MONDAY 2ND JANUARY 2023

Resilient Stock Market Gained N5.62trn in 2022 Despite Foreign Investors' Exit Kayode Tokede Despite the economic challenges faced by the country in 2022, the stock market arm of the Nigerian Exchange Group (NGX) remained

resilient as it gained N5.62 trillion in the past year.

In terms of value, the overall market capitalisation increased to N27.915 trillion in 2022, representing an increase by 25.2 per cent from

the N22.297 trillion it closed in 2021.

The stock market contended with factors such as foreign investors' exit, aggressive hike in the Monetary Policy Rate (MPR) that changed investors' perception in the market

investment in third quarter of 2022, among others.

Also, the NGX All-Share Index, an index that tracks the general market movement of all listed stocks on the Exchange, including those listed

on the growth board, regardless of capitalisation, rose by 19.98 per cent or 8,534.62 basis points to 51,251.06 basis points in 2022, from the 42,716.44 basis points it closed in 2021.

The stock market in 2022 came under heavy foreign investors' exit due to scarcity of foreign exchange, giving way for retail/institutional Continued on page 5

Bloomberg: How World’s Wealthiest Billionaires Lost $1.9trn in 2022...

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Monday 2 January, 2023 Vol 27. No 10128. Price: N250

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Secondus: Wike Lied, I Didn’t Get Any Contract from Rivers Govt...

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PDP PCC: Tinubu Desperate to Ride on Treachery to Aso Rock Says APC candidate willing to trade off his party's governorship candidates for power Tells Wike to apologise to Obasanjo, Atiku, Anenih’s family over governor’s utterance Atiku to reopen Nigeria’s borders if elected, Tambuwal restates Chuks Okocha in Abuja The Peoples Democratic Party (PDP)

Presidential Campaign Council (PCC), yesterday, reacted to the All Progressives Congress (APC)

presidential candidate, Bola Tinubu’s denial of a meeting in London with the five aggrieved PDP governors,

referred to as G-5, describing it a barefaced lie.

PDP PCC, also yesterday, called

on Rivers State Governor Nyesom Wike, to publicly apologise to former President Olusegun Obasanjo, former

Vice President Atiku Abubakar, and the family of the late Chief Anthony Continued on page 5

Obasanjo’s Endorsement of Obi Stirs Angry Reactions from Tinubu, Atiku Former president says citizens have moved from frying pan to fire under Buhari, wants youths to retake country Labour Party calls on IBB, Jonathan, others to also endorse their candidate APC campaign: Obasanjo cannot win his polling unit, support for Obi worthless PDP PCC: Whether he likes it or not, Atiku will be president Chuks Okocha, Emmanuel Addeh, Adedayo Akinwale, Gabriel Emameh in Abuja and James Sowole in Abeokuta The open endorsement of the presidential candidate of Labour Party (LP), Mr. Peter Obi, by former President Olusegun Obasanjo, yesterday, elicited angry reactions from the presidential candidate of the ruling All Progressives Congress (APC), Bola Tinubu, and that of Peoples Democratic Party (PDP), Atiku Abubakar.

Presidential Campaign Council (PCC) of APC described the endorsement of Obi by Obasanjo as useless, alleging that the former president hardly has strong electoral value. The PDP PCC reacted in like manner, saying whether Obasanjo likes it or not, Atiku would be president in his life time.

But LP said other former Nigerian leaders should emulate Obasanjo and Continued on page 5

TINUBU IN MECCA...

L-R: Islamic scholar Khalifa Mafoworade; Jigawa State Governor, Abubakar Badaru; All Progressives Congress presidential candidate, Bola Tinubu, and former EFCC Chairman, Mallam Nuhu Ribadu, after performing Tawaf, one of the rites of Umrah (lesser hajj) in Mecca, Saudi Arabia…recently

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T H I S D AY • MONDAY, JANUARY 2, 2023

PAGE FIVE OBASANJO’S ENDORSEMENT OF OBI STIRS ANGRY REACTIONS FROM TINUBU, ATIKU endorse Obi. In the open letter of commendation, Obasanjo declared that after a thorough assessment of all the candidates vying to become Nigeria’s president from May 29 this year, Obi had the best qualities to effectively tackle the current challenges facing the country.

Obasanjo maintained in the letter he personally signed and addressed to all Nigerians that his decision to throw his weight behind the former Anambra State governor was arrived at after interactions with the major contenders.

In a subtle rejection of the other two major candidates he referred to as “Emi Lokan” and “I have paid my dues”, Obasanjo stated that the kind of leader Nigeria needed currently was not one with an entitlement mentality, but someone selfless, courageous, honest, patriotic, one with character and the fear of God. He stressed that the two contenders he made allusion to were one and the same, saying they have the wrong attitude and mentality towards the country’s leadership.

Obasanjo argued that none of them could form the new pedestal for reinventing the new Nigeria based on an “All-Nigeria Government” for the liberation and restoration of the country. According to him, whoever aspires to take over from President Muhammadu Buhari must have a track record of ability and performance as well as a vision that is authentic, honest and realistic.

He stated that such a person must have the character and attributes of a good child of God, possess physical and mental capability, and have a sound mind.

The former president said, in a clear endorsement of the LP presidential candidate, "None of the contestants is a saint, but when one compares their character, antecedents, their understanding, knowledge, discipline and vitality that they can bring to bear and the great efforts required to stay focused on the job, particularly looking at where the country is today and with the experience on the job that I personally had, Peter Obi, as a mentee, has an edge.”

However, he added that other

leaders, like the presidential candidates of other parties, could contribute to the new dispensation to liberate, restore and salvage Nigeria collectively.

The former president also took a swipe at the Buhari administration, stating that the last seven and a half years of the present administration have been traumatic for many Nigerians.

He declared, "We have moved from frying pan to fire and from mountain top to the valley. Our leaders have done their best, but their best had turned out to be not the best for Nigeria and Nigerians at home and abroad. For most Nigerians, it was hell on earth."

Obasanjo stated that he was constrained to write the letter to all Nigerians, especially young Nigerians, friends of Nigeria globally, and development partners because of the gravity, responsibility and implications of the collective decision Nigerians, both young and old, will be making within the next two months.

“I believe that we need not be confused nor be gullible. Let us be cautious, not to be fooled again,” he advised.

The former president stressed that the Nigeria of today had been dragged down well below the Nigeria of the beginning of his own presidency in June 1999.

He stressed, “Although at that time, Nigeria was in very bad shape and was tottering on the verge of collapse and breakup. Even then, Nigeria was not faced with the level of pervasive and mind-numbing insecurity, rudderless leadership, buoyed by mismanagement of diversity and pervasive corruption, bad economic policies resulting in extremes of poverty and massive unemployment and galloping inflation.”

Obasanjo argued that one ridiculous point that had been touted to justify unjustifiable appointments and selections in the current administration was “competence”, maintaining that in truth and in reality, genuine competence can be found in any region or section of Nigeria through track record and performance.

He urged the Nigerian youth not to fall prey again, explaining, “We will have ourselves to blame and no one can say how many more knocks

Nigeria can take before it tips over.”

In an emotional plea to the young people of Nigeria, Obasanjo noted that they must come together and bring about a truly meaningful change in their lives.

“Your present and future are in your hands to make or to mar. The future of Nigeria is in the same manner in your hands and literally so,” he told the youth.

He also advised young people to forget the malice kept by their fathers and move together as a united front, appealing to them to stop inheriting other people's prejudices and enemies.

“Make your own friends and stop inheriting your father's enemies,” he cautioned.

Meanwhile, National Chairman of LP, Julius Abure, called on former presidents and heads of government to take a cue from Obasanjo and endorse Obi for president.

Abure made the call in an exclusive chat with THISDAY shortly after Obasanjo had expressed his support for Obi in a letter addressed to Nigerians.

The LP national chairman described Obasanjo as "a patriot who wants the best for the country", saying he should be supported by wellmeaning Nigerians who share the same sentiments.

Abure said, “Obasanjo, obviously, has no choice among all the presidential candidates aside Peter Obi. He has always been a progressive, a patriot and a man that wants the best for the country. I want to say without any fear of contradiction that Obasanjo has by this distinguished himself.

"He is a man that has the country at heart. It is, therefore, not surprising that he has endorsed Obi. We want to implore other leaders, other past presidents, other fathers of the country, like IBB, Abdulsalam Abubakar, Goodluck Jonathan and all past presidents and heads of government in the country.

“I call on them to endorse Obi because as it stands, without sounding immodest, he is the best presidential candidate among other presidential candidates.

"He has age on his side, he is energetic, he has the pedigree, he is competent and is the one that is best

RESILIENT STOCK MARKET GAINED N5.62TRN IN 2022 DESPITE FOREIGN INVESTORS' EXIT investors to dominate trading in fundamental and dividend-paying stocks on the bourse.

Precisely, foreign investors’ stake in the equity market dropped to N364.02 billion or 16.67 per cent in the 11 months of 2022, while domestic investors dominated the stock market with N1.819.55 trillion or 83.33 per cent portfolio participation in equity trading in 11 months of 2022.

In addition, the hike in MPR by the Central Bank of Nigeria (CBN) created room for investors' divestment into fixed-income securities as the inflation rate eroded stocks return.

Following improved corporate earnings by fundamental companies, low yield in fixed income market, among other factors, the stock market segment of the NGX added N5.64 trillion in the first half (H1) of 2022.

According to the Vice president, Highcap Securities Limited, Mr, David Adonri , “the stock market appreciated at the beginning of the H1 2022 due to the impressive 2021 full year and Q1 2022 results released by listed companies.

“The rising crude oil price also enhanced the performance of stocks.

However, the market slowed down in June due to unfavorable domestic factors which the rising crude oil market could not offset.

“These were the rising inflation rate, hike in the interest rate and excruciating energy crisis. As the political risk associated with the 2023 general election heightens and the possibility of a further hike in interest rate looms, economic fundamentals may not be strong enough to engender further market growth.”

However, a review of the stock market performance showed that investors on the NGX lost N1.69 trillion between June and August 2022, as investors switched to fixed income market.

The stock market between June and August 2022 was also affected by a hike in the inflation rate (20.52 per cent in August 2022), and the CBN’s increase in its MPR to 14 per cent, which eventually closed the year 2022 at 16.5per cent.

Consequently, investors lost N1.48 trillion in third quarter (Q3) of 2022, but the market regained its position in fourth quarter of 2022 with a gain of N1.034trillion as investors renewed interest in Airtel Africa Plc, MTN Nigeria Communications Plc, Dangote Cement Plc, among other fundamental stocks on the bourse.

About 69 per cent to N1,100 appreciations in the stock price of Seplat Petroleum contributed to 34.05 per cent gain in NGX Oil/ Gas Index, while 1.6per cent to N261 stock price gain recorded by Dangote Cement lifted the NGX Industrial Goods Index by 19.67 per cent to 2,403.24 basis points.

The NSE 30 Index which is made up of the most capitalised stocks ended the year with a single-digit return of 6.98per cent as the banking and insurance index reported 2.81per cent and -11.99 per cent respectively.

Despite the paltry returns of the Banking Sector Index, Wema Bank, specifically led the chart as the best-performing stock in 2022, posting a return of 442 per cent to N3.9 per share, from N0.72 per share.

Overall, Airtel Africa with a gain of 71.2 per cent to N1,635.00 per share from the N955 per share it opened for trading maintained its number one spot as the market capitalised stock on the NGX. The two major listings on the Exchange in 2022, Geregu Power Plc and BUA Foods appreciated by 49 per cent and 62.5 per cent per shares to N149 and N65 per share respectively.

Commenting on the market performance in 2022, the CEO Wyoming Capital and Partners, Mr. Tajudeen Olayinka noted that the

51,251.06 index points closure of the stock market was an indication of modest recovery, having surpassed the closing figure in the course of the year.

He noted that the growth happened in spite of multiple succession of MPR hikes, high inflationary pressure and scarcity of foreign exchange.

According to him, “I think what we can ascribe to this is the usual market fatigue that normally accompanies prolonged repricing of securities across markets and instruments.

“Even the real yields in the fixed income space have all closed negative in 2022. So, any time market prices itself out of context or out of acceptable range, especially when prices have become too low to resist, price recovery sets in, and that is what we have been witnessing since the last MPC meeting in November that produced interest rate hike of 16.5per cent.

“Another important factor is the usual bargain hunting that normally precedes financial yearend rally since many of the listed companies have their financial year-end as 31st December.

So, bargain hunters are taking positions ahead of investors that will normally like to benefit from year-end dividend payments.

Clearly, it takes two to tango.”

He noted that the stock market’s gain in 2022 did not mean it might remain positive in 2023, citing a change in government.

According to him, “This does not, however, mean that market cannot suffer a setback in 2023, given numerous headwinds that are expected to naturally accompany a transition from a government that has consistently pursued public sector domineering focus in approximately last 8 years, to a new government that is likely to shift its focus to private sector dominance.”

suited for the job."

However, the APC presidential campaign described the endorsement of Obi by Obasanjo as worthless.

Director of Media and Publicity of APC PCC, Bayo Onanuga, in a statement, said the ruling party respected Obasanjo’s democratic right to support and endorse any candidate of his choice in any election.

Onanuga stressed that Obasanjo had earlier stated his position at various public events, the last being at the 70th birthday anniversary of Chief John Nwodo, Ndigbo in Enugu.

The APC campaign spokesman said, "We read with amusement the endorsement of Obi, the LP presidential candidate, by Obasanjo in his new year message on Sunday. Following calls by journalists from various media houses, who asked for our reaction, we decided to make this preliminary statement, though we didn't consider the so-called endorsement to be of any value."

Onanuga stated that the presidential candidate of APC, Tinubu, would not lose sleep over Obasanjo’s move, insisting that the former president is notorious for always opposing progressive political forces, as he did against Moshood Abiola in 1993.

He stressed in the statement, "The endorsement is actually worthless because the former president does not possess any political goodwill or leverage anywhere in Nigeria to make anyone win a councillorship election let alone win a presidential election.

He is a political paperweight.”

Onanuga recalled that in the 2003 and 2007 general elections, when Obasanjo was a sitting president, he used all the coercive instruments of state at his disposal to railroad people into elective offices against the will of Nigerians as expressed at the polls.

He alleged that Obasanjo declared the polls a do or die affair after he failed in his bid to amend the constitution to have a third term.

The APC campaign stated, "From our records, Obasanjo has not successfully made anyone win election in Nigeria since then. Not even in Ogun State can anyone rely on his support or endorsement to become a governor or councillor.

"We pity Obi as we are confident that Obasanjo cannot win his polling unit and ward in Abeokuta for Obi in the coming presidential election on 25 February, 2023.

"Obasanjo's endorsement is not a political currency Obi can spend anywhere in Nigeria because he is not a political force, even in his part of the country.”

Equally reacting to the endorsement

by the former president, the PDP presidential campaign organisation stated that whether Obasanjo liked it or not, Atiku would be president. in his life time.

In a statement, PDP Presidential Campaign Management Committee’s Director of Public Affairs, Dino Malaye, stated, "Baba is talking of age. America, the most civilised democracy on earth, voted for over 70.

"How old was Obasanjo in 1999?

How old was he when he wanted third term as president? Baba should cure himself from the inherent hatred for Atiku.

"Obasanjo will be alive, and Atiku will be president. Peter Obi can only be President of Rotary Club. Nigeria is too big for him. Burger is not food for monkeys. Shoe has sizes.”

In the same vein, the Atiku/ Okowa Presidential Campaign Organisation said the support for the LP presidential candidate by Obasanjo was his personal wish, which did not reflect the opinion or position of the overwhelming majority of Nigerians across the country. The campaign said while Obasanjo was entitled to his personal opinion, “as remarkable as it may appear, it remains individualistic and cannot redirect Nigerians from their determination to rally with the more experienced, more proficient and more accepted presidential candidate of the Peoples Democratic Party, Atiku Abubakar, to rescue and rebuild our nation from the APC misrule.”

In a statement, spokesperson, Atiku/ Okowa Campaign Organisation, Kola Ologbondiyan, said, "What is surprising to majority of Nigerians is that in the face of the alarming challenges facing the nation, which requires a tried and tested hand, former President Obasanjo is suggesting a candidate that has not had any experience in governance at the national level."

In any case, the Atiku/Okowa presidential campaign stated that Obasanjo’s opinion could not sway Nigerians who could easily remember how the former presiddnt had endorsed Buhari, whose administration, he now described as “stressful years for many Nigerians,” during which the nation “moved from frying pan to fire and from mountain top to the valley.”

According to the campaign organisation, it is extremely difficult for Nigerians, particularly the youth, to accept Obasanjo’s opinion as the solution to the myriad of challenges facing the country because the last candidate he introduced, by his own estimation, failed Nigerians.

The organisation stated, “Our campaign holds that none of the

presidential candidates has the experience, capacity, tenacity of purpose, presence of mind and readiness to serve like Atiku Abubakar.

"Atiku remains the most widely accepted candidate, whose choice is not predicated by sectional, tribal, ethnic or religious sentiments or the endorsement of any individual, high or low, but by record of ability and performance, authentic vision, honesty and character; physical and mental capacity; the very indices set by the former president.

"It is instructive to state that every claim by former President Obasanjo on the success of his administration is a reflection of the performance of Atiku Abubakar as his vice president and Chairman of the National Economic Council during which our nation achieved unprecedented economic growth to become one of the fastest growing economies in the world.

"It, therefore, amounts to a disservice for the former president to make subjective suggestion even when it is clear that if a hand like Atiku Abubakar with their shared experience is brought to the forefront of governance, our nation will be rescued from this current sullen state "Our campaign, therefore, urges Nigerians not to be distracted by subjective opinions but to remain focused on the resolve to salvage our dear nation by electing Atiku Abubakar as the next President of Nigeria, come February 25, 2023."

Political analyst and former presidential aide to former president Goodluck Jonathan, Reno Omokri said regarding Obasanjo’s endorsement of Obi, “President Obasanjo is a good hearted man. He has always wanted a president from the South-east, or one from the South-south, with Igbo roots. He believes that is the best way to heal the wounds of the civil war.

He is a man who strongly believes in the unity of Nigeria. In 2007, he wanted Governor Peter Odili, but Governor Yar’Adua insisted on Governor Goodluck Jonathan as his running mate. Peter Odili said as much in his book, which was corroborated by others, including Nuhu Ribadu and Nasir El-Rufai.

“What Obasanjo did is understandable, but it will not matter in the election. Therefore, the Peoples Democratic Party would not be wise to attack it, as Tinubu and the All Progressives Congress have done. President Obasanjo has done so much for Nigeria, in peacetime and in wartime. Whether we like his stance on anything, we must respect his status, and place in history, and respectfully agree to disagree.”

PDP PCC: TINUBU DESPERATE TO RIDE ON TREACHERY TO ASO ROCK Anenih for saying Anenih asked Obasanjo to kneel before Atiku when they were in office.

The reactions came as Sokoto State Governor Aminu Tambuwal, weekend, reiterated that Atiku would reopen the country’s borders if elected president in next month’s presidential election.

Apparently worried by the reactions to his meeting with four of the five aggrieved PDP governors, Tinubu had denied meeting with the Wike-led group.

Some reports at the weekend had it that the G-5 PDP governors had finally decided to work for Tinubu as well as his counterpart in the Labour Party (LP), Peter Obi. Some reports said the four governors, Wike, Seyi Makinde of Oyo State, Samuel Ortom of Benue State, and Okezie Ikpeazu of Abia State, met with Tinubu in London.

However, inside sources had it that while Wike and Makinde decided to work for Tinubu, Ortom was too worried by the unintended consequences of such a move, which he feared might affect the governorship candidate of his party in Benue State.

But Ikpeazu and Ifeanyi Ugwuanyi of Enugu State were said to have agreed to work for the APC presidential candidate quietly for fear of repercussions in the South-east.

