SUNDAY 15TH OCTOBER 2023

NNPC Jettisons Oil Swap Deals, Pays Cash for Fuel Imports Komolafe moves to end friction between companies, host communities Shell releases N13.2bn for community devt, unveils more trusts Ejiofor Alike in Lagos and Emmanuel Addeh in Abuja

than oil swaps, for the first time in nearly a decade, four sources familiar with the matter told Reuters.

This is coming as the Gbenga Komolafe-led Nigerian Upstream Regulatory Commission (NUPRC) at

The Nigerian National Petroleum Company Limited (NNPC) has begun buying petrol via cash tenders, rather

the weekend moved to put an end to the perennial altercations between oil and gas industry operators and their host communities, with the introduction of a digital interface for both parties.

Also to ensure a harmonious relationship with its host communities, Shell Petroleum Development Company Limited (SPDC) has also disbursed N3.72 billion and an additional $12.32 million

(N9.48 billion) for host community development in compliance with the provisions of the Petroleum Industry Act (PIA), NNPC Limited's latest tender to buy petrol for delivery in November

closed during the week, the sources said. Two of them added that NNPC would pay the last debts owed under the long-running oil swaps by the Continued on page 5

See eCopy of THISDAY Style on www.thisdaylive.com Sunday 15 October, 2023 Vol 28. No 10413

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PDP Stakeholders Woo Wike, Makinde, Other G5 Members… Page 6

Off-cycle Elections: Disregard Bayelsa REC, Results Will Be Transmitted Electronically, Yakubu Insists Says security challenge commission’s major concern in Kogi Meets with NSA, other security chiefs Friday Adedayo Akinwale in Abuja and Ibrahim Oyewale in Lokoja

The Chairman of the Independent National Electoral Commission (INEC), Prof. Mahmoud Yakubu,

yesterday said the results of the November 11 governorship elections in Bayelsa, Imo and Kogi states

would be transmitted electronically.

This is as he said one of the major concerns of the commission

in the conduct of the Kogi State the state. governorship election is the prevailing security challenge in

Continued on page 5

To Address Fiscal Gap in 2023 Budget, FG Seeks Fresh $1.5bn Loan Facility from World Bank Says Nigeria now prime destination for foreign investors Promises monetary, fiscal policies’ coordination Insists Tinubu's administration will not breach Ways and Means limits Finance minister emerges chair of African caucus in IMF executives FEC meets on Monday Obinna China, Eromosele Abiodun and Nume Ekeghe in Marrakech, Morocco As part of the efforts to address the fiscal gap in the 2023 budget, the federal government yesterday disclosed that it had concluded plans to secure a fresh $1.5 billion loan facility from the World Bank.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, disclosed this while speaking with journalists at the ongoing 2023 Annual Meetings of the World Bank and the International Monetary Fund (IMF) in Marrakech, Morocco.

Edun, who confirmed his emergence as the chair of the Africa Group 1 constituency and leader of all the African nations in the executives of the IMF, pointed out that Nigeria has become almost number one on people's list when they want to look at where to invest.

Continued on page 5

MONETARY EXECUTIVES… L-R: Governor of the Central Bank of Nigeria, Mr. Olayemi Cardoso; Managing Director of the International Monetary Fund, Kristalina Georgieva; and Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, shortly after a meeting between the Nigerian delegation and the IMF-World Bank during the 2023 Annual Meetings of the IMF in Marrakech, Morocco … yesterday

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OCTOBER 15, 2023 • T H I S DAY, T H E S U N DAY N E W S PA P E R

NEWS TO ADDRESS FISCAL GAP IN 2023 BUDGET, FG SEEKS FRESH $1.5BN LOAN FACILITY FROM WORLD BANK He promised that there would be a coordination of monetary and fiscal policies, just as he pledged that President Bola Tinubu's administration will not breach Ways and Means limits.

"On the talks with the World Bank on $1.5 billion budget support, that is correct. The World Bank is the number one multilateral development bank helping developing countries or funding developing countries, projects and programmes, and sectors.

"It has free money through either International Development Association (IDA). It is for the poorer countries and right now I think we qualify as one of the countries that can borrow in the normal window of World Bank funding but also

some concessionary IDA funding and that means that effectively the interest rate will be zero," Edun told journalists.

Shedding more light on the proposed budget financing, the finance minister said: "In this particular case, it has long been in the pipeline, and we are hoping that funding will come through soon.

"There is a Federal Executive Council meeting on Monday (tomorrow) that should be able to discuss this, as well as other initiatives for financing on reasonable terms.

"We have talked about the high costs of money - the World Bank money is the cheapest," Edun added.

The minister pointed out that the country has taken bold

and courageous steps to attract investments.

"Regarding the opportunity to attract investments, there have been many conversations and, in all honesty, the narrative is that with the bold courageous steps that Nigeria has taken, we are now at the forefront, almost number one on people's list when they want to look at where to invest; that is now the narrative.

"Nigeria is definitely on the right path; we have taken the right decision for the economy to recover and for it to attract Foreign Direct Investment (FDI) and as well, I will add, domestic investment to recover full economic growth, job creation and at the same time, achieve inclusivity of women and

young people," he added.

He assured that the federal government was taking steps towards cutting down its expenditure.

"We've talked about tax reform, and that tax reform will include looking at expenditures on taxes, waivers, duties, and tax exemptions.

So, that is very much part of the plan," he added.

According to Edun, the newly constituted fiscal policy and tax reform committee that was recently inaugurated by the federal government was focused on domestic revenue mobilisation.

The committee, he stressed, was purely focused on, "domestic resource mobilisation and that includes, in no small part, coming

OFF-CYCLE ELECTIONS: DISREGARD BAYELSA REC, RESULTS WILL BE TRANSMITTED ELECTRONICALLY, YAKUBU INSISTS Recall that the Bayelsa State Resident Electoral Commissioner (REC), Ofiong Efanga, had recently said the commission would adopt manual mode of transmission of the governorship election results.

But Yakubu made the clarification during his visit to Lokoja, Kogi State capital where he monitored yesterday’s mock election and also assessed the commission’s level of preparedness ahead of the election.

Yakubu reiterated that the governorship election in the three states would be conducted in line with the Electoral Act. When asked about the method that would be adopted for the transmission of election results, he said: "The method is as provided by law - electronic accreditation, electronic upload of results on the INEC Results Viewing (IReV) portal, and that is why we are doing this mock.

"So, please, disregard whatever was reported about what the REC was said to have said in Bayelsa and that is going to be the procedure.

And it is for that reason that I will advise you also for those who have registered on the IReV portal, in the next two hours or so, they should go to the IReV portal, they see the result of the mock from all the three states; we are uploading, as we have done in previous elections."

Yakubu further revealed that the commission would hold a security meeting next week Friday in Abuja with the security agencies, adding that the meeting would also have the National Security Adviser (NSA) in preparation for the polls.

The chairman said the thrust of the meeting would be the security arrangement and deployment for the elections in three states "Well, so far so good in terms of assurance from the security agencies as we can see. They're even here for the mock and next week, Friday, there is going to be a high-level meeting in Abuja, chaired by myself and the National Security Adviser in which all the security chiefs will be present - no representation to discuss the issue of security for the three states, so, we are on top of the situation in terms of security arrangement and security deployment," he added.

Yakubu explained that the Ganaja polling unit was chosen for the mock exercise because it was the most densely populated in Nigeria with 13, 000 people.

He said: "We are here at the Ganaja polling unit in Ajaokuta Local Government Area of Kogi State. We chose this polling unit because it is the largest polling unit most densely populated in Nigeria.

It has 13,000 registered voters.

"After the election, the commission will redistribute the voters to other approximate locations. But for now, we'll have to conduct the elections for the number of registered voters in this polling unit. And for that reason, we are deploying a minimum of eight BVAS machines on election day, Saturday, November 11, 2023.

"One of the challenges of this location is flooding. It is not only by the River Niger, it is actually by confluence, where River Niger and Benue meet and on our way

you saw evidence of flooding. And that's why we took you to Gadumu where if there is flooding before the election, we will pull the ad hoc staff out of there and move them at first light on Saturday to this polling unit.

"But our preference will be to use this place as a super-rack where we will camp the ad hoc staff overnight so that they will do the setting up on Friday and at first light on Saturday, INEC officials and materials will be waiting for voters rather than the other way around. So this is one of the largest polling units in the country and that's where we are here."

Yakubu added that the commission has marshalled out a plan to effectively control the crowd on election day.

According to him, “What will happen on election day is that we have broken the register alphabetised by the voter surnames. ''So, if your name begins with an ‘A,’ there is a particular location where you are going to vote, but registers will be posted here on election day so voters will know exactly where they are going to register and there will be officials of the commission that will guide them as to the locations where they are going to vote and as I said, we'll deploy a minimum of eight BVAS machines to ensure a smooth accreditation of voters here."

On feelers from other locations where mock accreditation took place, the INEC chairman said the turnout from Bayesla was impressive, adding that in Artisa in Yenagoa, there was a queue of voters waiting to be accredited.

However, Yakubu has said that one of the commission’s major concerns in the conduct of the November 11 Kogi State governorship election is the prevailing security challenge.

Yakubu during a visit to the commission’s office in Kotonkarfe, Kogi LGA to monitor mock accreditation in Lokoja yesterday.

He said the commission was working with the security agencies to provide a secure environment for peaceful and credible elections.

“Wherever you go in Nigeria, you are sure to see two government offices. One is INEC. You will see an INEC office in the LGA headed by an electoral officer, an Electoral Officer (EO). You will also see the police office headed by a Divisional Police Officer (DPO) for the local government.

“So, we are everywhere working together. And I’m happy that we are working together as we prepare for the elections,” he said.

Yakubu advised the Electoral Officers (EOs) in the state to follow the standard template for logistics deployment at Registration Area Centres (RACs), as well as work with security agencies, for the election to commence in Polling Units (PUs) at 8.30 a.m.

“My advice to you is that you have to use the standard template for this election.

“I am glad to hear that all the non-sensitive materials have been received by your local government.

And I’m sure it’s the same story in

other local governments as well.

“But it’s not only the receipt of the material that is important. You have to batch them so that they go into the box per polling unit.

“So, on election day, as you move to the super RACs or the RAC centres, you will then move to the polling units,” he said.

Yakubu added: “We are giving our word to Nigerians that we must open polling units at 8.30 am on the dot. Therefore, you must activate the RACs. If you don’t activate the RACs we can’t actualise the commencement of the votes at 8.30 am.

“You must activate the RACs with security and I am happy that you are working in partnership with them.”

He commended all the INEC staff and security agencies in the state.

Earlier speaking, Mr. Hassan Musa, the Electoral Officer, Kogi

Local Government Area (LGA) office, Kotonkarfe, said that the preparations for the election were in the advance stage.

Musa said that the LG office had already received all the non-sensitive materials for the election and was working with security agencies for a peaceful election.

He said that in the next few weeks, the commission would round the RACs centres in the LG to monitor the preparations.

“We have received virtually all the non-sensitive materials and we have successfully dispatched them to PU levels. And we are good to go, sir. We don’t have any shortfall for now.

“What we are waiting for is the sensitive materials, which normally come a few days before the elections,” he said.

up with our own plans and ideas rather than having them imposed from outside by those who know less than we do about our situation."

Commenting on Ways and Means, which was a major challenge for the immediate past administration, Edun said: "Regarding Ways and Means, President Bola Ahmed Tinubu had even while campaigning as a candidate, President-elect and President has a commitment not to go beyond the statutory limits.

"One of his priorities is the rule of law - sticking to agreements, sticking to the law. And so, his commitment is to come within the limit for Ways and Means, which essentially means overdraft borrowing from the central bank.

"However, having made that commitment and given that direction of travel, I think the idea and commitment is to come within whatever is the statutory limit as soon as possible," Edun said.

Additionally, the minister pledged to ensure a harmonious relationship between monetary and fiscal policy, saying there was a natural coordination and relationship.

He added: "Mr. President is a man who keeps his word. And one of his priorities is the rule of law and as such, he will keep to the letter and the spirit and the autonomy of the central bank. So, it's within that constraint that the coordination will take place," he added.

The minister also disclosed his emergence as the chair of the Africa Group 1 constituency and leader of all the African nations in the executives of the IMF. He said: "We can put it down to our first success in leading SubSaharan Africa at the World Bank and the IMF. It is the achievement

of the third chair of the SSA on the board of the IMF. "There are three representing Sub-Saharan Africa (SSA) at the World Bank. There were only two representing SSA at the IMF. Just today, we have achieved a third chair. This is the combination of years of negotiation and it was finally sealed today.

"That is something we are very happy about. This is because it increases the participation and representation in the governance of these important institutions by African nations south of the Sahara," the minister explained.

He said the federal government is aware of the current level of hardship Nigerians are going through as a result of the removal of subsidy on fuel and exchange rate unification, adding, "these are painful reforms and Mr. President is a man of empathy who promised not to leave the vulnerable and poor behind.

"As you know there is a set of interventions being rolled out, which day by day, should improve things. More food has been grown, fertilisers are being released, Compressed Natural Gas (CNG) transport is the order of the day, while the government buses and conversion kits are on the way; and this initiative is by the private sector.

"So, day by day, we are moving closer to affordable and even cleaner energy simply because the price of petroleum products has been put where it stands rather than having cheap fuel, which is below the market price and its value. Now, you are seeing the right value and that is making the move to cleaner and finer energy,” the minister said.

NNPC JETTISONS OIL SWAP DEALS, PAYS CASH FOR FUEL IMPORTS end of next month.

According to the report, the shift is the result of efforts by President Bola Tinubu to eliminate costly fuel subsidies as part of broader reforms aimed at shoring up the country’s struggling finances.

Last year, NNPC did not remit monies into the government coffers, even amid surging oil prices, as oil-for-fuel swaps consumed all the crude oil it had to sell.

NNPC owed traders up to $3 billion worth of crude oil this year, debts the two sources said would be paid in November.

Tinubu's reforms in May more than tripled petrol prices, and virtually eliminated cross-border smuggling, which drained millions of litres of petrol daily out of Nigeria to neighbouring countries with higher pump prices.

While it pumps more oil than any other African nation, Nigeria refines little and is almost totally reliant on fuel imports to keep its 200 million people moving.

The last round of swaps included more than a dozen consortia including foreign oil traders such as Vitol, TotalEnergies and Mercuria and local companies.

Despite the reforms, NNPC remains the sole petrol importer, sources said, due to ongoing foreign exchange shortages and an effective pump price cap that has meant private importers can't make money bringing in fuel.

Komolafe Moves to End Friction Between Oil Companies, Host Communities

Meanwhile, the NUPRC at the weekend moved to put an end to the perennial altercations between oil and gas industry operators and their host communities, with the introduction of a digital interface for both parties.

In a statement issued yesterday in Abuja, the Gbenga Komolafe-led NUPRC said the online platform was designed to ease regulatory compliance, and oversight functions and also enable operators in the industry to meet regulatory requirements in a timely, efficient and cost-effective manner.

Known as HostComply, the commission said the platform will help to streamline reporting of Environmental, Social and Governance (ESG) management for operators, host communities, and regulators, describing it as a cardinal requirement of the Petroleum Industry Act (PIA) 2021.

Given the friction often experienced between operators in the petroleum sector and their host communities, the NUPRC stated that the platform was developed to offer comfort to Host Communities Development Trusts (HCDT) by providing a robust technological tool to interface and engage with the settlors (operators).

NUPRC pointed out that HostComply offers numerous advantages to the operating companies and the host communities, including streamlining reporting and monitoring obligations, building trust and credibility as well and providing a centralised system for managing data related to community development and ESG reporting.

The agency added that it will ensure compliance with regulatory requirements and build trust with communities, investors, and other stakeholders.

Furthermore, the industry regulator noted that it will help to ramp up oil production and revenue for the settlors and the federal government as well as provide business analytics that will help settlors, regulators and other stakeholders identify trends, opportunities, and areas for improvement in their community development and ESG reports.

“The portal will enable the settlor to upload the incorporated HCDT registered, upload the three per cent operating expenditure (Opex) by assets for verification by the regulator; track, analyse, and report on the use of funds for community development initiatives and foresee failure points by leveraging the data insights and mitigate against them,” NUPRC said.

NUPRC said the portal will provide an opportunity to measure and monitor distributional equity amongst the communities.

“The HostComply allows the regulator to detect and identify non-compliant situations through IT

forensics and compliance intelligence tools, real-time monitoring of the progress of projects being executed by the HCDT, issue demand notices on the payment of the three per cent Opex contribution by the settlors and verify the three per cent Opex contribution and its distribution,” it said.

Urging stakeholders to fully utilise the portal to ensure regulatory compliance with the provisions of the law, the NUPRC indicated that failure of compliance has serious implications and attracts sanctions, which include revocation of licence or lease.

“Pursuant to the following sections of the PIA, 2021, and for the avoidance of doubt, the licence or lease of a settlor may be revoked if it fails to comply with the host communities’ obligations under Section 96(n) of the Act,” the commission said.

“It will be an interface for submission of complaints and petitions, reporting of fraud, breaches, and malpractices; and an administrative module which will act as a performance evaluation and analytics dashboard for each user group and general overview, management of access rights and permissions as well as review of audit trails,” the NUPRC added.

Shell Releases N13.2bn for Community Development, Unveils More Trusts

In a related development, Shell Petroleum Development Company Limited (SPDC) has disbursed N3.72 billion and an additional $12.32 million (N9.48 billion) for host community development in compliance with the provisions of the PIA. The Media Relations Manager of the oil giant, Abimbola EssienNelson, said in a statement yesterday that the company had progressed implementation of the PIA with the unveiling of two Trusts in Imo State on October 13, 2023.

As stipulated by the PIA, it said the funds were from the three per cent operating expenditure of the Joint Venture from the previous year and enables Trusts to plan

and execute development projects in their communities.

Essien-Nelson stated that SPDC, in collaboration with its joint venture partners -- the Nigerian National Petroleum Company Limited (NNPC), TotalEnergies and ENI had so far unveiled 27 Trusts out of the 33 proposed in Rivers, Bayelsa, Delta and Imo states, with more to be funded as the set-up processes mature.

The manager noted that the large number of fully established Trusts since the signing of the PIA into law in August 2021 had been acknowledged as an industry record.

According to the statement, officials of the Imo State Government and community leaders cheered as Assa North and Egbema/Oguta Trusts were formally presented as development vehicles to the public in Owerri.

“The Imo State Government is happy at the progress in the setting up of Trusts and will continue to support them to achieve set objectives,” the statement quoted the Imo State Commissioner for Petroleum Resources, Prof. Eugene Opara, to have said.

SPDC Managing Director and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, in an address read by Community Relations Manager, Central Hub, Evans Krukrubo, advised Trusts to see themselves as partners to industry operators.

“With funding of Trusts derived from operations, community disruptions and vandalism will inevitably lead to fewer cash, resulting in fewer projects and programmes. We expect communities to help ensure hitch-free operations and fully benefit from the new dispensation", Okunbor said.

In their addresses, Chief Executive of the Nigerian Upstream Petroleum Regulatory Commission, (NUPRC), Mr. Gbenga Komolafe and Chief Upstream Investment Officer, NNPC Upstream Investment Management Services (NUIMS,) Mr. Bala Wunti, noted that the idea of Trusts would boost community development in oil producing areas if all parties collaborate well and decide to resolve grievances through dialogue.

T H I S DAY, T H E S U N DAY N E W S PA P E R • OCTOBER 15, 2023

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NEWS

EVENING OF TRIBUTES FOR AKINTOLA WILLIAMS… L-R: Son of the deceased and computer specialist, Seni Williams; Chairman, Tizeti Network Limited, Mr. Emmanuel Ikazoboh; Diplomat/Accountant, Chief Arthur Christopher Mbanefo; former Chairman/ Managing Partner, Akintola Williams Deloitte, Mr. Victor G. Hammond; and Co-ordinator, Planning Committee of the tribute, Mr. Muyiwa Osho, during an evening of tributes to honour the late Papa Akintola Williams by the Retired Partners and Former Staff of Akintola Williams Deloitte in Lagos....weekend ABIODUN AJALA

PDP Stakeholders Woo Wike, Makinde, Other G5 Members Saraki visits FCT minister in exchange for goodwill Chuks Okocha in Abuja Governors and National Assembly members elected on the platform of the Peoples Democratic Party (PDP) and other stakeholders in the party have commenced moves to woo the former Rivers State governor and Minister of the Federal Capital Territory (FCT), Nyesom Wike, as well as other members of the G-5 governors, THISDAY has learnt.

THISDAY gathered that the consultations with Wike and his G-5 group were part of the efforts to get the support of the group in the ongoing plan to ensure the emergence of the former Senate President, Dr. Bukola Saraki as the next chairman of the PDP. The pressure on Saraki to throw his hat in the ring for the position of the National Chairman of the PDP was said to have gathered momentum as more stakeholders from the six geopolitical zones have backed the move.

A source within the party told THISDAY off the record that as part of these consultations, the

governors and members of the National Assembly will meet with all the members of the G-5 governors.

"We are also planning to meet the Oyo State governor, Seyi Makinde; former governor of Benue State, Samuel Ortom; former governor of Abia State, Okezie Ikpeazu, and former governor of Enugu State, Ifeanyi Ugwuanyi,” the source said.

The source added that the arrowhead of the planned meeting with Makinde is the Deputy National Chairman of the PDP, Ambassador Taofeek Arapaja.

“The influence of Wike is still strong in the PDP and it is believed that the FCT minister has a hold on the governor of Rivers State, Simi Fubara," the source added.

The source also claimed that since Fubara became the Rivers State governor and Deputy Chairman of the PDP Governors’ Forum, he has not identified with the PDP at the national level.

According to the source, the Rivers State governor has not attended any meeting summoned by the National Working Committee (NWC) of the

PDP. He said the stakeholders believe Wike has a huge influence on Fubara.

The source said: "The Wike group has clarified that they will not leave the party. Following that decision, they must work to retain their influence in the party. One of the ways to do so is to be part of the power groups that will determine the future of the party by influencing who leads the party from next year.

"Since the train, which is working to elect Saraki is moving fast and

getting more passengers, they need to quickly jump on it and be part of the forces that will propel the train to a successful destination.

"Failure to do this will lead to the emergence of a hostile chairman who may move against them. They know Saraki is a bridge builder.

Somebody they can trust to be neutral and with the capacity and resources to rebuild the party. The meeting is the first step the Wike group is making.”

The source explained that after the

The Ondo State House of Assembly yesterday reiterated that it had not suspended the impeachment proceedings against the state Deputy Governor, Lucky Mr. Aiyedatiwa.

The spokesperson of the assembly, Olatunji Oshati, while speaking on Friday, had confirmed that the lawmakers would comply with the order of the Federal High Court and halt further proceedings on the impeachment.

However, a statement issued by counsel to the state assembly, Femi Emodamori, insisted that it would see the impeachment proceedings through to a logical conclusion in order to determine the veracity or otherwise of the monumental allegations of gross misconduct against the deputy governor.

The statement read: “Our client, the Ondo State House of Assembly has brought some distorted news story stating that it had ‘suspended’

the impeachment of the state deputy governor, to our attention.

“The House reaffirmed that it has not ‘suspended’ the impeachment process as inaccurately reported, and will carry the same through to a logical conclusion in order to determine the veracity or otherwise of the monumental allegations of gross misconduct against the deputy governor.

“Our client meticulously complied with the said Section 188(3) of the Constitution. In fact, 23 out of its 26 members (more than the minimum two-thirds majority required) passed that motion on October 3, 2023."

The assembly noted: "Section 188(5) of the Constitution further states that after the motion is passed by the two-third majority, the Speaker should formally request the State Chief Judge to set up the seven-man panel. The Speaker diligently complied with this on the same October 3 when the motion was passed.

are indications that the suspended National Chairman, Dr. Iyorchia Ayu may have finally lost out in the power game as Atiku recently addressed him as the former national chairman of the party.

The event was the press conference by the former vice president on the outcome of the Chicago State University deposition on President Tinubu’s academic records.

Atiku and others who spoke at the occasion addressed Ayu as the former national chairman of the PDP.

LCCI, CPPE Laud CBN’s Removal of FX Ban on 43 Items Dike Onwuamaeze The Lagos Chamber of Commerce and Industry (LCCI) and the Centre for the Promotion of Private Enterprises (CPPE) have commended the Central Bank of Nigeria (CBN) on the removal of the ban placed on 43 items from accessing the official exchange rate.

The President of LCCI, Dr.

Michael Olawale-Cole, in a statement on ‘CBN’s Removal of Foreign Exchange Market Restrictions,’ also commended the apex bank’s decision to raise the supply of dollars to meet the demand pressure in the Nigerian foreign exchange market.

Olawale-Cole described the move as a noteworthy commitment to offset the foreign exchange backlog

Ondo Assembly: We've Not Suspended Impeachment Process against Aiyedatiwa Fidelis David in Akure

Supreme Court’s verdict on Atiku’s case against President Bola Tinubu, the next assignment for PDP is to resolve the party’s leadership issue and reconciliation.

The source said: "Saraki visited Wike in his Abuja home."

It was learnt that though Wike is serving in an APC government, he still has great influence on the PDP National Working Committee members.

On the issue of resolving the party’s leadership issues, there

“It was at this stage that His Lordship, the Honourable Chief Judge of Ondo State, replied the House, stating that he received an ex parte order which the Deputy-Governor secured from the Abuja Judicial Division of the Federal High Court on September 26, 2023, ‘restraining’ his lordship from setting up the panel, pending when the court would hear all the parties in the case to determine the merit of the application or the case filed by the deputy-governor.

"For the avoidance of doubt, Section 188(10) of the Constitution clearly states that. The proceedings or determination of the House or Panel or any matter relating to such proceedings or determination shall not be questioned or entertained in any court”, and there are too many judgments of the highest courts in Nigeria affirming that no court has the jurisdiction to dabble into an impeachment process, as long as the House of Assembly complies

with all the constitutional process.

“The Honourable Chief Judge himself stated in his widely reported reply to my client, that his lordship was not unmindful of the above provisions of Section 188(10) of the Constitution and even quoted it verbatim.

“His lordship however stated that as a Chief Judge, he would prefer that the ex parte order, which his lordship believes “tied his hand”, should first be vacated or set aside.

The Chief Judge obviously prefers to err on the side of caution."

The House noted that in spite of their reservations about the position of the Chief Judge in the face of the clear provisions of Section 188(10) of the Constitution and the judgments of the appellate courts stating that no court has the power to question or entertain any matter relating to the impeachment, they would, for now, show sufficient understanding of the delicate position the CJ.

as part of the measures to address the current foreign exchange challenge plaguing the market.

He said: “This policy change is expected to reduce the demand pressure on the parallel market and ensure that there is a gradual convergence in foreign exchange market rates.

“The LCCI particularly appreciates this stand to promote orderliness and professional conduct by all market participants to ensure market forces-determined exchange rates on a willing buyer- willing seller principle.

“Over the years, the chamber has consistently expressed its concerns about the restrictions in the foreign exchange market and its consequences on the divergence of the foreign exchange rates.

“In our opinion, this policy is a market-friendly step towards unifying the exchange rates and is expected to curtail inflationary pressures in the short term.”

The LCCI recommended that the CBN should adopt creative financing options for clearing the short to medium-term backlog and establish a mechanism to address foreign exchange unification under the current system.

It said: “The chamber believes the authorities must pursue the right monetary policy reforms to improve the investment climate and boost investor confidence.

We call on the CBN to ensure transparency and accountability in banks’ foreign exchange dealings at the investors’ and exporters’ windows.”

Speaking in the same vein, CPPE also welcomed the decision of the

CBN to discontinue the policy that excluded 43 items from accessing the foreign exchange market.

The Founder of the CPPE, Dr. Muda Yusuf, described the termination of the policy as a move in the right direction and part of the policy normalisation process.

Yusuf said: "The exclusion of the 43 items was one of the several drivers of distortions in the foreign exchange market. The exclusion of the items also contributed to the persistent divergence in rates between the official window and the parallel market.

"The exclusion was also in conflict with extant trade policy as the items were not under import prohibition in the first place. It was an example of lack of policy coordination under the previous administration."

He said that the new directive would also improve transparency and disclosures in foreign exchange transactions and advised the CBN to avoid market suppression tendencies, especially outside the I&E window.

"All policy impediments to forex inflows should be removed," he said, adding that the "fiscal authorities should continually monitor the economic landscape to shape the character of fiscal policy measures to regulate imports in line with comparative advantage principles.

"We need to worry about the risk of import surge. There is also a need to upscale the use of fiscal policy measures to boost domestic production and productivity," Yusuf said.

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NEWS

FARE THEE WELL MOTHER… L-R: Miss Zerah Uzo, Chairman, Jonex Nigeria Limited, Chief Jonathan Uzo-Okafor; Director, Jonex Nigeria Limited, Mrs. Eunice Uzo-Okafor; Mr. Uchenna Uzo; and Mr. Cedar Chinwuba, at the burial ceremony of Lady Esther Onyemaechi Okafor at Otolo, Nnewi Anambra State…yesterday.

Senate Moves to Resuscitate Kaztec's $1bn Oil Industry Fabrication Yard in Lagos Peter Uzoho The Senate has begun the process of resuscitating the moribund $1 billion Kaztec Engineering Limited's oil and gas fabrication yard at Snake Island, Ilashe, Lagos State.

The move is part of the upper legislative chamber’s commitment to investigating the reasons behind the project's shutdown to seek solutions for reviving the facility to revitalise the Nigerian economy.

The Senate Committee on Petroleum (Upstream), led by its Chairman, Senator Eteng Williams, yesterday embarked on an oversight visit to the Kaztec fabrication yard to ascertain the level of degradation suffered by the facility since its eight years of inactivity owing to a force majeure declared on it in 2015 by Addax Petroleum.

Accompanied by eight other members of the committee, Williams assured that the Senate would ensure that the company gets justice and the facility revived.

The Antan project, estimated to cost about $1 billion to complete, being built by Kaztec Engineering, started in 2012 and was planned for the drilling of over 19 million barrels of Nigerian crude.

The project which had already gulped over $600 million and attained 70 per cent completion was expected to be a one-stopshop for the fabrication of offshore platforms, large offshore modules, Floating Production, Storage and Offloading (FPSO) refurbishment, and new build jackets.

It was also intended to provide facilities like pipe mill, pipe coating, dry and floating dock,

logistics, supply base, and skills development and satisfaction of all the project delivery needs of oil and gas companies doing business in Nigeria and provide jobs for Nigerians.

However, for eight years, activities at the project site had ceased owing to a force majeure declared on it in 2015 by Addax Petroleum, the project technical partner, arising from taxes and audit issues between the federal government and Addax Petroleum The facility was projected to generate over $33 billion values in revenues and foreign exchange savings for the federal government

over 10 years, in addition to over 3,000 direct jobs and over 10,000 indirect job opportunities for Nigerians.

Speaking after touring the fabrication yard and receiving briefings from Kaztec officials, the Senate committee chairman expressed the readiness of the committee and the Senate to properly investigate issues relating to the keeping of the critical oil and gas asset moribund for eight years.

Williams pledged that his committee would carry out a comprehensive investigation, and identify the factors that led to the project's current status while

ensuring that justice was served to all the parties.

He also assured that the visit had afforded the committee first-hand knowledge and would lead to effective formulation of policies resulting in a revival of the company and preventing future occurrence.

He added that all parties involved in the matter, including the Nigerian National Petroleum Company Limited (NNPC), the federal government, and others would be heard to enable it to proffer a solution for the revival of the project.

Williams said: "We've seen it all.

We're going back to the drawing board and we will call everyone involved.

"We have the assurance of the Senate President because we all want this country to work for everyone" "We're committed to making things work and we're assuring all stakeholders that justice will be done."

The Senate committee's efforts align with the vision of the President Tinubu administration towards maximizing the nation's petroleum resources and leveraging them for the overall growth and development of Nigeria.

FG Shifts Delivery of Lagos-Ibadan Expressway to November, Opposes Use of Asphalt on Third Mainland Bridge

You Did Not Construct Sagbama- Emmanuel Addeh in Abuja Umahi said, adding that “We may Umahi noted that Tinubu, who cause vehicles to overturn. have a little bit of challenges on served as Lagos governor between “You see, each carriageway of Ekeremor Road, Diri Tackles Sylva The federal government at the funding but it is something that I 1999 to 2007, was one of the pioneers the Third Mainland Bridge is 14 metres, which means that each weekend said the Lagos-Ibadan intend to discuss with Mr President.” of concrete roads in the country.

Olusegun Samuel in Yenagoa

Bayelsa State Governor, Senator Douye Diri, has taken a swipe at the governorship candidate of the All Progressives Congress (APC) in the November 11 governorship election, Mr Timipre Sylva, for making false claims on the Sagbama-Ekeremor road project.

Speaking at Igeibiri in Southern Ijaw Local Government Area of the state during the Peoples Democratic Party (PDP) governorship campaign at the weekend, Senator Diri lambasted Sylva for claiming that he constructed the SagbamaEkeremor road to a level before the immediate past governor completed it.

He said Sylva did not pour a shovel of sand on the road when he governed the state for five years.

A statement by his Chief Press Secretary (CPS), Mr. Daniel Alabrah, who is a member of the Publicity Directorate of the state PDP Governorship Campaign Council, quoted the governor as saying that the people of the state do not deserve a governor who tells lies and who had nothing to show for his time as governor.

Diri said he was not at Igeibiri to campaign, saying his achievements in the community speak volumes, assuring that he will do more when he returns for a second tenure.

He expressed appreciation to the Igeibiri people for always standing by the PDP and expressed optimism that they will again

support him and his party during the election.

At Oporoma, headquarters of Southern Ijaw LGA, Diri was conferred with the chieftaincy title of "Owou fini-owei keni" of Southern Ijaw (One who opened the road to Southern Ijaw).

He assured the Oporoma people that the generator promised the community would be installed before the end of this year and that his administration would stop at nothing to ensure that Southern Ijaw is developed.

On the Yenagoa-OporomaUkubie road, the governor said it would be completed next year and solicited their continuous support for his administration.

The campaign team equally stopped at Angiama where the governor also received a chieftaincy title as well as assurances of support from the people.

