MONDAY 1ST NOVEMBER 2021 by THISDAY Newspapers Ltd

Zenith Bank Surmounts Headwinds, Posts N180bn Profit Before Tax in Q3 Kayode Tokede As a testament to its resilience and market leadership, Zenith Bank Plc has announced its unaudited results for the nine months period ended September 30, 2021, with a profit before tax (PBT) of

N180 billion. This represented a one per cent growth over the N177 billion recorded in the same period the previous year, amidst a challenging macroeconomic environment exacerbated by the Coronavirus (COVID-19) pandemic.

According to the group’s unaudited nine months financial results presented to the Nigerian Exchange (NGX) at the weekend, gross earnings increased by two per cent from N509 billion to N519 billion, largely due to growth in current account

maintenance fees as well as fees from electronic products during the period. Despite continuing economic uncertainties, the Group, according to a statement, grew its net earnings through reduction in its cost of funds while keeping the cost of risk

flat. This strengthened its earnings per share (EPS) by one per cent to N5.11. The Group achieved a nine per cent growth in interest income from loans and advances on the back of an increase in gross loans of nine per cent year-to-date and enhanced

efficiency, resulting in a 21 per cent drop in interest expense to N74 billion from N94 billion. This culminated in growth in net interest income of four per cent, from the N225 billion recorded at the end of the third Continued on page 8

Buhari: Climate Crisis Can't be Fixed by Causing Energy Crisis in Africa...Page 5 Monday 1 November, 2021 Vol 26. No 9702. Price: N250

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CBN Unveils ‘100 for 100’ Policy Obinna Chima

L-R (Front row): Managing Director, Ecobank Nigeria, Patrick Akinwuntan; the Catholic Archbishop of Lagos, Most Reverend Adewale Martins; Chairman, Ecobank Transnational Incorporated (ETI), Alain Nkontchou; Former Chairman, ETI, Emmanuel Ikazoboh ; Group Chief Executive Oﬃcer, ETI, Ade Ayeyemi; Executive Governor, Lagos State, Babajide Sanwo-Olu; Chairman, Ecobank Nigeria, Bola Adesola; Managing Director, Brittania- U Limited, Uju Ifejika; Former Chairman, Ecobank Nigeria , John Odeyemi at the inauguration of Ecobank Pan African Centre (EPAC) in Lagos

The Central Bank of Nigeria (CBN) has unveiled selection criteria for private sector companies to participate in its new financial instrument tagged, “The 100 for 100 PPP – Policy on Production Continued on page 8

Ayu: PDP is Back to Rescue Nigeria from Her Current Mess ȱ ¢ȱ ȱ ȱťŦ

THE MONDAY INTERVIEW

AMAECHI

"Did they tell you that they went to Obi Akpo? A sitting government shot an army Colonel and took ȱ ȱŢŠȱ ȱŢŤ Obi Akpo’s results?"

DISCUSSING VACCINE EQUITY? President of the United States of America, Mr. Joe Biden (left) and Director General, World Trade Organisation, Dr. Ngozi Okonjo-Iweala, at a G20 Summit held in Rome, Italy...yesterday

MONDAY NOVEMBER 1, 2021 •T H I S D AY

MONDAY NOVEMBER 1, 2021 • T H I S D AY

MONDAY NOVEMBER 1, 2021 •T H I S D AY

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NEWS Buhari: Climate Crisis Can't be Fixed by Causing Energy Crisis in Africa

Group News Editor: Goddy Egene

Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

Says warnings of end of world as old as civilisation itself Energy solutions proposed by environmentalists are fuel for instability Departs for COP26 in Glasgow Deji Elumoye in Abuja Ahead of the 26th Conference of Parties (COP26) which begins tomorrow, where world leaders are gathering in Glasgow, Scotland, President Muhammadu Buhari in an article he penned in Newsweek Magazine, has made it clear that climate crisis in developed countries would not be fixed by causing energy crisis in Africa. The president who departed Abuja yesterday for the conference of parties to the United Nations Framework Convention on Climate Change (UNFCCC), gave the assertion in an opinion titled: "The Climate Crisis Will Not Be Fixed By Causing Crisis in Africa." According to the president, unless the developed world wakes up, they run the risk of trying to fix the climate crisis with an energy crisis. The President, while making reference to a statement by senior United Nations officials who raised the alarm that world conflict and chaos and mass migrations and institutional collapse showed greenhouse gas emissions remained unchecked for much longer, said mankind has a duty to act on these dangers. Buhari said: "Dire warnings of the end of the world are as old as civilisation itself. But each year as the countdown to United Nations Climate Change Conference (COP) begins, they grow in volume and intensity. But because of their seriousness we must not do so rashly. “It is an inconvenient truth, but energy solutions proposed by those most eager to address the climate crisis are fuel for the instability of which they warn. No more clearly can this be seen than in Africa. For today's 1.3 billion Africans, access to lowcost and reliable energy is the highest of all possible concerns. “Estimated to rise to 2.5 billion by 2050—by 2100 Nigeria alone is projected to have the second largest population on the planet—this "great doubling" (for Nigeria, quadrupling) has the right to more dependable electricity than their forebears. “Without extra and stable power, we cannot build the factories that will transform Africa from a low-job, extractives-led economy to a high employment middleincome continent. Children cannot learn for longer and better by battery light any more than by candlelight. "No more than the Africa of today, the Africa of tomorrow cannot advance using energy production that intermittently delivers. Yet in our rush to address climate concerns, and for western aid agencies and investors to burnish their green credentials, we rush to install the most alternative of energy sources which are often the most unreliable.” The president noted that, “wind and solar, the most fashionable of modern energy technologies, are flawed by their reliance on back-up diesel generators or batteries for when there is no wind for the turbines or sun for the panels. “It also seems unnoticed that in our global rush for electric

cars we risk replacing the last century's scramble for fossil fuels with a new global race in lithium for batteries. Where significant deposits are to be found, such as in Africa, this could endanger geopolitical stability.

“This makes the economic migrations the U.N. warned of more likely. We must think carefully whether our dash to terminate the use of fossil fuels so swiftly is as wise as it sounds. "There is no single "green

bullet" that can be deployed either in Africa or the world that solves concerns of environmentalists while simultaneously offering the power to fuel hope of greater wealth and progress for the extra one billion citizens of our

African future.” He, however, pointed out that there are certain things that could be done, starting with transitioning to cleaner, but consistent, energy production. “We can bring forward new technologies such as mini-hydro

power plants which can operate and produce power day and night along shallow waterways without damaging the aquatic life on which local communities are sustained. Continued on page 8

OLD STUDENTS OF IGBOBI COLLEGE VISIT ABIODUN... L-R: Old students of Igbobi College, Lagos: Adeloye Lipede, Sen. Lanre Tejuoso, Gov. Dapo Abiodun, Dewunmi Ogunsanya, SAN, Demola Adeyemi-Bero, when they paid a courtesy visit on the governor at his oﬃce in Abeokuta...weekend

FG Increases Surveillance at Airports, Allays Fears of Incursion by Bandits, Others

Chinedu Eze

The federal government has increased surveillance and also deployed more personnel and equipment to the nation’s airports to prevent incursions into the facilities by unauthorised persons and criminals. This was disclosed by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Captain Rabiu Yadudu, who said between May and July this year, the security apparatus and personnel had foiled 187 attempted security breaches at the Murtala Muhammed International Airport (MMIA), Lagos. This was a confirmation that the security system has improved compared to the previous years. Yadudu also disclosed that every airport under FAAN’s management has a security committee, which meets every week, pointing out that under emergency conditions, the committee ensure it meets every day until such threat was tackled and resolved. Furthermore, Yadudu told THISDAY that FAAN has

also embarked on sensitisation and effectively involved host communities and deployed personnel for intelligence gathering. “They work with those at the airports and environs to ensure that any security threat is envisaged and pre-emptively eliminated,” he said. The FAAN boss also disclosed that to prevent the incident of kidnapping that happened at the Kaduna International Airport’s staff quarters earlier in the year, the agency was collaborating with the Nigeria Air Force and the Kaduna state government to ensure that there are no security breaches at the airport. “In order to prevent what happened about two years ago at the Lagos airport, we did a very thorough risk assessment and what we found out prompted us to enhance security, increase the heights of the fence, improve on the sensitisation generally. “What we do, apart from our increased surveillance, training and equipment, is sensitisation because even people working within the airport environment need to be more sensitised. We

get reports and our personnel have increased their surveillance. “A lot of people have been apprehended for attempted security breach at our airports, including Lagos. Between May and July, the security apparatus had foiled 187 attempts and this shows that our airport system is really working. “We just installed brand new x-ray machines at the Lagos airport recently. We installed about 15 at the Lagos airport alone and more will still be installed. Even, the walk-in machines, we have new machines installed there. We also deployed L3 scanning machines. We have networks working with the host communities. A lot of what we do is very discreet,” he said. Speaking on how to ensure that there is no security breach at the airports, aviation security experts and former Commandant of the Murtala Muhammed International Airport (MMIA), Lagos, Group Captain John Ojikutu, told THISDAY that intelligence gathering was very critical. “How much information does FAAN and other aviation

operators have on those on national security watch lists or no fly lists who could or are threats to civil aviation? FAAN and other operators need these to update their various security programmes. “Secondly, at MMA in particular with over 23km perimeter fences and where these fences are used as part of public and private buildings or fences, there is need to build a secondary fences as security fences to meet the basic requirements of Document 8973 that demands six meters distances from the perimeter fences to any public and private buildings, infrastructure and roads outside the airport,” Ojikutu said. He noted that much of the length of the airport perimeter has been so abused since 2008, when the International Civil Aviation Organisation (ICAO) did recommend that no matter how much enhancement is given to the perimeter fence, it could not achieve the desired result in aviation security. “Therefore, a secondary fence was recommended which

we have failed in 13 year to implement. Thirdly, we need to review the airport security management programme and procedures. Moreover, how often or when last did we review them to meet the challenges of the current threats? “Which forces have we prepared for crisis management in the event of serious occurrences of any at the airports and what is the planned time of reaction? Lastly, there are about six government security agencies in the airport; in the event of serious insecurity occurrence in crisis that needs to be controlled, who is in charge of command and control these multiple agencies?” he asked. Ojikutu also noted that six government security agencies in the airport carry guns and are under different command and control structures, saying presently, FAAN security outfits are being considered too to be carrying guns as, “a chaotic situation is building up at the airports if the responsible authorities are not thinking seriously about a unified control and management.”

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NEWS

WITH CONVENTION BEHIND, PDP READY TO GO... L-R: House Minority Leader, Ndudi Elumelu; Governor of Sokoto State, Aminu Waziri Tambuwal; Senator Abubakar Bukola Saraki; incoming Chairman of the People’s Democratic Party (PDP), Senator Iyorchia Ayu; Governor of Rivers State, Nyesom Wike; Governor of Edo State, Godwin Obaseki; and Governor of Akwa Ibom State, Emmanuel Udom, at the PDP National Convention held at Eagles Square, Abuja…recently

Stock Market Investors Gain N875bn in 10 Months Kayode Tokede The stock market has appreciated by N875 billion in the first 10 months of 2021, due to investors’ renewed interest in listed undervalued stocks and impressive nine months corporate earnings of listed companies on the Nigerian Exchange Limited (NGX). According to findings by THISDAY, the market capitalisation of equities on the NGX appreciated by 4.2 per cent to close on October 29, 2021, at N21.938 trillion, up from the N21.063 trillion the market opened for trading this year. On the other hand, the NGX All-Share Index also appreciated by 4.4 per cent or 1,767.88 basis points from the 40,270.72 basis points it opened at the beginning of 2021, to 42,038.60 basis points. The equities market in 2021 has been confronted with foreign investors’ exit, double-digit inflation rate that discourage investment as well as movement of liquidity to money market instruments. According to NGX’s domestic and foreign portfolio participation in equity trading, domestic investors as at September 2021 dominated transactions with 78.43 per cent year-to-date (YtD), while foreign investors recorded 21.57 per cent total transactions in the period under review. Analysts noted that inflation rate at an average of 17.4 per cent between January and September of 2021 contributed to investors dumping the equities market for money market instruments. The equities market in January started on a positive note having gained N8 trillion in 2020, by appreciating by N1.124 trillion in January 2021. Capital market analysts had stated that January equities market performance was another great month in the history of the nation’s capital market, extending the sharp market recovery

and bull ascendance, driven by positive sentiment, inflow of funds from the fixed income market, oscillating oil price, among other factors. The positive sentiments that pervaded the stock market between January and February was cut short-lived over the anticipated reversal in the yields on fixed income (FI) instruments that weakened investors’ appetite for stocks in months that followed. The market capitalisation also lost a total of N1.297 trillion in the first half (H1) of 2021 to N19.760 trillion as investors moved to fixed income instrument. However, in the 10 months under review, the equities market indicators recorded

mixed performance based on domestic and foreign macro economy conditions. For instance, the National Insurance Commission (NAICOM) suspension of its insurance sector recapitalisation led to a decline in the NGX Insurance index by 5.06 per cent to close October at 197.92 basis points from 189.50 basis points it opened in 2021, while NGX Banking Index appreciated by 4.42per cent to 410.39 basis points from 393.02basis points it opened this year. The NGX Consumer good index also dropped by 0.67 per cent basis points to 569.51 basis points, while the NGX Oil/Gas index leads all other market indices in 10 months to close at 72.81 per cent from

226.20 basis points it opened in 2021 to close October 29, 2021 at 390.90basis points. A stockbroker and capital market analyst, Mr. Rotimi Fakayejo attributed the oil and gas index performance growth to impressive corporate earnings posted by listed petroleum marketing companies, stressing that the enactment of the Petroleum Industry Act also played a critical role in lifting the index higher in the 10 months under review. On the other hand, NGX Industrial, Lotus II, and Premium indices recorded a year-to-date gain of 6.09 per cent, 3.26per cent, and 18.67 per cent respectively as at October 29, 2021. In a chat with THISDAY,

Managing Director, Highcap Securities Limited, Mr. David Adnori, attributed stock market gain in the first 10 months of 2021, to impressive listed companies’ nine months corporate earnings and improved macroeconomic conditions. According to him: “The rising price of crude oil also increased demand for stocks on the NGX. The growth may extend to year end as most Q3 results are fantastic. “The rebound in the stock market is expected to extend till year ended because of steady increase in global oil prices. “The recovery of the stock market could have been better but insecurity in the nation’s led to hike in inflation rate

and investors have to react negatively.” Analyst at PAC Holdings, Mr. Wole Adeyeye, explained that: “Most investors took advantage of undervalued stocks in the stock market in the 10-month to October 2021. “Also, some investors increased the equity portion of their portfolios, especially in the second half of 2021 due to relatively lower yields in the fixed income market.” Analysts at Cordros Capital in a report, noted that, “despite the yield retracement in the first half, we do not think investors should give up on the possibility of a market rally in the second half of the year as we still see scope for positive market performance.”

TETFund Targets N10bn for 2022 Research Grants, Develops Software to Track Projects Kuni Tyessi in Abuja The Tertiary Education Trust Fund (TETFund) has expressed confidence that the annual allocation to the National Research Fund (NRF) would hit N10 billion by 2022. The Executive Secretary of TETFund, Prof. Suleiman Bogoro, said the agency's Board of Trustees recently approved N8.5 billion as 2021 allocation for NRF. Bogoro stated this during a virtual meeting on, 'Democratisation of Higher Education in Nigeria through Open Access,' co-hosted by TETFund and the Training Centre in Communication, Nairobi, as part of activities to mark International Open Access Week. According to the TETFund boss, following the agency's proposal, the Board of Trustees' had in 2019, graciously approved N5 billion for NRF, which was raised to N7.5 billion in 2020 and N8.5 billion in 2021. "Over the last two and half

years now, we have raised funds available for research. They are two categories: institution based and National Research Fund. "The institution based has a ceiling of about may be $3,600 and it is for mainly basic research while the higher ceiling grant of about $92 or $93 is the National Research Fund aimed at promoting applied research, and to that extent, in 2019, I made case to the Board of Trustees of TETFund to increase the threshold. "It used to be a kind of seed money. Seed money of N4 billion for eight years but from the 2019, to last year and this year, we increased it to N5 billion annually. Last year we increased it from N5 billion to N7.5 billion and this year it is N8.5 billion and we are hoping in 2022 it will move to N10 billion.” He said NRF was one of the major platforms put in place by the government through TETFund to support the academic community in research to achieve specific

objectives, particularly in the area of science, technology and innovation. While expressing the readiness of TETFund to always mainstream open access/science through massive support for Research and Development (R&D), Bogoro said the Fund had recently established 12 Centres of Excellence across the country. He said the move was aimed at supporting cutting-edge research mainly in universities so as to provide solutions to various problems bedeviling the society as well as position Nigeria as a major player in the knowledge economy. "We are increasing emphasis on Science, Technology and Innovation to solve societal problems," Bogoro said, even as he said democratisation of higher education in Nigeria would improve more access to research and its supportive platforms to the schools and the society. Bogoro, however, revealed that TETFund has developed a

project impact tracking system to evaluate the correlation of its spending on research and results so far achieved. "Precisely and coinciding with the time, we realised that we needed to know the impact of our research and so we have worked on and concluding a process of software that will help us to evaluate the impact of the research grants, so that we are not just throwing money on research exercise but we need to evaluate the impact, " he said. Also speaking during the webinar, the Technical Adviser to the TETFund's Executive Secretary, Dr. Popoola Mustapha Ayodele, harped on the decolonisation of education research and technology in Africa. "Our educational system is still colonised, we must do away with old traditions and adopt new paradigms, the traditional practice of closed systems should be done away with," Popoola said. Popoola, who spoke on, 'Democratisation of Higher

Education in Nigeria, Open Access Landscape and TETFund's Intervention for Open Science Adoption," said the agency is leaving no stone unturned to revolutionise R&D in the country to benefit all. While saying TETFund's intervention lines on open science include the establishment of 12 Centres of Excellence in universities, Popoola said the agency will soon establish the second set of 12 centres to be shared equally among polytechnics and colleges of education. On his part, the Director of Distance, Open and eLearning of the National Universities Commission (NUC), Odedina Kayode, lamented the problem of access in the Nigerian university system both in terms of materials and admission of students. Odedina said while there are 201 universities in the country, only about 30 per cent from over a million candidates that apply for admission every year scale through the hurdles.

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Nigeria Loses 44.275m Barrels of Crude Oil to OPEC Quota Under-performance in One Year Emmanuel Addeh in Abuja Nigeria lost about 44.42 million barrels of crude between October 2020 and September this year, due to its inability to meet the production quota allocated to it by the Organisation of Petroleum Exporting Countries (OPEC), an analysis of data in the last one year has shown. The OPEC data sub-themed: “Crude Oil Production in OPEC Member Countries: Deviation from Required Production Levels,” indicated that since 10th month of last year, the country’s capacity to fill its production vacuum has degenerated progressively from 30,000 barrels per day in October to 301,000bpd in August this year, culminating in 215,000 bpd as of September, 2021. Nigeria’s deviation from actual required production levels which amounted to over a month of production wipe-out using about 1.5mbpd production limit, was, as indicated, 30,000bpd in October

2020; 47,000bpd in November of the same year and 103,000bpd in December. The negative production figures continued in 2021, with 181,000bpd in January; 43,000bpd in February; 43,000bpd in March; 63,000bpd in April and continued to soar to 124,000bpd; 155,000bpd and 201,000bpd in May, June and July respectively, hitting its peak yet in August with a huge figure of 301,000bpd. In addition, the number of Nigeria's total offshore oil rigs remained unchanged in September as the country continued to struggle to meet the production quota, according to data from OPEC's latest Monthly Oil Market Report (MOMR). The total number of rigs stood at 11 in September as it was in August, but was about half of the country's total oil assets in February 2020, just before the Covid-19 pandemic broke out, standing at 23. From around May last year Nigeria began shutting down

BUHARI: CLIMATE CRISIS CAN'T BE FIXED BY CAUSING ENERGY CRISIS IN AFRICA "We can also invest in nuclear. Though not renewable it is carbon neutral and capable of producing baseload, constant electricity production on which sustained economic progress can be built. Nigeria is among a handful of African countries exploring nuclear power, with a research reactor already operational. “And we can also learn from our friends in Europe and America who do not always practice what they preach. We call on them to lift the moratorium they have placed on fossil fuel investments in Africa. Nigeria has pledged to eliminate illegal gas flaring by 2030—a by-product of our oil industry—and harness it for electricity production. “Our intention to end Nigeria's single greatest contribution to greenhouse emissions may stall without it. Yet there are no such limitations on investment in natural gas power in the West where it is considered a transitional energy source. There is a deal to be done at COP26, but none without the agreement of the nations of Africa. “The climate warnings we hear them. We live them. But no one has the right to deny the advancement of our continent." Meanwhile, the president yesterday left Abuja for Glasgow, Scotland to attend the conference. The president in a statement by his spokesman, Garba Shehu, was scheduled to deliver his national statement at the HighLevel segment for Heads of State and Government at the conference on Tuesday. Buhari’s address is expected to highlight Nigeria’s key priorities and action to tackle climate change as well as progress on the country’s transition to low carbon economy, consistent with achieving the Paris Climate Agreement. The conference, being hosted by the United Kingdom in partnership with Italy, would bring parties together to help accelerate action towards the Paris Agreement as well as the UN Framework Convention on Climate Change. Given Nigeria’s leading role in taking climate action and as a signatory to the Paris Agreement, it explained that COP26 would afford a unique

opportunity for the Nigerian delegation to work with other parties to make progress on the main goals of the conference including securing global net zero by mid-century and keeping 1.5C within reach; adapting to protect communities and natural habitats as well as mobilising the much needed finances to meet the set targets. In Glasgow, the president would participate in some side-line events hosted by US President Joe Biden and French President Emmanuel Macron. The president would be accompanied by the Minister of Foreign Affairs, Geoffrey Onyeama; Minister of State, Environment, Sharon Ikeazor; National Security Adviser, Maj.-Gen. Babagana Monguno (rtd) and Director-General, National Intelligence Agency, Ambassador Ahmed Rufai Abubakar. President Buhari would thereafter travel to Paris, France on an official visit to reciprocate an earlier one to Nigeria by the French President, Emmanuel Macron, and also attend the Paris Peace forum 2021, the fourth edition to be hosted by the French President. It would have Heads of State and Government and CEOs of major multinationals, as well as several civil society actors, gathering to advance concrete solutions to the enormous challenges posed by the COVID-19 pandemic, and to improve global governance in times of COVID-19. The summit would focus on spurring a more solid and inclusive recovery by addressing the various gaps in global governance, offering initiatives to better tend to the global commons, and putting forward new principles of action for the post-COVID world. While the President is in Paris, the Nigerian government would organise the Nigeria-Paris Forum. The event is expected to pull a crowd of Nigerian and French investors, government and business leaders, diplomats and the media in the hope of showcasing opportunities on both sides as well as bringing enlightenment to bear on the prevailing security, economic and investment climate in Nigeria. President Buhari is expected back in the country after the engagements.

many of its offshore platforms as oil prices took a downward slope and the producers' cartel embarked on production curbs to stabilise the market. The country has been unable to meet its OPEC quota due to weakening infrastructure and difficulty in restarting oil facilities that were shut down due to the cut in production allocation assigned to the country at the time last year. In the oil industry, the rig count is a major index of measuring activities in the upstream sector, with a breakdown showing that Nigeria utilised six, seven, and six rigs in January, February, and March 2021, respectively, against 21, 23, and 21 used in the corresponding period of 2020, when production was at about 2 million bpd. Despite asking for a higher

baseline, Nigeria has failed to meet the existing quota assigned to it by OPEC for the months as production growth in Africa’s highest oil producer, going by recent data, continued to prove a major challenge. In addition to decreasing rig counts and highly degraded facilities due to old age and lack of investments, there have also been instances of community workers' protests, which incessantly disrupt operations as well as force majeure, leading to severe losses. The previous month, a document obtained by THISDAY showed that the NNPC and its partners lost a whopping 6.035 million barrels of crude oil to emergency shutdowns. A month later, the losses increased to 7.193 million barrels, the highest in months, mostly

as a result of shut-ins due to incessant repairs as well as , to a lesser extent, disruptions arising from community workers’ protests and fire incidents. Last week, the new Chief Executive Officer of the Nigerian Upstream Regulatory Commission (NURC), Mr. Gbenga Komolafe, said his immediate priority was to raise the country’s crude oil production from September's 1.4 million barrels per day to about 2.4 million bpd in the coming months. When THISDAY enquired from the OPEC headquarters in Vienna, on why the request for a higher baseline for Nigeria had not been granted, the producers’ cartel maintained that no country, including Nigeria, which has under-performed in meeting its monthly oil quota allocation

would have its baseline increased. “The current supply adjustment, Nigeria has not met it. It is when it is exhausted that request for increase will arise,” a top OPEC source stated. Minister of State Petroleum, Chief Timipre Sylva and the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC) , Mallam Mele Kyari, recently projected that by the end of October or mid-November, things would return to normal. That is not likely, given the huge deficit production figures emanating from OPEC. Kyari had said the compulsory closure of the wells as a result of COVID-19 was also affecting production, maintaining that it was difficult getting them back on-stream due to the complexity of operating the facilities.

raw materials and the indicators to include more than 50 per cent of raw material input sourced locally as well as that more than 80 per cent of jobs created should be for Nigerians. Furthermore, in the area of job creation and human capital development, it listed the parameters to include job creation and capacity building, with indicators listed to include job creation, training and skills development. Similarly, in the area of contribution to economic growth, it listed the parameters to be considered to include impact on key macroeconomic indicators and global export earning potential. In the same vein, the indicators in this area are contribution to GDP potential, share of domestic market, foreign exchange earning potential and ease of exports. Firms that intend to benefit from the instrument would be scored: Highly satisfactory, satisfactory, less satisfactory and unsatisfactory in their application. Projects that meet the stipulated requirements by 81per cent to 100 per cent shall be adjudged ‘Highly Satisfactory,’ while those that the stipulated requirements by 61 per cent to 80 per cent would be adjudged to be ‘Satisfactory.’ On the other hand, it stated that projects that meet stipulated requirements by 51 per cent to 60 per cent would be assigned ‘Less Satisfactory,’ and those that meet the requirement by zero to 50 per cent would be assigned the ‘Unsatisfactory’ score. CBN Governor, Mr. Godwin Emefiele, last week announced the new initiative, saying it was meant to stimulate activities in

private sector companies in the country that would be selected.

CBN UNVEILS ‘100 FOR 100’ POLICY and Productivity,” which was announced last week In a two-page notice signed by its Development Finance Department, that was obtained by THISDAY yesterday, the central bank explained that the selection criteria for participation would be premised on the business’ immediate contribution to economic growth, jobs creation, and social impact. It pointed out that in selecting the companies, evidence -based, transparent and measurable criteria shall be deployed. According to the central bank, the move was to ensure the operational framework for a robust and transparent process for identifying and selecting high-impact companies and projects under its 100 for 100 PPP. “These are projects that must catalyse sustainable employmentled economic growth through increased domestic production and productivity in the near term. “The projects for consideration shall be new projects in existing companies requiring new machinery and other support and must have the greatest potential to achieve significant scale in their in-country production and for domestic consumption and exports,” it stated. The CBN restated that the broad objective of introducing the instrument was to reverse the nation’s over-reliance in imports, by creating a platform that targets and supports the right companies and projects with potential to immediately transform and jumpstart the productive base of the economy. Shedding more light on the initiative, the CBN stated that the instrument shall provide naira intervention funding

under existing CBN intervention processes and complete foreign exchange funding for new machinery. “This instrument is for only new projects; will not cover any refinance of existing facilities and will be subject to independent evaluation by international audit firms. “All intervention under this project will be made public and published in national dailies. The CBN will work with fiscal authorities to facilitate power sector, port and export reforms as well as ease of doing business to improve competitiveness in Nigeria so as to complement and propel this initiative. “Candidate companies with satisfactory performance are invited to apply through their banks effective, today November 01, 2021, to the CBN Department of Development Finance, Office of CBN Governor,” it added. It listed the key areas of focus the financial instrument would fund to include production efficiency and scalability; local content capacity; job creation and human capital development and contribution to economic growth. In terms of production efficiency and scalability, it stated that the parameters to be considered to include capacity utilisation and scalability. Under here, it stated that the indicators to be looked into are historical financial performance (three years audited report of the company); viability of the business and creditworthiness of its directors. It disclosed that all the indicators would be assigned relevant scores. In the area of local content capacity, the banking sector regulator listed the parameter to be the scale of locally sourced

Emefiele had said with the new initiative, CBN would advertise, screen, scrutinise and financially support 100 targeted private sector companies in 100 days, beginning from November 1. Under the initiative, the CBN governor had said, a new set of 100 companies would be rolled out every 100 days and their names would be published in the national dailies for Nigerians to see and confirm. He said the new initiative would be managed by the CBN Development Finance Department, under his direct supervision. The CBN governor pointed out that the initiative would be the best and most sustainable way to strengthen the value of the naira, insisting that what the country requires is production and more production. Emefiele explained, “Working through banks, the financial instrument will be available to their customers in critical areas to boost the production and productivity, and to immediately transform and jumpstart the productive base of the economy. “After these 100 projects by companies in the first 100 days from November 1, we will take the next 100 companies/ projects for another 100 days beginning February 1, 2022, and then another 100 companies for another 100 days beginning from May 1, 2022.” He had said the instrument was part of measures to reverse the country’s overreliance on imports, adding that the country cannot afford to waste its reserves on cheap imports and currency speculators.

ZENITH BANK SURMOUNTS HEADWINDS, POSTS N180BN PROFIT BEFORE TAX IN Q3 quarter of 2020, to N235 billion in the current period. Also, its total assets increased by three per cent to N8.8 trillion in the current period, while total deposits grew by 13 per cent to close at N6 trillion, from N5.3 trillion as at December 31, 2020, with a substantial contribution from retail deposits. As a result of the bank’s focused drive to increase retail deposits in the past three years, there was a decrease in the Group’s cost of funds by 35 per cent to 1.4 per cent, from 2.2 per cent year-on-year. The Group continues to make significant progress in its retail banking drive, as evidenced by remarkable growth in transaction volumes and value across its digital platforms and strong

growth in customer acquisition. According to the statement, in the year's final quarter, management's outlook remained positive, buoyed by a declining inflationary trend, expected increase in foreign exchange inflows, and improving oil production. “The Group remains focused on increasing its retail market share, consolidating its leadership position in the corporate segment and maintaining a robust balance sheet,” it stated. In recognition of its track record of excellent performance, Zenith Bank was voted as Best Commercial Bank in Nigeria in the World Finance Banking Awards 2021, Bank of the Year (Nigeria) in The Banker's Bank of

the Year Awards 2020, Best Bank in Nigeria in the Global Finance World's Best Banks Awards 2020 and 2021, and Best in Corporate Governance 'Financial Services' Africa 2020 and 2021 by the Ethical Boardroom. Also, the Bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021, and Number One Bank in Nigeria by Tier-1 Capital in the "2021 Top 1000 World Banks" Ranking by The Banker Magazine. In 2020, Zenith Bank was honoured as Bank of the Decade (People's Choice) at the ThisDay Awards 2020, Retail Bank of the year at the BusinessDay Banks and Other Financial Institutions (BOFI) Awards, and Best

Company in Promotion of Good Health and Well-Being as well as Best Company in Promotion of Gender Equality and Women Empowerment at the Sustainability, Enterprise, and Responsibility (SERAS) Awards. “For over three decades, Zenith Bank has distinguished itself in the Nigerian financial services industry through superior service offerings, unique customer experience, and sound economic indices. “The bank remains a clear leader in the digital space with several firsts in deploying innovative products, solutions, and an assortment of alternative channels that ensure convenience, speed, and safety of transactions,” it added.

MONDAY NOVEMBER 1, 2021 • T H I S D AY

MONDAY NOVEMBER 1, 2021 •T H I S D AY

MONDAY NOVEMBER 1, 2021 • T H I S D AY

MONDAY, ͹˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWS

DEFENDING HIS MINISTRY’S BUDGET... L-R: Permanent Secretary, Ministry of Works and Housing, Babaginda Hussaini; Minister of Works and Housing, Babatunde Fashola (SAN) and Director Highway Planning and Development, Chukwunwike Uzo, during the 2022 Budget defence of the ministry at the National Assembly, Abuja...recently JULIUS ATOI

Investors Stake N500bn in Automotive Sector

James Emejo in Abuja

The Director General, National Automotive Design and

Development Council (NADDC) has disclosed that private companies have invested N500 billion in the Nigerian automotive

sector. He said the financing was largely deployed to set up assembly plants.

Executive Order 003: Textile Manufacturers Allege Lack of Patronage Dike Onwuamaeze The President of the Nigerian Textile Manufacturers Association (NTMA), Mr. Folorunsho Daniyan, has stated that members of the association have not benefited from the implementation of Executive Order 003 since it was proclaimed on May 18, 2017, by Vice President Yemi Osinbajo, in his capacity as Acting President. Daniyan is also the president of the Nigerian Textile Garments and Tailoring Employers Association. Meanwhile, the Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, who is saddled with the responsibility of coordinating the implementation of the executive order, told THISDAY yesterday that the government was sensitising the MDAs and realigning the public procurement process to ensure full achievement of Executive Order 003. The federal government, through Executive Order 003, had directed its MDAs to grant preference to local manufacturers in their procurement of goods and services. The executive order states: “Made-in-Nigeria products shall be given preference in the procurement of the following items and at least 40 per cent of the procurement expenditure on these items in all MDAs of the FGN shall be locally manufactured goods or local service providers: (The items are) uniforms and footwear; food and beverages; furniture and fittings; stationery; motor vehicles; pharmaceuticals; construction materials and Information and Communication Technology (ICT).” However, Daniyan, in an exclusive interview with THISDAY, said the MDAs have ignored the products of the members of the NTMA in spite of the several demonstrations they had carried out to persuade the MDAs that they have products that meet their needs in both quantity and quality. He said: “You would have

noticed that I chuckled when you asked this question. The fact is that none of the agencies has purchased a meter of cloth from the Nigerian textile manufacturers. It was only during the COVID-19 period that a little quantity was purchased from our members. Since then, nothing has been done.” Daniyan said he has not fathomed the reason the Nigerian government could not insist, “that our armed forces, our police, and the customs, etc., must patronise locally made fabrics? Kenya did it and is not regretting it today. If they say that our quality is not good then they will be upgraded. “Another worrisome example is about one of our members in Zaria, the Zaria Industries. It produces tarpaulin of the highest quality that meets the military’s needs but they would not buy them from the industry. The military would rather import them. “Nobody has told us what is wrong. We have met the quality. They have demonstrated it. You know that the military operations require tarpaulin and canvas that will not absorb too much heat in order to be conducive for their operations. "All these have been tested. The one being imported from Egypt or elsewhere is not as good as the one produced by Zaria Industries. But why is the preference to buy from outside the country?” However, Adebayo in response to THISDAY's enquiry, said: “There have been achievements here, but we are still working on further sensitisation of government agencies as well as better alignment of the public procurement process to ensure full achievement of Executive Order 003.” The minister also added that the government is working to improve the fortunes of the textile operators by collaborating with the Central Bank of Nigeria “to provide specific interventions such as machinery and equipment and have instituted a seedling program that enables

the provision of cotton seeds to farmers. We are also addressing competitiveness of the (textile) sector by working with the Honourable Minister of State for Petroleum Resources to reduce the cost of gas, which is a key cost component of the textile industry.”

Aliyu, who said this at the maiden NADDC quiz competition held over the weekend in Abuja, said other things expected of the fund would also be used to set up related factories for production and assemblage of vehicles in the country. He stressed that the federal government didn’t invest the money but the private companies which had also commenced the assembling of auto gas vehicles. He said the essence of the quiz, which was in partnership with relevant authorities, was to help develop the automotive sector in terms of promotion of vehicles, transformation of technology and skills upgrading.

The NADDC boss said: "The earlier we engage and support young Nigerians in primary and secondary schools to further understand automotive world and technology, the better we make the good decision to go into that field and study automotive engineering or design management. “We believe that this is crucial to begin to get the students thinking and read more about it and boost that type of learning in schools, so that they can choose a course in the automotive sector and add value to that industry and for the nation." The participating schools in the quiz competition included the Government Secondary

School, Kuje , School of the Gifted, Gwagwalada, Pace Setters Academy and Faith Academy in Abuja . Government Secondary School, Kuje took the first position with 64 1/2 marks, School of the Gifted came second position with 54 marks, while Pace Setters Academy took the third position with 53 marks as well as Faith Academy which took the fourth position with 52 marks. One of the student, Sanusi Mohammed from GSS, Kuje lauded the NADDC for the competition adding that the competition has increased his knowledge in the automotive line of learning.

Uzoka Named ‘Finovator of the Year,’ UBA Wins Digital Banking Award The Group Managing Director/ Chief Executive Officer of United Bank for Africa (UBA) Plc, Mr. Kennedy Uzoka, has been announced winner of the ‘Finovator of the Year’ award for the year 2021. UBA was also named winner, ‘Excellence in Digital Banking’ award at the same event. The ‘Finovator of the Year’ award is organised by the Finnovex West Africa Awards 2021, co-located with Finnovex West Africa.