Nevertheless, they all allegedly foreclosed working for Atiku.

But Tinubu denied meeting with the governors.

However, in a statement yesterday, Atiku’s Special Assistant, Public

Communication, and member of the PDP PCC, Phrank Shaibu, accused Tinubu of lying that he never met the rebellious governors, when in actual fact he met them to fine tune a deal to undermine PDP. Phrank said, incidentally, Wike, who was known for his bravado, had failed to deny ever meeting with Tinubu, saying, instead, “they said we had a meeting with so and so.

What is your problem?”

The statement added, "I make bold to state that if the G-5 never met with Tinubu, Wike would have been the one to deny it."

The statement said while the news of the meeting was trending, two spokesmen for the APC presidential campaign, Festus Keyamo and Femi Fani-Kayode, took to the social media to celebrate the support Tinubu would be getting from the G-5.

It revealed that on Facebook, Fani-Kayode had specifically stated, “The endorsement and declaration of support that Bola Ahmed Tinubu will get from at least six (not just five) governors from the PDP this January will finally put to rest the delusion that Atiku will stubbornly harbour about winning the 2023 presidential election.”

The statement wondered what those two were celebrating and gloating about if actually there was no meeting that resulted in some form of deal. "What was Keyamo and Fani Kayode celebrating if there was no deal?" the statement queried.

According to the statement, "It is funny that it took three whole days after reports of the meeting before

Tinubu decided it was time to put out a statement denying it ever held.

It is also awfully coincidental that the G-5 and Tinubu all decided to travel to London at the same time and departed at the same time with Tinubu proceeding to Saudi Arabia and the other governors returning to Nigeria.

"Incidentally, Tinubu had also in August denied plans of meeting the G-5, only for Wike to later issue a statement confirming that they, indeed, met with Tinubu and other candidates separately. Tinubu’s latest denial should, therefore, be discarded as another lie.

"For Nigerians who wonder why Tinubu would deny such a meeting ever held, the reason is because the details of the meeting are too messy and the APC candidates in the five states are fighting back.”

The statement noted that all the G-5 governors were on the ballot for the general elections except for Wike and, “there is a fight back from the APC governorship and National Assembly candidates from the affected states where the G-5 Governors hold sway.”

For instance, the statement explained, "In Oyo, Senator Teslim Folarin is reportedly angry at a proposed treacherous deal to trade off his mandate as the APC governorship candidate. The situation is not different in Abia, Enugu, Benue and, of course, Rivers State.

"This larcenous move exposes the nature of the man who wants to be the next president of Nigeria.

Continued on page 10

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T H I S D AY • MONDAY, JANUARY 2, 2023

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

NEW YEAR THANKSGIVING SERVICE, AT ST. MATTHEW’S CATHEDRAL… L-R: Vicar/Archdeacon, Venerable Moses Onowhuke; Edo State Governor, Mr. Godwin Obaseki; Bishop of Benin Diocese, Anglican Communion, Rt. Revd. Peter Imasuen, and his wife, Mrs. Gladys Imasuen, and Secretary to the State Government, Osarodion Ogie, during a new year thanksgiving service, at St. Matthew’s Cathedral, in Benin City...yesterday

Report: Election Uncertainty, Debt Burden, Others to Expose Nigeria’s Economy to External Shocks in 2023 Elevated oil prices to bolster foreign reserves, reduce pressure on naira FDC insists Nigeria's fiscal space overheating Predicts country may approach IMF for debt restructuring Emmanuel Addeh in Abuja Financial Derivatives Company Limited (FDC), one of Nigeria’s foremost sources of business information and economic data, has predicted that the uncertainties surrounding next month’s elections and the country’s growing debt burden will constitute a major risk to the Nigerian economy this year, making it more vulnerable to external shocks.

In its monthly economic update for December, the Bismarck Rewane-led group listed other local risk factors to look out for during the new year as: Forex pressures, inflation, rising borrowing and logistics costs as well as declining demand in major export markets.

However, on the bright side, FDC posited that elevated oil prices will likely boost Nigeria’s depleting foreign reserves in 2023, thereby reducing pressure on the naira, but on the condition that the country continues to ramp up its crude oil production.

The National Assembly recently passed a N21.8 trillion budget, pegging Nigeria’s crude oil benchmark at $75 per barrel from the previous $70 per barrel while production for 2023 was put at 1.69 million barrels per day. Although production data for December 2022, had yet to be released, in November, Nigeria produced roughly 1.2 million bpd.

With the Russian war likely to continue throughout 2023, FDC noted that it will persist in impacting Nigeria's economy, particularly through supply chain disruptions and higher commodity prices.

“The internal crises facing Nigeria are making the country less resilient to external shocks.

It, therefore, brings to mind the question: In 2023, how deeply will Nigeria feel the strains of these externally induced shocks?

“Beyond the influence of external forces, Nigeria’s domestic economic landscape remains rough. The economic uncertainty created by election expectations, a heavy debt service burden,

forex pressures, and inflation are a few of the challenges Nigeria's economy is facing, which will continue to make the country vulnerable to external shocks.

“In addition, adverse weather conditions, rising borrowing and logistics costs, and declining demand in major export markets may subdue economic growth in 2023,” the document released at the weekend explained.

Regardless, it noted that to tame hyperinflation in the country, protect the currency peg to the US dollar and reverse capital flight, the Central Bank of Nigeria (CBN) will likely maintain its increase in interest rates.

In addition, it stressed that borrowing costs will stay high, discouraging excess borrowing from consumers for consumption purposes and dwindling the appetite of firms towards collecting loans because of high interest payments.

Nevertheless, it stated that Nigeria's inflation is projected to taper by the end of the year due to the lag effect of the central bank’s interest rate hike.

“Also, the demand for crude oil at the global market is rising. The increased demand is expected to keep the oil price elevated. The oil price is expected to average $85 per barrel in 2023.

“The expected rise in oil prices above the 2023 budget benchmark is expected to bolster external reserves, which may help alleviate the pressure in the forex market currently stoking inflation,” the report said.

But it stated that this does not change the fact that the exchange rate premium may not vanish in 2023, predicting that the divergence between the official and parallel rates could persist in the coming year, due to forex supply shortages.

“To this end, exchange rate policy reform in 2023 is inevitable as it is the panacea to easing the current pressure in the forex market,” FDC noted.

Another important trend to watch out for in 2023, the report said, is fiscal balance, with a budget worth N21.8 trillion, having been passed and fiscal

deficit now amounting to N11.1 trillion while debt service payments are estimated at N6.6 trillion.

It pointed out that Nigeria faced a limited fiscal space in 2022, and is expected to worsen in the coming year due to high level of consumption and low oil production as subsidies continue to erode a substantial part of government revenue, thereby worsening the fiscal crisis in the country.

Given the decline in oil production amid oil theft and vandalism, it expressed doubt whether Nigeria may be able to achieve the targeted earnings from the crude oil sale to fund the 2023 budget.

“The narrow non-oil revenue base is not helping the situation.

Nigeria is challenged by high fiscal pressure. The government's deficit will grow as spending exceeds expenditure.

“The fiscal deficit has widened from 4 per cent of Gross Domestic Product (GDP) to approximately 5.2 per cent of GDP between 2021 and 2022.

The fiscal sustainability criteria for most countries is typically 3 per cent. Nigeria's fiscal deficit is already above the threshold, suggesting that Nigeria's fiscal space is overheating.

“Though fiscal deficit is expected to slightly ease in 2023 owing to more efficient utilisation of revenue and expected gradual removal of subsidy, Nigeria's public debt profile is becoming concerning,” the document added.

Aside the worrisome macroeconomic situation, the FDC maintained that the outcome of the 2023 general elections remains a burning issue since who becomes the next president of Nigeria could ultimately define a new path of recovery for the country.

On the contrary, it stated that the next leader could also continue to raise the eyebrows of the international community on the possibility of Nigeria steering its way back to growth like it did in the early 2000s.

The Lagos-based FDC stated that the astronomical increase in Nigeria’s debt stock in the past decade is pushing Nigeria to the brinks of sovereign default.

“In 2023, Nigeria will have no choice than to approach the

International Monetary Fund (IMF) and could commence policy support instruments (PSI) programmes that could see her move to restructure its debts.

“By 2023, Nigeria's debt-toGDP ratio is expected to cross the 40 per cent mark with debt-service revenue ratio of nearly 100 per cent. This will shrink the fiscal headroom, making it difficult to finance critical developmental projects,” it added.

According to the report, although tight and unprecedented three-way race for the presidency is being envisaged, FDC noted that it expects that whoever that picks the mantle of leadership in 2023 will have no other choice than to undertake critical and far-reaching reforms

Emefiele: Lawyer Petitions AGF, Seeks Prosecution of DSS' Operatives Behind Trumped Up Terrorism Financing Allegations Lawmaker tasks CBN governor on increased advocacy on cash withdrawal limits Alex Enumah in Abuja and Hammed Shittu in Ilorin A lawyer, Mr. Peter Abang, has petitioned the Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami, SAN, over the failed attempt by the Department of State Services (DSS) to get a court backing for the arrest and prosecution of the Central Bank of Nigeria (CBN) Governor, Mr. Godwin Emefiele, based on trumped up charges bordering on terrorism financing.

Abang, in the petition, specifically asked the AGF to commence criminal inquiry, arrest and prosecution of all persons and personnel of the service involved in the thwarted plot to frame up Emefiele for terrorism financing.

In the petition dated December 30th, 2022, and addressed to the AGF, the lawyer sought a full scale criminal inquiry into the circumstance leading to the failed attempt by the State Security Services (otherwise known as DSS) to frame the CBN Governor

on allegations and trumped up terrorism financing charges as well as other sundry offences.

The petition read, "We also request that your offices conduct a thorough investigation and ultimately arrest and prosecute all persons and/or parties connected to the failed rogue operation in the overall interest of Nigeria.

"Note that this letter serves as a notice to commence an action for mandamus to compel your offices to arrest and prosecute all persons and/or parties who are connected in the event that you fail at accede to our request within seven days from the date of service of this letter to you."

Chief Judge of the Federal High Court sitting in Abuja, Justice John Tsoho, had on December 9 declined to grant an ex parte application by the DSS on the grounds that sufficient evidence indicting Emefiele of wrong doing was not produced to compel the court to issue an order for the CBN governor's arrest.

Justice M. A. Hassan of a High Court of the Federal

Capital Territory (FCT), on his part, had restrained the security agency from harassing, arresting, intimidating Emefiele over what he described as baseless and oppressive charges.

Ruling in the DSS' motion filed by one U.S. Gambarawa, the CJ had held, "Upon perusal of the documents that constitute the applicant's Motion Ex parte dated and filed on 7/12/2022, I am constrained to make the following vital observations: 1, The entire affidavit depositions, especially as per paragraph 4 of the supporting affidavit, purport that preliminary investigation has revealed various acts of Terrorism Financing, fraudulent activities perpetrated by the Respondent and his involvement in economic crimes of national security dimension.

"These are no doubt, grave allegations, but which the applicant has not presented any concrete evidence to support.

The applicant should have taken the court into confidence while seeking the exercise of its

discretion in favour of granting the application.

"It is my respectful opinion that the ipse dixit of the application standing on its own, is not sufficient evidence upon which to deprive a person of his liberty."

In a related ruling, Hassan on December 29, 2022, restrained the DSS and four others from arresting or detaining Emefiele over alleged trumped up charges bordering on terrorism financing.

Delivering judgment in a suit marked FCT/HC/CV/ GAR/41/2022, filed by the Incorporated Trustees of Forum for Accountability and Good Leadership, the judge had held that the DSS, "acted wrongfully and illegally in instigating President Muhammadu Buhari against Mr. Godwin Emefile in respect of the exercise of his statutory duty relating to the issuance of monetary policies and directives in the interest of the National Security and economy.”

Continued on page 44

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RECLAMATION/BEAUTIFICATION OF THE PROJECT'S RIGHT OF WAY… L-R : Federal Controller of Works, Lagos, Engr. Olaseni Umar Bakare; Director Highways, South West Zone, Federal Ministry of Works and Housing, Engr. Adedamola Kuti; Special Adviser to the Governor of Lagos State on Works and Infrastructure, Mrs. Aramide Adeyoye; Minister of Works and Housing, Mr. Babatunde Fashola, during the minister's inspection of the ongoing reconstruction of Apapa - Oworonshoki - Ojota Expressway, Sections I, II , III & IV and the Reclamation/Beautification of the project's Right of Way in Lagos State…recently

Bloomberg: How World’s Wealthiest Billionaires Lost $1.9trn in 2022 Elon Musk emerges first person in history to lose $200bn

Emmanuel Addeh in Abuja At least $1.9 trillion was wiped off the fortunes of the world’s richest 500 billionaires in 2022 alone, according to the Bloomberg Billionaires Index (BBI).

The report stressed that plenty of the pain was self-inflicted, especially with the alleged fraud by one-time crypto wunderkind, Sam Bankman-Fried; the devastating war waged by Russia on Ukraine that spurred crippling sanctions on its business titans; and the antics of new Twitter owner, Elon Musk, who is worth $138 billion less than he was on January 1, 2022.

Combined with a backdrop of widespread inflation and aggressive interest rate hikes, the BBI said the year was a dramatic comedown for a group of billionaires whose fortunes swelled to unfathomable heights in the Covid-19 era of easy money.

In a separate report, Bloomberg has indicated that Twitter Chief Executive Officer, Elon Musk, has become the first human being in history to lose a mammoth $200 billion in net worth.

It wasn’t too long ago that Musk became the second individual ever to amass a personal fortune of more than $200 billion. That happened in January 2021, just months after Amazon founder Jeff Bezos accomplished the same feat, the report said.

Much of Musk’s lost billions

have been swallowed up by the plummeting value of his shares in Tesla, the electric vehicle company of which he is CEO. The value has dropped 65 per cent this year, and slumped 11 per cent last Tuesday alone.

Musk’s fortune to date peaked in November 2021 at $340 billion, according to the Bloomberg’s Billionaires Index. He’s now worth a not-too-shabby $137 billion, but that’s still a steep dive from 2021.

Musk was the world’s richest person until earlier last month, when he was surpassed by European fashion magnate Bernard Arnault, the powerhouse behind LVMH. In most cases, the bigger the rise, the more dramatic the fall, the report said, noting that Musk, Amazon founder Jeff Bezos, Binance founder Zhao Changpeng and Meta chief executive Mark Zuckerberg alone saw some $392 billion erased from their cumulative net worth.

A month-by-month review of the data and stories that defined a tumultuous year for billionaires, showed Musk, the world’s richest person at the time, losing $34.6 billion on January 27 after electric carmaker Tesla warned of supply challenges.

It was the fourth-steepest one-day fall in the history of the Bloomberg wealth index and foreshadowed a rocky year ahead for Musk, both personally and financially.

In February, Russia’s richest

people collectively lost $62.5 billion on the day President Vladimir Putin ordered his army to invade Ukraine while in March, China’s fortunes were crushed when its markets went from bad to worse, erasing $86.6 billion from the fortunes of the country’s wealthiest people.

“They lose (lost) another $164 billion in 2022 as strenuous Covid19-containment efforts, a buckling property market, heightened scrutiny of the tech industry and trade tensions with the United States drag on the world’s second-largest economy,” the report added.

It was the turn of Musk again in April, who soon after revealing a 9.1 per cent stake in Twitter, offered to buy the company at a $44 billion valuation.

“Markets deteriorate in the coming months and Musk tries to devise an escape route, kicking off a months-long legal wrangle with Twitter. By the time the deal is completed in October, his net worth is $39 billion lower than when he made his initial offer,” the report said.

In May, the Bloomberg index reported that a group helmed by finance billionaire Todd Boehly clinched the £4.25 billion (S$6.9 billion) winning bid for Chelsea Football Club.

It was the highest price paid for a sports team, and capped a frenzied two-month process that attracted more than 100 bidders from all over the world.

The net proceeds from the sale, including £1.6 billion in waived debt owed to previous owner Roman Abramovich by the team, it added were earmarked for charity benefiting Ukraine.

Mr Rob Walton, heir to the Walmart fortune, in June agreed to buy American football team Denver Broncos for $4.65 billion, setting a record for a US sports team, while in July, Ms Yang Huiyan lost the title of Asia’s wealthiest woman after her fortune more than halved over seven months amid China’s unfolding property crisis, the report said.

In a rough year for US tech titans, Mr Mark Zuckerberg’s losses stood out, Bloomberg said.

By mid-September, his net worth plunged by $71 billion from January 1 – a 57 per cent loss – on account of a costly pivot to the metaverse and an industrywide downturn that dragged down the stock price of Facebook parent Meta Platforms.

Over the course of the year, he fell 19 ranks on the Bloomberg wealth index, finishing 2022 at 25th, his lowest position since 2014.

The bubble of the Covid-19 economy has been deflating fast, and with it, the fortunes of the so-called Covid-19 billionaires – moguls who minted enormous cash from vaccines (Moderna’s Mr Stephane Bancel), online shopping (Coupang’s Mr Bom Kim) and, of course, videoconferencing (Zoom’s Mr Eric Yuan), began to fall.

Greater Things Will Happen in 2023 in Lagos, Says Sanwo-Olu Segun James As the 2023 general election draws near, Governor Babajide Sanwo-Olu has promised Lagosians that bigger and greater things will happen in the New Year.

The governor said his administration was committed to impacting the lives of residents in 2023 with legacy and iconic projects as well as critical infrastructure that will be inaugurated this year.

"I wish every Lagosian a Happy New Year. We are thankful to God for the grace to see the New Year and we welcome 2023 with hope and faith," stated Sanwo-Olu, adding that 2022 was a year of "great strides for us in Lagos."

He added, "It was indeed a

year that pushed us to constantly restrategise and act with wisdom."

He noted that 2023 "is the year we will act with speed to deliver more dividends of governance that you voted us in for. As your governor, I promise to continue to deliver steadfast leadership that will lead to an even better life for Lagosians."

Sanwo-Olu also urged Lagosians to perform their civic responsibilities during the 2023 general elections and the National Population and Housing Census holding this year.

"The year 2023 is very important for our country because it is a year for the general elections. It is also a year for the National Population and Housing Census. So, we all have to be on the same page," the governor explained. "We have a responsibility

as citizens to perform our civic role in all of these activities,” he advised."

Sanwo-Olu while wishing Lagos residents a happy new year during the Greater Lagos Fiesta programme held at Eko Atlantic City said 2023 would be "a blessed year" for Lagosians.

Sanwo-Olu was represented

by Deputy Governor Obafemi Hamzat at the annual end-of-theyear entertainment tagged ‘Greater Lagos Fiesta’, where thousands of Lagosians danced and prayed into the New Year.

“We thank God that we all made it to the New Year. We thank the Almighty father for preserving our lives because a lot of people could not make it. And it is not because we are better; it is because of the

grace of God," he stated. “The Year 2023 will be our blessed year. It will bring better things for all of us. Lagos is rising; may we not fall back. Lagos is moving forward, may Lagos not fall back. As Lagos is doing a lot of great things; we will not be victims of accidents, we will not be victims of kidnappings, and we will not be victims of any disaster."

He also mentioned that Lagos "is moving forward" and going "higher and higher."

The governor added, "I want to congratulate every one of us for making it to 2023 and I pray that we will celebrate another one next year in good health and with a lot of great things. We thank God for all of us. We wish you a peaceful year.”

The 58 billionaires whose fortunes multiplied at a blistering pace from such pandemic industries saw an average decline in the value of their assets of 58 per cent from their peak, a far sharper fall than the other constituents of the Bloomberg wealth index.

In November, Sam BankmanFried crumbled from $21 billion to zero as his crypto exchange FTX collapsed after a liquidity crunch revealed gaping holes in

his empire’s balance sheet and an absence of risk controls.

The 30-year-old’s $16 billion fortune was erased in less than a week. At its peak, his net worth was valued at US$26 billion. The debacle left one million clients wondering if they will get their money back.