He said: "We saw their campaign in my local government, Ekeremor, and they were telling lies to the whole world. That (EkeremorSagbama) road was started by the NDDC, worked on by my predecessor and I completed it.

It was one of our campaign points and today I have completed that road. The governor who stayed for five years never poured a shovel of sand on that road but he is claiming he did it to an extent.

"We did not come to campaign as we are your children. We know you have always been behind us and will do so again.

Expressway would now be delivered by November, years after reconstruction began on the busy route, which serves as a major link between Lagos and other states.

Speaking on a television programme, the Minister of Works, Mr. David Umahi, identified funding as a major challenge facing the project and promised that his ministry would soon approach President Bola Tinubu for intervention.

Umahi also said that the continuous pilling of asphalt on the Third Mainland Bridge could cause vehicles to overturn The federal government had earlier said the Lagos-Ibadan road project would be delivered in mid-September after multiple deadlines.

“Let’s give it to November,”

According to the minister, the funding will come from the Presidential Infrastructure Development Fund (PIDF) programme.

“Right now, we have a balance of N18 billion on that axis to pay.

The stringent condition is that you cannot take funds that are meant for one project to do the other one,” he stressed.

Umahi further stressed the importance of concrete roads, saying the federal government was considering using concrete for the construction of major roads across the country.

The former Ebonyi state governor explained that the importation of bitumen was putting more pressure on the naira, maintaining that many roads built on concrete have a life span of 50 years.

“Mr President is not new to concrete roads. While he was governor, he could be said to be one of the foundational sponsors of concrete roads,” he added.

“He did (and does) understand that when you have a very high water table and when you have constant rainfall most of the time, you need concrete. Concrete is very friendly with the rain. So, he did quite a number of concrete roads.

“Even another aspect of concrete roads which is interlocking, you go to Victoria Island [in Lagos], you (will) see it. If anyone goes bad, you just remove it, clean it up, and fill it with sharp sand. I should say that is his (Tinubu’s) idea,” he added.

Umahi also said that the continuous pilling of asphalt on the Third Mainland Bridge could

carriageway has two standard carriageways. So, we are dealing with 14 carriageways.

“What has happened is that in engineering design - there is what is called a dead load and the asphalt is a dead load. What that bridge is meant to carry is two inches of overlay asphalt,” he said.

He added: “But over the years, in the course of maintenance, when a portion of it is scratched, what will happen is that they will come and clean it up and put another asphalt on it.

“So, we have an asphalt thickness of between four and 12 inches. So, if you are riding on that Third Mainland Bridge, you will see that you are on a super-elevation and that is dangerous.

It can cause overturning. And again, it is not designed to carry that dead load,” he explained.

Kogi Poll: People Threatening Violence will Be Neutralised, Says Gov Bello Ibrahim Oyewale in Lokoja Kogi State Governor, Alhaji Yahaya Bello, has called on the people to ignore those threatening violence as they would be neutralised before the election.

The governor made this known yesterday while campaigning in Kabba, Kogi-West senatorial district.

“I want to tell you to ignore those who are threatening violence because they will be neutralised way before the election, they will

be disappointed, I want to call on the security agencies to rise to the occasion, you have done it before, you can do it again, my people are not ready to give them a chance”, he said.

In his remarks, the Kogi State APC governorship candidate, Usman Ododo, said he was committed to consolidating on the progress and development achieved by Bello.

He noted, “I’m prepared to serve and to open a new page of development in the state. Governor

Yahaya Bello has laid a solid foundation for the state and I’m poised to ensure sustainability and consolidation.”

Bello called on the people of Kogi-West to join hands in forming a government that would meet their yearnings and aspirations.

He said, “The achievements of my administration are visible for all to see. This is not the time for us to be complacent. We cannot afford to be in the opposition, not with the many plans President Bola Tinubu’s

administration has for Kogi State.

“In the last couple of years, we have built and rebuilt our infrastructure. We have made Kogi money and resources to work for the people. We cannot afford to be dragged back.

“I appeal to the people of KogiWest to vote for the APC to enable consolidation, and unity amongst our people and to ensure that the coming generation of the people of Kogi-West can be proud of what has been achieved,” the governor stated.

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GREAT ALUMNI… L-R: Assistant General Manager, Delta Broadcasting Service, Warri, Mr. Nkem Nwaeke; Immediate past President, Auchi Polytechnic Mass Communication Department Class 93, Pastor Austen Akhagbeme; Delta State Commissioner for Works, Mr. Charles Aniagwu; Managing Director, Skyway Aviation Handling Company, Mr. Basil Agboarumi; and Chief Executive Officer, Moreice Global Ventures, Mr. Chris Morgan, during the celebration of the 30th anniversary of the association in Asaba, Delta State…recently

Confusion as Sacked NIPOST Boss Claims He’s Been Reinstated by Tinubu The Nigerian Postal Service (NIPOST) has announced that Adeyemi Adepoju has been reinstated as the postmaster general of the agency.

Last Wednesday, President Bola Tinubu relieved Adepoju from his role and appointed Tola Odeyemi as the new chief executive officer

(CEO) of NIPOST. The announcement made

by Ajuri Ngelale, presidential spokesperson, was part of the leadership shuffle implemented for agencies and parastatals under the ministry of communications, innovations and digital economy.

However, in a new statement

published on NIPOST’s official X account yesterday, according to TheCable, the agency said the president had reinstated Adepoju.

The statement said Adepoju was reinstated “due to his exceptional leadership and performance”.

“President Bola Ahmed Tinubu (GCFR) has reinstated

Rt. Honourable Adeyemi Sunday Adepoju as the Postmaster General of the Federation & CEO of the Nigerian Postal Service (NIPOST) due to his exceptional leadership and performance,” the statement reads.

“Sunday Adepoju conveyed his appreciation to the president and

NUC Warns NBTE against Implementing ‘Top-up Degree’ Programme for Polytechnic Graduates Kuni Tyessi in Abuja The National Universities Commission (NUC) has disowned the one-year ‘top-up degree’ programme for Nigerian polytechnic graduates officially announced by the National Board for Technical Education (NBTE).

Recall that in August, the NBTE unveiled an online programme for Higher National Diploma (HND) holders to acquire Bachelor’s degree certificates within one year.

But NUC, in a statement signed by its Acting Executive Secretary, Chris J. Maiyaki, warned Nigerians and all relevant Ministries, Departments and Agencies (MDAs) to be wary of such information as the commission is not a party to the top-up scheme introduced by the NBTE. “The attention of the NUC has been drawn to the news (online)

that the NBTE has officially introduced a one-year top-up degree programme in Nigerian Polytechnics to enable holders of HND to convert their certificates to the first degree with foreign accredited universities.

“The online news, which was credited to the Executive Secretary of the NBTE, Prof Idris Bugaje and the Board’s Head of Media Unit, Mrs. Fatima Abubakar, revealed that the action was in furtherance of the advocacy for the removal of the existing dichotomy between degree holders and HND graduates in their various places of work, and to enhance the beneficiaries’ opportunities for further studies.

“The NUC wishes to inform the management of the NBTE and the general public that the ‘Bill for an Act to Abolish and Prohibit Dichotomy and Discrimination

between First Degree and Higher National Diploma in the Same Profession/Field for the Purpose of Employment, and for Related Matters’, which was passed by the 9th National Assembly in 2021, is yet to be assented to by Mr. President and Commander-inChief of the Federal Republic of Nigeria.

“So, even though agitation continues to grow for the abolition of the dichotomy in Nigeria, there is, at the moment, no law that has removed the dichotomy between a university degree and the HND. “The university degree awarded by the Nigerian university system or any cognate institution is not the same as the HND awarded

by Polytechnics in Nigeria.

“In the Nigerian higher education space, the processes, contents and methods required for the acquisition of a university degree are substantially different

from those needed for HND programmes.

“At the post-graduate level, the requirements for admission into any master’s degree programme in Nigerian universities for candidates with HND are, among others, the acquisition of a Postgraduate Diploma (PGD) from a recognised university in an area relevant to that for which the master’s admission is being sought.

“To this end, it is implicit that beneficiaries of the NBTE’s TopUp Programme shall be subjected to extant admission requirements

by Nigerian universities, should they desire to further their studies in the NUS,” it said.

The statement advised the NBTE to focus on its core mandate and desist from introducing programmes that are outside its jurisdiction and not supported by any law in Nigeria.

NIS: Not All Types of Passport Issuance Have Timeline of Two Weeks Michael Olugbode in Abuja The Acting Comptroller General of Nigeria Immigration Service (NIS), Caroline Adepoju, has said that not all types of passport issuance have a timeline of two weeks.

Adepoju, in a press statement signed by the spokesman of the service, Aridegbe Adedotun at the weekend, said the service “has received with deep concern, some complaints of misconduct levelled against our personnel in some Passport offices across the nation.”

The statement read: “The Comptroller General has ordered an investigation into the matter, especially in regards to the noncompliance with Ministerial directives on the timeline of Passport administration.

“Following the complete clearance of Passport application backlogs nationwide in line with the directive of the Honourable Minister of Interior, Dr. Olubunmi Tunji-Ojo, a new timeline of two weeks for processing and issuance of Passport was announced by the minister on the 4th of

October, 2023. The honourable minister and the Acting CGI provided different phone numbers to the general public to report misdemeanors by NIS personnel at any of our offices.

“The service has, on a daily basis, monitored the compliance level at all Passport offices nationwide and at our missions abroad. We receive daily reports on production and issuance of Passports from all Passport Control Officers. As at today, Friday, October 13, 2023, most of our passport offices are producing

Passports of applicants enrolled on Wednesday, October 11, 2023.

“The service wishes to use this opportunity to enlighten the general public that applications for reissuance of lost Passport and change of data takes a longer time. Some applicants in this category may put the Service in bad light when they complain of delay and noncompliance with the new timeline. These applications are required to go through security clearance and correspondence with Service Headquarters before approval for production.”

other key supporters.

“He pledged to redouble his efforts to elevate NIPOST into a world-class digital postal service & align his vision with that of the Federal Ministry of Communication, Innovation & Digital Economy in contributing significantly to Nigeria’s socio-economic development.

“This reinstatement is a testament to Adepoju’s leadership skills and unwavering commitment to service. Nigerians can anticipate enhanced value & quality services from NIPOST, an agency dedicated to providing efficient, reliable, and effective postal services across the nation through a network of over 3000 post offices, offering a wide range of services including mailing,

logistics, courier, and financial services.”

A video of Adepoju in a jubilatory mood over the purported reinstatement has since surfaced on social media.

In the video, he is seen arriving in a sport utility vehicle (SUV) into what looks like a NIPOST premises where he was acknowledging cheers from a jubilating crowd.

However, the presidency has yet to release an official statement confirming the reinstatement of Adepoju as the postmaster general of NIPOST. Ngalale was not immediately available when contacted for clarification on the development as calls to his mobile phone did not go through while messages sent failed to deliver.

Transformer Explosion Kills 10, Razes 25 Shops in Plateau Seriki Adinoyi in Jos The Jos Electricity Distribution Company has expressed sadness over yesterday’s transformer explosion, which left no fewer than 10 persons dead in the Kabong community, Jos North Local Government Area (LGA) of Plateau State.

THISDAY gathered that no fewer than 25 shops and houses were also razed in the early morning inferno that spread to the neighbourhood.

Among the victims were a man, his wife and child.

It was gathered that the incident, which occurred around 2am, was triggered when one of the high- tension wires snapped and fell on a transformer serving the affected areas.

The lightning sent a shockwave said to have spread to nearby shops and residential apartments, razing every available item within reach, especially electronic gadgets like sound systems, fridges, fans and air conditioners.

While some of the victims died on the spot, THISDAY gathered that others gave up the ghost at the Bingham University Teaching Hospital (Jankwano) where they were rushed to.

Plateau State Police Public Relations Officer, Alfred Alabo, who confirmed the incident, said that six persons were killed.

He said the explosion was suspected to have been caused by a power surge.

Alabo said: “We are carrying out an

investigation to know the real cause of the incident, but we suspect that it must have been caused by a power surge.”

In a statement yesterday, the Head of Corporate Communications of the Jos Electricity Distribution Company, Dr. Friday Adakole, extended the company’s sympathy to the families of those who encountered losses during the incident It said: “Jos Electricity Distribution Plc is anguished by the unfortunate incident at about 0313 hours today, affecting customers on our Kabong primary distribution transformer in the Kabong area, Rukuba Road, Jos. “Preliminary investigation revealed that the accident was a result of a high-tension line snap onto the low-tension lines which resulted in a voltage supply outside limits.

“The source feeder tripped off and inter-tripped the Transmission end source from Makeri Transmission Station.

“We will continue to be monitoring the situation closely and communicate the facts of this regrettable incident.

“Equally, an evaluation of the root causes is underway, and appropriate measures will be put in place to avert future occurrences.

“We express our deepest sympathies to families who have encountered losses as a result of this incident.

“We are grateful to traditional and community leaders in the area for all their support in managing the effects of the accident,” he explained.

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NEWS

OFFICERS IN THE TEMPLE OF JUSTICE… L-R: President, Nigerian Bar Association, Mr. Yakubu Maikyau (SAN); Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi (SAN); Justice of the Supreme Court, Justice Musa Dattijo Muhammad; Chief Justice of Nigeria, Justice Olukayode Ariwoola; Chief Judge of the Federal High Court, Justice John Tsoho; Chief Judge of Ogun State, Justice Mosunmola Dipeolu; Chief Judge of Sokoto State, Justice Mohammed Saidu Sifawa; and Chairman, Council of Legal Education, Chief Emeka Ngige (SAN), after the 159th plenary of the Legal Practitioners Privileges Committee at the Supreme Court in Abuja… recently

PDP Did Not Declare Office of National Secretary Vacant, Party Clarifies

Chuks Okocha in Abuja

Contrary to speculations, the office of the National Secretary of the Peoples Democratic Party (PDP) was never declared vacant by the National Working Committee (NWC), the party has clarified.

The party stated that its NWC did not at any time request that the National Secretary, Senator Samuel Anyanwu, who is also the candidate of the party in the November 11, 2023 governorship election in Imo State should resign.

The National Publicity Secretary of the PDP, Debo Ologunagba in a statement said the NWC had since considered all issues and noted that the party’s candidate, Senator Anyanwu, in retaining his position as the National Secretary of the party, had not violated the 1999 Constitution, the Electoral Act, 2022 as well as INEC and

PDP Guidelines.

He clarified further that at no time did the NWC meet to ask that Senator Anyanwu should be replaced as National Secretary as there is no provision in the current PDP guidelines that requires an elected party official to resign before contesting election at any level.

The party spokesman also explained that the resignation requirement in the Electoral Act is not applicable to those holding elected offices.

He stated further that that is why elected persons, such as presidents, state governors, National and State Assembly members contest elections while retaining their elected offices, adding that such is also applicable to elected party officials.

“There is no portion in the 1999 Constitution, the Electoral Act and the current PDP Guideline that

We’ll Adopt Dialogue, Negotiate with Other Zones to Make Edo Central Produce Next Governor, Says Imansueagbon Chuks Okocha in Abuja Prominent educationist and Proprietor of Pacesetters Academy, Kenneth Imansueagbon, has said the Edo Central Senatorial Zone will adopt dialogue and negotiate with other zones to ensure the central zone produces the next governor of the state.

Imansueagbon, who is a governorship aspirant on the platform of the Labour Party, said the Edo Central will meet other stakeholders and aspirants from the North and Southern senatorial zones to achieve the prospect of Edo Central producing the next governor of the state.

So far, Edo South zone has produced former Governor Lucky Igbinedion for eight years, while former governor Adams Oshiomhole from Edo North, also for eight years.

Since 1999, Edo Central has not produced a governor apart from Prof. Oserheimen Osunbor who was on the seat for only 18 months before he was sacked by a court judgment in 2008 and was replaced by Oshiomhole.

While the sentiment is that the next governor should come from Edo Central, some aspirants from the Edo South

and Edo North are still itching to contest the governorship election next year.

In an interview with THISDAY, Imansueagbon said “Esan senatorial district must negotiate with the two senatorial districts with what I call the Edo Agenda.

“We are one of the finest people created by God under the face of the world. Therefore fairness and equality is a strong foundation for development.

Edo is one and we shall remain irrevocably so.

“There are great minds in Edo, but all must feel part of the family with the sense of justice, respect, compassion, dignity and love.” Imansueagbon popularly called the rice man, due to his philanthropy said.

On his mission, he said, ‘the poverty in Edo State is unprecedented and unacceptable.

From our deplorable roads, to our poor school system, plunging poor health sector, insecurity, unemployment and numerous vices too numerous to mention must be fixed and re-build.

“I’m coming to give hope to the homeless, hungry and the vulnerable. This will be achieved in the first one year of my government,” he stated.

provides that an elected party official should resign before contesting election at any level.

That is why no party official had been barred from contesting elections while holding party elective positions.

“So, the NWC never met to ask that Senator Anyanwu should resign or be replaced as National Secretary. The NWC has

no contemplation in that regard and there are no issues whatsoever to warrant such, especially as the secretariat is running smoothly and effectively.

“Moreover, the NWC is more focused on the party’s victory in the November 11, 2023 governorship elections in Imo, Bayelsa and Kogi states and this is what should be of interest to any genuine Party

member.

“What is paramount to the Imo PDP is to win the November 11, 2023 governorship election and make Imo State safe and prosperous again on the platform of the PDP. “The PDP is standing very strong in Imo State, we have a very popular candidate in Senator Samuel Anyanwu who

is also the National Secretary of the PDP. His mission to ‘Make Imo Safe Again’ is resonating across the state and an overwhelming majority of the people of Imo State are rallying with him to achieve this,” he said.

He urged the people of Imo State to remain united, focused and not to allow any form of distraction at this critical time.

Obi of Onitsha Laments Rising Insecurity in South-east

David-Chyddy Eleke in Awka

The Obi of Onitsha, Igwe Alfred Nnaemeka Achebe, has lamented the rising insecurity in the South-east and Onitsha in particular.

This is as the Anambra State governor, Prof Chukwuma Soludo has declared war against touts in Onitsha, the commercial city of the state.

Achebe, who is popularly addressed as ‘Agbogidi,’ in his Ofala festival message yesterday said: “The country is at a dangerous crossroads

politically, economically, socially, and security-wise.

“In the South-east, we have the aftermath of the last general election; the complex and protracted security situation involving kidnappers, political thugs, state, and non-state actors, etc., all masquerading as unknown gunmen, as well as the crippling economic strangulation of the South-east arising from the insecurity and the ill-advised sit-at-home protest that has cost Ndi Igbo incalculable losses in finances, properties and lives.

“Our community is not im-

mune to the above challenges.

Our people are also hurting badly. Therefore, despite the fact that the Ofala remains a celebration, we have made a conscious decision to prune down the scope of the festival for this year to more restrained levels in line with the prevailing mood in the country.

“We hope that the situation will improve significantly to enable us to resume the festival at normal levels in the future.”

On how insecurity is affecting Onitsha, Achebe said: “Like other large cities in the country,

Onitsha has had its own share of security challenges during the past year.

“Being the centerpiece of a massive urban spread of contiguous communities, it is virtually impossible to ring fence our community from the overall security situation in the urban conundrum.

“Also, being the main centre for economic activity, Onitsha has become the destination for the mostly jobless and transient youths from the rural communities in search of an elusive better life.

Power Minister Tasks DisCos, GenCos on Improved Electricity Supply Peter Uzoho The Minister of Power, Mr. Adebayo Adelabu, has urged the generating companies (GenCos) and the distribution companies (DisCos), to improve on their performance in order to boost electricity supply.

The Special Adviser, Strategic Communication and Media Relations to the minister, Bolaji Tunji, said this in a statement in

Abuja yesterday.

Tunji said that the minister made this call while meeting with the management teams of GenCos and DisCos in Abuja.

He quoted the minister as saying that the meeting was aimed at finding a lasting solution to the challenges in the power sector that had affected the growth and development of the country’s economy.

Adelabu said that meetings with

all the stakeholders in generating, transmitting and distribution value chains would be adopted as regular ones in order to constantly review developments in the power sector.

He described the gathering as the most authentic way of getting valuable information on the challenges faced by the operators as opposed to speculations.

“We called this meeting to learn from you and the only way to salvage a bad situation

is to understand the real issues on the ground.

“You will agree with me that power is the most important issue you need in order to re-energise the economy in terms of achieving the desired economic growth and industrial development.

“As contained in President Bola Tinubu’s inaugural speech, where he referred to power as a major driver of economic growth and industrial development,” he said.

St Lauren Wins Non-alcoholic Beverage Award St. Lauren, one of Nigerian nonalcoholic beverages, has won the award of Non-Alcoholic Wine Brand of the Year at the Marketing Edge 20th Anniversary Awards held recently in Lagos, solidifying itspositionasatrailblazerintheindustry.

Thegrandceremony tookplaceatthe elegant Podium Event Center, Lekki, where industry leaders, marketing professionals, and brand enthusiasts gatheredtocommemoratetwodecades of excellence in marketing, and to recognise outstanding brands and marketing campaigns that have

made significant contributions to the business landscape.

St. Lauren’s recognition as “NonAlcoholic Wine Brand of the Year” is a testament to its unwavering commitment to quality, innovation, and customer satisfaction. The brand’s dedication to producing top-tier non-alcoholic wines that cater to diverse tastes has garnered widespread acclaim and resonated with consumers worldwide.

The St. Lauren Business Brand Manager, Oluseun Mudashiru, expressed her gratitude for

the accolade, saying: “We are immensely proud to receive the ‘Non-Alcoholic Wine Brand of the Year’ award at the Marketing Edge 20th Anniversary Awards.

This accolade reaffirms our commitment to being the brand of choice for consumers who wish to celebrate every moment in style.

St. Lauren is more than just a brand; it’s a companion on your journey to making each occasion, no matter how big or small, a moment to remember.

We extend our heartfelt gratitude to our loyal customers who have made

St. Lauren a part of their celebrations.

This award is a celebration of their trust and a promise that we will continue to raise the bar in delivering sophistication and excellence in every sip.”

The Marketing EdgeAwards panel acknowledged St. Lauren’s strategic marketing initiatives, innovative product development, and its ability to connect with consumers on aprofoundlevel.Thebrand’sdedication to quality and promoting a healthier lifestyle has been a driving force behind its success.

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NEWSXTRA NSIA to Invest N10 bn in CFWF Co-developed with InfraCredit to Access Construction Finance The Nigeria Sovereign Investment Authority (NSIA) has invested NGN10 billion into a Construction Finance Warehouse Facility (CFWF) developed in partnership with InfraCredit, to enable project developers access construction finance on a sustainable basis on the back of InfraCredit’s guarantee.

The CFWF is a multi-funder revolving facility that was established to facilitate the provision of construction finance with a maturity of up to three years, for a portfolio of eligible greenfield infrastructure projects backed

by InfraCredit’s guarantees on a direct or contingent basis as applicable, and to be subsequently refinanced through an InfraCredit-guaranteed long term infrastructure debt financing from the domestic capital markets.

According to a statement, the Facility’s financing will bridge the construction funding gap until project developers can secure permanent financing from the debt capital markets, post-commercial operation, supported by InfraCredit’s guarantee subject to achieving

agreed performance milestones.

CFWF will be a game-changer in Nigeria, mobilising development finance and private institutional investments at scale for earlystage infrastructure projects with strong fundamentals but high perceived risks.

MD/CEO of NSIA, Aminu Umar-Sadiq, said, “NSIA, through the creation of InfraCredit, has successfully channeled long-term institutional funding towards brownfield infrastructure projects in Nigeria. The CFWF is set to amplify this capital mobilization, unlocking a source of long-term local currency capital for sustainable greenfield investments, in a downside protective manner. This will significantly enhance access to sustained financing for green projects, consequently driving the development of sustainable infrastructure across Nigeria.”

CEO of InfraCredit, Chinua Azubike, said: “To close the infrastructure gap in a sustainable way, we need more greenfield infrastructure projects to reach financial close, we are pleased to be supported by our sponsor, the NSIA, in sustaining strategic

NRC Debunks Stealing of Its Coaches in Maiduguri Kasim Sumaina in Abuja The Nigerian Railway Corporation (NRC) has debunked the news trending on social media platforms that an attempt was made to steal its coaches in Maiduguri, Borno State.

The Borno State Police Command had yesterday said it foiled the theft of some train coaches at the Maiduguri Railway Terminus in the state capital.

When contacted, the spokesperson for the NRC, Mahmood Yakubu, denied knowledge of the incident.

However, the spokesperson of the state police command, Sani Kamilu Shatambaya, confirmed the incident, adding that six suspects had been arrested.

He said: “Yes, it is confirmed. We cannot confirm the number of train coaches yet but it is true. We also arrested six suspects and that is all I can tell you for now.”

But a statement issued by the Managing Director of NRC, Fidet Okhiria, hinted that the said coaches were not being stolen but were officially being moved to NRC Running Shed Jos, Plateau State to be overhauled and put back to operation.

He said: “The attention of the Nigerian Railway Corporation (NRC) has been drawn to a news trending on numerous social media platforms purported to have emanated from Nigerian Television Authority (NTA), in which it was reported that attempt was made to steal NRC coaches from Maiduguri, “NRC management wishes to clarify this erroneous reportage by stating that the said coaches are officially being moved to NRC Running Shed Jos, Plateau State to be overhauled and putting them back to operation.

“NRC is trying to extend Rail Mass Transit all over the country,” the statement concluded.

400 Receive Free High Blood Medication, Monitors at Lulu-Briggs Foundation’s 22nd Anniversary Yinka Olatunbosun No fewer than 400 people received free screenings, medication, and blood pressure monitors at the high blood pressure awareness programme organised by the O.B. Lulu-Briggs Foundation (OBLBF) to celebrate its 22nd anniversary recently.

The event which had the theme ‘Rise Above High Blood Pressure’ was held at the La Sien Pavilion, Old GRA Port Harcourt, Rivers State recently.

230 people received blood pressure kits and medication free of charge at the event which featured a lecture by consultant cardiologist at the University of Port-Harcourt, Dr Sotonye T. Dodiyi-Manuel, while 85 people received prescribed medications

only. Overall, 368 received treatment at the blood pressure awareness programme.

Speaking at the event, the Chairman of the O.B. LuluBriggs Foundation, Dr. Seinye O.B. Lulu-Briggs acknowledged the support of her late husband, High Chief Dr O.B. Lulu-Briggs, OON DCF DSSRS, children, friends, partners and staff who have been with the Foundation since its establishment in 2001.

While highlighting past achievements, the Chairman explained that the 22nd anniversary was “also a moment of reflection, celebration, and recommitment to our noble cause of reaching the underserved wherever they might be in our nation.”

innovative funding solutions at the earlier stages of the infrastructure project’s life cycle, which is a crucial and urgent intervention to make projects more resilient, and accelerate private sector investments in infrastructure that will improve Nigeria’s economic trajectory ‘’ Nigeria’s infrastructure is underdeveloped and inadequate which has long been a bottleneck for its economic growth and

development. According to the IMF, Nigeria has a huge infrastructure gap and will require a substantially larger level of investment in infrastructure to bridge the annual financing requirement of $100 billion over the next 30 years.

The statement noted that most of the demand for infrastructure finance is for new “greenfield” infrastructure assets, which is the higher risk start-up development

phases of projects that involve construction before revenues are established. However commercial lenders increasingly view the term lending typically required for infrastructure projects as less attractive due to capital constraints and the liquidity risk of financing long-term assets, whilst insurance companies and pension funds are, in fact, ‘natural’ investors in infrastructure assets once the cash flows

are stable and predictable, since the long maturity and fixed rate nature of infrastructure bonds are a good match to their long-term liabilities. To bridge this funding gap, it is therefore clear that alternative sources of capital and innovative funding structures are required to catalyse investment to support these infrastructure development goals and create a bankable pipeline of, given the already stressed public purse.

DIPLOMATIC VISIT… Irish Ambassador to Nigeria, Mr. Peter Ryan (left), and the Olu of Warri, His Royal Majesty Ogiame Atuwatse III, during envoy’s courtesy visit to the monarch in Warri, Delta State… weekend.

Oil Thieves behind Protests against NNPCL Boss, Niger Delta Group Alleges Sylvester Idowu in Warri and Sunday Aborisade in Abuja Niger Delta People’s Assembly (NDPA) has accused oil thieves and a first class monarch of orchestrating the protests seeking for the sack of the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari.

The group, in a statement issued in Warri and signed by its National Coordinator, Richard Toritseju Okotie yesterday alleged that the monarch, having lost

out in renewal of pipelines surveillance security contract resorted to cheap blackmail and crude method to have his way by sponsoring protests for the removal of Kyari.

Niger Delta Coalition (NDC) had last Wednesday organised protests at the NNPCL building along Warri-Sapele road last Wednesday calling for the sack of Group Chief Executive Officer of NNPCL, Mele Kyari over alleged misconduct among others.

The group was led by its National Coordinator, Mr. Oris

Igbo Think-tank, Aka Ikenga, Commended for Unity of Ndigbo Sunday Okobi The Igbo Think -tank, Aka Ikenga, has been commended for its leadership placed on the recovery, unity and service to Ndigbo and the Nigeria state in general.

This is coming as the group has also called on all Ndigbo and political leaders from the Igbo nation across the world to unite towards uplifting the spirit of oneness, cohesion and love, as well as the development and growth of the South-east region.

The commendation was rendered by the Emeritus President of the association and President of the Orange Blue Organisation, Okemili Charles Odunukwe, when he received a delegation of the leadership and elders of the Igbo Think-tank in a surprise social outreach recently in Lagos.

President of Aka Ikenga, Agbalanze Chike Madueke, who led the group on the visit, had earlier thanked Odunukwe for opening his doors to them “because we were deliberate as

brothers to show you gratitude for your leadership when you led and inspired us, which was simple, subtle, wholehearted and sublime.

“This is part of our conscious approach to awaken and achieve what we aspire for Ndigbo collectively in broader inclusion.

“As the Think-tank for Ndigbo, knowledge pilgrimage like this is a norm, and couldn’t have been better than to an inspiration like you, a shoulder of support at all times. We are not unaware that the critical times in our country today, especially in the Igbo Nation, leave us with little option than to work together cohesively, and make haste aggressively for renewal.”

The host, Odunukwe, who expressed appreciation for their visit, said: “What you people have just done to me by this visit is a touching reflection of my humble conviction that one of the greatest wealth in life is to have good people around you-friends and brothers. It does not cost money to love and to show it, just the willingness of heart.

Bakpa, Niger Delta Youth Alliance leader Bridget Oghenekohwo and National Chairwoman, Niger Delta Women for Change.

But Niger Delta People’s Assembly (NDPA), a body comprising of elites in the Southsouth, described the protests as a charade taking too far.

“The act of organized protests has become a huge joke in the Niger Delta. How can anyone take what happened in Warri Delta State as a protest? Can a few belligerent and ill-informed youths, holding placards, in front

of the NNPCL’s building that hosts the Nigerian Upstream Petroleum Regulatory Commission ( NUPRC) and the Nigerian Midstream Petroleum Authority (NMPA) Warri, be referred to as a protest of a coalition of 26 youth groups?,” it asked.

Describing the protests as a joke in its entirety, NDPA alleged that it was an orchestrated fiction poorly steam rolled adding that it did not make an impact as it was intended due largely to lack of numbers, coordination and purpose.

Rotary Club of Lagos Empowers Girls, Celebrates Rotary Service Day Yinka Olatunbosun In a show of compassion and dedication, the Rotary Club of Lagos, District 9110, seamlessly merged philanthropy with elegance as it partnered the distinguished fintech company, Herconomy. Together, they hosted an extraordinary event at the Holy Rosary and Our Lady of Fatima Primary School, Surulere Lagos, in celebration of the International Day of the Girl Child.

This cheerful soirée was a showcase of Rotary International’s unwavering commitment to its seven areas of service- one of which is supporting education.

The President of the Rotary Club of Lagos, Rotarian Major General Abiodun Role (rtd), explained why it was important to mark the special day with the school children.

He said: “The Rotary International takes girl child development seriously. We felt that it is essential for us to deal with the young girls

that are growing up, to make them understand that they are very important not just in the development of themselves but in the development of the community and the nation.”

This event, intricately woven with the Rotary Day of Service, transformed the school grounds into a sanctuary of environmental stewardship. As the President stood before the gathering, Rotary’s dedication to hygiene was a critical part of the engagement with the girls and their teachers, serenading them with the assurance that Rotary not only cares but cherishes their well-being, akin to a rare jewel cradled in the hands of destiny.

Mrs. Oduntan, the esteemed Principal, took the stage, expressing profound gratitude to the Rotary Club of Lagos. She delved into the pivotal role of the girl child in society, painting a portrait of the future where every girl is a beacon of light, illuminating the world with knowledge and grace.

15

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

BUSINESS

Edun

Editor: Festus Akanbi 08038588469 Email:festus.akanbi@thisdaylive.com

Adeoye

Ademola

Key Takeaways from IMF’s Cut in Nigeria’s Growth Projection The downgrade of Nigeria’s economic growth forecast by the International Monetary Fund, LV D FODULRQ FDOO IRU WKH FXUUHQW DGPLQLVWUDWLRQ WR UHGRXEOH LWV HͿRUWV LQ LWV PLVVLRQ WR VDOYDJH the troubled economy, reports Festus Akanbi

L

ast Monday, the 2023 Annual Meetings of the World Bank Group and the International Monetary Fund (IMF) started in Marrakech, Morocco on a cautionary note amid the VSHFWUH RI JOREDO LQÁDWLRQDU\ WUHQG DQG WKH rising cost of funds.

In what has been described as a baptism of ÀUH RI VRUWV WKH 1LJHULDQ GHOHJDWLRQ ZKLFK ZDV DWWHQGLQJ WKH DQQXDO HYHQW IRU WKH ÀUVW time, was handed a not-so-desirable growth projection which the International Monetary Fund (IMF) reduced from 3.3 per cent to 2.9 SHU FHQW LQ DQG LQ UHVSHFWLYHO\ ZLWK WKH QHJDWLYH HͿHFWV RI KLJK LQÁDWLRQ on consumption.