According to a statement, during the virtual summi, Uzoka was selected as the winner of the award in recognition and appreciation of his effort and exceptional service provided in the field of financial services. Uzoka who was excited over both awards disclosed that over the last few months, UBA has set out on a mission to upgrade its banking channels and has invested in the latest technology to boost its digital

offerings to customers, adding that this venture has been paying-off for the bank. He said: “Recognitions such as these show that we at UBA, are indeed doing something right, and I want to assure all our customers and stakeholders that we will continue to leverage our diversified business model and dedicated workforce to further strengthen our position as ‘Africa’s Global Bank’. “We promise to do all we can

to ensure that our customers remain central to our decisions in every aspect and dimension of our remarkable organisation, and this is more than a clarion call to service excellence.” While presenting the awards, Conference Manager, Finnovex West Africa Awards 2021, Ancy Antony, said: “It is our utmost delight to honour the pioneers and visionaries who have transformed the financial services industry and present you with this award.”

Federal Roads: FG Owing Ogun over N300bn, Says Abiodun Governor Dapo Abiodun of Ogun State has revealed that the federal government was owing the state over N300 billion as money spent on the rehabilitation of federal roads across the state. Abiodun made this known while playing host to members of Igbobi College Old Boys Association, who paid him a courtesy visit at his office in Abeokuta. The governor, who lamented the deplorable condition of most of the federal roads in the state, also said the sum of N13 billion would be needed to reconstruct the failed portions of the Lagos-Ota-Abeokuta expressway, adding that N75 billion would be needed to fix the entire stretch of the road. "The federal government is owing Ogun State over N300 billion for the various federal roads we have constructed so

far. Concerning the Lagos-OtaAbeokuta expressway, when the engineers were asked to assess the road, they put the cost of reconstructing the failed portions at about N13 billion, while the sum of N75 billion will be needed to reconstruct the entire stretch of the road. Our State does not have such amount of money," Abiodun lamented. While intimating the old boys association of his administration's achievements in the last two and a half years, the governor said interventions had been carried out in the education, health, agriculture and road infrastructure and Information Technology, adding that a Tech Hub had been established to chart a pathway to technological innovations in the state. He noted that the security architecture in the state had been rejigged to create conducive

business environment. Abiodun also noted that the local fabric of Adire had been revolutionised to enable the people benefit from its value chain, while 7,000 hectares industrial cluster had been opened at Magboro town, with necessary facilities for investors' attraction. The governor, however, called on investors to take advantage of numerous potentials available in the state, saying that land acquisition, hitherto done haphazardly, had been digitised. "A business promotion agency has also been established for seamless business relationship between government and investors", he stated. The governor stressed the need for old students associations such as Igbobi College Old Boys Association, made up of prominent personalities from

almost all parts of the country, to join the state government in reforming the education sector. Earlier in his remarks, the chairman of the association, Senator Lanre Tejuosho, said the association was in the state for a four-day retreat, saying the courtesy visit was to familiarise members with officials of government, as some of them are interested in investing in the state. In their respective remarks, some members of the association lauded the incumbent government for the successes recorded so far, especially in the areas of agriculture and road infrastructure. They, however, called on the state government to build a central park in Abeokuta, the state capital, while more structures should be put in place to attract more investors to the state.

MONDAY NOVEMBER 1, 2021 • T H I S D AY

T H I S D AY • MONDAY, NOVEMBER 1, 2021

COMMENT

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

CBN, EMEFIELE AND ENAIRA

The eNaira is trustworthy and conforms with Nigeria’s extant financial laws, writes Jackson Olali

entral Bank of Nigeria’s Governor, Godwin Emefiele, will go down in history as one of Nigeria’s most innovative CBN governors. Emefiele has introduced several initiatives to deepen the nation’s monetary sector, the latest being the eNaira. It’s simply a homegrown digital currency equivalent to the paper naira. However, eNaira offers more possibilities, is less expensive to the owner as it is immune from several bank charges and it’s a boost to the cashless policy. The launch of the eNaira on Monday, October 25, is wrapped in history. For the record, it makes Nigeria the first ever African country to embrace the ewallet system of transaction. It places Nigeria on the same banking innovation pedestal with China and emerging markets like the Bahamas and Easter Caribbean. On launch day, it already had 33 banks integrated into it, recording a daily hit of over 2.5 million visits to the website. With N200 million already issued to financial institutions and over 2,000 customers onboarded and over 120 merchants successfully registered on the platform at inauguration, it’s safe to say that CBN was properly primed for the digital experience. One heartwarming fact is the issue of control. With eNaira, things cannot possibly go wrong because it gives CBN the leeway to exert a measure of control on the market to discourage abuses, fraud and sundry unforeseen happenstances that usually assail the fintech space. CBN deliberately built safeguards around the eNaira, thus making it a safer medium of financial transaction than the cryptocurrency. Many Nigerians have been wondering what eNaira is all about. Some wondered how it would profit them. And for yet others, it’s just another elite fad to feed fat from the economy. Put simply, eNaira is Central Bank Digital Currency (CBDC) and it is the digital equivalent of the physical naira. It’s the same naira but offers far more possibilities and flexibility. And just like the physical naira – it is a legal tender in Nigeria as well as a liability of the CBN. It will always exchange at one naira to one eNaira. Its introduction was not an accident. It has a history. Recall that on February 5, this year, the CBN released a circular addressed to banks and other financial institutions. The circular bore one strong but inevitable message: It was a reminder that transactions in cryptocurrencies and facilitating payment for cryptocurrency exchanges had been prohibited. The CBN further directed all banks and other financial institutions to close the account of any person or entities that transact in cryptocurrency or operate cryptocurrency exchanges. Not a few Nigerians spewed umbrage at CBN for dimming the light on a new fintech frontier where young Nigerians and others were already finding their bearing and reaping its full benefits. CBN promised to introduce a home-grown digital currency that Nigerians can trust, control and own. But CBN had good reasons to prohibit cryptocurrency. It is without borders, without control and liable to manipulation. But there was a bigger reason for the prohibition: Terrorists and their financiers have found a safe haven with cryptocurrencies to move money across borders and purchase firearms and other weapons of mass destruction to sustain their bloody war. Nigeria has been in the thick of terror attacks and anything done within the law to curtail the powers of terrorists is welcome. This was what won CBN public sympathy when it prohibited cryptocurrencies. The recent conviction of some Nigerians in the United Arab Emirates (UAE) for being financiers of terrorism clearly justifies the action of CBN on cryptocurrencies. The eNaira is the fulfilment of the promise by CBN to come up with a digital currency that is amenable to regulation, trustworthy and conforms with Nigeria’s

CBN DELIBERATELY BUILT SAFEGUARDS AROUND THE ENAIRA, THUS MAKING IT A SAFER MEDIUM OF FINANCIAL TRANSACTION THAN THE CRYPTOCURRENCY

extant financial laws. The benefits of eNaira are manifold. It will deepen the nation’s digital economy ecosystem. In recent years, Nigeria has broken new frontiers in the digital economy space. Whether in agriculture, healthcare, ecommerce, banking and education, appreciable progress has been made by the President Buhari government to mainstream Nigeria into the global digital economy matrix. In 2020, in the heat of the covid-19 pandemic, Nigeria teamed up with six other countries to form the Digital Cooperation Organization (DCO). The founding member nations of DCO are Bahrain, Jordan, Kuwait, Nigeria, Oman, Pakistan and Saudi Arabia. The goal is to “drive greater collaboration and cooperation across entrepreneurship, innovation, business growth and employment in a shared digital economy.” The shared values among the DCO nations include collaborative digital transformation that would enable member states to empower women, the youth and entrepreneurs within their jurisdictions. The DCO target is essentially to accelerate growth across the digital economy, and achieve greater prosperity by promoting common interests and collaborative digital transformation. The CBN introduction of eNaira fits into menu of the DCO as it would ramp up Nigeria’s growing stature in the global digital economy market. While launching the CBDC, President Buhari said it has the capacity to increase Nigeria’s Gross Domestic Product (GDP) by $29 billion over the next 10 years. The president acknowledged that there are Nigeria-specific benefits of the digital currency that cut across different sectors of the economy. He’s right. Nigeria, through the CBN cashless policy, has witnessed real growth in e-transactions across different sectors. The growth in the information communications technology (ICT) sector typified by pervasive use of mobile telephones, increasing broadband penetration, upsurge in computer deployment (especially laptops) in homes and offices has also boosted e-transactions. Using physical cash to conduct businesses and make payments has been on the decline. It dipped further from 2020 at the onset of the Covid-19 pandemic thus birthing a new era of robust digital economy. Cryptocurrency, despite the buzz and hype, has remained largely an artificial private currency which has built a huge cloud of doubt around itself. The very fact that not all nations of the world have embraced cryptocurrency says so much about the mistrust that still shrouds its operation. This explains the growing number of central banks across the globe that are beginning to consider issuing digital currencies to assuage the hunger for such currency among their citizenry. Unlike cryptocurrency which lends itself to manipulation for all manner of unethical transactions due to little or zero regulation, reserve banks’ digital currencies are faster, safer, easier and cheaper means of payments. The issuer is known and regulation is certain. And with more countries rolling out their respective versions of digital currencies, cross-border trade and financial inclusion would be enhanced. Thanks to Emefiele with support from President Buhari, Nigeria arrived here early. It’s a good place to be. It’s projected that within the next decade, national digital currencies would become the dominant player in the e-transaction ecosphere. Its seamless efficiency and ability to improve monetary policy operations across frontiers will make it the preferred in the coming years. The hesitancy that greeted cryptocurrency around the world will not afflict national digital currencies. Whereas cryptocurrency tend to compete with respective local currencies, CBDCs only complement local currencies. In Nigeria, the eNaira complements the physical naira. Olali, a policy analyst, wrote from Yenagoa

MARKET AGENDA FOR LISTING FINTECH FIRMS

Sola Oni writes that Fintech companies offer investment opportunities that support growth of Small and Medium Scale Enterprises

he only thing that is constant in life is change. Covid-19 pandemic hit Nigeria like a thief in the night. The way it challenged the perceived technological prowess of the United States of America and United Kingdom made that of Nigeria a child’s play. Some fame-seeking pastors in Nigeria claimed that they had seen the vision ahead of the outbreak. This is an amusing tale of afterthought rather than genuine divine message. Covid-19 is an ambivalent scourge. Although, it has claimed many lives and forced humanity to look like masquerades, irrespective of the status, it has also institutionalized digitalization as the heartbeat of all activities. Prior to March 2020, holding meetings by Zoom, Skype, Google Meet and other forms of video conferencing were not so popular in Nigeria, except by some firms that leverage it to resolve technical issues of computer with their foreign vendors. Today, it has become one of the most acceptable channels for workshops, conferences , religious services, and academic and social activities. This development has put services of Financial Technology (Fintech) companies on the pedestal of high demand. Fintech companies are “software and other technologies used by businesses that provide automated and improved financial services.” Unlike banks, Fintech startups are characterized by flexibility of operations and ability to adjust fast to changes in the industry. But not all that glitters are gold. Fintech startup

companies face some peculiar challenges according to Forbes. The famous magazine says it’s cumbersome for these enterprising companies to raise venture capital as venture investors will demand answers to questions such as what problem is the startup trying to solve, competence of management team, market opportunity, Pitch Deck, including overview and value proposition, regulatory issues, ability to compete with the existing huge financial brands in the industry, cost-effective marketing strategy to acquire customers, getting early adopters and averting slow sales cycles, Cybersecurity and data protection issues, intellectual property, models for business, revenues and expense and legal compliance. The above brick walls have bullied the question of whether such companies have upward trajectory of dividend payment, a great expectation of investors when a company applies for listing on a securities market in Nigeria. In September, 1996, Gtco (formerly Guaranty Trust Bank) was listed by Introduction on NGX PLC (formerly The Nigerian Stock Exchange). Listing by Introduction means that the company has complied with all the Exchange’s listing requirements but it is not willing to float initial public offering (IPO) before listing. A company without record of consistent dividend payment stands the risk of undervalued shares. But in today’s world of ‘new normal’, managers of securities exchanges should go back to the drawing board on what exactly is the motive for a company’s application for quotation.

Unlike the current situation where many companies got listed to enable them enjoy benefits of capital injection through various financing options, securities exchanges may begin to witness a new era of companies seeking listing, primarily for credibility and prestige purposes. There is also a need to create a new board for quoted companies that do not necessarily require record of dividend payment as at the period of seeking quotation but have strong potentials to deliver shareholder value. Interestingly, the 25th Annual Conference of the Chartered Institute of Stockbrokers (CIS) which ended in October l featured “ Fintech Innovations and the Capital Market” as one of the key sub-themes. Some of the key takeaways is that Nigerian Government should address the issue of metric for determining identity as there is a conflict of choice between Bank Verification Number (BVN) and the National Identification Number (NIN). While BVN tends to be limited to banking requirement, NIN is believed to have wider scope. Also, the panelists pinpointed the need to address the concerns on inadequate technology infrastructure that can drive economic growth and development. It has become clear that Nigeria should be thinking along the line of its comparative advantage in technology ownership either in software and marketing or manufacturing of hardwares. At the moment, the country is a dumping ground for technology by developed countries with all the associated risks. Every developed nation specializes in one area of

technology or the other. They also carve out an area for technology giants. Such an environment is called Silicon Valley. For instance, San Fransisco Bay Area in California parades Google, Apple, Meta (formerly Facebook) and the rest. In China, Shenzhen city is the abode for homegrown tech superstars such as Tencent and Huawei. Every country should develop a technology policy and carve out its area of comparative advantage to avert unforeseen diplomatic row between the country and its supplier of hardware or software suddenly. This is why the United States and China are playing hide-and-seek diplomacy in the area of technology. Where does Nigeria belong? When shall our country have its own Silicon Valley? Fintech companies are products of digitization. They are friends to millennials and Generation Z. It is necessary to have them quoted on the securities exchanges even if listing rules have to be amended to accommodate the technology savvy investors. This may be a form of agenda setting. Fintech companies have growth potentials. They also offer investment opportunities that support growth of Small and Medium Scale Enterprises (SMEs). For instance, they help SMEs to expand finance options, automate accounts, enable online payments, innovate insurance and expand retirement options amongst others. Oni, an Integrated Communications Strategist, Chartered Stockbroker and Commodities Broker, is the Chief Executive Ofﬁcer, Sofunix Investment and Communications

T H I S D AY • MONDAY, NOVEMBER 1, 2021

EDITORIAL CBN AND THE ENAIRA GAMBIT The digital currency is a good initiative. But there should be more public enlightenment about its usage

oney is a scarce commodity. But it is one that unites citizens, rich and poor, educated and illiterate, urban or rural anywhere in the world. To that extent, the Central Bank of Nigeria (CBN) as the apex regulator of all money matters in the country cannot play games on issues concerning the national currency without adequately educating the public. No matter how well-intended, the decision to launch a digital version of the Naira is a matter of public concern. The fact that even the elite and the media are still in the dark about the meaning and mechanics of this Central Bank Digital Currency (CBDC) ought to worry the apex bank. A policy decision that is bound to affect the fate of the national currency should not be shrouded in mystery and technical jargon. At a State House ceremony last Monday in Abuja, CBN governor, Godwin Emeﬁele, said 500 million eNaira ($1.21 million) has already been minted with the CBDC’s digital currency app and its merchant PROPERLY MANAGED, wallet now live and ENAIRA CAN HELP TO available for download. DEEPEN FINANCIAL INCLUSION BY ELIMINATING Despite initial hitches, THIRD PARTY INVOLVEMENT the two apps, eNaira speed wallet and eNAND FACILITATING aira merchant wallet, TRANSACTIONS BETWEEN are now available on AND AMONG INDIVIDUALS, Google playstore and BUSINESSES, AND Apple store. To sign-up GOVERNMENT AGENCIES IN on the eNaira speed A SEAMLESS MANNER wallet, according to a notice on its website, “you would be required to input the following details exactly as captured during your BVN enrolment.” Explaining why he approved the payment system, President Muhammadu Buhari said the world in which we live today has made cash transactions less desirable while, according to him, “some estimates indicate that the adoption of CBDC and its underlying technology,

Letters to the Editor

called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.” The CBDC, the president added, “can also help increase remittances, foster cross border trade, improve ﬁnancial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for speciﬁc welfare programmes.”

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

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

roperly managed, enaira can indeed help to deepen ﬁnancial inclusion by eliminating third party involvement and facilitating transactions between and among individuals, businesses, and government agencies in a seamless manner. For Tier 0 categories, daily transaction and balance speed wallet limits have been pegged at N20,000 and N120,000, respectively while daily transaction and balance speed wallet limits are N50,000 and N300,000, respectively for those classiﬁed under Tier 1. Daily transaction and balance speed wallet limits for customers in Tier 2 are N200,000 and N500,000, respectively for the last category of Tier 3 customers, daily transaction and balance speed wallet limits are N1,000,000 and N5,000,000, respectively. There are no limits for transactions by merchant customers. Ordinarily, this idea of a digital currency is good. We subscribe to the argument that the COVID-19 pandemic has hastened the resurgence of a new digital economy and that Nigeria should not be left behind. But many also recall that the CBN had a few months ago banned cryptocurrency and legitimate questions are being asked, especially since nothing digital is ever foolproof. Forward thinking which the idea of CBDC represents is the hallmark of the present age. But things should be done the right way. There should have been a robust public enlightenment on the new currency. Even the banks are all still in the dark as they are not able to provide any information to the public on the new currency. An electronic version of the national currency is by its chosen platform of limited applicability. But here we are after the launch stage of the eNaira there is no public enlightenment programme or any sensitivity to the meaning of the initiative to the generality of Nigerians.

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

ANAMBRA FACES A HISTORIC MOMENT ON NOVEMBER 6

n 2015, no sooner had Mr. Muhammadu Buhari assumed office as Nigeria`s president than he sent a chilling warning in the direction of the south-east whose remorseless support for Mr. Buhari`s predecessor, Mr. Goodluck Jonathan, was an open secret. Mr. Buhari warned that those who did not support him in the run-up to his victory should not expect as much attention as those who did. Six years down the line, and amidst Nigeria`s mounting challenges, it would be interesting to sample the opinions of those who overwhelming supported Mr. Buhari to see where they are in terms of being satisfied with the baby they helped deliver. Like a boa constrictor, the proscribed group, Indigenous People of Biafra, is folding Nigeria`s south-east in a stranglehold. Another sit-at-home order was observed on October 1, 2021, being Nigeria`s independence anniversary. Others have since followed. Nigerians are yet to forget how shaken Mr. Buhari was by the effects of the sit-at-home that overshadowed his recent visit to Imo state. Nigeria`s south-east, the ancestral homeland of the Igbos, used to be a haven of peace and ennobling enterprise. But recently, thanks to the insecurity spreading across Nigeria like a wildfire, and the abrasive rhetoric and aggressive tendencies of IPOB, the region is fast unravelling. Innocent citizens have been killed and no one has been held to account. Public buildings have been razed and no one has yet been named as the perpetrator.

It is under such an atmosphere redolent with strife and uncertainty that the good people of Anambra State will queue before the ballot box on November 6, 2021 to make their choice over who would govern them for the next four years. Anambra is a unique state. In 2003, after four years of the suffocatingly inept administration of Mr. Chinwoke Mbadinuju, the PDP`s lavishly lubricated rigging machinery broke down in the state under the relentless pressure of the people`s will. When the party invoked its infamous electoral sorcery to visit upon the state one of Nigeria`s worst electoral heists, the judiciary rose to the occasion in 2006 with a historic verdict that sent current labour and employment minister, Mr. Chris Ngige, packing as the governor of the state and brought in the trailblazing Mr. Peter Obi who went on to become a reference point for prudence in public administration in Nigeria. The judiciary was to follow the Anambra algorithm in upturning elections in Edo and Ondo States in a salutary sanitization of Nigeria`s electoral process. In 2015, in spite of the effusive promises of APC stalwarts in Anambra State led by Mr. Chris Ngige, the state was to prove an embarrassingly slippery slope for Mr. Buhari. With former governor, Mr. Peter Obi, on the ticket of the PDP in the general election of 2019, the All progressives Congress fell to a resounding defeat in the state. Ahead of the November 6 election, the good people of Anambra State do not appear ready to float the same boat

with the ruling party and it promises to be a battle royale between the major political parties who will fight it out. The All Progressives Congress will be desperate to get the state to use it as the launchpad for building its dominance in the southeast. But the good people of the state must again engage their distinct sixth sense for good governance. They must again put the long-term gains of good governance above the shortsightedness of phony popularity. This has become even more critical in the face of the feverish attempts by the IPOB, to scuttle the elections. If the IPOB feels it aggregates the views and voices of the people of Anambra State, why has it not floated a political party to contest the November 6 2021 election? The good people of Anambra must put faith over fear and prudence over popularity. As Nigeria continues to witness a famine of good governance, they must again find the courage to bear witness to the delectable fruits of democracy, and the power of choice it gives, especially through the ballot box. Particularly, the good people of Anambra State must be wary of the candidates of those political parties who having lain waste to other states are on the lookout for new victims. To embrace them would be to give in to those who having sharpened their spears of oppression seek to shove them into the side of the people. Kene Obiezu, keneobiezu@gmail.com

MONDAY NOVEMBER 1, 2021 •T H I S D AY

MONDAY NOVEMBER 1, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY NOVEMBER 1, 2021

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Dissecting the Anambra Governorship Candidates On Saturday, November 6, the Anambra people will hit the polls to elect a new governor, who will take over from the incumbent, Chief Willie Obiano. Though the candidates are 18 in number, David-Chyddy Eleke examines the chances of the top 10 in the race, dwelling on their strengths and weaknesses, ahead of today’s debate organised by the Arise News Channel

lot of factors will determine the advantage and disadvantage of the Anambra governorship candidates next Saturday. Among them are political parties, support from top politicians, popularity among the people, religious denomination, antecedents and even financial standing among others. These factors, largely reveal the weakness and strength of each candidate. There are three most popular political parties in the state and they are the All Progressives Grand Alliance (APGA), Peoples Democratic Party (PDP) and the All Progressives Congress (APC). Though there are other fringe parties that stand a chance of springing a surprise, the level of hard work needed to push the three most dominant parties under would be more than the ordinary. The dominance of the Catholic and Anglican churches in the politics of the state is also another factor, which has remained constant in the politics of the state, so also is the antecedents of all the participating candidates. But one area, where all the candidates seem to have strength is war chest. Though some of the candidates are far more accomplished than the others, they cannot also be denied the right of being money bags.

state kidnapped and mandated to resign from office. He is not also gifted with oratory, so, whatever his plans for the state are, he finds it difficult to convey them in simple and understandable language. Ifeanyi Ubah

Ozigbo is not known to have any visible weakness, as he has discharged himself creditably since he arrived the Anambra political turf. However, the support he enjoys from a former governor of the state, Mr Peter Obi, has been misinterpreted as that of a godfather and godson relationship, and has been used too many times to taunt him as one who is taking Anambra back to the era of political godfatherism. Andy Uba

Chukwuma Soludo

The Young Democratic Party (YPP) candidate is his own man: rich, young, popular and highly accepted among people at all levels, age and denomination. He is a Catholic, and uses his sponsorship of football, and his philanthropy to drag people to his fold. He has a large cult-like following, and has used the instrumentality of his media outfits, Authority FM, Authority Newspaper, his football club – Ifeanyi Ubah FC, to rack up support for himself. He is a practical person and believes in the evidence of the things he has done before now. His business dealings with some of his associates, and AMCON, and indebtedness to them has always been played up by his opponents to the level that he has been taunted as seeking Anambra governorship as a means to settle his debt and also use the cover of immunity to evade any prosecution that may be planned against him. He has, however, explained that his dealings with AMCON and the federal government has long been taken care of, but he seems not to be convincing enough as the attacks remain.

He is the candidate of the All Progressives Grand Alliance (APGA), which is seen to be thedominant political party in the state, being the ruling party. He is highly popular and his antecedents at the Central Bank of Nigeria (CBN), where he worked as the governor and helped to turn things around in the banking sector is one of his major strengths. His education, cerebral nature and power of ideas are also to his advantage. He has a cult following among people at all levels, age and status. His only weakness, which in fact is also part of his strength, is the avowed resolution of the incumbent governor to deliver him as the next governor. But his opponents use it against him, saying such may amount to bringing back godfatherism, which has long been done away with in the state.

He is running on the platform of the national ruling party, All Progressives Congress (APC), and has a lot of top politicians behind him from across Nigeria, and people in the presidency. Uba is not in short supply of money to prosecute his election, and has successfully wooed most prominent politicians in the state, including top office holders to his party. What is Uba’s greatest strength is the fact that he is a great political thinker, and as always his taciturn self, never boasts, nor openly discloses his political strategies, until he plays them. He is an Anglican, and considering the fact that Catholics have been dominant in the politics of the state, it may be the turn of his church to rally round him and produce a governor. Uba has a past about Anambra politics that is not so palatable to the ears, and has been severally accused of being responsible for the misfortune that befell Anambra between 2000 and 2006, when public properties were destroyed, and a former governor of the

Valentine Ozigbo Being a candidate of the Peoples Democratic Party (PDP) is Ozigbo’s greatest strength. Though many believe he is new in politics, having been a banker and business mogul all along, his ability to wrest power from known names in the party during the primaries is his biggest strength. Today, he is rated ahead of many other candidates. He is known to be very cerebral and also very innovative. His catch phrase Ka Anambra Chawapu, has caught uplike wild fire. His age, and religious denomination (Catholicism) are all to his advantage.

A lot of factors will determine the advantage and disadvantage of the Anambra governorship candidates next Saturday. Among them are political parties, support from top politicians, popularity among the people, religious denomination, antecedents and even ﬁnancial standing among others. These factors, largely reveal the weakness and strength of each candidate

Obiora Okonkwo

and highly exposed. He has following from people of all strata of the society, and is said to be a personification of humility. A culture enthusiast, and a philanthropist, Okonkwo has used his sponsorship of cultural activities and philanthropy to gather followership for himself. A successful businessman and owner of United Nigeria Airline, his successes have complemented his political life too. He is loved for his innovative ideas, and is a supporter of the Catholic Church, which has the highest voting strength in the state. He is his own man and has no political baggage. Dikeora as he is most popularly known, he’s running on the platform of a less popular political party, Zenith Labour Party (ZLP). Another weakness about Okonkwo is that he hails from Anambra Central zone, and is contesting at a time, when many believe that power should shift to the Southern zone. Godwin Maduka

An accomplished medical doctor and owner of Las Vegas Pain Institute in USA, he is a community builder and has done a lot for his community, Umuchukwu, what no other politician in the state has done. His strength in the contest is mostly about what he has accomplished as a private individual, reason his campaign is titled: ‘Evidence 2021.’ He has also made promises about using his experience as one, who has lived in US to fix things in the state. He is rich and capable of prosecuting his election. He is not known to be pushed by any godfather. His first attempt to accomplish his aspiration on the platform of the PDP was strategic, because of the strength of the party. Today, he is the candidate of Accord, a small and less known platform, even though it is the first on the ballot. Chidozie Nwankwo

He is rich, educated, relatively young

Having been running chains of companies belonging to him, and known to be a shrewd manager of men and resources, Nwankwo stands a good chance to effectively manageAnambra State than most of his fellow contenders. He is rich, well

T H I S D AY ˾ MONDAY NOVEMBER 1, 2021

MONDAY DISCOURSE

Senator Marafa and the Hope for Better Zamfara Sulaiman Ahmad argues that Senator Kabir Garba Marafa is the right person to rescue Zamfara State from her woes

f you are to ask any well-informed Nigerian to mention three most troubled and underdeveloped states in Nigeria, Zamfara state would very likely top the list, this is despite the fact that Zamfara is endowed with abundant and unharnessed human and natural resources capable enough to transform the state into an enchantingly beautiful subnational. But as the wise men said, “the real value and beauty of a raw gold will remain hidden and untapped without a Goldsmith.” This “goldsmith” is what Zamfara state is currently lacking to prosper. Many Zamfara citizens have/or are about to give-up that Zamfara’s multidimensional problems mainly caused by poor leadership are beyond repairs. But I believe, with capable and responsible hands spearheading the affairs of the state, our challenges are not insurmountable. No state would develop beyond the quality of her leadership. Looking closely – with much alacrity – at the credibility of the people aspiring for the position of the Executive Governor of Zamfara state and situations at hand, I found Senator Kabir Garba Marafa as the right person capable of rescuing Zamfara from her woes. Zamfara state needs someone with proven integrity and honesty; focus and determination; knowledge, experience and patriotism to judiciously and efficiently manage her affairs. With the likes of Senator Marafa who was tested and never found wanting or lacking, all hope about prosperous Zamfara is not lost. The immense contributions of Senator Marafa towards the development of Zamfara state in his capacity as Hon Commissioner in Zamfara state, Senator of the Federal Republic of Nigeria and as a private citizen could not be overemphasized. I cannot keep the count of the number of times Senator Marafa stood like a lion in the forest roaring on the floor of the Senate about the devastating security challenges bedevilling Zamfara state seeking for help and proper attention from the Federal Government as if he was the only Senator from the state. Most of his legislative commitments are geared towards finding lasting solution to our security challenges. This is a clear manifestation of what Senator Marafa always prioritize – the security of lives, property and well-being of the people

Marafa

which are the most aching issue in Zamfara today. In 2019 while the red chamber is considering the 2019 budget, Senator Marafa has for the interest of Zamfara state deployed a bipartisan mechanism and ran helter-skelter to the extent of convincing majority of his distinguished colleagues to approve 10 billion as special intervention funds for rebuilding Zamfara state which they graciously obliged. The funds according to Senator Marafa “will help in resettling the IDPs and other persons affected by the activities of armed banditry, to cater for their wellbeing, provision of water, shelter, basic education, basic welfare (especially

for wounded, children and rape victims) and others”. To ensure suitability of this meaningful intervention, Senator Marafa has ensured that the Senate has acted on his motion and passed resolution for President Muhammadu Buhari to establish a Presidential Initiative on Zamfara state (PIZAMS) for an initial period of 10 years and also urged the incoming Senators from Zamfara to “maintain the tempo” to ensure that funds are appropriated annually to sustain the initiative. Unfortunately, those Senators and Zamfara state government led by the incumbent Governor, Bello Matawalle show very unimpressive commitments towards

the actualization and sustainability of PIZAMS. As at today, our Senators from Zamfara and the state government failed to follow-up and lobby for the release of such funds despite the fact that the governor along with almost all federal and state lawmakers from Zamfara have been smuggled into the rulling APC. The generosity and kindness of Senator Marafa is exemplary. Only recently, Distinguished Senator has spent about 70 million in the purchase food items for distribution to the less privileged as a humanitarian intervention to provide succor to Zamfara citizens who are also affected by the flawed security measures that affected their livelihoods. This intervention could not come at a better time. This is just one of the many humanitarian, education and health interventions he had been silently rendering to the people of Zamfara without the camera rolling. Senator Marafa’s unmatched popularity in Zamfara state would not be unconnected with his truthful nature and his doggedness to always adhere to the rule of law and due process in his professional and political career. It will also not be unconnected with his humility and democratic principles of due consultation in decision-making in order to carry everybody along – young and old, men and women, reach or poor. He treats everybody fairly believing that the only capital for a politician are his teeming supporters and that’ why he never take their divergent interests for granted. These unique qualities and popularity of Senator Marafa is giving his political rivals sleepless nights. Their traumatic situation worsened after his reconciliation with the former governor of Zamfara state, Hon Abdulaziz Yari Abubakar after addressing their internal issues that keep them apart in the build-up of 2019 general elections. This reconciliation has now produced a very formidable team of competent patriotic bigwigs capable and ready to salvaging Zamfara state from the hands of those opportunists in the state that has neither focus nor clear direction. As the election year 2023 is fast approaching, Zamfara people are very eager to support the rescue mission for a better Zamfara. My sincere view is that all hope is not lost with a personality like Senator Marafa; a new Zamfara is very possible. Just waiting for time!

Dissecting the Anambra Governorship Candidates connected and known to be one of the very few members of Pentecostal churches in the race. He had earlier tried to bank on the dominant nature of the Catholic and Anglican Churches to sway the Pentecostal for a pool vote for him, but it is not known if the plan has been perfected. He is not known to be a politician, and just as he was dribbled out of the APC, where he first sought to run, there are no indica-

tions that he would not again be dribbled. He is today running on the platform of African Action Congress (AAC), which is less known in the state. Nwankwo is not also a very popular candidate. Obiora Agbasimalo Long before he came into the race for the Anambra governorship, Agbasimalo’s Oga Ndi Oga Movement, an NGO has been

liberating many from poverty through hospital visitations, youth empowerment and job creation. Though he is less known, his entry into politics saw a conversion of his beneficiaries into his supporters, and they are in their thousands too. He has a cult-like following in the state, and known to be a young and likeable politician. He is not known to have a formidable political structure, nor known to be a popular politician. His NGO is far more popular, and his supporters have been working hard to use the NGO to boost his popularity. Akachukwu Nwankpo He is an orator, highly intelligent and full of Ideas. He was special adviser to President Goodluck Jonathan, and known to be a strategic thinker. He hails from the Southern senatorial zone, which is a credit to his ambition. Another credit is his party, African Democratic Congress (ADC), which many see as an off shoot of the popular APGA. He is more of a technocrat than he is a politician. He is not known to have any

political structure, nor can he be said to be very popular in the state. Ben Etiaba Scion of the Etiaba family in Nnewi, he is an accountant by profession – highly knowledgeable and not lacking in ideas. He is not known to be very popular in the state, and cannot also be said to be a known politician. He is more of a technocrat than he is a politician.

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

THE MONDAY INTERVIEW

ROTIMI AMAECHI:

Our 2019 Experience Won’t Happen Again in Rivers The Minister of Transportation, Hon. Rotimi Amaechi’s disposition to any media engagement is nothing short of an opportunity to relax and unwind, even when the issues involved are serious. With candour and humour, he always waltzes through, no matter the stretch of time. Yet, Amaechi is not one of those sources, who would ask to have your questions in advance or an idea of the areas you intend to cover, although nothing is bad in being prepared for an interview. Just ‘come and shoot’, whilst he plays through the session, curiously, dealing with some of the most difficult questions arising from his beat. Interestingly, his familiar approach to what might have been considered obnoxious issues, took a different form this time, making the time spent with THISDAY a lot more interactive. From the business of railway infrastructure development in the country to concerns in the maritime sector, the local politics of Rivers State, the clamour for power shift, the man called Muhammadu Buhari and the journey to the 2023 presidential bout, the former governor of Rivers State, had his answers structured for every probing question, somewhat. Excerpts: For nearly 6 years, you’ve been the minister of transportation and the major focus has been mainly railway infrastructure. How has the journey been like? The journey has been tough; it has not been easy, honestly. There is somebody that I am battling with now or a group of people that I am battling with. They are trying to blackmail me, they want me to give them a contract and they have come to me physically and I said no. Now that the contract is in the process of approval, they have sent some text messages to me. Let me just show you the message they sent to me so that you can see how bad they are, but me, I will never fall for blackmail. Listen to what they sent to me: “We are working on a cargo-tracking note story and we need the minister’s reply to some questions below. The VP says the minister has contravened the public procurement act in obtaining the presidential approval for the contract.” How do you contravene a public procurement act when you have a presidential approval? Don’t forget I said they had approached me physically. When they could not reach me, they got to my wife. And so, for not giving them, they now contracted a press team and I say they can publish. At least, I have got

approval from the president. Three times they tried to stop it, they got some government officials to stop it – three times – but I still continued. Having failed in the last one, which happened two weeks ago, they have now contracted a press team. So those are the things you meet in the course of your work as a minister of transport. It has not been easy. If anybody thinks it is easy, it is not, coupled with the fact that there is a political element to the issue of railway construction. And I told a joke, I said see the Yoruba, they are not complaining, no shouting, nothing because we have done Lagos-Ibadan. If we had not done Lagos-Ibadan, the Yoruba would have been shouting by now. So that is the political element to it. It is just like the Igbo are saying, oh, you have done nothing for our side. They merit having a railway but I have always said that railway construction is not political; it is economics. I am constructing Lagos-Ibadan, not because I want to satisfy the Yoruba, it is because Lagos-Kano will generate about 11 million tons of cargo. So in the whole of the country, that figure by far

makes economic sense for anybody who wants to construct a railway than going to construct, for instance, from South-south. If the South-south is about 3 million or 4 million tons, I will first and foremost construct Lagos to Kano, because it makes more economic sense than doing the one where I come from. So we are pursuing Lagos to Kano, and as we are talking now, we are constructing from Kano to Kaduna. We have finished Lagos to Ibadan, we are looking for money to go from Ibadan to Abuja to complete the whole gamut of Lagos to Kano. Now, the next most important rail line to Lagos –Kano is Port Harcourt to Maiduguri, which includes the South East area, because it has 11 million tons of cargo. We have not been able to generate the data for Lagos to Calabar. The president has said to me, Ameachi, complete Lagos to Kano, Port Harcourt to Maiduguri and then Lagos to Calabar. These are the three most important rail lines in Nigeria. The next one will be the central line, which is Itakpe to Warri but then, there is a new addition, which comes from Abuja to Barro to Itakpe. That is the central line. Once we finish this, the areas that

will be remaining will be Yola, Adamawa, Taraba, Gusau in Zamfara, Sokoto and Kebbi. These are the five states that are remaining and we are working towards it. They are not contiguous and that is why we are finding it difficult. The professionals are doing their feasibility studies so that we can add them. You have the numbers for Lagos to Kano, the volume it carries, 11 million tons, what is the economic data that supports the construction of Kano to Maradi rail? I have answered that question to the whole country. I have answered it outside Nigeria. I have also answered my wife and children. We did not design Kano-Maradi; it was not our idea. We met it on the table. Somebody told me that it was Goodluck Jonathan’s government that did the feasibility studies and design and all that, I don’t know how true it is. Two, it is a critical arrangement between Nigeria and ECOWAS. So Nigeria is bound to do two major rail lines to join the West African rail line, that is, Lagos to Seme and Kano to Maradi. And for me, Kano to Maradi makes more economic sense than Lagos to Continued on page 21

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

THE MONDAY INTERVIEW

ROTIMI AMAECHI

Nigerians Had Lost Hope, But Buhari Gave It Back to Them Seme. Maradi makes more economic sense than Seme. Don’t forget Benin Republic is a competing nation. They are competing with Nigeria, because they are a coastal state; they have a seaport. What ECOWAS is trying to do is to bring landlocked states to be able to use their waters. So you shouldn’t be encouraging your neighbouring state that has waters. What you should do is to see how you can make sure it does not have enough cargo. If you want to do that, then, Kano rail becomes a priority. I now said okay, Nigeria will fulfil its obligation by constructing Kano to Maradi. I flew to Niger Republic, had a meeting with the prime minister and said to him, ‘look, we are going to construct rail line from Kano to Maradi and we are already constructing Lagos to Kano, which means that, if you board in Maradi, you will not stop anywhere until you get to Lagos. What is the benefit? The seaport in Lagos becomes busier than it is now, because they have promised us and we should put that in writing. I am not a lawyer; I have to imbibe that culture of putting things in writing. I usually believe that everybody is a gentleman but these are nations – Nigerian nation and Niger Republic. There is a need for us to put it in writing. They have agreed that their country will import national cargos through Lagos seaport. That is the way to make money out of the Kano-Maradi rail line.