So also was Binance’s Mr Zhao Changpeng, who saw his net worth tumble by $84 billion in 2022, the report added.

Brazil Returnee Arrested with 105 Parcels of Cocaine in Candies Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted 105 parcels of cocaine concealed in candies by a Brazil returnee, Agbasi Prosper at the Murtala Muhammed International Airport, Lagos.

The suspect, according to the spokesman of the anti-narcotics agency, Femi Babafemi, was arrested at the ‘D’ arrival hall of the MMIA on Christmas Day during inward clearance of passengers from Sao Paulo, Brazil via Doha on Qatar Airways, following credible intelligence.

Babafemi in a statement, said an initial search of the suspect’s two checked in bags almost made him a free man as there was nothing incriminating found there until the NDLEA officers took a second look at the duty-free shopping nylon bags containing packs of ‘candies’ he was holding in his hands.

He noted that a thorough examination of the duty-free shopping bags revealed the packs of candies inside were actually used to conceal 105 parcels of cocaine weighing 2.8 kilogrammes and 43 grams of cannabis.

The spokesman revealed that preliminary test conducted on a plastic bottle of body lotion also found in possession of the suspect, also tested positive to cocaine with a total weight of 472 grammes.

He said Prosper, who has a Brazilian woman as wife and a daughter, claimed to be into clothing business in Brazil and was hoping to sell the drug in Enugu, where he hailed from.

Babafemi also disclosed that three other traffickers were arrested

by operatives with a total of 256 kilogrammes of illicit substances seized from them during interdiction operations in Kwara, Kogi and Niger state in the past week.

He also revealed that a team of NDLEA officers on stop and search duty along Ilorin-Jebba highway on Christmas Day arrested a suspect, Idris Saeed, 19, with 60 blocks of compressed cannabis sativa weighing 30 kilogrammes, their colleagues in Niger state on similar operation along Jebba-Mokwa road also recovered 240 blocks of the same substance weighing 168 kilogrammes, from multi-colour sacks loaded in a Peugeot J5 bus, with registration number MAG 146 XA, coming from Lagos and going to Kano for delivery.

Babafemi said in Kogi State, operatives intercepted a truck coming from Onitsha, Anambra State to Maiduguri, Borno state along Okene-Abuja highway where 9,900 ampoules of pentazocine injection (42 kilogrammes) were recovered on Saturday 24th December, also a suspect, Ibrahim Jibril, 20, was arrested on the same route with 40 blocks of cannabis sativa weighing 16 kilogrammes coming from Lagos to Jigawa in a Toyota Hiace commercial bus last Tuesday.

While commending the officers and men of the MMIA, Kwara, Kogi and Niger state Commands for the arrests and seizures, Chairman/ Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Retd) urged them along with their compatriots across the country to step up their offensive action against drug cartels in the new year with equal focus on drug demand reduction efforts.

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ANNUAL MORNING DEW THANKSGIVING AT CHIEF IGBINEDION'S RESIDENCE… L-R: Esama of Benin Kingdom, Chief Gabriel Igbinedion; his wife, Lady Cherry; Edo State Governor, Mr. Godwin Obaseki, and former Edo State Governor, Chief Lucky Igbinedion, during the annual Morning Dew Thanksgiving Service at the residence of Chief Igbinedion in Benin City...yesterday

CPPE Chides NASS over Hasty Passage of Finance Bill 2022 Appeals to Buhari not to leave a legacy of unbearable tax burden on investors Dike Onwuamaeze The Centre for the Promotion of Public Enterprise (CPPE) has chided members of the National Assembly (NASS) for the undue haste with which it passed the Finance Bill of 2022.

The CPPE also appealed to President Muhammadu Buhari not to leave a legacy of unbearable tax burden for investors in the Nigerian economy.

The Founder of the CPPE, Dr. Muda Yusuf, yesterday in a statement titled: “Hasty Passage of the 2022 Financial Bill,” that it was regrettable that the NASS hurriedly passed the bill without the benefit of input from citizens whom they were elected to represent.

Yusuf said: “This is a major letdown by the NASS in its representation role in our democracy. The action is not consistent with the ideals and principles of our democracy because sovereignty belongs ultimately to

the people. What the National Assembly has done is tantamount to disrespect, disregard and contempt of the Nigerian people and the business community.”

He added: “The CPPE is disturbed by the rushed passage of the 2022 Finance Bill by the National Assembly. It calls to question the representation role of the assembly. There was practically no room for public hearing and engagement with stakeholders in the consideration of the bill.”

Yusuf described the Finance Bill as, “a piece of legislation, which has profound implications for investment, citizens’ welfare and the Nigeria economy.

“It is curious and puzzling that the Senate gave just 24 hours’ notice for stakeholders to attend a public hearing on the bill. The public notice was published on December 21, 2022, for a public hearing scheduled for December 22, 2022. It is an expression of deliberate exclusion of stakeholders from this

Obaseki Promises Improved Power Supply Across Edo to Spur Industrialisation Edo State Governor, Mr. Godwin Obaseki, has said his government would this year sustain efforts at improving power supply across the state.

Obaseki, who stated this in his New Year message, said the government would be creating a vibrant electricity market in the state to allow and encourage investors to invest in generation and distribution of grid and off-grid electric power.

He noted, “In 2023, we intend to exploit the advantage which Edo has in electricity with the establishment of the Edo State Electricity Commission.

“We will be creating a vibrant electricity market in the state to allow and encourage investors to invest in generation and distribution of grid and off-grid electric power.

Thus expanding our existing investments in Azura power and Ossiomo Power Project.”

On other areas of focus in 2023, the governor the was also quoted in a statement to have said, “In the new year, we will continue the reforms of the civil and public service, improving work conditions and training workers to perform better. We are computerising and digitalising in government

and implementing e-Government which will hopefully make me the last governor to operate a manual public service in Edo State.

“The Edo State Basic Education Sector Transformation (EdoBEST 2.0) reforms, we are disarticulating Junior from Senior secondary schools and improving their curriculum and pedagogy in line with the success achieved in EDOBEST 1.0. To ensure a viablea and productive youth-led economy, we will be advancing more pragmatic reforms to make Technical and Vocational Training and Education (TVET) schools better, as we intend to refurbish and open more of such schools across the 18 Local Government Areas of the state.

“This year we will continue our emphasis in building the capacity of our young population to find quality jobs in areas like Agriculture, Health services and technology. Hence The Edo State College of Agriculture, Iguoriakhi will take in its first set of students before September this year, while the Edo State School of Health Technology will be rebuilt to meet global standards just like we did with our School of Nursing Sciences.”

important legislative process.”

He observed that the House of Representatives gave a more generous notice of about three weeks.

“But in a sudden and baffling twist of events, the House passed the bill before the date of the advertised public hearing, which is January 13, 2023,” he said, adding that “the bill has since been forwarded to the President for assent. This haste is incomprehensible.”

He further stated that the bill effected wide ranging amendments on the following legislations: Companies Income Tax Act, Customs, Excise Tariff Act, Personal Income Tax Act, Petroleum Profits

Tax Act, Stamp Duties Act, Value Added Tax Act, Capital Gains Tax Act, Corrupt Practices and Other Related Offences Act and Public Procurement Act. He noted that the finance bill that had been passed contained the following provisions, among others: imposition of excise duties on all services with rates to be determined by a presidential order; imposition of 0.5 per cent tax on all eligible imports from non-African countries to fund Nigeria obligations to international organisations and an increase in Tertiary Education Tax from 2.5 per cent to 3.0 per cent of company profit.

“All of these have far-reaching implications for investors and

citizens. It will affect the cost of production; it will affect operating cost and would undermine investors’ confidence. It has profound inflationary implications.

It will effectively move corporate tax to almost 35 per cent which is one of the highest globally.

“Currently, corporate tax is 30 per cent; there is tertiary education tax of 2.5 per cent; NITDA tax of 1.0 per cent; NASENI Levy of 0.25 per cent; Police Trust Fund tax 0.005 per cent.

“Meanwhile, the NASS has already passed a bill imposing 1.0 per cent tax for NYSC fund [awaiting the assent of the president] and another 1.0 per cent Tertiary Health Levy is being planned.

“In the meantime, investors are grappling with macroeconomic headwinds including depreciating exchange rate, illiquidity in the official forex window, spiking energy cost, weak purchasing power, rising interest rate and surging inflation,” he said.

The CPPE, therefore, appealed to President Muhammadu Buhari not to leave a legacy of unbearable tax burden for investors in the Nigerian economy.

“The torrent of taxes, levies, fees is crippling business. We submit that the president should withhold assent on the 2022 Finance Bill until the NASS properly engages stakeholders as required by legislative protocols.”

PDP PCC: TINUBU DESPERATE TO RIDE ON TREACHERY TO ASO ROCK Tinubu, a man who is yet to explain to Nigerians his ignoble role in the infamous heroin trafficking case, which led to his forfeiture of $460,000, is a treacherous man who is more of a dealer than a leader. He will trade off all his loyalists for power.

"This desperation was brought to the fore in 2011, when Tinubu removed the rug from under Nuhu Ribadu of the Action Congress of Nigeria (ACN) and made a deal with the federal government to ensure that President Goodluck Jonathan wins."

The PDP PCC further noted, “All these machinations will end in failure for Tinubu, because Nigerians have decided that their future will not be put in the hands of a man who is willing to trade their destinies for a mere porridge or agbado (corn)? The truth is that no amount of horse-trading can make Nigerians forget the torture they have been subjected to in the last nearly eight years of the APC. "Nigerians are far worse off than they were in 2015. The faces of frustrated motorists queuing to buy petrol during the Yuletide are a graphic reflection of life under the APC, where road travel to any part of the country has become a journey through the valley of the shadow of death.

“This Yuletide saw Nigerians starving, as the price of foodstuff has hit the roof with inflation at a staggering figure.

"In the last seven and a half years of the APC, the Academic Staff Union of Universities (ASUU) spent a combined two years on strike, with innocent students paying for the bad governance and maladministration of the APC. According to the National Bureau of Statistics (NBS), at least 133 million Nigerians live in

abject poverty. That is more than the combined population of Cape Verde, Guinea Bissau, Gambia, Mauritania, Liberia, Sierra Leone, Togo, Benin, Guinea, Senegal and Mali, making Nigeria the poorest nation in the world.

"On the watch of the APC, violent and mindless killings have become commonplace. Nearly 5,000 Nigerians were killed in the first half of last year, the Nigerian Security Tracker operated by the Council on Foreign Relations stated.

"In Kaduna State, where the APC is fully in charge, bandits took over the international airport and bombed a train, kidnapping several passengers, who had to pay billions to secure their release. There were also attacks at a Catholic church in Ondo, where 40 worshippers were killed while at the Kuje Correctional Centre, many terrorists were released, with most of them still on the loose.

"The United States and other countries had to advise their citizens not to visit Abuja, because of the clear failure of the APC. Rather than apologise to Nigerians, the APC is now selling a false message of renewed hope through Tinubu, the party’s national leader. How can those who plunged us into the current mess be the solution to the same mess? Balderdash! The problems plaguing Nigeria will determine how citizens vote and not the political horse-trading of a ‘corn-man’".

PDP to Wike: Apologise to Obasanjo, Atiku, Anenih’s Family PDP PCC called on Wike to offer a public apology to Obasanjo, Atiku, and the late Chief Anthony Anenih

for the comments that Anenih asked Obasanjo to kneel before Atiku, when they were in office.

In another statement demanding an open apology from Wike, Shaibu said, "In his futile bid to reinvent history, the governor of Rivers State, whose tenure will end in a matter of months, addressed the public telling unsubstantiated tales of what transpired during 2003 presidential election cycle.

"Suffice to say that Wike himself was nothing near the theater of events at the level of national politics at that time, but he nonetheless went ahead to fabricate stories that had been variously rendered by active participants whose account negate the impression that the Rivers helmsman desire to create.

"Whereas Wike demanded a video or photo evidence of him and his co-travellers with political opponents of the PDP during their inglorious London meeting, it would be nice to subject the same Wike to the same standard of proof in showing evidence of what happened between Atiku and Obasanjo in 2003."

Atiku's aide said Wike could not be rendering accounts of event that he was not an eye-witness to, and which he, at that time, was distant from the theater of happenings at national politics.

The statement further stated, "It is also shameful that Wike, in justifying his macabre conduct, seeks to desecrate the memory of the late Chief Tony Anenih. Chief Anenih remained a close ally of Atiku Abubakar up to his last moment.

"Beyond that, the relationship between the Anenih political dynasty and that of Atiku remains cordial till date. It is, therefore, deserving that Wike renders an apology to President Olusegun Obasanjo, Vice President

Atiku and the Anenih family.

“The former president is a revered statesman and it is highly unworthy that Wike would make vile comments about his tenure as president and leader of the PDP, paint Vice president Atiku in borrowed robes and dance on the grave of Chief Tony Anenih."

Tambuwal: Atiku to Reopen Nigeria’s Borders If Elected Sokoto State Governor, Aminu Tambuwal, reiterated that Atiku would reopen the country’s borders if elected president in next month’s election. Tambuwal, who is Director General of PDP Presidential Campaign Council, disclosed this at the weekend at the PDP campaign rally held in Illela Local Government Area of the state.

He said, “The PDP presidential candidate has better plans for the country. These include reopening of the nation’s borders, addressing challenges of insecurity and the provision of basic necessities of life for Nigerians,” The governor added that his administration in the state had a lot of sympathy for the people of Illela, being among the worst hit areas by banditry.

In his remarks, the Director General, Sokoto Campaign Management Council, PDP, Alhaji Yusuf Sulaiman, asked the people of the area to elect continuity in governance by casting their votes for the PDP. The PDP governorship candidate, Malam Sa’idu Umar, pledged to sustain the legacies of Tambuwal and initiate more developmental projects, if elected.

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EKITI'S FIRST BABY OF THE YEAR...

L-R: Mother of the first baby of the year in Ekiti State, Mrs. Oluwatoyin Adeyemo; Wife of Ekiti State Governor, Dr. Olayemi Oyebanji; and father of the baby, Mr. Gbenga Adeyemo; during the presentation of gifts to first baby of the year by the First Lady at Comprehensive Health Centre, Okeyard, Ise-Ekiti... on Sunday.

Secondus: Wike Lied, I Didn’t Get Any Contract from Rivers Govt Wike's inordinate ambition orchestrated PDP crisis, says Aniagwu Odili rates Wike as best performing Rivers gov Chuks Okocha in Abuja, Omo-Julius Onabu in Asaba and Blessing Ibunge in Port Harcourt A former National Chairman of the Peoples Democratic Party (PDP), Mr. Uche Secondus has described as lies, the allegations by the Rivers State Governor, Nyesom Wike, that he failed to execute or complete contracts awarded to him.

Secondus said he had never been a contractor and never bided for or collected any contract from the state as alleged by the governor.

The governor had during the inauguration of the Eneka-Igbo Etche Road project last Friday, accused Secondus of failing to execute the contracts he got from the state government.

He said in some instances, the contract sum was fully paid but the projects were not completed.

He had challenged the former party chairman to name any road contract he was awarded that he completed.

But in his reaction, Secondus said: “I have never been a contractor. I did not collect or bid for any contract in Rivers State or from his government as alleged by the governor of Rivers State, Nyesom Wike.

“It is wrong of him to make such weighty allegations without any evidence. Let him do his investigation and go to the Corporate Affairs Commission to get the details of the companies he has given contracts to or those that the state gave contracts.

I am not one of them.

“With his status, it is wrong for him to buy airtime from television stations and be dishing out outright lies and half-truths. Is he the owner of Julius Berger, which has done so well in the state by executing contracts running into hundreds of billions of naira?”

Secondus said he would rather focus on working for the presidential candidate of the party, Atiku Abubakar, to win the February 25 presidential election.

Secondus stated, “As for me, I am not a violent man and I remain committed to the victory of our presidential candidate and his running mate, Atiku Abubakar and Ifeanyi Okowa in the forthcoming presidential election.

"I call on Governor Wike to join

hands with progressive-minded people in Nigeria to be part of a positive history. I am sure he loves the PDP and won’t do anything to jeopardise its victory at any level.

I wish the governor a happy and prosperous new year.”

Wike's Inordinate Ambition Orchestrated PDP Crisis, Says Aniagwu

Meanwhile, the Peoples Democratic Party (PDP) has accused Wike of masterminding the crisis in the party, leading to the formation of, and agitation of the G-5 governors.

It said Wike masterminded and orchestrating the crisis in the party by opening of the party's presidential contest as against popular wish of micro-zoning it to the south-east.

The spokesman of the party’s Presidential Campaign Council, Mr. Charles Aniagwu Aniagwu, who made the accusation, said Wike influenced the zoning committee headed by his friend and ally, Benue Governor, Samuel Ortom to open the contest thinking he could muscle everyone to win.

Speaking on ‘Prime Time,’ a programme monitored on ARISE NEWS Channel, Aniagwu who is also Commissioner for information in Delta State said the ongoing crisis in the party was caused by Wike's inordinate ambition to be president.

According to him, Wike's anger at Atiku Abubakar was misplaced because his friend Ortom was the chairman of PDP's zoning committee just before the primary election was conducted and it was not Atiku who made it open for people to just go and contest but Ortom.

"In our quest for peace we have allowed the danger of the single story to persist. When the party set up a Zoning Committee it was headed by Governor Samuel Ortom of Benue and a member of the G-5 Governors.

"The committee threw the ticket open for the best to emerge and Atiku Abubakar was considered the most qualified to lead Nigeria's rescue and rebuilding mission.

"Let me now give you a hint, when the issue of zoning was discussed, you know that Ortom was the chairman of the zoning committee.

"Atiku Abubakar was interested

in micro-zoning to the south east but it was the same Nyesom Wike that frustrated it because he wanted to contest.

"It was not Atiku that made the zoning open to people to just go and contest. In this case, there was a contest between the South and the North, and Atiku was considered by members of the party as the man capable of leading Nigerians out of the woods.

"I think often times we undermine the value of our prayers as Nigerians.

From the actions of Wike, you will know that the prayers of Nigerians are working."

"Because if in just Rivers, you are subjecting everybody to the kind of torture we are seeing which we never saw under military rule, imagine if he is in charge of the military."

On calls for disciplinary measures against the 'rebel' governors, Aniagwu said the party was taking its time to ensure that all avenues for peace and compromise were explored.

He said: "Without the Peoples Democratic Party (PDP); these individuals that are creating these crisis, where will they be? So when individuals begin to progress along this line and think that the rest of us don't matter, you begin to wonder what their calculation is in any case".

He said the party would continue

to appeal to the G-5 governors to return home and join hands in the rescue mission project.

"Our presidential candidate is very busy interfacing with Nigerians and we will continue to plead with Wike and accord him the respect he deserves as a governor and a great leader in our party.

"The very disturbing economic and security situation in the country is enough for any leader to sheathe his sword and help in taking decisions that can help the country to navigate through the very murky waters,” Aniagwu stated.

Wike is Best Performing Rivers Governor, Says Dr Odili

However, former Governor of Rivers State, Dr. Peter Odili has restated that Wike remains the best governor Rivers has ever produced over the years.

Odili stressed that every genuine Rivers indigene was proud of Wike for the honour he has brought to the state as the best performing governor in the country.

The former Rivers governor said this yesterday, when Wike visited him in Port Harcourt and later had a new year visit to His Royal Majesty, Nne-Nwe-Eli Emohua XIII (OLO

IV), Ohna Sergeant Chidi Awuse in Emohua respectively.

Odili commended Wike for fearlessly defending and protecting the interest of the state from existential threats which many didn't know existed.

The elder statesman assured the governor that, "I remain committed to the total victory of the PDP in the state in the 2023 general elections."

Earlier, Wike had declared that the Peoples Democratic Party (PDP) in the state was fully prepared for the 2023 general elections.