According to the multi-lateral institution, the reduction contained in the World Economic Outlook released at the annual meeting showed that the 0.3 downward HVWLPDWH UHÁHFWHG ZHDNHU RLO DQG JDV production than expected.

The World Bank had cut Nigeria’s 2022 JURZWK IRUHFDVW WR SHU FHQW IURP D SUHYLous forecast of 3.8 per cent in 2022. In its ODVW 1LJHULD 'HYHORSPHQW 8SGDWH 1'8 launched in Abuja, the bank said the nation had to make hard choices or face a worse economic downturn in the months and years ahead.

7KH FXUUHQW DGPLQLVWUDWLRQ KDV UHPRYHG IXHO VXEVLG\ DQG ÁRDWHG WKH H[FKDQJH UDWH in line with the age-long recommendation of the IMF and World Bank. The immediate result has been the tumbling of the naira UDWH WR RYHU 1 WR WKH GROODU DQG WKH increase in the energy prices by four folds from N144 to N620, impacting an already ZRUVHQLQJ LQÁDWLRQ VFHQDULR

Low-Hanging Fruits

+RZHYHU WKH XQSDODWDEOH UHSRUW RI WKH Bretton Woods institution notwithstanding, ÀQDQFLDO H[SHUWV VDLG UDWKHU WKDQ ODPHQWing the sorry state of the nation’s economy, Nigeria’s policymakers should guard their ORLQV DQG EHJLQ WR FKDQJH WKH QDUUDWLYH IRU the better. ,Q DQ LQWHUYLHZ ZLWK RXU FRUUHVSRQGHQW ODVW ZHHN &KLHI ([HFXWLYH 2΀FHU RI 'DWD3UR Limited, Mr. Oladele Adeoye insisted the road to the current economic situation began D YHU\ ORQJ WLPH DJR ZKHQ WKH VXFFHVVLYH

administrations failed to do the needful in terms of good economic planning.

“There is no shortcut to addressing the twin problem of currency GHYDOXDWLRQ DQG LQÁDWLRQ 7KHVH DUH aggregated outcomes of a long period RI SD\LQJ OLS VHUYLFH WR RXU HFRQRPLF framework which has now become KLJKO\ YXOQHUDEOH WR WKH VOLJKWHVW RI shock from the global market. ´+RZHYHU FDQ ZH VWDUW WR UHEXLOG IURP VRPHZKHUH KRZHYHU OLWWOH WKH DQVZHU LV GHÀQLWHO\ \HV µ $GHR\H VDLG On the appropriate low-hanging fruits to go for, Adeoye said the focus should be on how to earn foreign exchange, saying it is practically impossible to defend the Naira without earning a considerable amount of IRUHLJQ LQÁRZ +H VDLG ´7KHUHIRUH P\ ÀUVW VXJJHVWLRQ LV IRU JRYHUQPHQW WR DGGUHVV the issue of oil theft and block leakages DVVRFLDWHG ZLWK LW 7KH VKRUW WHUP GULYH should be to ensure at all costs that we pump enough crude to at least PHHW RXU 23(& TXRWD VR WKDW PRUH LQÁRZ FDQ EH DWWUDFWHG WR WKH SXUVH *RYHUQPHQW VKRXOG DV IDU DV SRVVLEOH tackle all kinds of corruption associDWHG ZLWK URXQGWULSSLQJ LQ ZKDWHYHU disguise. This is because, no matter WKH YROXPH RI LQÁRZ LQWR WKH V\VWHP dollar speculators will not allow the EHQHÀWV WR EH IHOW µ Stressing the need to ensure the expenditure side of forex is tightly PDQDJHG WKH 'DWD3UR FKLHI H[HFXWLYH VDLG WKH PHDVXUH VKRXOG EHJLQ ZLWK WKH UHÀQHULHV +H SRLQWHG RXW WKDW WKH JRYHUQPHQW VKRXOG VWLFN WR WKH WLPHOLQH RI JHWWLQJ RXU UHÀQHULHV to work. This, according to him, will address energy costs, transport costs, and prices of food.

On his part, the MD/CEO of SD&D Capital Management Limited, Mr. Idakolo Gbolade, explained that the downgrade of Nigeria’s growth projections was a result of the conVLVWHQW IDLOXUH WR PHHW 23(& TXRWD DQG LQDGHTXDWH LQYHVWPHQW LQ WKH oil and gas sector which has caused D UHGXFWLRQ LQ UHYHQXH SURMHFWLRQV He stated further that “the increasing

LQÁDWLRQ UDWH LV DOVR D PDMRU FKDOOHQJH DQG the instability of the naira is a factor that was DOVR FRQVLGHUHG 7KH JRYHUQPHQW QHHGV WR DJJUHVVLYHO\ PDUNHW WKH FRXQWU\ WR ERWK ORFDO DQG IRUHLJQ LQYHVWRUV WR LQFUHDVH HFRQRPLF DFWLYLWLHV LQ NH\ VHFWRUV RI WKH HFRQRP\ The most important focus must be on the oil and gas, energy, telecommunications, PDQXIDFWXULQJ DQG DJULFXOWXUDO VHFWRUV µ According to him, tax reforms must also be embarked upon in a way that would QRW KXUW EXVLQHVVHV DQG JRYHUQPHQWV FDQ LQFUHDVH WKHLU WD[ UHYHQXHV +H DGGHG WKDW WKH 1LJHULDQ JRYHUQPHQW DOVR QHHGV WR VWURQJO\ LQWHUYHQH WR VWHP WKH FRQWLQXRXV VOLGH LQ WKH YDOXH RI WKH 1DLUD DQG WKDW WKH IHGHUDO JRYHUQPHQW VKRXOG SXUVXH LWV HFRQRPLF SROLFLHV DJJUHVVLYHO\ ZLWK DOO KDQGV RQ GHFN *URXS ([HFXWLYH 'LUHFWRU &RUGURV &DSLWDO 0U )HPL $GHPROD EHOLHYHG WKDW HFRQRPLF growth projections are momentary and that they are based on current realities and LPPHGLDWHO\ IRUHVHHDEOH GHYHORSPHQWV +H pointed out that the downgrade of Nigeria’s projection is due to a projected decline in HFRQRPLF DFWLYLWLHV GXH WR WKH XQDYDLODELOLW\ of fx and the high cost of business operations, H[SODLQLQJ IXUWKHU WKDW LI WKHVH GHYHORSPHQWV UHYHUVH WKH JURZWK SURMHFWLRQV ZRXOG DOVR be updated upwards.

To redeem the situation, Ademola said that the most important tasks before the JRYHUQPHQW LV WKH LQFUHDVH LQ VXSSO\ RI I[ DQG ORZHU LQÁDWLRQ DGGLQJ WKDW WKHVH FDQ RQO\ EH VROYHG E\ WKH UHVROXWLRQ RI VHFXULW\ challenges in the country. ´,PSURYHG VHFXULW\ ZRXOG LPSURYH RLO production and supply of fx. It would also LQFUHDVH IRRG SURGXFWLRQ ZLWK D VLJQLÀFDQW LPSDFW RQ GRPHVWLF LQÁDWLRQ 7KH UHVROXWLRQ of these two important issues would help WKH FRXQWU\·V HFRQRPLF JURZWK SRVLWLYHO\ µ WKH LQYHVWPHQW EDQNHU VDLG

5LVLQJ ,QÁDWLRQDU\ 7UHQG

1LJHULD·V DQQXDO LQÁDWLRQ UDWH FOLPEHG WR 25.8 per cent in August 2023, from 24.08 per cent in July and marking the highest rate since 6HSWHPEHU UHÁHFWLQJ WKH LPSDFW RI WKH UHPRYDO RI IXHO VXEVLGLHV WKH GHYDOXDWLRQ RI WKH R΀FLDO H[FKDQJH UDWH DQG VHFXULW\ issues in food-producing regions.

Free Fall of Naira

1LJHULD·V H[WHUQDO UHVHUYHV GLG QRW IDUH

any better, slipping from $34.1 billion at the end of Q2 to a slightly lower $33.2 billion by Q3’s end. This decline further adds to the concerns regarding the country’s economic VWDELOLW\ %RWK WKH DSH[ EDQN DQG ÀQDQFLDO industry watchers agreed that fx backlog should be blamed for the current misfortune of the naira, as according to the Minister of Finance and Co-ordinating Minister of the Economy, Olawale Edun, up to DERXW ELOOLRQ RI RYHUGXH IRUZDUG payment, that is to say, a delay in payPHQW WR D YHQGRU RU VHUYLFH SURYLGHU ZDV UHVSRQVLEOH IRU WKH VOXPS LQ WKH YDOXH of the naira.

This was corroborated by the new CBN *RYHUQRU 2OD\HPL &DUGRVR ZKHQ KH H[SODLQHG ´5LJKW QRZ ZH KDYH D VLWXDtion where we are aware that there are unsettled obligations by the CBN. Whether it is $4billion, $5billion, or $7billion, I don’t know but the immediate priority will EH WR YHULI\ WKH DXWKHQWLFLW\ DQG H[WHQW RI ZKDW LV RZHG µ $V RI :HGQHVGD\ WKH naira was trading at N1040 per us dollar in the black market.

Oil Theft

The reduction in the growth projection KDV DOVR UHQHZHG WKH ZRUU\ RYHU RLO WKHIW DQG WKH DWWHQGDQW UHYHQXH ORVVHV WR WKH JRYHUQment. Last week, the Senate mandated LWV FRPPLWWHHV RQ 3HWUROHXP 5HVRXUFHV 8SVWUHDP 'RZQVWUHDP *DV +RVW FRPmunities, and Niger Delta to conduct an LQYHVWLJDWLRQ RQ RLO WKHIW LQ WKH UHJLRQ ,W VSHFLÀFDOO\ PDQGDWHG WKH FRPPLWWHHV WR LQYHVWLJDWH WKH DFWLRQV RI VHFXULW\ IRUFHV militia groups, local populace, company HPSOR\HHV DQG DQ\ LQGLYLGXDOV RU HQWLties suspected to be using sophisticated methods to pilfer from oil facilities within the country.

Between September 30 and October 6, 128 crude oil theft incidents were recorded across the oil-producing areas of the Niger Delta. This is according to a report from WKH ZHHNO\ ´(QHUJ\ DQG <RXµ VHULHV SURGXFHG E\ WKH 1LJHULDQ 1DWLRQDO 3HWUROHXP &RPSDQ\ /LPLWHG 113&/ DQG DLULQJ RQ the NTA News Network.

For Nigeria to regain its lost glory on the economic front, analysts said this is the time IRU 3UHVLGHQW %ROD 7LQXEX DQG KLV PHQ WR UROO XS WKHLU VOHHYHV DQG OHDG E\ H[DPSOH

16

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

FINANCE

As Cardoso Tweaks FX Market Policy to Halt Naira Collapse Last week’s unveiling of a set of policy decisions aimed at stabilising the nation’s foreign exchange market, boosting the overall performance of the Central Bank of 1LJHULD DQG JLYLQJ D ÀOOLS WR WKH RQJRLQJ HFRQRPLF UHIRUPV RI 3UHVLGHQW %ROD 7LQXEX may eventually redeem the image of the bank under the new management, if the policies are followed through, writes Festus Akanbi

I

n furtherance of his reform agenda, which he referenced during his screening by the Senate last month, the Central Bank Governor, Mr. Olayemi Cardoso last week released some policy decisions aimed at halting the spike in the rate of dollars and the attendant free fall of the naira.

High points of the new policy shift include the resolve of the new management of the apex bank to boost liquidity in the foreign exchange (FX) market by intervening “from time to time”. The bank, in a statement issued on Thursday, said that as market liquidity improves, the interventions will “gradually decrease.”

Other policy measures included the lifting of the ban on 43 items previously restricted from accessing forex and the declaration that the apex bank would no longer be directly involved in development ÀQDQFH LQWHUYHQWLRQV In 2015, the CBN restricted 43 items from accessing FX from the I&E window.

6RPH RI WKH DͿHFWHG LWHPV LQFOXGH ULFH cement, margarine, palm kernel, palm oil products, vegetable oils, meat and processed meat products, vegetables, and processed vegetable products, poultry, tomatoes/tomato paste, soap, cosmetics, wheelbarrows, cold rolled steel sheets and head pans.

The lifting of the ban means that importers of these items can now freely purchase IRUH[ IURP WKH R΀FLDO ZLQGRZ DW ¶FKHDSHU rates’.

7KHUH KDYH EHHQ FDOOV IURP GLͿHUHQW quarters for the removal of the ban on these items right before the advent of the current administration. In what looks like a coincidence, Citigroup, where Cardoso presided as chairman, recently joined the call for the lifting of the ban on 43 items SUHYLRXVO\ UHVWULFWHG IURP WKH R΀FLDO I[ window. Citigroup alluded to a report that said that the restrictions placed on foreign exchange provisions for 43 items must go LI WKH FRXQWU\ ZDV WR À[ FKDOOHQJHV SODJXing the forex market. This was revealed in the CEEMEA Frontier Credit Market Commentary written by credit analyst, Ayso van Eysinga, following a trip to Nigeria. In his notes, Van Eysinga said that apart from clearing the backlog of forex demand, there was a need to remove restrictions from the 43 items.

The report stated that unless the backlog is cleared, local banks will be under a heavy burden and the capacity of corporates to get letters of credit will be severely hampered.

PRUH SURGXFWLYH DQG HͿHFWLYH LQ LWV GXW\ The decision came amid high levels of volatility experienced in the FX market IROORZLQJ WKH XQLÀFDWLRQ RI DOO WUDGLQJ windows into the investors’ and exporters’ , ( ZLQGRZ WKH R΀FLDO ); PDUNHW For instance, on Wednesday, the naira fell to a new all-time low, trading at N1,045 to the dollar in the street markets. The GHSUHFLDWLRQ ZDV VXVWDLQHG DW WKH R΀FLDO market at N776. ,Q ZKDW KDV EHHQ GHVFULEHG DV D IXOÀOOment of its promise, the regulator pledged to continue to promote orderliness and professional conduct by all participants in the foreign exchange market to ensure market forces determine exchange rates on a willing buyer, willing seller principle.

To promote transparency and uniformity, the CBN reiterates that the prevailing Foreign Exchange (FX) rates should be referenced from platforms such as the CBN website, FMDQ, and other recognised or appointed trading systems to promote price discovery, transparency, and credibility in the FX rates.

Focus on Core Mandate

Cardoso

WZHHQ WKH R΀FLDO ZLQGRZ DQG WKH SDUDOOHO market. ´7KH H[FOXVLRQ DOVR FRQÁLFWHG ZLWK extant trade policy as the items were QRW XQGHU LPSRUW SURKLELWLRQ LQ WKH ÀUVW place. It was an example of a lack of policy coordination under the previous administration,” he said.

CPPE boss believed that the new directive would also improve transparency and disclosures in foreign exchange transactions.

He, however, stressed the need for the CBN to avoid market suppression tendencies, especially outside the I&E window, adding that all policy impediments to forex LQÁRZV VKRXOG EH UHPRYHG Yusuf, who was also a former direcPolicy Normalisation Process The CBN’s action, according to the tor general of the Lagos Chamber of )RXQGHU DQG &KLHI ([HFXWLYH 2΀FHU RI &RPPHUFH DQG ,QGXVWU\ VDLG WKH ÀVFDO the Centre for the Promotion of Private authorities should continually monitor (QWHUSULVH &33( 'U 0XGD <XVXͿ VKRXOG the economic landscape to shape the be seen as part of the policy normalisation FKDUDFWHU RI ÀVFDO SROLF\ PHDVXUHV WR regulate imports in line with comparaprocess.

Yusuf, who spoke with our correspon- tive advantage principles. “We need to dent on Thursday described the exclusion worry about the risk of an import surge. of the 43 items as one of the several drivers There is also a need to upscale the use of of distortions in the forex market, saying ÀVFDO SROLF\ PHDVXUHV WR ERRVW GRPHVWLF the exclusion of the items also contributed production and productivity,” he said.

On his part, the founder of Stanbic IBTC to the persistent divergence in rates be-

The CBN governor has also been quoted as saying that “much has been made of past CBN forays into development ÀQDQFLQJ VXFK WKDW WKH OLQHV EHWZHHQ PRQHWDU\ SROLF\ DQG ÀVFDO LQWHUYHQWLRQ have blurred. “In refocusing the CBN to its core mandate, there is a need to pull the CBN back from direct development ÀQDQFH LQWHUYHQWLRQV LQWR PRUH OLPLWHG advisory roles that support economic growth.”

The CBN has been involved in providing funding for various developmental projects. This has led to a blurred line between the CBN’s role in monetary policy DQG LWV LQWHUYHQWLRQ LQ ÀVFDO PDWWHUV “However, there is a growing recognition of the need to refocus the CBN to its core Bank Plc and Anap Foundation, mandate and limit its involvement in direct Atedo Peterside, said the CBN GHYHORSPHQW ÀQDQFH LQWHUYHQWLRQV µ KH made the right move to lift the ban was quoted as saying. on the 43 items initially restricted Not ruling out advisory roles, Cardoso from accessing foreign exchange was also quoted as saying that “one ap(FX). proach is to transition the CBN from diReacting to the development UHFWO\ SURYLGLQJ ÀQDQFLQJ IRU GHYHORSPHQW in an X post, Peterside said the projects to a more limited advisory role. ÀQDQFLDO UHJXODWRU PDGH WKH ULJKW Instead of directly funding projects, the call to discourage the use of FX CBN can provide guidance and expertise SROLF\ DV D GHWHUPLQDQW RI SURÀW- to help facilitate economic growth. ability for importers.

“This advisory role can include provid“Attacking a problem at the ing recommendations on policy measures, source: CBN is right (See Circu- regulations, and strategies that support lar) to discourage the use of FX economic development. policy as a determinant of which “By limiting its direct intervention in importer achieves what margin GHYHORSPHQW ÀQDQFLQJ WKH &%1 FDQ RI SURÀWDELOLW\ 7KDW LV WKH UROH RI DYRLG SRWHQWLDO FRQÁLFWV EHWZHHQ LWV UROH OHYLHV DQG WDULͿV µ WKH SRVW UHDGV in monetary policy and its involvement “FX market exclusions only fuel LQ ÀVFDO PDWWHUV 7KLV VHSDUDWLRQ ZLOO the parallel market and widen allow the CBN to focus on its primary arbitrage.” mandate of maintaining price stability, SURPRWLQJ ÀQDQFLDO VWDELOLW\ DQG HQVXULQJ Reform in CBN the soundness of the banking system.”

To keen watchers of the nation’s As Nigerians await the transmission of ÀQDQFH VHFWRU WKH FKDLQ RI HYHQWV the new policies into the economy, all eyes in the CBN in recent times would will be on the apex bank to wriggle the not come as a surprise given the economy from its current sorry state. It is declaration of President Bola Ti- GHÀQLWHO\ ZKHQ WKLV LV GRQH WKDW 1LJHULDQV nubu to reform the bank to make it can breathe fresh air.

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15 2023

17

FINANCE

'ROODULVDWLRQ DQG (;HFWV RQ WKH (FRQRP\ 7KH IRUH[ FULVLV LQ WKH HFRQRP\ LV JUDGXDOO\ UHDFKLQJ D FUHVFHQGR ZLWK LWV ULSSOH HͿHFWV RQ YDULRXV VHFWRUV of the economy. Dollarisation which is one of the fallouts of the crisis, is capable of worsening the situation.

LI WKH &HQWUDO %DQN RI 1LJHULD GRHV QRW VWDQG ÀUPO\ DJDLQVW LW .XQOH $GHULQRNXQ writes

W

hereas the Central Bank of Nigeria (CBN) Act of 2007 stipulates that the naira is the only legal tender in Nigeria, there is an absurdity that’s fast becoming the norm in the mould of dollarisation of the economy.

Dollarisation is the utilisation of dollars by LQGLYLGXDOV DQG LQVWLWXWLRQV DORQJVLGH WKH QDLUD LQ WKH HFRQRP\ WR YDOXH WUDQVDFWLRQV DQG IRU WKH SXUFKDVH RI JRRGV DQG VHUYLFHV 7KH unregulated use of the dollar in the Nigerian economy has increased the demand for it and has been the albatross of the naira. Besides, the intense pressure from importers of 43 items EDUUHG IURP DFFHVVLQJ GROODUV IURP WKH R΀FLDO market but who were getting their demands VDWLVÀHG WKURXJK WKH SDUDOOHO PDUNHWV DQG RWKHU DOWHUQDWLYH VRXUFHV DOVR FRQWULEXWHG to the misfortune of the naira.

7KH GZLQGOHG IRUWXQHV RI WKH QDLUD KDYH encouraged and led currency traders and XVHUV WR KDYH WKH XWPRVW IDLWK LQ WKH GROODU UHO\LQJ RQ LW DV WKH YHULWDEOH VWRUH RI YDOXH HVSHFLDOO\ LQ UHFHQW WLPHV ZKHQ WKH YDOXH of the national currency has been a free-fall DQG KDV GHSUHFLDWHG VLJQLÀFDQWO\ DJDLQVW the dollar.

That’s why it is not a surprise that property YDOXHV UHQWDO IHHV VFKRRO IHHV DQG KRWHO UDWHV amongst others, are priced and paid for in GROODU DQG HYHQ HPSOR\HHV RI VRPH FRPSDQLHV KDYH WKHLU VDODULHV SDLG LQ GROODUV For a country with depleted foreign UHVHUYHV WKH QDLUD KDV EHHQ XQGHU KHDY\ pressure for a while, culminating in the United States dollar exchanging for N1,040 ODVW ZHHNHQG DW WKH XQR΀FLDO PDUNHW 7KH erstwhile administration of President Muhammadu Buhari had operated a foreign exchange regime, whereby the apex bank directed the rates While the current administration led by President Bola Tinubu, in its wisdom, has applied measures to arrest the falling streak RI WKH QDLUD YDOXH LW KDV QRW KDG WKH GHVLUDEOH HͿHFW 5DWKHU WKDQ SXOOLQJ WKH QDLUD up, it has only made the national currency to continue to experience an unfettered IDOO ZKLFK FDXVHG WKH JRYHUQPHQW WR KDOW

WKH SROLF\ 1HYHUWKHOHVV DV SDUW RI LWV ÀUVW PDMRU SROLF\ GHFLVLRQV WKH &%1 *RYHUQRU 2OD\HPL &DUGRVR KDV UHYHUVHG LWV SROLF\ WR now allow the importers to secure dollars GLUHFWO\ WKURXJK LWV ZLQGRZ JLYLQJ D UD\ of hope for the naira.

This apex bank’s latest decision, which was contained in a statement issued last Thursday, noted that “Importers of all the LWHPV SUHYLRXVO\ UHVWULFWHG E\ WKH Circular referenced TED/FEM/FPC/ GEN/01/010 and its addendums are now allowed to purchase foreign exchange in the Nigerian Foreign Exchange Market.”

The CBN promised to continue to promote orderliness and professional conduct by all participants in the Nigerian Foreign Exchange 0DUNHW ZLWK D YLHZ WR HQVXULQJ ´PDUNHW forces determine exchange rates on a Willing Buyer - Willing Seller principle.” $W WKH UHFHLYLQJ HQG RI WKH SHUHQQLDO DGYHUVH ); GHYHORSPHQWV DUH WKH 1LJHULDQV who are the teeming consumers of goods DQG VHUYLFHV $V D UHVXOW RI WKH SUHYDLOLQJ high dollar rate, the purchasing power of WKH QDLUD KDV VLJQLÀFDQWO\ GURSSHG SXWWLQJ consumers in a long spell of hellish situation, ZLWK SULFHV RI JRRGV DQG VHUYLFHV KLWWLQJ the roof.

Knowing the illegality of dollarisation and what such anomaly means to the economy DQG WKH SHRSOH KXPDQ ULJKWV DFWLYLVW DQG senior lawyer, Mr. Femi Falana, recently GUDJJHG WKH &%1 WR FRXUW RYHU WKH GROlarisation of the economy.

7KH 6HQLRU $GYRFDWH RI 1LJHULD 6$1 LQ the suit marked: FHC/L/CS/476/23, asked the Federal High Court in Lagos, to determine DPRQJVW RWKHUV ´:KHWKHU E\ YLUWXH RI 6HFtion 16 of the CBN Act, the exchange rate of the naira shall be determined, from time to WLPH E\ D VXLWDEOH PHFKDQLVP GHYLVHG E\ the bank for that purpose?

Falana claimed that ‘the seeming nonperformance of the defendant’s statutory obligations culminated in dollarisation of the country’s economy, which has in turn DͿHFWHG WKH FRXQWU\·V HFRQRP\ QHJDWLYHO\ FRQWUDU\ WR WKH REMHFWLYHV RI WKH GHIHQGDQW as enshrined in Section 2 of CBN Act.’ :KLOH )DODQD LV WKH SODLQWLͿ LQ WKH VXLW GDWHG March 16, the CBN is the sole defendant. In

D SDUDJUDSK D΀GDYLW LQ VXSSRUW RI WKH Originating Summons deposed to by one Mr. $\RGHOH $ULELVDOD WKH SODLQWLͿ DYHUUHG WKDW the defendant had allowed many landlords in Lagos, Abuja, Port Harcourt and other cities in the country for which the defendant ZDV HVWDEOLVKHG WR VHUYH WR FROOHFW UHQWV LQ dollars. He added that: “The defendant has refused to stop the collection of school fees and rents in dollars in Nigeria.”

According to Falana, the dollarisation of the Nigerian economy and the failure to address the multiple exchange rates further pushed WKH QDLUD WR LWV FXUUHQW ÁXFWXDWLQJ VWDWH :KLOH UHFDOOLQJ WKDW LQ RQH GROODU was exchanged for N178, but in 2022 it was H[FKDQJHG IRU 1 )DODQD FODLPHG WKDW the multiple exchange rate regime led to WKH HPHUJHQFH RI GLͿHUHQW H[FKDQJH UDWHV in the three major segments of the foreign H[FKDQJH PDUNHW QDPHO\ WKH R΀FLDO PDUNHW WKH ,QYHVWRUV DQG ([SRUWHUV ZLQGRZ DOVR NQRZQ DV 1$)(; DQG WKH SDUDOOHO PDUNHW “That the failure of the defendant to perform its statutory duties has resulted LQ WKH FRQVWDQW GHYDOXDWLRQ GHSUHFLDWLRQ and unending plunge of the naira. ´7KDW WKH UHVXOWDQW HͿHFW RI WKH DEGLFDtion of defendant’s statutory duties has also DͿHFWHG WKH FRXQWU\·V HFRQRP\ DQG PDQ\ EXVLQHVVHV DGYHUVHO\ µ KH DYHUUHG )LQDQFLDO DQG HFRQRPLF DQDO\VWV KDYH expressed their opinions on the impacts of dollarisation on the economy.

A renowned economist and Chief Consultant, B. Adedipe & Co., Dr Biodun Adedipe, posited that dollarisation of the economy LV QRW RQO\ FRXQWHUSURGXFWLYH EXW DOVR FRXQWHULQWXLWLYH According to him, the naira is Nigeria’s legal tender and that means commodities traded in the country should be priced in naira. But now, there is a growing list of assets, SURGXFWV DQG VHUYLFHV LQ 1LJHULD SULFHG LQ the United States dollars. $GHGLSH EHOLHYHV WKHUH VKRXOG EH D ÀUP R΀FLDO SRVLWLRQ WDNHQ WR GLVFRXUDJH WKLV DQG JRYHUQPHQW VKRXOG GHVLJQ DQG DQQRXQFH sanctions for organisations, entities and LQGLYLGXDOV WKDW HQJDJH LQ VXFK ´2QFH WKHUH LV HYLGHQFH DQG WKLV VKRXOG QRW EH GL΀FXOW WR REWDLQ DV VRPH VXFK HQWLWLHV HYHQ RSHQO\

DGYHUWLVH WKHLU SURGXFWV VDQFWLRQV VKRXOG IROORZ $V ZHOO WKHUH DUH VHYHUDO 1LJHULDQ JRYHUQPHQW DJHQFLHV WKDW FKDUJH WKHLU IHHV DQG OHYLHV LQ 86' 7KLV LV DQ DEHUUDWLRQ DQG a paradigm that celebrates a foreign currency- the US dollar! What this does is to LQDGYHUWHQWO\ JLYH D SHUVLVWHQW SXVK WR WKH GHPDQG IRU 86' ZKHQ WKH SURGXFWLYH DQG sustainable framework should be how to strengthen the naira by pushing the demand for it and reducing the demand for USD,” he stated.

According to him, it takes deep courage and presidential declaration to do this because the elites and the politicians are the ones mostly guilty of this.

To Prof. Uche Uwaleke of the Banking and Finance Department, Nasarawa State 8QLYHUVLW\ DQG 3UHVLGHQW &DSLWDO 0DUNHW Academics of Nigeria, the dollarisation of WKH HFRQRP\ KDV DGYHUVH FRQVHTXHQFHV IRU the domestic economy as it helps to worsen the demand pressure in the forex market.

Charting the way forward, the profesVRU DGYLVHG WKH JRYHUQPHQW WR FROODERUDWH ZLWK WKH &%1 WR WDFNOH LQÁDWLRQ DV WKH &%1 DORQH FDQQRW WDPH LQÁDWLRQ JLYHQ WKH FXUUHQW VXSSO\ VLGH IDFWRUV GULYLQJ LQÁDWLRQ especially rising energy costs.

According to him, the CBN Act of 2007 recognises the naira as the only legal tender in Nigeria. By implication, spending dollars in Nigeria is illegal. As such, he added, the JRYHUQPHQW VKRXOG SXW LQ SODFH PHDVXUHV WR ensure foreign and local entities in Nigeria charging fees or pricing their products in foreign currency are sanctioned. $OVR LQ KLV YLHZ &(2 7KH &)* $GYLVRU\ Ltd, Dr. Adetilewa Adebajo, who pointed out that the main problem in the economy WRGD\ LV VWDJÁDWLRQ VDLG ZLWK UXQDZD\ LQÁDWLRQ UHDO \LHOGV DQG UHDO UDWHV DUH QHJDWLYH He, therefore, added that in order to retain YDOXH DVWXWH LQYHVWRUV VHHN WKH JUHHQEDFN WR SXUFKDVH DVVHWV WKDW ZLOO UHWDLQ YDOXH “This is best demonstrated by the balance of banks in Nigeria. As a result of the UHYDOXDWLRQ RI WKHLU GROODU ORDQ ERRNV ZLWK WKH GHYDOXDWLRQ LI WKH QDLUD ZLWK D PRYH to single window, all banks are reporting EXPSHU UHYHQXHV DQG SURÀWV ZLWK LQFUHDVH in their asset size,” Adebajo claimed.

18

T H I S DAY,, T H E S U N DAY N E W S PA P E R • OCTOBER 15, 2023

SOFT FINANCE

INVESTMENT | ECONOMICS | FINANCE | MONEY | E-COMMERCE

with

AYO AROWOLO ayo.arowolo@thisdaylive.com 08086447494 (sms only)

N50m Challenge: No To Short Term, Naira Based Investment, Says My Billionaire Friend

I

had thrown the challenge on the LLS platform, of asking interested members to share how they would invest a hypothetical N50 million naira to generate good returns within a 12- month period.

Eight submissions came in within the time stipulated. I decided to share the submissions with my billionaire friend, a notable investor in real estate, art, stocks, gold and other instruments , to comment on the submissions received and share his own opinion with me. His opening submission was that: His general counsel is that :”any investment in naira- denominated instruments at this time of Nigeria’s meta stable economy should be treated with care”. He also cautioned against short term investment, but would rather advise on putting money in proven capital gain investments of a three -year window. He advised against investments in Non capital guaranteed vehicles and speculative investments. He opines that:

property market, is currently in an investors buyer’s market.

According to him: “Generally, an investment of say, 60% of the 50 million Naira should be invested in land with Government C of O in one of the proven good and prime locations of Lagos lands. Given the generally low availability of people’s good purchasing power, fixed assets such as this, are being offered for distress sale. Hence, investors are advised to take advantage of the high returns that would result from the purchase of these, such currently available distress properties, for

Any investment in naira- denominated instruments at this time of Nigeria’s meta stable economy should be treated with care

Artist Impression of my Billionaire Friend

“optimum returns, are highly available within a 3-year (max) window, within Nigeria’s proven property market, in capital gains and returns. Nigeria’s

investment. Plentiful number of such assets, are currently being sold and purchased by investors, at prices far below their current values, with an eye on a maximum of 3 year- investment window. I recommend putting 30 of the 50 million Naira in purchasing such distressed properties, with a view to making optimum returns .

I would also invest in artworks that have the potential of yielding good returns ( subject to good advice, based on good knowledge of artworks and their market. I would put 8, of the balance 20 million Naira in this investment.

The next would be gold coins .

So proportionately I would allocate the N50m this way: N30m on fixed assets in buying for investment in the purchase of distressed property of traditionally and proven and highly marketable location of Lagos lands.

N 8 million Naira in Artworks and N 4 million Naira in choice gold coins of different varieties and 8 million Naira in Corporate Euro Bonds”.

‘N50m Challenge: I Can Bring in N110m in 12 Months’ Few of the submissions caught our attention and we decided to pick on few of them, including the submission below from Abiola Kabir, an ICT entrepreneur who says he can turn around the N50million in 12 months to generate a net profit of N110 million. Read his submissions below:

P

roject Title: SimpleBOOK Empowering SMEs for Growth 1. Where to Invest the Money?

We propose to invest the N50 million in the development and scaling of our innovative SaaS platform, SimpleBOOK. This investment will be used to accelerate the growth and adoption of SimpleBOOK among SMEs in Nigeria and beyond.

A. OVERVIEW of SimpleBOOK SimpleBOOK is a revolutionary SaaS platform designed to simplify and automate bookkeeping and business management for Small and Medium-sized Enterprises (SMEs).

As the Founder and Expert Product Developer behind SimpleBOOK, we have crafted an all-in-one solution that empowers businesses to efficiently manage their finances, streamline operations, enhance customer relationships, and grow their online presence. SimpleBOOK offers an integrated suite of tools, including Inventory Management, Invoice Automation, Digital Receipts, Accounting, eShop, and Customer Relationship Management (CRM) system.