Lagos-Lekki expressway is a toll road. So what are you doing to your rails? Is there anywhere they toll rail? There is nowhere they toll rail. In fact, if railways are tolled, rail will be the cheapest means of transportation. We are here subsidising rail. You have to understand that rail is not only for passengers, it is also for cargos. So what you should say is that why is Nigeria not producing? We don’t produce anything. A man met me and said we don’t have rail in my town and I said tell me what you want me to do. If I bring rail to your town, what will it be carrying? Absolutely nothing. The only reason I encouraged the president to continue the rail construction is this, at the end of the day, when Nigerians begin to produce, they won’t tell us they had logistical problems, because what train is about, is logistics. But here, what are you moving? There are no metals or iron ore, not even chicken. We have the capacity to move fuel, diesel. If you are going to Ibadan, once you reach Kajola, look to the left, you will see our wet cargo wagons. We have wagons that can carry frozen cargos. They are all there, we bought them. But unfortunately, we are not producing. I thank God for making me a minister. I used to come across people of affluence, and when the president said we want a new shipping line according to the law. What does the law say? The law says that Nigerians will hold 60% shares and foreigners will hold 40% shares. I was very enthusiastic as a young man who wants to get everything done. I boarded a plane to Singapore, and we got a Singaporean company that says they will bring the 40%. Till today, no Nigerian has raised one kobo.

But how do you action that in an international court, assuming they reneged on the agreement? How did you action Bakassi? An agreement is an agreement. I am a law student; I am a fourth-year law student. I am doing a double degree in law. I am doing LLB Law at Base University, LLB law at the University of London. I have done contracts here and there, and contract means if you and I reached an agreement, in any form – whether oral or written –you are bound to keep to that agreement. Any breach of it, I will go to court. There are so many international agreements in the world. Like this one I told you now, why are we doing Kano to Maradi? Because there is an agreement between all the West African states that each person will do its own. Yet, the president said on national television that he was doing the rail to Maradi because his cousins were there? He was joking. You know how our elders saw Nigeria; they saw Nigeria as a big brother to everybody. Unlike now because of poverty, we the younger ones are saying no, no, our leaders keep that your concept of Nigeria being big brother. So our president is still seeing Nigeria as a big brother to everybody. It is not the nature of the president to explain to you, which I have done now. I go to the cabinet and they ask me questions, some people attack me and I defend it. The approval by the cabinet was not done by the president alone, it was done by all of us. So when the president tells you they are our cousins, he was trying to make you remember that all of us are one. If somebody from Niger walks in here now and doesn’t open his mouth, will you know? Just like if a Cross River person walks in here, you won’t know; you will think he is a Rivers man until our intonations come to play. A lot of people thought or believed that the president must have inﬂuenced that particular contract. Oh… no no no, it is so annoying when I hear statements like that. Do you know why I said that? I wrote to the President four years ago, he refused to approve for a different reason. His argument was that, I am the president of the country, if you take the rail to pass through Daura, it will look as if I influenced it. And I made a joke to him. I said, ‘Oga don’t worry, when we get to the boundary between Daura and there, we will jump to Katsina and leave Daura alone. The Maritime University in Daura, or is it Transport University? Some people described it as another northern agenda. What informed locating in a place like Daura? There is no maritime university in Daura. That is where they say my arrogance comes in. What is in Daura is Transport University. The Maritime University is in Okorokiko in Delta. What you have in Daura is Transport University and the federal government or you and I are paying no kobo. I usually brag about it and say, I could have taken that money, get CCECC $50 million to go and invest in Duara and build a university for us. Why? Because you can build all these railway tracks and all that but the day the Chinese go, you don’t have any technology to manage it. We had a battle. They agreed, just like I had a battle, that they should build one in my village. By the way, they are building one in my village and it is called federal university. Much as Nigerians love the feats in the railway sector, there had been concerns about endless borrowings to fund it. Do you think the worries are misplaced? Again, that is where you people accuse me of arrogance. What is the evidence about borrowing? So far, we have only borrowed $1.4 billion in my ministry, which is for Lagos to Ibadan. If you do your investigations, Lagos to Ibadan is $2 billion, the federal government is putting $600 million and we have put in $600 million even though we still owe less than $100 or $200 million. Now, we borrowed $1.4 billion – that’s what we borrowed.

“Look, if you make me president tomorrow, I am going to run free education especially, in the north. Let the government fund free education because the same people you are denying free education today are the people that are not allowing you to rest. There is no boundary for kidnapping, even the herdsmen you are talking about, we must ﬁnd strategic measures to deal with the issue.You can’t just say don’t come to Rivers, or don’t come to Ogun State, no. The governors must meet as a people and say the reason why this is happening Under President Goodluck Jonathan, they borrowed $500 million to do Abuja-Kaduna. So Abuja-Kaduna which is $1billion, the Chinese government gave us $500 million. If you add the two, it is $2.1 billion since Goodluck Jonathan. Kano-Maradi is $1.9 billion, we have not borrowed, yes, we have seen the money for Kano-Maradi but until we sign the agreement, we have not borrowed. We have not seen the money for Ibadan to Abuja, the Chinese are no longer giving the money they wanted, so we are looking for the money. We are looking for money for Port Harcourt to Maiduguri, which is $3.020 billion. We have not borrowed. When we go to the National Assembly, it is to get the approval, which is the requirement to get a loan, because your parliament must agree that you can borrow. For Kano-Kaduna, up till now, we are funded about $300 million dollars from the budget. As I am talking today, they are constructing Kano-Kaduna. The only place you can say we borrowed will be Lagos-Ibadan, $1.6billion; Abuja-Kaduna, $500 million and we don’t have money yet. So when people say we are borrowing money, I am tired of explaining. Let me give you an example. I go to the cabinet and say, I want to do Port Harcourt-Maiduguri, $3.020 billion, people will shout…Amaechi! They will exclaim. But they have forgotten that all we have got was an approval to find the money. As I am talking to you now, I am scouting around the world to look for $3.020 billion. I am looking for money to do Lagos-Calabar, which covers my area, South-south; it is not there, $11.1 billion. We have seen some movement of cash; they have told us that they will give us $300 million to start

while we look for $1.65 billion. Supposing we finished the $300 million and they say they don’t have money, what will you do? But so far, they have not given us any money, which is why I said I have seen, because once you put pen to paper, they will raise the first $300 million for us to commence construction. Central line is even the worst, the Chinese company said they want to do PPP, we signed and got the contract for them to sign, now they said no, we should convert it to contract. I said no, I will not. Instead of me to convert it to contract, I will cancel it. We will advertise it and I won’t let you bid. You misled us. When you are asking for PPP, everybody I met in the world told me there is nowhere since the world was created that they have seen PPP in railway. And they said there could always be a first time. Now, they have gone to look for the money and can’t find the money. They say we should convert to a contract, but I will not and I will go back to the cabinet to ask for cancellation. So all these things you are hearing – all of them put together – is about $36 billion dollars. We have not got more than $2 billion.

Talking about rail, you once said the solution lies in rail. Now, you have been a minister for about 6 years, and not much has changed, would you say you have failed on Apapa? How can I say that? The crisis in Apapa is not ours. Why I said the solution lies on the rail is that the moment you take the rail to the key side, any cargo that comes in just stops on the rail. Why have we not done that? Two things are affecting us. The first one is that, in the course of construction, there was a place that they used to dump waste. We thought by engineering this, we had found a solution to it, so we laid the tracks and passed. Few months after, depression started, the engineers called our attention to it. The consulting supervising company, the Chinese company, all of them came and said no, we need to find the technology to deal with it. Further investigation showed that it was 10 meters deep. The Chinese have reviewed that, to excavate the 10 meters and do soil replacement. The Italians, who are the supervising engineers, said no, that it requires bridging. That is what I approved two weeks ago. Now, we have given the Chinese the directive to do that, so that there will be no further depression. They told us it will be done in six months. What they agreed with us was that by December, they would have finished work there. But that was because the Chinese thought it was soil replacement. So if I had approved soil replacement, it would have taken them one month to excavate the 10 meters and get soil somewhere else, maybe in Ogun or anywhere to replace it. But the other company felt that a more permanent solution would be a bridging facility, which I have approved. I don’t know how much longer it will take them. When they finish that, there is another problem in front, near the key. The custom building that has scanners, and scanners come with dangerous chemicals. So we get a company from outside the country to come and take it away. That will take us some few months. The president has already approved cargos that can go on road transportation. Once we finish that, we will now compel those people who do not meet the requirements for road transportation to use the railway facility up to Ibadan. I have told the governor of Oyo State to prepare once we start this. I would have done him one good thing, our last station is outside Ibadan. So do a road that links that station to the express so that nobody comes into Ibadan because if they come into Ibadan, they will clog Ibadan. But if you do that road to the express, anybody who is coming will just drive from there, pack at our station, pick up his cargo and leave.

The ones you have borrowed, are they repayable, I mean can it repay the loan? We are already paying. We have paid over $100 million for Abuja-Kaduna. And to contribute to the payment, the ministry of transport has said to the ministry of finance, once you remove the operational cost for the rail lines, take the rest. And operational cost is about a 100-and-something million naira and we are making N350 million now.

Are you likely running this rail infrastructure at a loss presently? There is nowhere in the world that they make profit in railways, except, probably China. But it is very small. So yes. When it comes to Abuja-Kaduna, we have moved from N70 million profit per month to N350 million. If you look at the cost of construction, you must deduct it from it to know whether you are making a loss, because no rail line has been able to pay for itself. So if you say, I want to pay for this rail line, and you make N350 million per month, multiply it by 12, that means our grandchildren will pay what we are paying. But if I see it from the other way of being a politician, I can say yes, I am making N350 million per month in Abuja-Kaduna, I am not making that much in Lagos, yet, because we are yet to introduce the number of rail. By December, we’ll introduce 16 trains per day, 8 going and 8 coming and each will contain 14 couches. So I should be able to make money also in Lagos-Ibadan. Where we may not make money is Warri-Itakpe. The

There’s a problem of model, because the

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THE MONDAY INTERVIEW

ROTIMI AMAECHI

Elites Are the Problems of Nigeria reason we may not make money on Warri-Itakpe is because first, there are no passengers, because it’s not meant for passengers. It’s for iron ore and cargo. Talking about making money, there are allegations of ticket racketeering. If at all there is, maybe Lagos, because we have cleaned that out in Abuja-Kaduna when we introduced e-ticketing. Let me let you know, I am under the same pressure for this electronic ticketing in Lagos. So in Lagos, it may be possible if at all there is ticket racketeering. But it is not as pronounced as it was in Abuja-Kaduna. In Abuja-Kaduna, we arrested the guy and took him to court. And he had a good case. He said look, I am a Nigerian and a businessman. I buy tickets and resell, what is wrong with that? He said, he comes early in the morning, buys ticket, say 20 at N1000 and resells for N2000, what is your business? But he lost the case. The issue of safety and security in the railway business. How are you handling that especially, in the light of the recent bombing of the Kaduna rail tracks? You know when people asked me before, I was saying it was not bombing. But the security information I got this morning indicated that it was an IED. So whoever gave them that sense to put nitrate, ammonia and every other thing, to put on the track, then, we need to be more careful than we have been. The first thing is that we are going to talk with the Air Force again. Before, the air force used to fly above all our routes, so they see whoever is on the track at any time. But I think at a time they stopped, maybe because of the cost of doing that. So we need to re-introduce that. The next thing we need to introduce is the rail bus. We have a rail bus that runs on the track. If a train is coming, it can just veer off, so when the train is gone it comes back. The third and final one is that we are going back to cabinet to get approval for a digitalised security system. What that digital system does is that if you touch the track, it triggers wherever we are. So you know who is on the track and you see the track end-to-end and you are able to make decisions. It doesn’t stop people from walking on the track but we are seeing it and we know what they are doing. If we had installed it, you would have seen the gentleman who dropped that IED on the track. Are you likely to be able to recoup these investments? As I said, in railways, you cannot recoup. It is just what you need to grow your economy. Take for instance, what impact that act would have had on people who live between Abuja and Kaduna? Most people who could not afford to pay house rent in Abuja are now living in Kaduna and coming to work

at 6am. They arrive here at 8am and go to work. So you are looking at how much the person has saved. Now, what happens to the economy of Kaduna? Landlords will make more money because they now have tenants. The micro economy of Kaduna will grow. You cannot see railways put money in your hand, it just grows an economy. And that is what we have done so far. But the greatest economy the rail will grow is the productive economy. Your government has been in power for almost 7 years and one of the issues has been Nigeria being a consumption economy. What is really being done to make the country productive? You would think I am a sycophant when I say you should praise the president. And why did I say you should praise the president? I visited Borno when we campaigned for Dr Peter Odili and I saw that watermelon was growing in the wild, not planted. If you go to Borno and plant watermelon on 100,000 hectares of land, imagine how many people you will employ. Imagine whether Boko Haram will survive. The reason people will enroll in Boko Haram is just hunger, it is not religion. Hunger which is driven by poverty and a lack of education. So if I were the governor of Bornu State, I would focus on education and how to reduce poverty. Why do people join Boko Haram? Hopelessness! Don’t forget the reason Nigeria could move and progress in the past was because we had hope. Nigeria used to believe that once an administration comes, in four years’ time, they will go. Another administration comes and repeats what the last one did. They will be hoping that the next one will be better. But now it is so hopeless that they don’t even believe that anyone and anything will change. So we’ve lost hope and because Nigerians have lost hope, they are taking the laws into their hands since there is nothing to live for. The reason you can see a man commit suicide is because there is nothing to live for. Now, if Boko Haram calls you and say, take 5, 000 naira and go and bomb this man, it is because if he doesn’t take it, nothing will change. So we need to give hope and how is the Buhari government giving hope? Have you looked at our contribution in Agriculture? In a rural economy like the Nigerian economy, if we can’t manufacture, then, you can do agric production. I remember before I became speaker in Rivers State, everybody was going to look for work and they had other sectors of the economy. We were producing cream and all other things, the value

chain was there. It was in my regime but I now sold it to a Belgian. The general manager who actually built it was ashamed that he handed over the thing, because Nigerians don’t produce. They don’t care. They want money to just feed; they don’t even ask how the money comes. If you are not getting the money, they say you are a thief but when you share the money with them, that is when you are a good man. But a report by AFEXT, a commodity trading exchange, claimed that production has been poor because of insecurity. I agree. Where is the incentive? We are not here for only two years, it is not something that started happening two years ago, we’ve been here six years. Before, we used to import chicken. I am into poultry farming. You know Obasanjo started as a poultry farmer. He could not get the licence to buy GPS and he knew only one person had that licence. Now, a few people bought the parent stock from that licence, because you won’t import. And that person did not have the capacity to produce the parent stock for us to buy, so chicken was being imported. Yar’Adua (former president Umar) came and expanded it to 15 persons. I was one of the 15 people that could buy GPS. Buhari came and removed everything and said, “Anybody who wants to buy GPS can go and buy.” Now, people can buy GPS. So GPS starts producing PS. You have in the country people know who and who is producing. And the fact that he said we won’t use our dollar from NNPC to go and buy GPS outside means that even though it is more expensive, because if you buy chicken from outside it is $1. If you buy from Nigeria it is $3 but at least, we have started producing. It will get to a point where MTN got. Remember, when we started the GSM, it was very expensive, as soon as everybody stepped into the market, the thing started coming down. Now, everybody is saying there is glut. Sometimes, there is a glut in the poultry market, because everybody is now producing. You know India or Croatia is the highest producer of banana but you know India imports banana because they are 1.4 billion people. In Rivers State, I had a banana plantation as a government. The young man who came there chased away the Mexican company. This thing you people call RUGA started in Rivers State. We got N3 billion, paid Israeli company to come and gave them 10,000 hectares of land to start constructing houses for 1000 persons. They built schools, markets, church for those who wanted to go to church. So the housing was for accommodation and each person

“No known politician will allow what happened the last time to happen again. They went to court. Have you seen a situation where even a judge asked a party to a matter to come and was pointing their lawyer to them? The party refused and said it was not their lawyer? The last time we didn’t speak because we wanted to respect institutions, Now, this is the last lap. You will say to yourself, how will it happen. I don’t know how it will happen, I am not God, but I know that I am not in conﬂict with anybody in the party in the state”

had 100 hectares of land. As soon as the man came, he took the money back from the Israeli company and the company left. The company was introduced to me by Obi Ezekwesili. So imagine 1000 people in 10,000 hectares of land all farming. Even if they don’t feed anybody, they will feed their 1000 wives. They will feed their children, that means you have taken out 3,000 people from the poverty index. You see, what the president is doing is to create opportunities. If you want the government to give you approval, show him evidence of how many jobs it will create. So when you said it was not our government, I wonder how. Take the railway for instance, it was the Obasanjo government that started railway modernisation but that was theory, which was on paper. When I came, I dusted the paper and read it through and I said, let’s go to the field. The Goodluck Jonathan government started the Abuja-Kaduna, but at a point they stopped. They could not pay the money. We had to pay the money. When I came, I told the President to call the minister of finance, and the woman said, I should go and look for money. The woman still insisted on the budget, and the president said, ‘Okay, I agree with you. I am a man of the rule of law, so the budget. But before the end of the budget, look for this fund’. There is no fund that will be used to fund this project. And it was up to N18 billion, so he said, give it to Amaechi. Amaechi you start spending when the budget is approved. As soon as the budget was approved, she gave me money to go and start Abuja-Kaduna. But as a good man that I am, I made sure we did not forget President Goodlck Jonathan. How are you addressing vandalism? It is mostly between Nasarawa, Jos and some parts of the South East and then Port Harcourt. It is the law that is the problem, because the law says if you are arrested, let’s say you take 10 tons of cargo and it is N10 million for instance, and the law says you will pay N200, 000, won’t you take the risk? It is an old law but President Obasanjo had sent an amendment of the law to the National Assembly as far back as when he was in government and nothing has been done. We are arresting them but not much is being done. In fact, most times, the Nigerian Railway Corporation is complaining that we are paying for their feeding. There has been a lot of controversy surrounding the Secured Anchorage Area, what is the situation now? The president has approved the cancellation. Does the government have the capacity to secure the country’s maritime domain? What capacity did the company that was doing it have? You have about three to four vessels, you arrest all vessels coming to Lagos, so you say, listen, we will escort you to Lagos, because our job is to protect you, park here, that is the anchor. So park here and we will keep you for 30 days. Meanwhile, your plan is to enter Lagos and go back the next day. The first day you pay $2500, the next day you pay $1500. $1500 multiplied by 29 days plus $2500 that made it 30 days. You are carting away a $100 and something million for doing nothing. So I kept quiet so that they wouldn’t accuse me of taking away their business. When I finished with the deep blue project, I called him and said, it is time for you to leave. He said why, I said because we now have the capacity to protect our waters. NIMASA has provided that capacity of having more vessels. I am just coming from a NIMASA programme and I saw the vessels, so we have them now. He said, okay what do we do, can’t you hire us? I said why am I hiring you, for what? I have the equipment. I have the personnel, what am I hiring you for? So the battle started again, just like the foreign people who are petitioning now. The president set up a committee, one headed by the VP, the other headed by the minister of defence and then the EFCC. Don’t forget this same issue consumed the former minister of transport. I told the president, sir, how much is in maritime? The budget in the federal ministry of transport is N6 million. That is the budget of maritime. Where the money is in the maritime is in NIMASA, NPA and all these our agencies but that is not the real money; that is not the money they are looking for. The money they are looking for is illegal money inside maritime. When I read what a former chief of naval staff wrote against me, I laughed. I am sure he didn’t want me to address it publicly. What is the interest of the former chief of naval staff? Okay, what about NNPC? There are actors that cause confusion in the waters and go to NNPC to ask for security contracts. If you aggregate all the monies that non-state actors are diverting, vis-a-vis the ones that state actors are diverting, you will see that Nigeria is bleeding more from the non-state actors than state actors. In that case, I said I was ready to die on this matter. When NIMASA paid $20 million to the company, the company from day one said our account, our company – we are in Seychelles. So once they saw an official transfer from NIMASA to the company in Seychelles, they petitioned against me. They said they have caught Amaechi. I wonder why they have not released the report since. Before I went to the president, they had started this fight amongst themselves on how to share their money. One of them went to Continued on page 23

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THE MONDAY INTERVIEW

ROTIMI AMAECHI

NPA is Under Investigation, Not Hadiza the newspaper and said he gave the presidency 8 million dollars, National Assembly 10 million dollars. But at the end of the day, the president was convinced that something was wrong. He felt that the level of corruption going on needed to be checked, because who pays the money? It was not transport, it was not the federal government. It was because of that money they were adding. If a camera is $10 dollars in Ghana, because they have added $500 on that camera, the owner will pass it back to you ordinary Nigerian. So who are the people being cheated? The ordinary Nigerians! The president realised that the ordinary Nigerians were being cheated. First, there was no contract, it was just them harassing poor people like us. What they had was an understanding with the navy. So I wrote to the navy and said it was not the responsibility of them or anybody on earth to decide what was an anchorage area. The law says the honourable minister of transport will. I therefore said I did not give it an anchorage area. So the president has solved it. Now, INTELS. The federal government is believed to have lost several billions since INTELS took NPA to court over the pilotage contract a year ago. But recently, the FG announced plans to award the contract for another 25 years to the same INTELS that was disqualiﬁed for violating bidding rules for contracts? Does that make sense? There are two answers. The first answer is, it will be sub judice since it is one of the issues before the panel of investigation. The second answer is, ask the NPA whether they followed due process in proceeding with it. There is a process. You must come to the ministry of transport, and they didn’t come for the bidding process. So I wrote to them and said no, I don’t agree, that they didn’t follow the process. And I also wrote to the president and he approved. It appears you were not briefed on the INTELS matter. INTELS built two berths at Onne Port for $2.5 billion and it was amortised for 10 years. But the contract didn’t speak to who collects revenue. INTELS’s argument is therefore that they built the berth, so they must collect the revenue from the pilotage contract, which is a different agreement to offset the debt. But the NPA said anyone could collect revenue as long as the debt is paid. But INTELS has collected the revenue for over 10 years at 38% from the government, then, the balance goes to offsetting the debt. How do you reconcile this? For all those issues, let NPA and INTELS sit down and iron it out. NPA doesn’t agree with INTELS’s standard. What the president is interested in is what is lawful and what is right. But again, as I said, this matter would be sub judice; it is before a panel. Is it true that the suspension of the former NPA has to do with the fallout from the INTELS matter and the Lagos Channel Management contract? Did you see the letter that was approved by the president? We never ever mentioned INTELS. We never ever knew there was a crisis between INTELS and NPA. When the NPA wrote to me, I didn’t even know they were proceeding, because I wrote that you couldn’t proceed. There were two contracts that I told NPA that they couldn’t proceed with. The first one is this and the second one is the channel management. In writing, I told NPA that you are spending N57 billion a year for channel management, why not buy the equipment. Those white men don’t use white people to do this thing, they use Nigerians to do it. The difference is the equipment, which you can’t go to the market and buy. They’ll say because I am Nigerian they won’t sell to you. So buy the equipment and come and do it here. Since 2019, they ignored me, until it was critical. That is the argument they are making now that it is too critical. We can’t afford to buy it now. Before we can finish the process to buy the equipment, it will take us two or three years. But I knew about it. I wrote to you in 2019 to say that I would not support this contract, because I thought Nigerians could do it. Now, the contract has got to N104 billion for all the channels by their bidding process. And I said I won’t send it to the cabinet, because for me, why do I have to buy that cloth in London if it is here? I said they should not renew the channel contract. Don’t forget that what most ministers like is this kind of situation, where contracts are expiring in their time. I could have just renewed it and collected some of the contract. But from day one, I said no; that we must move forward. We will save this country money. The first year, it may even be more than N57 billion to buy the equipment, so you buy the equipment, you deliver it. Let’s even say it is N90 billion, next year you will only pay salaries. To be paying N57 billion every year for 15 years, Nigeria is bleeding. But it was alleged that you declined to take it to cabinet because you recommended two Chinese ﬁrms and the NPA turned you down. Do you know me very well? If you know me very well, you will know that I will never call any of my agencies and recommend a contractor. Even as a governor, I didn’t call my commissioners to say they should go and give a job to somebody. Just like president Buhari gave me a free hand to run my ministry, that is the way I gave everybody a free hand to run their agencies. But do you really think as the minister in charge, they would not concede to me if I asked for two from the contracts? That must be a joke. The

“If you read the letter, the letter stated to the president, ‘Mr President, I am the minister for transport, I don’t know what is happening in NPA. Not one day have they reported to me or told me what is going on. Mr President, I would like to know what is going on. I want an audit.’The president approved. From nowhere, the auditor general refused, because that his is power. So I wrote the president that I no longer want an audit, I want to do what they call administrative enquiry. But let the Managing Director of NPA just step aside. That is not suspension…” truth is, I was not interested but just wanted the right thing to be done. Period! You suspended Hadiza in March and up till now, the committee has still not ﬁnished. Is the delay intentional? I did not suspend Hadiza nor did I recommend her suspension. If you read the letter, the letter stated to the president, ‘Mr President, I am the minister for transport, I don’t know what is happening in NPA. Not one day have they reported to me or told me what is going on. Mr President, I would like to know what is going on. I want an audit.’ The president approved. From nowhere, the auditor general refused because that is his power. So I wrote the president that I no longer want an audit, I want to do what they call administrative enquiry. But let the Managing Director of NPA just step aside. So that is not suspension, in civil service they say, you are hereby suspended. And she is not under investigation. The MD of NPA, Hadiza Bala-Usma, is not under investigation; it is NPA that is being investigated. But it has taken seven months to carry out an administrative inquiry without a report. The panel has not finished. They are investigating five years. One year alone will take them 10 months. But have it at the back of your mind that all we are doing is going through what happened in NPA for the five years that I never knew anything about NPA. Are you likely to recall her? I am not the president. That is the decision for the president. I will only send the panel report to the president. If the president is convinced that she should come back, so be it. If you look at the NPA law, only the president has the powers to fire or hire. The minister doesn’t have any power to hire. It was said that you instigated her suspension because both of you were not working well and you have just insinuated it too by saying you didn’t know what was happening in NPA. If you know me well, I am a very busy administrator. I like smart people around me. They do all the work, I get the credit. So there is no way you will say I will be angry with the MD of NPA if she was doing her job according to the law. And the law includes the fact that you should come to the minister for approvals. There is something we are querying now in NPA, I just saw the file

yesterday and I asked the permanent secretary to brief me. I don’t know if I should tell you this, but let me give you an example. We had an agreement with Lekki Deep Seaport. The permanent secretary said an unknown person went and entered into a second agreement without the knowledge of the ministry. Meanwhile, the minister doesn’t have the power for such an agreement. The right thing is to go to the cabinet. I saw it yesterday and I read it once and read it the second time. But how do you sit in an office and somebody in NPA, whoever the person is, goes to drop a second agreement with Lekki Deep Seaport? And it has to do with exclusivity. You said NPA is being investigated and not Hadiza, yet, you reported to the president that funds were not being remitted to the federation account, even when the ED F&A, who was a key ﬁgure in the NPA management, was appointed to Act pending the outcome of the investigation. How do you even explain that away? Why not wait till the report is out? You have a structure, where the Managing Director of NPA is in charge of most of the issues. If today the ED finance has not remitted funds, whose responsibility is it to call me? If I want to see anybody in NPA, I don’t go to Koko, all I need to do is to say, ‘Perm Sec, tell the MD of NPA to see me.’ I have friends in NIMASA, even when they come once, they raise NIMASA issues. I just tell them to go to the DG. That is the structure, just like the president does. If the president is asking everybody in transport, how will I run my ministry? So if you say I did not hold Koko responsible, there are two things that will happen: I am holding NPA responsible for not remitting funds, whoever is in charge should tell me who is not doing their job. If the panel says Koko didn’t do his job, then, he will go. Even at that, it still doesn’t smell nice that Koku is the acting MD when a panel is investigating NPA at a time he was the ED ﬁnance. Does it? The management of NPA was not dissolved. I don’t have such powers. Only the president can dissolve the management and board. Recently, you said Nigeria was the only country in the world where shipowners have no ship

and the shipowners have replied you. They said you didn’t know what you were saying. But what did you mean by that statement? Okay, let’s even say it is true, tell me one Nigerian that’s Ocean going? They all do carbotage. Finish! Again, I am the minister of transport, maybe I misspoke. What I mean by I misspoke is that I should be protecting my people; I should not be putting them out there. But if they want that debate, let’s have a meeting on that. They know I know the people I spoke about. They have told me themselves. Still on shipowners, the Cabotage Vessel Financing Fund (CVFF) was designed to help Nigerians who don’t have ocean-going vessels. Recently, you were quoted to have said the government had withdrawn the approval of the disbursement of the Fund. And the shipowners said you were not correct. From their own investigation, the approval has not been withdrawn. The question is, has the approval been withdrawn? If it has been withdrawn, how then do you develop the sector? I will go back to the president. It took us three years to get approval from the president, because there were so many interests. The president minuted to the attorney general, who then advised that it was not public money; that it was money belonging to those who do business in maritime, especially shipowners and that it is held in trust by government. That the government should disburse to them, and the president approved. Then, we sent it to the ministry of finance, asking them to release the money according to the law to a specific bank, without telling us (ministry of finance), they wrote back to the president and said it was public money. But NIMASA has been doing Cabotage waiver for foreign players, which the law forbids. When did NIMASA do that? Please can you show me because that ends with the minister and I have never signed any of them? So if there is no cabotage waiver how are the foreigners operating in the industry? (NIMASA DG, Badhir Jamoh, who was present, interjects…) “We don’t give a waiver. There are two issues, one, only the minister can give waiver and NIMASA has a duty to process the waiver. So if you are a shipping company, you apply for a waiver and we process it. And when we process it, we send it to the minister. But the pattern and the main way the ministers operate, they don’t want to give the waivers. So usually most ministers, if they come, they don’t attend to those applications. But NIMASA continues to file in the applications on the processing of the waiver. The owners of those waivers assume once they pay and they have a receipt, they will go and continue trading. This matter went to the National Assembly, it called us and said we were giving waivers. “We said we don’t give waivers. We said give us the evidence where we issued a waiver, and they didn’t have. The person responsible for waiver is the minister; this is what the act says. So they called the minister and he said, call the DG NIMASA; I have never given approval. When these two contradictory statements came, I now went to NIMASA and said all application forms received in respect of waiver and processed, send it to the honourable minister. If he doesn’t want Continued on page 24

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

THE MONDAY INTERVIEW

ROTIMI AMAECHI

FG Will Rather Die Than Allow Anything Happen to Lagos to give, let him send it to us that he does not want to give. And that is the position till today.” Let’s go back to the railway. The frequency of breakdowns of the locomotives has cast doubt on the quality of what you have. Aren’t you concerned too? You are right about breakdowns, and it happened only in Kaduna-Abuja. But from 2016 till now, we have not replaced anything. We have run out of rolling stock. It is good to be a governor. As a governor, I can go and buy the rolling stock, but here, I have to advertise; I have to get approval from the president. The president gave me approval about four or five months ago. I have to do what you people refer to as due process. If I don’t do it, it will be on the front pages of the newspapers. So we are doing the due process to go and buy rolling stock. Rolling stock has been there since 2016 . We don’t have enough anymore to recover or to keep the rail running. If some are bad, we replace them and they move. So we will continue to have breakdowns. You should even praise Nigerian engineers. Recently, we have never had any breakdown. They fixed the rail after the attack. It was a young lady engineer that did it. I thanked her and said Nigerian media will not see this. Still, a lot of people are attributing the breakdowns to poor quality Just imagine that you have not eaten for four or six years, will you still be alive? So I said until we buy those rolling stocks, I don’t know whether it will be bought while I am in office, because of the due process. Because at the end of the due process, I still have to go to the cabinet. Take Lagos-Ibadan, if it is a state governor, it is easy but we are doing due process and it took us over six months to get this thing from ICRC. Now that we have got it, we are advertising it and we will give them six weeks, then, we will start our own internal due process. When we finish, then, we’ll go to the cabinet. In fact, when we came to government at the beginning of 2016, the majority of members of cabinet were of the view that they should give us some emergency powers. But then people screamed, and they stepped that idea down. But if we had those emergency powers, all we need to do is to call, say, a Chinese company to supply us what we need. But because we have to do due process, it takes time. Let’s play some politics. The All Progressives Congress (APC) is conflicted seriously in Rivers, and your friend, Magnus Abe is at loggerheads with your own faction in the state. If you call an APC meeting now in Rivers State, who would you call? The law simply says there is a national APC, and the national APC sends people to organise primaries. If somebody says he is a parallel APC, he is on his own. It is like saying, because I established one oil company, I am now the NNPC. What will it take for the crisis in Rivers APC to be resolved? I don’t know, I don’t even know there is a crisis in Rivers APC, because I am a member of Rivers APC, but I am not the chairman of APC in Rivers State neither am I the secretary. But you are a central figure in the party and also in the thick of the crisis. The question is, what are these issues? Am I running to be a governor, apart from being a former governor of Rivers State, I can’t be Rivers state governor again. The law forbids that, however, I can be governor of Ogun State, but I can’t be governor of Rivers State again. So I am not among those in contention. You should ask those parties that are contending for the governorship of Rivers State. Are you not worried that what happened in 2019 as a result of your scuffle with Senator Abbe could repeat itself in 2023, if you do not come together? How will it happen? If they repeat what they did the last time, you will see what will happen. They were celebrating the last time. No known politician will allow what happened the last time to happen again. They went to court. Have you seen a situation where even a judge asked a party to a matter to come and was pointing their lawyer to them? The party refused and said it was not their lawyer. The last time we didn’t speak because we wanted to respect institutions, Now, this is the last lap. You will say to yourself, how will it happen again? I don’t know how it will happen, I am not God, but I know that I am not in conflict with anybody in the party in the state. Let’s look at the last time the court judgment came and the Supreme Court said, you people should go home and make peace. I came to the party in the state and I rallied everybody. And I said gentlemen, no victor, no vanquished, let everybody come together, we don’t need to make trouble and all that. But just because I said me, Chibuike Amaechi will support a riverine candidate, the trouble started again. So until somebody is made governor of Rivers State, you are not at peace? You can only be a good man when that man is made governor? They are denying me my right in choosing who I want to support. And I have said whether they like it or not, the whole Rivers State can go upland, for me, justice is served if I support a riverine man. Why? Upland has been governor for 20 years,

which is unfair. If Wike is the best governor, there can be another Wike in the riverine. So upland, allow these riverine people even if it is four years. And you can take the power from the riverine, any day you wake up and say I want back power. You will take it so easily. There are 18 local governments in the riverine area and 15 upland and, Ikwere alone has 2 million votes as at the time I left. So any day, Ikwere wakes up and say, we want back our power, they can do it. But allow what is fair and just; allow them governorship and that’s all I said. In fact, I say I don’t have a candidate, whatever candidate you people bring from the riverine, I will support. That is the quarrel in Rivers State APC. Do you think APC, as it stands today in Rivers, has what it takes to challenge a Governor Wike-led PDP? Wait until the elections. The last time, how did he defeat us? They used government institutions to defeat us. No, that’s not correct, minister. You were alleged to have used the military to try to take power I did not use the military. I did not even know there was military at Abonnema. I swear to God. I’m not joking. When I heard about the shooting at Abonnema, then, I asked: what happened at Abonnema that you people went there to shoot? That’s when I heard that a military officer, protecting INEC’s materials was standing like this; a lieutenant Colonel in the army, and you were courageous enough to shoot him?

an army Colonel and took Obi Akpo’s results? Did they tell you that? You know one thing about our journalists? Before you write, always make proper investigation. Do you really want us to believe that..? That is what happened, I did not not use the military Let me take you back to the rail issue. You are the man in charge of the railway today at the national level, looking back at your time in Rivers State, you started a monorail of about 1.5 kilometres in length that you could not complete. How does that make you feel? It’s more than that, it’s about 5.3 kilometres not 1.5 kilometres. The only thing remaining for that rail to be completed was the last station, that required less than N1 billion to complete. The problem is, when you pick young boys and give them what they cannot carry…Listen, I don’t want to go into that. Truth is, we have finished the tracks, we bought the coaches and locomotives. It was the consultant that advised us to extend it to the last station so that more trains can come and park. We awarded the contract for about N1billion or N2 billion. But the man there refused to complete it. What about the schools that they stopped? We will talk about all these during the election. Now, I am obeying my lawyers and publicist who have advised me not to talk. I am writing a book, Nigerians will know more when the book is released.

