DATE YEAR TO DATE

4.58% 22.33%

EXCHANGE RATE ÍąÍśÍŻËšÍŻ ĚŠ ĚŠ

Quick Takes Afreximbank Posts Strong Results

SUPPORTING INNOVATION

LL-R: Special Adviser to Lagos State Governor on SDG & Lagos Global, Mrs. Solape Hammond; Lagos State Deputy Governor, Dr. Obafemi Hamzat; Governor,Mr.BabajideSanwo-Olu;Commissioner,MinistryofScienceandTechnology,HakeemFahm,andSpecialAdvisertotheGovernoronInnovationand Technology,OlatubosunAlake,attheLagosStateScienceResearchandInnovationCouncilGrantAwardceremony, heldinLagos...recently

FG Secures $6bn Funding for Power Sector Emmanuel Addeh in Abuja The federal government said it has so far secured a cumulative sum of $6.150 billion for the funding of various capital projects in the power sector. It also noted that about N254 billion had been lost to the inability of the electricity industry to fully wheel its total 12,000 megawatts to the national grid due to a frustrating lack of infrastructure. Minister of Power, Mr. Sale Mamman, who made the disclosure in a note marking his one year in office, said that as a market in transition, the sector has been experiencing teething challenges, but added that under him, the national grid experienced a peak of 5, 420.30MW, the highest ever. â&#x20AC;&#x153;Infrastructure development is critical for the development of the power sector. The sector needs a reliable infrastructure to connect supply chains and efficiently move electricity from generation to households. â&#x20AC;&#x153;Due to lack of infrastructure, the sector is unable to effectively utilise its generation capacity of

ECONOMY over 12,000MW and incurred over N254 billion as the cost of unutilised capacity. â&#x20AC;&#x153;However, power infrastructure is capital intensive in nature. Federal government allocation alone is inadequate to cater to the huge funding requirements. â&#x20AC;&#x153;It on this basis that this administration developed an innovative approach of sourcing funding needed to execute critical infrastructural development needed for the sector. â&#x20AC;&#x153;I am glad to state that to date, a total sum of $6.150 billion has been secured for infrastructural developmentâ&#x20AC;? he said. A breakdown of the funds showed that the Siemens deal would gulp $2.3 billion while the Transmission Rehabilitation and Expansion Programme (TREP) will consume $1.6 billion. In addition, the federal government noted that a $550 million facility had been secured for the Nigeria Electrification Project (NEP) from a World Bank and African Development Bank (AfDB) arrangement, including

another $1.7 billion to ensure that the power industry becomes more efficient. It stressed that with the $6.150 billion in funding, the present administration has commenced the implementation of critical infrastructure that will enable the country to achieve generation, transmission, and distribution of 25,000MW of electricity by 2025. When deployed, the government noted that the expected infrastructure will reduce system constraints, enabling wheeling capacity of power sufficient to drive industrial growth in the country as originally envisaged by the Economic Recovery and Growth Plan (ERGP) (2017). It said that a Special Purpose Vehicle (SPV) called FGN Powerco is in the process of being set-up following President Muhammadu Buhariâ&#x20AC;&#x2122;s approval, which will warehouse the projectâ&#x20AC;&#x2122;s contingent liability for accountability. â&#x20AC;&#x153;We have also constituted the Nigerian Project Management Office (PMO) with the sole responsibility of providing project management of the project on behalf of the Nigerian Government.

â&#x20AC;&#x153;Additionally, in a complementary way, we are also implementing the Transmission Enhancement Programme. The Federal Ministry of Power working with key development partners; World Bank, AfDB, JICA have raised $1.6 Billion for Transmission Rehabilitation and Expansion Programme (TREP), which is ongoing now with major projects.â&#x20AC;? Mamman listed the projects as the Alaoji-Onitsha, Delta Power Station-Benin and Kaduna-Kano, $410 million while $29 million is intended to build a 330kV DC 62KM line between Birnin Kebbi and Kamba. Also included are the Lagos/ Ogun Transmission Infrastructure Project (JICA)-$200 million, Abuja Transmission Ring Scheme (AFD)-$170 million and Northern Corridor Transmission Project (AFD & EU)-$274 Millionâ&#x20AC;? the minister said. To increase energy access for an estimated 80 million Nigerians that are without electricity access, the ministry said it mapped the entire unserved clusters and identified the best means to provide them with electricity.

Expert Highlights Opportunities in Real Sector Investment Goddy Egene The Managing Director/Chief Executive Officer of Skystone Capital and Investment Limited, Mr. Ola Olabinjo, has called on Nigerians to take advantage of the opportunity created by the relatively low yields on traditional fixed income securities and redirect their capital into the real sector to stimulate job creation, drive double-digit investment returns and galvanise economic activities. Olabinjo stated this at the maiden webinar organised by the Swiss-based Faithshield Investment Management Limited titled: â&#x20AC;&#x153;Foreign Exchange, Interest Rate and Inflation: How they affect wealth creation.â&#x20AC;? According to him, investment

ECONOMY in the real sector is a critical factor that would drive the revolution needed to resuscitate the Nigerian economy which has been badly hit by the twin issue of foreign exchange volatility caused majorly by the breakdown amongst members of the Organisation of Petroleum Exporting Countries (OPEC) and the unexpected outbreak of the Coronavirus Disease (COVID â&#x20AC;&#x201C; 19). He explained that while domestic money managers that invested in government securities may not be excited by the negative adjusted real returns currently being experienced, asset managers in developed countries are beginning to

channel investible capital to address the worldâ&#x20AC;&#x2122;s most pressing challenges in critical sectors such as agriculture, renewable energy, transport infrastructure and affordable basic services including housing, healthcare, and education. He therefore, he maintained that Nigeria must follow suit to make appreciable progress in its quest to lift million out of the poverty bracket. Speaking alongside, Mr. Nwabueze Amiaka, Managing Director, Faithshield Investment Management Limited, Olabinjo noted efforts of the Central Bank of Nigeria (CBN) geared towards stimulating credit to the private sector and its recently approved N15 trillion Infrastructure Development Company Plc (InfraCo)

expected to be co-owned with the Nigeria Sovereign Investment Authority (NSIA) and Africa Finance Corporation (AFC) as a good step in the right direction. Speaking on inflation, he said Nigerians should expect to witness a taper down of inflationary pressure as the gains of federal governmentâ&#x20AC;&#x2122;s investments in rail and road networks across the country begins to kick in. Olabinjo explained that the high headline inflation anchored on the continued acceleration of food inflation which rose by 30 basis points (bps) to 15.48 per cent as at July 2020, is a result of the huge infrastructure deficit around transport, processing, warehousing, required to move agriculture produce from farm to markets.

The African Export-Import Bank (Afreximbank) has released its unaudited ďŹ nancial statements for the six months ended 30 June 2020. According to a statement, despite the impact of the Covid-19 pandemic on socio-economic conditions globally, the Bankâ&#x20AC;&#x2122;s net income rose by 10 per cent, from $137.63 million in June 2019, to $150.75 million in June 2020, mainly as a result of strong growth in net fee and commission income, which rose by 134 per cent. Net interest income for the period grew by 17 per cent to $285.71 million, up from $243.93 million in 2019. The net interest margin improved from 3.3 per cent to 3.7 per cent, driven by lower costs of funds as interest rates declined globally. Total revenues were strong, rising by 4.4 per cent compared to the ďŹ rst half of 2019, to amount to $519.8million. Fees and commission income supported the growth in revenues, reďŹ&#x201A;ecting continuing progress towards achieving the Bankâ&#x20AC;&#x2122;s goal of diversifying its revenue sources. Total assets increased by 34 per cent from $14.44 billion as at 31 December 2019 to $19.35 billion as at 30 June 2020, largely driven by a 26 per cent increase in loans to $15.20 billion and a 76 per cent increase in cash and cash equivalents to $3.91 billion. The high liquidity level was in response to the uncertainties caused by the Covid-19 pandemic.

Startups Pitch at Labs by ARM

The second edition of the Labs by ARM has concluded with over 100 investors, corporates tech leaders, members of the press, and senior executives of the ARM Group in attendance Held virtually, it was an avenue for startups to pitch their companies in order to secure additional investment. Labs by ARM is a 12-week accelerator programme by Asset & Resource Management Holding Company Limited (ARM) in partnership with the Ventures Platform designed to fund and support compelling ďŹ ntech start-ups solving key problems in the ďŹ nancial services industry, unlocking industry verticals and new markets thereby changing how users access and consume ďŹ nancial services. Thecompanyinastatementsaidthesecondeditionoftheprogramme commenced in February 2020, â&#x20AC;&#x153;and was designed to help ďŹ ve early and growth stage Fintech start-up companies commercialise and grow the distribution of products and services.â&#x20AC;? The teams, it added, participated in deep-dive sessions and were supportedtocreateuniquestrategiesforsolvingpeculiarchallenges. â&#x20AC;&#x153;In addition, programme mentors and advisors, who are thoughtleaders in various relevant ďŹ elds, also provided support in speciďŹ c areas including business growth, product-market ďŹ t, distribution and software engineering thereby helping the start-ups navigate speciďŹ c challenges but more importantly, a better position for growth, â&#x20AC;&#x153;it stated.

African Alliance Bags CertiďŹ cation

African Alliance Insurance Plc has been awarded the ISO 22401:2012 certiďŹ cate for Business Continuity Management (BCM). The certiďŹ cate, which was awarded by the Professional Evaluation and CertiďŹ cation Board (PECB) signiďŹ es that African Alliance has met the requirements for Business Continuity Management (BCM). ISO 22301:2012 is a globally recognised Business Continuity ManagementStandarddevelopedandpublishedbytheInternational Standards Organisation (ISO).This standard, provides a model that organisations of all types and sizes can use in building an eďŹ&#x20AC;ective business continuity system. ISO 22301 speciďŹ es the requirements for a management system to protect against, reduce the likelihood of and ensure a business recovers from disruptive incidents. Commentingontheachievement, AfricanAllianceExecutiveDirector Finance and Business Continuity Leader, Olabisi Adekola, said: â&#x20AC;&#x153;We promised our stakeholders that we would be with them for life, the achievement of the ISO certiďŹ cate for business continuity management further validates that promise. It is another testament to our unďŹ&#x201A;inching commitment to providing our customers the best of us come rain or shine.â&#x20AC;?

â&#x20AC;&#x153;The Presidential Artisanal Gold Mining Development Initiative is a comprehensive artisanal and small-scale gold mining development programmeâ&#x20AC;? Minister of Mines and Steel Development,

Mr. Olamilekan Adegbite

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BUSINESSWORLD

ANALYSIS

Bruised, But Not Broken There is need for the federal government to implement policies that would enhance productivity in the country,writes Obinna Chima

igeriaâ&#x20AC;&#x2122;s already traumatised economy was further bruised by the Covid-19 pandemic as the countryâ&#x20AC;&#x2122;s second quarter (Q2) 2020 Gross Domestic Product (GDP) released on Monday showed that it contracted by 6.10 per cent yearon-year. The development was a reflection of the trend globally as the pandemic significantly chopped off global output during the second quarter of the year. According to the National Bureau of Statistics (NBS) report, the economic decline came on the heels of the nationwide shutdown efforts by the government to contain the spread of the COVID-19 pandemic. The report stated that during the review period, domestic efforts ranging from initial restrictions of human and vehicular movements implemented in only a few states to a nationwide curfew, ban on domestic and international travels, closure of schools and markets among others had affected both local and international trade. However, the GDP growth rate indicated a contraction of 8.22 percentage points when compared with the 2.12 per cent growth in Q2 2019 as well as a contraction by 7.97 per cent when compared to the 1.87 per cent recorded in Q1 2020. As a result, only 13 activities recorded positive real growth compared to 30 in the preceding quarter as average daily oil production dropped to 1.81 million barrels per day (mbpd) in Q2 or â&#x20AC;&#x201C;0.26mbpd lower than the 2.07mbpd in Q1. The NBS noted that the decline in economic growth had truncated the three-year trend of low but positive real growth rates recorded since the 2016/17 recession. Real GDP contracted by 2.18 per cent yearon-year for the first half of the year (H1 2020) compared to 2.11 per cent recorded in H1 2019. According to Nigerian Gross Domestic Product Report â&#x20AC;&#x201C; Q2 2020, released by the statistical agency, quarter-on-quarter, real GDP further contracted by 5.04 per cent. In the quarter under review, aggregate GDP stood at N34.02 trillion in nominal terms or -2.8 per cent lower than Q2 2019, which recorded N35 trillion (revised) while real GDP was estimated at N15.89 trillion from N16.74 trillion in Q1. The oil sectorâ&#x20AC;&#x2122;s contribution to real GDP in Q2 declined to 8.93 per cent from 9.50 per cent in the preceding quarter and 8.98 per cent in Q2 2019. The non-oil sector also contracted by 6.05 per cent in real terms in Q2, representing the first decline in real non-oil GDP since Q3 2017. In real terms, the sector accounted for 91.07 per cent of aggregate GDP, slightly higher than the 90.50 per cent share recorded in the previous quarter as well as 91.02 per cent in Q2 2019. The non-oil sector growth was driven by financial and insurance institutions, information and communication, agriculture particularly crop production, and public administration, thereby moderating the economy-wide decline. However, transport and storage, accommodation and food services, construction, education, real estate and trade, among others, experienced the highest negative growth during the review period.