This comprehensive solution is designed to empower businesses with the tools they need to streamline their operations, enhance efficiency, and gain better control over their financial health.

B. PROBLEM STATEMENT SMEs face numerous challenges in managing their finances efficiently. These include: - Lack of affordable and user-friendly financial management tools.

- Difficulty in maintaining accurate inventory records.

- Time-consuming and error-prone manual invoice generation.

- Limited access to real-time financial insights.

needs and preferences of Nigerian SMEs. • Integrate AI-driven features for improved automation and analytics.

- Inefficient paper-based record-keeping.

C. Mission Statement Our mission is to empower SMEs with the financial tools and insights they need to succeed in an increasingly competitive business landscape.

We are committed to simplifying complex financial processes, fostering sustainability, and enabling businesses to thrive. Through innovation and accessibility, we aim to transform how SMEs manage their finances, ultimately driving economic growth and prosperity.

D. MARKET OVERVIEW The SME sector plays a pivotal role in the global economy, contributing significantly to job creation and economic growth. In many countries, SMEs constitute over 90% of all businesses.

However, these businesses often struggle with bookkeeping and financial management due to limited resources and expertise.

Market Statistics: • Nigeria has the largest population in Africa, with over 211 million people. Over 70% of the population is under the age of 30, providing a large and growing pool of entrepreneurs and workers.

• According to NBS, there are over 41 million SMEs in Nigeria.

• The internet and mobile phones are becoming

SimpleBOOK is a revolutionary SaaS platform designed to simplify and automate bookkeeping and business management for Small and Medium-sized Enterprises (SMEs”)

b. Marketing and Customer Acquisition (Months 4-6): • Launch a comprehensive marketing campaign targeting SMEs. • Develop partnerships with business associations and chambers of commerce.

• Offer free trials and exclusive discounts to incentivize adoption.

• Conduct webinars and training sessions to educate SMEs on the benefits of SimpleBOOK.

Abiola Kabir

increasingly accessible in Nigeria, which is helping businesses to reach new customers and markets • According to a survey, 45% of SMEs cite financial management as a major challenge.

• The SaaS market is growing at a CAGR of 16%, with a projected market size of $157 billion by 2023.

SimpleBOOK addresses this growing need for efficient financial management tools for SMEs and taps into a substantial market opportunity.

2. Step-by-Step Strategy: E.

PROJECT EXECUTION TIME a. Product Development and Enhancement (Months 1-3): • Allocate a portion of the investment for product development and feature enhancement.

• Hire additional software developers and designers to expedite development.

• Conduct market research to identify specific

c. Scaling Operations (Months 7-9): • Establish a dedicated customer support team for onboarding and assistance.

• Expand server infrastructure to ensure scalability and reliability.

• Continue marketing efforts to penetrate the SME market deeper.

• Launch a referral program to encourage user-generated growth. d. Monetization and Revenue Generation (Months 10-12): • Implement subscription pricing plans for SMEs based on usage levels.

• Explore partnerships with financial institutions to offer integrated financial services.

• Introduce a premium version with advanced features.

• Leverage the eShop functionality to generate additional revenue through transaction fees.

NOTE: Read the full Interview in the online edition on www.thisdaylive.com

CAVEAT: Please note that none of the investment opinions expressed in the two propositions above represent those of THISDAY NEWSPAPERS and THISDAY LIFE LESSONS. Readers interested in experimenting with any of them are advised to consult their investment experts .

Sunday 15, October 2023

T H I S D AY Vol MONDAY MARCH 14, 2022 27. No 10406

OPI NION

opinion@thisdaylive.com

www.thisdaylive.com

THEIR OWN DEVICES JOSHUA OCHEJA writes that the rhythm of the general election refuses to fade away

119

TUNDE OLUSUNLE draws Wike’s attention to the continuous pain and afflictions in the FCT

A MANUAL FOR THE NEW COOK IN THE CAPITOL

H

See Page 20

NASARAWA TRIBUNAL’S VERDICT

Playing on our religious divide will not advance the national cause, argues WALID JIBRIN

See Page 20

EDITORIAL

FEDERAL HIGHWAYS AS DEATH TRAPS

See Page 21

e made a name for himself as the ultimate builder of infrastructure during his eight-year tour of duty as Rivers State governor. His accomplishments in the GHYHORSPHQW RI Á\RYHUV IRU H[DPSOH ZDV WR VHUYH WZR SXUSRVHV DV KH KDV VHULDOO\ WKHRULVHG 2QH LV WR PLWLJDWH WUDIÀF LQ WKH 5LYHUV 6WDWH capital. The other is to enhance the aesthetics of the virtual one-city state, Port Harcourt.

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FDVXDOWLHV RI :LNH·V VF\WKH VHHPHG WR VXJJHVW KH ZDV HPEDUNLQJ LQ WKH SXUVXLW RI plain political vendetta. Beginning from his ORVV RI WKH SUHVLGHQWLDO WLFNHW RI WKH 3HRSOHV· 'HPRFUDWLF 3DUW\ 3'3 LQ 0D\ ODVW \HDU :LNH KDV GUDZQ WKH EDWWOH OLQH EHWZHHQ KLP DQG WKRVH KH EHOLHYHV VWRRG LQ KLV ZD\ WR JHWWLQJ WKH WLFNHW +H KDV VLPLODUO\ QRW forgiven presumed terminators of his dream to be running mate to former Vice President $WLNX $EXEDNDU ZKR ÁRRUHG KLP LQ WKDW FRQWHVW 7KDW ZDV KLV GHVLUHG FRPSHQVDWLRQ for his runner-up performance in PDP presidential primary.

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GD\V DJR %XNROD 6DUDNL D IRUPHU 3UHVLGHQW RI WKH 6HQDWH DQG 3'3 KHDY\ZHLJKW FDPH YLVLWLQJ DQG :LNH ZDV RQFH DJDLQ DW KLV IDYRXULWH SDVWLPH FRRNLQJ +H HYHQ VDPSOHG WKH EURWK this time around to ensure proportional DGHTXDF\ RI WKH YDULRXV FRQGLPHQWV :KR ZRXOG KDYH SUHVXPHG WKDW :LNH WKH ´3RUW +DUFRXUW %R\µ FHOHEUDWHG LQ WKH KLW VRQJ ´3RUW +DUFRXUW ÀUVW VRQµ E\ WKH PXVLFDO DUWLVWH 'XQFDQ 0LJKW\ ZDV DV GRPHVWLFDWHG DV KH LV proving to be? $ZD\ IURP KLV OXPLQRXV FRRNLQJ DUHD :LNH KDV VHW RXW WR ZRUN VLQFH KLV LQDXJXUDWLRQ +H has given timelines for the completion and RSHUDWLRQDOLVDWLRQ RI VSHFLÀF SURMHFWV QRWDEO\ WKH $EXMD UDLO V\VWHP ZKLFK VKRXOG HDVH commuting for residents. He has directed the GHPROLWLRQ RI VTXDWWHUV· KDQJRXWV LQ SDUWV RI WKH FLW\ ZKLFK KLWKHUWR VHUYHG DV EUHHGLQJ grounds for crime and criminality. He has UHTXHVWHG LQIUDVWUXFWXUH FRQWUDFWRUV WR UHWXUQ WR VLWH LQ VSHFLÀF DUHDV HYHQ DV WKHLU QHHGV DUH assessed and addressed. These are positive HDUO\ LQGLFDWRUV RI D SXEOLF VHUYDQW ZKR ZDQWV WR ZRUN 'HVSLWH WKHVH KRZHYHU :LNH FDQ GR ZLWK VRPH JXLGDQFH IURP XV DOO DERXW KRZ WR PDLQWDLQ $EXMD DV D VXFFHVVIXO SURWRW\SH RQ D VXVWDLQDEOH EDVLV %XW KH ZLOO KDYH WR OLVWHQ WR WKRVH RI XV ZKR KDYH EHHQ ´SHUPDQHQW UHVLGHQWVµ KHUH ORQJHU WKDQ KLP WR GHSOR\ DQ H[SUHVVLRQ IURP WKH WKHVDXUXV RI IRUHLJQ DIIDLUV 7KLV LV $EXMD 7KLV LV QRW 5LYHUV 6WDWH $EXMD LV D JOREDO PHOWLQJ SRW QRW D SURYLQFH First, let me avail him of one of my essays RQ $EXMD WLWOHG &DSLWRO RI WKH 'DUN 'DQN 'LUW\ DQG 'DQJHURXV ZKLFK ZDV JUDFLRXVO\ SXEOLVKHG RQ WKH EDFN SDJH RI 7KH *XDUGLDQ RI -XQH :LNH ZDV VWLOO WKH 5LYHUV 6WDWH governor at that time and barely conceived RI KLV SUHVHQW VFKHGXOH , EHOLHYH 7KDW DUWLFOH FDQ EH GRZQORDGHG DQG SULQWHG IRU him by his media aides for his perusal and JXLGDQFH %HJLQQLQJ P\ RG\VVH\ LQ $EXMD DV D IXQFWLRQDU\ LQ WKH 2OXVHJXQ 2EDVDQMR $WLNX $EXEDNDU DGPLQLVWUDWLRQ ,·YH ZLWQHVVHG ÀUVW hand, the transmutation of the city for nearly \HDUV QRZ <HV $EXMD FRQWLQXHV WR VXVWDLQ LWV appeal as Nigeria’s best planned and functional PHWURSROLV RQ WKH VFDOH 6R VR PXFK KRZHYHU KDV JRQH DZU\ LQ WKH XQGHUEHOO\ RI WKH FDSLWDO territory, especially in the post-Nasir El Rufai years. :KLOH VXFFHVVLYH )&7 DGPLQLVWUDWLRQV KDYH serially focused on the continuing development RI DUHDV ZLWKLQ DQG DEXWWLQJ WKH FLW\ FHQWUH VFDQW DWWHQWLRQ KDV EHHQ SDLG WR WKH RXWVNLUWV of the city. The absence of infrastructure in many such places has necessitated self-help in some cases, or enabled the spontaneous DVFHQW RI VOXPV DQG JKHWWRV HOVHZKHUH :LNH ZLOO QHHG WR SXUSRVHO\ JR EH\RQG WKH RIÀFLDO itineraries prepared for him by his aides, to visit the depths and hinterlands of the capital city.

7KH SK\VLFDO FRQGLWLRQV RI DUHDV OLNH 1\DQ\D 0DUDUDED 'XUXPL 2NDQMH .DEXVD .\DPL /XJEH .XMH ,GX .DUPR 'HL 'HL -LNZR\L .DUVKL 0SDSH .SDGXPD %ZDUL IRU LQVWDQFH are grim eyesores. Some of these districts and FRPPXQLWLHV E\ WKH ZD\ DUH LQWHUWZLQHG ZLWK QHLJKERXULQJ VWDWHV QRWDEO\ 1DVDUDZD 1LJHU DQG .DGXQD Olusunle, PhD, poet, journalist, scholar and author is a Member of the Nigerian Guild of Editors, (NGE)

20

T H I S D AY SUNDAY OCTOBER 15, 2023

THEIR OWN DEVICES JOSHUA OCHEJA writes that the rhythm of the general election refuses to fade away The political space in Nigeria is for the strong-hearted. Make a slip, and you are barefaced on the ÁRRU 6R KDUG ZRXOG EH WKH IDOO WKDW standing up amounts to an elephant passing through the eye of a needle.

The General Elections have been won and lost, but the rhythm of its after-effects has refused to fade into thin air. Two candidates who lost are laying claim to the throne already occupied by the winner. It presents a mystic case, and how it pans out is best left imagined.

I have been a strong admirer of President Bola Tinubu for inexplicable reasons. I have insinuated that he deserves scholarly work on leadership and strategy in political participation in Nigeria. He has earned his stripes.

It must be accepted, and he must be respected.

He doesn’t have a duplicate in the political history of Nigeria.

His style is unique and audacious.

Underestimate him at your peril.

He waits for you at the destination even before you commence the journey. These features culminated when he was sworn in as President and Commander-in-Chief of the Armed Forces of the Federal Republic of Nigeria. This is the reality.

Atiku Abubakar of the Peoples Democratic Party (PDP) is a frontrunner and the master drummer. He stands a chance because he was the ÀUVW UXQQHU XS +H SROOHG votes. No doubt, it was a brilliant outing despite the challenge of ORVLQJ ÀYH JRYHUQRUV * $ PRYH that would go down in history as a horrible political calculation.

What was he thinking? What made him think one was more VLJQLÀFDQW WKDQ ÀYH" 7KDW ZDV hallucination at its peak. I still have goosebumps whenever I think about the blunder. We are products of our choices, but we often blame it on others or some supernatural forces. Peter Obi of the Labour Party (LP) is a cool guy and a businessman whose foray into politics was more dramatic than we have now. He claims to know what politics is about. For him, it is about plus and minus. He doesn’t think times and divides are essential—his learning curve.

Peter Obi doesn’t know how to drum, but he is the one dancing more. Funny, his dance steps do QRW ÁRZ ZLWK WKH UK\WKP %XW D section of the crowd of jesters and irredentists are cheering him on. +H SROOHG YRWHV WR HPHUJH VHFRQG UXQQHU XS votes behind President Bola Tinubu.

What is his case? Assumptions and illogical conclusions. He persisted in an echo chamber of his own creation – he and his followers heard the continuous feedback of the lies they told themselves in an eternal loop. It is dangerous when you mistake assumptions for reality. It could lead to depression because you end up basking in a ÁHHWLQJ HXSKRULD &HUWLÀFDWH DQG LGHQWLW\ FULVLV has gained momentum. Atiku Abubakar sojourned to the United States of America to ask for an academic transcript. It generated debates, and in the eventuality, nothing substantial came out. Some say it was a wild goose chase. They may be right. I do not see the sense in the endeavour. It was more an

attempt to stay relevant than to prove a point.

I wasn’t surprised that Peter Obi, who seemed uninterested, became interested. His press conference spoke volumes. The question is, what happens if Tinubu loses? Who does the throne belong to? Very intriguing.

It tells the story of confusion, whims, and caprices.

Do I see President Bola Tinubu losing the throne? Not a possibility.

The argument is not adding. It needs WR EH FODULÀHG %XW WKH KDQGOHUV RI Atiku Abubakar and Peter Obi would hear none of that. I don’t know what propels them. Maybe strange forces.

President Tinubu is a chief. He is the “Asiwaju” of Lagos and the “Jagaban” of Borgu Emirate in Niger State. Asiwaju is “the one who leads.”. Jagaban is “a leader of warriors”. How odd that he bears both titles. It implies that he is not a pushover. He has been upstanding for the past 16 years. The issues currently making the rounds have EHHQ RYHU ÁRJJHG $WLNX $EXEDNDU knows this. But Peter Obi doesn’t because he is not contemporaries with President Tinubu and Atiku Abubakar. He is dancing more, but he is not the drummer.

That sums up the Obident ideology of hinging something on nothing. I dare not say this on any of the social media platforms. There is a web of venomous spiders that would encircle you in seconds—the mob mentality Atiku Abubakar is just having fun. He has exhausted his arsenal.

The strategy now is to mislead as many as possible. Peter Obi leads the fray. Is Atiku Abubakar succeeding?

The answer is yes. Peter Obi held D SUHVV FRQIHUHQFH WKDW FRQÀUPHG it. The question now is, what is the crux of Peter Obi? Elections were manipulated, or President Bola 7LQXEX IRUJHG FHUWLÀFDWHV" This is the motive of Atiku Abubakar. Maybe he is acting in a script. The man is also a veteran. He has earned his stripes. It is better to deal with him with a long spoon. I hope President Tinubu knows this.

This is not the time to take chances. It LV D VOLSSHU\ ÁRRU³WRR PDQ\ EDQDQD peels. I don’t see President Bola Tinubu losing. The refusal to accept the reality is bland.

Ocheja, a Military Historian and Doctoral Researcher, can be reached via jaocheja@ gmail.com

NASARAWA TRIBUNAL’S VERDICT Playing on our religious divide will not advance the national cause, argues WALID JIBRIN

As to be expected, the verdict delivered RQ 0RQGD\ 2FWREHU LQ /DÀD Nasarawa State by the Honourable Justice Ezekiel Oyeyemi Ajayi-led Governorship Election Tribunal has elicited varied responses from Nigerians across the country. The Tribunal looked into the governorship of Nasarawa State, which election was held on March 18, 2023.

Emmanuel David Ombugadu, who was the candidate of the People’s Democratic Party (PDP), had petitioned the Tribunal complaining that he had scored the highest number of votes cast in that election and ought to be declared winner and swornLQWR RIÀFH DV JRYHUQRU LQVWHDG RI WKH incumbent Governor Abdullahi Sule who, he said, was wrongly awarded victory by the Independent National Electoral Commission (INEC).

A majority of two members of the threemember Tribunal which sat, came to the conclusion that the petitioner’s petition had merit and awarded victory to him DQG RUGHUHG WKDW D FHUWLÀFDWH RI UHWXUQ EH given to him by INEC and that he should EH VZRUQ LQWR RIÀFH LPPHGLDWHO\ :KLOH many who have read or who listened to the 138-page ruling hailed the judgment, saying that justice has been done to the petitioner, Ombugadu, and his party, the PDP, a few have held the contrary opinion.

They say the sentiment of religion was the deciding factor.

5LJKW QRZ DOOHJDWLRQV DUH Á\LQJ OHIW ULJKW DQG FHQWUH WKDW VRPH LQÁXHQWLDO persons and organizations are being UHFUXLWHG WR LQÁXHQFH GHFLVLRQV LI WKH FDVH progresses to the Appeal and Supreme Courts. In other words, there is the insinuation that those elevated upper courts will need to deviate from the point of law used by the tribunal in coming to judgment on the issue.

The name of country’s vice-president has featured prominently as one of the persons VHHNLQJ WR LQÁXHQFH WKH VXSHULRU FRXUWV E\ GUDIWLQJ SURPLQHQW DQG LQÁXHQWLDO Muslims into the service. Incidentally, the lone member of the three-man election tribunal who gave a dissenting opinion in favour of the incumbent governor is a Muslim. Similarly, the majority opinion delivered in favour of Ombugadu was from members who adhere to the Christian faith.

Whatever may be the contention by laymen and political actors, the Ombugadu judgment provides a good example to test the integrity of our judiciary. Surely, both judgments will be on trial’ by the Appeal and Supreme courts. Some grounds were formulated, contested, and pronouncements were made on them. Did Ombugadu have the highest number of votes cast or not? Were those votes validly earned or not? Were some votes wrongly awarded to his opponents or not? The appellate judges will surely take on each of these grounds and thrash them on the merit of the case advanced by the majority opinion.

The fact of the slim electoral victory of 841 votes may be painful to the supporters of Sule. But in electoral democracy, such slim victories even of one or two or three votes is what makes electoral contests such an exciting and worthy mode of getting RIÀFHUV LQWR RIÀFHV ,W PDNHV WKH FRQWHVW a keen one, and this particular Nasarawa governorship election should be held DV DQ H[DPSOH RI D NHHQ ÀJKW ZRUWK\ RI national example.

As a Muslim, I understand why the Ombugadu verdict has generated such resentment among some professors of my faith. Never in the history of the governorship contest in Nasarawa in this democratic dispensation has a Christian

won a Muslim opponent. But if as the majority decision has said, it is a majority of the people of Nasarawa who have made the decision to try a Christian this time around, we must be ready to accept such a decision.

At several points in the course of their judgment, the justices kept saying that they would leave technicalities and focus on the merit of the case. If the appellate justices agree with them on all or most of their grounds, a great case will be made for our judiciary and, by extension, our politics. If there is a concurrence of the appellate justices’ opinion with those of the lower court, many Nigerians will learn not to leave issues of merit canvassed and go into our old, usual way of seeking to confuse issues by insinuating religion.

Continuing to play on our religious divide is not going to help us to advance our national cause.

For the record, the entire campaign of Ombugadu was chaired by myself with Alhaji Usman Dubagari as the Secretary. Therefore, the claim from certain quarters that Ombugadu is being promoted by only the Christian leaders in Nasarawa State is unfounded.

The recent report by the highly respected human rights organization, Human Rights Writers Association, that AA Sule and his cohorts have embarked on a desperate and clandestine expedition to mobilize top ranking IHGHUDO JRYHUQPHQW RIÀFLDOV LQFOXGLQJ the Vice-President, traditional rulers and Muslim leaders to interfere in a judicial matter is condemnable.

It is of paramount importance that the legal system operates independently DQG ZLWKRXW H[WHUQDO LQÁXHQFH 7KH sanctity of our judicial processes must be upheld to ensure that justice is served and the rights of all parties involved are protected.

Undue interference with the judgement, be it by high-ranking JRYHUQPHQW RIÀFLDOV WUDGLWLRQDO UXOHUV or religious leaders, will undermine the rule of law and erode public trust in the justice system.

Senator Jibrin, Sarkin Fulanin Nasarawa, was Chairman of the Board of Trustees of the PDP.

21

T H I S D AY SUNDAY OCTOBER 15, 2023

EDITORIAL

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

FEDERAL HIGHWAYS AS DEATH TRAPS

Roads are critical infrastructure for growth and development. Government cannot take these for granted

F

or more than a decade, the Benin-Warri ([SUHVVZD\ KDV EHHQ WUHDFKHURXV PDUUHG by potholes, craters, and gullies. A fortnight ago a tanker laden with petrol fell at the Koko Junction, while trying to meander through the deplorable route. With its content spilled on the road, many poor residents of the area, as has become the norm, rushed to the scene to scoop up fuel. In the process, there was a spark ZKLFK OHG WR DQ H[SORVLRQ WKDW FRQVXPHG DERXW D dozen people, including children. While several vehicles were trapped and burnt, a similar tragedy occurred last week in Lagos, when several people were trapped following a multiple accident involving another tanker, this time laden with diesel. Scores of people were also reported to have died. That these are avoidable calamities is why authorities should be worried.

Meanwhile, the Benin:DUUL ([SUHVVZD\ LV less than 100-kilometre long. But it is a strategic commercial route linking the two oil-bearing states with others and plied regularly by heavy-duty trucks and trailers. During the raining season, the road is almost impassable as the journey of less than one hour could drag on for the entire day. And the rains which came in torrents this year have added to the woes of travellers. There have been several reported cases of accidents on the road due to drivers’ attempts to overcome the bad VSRWV GULYLQJ DJDLQVW WUDIÀF DQG NLOOLQJ XQVXVSHFWLQJ citizens. In addition, many unscrupulous persons often lay siege, day and night, at the many failed portions of the road to rob, maim, and abduct innocent travellers. Besides, the poor state of the road hampers economic activities as farm produce cannot be transported easily to areas where they are needed.

In desperation, thousands of youths have repeatedly converged on the failed portions of Sapele road in Benin City to protest the deplorable conditions, to QR DYDLO ,QFLGHQWDOO\ WKH :DUUL %HQLQ ([SUHVVZD\ LV part of the East-West Road connecting the states in the Niger Delta which has been in construction for almost two decades. Unfortunately, the poor state RI WKH %HQLQ :DUUL H[SUHVVZD\ LV UHSOLFDWHG DOPRVW everywhere across the country. From the West to the

East and the North, many federal roads across the country are in a state of disrepair.

Despite the best efforts of the President 0XKDPPDGX DGPLQLVWUDWLRQ WR À[ WUDQVSRUW infrastructure, the impact is hardly felt by Nigerians as most of the roads are in bad shape. Only last month, the Minister of Works, Dave Umahi, voiced concerns over the conditions of federal roads, describing some as not just having potholes but resembling “boreholes” during his recent project inspection. He UHFRXQWHG KLV JUXHOOLQJ H[SHULHQFH RI WUDYHOOLQJ IURP Abuja to Benin City through Lokoja, where many stretches of road were under contract but remained in deplorable conditions.

Indeed, as dreadful as the conditions of these roads are, contractors are still owed over the years in billions of naira. It follows, therefore, that the federal JRYHUQPHQW PXVW ÀQG innovative solutions to FORVH WKH \DZLQJ ÀQDQFH gap in the sector that is so critical to the growth and development of the national economy. In a bid to lessen the sufferings of commuters who travel through the bad road networks on daily basis, President Bola Tinubu, according to Umahi, has approved 260 interventions on the country’s 36,000 kilometres of Trunk ‘A’ roads and bridges. As laudable as this gesture may be, it is an ad hoc arrangement.

Questions remain on what has happened to the decision by the former administration to concession 12 major highways across the country. The roads listed for the pilot Public- Private Partnership (PPP) early last year are Benin-Asaba, Abuja-Lokoja, Kano–Katsina, Onitsha-Owerri-Aba, Shagamu%HQLQ $EXMD .HIÀ $NZDQJD .DQR 6KXDUL Potiskum-Damaturu, Lokoja-Benin, Enugu-Port Harcourt, Ilorin-Jebba, Lagos-Ota-Abeokuta, and Lagos-Badagry-Seme. The Road Infrastructure 'HYHORSPHQW DQG 5HIXUELVKPHQW ,QYHVWPHQW 7D[ Credit Scheme (RIDRITCS) Order of 2018 was also inaugurated to solve the same problem. We have not seen the impact of these measures.

We hope that the Tinubu administration will come up with fresh ideas on how to revamp road infrastructure in Nigeria.

The Warri-Benin Expressway is part of the EastWest Road connecting the states in the Niger Delta which has been in construction for almost two decades S U N DAY N E W S PA P E R EDITOR DAVIDSON IRIEKPEN DEPUTY EDITORS FESTUS AKANBI, EJIOFOR ALIKE MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN THE OMBUDSMAN KAYODE KOMOLAFE

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

Letters to the Editor

Letters in response to specific publications in THISDAY should be brief(150-200 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (950- 1000 words). They should be sent to opinion@thisdaylive. com along with the email address and phone numbers of the writer

LETTERS

G OV F I N T I R I ’ S SU P E R H I G H WAY I N T H E N O RT H E A S T The Adamawa State government, under the leadership of Governor Ahmadu Umaru Fintiri, has commenced the construction of a 20.8 kilometre superhighway in Yola, the state capital.

The Superhighway, starting from the Yola City Gate and ending at AA Lawan Junction, will open up a new corridor in the Jimeta-Yola metropolitan area as the highway is passing through virgin land, even if there is massive building activity along the way—new housing estates, including the 2000 housing units constructed by the Fintiri government for civil servants and others in the state. Other activities along the corridor are industries, farmhouses, schools, and commercial activities.

Some critics have been accusing state governors of neglecting basic needs while FRQVWUXFWLQJ ELJ URDGV DQG Á\RYHUV but Fintiri is different. He has struck a

balance between human development and infrastructure, rural needs and urban development, community engagement, and political engagement. Fintiri has built cottage hospitals and rehabilitated general and specialist hospitals throughout the states. He has built new VFKRROV DQG LPSURYHG WKH H[LVWLQJ RQHV including the payment for WAEC and NECO for all Adamawa State students.

In the just-released 2023 NECO results, Adamawa State recorded the highest QXPEHU RI FDQGLGDWHV ZLWK ÀYH FUHGLWV including English and Mathematics.

Recently, Governor Fintiri launched the Adamawa Human Development Council to drive Adamawa’s human development initiatives and oversee all human development issues in the state.

Furthermore, the state has one of the most well-structured and sustainable poverty alleviation and wealth creation agencies

in the northeast: the Adamawa Poverty Alleviation and Wealth Creation Agency (PAWECA). The agency trains and develops skills for youth and women; it’s doing well in that its core mandate Coming back to the superhighway, it’s simply a product of knowledge-driven governance, which always strives to strike a balance between development DQG H[SDQVLRQ UXUDO QHHGV DQG XUEDQ requirements, and people’s needs and wants. This balance is essential for any VWDWH JRYHUQPHQW WR IXOÀO LWV YLWDO UROH LQ how its citizens and businesses travel, commute, and transport goods and services. One of the crucial components of modern transportation in this era of highspeed technology is superhighways.

Like any other huge construction project, superhighways have their challenges, but the importance and the need for the 20.8-kilometre superhighway along that

corridor overshadow its challenges. &LW\ H[SDQVLRQ XUEDQ FRQJHVWLRQ population growth, and modernization necessitate the need for better roadways on a global scale. Superhighways in towns and cities bring efficiency to businesses that depend on transportation, reduce commuter time, and are designed to enhance road safety while reducing accidents.

Their economic impact is substantial, improving connectivity between different sections of the city, reducing congestion, and diverting longdistance traffic away from the inner roads. The Fintiri superhighway, which will be the first in any state capital in the Northeast, will offer these EHQHÀWV LQFOXGLQJ RSHQLQJ D QHZ FRUULGRU in the Jimeta-Yola capital city.

Zayyad I. Muhammad, Abuja

A

WEEKLY PULL-OUT

15.10.2023

STEVE GUKAS

Nurturing Emerging Directors In 2020, renowned filmmaker and director, Steve Gukas, celebrated for films like ‘93 Days’ and ‘A Place in the Stars,’ turned his lens towards nurturing emerging directors.

Partnering with Dotun Olakunri, this endeavour titled ‘First Features’ has already yielded three remarkable films. Vanessa Obioha chats with Gukas on his journey of shaping young talents, pushing the boundaries of creativity, and his imminent return to the director’s chair next year ASSISTANT EDITOR OLUFUNKE OLAODE/victoria.olaode@thisdaylive.com.

T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

23

COVER

There’s a Misconception that Directing is Easy

The 12 Directors Trained by the First Features Project Photographed with Steve Gukas

T

he original plan was to nurture emerging filmmakers whose debut feature films would be family-friendly, slated for television in a bid to address the dearth of entertaining and quality content on terrestrial television in Nigeria. However, the prolific filmmaker and director, Steve Gukas, alongside his longtime partner, Dotun Olakunri, known for his Butterscotch Evenings event, evaluated the interest from advertisers and sponsors and found that many loved the idea but needed proof that it was viable.

As a result, the duo changed their approach and began producing feature films for cinemas, while their core focus remained the same: nurturing emerging talents to enhance storytelling and set a fresh benchmark for African cinema and beyond.

Their criterion was clear: emerging film directors who had directed short films but not feature films. In 2020, the ‘First Features’ project commenced with a nationwide call for young filmmakers, resulting in the selection of 12 directors from over 1,000 entries.

Remarkably, this group featured an equal balance of both genders, with six female and six male directors.

These directors were tasked with creating a series of 12 films, in collaboration with the production companies of Gukas and Olakunri, Natives Filmworks, and Michelangelo Productions, with the founders serving as executive producers.

The project marked its launch with ‘Cake,’ a thrilling blockbuster featuring both veteran and emerging Nollywood stars, such as Patience Ozokwor, Sophie Alakija, and Big Brother Naija ex-housemate Saskay.

Gukas, famed for his advocative films such as ‘93 Days’ and ‘A Place in the Stars’ has always evinced a passion for providing building capacity for young film directors but was also careful about providing just didactic training without real practical experience.

“The idea was to then merge the training process with an output process so that the young directors who were getting the opportunity to make their first features would get training that spanned story development, the writing process, previsualisation storyboarding, shortlisting and all of that so that by the time they come to set to shoot their first feature, they would have told that story over and over again in their mind’s eye and be more comfortable on set working through it,” he said during a recent encounter.

The training extended beyond honing their skills; it also involved providing them with the talent to work with in front and behind the camera and uncovering promising

young talents in the process.

For instance, in ‘Kill Boro’ which is currently being shot in Port Harcourt, Rivers State, Gukas was tasked with discovering two young talents to take on the lead roles.

The film tells the story of a father-and-son relationship and how they resolve conflicts and build bonds. The story however is told through the eyes of a 12-year-old boy.

Finding a young actor capable of carrying the weight of the film was a challenging task, even foolhardy as Gukas puts it. But after having auditions in Lagos, Abuja and Port Harcourt, Kosisochukwu Samuel Ogboruche and Beloved Osagie who both played the lead and supporting roles respectively, turned out to be the perfect fit.

“We got lucky when Kosisochukwu walked into the auditions in Lagos,” explained Gukas. “We actually did find someone else who I was quite excited about but in the end when Kosisochukwu came into the picture, with his temperament, his approach and just his determination was very, very appealing. By the time he was done auditioning, everyone was unanimous in the fact that well, this is the child that will play Elijah.

“Then there’s Beloved Osagie who plays Kosisochukwu’s best friend and these two precocious kids carry this movie.

And they did it with such panache. It was just beautiful watching them work. They came to set on time, they had their lines and in their delivery, you could tell there was a clear understanding of the character that they were portraying, how they took notes from the director and exhibited that in the next take.”

He continued: “It was just such a delight to watch them and to just know that there’s that kind of talent coming through the pipeline inspires confidence in the future of Nollywood where acting talent is concerned. If you merge that with the kind of directors that are coming through as well, you can then begin to see that we have a convergence of talent that’s coming through technology that’s democratising this space. It can only get better for Nollywood.”

The ‘First Features’ project aims to empower directors not just with the skills but with a deep understanding of their stories.

“Increasingly, we had an industry where just anybody would say the word director, but very few people really understood what the director really does,” said Gukas. “And for me, it was bothersome, because we had a situation where technology was increasingly democratising the space and making it easy to achieve quality. But storytelling was falling behind. And that’s because

of a lack of understanding of what was required of the director. The writing was also falling short. But I thought that a good director could elevate a piece of writing to something worth more than what it is, while a normal director would just basically regurgitate what is on the script.

And therefore a basic failing on the script.”

Gukas found the hunger for storytelling in the selected directors.

“They’ve come to the training with enthusiasm and open minds. Being young, they do not come to it with any preconceived notions and because of the quality of facilitators that they have like John Demps, Cristina Aragon, Antonio Ribeiro, George Kallis, Tolulope Ajayi and others, they also come to you without any chips on their shoulders. They are very spongy. They are learning both in class and in the field. I find that they’re ready and willing to put in the work.”

He detailed the post-bootcamp sessions he held with the directors. First, the directors presented their lookbook, outlining the film’s visual concept. Once okayed, it was shared with the production design department. In the next session, they deliberated on the film’s opening and closing scenes. The final session involved Gukas guiding them to a deeper understanding of framing, shots, and actions, transcending the usual script coverage found in average directors.