Who shot him? Whichever Thugs. The man slumped and died, then, the military immediately opened fire to save themselves.

Your party has been in power for over six years and the country is a mess now. Who told you that? I disagree with you

But there was a body of women, protesting? Please, please, could they come out? Can any woman come out in that kind of situation? They came out after and said they were demonstrating. What sort of demonstration? Even a policeman, you can’t past the policemen. But you see an army officer guarding INEC’s materials and you opened fire? Did they tell you that they went to Obi Akpo? A sitting government, shot

The statistics are there: insecurity everywhere, the economy is paralysed. Nigeria is now the poverty capital of the world under your party. No one can travel by road anymore, yet, you think the APC is a big deal? That is not true. When my CSO died, I drove from Abuja to Asaba. I have told you when we were discussing that the reason for Boko Haram is not religion, it is not Muslims looking for Christians; it is basically the fact that there was

“What is the interest of the former chief of naval staff? Okay, what about NNPC? There are actors that cause confusion in the waters and go to NNPC to ask for security contract. If you aggregate all the monies that non-state actors are diverting, vis-a-vis the ones that state actors are diverting, you will see that Nigeria is bleeding more from the non-state actors than state actors”

a lack of education and poverty. Until we address that, the challenges will remain with us. Now, take for instance, I say go and open this station in Borno, they will say Amaechi is Hausa-Fulani man. You have forgotten that the reason is that some areas in the north tend to be poorer than some areas in the south. And there is a need for us as a country to balance out. You must balance out deliberately. Government must make deliberate efforts to do this. Look, if you make me president tomorrow, I am going to run free education especially, in the north. Let the government fund free education, because the same people you are denying free education today are the people that are not allowing you to rest. There is no boundary for kidnapping, even the herdsmen you are talking about, we must find strategic measures to deal with the issue. You can’t just say don’t come to Rivers, or don’t come to Ogun State, no. The governors must meet as a people and say the reason why this is happening is XYZ. We will agree that we will partner the federal government to do the following and find solutions to them. Now, there are only two places people go to in Nigeria. There are 36 states and the FCT, but only two are functional – Abuja and Lagos. And why you are functional here (Lagos) is because of the federal government. The federal government will rather die than have anything happen to Lagos because of our economy. Then, Abuja the same. Why are other places abandoned? You and I, the rich men, when we are stealing the money that belongs to the people, didn’t we know? It has got to a point where access to public funds is no longer possible, because Buhari stopped people from getting access to public funds, except you do project. There is always a choice we have to make between infrastructure development and just spending the money recklessly. At other times, we’ve been reckless with our expenditures. We have never addressed infrastructure. I remember what the president asks me all the time, he says, “Amaechi, when you go to Cape Town, how do you feel?” I say I feel ashamed. Cape Town looks like overseas. When you go to Cape Town, you won’t believe it is a South African environment. So for him, he wants a replication of Cape Town in all parts of Nigeria. He thinks that we can build railways everywhere no matter how bad it is. And I continue to remember the question he asked me, “Amaechi if those people, who were heads of state by that time we had money, had done this railroad, would we be doing railroad now?” No. We have been reckless with our funding. To address what you said, poverty is the basic factor for the issue of kidnapping, the issue of insecurity and all that. When I was governor of Rivers State, there was one statement I made clearly and I still maintain that. I said because few governments and Nigerian elites refused to provide a legal economy for the poor, the poor will provide for themselves an illegal economy. What I am trying to say is that poverty did not start with Buhari’s government. What I said was that, what is happening today started long ago. If we all went to school, we would not be looking for employment. NOTE: Read the full interview online on www.thisdaylive.com

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

O C T O B E R

S & P INDEX

2 9 , 2 0 2 1

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

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–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

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10%

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Despite Economic Challenges, Dangote Cement, MTN, 7 Others Record N1.29trn Proﬁt in 9 Months

Kayode Tokede Amid macro economy challenges, orchestrated by COVID-19 pandemic, among others, nine most capitalised stocks on the Nigerian Exchange Limited (NGX) reported 22 per cent increase in profit before tax to N1.29 trillion in nine months ended September 30, 2021 from N1.06 trillion reported in nine months of 2020. The nine highly capitalized companies on NGX are Dangote

Cement, MTN Nigeria Plc, BUA Cement Plc, and Nestle Nigeria Plc. Others are Guaranty Trust Holdings Company Plc (GTCO), Zenith Bank Plc, Stanbic IBTC Holdings Plc, NB Plc, Lafarge Africa Plc. It was learnt that stronger revenue and effective management of cost were major impetus for growth Dangote Cement, BUA Cement, Lafarge Africa, Nigerian Breweries, MTN Nigeria, NB, Zenith Bank and Nestle Nigeria recorded growth in profit before

tax in period under review. The likes GTCO, Stanbic IBTC Holdings recorded decline in profit before tax on the heels of weak gross earnings’ and hike in operating expenses. Out of the N1.29 trillion reported profit before tax, Dangote Cement contributed 31.5 per cent when the cement manufacturing company reported N405.49billion profit before tax in nine months of 2021, an increase of 49 per cent to N271.96billion reported in nine

months of 2020. The Group Chief Executive Officer, Dangote Cement, Michel Puchercos in a statement said the company exceeded its 2020 full year results in the first nine months of 2021 with EBITDA currently trending at 45 per cent y-o-y as at the end of September 2021, more than double the 21 per cent EBITDA growth in 2020. “Despite operating in a complex, challenging, and fast-moving environment, Dangote Cement is

consistently delivering superior profitability and returns to the shareholders,” he explained. However, MTN Nigeria grew its profit before tax by 51.9 per cent to N321.35billion in nine months of 2021 from N211.59billion in nine months of 2020, to becoming second most profitable company on the NGX. CEO, MTN Nigeria, Mr. Karl Toriola expressed that the telecommunication giant in the first nine months of 2021, continued

to enhance its resilience of the business, improve performance and make good progress towards Ambition 2025 strategy. According to him: “Overall, service revenue continues to grow, increasing by 23.7 per cent, ahead of the rate of inflation and supported by voice revenue growth of 10.6per cent and accelerated data revenue growth of 51.5 per cent. “In addition, our focus on cost Continued on page 26

Expert Urges Federal Government to Embrace Integrated Tax Management to Reduce Rising Debt Profile Nume Ekeghe As the nation’s debt profile continues to rise, the Immediate past Executive Secretary/CEO of the Nigerian Institution of Estate

Surveyors and Valuers (NIESV), Olusola Joseph, has stressed the need for the federal government to embrace integrated tax management system to reduce the nation’s rising debt profile.

This, according to him, would only be achievable when the government earns the trust of the people with public funds and citizens strive to hold government accountable to ensure value for

their tax payment. Speaking on the sidelines of the Chartered Institute of Bankers of Nigeria (CIBN), 2021 Fellowship Investiture, with the theme, “Nigeria Ris-

ing Debt Profile: Issues and Implications for Sustainable Economic Development,” he said nations across the world need tax for any developmental initiatives as the government is

keen on national infrastructural developmental project. He pointed out the recent infrastructural projects going on Continued on page 26

M A R K E T D ATA A S AT F R I D AY, O C T O B E R 2 9 , 2 0 2 1 FGN BONDS DESCRIPTION 10.296 FGNSB 13-NOV-2021 13.390 FGNSB 14-NOV-2021 9.091 FGNSB 11-DEC-2021 13.402 FGNSB 12-DEC-2021 7.144 FGNSB 15-JAN-2022

Price

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100.29

3.22

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NTB 11-Nov-21

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3.23

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NTB 25-Nov-21

3.35

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100.64

3.61

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NTB 13-Jan-22

3.73

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101.17

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NTB 27-Jan-22

4.18

100.64

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NTB 10-Feb-22

4.25

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Contract

Current Rate ($/₦)

NGUS NOV 24 2021 420.93

NGUS DEC 29 2021 422.38

NGUS JAN 26 2022 423.83

4.22 0.00

NGUS FEB 23 2022 425.28

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NGUS MAR 30 2022 426.73

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CMBL CP XII 31OCT-21 CMBL CP XVII 15-NOV-21 FSDH CP III 16NOV-21 NBRP CP XIV 25NOV-21 PARP CP IA 26NOV-21

4.10

0.00

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6.11

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8.82

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MONDAY, NOVEMBER 1, 2021 ˾ T H I S D AY

BUSINESSWORLD

NEWS

THE NEXT TITAN…

L–R: Chief Executive Officer, CPMS Marketing Group, Mr. Chris Parkes; Special Adviser to the Minister of Sport and Youth Development on ICT and Corperation, Mrs. Kemi Areola;Executive Producer, The Next Titan Nigeria, Mr. Mide Akinlaja; and Divisional Head, Product Management and Inclusive Banking, Heritage Bank, Mr. Dike Dimiri, at the Next PHOTO: ETOP UKUTT Titan season 8 premiere show in Lagos… recently

Okonjo-Iwaela: Nigeria’s Banking Sector Has Contributed Immensely to Country’s Development Nume Ekeghe The Director General of the World Trade Organisation (WTO), Dr. Ngozi Okonjo-Iweala, has applauded the stability of the Nigerian banking sector citing it as a catalyst to the recovery and development of the country. She also noted that the emergence of innovations in financial technology (FinTech) would continue to play a role in the stability and growth of the banking sector. She said this virtually over the weekend at the Chartered Institute of Bankers of Nigeria (CIBN), 2021 Fellowship Investiture where she was conferred as a fellow of the CIBN. She said: “Nigerian’s banking sector has contributed immensely to the development of the country but there is still so much to be done. And our financial services industry, including the emerging FinTech sector, as a stronghold to play. “The theme of your deliberation regarding Nigeria’s debt profile and its implications for sustainable development is a very important one. If there is a group that has the necessary professional insight on issues of debt, and debt, sustainability be it at the individual, institutional or national level, it is you.” Speaking on her fellowship, she applauded the institute on its unwavering commitment to stability in the banking sector. She added: “ it is an honor to be made a fellow of the prestigious Chartered Institute of bankers

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

of Nigeria. I want to thank the Institute for the excellent work it has done to uphold the professional and ethical standards of the Nigerian banking industry, as well as its efforts to educate new generations of bankers.” Also speaking at the investiture, The Deputy Governor (Economic Policy) of the CBN, Dr. Kingsley

Obiora who was also conferred as a fellow noted that the e-Naira has positioned Nigeria as a leader in the payment system landscape globally. He said: “The e-Naira is scoring the historic first and introducing Africa’s first digital currency. And that is not a lean feat because it positions us again as a global leader

in innovation and in the financial system and the payment system landscape. Also, while delivering his paper Fiscal Policy Partner and Africa Tax Leader, PWC, Mr. Taiwo Oyedele, said said with the current fragility in economic performance , impact assessment was important. He warned that due to the grow-

ing integration among ECOWAS countries and Nigeria’s role in the region, a debt crisis in Nigeria could spillover to other ECOWAS countries. “Some ECOWAS countries are already showing signs of debt distress. Therefore, the situation requires urgent remedial actions, “he noted. Oyedele said Nigeria spends

actual government revenue on payment of interest on debts and barely anything left to finance development. According to him this has been the crux of public debt sustainability for Nigeria as well as other ECOWAS countries as debt can only be serviced with revenue and not GDP or export.

AfDB President Wants Nigeria to Address Energy Deﬁciency to Boost Industrial Output James Emejo in Abuja The President of African Development Bank (AFDB), Dr. Akinwumi Adesina has said that addressing the country’s energy deficiency and reliability would boost the industrial sector performance and growth. Noting that no business could thrive in Nigeria without relying on generators, Adesina identified high cost and unreliability of electricity as major constraints in manufacturing sector. The AfDB president, at the 49th Annual General Meeting (AGM) and 50th anniversary of the Manufacturers Association of Nigeria (MAN) in Abuja, pointed out that

inconsistent availability of electrical power had resulted in high and uncompetitive manufacturing cost as most manufacturers provided their own energy with a high dependence on generators and diesels. Adesina further emphasised the need for massive investment in renewable energy including gas, hydro power and large scale solar systems to guarantee stable power for industries. He said, “Nigeria must have greater ambition for its manufacturing sector, by driving greater specialisations and competitiveness, a well developed policy enabled manufacturing sector with an export oriented goal.

“The performance of the manufacturing sector for the past five years has been poor. Between 2015 and 2017, the sector declined by minus one percent, 4.3 per cent and minus 0.2 per cent. While Asian countries are focused on export of manufactured products, Nigeria’s approach has been on import substitution.” According to him, Nigeria lbs manufacturing sector represented only three per cent of total revenue from exports, but accounts for 50 per cent of imports into the country. He said bold policy initiatives were needed to drive agriculture in order to boost the economic prosperity of the rural population.

He said it was important to develop special agro processing zones across the country with infrastructures and logistics to support private sector food and agriculture companies relocate close to the areas of production and to process and add value to the food and agricultural economy. Adesina said Nigeria needs greater export diversification to boost its forex supply to support its industries as wellas focus on domestic manufacturing and expand local contents by rapidly moving into processing of raw materials, manufacturing of equipment and machineries which form 50 per cent of the import.

This, he said would boost manufacturing, access to affordable financing especially long term financing that matches the investment gestation of companies. He said, “There is a compelling need to move away from a primary dependent on managing demand for forex to expanding the supply and availability of forex should greater export oriented manufacturers, this will extricate Nigeria from relying on the export of crude oil for access to forex. “The perennial constraints facing manufacturers is the unpredictability and availability of foreign exchange, this is not an easy issue but it must be addressed and structured

EXPERT URGES FEDERAL GOVERNMENT TO EMBRACE INTEGRATED TAX MANAGEMENT TO REDUCE RISING DEBT PROFILE across the country, adding that more can be achieved if there is transparency in tax management and administration in the country as the nation can borrow to arrest the infrastructural decay in the country. “I am not worried as long as the loan is being geared towards development initiatives, because in Nigeria there has been a lot of infrastructure decay from the past governments. “The time we had massive infrastructural development was between 1970 to 1975. That was

when we had all these bridges and by that time we had a lot of money not knowing what to spend it on as the presenter pointed out, but the reverse is the case now we do not have the money but we have a lot of work to do, “he said. According to him, the federal government initiative to develop infrastructure is a good step in the right direction, adding that he can see some efforts that have been yielding some good results. He said, “For instance the railway network that they are

doing now all over the country, the second Niger bridge. All these are examples of what they are working on to ensure our roads are okay.” However, he pointed out that the truth of the matter was that the debt is rising and the government must begin thinking locally to sustain its infrastructural initiatives to encourage people to stop evading and avoiding tax. Offering options for the nation to improve internal generation of revenue, he highlighted that the country must develop means

to track those who should be paying tax to fund infrastructural development. He said. “FIRS and IRS are only involved with the fire-brigade approach and in methods they are adopting. If we have our NIN that is tied to the salary account for each person’s identification number, there is no way one can evade or avoid tax. “So the reason why you can evade or avoid tax is because we do not have an integrated system in terms of identification management in Nigeria. We have

tried it and NIN is not working, because we cannot integrate all those things. “But if we are able to integrate and everybody’s details are captured and are tied to their salaries, there is no way anybody will avoid or evade tax. So the area I think we need to focus on more is on how we can do the integration. If a local firm in the country can track government income there should also be a way to ensure that everybody’s income is captured through the NIN, ”he said.

DESPITE ECONOMIC CHALLENGES, DANGOTE CEMENT, MTN, 7 OTHERS RECORD N1.29TRN PROFIT IN 9 MONTHS management through our expense efficiency programme, combined with service revenue growth, led to a 1.6pp EBITDA margin expansion to 52.6 per cent and translated into an increase of 51.9 per cent in PBT.” However, Zenith Bank struggled to grow profit before tax by 1.43 per cent to N179.8billion in nine months of 2021 from N177.28billion reported in nine months of 2020. The bank in a statement said: “As we go into the final quarter of the year, management’s outlook remains positive buoyed by a declining inflationary trend, expected increase in foreign

exchange inflows, and improving oil production. “The Group remains focused on increasing its retail market share, consolidating its leadership position in the corporate segment and maintaining a robust balance sheet.” Among the above named companies, Stanbic IBTC Holdings recorded the worst profit before tax in the period. The lender reported 41.05 per cent drop in profit before tax to N45.3billion in nine months of 2021 from N76.87billion reported in nine months of 2020. In addition, GTCO reports 9.2 per cent decline in profit before tax

to N151.91billion in nine months of 2021 frin N167.35billion reported in nine months of 2020. The Group Chief Executive Officer of GTCO, Mr. Segun Agbaje, said, “Our performance validates the resilience of our balance sheet in spite of the challenges in the operating environment and, further justifies our decision to diversify our earnings by going beyond banking in creating longterm value for our discerning stakeholders. “Looking forward, we will replicate our digital-first, customercentric banking strategy in the wealth management and payment

spaces to rapidly scale our service offerings in line with our long-term strategy.” He further stated that: “As businesses and households continue to recover from the lingering impact of covid-19 pandemic, our resolve to stand with our customers and communities through the recovery process is yielding the desired results. Ultimately, we aim to improve the lives of our stakeholders and build partnerships with our communities.” Commenting, the Managing Director, Afrinvest Research & Consulting, Mr. Abiodun Keripe said the corporate earnings by most

capitalised stocks on NGX showed mix performance in unaudited nine months ended September 30, 2021. According to him: “It was expected of listed companies maintained or defend reported profit before tax in nine months of 2021. When I say defend, it may not be impressive performance across board. Some companies may report growth in profit before tax, while some will report a moderate contraction. “But for average performance, we expected most capitalized stock to defend their profitability shrink by inflation pressure and low consumption power,” he explained.

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

BUSINESSWORLD

STATUS REPORT

Wema Bank: Impressive Performance Rekindles Robust Dividend to Shareholders

Adebisi Darasimi

ema Bank Plc reported stronger profits in its nine months ended September 30, 2021 to position the lender’s dividend payout sustainability to shareholders. After 14 years of non-payment of dividend, the lender in 2018 financial year declared dividend of N0.03 amid its capital restructuring exercise. Following its consistent impressive performance, the lender in 2019 and 2020 financial year also declared dividend of N0.04 respectively, to underline the management determination to reward shareholders who invested in the bank’s shares. The nine months ended September 30, 2021 result and accounts is a continuation of the 2020 full year impressive performance that saw the bank paying dividend to its shareholders for the third year consecutively. The bank in 2021 has maintained such intrinsic fundamentals that continued to impact on profits and balance sheets amid domestic and foreign macro economy challenges facing the banking sector and the nation’s economy at large. The solid financial performance for the period affirms Wema Bank as one of the banks that has been consistent in achieving its strategic objectives despite the challenging business environment.

STRONGER GROSS EARNINGS

Extract from the Wema bank’s profit & loss figures showed 9.1per cent increase in gross earnings to N63.1billion in nine months of 2021 Wema Bank Managing Director, Ademola Adebise from N57.8billion reported in nine months of 2020, reflecting the higher interest rate environment, months of 2021 from N11.4billion reported notably in loans and advances. in nine months ended September 30, 2020. Given a low-yield environment, the bank also Meanwhile, the bank in its nine months reported interest income that rose by 11.11per of 2021 reported Net impairment loss on cent to N51.55billion in nine months of 2021 from financial assets stood N27.64billion in nine N46.4billion reported in nine months of 2020 months of 2021 from N18.24billion in nine The bank benefitted from loan growth and months of H1 2020. higher yield environment as interest income on The bank reported 69 per cent increase in loans and advances to customers rose by 13.2 per Net fee and commission income to N8.7billion cent to N44.39 billion in nine months of 2021 from in period under review from N5.16billion N39.22billion reported in nine months of 2020. reported in prior period, while other “Other Interest expenses rose by nearly 28 per cent income” rose by 52.3 per cent to N1.63billion to N23billion in nine months of 2021 from in nine months of 2021 from N1.07billion N18.06billion reported in nine months of 2020. reported in nine months of 2020. The growth in Wema bank’s interest expenses On expenses, Wema Bank’s Operating was driven primarily by interest expenses on expenses increased by 22 to N32.4billion “Other borrowed funds” that grew by 262.05per in nine months of 2021 from N26.6billion cent to N3.97 billion from N1.097 billion recorded reported in nine months of 2020, driven largely in nine months of 2020 and also by three per cent by regulatory costs, and to a lesser extent, increase in Deposits from customers that closed reflective of the high inflation environment nine months of 2021 at N17.07billion as against and currency devaluation. N16.58billion recorded in nine months of 2020. The breakdown of Wema bank’s operating Consequently, Wema bank reported Net-interest expenses revealed “Other operating expenses” income rose by 41.55 per cent to N28.45billion in increase of 24.9 per cent to N17.09billion nine months of 2021 from N20.09 billion reported in nine months of 2021 from N13.68billion in nine months of 2020. reported in nine months of 2020, while Growth in Net-interest income also play critical Personnel expenses closed nine months of role in Net interest margin that improved to 6.4 2021 at N12.38billion, 17 per cent increase per cent in nine months of 2021 from 5.84per cent from N10.57billion reported in nine months in nine months of 2020 on a faster reduction in of 2020. cost of funds relative to reduction in asset yields. About N3.9billion Asset Management The bank, however, reported Non-interest income Corporation of Nigeria (AMCON) levy in that rose by five per cent to N12 billion in nine nine months of 2021 from N2.86billion in

nine months of 2020 and Nigeria Deposit Insurance Corporation (NDIC)’s N2.77billion in nine months of 2021 from N1.65billion in nine months of 2020 contributed to the bank’s “other operating expenses” in the period under review.. The bottom-line performance showed that, Wema bank Profit before income tax rose by 136 per cent to N7.2billion in nine months of 2021 from N3.1billion reported in nine months of 2020. Despite 135.9 per cent increase in Income tax expense to N974million in nine months of 2021 from N412.86million in nine months of 2020, Wema bank’s grew profit after tax by 136 per cent to N6.2billion in nine months of 2021 from N2.64 billion reported in nine months of 2020. In addition to profit & loss figures, the bank closed nine months of 2021 with Earnings Per Share of 21.6 kobo, about 135 per cent from 9.20 kobo reported in nine months of 2020.

STRONG ASSET QUALITY

The bank offers its clients a wide range of corporate, investment, business and personal banking products and solutions. It is one of the biggest and most profitable banks in Nigeria. The impressive performance of Wema bank profit & loss figures was impacted by stronger balance sheet in the period under review. Take for instance, the bank’s Loans and Advances to Customers rose by 10.3 per cent to N397.3billion as at September 30, 2021 from N360.1billionin reported in full year ended December 31, 2020 as the bank continued to support its customers across multiple sectors of the economy. Wema bank’s deposit from customers up by 9.3 per cent to N879.8billion in nine months of 2021 from N804.9billion reported in financial year of 2020.. Growth in loans and deposit impacted on total assets, gaining 11 per cent to N1.07trillion as at September 30, 2021 from N979.5billion in 2020. However, Shareholders’ Funds of Wema bank rose by eight per cent to N63.9 billion from N59.3billion reported in 2020 FY. As liquidity position of Wema bank was further sustained by expanding reach of its services on the digital platform and increased agent banking/customer acquisition. The bank’s total nonperforming loans (NPL) declined on more efficient loan book in terms of repayment leading to a decline in the NPL ratio to 4.30 per cent from 4.67 per cent reported in nine months of 2020. Meanwhile, Capital adequacy ratio at 11.6per cent for nine months of 2021 is higher than the regulatory requirement (10 per cent) The bank’s management planed on boosting the capital base by N40 billion to grow risk assets underwriting. The Bank disclosed recently that “it is considering” the acquisition of a Fintech

firm or a merger with another bank, as part of its growth plans.

PERFORMANCE MIRRORS RESILIENCE

Commenting over the bank’s half year results, the Managing Director, Wema Bank, Mr. Ademola Adebise in a statement said: “Our performance speaks to the spirit of resilience that runs through the organization as we have strongly bounced back from the COVID-19 impacted performance of the same period in 2020. “As the economy opens back up fully, we expect to see a stronger performance for full year 2021. “Over the course of the second half of 2021, the bank will continue its strong focus on the digital business, pushing for further gains in customer acquisition, consumer lending and transaction volumes while on the commercial side of the bank, we will continue to aggressively grow our commercial lending business alongside trade and other revenue lines.” The Chief Finance Officer, Wema bank, Mr. Tunde Mabawonku in a statement on the bank’s nine months result and accounts said: “we are delighted to announce the Bank’s nine months 2021 results which shows strong growth in key financial metrics despite the challenging macro-economic environment arising from heightened inflation, supply chain disruptions and the continued pass-through impact of the Covid-19 pandemic.” “The numbers show the Bank continues to grow and improve its market share. We have now comfortably crossed the N1trillion mark in total assets and have a share of close to 3% of industry deposits”. According to Mabawonku: “The key measure of success for us is growth in customer numbers and customer activity – and we are glad that we are reporting strong growth here.” “We have also unveiled our new Mission and Vision statements which align to our strategy. We want to be the dominant digital platform in Africa delivering seamless financial services. This plan started with the launch of ALAT a few years ago and is now being accelerated in the last few months. “We are sure to close the year with an even stronger performance; we will also continue to focus on our digital business, which is a key boost for customer acquisition, consumer lending and transaction volumes while not neglecting our corporate and commercial play. “On our commercial business, we will continue our aggressive strategy to improve our commercial lending business alongside trade and other revenue lines’. Mabawonku recently said bank had started a process that would hopefully grow its capital base to N100 billion. According to him, “When the CRR dropped below 15 per cent the board approved immediate implementation of the bank’s capital management plan to bring shareholders capital from existing N60 billion plus to above N100 billion mark.”

MONDAY, NOVEMBER 1, 2021 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Host Communities Outline Conditions for Resumption of Oil Exploration in Ogoniland Blessing Ibunge in Port Harcourt Host communities in Ogoni, Rivers State have outlined conditions to the federal government for the resumption of oil exploration and exploitation in the area. This as the group has urged the President Muhammadu Buhari’s led federal government to relocate all host communities and impacted homes to another settlement due to the high level of environmental degradation, before any environmental activities and oil and gas business should be carried. The host communities gave the conditions in a letter sent to President Buhari, after a meeting of leaders of oil host communities held in Bera, Gokana Local Government Area of Rivers State, and signed by the leaders of the oil host communities in Bera, Gokana LGA. The letter was read on Saturday, during the flag-off of Green Energy Revolution project in collaboration with Sun Energy Community Development Initiative in Gokana.

The President of Ogoni Liberation Initiative, Dr Douglas Fabeke who read the letter on behalf of the host communities, said they are ready to withdraw all pending cases in courts over various decrees of injuries meted to the Ogoniland and her people, if the federal Government demonstrates sincerity of purpose in the implementation of all their request. Fabeke said the host communities would produce a drafted master plan, which are the final resolutions of its Ogoni economic development recovery plans to Mr. President. He said the master plan would serve as the blueprint and strategic models for the development of Ogoniland, cutting across agriculture, marine, aviation, health, power, water resources, environmental restoration and management, re-education, socio-political change, oil and gas, refinery, military, security formations and others. The letter reads in parts “Besides, the Host Communities shall include in the final draft, the following

developmental and impactful areas for Mr. President’s implementation, namely Scholarship, TrustFund, Pay-

ment of compensation. “Demonstration of practical steps for restoration of our polluted environment and

development of the land through complete and total implementation of UNEP Report’s recommendations,

including the emergency measures, which are neglected by the ongoing clean up exercise. “

L-R: Deputy Governor of Lagos State, Dr Olufemi Hamzat; Governor Babajide Olusola Sanwo-Olu; Chairman House Committee on Physical Planning & Urban Development, Hon Nureni Ayinde Akinsanya, and CEO of Damilare Baker Projects, Mr Laolu Alabi during the award of certiﬁcate of completion and ﬁtness for habitation to Damilare Baker Projects in Lagos… recently

LASG Award Damilare Baker Projects, Julius Berger Unity Bank Posts Certiﬁcate of Completion, Fitness for Habitation

N36.18bn Gross Earnings in 9 Months Nume Ekeghe Unity Bank Plc has declared gross earnings of N36.18 billion for the nine-month period ended September 30, 2021, and a 23 per cent growth in profit after tax to N1.94 billion for the same period. A review of the unaudited results for the 3rd Quarter of 2021 released to the Nigerian Exchange Group (NGX) Limited showed that the bank’s recorded gross earnings of N36.18 billion as against N33.9 billion recorded in the same period in 2020 representing a moderate 7 per cent growth. Also, with the strong performance recorded during the period under review buoyed by a 31 per cent growth in its loan book to N265.32 billion from N202.08 billion recorded in 2020, the lender also grew its asset base by 17 per cent to N574.56 billion from N492.02 billion recorded in December 2020. The bank’s Profit Before Tax for the period under review grew by 23 per cent to N2.11 billion from N1.71 billion in the corresponding period of 2020. The bank in a statement said the performance came amid fragile recovery and volatilities in the operating environment and key macroeconomic indicators following the global Covid-19 pandemic, “weak market sentiments and inflationary trends, as well as tough regulatory headwinds that have impacted severely on economic activities.” The lender also substantially grew its net interest income to N14.63 billion from N12.67 billion in the same period in 2020; creating a 15 per cent uptick from the value of the bank’s rising loan portfolio and an improvement in its transaction banking activities with its customers, achieved through excellent service delivery. The lender’s fees and commissions averaged 16 per cent to report an increase of N4.56 billion from N3.92 billion within the period under review, attributable to a dividend of the bank’s strategic retail play, which has boosted transaction volume. Commenting on the result, Unity

Bank’s Managing Director/CEO, Mrs. Tomi Somefun expressed satisfaction with the performance indices of the Q3/2021 financials. “Particularly inspiring are the growing loan book and quality of assets (31% growth), cash and balances with the CBN which is 24 per cent growth and PBT at 23 per cent growth, altogether adding to the consecutive growth of the balance sheet in the last couple of years, “she said. She stated, “the market is increasingly beginning to see the efforts in the strategic refocusing of our business and diversification of our earnings base which is translating into tangible results even as we strive to meet the expectations of our esteemed customers and cherished stakeholders. “In addition, she said that while the Bank’s focus on agribusiness has provided both brand and business benefits while the institution has also made significant investment in the development of the retail market in order to grow its market share in various target segments by scaling up operations in the niche market.” Somefun also stated that the bank shall remain dynamic by embracing current and emerging market trends in technology, effectively targeting the youth market, driving financial inclusion in the women segment, developing robust product marketing to create value through a focus on digital strategies to facilitate transaction and e-banking channels. Looking ahead, Mrs. Somefun stated: “We are optimistic that nothing will threaten to upend the current COVID-19 recovery, especially as the Bank is poised towards building an increased momentum to ride the wave of the economic headwinds, even as the growing inflationary pressures and the soaring energy prices still remain a concern. “Ours is a continuous balancing act and revolutionary performance towards repositioning the business nationwide via tapping into emerging opportunities across the banking space, including the digital financial services spheres.”

Tosin Cleg The Lagos State Government has awarded the Certificate of Completion, Fitnes for Habitation to Damilare Baker Projects and construction giant, Julius Berger Nigeria for some of their just concluded projects in the state. The CEO of Damilare Baker Projects, Mr Laolu Alabi was presented the certificate by the Lagos State Governor, Babajide Sanwo-Olu at a ceremony that further attests to the competence and excellence of it’s recipients. Damilare Baker Projects is a Real Estate Development and Consultancy company with services cutting across the entire development chain. The

company takes pride in a team that consists of well seasoned and highly trained professionals which includes; Architects, Builders, Structural Engineers, Mechanical and Electrical engineers, Project Management Professionals, Finance Experts and Interior Decorators with both local and international exposure. In his address, Sanwo-Olu stated that the objective of the certificate award is to safeguard residents’ lives and address the root causes of building collapse. He also stated that the fitness certificate was initiated to find a lasting solution to the occurrence of structural defects, building collapse and other building contraventions in

line with international best practice, and will be a game changer for house owners and tenants within the metropolis. Speaking about award, Alabi said, “Firstly, it was truly a honor for us as an organization to have been presented the certificate by Mr Governor himself alongside other recipients like Julius Berger and other top organisations. For us, it is an attestation to our quality of delivery and our quest to always follow due process. “Obtaining a Certificate of Completion and Fitness for habitation for a particular development means the development in question went through all the regulatory

processes required to certify the integrity of the building. The Lagos State Government is on a drive to reduce and possibly eradicate the incidence of building collapses in the state and is therefore taking a zero tolerance stance against misconducts. This certificate therefore assures our clients that what we have built is what we have permission for and more importantly, they can be rest assured about the integrity of our properties.” Alabi who is a trained architect, plays in the real estate industry armed with both technical and commercial knowledge of the built environment.

Regulators Have Critical Roles in Growth of Africa’s Digital Payment Ecosystem Regulators need to create a level playing field for players in Africa’s digital payments ecosystem and ensure that the cost of transactions charged to end consumers using such platforms is reduced, the Group CEO of Pan-African FinTech Company, Cellulant, Akshay Grover, has said. Grover said this during a recent appearance on Arise TV’s Business Xchange while appraising Africa’s digital payments ecosystem. He noted that regulators of Africa’s financial sector have an important

role in ensuring the growth of the digital payment platforms and that both big and small players in the ecosystem operate profitably. “Regulators can play a significant role in making sure that the ecosystem is well balanced. By that, I mean that there is a level playing field for the innovative small companies versus the large institutions,” Grover said. He commended some of the regulators already playing a fantastic role and highlighted regulatory constraints around foreign exchange

and foreign capital remittance on fintech operations. He said, “The need for fintech regulations cannot be over-emphasized, but there has to be a baseline. You cannot subject smaller fintech players to the same regulatory framework as large fintech companies; they will not survive. Regulators can play a vital role in driving further fintech development and digital adoption in Africa.” Grover further noted that regulation can drive greater financial

inclusion and reduce the fraction in payment transactions, but that too much regulation kills innovation, so there is a need to strike a balance. “To drive transaction volume, the cost of the transactions which are charged to the merchants and the end-consumers needs to be reduced, and that lies in the hands of banks, mobile companies and other large institutions. I think if you enable these two core areas to happen over time, it will significantly drive up digital adoption,” he said.

OXFAM Approves Siting of Bits Academy in Nasarawa Igbawase Ukumba in Laﬁa The Senior Special Assistant (SSA) to Nasarawa State Governor, Abdullahi Sule on Human Capital Development, Habiba Balarabe Suleiman, has said that OXFAM has given approval for the siting of a Bits Academy in Nasarawa State. Suleiman, who is also the focal person to the state Human Capital Development office, continued that the Bits Academy would run Information, Communication and Technology (ICT) specialties for unskilled youths of the state. She disclosed this in Lafia at the flag-off event of the 2021

Employability and Entrepreneurship Programme and Job Fair for 100 youths of Nasarawa State organised by the state Human Capital Development office. She added that the academy was designed to run a yearlong ICT programme for 100 unskilled youth in ICT on various ICT specialties that includes but not limited to Information Technology, Soft Ware and Network Engineering, Multimedia Arts, Digital Illustrations and Animation, and Graphic Arts. According to the SSA, “It is worthy to note that Nigeria is one of the very few countries that have up to 3 Bits Academy sited.

“Nasarawa State due to the high level commitment and dedication it exhibited towards our partnership earned us a spot christened ‘NASBITS’ which is already approved by Governor Sule and will hopefully commence early next year. “Another great programme in the pipeline for 2022 is the Technical Training for 200 youths in specialised Auto-Mechanical and Engineering courses in collaboration with Peugeot Automobile Nigeria (PAN), “she said. She continued that the Employability and Entrepreneurship Programme was aimed at preparing Nasarawa youths to become fine

executives in their own rights; in character and capacity. “This collaboration between the Nasarawa State government and OXFAM Nigeria with Poise Graduate Finishing Academy is one that is essential and promises a lot in the future. You may recall that last year during the job fair, OXFAM announced its approval for an additional three years for the implementation of the Employability and Entrepreneurship Programme and Job Fair in Nasarawa State, the 3rd State in Nigeria to enjoy this privilege after Edo and Lagos States,”Habiba explained.