The governor, expressed optimism that his administration would finish strong.

The Rivers State governor told Odili that he remains eternally grateful for the support he has rendered to his administration since 2015.

Wike was accompanied by the PDP governorship candidate, Siminalayi Fubara, the senatorial candidates for Rivers South East and Rivers East, Senator Barry Mpigi and Allwell Onyesoh, member of the House of Representatives, Ken Chikere, among others.

Ahead of the 2023 general elections, he urged Odili to pray for seamless transition in the state and for the PDP to win all elective positions.

In Emohua, Wike told His Royal Majesty, Nne-Nwe-Eli Emohua XIII (OLO IV), Ohna Sergeant Chidi Awuse, that he was in the council to formally notify the PDP stakeholders that the party has commenced politicking and ready for the 2023 general elections.

"We are prepared for the politics and elections of 2023. We want to sound notice whether at the local, national and international level that we are now set for this year's election," he added.

He commended the king for his unparalleled support of the Rivers State government since 2015.

The governor, who had earlier visited the former Senate minority leader, Senator Bennett Birabi in Yeghe in Gokana Local Government Area, also said he was optimistic that his administration would finish strong.

Wike said all the road construction projects being flagged off across the state would be completed before he leaves office in May. "Continue to pray for us now that our tenure is almost coming to an end. We pray we finish well as we have always hoped that God will allow us to finish well."

The governor also pledged to construct some internal roads in Yeghe community and Bori.

Group: Obi's Consumption to Production Mantra Unsettling Old Politicians David-Chyddy Eleke in Awka A group, Diasporans for Good Governance (DGG) has said that the mantra of the Labour Party’s presidential candidate, Peter Obi's campaign to move Nigeria from a consuming nation to a producing nation was unsettling a lot of old politicians.

The group said people who belong to the 'old order', who had benefited from the consumption nature of the country were not happy with Obi and would go to any length to stop his presidential ambition.

In a jointly signed press statement, conveners of the group,

including: Johnny Obika, Ben Opara, Franklin Nwakor, Mike Okaka and Camillus Konkwo, alleged that oil mogul and famous philanthropist, Prince Arthur Eze was one of those unhappy with the attempt to change Nigeria.

In the statement which was made available to THISDAY, in Awka, Anambra State, the group chided Eze over comments about him asking Obi to jettison his presidential ambition.

“When Peter Obi started talking about turning Nigeria from consumption to production, we knew that those who profit from Nigeria's dysfunctional rentier system will fight hard

to retain the status quo. These are people of the establishment who thrive on such scams like subsidy.

“The people have however resolved to take their destiny into their hands. That's why the masses are flocking to Peter Obi who represents the new order and the light that will guide them out of darkness. It is only logical that agents of darkness will lament about the regime of light.

"His (Eze's) latest attack on Obi is only an attempt to sustain the stranglehold on Nigeria which they have turned into the poverty capital of the world."

The group said Eze as a private

citizen has the right to support whoever he wished to, but does not have the power to ask Obi to resign from the race, or even urge others not to support him.

Eze had during a speech on December 24, 2022, at the palace of Igwe Robert Eze, the traditional ruler of Ukpo kingdom claimed that he had had told Obi during a private visit to perish his thoughts of being president of Nigeria.

The Chairman of Oranto Group had been condemned for his utterances, with many describing him as irrelevant in politics, as he has never been able to make a governor in his home state, let alone a Nigerian president.

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MONDAY, JANUARY 2, 2023 • T H I S D AY

NEWS

FIRST BABY BORN IN ABEOKUTA IN 2023…

Mrs Bamidele Abiodun welcoming the first baby boy Aroge delivered at 12am yesterday at the State hospital, Ijaye, Abeokuta

Muslim-Muslim Ticket: Dogara's Kinsmen Deny Supporting Tinubu Segun Awofadeji in Bauchi A day after a group known as Bogoro, Dass and Tafawa Balewa Christian Support Group for the All Progressive Congress (APC), announced the endorsement of the party's Muslim/Muslim presidential candidature, another group within the same constituency known as Bogoro, Dass and Tafawa APC Political Movement for All Christians has faulted the claim, describing it as a sham, a shame, false and fabricated in many ways.

Addressing a crowd at the

Youth Center in Tafawa Balewa at the weekend, the Chairman of the group, Mallam Yakubu Garba said reports making the rounds that Christians in former House of Representatives Speaker, Rt. Hon Yakubu Dogara group were supporting same faith ticket was to mislead members of the public.

The text which was jointly signed by the Chairman of the group, Mallam Yakubu Garba and the Secretary, Dinnigwa Luka aka Zebro indicated that the group, Bogoro, Dass and Tafawa Balewa APC Political Movement for All

Christians which consists of Women, Elders and Youth groups as members.

"We read this drama with great dismay because the publication was false and fabricated in many ways," the statement added.

Garba noted that the group which endorsed the Muslim/ Muslim ticket of the APC was a gathering of few individuals that included Muslims and Christians who were paid to carry out such despicable act against the APC Christians of Dass, Tafawa Balewa and Bogoro Federal Constituency.

The group added that the act was, "against the kinsmen of Rt. Hon. Dr. Yakubu Dogara who is, and still remains our political leader come rain come shine.

"How can a political gathering of both Christians and Muslims make a statement about the position of Christians in our constituency?

“Which among the key Christian APC bigwigs in our constituency was there? This is enough to show that such a gathering and statement is inconsequential and should be regarded as such.

"In view of that, we are gathered

Use Your PVCs to Vote in Good Governance, PDP Tells Kwara Residents Hammed Shittu in Ilorin.

Ahead of the general elections, the Kwara Peoples Democratic Party(PDP) Governorship Campaign Council has urged the people of the state to get their permanent voter’s cards (PVCs) from the Independent National Electoral Commission (INEC) in order to enable them vote for good governance.

A statement issued in Ilorin yesterday, by state PDP Campaign Council Director of Media and Publicity, Mr. Kayode Ogunlowo and made available to journalists to mark the 2023 new year, noted that getting of the PVCs remained a way to end the alleged misrule of the APC led administration in the state.

The statement stated that, "the abysmal maladministration of the ruling APC in the state can only be rescued, restored, and reformed by the PDP when voted back to power through the PVCs." Ogunlowo affirmed that, "the goodies enjoyed by the good people of Kwara during the PDP days have been lost under the AbdulRazaq-led APC government in the state."

He further said Kwara could only be put back on the right track by the

#KwaraRescueMissionTeam of the PDP in the state.

The statement read: “As we celebrate the new year which marks the beginning of another campaign era, we, the most conservative and people-centric political party are cautious to inform Kwarans that the ruling APC in the state has put them into a generational quagmire.

"It is therefore important to know that only the most sought and peoples-centric party - the PDP - can rescue, restore and reform the goodies enjoyed by the good people of Kwara during the PDP reigns in the state.

“The new year celebration further calls for a self-reflection in the fact that we are saddened that despite all the humongous bonds, grants, and huge state and local governments monthly allocation accessed by the APC-led government in Kwara.

"The state remains in a regretful condition. You can only witness a huge subscription of the state resources to a celebration of gaudiness, propaganda, social deprivation, clampdown on every dissenting voice, and also a celebration of below-par performance by the APC led government in Kwara.

“We make bold to say that

there are never major intervention projects that could speak for over N100 billion loan/International grants the administration of the incumbent Governor AbdulRahman Abdulrazaq has received in the last three and half years.

“On the occasion of the new year's celebration, the Kwara PDP Yaman/Makanjuola Governorship Campaign Council is saying that Kwarans cannot continue to leave our beloved state in the hands of a mediocre who knows nothing about governance.”

It added: "It is, therefore, our responsibility to recount the glorious PDP days in Kwara, whose reign brought about heavy goodies enjoyed by Kwarans and major project facilities spread across the nooks and crannies of the state.

“To mention but few is the access to affordable and immediate health, water, education, and human capacity building facilities provided and enjoyed by Kwarans during the reign of the PDP-led government in the state.

“It is however pathetic how these facilities have been mismanaged and underutilised.

Instead of utilising these facilities for the benefit of Kwarans, the APC-led government decided

to engage in a campaign of calumny and hatred against our distinguished party leaders to bring them into disrepute."

The statement added, "As we celebrate a peaceful new year, we are saying enough-is-enough.

Kwarans are no doubt tired and ready to welcome a prosperous Kwara with Yaman/Makanjuola PDP’s mandate at the polls come March 2023.

“The time is now to change the narratives for good by voting massively for the PDP; the party which has crops of experienced politicians who are more capable of turning things around for the betterment of our beloved Kwara state.

“For the umpteenth time, we appeal to our party members, stakeholders, and leaders of thought to use the occasion of this new year's celebration to spread out the PDP #OSUWA mantra across their various localities to give us a resounding victory against the APC-led Kwara government who has put our darling state in disrepute.

“Finally, we urge our party members to remain undaunted and maintain the unity of purpose to achieve a massive victory at the fast-approaching polls in February and March elections in Kwara.”

here in our thousands to tell the whole world that none of the Rt. Hon. Dr Yakubu Dogara's kinsmen is against him politically to oppose or betray his political ideologies," Garba declared.

He further pointed out that the National body of the Christian Association of Nigeria (CAN) which is the supreme decisionmaking body for all Christians had taken a clear stance against the Muslim-Muslim ticket in the forthcoming presidential election, saying that the position of CAN was binding on all well-meaning Christians.

"So, we don't know these individuals claiming to be Christians yet misrepresenting,

undermining and sabotaging the decision of CAN, the supreme Christian Body. This is akin to Korah's rebellion in the Bible (Numbers 16)," the group said.

He said Dogara's decision to support Atiku Abubakar of the PDP in the 2023 general elections justified that he was not a religious bigot, but a representative of peace, justice and inclusiveness which is in line with the teachings of Christian religion.

"Therefore, we the 95 per cent Christians of his constituency are solidly behind him and behind CAN, and will never to support a same-faith ticket in the forthcoming presidential election", the group further maintained,” it added.

ACF Mourns Obiozor, Late Ohanaeze Ndigbo's Leader John Shiklam in Kaduna The Arewa Consultative Forum (ACF) has described the late leader of Ohanaeze Ndigbo, Prof. George Obiozor, as a reconciliator and a strategist.

In a statement on Sunday in Kaduna, ACF Chairman, Chief Audu Ogbe, lamented that Obiozor's demise at this moment that various groups and tendencies are reaching out to one another for national cohesion would no doubt impact on the project Nigeria.

He said news of Obiozor's death came to ACF as a shock.

The statement said, "The Arewa Consultative Forum, ACF, received with shock of the demise of Professor Obiozor George Achulike, the leader of Ohanaeze Ndigbo, which was announced by His Excellency, the Governor of Imo state, Senator Hope Uzodimma.

"It is indeed a great loss especially at this time when his examplary leadership is in great need. The late Professor George Obiozor made a mark in diplomacy

and scholarship."

It added, "Having served in the United Nation, and being part of the think-tank of the Obasanjo administration, his domestic and global roles no doubt placed him in a position to lead the Igbo main socio-cultural group, the Ohanaeze Ndigbo. "Departing at this moment when various groups and tendencies are reaching out to one another for national cohesion will no doubt impact on the project Nigeria."

According to Ogbe, the late Obiozor was a reconciliator, a person of depth and a strategist.

He was the Ugwumba I, of Orlu, and a recipient of the Grantee Albert Schweitzer Fellowship, and Alice Stetten Fellowship of Columbia University School International Affairs amongst others.

"He will be greatly missed.

The leadership and the entire membership of the Arewa Consultative Forum (ACF), join millions of mourners of the late professor."

MONDAY JANUARY 2, 2023 • T H I S D AY

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MONDAY JANUARY 2, 2023 • T H I S D AY

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T H I S D AY ˾ MONDAY JANUARY 2, 2023

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Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E Amid Hiccups, N’Assembly Maintains January to December Budget Cycle Despite controversies, the 9th National Assembly last Wednesday, passed the 2023 Appropriation Bill, in its bid to maintain its January to December Budget Cycle Policy, a critical part of the Legislative Agenda it has been implementing since 2019, reports Sunday Aborisade

Buhari

P

resident Muhammadu Buhari on Friday, October 7, 2022, presented the 2023 budget estimates tagged, “Budget of Fiscal Stability and Transition” to the joint session of the National Assembly.

The Budget has a total figure of N20.51trillion, an increase of N750 billion as against the N19.76 trillion projected in the 2023-2025 Medium Term Expenditure Framework and Fiscal Strategy Paper, earlier passed by the federal parliament.

The total federally-collectible revenue was estimated at N16.87 trillion in 2023.

Oil price benchmark was pegged at $70 per barrel; with a daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day).

The exchange rate was pegged at N435.57 per dollar; with projected GDP growth rate of 3.75 per cent and 17.16 per cent inflation rate.

The expenditure comprised of a statutory transfers of N744.11bn, non-debt recurrent costs of N8.27 trn, personnel costs of N4.99 trn, pensions, and gratuities and retirees’ benefits of N854.8bn.

Overheads projection was put at N1.11 trn; capital expenditure of N5.35 trn, including the capital component of statutory transfers; debt service of N6.31 trn; and sinking fund of N247.73bn to retire certain maturing bonds.

President Buhari told the federal lawmakers that the sum of N470 bn intervention fund had been provided for in the 2023 budget estimates to fund tertiary institutions.

He also said in line with the plan to accompany annual budgets with Finance Bills, partly to support the realization of fiscal projections, current tax and fiscal laws/regulations are being reviewed to produce a draft Finance Bill 2022.

With this, he assured that once ongoing consultations are completed, the Finance Bill 2022 would be submitted to the National Assembly to be considered alongside the 2023 Appropriation Bill.

Not comfortable with the huge budget deficits which had characterised the Buhari’s annual budget since 2020, President of the Senate, Dr Ahmad Lawan, on the occasion, proffered suggestions on how to reverse the increasing trend.

Lawan said the nation’s economy was still challenged by dearth of revenues, and the idea of deploying revenues from the Oil and Gas to support the diversification into real sectors like agriculture, manufacturing, mining, among others, which were under serious threat.

According to him, oil thieves had declared war on the country and its people and that if necessary measures were not taken to stop the criminals immediately, the economy would be devastated.

He advised that deficit could be reduced by stopping the theft, and also other options should be considered to source more revenues

Lawan

for government.

Lawan said, “The large scale and massive stealing of our oil, is concerning, as this reduces drastically the revenues available to the Government.

“With conflicting figures, projections have put our losses from this malaise at between 700,000 to 900,000 barrels of crude Oil per day, leading to about 29 to 35 per cent loss in Oil revenue in the first quarter of 2022.

“This represents an estimated total fall from N1.1trn recorded in the last quarter of 2021 to N790bn in the first quarter of this year.

“The situation has worsened.

Recently, the loss of our Oil has reached 1 million barrels per day.

“Translated into monetary terms, our loss is monumental. The figures show we are not able to meet the OPEC daily quota of 1.8million barrels per day.

“Mr. President, I consider the Oil thieves the worst enemies of our country. The thieves have declared war on our Country and our people.”

The Senate President suggested taking off some of the major revenue generating agencies from direct funding by placing them on cost of collection of revenues, as was done for Federal Inland Revenue Service (FIRS), Nigeria Customs Service.

In this regard, Lawan said agencies like Nigeria Ports Authority, (NPA), Nigeria Communications Commission, (NCC), Nigeria Maritime Administration and Safety Agency, (NIMASA), among others, could be given encouraging cost of collections of revenues.

Findings by THISDAY Cor-

Gbajabiamila

respondent, however revealed that weeks after President Buhari laid the national budget the federal lawmakers failed to conduct the traditional, critical budget assessment in their various defence sessions with the Ministries, Departments and Agencies (MDAs) because of the fact that the fiscal document contained no significant capital component, being an election year.

While some of the committees conducted their budget defence sessions behind closed doors, others did so in the open but without the critical scrutiny of the documents presented.

Following the suspension of plenary on October 12 to enable members to attend to the MDAs’ budgets, no serious activity was witnessed until the Appropriation Committee announced that chairmen of the various panels should be prepared to submit their reports from the first week in November.

For example, the Chairman, Senate Committee on Appropriations , Senator Jibrin Barau, specifically said the reports on the 2023 budgetary proposals would be laid on the floor of the red chamber on Wednesday, November 30, 2022.

He therefore, urged Chairmen of the various committees to adhere strictly to time table drawn for the consideration of the budget .

Barau voweved that strict adherence was expected from all the committees. He also threatened that budgets of MDAs not worked upon by the committees in charge of their oversight, would be submitted as presented by Buhari.

According to him, budget hearing and engagements with heads of ministries and agencies, by the Appropriations sub - committees, were expected to take place from 13th October to 3rd November while submission and defence of budget reports by the sub-committees, had been fixed for 4th to 11th November 2022.

He added that collation and harmonization of reports by appropriations Committee under his leadership would take place from Friday, 11th November to Friday, 25th November , 2022.

Weeks after President Buhari laid the national budget the federal lawmakers failed to conduct the traditional, critical budget assessment in their various defence sessions with the Ministries, Departments and Agencies (MDAs) because of the fact that the fiscal document contained no significant capital component, being an election year. While some of the committees conducted their budget defence sessions behind closed doors, others did so in the open but without the critical scrutiny of the documents presented

No sooner had the Appropriation panel Chairman handed down the threat than the committees started adopting the quick fix option of ‘take a bow and go ‘ for budget considerations of the MDAs. Specifically, the Committee on Interior headed

by Senator Kashim Shetimma (APC Borno Central), adopted the option for the Ministry of Interior, Fire Service and Correctional Service by telling the Minister of Interior, Rauf Aregbesola , to lay proposed 2023 budgets of the Ministry along with those of the affected agencies and take a bow and go.

Shettima, who is the Vice Presidential candidate of the All Progressives Congress in the 2023 general election, however, said the take-a-bow approach was adopted to enable the heads of the paramilitary agencies to attend to the security challenges confronting the nation, at the wake of the recent terror alert by the United States.

However, the Senate Committee on Special Duties carried out a more diligent duty in its scrutiny of the Ministry of Humanitarian Affairs and Disaster Management when it discovered a whopping N206bn was inserted into the Budget.

The Minister, Sadiya Umar Farouq, promptly disowned the N206bn inserted into it’s Ministry Budget by the Ministry of Finance.

Umar-Farouk who appeared before the Senate Panel on Special Duties to defend 2023 Budget claimed that the Ministry requested for some projects for the North East Development Commission (NEDC) and National Social Safety Net Project in 2022 budget which was not released but the Ministry is surprised that money is now more than ten times of 2023 Budget of the Ministry.

Trouble started when one of the Committee members, Senator Elisha Abbo, asked the Minister about N206 billion in the budget budget.

But, the Minister in her response said, “Yes we made mention of the projects for 2022 which was not released and part of it was for the NEDC. “The money was not released and now we have seen it recurring by almost 10 folds and we are also going to clarify from the ministry of finance to know why this increase despite the fact that the previous year, the money was not even released for the project.”

Similar cases of budget padding by the Ministry of Finance, Budget and Economic Planning running into billions of Naira were also discovered in estimates submitted by the National Universities Commission (NUC), Ministries of Defence, and Power.

The accounting officers in charge of the affected MDAs told the Senators that they had no knowledge of the line items running into billions of naira in their 2023 budget proposals.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY JANUARY 2, 2023 • T H I S D AY

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T H I S D AY ˾ DAY Ͱ˜ ͰͮͰͱ

FEATURES

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

Events that Shaped the Year 2022 in Nigeria In this report, Sunday Ehigiator did a retrospect on some of the major events that shaped the year 2022 in Nigeria

I

usually hosted at the church building.

The 28 May 2022 event, due to an expectation of larger than normal crowds, was held at Port Harcourt Polo Club instead. Some attendees had begun gathering the night before to wait for the venue to open before venue security could get into place.