“Going through this process, you can see that by the time the director is going to set, he’s actually told that story over and over again. He’s very confident because really in the end, what the director brings to the table on set is a thorough, God-like understanding of the story world and the characters in the world that he’s telling the story for. And that’s sort of the mindset and mind shift that we intend to achieve with them.

It’s really always beautiful to see the confidence that they approach shooting with when they’re on set and just see them evolve from the bleary-eyed young director to this competent person on set marshalling directions and stuff with seasoned actors and crew.”

With a career spanning several decades, encompassing everything from television, advertising, and theatre to filmmaking, Gukas—affectionately known as “Uncle Steve” in the industry—discovered that nurturing young filmmakers was an intriguing role to embrace.

“I have always been very deliberate in the content that I create. And I believe that it’s the offshoot of my experience and the training that I’ve got. It’s very

Gukas

easy to think that is an easy thing to direct but it is not. Just the process of visioning and creation requires a certain degree of focus for every film that you make.”

Gukas further highlighted the vital role of thorough preparation in filmmaking. He noted that achieving full alignment between the envisioned film and the actual production is challenging, a reality that applies to directors of all levels, including luminaries like Steven Spielberg. Preparation significantly impacts a director’s visionto-screen alignment, with thorough preparation enhancing it and inadequate preparation weakening it. He also pointed out that some directors who skip scene interrogation on set tend to focus solely on script coverage, potentially missing opportunities for depth and creativity.

“My dream and aspiration for ‘First Features’ are to be able to create a cohort of directors who come at directing, knowing just how prepared they need to be, and who envision and put in the work to achieve a greater percentage of the ambition, and improving how our stories are told because that’s the only way that makes for a greater possibility of the film to travel universally.”

Looking ahead, Gukas remains optimistic about the ‘First Features’ project, anticipating the number of films produced to be six by yearend. The third film, ‘Love & Life,’ featuring prominent actors like Rita Dominic, Nse Ikpe-Etim, and Chidi Mokeme, is scheduled for a cinematic release in October 2023. The remaining six are expected to follow next year.

The award-winning film director also dropped hints about his return to the director’s chair in the upcoming year. He’s already secured the rights to three books and is poised to bring to life a film set in Jos, Plateau State, fulfilling a long-cherished dream.

T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

24

HighLife

with KAYODE ALFRED 08116759807, E-mail: kayflex2@yahoo.com

...Amazing lifestyles of Nigeria’s rich and famous

Bola Shagaya: A Top Business Titan at 64

Wike

The Other Side of Nyesom Wike There is a time for everything.

Minister of the Federal Capital Territory (FCT), Nyesom Wike, knows and understands this fact.

He has made it a point to live through all seasons and times with grace. This is why so many sides of the man have become public knowledge, including how he is an established singer, dancer, and cook.

Over the years, Wike has demonstrated a grasp of everyday stuff, including singing and dancing. Given his reputation as a no-nonsense person, this has often led to perplexity among some people. But there is no contradiction in Wike’s character. He is as strict as he is jovial.

Former Senate President Bukola Saraki is the latest top Nigerian personality to mark the animatedly genial sides of Wike. Deciding to visit him at his residence in Abuja, Saraki was face-to-face with Wike in culinary adornment, complete with the agile disposition of a happy housewife.

With a white top, Wike had Saraki accompany him to the kitchen. At some point, the FCT minister asked for a spoon to verify the novelty of his culinary prowess.

Upon confirming it, Wike declared to Saraki with all the seriousness of a cordon bleu, “We are there!” Of course, Saraki could only respond with a timely quip, although it could not stand up to Wike’s approximate cookery banter.

It has to be said that Wike is showing himself to be a man of all edges. While Saraki is the latest to taste his kitchen production, he is not the only one. The current Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, has been in the same position. He also lauded Wike for being an expert in all things culinary.

With such skills, the dependents of Wike can rest at ease. Should he complete his term as FCT minister and decide to open a restaurant in Abuja, Lagos, or Port Harcourt, Wike will certainly make a fortune.

Time remains one of the most reliable means through which we recognise accomplishment. For someone like Bola Shagaya who is now 64 years old and has compassed more exploits than the average person, the bells of acclamation must be tolled in her honour with a thousand cheers accompanying them.

Keeping tabs on the years of one’s life can be an alarming exercise since it reminds one of mortality’s eventuality. But Shagaya is different for many reasons, given that she is in sound health, with children and grandchildren roundabout her, and her name resonates in the halls of Nigerian philanthropy and corporate triumph.

Shagaya is renowned for her genius, the kind listed as the distinguishing mark among ancient African Chiefs.

She is the founder and CEO of Bolmus Group International, a leading multinational with controlling interests in industries such as real estate, oil and

gas, banking, and photography.

In many ways, Shagaya’s business trails evince the kind of person she is: a flexible all-rounder. But her accomplishments are not limited to corporate exploits. She is also a humanitarian, recognized as one of the biggest alms-givers in Nigeria.

At 64, Shagaya is a pillar of goodwill and generosity. The people of Ilorin, Kwara state, have benefited from her the most. This is because that is her hometown, and she is a big believer in charity beginning at home. And as Kwarans among Nigerians have enjoyed her largesse, so have Nigerians among Africans.

Shagaya represents something of the old times, a straightforward personality given to the needs of others. And she has not lost her personality over the years, still a fashion enthusiast, amazing mother, and friend to all, mighty or Shagaya small.

Good Times are Here for Sayyu Dantata, AA Rano and Others

Dantata

The cycle of life encloses good and bad times. People are considered smart when they can tell these seasons apart and take

advantage of them. It can be said that certain Nigerian magnates, namely Sayyu Dantata, Auwalu Abdullahi Rano (AA Rano), Emeka Okwuosa, and Olu Fagbemi fit snugly within this category in light of recent events in Nigeria’s oil and gas industry.

Things have taken a turn for the better for Dantata, AA Rano, and the listed magnates. This turnaround is represented by the latest business move by the Nigerian National Petroleum Corporation (NNPC) Limited in which it awarded big contracts to Dantata and the others.

The news is all over the place and stirring envy in some of the big names in the oil and gas industry.

The reason for the unbridled envy is that the beneficiaries of the contracts are so few, only four of them. Secondly, the contracts are worth millions of dollars. Thirdly, seeing as all the contracts were

awarded to indigenous companies, the contractors have a shot at retaining this position and partnership with NNPC. The contracts awarded to Dantata’s MRS Oil Nigeria Plc, Rano’s AA Rano, Okwuosa’s Oilserv Limited, and Fagbemi’s Macready Oil & Gas Service Company have to do with pipeline rehabilitation. The projects are centred around the revitalisation of the country’s pipeline infrastructure. It is expected that the completion of the projects will mark a new era of productivity and growth for the industry.

Considering their worth, the projects will serve as a launch pad to greatness for Dantata, AA Rano, Okwuosa, and Fagbemi. Even though these magnates are already established in the oil and gas industry and can call the shots in their respective regions, the NNPC contracts can push them to the national/federal level.

Gov Abiodun: Granting Opportunities with Late Son’s Name Impacting the lives of other people is the goal of many. But expectations are seldom reliable and external help is often required. This is something that Governor Dapo Abiodun of Ogun State has accomplished: assisting his late son, Gbemiga Abiodun, to positively affect the lives of others.

Many things have been said about Governor Abiodun. Being a straightforward and outspoken person, he has stepped on many toes, causing some people to dislike him and attempt to rubbish whatever he puts his name to. However, even the most ardent rival of the governor has nothing to say about his latest project in which people from his hometown are beneficiaries.

The project is in the form of a scholarship for natives of the Remo Federal Constituency in Ogun. It is called the Gbemiga Abiodun Education Scholarship Award after Abiodun’s late son who passed away on October 17, 2017.

During the launch of the scholarship, Abiodun explained that

his son sought to leave his mark in this world. Although he was popular as a Disk Jockey and passionately pursued this career, he was also an entrepreneur. With a passion for sound education, the late Gbemiga desired to affect many lives positively.

The scholarship award signifies the dreams of the late Gbemiga. The way Governor Abiodun designed it, 550 natives of Remo between six and 25 years old will benefit from it for the first phase. To make things fair, the beneficiaries will be selected by the State Ministry of Education Science and Technology, using the Cumulative Promotion Examination Result from the OGSERA platform.

After this phase, another 1,000 students will be added to the scholarship list. Consequently, for three years, each beneficiary will be able to pursue their dreams with formal educational training.

With this, the governor demonstrates an understanding of life. Even in death, he desires for his son to go on living in the hearts of others.

Abiodun

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T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

HIGHLIFE

Adelabu’s New Love for Makinde

Makinde

In politics as in any other pursuit of invested interests, personal vision is an important asset. For Bayo Adelabu, the new Minister of Power, this asset has demonstrated its value in the identification of friends and rivals. Thus, Adelabu’s growing amity with Oyo State Governor Seyi Makinde is neither a fluke nor fake.

Political rivals seldom make up in the event of one emerging victorious and the other losing.

But it does happen, as Adelabu and Makinde are showing. Adelabu’s position as former CBN Deputy Governor puts him at a height where he can better see the big picture, and as such is growing to love Makinde, his former rival, more and more.

The first sign of Adelabu’s love for Makinde was the congratulatory message he sent to the latter in March 2023. That was after Makinde had polled 563,756 votes to come in first position in the gubernatorial election. Makinde was followed by Teslim Folarin of All Progressive Congress (APC) who got 256,685 votes, and

Adelabu came in third position with 38,357 votes.

Despite coming in behind Makinde and being of a rival party (Accord Party), Adelabu extended a generous hand of fellowship to Makinde. And recognizing that gesture for what it is, Makinde was quick to return it, anchoring the root of their friendship to honesty and conscience.

Now that Adelabu is minister, his peers can take a leaf out of his notebook. Good work will be recognized one way or another, however long it takes. With President Bola Tinubu in power, it is not surprising that Adelabu got the top position. Even so, Adelabu’s willingness to let go and make friends with former rivals proves him to be worthy of trust.

With all these in view, why shouldn’t Adelabu love Makinde all the more? One might even say that Makinde is his lucky charm and the necessary condition for his crouching to leap to greater heights.

Proud Father: Dimeji Bankole is over the Moon Being a parent is such an amazing thing. To think that one contributed to bringing another human being into the world is something worthy of pride and celebration. The former Speaker of the House of Representatives, Dimeji Bankole, has joined the list of those who know this joy, having recently become a father.

It is a time of joy and rejoicing in the families of Bankole and Alhaji Atiku Bagudu, Minister of Budget and Economic Planning and stepfather of Bankole’s wife, Aisha. The occasion is the delivery of the couple’s first child together. Taking it to mean that their union is ordained, the families are all over the moon.

It is especially a matter of great joy for Bankole. As readers would recall, during his time as Speaker of the House of Representatives, Bankole was an unmarried man. It was not until 2021 that Aisha tied

Pressure Mounts on Akeredolu

Akeredolu

her wagon to his, taking him off the bachelor market for the second time and changing his marital status for the better.

According to the reports, Aisha delivered the child in London on October 6, 2023.

Although the child’s gender is not yet in the public space, it is a given that it is the biggest blessing to come the way of Bankole in a long time.

Of course, Aisha has also been a bundle of joy for Bankole. She came into the picture after the former House of Reps Speaker divorced his wife, Olaitan, in 2017. A lawyer and graduate of the University of Hull in the United Kingdom (UK), Aisha did not take too long to help Bankole recover his spark and sparkle.

With such a lovely wife and an even lovelier child, Bankole is sure to be over the moon.

The old nursery rhyme goes thus: fire on the mountain, run, run, run, run! A sound advice to be sure, but it leaves a bad taste in the mouths of Ondo state citizens. Even the most hopeful of these have started to question the capabilities of Governor Rotimi Akeredolu, as well as his intentions for governance.

Pressure is mounting on Governor Akeredolu as the alleged fracture in the governing council grows wider. According to reports, Akeredolu’s actions since resuming from his medical leave have left many top officials disappointed, doubtful, and disturbed, to prevent a repeat of what happened with President Umaru Musa Yar’Adua.

Allegedly outraged at the way things were running during his absence, the governor is believed to have started to reshuffle the powers that be, starting with an attempt to oust his deputy, Lucky Aiyedatiwa.

But things have only gotten worse for Akeredolu as many people have interpreted his actions as unnecessary and unjustified. To make matters worse, commentators have pointed out

Bankole

that the concerns regarding Akeredolu’s health status remain unsettled. Fearing that Akeredolu is not fully recovered, seeing as he is reported to hold important meetings from his residence, the people are scared.

Akeredolu’s apparent absence from the hub of power, given his purported decision to remain at the periphery, ordering people from his bedroom, has become a matter of widespread debate. His supporters believe that all things remain in order, but even these are not confident as only Akeredolu knows Akeredolu’s plans for Ondo.

At present, the pressures are mounting on Akeredolu, whether he knows and acknowledges them or not. One might even say that compared to Akeredolu, his deputy, Aiyedatiwa, is a bit better off in the eyes of some of the people.

Ultimately, this is the time for action.

Commentators agree that Akeredolu needs to secure the confidence of his people or risk the history books being very unkind to him.

Nkiru OlumideOjo: Proving Her Mettle Great things are always in the offing for the most diligent individuals.

Among such individuals in Nigeria, Nkiru Olumide-Ojo ranks as a leading professional in communications, finance, and other arms of the corporate gargoyle. Currently, she has been included as the keynote speaker for the FinTribe Finance Fair, to be attended by more than 4,000 women.

The FinTribe Finance Fair is an arrangement for women. The goal is to help them actualize their financial dreams, reaching heights never before imagined. For this, FinTribe’s founder and chief, Jennifer Awirigwe, has gotten Olumide-Ojo and a few others to help their target audience understand the dynamics of finance.

Those familiar with Olumide-Ojo’s work will not find this opportunity outside of expectations. There are fewer people more qualified to vitalize Nigerian women to reach for higher financial freedom and might than Olumide-Ojo. Even so, it is a matter of fact that Olumide-Ojo loves such platforms, believing them to be the launching pad for the actualization of her dreams: empowering women and championing their rights.

Olumide-Ojo has been a voice for women in Nigeria for a long time.

Her 2017 book, “Pressure Cooker: Lessons from a Woman at Work” has helped women a great deal, letting them maintain their grace even while sweating to achieve their dreams.

Without question, great things are going to be heard during the FinTribe Finance Fair to be held at the Oriental Hotel’s grand ballroom on Saturday, October 14, 2023. Olumide-Ojo is going to come through once again for women in Nigeria, proving her mettle.

Abike Dabiri-Erewa: Still on the Move at 61

Dabiri-Erewa

Does the spark of genius and mastery ever really fade away? This is a question that familiars should ask Abike DabiriErewa, the face and Chairman of the Nigerian Diaspora Commission (NIDCOM).

Having clocked her 61st year on earth, Dabiri-Erewa is still able to marshal the world to do her bidding, ending in the favour of Nigerians at home and abroad.

Indeed, one cannot stop at her influence abroad. Being the boss of NIDCOM, it is only natural that she would wield some status outside the country.

However, since coming into that position in 2018, she has eclipsed the expectations of everyone.

Celebrating her 61st birthday, Nigerians abroad who have benefitted from her fiery protection have much to be grateful for. As for those at home, DabiriErewa represents a pillar of mental support, one that exhibits selfless civil service and a dedication unbound by lust for fame, power, or money.

This is also why this time of the year is usually a time of reflection for Dabiri-Erewa’s peers. After all, she has come a long

way since her NTA days.

One might say that in the blink of an eye, the news reporter and commentator of yesterday has blossomed into an amazon of grace and authority today.

At NIDCOM, DabiriErewa has proved her worth. Having had five years (and counting) in that position, it would be odd if someone of her abilities did not fulfill the obligations of her office.

All the ambassadors who have had to interact with her respect her and extend that respect to the country that dared to have her represent it.

Olumide-Ojo

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T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

LOUD WHISPERS

with JOSEPH EDGAR (09095325791)

SIDIQ ABUBAKAR: A LESSER EVIL Okay, as baba has gone to Chicago to scatter everything, he must be punished. So, his own past was dug up and we have seen plenty names. From Sadiq, to kolo, to digbe, to saruti all sorts of names borne by one man in the name of going to school.

Well, he has come out — very unlike the other one — to challenge anybody with a problem to challenge and verify.

He has not sent in too many spin doctors, hired lobbyists or appointed the whole of NBA to defend himself.

He has given one simple explanation which makes sense and has not taken us on a huge tale by moonlight to explain how Sadiq became Atiku.

My people, the two things that have come out of all of these, is that, that generation of politicians all get one k-leg or the other. From Atiku to BAT,

Atiku

ABDUL SAMAD RABIU: THANK YOU, BUT… I have never really said much about this gentleman. I have never even met with him but like every Nigerian, his activity impacts us in one way or the other. The other day, he gleefully announced that he was bringing down the price of a bag of his cement from N5,000 to about N3,500, thereby confirming my theory.

See, we continue to suffer in this country. Not only government is suffering us. From my personal observation, you will see the price of components of things jumping by 1,000% and the price of the finished product or service is relatively the same or at best marked up by just 20%. The inflation we are shouting is basically food and other essentials.

The price of hotel rooms have remained relatively the same since the dollar jumped to N1,000. The room we are paying for short time jumped from N5,000 to about N6,000. The upper middle class hotel rooms have

moved from N50,000 to N60,000, while the price of diesel, a major component and food is galloping away. I have been servicing my BMWI no go call dem name, but if you know, you know- for N50,000 since 2015 till today.

What I am trying to say here is that these people have been “killing” us since. No be today. So, with the running inflation, they cannot reflect it in their pricing because the market will resist it so they suffer a reduction in margins and honker down and be waiting for the next place to kill us. So, for the hotels, they increase food and condoms, for the cars, they increase labour and cost of accessories.

Now, baba jumps up and shouts, I am reducing the price of cement.

Pure PR and nothing more o. The announcement places the start date at the end of year and wakes up one morning after a good bout of Quaker oats or whatever he eats for breakfast pushes it to October 2. Shebi we are all

Rabiu

Durotoye

all na the same ten and ten pence.

People of “questionable” character and pedigree who have all but tried to clean up and present themselves to us for what they are not.

What this has thrown up as it’s always the case since 2015, even our oga that time too had issues asking the Army to provide his certificate and those ones saying we should wait until they finish with Boko Haram- we are still waiting o. Now we are made to choose from the lesser evil. If you ask me who the lesser evil is in this case, be like say na Atiku. The other bobo, the story is too long and disjointed. If you go to Shomolu Police Station to tell his story to DPO, you will enter cell before you finish. From Iragbiji, to Isale Eko, to Chicago… my people, it is tiring and draining. I tire.

happy? Na lie - na boju boju because he doesn’t increase supply which leads to a massive increase in prices as a result of the upsurge in demand impacting on pricing of other brands with all of them smiling to the bank and Nigerians left in more penury and sadness.

‘There is God’ is all I will say. There is God and judgement is coming, I know those I will point out to Angel Gabriel when he comes. I get the list.

FELA DUROTOYE: A PRAYER ANSWERED When this one announced his presidential ambition, I just stood up, went to soak garri, and drink.

This was not a Tope Fasua with a very powerful grasp of the economy.

This was not a Sowore with a long history of activism and a firm grasp of civil issues, this was just a fine boy with a good command of flowery words with just a whole lot of empty breeze.

Dalung

Well, people mentioned to me that it was just positioning for relevance and I said OK ooo.

Then the presidential debate came and oga mistook the podium for a preacher’s stand. All that motivational talk fell flat as oga could not even engage on the littlest of issues that challenged us in this country.

Well, happily for him and his fans, the positioning has paid off as we have been downgraded from presidential aspirant to SSA something under that Ajuri Ngelale that is fumbling and wobbling everywhere.

When the announcement was made, someone called and said, “Duke, Tinubu is peopling his media team with people like Fela because of you and Rufai, them go soon start to verbally beat una.”

And I laughed and said, “Fela or even the oyibo guy can only defeat me in a debate on any national issue only if ebola catch me and I dey

Kyari

27

T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

bleed from my eyes and I no see any big bosomed nurse to take care of me.

Those ones, they never start. Boys scout all of them.”

SOLOMON DALUNG AND THE WAY TO GO Daddy of the red beret fame has published all of his certificates online.

He threw it all out there. The only thing he didn’t show us was his hackney permit and radio and TV licence. When asked if he was trying to laugh at our President, he simply was quoted as saying that, Nigeria of today has reached that point where you have to throw everything out there and challenge people to go and verify. He was also further quoted to have said that the president was in this mess as a result of his people.

They were not selling him right and that the more they talked, the more they threw him into the pit.

I agree. Me I can sell this president very easily o. See, the president has to be shameless like me. I am shameless.

When you are shameless, na you go first talk am. Guys, I no go school o, I go school but no get “pali,” I know know where dem born me and I be real Nigerian wey don suffer to reach where I dey now, but guys there is work to be done, we have over 50 million people to throw out of poverty, let’s work. Simple.

Jonathan did it with his shoeless story, MKO did it with his amala story so why the need to rebuild with stories that even ashawo wey thief for hotel cannot tell police. Tiring.

MELE KYARI AS A NEW MASQUERADE This one is going about saying there is no subsidy like we all went to Chicago and collected diplomas in LASU. It is very clear that you cannot maintain the price of fuel at these levels without some level of subsidy.

Trying to do bula balu with our heads will only make you look like a very jaundiced masquerade. Thankfully PENGASSAN has come out to say that subsidy has returned.

There is nothing wrong with policy reversal. “Oh Nigerians, we have looked at this thing again, if we don’t subsidise, fuel pricing will reach a point where we will have to run away so we will subsidise but will put in place reforms that will block leakages and fast track the building of refineries or something to ensure we stop the importation in no time.”

Finish.

All these grandstanding and outright lies to the people is just so wrong and annoying. It’s like you really do not have regards for the people. You are just seeing us like muppets and “mumu” that you will be using our head anyhow. Na wa NBC AS A TWO-FACED REGULATOR There is nothing worse than eye service. These ones have been looking and seeing the way the ARISE TV crews have been taking their principals to the cleaners and decided to do something before long hand reach them.

In their hurry, they totally forgot that they had no constitutional right to do what they are trying to do but still went ahead to issue a “last warning” to ARISE TV. This is what my brother Wike used to sing about,“ he dey pepper dem,” abi how else can you explain this one.

One big mistake they now made was to go and mention the eloquent lawyer and actor – Kenneth Okonkwo. Kai! The man can talk.

His poetry used to marvel me. He “finish” NBC o. Go and look for the statement before they say I am the one inciting violence. The man scatter NBC o and even warned them never to mention his name again in this kind thing.

As I write, I am waiting for NBC reply. Guess they are still consulting their dictionaries. Na wa.

VICTOR OSIMHEN: GOD BLESS YOU You see, the level of entitlement exhibited by a cross-section of

our women folk can sometimes be nauseating and annoying. They expect you to do all of that and they come to the table with virtually nothing. Even the main thing they bring to the table, they will now be using it as a basis for negotiating, making you beg and sometimes, sell your soul before they give you a taste.

For some of us in our 50s, it can be very annoying because for just five minutes you will buy house in Banana Island. Shebi that one is even still

good. What of our brothers who after signing away their shares in all of the quoted firms and the woman will now open the gates of Gethsemane and the mere sight, baba will just climax even before engaging nko.

Life is so unfair and these women folk just do the most. So, I was very excited when the international football hero said that he cannot be buying Birkin bags for women and on his own birthday that one will be writing a poem, ending it by saying that if you do not bring value to the table, no deal.

This should be the mantra for all men if only we can stop shaking at the sight of warm thighs being opened. It used to be like juju, I swear and the women know the power they hold. Even this Victor sef, when the woman rub him head and walk one kind walk towards the other room, he will be writing a letter of apology and disowning that statement. Kai, we men, we all just be mumu. Na wa oo.

DAVIDO VS AMAJU PINNICK: MY POSITION Let me do a newspaper court on this matter. So Amaju first comes out on stage in a widely reported statement that after paying iconic singer Davido $94,000 that one still did not show and ended up by saying let’s see how he will perform in Warri again.

In a quick recourse, Davido says he will perform in Warri and nobody can stop him and went ahead to make some insinuations by saying he will donate the money to charity or will return it to the NFF who according to him is still owing the Super Falcons. This last statement started casting some aspersions on the integrity of Amaju.

Gowon

GENERAL YAKUBU GOWON: IT’S NOT YET TIME Why are we in a hurry to see our statesmen off? I remember how many times Zik died before he eventually died. That is how this week, fake news went everywhere that civil war Head of State, General Yakubu Gowon, had passed. My phones didn’t stop ringing because I had announced that I will be staging a play in his honour to be written and directed by the newly minted Vice Chancellor of Redeemers University, Prof Ahmed Yerima sometime next year.

When the fake news reached me, I was weak. Why did baba not even wait till after the play? What kind of thing

is this? You can now imagine my relief when his son and my very good friend, Musa, reached me and said the story was fake. I quickly called Prof to fast-track o, me I cannot shout o.

General Gowon remains a true hero of the nation. His “no victor, no vanquished” policy put us back on the track of national unity before dem Buhari come use toothpick scatter everything o.

Daddy, please don’t go yet.

Wait let me finish your play then after that, you can do anything you want to do, but for now, just wait abeg.

Thank you, sir.

Well, after weighing both ends, let me pass my judgment. First, Mr. Davido, did Amaju give you $94,000 or not and for what purpose? Was the money meant for the rehabilitation of Falcons or for a performance in Warri?

Amaju, did you sign a contract with Davido for that purpose and did he give you a receipt for the money after he got it? From Davido’s well reported submission, he did not deny receiving the funds but claims that he had told them a month earlier that he would not be coming and as such did not understand why his name was still being used to promote the show.

Well, Davido, did you ask your lawyers to stop the illegal use of your name since you had mentioned you were not coming? Anyways since you did not return the funds, it was safe for the promoters to continue to use your name since the contract was still in force by the simple fact that you had not returned the money.

So my brother, don’t vex, I will pronounce you guilty and ask you to return the money to the same account that paid you in the first place. If it is the NFF account that the money came from, that is story wey no concern me. But for me, go and return the money and go and beg Amaju. He get oxygen tank for him house, go meet am for there, pull your cloth and enter the chamber with him, he is always very kind and generous inside the place and settle the matter.

You are guilty.

Nigerians, you see why you people should put me on that Supreme Court bench when Atiku and Obi arrive. I get the sense.

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T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

Adebayo Adeoye bayoolunla@gmail.com; 08054680651

SOCIETY WATCH

Businessman, Oladipo Jadesimi, Expands His Tentacles

Fasinro

Who is After Polo Buff Mustapha Fasinro?

Billionaire businessman, Mustapha Fasinro, has surely done well for himself in his chosen career.

The Lagos State-born plays big with his oil trading company, Linetrale, while he also has his hands in many pies like Gasoline, Automotive Gasoil, Dual Purpose Kerosene, Fuel oil, Bitumen, Naphtha, Condensate and Liquefied Petroleum Gas (LPG For his numerous achievements, he is being envied by many in the industry.

Interestingly the socialite has a strong passion for polo. We gathered that Mustapha invested heavily in the game, and as patron of the Linetrale Delaney Polo team, he is so much in love with one of the most expensive horses for the game, Argentine horses. His team has won many trophies multiple times.

As revealed, he took after his father, Hassan Fasinro (a former town clerk of Lagos City Council) whose political antecedents attracted goodwill to date.

The Lagos big boy has a strong and wide appeal within and outside the social circles. He is a jolly good fellow, loved by many for his philanthropic gestures.

Perhaps this is the reason many were shocked recently when a case of bankruptcy was brought against him at the Federal High Court.Society Watch gathered that Guaranty Trust Bank has taken the oil top player before Justice L.A.M Folami for allegedly taking a loan of N1 billion from the bank in 2017 but refusing to pay back as agreed.

But swiftly, the boss of Linetrale Petroleum denied the allegation and claimed that it was a matter of harassment and witch-hunting against him and his partner, Chinedu Nwokedi.

Oxford University-trained lawyer turned oil and gas mogul, Chief Oladipo Jadesimi’s quiet lifestyle makes a bold statement.

Despite his wealthy status, Jadesimi has managed to stay almost invisible among the top members of Nigeria’s social establishment. For him, he desires to maximise the local benefit of Nigeria’s offshore oil and gas industry through his company, Lagos Deep Offshore Logistics Base (LADOL).

With over 20 years experience in the Nigerian oil and gas sector, the billionaire founder of LADOL, a privately-owned multi-billion naira state-of-the-art logistics and engineering facility located on an island on the coast of Lagos Lagoon, has been instrumental in bringing several leading oil majors and oil servicing companies to the country.

He is also a founding partner in Arthur Andersen Nigeria and a major investor in Niger

Delta Oil Company, operating marginal field concessions with Chevron. With his ascension to the top of the oil industry’s pole, he has grown as one of Africa’s most highly regarded entrepreneurs who has served as a constant source of support for the country’s economic growth.

On his merit, Jadesimi stands as a driving force in the corporate landscape, silently making landmark strides in different sectors of the Nigerian economy.

With the great achievements recorded, he could be forgiven if he decides to take his feet off the pedals, if only just a little, especially as he advances in age. But such is not the modus operandi of Chief Jadesimi who continues to spread his tentacles.

Recently, his company, LADOL, was among the companies whose operation licences were approved as power distribution companies.

No doubt, with his incursion into the power sector, the industry would never be the same again, particularly going by his landmark accomplishments in other sectors.

For Air Peace boss Allen Onyema, the journey on the boulevard of fame and mega success began a decade ago. He only grew higher at the time having tasted success from his first love, law.

At the time, he was prodded by the desire to leave his imprints on the sands of time. He would later conceptualise Air Peace.

When the company was birthed, little did he know that in no time it would redefine the aviation industry. Before his eyes, the company had grown to become one of the most successful airline companies in Africa.

The journey by Onyema epitomises strength, reliability, and consistency, and resulted in establishing Air Peace as a source of national pride for Nigerians.

Beyond local acclaim, Air Peace has placed Nigeria’s aviation industry firmly on the global map, showcasing the capabilities of a Nigerian airline across various fronts, notably excelling in maintaining an unparalleled safety culture.

The airline’s visionary goal is to be everdependable through the creation of seamless connections and network options for its extensive domestic, regional, and international markets.

Under the insightful and impactful leadership of Onyema, it stands as the airline of choice, redefining the aviation landscape, not only in

Air Peace Boss, Allen Onyema’s Decade of Connecting the World

Onyema

Nigeria but across the African continent.

Onyema, in less than a decade, has taken the airline to many countries across the world and

Jadesimi

refused to be drawn back by naysayers.

In fact, he has surpassed the expectations of many who had earlier thought nothing good could ever come from Nigeria. The trained lawyer has continued to make the country proud as he hoists the nation’s flag in many countries of the world via Air Peace.

Notwithstanding the eclipse, fluidity and uncertainty hovering over the country’s business terrain, he has led the way and become a reference point in the aviation sector.

Air Peace has continued to connect the world. Air Peace’s fleet’s diversity is a testament to its commitment to the ‘no-cityleft-behind’ catchphrase, aiming to connect every corner of Nigeria.

It was reported a few weeks back that the leading airline would soon be touching down in Jeddah, the capital of Saudi Arabia.

In what was seen as an earth-shaking breakthrough, Air Peace would soon land at one of the world’s most popular airports, Heathrow in London.

We also gathered from an insider that the taciturn entrepreneur is negotiating with the Canadian government to fly Air Peace to Ontario and some major cities in the country.

Egbetokun, Sanwo-Olu, Others Join Ayo Ogunsan in Melodic Praises In the captivating realm of spiritual expression, where words fall short and emotions are transcended, a powerful language emerges – music.

Chairman, The Executive Trainers Limited, and Board Member, Lagos State Security Trust Fund (LSSTF); Dr. Ayo Ogunsan, a true gentleman and devout worshipper, orchestrated an extraordinary event that celebrated the beauty of praise and worship.

The third edition of the “Gospel Hymns and Songs Birthday Concert” took place at the splendid Lagos Continental Hotel in Victoria Island, Lagos.

During the highly enchanting evening, Dr. Ayo Ogunsan, accompanied by Inspector General of Police, Kayode Egbetokun, Lagos State First Lady, Dr. Ibijoke Sanwo-Olu, and esteemed dignitaries from across the nation, embarked on a worship journey that touched the deepest corners of the soul.

The event was marked by sumptuous dishes, refreshing beverages, and an

exquisitely decorated grand ball hall that shimmered with enchanting lights, perfectly complementing the ambience of the gathering.

Ogunsan’s beloved wife, Dr. Mrs. Ajoke Ogunsan, and their graceful daughters stood by his side, lending unwavering support on this momentous occasion. The presence of immediate family, siblings, close friends, and well-wishers created an atmosphere of gratitude and devotion.

Joining forces with Egbetokun, SanwoOlu, and numerous others, Ogunsan led an unforgettable symphony of praise and worship that left hearts filled with gratitude and spirits uplifted. In a world often overshadowed by chaos, these melodious praises served as a reminder of the profound power of unity and devotion.

In the end, it was not just a celebration of a birthday, but a testament to the enduring strength of faith and the boundless joy that emerges when voices blend in harmonious songs of praise.

Ogunsan

Dr. Ogunsan, a visionary and inspirational leader, has an impressive background in sales administration, finance, investment development, training, security, and project management. His journey is marked by exceptional grace and a commitment to making a positive impact in all aspects of his life.

Agbaoye of Ibadanland, Kola Karim’s Patriotism

Karim

As an entrepreneur par excellence, Kola Karim, the Group Managing Director and Chief Executive Officer of Shoreline Natural Resources has an uncanny ability to spot new business

opportunities and create fruitful partnerships. His visionary mindset and astute business acumen have allowed him to navigate the complexities of the Nigerian market and foster collaborations with leading international companies.

This, not only speaks to his success but also showcases the immense potential and possibilities that lie within Nigeria’s business landscape.

In a resounding show of support for the administration of President Bola Tinubu, one of Nigeria’s most successful businessmen, Karim has expressed his strong vote of confidence and endorsement for the administration’s economic policies, both national and international business circles.

Karim’s endorsement comes at the conclusion of the G20 meeting, held last month in India, where global leaders gathered to discuss pressing global issues.