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

BUSINESSWORLD

NEWS

FG Reiterates Commitment to Strategic Maritime Capacity Development Programme Oluchi Chibuzor Twhe federal government through the Nigerian Maritime Administration and Safety Agency (NIMASA) has renewed its commitment to the nation’s maritime capacity development programme to bridge the skill gaps in the sector. As part of the effort towards the policy, the NIMASA’ third phase of the Nigerian Seafarers Development Programme (NSDP) has sent over 200 youths overseas for international maritime training. Performing the flag-off for the NSDP programme in Lagos, the Minister of Transportation, Rotimi Ameachi, charged the selected youth to be good ambassadors of the country as they departs the country. Ameachi, who also expressed his delight on the programme as part of the government’s effort to increase capacity development, urged NIMASA to consider some maritime training institutions in the country subsequently. Specifically, he said, “Everything that needs to be said has been said, in fact the gentleman from PortHarcourt read my address; that is exactly what I wanted to say. He even added what I want to say that as you proceed in your assignment as NIMASA always remember that there are training institutions in the country. Like he said, you should send some people to him, the Maritime Academy of Nigeria, and some overseas to see how it goes. “For you the young women and men that is graduating congratulations, I pray you get jobs, because we are still battling with some that have graduated that have not gotten sea time and I hope you have been given sea time, and if not I hope the DG NIMASA will arrange for sea time for those who have not gotten sea time.” “For those who are leaving, I will give an experience I have. We

send about 150 students to China; about four of them are back to the country, why? They were caught with drugs, please do not embarrass the country as you are now ambassadors of Nigeria and not just NIMASA,” he noted. Speaking at the ceremony, the Director General, NIMASA, Dr. Bashir Jamol, stressed that the programme is part of the FG’s initiative to bridge the capacity gap in the maritime sector across the six geopolitical zones. “Seafarers have the potential to add to our national economy. Today it becomes more important that the 200 youths standing before us today now bear the major burden on their shoulders. “Government is making this huge investment in all ramifications for you in order to position our country for the blue economy. The training you will receive and the certification you will achieve will put you into the global shipping market place and enable you to ultimately contribute your prospective quota to the expansion and diversification of the national economy, ” he said. Reiterating the Minister’s view on Sea time training, the NIMASA DG, said it would be part of the programme “so that there is no waiting time , students will learn for a period determined for the institution to embark on voyages ranging from three to six months and go back to school. This is against the standard in the past where cadets complete training and wait for allotment and call-up onboard; this is the kind of change that will be introduced in the NSDP third phase.” Earlier, the Founder, Charkin Maritime Academy, Dr. Charles Wami, urged the regulatory agency to consider local Training centers in the programme. “We have international training institutions in the country that can help the nation meet its target in the maritime sector. So, please in the

Kwara Embarks on Construction of 40 Digital Literacy Centres Hammed Shittu in Ilorin Kwara State Governor, Alhaji AbdulRahman AbdulRazaq has said the administration is currently building 40 digital literacy centres across the state, calling it a big investment in the Kwara child to survive in the knowledge economy. The digital literacy centres among the 2014-2019 school infrastructural projects of the administration under the Universal Basic Education Commission-Kwara State Universal Basic Education Board (SUBEB) interventions. The Governor, who spoke in Ilorin at the commissioning of an ICT Lab donated to the Government Secondary School (GSS) by Huawei under its Youthhub Africa Initiative, said government is making deliberate efforts to raise a new generation of digital natives in Kwara. He said, “In the next few years, everything we do will be ICT driven. It is therefore important for all of us to plan for the future. In a world where robots and artificial intelligence are fast taking up jobs hitherto held by humans. The best investment for the future is deliberate investment in digital education. Our administration is seriously committed to this goal. At the moment, we are building at least 40 modern digital literacy centres in schools across the state.” “This is unprecedented in the history of Kwara State. We are also hosting a smart school donated to the state by the UBEC. However, that is

a drop in the ocean compared to our needs to grow a new generation of digital natives. The ICT Lab we are launching today is a great boost to the efforts. It is a gift from Huawei to the Kwara child. It is the best investment in the future of our children. For me, it is a shining example of how conglomerates can partner with government to build sustainable future anchored on digital education, ” AbdulRazaq added. He urged the authorities and students of the school to make good use of this multimillion-naira facility. The governor, who also promised to fix some facilities at the iconic GSS, directed immediate supply of 100 units of furnitures to the school. He commended the Huawei for the ICT intervention, saying: “It is the best investment in the future of our children. For me, it is a shining example of how conglomerates can partner with government to build sustainable future anchored on digital education. Deputy Managing Director/ CEO of Huawei Technologies Company Nigeria Limited Kelvin Yangyang explained that Huawei had developed various initiatives in building talents and future of Nigerian youths. “The country’s strength is about its people and the country’s future is about its youths. That is why Huawei is helping in building young talents. In Nigeria, we have three major talent initiatives for students at various levels,” Yangyang said.

future consider these training centers in the country. For the private sector the programme would be successful if there is continuous collaboration

between the agency and the various stakeholders in the sector in the areas of sea-time and certificate of competency (CoC), “he said.

Commenting on the programme, the Managing Director, NLNG Ship Mamagement Limited, Mr. Abdulkadir Ahmed, noted that

since inception NSDP has trained over 2000 cadets that are working in different sector of the global maritime industry.

THE MACALLAN MASTERY…

L-R: Brand Ambassador, The Macallan Nigeria, Adeyinka Adepetun; Publisher, Ovation Magazine, Dele Momodu; Lead Brand Ambassador, The Macallan, Nigeria, Motunrayo Abiona, and Premium Spirit & HoReCa Director, Coca-Cola Hellenic, Ioannis Simos, at the launch of new campaign ‘The Macallan Mastery’ in Lagos… recently

The Macallan Whisky Unveils New Campaign, Assures Consumers of Luxury Experience The Macallan, an ultra-premium whisky brand, has kicked off a new campaign known as, ‘The Macallan Mastery.’ The initiative is to promote passion, excellence, craftsmanship and celebrate mastery. The campaign was announced officially at a recent exclusive event held in Lagos, with captains of industries and whisky lovers present to grace the occasion. The campaign announcement, amongst other things, saw the unveiling of the brand’s influencer icons, veteran photographer, Kelechi

Amadi-Obi and fashion guru, Mai Atafo, both of whom the brand confirmed are masters of their craft and perfect representations of what the brand stands for. Speaking on what makes the ultrapremium whisky brand a leader of the pack, the Lead Brand Ambassador, The Macallan Nigeria, Motunrayo Abiona, disclosed that brand had garnered global reputation as the world’s most valuable and luxurious spirit brand, adding that this was as a result of the brand’s dedication to mastery and craftsmanship. She added that the brand has

won several pioneering accolades from its inception in 1824 till date. “The Macallan has achieved the highest level of mastery and recognition since it was established. Take for example, The Macallan commissioned and launched a state of the art and architectural marvel that is The Macallan distillery in Speyside, Scotland. The distillery is a statement that The Macallan has been there in the past, it’s here at this present time, and will still be here in the future for generations to come,” she added. Asked what makes The Macallan

distinct and special, Abiona explained: “It is all about our commitment to long term legacy, decision making, our signature taste, incomparable auction record, our genuine scarcity, and our creative collaborations. “All of these allow for great storytelling and when a brand like The Macallan wants to tell a story, it does so by highlighting excellence, craftsmanship, mastery and luxury at the highest level. We have earned the right to all of these. I mean this is our DNA, this is who we are, so we must be very selective about who we collaborate with.”

Abuja-Kadina Rail: FG Mulls Installation of Digital Security Network Kasim Sumaina in Abuja The federal government has hinted that it is set to install the digital security network to enable it know when there is an impact on the rail tracks following the recent explosion on the Abuja-Kaduna corridor. Government, through the Minister of Transportation, Mr. Chibuike Rotimi Amaechi, said what the explosion has done was to fasten the procurement process of a digital security system that will be put in place. Amaechi, while on inspection to the scene of the explosion, said: “the request for the installation had gone to cabinet two weeks ago and it

was returned so we will represent it to cabinet to ensure that we get approval, then we can install the digital security network. I think what is significant is that the repair was done by our own Nigerian engineers and completed in record time. By tomorrow we expect to run the first train.” According to him, “the essence of the digital security system is to enable us know when there is an impact on the rail. It has a sensor, when people walk across the rail we will be able to know We will get the police to be involved so that they will be here before we install the security system.”

Amaechi, while briefing Journalists on the sidelines of his findings, said: “We want to assure the public that beyond theo-physical presence of police and deployment of the military along this track, I just told the Managing Director, NRC to get us a rail bus that will be on patrol regularly on the tracks so that we can see what is going to happen even before the train takes off that will be the measure we will adopt until we put a digital system in place. And it will be end to end from Abuja-Kaduna and it will the same thing for Lagos-Ibadan.” Speaking on capacity of indigents, the minister said, “I’m happy. What this has also done is that it has

shown that we actually have the capacity to fix our rail, stating, by the time the Chinese leaves, we should start gradual process of constructing out own railway. “You can see the lady engineer, however she can be able to fix that, she and her colleagues will be able to do more kilometers of track laying and possibly track construction and n assurance to public, that is why I had to come here myself physically to be present here, “Amaechi said. Similarly, the Managing Director, Nigerian Railway Corporation (NRC), Mr Fidet Okhiria, advocated for frequent operations of coaches on the axis.

Heifer Invests $1.5m onTractors to Boost Smallholder Farmers James Emejo in Abuja Global development organisation, Heifer Nigeria, said it has invested $1.5 million to deploy tractors and cold hubs across the country in a bid to solve the challenges of smallholder farmers in the country. The organisation which is making its debut in Nigeria, said it is deploying about 20 tractors in the first instance to different parts of the country as well as committing funds to increase the number of machinery to boost agricultural

output. The unavailability of tractors had been one of the major constraints to the mechanisation agenda of the present administration. The Country Director for Heifer Nigeria, Mr. Rufus Idris, said as part of its ambitious target to help additional 10 million households close the living income gap by 2030, Heifer International had now extended its footprint to Nigeria. Speaking during a side event on “Youth and Technology: The Future of Nigeria’s Agriculture” at

the just concluded 27th Nigerian Economic Summit (NES#27), with the theme,”Securing Our Future: The Urgency of Now”, he said. Aligning with the theme of the summit, Idris pointed out that to secure future, there is a fierce urgency of now to address food insecurity and massive food importation associated with underperformance of the agricultural sector and food system, high unemployment among youths and dwindling economy. He said youth creativity and

technology in agriculture would drive growth in the country. Specifically, he said the organisation aims to assist millions of households, largely young men and women reach a sustainable living income by 2030, through strategic private and public sector partnerships, unlocking demand and market opportunities, investing in priority value chains, and leveraging innovation and emerging agricultural technologies to reach transformational scale.

MONDAY NOVEMBER 1, 2021 • T H I S D AY

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

HOMES&DESIGN

The Autograph Extended-Stay Apartment Presents New Lifestyle

MONDAY, NOVEMBER 1, 2021 ˾ T H I S D AY

HOMES&DESIGN

Autograph Extended-Stay Apartment: Nigeria’s Home away from Home Masterpiece Potential investors have been promised tremendous return on vestment opportunities in The Autograph Extended-Stay, a collection of exquisite suites of studio, two-bedroom, and three-bedroom apartments located at the Iconic Towers Development, Sinari Daranijo Street, Victoria Island, Lagos. Bennett Oghifo writes

he Autograph Extended Stay operates as a hospitality enterprise conceived by its promoters, Cruxstone, and its partners. The facility allows willing investors to own apartment units managed by a reputable hospitality brand and earn appreciable income upon operation. The Autograph Extended Stay is a collection of exquisite suites of studio, two-bedroom, and three-bedroom apartments, located at the Iconic Towers Development, Sinari Daranijo Street, Victoria Island, Lagos, Nigeria. Operating as a hospitality enterprise, the Autograph Extended Stay allows willing investors to own apartment units managed by a reputable hospitality brand and earn appreciable income upon operation. The Autograph studio apartment includes generous studio space with en suite bathroom, living area, stylish ceiling designs, modern-day fitted kitchenette, fully furnished bedroom, and electronic appliances. The apartment boasts of accessible WiFi and other fittings, including the latest statement air conditioning system, wardrobe and smart features. There are 23 studio apartments, and payment for each unit is graduated. An outright payment is N64 million and N70 million if spread over six months. The Autograph

two-bedroom apartment includes generous, fully furnished two-bedroom spaces with en suite bathrooms, living area, stylish ceiling designs, modern-day fitted kitchen, curtains, and electronic appliances. The apartment boasts of accessible WiFi and other fittings, including the latest statement air-conditioning system, wardrobe, and smart features. An outright payment is N145 million and spread over six months is N155 million. There are only five units. The Autograph three-bedroom apartment includes generous, fully furnished three-bedroom spaces with en suite bathrooms, living area, stylish ceiling designs, modern-day fitted kitchen, curtains, and electronic appliances. The apartment boasts of accessible WiFi and other fittings, including the latest statement air conditioning system, wardrobe, and smart features. These are three units. An outright payment is N176 million and spread over six months is N185 million. According to the promoters, the investment benefits are: resale option is available as an exit for investors looking to sell either all or part of their units after operation commences. Group ownership is allowed, subject

to a maximum number of three people. “Where Cruxstone brings parties together, Cruxstone will be obliged to ensure that the returns are shared optimally and in accordance with the ratio of their Investment. Their Title document will also specify these names and ratios,” said the organisation. “Investors will hold a Gold card which allows them, as preferred Customers, to get discounts for all they purchase at the property. Unit owners at the Autograph would enjoy a free week stay without having to pay and can be at any time desired in the year. However, every other stay must be fully paid for, but at the agreed discounted value for investors.” Where an apartment is co-owned, the free one-week stay will be shared as a number of days between them, depending on the ratio of their investments. The firm added that there would be a day for an Annual General Meeting, which an appointed external auditor will anchor. In addition, mortgage facilities and “Early Equity Release” options are available to unit owners interested at different points (terms and conditions apply). The ROI/receivables can be the

first source of repayment “if so desired.” Based on projections by the hospitality management brand of The Autograph, minimum occupancy of 60 per cent per annum (220 days) and a double-digit percentile ROI per annum are assured. But, the firm noted that these “are projections based on the authority of the Hospitality Management Brand and are based on current market realities. Therefore, they are subject to market dynamics.” Giving reasons why investors should grab The Autograph, the firm explained, “Since the turn of the 21st century, traditional structures like yellow cabs are beginning to fizzle out as Ubers and other cab-hailing systems now. Such changes have also become the narrative in the hospitality sector with the advent of Air BnB, Shortlet Apartments, and Extended Stays. These fast-rising apartments now dominate the market, as people crave a “home away from home” experience, with offerings suitable for a quick-paced contemporary lifestyle. “The Autograph Extended Stay will give willing Investors an opportunity to own apartments managed and operated by a renowned world-class hospitality brand that would deliver high yields on the asset with projected double-digit percentile earnings.”

MONDAY NOVEMBER 1, 2021 • T H I S D AY

MONDAY, NOVEMBER 1, 2021 ˾ T H I S D AY

BUSINESSSPECIAL

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

Improving Tax Collection T Dike Onwuamaeze

he major reason the federal government launched its Strategic Revenue Growth Initiative (SRGI) was to shore up its revenue, especially from the non-oil sector. The key elements of the initiative includes sustainability in revenue generation; enhancing existing and creating new revenue streams; cohesion in the revenue ecosystem; and cost optimisation and liquidity enhancement. Its overarching goal is to raise the country’s revenue-to-Gross Domestic Product (GDP) ratio to 15 per cent by 2025. In order to shore up the country’s non-oil revenue, the World Bank had advised the federal government to focus on low-hanging and revenue-yielding fruits. These, the bank stated would help the government achieve substantial gains, grow Nigeria’s tax-to-GDP ratio to about seven per cent and rake in about N10 trillion revenue in the next three years. Specifically, among others, the bank advised the government to remove loopholes in tax laws and improve tax compliance with more disciplined revenue administration. It also noted that tax revenues were necessary to run essential services, provide security to citizens, help tackle hunger and poverty, and deliver critical health and education services. Furthermore, the Washington-based institution stated that the COVID-related economic slowdown and the steep fall in oil prices in 2020, brought into clear focus the need to increase non-oil revenue in Nigeria, even when investment, jobs, and growth also needed to increase. “This calls for a carefully calibrated set of policy and administrative measures that can grow revenues without discouraging investment. “That rules out any increases in traditional ad valorem taxes like the value-added tax

but it does afford an opportunity to fully apply tax policies already adopted and reform tax administration to seal compliance gaps. “In the longer term, fundamental reforms of the tax system will be necessary to stimulate post-pandemic investment and economic growth. As Nigeria tries to “build back better” after the COVID crisis, a more strategic approach to revenue mobilisation will also be necessary: not just taxing more, but taxing better; not just how much to collect, but how to collect, what to collect, and from whom,” the bank added. Indeed, this was one of the reasons the Minister of Finance, Budget and National Planning, Mrs. Zainab Shamsuna Ahmed, in June this year, approved the Tax Appeal Tribunal (TAT) (Procedure) Rules, 2021 pursuant to her powers under Section 61 of the Federal Inland Revenue Service (Establishment) Act, 2007 (as amended). The rules, which replaced the defunct TAT (Procedure) Rules, 2010, enables the Tribunal to deal justly, fairly and expeditiously with appeals and encourages and promote the settlement of disputes among parties. Other sections of the rule requires taxpayers to pay 50 per cent of any disputed amount into a designated account of the TAT as security for prosecuting an appeal, prior to commencement of appeals. It also involves modification of some old definitions, and interpretation of additional terms such as “appeal”, “notice of appeal”, “decision of the Tribunal” etc; recognition of service of documents or processes carried out by email or such other electronic means as the Tribunal may permit; and recognition of virtual/ remote hearing of applications and delivery of rulings by the Tribunal. Additional, it also included introduction of a six-month timeframe

from the date of commencement of trial for the TAT to conclude and provide a decision; and provisions for hearing of ex-parte and non-contentious applications in Chambers as well as summary appeal procedure for liquidated money demands. Although the TAT (Procedure) Rules, 2010 was effectively replaced, the rules allows for “anything done” under the defunct 2010 Rules to remain valid, as long as such is not inconsistent with the provisions of the new Rules, thereby grandfathering existing matters and ensuring a smooth transition. To Partner and Head, Tax Regulatory and People, KPMG, Wole Obayomi, the implementation of the new rules emphasises the federal government’s commitment to improving Nigeria’s tax landscape, which commenced with the enactment of Finance Acts, 2019 and 2020. According to him, the amendments to the TAT (Procedure) Rules, which was the initial forum for formal tax adjudication in Nigeria, align with changes in global tax administration systems and would ensure that the TAT’s procedures are up to date and give taxpayers increased confidence in the system. He further pointed out that the role of the Tax Commissioners are not those of “judges” in the constitutional sense and so, rather than becoming a part of the judiciary, the TAT should be preparatory to, and supplementary to the formal judicial system. On their part, analysts at PwC noted that: “The new procedures took effect from 10 June 2021, but taxpayers generally became aware of it end of September 2021. “The rules are intended to make the TAT more efficient in the dispensation of justice.

“They are also a reflection of the current realities given the wide adoption of technology in the administration of justice. With the powers to order costs, the TAT now has powers to penalise erring parties for unprofessionalism and unnecessary delays.” The Federal Inland Revenue Service (FIRS), the country’s revenue generating agency has over the years continued to take steps to increase the country’s revenue. The amendment to the rules would clearly help in the drive to ensure that defaulters, especially as in the case of some multinationals that are presently under investigation, would be made to comply with their tax obligations. FIRS, Muhammad Nami said the agency has a projection of N10.1 trillion revenue generation for the country in 2022. According to him, of the total amount projected, N2.053 trillion will be remitted to the federal government, while the balance will go to the states and local governments of the federation. Nami, told lawmakers recently that the FIRS generated N4.9 trillion revenues in 2020, which was about 98 per cent of its set target for the year, said there was the possibility of surpassing the set target for revenue generation in 2022. He assured the lawmakers that after some investigations and audit, which will be carried out by the agency in 2022, government revenue was expected to increase significantly in 2023. The Chairman, House Committee on Finance, Hon. James Faleke, commended the agency for its efforts in generating revenues, urging them to do more. Therefore, Nigerians must support the FIRS to ensure that ongoing tax reform in the country bear fruits so as to see much larger gains.

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

BUSINESS SPECIAL

PERSPECTIVE

Entrepreneurship, Catalyst for Industrialisation Abdullahi Musa

t is on record that no nation can achieve real development without industrialisation. It is in the light of that the Central Bank of Nigeria (CBN), in the past few years, has been very active in its intervention in critical sectors of the economy to spur growth and create jobs for Nigerians, especially the teeming youth. The apex bank had rolled out a battery of intervention funding for several sectors of the economy estimated at about N1.1 trillion. But the nation is still heavily weighed down by youth unemployment. Data from the National Bureau of Statistics (NBS) showed that national unemployment rate rose to 33.3 percent in the fourth (Q4), 2020 from 27.1 percent in the second quarter (Q2) of the same year. The underemployment rate decreased from 28.6 percent to 22.8 percent. A combination of both the unemployment and underemployment rate for the year under review gave a figure of 56.1 percent. The NBS data further revealed that youth population eligible to work was about 40 million, out of which only 14.7 million were fully employed, while the remaining 11.2 million were unemployed. This huge unemployment situation stems mainly from the non-availability of openings for them to be employed and the state of the nation’s education system which only prepares the students for employment without any entrepreneurial skills. It was in seeking solution to this problem that led the Central Bank of Nigeria (CBN) to come up with a number of initiatives targeted at empowering the youths to be self-reliant and job creators. Some of the initiatives include Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Youth Entrepreneurship Development Programme ((YEDP), the Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) among others. This, of course is in line with the promise of the CBN Governor, Mr. Godwin Emefiele, on assumption of office that he would lead a central bank that is alive to its duties as a catalyst for national development. The impact of these interventions is evident today in different sectors including agriculture, the creative industry, and the textile industry and of course in the manufacturing industry among others. Like a colossus, the footprints of the CBN have touched every aspect of the Nigerian economy. Committed to ensuring the industrialisation of Nigeria and as a complement to its microfinance policy and also to ensure the sustained supply of skilled entrepreneurs to take advantages available to Micro, Small and Medium Enterprises (MSMEs), the CBN in 2006 initiated plans to support the efforts of the Small and Medium Enterprises Agency of Nigeria (SMEDAN), National Directorate of Employment (NDE),

National Poverty Eradication Programme (NAPEP), Industrial Training Fund (ITF) etc. by establishing or strengthening at least one Entrepreneurship Development Centre [EDC] in each of the six geo-political zones in Nigeria. This is to encourage private entrepreneurship, self-employment, job creation, income growth, poverty eradication and economic development. The EDCs targets those with at least secondary education, and has the objectives of developing entrepreneurship spirit amongst Nigerians and providing insight into the tools, techniques and framework for managing all functional areas of business enterprise, including production, marketing, personnel and finance. It is also to develop skills of would-beentrepreneurs to successfully start, expand, diversify and manage business enterprises as well as link them with financial institutions for startup capital, especially the microfinance banks and to raise a new class of entrepreneurs/owners, who can compete globally and succeed in managing MSMEs and provide the bridge for future industrialisation of the country. The CBN EDC Centres are to provide physical structures, training materials, equipment, human resources and other facilities that would assure internationally competitive, effective and sustainable services capable of meeting the needs of MSMEs in the country. The pilot EDCs took off at Onitsha; Ota and Kano in 2008. The initiative was an instant success spurring the bank to replicate it in the South south, Northeast and North central zones in 2013.

Participants on completion of their training are entitled to free 18 months business advisory services and monitoring. This is to prevent them from folding -up in the initial period of start-up. Beyond that, the CBN has also created special funds for lending to those who have gone through the entrepreneurial development centres to ensure they have a sustainable pool of funds to draw from. Among these special funds are Micro, Small and Medium Enterprises Development Fund (MSMEDF), the Youth Entrepreneurship Development Programme ((YEDP), the Agri-Business Small and Medium Enterprise Investment Scheme (AGSMEIS) among others The CBN in collaboration with the Banker’s Committee set up a N26 billion Agribusiness/ Small and Medium Enterprises Investment Scheme (AGSMEIS) which has already begun disbursement of funds to qualified entrepreneurs. The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, in his speech at the flag-off of the disbursement of funds to the first set of over 300 beneficiaries, noted that the challenges of youth unemployment and restiveness must be confronted with strategic innovative thinking to provide sustainable solution. He said the committee agreed to design and fund a suitable scheme aimed at reducing the huge financing gap for Micro, Small and Medium Enterprises (MSMEs), adding that the Fund was also aimed at job creation, financial inclusion and inclusive growth for Nigerians, particularly the teeming youth population. Within its first three years, the CBN-EDCs located

in the North East, South-South and North Central have trained over 17,727 participants, representing 98.5 per cent of the target set while a total of 9,298 businesses were expanded. Also, a total of 6,311 of the graduates, representing 35.0 per cent of the set target, accessed loans to the tune of N1, 042 billion from various sources. The centres also collectively created 14,069 jobs directly while the second phase of the EDC programme, under the Tripartite Agreement, located in the North-West and South-West, which commenced in January 2015, collectively trained 3,146 representing 75 per cent of the target set, linked 160 participants representing 5 per cent of the target set to finance and 1,159 jobs created. As at the first quarter of 2021, the Entrepreneurship Development Centres have collectively trained over 55,422 budding entrepreneurs across the country. The CBN-EDC in the south west alone has trained over 24,192 persons, expanded 4348 businesses, started 362 new enterprises, and created over 6378 jobs and facilitated loans valued at N519 million. In the South south, the EDC, has trained 9, 442 participants, while also helping to establish and expand over 3, 560 enterprises. The enterprises so established according to the South south CBN EDC’s Corporate Communications Manager, Mr. Emeka Ugwu, have created over 9,000 direct and indirect jobs. That was not all. He also said the Centre has assisted about 3,035 participants to access finance totaling over N1 billion, ranging from N50, 000 to about N10 million, from various sources for their enterprises. As a way of catching them young and to support the various tertiary institutions in preparing their students for life after school, the Central Bank of Nigeria, developed the Tertiary Institutions Entrepreneurship Scheme (TIES), in partnership with Nigerian polytechnics and universities. The idea is to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria. The Scheme is designed to create a paradigm shift among undergraduates and graduates from the pursuit of white-collar jobs to a culture of entrepreneurship development for economic development and job creation. The Scheme thus aims to provide an innovative financing model that will create jobs, enhance the entrepreneurial ecosystem and support economic growth and development as well as provide an enabling environment for co-creation, mentorship and development of entrepreneurial and technological innovations. From all indications, this foray of the CBN into the entrepreneurship development of the Nigerian youth may just be what the nation needs to join the league of industrialised nations. t .VTB JT BO FOUSFQSFOFVS CBTFE JO ;BSJB ,BEVOB 4UBUF

AIRSMAT, Eliminating Guesswork in Agriculture Decision-making Hamid Ayodeji

ransforming the traditional face of agriculture in Africa is more important than ever today. As the population is taking a rising curve, the demand for food crops is increasing exponentially. But the conventional agricultural methodologies often fall short in achieving the required yield volumes to meet the increased requirements. One of the primary reasons for this is the heavy reliance of farmers on guesswork and estimations based on scanty information of weather and soil conditions along with the need for appropriate fertilizers, crop diseases, and many other aspects. As a result, the farmers and farm owners fail to make informed decisions to improve the yields and ensure food security in the continent. This is where AirSmat, an agritech company, takes center stage, offering holistic services and solutions for intelligent and precision agriculture using artificial intelligence. The company assists farmers and farm owners in making informed decisions to maximise yields and ensure food security while increasing the bottom lines of agricultural businesses and balancing the demand-supply and price ratios in the market. The journey of AirSmat began with the co-founders’ vision to empower the farmers and farm owners to move beyond the conventional realms of agriculture and gain necessary knowledge and information. From forecasting drought probabilities, weather extremities, soil, and moisture conditions, to identifying chemical components and suitability of cultivating crops, AirSmat is helping its customers leverage intelligent farming and agricultural practices, opening doors for enhanced food security in the

Adeoluwa Ibikunle

Evidence Osikhena

continent. “Farmers and farm owners can confidently rely on intelligent data obtained through our solutions and not merely on guesswork to improve their yields significantly,” mentions Evidence Osikhena, co-founder & solution architect of AirSmat. AirSmat brings a broad catalog of solutions that address the core challenges in the farming space. They exclusively offer SmatSat that assists in overcoming the impact of droughts by utilising satellite imageries and weather data, which provide vital information, including historical weather data, daily forecasts, soil temperature, vegetation indices, all in real time. SmatSat allows farmers to determine the need for irrigation based on moisture related information and

weather forecasts and make informed decisions to optimise their farming plans. In addition, the company offers SmatSTAR, which enables customers to determine the suitable crop types based on chemical characteristics such as the chemical breakdown and physical properties of soil. Customers can leverage SmatSTAR for both pre-planting and post-planting phases and obtain vital inputs on nutrient contents of the soil to assess the suitability of cultivating a particular crop on the land, the requirement of fertilizers, soil treatments to adjust soil deficiencies, and much more. Not only that. AirSmat even offers a solution called SmatMapper to generate 2D and 3D maps to help perform vital

analysis such as the spectral analysis of the farmlands, allowing farmers and farm owners to identify the land segments that are hydrated sufficiently. It also assists in determining nitrogen intake in the soils, overviews of the lands, flow directions and patterns of the water, and several other analyses that enable farmers to plan irrigation efforts efficiently. These analytical capabilities, coupled with the company’s customer-centric approach have earned it the trust of a vast client base over the years. Right since the beginning, the AirSmat team has focused consistently on addressing the customer issues, utilising their feedback to enhance its portfolio, and innovating to fulfill their changing needs. “We offer distinct solutions for every customer; we listen to their pain points and align our capabilities accordingly to offer them the suitable solutions,” co-founder & CTO, Adeoluwa Ibikunle said. AirSmat further seeks to expand its product and service portfolio and introduce several exciting offerings. It will harness the capabilities of IoT to facilitate the monitoring of farms from the comfort of the farmers’ and farm owners’ homes. AirSmat has also built a social media platform that serves as a community for farmers and farm owners to communicate and exchange ideas. All in all, AirSmat is rightly positioned in the agritech industry to pave the way for farmers and farm owners to adopt precision and intelligent farming in Africa, thereby producing bountiful yields and simultaneously gaining financial stability. AirSmat recently bagged the Top African Tech Startup - 2021 Award by Startup City in appreciation of the agritech company’s relentless pursuit of excellence and innovation in African Tech Startups technology.

MONDAY NOVEMBER 1, 2021 •T H I S D AY

MONDAY NOVEMBER 1, 2021 • T H I S D AY

T H I S D AY ˾ ͯ˜ ͰͮͰͯ

CITYSTRINGS

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EFCC Walking a Tightrope of Rights Violations in Manhunt for Suspects The inevitable search for fraudsters by EFCC has opened all the sides to the deliberations on the grave consequences of collective complacence, citizens’ rights and the nation’s image. Yinka Olatunbosun and Rebecca Ejifoma report

Norah Okafor

revor Noah, a stand-up comedian and host of the Daily Show, is an incredibly funny man. During one of his recent jokes on the US-France feud over an Australian submarine deal, he made a joke about Nigeria that was not funny. He imagined the conversation that could play out at the ongoing UN General Assembly among the leaders of Australia, France, the United States of America and Nigeria. “Nigeria will buy some sub-marines…we will transfer the money to you with just need your banking account number and your pin number too,’’ he said, jokingly mimicking Nigerian accent. The award-winning, globe-trotting comedian daringly made a joke out of the sad reputation of the nation as a country of fraudsters. But how can the misconduct of a few define the whole nation? According to Eze-Michael Ezedikachi, a researcher, scams has existed even before the internet age. Nigerians were involved in crossborder defrauding using telex and letters. But with internet penetration, the techniques used for scams have evolved to include identity theft, phishing, page jacking, advance-fee scams, bad cheque, wire transfer fraud, anonymous servers, hijacked emails and fake websites. Nigeria is not the only country with a high rate of internet fraud. Stronger economies such as South Africa, China, Switzerland, United Kingdom, Malaysia and more have made this list of countries bedevilled by fraudsters. Nigeria’s case may have been worrisome to the world because of the audacity with which many of the suspects flaunt their wealth on the internet and, of course, our record of fighting crimes, fraud or not. Transparency International had named Nigeria as one of the most corrupt nations in the world. There is a lack of trust for Nigerians in business as many have to go through strenuous screenings to do legitimate business. This bad image has also slowed down foreign investments, amongst other reasons. More than ever before, the Nigerian government is desperate to change the narrative by bringing fraudsters to book. Hence, the Economic and Financial Fraud Commission (EFCC) has

developed a stiffer stance to the manhunt for suspects. However, there are reports of human rights violations during such exercise. Many innocent citizens had been woken up by the sound of forced entry into their apartments. Some of the victims have cried out loud to EFCC on their social media handles. For instance, on September 23, a Nigerian journalist named Norah Okafor revealed that the men of EFCC barged into an apartment that she shares with her brothers at about 1:36 am. “I was alerted by my brother that there were armed robbers at my gate trying to make their way into the compound. Because it was an electric fence, I didn’t bother enough because I felt they can’t make their way in. Alas, I was wrong. 2am on the dot. They made their way into the compound. They came prepared. Over 25 of them with two Hilux buses, masked and dressed in black upon black.” Okafor, who said she loves to sleep naked, was surrounded by men who took her laptop, phones while demanding her car keys. They allegedly tore through her kitchen and bedroom. “They have already given my brothers a beating of their lives, carried my neighbour downstairs and tried unlocking all the cars in the compound. And after searching all the phones and laptops, three of their men walked in, lo and behold, it was EFCC. What? I screamed. ‘Shut up’ was the next thing I heard and when they couldn’t open my phone, they asked me to. I did and

after a while I just asked, please where is your office so I can come pick up my things on my way to work, they asked me what I do and I said “journalist”, asked my neighbour, he said “lawyer”, the other “doctor”. They looked at me, handed over the phones and said, “We just wasted our time”. Her story is quite similar to others’. More often than not, innocent persons had been reportedly assaulted before their identity could be ascertained. It would be recalled that the ex-Big Brother Naija housemate, Dorathy Bachor, recently claimed that EFCC men barged into her living room, damaging her door, leaving her mother in a panic. In a statement released by the anti-graft agency, EFCC explained that they were initially refused entry by the claimant’s sister, hence the forced entry. “The commission can confirm that operatives from the Lagos Command of the Commission, acting on verified intelligence, executed a search Warrant at a block of flats located in the Lekki area of Lagos on Monday, August 23, during which nine internet fraud suspects were arrested,’’ the statement said. Apart from concerns about human rights violations in the process of the manhunt, there are also apprehensions as regards the outcome of these operations, raising questions such as: How many of these caught suspects are currently facing trials for the charges? What happens to neighbours who cover up suspects? Would anyone snitch on a suspect who was the only source

The ﬁght against cybercrime is intelligencedriven... But of course, intelligence is no precision science. There is a margin of error. And where errors are made, it does not suggest malicious intent, or faulty procedure

of palliative during the lockdown and after? What about the former public holders who are on EFCC’s list? There is no doubt that any complacency on the side of enforcement agents and the citizenry will be counter-productive for the fight against fraud. The Head of Media, EFCC, Mr. Wilson Uwujaren, told THISDAY that their operations are based on intelligence, though not immune to human error. “The fight against cybercrime is intelligencedriven. The commission does not visit any facility unless it has credible evidence of suspected internet-based crimes being perpetrated in such properties. But of course, intelligence is no precision science. There is a margin of error. And where errors are made, it does not suggest malicious intent or faulty procedure. It certainly does not make sense to be talking about sexual harassment by operatives on a sting operation. Such is alien to EFCC operations,’’ he said. “EFCC has a standard operative procedure that guides its operatives in the discharge of their duties. The document outlines the steps to be taken and things to look out for in dealing with various financial crimes. and in terms of the treatment of suspects, EFCC adheres to best international practices, which is why suspects on remand prefer the EFCC custody to a correctional centre.” He said the commission is willing to take up cases of human rights violations that are reported to them as their operations are guided by law. “The commission is conscious of responsible conduct by its operatives; it has a full-fledged Department of Internal Affairs that police all personnel of the commission. Anyone that witness unprofessional conduct by an operative of the EFCC can report to the DIA at any of the Zonal Commands of the Commission or the headquarters in Abuja. The email address is dia@efcc.gov.ng. Alternatively, such complaints can be sent to Info@efcc.gov.ng.’’ While the Nigerian government rebuilds the international community’s trust in the nation’s fight against financial crimes, the aggression from EFCC should be targeted not at the already traumatised citizens but on those who continually soil the nation's image with their selfishness.