Zainab Ahmed

Buhari

Agriculture, industries and services contributed 24.65 per cent, 21.87 per cent and 53.49 per cent to real GDP respectively. Agriculture grew by 1.58 per cent in Q2 from 2.22 per cent in Q1 and 1.79 per cent in Q2 2019 while manufacturing contributed 8.82 per cent, compared to 9.65 per cent in Q1 and 9.08 per cent in Q2 2019. Bruised, Not Broken But some analysts believe that the GDP contraction was not as steep as had been predicted by some economists, attributing the development to activities in the agricultural sector as well as aggressive development finance interventions by the Central Bank of Nigeria (CBN). To Renaissance Capitalâ&#x20AC;&#x2122;s Global Chief Economist, Charles Robertson, noted that, â&#x20AC;&#x153;Even oil dependent Nigeria (which because of the oil price plunge should be hit worse than many in Africa) has outperformed most developed market economies in 2Q20 - (relative) positive signal for other Subsaharan economies. â&#x20AC;&#x153;Part of the reason that Africa should do better than economies like the UK and US is that agriculture is far more important - and less impacted by lockdown than retail/service economies.â&#x20AC;? Since the outbreak of the virus in the country, the CBN has adopted an expansionary monetary policy stance in order to save jobs and livelihoods. The first step was for the bank to unveil palliative measures to cushion impact of the virus on economy. These measures included the extension of moratorium on all CBN intervention facilities; interest rate reduction; creation of a of N50 Billion Targeted Credit Facility through the NIRSAL Microfinance Bank for households and smalland medium-sized enterprises (SMEs); Credit Support for Healthcare Industry; regulatory forbearance; as well as the strengthening of its loan-to-deposit ratio policy. But looking ahead, analysts at CSL Stockbrokers Limited, anticipated improved activity levels following the gradual opening of the economy and the various stimulus

plans announced by the CBN to cushion the GDP numbers in the third quarter. â&#x20AC;&#x153;We expect the economy to slump into recession in Q3, the second in four years, due to the lingering impact of the dual shocks (COVID 19 and the downturn in the oil sector) on output and employment. Specifically, we expect the performance in the oil sector to remain downbeat, due to lower oil prices and reduced production levels in compliance with OPEC+ cuts,â&#x20AC;? CSL Stockbrokers added. However, the Lagos Chamber of Commerce and Industry (LCCI) has advised the federal government to reflate the economy with proper implementation of the Nigerian Economic Sustainability Plan (NESP) and effective synchronisation of fiscal and monetary policies in order to save it from sliding into recession for the second time under the watch of the current administration. The LCCI noted that this would give the economy a boost in the near term even though growth would continue to remain weak and fragile till the first quarter of 2021. Director General of the LCCI, Dr. Muda Yusuf, said it was important for policymakers to tackle the twin challenge of rising inflation and unemployment rates which are currently at a record high of 12.82 per cent and 27.1 per cent respectively. â&#x20AC;&#x153;Structural bottlenecks to productivity in the economy need to be urgently removed through a mix of fiscal, monetary and regulatory measures. It is imperative to reduce policy uncertainties in order to inspire the confidence of investors, both domestic and foreign,â&#x20AC;? Yusuf advised. Also, the Nigeria Employersâ&#x20AC;&#x2122; Consultative Association (NECA) called for concerted efforts by all stakeholders to pull the economy away from downward slide. The Director-General, Timothy Olawale, stressed the need for the government to, â&#x20AC;&#x153;take a bold step in stopping the slide by refocusing monetary and fiscal policies to support economic sectors that have potential for large scale production and employment as a means to kick-start the

economy and arrest the negative growth; foreign exchange should be channelled to the real and productive sectors to increase capacity utilisation and pull other sectors in the value chain along with it; total deregulation of the downstream oil sector and a more deliberate effort at curbing wastages and leakages in government.â&#x20AC;? He further called for greater collaboration among all stakeholders with the view of redirecting the economy on the path of positive and consistent growth. Analysts at United Capital Limited, in their projection, expects Nigeriaâ&#x20AC;&#x2122;s compliance to OPEC+ production cut agreement from August to December, 2020 as well compensation for prior months overproduction with deeper cut, would to limit production to below pre-COVID-19 levels of above two million barrels per day. â&#x20AC;&#x153;Hence, oil sector GDP is expected to remain pressured. Also, contrary to our initial optimistic position for the non-oil sector to recover by Q42020, we now assume the sector will remain contractionary through Q3 and Q4 2020. â&#x20AC;&#x153;This assumption is predicated on the negative impact of the current forex scarcity, pressure on consumer spending amid rising inflation and unemployment rates, would continue to have on volumes growth. â&#x20AC;&#x153;Thus, offsetting the anticipated gains from easing economic restrictions and liquidity injections from both the monetary and fiscal sides. However, we believe sectors such as the ICT, agriculture, and Financial Services, which contribute about 45 per cent to real GDP, will continue to stay resilient during the dark times in Q3 and Q4-2020,â&#x20AC;? the Lagos-based firm added. Therefore, the latest development calls for concerted efforts to increase productivity in the country, so as to support growth and job creation. In addition, the federal government must improve support to small and medium sized enterprises that employ almost 80 per cent of the countryâ&#x20AC;&#x2122;s workforce as well as ensure that planned reforms in the power and petroleum sectors are implemented.

FATE Foundation Marks 20th Anniversary FATE Foundation has announced plan to celebrate its 20th anniversary. According to a statement, the enterprise development organisation was founded by Mr. Fola Adeola, the Founder and Pioneer Managing Director/Chief Executive Officer, GTBank, to harness the strong entrepreneurial culture of Nigerians by providing business incubation, growth enablement and accelerator support required to fully explore their innovative potential. It quoted Adeola to have said: â&#x20AC;&#x153;Entrepreneurship is a journey that starts with self but ends with impacting the world. After 20 years, we happy

to have helped thousands of Nigerians embark successfully on this Journey.â&#x20AC;? The anniversary would culminate with a series of high-level virtual programming in December, including a high-level ecosystem design policy dialogue series, launch of entrepreneurship books and the signature annual celebration programme. Speaking on the Foundationâ&#x20AC;&#x2122;s work, its Executive Director, Adenike Adeyemi, said the mission of our organisation is to foster wealth creation by promoting business and entrepreneurial development among Nigerians. The statement disclosed that

in 2000, FATE Foundation started the Aspiring Entrepreneurs Programme (AEP) for young entrepreneurs/startups. This, it stated was immediately followed by the launch of the Emerging Entrepreneurs Programme (EEP) for growing businesses and the establishment of the FATE Consulting unit (now Growth support unit) to provide business support and advisory services for entrepreneurs. â&#x20AC;&#x153;Two years later, the organisation won the World Bank Business Plan Competition and opened the Port Harcourt Branch to focus on enterprise creation in the Niger-Delta. â&#x20AC;&#x153;In 2010 an Impact Assessment Study of FATE Alumni

indicated that 65 per cent of entrepreneurs supported were still in business and they had created an average of four jobs,â&#x20AC;? it added. According to the statement, over the last decade, FATE Foundation has pioneered initiatives that continue to focus on enabling Nigerian entrepreneurs and the ecosystem. These it listed to include the Institute for Venture Design (IVD) Fellowship in Partnership with the Stanford Center for Design Research; the Annual Policy Dialogue Series on Entrepreneurship; the one-stop virtual resource center for Nigerian entrepreneurs,

msmehub.org; the ScaleUp Lab Accelerator programme and the Orange Corners Incubation programme amongst others. In addition, the organisation stated that it has also published seven research reports on the Nigerian ecosystem and MSMEs, adding that from inception to date, FATE Foundation has supported over 120,000 aspiring and emerging Nigerian entrepreneurs who are spread across Nigeria creating jobs and adding value to the local and national economies. â&#x20AC;&#x153;A number of these entrepreneurs are very active in the organisationâ&#x20AC;&#x2122;s vibrant Alumni community. â&#x20AC;&#x153;Following the impact of

COVID-19, the Foundation has successfully pivoted to digital programming and developed resilience building programmes to support entrepreneurs, set up a FATE Philanthropy Coalition for COVID-19 Support Fund and also launched an 8-Part video and podcast series called Journeys in Entrepreneurship. â&#x20AC;&#x153;These achievements would not have been possible without a committed Board of Directors, the active support of local and international partners and over 1,500 industry leaders, experienced entrepreneurs who volunteer their time as facilitators, mentors and advisors to the organisationâ&#x20AC;&#x2122;s entrepreneurs.â&#x20AC;?

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Improving Access to Market Data The upgrade of the Nigerian Stock Exchange Data Portal will significantly enhance access to information about listed companies and boost investment decisions in the capital market, writes Goddy Egene

he principle of buying and selling securities may seem a daunting task to many, but surprisingly, investing is almost akin to most other ďŹ nancial decisions. Individuals should always seek to understand the product or service of interest, know its strengths, weaknesses, substitutes and the chances of experiencing buyerâ&#x20AC;&#x2122;s remorse. Similarly, in order to get the best possible outcomes from any investment in the capital market, it is important that investors are exposed to market information â&#x20AC;&#x201C; not just the security name â&#x20AC;&#x201C; but also insights into the underlying securities, their past performance, price trends, and other fundamental factors that impact on the attractiveness or resilience of the security. This is why access to information is very key in capital market because once investors have access to market information, their investment decisions would be better and faster. By doing so, more investors would attracted to the market. The global increase in the consumption of capital market information by market participants is directly linked to the ease of accessing market data. Apparently realising the importance of improved access to data, the Nigerian Stock Exchange (NSE) has upgraded its data portal, known as X-Data Portal. X-Data Portal is an online repository of real time, delayed, end-of-day and historical data for all securities listed on the NSE. The X-Data Portal has been enhanced with new features including data new products, subscription management, payment gateway integration and more. With this upgrade, the NSE is facilitating a customer-centric approach to deliver a superior customer experience to those in need of market data. Commenting on the development, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said: â&#x20AC;&#x153;The upgrade of the X-Data Portal is in line with the desire of the NSE to continue to provide an exchange that is easily accessible leveraging digital technology. The newly enhanced X-Data Portal has, therefore, been equipped with marketfocused features that will complement the NSE website and other NSE portals in response to stakeholdersâ&#x20AC;&#x2122; increased demand for easy access to data.â&#x20AC;? Building on the foundation of the first version, the X-DataPortal provides users with responsive layout and user-friendly navigation. Users would also have easy and quick access to downloadable market data, reports, and historical data to aid informed decision making; customised reports on request; instant purchase of market data within the portal; easy tracking of all subscribed reports; and free access to seven days historical price data and top 10 brokersâ&#x20AC;&#x2122; performance report. All these were designed to deliver value to stakeholders across the capital market value chain. In his comments, the Head, Trading Business, NSE, Mr. Jude Chiemeka, said: â&#x20AC;&#x153;At the NSE, we recognise that data fuels every aspect of the trading process. We are, therefore, pleased to introduce the improved X-Data Portal that will serve as a principal source for brokers, fund managers, research analysts, other professionals and non-professional participants like students and investors to get quality real-time and reference data reports for analysis, research and reporting purposes.â&#x20AC;?

Trading ďŹ&#x201A;oor

According to him, the X-Data Portal equips fund managers and brokers with the data they need to formulate investment strategies or identify opportunities for arbitrage, thereby minimising risk and maximising value for their portfolios. â&#x20AC;&#x153;For dealing member firms, academic institutions and other users, the accurate source of historical and real-time data the X-Data Portal provides leads to high quality research and superior trading decisions which can help to reinforce client relationships and generate revenue,â&#x20AC;? he said. Over the years, NSE has deployed a best in class trading engine, X-GEN, which is what currently enables remote trading; the broker oversight and supervision system (X-BOSS) to allow dealing member firms file statutory reports and improve compliance; X-Smart, a market surveillance tool that proactively monitors the market; X-Whistle to allow members of the public report market infractions; and X-Bot, an Artificial intelligence (AI) powered Chatbot that allows investors make enquiries. According to the exchange, all of these investments have proven to be worthwhile given the present condition of the global economy. â&#x20AC;&#x153;As we are all aware, the world is facing unprecedented challenges occasioned by the COVID-19 pandemic which is stretching the capacity and capabilities of organisations to maintain optimal performance levels. The exchange continues to show its resilience by not only maintaining remote trading and business activities seamlessly, but by constantly innovating to meet stakeholdersâ&#x20AC;&#x2122; demands even in the toughest of times,â&#x20AC;? it said. Also, as part of efforts to ensure that companies structure their operations to a more holistic framework that can monitor compliance and enforce rules and procedures, the NSE launched the SentryGRC platform. SentryGRC is a platform that automates backoffice functions like governance, risk management and compliance. It enables organisations to pursue a systematic and organised approach to managing GRC-related strategy and implementation, thereby creating an enabling environment for

increasing efficiency and effectiveness alongside reducing costs. â&#x20AC;&#x153;The NSE continues to position itself, not only to be a credible platform for raising capital, but to be a hub for innovative and creative ideas. We are, therefore, pleased to introduce SentryGRC to the market. â&#x20AC;&#x153;We recognise the need to build the required infrastructure for players in the Nigerian capital market, and we see the SentryGRC platform as a step in the right direction to help businesses achieve their strategic objectives, address uncertainties and act with integrity,â&#x20AC;?Onyema said. Also commenting, the Executive Director, Regulation Division, NSE, Ms. Tinuade Awe said: â&#x20AC;&#x153;The SentryGRC promotes agility & digitisation in governance, risk management and compliance areas of business. Institutions must recognise the need to adapt procedures & standards to what is relevant even as we transition to this new normal. Furthermore, there is a responsibilty on Regulators to become more comfortable with technology and engage with market participants on how to effectively design and deploy statutory standards that work from an operational point of view and also satisfy regulatory requirements.â&#x20AC;? The exchange noted that the SentryGRC platform boasts an array of multi-dimensional features that make it both easily adaptable and applicable across various functions. Some of its more interesting features include the customised dashboards that gives management a single view of relevant metrics; its ability to automatically generate reports making statutory submission seamless; and its easy integration across other operations including enterprise resource planning softwares. â&#x20AC;&#x153;In addition to governance, risk management and compliance, SentryGRC can also be used along a wide range of functions including audit, internal control, business continuity, legal workflow, data protection management, IT audit and ethics management,â&#x20AC;? it said. Apart from introducing measures that are making the market more attractive to investors,

the NSE continued to deliver on its commitment to provide a platform for issuers to raise capital even in the toughest of times. During this period of remote trading, the NSE has helped corporates and government raise capital to the tune of over N968 billion, ranging from new and supplementary bond listings to rights issues, private placements and exchange traded funds (ETFs). These funds have been utilised to pay down financial obligations, support working capital, improve infrastructure development and facilitate business expansion. Onyema had said the NSE was resolute in its commitment to be a trusted business partner to all our issuers in accessing right-sized capital and achieving their strategic business objectives. â&#x20AC;&#x153;In our efforts to fulfil this mandate, we have achieved all-round increased efficiency in terms of competitive pricing structures, increased turnaround time, enhanced customer experience and improved time to market. We believe this has translated into the remarkable resilience we have displayed amidst this pandemic, as well as increased investorsâ&#x20AC;&#x2122; confidence as reflected in stakeholdersâ&#x20AC;&#x2122; participation in our market across various asset classes,â&#x20AC;? he said. Since the activation of its Business Continuity Plan which saw the transition to remote trading and working from home on 24 March 2020, the NSE has attracted several new listings to the market. The most recent being LAPO Microfinance Bankâ&#x20AC;&#x2122;s N6.2 billion bond. Before the listing of LAPO MFB, Dangote Cementâ&#x20AC;&#x2122;s N100 billion bond was listed, which is the largest corporate bond issued in the Nigerian debt capital market. Other include: 900,000 units of the NewGold ETF valued at N7 billion; UACN Property Development Plcâ&#x20AC;&#x2122;s N16 billion rights issue; FBNQuest Merchant Bankâ&#x20AC;&#x2122;s Series-1 N5 billion bond; Flour Mills of Nigeria Plcâ&#x20AC;&#x2122; N12.5 billion and N7.5 billion; Primero BRT Securitisation SPV Plc bond worth N16.1 billion bond; Golden Guinea Breweries Plcâ&#x20AC;&#x2122;s N1.2 billion private placement, and several Federal Government Bonds worth over N797 billion.