By early morning on May 28, thousands of people had gathered for the event, which was due to start at 9 am. Local police stated that people waiting in line grew frustrated at how long it was taking and tried to rush to the front, triggering the crash at around 6 am. Some reports state that a small gate was opened, which caused the crowd to surge forward.

t was a very busy and eventful year for Nigeria as the year 2022 comes to a wrap.

From politics to academics, economics, security, et al, it has been a tale of the good, bad, and ugly.

Zamfara Massacre From January 4 to 6 2022, over 200 people were killed by bandits in Zamfara State, Nigeria.

This was the deadliest terrorist attack in recent Nigerian history.

Kebbi Killings Similarly, in mid-January 2022, a bandit gang killed over 50 people in Dankade, Kebbi State, Nigeria.

Kebbi, FCT, Enugu LG Elections On February 5, 12, and 23, Kebbi State, Federal Capital Territory (FCT), Abuja, and Enugu state had their local government elections respectively.

Bandits Attack On February 10, Bandits raided the village of Rogoji, Bakura, Zamfara State, killing five people and causing a mass exodus from the town. The bandits were requested to do so by a woman whose son was killed by vigilantes.

Also on the same day, armed robbers raid a bullion van in Ibadan, Oyo State, killing six people, including two policemen.

ASUU Strike Arguably the first major event that shaped the year 2022, the Academic Staff Union of Universities (ASUU) on February 14, 2022, embarked on a warning strike, which later became indefinite, to press home its demands on the Federal Government (FG) to provide funds for the revitalisation of public universities to the tune of N1.1 trillion.

They also demanded the payment of earned academic allowances, the adoption of the University Transparency Accountability Solution (UTAS) instead of the Integrated Payroll and Personnel Information System (IPPIS), payment of promotion arrears and the renegotiation of the 2009 ASUU-FGN Agreement, an offshoot of the FG agreement with ASUU in 2009.

Following several back-and-forth meetings with the FG, ASUU called off an eight-month-longan long strike on October 14, 2022, but this was not after the FG had introduced a no-work, no-pay policy and also registered a new university staff union known as the Congress of Nigerian University Academics (CONUA), in a bid to break the influence ASUU. Adulterated Fuel Imported into Nigeria In February, the whole of Nigeria was filled with adulterated fuel imported into Nigeria.

The government said it found methanol in the imported fuel at levels far higher than allowed.

This led to fuel scarcity in major cities of the country, and a 10-day shortage in national fuel reserve capacity.

The NNPC, which manages fuel imports through the government’s Direct-Sale-DirectPurchase vendors, said that the fuel came from Antwerp in Belgium.

It listed the vendors responsible for importing the fuel as MRS, Oando, Duke Oil and Emadeb/ Hyde/AY Maikifi/Brittania-U Consortium.

This development came after the federal government said it would carry out a major investigation to know the circumstances surrounding the importation of adulterated fuel into the country.

The NNPC boss said quality inspectors initially failed to detect the high level of methanol at the point of arrival in Nigeria because officials don’t usually check for methanol.

It said to prevent the distribution of the petrol; the company promptly ordered the separation of all un-evacuated volumes and the holding back of all the affected products in transit (both truck & marine).

Kebbi Massacre On March 8, 2022, bandit gangs carried out two mass shootings in Kebbi State, northwest Nigeria, killing over 80 people.

Image of attacked Abuja–Kaduna train Imo LG Elections Local elections in Imo State in Nigeria were held on March 12, 2022. Elections were held across the 27 local government areas and 305 INEC wards across the state to elect local Government Councils and Chairmen. All seats were won by the All Progressives Congress.

Abuja–Kaduna Train Attack On March 28, 2022, at about 7:45 pm, bandits who arrived on motorbikes wielding firearms and other deadly weapons attacked an Abuja–Kaduna bound train in the Katari area of Kaduna State, Nigeria.

Following the incident, 61 persons were kidnapped, eight people were killed and 26 others were reported to be injured from the approximately 970 passengers on board.

Commissioning of a New Airport Terminal in Lagos On March 22, President Muhammadu Buhari on Tuesday commissioned the newly built international terminal of the Murtala Muhammed Airport, Lagos.

The facility was built on a landmass of approximately 56,000 square metres, with 66 check-in counters and can process 14 million passengers annually.

The new terminal is equipped with a censored conveyor belt, seven jet bridges, 10 ultra-modern cooling systems, heat extraction in the baggage hall, ample space for duty-free shops and banks, recreational areas for children, 22-room hotel for stop-overs among others.

Plateau State Massacre On April 10, 2022, a gang of bandits killed more than 150 people in a series of attacks in about 10 communities in Kanam and Wase Local Government Areas of Plateau State, Nigeria.

The attacks were linked to the ongoing Nigerian bandit conflict.

About 70 people were also kidnapped in the attacks, and over 100 houses were burnt in one night.

It was gathered that the bandits, who rode into the Plateau communities in over 70 motorcycles, each carrying three persons fully armed with sophisticated weapons, opened fire indiscriminately on men only, and left women unhurt.

Imo Explosion On April 22, over 60 persons were roasted to death after an explosion rocked an illegal crude oil refinery in Abaezi forest, Ohaji-Egbema Local Government Area of Imo State.

Initial outcry said it was a gas explosion, but the latest hints from the place said it could be an oil bunkering

site. Footages from the place showed roasted bodies lining up along the path, showing that people were trying to escape.

The Lynching of Deborah Yakubu On May 12, 2022, Deborah Samuel Yakubu, a second-year Christian college student, was killed by a mob of Muslim students in Sokoto, Nigeria, after being accused of blasphemy.

Deborah was accused of posting a blasphemous statement against the Islamic prophet Muhammad in a class WhatsApp group, criticizing the religion-related posts that Muslim classmates discussed in the study group she believed should have been reserved for academic purposes.

On May 12, 2022, Deborah was forcibly taken from the security room she was hidden in at the Shehu Shagari College of Education in Sokoto.

A cab had been waiting outside the school to escort her to safety at the police station.

A mob of fellow students stoned Deborah within the college premises before dumping tires on her and burning her body beyond recognition.

According to witnesses, security forces fired tear gas and warning shots but failed to disperse the mob. A student who had witnessed the lynching recounted that Deborah's last words were “What do you hope to achieve with this?”, and that Christian students fled the premises during the lynching.

Outcry as Atiku Deletes Tweet Following Deborah’s murder, a tweet via People’s Democratic Party (PDP) Presidential Candidate, Atiku Abubakar verified page condemning the incident read, “There cannot be a justification for such a gruesome murder.

Deborah Yakubu was murdered and all those behind her death must be brought to justice; my condolences to her family and friends.”

After threats not to vote for Atiku in the coming elections by some Twitter users who appeared to be against Atiku’s tweet, the tweet was deleted, causing several outcries from other meaningful Nigerians.

A Twitter user, Dipo Awojide wrote, “Such a good tweet from Atiku Abubakar condemning the brutal murder of Deborah Yakubu. It’s embarrassing it was deleted, especially after his silence about the Pantami saga.”

Reacting to the backlash, Atiku later tweeted that the initial tweet was deleted because it was not authorized by him, as it does not bear his ‘AA’ signature.

According to him, “I asked the tweet to be deleted because I normally approve every tweet and since I did not approve the tweet, I asked them to delete it. If you read my subsequent statement on that murder, I condemned it.”

Port Harcourt Stampede On May 28, 2022, 31 people were killed and seven others injured in a stampede in Port Harcourt, Rivers State, Nigeria, at a church event where free food was to be given out.

Church leaders from a local King's Assembly Pentecostal Church have organised 'Shop for free' charity events since 2014, where attendees receive free food and gifts. The event would have been the fourth held by the church, which was

Peter Obi Emerges as Labour Party Presidential Candidate On May 31, the former Governor of Anambra State, Peter Obi emerged as the 2023 presidential candidate of the Labour Party (LP).

He emerged as the party’s choice at its ongoing national convention and presidential primary in Asaba, the capital of Delta State, on Monday, after other aspirants stepped down for him.

Days before joining his new party, the LP had received a boost as Mr Utomi-led National Consultative Front (NCFront), an umbrella body of the Third Force, in collaboration with Ayuba Wabba-led Nigeria Labour Congress (NLC) and Quadri Olaleye-led Trade Union Congress (TUC) adopted the party for the 2023 presidential election.

This is also as Peter Obi’s emergence has shaped Nigeria’s political space, especially among youth who hope for a better country in Peter Obi’s candidacy.

EFCC Arrests AGF for Alleged N80 Billion Fraud On October 16, Operatives of the Economic and Financial Crimes Commission (EFCC) arrested the Accountant General of the Federation (AGF), Ahmed Idris, in connection with the diversion of funds and money laundering activities to the tune of N80 billion.

Idris, a native of Kano, was born on November 25, 1960, and was until his appointment in 2015 the Director of Finance and Accounts at the Federal Ministry of Mines and Steel Development.

Owo Church Attack On June 5, 2022, a mass shooting and bomb attack occurred at a Catholic church in the city of Owo in Ondo State, Nigeria. At least 40 people were killed, with the highest estimates being around 80.

The attack took place at the St. Francis Xavier Catholic Church in the Owo local government area and began at around 11:30 am, as worshippers inside the church were attending Mass and celebrating Pentecost.

A group of gunmen entered the church disguised as congregants, carrying bags that contained firearms. Another group took positions outside the church. Improvised explosive devices were detonated outside the church and both groups began firing on worshippers. Those outside the church shot directly into it while those disguised as congregants fired from inside, shooting a boy who was selling candy at the entrance and worshippers trying to reach two open sets of doors.

The main entrance was locked and the gunmen inside shot at anyone who moved. Passersby also were struck by bullets. Videos of the inside of the church showed bodies of victims lying in pools of blood across the floor. After the attack, the gunmen fled using a stolen Nissan Sunny.

Release of First Batch of Kaduna Abductees Subsequently, on June 11, after 74 days in captivity, 11 out of the 61 persons kidnapped regained their freedom on health grounds to enable them to undergo urgent medical treatment.

Death of Nigerian Music Legend, Osayomore Joseph On June 11, one of Nigeria's music legends, Ambassador Osayomore Joseph passed on at age 69.

Osayomore Joseph was born on October 29, 1952, in Ugha village near Benin City, Edo State, Continued on page 21

MONDAY JANUARY 2, 2023 • T H I S D AY

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T H I S D AY • MONDAY, JANUARY 2, 2023

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FOCUS

Joy Activated! Globacom Treats Customers to Lavish Rewards It’s not hyperbolic to state that telecommunication in Africa flourishes in the enterprise and fibre optic fixtures of Globacom. Millions of Nigerians and Africans chattering on Glo ubiquitous network are, however, inadvertently reaping the benefits of the telecoms’ savviness, ingenuity, and tenacity exercised in the boardroom and trenches of endeavour to create connections and sacred bonds among millions of customers within and outside Africa, writes LANRE ALFRED

L-R: Mr Okechukwu Nwaeze, Globacom’s Regional Manager Port Harcourt 2; Ebube Nwagbo, Nollywood Star and brand influencer; Miriam Okeanya, house winner; Barr. George Ariolu, Executive Chairman, Obio-Akpor Local Govt Area, Rivers State; Mr Walson Dambo, Head of Licencing & Operations, Port Harcourt, National Lottery Regulatory Commission; and Mofe Duncan, Nollywood Star & brand influencer, at the presentation of house keys to Miriam Okeanya who won it in the Glo Festival of Joy promo in Port Harcourt on Friday.

G

lobacom explodes the legend of the charitable business venture into a billion sculpted pieces. Each statuette projects its dazzling behemoth cum benevolent repute as Africa’s telecommunications powerhouse. The sprawling enterprise of billionaire magnate Dr. Michael Adenuga Jr, the Chairman Unlimited, asserts a commanding presence on the business terrain and it does this while grappling with the odds of commerce along with its gains.

Under the guidance and astute leadership of its billionaire founder and chairman, Adenuga, Globacom has blazed a trail through pronounced infrastructural difficulties and latent restraints.

Like a swift, proficient mother ship, the enterprise giant re-charts the blueprint of telecommunications in Nigeria by simply navigating the trade winds and riding the storms, something akin to blazing a trail and crafting a new business culture.

Globacom is a corporate giant whose commitment to business with a humane face makes its customers fall in love with its enterprise. Little wonder the company excites praise and rave reviews at home and abroad. There is no gainsaying Globacom has once again reasserted its knack for excellence and an empathetic business culture courtesy of its ‘Glo Festival of Joy promo.’

On November 1, 2022, the telecommunications and digital service provider at a press conference in Lagos, announced the commencement of its end of the year promo tagged Glo Festival of Joy. Through the promo, the telecoms powerhouse doled out 20 houses, 24 brand-new cars, 100 generators, 200 sewing machines, and 1,000 rechargeable fans as rewards to its loyal customers.

To take part in the promotion, voice and data subscribers only had to dial the dedicated short code *611# and recharge between N3,000 and N15,000 (voice and data during the promo period) and be eligible to win the prizes on offer. The more recharges, the higher the chances of winning.

To win the grand prize of 20 units of three-bedroom houses, subscribers must make data subscription(s) of at least N20,000 during the promo period.

“Empowerment is encoded in our DNA and this year we are set to empower thousands of Nigerians with prizes that will change their lives with a neverbefore-experienced promo,” said the telecom giant.

On Adenuga’s watch, Globacom clearly dictates the pace, spirit, and tenor of corporate telecoms. Through Globacom, Adenuga has created a universe of his own that transcends telecommunication. Where the industry restricts identity with outdated expressions of presentation, correctness, and exclusivity, the billionaire magnate has created a new language of compassion and efficiency, through visionary strategy and work ethic.

The Globacom enterprise is one that acts as an affirmation of how the billionaire magnate fully and confidently shows up in the world. It is Adenuga’s own inspiringly firm sense of identity that makes possible his enterprise’s uncompromising excellence: purposeful technology reimagined for a more inventive future.

It was Adenuga’s vision to translate the classic verve of an elegant tech into a national treasure and symbol that improves the life of the community it is intended to serve.

Thus, Nigeria will not forget how Globacom directly intercepted and neutered the insensitive venture of overpriced SIM cards imposed on the Nigerian citizenry by its major business rival, by launching the per-second billing; what was deemed impracticable suddenly became feasible and viable with far-reaching benefits for telecoms consumers in particular.

The company which celebrated 19 years of revolutionary impact in the telecommunication industry, in August, stated that “lucky subscribers who take part in our End of Year promo which will run from October 2022 to January 2023 will be eligible to win fantastic life-changing prizes.”

There were draws in Lagos as well as other cities including Abuja, Port, Harcourt, Onitsha, Ibadan, Kano, Benin, Uyo, Calabar, Enugu, Ilorin, Jos, and Warri.

HOW TELECOMS GIANT SHAPES LIFE WITH TV COMMERCIALS

Globacom doesn’t just churn out television commercials to promote its brand and services.

The telecoms giant produces inspiring and ingenious TV commercials that portray and project Nigerians and Africans in good light and spur them to achieve their dreams. This it has done again with four new commercials.

Like Mozart’s peerless genius in classical music, Globacom is a leader by streets in setting the pace in producing inspiring and ingenious commercials that have become the high watermark by which other telecom operators are rated. Over the years, Globacom has, indeed, perfected the art of projecting the image of Nigeria and Africa, stoking the patriotic fire in citizens and motivating its teeming youth to reach beyond the stratosphere.

WINNERS: IT’S BEEN MUCH LIKE A DREAM

Already, hundreds of winners have received their prizes across the country. From Lagos through Ibadan, Ijebu-Ode, Benin, Warri, and Port Harcourt to Abuja, Globacom subscribers, and loyal customers have continued to smile home with ‘Festival of Joy’ prizes.

A 19-year-old student of the Ekiti State University, Ibrahim Akindele, was the first to win the grand prize of a three-bedroom house in Ibadan, Oyo State. Akindele deemed his good fortune too fantastic to be true until he received the keys to the apartment from the Speaker of the Oyo State House of Assembly, Debo Ogundoyin, on November 15.

It was only at that point that it dawned on the 200-level student of Science Laboratory Technology that he had become one of the youngest landlords

in Nigeria - thanks to his loyalty to Glo. Three days later, on November 18 to be precise, a Kuje-based automobile engineer, Adeosun Adedayo, became a proud owner of a brand-new car in the Festival of Joy promo. He and others, who emerged winners in the draw held a day earlier, were presented their prizes in a ceremony witnessed by officials of the National Lottery Regulatory Commission and the media. Adeosun promised to hand over the keys to the new car to his “faithful and committed wife” who had been going to work by public transport.

On November 21, the ancient city of Benin, Edo State hosted another set of winners of the promo.

Enakpomu Harrison, a staff member of a real estate firm in Benin, who won a brand-new car, received the keys to the car, while other winners of power-generating sets, sewing machines, and rechargeable fans also received their prizes. Harrison said the car is “surely going to change my life.”

In Port Harcourt, Rivers State, a mechanical engineer, Ola Owonifari Joseph, also won a house in the promo. The keys were presented to the 49-year-old Joseph by the Speaker of Rivers State House of Assembly, Rt. Hon. Ikuinyi O. Ibani, and Glo officials.

Joseph was just planning to start developing his plot of land with a view to becoming a landlord sometime in the future when Globacom brought the future to him. Days before he received the prize, he had sent money to an architect to help design a building plan. He may not be needing that for some time to come.

“I was just planning how to develop my land gradually, and lo and behold, Glo showed up and made me a house owner. This prize is for me and my family and we are moving in immediately,”he explained.

Joseph Olarinye, a pastor who was one of the winners in Abuja won a sewing machine and promised to give it to his daughter who learned tailoring. “We had been trusting God for a sewing machine. So, to us, this is truly a miracle,” he said.

Winning a sewing machine was equally a big deal for Elijah Ibagbeola, a travel consultant. He said his wife, a trained seamstress, would greatly appreciate the sewing machine as she had always desired to buy one.

In Lagos, Vivian Nkiruka Chukwumezie, won a brand-new car. She was among the scores of winners who received their prizes on November 29, 2022, at the Gloworld on Adeola Odeku Street, Victoria Island, Lagos.

Chukwumezie described her win as a prophecy fulfilled recalling that her pastor had once told her something good and big was coming her way and had prayed for her.

On December 2, in Abuja, another winner of a three-bedroom house emerged in the person of Chukwu Reuben Okorie. The 48-year-old businessman from Abia State, in a fit of ecstasy,

described Globacom as the ultimate dream-maker as he received the keys to his apartment.

He said, “Globacom is a network that fulfills dreams!

Please wake me up from this dream. This is too good to be true. This is too much for me to contain. From one bedroom in the interior part of the city, Glo has made me a landlord of a whole three-bedroom apartment in the Federal Capital Territory. It is only possible with Glo.” On December 6, the Festival of Joy train berthed in Warri, Delta State, where subscribers went home with various prizes. Anthony Ukpu, a 52-year-old Manager with a first-generation bank, won a brand-new car, which was presented to him by the Chairman of the Committee on Health, Delta State House of Assembly, Hon. Augustine Uroye.

It was a dream come true for Ukpu, a native of Isoko South Local Government Area in Delta State, who had set his eyes on winning one of the two biggest prizes, the house or the brand new car.

“My target was either the house or the car,” he said, adding that he kept recharging with a minimum of N5,000 regularly. And his efforts clearly paid off as he is the owner of a brand-new car today.

Three days afterward, in Port Harcourt, on December 9, Globacom stunned 26-year-old Chimeka Woke, an Ikwerre, Rivers State-born lawyer, with the gift of a three-bedroom house. It sounded “too good to be true for someone staying in his father’s Boys Quarters to become an instant landlord, but Glo did it.”

Woke added that his win was timely as he was agonising over how to raise enough money to rent an apartment to shelter himself, his wife and 11-month-old infant.