T H I S D AY ˾ ͯ˜ ͰͮͰͯ

CRIME&SECURITY

Strengthening Nigeria/UK Bilateral Ties through Port Calls, Trainings

CRIME SITUATION REPORTS

COMPLIMENTARY SECURITIES: HOW EFFECTIVE IN FACE OF EMERGING SECURITY CHALLENGES AND WAY FORWARD (PART 9) Gbolahan Samuel Moronfolu

L-R: Deputy High Commissioner to Nigeria, Ben Llewellyn-Jones; FOC WNC, Rear Admiral Jason Gbassa; and HMS Trent’s Commanding Oﬃcer, Commander Thomas Knott Chiemelie Ezeobi

s part of her three months deployment to the Gulf of Guinea (GoG), the Royal Navy Ship, HMS TRENT arrived Lagos last week, its first port visit to Nigerian waters, a move that has strengthened the bilateral ties between Nigeria and the United Kingdom. The port visit to Nigeria was the second port the ship has visited since leaving Gibraltar earlier in October this year. During the visit, the ship was involved in various capability demonstrations and training, with 42 Commando delivering their specific Vessel Boarding, Search and Seizure training to the Nigerian Navy. As is the norm, the British envoy led an entourage to pay a courtesy call on the Western Naval Command (WNC) of the Nigerian Navy (NN), where the Deputy High Commissioner to Nigeria, Ben Llewellyn-Jones, reiterated the long standing relationship between both nations. Received by the Flag Officer Command (FOC), WNC, Rear Admiral Jason Gbassa, the British Envoy stressed that the presence of its warship would further deepen the existing socio-economic and bilateral relationship of both countries. He said: "UK as a core member of the Commonwealth nations is very keen to see cooperation amongst other Commonwealth nations. "Nigeria, is not just a Commonwealth nation, but one of our strongest allies in West Africa. So, part of the co-operations we have is to try and understand how to build on that. Expand on our defence links and also strengthen our trade and expand our economic link" Earlier in his welcome address, the FOC WEST said despite the fact that it's been quite a while since Nigeria received a team or delegation, particularly a naval warship from the UK to the country’s waters, it does not mean that both countries had not been having engagements on the defence area across the three services.

Reiterating he said: “We have been engaging in areas of training where our personnel attend courses in your country. "We have also been engaging in areas of training where some of your personnel have been involved in our trainings. "I am aware of engagements in the areas of acquisition of platforms in our efforts to recapitalise our fleets. Be that as it may, your visit this time is highly welcomed. And, going forward, we intend to have a joint exercise involving our ships, air assets and HMS TRENT.” Afterwards, there was a reception to welcome the ship to Lagos at the NPA jetty. At the reception, Llewellyn-Jones said stressed that "Nigeria’s security and prosperity matters to the UK. The Royal Navy is here because the UK is a committed partner for Nigeria and the wider West African region. "We will continue to work with the Nigerian authorities to address illegal activity; improve maritime security; counter-piracy and tackle the Illegal Wildlife Trade. To do this we will draw on the experience we have of cross and multi-agency co-operation in the UK to promote peace, development, and prosperity.” Stating that they would train more personnel of the Nigerian Navy in the fight against criminalities like piracy, drugs smuggling and other crime-related activities, he added that "Nigeria is an important and valued defence

partner for the UK as both countries share threats and we are determined to defeat these and help improve maritime security in the area". Also speaking, HMS Trent’s Commanding Officer, Commander Thomas Knott said:“As Trent made her way to the Gulf of Guinea my crew honed their skills in maritime security operations and commenced counter illicit activity patrols. "Piracy, narcotics and broader criminal activities in this region demand that my Royal Navy Sailors and Royal Marine Commando Force are always ready. Boarding exercises are vital integration training for the newly embarked Royal Marines, who joined at the start of HMS Trent’s patrol of the Gulf of Guinea. "42 Commando will perform a key role as part of the ship’s company of HMS Trent, training partner forces across the region and helping to develop their capabilities." THISDAY gathered that the three-month deployment will see the ship travel around the Gulf of Guinea, visiting countries including Ghana, Senegal, and Gambia. Alongside their commitments to conduct joint exercises and train with partners in the region HMS Trent will also conduct maritime security patrols and promote the UK’s position as co-president at the G7++ Friends of Gulf of Guinea conference in November.

We will continue to work with the Nigerian authorities to address illegal activity, improve maritime security, counter piracy and tackle the Illegal Wildlife Trade. To do this, we will draw on the experience we have of cross and multi-agency co-operation in the UK to promote peace, development, and prosperity

H OW D R O N E S CA N HELP (Cont'd) T h e re a re m a n y w a y s drones can help enterprise security teams to manage their risk mitigation efforts more efficiently, safely and cost-effectively, including: 11. Untrained operators: “ T h e re a re n ’ t e n o u g h trained and certified d ro n e o p e r a t o r s t o m e e t t h e d e m a n d t o d a y. 12. Analyzing data and data transmission: Many d ro n e s d o n ’ t h a v e a s i g nal while they’re in flight d u e t o a b s e n c e o f Wi - F i or cellular connections, so they have to use a lot of o n - b o a rd p ro c e s s i n g a n d may have to fly to an area where there is a signal and can send the data. 13. Liability: Anyone operating an unmanned aerial s y s t e m i n a p ro f e s s i o n a l m a n n e r i s re s p o n s i b l e f o r consequences and needs to have liability insurance. 14. Expectations: Enterprise security leaders may want to jump on the drone bandwagon because i t ’ s n e w, h o t t e c h n o l o g y, but it’s important to know w h a t y o u ’ re g e t t i n g , a s well as its limitations. You need to have some serious, re a l i s t i c e x p e c t a t i o n s a s t o w h a t y o u ’ re g o i n g t o accomplish. Sometimes y o u t h i n k a d ro n e c a n d o great thing and ultimately, it may not give you the data you need, say experts. CONCLUSION Having extensively e x p o s e d t h e re a d e r s t o the rudiments, practices, methods, roles, merits and demerits of various organic a n d i n o rg a n i c s e c u r i t y

systems available for the general public to interface, e v a l u a t e a n d p a t ro n i z e for their safety and other security needs. Most people based on findings, experience the challenges of insecurity by ignorantly assuming that “it would never happen to them”. It is indeed a costly assumption for any member of the public to make, considering the many challenges of int e r n a l s e c u r i t y t h re a t s i n various localities, regions and even at international level. Wi t h t h e e x p o s u re o f s o many Nigerians to some available security systems, it is hoped that this enlightenment and sensitization will assist individuals or organizations and policy makers to determine the best complimentary security system to adopt in their areas of needs which will help to block out all d a n g e r s l u r k i n g a ro u n d them. It is believed that security exist when the individual or society is at peace; having social comfort through the privilege of domestic and public order. Note however that w h a t s o e v e r c o m p ro m i s e s human safety and unlawfully endanger human lives e ro d e s s o c i a l c o m f o r t . In achieving optimum complimentary security performance, there is need for the managers of the various complementary security sectors to improve o n a n d u p d a t e t h e i r s e rvices to the public, in the f a c e o f e m e rg i n g s e c u r i t y challenges, by concentrating more on the following a re a s :

MONDAY NOVEMBER 1, 2021 •T H I S D AY

MONDAY NOVEMBER 1, 2021 • T H I S D AY

T H I S D AY ˾ ˜ NOVEMBER 1, 2021

BUSINESS/MONEYGUIDE

Mastercard Foundation Reaffirms Commitment to Addressing Unemployment in Nigeria Nume Akeghe The Mastercard Foundation has reaffirmed its commitment to addressing unemployment in Nigeria by providing access to dignified and fulfilling jobs for 30 million young people under its Young Africa Works strategy, 10 million of which will come from Nigeria. This reaffirmation was disclosed by the Country Head, Mastercard Foundation Nigeria, Chidinma Lawanson during a panel session themed, “Jobs Crisis Response,” at the 27thNigerian Economic Summit held in Abuja. According to Lawanson, to achieve this ambitious goal, Mastercard Foundation will be providing support in three critical areas including Digital Economy, Agriculture and the Creative sectors which are pivotal in addressing the rising level of unemployment in Nigeria and Africa as a continent. She revealed further that the organization is interven-

ing in youth development by empowering youth with skills that employers need, helping them leverage technology to connect employers and also enabling entrepreneurs and small businesses to expand through access to financial services. She explained that agriculture, especially technology assisted agriculture has the potential to empower lives and livelihoods and due to the impact of technology, this sector is no longer viewed as menial and commonplace. “Our focus is to create access to dignified and fulling work. In the area of Agriculture, we want to show the youth that this can be done by helping them unlock opportunities in the agricultural value chain. Our approach is to change the narrative among the youth by ensuring that they do not see Agriculture as menial and torturous labour but as a game changer for the Nigerian economy. Also, the Digital economy opens up multitudes of opportunities

like it did in the fintech industry, part of our vision is to leverage partnerships and utilize digital platforms to solve problems in other sectors, ”she added. She further noted that the organization is willing and open to more partnership with stakeholders that would create opportunities for the youth and foster development for the Nigerian economy. Also speaking virtually during the session, the Executive Governor of Lagos State, Babajide Sanwo-Olu noted that the administration is doing its best to unlock many opportunities for Lagosians noting that it would continue to create the enabling environment particularly for the private sector to thrive. Sanwo-Olu said the administration had done quite a lot to address the alarming rate of unemployment through several direct interventions that include capacity training programs and direct recruitment into its workforce.

Alpha Morgan Capital Partners LASPARK on Median Adoption and Beautiﬁcation To promote socio-economic development in Lagos State, Alpha Morgan Capital has adopted for beautification, the medians of two major roads within the Victoria Island and Ikoyi axis (Ademola Adetokunbo road, Victoria Island and Osborne Road, Ikoyi) as part of its corporate social responsibility (CSR) project. Nearly 40% of the employed population in the formal sector in Lagos work in Victoria Island and Ikoyi, and a large proportion of these workers have their offices situated along or around the major roads in these areas. As the state’s economic nerve centers, the roads in and around these areas serve as a conduit for a variety of economic activities

and commuter traffic. Commenting on the adoption of the road medians, Group Managing Director of Alpha Morgan Capital, Ade Buraimo, said: “Growth for customers and a positive impact on communities are essential to Alpha Morgan Capital’s business philosophy. With a track record of successful CSR projects carried out across different sectors in the country, community and social impact has indeed become an intrinsic part of our corporate identity.” He further stated,“A visually appealing community attracts businesses and enhances social capital growth for our customers. We are happy to partner with Lagos State Parks and Gardens Agency (LASPARK)’s goals to

make Lagos a healthier and greener state with the beautification and maintenance of these medians.” The Victoria Island and Ikoyi axis are two of the most integral areas of the central business district in Lagos State and act as home to the headquarters of most financial institutions and other corporate establishments in the state. LASPARK General Manager, Mrs. Adetoun Popoola, expressed delight in the project, saying, “This support has contributed to enhancing the ambience and aesthetics of the immediate environment by making safe, green, public spaces available for the improved health and wellness of Lagosian.

NIDF Supports Development of Critical Social Infrastructure in Nigeria The Chapel Hill Denham Nigerian Infrastructure Debt Fund (NIDF) has announced that it has reached financial close for circa N3 billion Purpose Built Student Accommodation (PBSA) project at the Lagos State University (LASU). In a statement, it stated that the project is being implemented by Advent Integrated Services Limited (Advent) under a longterm concession granted by the Lagos State Government. “The Project’s scope includes design, construction, operations and management of 1,128 bed spaces spread across three accommodation blocks at LASU’s

Ojo campus. The PBSA will be equipped with amenities such as laundromats, cafeteria, retail stores and state-of-the-art common and reading rooms. The project is scheduled to be completed in time for the new academic session in 2022. NIDF’s funding directly supports Nigeria’s efforts towards UN’s Sustainable Development Goals, specifically SDG4 (Quality Education), SDG 8 (Decent Work) and SDG 11 (Sustainable Cities and Communities), “the statement reads. CEO, Nigeria Infrastructure Debt Fund, Anshul Rai, commented:“By supporting

the project, NIDF has once again demonstrated its commitment to support critical social infrastructure projects in Nigeria. It is the fourth PBSA being funded by NIDF and we hope to conclude a number of similar transactions in the coming months. Making long-term Naira funding at commercially reasonable terms is crucial to bridge the infrastructure deficit in the country. By offering tailor-made financing solutions through a streamlined process, we have materially reduced the financing risks faced by project sponsors pursuing such opportunities across Nigeria.”

APMTerminals Apapa Participates in UKTrade Expo on HMSTrent Nigeria’s leading container terminal operator, APM Terminals Apapa participated in the UK Trade Exposition onboard HMS Trent, the warship visiting West Africa to combat piracy on the Gulf of Guinea and across Africa. The ship made a stopover at the Lagos Port Complex Apapa on 26th October and held a Trade Exposition onboard. HMS Trent is deploying to the Gulf of Guinea and is collaborating with the Nigerian Navy on combating piracy at sea and improve cargo flow to Nigeria.

“We had the opportunity to talk with exhibitors, one of which is currently contracted for LED Lightning in our terminal – Talk Ports. We also met service providers with whom we share passion in the area of environmental sustainability and energy optimization,” the Procurement Manager of APM Terminals Apapa, Chinyere Adenaike, said. Also speaking, the Commercial Manager, Temilade Ogunniyi, said the exposition provided opportunity for professional bonding. “One of the biggest benefits

of participating at the show was the opportunity to create professional bonds. It was an avenue to meet with potential valuable partners who were present to facilitate trade. Participating in the exposition gave us an opportunity to meet with multinational organizations in the area of security, ship building, renewable energy, port solutions, who can be APM Terminals’ potential partners. We believe that these good relationships can improve our operation and lead to more success in the future,” Ogunniyi said.

L-R: CEO Kaptam Foods, Onyekachi Ekezie; SSA to Governor of Ogun State on Agriculture, Angel AdelajaKuye and Country Director HEIFER International Nigeria, Rufus Idris at Heifer International’s side event during the recently concluded Nigerian Economic Summit

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basra Light (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ ˜ ͯ˜ ͰͮͰͯ

Preline Acquires 60.98% Stake In Eterna, Shares Close at N8.00 Per Share Kayode Tokede Preline Limited, an investment vehicle of RainOil Limited acquired 60.98per cent stake in Eterna Plc in a deal consummated on the Nigerian Exchange Limited (NGX). According to the information released on the floor

of the NGX, the transaction involved the crossing of a total of 794,969,774 shares of Eterna Plc in an off-market trade at N13.50 per share. The transaction was a negotiated cross deal by Cordros Securities Limited, acting for the Buyer Eterna Plc had earlier informed the exchange and

P R I C E S MAIN BOARD

F O R DEALS

the market that some of the company’s substantial shareholders executed a Sale and Purchase Agreement (SPA) that enables Preline Limited acquire 794,969,774 shares of Eterna Plc representing 60.98per cent in the Company and the required approvals were being obtained from the regulators.

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

The acquisition will allow RainOil Limited to further scale up its business and increase its footprints across Nigeria; confirming its position as a formidable indigenous player in the downstream oil and gas sector. Investigation revealed that Cordros Capital Limited acted

T R A D E D MAIN BOARD

A S

as Financial Advisers to the transaction while Cordros Securities Limited acted as the Designated Stockbroker to Preline Limited. However, Etern in its nine months unaudited result and accounts reported N566.9million profit before tax against N407.18million in nine months

O F

ended September 30, 2021. The petroleum marketing company show its profit for the period closing at N415.99million in nine months of 2021 from N193.57million reported in nine months of 2020. The company’s share on the NGX closed last week at N8.00 per share.

2 9 / 1 0 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

˾ MONDAY, NOVEMBER 1, 2021

Sunday, October 31, 2021 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ ŵƉƌĞƐƐŝǀĞ ĂƌŶŝŶŐƐ ^ƵƐƚĂŝŶƐ ƚŚĞ Ƶůů… ^/ ƵƉ Ϭ͘ϳй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

dŚĞ ďĞŶĐŚŵĂƌŬ ŝŶĚĞǆ ĐŽŶƟŶƵĞĚ ŝƚƐ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ůĂƐƚ ǁĞĞŬ ƚŽ ĐůŽƐĞ ĂďŽǀĞ ƚŚĞ ϰϮ͕ϬϬϬ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

Ticker

THISDAY AFRINVEST 40

1,782.58

0.35%

780.00

0.0%

28.6%

72.00

0.0%

10.4%

28.65

0.4%

8.2%

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1 Airtel Africa PLC 2 BUA Cement Plc 3 Guaranty Trust Holding Co PLC 4 Zenith Bank PLC 5 Dangote Cement PLC 6 MTN Nigeria Communications PLC 7 Nestle Nigeria PLC 8 Lafarge Africa PLC 9 Access Bank PLC 10 United Bank for Africa PLC 11 FBN Holdings Plc 12 Nigerian Brew eries PLC 13 Stanbic IBTC Holdings PLC 14 International Brew eries PLC 15 Flour Mills of Nigeria PLC 16 SEPLAT Energy PLC 17 11 PLC 18 Okomu Oil Palm PLC

ĂƐ Ăůů ŝŶĚŝĐĞƐ ĐůŽƐĞĚ ƉŽƐŝƟǀĞ͘ dŚĞ /ŶƐƵƌĂŶĐĞ and Kŝů Θ 'ĂƐ ŝŶĚŝĐĞƐ ƚŽƉƉĞĚ ƚŚĞ ŐĂŝŶĞƌƐΖ ĐŚĂƌƚ͕ ƵƉ ϱ͘ϯй ĂŶĚ ϰ͘Ϭй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƚŚĞ ŚƵŶƚ ĨŽƌ ďĂƌŐĂŝŶ ŝŶ

26 Presco PLC 27 Unilever Nigeria PLC

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32 AIICO Insurance PLC 33 TotalEnergies Marketing Nigeri

and ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ Ϯ͘ϰй ĂŶĚ

34 Julius Berger Nigeria PLC 35 Wema Bank PLC

ϭ͘ϱй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ ĨŽůůŽǁŝŶŐ ƉƌŝĐĞ ƵƉƟĐŬ ŝŶ d/

36 Union Bank of Nigeria PLC 37 Oando PLC

;нϭϳ͘ϵйͿ͕ h ;нϮ͘ϰйͿ͕ 'h/EE ^^ ;нϮϯ͘ϭйͿ͕ ĂŶĚ hZz ;нϭϴ͘ϭйͿ͘ /Ŷ ƚŚĞ ƐĂŵĞ ǀĞŝŶ͕ ŐĂŝŶƐ ŝŶ /Zd > & ;нϭ͘ϯйͿ͕ DdEE ;нϬ͘ϵйͿ͕ t W K ;нϴ͘ϬйͿ͕ ĂŶĚ Z' Z ;нϱ͘ϭйͿ ƐƉƵƌƌĞĚ ƚŚĞ AFR-/ d and

/ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ ŝŶĚŝĐĞƐ ƚŽ ĂƉƉƌĞĐŝĂƚĞ ďǇ ϭ͘ϭй ĂŶĚ Ϭ͘ϱй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͘

;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ͕ ƐƚƌĞŶŐƚŚĞŶĞĚ ƚŽ Ϯ͘Ϭǆ ǁͬǁ ĨƌŽŵ ϭ͘Ϭǆ ƌĞĐŽƌĚĞĚ ůĂƐƚ ǁĞĞŬ ĂƐ ϰϱ ƐƚŽĐŬƐ ĂĚǀĂŶĐĞĚ

// K ;нϯϭ͘ϵйͿ͕ ĂŶĚ 'h/EE ^^ ;нϮϯ͘ϭйͿ ǁŚŝůĞ '> yK^D/d, (-ϭϮ͘ϵйͿ͕ &dE K K (-ϭϬ͘ϮйͿ͕ ĂŶĚ dZ E^ K,Kd (-ϵ͘ϵйͿ ůĞĚ ƚŚĞ ůĂŐŐĂƌĚƐ͘ dŚŝƐ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ƚŚĞ ďƵůůŝƐŚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ĐŽŶƟŶƵĞ ĂƐ

ŝŶǀĞƐƚŽƌƐ ƉƌŝĐĞ ŝŶ ƚŚĞ ŝŵƉƌĞƐƐŝǀĞ ĞĂƌŶŝŶŐƐ ƌĞƐƵůƚƐ ĂŶĚ ŝŵƉƌŽǀĞĚ ŵĂƌŬĞƚ ƐĞŶƟŵĞŶƚ͘

Afrinvest West Africa Limited

Divindend Earnings Yield Yield

78.3%

15.0%

3.5%

-8.4%

14.7%

5.2%

0.8x

5.1%

14.7%

-6.9%

19.1%

11.2%

34.6x

6.5x

-11.4%

24.8%

3.9%

4.3x

1.1x

10.5%

23.1% 29.4%

2.3% 2.9%

0.8%

6.8%

1.8%

21.8%

2.9%

3.4x

0.7x

11.9%

6.9%

14.3%

44.7%

17.5%

13.9x

6.1x

5.8%

7.2%

175.60

0.0%

5.0%

3.4%

179.2%

14.1%

12.7x

19.2x

5.8%

7.9%

1,400.00

0.0%

3.7%

-7.0%

106.8%

15.6%

27.2x

32.0x

4.3%

3.7%

27.00

5.5%

4.2%

28.3%

9.9%

7.1%

10.1x

1.2x

3.7%

9.9%

9.50

0.5%

3.2%

12.4%

18.3%

1.5%

2.5x

0.4x

8.9%

39.2%

8.60

1.2%

2.7%

-0.6%

2.2x

0.4x

6.4%

46.3%

11.05

-5.2%

3.8%

54.5%

10.6%

1.0%

5.2x

0.5x

3.9%

19.4%

53.00

-2.3%

1.9%

-5.4%

5.6%

2.2%

48.9x

2.5x

2.1%

2.0%

39.00

0.0%

2.0%

3.3%

15.4%

2.0%

9.0x

1.4x

10.5%

11.2%

-11.4%

-4.5% 4.5x

0.7x

5.6%

22.1%

5.25

1.9%

1.4%

-11.8%

29.40

0.0%

1.2%

13.1%

731.50

0.0%

1.9%

81.8%

1.0x

-10.8%

3.4%

1.9%

16.9x

0.6x

5.6%

5.9%

-100.0%

135.00

7.7%

1.2%

48.4%

37.4%

23.6%

10.0x

3.4x

5.2%

10.0%

2.78

1.1%

0.8%

10.3%

12.7%

1.2%

2.4x

0.3x

7.9%

41.4%

8.90

4.1%

1.0%

48.3%

1.5%

0.1%

29.5x

0.4x

17.00

-5.6%

0.6%

-3.4%

25.6%

12.1%

6.6x

1.6x

8.8%

15.2%

3.19

0.0%

0.5%

-4.2%

1.49

-0.7%

0.3%

-27.0%

8.9%

0.8%

3.8x

0.3x

3.4%

14.65

0.0%

0.4%

1.0%

20.7%

5.9%

13.8x

3.0x

2.7%

7.3%

1.07

1.9%

0.4%

18.9%

-1.3%

-0.3%

0.7x

0.9%

-2.0%

89.00

0.0%

0.3%

25.4%

2.2x

1.1%

15.60

0.0%

0.2%

12.2%

-1.3%

-0.8%

1.4x

6.40

0.0%

0.2%

20.8%

3.4%

4.7% 26.6%

-1.0% 3.9%

9.20

1.1%

0.4%

95.3%

2.1x

7.6%

36.30

10.0%

0.4%

91.1%

8.1%

3.8%

12.9x

1.0x

1.3%

7.7%

8.45

9.7%

0.3%

44.4%

24.7%

7.5%

4.2x

1.0x

6.5%

24.0%

21.6%

3.3%

14.1x

0.5x 1.7%

18.3%

1.24

9.7%

0.2%

9.7%

240.80

9.5%

0.3%

85.2%

25.00

0.0%

0.2%

41.9%

18.3%

2.4%

5.0x

0.8x

1.6%

19.9%

0.81

9.5%

0.2%

17.4%

11.7%

0.7%

3.8x

0.5x

5.4%

26.2%

1.0%

0.0%

-100.0%

7.1%

0.8%

5.7x

0.6x

5.0%

-1.0%

0.2%

36.5%

14.5%

2.6%

2.2x

0.3x

5.4x

0.7x

36.5%

7.1%

5.5x

62.50

0.0%

0.1%

0.0%

-38.7%

-9.5%

52.95

0.0%

0.1%

-4.4%

12.8%

8.7%

5.38

0.0%

49.4%

17.6% 46.0%

2.1x

-20.1% 2.0%

18.4%

0.9x

T o p 10 T r a d e s b y V o l u m e

T ic k er

P ric e

P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

GUIN N ESS

36.30

10.0%

FB NH

57.0

-5.2%

C UST OD IA N

8.45

9.7%

T R A N SC OR P

27.9

1.9%

A IIC O

1.24

9.7%

WEM A B A N K

23.5

9.5%

UP L

2.17

9.6%

A IIC O

21.8

9.7%

WEM A B A N K

0.81

9.5%

WA P C O

18.0

5.5% -0.7%

240.80

9.5%

ST ER LN B A N K

12.9

N EIM ET H

1.94

8.4%

FCM B

12.8

0.0%

ET ER N A

8.65

8.1%

A C C ESS

12.6

0.5%

135.00

7.7%

UB A

10.7

1.2%

1.88

7.4%

J A P A ULGOLD

10.1

2.3%

OKOM UOIL C A VER T ON

T o p 10 L o s e r s

ĂŐĂŝŶƐƚ Ϯϯ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ ŽƵƚƉĞƌĨŽƌŵĞƌƐ ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ hW> ;нϰϰ͘ϳйͿ͕

5.6x

P/BV

-8.4%

T o p 10 G a i n e r s

T OT A L

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ

P/E

0.0%

5.05

38 Notore Chemical Industries Ltd 39 Beta Glass PLC 40 Transcorp Hotels Plc

ROA

25.25

28 PZ Cussons Nigeria PLC 29 United Capital PLC 30 Guinness Nigeria PLC 31 Custodian and Allied Insurance

ROE

280.00

19 Fidelity Bank PLC 20 Ecobank Transnational Inc

23 Sterling Bank PLC 24 NASCON Allied Industries PLC 25 Transnational Corp of Nigeria

Price Change Index to Date

21.5%

0.0%

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁĂƐ ďƵůůŝƐŚ ĂĐƌŽƐƐ ŽƵƌ ĐŽǀĞƌĂŐĞ

Price Previous Current Change Price YTD Weighting Change

Current Price

T ic k er R EGA LIN S C WG SOVR EN IN S

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

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

0.37

-9.8%

FB NH

645.1

1.13

-9.6%

WA P C O

483.5

5.5%

0.22

-8.3%

Z EN IT H B A N K

226.6

0.8% 0.4%

-5.2%

R OYA LEX

0.50

-5.7%

GT C O

204.3

D A N GSUGA R

17.00

-5.6%

M TNN

148.2

0.0%

LIVEST OC K

2.22

-5.5%

A C C ESS

119.4

0.5%

LIN KA SSUR E

0.53

-5.4%

F LOUR M ILL

103.6

0.0%

FB NH

11.05

-5.2%

D A N GSUGA R

97.4

-5.6%

VER IT A SKA P

0.21

-4.5%

UB A

91.7

1.2%

GLA XOSM IT H

6.10

-3.2%

GUIN N ESS

82.0

10.0%

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Rombert Omotunde | romo-

Abiodun Keripe |akeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

MONDAY NOVEMBER 1, 2021• T H I S DAY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 28Oct-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 165.24 166.69 2.08% Afrinvest Plutus Fund 100.00 100.00 7.98% Nigeria International Debt Fund 319.59 319.59 -15.98% Afrinvest Dollar Fund 106.02 107.07 -4.21% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 9.88% AIICO Balanced Fund 3.32 3.38 -3.86% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 8.78% Anchoria Equity Fund 142.75 144.56 7.32% info@anchoriaam.com Anchoria Fixed Income Fund 1.14 1.14 -14.14% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.63 21.25 13.73% ARM Discovery Balanced Fund 450.17 463.74 12.44% ARM Ethical Fund 39.53 40.72 17.26% ARM Eurobond Fund ($) 1.08 1.09 -1.04% ARM Fixed Income Fund 0.98 0.99 -5.95% ARM Money Market Fund 1.00 1.00 8.28% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.99 106.99 5.19% AVA GAM Fixed Income Naira Fund 1,047.52 1,047.52 4.75% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.06 2.06 -4.45% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.22 2.27 4.25% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.03 1.03 4.19% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.07% Paramount Equity Fund 17.43 17.75 8.98% Women's Investment Fund 141.69 143.35 6.48% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 8.53% Cordros Milestone Fund 2023 123.91 124.73 Cordros Milestone Fund 2028 N/A N/A Cordros Dollar Fund ($) 109.44 109.44 CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 8.25% Coronation Balanced Fund 1.23 1.25 2.80% Coronation Fixed Income Fund 1.42 1.42 -10.44% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.60% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 8.18% EDC Nigeria Fixed Income Fund 1,159.38 1,180.03 0.81% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.10% Emerging Africa Bond Fund 1.03 1.03 2.58% Emerging Africa Balanced Diversity Fund 1.13 Emerging Africa Eurobond Fund 103.97 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,435.73 FBN Balanced Fund 197.81 FBN Halal Fund 113.89 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

127.41 172.99 Bid Price 1.00 3.99 1.71 1.19

1.13 12.24% 103.97 3.93% invest@fbnquest.com Offer Price 1,435.73 199.26 113.89 100.00

Yield / T-Rtn 11.46% 5.40% 9.31% 8.91%

127.41 4.05% 175.26 14.43% fcmbamhelpdesk@fcmb.com Offer Price 1.00 3.99 1.75 1.19

Yield / T-Rtn 6.67% 3.01% 12.43% 5.11%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.58% Vantage Balanced Fund 2.89 2.96 1.31% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 154.42 154.69 -0.70% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.32 1.70% Vantage Dollar Fund (VDF) - June Year End 1.06 1.06 3.71% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.05 12.15 15.29% Meristem Money Market Fund 10.00 10.00 10.07% enquiries@norrenberger.com NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.53 100.54 7.20% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.27% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.59 1.61 13.12% PACAM Fixed Income Fund 11.40 11.41 -6.20% PACAM Money Market Fund 10.00 10.00 6.94% PACAM Equity Fund 1.47 1.48 -7.04% PACAM EuroBond Fund 112.10 114.20 2.17% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 135.23 139.58 10.38% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.07 1.07 10.08% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,399.21 3,432.17 5.79% Stanbic IBTC Bond Fund 234.14 234.14 4.13% Stanbic IBTC Ethical Fund 1.28 1.30 9.32% Stanbic IBTC Guaranteed Investment Fund 309.58 309.58 5.06% Stanbic IBTC Iman Fund 236.27 239.87 8.28% Stanbic IBTC Money Market Fund 100.00 100.00 7.47% Stanbic IBTC Nigerian Equity Fund 11,064.69 11,224.68 5.45% Stanbic IBTC Dollar Fund (USD) 1.28 1.28 4.44% Stanbic IBTC Shariah Fixed Income Fund 116.15 116.15 4.56% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 104.81 104.81 UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.35 1.37 5.15% United Capital Bond Fund 1.93 1.93 5.55% United Capital Equity Fund 0.92 0.95 15.57% United Capital Money Market Fund 1.00 1.00 8.81% United Capital Eurobond Fund 121.19 121.19 5.85% United Capital Wealth for Women Fund 1.09 1.11 6.98% United capital Sukuk Fund 1.07 1.07 6.68% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.15 13.27 10.84% Zenith ESG Impact Fund 14.73 14.89 20.70% Zenith Income Fund 24.58 24.58 2.45% Zenith Money Market Fund 1.00 1.00 6.31%

REITS NAV Per Share

Yield / T-Rtn

124.98 53.90

10.62% 6.67%

Bid Price

Offer Price

Yield / T-Rtn

13.96 131.61 103.62 17.80 21.77

14.06 134.88 105.89 17.90 21.87

5.61% 9.45% 4.44%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.00 5.67 17.88 1.00 21.60 157.58

4.10 5.77 18.08 1.00 21.80 159.58

6.71% -0.19% 10.39% 6.58% 5.24% -15.11%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, NOVEMBER 1, 2021 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

President Xi Jinping of the People’s Republic of China

50 Years of Restoration of Chi na ’s La w f u l U N Seat

Your Excellency Secretary-General António Guterres, Your Excellencies Diplomatic Envoys and Representatives of International Organizations, Ladies and Gentlemen, Friends, Comrades, ifty years ago today, the 26th Session of the General Assembly of the United Nations adopted, with an overwhelming majority, Resolution 2758, and the decision was made to restore all rights of the People’s Republic of China in the United Nations and to recognize the representatives of the Government of the People’s Republic of China as the only legitimate representatives of China to the United Nations. It was a victory for the Chinese people and a victory for people of the world. Today, on this special date, we are here to review the past history and look to the future, and that makes our gathering all the more significant. The restoration of New China’s lawful seat in the United Nations was a momentous event for the world and the United Nations. It came as the result of joint efforts of all peace-loving countries that stood up for justice in the world. It marked the return of the Chinese people, or one-fourth of the world’s population, back to the UN stage. The importance was significant and far-reaching for both China and the wider world. On this occasion, I wish to express, on behalf of the Chinese government and the Chinese people, heartfelt gratitude to all countries that co-sponsored and supported UN General Assembly Resolution 2758, and to pay high tribute to all countries and people that stand on the side of justice. The past five decades since New China restored its lawful seat in the United Nations have witnessed China’s peaceful development and its commitment and dedication to the welfare of all humanity. — For these 50 years, the Chinese people have demonstrated an untiring spirit and kept to the right direction of China’s development amidst changing circumstances, thus writing an epic chapter in the development of China and humanity. Building on achievements in national construction and development since the founding of New China, the Chinese people have started the new historical era of reform and opening-up, and successfully initiated and developed socialism with Chinese characteristics. We have continued to unleash and develop productivity and raise living standards, and achieved a historic breakthrough of leaping from a country with relatively low productivity to the second largest economy in the world. Through much hard work, the Chinese people have attained the goal of fully building a moderately prosperous society on the vast land of China, and won the battle against poverty, thus securing a historic success in eradicating absolute poverty. We have now embarked on a new journey toward fully building a modern socialist country and opened up bright prospects for the great rejuvenation of the Chinese nation. — For these 50 years, the Chinese people have stood in solidarity and cooperation with people around the world and upheld international equity and justice, contributing significantly to world peace and development. The Chinese people are peace-loving people and know well the value of peace and stability. We have unswervingly followed an independent foreign policy of peace, stood firm for fairness and justice, and resolutely opposed hegemony and power

politics. The Chinese people are a strong supporter of other developing countries in their just struggle to safeguard sovereignty, security and development interests. The Chinese people are committed to achieving common development. From the Tazara Railway to the Belt and Road Initiative, we have done what we could to help other developing countries, and have offered the world new opportunities through our own development. During the trying times of the COVID-19 pandemic, China has been active in sharing COVID response experience with the world, and has sent large quantities of supplies, vaccines and medicines to other countries, and deeply engaged in science-based cooperation on COVID-19 origins tracing, all in a sincere and proactive effort to contribute to humanity’s final victory over the pandemic. — For these 50 years, the Chinese people have upheld the authority and sanctity of the United Nations and practiced multilateralism, and China’s cooperation with the United Nations has deepened steadily. China has faithfully fulfilled its responsibility and mission as a permanent member of the UN Security Council, stayed true to the purposes and principles of the UN Charter, and upheld the central role of the United Nations in international affairs. China has stood actively for political settlement of disputes through peaceful means. It has sent over 50,000 peacekeepers to UN peacekeeping operations, and is now the second largest financial contributor to both the United Nations and UN peacekeeping operations. China has been among the first of countries to meet the UN Millennium Development Goals. It has taken the lead in implementing the 2030 Agenda for Sustainable Development, accounting for over 70 percent of global poverty reduction. China has acted by the spirit of the UN Charter and the Universal Declaration of Human Rights, and earnestly applied the universality of human rights in the Chinese context. It has blazed a path of human rights development that is consistent with the trend of the times and carries distinct Chinese features, thus making major contribution to human rights progress in China and the international human rights cause. The trend of the world, vast and mighty, prospers those who follow it and perishes those who go against it. Over the last 50 years, for all the vicissitudes in the international landscape, the world has remained stable as a whole, thanks to the concerted efforts of people of all countries. The world economy has grown rapidly, and innovation in science and technology has kept breaking new ground. A large number of developing countries have grown stronger, over a billion people have walked out of poverty, and a population of several billion are moving toward modernization. In the world today, changes unseen in a century are accelerating, and the force for peace, development and progress has continued to grow. It falls upon us to follow the prevailing trend of history, and choose cooperation over confrontation, openness over seclusion, and mutual benefit over zero-sum games. We shall be firm in opposing all forms of hegemony and power politics, as well as all forms of unilateralism and protectionism. — We should vigorously advocate peace, development, equity, justice, democracy and freedom, which are the common values of humanity, and work together to provide the right guiding philosophy for

building a better world. Peace and development are our common cause, equity and justice our common aspiration, and democracy and freedom our common pursuit. The world we live in is diverse and colorful. Diversity makes human civilization what it is, and provides a constant source of vitality and driving force for world development. As a Chinese saying goes, “Without achieving the good of one hundred various schools, the uniqueness of one individual cannot be achieved.” No civilization in the world is superior to others; every civilization is special and unique to its own region. Civilizations can achieve harmony only through communication, and can make progress only through harmonization. Whether a country’s path of development works is judged, first and foremost, by whether it fits the country’s conditions; whether it follows the development trend of the times; whether it brings about economic growth, social advancement, better livelihoods and social stability; whether it has the people’s endorsement and support; and whether it contributes to the progressive cause of humanity. — We should jointly promote the building of a community with a shared future for mankind, and work together to build an open, inclusive, clean and beautiful world that enjoys lasting peace, universal security and common prosperity. The human race is an integral community and Earth is our common homeland. No person or country can thrive in isolation. Humanity should overcome difficulties in solidarity and pursue common development in harmony. We should keep moving toward a community with a shared future for mankind, and jointly create a better future. To build a community with a shared future for mankind is not to replace one system or civilization with another. Instead, it is about countries with different social systems, ideologies, histories, cultures and levels of development coming together for shared interests, shared rights and shared responsibilities in global affairs, and creating the greatest synergy for building a better world. — We should stay committed to mutual benefit and win-win results, and work together to promote economic and social development for the greater benefit of our people. As ancient Chinese observed, “The essence of governance is livelihood; and the essence of livelihood is adequacy. Development and happy lives are the common aspirations of people in all countries. Development is meaningful only when it is for the people’s interest, and can sustain only when it is motivated by the people. Countries should put their people front and center, and strive to realize development with a higher level of quality, efficiency, equity, sustainability and security. It is important to resolve the problem of unbalanced and inadequate development, and make development more balanced, coordinated and inclusive. It is also important to strengthen the people’s capacity for development, foster a development environment where everyone takes part and has a share, and create a development paradigm where its outcome benefits every person in every country more directly and fairly. Not long ago, at the 76th Session of the UN General Assembly, I proposed a Global Development Initiative with the hope that countries will work together to overcome impacts of COVID-19 on global development, accelerate implementation of the 2030 Agenda for Sustainable Development,

and build a global community of development with a shared future. — We should step up cooperation, and work together to address the various challenges and global issues facing humanity. The international community is confronted by regional disputes as well as global issues such as terrorism, climate change, cybersecurity and biosecurity. Only with more inclusive global governance, more effective multilateral mechanisms and more active regional cooperation, can these issues be addressed effectively. Climate change is Nature’s alarm bell to humanity. Countries need to take concrete actions to protect Mother Nature. We need to encourage green recovery, green production and green consumption, promote a civilized and healthy lifestyle, foster harmony between man and Nature, and let a sound ecology and environment be the inexhaustible source of sustainable development. — We should resolutely uphold the authority and standing of the United Nations, and work together to practice true multilateralism. Building a community with a shared future for mankind requires a strong United Nations and reform and development of the global governance system. Countries should uphold the international system with the United Nations at its core, the international order underpinned by international law and the basic norms of international relations based on the purposes and principles of the UN Charter. International rules can only be made by the 193 UN Member States together, and not decided by individual countries or blocs of countries. International rules should be observed by the 193 UN Member States, and there is and should be no exception. Countries should respect the United Nations, take good care of the UN family, refrain from exploiting the Organization, still less abandoning it at one’s will, and make sure that the United Nations plays an even more positive role in advancing humanity’s noble cause of peace and development. China will be happy to work with all countries under the principle of extensive consultation, joint contribution and shared benefits to explore new ideas and new models of cooperation and keep enriching the practice of multilateralism under new circumstances. A review of the past can light the way forward. Standing at a new historical starting point, China will stay committed to the path of peaceful development and always be a builder of world peace. China will stay committed to the path of reform and opening-up and always be a contributor to global development. China will stay committed to the path of multilateralism and always be a defender of the international order. As an ancient Chinese poem reads, “Green hills immerse in the same cloud and rain. The same moon lights up towns however far away.” Let us join hands, stand on the right side of history and the side of human progress, and work tirelessly for the lasting and peaceful development of the world and for building a community with a shared future for mankind! Thank you. t 4QFFDI CZ ) & 9J +JOQJOH 1SFTJEFOU PG UIF 1FPQMF T 3FQVCMJD PG $IJOB "U UIF $POGFSFODF .BSLJOH UIF UI "OOJWFSTBSZ PG UIF 3FTUPSBUJPO 0G UIF -BXGVM 4FBU PG UIF 1FPQMF T 3FQVCMJD PG $IJOB *O UIF 6OJUFE /BUJPOT 0DUPCFS

T H I S D AY ˾ MONDAY, NOVEMBER 1, 2021

FOREIGN DESK

Man Attacks 17 on Tokyo Train, Starts Fire On Sunday, a man brandishing a knife on a Tokyo commuter train stabbed several passengers before starting a fire, which sent people scrambling to escape and jumping from windows, police and witnesses said. The Tokyo Fire Department said 17 passengers were injured, including three seriously. The attacker, only identified as a man in his 20s, was arrested on the spot and was being investigated on suspicion of attempted murder, NHK said. His motive was not immediately known. NHK said witnesses told police that the attacker was wearing a bright outfit — a green shirt, a blue suit and a purple coat — and looked like a comic book character or someone going to a Halloween event. Tokyo police officials said the attack happened inside the Keio train near the Kokuryo station. Television footage showed several firefighters, police officials and paramedics rescuing the passengers, many of whom escaped through train windows. In one video, passengers were running from another car, where flames were gushing. NHK said the suspect, after stabbing passengers, poured a liquid resembling oil and set fire, which partially burned seats.