NEPZA Boss Visits LPZ, Canvasses Promotion of Trade Zones Goddy Egene The Managing Director of the Nigerian Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, and his team recently visited the Lagos Free Zone (LPZ) owned by Tolaram Group, last week. Speaking during the visit, Adesugba said it was crucial for the government and private sector to promote great investments such as the LFZ. According to him, as a

developing country, there was need to focus on key aspects that could lead to accelerated economic development. â&#x20AC;&#x153;NEPZA is an agency of government that is geared towards ensuring there is industrialisation using the template of the free zones and this is exactly what we are working towards. It is also important to stress that irrespective of legislation, the purpose and the mandate given to the free zone is that it must be a tax free zone.

â&#x20AC;&#x153;Therefore, no matter the complications, we have to make sure that ours is not different to others. We will also be upgrading the investment promotion unit of NEPZA to a full-fledged department, as it is crucial for the government and private sector to promote great investments such as the LFZ. I would like to thank, CEO of LFZ, Mr. Dinesh Rathi, and his team for a great tour of the site and the wonderful work being done here.â&#x20AC;?

The LFZ is the first privately owned special economic zone in Nigeria with an integrated deep sea port and is home to several reputable brands such as Kelloggâ&#x20AC;&#x2122;s, Dano Milk, Power Oil, Colgate, BASF, and many more. With world-class infrastructure and a host of operational advantages, LFZ intends to be the preferred industrial hub in Nigeria to cater to the growing needs of consumers in Sub-Saharan Africa.

In his presentation, to the NEPZA team, Business Development and Marketing Manager, LPZ, Chinju Udora, said Lekki Port, which is set to be fully operational by the fourth quarter of 2022, is seamlessly integrated with in LFZ to connect it to regional and international routes. â&#x20AC;&#x153;LFZ remains committed to enhance the ease of doing business in Nigeria. The central processing center that currently hosts agencies including the Nigeria Immigration Service

(NIS) and the Nigeria Export Processing Zones Authority (NEPZA) facilitates a single window system to meet all registration and day-to-day operational needs of businesses. â&#x20AC;&#x153;Furthermore, critical ancillary facilities such as ready-built standard industrial facilities, warehouses, emergency response medical facility, dedicated truck pack and logistics support enable a cost-effective and hassle-free operational environment for businesses,â&#x20AC;? he said.

WEDNESDAY, ͺ;˜ ͺ͸ͺ͸ ˾ T H I S D AY

MARKET NEWS

Wapic Explains Change of Name to Coronation Insurance Goddy Egene

Plc has formally informed that the Coronation Insurance Plc. The general meeting (AGM) held Mr. Mutiu Sumonu, said the change Nigerian Stock Exchange (NSE) name change was approved by recently. of name was aimed at enabling the The Chairman of the company, company reflect its independence, Shareholders of Wapic Insurance about the change in its name to the shareholders at the annual A Mutual fund (Unit Trust) is an investment floor of the Nigerian Stock Exchange. Offer price: The price at which units of a trust or vehicle managed by a SEC (Securities and A REIT (Real Estate Investment Trust) is an ETF are bought by investors. Exchange Commission) registered Fund Manager. investment vehicle that allows both small and Bid Price: The price at which Investors Investors with similar objectives buy units of the large investors to part-own real estate ventures (eg. redeem (sell) units of a trust or ETF. Fund so that the Fund Manager can buy securities Offices, Houses, Hospitals) in proportion to their Yield/Total Return: Denotes the total that willl generate their desired return. investments. The assets are divided into shares that return an investor would have earned on An ETF (Exchange Traded Fund) is a type are traded on the Nigerian Stock Exchange. his investment. Money Market Funds report of fund which owns the assets (shares of stock, Yield while others report Year- to-date Total bonds, oil futures, gold bars, foreign currency, GUIDE TO DATA: Return. etc.) and divides ownership of those assets into Date: All fund prices are quoted in Naira as at 24- NAV: Is value per share of the real estate shares. Investors can buy these ‘shares’ on the Aug-2020, unless otherwise stated. assets held by a REIT on a specific date.

achieve set goals and in line with ongoing transformations in the nation’s insurance industry.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A 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 0.92 0.93 1.91% ACAP Income Funds 0.78 0.78 10.20% 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 5.82% AIICO Balanced Fund 2.97 3.05 20.79% 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 N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A 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 14.36 14.80 -6.23% ARM Discovery Fund 340.00 350.25 -1.57% ARM Ethical Fund 30.32 31.23 4.26% ARM Eurobond Fund ($) 1.15 1.15 14.92% ARM Fixed Income Fund 1.08 1.09 8.74% ARM Money Market Fund 1.00 1.00 4.49% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund 97.26 97.94 1.23% AXA Mansard Money Market Fund 1.00 1.00 4.74% CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.13 2.13 16.41% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 1.85 1.87 4.73% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 5.41% Paramount Equity Fund 11.40 11.60 -8.95% Women's Investment Fund 110.54 111.50 0.11% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 4.95% Cordros Milestone Fund 2023 104.65 104.98 Cordros Milestone Fund 2028 108.98 109.28 Cordros Dollar Fund ($) 102.58 102.58 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 3.41% Coronation Balanced Fund 0.95 0.96 2.28% Coronation Fixed Income Fund 1.55 1.55 16.86% 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 4.28% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 4.45% EDC Nigeria Fixed Income Fund 1,167.70 1,178.30 5.24% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Fixed Income Fund 1,391.98 1,393.59 14.09% FBN Balanced Fund 152.80 153.86 4.07% FBN Halal Fund 107.24 107.25 7.24% FBN Money Market Fund 100.00 100.00 4.47% . . . FBN Nigeria Eurobond (USD) Fund - Retail N/A N/A N/A FBN Nigeria Smart Beta Equity Fund 114.71 116.50 -11.85% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 3.46% Legacy Debt Fund 3.81 3.81 4.27% Legacy Equity Fund 1.13 1.15 -0.07% Legacy USD Bond Fund 1.12 1.12 3.28% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Growth Fund 3,118.13 3,152.25 2.54% Coral Income Fund 3,186.62 3,186.62 3.61% FSDH Treasury Bills Fund 100.00 100.00 4.51% 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 3.98% Vantage Balanced Fund 2.29 2.33 4.37% Vantage Guaranteed Income Fund 1.00 1.00 8.55% Kedari Investment Fund (KIF) 149.78 150.52 4.50% 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 1.25 1.27 7.08% Lotus Halal Fixed Income Fund 1,130.76 1,130.76 6.82% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A 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 1.39 1.41 13.58% PACAM Fixed Income Fund 11.92 11.99 5.87% PACAM Money Market Fund 10.00 10.00 3.80% PACAM Equity Fund 1.06 1.08 PACAM EuroBond Fund 107.73 110.25 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 114.57 116.70 -2.49% 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 6.44% 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 2,521.35 2,532.80 2.84% Stanbic IBTC Bond Fund 210.33 210.33 0.97% Stanbic IBTC Ethical Fund 0.88 0.89 2.87% Stanbic IBTC Guaranteed Investment Fund 273.87 273.95 1.20% Stanbic IBTC Iman Fund 154.92 156.64 1.72% Stanbic IBTC Money Market Fund 100.00 100.00 4.27% Stanbic IBTC Nigerian Equity Fund 7,674.15 7,756.30 0.39% Stanbic IBTC Dollar Fund (USD) 1.16 1.16 0.78% Stanbic IBTC Shariah Fixed Income Fund 118.18 118.18 0.00% UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 803 306 2887 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.15 1.17 -3.59% United Capital Bond Fund 1.84 1.84 6.64% United Capital Equity Fund 0.65 0.67 -7.24% United Capital Money Market Fund 1.00 1.00 4.77% United Capital Eurobond Fund 114.12 114.12 4.50% United Capital Wealth for Women Fund 1.02 1.03 -2.29% 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 10.30 10.41 0.18% Zenith Ethical Fund 11.65 11.71 0.02% Zenith Income Fund 24.53 24.53 10.15% Zenith Money Market Fund 1.00 1.00 3.64%

REITS NAV Per Share

Fund Name SFS Skye Shelter Fund

Yield / T-Rtn

117.83

5.06%

53.40

2.59%

Bid Price

Offer Price

Yield / T-Rtn

9.04 86.21 66.92

9.14 88.04 68.12

3.83% 1.44% 1.38%

Union Homes REIT

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

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

3.07 4.21 11.90 1.00 11.01 184.27

3.11 4.29 12.00 1.00 11.21 186.27

-13.56% -28.53% -1.84% 3.13% 5.92% -2.09%

NAV Per Share

Yield / T-Rtn

108.03

15.02%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

WEDNESDAY AUGUST 26, 2020 â&#x20AC;¢ T H I S D AY

WEDNESDAY AUGUST 26, 2020 â&#x20AC;¢T H I S D AY

WEDNESDAY AUGUST 26, 2020 â&#x20AC;¢ T H I S D AY

T H I S D AY Ëž Í°Í´Ë&#x153; 2020

BUSINESS/MONEYGUIDE

LCCI, NACCIMA Seek Policies to Reflate Economy Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) have advised the federal government to work out effective policies that would reflate the economy. They gave the advice at the wake of the recent National Bureau of Statistics (NBS) report, which showed that the Nigerian economy contracted by 6.1 per cent in the second quarter of 2020. The Director General of the NACCIMA, Mr. Ayo Olukanni, said yesterday that only appropriate government policy would stimulate economic activities by creating a regulatory environment that ensures that citizens take on productive activities in order to avert a steep decline of the GDP that would push the economy

into recession. â&#x20AC;&#x153;We counsel that government at all levels should resist the urge to tax or place an economic burden on the citizenry, as this will stifle economic activity and sustain the cycle of recession. â&#x20AC;&#x153;Rather, we counsel that government at all levels adopt policies that will mitigate workforce depletion by encouraging production processes that will reduce COVID-19 infection and stimulate economic activity by creating a regulatory environment that ensures that citizens take on productive activities,â&#x20AC;? NACCIMA said. He added: â&#x20AC;&#x153;In our opinion, this approach, combined with a shift in focus from lump-sum taxation to consumption and/ or sales taxes will create the appropriate environment for a quick recovery from economic recession.â&#x20AC;? Similarly, the Director General

of the LCCI, Dr. Muda Yusuf, called on the government to ensure dedicated implementation of the Nigerian Economic Sustainability Plan (NESP) and effective synchronisation of fiscal and monetary policies in order to give the economy a boost in the near term even though growth would continue to remain weak and fragile till the first quarter of 2021. The LCCI said it was critically important for policymakers to tackle the twin challenge of rising inflation and unemployment rates which are currently at a record high of 12.82 per cent and 27.1 per cent respectively through appropriate policies. The LCCI boss added: â&#x20AC;&#x153;The Nigerian economy is currently in dire straits. The structural bottlenecks to productivity in the economy need to be urgently removed through a mix of fiscal, monetary and regulatory measures.

MARKET INDICATORS

MuoghaluListsAnticipatedBenefitsfromNIWAReforms David-Chyddy Eleke iĂ&#x2DC; ĂĄĂ&#x2022;Ă&#x2039; The Managing Director of the National Inland Waterways Agency (NIWA), Dr. George Muoghalu has stated that the agency is undergoing massive reforms under his leadership. He expected that the ongoing reforms would regulate activities in the Nigeria Waterways and also earn the federal government revenue. The General Manager, Corporate Affairs, Mr. Jibril Dardaâ&#x20AC;&#x2122;u stated this on behalf of Moughalu, during a media briefing in Onitsha, Anambra State, saying that various revenue windows that were previously ignored have been activated, while leakages in revenue have been

plugged. He added: â&#x20AC;&#x153;Moghalu, had, since assumption of office championed lots of reforms. He has insisted that NIWA wonâ&#x20AC;&#x2122;t tolerate incessant boat mishap due to negligence of boat operators and non-adherence to safety compliance, including wearing of life jackets and overloading. â&#x20AC;&#x153;He vowed to sanction defaulters of land waterways safety guidelines. Because life of any Nigerian matters a lot to him, the agency as a regulatory body canâ&#x20AC;&#x2122;t just fold its arms and watch reckless boat operators jeopardising the lives of Nigerians. â&#x20AC;&#x153;Just at the weekend, he commissioned 36-seater ferry boat at Yelwa-Yauri in Kebbi State. Two weeks ago, he had

a stakeholdersâ&#x20AC;&#x2122; meeting with boat operators in Lagos targeted at addressing boat mishap. â&#x20AC;&#x153;Besides, he has clearly stated that the issue of revenue collection would no longer be business as usual. What is due for government must go for it. As a law abiding citizen, he insists that NIWA laws must be strictly adhered to.â&#x20AC;? Speaking on the current crisis between the Agency and the Incorporated Trustees Board of Sand Miners in the state, which led to the later protesting in Onitsha, over multiple taxation was because the agency had insisted on ensuring that all revenue accruing to government was not fail to get to it.

Akinwuntan Harps on Digital Adoption The Managing Director, Ecobank Nigeria, Patrick Akinwuntan has reiterated the need for young Nigerian graduates to be digitally savvy, imbibe uncommon integrity, deep insights, accountability and excellence to be able to compete in the new world order. According to a statement, Akinwuntan gave the advice while delivering a commencement speech at a virtual graduation ceremony for 2019/2020 Lynx set of Babcock University, Ilishan, Ogun State. He noted that in a fast-paced and covid-19 impacted world, only those who are responsive to change and able to learn, unlearn and relearn that will survive.

According to him, â&#x20AC;&#x153;Our world faces many opportunities and challenges ranging from spiritual, economic, political, social to technological. Concepts, identities, institutions and their definitions are being challenged daily. You must therefore bring into our unfolding world, uncommon integrity, deep insights, accountability, excellence, servant leadership, creativity and a nevergive-up spirit that truly creates a new, better world. Also you must be digitally savvy to compete effectively notwithstanding what you studied hereâ&#x20AC;?. Further, Akinwuntan urged the graduands that would be establishing business in todayâ&#x20AC;&#x2122;s environment to be digitally savvy

and focus on industries that offer services and products that have massive day-to-day use such as agriculture, telecoms, food and beverages, technology, banking and finance, advising them to also pay attention to businesses that will enable them to scale or grow without much additional capital such as Uber, Netflix, Tiktok. â&#x20AC;&#x153;The basic values of punctuality, respect, humility, diligence, integrity have become rare in the business environment. Do not take these for granted. Keep them and you will be better for it.â&#x20AC;? He also gave a word of advice to those of them who would be seeking employment, urging them to have the DNA of an employer.

Unizik Business School Begins Research into Igbo Entrepreneurial Model David-Chyddy Eleke Ă&#x201C;Ă&#x2DC; ĂĄĂ&#x2022;Ă&#x2039; The Business School of Nnamdi Azikiwe University, Awka, has launched a research into the entrepreneurial model of the Igboman, which favours apprenticeship as a way of acquiring business knowledge. The research is sponsored by a group, Pro-Value Humanity Foundation, founded by Dr. Obiora Okonkwo, a governorship aspirant in the Anambra State 2021governorship election.