The fact that Nigeria was represented and given due respect at this gathering of top

international diplomats has instilled hope and optimism among Nigerian businessmen and investors, both at home and in the diaspora.

Karim’s unwavering faith in the new administration, aptly referred to as Hope’23, reflects the belief that an era of economic growth and prosperity is on the horizon. With the global community taking notice of Nigeria’s potential, Karim’s endorsement highlights the newfound enthusiasm and optimism in the country’s business sector.

Furthermore, his endorsement signifies the importance of building a robust ecosystem for local and foreign investors to thrive. Karim’s ability to engage with global leaders and foster partnerships serves as a testament to the significant role he can play in attracting foreign direct investment and promoting economic development.

T H I S D AY, T H E S U N D AY N E W S PA P E R OCTOBER 15, 2023

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GLITZ ENTERTAINMENT

Heineken Wraps up 150th Anniversary with Hey Neighbour Festival Kendrick Lamar, Rema, Focalistic to perform Stories by Vanessa Obioha Last July, international beer brand, Heineken hinted at organising the biggest festival in December to wrap up its year-long celebration of its 150th anniversary. It recently announced that it has partnered with organisers of the novel music festival, Hey Neighbour to hold a threeday music festival in South Africa.

According to Marcel Swain, Head of Marketing: Premium, Heineken South Africa who spoke at a media event to announce the partnership, “This festival is not just about music for Heineken; it’s a vibrant celebration of good times, connections, and the joy of shared experiences.”

Marcel Swain, Head of Marketing Premium, Heineken South Africa speaking at the event

Showmax’s New Reality TV Show Explores Cross-cultural Love with Nigerian Men

What’s in a Love Bowl?

Lots of warmth, excitement and bonding. These are the key things that MultiChoice Nigeria and Tolaram Group, the company behind Indomie noodles, are promising in the new family game show “Indomie Love Bowl.”

The game show is centred on family bonding and will feature mothers and daughters competing in various Indomie-branded games such as cooking competitions, trivia questions about the family competing, Nigeria, entertainment, and stack eggs.

Each game is designed to create a righting bond within the family according to General Manager, Corporate Communications and Events, Tolaram Group, Ashiwaju Temitope.

“Indomie has always been known to show love to Nigerians and this game show is another initiative to continue the narrative. We partnered with MultiChoice because of the reach and also because they have created so many programmes Nigerians love.”

“Our brand is one that fosters community and

The three-day music festival will kick off on December 8 and culminate on December 10 at the Legends Adventure Farm in Pretoria. The Hey Neighbour will feature some of the biggest music stars on the content and across the globe like Kendrick Lamar, Rema, The Chainsmokers, Nasty C, H.E.R., Sauti Sol, Khalid and Focalistic to name a few.

Heineken’s engagement in the Hey Neighbour Festival aims to infuse an unparalleled sense of joy and togetherness.

Through various activations and experiences, the brewer is set to enrich the festival, creating an environment where attendees can truly revel in the good times and create lasting memories.

L-R: Ashiwaju Temitope, General Manager, Corporate Communications and Events, Tolaram Group; Stephanie Coker and Darasimi Nadi, Host and CoHost, Indomie Love Bowl Game Show, Dr. Busola Tejumola, Executive Head, Content & West Africa Channels, MultiChoice West Africa at the unveiling of the Indomie Love Bowl game show in Lagos.

we believe the game show will generate excitement, warmth, and love,” added Executive Head, Content and West Africa Channels, MultiChoice West Africa, Dr. Busola Tejumola.

The 13-episode game show will be hosted by actress and media personality, Stephanie Coker alongside the rising star Darasimi Nadi. Three families will emerge in the top three based on the games participated in. The overall winner will cart away N5 million, while the first and second runners-up will be rewarded with N2.5 million and N1.5 million respectively.

“Indomie Love Bowl” will premiere on Africa Magic Family on October 22.

Sanwo-Olu to Host AMAA 2023

This October, Showmax will premiere its new dating reality TV show, “Bae Beyond Borders.” The show puts the spotlight on four South African women embarking on a remarkable journey to discover love with Nigerian men, offering a unique perspective on cross-cultural romance.

Scheduled to start streaming on October 23, 2023, “Bae Beyond Borders” introduces us to Zezethu Mniki, Nande Ramcwana, Malibongwe Gumede, and Vuvu Maseti, the four women in search of love. They will have the opportunity to choose from a diverse group of 12 Nigerian bachelors, representing various walks of life. Utilizing online speed dating, the women will collectively select eight men who have made the most significant impressions on them. Subsequently, they will embark on a journey to Nigeria for face-to-face meetings.

From these eight finalists, each woman will make her ultimate choice to bring home with her. They will then move into a stunning villa in Cape Town, providing them the opportunity to explore the potential for a future together as a couple. The central question throughout the show remains whether these four hopeful women can truly find love beyond cultural boundaries.

Zinzi Velelo Alake from POP24 serves as executive producer of this reality dating show. She is known for producing the popular reality show “The Mommy Club.” Zinzi, who found love with a Nigerian man herself, created “Bae Beyond Borders” to celebrate the love that transcends borders and cultures, aiming to unite Africans in love while showcasing a unique kind of romantic journey Showmax new reality TV rarely seen on screen. show Bae Beyond Borders

Parallex Bank Considers Creating Unit to Focus on Creative Industry

L-R: Gov. Sanwo-OLu, late An..Osigwe and a guest during AMAA 2021

For the second time, the executive Governor of Lagos State Babajide Sanwo-Olu will be hosting the 19th edition of the Africa Movie Academy Award (AMAA). The governor had committed to hosting AMAA for four years as a strategic partner after attending the 17th edition that took place at the Marriott Hotel, GRA, Ikeja.

“We are happy that Governor Babajide Sanwo-Olu has restated his commitment towards hosting the AMAAs for the second year in a row,” Raymond Anyiam-Osigwe said on

behalf of the AMAA board. “He is not only making true his promise last year but has also displayed the traits of a true leader. The strategic partnership between AMAA and Lagos state is exemplary.”

He further stated that the AMAA team has already been working with the Ministry of Culture and Tourism for the execution of a successful awards ceremony.

The continental film awards ceremony is scheduled to be held on Sunday, October 29, 2023, in Lagos, Nigeria

Following the success of the “Becoming” masterclass, a transformative event organized by Stars and Legends Entertainment, tailored specifically for students at the University of Lagos, Parallel Bank which sponsored the masterclass in partnership with the United States Consulate in Nigeria, is considering a creating a dedicated unit within the bank to focus on nurturing the growth of the creative industry.

This was disclosed by the Managing Director of Parallex Bank, Dr Olufemi Bakre, who highlighted that the bank’s sponsorship of the masterclass is part of a broader initiative to empower the Nigerian creative industry to reach its full potential. He acknowledged the abundance of untapped talents within the industry that require platforms for refinement and growth.

Underlining the bank’s commitment to collaboration and partnership,

Dr Bakre expressed Parallex Bank’s willingness to engage with stakeholders in the creative industry to create mutually beneficial avenues for growth and advancement.

He commended the United States Consulate in Nigeria for its faith in the creative industry and for its collaboration with Stars and Legends Entertainment to make the event a reality.

The “Becoming” Masterclass aimed at imparting essential knowledge to aspiring creative talents about harnessing their ideas and achieving financial success. The event, a harmonious blend of education and entertainment, featured accomplished artists like Cobhams Asuquo, Dr. Tee Mac, Grammy Awardwinning American singer and songwriter Maya Azucena, and other seasoned professionals who served as both instructors and entertainers.

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15,2023

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INTERNATIONAL

Francophone Africa’s Scramble for Self-Reliant Sovereignty: Beyond France’s ‘Incroyable Mais Vrai’

F

rancophone Africa’s scramble for self-reliant independence and sovereignty is a big surprise to France as a people,ingeneral,andasagovernment,inparticular.For theFrench,itis‘incroyablemaisvrai’,thatis,‘unbelievable but true.’The French cannot easily believe that their former colonized people can declare them personae non grata in their countries.

European scramble for Africa, which culminated into the 1884 and 1885 Berlin Conferences and agreements, is gradually being replaced by a new reactive scramble some Francophone African countries. While the Berlin scramble was largely predicated on the sermons of‘Missions Civilisatrices’(Civilisation Missions), exploitative partitioning of Africa into zones of influence, and governance of Africa by manu militari, the reactive Francophone scramble is to stop the unending exploitative impact of the alleged European civilisation mission in Africa, beginning from their countries.The objective is also to replace it with a self-reliant and totally self-dependent sovereignty.

The Francophone scramble therefore appears to be a direct negation of the Berlin spirit which sought the partitioning of Africa into zones of influence as an instrument of self-developmental promotion through divide and rule policies.

Forinstance,someFrancophoneAfricancountriesarecurrentlytrying to chase France out of Africa by using coup making to oust incumbent governments which owe political allegiance more to France than to their home country. The coups, though carried out by military junta, have always been endorsed by the people. Consequently, there is the need to differentiate this type of military-supported coups which are not only aimed at simply changing the incumbent president and his government, but also to stop French exploitative influence.

In the eyes of the French they do not see themselves as exploiters but as helpers. Francophone Africans believe that France aids and abets bad governance and therefore organize coups tostop bad governance, politico-economic corruption and other political irrationality. Thus, coupsd’étatareinstrumentsforfightingagainstFranceandforfreedom.

VIE INTERNATIONALE with

Bola A. Akinterinwa Telephone : 0807-688-2846

e-mail: bolyttag@yahoo.com

Francophone Africa’s Scramble The scramble for sovereign self-reliance began with the Malian coup of 18 August 2020 at the Kati military base outside of Bamako.This was the foundation of the scramble. Malians engaged in public protests led by the June 5 Movement (officially known as June 5 – Rally of Patriotic Forces) for several days which prompted the military, under Assimi Goita, to take advantage of the situation to lunch a coup d’état against the elected government of Ibrahim Boubacar Keїta (IBK).The Rally wanted the president to resign for his failure to tackle the dire economy and Mali’s eight-year Jihadist conflict.

Another rally in which thousands of people were involved and which lasted for three days, was held on July 10, 2020 not only turned violent but also escalated the political crisis: bridges were blocked.The parliament building was attacked. In fact, clashes with security left 11 people dead and 158 people injured. The anger about this has served as a basis for unification of the people, especially the religious figures and civil society leaders, and military leaders involved in Mali’s 2012 coup.

As explained by Emily Cole of the United States Institute of Peace (Making Peace Possible), it was an argument over promotion at a military base on August 18, 2020 that prompted the rising tensions to culminate into a mutiny. Besides, Mali’s 2012 coup led to growing regional instability while regional and international efforts to stabilize Mali focused excessively on security but neglecting decades of failed governance. Perhaps more importantly, Emily Cole had it that President Ibrahim Boubacar Keїta (IBK)‘was a symbol of government corruption, of international interference and inaction, of ongoing instability.’ In short, he has come to represent the failure of governance that has led to huge losses of life, mostly civilians, in Mali.

At the level of France’s reactions, Mali’s ties with France began to be tainted when a second coup occurred on May 24, 2021. The Vice President, Assimi Goїta, captured President Bah N’daw, Prime Minister Moctar Ouane, and Minister of Defence, Souleymane Doucouré. .ContrarytothewishesofFrance,themilitaryjuntainpowerrefusedto setanearlydatefortherestorationofcivilianrule.TheBamakoauthorities accused France of inciting hostility of Mali’s neighbours towards the

Malian junta. This mésentente was aggravated with the Mali-Russia rapprochement in 2021, with Russia sending military instructors to Mali, and with the involvement of the pro-Kremlin Wagner group.

More disturbingly, in January 2023 the French Ambassador to Mali, Joel Meyer, was declared unwanted by the Malian government. In February 2023 France announced the pulling out of its troops from Mali and those of the French-ledTakuba Force. In fact, the three agreements that provide the legal foundation for French militaries in Mali were denounced allegedly because of a‘blatant violation of Mali’s national sovereignty by France.’France was accused of spying and subversion.

As further explained by Abdoulaye Diop, Mali’s Minister of Foreign Affairs, there was no longer‘a legal basis for France to operate on Malian soil…Anything which takes place on the territory of a sovereign state should be discussed and agreed with the state which is in place.

What is noteworthy here is the major causal factor of the misunderstanding. Malians consider that the French troops had been in Mali since 2013 continuously without being able to contain terrorism and which had been spreading from Mali to Burkina Faso and Niger Republic. The conduct and management of the crisis, especially by France, is another problem. When France suspended the issuance of visas to Malians, the Bamako military junta also reciprocated. When President Emmanuel Macron visited Benin, Cameroon and Guinea Bissau, he saidWest African nations should ensure that Malians should ‘express the sovereignty of the people, build a framework of stability’to allow an‘effective fight against terrorist group.’In response to President

Without doubt, there are proponents and opponents of the CFA franc. For instance, President Idriss Déby noted on 11 August 2015 during the 55th anniversary of the independence of Chad that ‘we must have the courage to say there is a cord preventing development in Africa that must be severed.’ The cord being referred to is the CFA franc. Now that many Francophone African countries are chasing France out of their countries, what now happens to the CFA franc? The ECOWAS agreed to have a regional currency to be named Eco. The Francophone Member States worked against it by naming their CFA franc Eco. The Eco is expected to still be guaranteed by France and convertibility to the euro is still guaranteed. Can the reduction in France’s influence in West Africa enhance greater integration in the region? France is Nigeria’s neighbour by geo-political propinquity. France is not wanted in faraway Mali and Burkina Faso and in neighbouring Niger Republic. But France is still welcomed in Benin, Chad, and Cameroon. How will Nigeria begin to respond to France’s new image in Africa? Franco-Nigerian rapprochement in this context has problems. If Nigeria is hobnobbing with France, it also has the potential of antagonizing the Francophone African countries seeking to free themselves from the clutches of politico-colonial and economico-cultural imprisonment of France. There is the need for re-strategy

“

“

Macron

Macron, Colonel Abdoulaye Maiga, spokesman to the military junta, said on public television that‘the transitional government demands PresidentMacrontopermanentlyabandonhisneocolonial,paternalistic and patronizing posture and to understand that no one can love Mali better than Malians.’

As regards Burkina Faso, the story of Franco-Burkinabe relations is not different. France is opposed to the coup d’état in Burkina Faso.

Because of the French opposition, the Ouagadougou authorities told the French Ambassador to leave their country.Thereafter, Burkina Faso denounced ‘the technical military assistance agreement reached in Paris on April 24, 1961,’including the two appendix.’Considering that armedgroupslinkedtoal-QaedaandISILhavetakenoverlargeswatches of land and displaced millions of people in the south of the Sahara, Burkina Faso authorities asked France in January 2023 to withdraw its troops so that the Burkinabes could begin to defend themselves.

The French troops must be pulled out within one month.

Unlike in Mali where France had 2,400 troops, there were only 400 Special Forces in Burkina Faso.The Burkina Faso transnational government led by IbrahimTraore suspended the 2018 military accord with France. The spokesman of Government, Rimtalba Jean Emmanuel Ouedraogo, reportedly said:‘we are terminating the agreement which allowsFrenchforcestobeinBurkinaFaso.Thisisnottheendofdiplomatic relations between Burkina Faso and France.This termination is normal and is foreseen in the terms of the agreement.’And more significantly, Ouedraogo said the Burkinabés and the government want‘to be the prime actors in the recapture of our territory.’

Additionally,BurkinabésattackedtheEmbassyofFrance.Theyturned to Russia as a‘reasonable choice in this dynamic,’the Burkinabé Prime Minister reportedly said. Protesters not only carried Russian flags but were also saying ‘we don’t want the smallest second added to the scheduled date of departure. Let them leave and leave our Faso to us,’ Amadé Maiga again reportedly said. Even though France considers Russia’s influence in troubled African countries as‘predatory,’a 58-yearold protester, Amadé Compaoré, has also opined that‘walking with Russia is not a sin… Russia is the solution.’

From the two cases of Mali and Burkina Faso, two points are made clear. First is the fact that if the French could not contain the spread of Jihadist terrorism since 2013, nothing should prevent seeking an alternative.ThechosenalternativeisRussia,anarchenemyoftheWestern world in the making of a new world order. Second, the major concern of the people is not only stoppage of terror but also the end of French neo-colonialism.Will Russia, as an alternative be able to meaningfully solve the problem? Will Russia not be another obstacle to the quest for a self-reliant sovereignty? Will Russia be better than France in the exploitationofthenationalresources?Willtherebetransferoftechnology, better protection of human rights and democratic culture?

In Niger Republic, even though the conquest of Niger by the French dates back to 1898 and Niger had its political flag independence on August 3rd, 1960, it is still arguable that the Republic of Niger is independent or decolonized. For us, Niger Republic has never known any form of independence. Presidents of Niger Republic need the support of France in order to survive in power. France has been importing economic raw materials from its colonies since the colonial days and such importations are yet to be stopped as at today, especially from Niger. France imports at least 25% of her nuclear needs from Niger.

More than 70% of Niger’s foreign reserves are kept in the French Central Bank. If Niger is to take out of it, interest is still paid to France.

What is problematic and relevant here is that when the Mohammed BazoumwasoustedonJuly26,2023,theFrenchgovernmentrefusedto recognize the new junta under AbdourahamaneTchiani, the President of the National Council for the safeguard of the Homeland of Niger.

He replaced President Bazoum. France capitalized on the support of the ECOWAS to restore President Bazoum but to no avail. Aggrieved, France suspended the issuance of visas to Nigeriens, and prevented French cultural centres from collaborating with their counterparts in Niger Republic.The artists in Niger vowed not to beg France. QuoVadis?

Beyond France’s ‘Incroyable Mais Vrai’ Unbelievable, but True’ is not only an issue for France but also for all African observers. France for instance, is much concerned that the French Ambassador was declared persona non grata but was not allowed to go out of the embassy, the ambassador could not eat as explained by President Emmanuel Macron of France. It is unbelievable for President Macron. In this regard, President Macron easily forgets two main issues responsible. First, France is waiting for President Bazoum to come back to power, since the junta in power is not recognized by France. Consequently, France was not prepared to take instructions from an illegal government. Most unfortunately, however, France has been compelled by force majeure to comply with the government’s policy direction, especially when social services to the embassy were suspended.Provisionofsocialservicestoanyembassyisnotafunctionof legalityofagovernmentbutlargelyaresultantofadefactogovernment discharging the duties of a State in international law and relations.

Secondly, the non-recognised Abdourahamane Tchiani junta gave a time limit for the French Ambassador to check out of Niger Republic but the instruction from government was disregarded by the ambassador. It was at the expiration of the ultimatum given that the civilian population supporting the military government that the Embassy of France was surrounded and that efforts were made to enter the diplomatic premises without the consent of the Ambassador as required by diplomatic conventions. In this regard, the French found this development as unbelievable but it was true.

Read full article online - www.thisdaylive.com

THISDAY, THE SUNDAY NEWSPAPER ˾ JUNE 24 2012

ARTS & REVIEW A

PUBLICATION

15. 10. 2023

An Artist and His Surreal Odyssey in Emotional Landscapes A first-ever solo exhibition of the works of Akanimoh Umoh, one of the local art scene’s emerging stars, should elicit aficionados’ interest as it brims with so much promise. Okechukwu Uwaezuoke writes

N

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Catfish 2022 Acrylic on canvas

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Mystique 2022 Acrylic on canvas

The Silent Vigil

EDITOR OKECHUKWU UWAEZUOKE/ okechukwu.uwaezuoke@thisdaylive.com

32

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

ARTS & REVIEW\\POT POURRI

For Abuja, a New Space for Creativity Segun Ade-Martins

I

n this high season for the arts and creativity, in the Gudu district of Abuja, there is a new space to foster youthful creativity. At the African School of Economics (ASE), the arts director Aisha Aliyu-Bima, who has been setting the Nigerian art space alight with her exploits at Abuja Open House 2022 and the curator project at the Yemisi Shyllon Museum of Art at the Pan-Atlantic University, Lagos, is currently cultivating a creative centre.

To launch this new space, three creatively diverse events were held on July 13, July 29, and August 15. Shoot. Edit. Repeat. workshop, ASE Art Salon, and the inaugural episode of the ASE Masterminds podcast, respectively.

First, let’s dive into the free Shoot. Edit.

5HSHDW SRUWIROLR UHYLHZ IRU $EXMD ÀOPPDNHUV on July 13, spearheaded by Temitope Dada, popularly known as Oluwadabest. Dada has FXOWLYDWHG D FRPPXQLW\ RI ÀOPPDNHUV ZKRVH aim is to achieve technical excellence in the visual department. The Shoot. Edit. Repeat title is also a mantra to encourage continual GHYHORSPHQW LQ ÀOPPDNLQJ EHFDXVH LW VXPmarises the video-making process succinctly.

The art salon contained two elements: an exhibition of works by two artists and a discusVLRQ RI LGHDV DͿHFWLQJ $IULFDQ FRQWHPSRUDU\ art. The artists are Barry Yusufu and David

Their interest in the arts materialises with Kwakol Underground, the platform to showcase talents in music and visual arts.

The podcast delved more into the themes Gilbert-Adeh. This event is an interesting fu- of work-life balance as seen through the eyes sion of the practises of Art academy salons in of two creatives, Yunusa Tanko Abdullahi France and the North American practise of and Maryam Ahmad. The uniqueness of having gatherings for intellectual discussions. WKHLU SHUVSHFWLYHV FRPHV IURP WKH GLͿHUHQW On this day, both artists answered stimulating generations they come from: Gen X and Z, questions from the host and an enthralled respectively. The topics discussed include audience about their processes and views on mental health, workplace etiquette, and a general outlook on life. the various art debates.

Combined, these showcases present a playThis Art Salon was sponsored by Kwakol, D ÀQDQFH UHVHDUFK DQG WHFKQRORJ\ FRPSDQ\ ground for nurturing creative conversations.

VISUAL ARTS

Tony Nsofor and the Burden of Identity Crisis Yinka Olatunbosun

A

nthony Nsofor’s reputation as a dedicated studio artist travelled ahead of him and his works recently when a handful of journalists arrived at the O’DA Art Gallery, Victoria Island, Lagos, to have a glimpse of his new works. Titled Citizens of Nowhere, the new show, curated by Sunshine Alaibe, is the culmination of several moments of introspection by the artist, whose career path KDV EXUURZHG WKURXJK GLͿHUHQW FRQWLQHQWV and cultures.

Over the years, Nsofor’s practice has taken him from Lagos (Nigeria) to Abidjan (Cote d’Ivoire) and the USA. With this lengthy experience, his themes are perceived through a global lens while carefully articulating his thoughts using elements of Uli, Nsibidi, and Adinkra traditions.

Since 2017, he started working on the project about identity and cultural dislocation, tapping into personal experiences and point of view of others.

In her introductory speech, the curator revealed that Nsofor’s conscious engagement with others had served as an eye-opener

EXHIBITION on the subject matter of migration and identity in this show, which opened on September 23. ´+H VWDUWHG WKH VHULHV DV D UHÁHFWLRQ RI that from his own personal experience but he also felt like he needed to docuPHQW RWKHU SHRSOH DV ZHOO GLͿHUHQWO\ ·· she explained. “All through his 20-year FDUHHU KH KDV EHHQ SDLQWLQJ DV D UHÁHFtion of his study. He went to the Nsukka school and he has been using the Ulli LQÁXHQFH IURP 8FKH 2NHNH ,I \RX ORRN at his works, you will see all shapes and his deliberate ways of drawing faces. It is abstract expressionism.’’

She further revealed that the artist projects his shared experience of feeling alienated through the body of works.

“It is being kind of ironic that in being together, you are meant to be isolated but then you are all sharing the experience of being alienated in one space.”

Nsofor’s piece titled “Some Came By Sea, Others By Land,” is a grim composition comprising faces of people being rescued at sea. This provocative work confronts the issue of migration and the reality of living

One of the paintings by Tony Nsofor in the shadows of someone else’s experience.

Nsofor, who joined the conversation virtually spoke of the frustration that came with leaving

What is interesting here is the type of people, the activities, the blend of creative industries, and the variety of topics involved.

The diversity of events for the arts and creatives alludes to the all-encompassing nature RI WKH FXUDWRU $OL\X %LPD 6KH LGHQWLÀHV KHU interest as being in Northern Nigerian social anthropology, but one can surmise there’s more to it. She embraces all with great cultural intelligence and looks to include Northern Nigerian culture into the wider pan-African discourse.

0RUH VSHFLÀFDOO\ WKH $6( $UWV LV D VXEVLGLDU\ of the African School of Economics whose goal is to delve into and showcase the unique and diverse cultural heritage on the continent, in this case, starting in Abuja.

In late September, from September 25 to September 29, Shoot. Edit. Repeat. held a ÀYH GD\ FLQHPDWRJUDSK\ FODVV LQ $EXMD DW the Abuja School of Economics.

Dada's trailblazing work meets international standards, and corporations are now bringing commercials back to Nigeria to shoot. His cinematography class teaches participants the methods and mindset to achieve cohesive visual stories. He emphasises understanding the motivation for shot selection, composition, subject, and environment lighting, as this is the key to strong storytelling; his secondary mantra is “know your why.”

Read full article online - www.thisdaylive.com

one’s home country in search of a better life and the complexity of identity crisis in the new country of residence. For him, the nostalgia for the homeland never leaves.

The solo exhibition, which parades no fewer than 25 works, captures the last two years of that experience, arranged and presented LQ VHULHV 1VRIRU ZKR LV LQ WKH ÀUVW \HDU RI his two-year residency programme at the Torpedo Factory Art Center, in Alexandria, Virginia, US, described the body of works as “biographical.”

“Travelling meant me becoming someone else,” he said. “I started questioning the things WKDW PDNH RQH 1LJHULDQ DQG \RX ÀQG RXW WKDW certain things mean things that may tie you down to an identity. I realise also that with the internet, we can have a personality that spreads across borders- physical borders, boundaries and geographical location and all of that no longer restrain as it did some twenty years ago. So it becomes possible that I can be very present in Nigeria and at the same time, very present in the US or China at the same and have such information and interaction with GLͿHUHQW FRQWLQHQWV 7KHUH LV DQ RSSRUWXQLW\ to be more.”

Although his roots in the Nsukka art school LQÁXHQFH KLV WHFKQLTXHV KLV VNLOOV PD\ QRW be as traditional as the Uli motifs are. His calligraphic forms sometimes include Arabic texts that suggest a language or culture. The use of lines remains an essential feature in his works that speak to his reality.

The show runs until October 21.

Tales of Transient Glory and the Art of Finding Self Yinka Olatunbosun

J

essica Soares has always been a storyteller through her artwork. Last year, she featured some of her pieces at the Young Contemporaries exhibition organised by Rele Gallery, highlighting her condition with alopecia. This year, her debut solo exhibition at Rele Gallery in Ikoyi, Lagos, titled Who We Are When The Glory is Gone, showcases a detailed collection of paintings and installations on this condition that she has lived with all her life and inherited from her mother.Alopecia is known as a condition characterised by hair thinning and hair loss. Through her artistic voice, Soares sheds light on the world of identity, perception, and societal expectations.

At the opening of the much-anticipated show, Soares discussed critical issues around the theme for the solo show by documenting episodes of

living with alopecia, whether going completely bald or wearing a scarf to cover the hair loss. The artist explained why alopecia is such an issue in our contemporary society.

“It is important because hair is important to every woman,” she argued. “Imagine you have to deal with the thought of losing your hair all the time compared to others who have healthy hair. You go to the salon and you’d hear sad remarks about your hair.

Hair is a very important aspect of beauty.

Beauty standards start with your hair.”

6LQFH DORSHFLD DOVR DͿHFWV PDOHV 6RDUHV openedupconversationsonbeingvulnerable and still having the strength to live happily and discover one’s true self outside the world’s standard of beauty.

Sitting beside the installation titled “Jessica’s Salon,” Soares revealed how she had made peace with herself even in the face of hair-shaming.

“Due to what I am experiencing, going to the salon has been a lot of trouble for me because people are constantly asking me about my hair and it was always a problem for me,” she said.

I would rather stay at home... I am a very shy person and probably always the last to leave the salon because I didn’t want people to see my hair.

Growing up, I just found comfort in the home service for my hair. This installation is like the home service set up in my house.”

Drawing upon biblical reference, Soares referred to a woman’s hair as a crowning glory.

Hence the question, “Who Are We When the Glory is Gone?” provokes questions such as “Does that make me less of a woman?” and “Does that make me less beautiful?”

Using motifs like wigs and scarves as objects of PDVNLQJ DV ZHOO DV ÀJXUHV DGRUQHG LQ EULJKWO\ coloured Victorian dresses with etchings of plants half dying and part blooming, the artist highlights how an individual can live through daily agony

to embrace one’s identity. The frames inside the frames are a symbol for our preoccupation with images, and the omnipresent hand mirror serves in duality as both confrontation and distortion.

The curator for the show, Wana Udobang, extolled the honesty behind the body of work and the personal story that echoes with other people living with alopecia.

“There is nothing as beautiful as being able to speak through the art, say things that are meaningful and being able to share the nuances of a journey and your vulnerabilities,” she said.

The founder of Rele Gallery,Adenrele Sonariwo, remarked that the gallery is very keen on representing artists whose works have relevant messages.

“The show serves as a metaphor for us to discuss other issues. It could be anything else for anybody.

We all have certain vulnerabilities when we don’t feel accepted. How do we move forward with those things?”

The on-going show runs till October 21.

33

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

CICERO

Editor: Ejiofor Alike SMS: 08066066268 email:ejiofor.alike@thisdaylive.com

IN THE ARENA

A Curious Case of Nigeria’s Prison Population Wale Igbintade writes that with only few prison inmates in Nigeria despite her alarming crime rate and huge population, it is evident that lawbreakers seldom go to jail in the country

T

he Minister of Interior, Olubunmi Tunji-Ojo, last week stirred the hornet’s nest when he revealed that a total 77,000 inmates are in Nigerian prisons in a country of over 200 million people with an alarming rate of crime.

Speaking during a live television programme, Tunji-Ojo noted that 4,000 of them will soon regain their freedom as part of the ministry’s decongestion programme.

“We have over 77,000 inmates in prisons across the country.

More than 80 per cent of the inmates are state offenders. We are working with state governments to sort it out. We have set up a committee to look into this and I assure you we will come up with verifiable steps and release an action plan in due course,” he reportedly said.

Besides the minister’s new revelation, a recent update by the Nigerian Correctional Services (NCoS) that about 70 per cent of inmates in the prisons are awaiting trial had portrayed Nigeria as a country where people hardly go to jail despite the brazen lawlessness and atrocities being perpetrated across the country.

For instance, speaking recently at the quarterly meeting of the Penal Reform Media Network (PERMNET) in Lagos, the Controller General of the NCoS, Ja’afaru Ahmed, put the total number of inmates in prisons in the country at 72,384 with 48,527 of the figure awaiting trial.

He added that the awaiting trial inmates constitute about 70 per cent of the prison population.

Ja’afaru called for more collaboration among the three arms of the criminal justice system to enhance synergy so that when anybody is brought to prison as a awaiting trial inmate, the case would be determined as quickly as possible.

Giving a break-down of the prison population in states across the country recently, the National Bureau of Statistics (NBS) reported that Lagos State recorded the highest with 6,522 inmates, while Kano and Rivers recorded 4,082 and 4,054 respectively. Additionally, it said Lagos also recorded the highest number of awaiting trial inmates at 5,603 out of a prison population of 6,522. This was followed by Rivers and Edo states with 3,625 and 2,434 as awaiting trial inmates respectively for the period under review.

According to a report by the statistical agency on the number of awaiting trial inmates and overall prison population by states, Yobe and Borno states recorded the least numbers of awaiting trial detainees of 163 and 216 out of a prison population of 562 and 603, respectively.

The total number of awaiting trial inmates in the six geo-political zones was recorded as 45,158 inmates. The South-south region accounted for the highest number of unsentenced prisoners at 11, 073 inmates followed by the South-west, which recorded 10, 687 and the South-east at 7,946 inmates. Others are North-west which accounted for 7,050 un-sentenced detainees; North-central, 4,798 and North-east, 3,604 inmates.

Egbetokun NCoS’ figures were corroborated by the Centre for Crisis Communication (CCC) which in a report recently, disclosed that over 70 per cent of Nigerians in prison custody were awaiting trial, while inmates whose cases had been concluded and convicted for various offences accounted for 20 per cent.

These astounding figures from NCoS prompted analysts to reach the common verdict that Nigeria’s prison population is largely disproportionate to its over 200 million population. Their submission is that if the country has a total of 72,384 inmates in prisons and 48,527 are awaiting trial, it means that only about 20,857 have actually been convicted by the courts as those awaiting trial cannot be considered convicted and could indeed be set free by the courts or via other means.

With a total of 240 holding facilities comprising maximum, and medium security prisons, satellite prisons, borstal institutions for juveniles, farm centres, open prison camps and female prisons being operated by the NPS, the country’s huge population figure coupled with the rather high incidence of corruption, murder,

kidnapping, armed robbery, forgery, theft, financial fraud, and fake drugs manufacturers, it is obvious that the perpetrators of these acts are still roaming freely.

For instance, South Africa with a population of 56 million has a prison population of 162,000, and the United States with a population of 332 million, has a prison population of 1.5 million. While Brazil has a population of about 214 million people and 372,000 prison inmates, the United Kingdom has a population of 67 million and prison inmates figure of about 83,000.

In 2015, the Administration of Criminal Justice Act was signed into law in Nigeria to improve the sector’s efficiency and prevent delays in the adjudicatory process. However, after eight years, there has been little to no improvement in the country’s justice system, and it seems the focus has primarily been on randomly apprehending individuals and sending them to jail through dubious court orders, rather than achieving the intended goals of the act.

Between 2015 and now, over 14,000 people have been killed by herdsmen, cultists, kidnappers, trigger-happy law enforcers and others, yet no substantial arrests, prosecutions and successful convictions were recorded.

Also, from 2007 to date, security and anti-graft agencies in the country have arraigned no fewer than 60 high-profile public officers and personalities and yet no serious conviction has been secured against them.

Though there is no dearth of laws in the country, what many analysts believe is lacking ranges from diligent prosecution to the political will to move against powerful and influential people who contravene the law.