Fishing Fight: UK, France Urged Not to Escalate Crisis Britain and France faced calls Saturday to sort out their post-Brexit spat over fishing rights in the English Channel, which threatens to escalate within days into a damaging French blockade of British boats and trucks. French President Emmanuel Macron warned that the dispute is testing the UK’s international credibility, while each country accused the other of being in breach of the post-Brexit trade agreement that Britain’s government signed with the European Union before it left the bloc. As the war of words intensified, Britain said it was “actively considering” launching legal action if France goes through with threats to bar UK fishing boats from its ports and slap strict checks on British catches. “If there is a breach of the (Brexit) treaty or we think there is a breach of the treaty then we will do what is necessary to protect British interests,” Prime Minister Boris Johnson said in Rome. At stake is fishing — a tiny industry economically that looms large symbolically for maritime nations like Britain and France. Britain’s exit from the economic rules of the 27-nation bloc at the start of this year means the UK now controls who fishes in its waters.

Biden Meets Erdogan Amid Rising Tensions White House officials say US President Joe Biden had “very constructive talks” with Turkish President Tayyip Erdogan on the sidelines of the G-20 summit in Rome Sunday amid simmering tensions and strategic disagreements between Washington and Ankara. “The President made clear his desire to have constructive relations with Turkey and to find an effective way to manage our disagreements,” a senior Biden administration told reporters. The official said topics of discussion included Afghanistan, Syria, Libya, the South Caucuses, climate, human rights, and Turkey’s request to purchase US F-16 fighter jets. On the subject of the jets, Biden was “very clear that there was a process underway that we had to go through,” the official said. In 2019, during former US President Donald Trump’s administration, the Pentagon kicked Turkey out of the F-35 program because of its purchase of Russian S-400 air defence systems. Now Ankara wants to buy 40 F-16 fighter jets made by US company Lockheed Martin and nearly 80 modernization kits for its air force’s existing warplanes.

will one day be united with the mainland. Under Xi, Beijing has taken a more aggressive policy of squeezing Taiwan out of international space and is quickly angered when its government or officials are treated as though they are independent.

Jay-Z, Foo Fighters Welcomed Into Rock & Roll Hall of Fame Jay-Z added another title to a resume that includes rapper, songwriter, Grammy winner, billionaire business mogul, and global icon — Hall of Famer. The self-proclaimed “greatest rapper alive” was inducted Saturday night as part of an eclectic 2021 Rock & Roll Hall of Fame class that included Foo Fighters, Carole King, Tina Turner, The Go-Gos and Todd Rundgren. Once a drug dealer on the tough streets of Brooklyn, New York, Jay-Z rose through the rap world with hard, straightforward songs that often portrayed the struggles of Black people in America. His catalogue includes songs like Hard Knock Life, 99 Problems and Empire State of Mind, as well as 14 No. 1 albums. Following a video introduction that included President Barack Obama, LeBron James and David Letterman, Jay-Z was inducted by comedian Dave Chappelle, who praised him for being an inspiration. “He rhymed a recipe for survival,” Chappelle said. “He embodies what the potential of our lives can be and what success can be.” Paul McCartney welcomed Foo Fighters, who have carried the mantle as one of rock’s top arena

acts. Initially, the band was little more than a side project for front man Dave Grohl, who was previously inducted as Nirvana’s drummer. McCartney described the parallels between himself and Grohl as both were part of massively popular bands that broke up. “Do you think this guy is stalking me?” McCartney joked. Foo Fighters and McCartney closed the show with the Beatles’ Get Back. Rapper LL Cool J was enshrined for musical excellence along with keyboardist Billy Preston and guitarist Randy Rhoads.

UN Meets Sudan’s PM under House Arrest The United Nations discussed possible steps forward with ousted Sudanese Prime Minister Abdalla Hamdok Sunday, a day after hundreds of thousands of people marched protesting last week’s military coup. The UN special representative to Sudan, Volker Perthes, said that Hamdok is doing well but remains under house arrest in his residence. “Just met with @SudanPMHamdok at his residence, where he remains well but under house arrest. We discussed options for mediation and the way forward for Sudan. I will continue these efforts with other Sudanese stakeholders,” tweeted Perthes. Protesters remained in the streets Sunday, many of them manning barricades and blocking roads after

large demonstrations on Saturday turned deadly. Three people were shot dead by security forces in Khartoum’s sister city of Omdurman Saturday, bringing the number of civilians killed since last Monday’s coup to 14.

Taliban Supreme Leader Makes First Public Appearance Taliban supreme leader Haibatullah Akhundzada addressed supporters in the southern city of Kandahar, officials announced Sunday, his first public appearance since taking control of the group in 2016. Akhundzada has been the spiritual chief of the Islamist movement since 2016 but has remained a reclusive figure, even after his group seized power in Afghanistan in August. His low profile has fed speculation about his role in the new Taliban government -- and even rumours of his death. On Saturday, he visited the Darul Uloom Hakimah madrassa to “speak to his brave soldiers and disciples,” according to Taliban officials. There was tight security at the event, and no photographs or video have emerged, but Taliban social media accounts shared a 10-minute audio recording. The speech did not touch on political organization but sought God’s blessing for the Taliban leadership. He prays for the Taliban martyrs, wounded fighters and the success of the Islamic Emirate’s officials in this “big test.”

European MPs Meet with Taiwan Envoy Despite China Risks As Taiwan’s Foreign Affairs Minister Joseph Wu made an unprecedented trip to Brussels on Friday, it remained unclear whether Europe will face repercussions from China for displaying closer ties with the self-ruled East Asian island claimed by China. China previously imposed sanctions on EU parliamentarians after the EU sanctioned Chinese officials linked to Xinjiang, a far western Chinese province where millions of ethnic minority Muslims have been detained in internment camps. Now, as Wu’s travels take him to the Czech Republic, Slovakia, Lithuania and Belgium, it is possible China could use the same tactics again, according to Bonnie Glaser, director of the Asia Program at the German Marshall Fund of the US. “Beijing could impose sanctions on EU officials who met with Taiwan’s Foreign Minister Joseph Wu. It could also postpone a planned meeting between Xi Jinping and European Council President Charles Michel, and a 27+1 meeting that has been broached,” she said, referring to a summit between China and EU leaders. Beijing regards Taiwan as a wayward province that

G-20 Leaders Pledge to End Financing for Overseas Coal Plants G-20 leaders meeting in Rome have agreed to work to reach carbon neutrality “by around mid-century” and pledged to end financing for coal plants abroad by the end of this year. The final communique was issued Sunday at the end of a two-day summit, ahead of talks at a broader U.N. climate change summit, COP26, this week in Glasgow, Scotland. Leaders in Rome addressed efforts to reach the goal of limiting global warming to 1.5 degrees Celsius, in line with a global commitment made in 2015 at the Paris Climate Accord to

keep global warming to “well below” 2 degrees Celsius above pre-industrial levels, and preferably to 1.5 degrees. “We recognize that the impacts of climate change at 1.5°C are much lower than at 2°C. Keeping 1.5°C within reach will require meaningful and eﬀective actions and commitment by all countries,” the communique said, according to Reuters. The group of 19 countries and the European Union account for more than three-quarters of the world’s greenhouse gas emissions.

MONDAY NOVEMBER 1, 2021 •T H I S D AY

MONDAY NOVEMBER 1, 2021 • T H I S D AY

T H I S D AY ˾ ͯ˜ ͰͮͰͯ

FEATURES

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

Tackling Nigeria's Sectoral Endemic Corruption The Socio-Economic Rights and Accountability Project, a nonprofit, nonpartisan, legal and advocacy organisation committed to promoting human rights, transparency, and accountability in governance, recently released a report exploring the linkage between corruption and poverty regarding Nigerians' access to social service, particularly in the health, education and water sectors, Chiemelie Ezeobi reports

Adetokunbo Mumuni, SERAP ED

new report issued after a policy research by the Socio-Economic Rights and Accountability Project (SERAP) has revealed how systemic and endemic corruption in ministries, departments and agencies (MDAs), especially in the education, health and water sectors, has plunged millions of Nigerians further into poverty. SERAP is a nonprofit, nonpartisan, legal and advocacy organisation committed to promoting human rights, transparency, and accountability in governance, using training, advocacy, research, and strategic litigation. Endemic Corruption The report, 'The Ignored Pandemic: How Corruption in the Health, Education and Water Sectors is Plunging Nigerians Further into Poverty', underscores corruption as a national pastime in Nigeria, fuelling widespread poverty. "Corruption erodes the economy and distorts governance in such a manner that creates room for corruption to fester. In addition to creating the enabling environment for poverty, corruption also directly leads to poverty. Regardless of the cause of poverty, corruption makes it more difficult to mitigate the effects of poverty," it stressed. Policy Research Combating corruption is a poverty reduction strategy, stressed SERAP Executive Director Adetokunbo Mumuni, leading the anti-graft body to conduct a survey exploring the linkage between corruption and poverty and adverse impacts on social services. The survey resulted in a wealth of data available to guide stakeholders to improve public access to health, education and water services. "The qualitative aspect of the

Boss Mustapha

research entailed the use of key informant interviews with policy implementers - public officials in the health, education and water sectors, and the review of relevant documents," said the SERAP report. "Researchers and supervisors also used observation as a means of qualitative data gathering with relevant photographs of water sources, educational facilities, health centres and other relevant objects captured to enable contextualisation of the data." The study applied multi-staged cluster sampling to select states and areas of assessment within the states. Simple random sampling was conducted in the selected areas, interviewing 2,567 people interviewed. Findings In its findings, the report stated that poor people are victims and not perpetrators of corruption in the health, education and water sectors, adding that states do not have documented policies for helping people living in poverty or people earning low income to have access to health, education

and water. It further stated that even if these policies existed, they were not known to the public officers who serve the people living in poor neighbourhoods, explaining that "corruption contributes to poverty and consequential suffering of people living in poor neighbourhoods." SERAP is also concerned that budget fraud, procurement fraud, embezzlement of funds, and other illegal actions lead to failure in delivering public services, including education, water, and health. However, people living in poor neighbourhoods have suffered so much that they consider poor service delivery good. "Combating corruption is a poverty reduction strategy; 61 per cent of people living in poor neighbourhoods ranged between having no formal education and senior secondary education; 57.30 per cent of people living in poor neighbourhoods were youth of between 18 and 35 years old; 93.20 per cent of people living in poor neighbourhoods were younger than 60 years old," noted the report.

The objectives of the research were to evaluate public service delivery to the poor in health, education and water sectors; assess the policy framework and institutional environment for allocating resources and dispensing services in these sectors; and provide recommendations for improving access of poor Nigerians to public goods and services

The report found that people living in poverty were mostly self-employed (57.20 per cent) or unemployed (20.10 per cent) and were living in extreme poverty. The unemployed outnumbered the combined number of those who worked for the government (8.30 per cent) and private sector (7.20 per cent). According to the report, 48.90 per cent of people living in poverty, more than 27,453,154 earned less than N100,000 per annum while 27.9 per cent (more than 15,663,456) earned between N100,000 and N200,000 per annum, and 10.70 per cent earned between N201,000 and N300,000 per annum as well as 12.50 per cent earned more than N300 per annum. In addition, 65 per cent of people living in poor neighbourhoods stayed in either one-bedroom or two-bedroom accommodation. Up to four per cent of people living in poverty, about 2,245,657, had physical disabilities. On access to water, the report mentioned that crowded living conditions heightened the need for water. Only 19 per cent of people living in poor neighbourhoods got water from the government. The majority of poor people who received water from the government were satisfied with the quality of water. Also, 79 per cent of people living in poverty, more than 44,351,722, did not get water from the government. It also revealed that 50.14 per cent of people living in poverty, 22,237,953 people, relied on personal wells or boreholes for water supply. Meanwhile, 23.96 per cent, more than 10,626,673 people living in poverty, got water from streams or rivers; 10.51 per cent got water from neighbours’ houses, and 1.54 per cent received water from other sources. For the 54 per cent of respondents who had access to water from a governmental source, they did not pay to connect their residences to a public water

T H I S D AY ˾ ͯ˜ ͰͮͰͯ

FEATURES source. The report pointed out that 93 per cent of respondents that paid for connection to a public water source provider made payments in cash. In the education sector, despite the absence or inadequacy of learning tools, infrastructure and other resources, people living in poor neighbourhoods believed that good quality education was provided in their schools. The report stated that about 34 per cent of people living in poverty, 19,088,083, did not use governmental medical facilities at all. Meanwhile, 5.2 per cent of people living in poverty, more than 2,919,354, who went to governmental medical facilities, were denied medical treatment in the last one year. Also, 52 per cent of the people living in poverty were denied treatment at governmental medical facilities (more than 1,518,064 were turned away) because of their inability to pay for treatment. Because of inadequate equipment or bedspace, 39 per cent (1,138,548) of the people living in poverty were denied treatment at medical facilities were turned away because of the lack of equipment or bed-space. The report further stated that only 4.20 per cent, 2,357,940 of people living in poverty, had received any direct poverty alleviation donation or support from the government in the past year. In comparison, 81 per cent of people living in poor neighbourhoods believed that those who held top public office had better access to education, water and health. This is just as 92.60 per cent, 93.80per cent, and 94.30 per cent believed that they would have had better access to education, water and health, respectively if they had a higher income. Among people living in poverty, 28.10 per cent, 29.30 per cent and 31.70 per cent did not believe that things would get better in the next one year, while 51.20 per cent, 48.90 per cent and 46.80 per cent believed the situation would be better in terms of access to health, education and water respectively. Recommendations Aside from stating the problem, the report provided some recommendations that will guide governments, public authorities, policymakers and other stakeholders in improving public access to health, education and water services. It recommended prompt amendment of the Nigerian Constitution of 1999 [as amended] to recognise Nigerians’ socio-economic rights, including the rights to an adequate standard of living, education, quality healthcare, and clean water as legally enforceable human rights. It urges the ratification of the Optional Protocol to the International Covenant on Economic, Social and Cultural Rights, which allows individuals and groups whose socio-economic rights are violated to access international accountability mechanisms in the form of the Committee on Economic, Social and Cultural Rights. It calls for the publication of the criteria for eligibility for the National Social Register of Poor and Vulnerable Households, cash transfers and other social assistance programmes. The recommendation also includes working with community-based organisations and civil society groups to disseminate information to urban-poor communities about how to be part of the programmes. Another one is increasing the investment in public health, the healthcare system, education services, clean water and other basic public goods and services that will benefit the majority of the population. Another strong recommendation made by SERAP is referring to appropriate anti-corruption agencies allegations of corruption in social assistance measures such as cash transfers and ensuring the prosecution of suspects to recover any looted funds. For transparency,

Buhari

SERAP demands that the list of names in the social register be widely publicised, calling for the promotion and expansion of the enrolment of more poor Nigerians in the register. Similar to that, the report recommends improving the transparency and quality of the information in government budgets and reforming public financial management to bring it in line with international standards; regularly and widely publishing full accounts of projected and actual government revenues and expenditures; It said the government should immediately instruct the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC) to investigate allegations of systemic and widespread corruption in MDAs jointly, prosecuting corruption perpetrators. It also called for the ending of the practice of collecting local government allocations by complying with constitutional provisions and developing mechanisms to ensure that local government allocations directly go to local government councils. Honour Freedom of Information requests, including on the spending of public funds on education, healthcare and water in your states, and actively implement freedom of information mechanisms within your states; as

well as widely publish all reports issued by the Auditor-General of the Federation and auditor generals of the states in carrying out their oversight responsibilities. Launch On September 2, 2021, the advocacy group launched the 61-page report in Lagos, which was presented to the media by Dr. Elijah Okebukola. Mr. Ibrahim Yusuf, Permanent Secretary, Office of the Head of Service of the Federation; Agugro R.I., Office of the Secretary to the Government of the Federation; and Mrs Veronica Agugu, Permanent Secretary, Political and Economic Affairs, Office of the Secretary to the Government of the Federation attended the launch. Others were Prof. Akin Oyebode, Femi Falana (SAN); Dr. Oby Ezekwesili, Ms Funmi Iyanda, Sina Fagbenro, Hamza Lawal, Ade Adam, the Independent Corrupt Practices and Other Related Offences Commission (ICPC); Dr. Ifeyemi Adeniran, Lagos State Ministry of Health; Ibeh Ikem, the Universal Basic Education Commission (UBEC), Dr. Oyetola, Lagos State Ministry of Education, etc. FG's Take on Report and Push for Change In his keynote address at the launch of the report, Secretary to the Government of the Federation, Boss Mustapha, noted

The outcome of this report would provide information to improve access of the public to health, education and water services and at the same time guide stakeholders and policy makers in improving access of the public to health, education and water services

that as surprising as it might be that he was the keynote speaker on a topic that appears subject to different interpretations on where the federal government stands, SERAP's activities remain a constant reminder for President Muhammadu Buhari to focus on the greater good. Acknowledging that the report focuses on the human social capital of health and education and the critical component of the environment, he said it speaks volumes of the thought processes that went into undertaking this research. "I must confess that I did not have an opportunity to read this report, as I am yet to receive one," said Mustapha. "However, the synopsis I received and in line with SERAP’s trade record in undertaking policy research indicates that the outcome of this report would provide information to improve access of the public to health, education and water services." He added, "At the same time guide stakeholders and policymakers in improving public access to health, education and water services. The import of this report at this point in time for the country and especially for President Muhammadu Buhari’s administration is that it further reinforces the fact that fighting corruption requires the buy-in of the citizenry as much as it depends on the government’s commitment to creating the enabling environment to not only discourage and eventually eliminate it but also provide guarantees that more champions of anti-corruption are protected." The SGF agreed with "most of the findings of this report as captured in the summary of findings shared with me." However, he called for a contextualisation of the findings. “States did not have documented policies for helping people living in poverty or people earning low income to have access to health, education, and water. Even if these policies existed, they were not known to the public officers who serve the people living in poor neighbourhoods," he explained. "Like you all know, every state in this country has in place policies that underpin their desire for providing services to the people." According to him, some of the recommendations contained in the report are already being addressed by the government. "Worthy of immediate mention is the recommendation that our 1999 constitution (As Amended) be amended to recognise Nigerians’ socio-economic rights, including the rights to an adequate standard of living, education, quality healthcare, and clean water as legally enforceable human rights," said Mustapha. Mustapha reiterated the government's commitment to revamping the health, education, and water sectors and expanding their access. While reassuring that the government will take SERAP's recommendations seriously, he stressed its commitment to work with civil society. He urged civil society to always triangulate information for credibility. On fighting corrupt practices, he disclosed that Buhari launched the National Policy on Ethics and Integrity in September 2020 as part of the 20th-anniversary celebration of the ICPC. The National Ethics and Integrity Policy, he said, projects the government’s aspiration for the rediscovery of traditional ethical values of honesty, integrity, hard work, truth and justice, unity, faith, and consideration for one another irrespective of status or background. "I, therefore, call on the civil society to join hands in propagating this National Policy as an effective means of creating changing attitudes of the average Nigerian in the fight against corruption," said Mustapha. "Such a societal re-orientation will go a long way in eradicating corruption from the fabrics of the society."

MONDAY, ͹˜ ͺ͸ͺ͹ ˾ T H I S D AY

NEWSXTRA

ON A THANK YOU VISIT TO THE PRESIDENT... National Leader, All Progressives Congress, Bola Tinubu (left) being received by President Muhammadu Buhari at Aso Rock Presidential Villa, Abuja...yesterday

SUNDAY AGHAEZE

Ayu: PDP is Back to Rescue Nigeria from Her Current Mess Says people thought convention would break up party Dares APC to conduct own convention Ekweremadu congratulates new officials Deji Elumoye and Chuks Okocha in Abuja The newly affirmed National Chairman of the Peoples Democratic Party (PDP), Dr. Iyorchia Ayu, has said the mission of the party under his leadership was to rescue the nation from the current mess, occasioned by the misrule of the All Progressives Congress (APC)-led government since 2015. Ayu, who spoke early Sunday morning also appreciated the PDP delegates and the party's governors for conducting a smooth and peaceful national convention He however, dared the APC to conduct its national convention from the over 90 states factional chairmen, while stating that some members of the party thought that the PDP would break up as the aftermath of the convention. This is as a former Deputy President of the Senate, Senator Ike Ekweremadu, has congratulated Ayu, and other 20 national officerselect, who emerged at the just concluded national convention of the party. In his appreciation speech after 3,426 delegates affirmed his election as the chairman, Ayu said, "I want to sincerely appreciate the PDP family. Today is simply a thank you address. When we started this party 23 years ago, we never in any way imagined that the journey will get us to this stage. "A stage, where we ruled for 16 years, we went into rough times, but for anybody, who bothered to see, PDP is back. PDP is back to rescue Nigeria from the terrible mess we have been in, in the last six years. I want to appreciate all of you, who have taken time as delegates, as observers, as supporters, as members of the media, as members of the security services, who have made this event wonderful. "Many people imagined that this convention will lead to the break-up of the PDP. Those people, who are dreaming like that, they were dreaming in wonderland. Their dreaming were misplaced. "Those, who have lost hope

should know that Nigeria is not a divided country. A small group of people decided to divide Nigeria. PDP will come back to unite our people, put them together, North and South, East and West. "We will move ahead to develop this country. We did it before. We are going to do it again. I want to thank the governors. I want to thank the delegates. I want to thank our supporters and every single person, who has made this event such a huge success. "I believe the other party can never hold a convention, because even state congress, they cannot hold. They have produced 92 state chairmen for 36 states, how can they hold a successful convention, which the PDP has done? We are waiting for them. This is a challenge to them. Let them come on pole searches, successful on ledger with what the PDP has done. This is a quit notice. PDP is back and is taking back the country to develop it,” he said. The PDP elected a new set of members into its National Working Committee (NWC) to take over its leadership. Twenty-one people were elected at its national convention, which began on Saturday, October 30, and lasted till Sunday, October 31, at the Eagle Square, Abuja. Ayu was declared national chairman after 3,426 delegates affirmed his unopposed position. The outcome of the election was announced in the early hours of yesterday. In the same manner, Senator Samuel Anyanwu, from Southeast emerged the National Secretary of the party unopposed. THISDAY had earlier reported that 18 out of the 21 National Working Committee (NWC) offices were unopposed. The office of the Deputy National Chairman (South), was keenly contested and Amb. Taofeek Arapaja, was declared winner after polling 2,004 votes at the party’s convention. His closest contender, Prince Olagunsoye Oyinlola, garnered 705 votes. The position of the National Youth Leader, was won by Mohammed Kadade Sulieman

with 3,072 against his closest rival, Usman ElKudan, who polled 219, while the Deputy National Chairman (North), was clinched by Umar Iliya Damagum, who polled 2,222 to defeat former Minister of Women Affairs, Hajia Maryam Ina Ciroma, who polled 365. Chairman of the Convention Planning Committee and Chairman, Electoral SubCommittee of the convention, Governor Ahmadu Umaru Fintiri of Adamawa State, announced the results and commended party faithful for what he described as a successful convention. Other elected officers through the party’s unopposed contest that scored 3,426 votes were Ahmed Yayari Mohammed as national treasurer and Kamaldeen Adeyemi Ajibade, the national legal adviser. Umar Bature is the new national organising secretary, Daniel Woyegikuro emerged national financial secretary, Stella Effah-Attoe is the new national woman leader and Okechukwu Obiechina Daniel, national auditor. Setonji Koshoede is the new deputy national secretary, Ndubisi Eneh David, deputy national

treasurer, Ibrahim Abdullahi is the deputy national publicity secretary, Ighoyota Amori, deputy national organising secretary, Adamu Kamale, deputy national financial secretary, Hajaja Yakubu Wanka, deputy national woman leader, Timothy Osadolor, deputy national youth leader and Okechukwu Osuoha, deputy national legal adviser.

Full List of New PDP National Ofﬁcials: National Chairman – Iyorchia Ayu Deputy National Chairman (North) – Umar Damagum (Contested) Deputy National Chairman (South) – Taofeek Arapaja (Contested) National Secretary – Samuel Anyanwu (Unopposed) National Treasurer – Ahmed Mohammed (Unopposed) National Organising Secretary – Umar Bature (Unopposed) National Financial Secretary – Daniel Woyegikuro (Unopposed) National Women’s Leader – Professor Stella Effah-Attoe (Unopposed) National Youth Leader – Muhammed Suleiman (Contested) National Legal Adviser –

Kamaldeen Ajibade (Unopposed) National Publicity Secretary – Debo Ologunagba (Unopposed) National Auditor – Okechuckwu Daniel (Unopposed) Deputy National Secretary – Setoji Kosheodo (Unopposed) Deputy National Treasurer – Ndubisi David (Unopposed) Deputy National Publicity Secretary – Ibrahim Abdullahi (Unopposed) Deputy National Organising Secretary – Ighoyota Amori (Unopposed) Deputy National Financial Secretary – Adamu Kamale (Unopposed) Deputy National Women’s Leader – Hajara Wanka (Unopposed) Deputy National Youth Leader – Timothy Osadolor (Unopposed) Deputy National Legal Adviser – Okechukwu Osuoha (Unopposed) Deputy National Auditor – Abdulrahman Mohammed (Unopposed) Meanwhile, Ekweremadu, in a statement by his Media Adviser, Uche Anichukwu, in Abuja on Sunday, said the emergence of Ayu and other national officers would give the PDP the muchneeded renewed vigour and focus

required to rescue Nigeria. The ranking Senator also commended the Elder Yemi Akinnwonmi-led leadership of the party and the Governor Ahmadu Fintiri-led National Convention Planning Committee for seamless and transparent elections, saying the PDP has disappointed her evil wishers. His words: “This is hearty congratulations to the newly elected national officers of our great party, the PDP. Given the pedigree and antecedents of our National Chairman-elect and his team, I have no doubt that we got it right. “Nigeria is in dire need of rescue from the clutches of divisiveness, criminal cartels, vaunting bandits and insurgents, collapsing economy (to put it mildly), and secessionist agitations occasioned by injustice and marginalisation. “There is no doubt that we have in place a highly promising team led by a widely-accepted, disciplined, experienced, and panNigerian politician in the person of Distinguished Senator Iyorchia Ayu, that will help mobilise party faithful and Nigerians at home and the diaspora for the success of this mission".

Revealed: How Atiku, Mark, Saraki Refused to Stop Oyinlola Chuks Okocha in Abuja Facts have emerged on how a former Vice President, Atiku Abubakar and two former Senate Presidents, David Mark and Bukola Saraki declined an offer by governors of the PDP to ask an aspirant for the position of Deputy National Chairman (South), Olagunsoye Oyinlola, to step down his ambition. A source confided in THISDAY that on the day of the convention, governors of the party had approached the trio of Atiku, Saraki and Mark to impress it on Oyinlola to step down his ambition, and endorse their consensus candidate, Ambassador Taofeek Arapaja. According to the source, the three leaders, all from the Northern bloc of the party, declined the offer given to

them by the governors on the ground that the issue at stake was of concern primarily to the Southwest and for which they would not want to be involved. At the convention, the position of Deputy National Chairman (South) that was keenly contested between Arapaja, who was declared winner after polling 2,004 votes and Oyinlola, who garnered 705 votes. A source that spoke to THISDAY on the intrigues at the convention, said, "It is true that the governors tried to activate the consensus option in the contest for the position of Deputy National Chairman (South). “Three leaders were approached to impress it on Oyinlola to step down. Atiku, Saraki and Mark to be precise. But the three of them initially declined the offer, saying they will not want to get

involved in a matter that concerns the Southwest. "I guess that the governors gave them the assignment on the basis of their neutrality in the whole election and I presume that was also the reason they didn't want to take the governors' request to Oyinlola. They didn't want to compromise their neutrality. "But eventually, they yielded to the governors and approached Oyinlola, who was adamant on going to the election. At that point, there was nothing anyone could do about the situation," the source said. Oyinlola is a former governor of Osun state and former Secretary of the main opposition party, while Arapaja, who is the consensus candidate of the governors, is a former deputy governor of Oyo State and was promoted chiefly by the Oyo State Governor, Seyi

Makinde. When contacted, a media aide to Atiku, Paul Ibe, said he was not in a position to comment on what happened at the convention, but hinted that, "His Excellency Atiku Abubakar didn't have any preferred candidate and it goes without saying that he is very comfortable with the successful outcome of the convention. “No one believed that the PDP could pull such a successful convention and now that the new leadership has been elected, the party is stronger for it. It is a win-win outcome for every member of the party and it is only good that the party consolidates on the gains that it has recorded now and set machinery in motion to begin the process of rescuing Nigeria from the current ruins that the APC has made of the country."

MONDAY NOVEMBER 1, 2021 • T H I S D AY

NEWS

NDLEA Foils Plots to Airlift Drugs into UK Michael Olugbode in Abuja

Operatives of the National Drug Law Enforcement Agency (NDLEA) have scuttled efforts of drug cartels in the country to airlift drugs concealed in black soap into United Kingdom(UK). A press statement yesterday by the spokesman of the antinarcotics agency, Femi Babafemi said desperate efforts by drug cartels to export different quantities of cocaine, heroin, methamphetamine and cannabis to London, UK through the Murtala Muhammed International Airport, MMIA, Lagos have been scuttled by operatives of the National Drug Law Enforcement Agency (NDLEA). He said narcotic officers of the agency had on Thursday 28th October during outward routine clearance of cargo at NAHCO export shed of the airport intercepted 20 parcels of cocaine weighing 1.2 kilogrammes concealed in packets of Zee black soap; 23 parcels of heroin weighing 1.4 kilogrammes hidden in packets of Zee black soap and 39 parcels of 2.35 kilogrammes methamphetamine concealed in Dudu -Osun black soap packets. He noted that few days earlier, October 21, a similar cargo had

been intercepted at the NAHCO shed of the MMIA, where 7.35 kilogrammes of cannabis concealed inside some tablets of Dudu Osun black soap were recovered, with no fewer than three suspects have so far

been arrested in connection to the seizures. Babafemi, also revealed that Mariam Adetilewa Dirisu, a nursing mother who claims to be a part-time 400-level student of International Studies and

Diplomacy at the University of Benin, barely a week after she was arrested and granted bail for attempting to smuggle drugs concealed in cassava flour meal called ‘akpu’ into NDLEA cell for a suspect in custody, has

again been arrested for trafficking in five kilogrammes skunk and 8.1 grammes of Molly. He said the 35-year-old mother of a-two-month-old-baby was first arrested on October 21, by the Edo State Command of the

agency, with the Chairman/Chief Executive of NDLEA, Brig. Gen. Buba Marwa (rtd) directing on the same day that she should be counselled and released immediately because of the young baby she was carrying.

GATHERING OF BANKERS…

L-R: Group Head, Retail Liabilities, First City Monument Bank Limited, Mr. Fashola Shamsideen; Group Managing Director/CEO, United Bank for Africa Plc, Mr. Kennedy Uzoka, and Head, Risk Management and Compliance, FBN Holdings Plc, Shittu Idris, at the Chartered Institute of Bankers of Nigeria (CIBN) 2021 fellowship investiture ceremony in Lagos…recently

$11m Fraud: Court Orders Anambra Police Denies Arrest of Gunman Allegedly Interim Forfeiture of Invictus Sponsored by APC Candidate, Uba Obi's Abuja Houses, Cars David-Chyddy Eleke in Awka

Wale Igbintade Justice Peter Lifu of the Federal High Court sitting in Lagos has ordered the interim forfeiture of houses and cars linked to convicted cybercriminal, Obinwanne George Okeke also known as Invictus Obi. Justice Lifu made the order on October 29, 2021 sequel to an ex parte motion filed and argued by Economic and Financial Crimes Commission (EFCC) counsel Chineye Okezie. Invictus Obi is currently serving a 10-year prison sentence in America for his involvement in a computer-based intrusion fraud scheme amounting to $11 million. The houses are all the property lying, and situate at House 4 Oakville Estate, Kado Kuchi, Abuja. Also included is the 5 bedroom duplex at Standard Estate, Kabusa,

Abuja. The vehicles are a Toyota Corolla with Registration Number: RBC6238N and an unregistered Toyota Corolla Sport. According to the EFCC, the properties will be used to restitute foreign victims of Invictus Obi's fraud through the United States of America Consulate. Justice Lifu held: "I have listened to the submission of the counsel to the applicant vis-a-vis affidavit filed in support. I hold in my considered view that this application is meritorious and ought to be granted "Consequently this application is hereby granted as prayed." The judge also ordered that the commission should publish the order in a widely read newspaper in Nigeria within 14 days for any interested party to show cause why the order should not be permanently made.