Speaking at the opening ceremony of the research, titled, â&#x20AC;&#x153;Invigorating Igbo entrepreneurial behaviour through enhanced apprenticeship scheme: A study of Onitsha market,â&#x20AC;&#x2122; Okonkwo said the research would generally look at the Igbo entrepreneurial spirit that made them strong. He explained, â&#x20AC;&#x153;Onitsha main market occupies a special place in my mind because played there too. That basic trading experience, in many respects, helped my business instincts and also instilled in me a

deep sense of industry and hard work that have defined my lifeâ&#x20AC;&#x2122;s journey to date. â&#x20AC;&#x153;Thus, when the UNIZIK Business School in July 2019 honoured me with the Philanthropist of the year award, it was only natural for me to try to give back by endowing a major research project on the future of Igbo entrepreneurship, drawing primarily from the iconic role the Onitsha Market has played in the socio-economic transformation of the Igbo nation, particularly since the civil war.â&#x20AC;?

MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

SEPTEMBER 2019 Money Supply (M3)

35,029,779.72

-- CBN Bills Held by Money Holding Sectors

7,374,356.91

Money Supply (M2)

27,655,422.82

-- Quasi Money

116,533,891.21

-- Narrow Money (M1)

11,121,531.60

---- Currency Outside Banks

1,625,047.69

---- Demand Deposits

9,496,483.91

Net Foreign Assets (NFA)

13,911,335.83

Net Domestic Assets(NDA)

21,118,443.89

-- Net Domestic Credit (NDC)

35,918,179.45

---- Credit to Government (Net)

10,452,199.38

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

11,007,422.79

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

25,465,980.07

---- Credit to Private Sector (CPS)

-14,799,735.56

--Other Assets Net

7,000,253.07

Reserve Money (Base Money

2,005,600.83

--Currency in Circulation

4,677,530.81

--Banks Reserves

317,121.43

Ëž Ă&#x2122;Ă&#x;Ă&#x153;Ă?Ă? Ě&#x2039;

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

Ëž Ă&#x2122;Ă&#x2DC;Ă?Ă&#x17E;Ă&#x2039;Ă&#x153;ĂŁ Ă&#x2122;Ă&#x2013;Ă&#x201C;Ă?ĂŁ Ă&#x2039;Ă&#x17E;Ă? Ě&#x2039; ÍŻÍąĎą

OPEC DAILY BASKET PRICE Ë&#x153; Í°Í° Í°ÍŽÍ°ÍŽ

The price of OPEC basket of thirteen crudes stood at $45.19 a barrel on Monday, compared with $44.92 the previous Friday, 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), ZaďŹ ro (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). SOURCE: OPEC headquarters, Vienna

T H I S D AY Ëž Í°Í´Ë&#x153; Í°ÍŽÍ°ÍŽ

NSE Upgrades X-Whistle to Boost Investorsâ&#x20AC;&#x2122;Protection Goddy Egene The Nigerian Stock Exchange (NSE) yesterday announced the upgrade of its whistle-blowing platform, X-Whistle. The webbased whistle blowing portal was first launched in 2014. It empowers a whistleblower, who can be an employee, investor, compliance officer, issuer, stockbroker or any member of the public, to report possible

violations of the rules and regulations of the exchange, the securities law and fraud related to activity within the capital market. According to the Exchange, the upgraded X-Whistle, boasts of an improved user interface and easier navigation to enhance user experience. Some of the new features include a single repository for complaints, tips and referrals; and the ability to

P R I C E S MAIN BOARD

F O R DEALS

generate detailed and varied reports with analytics for proper tracking. Commenting, the Chief Executive Officer, NSE, Mr. Oscar Onyema, said: â&#x20AC;&#x153;This upgrade affirms our commitment to upholding market integrity, protecting investors and building a world-class capital market that is fully digitized. The X-Whistle has, therefore, been enhanced to ensure that all stakeholders are

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

better able to sound the alarm on market violations in a quick, easy and seamless manner. We believe that the updates we have made to the X-Whistle will enhance market integrity and encourage accountability, while improving the experience of stakeholders in our market.â&#x20AC;? Also commenting, the Executive Director, Regulation Division, NSE, Ms. Tinuade Awe, said: â&#x20AC;&#x153;The exchange is pleased

T R A D E D MAIN BOARD

A S

to introduce the upgraded X-Whistle to the market with robust features that will allow people with information about misconduct to come forward to report it and to provide all stakeholders with the means of expressing their concerns in a responsible and effective manner. In 2019 alone, the complaints, tips and referrals received have led to investorsâ&#x20AC;&#x2122; restitution in excess of N1.4 billion. The X-

O F

Whistle will, therefore, further equip the exchange with the tools required to properly assess reports, carry out the necessary investigations and resolve issues efficiently.â&#x20AC;? Meanwhile, the stock market remained bullish as the NSE All-Share Index appreciated by 0.25 per cent to close at 25,291.73, while market capitalisation added N32.7 billion to be at N13.2 trillion.

2 5 / 0 8 / 2 0 2 0 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY Ëž Í°Í´Ë&#x153; Í°ÍŽÍ°ÍŽ

FEATURES

Group Features Editor: Chiemelie Ezeobi Email chiemelie.ezeobi@thisdaylive.com, 08038901925

Consolidating Africaâ&#x20AC;&#x2122;s Heritage and Identity through CBAAC Chiemelie Ezeobi writes that the recently held international virtual conference by the Centre for Black and African Arts and Civilisation provided an avenue to dialogue extensively on how to consolidate Africaâ&#x20AC;&#x2122;s heritage and identity in the 21st Century

hen the Centre for Black and African Arts and Civilisation (CBAAC) was established, it was on the premise that it would promote African heritage and culture. Strategically, as a foremost cultural agency, CBAAC has a key mandate and plays a crucial role in making Nigeria the arrowhead in the presentation, preservation, promotion and propagation of African cultural heritage. According to the Director, Overseeing the Office of the Director General, Mrs. Osaro Osayande, to achieve this, CBAAC preserves, utilises and augments materials, which represent the invaluable contributions made by intellectuals, writers and artists who were the moving spirit behind the execution of FESTAC â&#x20AC;&#x2122;77. Meanwhile, to achieve several of its set goals, she said the centre holds conferences, seminars, workshops, public lectures, exhibitions and symposia periodically, adding that as a research centre, CBAAC is open to academic and research collaborations with the University of Benin and other allied institutions. In view of this, we have some requests which could foster a stronger tie between these two institutions. â&#x20AC;&#x153;We also engage in other activities which project the overall image of Black and African Peoples and enable their cultures to be appreciated globally. Through all these programmes, CBAAC has continued to contribute to the pool of universal knowledge on Black and African Peoplesâ&#x20AC;?, she added. Partnership with UNIBEN This year, the Vice Chancellor of the University of Benin (UNIBEN), Prof. Lilian Salami gave approval for the Faculty of Arts to collaborate with CBAAC and host the CBAAC 2020 International Conference on â&#x20AC;&#x2DC;Sharing Black and African Creative Energy: Consolidating Africaâ&#x20AC;&#x2122;s Heritage and Identity in the 21st Centuryâ&#x20AC;&#x2122;. According to the acting Director of CBAAC, the collaboration is proof that CBAAC is building a strong synergy with prominent academic Institutions in Nigeria, adding that the feat necessitated the request for collaboration as an exposĂŠ into the salient aspects of our African heritage that can ease our process of development in all ramifications. On the choice of Benin as the venue for this yearâ&#x20AC;&#x2122;s conference, she said it was quite compelling in view of its richness in the tradition, arts, heritage and cultural aesthetics. Push for Africaâ&#x20AC;&#x2122;s Heritage In her welcome address, Osayande, while acknowledging the honour and privilege to host the CBAAC 2020 International Conference, also commended the efforts of the University of Benin, especially the Faculty of Arts in collaborating with them. On the conference, she said it was borne out of the need to dialogue extensively on how to re-examine our Black and Creative energy to be positively channeled and re-positioned to consolidate Africaâ&#x20AC;&#x2122;s Heritage and Identity in the 21st Century. â&#x20AC;&#x153;The world is evolving at a very fast pace and as a continent, it is consequential that we join the bandwagon in order not to be left behind in the new tech age where globalisation is taking over. â&#x20AC;&#x153;By properly harnessing our creative energy which are imbedded in our literature, arts and crafts, music, textiles, cuisines and movies etc. to conform with the new digital age and technological advancements, it would afford us the opportunity to tell the African story in the sublime African way. â&#x20AC;&#x153;On another note, this conference is expected to be an exposĂŠ into those aspects of our African heritage that can ease our process of development in all ramifications. This is important because we intend to explore the inherent capabilities in the use of our African heritage for socio-growth and development, while leveraging the creative energy of the African people viz a viz the continuous change

L-R: Director, Overseeing the oďŹ&#x192;ce of the Director-General CBAAC, Mrs Osaro Osayande; Vice Chancellor University of Benin, Prof. Lilian Salami; and Chairman Governing Board CBAAC, Abom Tony Ibana Esu in the new world order.â&#x20AC;? Osayande further charged all attendees that the efforts made during the conference must not end at the expiration of this event, but â&#x20AC;&#x153;we must continually see to how the invaluable contributions to knowledge from this conference are practicalised to improve our economic growth as a continentâ&#x20AC;?. In his address, Chairman CBAAC Governing Board, Abom Tony Ibana Esu said he was particularly proud of CBAACâ&#x20AC;&#x2122;s achievements in presenting, preserving and propagating African Culture in its entirety, adding that each year, the conference keeps improving with the caliber of erudite scholars they invite and the contemporary issues explored. He continued, â&#x20AC;&#x153;the 21st Century has been described as the century of rapid economic growth and development for Africa. With indices from world view in the last few years, we have every reason to be optimistic that African renaissance is definitely around the corner. â&#x20AC;&#x153;If indeed we aspire to achieve most of the laid out goals of the Agenda 2063, it is very important for us to have a crucial and critical exploration into the components of our cultural heritage and also harmonize our creative energy to conform to the dictates of the 21st Century. â&#x20AC;&#x153;Thereâ&#x20AC;&#x2122;s a huge need for us to invest more in education (formal and informal), youth engagement in arts, crafts and designs, mechanized agriculture with improved data collation, accessible electricity, and developing infrastructure to foster trade and investment. â&#x20AC;&#x153;Nigeria and indeed the whole continent of Africa possess the innate capability to achieve her full potential in development, culture and peace and to establish flourishing, inclusive and prosperous societies. This is possible if only the untapped resources enrooted in our cultural heritage are properly employed for sustainable growth and development. â&#x20AC;&#x153;Our monuments and heritages are enough sources of social and economic transformation for the continent. It is my hope that this conference would come out with far reaching roadmap for the development of Africaâ&#x20AC;&#x2122;s creative sectors.â&#x20AC;? In his keynote address, Executive Director, Observatory for Cultural Policies in Africa (OCPA), Maputo, Mozambique, Professor Lupwishi Mbuyamba, speaking on â&#x20AC;&#x2DC;The Implementation of Africaâ&#x20AC;&#x2122;s Creative and Cultural Industry: A Significant Contribution to Development Todayâ&#x20AC;&#x2122; said â&#x20AC;&#x153;the topic of Creative Economy was the title of an expertâ&#x20AC;&#x2122;s meeting organised by the UNCTAD in Geneva in January 2008, on the eve of its first general statutory conference held, for the first time, in Africa, in Accra, Ghana, six months later. â&#x20AC;&#x153;The experts were invited to reflect on the main guidelines of the forthcoming gathering and harmonise understandings in statements and discussions on the topic, Creative Economy, traditional values and regional integration. From the regional side, in the preparation

of the African participation in this world conference, under the African Union guidance, a working team was requested to elaborate a conceptual note on the topic of a Creative Africa. â&#x20AC;&#x153;The combination of an ideological option to sustain the purity and rigor of methods in an established scientific discipline and the evidence of the necessary particular field implications can impose, in human sciences, a revision of paradigms! In essence, he said the memorable history of Africa, its environment marked by human resources material possessions and treasures offer opportunities for a spectacular development if Africans can recall their creativity demonstrated all along their itinerary. He said, â&#x20AC;&#x153;A development guaranteed of sustainability because of being generated and supported by the human being and human aspirations. If Africans today are questioning the paradigms for happiness, tell them to refer to the history of their family, to interrogate them what, why and how they did and ask them to look at their own capacity to reduplicate and put in motion the potential logged in their creativity. â&#x20AC;&#x153;The creativity strategy well explored will help them to rediscover, organise, produce and benefit and help others to benefit from the economic growth. They will then enjoy happiness. In the context of anxiety and of the Sanitation Diplomacy as the world faces a terrifying pandemic situation, as the people of the world is horrified by public demonstrations of a growing racism in the Super Powers States, everyone is watching the neighbor, wondering if probably he can show the way out. â&#x20AC;&#x153;Yes Africa can. The African potential miracle will emanate from its culture through its creativity. The only condition for it is to change the mentality and adopt a new way of thinking and acting.â&#x20AC;? Speaking on â&#x20AC;&#x153;The African Identity in the Global Spaces: Glocalisation, Ascendency, and Slurâ&#x20AC;&#x2122; Sati U. Fwatshak of the Department of History and International Studies, University of Jos said the African identity in the global spaces of the twenty-first century has so far been dominated by negative (mis)representation in the extant literature and in the media. â&#x20AC;&#x153;From intellectual discourses to media (mis) representation of events on the continent; from police brutalities in non-African jurisdictions to racism outside and within the continent; the African image is not encouraging. This paper argues that the African identity in the global spaces is not just a negative one, it is also positive; as it manifests an opportunity and a pitfall. â&#x20AC;&#x153;To wit, globalisation and Africa have mutually impacted one another, not at levels of equality, though. In furtherance of this argument, the paper identifies and discusses three attributes of the African identity in the