Another damning finding, according to observers, is the quality of those in detention. Unlike in other countries where the law does not spare the rich and mighty, the same cannot be said of Nigeria where the wealthy and famous frequently compromise law enforcement officers and the judiciary to evade arrest, prosecution and conviction This is why a public affairs analyst, Peter Ahonsi, said he did not find the figure surprising. “I was not surprised with the facts and figures you have presented so far. Why do you think this country is not making progress? The simple reason is that those who are supposed to be in prison are the ones either calling the shots or making decisions on our behalf. It is unfortunate. For as long as this continues, development will continue to elude us.”

While corroborating Ahonsi’s views, a Lagos-based lawyer, Ademola Kolawole, described Nigeria as a country of jokers.

He said until influential persons such as ex-governors, ministers, and managing directors of big corporations are put in prison for various offences, the country will never develop.

“The figures do not surprise me. They are what I have always known. Nigeria is a country of jokers. People who should have been locked away are the ones ruling us. Have you ever seen any governor, minister, or bank MD (managing director) in jail in this country? Until this happens, nobody will sit up.”

P O L I T I CA L N OT E S

As Ondo CJ Rescues Deputy Governor

Uzodimma

Ganduje

While many were thinking that nothing would stop the Deputy Governor of Ondo State, Hon. Lucky Aitedatiwa, from being sacked, the Chief Judge of the state, Justice Olusegun Odusola, has come to his rescue by refusing to set up a panel for the exercise.

The assembly had earlier vowed to proceed with the process despite an order of the Federal High Court sitting in Abuja, which granted the deputy governor’s request for the lawmakers to halt the impeachment proceedings.

The lawmakers cited the sections of the constitution forbidding the interference of the courts in an impeachment process at a legislative house.

Having ignored the order, the assembly on

October 6, directed the chief judge to set up a panel to investigate allegations of gross misconduct brought against Aiyedatiwa by nine lawmakers.

However, Justice Odusola in his reply to the letter, said he could not comply with the directive because of the order of the Federal High Court.

The chief judge in the letter to the Speaker of the Assembly, Oladiji Olamide, with reference no. CROD/1123/V.3/ dated October 6, 2023, cited Section 287 (3) of the Constitution as the reason why he cannot act on the letter from the assembly.

In the letter titled, ‘Re: Letter of Request to Set Up Investigation Panel Pursuant to Section 188 (5) of the 1999 Constitution

(as Amended),” Justice Odusola said despite being mindful of Section 188, he was restrained by the order of the Federal High Court in Abuja.

Analysts are surprised that the lawmakers are after Aiyedatiwa, but not bothered about Governor Rotimi Akeredolu, who since he returned from his medical vacation in Germany over six weeks ago, has not only been seen in public, but has been governing the state from Ibadan, Oyo State.

It is hoped that with the intervention of Justice Odusola, the reconciliation committee set up by the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Ganduje, will quickly swing into action and resolve the matter.

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THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

BRIEFINGNOTES

Nigeria’s Worsening Human Rights Records With the flagrant abuse of court orders to legitimise prolonged detention of citizens without trial in a ‘democracy’ and other forms of suppression of individual’s freedom in Nigeria, it is not surprising that while Ghana, Burundi, Malawi and Cote d’ Ivoire were recently elected to represent Africa on the Human Rights Council of the UN General Assembly, Nigeria was humiliated with only three votes, Ejiofor Alike reports

T

he outcome of lastTuesday’s election into the Human Rights Council of the United Nations General Assembly (UNGA), where Nigeria failed to secure a seat, was an indication that President BolaTinubu’s commendable efforts to make the country regain its lost enviable position in the global arena have not diminished his administration’s culpability in worsening the brazen violation of the rights of Nigerians with impunity.

Inothercountriesthatpractisedemocracy,security agencies treat citizens with dignity and carry out arrests with a high level of professionalism. But Nigerian security agencies humiliate, intimidate, and abduct citizens in the name of arrest.

In some cases, security operatives break into people’s homes with sledge hammers, iron rods and heavy weapons in odd hours like criminals to carry out arrests over alleged offences for which the individual should have been invited for questioning.

The armed forces, the Nigerian Police and the Department of State Services (DSS) are the worst culprits in the violations of human rights in recent years.

In Nigeria, military personnel run rampage, raze a community to the ground and shoot at innocent residents in protest to the killing of a soldier by a few miscreants around the vicinity.

This dastardly act is always justified in some unofficial quarters with a crude and dubious claim that the killing of soldiers is an invitation to war as if the killing of the soldier is a collective decision of the community.

While the police authorities have redoubled efforts to sanction unscrupulous elements within the force that violate the rights of Nigerians, the police high command seems to be doing the bidding of powerful Nigerians by using court orders to legitimise prolonged detention of citizens without trial.

In Nigeria, what it now takes for security agents to abduct and dump a citizen in detention is a frivolous petition by a powerful individual, and an order procured under questionable circumstances from a compromised judiciary.

On its part, the DSS, which has no public record of sanctioning its operatives for their various acts of impunity, has continued to show its power and overzealousness on unarmed Nigerians.

Earlier this month, the arrest of the former Dean of the Faculty of Law at the University of Calabar (UNICAL), Prof. Cyril Ndifon, who is at the centre of a sex scandal, was reported in the media as a case of abduction due to the manner he was allegedly abducted from his house by DSS operatives.

Fagbemi It took a clarification by the DSS Director of Public Relations and Strategic Communications, Dr. Peter Afunanya for Nigerians to know that it was an arrest carried out at the instance of the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and not a case of abduction.

But Nigerians are alarmed that ICPC could not arrest an unarmed professor and had to involve the DSS on a matter that does not threaten Nigeria’s security or sovereignty.

The secret police allow some of its operatives to drag its image in the mud without any sanction except promises of investigation, the outcome of which is never made public.

In a recent incident at Garki Market in Abuja, three DSS operatives allegedly shot a tailor, Mubarak Usman, over his alleged refusal to hand over pieces of fabrics given to him by a woman-customer to one of the operatives.

Though the DSS promised an investigation, it claimed that its operatives, who were obviously on an illegal mission over a disputed business

deal, came under mob attack, in an apparent justification of their ignoble conduct.

Nigerians are still awaiting the outcome of the investigation, just as the agency’s investigation into the shameful conduct of its operatives involved in a fracas with the personnel of the Nigerian Correctional Service (NCS) at the Federal High Court in Lagos in July, is still being awaited.

Security agencies in Nigeria justify rights violations with ridiculous claims without realising the extent of damage they do to the image of the country.

Section35(4)&(5)ofthe1999Constitution (as amended), prescribes that any person who is arrested or detained shall be brought before a court of law within a reasonable time.

Subsection 5 defines a “reasonable time” to mean between 24 to 48 hours, depending on the availability of a court of competent jurisdiction within the place of arrest and detention.

But since the enactment of the Administra-

tion of Criminal Justice Act (ACJA) 2015, signed by former President Goodluck Jonathan barely two weeks before the end of his tenure, government agents have continued to take undue advantage of the Act to detain Nigerians without trial.

Though the ACJA empowers the authorities to rely on court orders to jail Nigerians through the backdoor for 56 days without trial, the former Governor of Central Bank of Nigeria (CBN), Mr. Godwin Emefiele and the suspended Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Abdulrasheed Bawa have been in detention for more than 125 days, and 121 days, respectively, without trial under a supposed democratic government.

With no law still justifying Emefiele and Bawa’s continued detention, it is evident that the Nigerian government now deals with suspected lawbreakers on its own terms, and not based on the provisions of the constitution.

On August 10, the Nigeria Police arrested and detained one Chike Ibezim after his brother, Nnamdi Ibezim shared a defamatory post against former Lagos State governor, Mr. Babatunde Fashola.

Chike was clamped into prolonged detention for what many Nigerians believed was his brother’s offence.

Amnesty International (AI), human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, and other activists as well rights groups have repeatedly cried out over the flagrant violation of the rights of Nigerians but the trend has persisted.

With the international community taking notes of the Nigerian government’s worsening human rights records, it was not surprising that Nigeria could not secure a seat on the Human Rights Council of UNGA, despite Tinubu’s powerful presentations at the recent meeting of the global body.

Since he assumed office, Tinubu has made commendable efforts to free Nigeria from her self-inflicted image crisis but his administration is inadvertently aggravating this crisis.

UNGA, on Tuesday, elected 15 new countries to serve on the Human Rights Council.

Four of the 15 new members are African countries - Burundi, Côte d’Ivoire, Ghana and Malawi.

After the ballots were cast and counted, Assembly President, Dennis Francis, announced that Burundi, Côte d’Ivoire, Ghana, and Malawi were among the countries elected to serve for three years, beginning January 1, 2024.

Malawi topped the voting for African nations, with 182 votes, followed by Côte d’Ivoire (181), Ghana (179), Burundi (168) and Nigeria (3).

Nigeria’s poor human rights record shows that the country’s successive civilian administrations have failed to imbibe the tenets of democracy.

NOTES FOR FILE

When Will These Senseless Killings Stop?

General Musa

The Chief of Defence Staff (CDS), General Christopher Musa, last week vowed not to let Nigerians and President Bola Tinubu down, in his determination to bring lasting peace to the country by fighting the insecurity to a standstill.

Speaking at the 37 Regular Course 38th anniversary of gratitude and the investiture of the immediate-past Chief of Army Staff, Lt.-Gen. Faruk Yahaya (rtd) as the Grand Patron of the Course in Abuja, General Musa also reaffirmed his determination to uphold the ideals and principles guiding the Armed Forces of Nigeria, while urging troops that it was a solemn duty to ensure that the sacrifices are made by each and every member of the military.

What the CDS needs to understand is that Nigerians are running out of patience with the armed forces. Reports have it that since

President Tinubu’s administration was inaugurated on May 29, over 1,700 Nigerians have so far been killed by non-state actors across the country.

Tinubu, while delivering his inaugural speech as president amid cheers from his supporters on May 29, at the Eagle Square in Abuja, pledged to prioritise security.

But about five months after the inauguration of this new administration, the killings have persisted. In Plateau State alone, over 500 people have been killed and others rendered homeless. General Musa’s home state of Kaduna is not spared from these senseless killings.

In Zamfara, Nasarawa and Niger and Benue states, killings, kidnapping and abduction are a daily routine.

According to data, the killings hap-

pened primarily from the activities of bandits, Boko Haram insurgents, ethnic militias, armed robbers and other non-state actors.

When General Musa and other service chiefs were appointed, many thought they would stem the spate of killings in the country as soon as possible. But today, even those who trooped out in jubilation in southern Kaduna and Plateau State have resigned themselves to fate as killings have continued in those areas unabated.

After the killings in Zaria penultimate week, the Speaker of the House of Representatives, Hon. Tajudeen Abbas, was forced to cry out, calling on the security agencies to descend heavily on the killers.

While Nigerians appreciate the sacrifices of the armed forces, they want them to redouble their efforts to bring to book these marauders who are daily on the prowl plotting where to unleash their mayhem.

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THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

CICERO/ISSUE

As Sylva, Bayelsa APC Walk a Tightrope With the judgment of the Federal High Court disqualifying former Governor of Bayelsa State and governorship candidate of the All Progressives Congress, Timipre Sylva, from contesting the November 11 election in the state, the stage is set for a repetition of what happened in 2020 when the Supreme Court sacked the then governor-elect, David Lyon and ordered Duoye Diri to be sworn in, Alex Enumah writes

Diri

Sylva

W

ith less than a month to the Bayelsa State governorship election, a Federal High Court in Abuja last Monday disqualified former Governor Timipre Sylva from the race.

Sylva, the immediate-past Minister of State for Petroleum Resources, had clinched the All Progressives Congress (APC) governorship ticket in April, when he polled 52,061 votes to defeat five other aspirants – Joshua Machiver, Festus Danumiebi, Maureen Etebu, David Lyon, and Isikima Johnson.

However, delivering judgment on a suit filed by an APC member, Demesuoyefa Kolomo last Monday, Justice Donaltus Okorowo ruled that Sylva was not qualified to vie for the state governorship seat. The judge held that Sylva, having taken the oath of office twice and ruled for five years as governor of Bayelsa, would violate the 1999 Constitution if allowed to run in the forthcoming poll.

The former minister was governor of Bayelsa State between 2007 and 2011 on the platform of the Peoples Democratic Party (PDP). But he later defected to the APC and became a minister in former President Muhammadu Buhari’s administration. He resigned his ministerial position in March to contest APC’s primary election.

But citing a Supreme Court decision on a suit between Marwa and Nyako, Justice Okorowo explained that the drafters of Nigeria’s constitution said nobody should be voted for as governor more than two times. He noted that parties in the suit agreed that Sylva was voted into office twice as governor.

Even though Sylva and his party have the chance to challenge the decision up to the Supreme Court, many observers believe that the party stands a grave risk of not having a candidate for the election if the Supreme Court rules against him in the end, when the window for swapping candidates would have closed.

They also fear that this could end up being a repeat of the fate the party suffered in the

last cycle of the governorship election in the state when the apex court sacked its candidate, David Lyon, who had won the poll, on the eve of his inauguration.

Trouble started when Kolomo, a member of the APC, approached the court, urging it to order the Independent National Electoral Commission (INEC) to delete Sylva’s name from the list of candidates vying in the November 11 governorship election in the state.

In the suit he filed in June by his lawyer, Abiodun Amuda-Kannike (SAN), which had INEC, the APC and Sylva as defendants, the plaintiff sought the court’s interpretation of two questions: “Whether having regard to the indisputable facts that Sylva was elected to the office of governor of Bayelsa on two previous occasions; April 14, 2007, and May 24, 2008, he was qualified to contest the 11 November election in view of Section 82 (1)(b) of the 1999 Constitution (as amended).

“Whether having regard to the indisputable fact that Sylva occupied the office of governor of Bayelsa from May 29, 2007, to April 15, 2008, and from May 27, 2008, to January 27, 2012, he is qualified to contest and be elected to the office of governor of Bayelsa for another four years term in view of Section 180(2)(a) of the 1999 Constitution (as amended).”

Therefore, Kolomo prayed for a declaration that by virtue of Section 182(1)\(b) of the 1999 Constitution (as amended), Sylva was not qualified to contest the election to the Office of the Governor of Bayelsa on the APC platform or on any other political party’s platform in the election.

In court filings, Kolomo further averred that the former petroleum minister was first elected to the office of governor, Bayelsa on April 14, 2007 and assumed the said office on May 29, 2007, and was in the said office until 15 April, 2008 when his election conducted on 14 April, 2007, was nullified by the Court of Appeal. He was consequently removed from office.

He added that Sylva was reelected on May 24, 2008, and assumed office as governor on May 27, 2008 until January 27, 2012. He said INEC

recently published the names of governorship candidates for the state, including Sylva’s name.

Recall that Sylva had, in 2006, joined the PDP governorship primaries challenging ex-President Goodluck Jonathan, who, at that time, was vying for the same position.

However, after Sylva emerged as the PDP candidate, he went on and won the election in 2007. He succeeded Jonathan, who had also become the Vice President to the late President Umaru Musa Yar’Adua. But Sylva’s opponent in the 2007 election, Ebitimi Amgbare of the defunct Action Congress (AC), challenged his victory at the state Governorship Election Petitions Tribunal.

While the tribunal upheld Sylva’s election, Amgbare took the matter to the Appeal Court, Port Harcourt in Rivers State, which overturned the tribunal’s decision and nullified Sylva’s election on April 15, 2008. The appellate court ordered that the Speaker of the state House of Assembly, Werinipre Seibarugo, be inaugurated to replace Sylva as acting governor, with a new election to be held within 90 days, as stated in the Electoral Act. When a new election was held on May 24, 2008, Sylva again won and was sworn in.

When his tenure was about to end in May 2011, he secured a court order that his tenure began in 2008, not 2007, claiming that his one year as governor was a bonus. Governors Aliyu Wamakko (Sokoto), Liyel Imoke (Cross River) Murtala Nyako (Adamawa) and Ibrahim Idris (Kogi), who had at different times had their elections nullified, copied Sylva. The quintet refused to stand for elections in 2011.

However, there arose people who felt otherwise. One of them was Brig-Gen. Buba Marwa (rtd), who was eyeing the governorship of Adamawa State, but was told the guber election would not hold on account of Sylva’s court order. Marwa challenged the order, and lost his appeal. Undaunted, the retired army officer pressed on with the matter against Governor Nyako until it got to the Supreme Court. On January 27, 2012, the Supreme Court sacked Nyako, Sylva and all the other governors who refused to stand

for elections in 2011. The Supreme Court held that the 1999 Constitution pegged the tenure of governors at four years.

According to the justices of the apex court, they relied on section 180 (2) of the Constitution wherein the tenure of office of governors were prescribed. They held that the said section did not envisage any form of elongation of occupants of the office as well as that of the President.

In the case of Sylva and his colleagues, they had spent nearly five years, a situation the justices said was a breach of the constitution. Speakers of the five affected states became acting governors for three months, and INEC conducted fresh elections.

While other governors won their reelections, Sylva was denied PDP ticket to participate in the poll because at that point, Dr. Goodluck Jonathan had become president and settled for Hon. Seriake Dickson as the Bayelsa PDP candidate.

Curiously, last April, Sylva contested and won the APC ticket to contest the November 11, 2023 governorship election. As soon as he emerged APC flagbearer, many had raised objections against his candidacy. While some challenged his qualification to contest, others felt that the APC should have given the ticket to Lyon Recall that in 2020, Sylva had declined to contest the governorship, preferring instead to back Lyon. The former minister vigorously campaigned for Lyon who later won the election. However, a day to Lyon’s inauguration, the Supreme Court nullified his victory on the grounds that his would-be deputy, Biobarakuma Degi-Eremienyo, presented false information to INEC to aid his qualification for the election. In his place, the apex court ordered that Senator Duoye Diri of the PDP, who came second in the election be sworn in as governor.

Many analysts had thought that the same Lyon would be given an automatic ticket to contest the governorship seat for next month’s poll. But this was not to be.

Having appealed the Federal High Court judgment, it is hoped that it won’t be too late for Sylva and Bayelsa APC when the Supreme Court finally resolves the issue.

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

36

ENGAGEMENTS

with ChidiAmuta e-mail:chidi.amuta@gmail.com

Tinubu’s Politics of Identity Wars

P

resident Bola Tinubu is confronted with two identity fights united by politics. His political opponents have kept him busy with matters of personal identity and paper qualifications.

Everything from his parentage, educational background, university records, work and career trajectory to his National Youth Service record is up for hostile scrutiny. No one knows how the politics of that basic personal identity will end. Once infected with politics, even the most basic issues acquire toxins.

In recent months, the politics of Tinubu’s personal identity has taken on the form of a travelling circus. Mr. Atiku Abubakar, presidential candidate of the Peoples Democratic Party (PDP) in the last election, took the crusade to an American courtroom, challenging the United States judiciary to take a closer look at Tinubu’s undergraduate career and the quality of paper on which his diploma was printed. Added to the accompanying media blitzkrieg has of course been the long standing multiple identity issues around Mr. Tinubu. He may win his identity wars in the courts up to the Nigerian Supreme Court. His political devotees and megaphones will keep up the defensive high wall with attack dogs and baboons.

But the doubts will linger. The questions will remain. The reservations about everything about this president’s background and latest doctor’s reports will not go away easily. Even after his presidency, there will remain a sizeable body of Nigerians who will insist that the man was a forger and illegitimate occupant of the presidential mansion.

That will be well after the event because by then, the man will have presided over the rest of us with known classmates and fancy multiple degrees for four or eight years as the case may be. In Nigerian politics, once tainted, leaders carry their reputational albatross almost indefinitely.

On the other hand, Mr. Tinubu is winning a different war of political identity. He and his two major rivals for the 2023 presidential contest somehow represented the traditional Nigerian tripod. It may have been unintended and definitely unstated but widely perceived as such. Atiku was unmistakably perceived as the Hausa –Fulani candidate.

Peter Obi later came to be perceived as the Igbo man daring the odds to seek to become president of Nigeria. Bola Tinubu was the undoubted Yoruba son seeking the prime office. For full effect, he staked his claim to the top job in plain Yoruba: “Emi lokan”- It is my turn!

Of course, they all campaigned as national candidates. They paraded the obvious gamut of national problems- insecurity, mass poverty, divisiveness- as key national concerns and marketing points. In all fairness, they lost or won first as national candidates on the platforms of political parties that met all requirements of national presence and appeal. Tinubu was declared winner and has been in office and power for the past four months plus. Beyond battling political opponents who insist that his paper identity is dodgy and that he is not who he says he is. However, Tinubu has had no trouble defining his ethnic identity. He is a Yoruba Muslim man from the South West zone, married to a Christian woman. That much can be taken to the bank. All else is infested with Nigerian politics and media cannibalism.

Since taking office four months ago, President Tinubu has unmistakably stamp his more authentic identity on the nation and his office. Opponents and critics may jive and howl about his paper qualifications. But no one in their right mind can still question Tinubu’s Yoruba nationality. He has etched it unmistakably in our national mind that he is perhaps first and foremost a true son of the Yoruba nation. It does not matter which hamlet in Lagos, Osun or Oyo state his ancestry is traced to. He has literally run Mr. Sunday Igboho of the Yoruba Nation Movement out of job and relevance. When Mr. Igboho returns to Nigeria, he will smile

Tinubu in satisfaction that Tinubu has achieved beyond his wildest dreams.

Tinubu has moved swiftly to set up a government whose commanding heights and strategic appointments are squarely in the hands of mostly Yoruba sounding names. Those of us who used to scream and kick that Mr. Buhari’s appointments were lopsided have since gone stone quiet. Mr. Buhari with his hordes of Sahelian appointees and enabling armed herdsmen may now look like a band of saints.

See the telephone book of our new government in terms of strategic ministries and departments of state. Petroleum, Finance, Central Bank of Nigeria, Federal Inland Revenue Service, Police, Army, Justice, EFCC, Customs, Internal Affairs, Ports and Marine Economy, Solid Minerals etc. For the second tier ministries like Agriculture, Water Resources, Defence, Police Affairs, Education and Health, Tinubu has done something deviously ingenious and unparalleled. Both the Minister and Minister of State in each case is drawn from the northern hemisphere of the nation. It looks like a rather cynical way of isolating the problems that mostly bedevil the northern half of the country and passing them back to the political elite of the region and saying: “Go deal with it”!

Following this primitive logic of this geo- ethnic apportionment of the national bounty, whatever is left in the scrap heap of the national resource bazaar is left for the remaining states and regions. Labour, Youth and Sports, Science and Technology, Environment, Information, Post Master General, Federal Fire Service, Navy- just name it.

In a more monolithic and less diverse national space, no one would grudge the Yorubas their preponderance at the heights of state power. In all fairness, the Yorubas as a people are easily on of the most illustrious of our ethnic nationalities. Politically sophisticated, socially cohesive, content at home and conscious abroad, supremely educated and professionally accomplished, they remain the foremost Nigerian group in terms of enlightened self interest. But this is a diverse republic with a presidential constitution.

In the context of our presidential system, for as long as a president’s appointment of ministers satisfies the basic constitutional

requirement of nationwide representation of states in political office distribution, he cannot be accused of breaching the law. After all, the argument would go, all ministries are equal! But we know what we know especially when it comes to the control of the commanding heights of the national economy and major levers of state power and authority. When the strategic locations and vantage points are dominated or monopolized by any one ethnic group, we leave the remaining 349 odd ethnic groups in the lurch.

Nigeria may not be a federation of ethnic nationalities but the requirement of diversity management means that the president has a moral responsibility to govern in a manner that does not overtly announce his ethnic preference or leave most ethnic nationalities in mere janitorial presence. Each time Nigeria is governed in a lopsided manner as we are seeing, we lose a bit more of our unity and create more enclaves of exclusion and “otherness”.

I would ordinarily not be found where people are arguing about the villages from where key officials emanate. I would instead insist that those appointed to key public positions should be the best that can rescue our people from the long night of misrule and political rascality that has reduced life in this country into a nightmare. I am also ready to argue that Nigeria has come to that stage where literally every corner of the nation can produce the best possible manpower to man the affairs of state. Of course, political office appointments do not necessarily adhere to meritocratic criteria. But no cloak can hide an unfair arrangement.

Yet it is a disservice to the elementary requirements of diversity management for a president to make key political appointments in a manner that deepens the sense of national division along regional,

ethnic, religious or any other lines. After the Buhari political holocaust, Tinubu’s present posture, as far as these appointments are concerned, can only further divide the country and create intractable political headaches for him and his party in the months ahead.

The impression that has gone out is that Tinubu’s election is nothing more than a voracious power grab on behalf of his South West primary constituency. I feel reduced and my essential humanity shredded to be witnessing what is unfolding before our very eyes. For the avoidance of doubt and the interest of the ignorant, I have spent most of my life on the platform of a united Nigeria.

I have always believed in the possibilities open to a united and fair Nigeria. I have spent most of my life in parts of Nigeria away from my ancestry. Most of my children bear Yoruba middle names and feel at home in every part of Nigeria with no neither attachment nor bias based on ‘state of origin’, ethnic group or direction on the national compass.

I therefore feel reduced by this descent into a discourse on tribal allocation of political offices. Worse still, it is debilitating to expend useful energy on the interrogation of tribalism than on contributing ideas towards the uplift of the nation that has given us so much. But this is where Nigerian politics has brought us at the moment.

Let us make no mistake about it. Those of us who are privileged to argue about Nigeria on the pages of newspapers or on television screens are an elite. Elite contests for prime positioning is a healthy feature of a democratic polity in a diverse and plural polity. As elite, we are bound to quarrel about who occupies what positions and who decides what matters about our lives and those of the people that look up to us. Yes, we are an elite. No need to apologize about that. No need to shy away from facing up to elite competition in the national space. This nation belongs to all of us.

Minimally, however, we ought to be striving for a nationwide elite consensus on the best way forward for a nation that lost the race for the 20th century and is fast losing the 21st. We cannot achieve an elite consensus if there is a glaring lopsidedness emanating from a power grab and vicious hijacking of the political space resulting in open inequities in access to opportunities and proximity to power and resources.

As a nation, we are still in a deep ditch full of problems that should not be there. It ought to concern President Tinubu and his advisers that not a single one of his xenophobic appointees has elicited any national excitement to date. For the most part, most of these appointees are remembered for having featured prominently in Tinubu’s earlier outing as Lagos State governor many years ago. Nigerians have been quick to point out that Nigeria is greater than Lagos and that, on closer examination, no miracles took place in Lagos under Tinubu. Those who hold these reservations are also entitled to their views.

So far, the noises coming out of Tinubu’s cabinet and the inner recesses of state power are yet to justify the overt ethnic slant of the appointments so far made or even the basic criteria for these appointments. The views of some of these appointees are too pedestrian and ordinary to ignite any excitement or hope for a better future. We listen in vain for that groundbreaking idea or solution that can free Nigeria from the present brink but are hit by a brick wall of silence or boring rehash of worn out cliches and roadside views.

On balance, President Tinubu has courted an unnecessary trouble for himself. The nepotism and lopsidedness of his appointments so far could go with little qualms if his government delivers on Nigeria’s pressing problems. But if in the next two and half years, the nation remains mired in bad governance, corruption and incompetence, the conclusion would be that Tinubu and the Yorubas completed the final ruin of the faulty tower that Buhari and his locusts left behind. The King would go down with his horsemen and his nationality.

OCTOBER 15, 2023 • T H I S DAY, T H E S U N DAY N E W S PA P E R

37

B AC K PAG E C O N T I N UAT I O N SEE WHAT TECHNOLOGY CAN DO news.

You should have seen me smiling childishly when a friend sent the clip of an old TV commercial of Equitorial Trust Bank (ETB) to me some weeks ago. It brought back memories.

It featured Lomaji Ugorji, the court clerk in Icheoku — the satirical, Igbo-language series that ran on the Nigerian Television Authority (NTA) network in the 1980s and 1990s — and Mr Ohi Alegbe, the marketing communications guru. The commercial, released in 1992 or thereabouts, is one of my all-time favourites.

It featured Ugorji going to a branch of ETB to withdraw cash while Alegbe was smartly dressed in suit and tie — the trademark of bankers. Alegbe was cast as an official of the bank.

The banking hall used to be one hell of a place. You had to wait for hours to withdraw cash. Ugorji was holding a mat, apparently prepared to sleep in the banking hall to be able to withdraw what was presumably a small amount of money. He met Alegbe in the premises of the bank and asked if he worked there so that he could use his influence to get quick service. Alegbe said it was unnecessary and asked what he was doing with a mat. Ugorji laughed, replying in his trademark English: “Bombastic asking! You see a man wey dey go catch fish you dey ask am why he dey hold hook! You don’t know that anybody who wants to go to bank will hope to sleep there until tomorrow?”

Ugorji got into the banking hall and raised the alarm: “Here you are! They don’t even have enough chairs!” Alegbe asked him if

what he wanted was a seat or service. The cynical customer said “service”. He dropped his cheque and asked the teller for “tally number”. He turned to Alegbe to complain that “this lady doesn’t want to give me my tally number”. Till this day, I still use his line, “Wey my tally numba o”, anytime I want to make my contemporaries laugh. Tally number was a plastic “ticket” that banks used to give to customers while they waited. First Bank and Union Bank were notorious for keeping customers waiting. Before Ugorji could look up, his cash was ready!

I later saw the clip on social media and began to read the comments. One commenter said: “There was a country!” I did not understand his message, so I moved on. Another said: “The good old days!” I became confused. Were banking services better in 1992 than in 2023?

I could not make sense out of the comment.

I also recall watching a video clip of Bembe Aladisa’s song, ‘Ewa fun mi ni visa’ (rendered with Egba flavour), which he released in 2003.

He was pleading with the embassies to give him a visa so that he could “japa” and escape the sufferings in Nigeria. One of the commenters said “this guy saw the future” — as if suffering is new or Nigerians were not emigrating until now.

One conversation I am never comfortable having is comparing yesterday with today.

It is a tough one. For instance, would you say Nigeria is getting better or worse? Many would say “worse” without thinking twice, but available records are not that conclusive when all indices and criteria are used. However,

it appears to me that it is human nature to think that the “old days” were always “good”.

“The good old days” is, after all, a universal retort — it is nothing unique to Nigeria. To many people, old school music is better than today’s tunes and you dare not argue with them. (I am an old school music aficionado, by the way, but I readily admit that lyrics aside, today’s sound is phenomenal too).

The ETB TV commercial reminds me so much of what has changed for good in Nigeria.

Banking, in those days, was a pain in the neck.

For one, you could only operate an account at the branch where you opened it. If your branch was in Ojota, you always had to go to Ojota to deposit or withdraw. If you issued a cheque, the payee would have to go to that branch to cash it. If the payee paid into her account, it would take five days for same-city transaction to clear and about 10 days for “up country” (outside the state where the account was domiciled). You needed to go to the bank to check your balance. I just cannot understand the “the good old days” comment on the ETB commercial.

The technological transformation is, sadly, not universal in Nigeria. Government is lagging behind. Recently, Senator David Umahi, minister of works, ordered the gates of the ministry locked against late comers. What followed was nothing short of disgraceful — the late comers confronted him to the applause of some Nigerians who failed to see that truancy and late resumption are among the evils crippling the civil service. The way some people were celebrating the insolence and indolence

shows how much damage politics has done to our brains in this country. If you have ever experienced the “not on seat” syndrome in the civil service, you should not clap for the latecomers.

But, again, this is exactly my point: government is still not making full use of technology. There are solutions that can take care of issues like this. A simple electronic register will capture late comers. Civil service rules are very clear on late-coming and sanctions. There would be no need for the minister to order the gates locked.

No bank orders any gates locked because of lateness. Governance can only get better when the right technological solutions are adapted to support efficiency. There is enough capacity in government to design these solutions. We can all see how BVN and NIN are helping with identity management, so why should government hesitate to fully embrace technology?

We can argue and disagree on many things, but we must necessarily accept that technology has transformed many aspects of our society — for the better. That fact kept coming to my mind as I read ‘Vantage’. Technology has made many millionaires and billionaires in Nigeria — and to think we are still scratching the surface! I would even estimate that over 90 percent of Nigeria is still analogue, despite the tech boom. And there are many Olumide Soyombos still in limbo across the country. It is not just about making money from tech but also solving problems while making money.

Good combination. Nigeria is getting better and can get better on many indices by levering technology.

And Four Other Things…

CHICAGO CHILLS I have been bombarded with messages to confirm if I indeed resigned as editor of TheWeek in 2002 because Alhaji Atiku Abubakar, our publisher, stopped us from circulating an edition that was critical of Asiwaju Bola Tinubu. Yes, it is true. However, we did not query Tinubu’s Chicago State University certificate, which was not the issue, but his other credentials — and that was not even the main angle of our cover story. The certificate issue trended in 1999, not 2002. No, our story was not leaked; we officially asked for Tinubu’s response and even did pre-release publicity.

I am putting this on record for those who genuinely want to know the facts, not those using my name to play politics. Cheap.

HAMMERING HAMAS On the 50th anniversary of the Yum Kippur Arab-Israel war of 1973 which led to the first oil boom, the Israel-Palestine conflict has returned to catastrophic levels following the surprise attacks launched on Israel by Hamas, the Palestinian group. Israel took the Gaza Strip by force in 1967 and the Palestinians are also trying to take it back by force. How I wish the Oslo Accord aka Declaration of Principles, midwifed by President Bill Clinton in 1993 and endorsed by both sides, had worked. Yet, a part of me is saying there will never be peace between Israel and Palestine, so why the wishful thinking? Seeing the human suffering and humanitarian disaster shatters my heart.

Depressing.

SOCIAL MEDIA BILL The National Broadcasting Commission (NBC) says it has sent the so-called social media bill to the national assembly. A similar bill generated controversy when it was first introduced years ago because of legitimate fears of censorship, although the promoters said they only wanted to contain irresponsible use of social media.

My position has not changed since that bill was mooted: we do not need any new laws.

We have enough laws guiding defamation of character, cyber stalking and misuse of electronic communication. And for those who think they are safe, social media is used by all media houses, both mainstream and fringe, so nobody is immune from possible regulatory abuse. Caution.