For 38-year-old Lawal Olayinka Abiodun, who also won a three-bedroom house in Globacom’s Festival of Joy promo, “the whole episode has been much like a dream.”

The supervisory staff of Pacific Coast Trading company could not hold back his joy at the presentation ceremony held on December 23.

“Is this how people become landlords? It is like a fairy tale encounter that one gets to read in books,” he stated. The expectant dad who wedded recently, in June, is the sixth house winner thus far in the promotion. Five other winners previously received keys to their apartments in Lagos, Ibadan, Port Harcourt, and Abuja.

PUBLIC OFFICERS, TRADITIONAL RULERS LAUD GLOBACOM

Globacom has continued to attract praise for its customer reward initiatives across the various presentation venues. Speaking at the presentation of the three-bedroom house to Ola Owonifari Joseph in Port Harcourt, Hon. Ikuinyi Ibani noted that Globacom has brought joy and happiness to Nigerians through the Festival of Joy promo.

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T H I S D AY ˾ DAY Ͱ˜ ͰͮͰͱ

FEATURES

Events that Shaped the Year 2022 in Nigeria prices, the prices of cooking gas and kerosene maintained a steady rise, increasing by 101 per cent and 102.38 per cent respectively as against the prices in the previous year.

The National Bureau of Statistics (NBS) in its Cooking Gas Price and Household Kerosene Price Watch, on September 20, said the average price of 5 kilograms of cooking gas increased from N4,397.68 in July to N4,456.56 in August.

According to the statistics agency, this shows that the August price experienced a 1.34 per cent increase on a month-on-month basis.

For Kerosene, the average retail price per litre of household kerosene (HHK) in August 2022 was N809.52, indicating an increase of 2.5 per cent compared to N789.75 recorded in July 2022.

On a year-on-year basis, the average retail price per litre of the product rose by 102.38 per cent, from N400.01 in August 2021.

Nigeria. He has a reputation as a freedom fighter and an activist musician with a long history of criticizing local and national political corruption through his music.

Second Batch of Kaduna Train Victims Released Similarly, after 102 days on July 9, seven other victims were also released and handed over to the military to be reunited with their families.

Also on Monday, July 25, 2022, three of the abductees were released; just two days after the terrorists holding them released a video of the abducted passengers and were seen being flogged by their abductors.

Ekiti and Osun State Gubernatorial Elections The 2022 Ekiti State gubernatorial election took place on June 18, 2022, to elect the Governor of Ekiti State. Incumbent APC Governor Kayode Fayemi was term-limited and could not seek re-election to a third term.

Former Secretary to the State Government Abiodun Oyebanji won the office for the APC by a 30 per cent margin over first runner-up and SDP nominee, former Governor Olusegun Oni. The election was noted by the solid logistical organisation and mainly peaceful voting but was marred by reports of vote buying.

Similarly, the 2022 Osun State gubernatorial election took place on July 16, to elect the governor of Osun State. Incumbent All Progressives Congress Governor Gboyega Oyetola was eligible for re-election but lost by a 3.5 per cent margin to former Senator Ademola Adeleke, the candidate of the People’s Democratic Party (PDP).

Like the Ekiti election, the Osun state election was also noted by the solid logistical organisation and mainly peaceful voting but was marred by reports of vote buying.

Tobi Amusan Broke 16-year Commonwealth Games Record On August 7, the World champion and record holder Tobi Amusan broke the Commonwealth Games record to set hers of 12.30s in the 100mh event at the Alexander Stadium, Birmingham.

Amusan, the Ogun State born upset the world of athletics to crest a second feat in the Commonwealth Games.

The 25-year-old, who in the build-up to the final round had dominated her challengers, flawed Jamaican silver medalist Devynne Charlton on 12.58s and England’s bronze medalist Cindy Sember on 12.59s to ignite the ecstatic crowd.

Amusan had earlier broken the Commonwealth Games record of 12.65s set in 2006 by Jamaica’s Brigitte Foster-Hyltonalso with her 12.40s attained in the semi-final but it was rendered untenable by a 2.4m/s tailwind.

Despite the setback, the undeterred Ijebu Ode-born sprint hurdler finally broke the 16 years record with a 12.30s run.

Spectacularly, Amusan became the first Nigerian athlete to win gold at the African Championships, the Commonwealth Games and the World Championships in the same year.

22 Die in Lagos, Cross River Auto crash On August 2, 22 persons were crushed to death, in two separate auto crashes in Lagos and Cross River states. While 16 persons lost their lives in the accident that occurred at Alaro city, Epe area of Lagos, the other six persons being conveyed by a Sienna Bus were crushed by a truck laden with cement in Cross River state.

More Releases of Kaduna Train Victims On August 2, five more victims were released, including Prof Dr Mustapha Umar Imam, a medical doctor from Usman Dan Fodio University Teaching Hospital, UDUS, Sokoto, who was also shot by the terrorists.

Six-month after the kidnap incident, the remaining 23 victims finally regained their freedom.

According to the report, the release was secured by a Presidential Committee reportedly set up by the Chief of Defence Staff, General Lucky Irabor, to look into the abduction of victims.

In all of these releases, there were rumours that ransoms as high as N100 million were paid to terrorists. The rumours were all denied by the Federal Government.

IOCs Divest N20trn from Nigeria In August 2022, several reports since 2021 revealed that some of the International Oil Companies (IOCs), were in the process of divesting assets worth over N20.8 trillion.

For instance, Shell plans to divest about $2.3bn

Image of Tobi Amusan who broke 16-year Commonwealth Games record in assets, Eni’s asset divestment is around $5bn and ExxonMobil would offload $15bn in assets.

More so, Rystad Energy, an international energy consulting firm, in its energy transition report, estimated that Total and ConocoPhillips would divest assets close to $27.5bn.

The five IOCs are major players who currently control over 45 per cent of Nigeria’s oil production assets.

Nigeria's Inflation Hits 17-Year High as Food Prices Soar On August 15, Nigeria’s National Bureau of Statistics (NBS) said the country’s inflation rate in July went high by 20 per cent and stood at 19.64 per cent, the highest rate since September 2005.

It says the country's inflation rate jumped to nearly 20 per cent in July, compared to last year, the highest in nearly two decades; this is just as Nigerians are struggling to keep up with rising prices for basic foods.

In a bid to address inflation, Nigeria's Central Bank (CBN) has been tightening monetary policy by increasing interest rates from 11% in January to 14% in July.

In March, the World Bank estimated that about 4 out of 10 Nigerians live below the national poverty line.

Experts predict the inflation rate will increase further in the coming months and may put many more Nigerians on the brink of poverty.

CBN Loans to FG Hit N22 Trillion The total FG’s borrowing from CBN rose from N20.61tn in July 2022 to N22.07tn in August 2022.

According to data from the CBN, the Federal Government borrowed a total of N4.61tn from the apex bank between January and August.

The N22.07 trillion owed to the apex bank by the Federal Government is not part of the country’s total public debt stock, which stood at N42.84tn as of June 2022, according to the Debt Management Office.

However, the CBN has said on its website that the Federal Government’s borrowing from it through the Ways and Means Advances could have adverse effects on the bank’s monetary policy to the detriment of domestic prices and exchange rates.

“The direct consequence of central banks’ financing of deficits are distortions or surges in the monetary base leading to an adverse effect on domestic prices and exchange rates i.e macroeconomic instability because of excess liquidity that has been injected into the economy,” it said.

Devastating Kogi Flood In late September 2022, over 500 houses were submerged, while properties worth millions of naira were lost due to floods in Lokoja,

the Kogi State capital.

The Kogi State government revealed that the flood affected over 514 communities, displaced about 471,000 persons, destroyed 92 health facilities and killed no less than 24 persons.

The daily rise of water in Lokoja which caused the flooding of several parts of the town, including Adankolo, Gadumo and Ganaja communities, among others, forced helpless families out of their homes, while many were trapped in their residences and unable to vacate their flooded houses.

The devastation happened two weeks after the National Emergency Management Agency (NEMA) appealed to residents in the town and other communities in flood-prone areas to vacate such areas to higher plains following an earlier warning of impending flood by the Nigerian Meteorological Agency (NiMet).

Fulani Herdsmen Kills 14 Villagers in Benue State On September 21, Gunmen identified to be some Fulani Herdsmen, attacked two communities in Nigeria’s north-central region, killing 14 people and injuring many others.

According to a top security official in the state, Paul Hemba the attackers stormed the communities in the Logo council area of Benue state at night, opening an “unprovoked” fire on residents.

Hemba said, the assailants shot 12 people to death in one community and then moved on to another where they killed two more villagers, Hemba said. He said 15 people were “seriously injured.”

He identified the attackers as “Fulani herdsmen,” a group of mostly young pastoralists from the Fulani tribe caught up in Nigeria’s conflict between host communities and herdsmen over limited access to water and land.

Ex-Nigerian Official gets Five Years for Pandemic Fraud in US On September 26, a former Nigerian government official, Abidemi Rufai was sentenced to five years in prison for stealing more than $500,000 in pandemic relief benefits in the United States.

Rufai was wearing a $10,000 watch and a $35,000 gold chain when he was arrested at JFK International Airport in New York on his way to Nigeria in May 2021.

Rufai pleaded guilty in U.S. District Court in Tacoma, Washington, in May to wire fraud and aggravated identity theft charges, and Judge Benjamin Settle issued the sentence on September 26. The judge also ordered Rufai to pay more than $600,000 in restitution.

Prosecutors said the 45-year-old had a history of defrauding the U.S. government, including using stolen identities to file for emergency relief after hurricanes in Texas and Florida.

Presidential Candidates Signs Peace Accord On September 29, Nigeria's presidential candidates signed an accord to commit to a peaceful campaign for the 2023 general elections.

Aside from the candidate for the APC who was represented by his running mate, Kashim Shettima, nearly all of the 18 candidates for president were around and signed the pact at an event in Abuja, the nation’s capital, where authorities also rolled out plans to ensure a hitch-free election.

Cooking Gas, Kerosene Prices Increase

by Over 100% As Nigerians continue to lament over escalating

Remaining 23 Abuja-Kaduna Train Hostages Released On October 5, six months after they were kidnapped, the remaining 23 victims of the Abuja-Kaduna Train hostages were set free

by Bandits.

According to the report, the release was secured by a Presidential Committee reportedly set up by the Chief of Defence Staff, General Lucky Irabor, to look into the abduction of victims.

President Buhari Presents N20.5 Trillion 2023 Budget On October 7, President Muhammadu Buhari presented the “2023 Budget of Fiscal Consolidation and Transition” to the joint session of the National Assembly.

The president proposed N20.51 trillion for the year with an oil benchmark fixed at $70 per barrel. The lawmakers had fixed it at $73 per barrel in the Medium Term Expenditure Framework (MTEF), which they passed the same week.

Other parameters include; a daily oil production estimate of 1.69 million barrels (inclusive of Condensates of 300,000 to 400,000 barrels per day); an exchange rate of 435.57 Naira per US Dollar; projected GDP growth rate of 3.75 per cent and a 17.16 per cent inflation rate.

76 People Missing as Boat Capsizes in Anambra On October 10, a boat overloaded with passengers fleeing flooding in Anambra, southeastern Nigeria capsized and 76 people remain missing days later and are feared dead, according to emergency officials.

Many women and children were among those trying to escape the floodwaters in the Ogbaru council area of Anambra on Friday, Nigeria’s National Emergency Management Agency said.

“85 of them packed into a single boat and the weight overpowered the boat,” said Godwin Thickman, the regional head of the emergency management agency. He said the boat could not move freely because it ran into submerged trees and the roofs of houses.

“It capsized and only nine survived. The remaining 76 were yet to be found,” he said.

US Museums Returns Benin Bronzes Stolen in the 19th Century On October 11, a bronze sculpture of a Benin king that had been in the collection of a Rhode Island museum for more than 70 years was among 31 culturally precious objects that were returned to the Nigerian government.

The Benin Bronzes including a piece called the “Head of a King” or “Oba” from the Rhode Island School of Design Museum were transferred to the Nigerian National Collections during a ceremony at the Smithsonian Institution in Washington, D.C. The pieces that were stolen by the British in the late 19th century included 29 that the Smithsonian Institution’s Board of Regents voted in June to return and one object from the National Gallery of Art, officials said.

Nigeria Dismisses Terrorism Charges against Nnamdi Kanu On October 14, Charges against Nigerian separatist leader, Nnamdi Kanu accused of terrorism and instigating violence in the south were dismissed by the Nigerian Court of Appeal in Abuja where the government-filed charges against Nnamdi Kanu.

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T H I S D AY • MONDAY, JANUARY 2, 2023

22

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Oamen: Competition Very Healthy in Proptech Space CutStruct Technology Chief Executive Officer and Cofounder, John Oamen, in this interview with This Week In Tech, Oamen speaks about the digitalisation of the proptech sector and the role LiveVend is playing in Nigeria’s construction market. Excerpts: You recently launched Nigeria’s first construction and real estate construction app, LiveVend. What is it about? ith technology products, your first minimum viable product (MVP) is mostly trash. Then in testing for construction, construction life cycles are 12, 14, 18 months, 24 months.

It is not like the fintech product that you can test in three days, so we have been out there for three years. We started out focusing on B2C, price discovery. We have also been tracking the price of construction materials since inception, maybe about three to four months in and that was publishing for free, ensuring that people no longer have to be cheated by their painter, plumber, or whoever they called when they wanted to buy stuff because they just didn’t know.

Prior to now, if someone wants to paint a room or remodel her space. She called a guy, negotiated, and sometimes thanked the person for the little discount given because there was really no source of truth where you would find his prices.

So, we started by tracking those prices, publishing them for free, and we were looking to set up a marketplace like Jumia but specifically for construction. During COVID-19, we realised people became a bit more conscious of their spending as nobody knew where the world was going but what we also realised was that unwittingly, the B2B side of construction flourished.

Dangote sold more cement in Covid year than he did the year prior. We were locked down for about six months essentially, so we thought about it as a business that if you wanted to survive, you’re going to have to pivot, move our focus from B2C to B2B. So, what we did was that we used that period to build an MVP, for procurement and construction companies. We’re blessed to have a few construction companies test with us. They paid so it was a paid test which we used for about 14 months. After that, we learnt a lot of lessons, realised how sort of crappy that platform was, and then we started fundraising.

The combination of the fundraising round is what was announced. Recently. What we did was that from the first check we got, we started building the platform which we launched on the 14th of November.

We have currently onboarded over 184 construction companies.

has impacted our business positively even though it’s not necessarily a positive thing.

Three to five years ago, if I was talking about LiveVend, developers wouldn’t have taken me seriously, things were moving, people didn’t mind the waste.

But now, people are beginning to seek measures to be more efficient to make sure they’re getting value for money.

Also, with prices changing, people need to be able to see the impact. So, you had a plan to build a house, and this was going to cost you N100 million. At that time, cement was N3500 per bag. How do you know the new cost when cement becomes N5000. You need a platform that can show you what the cost to complete it changes to and Cost to complete (CTC) is a construction term. A platform that can show you your CTC as prices changes, helps you to be agile, especially if you’re selling this property. If you need to review pricing for your buyers, you’re clear on what you are dealing with.

W

What is the difference between CutStruct and LiveVend?

I’ll want you to look at it like Apple and Iphone. In our case, CutStruct is a company and the product under it is LiveVend. As a company, we started building the platform immediately. The reason we separated it is because, tomorrow we might want to go into logistics and not want to call it LiveVend but ‘live logistics’, which will be another product and want to call it ‘live logistics’. It will be another product under CutStruct.

CutStruct was coined from cutting costs in construction costs with the use of technology. So, the name cutstruct technology means that we set out to reduce the inefficiency in construction and reduce costs in construction with the use of technology.

What gap were you trying to bridge when you launched LiveVend?

I will say opacity in price and like I said, people not being able to know what the prices of construction materials are and the inefficiencies in the process of procurement. For instance, if people

Oamen

want to buy material and you want to find the right price, you have to call like 10 different people to compare their prices or terms, which can be inefficient. Issues like goods having problems in transit and who to put the blame on? These are lapses we try to cover.

For us, we wanted to bring transparency and efficiency, that’s the gap and the problem. Eighty per cent of construction projects are recorded to go over budget. Eighty per cent of the time construction projects will go over budget and over time, it’s because of things like this.

Why are proptechs lagging behind fintechs in the technology space?

One of the reasons is that there’s a lack of trust in that space and people don’t necessarily trust technology. They feel it is manual, this is how we do it and do not trust technology. The other thing is, it is a complex space.

So, technology alone cannot solve the problem there. It requires deep insight into the industry from people who know the industry. It is not everybody that can do proptech because you need to understand technology to even be able to think of how to build solutions around there. What I predict is that with the successes of companies like ours, Spleet, small technologies estate intel, there will be an upspring of a lot more prop tech businesses and adoption will sort of increase because people will want to try it.

Trust is built and earned by having little wins. The fact that we now have two proptech companies that have raised seed rounds in millions of dollars and are able to do more,can either make or break us. I also think that will give rise to other proptechs that are coming behind. Today, there are so many fintechs because the first few fintechs succeeded and that’s how

any market opens. Somebody gets in there, is the first mover, succeeds and it becomes more attractive, more people now begin to jump in, then you have a flow. We now have investors asking us for other proptech companies that we can recommend because they are now looking in that space. I predict that in the new year, there’ll be a lot more raises, businesses in proptech, even people like us will start to have competition. Honestly, I think it is very healthy for the space to have competition.

How do you vet vendors on your platform?

We have a verification partner, Verify me. They help us verify basic things like CAC registration, address verification, the goods these people sell, the volume of the goods that they sell, and the quality of the goods that they sell. So, we know all our vendors and we do this periodically, just so that when people move, we’re able to pick up on it quickly. We’re also talking to top tier vendors, vendors who are self-acclaimed, we are sure that we’re bringing the right crop of vendors to our buyers, and we’re enabling them to have safe transactions.

With the incessant fluctuation in forex in Nigeria, how has it impacted business in the proptech sector?

Well, I think it has brought to bear more than ever before the need for efficiency and I think part of the successes we recorded are really because people are now looking for solutions more. There are factors that they can do nothing about, like inflation and price change in dollar. If you’re a real estate developer, you can do nothing about the dollar rates, but what you can do is make sure that every dollar counts, every Naira you spend counts at being more efficient. In a sense, it

With the increasing rate of cybercrime in Nigeria, what would you say about the adoption of cyber security in Nigeria? Is there anything we can do better as a country?

The global cybersecurity risks are becoming higher everyday. Due to increase in sophistication of attacks, companies must continuously find ways to prevent themselves from cyber attacks. A major impact of cyberattack on startups is on a company’s reputation. We have seen people/corporates who sue companies that have exposed their data to cyber criminals.

In Nigeria, National Information Technology Development Agency (NITDA) oversees cybersecurity and data protection, and it has established regulations and guidelines requiring organisations that process personal data to be secure in collecting, processing, and storage of that data, and to perform data security audits annually. In May, barely days after launching in Nigeria, MoMo Payment Service Bank suffered a breach that led to $53 million in losses. Some worst cases have not been reported officially.

In mitigating these attacks, we should ensure that all services deployed on the internet are running on the latest versions of the services that they are deployed on. This is because these services make routine updates to cover identified threats and if you do not update, it makes you vulnerable to that threat.

Also, if you cannot afford to hire a cyber security expert in your organisation, have a routine cyber security assessment done on all your systems at specific intervals.

Always ensure that staff is trained on how to identify cyber threats and how to report them. To avoid run in with the regulators, always ensure that you are working with the cyber security regulations needed by your host country.

What would you say your greatest challenge has been so far?

I think it is the fact that real estate is typically a laggard asset class. It is typically the last to adopt anything much less technology. People are stuck in the old ways even when they see a solution. They are used to doing things a certain way and there is a lot of fraud going on in the system.