continentâ&#x20AC;&#x2122;s encounter with globalisation within a domineering Nigerian sampler. â&#x20AC;&#x153;The identity attributes discussed are glocalization, cultural ascendency, and slur. The first highlights how Africans, particularly Nigerians relate with or use non-African products. In this context, based on the concept of glocalisation, the paper discusses how Nigerians mix or combine foreign and local elements to create products and how they name foreign products. â&#x20AC;&#x153;By acts of glocalisation, Nigerians impose their local cultural, political, and economic identities and contexts on foreign products and languages. Second, the paper highlights the penetration of African products into the global spaces, which promotes Africaâ&#x20AC;&#x2122;s identity in non-African cultural spaces. African products, such as Nollywood films, art, clothing, and food items, and African Christianity, among others, are used to illustrate this point. â&#x20AC;&#x153;The third attribute is the slur associated with being African in non-African climes and also within Africa in the peoplesâ&#x20AC;&#x2122; encounter with policing and racism. In this context, Africans are rightly or wrongly associated with criminality and inferiority.â&#x20AC;? Speaking on the topic â&#x20AC;&#x2DC;Africaâ&#x20AC;&#x2122;s Cultural and Creative Industries and the Transition to Digital Economyâ&#x20AC;&#x2122;, Mr. Victor S. Dugga of the Department of Theatre and Media Arts, Federal University of Lafia, said the creative energy emanating from Africa is enormous. â&#x20AC;&#x153;Historically known to be expressive, expansive, colourful and lively, Africa is widely regarded as a cradle of artistic creativity. From performing arts to plastic arts, the multifarious cultural expressions on the continent are diverse, multifaceted and even considered exotic. â&#x20AC;&#x153;However, the continent is also home to many of the poorest countries in the world. With the global economy rapidly going digital, the enlarging markets for the arts provide a welcome opportunity to use the creative energies to change the fortunes of many people around the continent. To effectively take advantage of the digital economy, Africa has to overcome challenges that are philosophical, structural and infrastructural. â&#x20AC;&#x153;This paper surveys the economic environment of the cultural and creative industries in Africa in the light of changes in information, computing and communications and makes suggestions like creating intermediary networks to reposition the arts for the mutual benefit of artists and national economies.â&#x20AC;? In essence, he said the transition to a digital economy has shifted the ground in many aspects of human society. â&#x20AC;&#x153;The culture and creative industries cannot remain impervious to it. The nature of the engagement has been argued in this paper, has to be pro-active rather than forced upon it. â&#x20AC;&#x153;The potential of this is that â&#x20AC;&#x2DC;Africaâ&#x20AC;&#x2122;s creative economy can trigger a value chain between artists, entrepreneurs, distributors and support services across multiple sectors to provide modern jobsâ&#x20AC;&#x2122; (Lopes, 2015). â&#x20AC;&#x153;For this to happen, there is a compelling case to reinvent institutional frameworks to ensure policy coherence whilst reinventing the content, structure and operations of the cultural and creative industries. The cultural sector in Africa would contribute to the economic and social development of the continent, and in a sustainable manner, if there is more collaboration across sectors of the economy. â&#x20AC;&#x153;To be economically beneficial, greater effort needs to be devoted to protecting intellectual property rights of people in the creative industries. â&#x20AC;&#x2DC;Failing to properly reward creators is holding back growth. Legal frameworks that protect the rights of creators and secure fair remuneration for them is keyâ&#x20AC;Śculture often transcends borders. â&#x20AC;?Networking and collaboration are imperative for cross-fertilisation of ideas, leveraging new technologies and peer learning in the cultural and creative industries as it is for any economic sector. The role of higher education in bringing fresh ideas and integrating older arts through curriculum review has been stressedâ&#x20AC;?, he added.

T H I S D AY Ëž AUGUST 26, 2020

FEATURES

An Unconventional Artistâ&#x20AC;&#x2122;sVirtual Solo Exhibition The current online show at JadĂŠ Art is Lasisi Babatunde Damilareâ&#x20AC;&#x2122;s plethora of 12 paintings beaming light on self-love and shutting down body-slamming. The Chronicles is his first solo exhibition since he was picked up by the art consulting firm two years ago on his strength as an unconventional artist exploring the social and cultural morals of the society. Rebecca Ejifoma writes

Some of Lasisiâ&#x20AC;&#x2122;s body of works

t is gradually becoming a norm as the world has quickly advanced, and breaths life into imaginations, no thanks, to an extent, to science and technology. People no longer drool over their skin tone, boobs-size, heights, curves, belly size and body features. This has, however, sparked worries that natural and flawless beauty may instinctively go into extinct. Lasisi Babatunde Damilareâ&#x20AC;&#x2122;s works invariably set out to change the narrative and champion pride in oneâ&#x20AC;&#x2122;s body type, which societal standard may berate. He unclenched his thoughts through his 12 pieces, which used compatible colours to pass the message. Indeed, the painterâ&#x20AC;&#x2122;s works is a direct response and a tool for social commentary in addressing issues like body criticism in his environment and society at large as well as his reality. His paintings express his creativity and individuality to depict reality with exaggerated figures that mimic the looks of plus size individuals as the perfect models for his gospel. The Chronicles, as interpreted, is a reality exhibition that emphasises the essence of life and time, the very headwinds we all pass through in life. His work is a replica of the situation of Nigeria â&#x20AC;&#x201C; what people are facing; not just about the pandemic but about the regular lifestyle. It fits into the present and past globally. For this brilliant artist, his exhibition has a penchant for people to appreciate and cherish every individual the way they are. The figures may seem distorted to view people but in the

hope that they will begin to accept other body types rather than nitpicking them. Lasisi stated his influences are closer historically; his drawing and paintings are his means of representation in a magnified proportion. His art varies, as he loves to explore varieties of materials and play with ideas as they come clustering in through compositions of different imageries. He sees poetry and beauty in everyday life that allows him to create paintings that speak to him and connects with his audience. Lasisi, a graduate of the Yaba College of Technology 2019, is a sojourner documenting the visual experiences and struggles of the average man within this current time and metaphorically addressing various issues of moral and political statements. With a repertoire of 12 mix media on canvas â&#x20AC;&#x201C; a blend of charcoal on canvas and acrylic â&#x20AC;&#x201C; Lasisi draws attention to the fact that shapes, heights, curves, skin tones can never be same. Still, we can each love our body regardless. Among the recent works are: â&#x20AC;&#x153;The Confession I & IIâ&#x20AC;?, â&#x20AC;&#x153;Survivalâ&#x20AC;?, â&#x20AC;&#x153;Inheritanceâ&#x20AC;?, â&#x20AC;&#x153;Support Systemâ&#x20AC;?, â&#x20AC;&#x153;Choiceâ&#x20AC;?, â&#x20AC;&#x153;Soulmatesâ&#x20AC;?, â&#x20AC;&#x153;African Timeâ&#x20AC;?, â&#x20AC;&#x153;After Party Gistsâ&#x20AC;?, â&#x20AC;&#x153;Owambeâ&#x20AC;?, â&#x20AC;&#x153;Survival IVâ&#x20AC;?, â&#x20AC;&#x153;I am a Learnerâ&#x20AC;?, and â&#x20AC;&#x153;Painting Sounds on Silenceâ&#x20AC;?. Originally planned as a live show, the pandemic disrupted everything. â&#x20AC;&#x153;However, after speaking with the creative director, we realised it was dragging due to social-distancing and the lockdown, we went ahead to make the most of what we have and move it to become a virtual or online exhibitionâ&#x20AC;?, he expressed.

His words, â&#x20AC;&#x153;Painting Sounds on Silence is an inspiration I got before the pandemic. I could be an introverted person and be much away from my family for a while. I have known what it means to be alone. I had to do something that depicts what I was going through. When you see the detail of the painting, you can almost feel strings to the music.â&#x20AC;? The creative director, Ronke Akinyele-Bolanle, who has delved into multiple facets of art as an independent curator and art connoisseur, paid rapt attention to his works. Lasisi has evolved in the last two years, it may seem to be a greater complexity and way out of how we perceived him during the scout 2018, there is a certain ambiguity in his growth and in some of the painterly and narrative detail of

his work this year that brings an awkward and pleasing additional layer to snag the eye and the imagination, she expressed enthusiastically. These recent paintings may seem distorted but will pull the viewer in to explore the juxtaposition of the use of media and references, as well as the exuberant materiality of their making. Truly, this different direction of the painter serves a timely cocktail with lashings of emotions in The Chronicles. Part of regrets of body-shaming is that while it has coerced many to go under the knife countless times, it has sent many to an untimely death. Hence, Lasisi's lesson-packed show calls all to relish their natural body size â&#x20AC;&#x201C; brief or lanky, plus or minus, figure eight or seven â&#x20AC;&#x201C; then promote self-love.

A Ray of Hope Chiamaka Ozulumba writes that Amber Drinks Ltd is bringing a ray of hope to Nigerians in the labour market as she launches an empowerment program for local entrepreneurs

mber Drinks Limited has unveiled a new empowerment program with an aim to empower local entrepreneurs. The new program was introduced as a solution to the challenges of unemployment and is targeted at poverty alleviation. Deemed â&#x20AC;&#x2DC;Amber Drinks Empowerment Programâ&#x20AC;&#x2122;, the initiative aimed at retailers, students, startups and unemployed Nigerians.

Adedeji

It encourages local entrepreneurs to go into the energy drink distribution market, thus helping them transform their economies to become more independent, equitable, and sustainable. Speaking on the purpose of the Amber Drinks Empowerment Program, the General Manager, Amber Drinks Ltd, Lola Adedeji, stated, â&#x20AC;&#x153;With Nigeriaâ&#x20AC;&#x2122;s population increasing exponentially coupled with the global pandemic,

economic opportunities are now limited and overstretched. â&#x20AC;&#x153;The need to encourage and empower startups, students, retailers and the unemployed cannot be overemphasised. â&#x20AC;&#x153;Amber Drinks, through this program aims to provide Nigerians the opportunity to own and grow their businesses through soft loans and business support initiatives. â&#x20AC;&#x153;By providing young people and business enthusiasts with entrepreneurial opportunities to create wealth and support their livelihood, this program will help generate jobs and income, and encourage retailers to go into the energy drink distribution market.â&#x20AC;? The Amber Drinks Empowerment Program is divided into two sectors, the â&#x20AC;&#x2DC;Start-up loanâ&#x20AC;&#x2122; and the â&#x20AC;&#x2DC;Business Supportâ&#x20AC;&#x2122;. Beneficiaries of the Start Up Loan will receive N100,000 and a below-market interest rate of five per cent flat with a with months repayment plan and interest-free within the first 30 days. This loan will be given in the form of products to sustain beneficiaries who are looking to start trading in Amber Energy drink or already own retail store outlets. In addition, each beneficiary starts with a minimum of 20 cases and grows to a minimum of 25 cases every week. Under this scheme, Amber Drinks Limited would empower at

least 400 applicants quarterly. The Business Support involves rent-to-own recharge spots which will cater to individuals that are small-time beverage retailers and are ideally already in the business but need support to expand and grow. The brand will empower 200 applicants quarterly, giving them branded recharge spots on payment by installments. To join the Amber Drinks Empowerment Program, interested persons must apply online, log onto www.amberenergydrink.com/ empowerment and follow through the prompts or simply text Amber<> your full name<> location<> to 34778 and they will receive an auto-response for them to follow-through. Successful applicants would be invited for a short training and onboarding session. Amber Drinks would certify beneficiaries and be hands-on to support beneficiaries with free business consulting and training which launches on September 1, 2020 as well as POS merchandise. Ă mber is scientifically formulated to provide an incredible energy boost for those who lead active and exhausting lifestyles ranging from sports to entertainment. Amber energy drink is enhanced with potent herbal blends of Guarana, Amino acids and Vitamins.

T H I S D AY Ëž AUGUST 26, 2020

FEATURES

Some of Lasisiâ&#x20AC;&#x2122;s body of works

A Ray of Hope Chiamaka Ozulumba writes that Amber Drinks Ltd is bringing a ray of hope to Nigerians in the labour market as she launches an empowerment program for local entrepreneurs

Adedeji

T H I S D AY Ëž Í°Í´Ë&#x153; Í°ÍŽÍ°ÍŽ

EDUCATION Hope as NGOs Move Children from Streets to Schools Philanthropic support is growing in significance as founders of non-governmental organisations and foundations explained to Funmi Ogundare their efforts to help vulnerable children, primarily from less privileged backgrounds, to find their feet in education

â&#x20AC;&#x153;M

ost of the children that we reached have never been to school all their lives. Imagine children who are 13 or 14 years old and have never been to school! We also observed that most of them miss school because of a book and a pen, so we consistently provide these materials for them so that they donâ&#x20AC;&#x2122;t miss school. â&#x20AC;&#x153;The result and impact have been fantastic because a child that could not read or express himself or herself can now do all of that. The results are part of the encouragement that we get to continue reaching out to the children to create a brighter future for them using education as a tool.â&#x20AC;? Dreams from the Slum is an Ajegunle-based NGO that takes children off the streets and into schools. It has done so for 5,000 children since 2013 according to the founder, Mr. Isaac Omoyele. Dreams from the Slums is one of many NGOs working to enhance the lives of children from disadvantaged backgrounds. Education is their focus. Their services have included ensuring that out-of-school children go back to school and learn, giving them daily meals to improve their performance in school, provision of boreholes and sanitary facilities, offering free literacy classes, mentorship and training, renovating and equipping toilets and sickbays to acceptable standards in public schools. According to Omoyele, â&#x20AC;&#x153;we make the dreams of people to become a reality through education empowerment. We help out-of-school children to go back to school and ensure that they are learning. As it is, many children go to school without learning which affects their performance, so we try to provide daily meals and follow through.â&#x20AC;? He said it also runs a low-cost school, provides the children with scholarship, primary education materials, adding that some corporate bodies have been supporting the NGO. On what motivated him to establish the organisation, the graduate of Human Kinetics and Health Education, University of Lagos said: â&#x20AC;&#x153;I started Dreams from the Slum based on a personal experience growing up in Ajegunle. As a child, I dropped out of school severally, not until when someone gave me a full academic scholarship. I observed that I was brilliant, but what affected me was that I went to school without breakfast and basic educational materials. â&#x20AC;&#x153;Someone I didnâ&#x20AC;&#x2122;t know gave me a full academic scholarship, so I said to myself that I would pay it forward. Since we started in 2013, our impact has been amazing. We have provided scholarship and educational material to the children so that they can be in school.â&#x20AC;?

A free literacy class organised by Dreams From Slum Foundation The Founder of Love on The Street (LOTS) Charity Foundation, Mr. Are Solomon said since 2009, the foundation has provided literacy classes and supported street and vulnerable children through feeding, provision of clothing and education materials. â&#x20AC;&#x153;Since 2009, we have been working in a community called Dustbin Estate, Ajegunle. We run free literacy classes every day and also feed the children. Currently, because of COVID-19, we only have classes for those writing exams.â&#x20AC;? On its impact since inception, he said, â&#x20AC;&#x153;we have been providing academic support for them. For those that attend public schools, we do extra classes for them. We have awarded scholarship to those that are brilliant in primary and secondary schools to tertiary level.â&#x20AC;? The foundation currently assists 12 students through university and polytechnic and checks on them to ensure that they achieve success. Love on The Street Foundation (LOTS) embarked on community projects. It provided boreholes and sanitary facilities as houses of their wards lacked these facilities. Other organisations collaborated with LOTS to install water systems. â&#x20AC;&#x153;This will go a long way because we donâ&#x20AC;&#x2122;t have adequate running water in the community. It will help them to stay clean,â&#x20AC;? Solomon stated. Asked his motivating factor for establishing LOTS Charity Foundation, he said: â&#x20AC;&#x153;Many children in Nigeria have issues with education before we decided to add the clothing and feeding initiative to it. Education is one of the things that children do not have access to in Nigeria. A lot of them are not going to school, and those who are going do not have educational materials.