AND FINALLY… Am I day-dreaming? Mrs Caroline Adepoju, the acting comptroller-general of the Nigeria Immigration Service (NIS), just said government would soon deploy electronic gates to international airports “to make it seamless for our nationals to come in”. You know what that means, don’t you? Except you are a “person of interest”, no human will check your passport on arrival again. Tell me I’m dreaming. For decades, I have been irritated by the fact that our passports are checked by two officials — one NIS, the other DSS. It is a massive waste of human resources and a totally unnecessary process in a modern world. Only God knows how many times I have complained about this absurdity. Progress.

MOVING FROM VOODOO TO PRAGMATIC BUDGETING In the last decade, debt has assumed a prominent position of our budgets. We use debt to bridge the gap between almost stagnant revenue and soaring expenditure. And because both capital and interests have to be paid, debt has also become a major expenditure line in our budgets. It has become a vicious cycle. The more debt we take, the more the money we need to service the debts and consequently the higher the percentage of the budget devoted to debt service. From my calculations, data from the report shows that allocation to debt service jumped from 11.91% of the budget in 2012 to 29.59% of the budget in 2020. And we just saw from 2022, there could be extra-budgetary borrowings and payments.

Over time, government officials have aggressively been pushing two narratives on our mounting debts: one, we need to borrow to invest in infrastructure; and two, our debt as a portion of our GDP is within manageable limits. On the first count, the report shows that debt service started getting close to approved capital budget from 2016 but by 2019, debt service surpassed capital budget and has maintained the gap. So, it is not just infrastructure that we are borrowing to finance as our borrowing is more than what we budget for capital expenditure (and by the way, there are some capex elements that are not for infrastructure).

On the second point, while debt-to-GDP can be a useful metric, it is not particularly useful in our low-revenue reality. Debts are not paid or serviced with GDP but with government’s revenue. The FG spending more than 90% of its revenue to service debt shows that it will not have enough left to pay salaries and provide for overhead and capital. It would need to borrow to cover those. Borrow, then spend. Borrow more, then spend more. Rinse and repeat. This is what has passed for budgeting in Nigeria.

A major reason we have found ourselves in the high-debt/low-revenue bind is the gross mismanagement of our oil and gas sector. Yes,

President Tinubu we should celebrate the fact that non-oil revenue surpassed expectations in 2022 and that we are increasingly less dependent on oil. But the progress in the non-oil sector should not be at the expense of the oil sector, especially at a time of historically high oil prices and when other major oil producers are enjoying surpluses, and bolstering their foreign reserves. In 2022, FG’s projected oil revenue was N3.362 trillion but its actual oil revenue was N776 billion. That is a revenue underperformance of 76.92% in that sector. There goes faulty/dodgy forecast again, and a perplexing one at that.

Daily average oil production was 1.4mbpd,

against the 1.6mbpd projected in the budget. The oil and gas sector shrank by 19.22% in 2022 and the sector’s contribution to GDP fell to 5.67%.

Oil theft and vandalism have consistently been singled out as the main culprits here. But those two alone do not fully explain a 77% or more than three-quarter revenue underperformance in a year when crude oil sold for about 40% above our budget benchmark oil price of $73 per barrel. The BIR didn’t mention petrol subsidy (secured via Direct Sale and Direct Purchase, DSDP). It was another major culprit. But even beyond that, more than met the eye went on in that space in the past few years, and proper fixing is needed.

One thing that sticks out from the 2022 budget performance is that we need to be more pragmatic in our budgeting. We have been budgeting to create an optical illusion. Even if others are not seeing through the lies of our voodoo acts, we should stop lying to ourselves. Our budget implementation reports show at a glance that we have many problems that are compounding. We have a revenue problem, as we are not generating enough for our size and needs. We have a debt problem. Debt is crowding out other important expenditure, and we should stop living under the illusion that we can borrow our way out of the hole. We also have a spending problem. We need to align our spending more to our priorities and cut out leakages and wastages.

Clearly, we need more realistic and more honest revenue forecasts. My sense is that we set unrealistic revenue targets to disguise the extent of the budget deficits. Relatedly, we end up with distorted budgets because we want to give the impression that we are allocating more money to capital when in actual fact the bulk of our budgets end in recurrent (personnel, debt service, and overhead). Consistently, capital expenditure has the lowest performance rate, even when the capital budget gets rolled into the following year while personnel budget gets implemented 100%.

We need our budgets to reflect the harsh reality.

And we need to live within our means (slash some budget lines) or significantly raise revenue (generate more taxes). These may be difficult to do in the immediate term. But they should be prioritised. The fiction that we can continue to borrow to plug the gaping hole is just what it is: one fat fiction. And the lie will soon catch up with us.

Some of the areas in which we can impose more discipline and improve revenue include: discontinuing the service wide votes (let everything be budgeted for instead of hiding money in contingency line that will end being spent in a way that avoid scrutiny), ending the idea that revenue-generating can retain a portion of the revenues for their operations and slashing or stopping the costs of collection for FIRS, NUPRC and Customs (in 2022, FIRS alone collected N211.54 billion as cost of collection), stopping unbudgeted/off-budget borrowings, reducing overhead allocations to the actual for the previous year and releasing overhead every month of the year for better planning, and giving binding revenue targets to NNPC Limited and other government-owned entities.

We need to adopt a project-finance approach to funding infrastructure and we need to prepare supplementary budgets when the assumptions behind the forecasts change rather than binging on overdrafts from the CBN and compounding both debt and accountability issues.

The removal of petrol subsidy and the devaluation of the Naira should result in more revenue to the Federal Government in 2024. But these by themselves will not bring our public finance to good health. We should not allow the fiscal headspace to deceive or distract us.

We still have a lot of grounds to cover on the road to recovery. And big doses of discipline and pragmatism are needed. The 2024 budget proposal will show how serious we are about turning the corner.

THISDAY, THE SUNDAY NEWSPAPER OCTOBER 15, 2023

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PERSPECTIVE

Facts About Arik’s Indebtedness to AMCON Jude Nwauzor

wasresponsibleforallitsexpenses.Indeed,inmany cases, receipts for purchases were not provided.

At the inception of the receivership, the company was immediately placed in administration by its directors in London and all steps have been taken bymenunderthedirectionandcontrolofSirJohnson till date to ensure they cannot be audited by Arik Nigeria in Receivership.

T

heAssetManagementCorporation of Nigeria (AMCON) has become awareofarecentnewspaperarticle written by Sir Johnson ArumemiIkhide and published in THISDAY Newspaper on September 27, 2023. In the article, Sir Johnson made several spurious claims, which are at best a misrepresentation of facts and an attempt to besmirch the integrity and reputation of AMCON in the fulfilment of its statutory mandates and objectives.

While it is not the focus of AMCON to engage in needless media squabbles, as several of the issues inthearticlearesubjudice,consideringfactualinaccuraciespresentedinthearticle,AMCONconsiders itself duty-bound, as a public institution, to correct certain inaccurate facts alleged by Sir Johnson and put forward the proper state of play to the general public. Arik owes AMCON over N250billion. This is besidesbankandtradecredittothirdpartiesinthe region of over N90 billion.

Purpose of AMCON AMCONwasformedin2010withthesigninginto law of Asset Management Corporation of Nigeria Act(AMCONAct),asaninterventionagencytoprevent bank failures, which could have destroyed the economy. Nigerians would recall that as a result of theglobalfinancialmeltdownof2007/2008many Nigerian banks tottered on the brink of failure with very high levels of Non-Performing Loans (NPLs) which impaired capital and constrained their core role of financial intermediation. The corporation, using bonds (debts) issued by the Central Bank of Nigeria (CBN), bought NPLs and invested in those banks,providingbothliquidityandcapitaltorevatilise the banking industry.

Bythisstrategiceconomicdecision,nobankfailed, nodepositors’monieswerelostandover14,000jobs weresaved.Theexercisehowevercreatedaliability overhang of ₦5 trillion which if not recovered will become the responsibility of the Nigerian nation, throughappropriation.Consequently,theAMCON Act provided for all banks in Nigeria to contribute to a sinking fund to repay the debt.

Secondly, the AMCON Act imbued AMCON with powers to recover NPLs from the debtors.

And AMCON has made significant progress in its recoveryeffortstowardsconcludingitsassignment.

OneofthesedebtorshappenstobeArikAirLimited (InReceivership)(Arik),anairlinecompanyownedby SirJohnsonArumemi-Ikhidewhoisalsothepromoter ofRocksonNigeriaLimited(apowerinfrastructure company),OjemaiFarmsLimitedandOjemaiInvestment Limited, all of whose debts were transferred byvariousbanksduetotheirnon-performance.The total debts owed by the companies owned by Sir Johnson to AMCON, or the Nigerian nation is over ₦400 billion.

Arik Air Limited’s Indebtedness Under the Management of Johnson Amongst several inaccurate claims, the Arik founder feigned ignorance of his debt to AMCON, stating that the Receivership was premature and claiming that his loan was performing and so on.

This is absolutely untrue.

A loan is deemed an Eligible Bank Asset for AMCON purchase if the said loan is classified as non-performing by the bank, CBN or otherwise so designatedbyCBN.InthecaseofArik,itwassoldto AMCON as non-performing loan. In a letter dated October 22, 2010, from UBN to Arik, the company was informed that its loans of a staggering sum of about$474million,whichwasinexcessof₦70billion at the time (above the single obligor limit of ₦22 billion of the bank) was not performing. Nigerians needtounderstandthatsuchnon-performingloans contributed to the near failure of Union Bank. At the time, Arik’s total indebtedness to UBN could be used to set up three commercial banks or to acquire GSM licence. It was a significant exposure.

For the records, Arik’s loans were sold by two banks - UBN and Bank PHB (now Keystone Bank).

Upontheirpurchase,thecustomerwillinglyagreed to restructure the total exposure of ₦85billion. It was agreed to waive ₦15billion, reducing the loan exposuretoonly₦70billion,foratenorofnineyears

Kuru

Arumemi-Ikhide

andinterestat12%perannum.Thiswasviatheduly acceptedofferletterdated17August2011withref: BA/LAG/C/75/11, which Arik did not contest. So, it is strange that Sir Johnson Arumemi-Ikhide is claiming that the loans were performing when the bankssold.TheCorporationalsopurchasedabout N37 billion exposures of Arik from Zenith Bank.

Furthermore, in 2013, Arik was granted a Bank of Industry’s Power & Aviation Intervention Fund loan of N21billion at the rate of 3% per annum (significantlylowerthanthefederalgovernment’sown borrowing rate) for a tenure of eight years. Arik wantonly defaulted on this loan and only repaid ₦2.8 billion as at February 2017. On the ₦70billion loan,Arikpaidonly₦1.7billioninfiveyears,andzero paymentontheprincipal.Therefore,basedonCBN Prudential Guidelines, the loan was classified as “lost” and thus qualified for the strictest recovery actions.

Within the period of 2011 to 2017, the owners of Arik dribbled AMCON through a labyrinth of unendingnegotiations,excuses,andpromisesthat were not kept. Despite numerous extensions of financial accommodation, debt reduction offers, and debt restructuring efforts, Arik consistently defaulted on its loans.

wastoxicwithmanydisgruntledstaffduetounpaid salaries.Salariesofexpatriatestaffandcrewwere unpaid,somesinceJuly2016(oversixmonths).Some Nigerian pilots had not been paid since October 2016. In addition, salaries for other local staff had been outstanding since December 2016. Staff and companypensioncontributionswereunremittedfor years. Recency training for many pilots necessary tocertifypilotsforflightwassuspendedduetolack of funds. All training schools were owed and had refusedfurthercredits.Thus,pilotsweregrounded, andmanyflightscouldnotbeproperlycrewed.Hotels housing expatriate crew and staff were not paid.

In some cases, rents on the apartments of foreign crew/engineers were outstanding. The company was stranded.

Insurance and Leases:Apartfromthesuspension ofoperationsinSeptember2016duetonon-payment of insurance premium, the insurance policy for the airplanefleetwasduetolapseonFriday,10February 2017,andtheCompanywasalreadyowing₦418million as arrears of unpaid premium. Health insurance for the employees had expired and was not renewed.

Leases on two A-330 planes from subsidiaries of Standard Chartered were outstanding for over six months.

Service Providers: Federal aviation agencies (NCAA, NAMA, and FAAN) were owed over N22 billion.Providersofservicessuchasgroundhandling, PassengerServiceSystem,GlobalDistributionServices (Amadeus), etc were owed over 12 months of fees.Curiously,eveninternetsubscriptionofferedby alocalGSMcompanywassuspendedduetooverdue payments.Thecompanywasdeniedoverflightover SudanandAlgerianecessitatingcostlyworkaround.

The relationship with service providers worldwide was tensed, toxic and disruptive. Governmental agencies in the UK and USA were also owed. The threat to seize planes was rife.

Why the Receivership In addition to the gross default of Arik on the paymentofitsvariousloanobligations,thecountry andimportantgovernmentalinstitutions(between November 2016 and January 2017) watched with grave concern as Arik wantonly cancelled flights, hadtravellersinNigeria,SouthAfrica,UK,andUSA strandedduetoitsinabilitytofulfilflightobligations for which payments have been made by innocent Nigerians. Various safety related issues including non-payment of staff and pilots was frequent and became public information. Government feared forthesafetyoftheairline,thelivesofpassengers, the jobs of over 1,500 Nigerians and the stability of the aviation industry. A shutdown within weeks was imminent. A Receiver Manager was thus appointed in line with Section 48 of the AMCON Act. The first objective was to stabilise the operations of the airline. The legality of this action has been favourably decided in court.

State of Affairs at Commencement of the Receivership The Receivership and Management Team met a company that was financially stranded and was systematically shutting down. The Management Teammetacompanywithoutadequatecashavailable even for a week’s effective operations.

Maintenance:Therewasnomaintenancereserve tooverhaulplanesandengines.Majormaintenance tasks were falling due without cash in hand. The companywasheavilyindebtedtoLufthansaTechnic; itslong-standingMaintenanceRepairOrganisation (MRO) and they had withdrawn their services and left Nigeria, resulting in the arrest of some of its aircrafts. Many planes were at different locations andinvariousstatesofdisuse.Someoftheaircraft had been robbed of vital parts.

Staffing Issues: As of February 9, 2017, when ArikwentintoReceivership,theworkenvironment

International Operations Loss Making: Arising from the first operational reviewoftheairline,theReceivershipTeammadea wise business decision to discontinue the internationaloperations.Asubstantialpartofthelossesin Arikgenerallycamefromitsinternationaloperations and the entire international deployment strategy.

The company was operating many international routesatalosswithoutthecapitaltoabsorblosses.

Wrong Aircraft Acquisition: Arik acquired two A-340-500planes(afour-engineplanewithhighfuel consumption)aspartofitsinternationaldeployment strategy.Theseplanescarriedcommercialviability risks, a fact known within the industry before the purchase,andwhichcouldhavebeenavoidedwitha rigorousgovernancestructure.Totalloansof$274 million was approved for those planes. Those two planes could not cover operating costs and made zero contribution to loan repayment. This was the single most consequential strategic error.

Arik International: The international operation also justified the creation of Arik International, a foreign entity company operating from London, as a parallel headquarters of Arik. There, costs were incurred without controls from Lagos. In addition to the annual consultancy fees due to the company that had risen to $5million per annum, Arik Nigeria

Receivership/Management Team It is important to mention that against the strenuous attempts to create the impression of incompetenceinthemedia,Arikinreceivershiphas, atalltimes,beenledbybest-in-classprofessionals.

TheChiefExecutiveOfficer,Capt.RoyIlegboduisa seasonedaviatorwithdecadesofexperienceinairline operations,executivemanagement,andregulation.

He was supported by senior management officers from within Arik and outside Arik. To strengthen governance, a Technical Advisory Committee was empanelled,ledbyDrHaroldDemuren,formerDGof NCAA. They exercised control over the operations oftheairline.TheReceiverManagersprovidedlegal authority, oversight, and support.

State of Solvency The Receiver Manager engaged PwC Nigeria, Arik’slongstandingauditors(previouslyappointed bySirJohnsonArumemi-Ikhide)toconductstatutory audits of 2015 and 2016 accounting years. It was established incontrovertibly, that Arik had been technically insolvent, since 2014. In fact, as at the endofDecember2016,Arik’sinsolvencyhadreached a negative shareholder capital of ₦139 billion. Arik was effectively bankrupt.

Resolution Efforts After achieving the stabilisation objectives and in the recognition of the private sector as the engine of growth, negotiations were opened with the shareholders of Arik in the last quarter of 2017 to the first quarter of 2018 with a view to returning the company. It is interesting to note that at this point, Sir Johnson was grateful to AMCON and the ReceivershipTeamforkeepingthecompanyafloat.

They also agreed to pay ₦65billion to AMCON and pay-offotherbanks.Thiswasover50%concession.

Tosupporthisclaimofabilitytopaytheconcession sums,SirJohnsonArumemi-Ikhidebroughtaletter purportedly from CitiBank Hong Kong Reference CITIBANK/HK-5B/1417issuedinfavourofAMCON.It wasclaimedtheyhadfundstothevalueof$5billion.

Quiteunfortunately,uponcarefulverificationfrom CitiBank, it was discovered that the said proof of fund letter was not authentic as it did not originate from CitiBank. It was a fake document provided

by Chief Johnson. The settlement failed due to non-performance.

In2019and2022,SirJohnsonapproachedAMCON withproposalstopayafractionofthesumsduewith speculativerepaymentsources.AMCONcouldnot support the proposals.

Inaccurate Claims of Mismanagement of Fleet Atthecommencementofthereceivershipin2017, only eight of Arik’s aircraft were operational, most ofwhichwerenearlydueforengineandlandinggear overhaul. There were, however, no maintenance cash reserves to pay for these major overhauls as is the best practice. The fleet availability of Arik will continue to be challenged until capital issues necessary for engine overhauls are addressed.

This capital shortfall had been an ongoing issue even before the receivership, as Arik’s erstwhile management could only fund engine overhauls through loans obtained from creditors such as financial institutions, or by deferring payments to federal aviation agencies, FIRS, Lufthansa, overflightandnavigationagenciesofvariouscountries, MROs,partssellers,staff(whosesalarieswerenot paid and pension deductions not remitted), pilot training schools, ground handlers, fuelers, etc. This is an advanced form of spontaneous financing. It was offensive to creditors. In local parlance, it was ‘robbingPetertopayPaul’.Itwasnotprofessionally sustainable. ˾ áËßäÙÜ ÓÝ ÏËΘ ÙÜÚÙÜËÞÏ Ù××ßØÓÍËÞÓÙØÝ ÏÚËÜÞ×ÏØÞ˜ ˛ Read full article online - www.thisdaylive.com

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OCTOBER 15, 2023 • T H I S DAY, T H E S U N DAY N E W S PA P E R

SUNDAYSPORTS

SUNDAY SPORTS

Edited by: Duro Ikhazuagbe email:Duro.Ikhazuagbe@thisdaylive.com

Peseiro Tips Osimhen to Reach Top of His Career Duro Ikhazuagbe Super Eagles Head Coach, Jose Peseiro, believes Napoli star, Victor Osimhen can reach the top of his football career if he stays focus on his trade.

Peseiro spoke shortly after Nigeria were held 2-2 draw by Saudi Arabia in Portugal on Friday night.

He insisted that despite the provocation of the Eagles forward through TikTok mocking video by the same club Osimhen helped to a third Italian League title after three decades, “He must Keep the mentality. Keep the personality. That is what the very best players do. And he can be at the top,” stressed the Portuguese gaffer during the FIFA window in his native land.

The Super Eagles coach therefore

advised Osimhen to remain calm and not lose his mental state of mind amid the tiktok video row with Napoli.

Peseiro remains shocked that Napoli could resort to mocking their star player. “‘He helps the team to the league (title) and now they are mocking him?’ He said.

‘Osimhen is a star. Two years ago, he was not a star. Now, he is a star. And when you are a star, everybody wants more, more, more,” he noted.

Peseiro stressed that the TikTok video was in bad taste. “That video? From the club?’ He told Sky Sports. “From the outside is one thing but a video from the club, that is the worst. That cannot happen.

“He was sad because it is not easy for anyone. He does not understand it. He does not understand why,” stressed the Super Eagles tactician.

Peseiro however advised Osimhen never to play against the fans because they love him. “It was a bad thing that Napoli did. Of course, he would prefer they do not do it. But my advice is to stay calm. Do not play against the fans.

Do not lose balance.”

Late last month, the Italian champions posted a video on the club’s social media site which made a joke of Osimhen missing a penalty in the team’s 0-0 draw against Bologna, with an odd, sped-up voice dubbed over the top.

Osimhen’s agent threatened to take legal action against Napoli over the post, which has now been deleted.

Osimhen fired Napoli to a first league title in over 30 years last season and scored 26 goals to become Serie A’s first African Capocannoniere.

NPFL: Bendel Insurance Sports Minister Backs Implementation of National Sports Industry Bill Pip Plateau United to Climb to Summit Bendel Insurance Football Club of Benin, yesterday defeated Plateau Utd 1-0 in a Match-day 3 clash to ascend the top of the iNigeria Premier Football League (NPFL).

In the home game played at the Samuel Ogbemudia Stadium in Benin City, Benjamin Tanimu scored the only goal of the match in the 15th minute of the game.

He neatly converted a spot kick awarded Insurance following the penalty against the harsh tackle on Austin Ogunye by the visiting Plateau Utd defender inside the box.

Tanimu Benjamin, Sunday Anyanwu and the stand-in captain Amas Obasogie were solid at the back, staving off the visitors who made good efforts to share the spoils.

Tanimu was voted Man of the Match just as Amas Obasogie earned fans’ praise for keeping clean sheets after two matches in the new season.

The Benin Arsenals who defended the early goal lead to

the end of the game now have six points from the two matches played so far and have as well kept a clean sheet. They will be playing their first away match of the season at Gombe Utd next week Sunday.

Insurance defeated Shooting Stars 2-0 in their first match of the season last week.

In a post match interview,the Benin Arsenals coach Monday Odigie said that his wards will continue to work hard to get it right. “ We will continue to work on areas of weakness. We made so many mistakes in the two matches we have played but thank God for the good results.”

Plateau United Coach Mbwas Magnut on the other hand, praised his boys, noting that his boys performance was an improvement to their last outings.

He expressed confidence that his side will get better while also giving kudos to the league management body for cancelling midweek fixtures to allow enough time for the players to rest.

The Minister of Sports Development, Senator John Owan Enoh, has stated that the Federal Government of Nigeria has approved the adoption of the National Sports Industry Bill (NSIP) for full implementation, under the renewed mandate of President Bola Ahmed Tinubu.

Senator Enoh remarked that the current administration is leaving no stone unturned in its plans to deliver positive change across all sectors, with sports an important part of that plan.

He noted that the NSIP approved in the last

d’Ivoire the lead in three minutes of added time in the first half.

But with nine minutes left in the game Ayoub El Kaabi equalised for Morocco.

Côte d’Ivoire will play another international friendly game this time against South Africa on Tuesday, 17 October.

The Ivorians were drawn in

in the last administration, comprising the Ministries of Sports, Finance and Federal Inland Revenue Service was for the committee to agree on a series of incentives, which Government is expected to approve.

The incentives were to boost private sector investment and support for sports in the country.

“It is important that going forward, the investments and funding for sports should come from the private sector, as obtainable in other parts of the

world,” Senator Enoh added.

“One of the plans of the Federal Ministry of Sports Development is to see how to sell sports to the private sector.

We want to build the trust and confidence of the private sector, so that competitions and the initiatives of the ministry can enjoy the supports and endorsement of the private sector.”

He said that the nation must return to the days where private sector was a major player in sports, as it is a necessary requirement for development.

Qatari Investor Withdraws Bid to Acquire Man Utd Qatari banker Sheikh Jassim bin Hamad Al Thani has withdrawn from the process to buy Manchester United, BBC Sport has been told.

Sheikh Jassim had bid £5bn for the clubbut further talks this week have broken down.

The Glazer family, who bought United for £790m in 2005, announced in November 2022 they were considering selling.

Côte d’Ivoire Fire Warning to Nigeria, Hold Morocco AFCON 2023 hosts and Nigeria’s Group A opponents, Côte d’Ivoire last night showed their readiness to go far in the tournament scheduled for next January as they held 2022 World Cup semi finalists Morocco to a 1-1 draw in an international friendly game in Abidjan Sebastien Haller gave Côte

administration has been pegged for implementation in the current government, so as to boost sports development.

“The National Sports Industry Policy as approved by the last administration has received endorsement by the current administration, led by our president, His Excellency, Bola Ahmed Tinubu,” The Minister stated. “The thrust of the policy is to advance sports as a business, not just as a mere recreation.

He explained that the interministerial committee set up

Group A with the Super Eagles of Nigeria, Equatorial Guinea and Guinea-Bissau in next year’s AFCON. While South Africa will face the Super Eagles in the 2026 FIFA World Cup qualifiers.

On Friday, the Eagles were forced to a 2-2 draw by Saudi Arabia in Portugal.

British businessman Sir Jim Ratcliffe’s Ineos Group was the other main bidder but only wanted a controlling stake.

Figures in March showed United owed £969.6mthrough a combination of gross debt, bank borrowings and outstanding transfer fees with associated payments.

This month BBC Sport reported Ratcliffe was considering whether

to offer to buy a minority stake in the club in an effort to break the impasse over the ownership situation.

The Glazer family’s announcement last year that they were considering selling United led to a flurry of interest but only two offers, from Ineos and Sheikh Jassim.

Both tabled bids of about £5bn.

Sheikh Jassim’s camp have always maintained he was only interested in buying the club outright. Ratcliffe, meanwhile, wanted a majority stake.

United supporters have held demonstrations against the Glazer family inside and outside Old Trafford.

The club are 10th in the Premier League having lost four of their opening eight matches, and were beaten in their first two Champions League games.

It is understood that Sheikh Jassim’s bid would have been a fully cash offer and would have cleared all old debt. There would also have been more than £1.4bn to finance new stadium plans, new training centre facilities, buy players and also for community regeneration projects.

There has been no public comment from any party around this latest development.

The Glazer family have also made no public statement since launching their ‘strategic review’ around United in November, which they said could lead to a sale.

75

Sunday 15 October, 2023

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“That (Ekeremor-Sagbama) road was started by the NDDC, worked on by my predecessor and I completed it. It was one of our campaign points and today I have completed that road. The governor who stayed for five years never poured a shovel of sand on that road but he is claiming he did it to an extent” – Bayelsa State Governor, Douye Diri, blasting the APC governorship candidate,Timipre Sylva, for making false claims on the road project .

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SIMONKOLAWOLE See What Technology Can Do SIMONKOLAWOLELIVE!

simon.kolawole@thisdaylive.com, sms: 0805 500 1961

A

few days ago, I had an early night. I slept at 7:30pm — quite early for someone who normally goes to bed at 9pm. I woke up at 2am, took a leak and thought to continue my journey, but I was stranded. I started rolling — like Neymar, the footballer — on the bed for over an hour. I feared unwittingly enlisting the innocent missus into the vigil, so I decided to go into the study to do some work.

No time to waste. That was when it dawned on me that I was yet to read ‘Vantage’, the book authored by Mr Olumide Soyombo. He had sent a complimentary copy to my office but I have been out of the country. Unsure of when I would return, I had ordered another copy on Amazon.

Soyombo, 40, is the co-founder of Bluechip Technologies, one of the most successful Nigerian tech startups, and Voltron Capital, through which he acts as an angel investor. He is quite humble and friendly — something you would not normally say about most Nigerians who grew up in affluent homes, much less those who have assets worth millions of dollars. Soyombo became my “electronic” pal exactly six years ago. We are in the same WhatsApp group where we discuss socio-political and economic issues with openness and mutual respect and, most importantly, from the position of knowledge.

Soyombo In this group, nobody talks rudely, shares fake news or spreads ethno-religious hate.

‘Vantage’ offers limitless anecdotes that stir up hope about what is possible in our dearly beloved country and, at the same, instigate

frustration about how low we are still flying.

Soyombo tells the story of his big break at 24 when his father gave him a loan/equity of $40,000 in 2008 to co-found Bluechips Technologies with Kazeem Tewogbade — my emphasis being on “loan”, not grant or gift as many rich kids would expect of their fathers.

It turned out his father did not pamper him but, instead, mentored him on self-discovery and taking responsibility. Only God knows how many wealthy parents have constrained the entrepreneurial capacity of their kids by spoon-feeding them.

There are many things to enjoy about ‘Vantage’ — such as the amusing details of Soyombo’s youthful exuberance; how naira depreciation prevented him from writing the SAT exam through which he wanted to “japa” to the US where, ironically, he might have ended up as an also-ran; how failing UMTE — because his mind was fixed on the US — changed his career dreams from studying medicine to enrolling for computer science at the University of Lagos, Africa’s greatest university; and how tech launched him into the league of genuine billionaires — not the ones who become stinking rich by tampering with public funds or fronting for those who do. It is an amazing journey to destiny.

Here is the aspect of ‘Vantage’ that inspired my article today. At the age of 12, Soyombo

had the luxury of unhindered access to an internet-ready computer in his father’s living room. That, I believe, was the beginning of a new season in his life. He fell in love with Windows ’95, PowerPoint and CorelDRAW. Internet was not for every Maduka, Musa and Mayowa. As he himself readily says, his vantage position of having a wealthy mentor in his father helped his journey. Many rich kids find it hard to spot opportunities, but not the young boy from Iperu Remo, Ogun state, who started helping people register email addresses and charging them for his time, knowledge and other resources.

That was the beginning of a journey that would ultimately see him co-build a tech company that specialises in data privacy, software licensing and databases. That would further see him engineer the birth of a seed capital investment company in the tech sector whose portfolio boasts of Piggyvest, Paystack and Moniepoint. Here is my core interest: when you strip the Soyombo story bare, you see the impact of technology in wealth creation and societal evolution. Technology has changed the stories of Soyombo and millions of Nigerians, which is the good news, but how much of our government and governance structures has technology changed? That is the not-so-good Continued on page 37

WAZIRIADIO POSTSCRIPT

Moving from Voodoo to Pragmatic Budgeting

M

id-week, the Budget Office of the Federation released the Budget Implementation Report (BIR) for the last quarter of 2022. The report, which also provided a snapshot of the budget performance for the whole of 2022, made for very grim reading. It brings to the fore, again, the dire state of our public finance. Most importantly, the report should remind us of the urgent need for course correction, starting from President Bola Tinubu’s first budget, which, by the way, should have been before the parliament by now.

Truth is: we have been goofing around in the name of budgeting. We pretend to be busy with diligently preparing, vetting, approving, signing and implementing annual budgets. We dutifully go through the whole ritual. But it is more of a hollow ritual. It is time to stop the self-deception and stop making and passing budgets that we have no intention of implementing or that we have no plan of using as a mechanism for fiscal discipline.

I will highlight some of the data from the 62-page report and conclude with some issues and recommendations. I will focus on the budget performance for the whole of 2022 because I

think that portion is more appropriate for this intervention. This is not to say that the data for the fourth quarter of the year is not important for comparative and other purposes. Those interested can download the report here: https://www. budgetoffice.gov.ng/index.php/2022-fourthquarter-budget-implementation-report.

To start with, the 2022 budget performance is not all doom and gloom. Federal Government’s revenue for 2022 was 40% higher than the revenue for 2021. Non-oil revenue surpassed projection by 11%, especially with impressive numbers from Value Added Tax (VAT) and Company Income Tax (CIT). Remarkably, the CIT surpassed target by 42%. It is also significant that oil revenue was only 13% of FG’s revenue for the year, somewhat indicating less dependence on oil. We shall return to this shortly.

Overall, however, the report underscores what most people already know: our public finance is not in a good place. Total revenue for the FG in 2022 was N5.870 trillion. That was 35% lower than the N9.012 trillion projected as revenue for the year. This is not an isolated event: it happens year in, year out. It is not that revenue projection constantly falls below target by a few points, but by a significant proportion. There is definitely something wrong with a revenue forecast that

is off by a third. It is either the forecasters are playing games or they are incompetent. Or both.

FG’s total expenditure for 2022 was N13.393 trillion. This is about 6% lower than the N14.225 trillion approved as expenditure for the FG minus its enterprises for the year, which, in a way, is not bad. But FG’s 2022 expenditure outstripped its revenue for the year by N7.523 trillion. That is a budget deficit of 56.17%. Put differently, more than half the money that the FG spent in 2022 came outside of its revenue. But it gets worse.

The approved deficit for 2022 was N5.24 trillion.

This means that FG surpassed its own projected budget deficit by 44%. That is faulty or dodgy forecast at play again. There is the additional wrinkle that the 2022 deficit was 3.77% of the year’s GDP, clearly beyond the 3% mandated by the Fiscal Responsibility Act 2007.

But it gets untidier. Debt expenditure in 2022 was N5.656 trillion. That is 42% of the total expenditure and 96% of the total revenue for the year. Read that again but in a different way: for every N100 that FG spent in 2022, N42 was devoted to debt service alone; and for every N100 earned by the FG in 2022, N96 was swallowed by debt service. The report also shows that the N7.523 trillion deficit was financed through N3.654 trillion from domestic borrowing and

N510 billion from external borrowing. If you are wondering that the borrowing and the deficit do not add up, wonder no more. The report says there was a net negative financing of N3.359 trillion. Now, it all adds up. This means that the balance, about 45% of the deficit, was not pre-approved borrowing. But it was covered somehow. The report didn’t say how the magic happened. But if you think it was through the Ways and Means tap that the Central Bank of Nigeria (CBN) cranks open for the FG, you may not be wrong. I can’t confirm or deny though.

One other part of the report I found quite rich is the comparative snapshot of FG’s budget from 2012 to 2022. That table shows how much changed not just in the quantum of FG’s budgets in eleven years but also in the structure of the budgets within the period. Total budgeted expenditure went from N4.697 trillion in 2012 to N14.225 trillion in 2022, an increase of 203.48%. The disaggregation is more telling, for as they say, the devil is in the detail: statutory transfer went up by 133.41%; recurrent non-debt expenditure, by 140.86%; capital expenditure, by 173.47%; then debt service, by 593.36%. There you have it.

Continued on page 37

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