Those people sort of push back against us because they feel like our system is going to bring transparency, there is also some level of gatekeeping. Our platform brings about transparency and efficiency.

In a nutshell, our biggest challenges are the old mindsets and the gatekeepers who want to continue running their covert operations.

MONDAY JANUARY 2, 2023 • T H I S D AY

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24 T H I S D AY

MONDAY JANUARY 2, 2023

Monday January 2, 2023 Vol 27.

No 10117

opinion@thisdaylive.com

www.thisdaylive.com

HAPPY 90TH BIRTHDAY TO CHRISTOPHER KOLADE Simbo Olorunfemi pays tribute to Christopher Kolade, broadcaster, diplomat and academic

See page 25

PELE AFRICANA (1958-1977) OKELLO OCULI pays tribute to Pele, Brazilian football legend

See page 25 EDITORIAL

ODE TO PELE, ‘THE KING OF FOOTBALL’

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Life is all about impact, writes LINUS OKORIE

CRAVING FOR IMPACT Life is all about impact. Interestingly, a lot of people crave for power, some for IDPH RWKHUV IRU GLͿHUHQW WKLQJV EXW most people hardly know that there’s a concept called craving for impact. Yet, the most important thing to do in life is to decide to crave for impact.

Leaders who lead on a sustainable basis crave for impact, because, again, life is all about impact. Using the analogy of the making of movies, there are majorly three kinds of characters: the protagonist, the antagonist, and the third, who I call the “waka pass.” The ÀUVW WZR DUH WKH SURPLQHQW DFWRUV DQG feature in many scenes throughout the movie, but the “waka pass” are simply ÀOOHUV LQ WKH PRYLH 7KHVH DUH SHRSOH who make no real impact in that movie, EXW PHUHO\ IHDWXUH WR ÀOO VSDFH LQ D scene. In other words, the movie could do without them.

Now, in life, who are you? A major player who makes real impact or a “waka pass” who makes no impact?

As a leader, the quality of the impact that you generate within a system will always determine how far that you can go and how the people will remember you. When you are not making any GLͿHUHQFH QRW PDNLQJ DQ\ LPSDFW you are like the “waka pass.” In that instance, nobody remembers any impact you made, if any. The truth of the matter is that if you do nothing that adds value to society, you risk being completely forgotten when you time is up—whether you leave a position or leave the earth.

Secondly, don’t be the antagonist.

The antagonist is the bad guy in any movie. That means his impact is always negative. When the person comes into a space, he exudes only negative energy and mayhem. The only thing worse than not being remembered is to be remembered for the wrong reasons.

Thirdly, we have the protagonists.

These are the good guys, the lovable DFWRU DQG WKH LQÁXHQFHU 7KLV LV WKH leader, the one who has the capacity to LQÁXHQFH DQG LPSDFW WKH HQWLUH V\VWHP in such a way that they leave a lasting legacy. Are you this type of leader or one that everyone wishes to go away every time, or are you one that will not be remembered at all? I hereby ask you to begin to crave for positive impact, to exude positive energy every time and everywhere, to crave for things that will make you sustainable and remembered for good.

To crave for impact most time requires you getting out of your comfort zone. It was Eleanor Roosevelt who said, “No one has ever achieved something meaningful living a life of ease.” Have you ever seen anyone that has accomplished something

VLJQLÀFDQW WKDW UHPDLQHG LQ KLV RU KHU comfort zone? I have never seen anyone like that. I have travelled, but I have never seen successful people making D GLͿHUHQFH E\ UHPDLQLQJ LQ WKHLU comfort zone. Nothing great has ever been accomplished with ease. For you to be outstanding in life or become a great leader, a leader with high levels of productivity and excellence, you must be someone who has mastered the habit of getting out of your comfort zone. The greatest thing you can do in the pursuit of your big ideas is to ensure that you go the extra mile.

Take yourself out of your comfort zone, and stretch a little bit. This is called stretching for impact. As you continue to use your brain to get things done, your mind continues to stretch. Should you fail to keep at this, you might have just failed to bring anything meaningful into the world.

Take for instance, a government policy that must see the light of the day, or a bill passed in the National Assembly, goes through a process. This process involves identifying the fundamentals of the policies, or bills. Now, imagine if we had lazy legislators or individuals in charge of policy development, the likely bills and policies that will be produced will be the outcome of laziness and a VHQVH RI FRPIRUW +RZHYHU D GLͿHUHQW set of legislators who are thorough in the process, who understand the implication of getting things done right, they spend valuable time and resources, going out of their comfort zone, stretching their minds until they bring out the things that will make a

Using the analogy of the making of movies, there are majorly three kinds of characters: the protagonist, the antagonist, and the third, who I call the “waka pass.” The first two are the prominent actors and feature in many scenes throughout the movie, but the “waka pass” are simply fillers in the movie.

These are people who make no real impact in that movie, but merely feature to fill space in a scene. In other words, the movie could do without them

bill excellent. In this, the outcome and implementation of each bill or policy, will be for the good of the people and it will be sound.

These days, people are thinking of how to be relevant in the system. How can I be indispensable? If you want to be indispensable, the way to go about that is to think about what could happen in the future, in your environment and the world over. People must move away from laziness, towards a sense of responsibility to get things done. The more people are thinking about getting things done, the more they cease to be in mediocrity. People continue to ask themselves questions like, what else FDQ , GR WKDW FDQ PDNH D GLͿHUHQFH" This motivates them to get out of bed as early as possible. I like to say this, if a man does not have a purpose for waking up, sleeping becomes interesting. The reason behind that is that when you have a goal that is driving you, you’ll never stay at a place. You stretch your mind, you get into the library, and you want to get things done. You want to get something in your mind. And if you do that consistently and at the right time, you get accustomed to delayed JUDWLÀFDWLRQ 2QFH \RX DUH DFFXVWRPHG WR GHOD\HG JUDWLÀFDWLRQ LW LV FDOOHG paying now and playing later. So in the process of stretching your mind, you experience pain and sometimes failure, but it should not deter you because you know where you are going. I want leaders that can stretch a little bit more, and if they begin to learn the stretching game then they will be able to know how they can go the extra mile to make D GLͿHUHQFH IRU RXU FRXQWU\ IRU WKH VDNH of the common good. Is there anything you are doing right now that is called stretching?

Nigeria today is in a situation that requires a critical mass who have bought into the concept of craving for impact.

People realize that it is time for Nigeria to elect great and competent leaders who are craving for transformation and getting the people out of poverty.

Nigerians will then start making VDFULÀFHV DQG GHOD\LQJ JUDWLÀFDWLRQV for the simple idea of making sure only visionary and competent people are elected in all leadership positions across Nigeria. This is really possible. Let us make it happen. Great people of Nigeria, you must remember if a man does not have a purpose for waking up, sleeping becomes interesting.

Okorie is a leadership development expert spanning 27 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre. www.gotni.africa

T H I S D AY

SIMBO OLORUNFEMI pays tribute to Christopher Kolade, broadcaster, diplomat and academic

HAPPY 90TH BIRTHDAY TO CHRISTOPHER KOLADE

´, KROG WKH ÀUP YLHZ WKDW WKH VXUHVW ZD\ but secondly and most importantly, create RI FRPEDWLQJ DQG GHIHDWLQJ EDG EHKDYLRXU challenges, because we don’t grow unless LQ RXU FRPPXQLW\ LV WR VWUHQJWKHQ JRRG we stretch. You have to stretch in order to EHKDYLRXU LQ DOO WKH SODFHV ZKHUH ZH ÀQG grow. And you can only stretch when the thing you are trying to attain is not exactly it.” within your reach right now. So, in creating 'U &KULVWRSKHU .RODGH challenges, sometimes, you will see that ometime in April this year, my those challenges become opportunities.” phone beeped, and it was Dr 6R ÀUVW DQG IRUHPRVW LW LV WKH GLJQLW\ Christopher Kolade on the line. I and respect that Dr Christopher Kolade, had barely said ‘Good morning, even as the Boss or Leader, brings to Sir’ before he stunned me with an the table that earns me the respect and apology. He considered it improper admiration from many. With him, there is that he was only calling when he had a no compromising on courtesy and civility. ‘favour’ to ask of me. I was tongue-tied. His words are measured. His mastery of Such a revered elder-statesman having me the two languages - Yoruba and English, impeccable. His delivery smooth and precise in the manner of the well-honed broadcaster that he was. His manners, civilised and polished, most likely formed before his years as a diplomat.

For Christopher Kolade, like some of the great men of his generation, there is an understanding of the place of self-respect and self-restraint. There is a grounding that he has of the philosophy and values RI 2PROXDEL ZKLFK ÀQGV H[SUHVVLRQ LQ the way he has chosen to live on the basis of simplicity and a keen sense of integrity.

With him, there is nothing like a sense of entitlement. It is always about respect for others, service to God, country and in mind over anything at all, to the point humanity. of calling, is a huge favour. I should be So much has been said, over the years, DSRORJLVLQJ LQ WKH ÀUVW SODFH IRU KDYLQJ QRW about Dr Chrisopher Kolade. His record been in touch with him. in broadcasting, management, diplomacy What was this ‘favour’ anyway? Dr and other facets of his life, not forgetting Kolade wanted to see if I could assist a charity, is eloquent. For him however, there UK-based author who had approached is no situating whatever he has been able to him about book publishing. He didn’t accomplish outside of God. assume a position of superiority because He said to me, “I remember, one young he is an elder, a national icon for that matter. man asked me at a certain stage – You’ve To think of the fact that his request was a had this career, you’ve done this, you’ve potential business opportunity for me. Yet, been in business, did you plan it like that? he was courteous and respectful as always. And I said, “No, I did not plan it like that.

That, for me, sums up the person of The only thing I asked God for, from Dr Christopher Kolade in a nutshell. It is the beginning was – God, make me an that sense of courtesy, a commitment to (GXFDWLRQ 2΀FHU , ZDQW WR EH DQ (GXFDWLRQ decency and civility that he, as an exemplar 2΀FHU WR WHDFK LQ VFKRRO DQG VR RQ DQG *RG of his generation, has remained committed heard my prayer. At that point, I did not to, irrespective of how far away we have even know what broadcasting was. I didn’t travelled away from these values. Respect have any inclination to be in business. No for others is a virtue he strongly subscribes inclination to go into diplomacy. Just make to. As he once told me, “...God looks at PH DQ (GXFDWLRQ 2΀FHU *RG GLG WKDW DQG people as his most precious and important I was an (GXFDWLRQ 2΀FHU IRU ÀYH \HDUV creation. So, people ought to regard people RQO\ ÀYH \HDUV DQG WKHQ *RG PRYHG PH as important creation of Almighty God. from one thing to the other, by opening People ought to be respected and treated doors of opportunity for which I felt I had with consideration.” the ability to make something of. But he “I respect people. I have a very healthy had to open those doors of opportunity. respect for people, probably because of So, for me, this is critical to the person I my background and my relationship with have become…I am sure there are other God. Only God creates people, human things that I might have tried successfully, beings don’t. And whatever a human being but I never went there because the doors is going to become, it will derive directly that were opened to me were the ones I from what God has created him to be.” went through.”

For those who have not had the privilege of a direct relationship or engagement He says that it could have only been with Dr Kolade, they might wonder what God. Few will argue with that. Fewer will it is really that always has his protégés, argue with Dr Kolade on anything, even especially members of the Cadbury if they do not agree. The true measure Alumni, speaking of him in such glowing of the man is the respect he has earned terms. Whereas they often speak from the for himself in the way he has conducted place of their experiences with him, I see it himself. Strong on principles. Solid on in the importance he places on people and values. His sense of courtesy, decency, integrity, civility and integrity is high. His giving people a chance.

On his management philosophy, he said ÀGHOLW\ WR YDOXHV WKDW DUH DW WKH YHUJH RI to me: “I saw my role in the management going extinct in our land is one reason he of people as that of taking the person and is an inspiration to some of us. What a saying, ‘Really, I don’t know how high man! What a life! Happy 90th Birthday to this person can go. I have no idea what the Dr Christopher Kolade. ultimate can be. But it is my role to help this person to get there. I am not going to push Olorunfemi works for Hoofbeatdotcom, them there, but I must create situations that D 1LJHULDQ &RPPXQLFDWLRQV &RQVXOWDQF\ facilitate their journey... create opportunities, DQG SXEOLVKHU RI $IULFD (QWHUSULVH

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MONDAY JANUARY 2, 2023

OKELLO OCULI pays tribute to Pele, Brazilian football legend

PELE AFRICANA (1958-1977) The ‘’KING OF FOOTBALL’’, PELE broke Colonialism’s ‘Cruel and Racist Curtains’ erected to block his rare talents as a footballer from reaching to shatter denials of the humanity of African peoples.

His scoring three goals in the 5-2 defeat RI 6ZHGHQ LQ WKH ÀQDO RI WKH :RUOG Cup played in Sweden was hidden by European silence. Even Sweden did QRW XVH ÀOP FOLSV RI LW WR ZLQ KHDUWV DQG dreams in Africa during and after colonial dictatorships.

Like a glow of the Sun, PELE’S awesome WDOHQWV PHW D KXQJHU IRU D΀UPDWLRQ RI human equality in oppressed Africans.

He shared heroism abroad and racial humiliation at home with legendary

Heavy Weight Boxer: MOHAMMED ALI. After slaughtering thousands of supporters of Brazil’s Communist Party, Brazil’s post-1964 military regime saw football as a palliative to poverty, underemployment and hunger among landless classes being exploited by landlords who were often parents of top PLOLWDU\ R΀FHU FODVV 7KH &RPPXQLVW Party’s support was rooted in exposing injustices in Brazil.

In 1970, the President went on national television to appeal for PELE to participate in the World Cup tournament to be hosted

by Mexico. Brazil’s victory prevented the shame of victory going to a team from Europe.

PELE felt pressured to serve a nation with a rare passion for the game of football. Triumphant Brazilian players carried PELE shoulder high. Critics of military dictatorship accused PELE of becoming a tool manipulated by a corrupt regime.

Kanu reported similar pressures for WKH 1LJHULDQ WHDP QRW WR SOD\ WKH ÀQDO match for the gold medal in the 1996 Atlanta Olympics. Their Dutch coach was persuaded that a refusal to play would shine a light of shame against General Sani Abacha at a globally loud event.

Kanu Nwankwo persuaded the team to win for thunderous roars of football crazy Nigerians back home. In this respect the team followed PELE’S haloed footprints in using football to ‘Spoil a nation BIG’.

Henry Kessinger, as Secretary of State )RUHLJQ $ͿDLUV 0LQLVWHU H[WUDFWHG IURP Brazil an agreement to send PELE as a loan to the United States. PELE would give high visibility to a game Americans prefer to call ‘’SOCCER’’ – in a legacy of wiping away anything associated with British colonial tyranny.

Brazilian governments had declared

to be a ‘’NATIONAL TREASURE’’ to prevent European teams from buying his artistry. Henry Kessinger exploited the panic among Brazilian military about the possibility of CUBA sending Afro-Cuban troops to liberate leaders of Brazil’s Community Party.

In exchange for a pledge published on the front page of the New York Times newspaper (to use American troops against Cuba’s invasion), the military government agreed to pour PELE’S football charisma across America’s cultural landscape.

There was a vast ready audience of immigrants ranging from Mexico to Peru and Chile. America’s main competitive sports were out of reach for them. BASKETBALL is dominated by players who average Seven feet tall; while American Football – a localized version of British Rugby – were dominated by human versions of RINOCHERUS and ELEPHANTS – as defence units; and FLYING GAZZELS as ‘’running backs’’ and ‘’touchdown’’ squads. This second group are drawn from the country’s Olympic heroes in sprint sports.

While PELE was known to equal an Olympic sprinter and leapt up to SIX FEET (and SUSPEND himself in midair to score a goal with his head), most Latin American immigrants could play the game of ‘’football’’ of which PELE was a new missionary.

America’s ‘’SOCCER’’ team reached ‘’the Group of 16’’ in QATAR. It was a shame that they did not pay tribute to their game’s ancestor, the ailing PELE. Perhaps Washington cannot forgive PELE’S returning to Brazil.

Brazil also used PELE to open diplomatic gates in some African countries. It is reported that during Nigeria’s civil war, combatants halted ÀJKWLQJ WR ZDWFK 3(/( SOD\LQJ LQ a football match in Lagos. Fighting resumed after that game. Brazil’s DLUOLQH 9$5,* EHJDQ ÁLJKWV EHWZHHQ Rio de Janeiro and Lagos.

It seems plausible to attribute a decline in the artistry in football to the massive importation of Brazilian players to European clubs. PELE once observed that in 17-agegroup tournaments, opponents only see heels of Nigeria’s players. However, when they join European teams, European coaches ‘’panel beat’’ artistry and creativity out of their play.

This observation may be applied to Brazilian players too. In past World Cup contests, the world waited for novel tricks from Brazil’s team. Players SUXQHG E\ (XURSHDQ FRDFKHV QRZ RͿHU nothing thrilling. In the 1966 World Cup in England, coaches of Poland and Portugal instructed players to crowd around PELE and focus on breaking his leg. CloseupTelevision pictures showed their SAVAGERY at the player whose dazzling runs, dribbles and goals made people call football ‘’THE BEAUTIFUL GAME’’.

CAF and Africa’s coaches must honour PELE by combating European ‘’panel-beaters’’.

Prof Oculi writes from Abuja

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MONDAY JANUARY 2, 2023

EDITORIAL

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

ODE TO PELE, ‘THE KING OF FOOTBALL’ Pele, Brazilian legendary footballer, dies at age 82

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tournament. ootball legend, Edson Arantes do At Santos FC and the Brazilian national team, Nascimento, known globally as Pele, Pele’s silky and graceful style turned Selecao’s died last Thursday at age 82 in his 6DPED EUDQG RI IRRWEDOO WR WKH PRVW VRXJKW DIWHU ÁDLU country, Brazil. Having dominated While statistics about the number of goals he scored football for the greater part of two during his career remain a matter of controversy, decades, Pele remained an icon of the the governing body of football, FIFA, listed 1,281 game till his very last moment. It therefore came as goals for Pele in 1,366 appearances during a 21no surprise that he is being mourned all over the year career. Seventy seven of those goals are for the world. Pele’s fame and cultural value transcended Brazil national team in 92 matches. Some football boundaries and the ‘beautiful game’ he came to historians insist that Pele, who made his debut symbolise. After winning the 1958 FIFA World Cup for Santos FC at age 15, scored more goals. Although at age 17, the late Brazilian star drew interest from credited with 643 goals at Santos, the club insists Pele’s top European clubs like Juventus, Napoli, and Real total tally exceeds 1000.

Madrid. But in a bid to The number 10 shirt keep him playing in won

by Pele for club and his native country for Pele’s silky and graceful style turned Selecao’s Samba brand of football to the most country became iconic with Santos FC, the Brazilian football. Perenc Puskas, sought-after flair. While statistics about the number of goals he scored during his government declared Michel Platini, Diego 3HOH DQ ´R΀FLDO QDWLRQDO career remain a matter of controversy, the governing body of football, FIFA, listed Maradona, Ronaldinho, treasure” in 1961. and Lionel Messi, among In 1958, Pele was 1,281 goals for Pele in 1,366 appearances during a 21-year career several others, have worn it so good in his debut with pride. Brazil’s current appearance at the FIFA T H I S D AY Number 10, Neymar summed it up brilliantly in his World Cup in Sweden that after scoring two goals EDITOR SHAKA MOMODU tribute: “Before Pelé, 10 was just a number…I would in Brazil’s 5-2 annihilation of the host, he was DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA say before Pelé, football was just a sport. Pelé changed carried shoulder high out of the pitch by his much MANAGING DIRECTOR ENIOLA BELLO it all. He turned football into art, into entertainment. He DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU ROGHU WHDPPDWHV ,Q WKH TXDUWHU ÀQDO PDWFK DJDLQVW CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI gave voice to the poor, to the blacks and especially, he Wales, he scored the only goal for his country’s EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN gave visibility to Brazil. Soccer and Brazil have raised YLFWRU\ ,Q WKH VHPLÀQDO KH ÀUHG D KDW WULFN DJDLQVW MANAGING EDITOR BOLAJI ADEBIYI their status, thanks to the King! He’s gone but his magic )UDQFH $QG KH ZDV WKH VWDU LQ WKH ÀQDO WKDW HDUQHG THE OMBUDSMAN KAYODE KOMOLAFE remains. Pelé is Forever!”