â&#x20AC;&#x153;We have kids who because they donâ&#x20AC;&#x2122;t get feeding allowances from home, donâ&#x20AC;&#x2122;t want to go to school. A hungry child can never learn. These are some of the things that moved us to do what we are doing. We feel if we meet some of these basic needs, some of them will find it easy to study rather than roaming about or hawking when their mates are in school.â&#x20AC;? Mr. Daniel Akujobi established Daniel Ogechi Akujobi Memorial (DOAM) Foundation 13 years ago, in memory of his son who died in a car accident. â&#x20AC;&#x153;DOAM Foundation has catered for, mentored and counselled over 26,000 children and youths in Nigeria through programmes capable of contributing and supporting the Sustainable Development Goals (SDGs) of providing and ensuring inclusive and equitable quality education. We also refurbish/ construct and equip lavatories and sickbays to acceptable standards in public schools.â&#x20AC;? Akujobi said the foundation also supports the provision of timely intervention to victims of road accidents by establishing/equipping existing trauma response centres, with support from corporate organisations, to reduce mortality rate, adding that its impact so far has been tremendous. Mrs. Betty Abah is the founder and Chief Executive Officer, Centre for Childrenâ&#x20AC;&#x2122;s Health Education, Orientation and Protection (CEE HOPE), an advocacy group committed to girlchild education. She works with at-risk girls and other vulnerable children in slum communities in Nigeria, including the Makoko area of Yaba. She has been empowering girls through scholarships, mentorship and training on ICT to enable them to succeed. At the beginning of

every school year, CEE HOPE makes it a point of duty to visit different slum communities to award scholarships which cover their textbooks, notebooks, uniforms, shoes and class projects to the girls, as well as mentor them to greatness. â&#x20AC;&#x153;I started CEE HOPE in 2013 to bring development and direction to millions of disillusioned and at-risk children and young persons, especially girls, and to continue to speak urgent truth to power on the state of Nigeria, to have a much more child-friendly country,â&#x20AC;? she said. Abah stated that the biggest threat to girl-child education is poverty and early marriage, adding that uneducated girls are vulnerable to sexual violence and lack the confidence that comes with getting an education and empowerment. The founder described Makoko as the largest slum community in West Africa with over 300,000 inhabitants. â&#x20AC;&#x153;Thousands of children living there need help. CEE HOPE also works in Benue and Plateau States. â&#x20AC;&#x153;One of our communities in Lagos is Monkey Village, a suburb in Ikeja, but unique and very much impoverished. We work with children there and we try to stretch our resources to help the girls in communities like this. There are so much ignorance and illiteracy.â&#x20AC;? This reporter met some of the beneficiaries of CEE HOPEâ&#x20AC;&#x2122;s scholarships, mentorship, training and ICT programmes. They told THISDAY how the centreâ&#x20AC;&#x2122;s effort impacted them positively. Miss Oluwatosin Ayomikun, 16, is a student of Nawarudeen Senior High School, Fadeyi, who grew up in Makoko. She lost her mother when she was only nine months old while her father abandoned her. Her grandmother raised her but felt that after secondary school, she should either marry or learn a trade. According to her, â&#x20AC;&#x153;she has done a lot in my life. Before now, I have no dream. I lost my mum when I was nine months old and my dad is nowhere. My grandmother has been the one taking care of me. I had always felt that after my SS3 examinations, I would not further my education. Since I have been on her scholarship, I have seen that without education, you are nothing, and a man cannot marry a woman without skills because he will believe that the woman should have something tangible to do.â&#x20AC;? Ayomikun aspires to learn a skill in hair styling, as well as to study Mass Communication and become a newscaster. The scholarship for Miss Oluwatumininu Omosawe, a junior secondary three student of Onike Junior Secondary School, Yaba, covers her textbooks and notebooks, uniform and school bag. She is delighted about the initiative while advising the founder of the centre to keep up the excellent work.

ASUP Kicks as Bida Poly Rector Remains in Office after Retirement Uchechukwu Nnaike

he Rector of the Federal Polytechnic, Bida, Niger State, Dr. Dzukogi Abubakar has retired from the service of the institution since two months ago, but has continued to run the affairs of the institution. Initially, his retirement was kept secret from the workers until one of the staff got hold of his retirement letter. Abubakar on June 10, 2020 sent his retirement letter to the Registrar of the polytechnic, titled: Application for Voluntary Retirement as Staff of the Federal Polytechnic, Bidaâ&#x20AC;&#x2122;. In the one-page letter, he said: â&#x20AC;&#x153;Sequel to receipt of my letter of appointment as rector of the Federal Polytechnic, Bida, reference DHE/ Poly.V/C11/12/19 dated June 9, 2020, today, June 10, I hereby offer my voluntary retirement as a staff of the Federal Polytechnic, Bida with immediate effect from today, June 10, 2020. â&#x20AC;&#x153;My retirement is tendered to enable me serve out my second and final term in office

and in line with extant provisions. â&#x20AC;&#x153;It is also made in compliance with paragraph two of my appointment letter as the Rector of the Federal Polytechnic, Bida reference DHE/ Poly. V/C11/12/19 dated June 9, 2020.â&#x20AC;? The first letter of his re-appointment signed by the Minister of Education, Mallam Adamu Adamu, said Abubakarâ&#x20AC;&#x2122;s appointment will terminate on February 15, 2021, after attaining the mandatory retirement age of 65 years in line with the condition of service in the polytechnic sector. Another letter dated June 9, 2020 signed by the Director of Tertiary Education, Federal Ministry of Education, Mr. Samuel Ojo, informed the rector that based on extant provisions (circular from the HoS), the minister of education has approved he serves out his second and final term in office, which terminates on May 20, 2023. â&#x20AC;&#x153;However, you are required to retire from the service with immediate effect as a staff of the institution and continue to run the second term. Failure to do so would mean that you

would vacate office on attaining the mandatory retirement age of 65 on February 15, 2021,â&#x20AC;? the letter warned. Reacting to the development, workers of the polytechnic stated that by convention and rules of civil servant, the Deputy Rector (Academics) ought to have taken over and act as acting rector for six months until a new rector is appointed. Also, the Academic Staff Union of Polytechnics (ASUP) in a petition to the Chief of Staff (CoS), Prof. Ibrahim Gambari, informed him that the union appealed to the governing council to advertise the position of the rector, but it failed to heed the advise. â&#x20AC;&#x153;Dr. Dzukogi, whose tenure ought to have expired on May 22, 2019, statutorily not reappointable for second tenure because he has less than two years to retire from service,â&#x20AC;? the union explained. The letter signed by the Chairman of the institutionâ&#x20AC;&#x2122;s chapter of ASUP, Mr. Abubakar Ndasabe and General Secretary, Yusuf Yakubu, said to the dismay of the union, the provi-

sion of the law governing the appointment and re-appointment of rector was deliberately manipulated to favour Dzukogi, adding, â&#x20AC;&#x153;the re-appointment letter is first of its kind in the polytechnic sector.â&#x20AC;? ASUP disclosed that after his re-appointment for one year, eight months and ten days in office, the president signed the Polytechnics Act 2019 into law, which stipulates a single five years tenure for rectors and retirement age of academic staff to 65 years. The union further explained that based on the retirement clause contained in the new Polytechnic Act, the minister while conveying the approval of the president on Dzukogiâ&#x20AC;&#x2122;s re-appointment stated explicitly that his tenure ends on the date of his retirement, February 15, 2021. ASUP informed the CoS that the rector secured another re-appointment, which the union described as third term in office even after he had retired as a civil servant, arguing â&#x20AC;&#x153;this is against every known provisions of law.â&#x20AC;?

T H I S D AY Ëž Í°Í´Ë&#x153; Í°ÍŽÍ°ÍŽ

Prolonged School WASSCE: Lagos Warns Schools against Closure: â&#x20AC;&#x2DC;Online Malpractice, Reemphasises Safety Learning Could Affect Childrenâ&#x20AC;&#x2122;s Mental Healthâ&#x20AC;&#x2122; Uchechukwu Nnaike

Prolonged online learning and the absence of social interactions could have an impact on the mental health of children, Ms. Golda Obi, the founder, Strauss Preperatory School, Abuja has said. Operating under British Curriculum with French as language of early learning, the school was one of the first to leverage on ICT to continue teaching the children through online education during the lockdown. While the COVID-19 pandemic has forced schools to resort to online learning methods, Obi stressed that social interaction is important for the mental health of young children, and they therefore should not be made to stay locked up for a long time. â&#x20AC;&#x153;Sometimes, we donâ&#x20AC;&#x2122;t realise that the mental health of little children count because they are not expressive with that but it does count. And we must take their mental health into consideration and in my opinion, they canâ&#x20AC;&#x2122;t stay locked up indefinitely and just stare at their computers,â&#x20AC;? she said. According to her, the school is planning to have group meetings with its pupils as obtained in the United States of America to enable them interact socially, if the federal government would permit. Obi, who stated this during

the graduation of nursery three pupils into year one recently in Abuja, described the graduation ceremony as extra special, because the graduands are the first set of full French immersion programme. â&#x20AC;&#x153;This set of children that graduated today went through three years of an exclusive French programme, every single subject in the early years curriculum was taught in French and that was amazing. Amazing because, we were following the standard British curriculum, while delivering it in a foreign language,â&#x20AC;? Obi said. â&#x20AC;&#x153;So these kids you see here today, by the time they are getting out of school, they are going to be fully bilingual in French and English Languages. â&#x20AC;&#x153;The pupil who delivered a fantastic speech today in French, when he joined this school at age two, he couldnâ&#x20AC;&#x2122;t speak French, but now he can learn, read, and write in French. So, I am ecstatic to see that the hard work that we put into these children came top-notch.â&#x20AC;? She further explained that the essence of the bilingual learning is to expand the opportunities of the pupils after school and enable them fit in anywhere, adding that in West Africa, there are more French speaking countries than English speaking ones.

As the West African Senior School Certificate Examination (WASSCE) continues, the Director General, Office of Education Quality Assurance, Lagos State, Mrs. Abiola Seriki-Ayeni, has advised all schools in the state to shun examination malpractice in any guise, adding that OEQA evaluators will be out to monitor the examinations in full scale. She warned that any school that is caught to be involved in illegality will be sanctioned, while calling on all public and private school leaders to continue to make adequate safety provision for the students like the use of masks during the examination, washing of hands with soap and running water and maintaining social distancing

in the examination halls. The DG stated this when she led OEQA evaluators on COVID-19 safety and hygiene compliance monitoring exercise to ensure that schools adhere strictly to the guidelines on safe reopening as specified by the federal and state governments. The exercise, which cuts across the state education districts, was to supervise the WASSCE examinations to guard against malpractice and to ensure that public and private schools meet the recommended safety standard for reopening. The OEQA evaluators are also to assist schools objectively in assessing the level of safety and security and help to clearly identify areas of improvement, while encouraging them to take concrete steps in addressing

identified gaps. Speaking during the exercise, Seriki-Ayeni stated that all the schools she visited on the first day of the WASSCE complied with all examination procedures. She reminded school owners that it is important to understand that they are partners with government, and the reason for the examination is to build a successful future for the students. â&#x20AC;&#x153;We must not compromise standard. Therefore, we must ensure that there are checks in place against examination malpractice and against COVID-19 infection. Schools must ensure that they disinfect the environment and make sure students sign in on arrival. Schools are expected to have sanitation managers that will ensure that

all environmental and health protocols are observed. â&#x20AC;&#x153;All schools must also register with OEQA online to obtain clearance for reopening. They must also have learning managers to assist teachers develop learning plans that include distance and blended learning plans to be uploaded on OEQA website; while students should strive to protect each other by using face masks.â&#x20AC;? Seriki-Ayeni had enlightened the public during an official visit to Traffic Radio FM on the online registration, saying, â&#x20AC;&#x153;we are supporting schools holistically with an understanding that the registration for reopening for SS3 students and subsequent clearance will assist schools to maintain overall safety and hygiene protocols.â&#x20AC;?

Representatives of the Academic Board, European-American University Commonwealth of Dominica, Africa Regional Operations led by Prof. Olugbemiga Olusegun Aro, presenting the certiďŹ cate of Honorary Doctorate Degree of Arts in Public Leadership, Peace and Community Development, conferred on Oba Olufolarin Olukayode Ogunsanwo, Alara of Ilara Kingdom, Epe Division, at his palace in Ilara... recently

Corona College Graduates 69 Teachers at Apprenticeship Training: YABATECH Signs First Virtual Convocation, MoU with COMTEAN Induction Ceremony Funmi Ogundare A total of 69 graduands of the Corona College of Education, Ilupeju, Lagos, were conferred with the Nigeria Certificate in Education (NCE) and Professional Diploma in Education (PDE) at the second convocation ceremony of the institution. In his convocation address, the Provost, Dr. Martin Obinyan said the college was â&#x20AC;&#x153;the first college of education in Nigeria to deploy technology massively for its academic activities and has completed its programmes within the set time frame, despite all odds.â&#x20AC;? Obinyan urged the graduands to remain worthy ambassadors of the college and to carry along with them the discipline, values and skills that they developed while at the institution. He said those values would help shape their future. Also, in attendance was the Chairman of the college, Mr. Sulaiman Adedotun, who congratulated all graduating students and awardees, saying that the college was established almost a decade ago to contribute to building teacher capacity in the country primarily through continuous professional development programmes.

He also appealed to the Federal Government of Nigeria and the state government to recognise and support private educators as partners in progress of the noble cause. The Registrar and Chief Executive Officer, Teachersâ&#x20AC;&#x2122; Registration Council of Nigeria (TRCN), Professor Josiah Ajiboye, whose presence added colour to the occasion, commended the management and staff of the college for always observing the TRCN induction protocol. Ajiboye also acknowledged the government, educational administrators and stakeholders in the industry for being proactive as they employed technology to bridge the gap in the teaching and learning process during the COVID-19 lockdown. The TRCN declared Corona College of Education as one of the best private colleges in Nigeria and as an ICT-compliant college because of its adaptation of the e-learning platform to run its programmes during the lockdown. While congratulating the inductees, he advised them to guide and guard the profession jealously, as penalty awaits anyone found wanting.

Yaba College of Technology (YABATECH) has signed a Memorandum of Understanding (MoU) with Computer and Telecommunication Engineers Association of Nigeria (COMTEAN). The MoU signed recently is a collaboration between the college and COMTEAN in the training of apprentices in theory and practical so that they can become competent and certified in their chosen areas. It is expected that practical training will be conducted at workplace and theoretical training will be conducted using distance learning mode.