Use Anambra, Ekiti Guber Polls to Boost Your Image, Catholic Bishop Tells INEC The Catholic Bishop of Ekiti, Most Reverend Felix Ajakaye, has called on the Independent National Electoral Commission (INEC) to use the coming gubernatorial elections in Anambra and Ekiti States to boost its image positively. The clergy man, gave the charge in Ado Ekiti at the weekend, while delivering a lecture, entitled, ‘Ekiti Politics and The Search for Great Leadership.’ The lecture was part of the activities marking the 2021 Annual Lecture/ Award presentation of the Nigeria Union Journalists, Correspondent Chapel,

Ekiti State Council, held at Prosperous Royal Hotel and Resort. Ajakaiye asked the commission to be above board and neutral in the conduct of the forthcoming Nov. 6, 2021, Anambra governorship poll, so as to keep its image from further dent. He admonished the electoral umpire to also replicate same in the June 18, 2022 governorship election in Ekiti, saying the image of the commission is central to achieveiving public confidence in accepting outcomes of election exercises, as credible, acceptable, free and fair.

The Anambra State Police Command has denied reports circulating on the social media, said to be a confessional statement made by a gunmen arrested by police operatives in the state. In a report being circulated on the social media, an alleged

gunman with the name Elijah Okoh, who hails from Ebonyi State, but resides in Okpoko was said to have confessed to collecting an initial N5million from candidate of the All Progressives Congress (APC), Senator Andy Uba to kill and create an atmosphere of insecurity in the state. Andy Uba campaign

organisation, while reacting to the rumour has described it as fake news targeted at Uba to discredit him because of his popularity. The Deputy Commissioner of Police (Operations), Anambra State Command, DCP Aderemi Adeoye who reacted to the rumour said no suspect who matches the name mentioned

was recently arrested or in its custody. Adeoye, who spoke to THISDAY on behalf of CP Echeng Echeng, described the trending news tagged: ”My Gang Was Paid Millions By Andy Uba To Kill And Maim In Anambra” as strange as far as the Police in the State is concerned

Lagos Taskforce Impounds 204 Motorcycles, Arrests 50 Hoodlums The Lagos State Environmental and Special Offences (Enforcement) Unit Taskforce has arrested 50 hoodlums and impounded 204 motorcycles. A statement in Lagos yesterday by Head, Public Affairs Unit, Mr. Gbadeyan Abdulraheem, said the hoodlums were arrested during raids on black spots. It also said that the taskforce unit had commenced tactical

enforcement code named, “Operation Kogberegbe” to ensure a hitch-free festive season. The statement said: “Operation Kogberegbe” would clamp down on illegal ticketers on the state’s highways, street urchins popularly known as ‘area boys’ and motorcyclists plying restricted routes. “The unit commenced its tactical and strategic enforcement for compliance operations

this week with code name, “Operation Kogberegbe”. “This is to instil discipline and entrench sanity in the state, with a view to achieving the state’s vision of zero tolerance for criminal elements, hideouts, okada operation on restricted routes, and other environmental law offenders in the state,” it said. The statement disclosed that over 204 motorcycles known

as okada were impounded at Ojodu Berger, Ketu Alapere, Agric, Allen Avenue, Ikeja for plying restricted routes/ roads and violating the state traffic laws. “Enforcement officers were attacked by hoodlums in collaboration with okada riders at the Ojodu Berger area but they were subdued due to the superior tactical and systemic strategies of his men,” it added.

Police Arrest Two Robbery Suspects in Ogun Police in Ogun State have arrested two robbery suspects, Edehikenna Stanley and Segun Tope while robbing at a company situated at Ota Industrial Estate. Police Spokesman, DSP Abimbola Oyeyemi, said in a statement issued at Ota, Ogun State yesterday that the

two suspects were arrested on October 30. He said they were arrested after the police received a distress call at Onipanu Divisional Headquarters at about 3 am that robbers had invaded the company and holding the security men there hostage. “Upon the distress call, the

Divisional Police Officer (DPO), CSP Bamidele Job mobilised his men and moved to the scene. “On sighting the policemen, the hoodlums who had stolen two industrial batteries took to flight, but they were hotly chased and two of them were apprehended,’’ he stated. DSP Oyeyemi stated that two

industrial batteries, a toy gun which they used to instil fear in the security men and two knives, were recovered from the duo. The suspects have been transferred to the state Criminal Investigation and Intelligence Department for further investigation.

Group Advocates Collaborative Efforts to Tackle COVID-19 Pandemic The Nigeria Solidarity Support Fund (NSSF), a not-for-profit organisation, has expressed desire to raise resources to effectively complement the national COVID-19 pandemic response in Nigeria. The group said in said it has emerged as an aggregator, building collaborative efforts to help curtail the impact

of the COVID-19 pandemic. “Every action by the NSSF is planned and geared towards the objective to help transform the lives of vulnerable Nigerians, strengthen healthcare systems and reskill the Nigerian workforce,” the group noted. It explained that in the light of the unprecedented challenges exacerbated by

the COVID-19 pandemic, the private sector needs to ramp up efforts to complement the government’s efforts and help coordinate the response. NSSF noted that it is leading and coordinating efforts to drive vaccine equity, tackle vaccine hesitancy and create awareness about the urgency, adding that it seeks the support of all Nigerians

especially the private sector. It said: “True there are various initiatives ongoing to tackle the menace of the COVID pandemic, but the NSSF is in active collaboration with a broad section of partners to reach vulnerable members of the society. The emphasis is on ‘vulnerable members of the society.’

MONDAY NOVE,BER 1, 2021 • T H I S D AY

NEWS XTRA

Military Airstrikes Eliminate Scores of Terrorists in Borno

The Nigerian Army yesterday said the joint troops of Operation Hadin Kai (OPHK) have eliminated scores of Boko Haram/ Islamic States West African Province (ISWAP) terrorists in recent encounters in Borno. Director, Army Public Relations, Brig.-Gen. Onyema Nwachukwu, disclosed this in a statement in Abuja, saying the troops had on Saturday morning observed the movement of six Gun Trucks within Sambisa Forest general area, which were subsequently located at a settlement near Yuwe. He said that the trucks later moved to a remote location, where they were joined by other terrorist elements, in what seemed like a convergence for a meeting. According to him, more than 50 Boko Haram/ ISWAP fighters

were observed to have gathered at the meeting. “Having clearly identified the terrorists’ hideout, the Air Component of OPHK immediately dispatched two aircrafts to conduct air interdiction on the location. “The strikes, which were carried out under cover of darkness, were successful and devastating, as battle damage assessment corroborated by local sources revealed that over 37 Boko Haram/ISWAP terrorists were neutralized, while several of them reportedly suffered varying degrees of injury,” he said. Nwachukwu also disclosed that the combat air crew of the air component, located another set of four Gun Trucks about

six kilometers South-west of Bama, as the aircraft retreated to base after the air interdiction. He said the air crew immediately relayed the coordinates of the location of the gun trucks to troops of the land component. He added that land forces promptly engaged the location with artillery fire bombardment and neutralised the insurgents’ gun trucks. According to him, the successful joint operations conducted by both the air and land components, with the support of other security agencies under OPHK has yet again underscored the importance of synergy and cooperation in the fight against terrorism and insurgency.

Kogi Assembly Probes N20bn Loan Ibrahim Oyewale in Lokoja Piqued by the outcome of the litigation arising from the allegation by the Economic and Financial Crimes Commission (EFCC) against the Kogi State Government that N20 billion was transferred to another account. Although the anti-graft agency had withdrawn the case, the House of Assembly has vowed to investigate the matter to a logical conclusion. The Speaker of the state Assembly, Matthew Kolawole, who disclosed this while speaking during the presentation of the 2022 Appropriation Bill by the state Governor, Yahaya Bello, last Thursday, said the Assembly

would stop at nothing to get to the root of the mater. Kolawole explained the action of the EFCC is a clear manifestation of the probity and transparency of the governor's style of governance. According to the Speaker, "This Assembly is really proud of you on this irrespective of the fact that a committee of this Assembly has investigated this matter. The Assembly will soon invite the state Accountant-General, the state Auditor-General, the state Commissioner for Finance and Lokoja branch Manager of Sterling Bank for further clarification in order to unravel which money was returned to the Central Bank of Nigeria (CBN).

He also commended the governor, saying: "It will be unfair to your administration if I end this address without congratulating you on the manner you have steered the ship of state despite the several challenges confronting the state. Kogi State is really blessed to have you at the helm of affairs at this time. "In view of the exemplary achievements that have brought unparalleled development to the state, this Assembly was inspired to pass a vote of confidence on you, and we urged that Your Excellency to hearken to the calls by Nigerians to contest for the Office of the President of the Federal Republic of Nigeria.

Police Arrest 40-year-old Man for Raping Minor in Ondo Fidelis David in Akure Men of the Ondo State Police Command have arrested a 40-year-old man, Mr. Soji Bakare, popularly known as SOJ, for allegedly raping a 10-year-old primary school female pupil(name withheld). This is coming a week after a 61-year-old pastor was arrested for allegedly raping a 16-year-old girl at Ogbese, in Akure North Local Government Area of the state.

In the latest incident, THISDAY gathered that Bakare allegedly assaulted the minor at her parents’ house, at Aiyeyemi Street, in Isolo area of Akure at the weekend when her mother was at the nearby market selling soup ingredients. The victim’s mother, Mrs. Yinka Babalola, said the suspect was caught while raping her daughter and he had been apprehended by men of the A’Division police station,

Akure, stressing that her child had been taken to hospital by the police for medical treatment and examination. Mrs. Babalola appealed to Ondo State Government and civil society organisations to come to her aid, while demanding for justice. When contacted, the State Police Public Relations Officer, (PPRO), DSP Funmilayo Odunlami, explained that the suspect would be charged to court in no distance time.

Reps Call for Probe of Justice Odili's Residence Invasion Adedayo Akinwale in Abuja and Blessing Ibunge The House of Representatives Committee on Judiciary has called for a discreet investigation to unravel the persons behind the invasion of the residence of Justice Mary Peter-Odili. The Chairman of the Committee, Hon. Onofiok Luke in a statement issued yesterday described he invasion of PeterOdili's residence as an assault on the sanctity on the nation’s judiciary. This just as the Rivers State Governor, Mr. Nyesom Wike has issued 48 hour ultimatum to the federal government to prosecute the invaders of the residence of Justice Odili. Luke said it was mind boggling that in the dusk of

29 October 2021, the Judiciary was once again exposed to public redicule, due to the uncanny manner in which the residence of Justice Odili of the Supreme Court was invaded by law enforcement officials purportedly on an assignment to execute a search warrant, issued by a Magistrate He noted that the ignoble act was capable of straining the existing relationship between the Judiciary and the Executive arms of our democratic government. Luke noted that disturbing was the fact that the said warrant was revoked by the issuing Magistrate who had discovered that it was procured by the Applicant on the premises of misrepresented facts. The lawmaker therefore condemned in totality such ignoble action, and pledged

to every effort at ensuring the sanctity of the nation’s judiciary while giving continuous support to the independence of the judiciary. Luke said: "This unfortunate development is also a wake-up call to tighten administrative and supervisory control over the operations of law enforcement agencies in the country." "As a Committee currently interfacing with the judiciary for an improved judicial reform and justice system, we wish to lend our voice once again, to the repeated call by His Lordship; the Honourable Justice Tanko Muhammed CJN, on all Judicial Officers on the need to exercise more caution in issuing ex-parte, conflicting and questionable orders that are capable of bringing disrepute to our Justice system."

T H I S D AY • MONDAY NOVEMBER 1, 2021

NEWS XTRA

Bandits Invade Kaduna Church, Kill Two Persons, Abduct Others John Shiklam in Kaduna Two people were killed while many others were said to have been abducted when bandits invaded Baptist Church, Kakau Daji, Chikun Local Government Area of Kaduna State yesterday. Sources said, the bandits who were in large number, surrounded the church and started shooting indiscriminately as people were worshiping. The source said two people were killed on the spot while

the bandits abducted many others. The President of the Kaduna Baptist Convention, Rev. Ishaya Jangado, confirmed the incident, but said the number of people that were abducted was yet to be ascertained. “The incident occurred this morning but we don’t know the exact number of people that were kidnapped yet”, he said in a telephone chat. Spokesman of the Kaduna police command, state

PDP Chieftain Faults Approval of N621bn for NNPC to Construct Roads Sylvester Idowu inWarri

A chieftain of Peoples Democratic Party (PDP) in Delta State, Chief Sunny Onuesoke, has faulted the federal government's approval of N621billion for the Nigeria National Petroleum Corporation (NNPC) to construct and rehabilitate 20 federal roads across the country. He equally condemned the sharing patterns of the roads to be constructed between the North and Southern part of the country. The Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo last Wednesday gave the approval for

the construction and rehabilitation. At the end of the council meeting, the Minister of Works and Housing, Babatunde Fashola, who said the move was a strategic intervention under the Federal Government Road Infrastructure and Refreshment Tax Credit Scheme, disclosed that the selected 21 roads cover 1804.6km. Reacting to the development while responding to question from journalists yesterday, Onuesoke, a former governorship aspirant in Delta State, said it does not make sense for NNPC to spend N621.2billion tax liabilities on road projects, wondering where the money will come from and how it will be accounted for.

Mohammad Jalige could not be reached when contacted as his mobile telephone was not connecting. Chikun LGA is one of the areas where telecom services had been suspended while the use of motorcycles were banned

as part of strategies to tackle banditry and kidnappings Reacting to the incident, the Chairman of the Kaduna state chapter of the Christian Association of Nigeria (CAN), Rev. Joseph Hayab, said the latest attack is “another sad

story of how deteriorating our insecurity has become.” Hayab lamented that “citizens are being killed like chickens with only press statements as consolation.” He said: “These evil people have trouble us for too long .

I condole with the families of the Baptist denomination and Kaduna Christians for this loss and urge our security agencies to separate war against enemies of Nigerians from politics. No one knows who will be the next target.”

Igbo Archbishops, Royal Fathers Demand Kanu’s Release, Demilitarisation of South-east Kingsley Nwezeh in Abuja

The South East Council of Traditional Rulers and the representatives of Igbo Archbishops and Bishops, at the weekend, called on the federal government to release the detained leader of the Indigenous Peoples of Biafra (IPOB), Mr. Nnamdi Kanu. They also urged the President Muhammadu Buhari-led

federal government to take immediate steps to de-proscribe IPOB and release all IPOB members being held in various detention facilities in Nigeria. In addition, the group urged government to seek the part of dialogue and negotiation in resolving the crisis in the region even as it lamented the untold hardship brought upon the people of the region by insecurity. The group made an empathic

call on the federal government to end the marginalition of the South-east and adopt the policy of fairness in the management of the nation. A statement jointly signed by the Anglican Archbishop of Enugu, Most Rev. Dr. Emmanuel O. Chukwuma; Chairman, Anambra State Traditional Rulers Council, HRM, Obi Nnaemeka Achebe; and Chairman, Ebonyi State Traditional Rulers

Council, HRM Igwe Charles Mkpuma, among others, urged government to speedily deescalate the heightened state of insecurity and dislocation in the South-east zone. "We, the South East Council of Traditional Rulers and the Representatives of Igbo Archbishops and Bishops, note with deep concern, the high level of insecurity and socio-economic disruption in the South East Zone of Nigeria.

Two Die in Articulated Vehicle Accident in Niger Laleye Dipo in Minna Two people have been confirmed killed in an accident that involved two articulated vehicles at Enagi in the Edati Local Government Area of Niger State. The two articulated vehicles, one a tanker laden with premium motor spirit said to belong to the Dangote

Group and another truck, were involved in a head-on collision in the incident that occurred at about 1.30 pm on Saturday. The Niger State Sector Commander of the Federal Road Safety Corps (FRSC) Mr. Musa Ahmed, confirmed the incident to THISDAY in a telephone interview. Ahmed said the two people that died were burnt beyond

recognition, adding that it was posterity that saved villagers because the incident did not happen within the town. However a villager said they were able to count three corpses, adding that as at 4.30 p.m. the two vehicles were still on fire. According to the account of the villagers, six motorcycles and three other vehicles were

also burnt in the accident. Another resident Mr. Usman Baba Emigi, in his account in a telephone conversation, said three shops were burnt but no residential building was affected. He said men of fire service from Kutigi in Lavun Local Government Area and those of the Federal Road Safety Corps were on ground trying to put off the fire.

MONDAY NOVEMBER 1, 2021 • T H I S D AY

MONDAY, ͹˜ ͺ͸ͺ͹ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

CAF Celebrates Ighalo’s AFCON 2019 Feat Again

Duro Ikhazuagbe

As arguments reign in football circles in the country on the impropriety of recalling Odion Ighalo from retirement for the senior national team, the Super Eagles, the Confederation of African Football (CAF) yesterday celebrated the feat of the Al Shabab of Saudi Arabia forward at the 2019 Africa Cup of Nations in Egypt. Ighalo finished as tournament’s top scorer with five goals which saw the Eagles take home the third place bronze medal. AFCON 2019 was Ighalo’s second major tournament with the Eagles after featuring at the 2018 FIFA World Cup in Russia where he had less than satisfactory performance. It was threats to his immediate family from a section of the Nigerian football supporters that forced Ighalo to call time on his international career two years ago. And reflecting on Ighalo’s performance, CAF published clips of all his five goals at the 2019 edition on their verified Twitter handle with the inscription:”7 Matches, 5 Goals. SuperEagles star @ighalojude ruled the 2019

recall him or not with majority insisting that he has given his best to the team and should have been allowed to continue to enjoy his ‘retirement’ football

in Saudi Arabia. One of the respected voices from the Super Eagles Class of 1994, Mutiu Adepoju told reporters in Ibadan at the

weekend that Ighalo has nothing more to prove in the Super Eagles. Though Adepoju admitted liking Ighalo as a person, the former Shooting Stars mercurial

midfielder insisted Nigeria has enough junior players proving their mettles in that department. Adepoju pointed in the direction of Victor Osimhen,

Kelechi Iheanacho, Taiwo Awoniyi amongst several options available for Rohr to pick from rather than pulling Ighalo from retirement.

#TotalEnergiesAFCON!”

Since both the NFF President, Amaju Pinnick and Eagles Head Coach, Gernot Rohr gave hints of the recall of Ighalo, opinions have been divided on whether to

Odion Ighalo (left) with Super Eagles’ Head Coach, Gernot Rohr shortly after Nigeria won the AFCON 2019 bronze medal in Egypt

ITTF Championship: Nigeria, Ghana, Others Begin Hostilities in Lagos The second edition of the ITTF Africa Western Region Championship kicks off on Monday, November 1, at the Molade Okoya-Thomas Hall of Teslim Balogun Stadium in Lagos. Host Nigeria is to slug it out with Ghana, Côte d’Ivoire, Benin Republic, Togo and Liberia at the four-day championship with teams competing for honours in seven events.

Already, the stage is set as Nigeria named junior sensation Samuel Boboye as well as Azeez Solanke that will spearhead Nigeria team for the championship while national champion Fatimo Bello will lead the women's team at the tournament. Men’s singles defending champion, Oba Oba Kizito flew in from Paris in his bid to defend his title while Bello will also be

25 Schools through to Zonal Stage of Zenith/Delta Principals’ Cup A total of 25 schools have qualified for the znal stage of the 2021 Delta State Principals’ Cup football competition sponsored by Zenith Bank. After an intensive contest in the preliminaries across all the local governments, one school emerged from each of the 25 LGs in the state. In Aniocha North LG, 14 teams competed for honours as Lumen Christi International College, Issele-Uku, defeated Onichaugbo Memorial Secondary School, Onicha-ugbo 2-0 while in Aniocha South which had 17 schools on parade, Ifite Secondary School, Isheagu defeated St. Anthony’s College, Ubuluku 3-1 to book a zonal slot. A total of 16 teams competed in the Bomadi LG as Kpakiama Secondary School, Kpakiama whipped Solid Rock Secondary School, Bomadi 3-0 just as Arakoyo Government Secondary

School emerged tops in Burutu LG with 12 schools competing after beating Tuomo Secondary School 2-1 in the final match. In Sapele LG, Okotie-Eboh Government Secondary School emerged winners in Sapele after beating Glory Land S/S 2-0 and from Warri South, College of Commerce, Warri defeated Donuma S/S, Warri 2-0 to win the LG ticket ahead of 13 other teams. The CEO of the organizing body, Hideaplus, Tony Pemu, said the 25 zonal qualifiers have been divided into eight groups which will produce one qualifier each for the quarterfinals. “We are getting into the crucial stages of the competition and we are happy with the standard so far,” Pemu said. The Delta Principals’ Cup ends on November 25with the final match expected to take place in Asaba.

wading contests from Ghana and others in her quest to hold on to her Women’s singles title. According to the Secretary General of ITTF Africa Western Region, Germain Karou, all is set for the championship as teams

have arrived and the venue is set to host an epic tournament which marks return to competitive action in the region. “We are happy that our region is getting back to action after the COVID-19 pandemic which

prevented the staging of the tournament in 2020. “But as usual Lagos being the host of table tennis will be treated to exciting matches from teams and players from the region. “It promises to be explosive

as some of the players are ready to clinch the titles in the absence of the top players like Quadri Aruna in the region,” Karou, who is also the President of Cote d’Ivoire Table Tennis Federation said.

Dessers Wins Derby of Super Eagles in Holland Cyriel Dessers won the Derby of the Super Eagles in Holland yesterday after he came off the bench to score the lone goal match winner for Feyenoord against goalkeeper Maduka

Okoye of Sparta Rotterdam. Dessers, on loan from Belgian club Genk, came off the bench in the 65th minute and then snatched the win in this Rotterdam Derby for

Cyriel Dessers (second right) ...scored winner for Feyenoord

Feyenoord in stoppage time. He has now netted three goals in six league appearances. Okoye pulled off several big saves to keep Sparta alive

before the late Dessers winner. Sparta are second bottom on the table with seven points from 11 matches, while Feyenoord have climbed to fourth on 22 points.

MONDAY, ͹˜ ͺ͸ͺ͹ ˾ T H I S D AY

SPORTS

Aguero Diagnosed with Cardiac Arrhythmia Sergio Aguero has been diagnosed with cardiac arrhythmia - an irregular heartbeat - after leaving the pitch with breathing difficulties in Barcelona's 1-1 draw

with Alaves on Saturday evening. There was significant concern surrounding the 33-year-old's wellbeing at Camp Nou, after he initially went to ground holding

his throat and chest, raising fears that he was struggling to breathe. A stretcher was called onto the pitch, but he was able to leave the field by his own accord,

before being rushed to hospital to undergo emergency tests on his heart. Sportrevealed yesterday that test results show Aguero

suffers from cardiac arrhythmia, which means he has an irregular heartbeat. This is not something uncommon to the Argentine, who suffered from this illness when he was 12 years old. He also suffered a similar episode 10 days earlier, adding to the tension and concerns surrounding this particular incident. Further and more in-depth tests will be carried out over the next few days to understand the severity of Aguero's condition, meaning it's unlikely that he'll be risked in Barcelona's Champions League clash with Dynamo Kyiv in midweek. Aguero is believed to be relatively calm but also 'worried' over the mysterious nature of the illness, and the uncertainty that lingers regarding how serious it may prove to be. He will have to await the results of the next round of tests before the severity can be assessed. Injuries and fitness issues have plagued Aguero since leaving Manchester City to join the Catalan giants, and he was forced to wait until mid-October before making his Barça debut due to a couple of different problems. Also expected to miss the clash with Dynamo is Barcelona centre-back Gerard Pique who is down with a calf injury, the club said yesterday. "Tests this morning confirmed first-team player Gerard Pique has a right calf strain and will be out for the forseeable future," the club said on their web site.

The statement did not say how long Pique was expected to be out. Pique limped off in the 70th minute on Saturday as Barcelona drew 1-1 at home against Alaves in La Liga.

RESULTS Premier League Norwich 1-2 Leeds Aston Villa 1-4 West Ham

La Liga Cadiz 1-1 Mallorca Atletico 3-0 Real Betis Getafe 2-1 Espanyol

Serie A Inter 2-0 Udinese Genoa 0-0 Venezia Sassuolo 1-2 Empoli Fiorentina 3-0 Spezia Salernitana 0-1 Napoli

Bundesliga Augsburg 4-1 Stuttgart Mo’gladbach 2-1 Bochum

Ligue 1 Bordeaux 3-2 Reims Montpellier 2-0 Nantes Brest 2-0 Monaco Troyes 2-2 Rennes Angers 1-2 Nice

Zaha Calls for Action after Receiving Racist Abuse on Instagram Sergio Aguero has been diagnosed with cardiac arrhythmia, a situation that has ruled him out of Barcelona’s midweek UEFA Champions League clash with Dynamo Kyiv

Rubicon Rules FirstBank Sponsored Georgian Cup in Kaduna The winner of 2019 world-famous Georgian Cup, Rubicon, return to winning ways on Saturday when it defeated the defending champion, El Amin by 9-6 to win its third FirstBank sponsored Georgian Cup. Parading star players like Bashir Dantata, Abdulmalik Gbadamosi, Argentine imports, Tolito Ocampo and Silvestre Donovan, Rubicon showed superiority in all areas of the game beating Mohammed Babangia’s El-Amin in a 7-chukker thriller watched by polo fans drawn from Kaduna environs and beyond. The competition which has been sponsored solely by FirstBank of Nigeria Limited for 102-years is already on record as the longest of such sole sponsorship in any sports event. Reacting to their loss, Mohammed Babangida, whose team, El Amin holds 15 FirstBank Georgian Cup titles, said he accepts the defeat in the spirit of sportsmanship, stressing, losing is part of the game. “In sports, you win some and you lose some”. Apart from the two finalists, Badako Zaz and Malcomines were the other High goal teams that competed for the Georgian Cup trophy. Happy at the turnout of the event, Aliyu Musa, the representatives of the Chief Executive Officer of FirstBank of Nigeria Limited at the event, pledged the bank’s determination to sustain the sponsorship.

Wilfried Zaha has called on authorities to take racism seriously after he was sent racist abuse following Crystal Palace's win over Manchester City. The 28-year-old posted a series of racist messages he had received on Instagram on Saturday night. The Palace forward said he wanted action over the issue rather than sympathy. "I'm not here for all the nonsense that is being done instead of fixing the actual problem!" he said. Zaha became the first player to score 50 top-flight goals for Crystal Palace on Saturday as they shocked Manchester City with a 2-0 defeat at Etihad Stadium. City's Aymeric Laporte was sent off by referee Andre Marriner in first-half stoppage time when he committed a professional foul by bringing down Zaha 35 yards from the City goal.

"This message isn't for me to get a million messages saying we stand with you and it's disgusting or about me getting sympathy," Zaha wrote on Instagram. "I don't mind abuse because nowadays it comes with doing the job I do even though it's not an excuse but my colour will always be the real problem, it's fine because I'll always be BLACK AND PROUD! "Speak to me when you actually take this issue serious." In February Zaha said he would stop taking the knee before games. He said players "should stand tall" and that in his view taking the knee is "degrading". Speaking at the time he said: "Growing up, my parents let me know I should be proud to be black. We should stand tall. "With taking a knee, sometimes people forget we have to do it. It is becoming something we just do. That is not enough for me."

Organisers Announce New Format for Choosing Best Boxer GOTV BOXING NIGHT

L-R: Group Head, North Central 1 of FirstBank, Bashir Ali; Group Executive, North, Shehu Aliyu, presenting the Georgia Cup to the Emir of Katsina, Alhaji Abdulmumini Kabir Usman; Emir of Kano, Aminu Ado Bayero; Minister of Aviation and Promoter of Rubicon Polo team, Hadi Sirika with the President of the Kaduna Polo Club (KPC), Suleman Abubakar at the presentation ceremony during the tournament in Kaduna...recently According to him, the bank shares value culture of excellence, resilience and determination, a thing the bank holds in high esteem. He stressed that the bank will continue to make the sponsorship of the event and support for Kaduna Polo Club sacrosanct. While thanking FirstBank for

their dedication to the sport, President of Kaduna Polo Club, Suleiman Abubakar pledged to continue to work hard to maintain the existing relationship between the sponsors and the Club. Some of the highlights of this year’s event include the Gala Night tagged, “Blue Jacket

Night”, in honour of FirstBank’s commitment to Georgian Cup. Expectedly, 2021 Georgian Cup attracted top government functionaries, businessmen and royal fathers led by the Emir of Katsina, Abdulmumini Kabir Usman and the Emir of Kano, Aminu Ado Bayero among others.

Ahead of the 24th edition of GOtv Boxing Night, Flykite Productions, organisers of the show, have announced changes in the modalities through which the winner of the Mojisola Ogunsanya Memorial Trophy for the Best Boxer will emerge. Winners of the Mojisola Ogunsanya Memorial Trophy have gone home with cash prizes ranging from N1million to N3.5million in the past editions. The format change was announced yesterday in an official statement by Flykite Productions. According to the statement, the winner of the best boxer award will be chosen, through weighted scores, by a nine-man panel.

The panel, explained the organisers, will have three representatives from the sporting media, two coaches to be nominated by the Lagos State Boxing Association, one nominee of the Nigerian Boxing Board of Control (NBB of C), a representative of the sponsors and two persons from among the watching crowd. The adoption of the compact panel format to replace mediaonly panel that has selected the best boxer, according to the organisers, is to make the process less cumbersome. The organisers also hinted that GOtv Boxing Night 24 will hold in December and will combine boxing with music.

Monday November 1, 2021

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Oodua People’s Congress to FG “You cannot keep together a nation as complex and diverse as Nigeria with fear, force and injustice. This country’s independence was based on true federalism. Nigeria must return to that original master plan. If the Nigerian government continues to ignore the cry for restructuring, it will only result in more agitations for everybody to go their separate ways” – OPC President, Wasiu Afolabi, warning the federal government to heed the call for the country’s restructuring.

OKEYIKECHUKWU EDIFYING ELUCIDATIONS

okey.ikechukwu@thisdaylive.com

Concerning the South-east Today

o one can say, for sure, what is going on in the South-east anymore. The governors are at the end of their wits; and that is if we generously assume that they have always had their wits about them in the first place. The IPOB has paralysed the local economy, such that a hazy fear of both the known and the unknown walks the land. Sit-at-home orders are flying out of every street corner. Hunger and unemployment are accentuated. Opportunistic criminality has joined hands with sundry subterranean ills to enforce confusion. So, back to the submission I made on this page on October 23,2019. That was exactly two years ago. Here it goes, reproduced almost in full. “South-eastern Nigeria lies prostrate and without dignity today. It has been thus for a long time now. Enveloped by an incubus of snarling befuddlement as it is dragged towards a benighted terminus, the region has become a metaphor for how to exist (without really living) in a federation of supposedly equal partners. It twists and turn piteously in subdued pain. There is an unvoiced gnashing of teeth and a bitter forbearance. Denuded, ridiculed, swindled and roundly scandalized on all fronts by an elaborate pretense at nationhood that has been to its detriment for far too long, South-east Nigeria is at best a metaphor for nominal and fraudulent citizenship. Its gifted, energetic and bold youths are forced to scavenge around the fringes of morality and legality. That is because they have found themselves in a system that excludes them from what their peers and supposed fellow citizens take as a matter of course; and regard as their entitlement. There is, for people of the South-east, an unnamed fear and a semi-uncertain confusion. There is also a semi-real trembling. Anon, it is as if there is always some creeping, inexplicable, yet ever-present, but clearly unhealthy, quivering of political and economic nerves. Perplexity walks the land – and with bold, intimidating steps. But, being a people resolved not to dissolve under inclement currents and the unrelenting assaults of a merciless state that seems determined to annihilate them, Ndigbo remain resilient in the face of inhuman political and economic odds. But does the rest of the Nigerian federation really know, and to its fullest measure, the thralldom and misery that have taken permanent residence in the entire South East? Put differently, does anyone really care what the people of that region feel, or do not feel, about everything going on around them – and sometimes in their name? I think not. And that is because everyone has been living with a badly treated South-east since after the civil war in 1970. It has become normal to reckon without the people in every way. The failure of the post-war rehabilitation and reconstruction programmes, the decades of burgeoning neglect by the central government, the lack of group cohesion among the people themselves, the curse of poor strategic group leadership, the political incompetence of new “Igbo leaders” and an emergent attitude of presumptive preeminence by most eastern Nigeria’s public office holders of today, have taken their toll. That is why the land and the people now bleed from all pores. Yes, the South-east mourns. And so might the rest of the nation if things are not put right and in good time. It is a matter of fact, and record, that the South-east region has remained sidelined in

IPOB leader, Nnamdi Kanu federal developmental projects for decades. The nation has lived with this reality for very long before the current government. The region lacks relevance in the siting of impactful institutions and major drivers of our economic environment. It is mocked by the wretched profile of its most visible political actors. Its sons and daughters in national public positions mostly live to survive their tenures. They sneak off to some recondite and narrow existence, or to their villages, once out of office. Not so for their peers, contemporaries and supposed equals from other parts of the country. Look around you calmly and you must conclude that there is really nothing happening in the South-east to warrant serious national human, economic or political traffic in that direction. It boasts the most dilapidated federal roads in the nation. It is the least considered in the new epidemic of rail projects springing up all over the nation. It became a metaphor for what should have happened immediately after the civil war, but which did not happen. The over 30 years of traffic nightmare for travelers on that route lingered and became the norm.

Local economies even sprang up around the area; which have thrived for decades. When approval was given for the Second Niger Bridge to be built under the PDP government of Obasanjo, it turned out to be a Build Operate and Transfer (BOT) arrangement. In other words, the bridge was approved to be built by whoever was willing, able and available to put down his money for it. Yes, the builder will fund the project and then later recover the money by putting up toll gates on both ends of the new bridge. It is those using the bridge that would pay for the cost of building it; and it was not to be handed over to the government to be used free of cost, until the number of years stipulated as adequate for the builder to recover his cost, along with the accruing profit. And, mind you, there was no case of national bankruptcy; or a dearth of projects of even higher net value being executed all over the nation at the time. But the bridge was still not built under Obasanjo. Had it been built as initially planned, it would most probably have been the only spot in the federation where toll gates were erected so that users of a public, land transport facility, like a bridge, would pay for using it. And this was at a time the federal government banned and dismantled all toll gates in the country. Only the South-east must moan, groan and bleed through the nose for a bridge that should have been constructed over 40 years ago. Work finally commenced on the bridge, thanks to the Buhari government. After a protracted toing and froing on several fronts, the euphoria of this “breakthrough,” again, exposed the myopia and infantilism of South-east political leadership. An elite that clamoured, and still clamours, for an inland port in Onitsha is blind to the fact that this new bridge may turn out to be the undertaker for the port project. Go on, take a look at the main frames of the ongoing construction on the second Onitsha Bridge. What type of ship will pass under it? With what type of cargo, if any, or finished products will the ship pass? What are the current specifications show? ….

The South-east Mourns! Which brings us to the presidential intervention on the rehabilitation of the Enugu Airport….

The federal government has announced its determination to protect those who come out to vote. But, how will the federal government make people who are afraid of stepping out of their houses to do so on election day, in order to be protected at polling booths? So, looking at the South-east today, one can only say that not even the greatest soothsayer will venture a prediction about what will happen next with conﬁdence

It was with relief and gratitude that many people noted President Muhammadu Buhari’s directive that the sum of ten billion Naira be released for rehabilitation work on the closed airport to start. This was after the South-east governors, accompanied by the President General of Ohanaeze, the region’s foremost socio-cultural organisation, paid him an all-important visit. It was like a trip to a shrine to appease a mighty oracle. The issues were presented. The pleas were made. The period of pensive waiting, with bated breath, was not missing. Then came the magnanimous pronouncement of a reprieve. Phew! Hurray! The plan to shut down the airport should ordinarily have been on the table along with the plan for its rehabilitation and re-commissioning. The aviation minister’s explanation, that there was no budgetary provision for the project, thus that it just could not be taken on and executed after it was shut down, begs the question. So it was actually the visit to Aso Rock that suddenly, magically and perhaps miraculously, put the rehabilitation of the Enugu airport in the budget? It was also the visit that mysteriously, worked out the cost of the project and ferreted out the funds? So should we then assume that the figure magnanimously announced by the president was advised by actual verifiable calculations, or was it just announced on a whim? Whichever way we choose to look at it, there is cause for misgivings about public administration in Nigeria, the concept of “national emergency” and much more. The South East mourns! Sorry to those who, on seeing the title of this article, easily assumed that it was to address the recent series of misfortunes, including fires, avoidable deaths and loss of property, in the South-east? No, the misfortunes of the South-east are much more than that. Many of them are self-inflicted. The misfortunes are there alright. But over and above all these stand in bold relief the sustained diminution of a region of the Federal Republic of Nigeria, through deliberate government gymnastics and the political illiteracy of its own ruling elite. Yes, it has the largest population per square kilometer. But it also has the lowest number of local governments, based on population density. It has records of exceptional performance in all competitive examinations, but the lowest representation in federal institutions. It has the highest number of dilapidated federal roads, no place in the national gas plan and no mention in the epidemic of rail series springing up everywhere else in the country. That is the South-east for you. The region mourns, today! Today is four days more than exactly two since the article copiously quoted above was written. But might as well have been written last night. All the problems highlighted there are still there, and have gotten worse. And it is in the middle of it all that, Anambra is preparing for an election that IPOB can abort with ease. True, the federal government has promised security. True, the federal government has announced its determination to protect those who come out to vote. But, how will the federal government make people who are afraid of stepping out of their houses to do so on election day, in order to be protected at polling booths? So, looking at the South-east today, one can only say that not even the greatest soothsayer will venture a prediction about what will happen next with confidence.

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