The Rector, Mr. Obafemi Omokungbe, who signed on behalf of the college said apart from YABATECH being the first institution to formalise informal apprenticeship in Nigeria, the partnership with COMTEAN is also to bridge the gap between the town and the gown. In another development, the Nigerian Society of Engineers (NSE), Ikeja branch resently presented a cheque of N250,000 to the institution for academic development. The yearly fund instituted in memory of late Akinsanya Oludaiye, a distinguished alumnus, in collaboration with his family, is for the best graduating student in Electrical

Engineering. Speaking during a visit to the college, the NSE team led by its Chairman, Mrs. Funmilade Akingbagbohun, said it is aimed at closing the huge gap between the classroom and the industry so that students can fit into the industry immediately after graduation. According to her, â&#x20AC;&#x153;it became worrisome for us as engineers to see graduates not adapting to the industry, and this sad development prompted us to come up with mentorship, internship programme and endowment fund for the students. â&#x20AC;&#x153;The two daughters of late Oludaiye have put together an

endowment fund not only for YABATECH students, but for the best student of Electrical Engineering every year from now in remembrance of their father, and the award will be presented on January 25, being his birthday.â&#x20AC;? Akingbagbohun, who is also an alumnus of the college, said the foundation she got from YABATECH nutured her to what she is today. She thanked the institution for grooming her and the likes of Oludaiye and others to become exemplary engineers. She also commended the Rector, Mr. Obafemi Omokungbe and his team for putting the college back to its rightful place.

Osun Trains 1,620 Teachers ahead of Schoolsâ&#x20AC;&#x2122; Reopening Yinka Kolawole in Osogbo As part of preparatory guidelines for the reopening of schools in Osun State, the government has trained a total of 1,620 teachers and education frontliners in the state on the effective discharge of their duties when schools are finally reopened, following months of COVID-19-induced lockdown. According to the Chairman,

Osun State Universal Basic Education Board (SUBEB), Israel Famurewa, the two-day virtual training programme, which was organised for heads of primary and junior secondary schools across the state, in collaboration with Destiny Development Initiative, was to prepare the teachers for the provision of qualitative education for children of the state, according to the passion and focus of Governor

Adegboyega Oyetola. Famurewa, who expressed satisfaction with the training programme, stated that it would help keep teachers abreast of global transformational teaching techniques in a post COVID-19 era. He implored the participants to reproduce the knowledge derived from the training at their various places of primary assignment in order to move

education in the state to a greater height. In his remarks, the Executive Secretary, Mr. Adeoye Bakare, thanked Destiny Development Initiative and the education stakeholders, and advised teachers to be alive to their duties and to complement governmentâ&#x20AC;&#x2122;s huge investment in the education sector by following the best practices in the post COVID-19 education management.

WEDNESDAY AUGUST 26, 2020 ˾ T H I S D AY

NEWSXTRA

Alleged N5bn Fraud: Suspended UNILAG VC, Ogundipe, Others Dragged before EFCC Kingsley Nwezeh in Abuja The suspended Vice Chancellor of the University of Lagos, Professor Oluwatosin Ogundipe, has been dragged before the Economic and Financial Crimes Commission (EFCC). A petition submitted to EFCC’s Office in Ikoyi, Lagos, by Professor Boniface Oye-Adeniran accused Ogundipe and his management team of awarding contracts

amounting to N5 billion without the approval of the governing council of the institution, awarding contracts beyond his N2.5 million approval limit and breaching the Public Procurement Act (PPA) between 2017 and 2020. The petition is also seeking the investigation of a former Vice Chancellor of the university, Professor Folashade Ogunshola; Bursar of the University of Lagos, Mr. Lekan Lawal; and Director

Kaduna Only StateYet to Approve Exams for Teachers, Says TRCN KuniTyessiinAbuja As a result of the COVID-19 pandemic, the Teachers Registration Council of Nigeria (TRCN) has stated that Kaduna is the only state that teachers are yet to sit for their Professional Qualifying Examinations (PQEs). Already, 15,000 intending teachers have sat for the 2020 PQE across 35 states in accordance to COVID-19 safety guidelines. Also, the councilsaidithasidentified obsolete rules and regulations, which it said remained the inefficient factors for the regulation of teachers in Nigeria. The Executive Secretary of the council, Prof. Josiah Ajiboye, who disclosed this in Abuja at a one-day capacity building workshop for Education Correspondents Association of Nigeria (ECAN), called on education stakeholders to rally round the council in pushing for the amendment of the Act establishing it. He equally appealed to the National Assembly to as soon as possible pass into law a bill brought before it by TRCN to that effect. According to him, “And on

the reason TRCN’s PQE was not conducted in Kaduna State, we wrote to the state governor seeking permission to conduct this examination in July, but we did not get the approval. We believe this was done according to the discretion of the state government. There were worrisome figures of COVID-19 cases in the state, and this may be part of their reasons. But we are ready as soon as they are ready.” Speaking on the impact of COVID-19 on Nigerian teachers, the registrar said 63 million primary and secondary school teachers were affected, and that the figure would still rise. “The COVID-19 global health crisis threatens to significantly slow down progress towards many of the global goals in particular, as well as the sustainable development goals. It is also likely to exacerbate the global learning crisis and global education inequalities as the impact will fall disproportionately on the poorest,” he stated. The TRCN registrar added that teachers are in the frontline in the COVID-19 crisis in ensuring that learning continues.

Ekiti, Ondo Begin Final Burial of Old Ondo Gov, Olumilua Victor Ogunje in Ado Ekiti The Ekiti State Governor, Dr. Kayode Fayemi, yesterday received the corpse of former Governor of the Old Ondo State, Late Bamidele Olumilua, from his Ondo State counterpart, Rotimi Akeredolu, as the two states prepare for the final burial of the former governor. Akeredolu led top government functionaries in handing over the remains of the former governor to Fayemi at Ikere-Ekiti, a border town to the two states. Present at the brief event were the children and family members of the deceased, including the Ekiti State Commissioner for Information and Values

Orientation, Aare Olumuyiwa Olumilua; Commissioner for Special Duties, Alhaji Ayodele Jinadu, and other top government officials from Ekiti State. The late Olumilua, who died on June 4, 2020, at the age of 80, was the governor of old Ondo State (comprising the present Ondo and Ekiti States) between 1992 and 1993. Fayemi had during his condolence visit to the residence of the deceased promised to work out modality with Akeredolu to give the former governor a befitting burial. Ekiti State Government has scheduled a commendation service in honour of Olumilua for today in Ado- Ekiti.

PROJECT COMMISSIONING:

PUBLIC ANNOUNCEMENT Oyemekun Grammar School, Akure (OGSA) Old Students Association (1979/84 set) cordially invites the general public to the commissioning of the ultra-modern school gate sponsored by the set. DATE: Thursday, August 27, 2020 VENUE: The school’s Main entrance gate TIME: 9.30am Royal Father of the day: His Royal Majesty, Oba Aladelusi Ogunlade, the Deji of Akure Land. For details, kindly contact: Gbenga Dare (08023353739)

ANNOUNCER: Class of 79/84 set

of Procurement of the institution, Dr. James Akamu. In the petition, addressed to the Chairman (Acting Chairman) of the anti-graft agency and titled “Acts of Financial Crime by Professor Oluwatoyin Ogundipe (former Vice Chancellor University of Lagos), Professor Folashade Ogunshola (former Vice Chancellor University of

Lagos), Mr. Lekan Lawal (Bursar of the University of Lagos), and Dr James Akamu(Director of Procurement University of Lagos”, Oye-Adeniran, a retired Professor of Obstetrics and Gynecology, College of Medicine, University of Lagos, accused the officials of awarding contracts without due process. He listed some of the contracts

to include N112, 462,990.63 awarded for the renovation of the official living quarters of three principal staff officers. He alleged that Ogundipe approved the sum of N49,434,038.45 to renovate the Vice Chancellor’s lodge, the sum of N41,817,658.32 was paid out for renovation works of the Bursar’s official residence while the sum

of N16, 123, 509.00 was spent on renovating the official residence of the immediate past registrar of the university. The petition further accused Ogundipe of awarding the sum of N3, 733,494.85 for the renovation of the official residence of the chancellor, while the sum of N1,354,290.00 was spent renovating the pro chancellor’s official residence.

Kebbi, Rivers, Others Threatened by Flood, FG Warns Udora Orizu in Abuja The Nigeria Hydrological Services Agency (NIHSA) has warned that Kebbi, Niger, Kwara, Nasarawa, Kogi, Anambra, Delta, Edo, Rivers and Bayelsa States which are adjoining to River Niger will likely experience severe river flooding in September this year. The agency, which issued the red alert in a statement issued yesterday by its Director-General, Clement Nze, said this is because Nigeria is located at the lowest

portion of the Niger Basin. Nze disclosed that the information received by the agency from the regional Niger Basin Authority (NBA) with headquarters in Niamey, had it that as at August 23, the flood level of River Niger monitored in Niamey was 6.60m. He said the flood magnitude sighted in Niamey is expected to arrive in Nigeria through Kebbi State around September 6, 2020. The DG advised the state and local governments, stakeholders

and individuals that all hands must be on deck to save the country from the consequences of flood pandemic this year. He said blocked drainages and gutters should be cleared, river channels dredged and structures within the waterways and floodplains and flood paths pulled down. The statement read: “The River Niger Basin which covers nine countries of Benin, Burkina Faso, Cameroun, Chad, Cote D’Ivoire, Guinea, Mali, Niger and Nigeria,

has Nigeria at the lowest portion of the basin. This means that once the upper catchment of the basin gets flooded, Nigeria should be prepared to experience flooding incident. ‘’As at today, the middle Niger of the Niger Basin made up of Niger, Benin, Burkina Faso and part of Mali has been flooded. The flood levels at the hydrological stations monitored in Niamey (Niger Republic) and Malanville (Benin Republic) have gotten to the ‘Red Alert Zone’.

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WEDNESDAYSPORTS

Group Sports Editor Duro Ikhazuagbe Email duro.ikhazuagbe@thisdaylive.com 0811 181 3083 SMS ONLY

Rivers Utd Lose out as NFF Ratifies 2019/20 NPFL Table Olawale Ajimotokanin Abuja Rivers United hopes of playing CAF Champions League football in the 2020/21 season fell through yesterday as the Nigeria Football Federation (NFF) failed to upturn the final table of the 2019/20 NPFL campaign presented by the League Management Company (LMC). A statement issued by the football governing body announced the upholding of the league table done at its virtual meeting held at the instance of the President of NFF, Amaju Melvin Pinnick. It said that the meeting deliberated on all the issues arising from the forced ending to the season by the Covid-19 pandemic, the agreement reached by all stakeholders to use the Points-Per-Game (PPG) to determine the final table and the subsequent petition by Rivers United FC. The committee unanimously recommended that the NFF Executive Committee endorsed the LMC decision and the final table for the 2019/2020 season in line with the NFF Statutes. It also charged the LMC to work out its calendar to ensure that very minimal number of matches is postponed for clubs taking part in continental competitions. As part of its consultations on the matter, the NFF reached out to both continental-governing body, CAF and world-governing body, FIFA, whose responses affirmed the position of the NFF Football Committee.

According to the press statement, the meeting of the NFF Football Committee reviewed the following: * The process followed by the LMC from May 2020 when the NFF approved the decision to end the NPFL 2019/2020 season at Match day 25 due to the Covid-19 Pandemic, to July 2020 when it approved the NPFL table based on the PPG system with the top three teams to represent Nigeria in the 2020/2021 CAF Inter-Clubs Competitions. * The relevant provisions of the NPFL Rule Book that the LMC relied upon to end the season and adopt the PPG. * The Petition from Rivers United proposing for the LMC to use the Goal difference to break the tie. * The LMCâ&#x20AC;&#x2122;s response to Rivers United petition seeking to clarify the issues and stating the basis of its decision. From the above, the meeting established that: * The LMC followed all the due process of consultation with the NPFL participating clubs and the NFF in coming to the decision to end the NPFL 2019/2020 Season at Match day 25. * The PPG table was presented by LMC for discussions by the clubs including Rivers United since May 2020 and there were no objections on the standings and/or the application of the head-to-head to break the tie. * Indeed, it was the same table that was presented to the Government in June 2020 as part of discussions to end the league or go for a Super 6, given the Nation-wide Lockdown order

AFA Sports Partners International Model, Ololade Ibrahim Nigeriaâ&#x20AC;&#x2122;s foremost sportswear brand, Afa Sports, recently concluded its partnership deal with international model, Ololade Ibrahim. Afa Sports is the official sportswear of Tokyo Olympicbound Nigeriaâ&#x20AC;&#x2122;s male and female basketball teams. This development adds to the portfolio of the 23-year-old Nigerian born model, who has modelled for universal fashion brands including Armani, OffWhite, Nike, Thom Browne, Each Other, Yves Saint Laurent Beauty and many more. She has also been on the runway for Adidas, Victoria Beckham, Bulgari, Sergio Rossi, London Fashion Week, Milan Fashion Week, Paris Fashion Week and covered popular fashion magazines including Vogue, Town & Country and Lampoon amongst others. According to the Chief Executive Officer of Afa Sports, Ugo Udezue, the company is excited to work with Olalade Ibrahim whose Nigerian background not only confirms the abundance of talent herein, but consolidates the brandâ&#x20AC;&#x2122;s mission to project the originality, creativity and uniqueness of the African culture to the rest of the world. â&#x20AC;&#x153;We are excited to work with Ololade. Her pedigree in the fashion industry speaks for itself and her roots bring originality to our concepts,â&#x20AC;? he said.

Speaking on this recent milestone, Ms. Ibrahim expressed happiness at the opportunity to be a part of a solely indigenous outfit, noting that she could not be prouder to showcase to the world clothing that represents her African roots. Her words, â&#x20AC;&#x153;Afa Sports has done Nigeria proud and I am happy to be a part of this great achievement. I have been on the international scene but doing this for my own indigenous brand attaches a sense of belonging to itâ&#x20AC;? She added also that she is especially impressed by the fact that the apparel caters to the form and feel of the African climate with a look that is all style and comfort. â&#x20AC;&#x153;Their collections and designs are comfortable and eco-friendly. It is everyoneâ&#x20AC;&#x2122;s brand with everything from stylish jackets to casual fixtures. Being a part of this coming from a country where I was born and raised is huge.â&#x20AC;? Afa Sports is an indigenous brand vested in the design, production, marketing and sales of athleisure outfits as well as sneakers. The company has been keenly promoting the African culture through all its products as it believes that Africa has the potential to counterbalance other continents in every ramification.

announced as a result of the coronavirus pandemic. * Rivers United belatedly made a complaint on the PPG table standings only after the final decision to end the league was taken and weeks after the league standings were established. * The Clubs were duly carried along and voted twice in the final decision to end the league and use the PPG system, first by the 20 NPFL clubs at an internal meeting and second by the same clubs at the joint meeting between NFF, LMC and the 20 NPFL Clubs. The majority of the clubs (18-2) voted to end the league and use the PPG system. * The Committee noted that the novel Covid-19 pandemic presented an â&#x20AC;&#x2DC;exceptionalâ&#x20AC;&#x2122; situation and disruptions globally that presented a â&#x20AC;&#x2DC;force majeureâ&#x20AC;&#x2122;

which warranted the decision to end the league. * The LMC duly adhered to and relied on the relevant provisions of the NPFL Rule Book in coming to a decision. Specifically, the â&#x20AC;&#x2DC;Force Majeureâ&#x20AC;&#x2122; provisions and â&#x20AC;&#x153;Matters Not Provided forâ&#x20AC;? under NPFL Rule Book Articles 15.24 and 15.2 * NPFL Rule Book Article 15.24 unconditionally placed the authority and rights on the LMC to take the necessary decisions under the prevailing circumstances (Force Majeure occasioned by the Covid-19 Pandemic), having regard to interest of fairness, good sportsmanship and overall interest of the game * The Rivers Utd Petition which relied on Clause 3 of the NPFL Rule Book (The Competition)

does not apply under the circumstances (Force Majeure) as the clause is only relevant if the NPFL full season had been completed and/or the clubs have all played equal number of games (in which case the application of the PPG would be irrelevant). * The Application of the headto-head on the NPFL 2019/2020 PPG Table to separate a tie was not limited to only Rivers Utd vs Enyimba but was also applied to decide hierachy between MFM and Wikki Tourists as well as between Jigawa and Nasarawa Utd. Subsequently, the meeting resolved that: * That the LMC followed due process by consulting the participating clubs in coming to a decision on the PPG and its application. * That the majority of the NPFL

Clubs duly voted (18-2) to end the league and adopt the PPG system to homologate the final league table. * That the LMC acted within its powers and authority, and adhered to the letter of its rulebook (NPFL Rule Book) in coming to a decision on the final PPG-adjusted NPFL table which it adopted for the 2019/2020 season. * That the NFF does not have the power to overturn the decision of the LMC on the matter unless it is found to have flouted its own rules and regulations as contained in the NPFL Rule Book. * That the Committee, therefore unanimously recommends that the NFF Executive Committee endorse the LMC decision and the Final NPFL 2019/2020 Season PPG table in line with the provisions of the NFF Statutes.

Lionel Messi...Set to trigger release clause in his Barcelona contract

Messi Triggers Release Clause in His Barcelona Contract Duro Ikhazuagbe Barcelona and Argentina Captain, Lionel Messi, wants to trigger the clause which allows terminating his contract with Barcelona after each season. According to Spanish publication, Tribuna, Messi has

informed the club that he wants to leave the club right now, The Spanish publication quoted another medium, Torneos y Competencias S.A. (TyC Sports), an Argentine sportscommunication firm. Itâ&#x20AC;&#x2122;s been reported that the clause expired on 31 May but it may change as the coronavirus

pandemic extended the 2019-2020 season. Apparently, Messi can still use this clause before August 31 due to the specific circumstances, another Argentinean journalist Veronica Brunati explains. The rumours on Messiâ&#x20AC;&#x2122;s desire to leave intensified after the Champions League disaster even though he has a

contract until 2021. Barca are unwilling to let him leave, referring to the â&#x201A;Ź700m release clause in his active contract, multiple sources claimed. It remains to be seen how the situation is going to change now after Messiâ&#x20AC;&#x2122;s wish to trigger the so-called â&#x20AC;&#x2DC;leave clause.

Napoli Boss, De Laurentiis, Counsels Fans on Osimhen After two days at training with his new club, Napoli President, Aurelio De Laurentiis, has urged fans to be â&#x20AC;&#x2DC;patientâ&#x20AC;&#x2122; with Super Eagles forward and clubâ&#x20AC;&#x2122;s new signing, Victor Osimhen as he gradually settles with the Naples side. The Nigerian international was a major signing by the club following a big-money move from Lille to Stadio San Paolo in Italy last month and has hit

the ground running. The AFCON 2019 bronze winner in Egypt joined the Serie A team from Lille in a club-record fee of â&#x201A;Ź70 million which could rise to â&#x201A;Ź80 million to become Nigeriaâ&#x20AC;&#x2122;s most expensive player in history. The forward has already hit the ground running, scoring in his first pre-season game for the Stadio San Paolo outfit on Monday.

De Laurentiis, who was one of the spectators during the game, reminded the club supporters that the striker has been inactive since Ligue 1 was abruptly concluded due to the outbreak of coronavirus in March as such should be tolerant with the 21-year-old. â&#x20AC;&#x153;The fans ought to be patient with him because Osimhen hasnâ&#x20AC;&#x2122;t played in seven months and still needs to get to know

Italian football,â&#x20AC;? De Laurentiis told Radio Kiss Kiss. â&#x20AC;&#x153;I urge the fans to give him time and space, so he can help the team. Rino Gattuso wonâ&#x20AC;&#x2122;t give anyone an easy time. â&#x20AC;&#x153;I see every now and then the media say I paid â&#x201A;Ź47m! Evidently I ought to start publishing the contracts. In Germany, where they are very reliable, they always talk about gross wages and not net.â&#x20AC;?

Oshoalaâ&#x20AC;&#x2122;s Barca Femeni Knocked out Champions League Nigerian international, Asisat Oshoala and her BarcelonaFemeni were eliminated from the Womenâ&#x20AC;&#x2122;s Champions Leaguefollowing Tuesday nightâ&#x20AC;&#x2122;s 1-0 defeat by Wolfsburgat the Anoeta Stadium in San Sebastian. The Nigeriacaptain was

aiming to inspire her side to glory this year after she came off the bench last May against Lyonto become the first African to score in the final of the competition last May. However, a solitary strike from Fridolina Rolfo sent the

German outfit through to the semi-finals as Oshoala and her Spanish side were made to pay dearly for their wastefulness. Lluis Cortesâ&#x20AC;&#x2122; side went into the semi-final on the back of a 1-0 win over Spanish rivals Atletico Madridin a quarterfinal knockout contest at San

Mames Stadium in Bilbao last Friday. With Oshoala spearheading the head for Barcelona, they made a bright start as Mariona Caldentey set up the Nigerian to score the opener, but her effort went wide in the eighth minute.

Wednesday August 26, 2020

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NUJ to Fani-Kayode “By denigrating the journalist, Fani-Kayode has exposed himself the more as an intolerant and unstable person who will not want his activities closely scrutinised by the media. It is instructive to remind the likes of Fani-Kayode that it is the constitutional right of journalists to monitor and keep a check on people and institutions in power” – Nigeria Union of Journalists decrying the outburst by Chief Femi Fani-Kayode against a journalist.

KAYODEKOMOLAFE A Missing Item on the Buhari Agenda P THE HORIZON

resident Muhammadu Buhari listed yesterday “nine priority areas” for the next 33 months. Buhari said the areas of focus would “guide policy directions” so as “to improve the livelihood of Nigerians.” The areas of priority include poverty reduction, food security, power and energy, fighting corruption, security, promoting entrepreneurship, quality education, and affordable healthcare, The President spoke in Abuja as he received letters of credence from ambassadors and high commissioners from eight countries. The important statement is the type you expect from Aso Rock in a National Day broadcast. It might not be out of place to say that the President is gradually advancing into the legacy mode. In any case, there have been calls on him to be more conscious of his place in history. He has been urged to reboot the dynamic of his administration. Essentially, the listed areas of priority are a distillation from the broad cardinal programmes of Buhari on managing the economy to reduce poverty, ensuring security and fighting corruption. No honest assessment could yet return a verdict of satisfactory performance on the Buhari administration in the broad areas of the economy and security. Not with the worsening poverty and widening inequality in a scary climate of insecurity. This is without prejudice to visible efforts to revamp infrastructure -railway projects, roads, bridges, food production etc. Meanwhile, the consolation should probably be that Buhari still has a good chance to register his name in history as a president whose policies markedly improved the condition of the people. Doubtless, 33 months are enough for the President to make a difference in the identified policy areas given competence in governance and sincerity of purpose. It doesn’t take eternity to demonstrate competence in governance. After all, the idea of celebrating 100 days in office has been traced to the French emperor, Napoleon Bonaparte, who took some landmark political decisions in just 100 days after arriving in Paris on his escape from Elba. In a more modern sense, American President Franklin Roosevelt launched the largely social welfare and constructive programmes backed by laws, which defined his era, in the first 100 days in office. That was a period of about three months. Here, Buhari still has good 33 months! So it would not be a misplaced optimism to insist that rather than dismiss the statement as another official gaseous talk, the Buhari administration should be put on its mettle. The administration should be squarely challenged to implement people-centred policies in these areas. By the way, this is precisely why he was elected. Tackling mass poverty is the challenge of the moment. If Buhari takes giant strides in improving the education and health sectors as well as in completing the infrastructural projects in progress, he would be leaving office in 2023 with a great applause. There is, however, an item that is glaringly missing on the Buhari rebooted agenda. That is the imperative of working actively and honestly towards national integration. To achieve the purpose of any development agenda for Nigeria today, national unity cannot be discounted. It is a central factor. The issue has to be confronted in action and words. The fact that Buhari did not list national unity as a priority could be an indication that the factor is taken for granted. Yet, all the other priorities could only be

kayode.komolafe@thisdaylive.com

Buhari achieved within the context of a stable and united country in which people in every part feel a sense of belonging. In fact, the achievements in the listed areas would be gravely impaired if the conditions that could nurture warlords are created while Buhari is in the saddle. The matter is not helped by the seemingly insensitive statements by elements believed to be wielding enormous political influence in Abuja. Such a posture on the part of those in power would amount to ignoring the realities of the nation. Nothing should be taken for granted in matters of unity. The important thing is for those who want it especially the leadership to make it a priority. It has been repeatedly emphasised here that nations are built by a committed people under a visionary leadership. Perhaps the only indispensable ingredient in the making of a nation is what a scholar calls the “collective state of mind.” The leadership should by its action and words promote this “state of mind.” It is the subjective feeling of having a sense belonging to a nation. It is more decisive than ethnicity, race, blood, geography, language or ancestry. There are people strongly committed to a nation without a state. The Palestinians are still struggling for a state. There are nations of races and ethnic groups. That is the reality of America. There are nations of different languages. Switzerland is an example. There are nations with contested territories. China once had its territory sequestered and the nation is still in the process of asserting its sovereignty on parts of its claimed territory. However, with the “collective state of mind”

The greatest immunity against disintegration is the cultivation of a sense of belonging by doing justice to the people who feel inequitably treated in the nation

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that a people belong to a nation all other gaps in nation-building could be filled. As the President spoke of his priorities in Abuja, there were reports of bloody clashes involving the State Security Services (SSS) and the Indigenous People of Biafra (IPOB) that is campaigning for secession. The other day, a prominent politician in the southeast reportedly threatened: “If Nigeria tells the elites from the southeast that they would be treated as second class citizens in Nigeria, and that they can never be president, almost all of them will join (Nnamdi ) Kanu to fight for Biafra.” It is premature to start campaigning for the 2023 presidential election, you may rightly say. But the threat speaks volumes about the degree of alienation from the Nigerian nation felt by factions of the elite. The influence of the IPOB leader Nnamdi Kanu must be widening for a former governor to even project that the elite would join in the campaign for secession. If the militancy in the Niger Delta appears to have slowed down, the discontents in the region are far from vanishing. Leaders from the unjustly treated region have taken the federal government to court over marginalisation in federal appointments. The degradation of the environment in the Niger Delta remains largely an unanswered question. The cry of marginalisation is almost universal in the Nigerian political landscape. It is not only the minority ethnic groups that say that they are being pushed to the margins in the management of national affairs. Every part now claims to be marginalised. The separatist impulse is also evident among the Yoruba of the southwest, the region that is said to be having relatively lower indices of underdevelopment on the average. All manners of maps and emblems of an Oduduwa Republic circulate in the cyberspace. Some are even talking of Yoruba Exit (Yexit), a most inappropriate imitation of the politics of Britain’s exit (Brexit) from the European Union (EU). To some of the elite the proposition of national integration has become a very naïve one, if not contemptible. Such feelings should understandable to a sufficiently perceptive national leadership, or what the inimitable Dr. Chidi Amuta calls “enlightenment leadership.” As in other zones, insecurity is a major reason cited by those in the southwest losing faith in the ideology of a united Nigeria. Despite the existence of the Nigerian state, people feel helpless in the face of violent crimes. Hence, the question: “which Nigerian nation are you talking about?” This trend is being given a strident voice in the media. The discontents might not have assumed a noticeable separatist tone in the three zones in the north. But the failure of the Nigerian state to protect people in the east, west and central zones of the north is undeniable. There are certainly ungoverned spaces in northern Nigeria given the activities of terrorists, bandits, kidnappers and other criminal elements. There have been reports that terrorists might be moving southwards. The crisis in Southern Kaduna has clear ethnic and religious tones. The toll of the dead and the scale of material destruction are such that the crisis is now attracting bitter responses from other parts of the country. The circumstances of many communities in Nigeria are not the type that could generate nationalist feelings. A noxious combination of these trends should worry a leadership that correctly reads the

socio-political barometer of the nation. Some of the statements being made in Nigeria today would be anathemas in the Second Republic. The context, of course, was important. It was barely a decade after the tragic civil war. National unity was a big issue. The party that controlled the centre, National Party of Nigeria (NPN) always claimed with pride that one of its achievements was commitment to national unity. President Shehu Shagari was presented as a unity president. Despite the word unity in its name, the Unity Party of Nigeria (UPN)’s commitment was always questioned by opponents who could not fault its social democratic agenda. The UPN leader, Chief Obafemi Awolowo, was never trusted by his rivals on the question of unity despite the unmistakable national character of his agenda on education, health, job-creation and rural development. The point is that unity was at the centre of national conversation. So official indifference cannot be an appropriate response given the dimensions the issue of national integration has assumed. It is also dangerous to assume arrogantly that the discontents would frizzle out. What is to be done? The greatest immunity against disintegration is the cultivation of a sense of belonging by doing justice to the people who feel inequitably treated in the nation. During the civil war, the federal government of General Yakubu Gowon had a battle cry relayed daily on radio : “To keep Nigeria one is a task that must be done.” To perform the task, Gowon needed the full weight of the armed forces on the federal side. Buhari may need to adopt the spirit (if not the words) of the slogan if things are not to degenerate further. But unlike Gowon, Buhari only needs more of moral and political weapons to perform the task. Political engineering should be employed as no leader can force nationalism down the throats of his people. Buhari should rise to the occasion as a true Nigerian leader. He should disprove by body language and concrete action the perception that he is a regional or an ethnic leader. His defenders may say he is doing a lot in this respect; but looking at the national horizon his best doesn’t seem to be good enough. It is unhelpful to ignore the cries of marginalisation from any part of the country. It is the duty of the leader to make those who feel alienated to see the beauty of integration. For instance, Buhari should take a nationalist look at the report of the 2014 Constitutional Conference. He should not forget what his party, the All Progressives Congress (APC), promised the electorate in its programme. The political strategists of the administration should rethink the official response to the clamour for restructuring. The administration has to decide what to do about it. To do otherwise is to create the atmosphere for the continued manipulation of the people along ethnic, religious and regional lines by the elite which substitutes its class interests for the interests of the people . More fundamentally, the President has to intensify the implementation of programmes of sustainable development to reduce poverty and promote social justice and equity in the interest of the poor majority, those who are horizontally marginalised in every town and village in Nigeria. That is a way of winning back those who are increasingly getting alienated from the cause of a united Nigeria.

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