IRU %UD]LO D ÀUVW :RUOG &XS 3HOH UHPDLQV WKH For Nigerians of a certain generation, the memories of youngest player in history to play and score in the Pele’s visits to the country with Santos and Fluminense ÀQDO RI D :RUOG &XS T H I S D AY N E W S PA P E R S L I M I T E D on playing tours in Benin City, Lagos and Kaduna :LWK WKDW ÀUVW ),)$ 0XQGLDO WLWOH XQGHU KLV EHOW EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA will remain evergreen. In retirement, Pele devoted Pele returned four years later to inspire Brazil to GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, considerable time to supporting global causes, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI the second back-to-back victory in the history of including as United Nations International Children’s DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, the World Cup. Then 21, Pele scored a brilliant ANTHONY OGEDENGBE Emergency Fund (UNICEF) Goodwill Ambassador solo goal in a 2-0 win over Mexico to open Brazil’s DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI DQG 8QLWHG 1DWLRQV (GXFDWLRQDO 6FLHQWLÀF DQG cup defence before the injury that sidelined him SNR. ASSOCIATE DIRECTOR ERIC OJEH Cultural Organisation (UNESCO) Champion for for the rest of the tournament. Pele’s third World ASSOCIATE DIRECTOR PATRICK EIMIUHI Sport.

Cup title in 1970 fully established him as the only CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO Since legends don’t die, Pele will remain alive for player (dead or alive) to have won three FIFA World TO SEND EMAIL: first name.surname@thisdaylive.com as long as the game of football is played.

Cups to date. He was also the best player of the

Letters to the Editor Letters in response to specific publications in THISDAY should be brief (150-300 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 (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS ALMAJIRI CHILDREN: NIGERIA’S TICKING BOMB Bedevilled, unkempt, and hunger-stricken: so dispiriting it is to see innocent children unleased on the streets of Northern Nigeria to beg around for food, when they should be in school learning towards securing a better future.

Coined from “Al Muhajirun” which translates “an emigrant”, Almajiri simply denotes a seeker of knowledge who migrates from his home to an Arabic school or to a teacher “Mallam”. The archaic Al Majiri practice, without doubt, has birthed more bad than good, especially in the 21st century, where seeking knowledge has advanced with the aid of reforms and technology.

The Almajiri system could have yielded good results in the past, but today, it’s only a system responsible for 14 million out-of-school children, according to a report by the United Nations International Children’s Fund (UNICEF). Beyond the statistics and outpours, the Almajiri children pose great threats to the security architecture of Nigeria, as bandits, kidnappers, and Boko Haram exploit them with tri-

fling lucre and get recruits from them - no thanks to poverty and their illiteracy.

While many concerned Nigerians have raised a dissenting voice against the perilous web over the years, it has rather become worrisome that the practice has only continued to cast an ominous pall on the development of Nigeria. Sanusi Lamido’s condemnations and those of many Northern elders are commendable, but have had little impact on combating the menace. More laudable is the action of Kaduna State Governor, Nasir el-Rufai, who in 2020, facilitated a meeting with 19 Northern governors towards combating the Almajiri system and avoiding inter-state movements of the Almajiri children. Dr Abdullahi Ganduje’s implementation of free and compulsory primary and secondary school education in Kano, to curtail the Almajirai is also deserving of applause. But beyond these words and actions, more needs to be done.

There is no denying that the (Almajiri) parents, who are the first agents of socialization, have failed

these kids; thus, the real sensitization needs to start with them. There is a need for timely sensitization for these parents on the dangers of kids who are left uncatered for, as well as the need for them to stop seeing childbirth as competition or something just to brag about; while serious sanctions should be meted out to parents whose kids roam about the streets.

Through official and unofficial means, Mallams who are the teachers of the Almajiri kids, have been reported to benefit from the proceeds of begging from these children.

The Mallams need to be sensitized on the need for the Almajiri kids to go for, not only Islamic education, but Western education as well. Through that, these children will have a balanced view of life and won’t see things from just one direction. The Mallams need to know that illiteracy is not a practice of Islam, as Muslim countries around the world have high literacy rates. An instance is Saudi

Arabia, which had an illiteracy rate of 60% in 1972, and in 2018 already had an illiteracy rate of 5.6%. Likewise, Qatar, in 2016, had a literacy rate of 97.26% among citizens between age 15 and 25 years.

The society has a lion’s share of the responsibilities towards tackling the menace of the Almajirai, as well. There’s a need for more voluntary organizations like Act 4 Almajiri Child, PeaceWay Youth Initiative (where this writer had volunteered) and many others, to be at the forefront of struggles against the Almajiri system. As well, there is a need for full implementation of the Child Rights Act 2003 which states in Section 15(1) that “Every child has the right to free, compulsory, and universal basic education, and it shall be the duty of the government in Nigeria to provide such education.”

Hashim Yussuf Amao, Ibadan

T H I S D AY ˾ MONDAY, JANUARY 2, 2023

27

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

D E C E M B E R

S & P INDEX

3 0 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

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MONTH-TO-DATE

0.44%

DMBs, Merchant Banks Borrowed N11.01trn from CBN in 2022

Kayode Tokede Deposit Money Banks (DMBs) and Merchant Banks borrowing from the Central Bank of Nigeria (CBN) discount window known as the Standing Lending Facility (SLF) dropped to N11.01trillion in 2022, representing a decline of 15 per cent from N13.01 trillion borrowed in 2021.

DMBs and merchant banks through the SLF access short-term liquidity from the CBN for their daily business operations.

The CBN lends money to DMBs and merchant banks through the SLF at interest rate of 100 basis points (bpts) above the Monetary Policy

Rate (MPR) of 16.5 per cent.

Finance experts attributed the decline in DMBs and merchant banks’ borrowing to tight liquidity conditions in the banking system.

According to data released by the CBN, DMBs and merchant banks in 2022 borrowed N313.48billion, and in February, it dropped to N186.48billion.

CBN in its economic report for January 2022 said, “Total SLF contracted considerably by 52.4 per cent to N338.40 billion from N711.54 billion in December 2021, a fallout of the improved banking system liquidity in the period.”

In March, SLF by DMBs and merchant banks increased to

N377.13billion and in April, it moved to N612.43billion, representing an increase of 62.39 per cent.

However, for the month of May, it increased to N897.05billion and further increased to N1.93trillion in June, a month the CBN hike its MPR to 13 per cent from 11.5 per cent.

The governor of CBN, Mr. Godwin Emefiele had said the money market rates oscillated within and outside the Standing Facilities Corridor (SFC) in May, reflecting the prevailing liquidity conditions in the banking system.

The financial data also revealed that SLF in July, it dropped to N1.46trillion and in August, it dropped sharply to N1.19trillion.

CBN in its financial data also

revealed that SLF by DMBs and merchant banks dropped to N836.5billion in September.

In addition, the data revealed: N464.07billion in October; N1.56trillion in November and N1.19trillion in December 2022.

Speaking with THISDAY, the Vice President, Highcap Securities Limited, Mr. David Adnori said uncertainty in the nation’s economy forced banks and merchant banks to shun borrowing from CBN. According to him: “Banks and merchant banks have excess liquidity and might not need to borrow from CBN. Besides, economic uncertainty has started to surface following the 2023 general elections.”

In his reaction, the Chief operating officer of InvestData Consulting Limited, Mr. Ambrose Omordion stated that DMBs and merchant banks in 2021 had borrowed enough funds from the CBN to meet their daily obligations.

He stressed that the nation’s economy last year had normalized given the total ease of movement that gives room for financial institutions to reduce borrowing from the CBN in 2022.

Omordion explained that DMBs and merchant banks are maintaining effective risk management in a move to cutdown down Non-performing Loan (NPL) in the financial sector.

He added that: “banks and

merchant banks with an increasing deposit from customers prefer to ;lend from their books rather than accessing the CBN discount windows to borrowing needed funds to run daily operations.”

Meanwhile, while DMBs and merchant banks’ patronage of the CBN’s SLF dropped in 2022, their deposits with the regulator increase in the year under review.

DMBs and merchant banks through the Standing Deposit Facility (SDF) deposited N3.21trillion with CBN in 2022, an increase of 5.7per cent from N3.03trillion reported in 2021.

The story continues online on www.thisdaylive.com

NAICOM Extends Motor Third Party Insurance to W’African Motorist as Consumers Calls for Policy Reversal Ebere Nwoji National Insurance Commission (NAICOM), has said that with the upgrading of the compulsory Motor Third Party Insurance Premium from N5000 to N15000, motorists plying West African countries need not purchase Economic Community of West African States (ECOWAS) Brown Card.

The commission’s latest statement on the compulsory motor insurance premium is coming on the heels of a recent call by the Insurance Consumers’ Association for im-

mediate reversal of the new motor insurance premium policy.

NAICOM’s head Corporate Communications and Market Development, Mr Rasaaq Salami, had told an online medium that the ECOWAS Brown card has been captured in the upgraded premium for Motor Third Party insurance, adding that motorists driving within the West Africa sub-region would not bother to buy the ECOWAS Brown Card again.

The brown card provides the motorist complete guarantee for a prompt, fair and immediate compensation for any accident he/she may cause outside

his habitual residence country.

The cardholder is treated exactly as if the basic insurance policy was underwritten with a company located in the country visited or through which it transits.

Since the brown card is recognised by the government authorities, the motorist is exempted from any other formality relating to the guarantee against the risks of civil liability.

Other benefits from the new premium rate according to the NAICOM’s spokesman include; N3 million claims on damages and limitless life cover for accident victims.

Salami therefore implored Nigerians to embrace the new rate to enable them enjoy benefits that would accrue from it.

He submitted that the new rate became necessary due to the cost of fixing damaged vehicle, stressing that presently, it has become difficult to use N5,000 third party policy to fix an accident with exotic vehicles which cost of maintenance has gone up in recent times.

According to the NAICOM’s directive, from January 1, 2023, premium rate for Motor Third Party Insurance for private vehicles becomes N15,000

as against N5000 previously charged.

NAICOM also approved N3 million Third Party Property Damage (TPPD) limit for private motor; N5 million limit for own goods, with premium of N20,000; staff bus premium, N20,000 and TPPD, N3 million.

But in a swift reaction to this, the Insurance Consumers Association of Nigeria (INSCAN) in a letter signed by its National Coordinator, Yemi Soladoye, urged the commission to reverse the directive.

“We, the Insurance Consumers Association of Nigerian affiliate

of the Federal Competition and Consumers Protection Commission of Nigeria hereby write with respect to your Circular No.: NAICOM /DPR/ CIR.46/2022 dated 22nd December 2022, increasing the Motor Third Party insurance Premium in Nigeria by 200-400 percent for different categories of Motor Vehicles and by implication giving only one week notice to the insuring public of Nigeria to comply.”

The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 3 0 , 2 0 2 2 BONDS DESCRIPTION Price ^14.20 14MAR-2024 ^13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028

10.266, 00 10.319, 00 10.225, 00 10.727, 00 10.386, 00

Yield 11.72 11.83 11.60 13.93 12.92

Change Updated Time (%) December -0.01 30, 2022 December -0.01 30, 2022 December 0.00 30, 2022 December 0.00 30, 2022 December 0.00 30, 2022

BILLS MATURITY

Discount

Yield

NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23 NTB 27-Apr23

3.01

3.02

3.01

3.02

3.90

3.93

3.50

3.54

NTB 11May-23

5.02

5.12

OTC F X F U T U R E S

CPS

Change Updated Time (%) December 0.00 30, 2022 December 0.00 30, 2022 December 0.00 30, 2022 December -0.01 30, 2022 December 0.00 30, 2022

MATURITY FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23 MREP CP VI 11-APR-23

Change Updated Time (%) December 0.00 30, 10.23 10.46 2022 December 15.32 15.94 0.01 30, 2022 December 11.84 12.24 0.00 30, 2022

Discount Yield

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CONTRACT TENOR Contract (MONTH) NGUS JAN 25 1 2023 NGUS FEB 22 2 2023 NGUS MAR 29 3 2023 NGUS APR 26 4 2023 NGUS MAY 31 5 2023

Current Rate ($/₦) 46.987, 00 47.205, 00 47.423, 00 47.642, 00 47.860, 00

Updated Time

December 30, 2022 December 30, 2022 December 30, 2022 December 30, 2022 December 30, 2022

28

MONDAY, JANUARY 2, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Islamic Member Countries Move to Mitigate Threats to Food Security James Emejo in Abuja The Minister of State for Agriculture and Rural Development, Dr. Mustapha Shehuri, has said the country is prepared to partner with the Islamic Organisation for Food Security (IOFS) in proffering enduring solutions to the current challenges in the governance of food security in the respective member countries.

Speaking at the opening of the IOFS regional training workshop on Strategic Planning and Policy Development in Food Security, the minister expressed delight that the organisation has not deviated from the core principle to provide expertise and technical know-how to member states on the aspect of sustainable agriculture and rural development in addressing current issues threatening food security in the world, particularly the African region.

Represented by the Permanent Secretary of the ministry, Dr. Ernest Umakhihe, Shehuri noted that the IOFS was established in 1964 while Nigeria became a member in 1986.

He said Nigeria has demonstrated firm belief in the principles and objectives that established the organisation through the implementation of several initiatives in line with the

IOFS Action Plan as conceived during the 40th session of the Council of Foreign Ministers of the Organisation of Islamic Cooperation in Conakry, Republic of Guinea in 2013.

Meanwhile, the Organization of Islamic Cooperation (OIC) has selected Nigeria to serve as the food and grain storage hub for the cooperation.

This was disclosed by the Director Federal Department of Agriculture, Mr. Abdullahi Abubakar.

Speaking to journalists at the workshop in Abuja, he said the OIC Secretariat will mobilise the resources, purchase the food commodities and grains, and store them in the various silos in Nigeria for onward distribution to countries that need them.

Abubakar said, “As the name connotes, Islamic Organization on food security, what we are trying to do under this organization is to make sure that food security has become a norm in Africa, and particularly the member countries of the Islamic Organization on food security.

“In Nigeria, we have been given the centre of excellence for cassava, we are trying to see how we can also develop palm oil, rice and other commodities, but importantly, the centre of excellence for cassava that is domiciled in Nigeria.

“We want to make sure that at this workshop, we are able to come up with a strategy that we will implement so that it will help the whole of the member countries.

He said, “In Nigeria, we have done our homework; we are just waiting for the end of this workshop to give us a marching order. The marching order is that we have already selected the site, we have liaised with the National Root Crop Research Institute, Umudike, and we have sited the station in Kuru, Jos, all these are criteria and milestones they wanted us to take.

“Another proposal that is on the table which we hope this workshop will rectify is for us to have a strategic food reserve system. We want to have a hub of grains and all sort of food commodities that that is going to be used by the West African region in Nigeria, so that it can be the hub where we will now distribute to other countries in the event of need.”

According to him, “All the member countries of OIC selected Nigeria as the storage hub. The Secretariat of the OIC will garner the resources, buy the grains and store them in Nigeria so that in the event of any food insecurity we can take it from Nigeria to those places.”

Kwara Govt. Approves Establishment of Industrial Park, Shea Butter Processing Factory Hammed Shittu in Ilorin As part of move to hasten industrialisation of Kwara State, the state government at the weekend approved the establishment of an industrial park at Eiyenkorin in Asa Local Government Area of the state.

Besides, the government approved the establishment of a Shea butter processing factory in Kaiama in Kaiama local government area of the state as part of move to hasten industrialisation, provide more jobs for the people, and widen the state’s economic base.

A statement issued in Ilorin after the state executive council meeting signed by the state commissioner for Communications, Alhaji Abubakar Saddiq Buhari also said that, the

council approved the award of the first phase of the industrial park to Messrs Fab Confidential Ltd at the cost of N1,021,039,165.63.

The meeting was chaired by the state governor, AbdulRahman AbdulRazaq at Government House, Ilorin.

The statement said, “The first phase comprises perimeter fence, entrance gate and lay-by, concrete pavement (road, drainage, and car park) and power supply. The project will be funded through the state’s recently accessed bond. The industrial park will occupy some 196 hectares of land comprising residential buildings, facility manager’s house, wood processing section, agroprocessing section, commercial section, metal

and minerals processing, and green area, among others.”

He said the contractor for the first phase was picked after a procurement process supervised and approved by the Kwara State Public Procurement Agency.

The council also approved the establishment of a well-equipped 50-ton capacity Shea nut processing factory to SAO-Agro Allied Services at the cost of N2,598,000,000.00 following a certified procurement process involving other bidders.

He added that, the project will provide job opportunities for over 10,000 women and youths involved in Shea nut business and improve their livelihood through better revenue, improved nutrition and life chances.

NACCIMA President Elected Council Member of World Chambers Federation Dike Onwuamaeze The National President of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. John Chinyelu Udeagbala, has been elected to serve as an Ex-Officio member of the Council of the International Chamber of Commerce World Chambers Federation (ICC-WCF), effective from January 2023.

Udegbala’s election followed the voting by over 100 country members of the ICC-WCF in the past few weeks to elect members into the council of the ICC-WCF. NACCIMA, in a recent press release that announced Udeagbala’s election, noted that the ICC-WCF

“is a unique and truly global forum connecting, leading and inspiring the global network of chambers and their respective business communities.

“As well as strengthening links among chambers, as a non-political, non-governmental body. It is the backbone of the chamber community providing a platform for chamber leaders to communicate and collaborate with each other on matters of mutual interest and facilitating beneficial partnerships.

“Udeagbala will be working with chamber executives globally in supporting MSMEs in collaboration with ICC-WCF and contributing to the strategy to develop and reinforce chamber community.

“He will be representing Nigeria and indeed Africa at the global level to promote MSME development “As president of NACCIMA, he has built bridges with chambers across the globe and formed formidable partnerships with Chambers of Commerce in Africa, Europe, Asia and the Americas.

“He led a delegation of some Nigerian chambers of commerce members to the 12th World Chamber Congress (WCC-12) in Dubai where he recommended Global Fund purse to support Chambers across the world to mitigate emergency occurrences such as the effects of COVID 19, flooding and other consequences of Climate Change on businesses.”

Jabi Lake Mall Celebrates Yuletide Season With Kids Abuja, [FCT] - Children from orphanage homes were welcomed this holiday season as part of Jabi Lake Mall’s corporate social responsibility (CSR) initiatives. Jabi Lake Mall is a popular shopping and entertainment destination in Abuja for both locals and tourists, with a wide range of dining and entertainment options like a large cinema complex, a children’s play area, and a fitness center.s Over 300 kids attended holiday events at Jabi Lake Mall from December 25 to December 27.

These events included hangouts with Santa, where kids got to open presents, play games, sing carols, and participate in crafts, fun activities, and educational activities to help them form healthy relationships with their friends and families.

The various brands housed in Jabi Lake Mall worked to support the holiday season’s activities by organizing and distributing goods to underprivileged children and orphanage homes as well as share basic care and supplies to families.

The goal of the event, according to the administration of the mall, is to give the kids a special and pleasurable holiday experience.

According to Abiola Oparinde, Marketing Manager, Jabi Lake Mall, “We believe that every child deserves to enjoy the delights of the holiday season, regardless of their circumstances.” “We intend to make this an annual tradition for the mall. We are thrilled to be able to give these kids a fun and festive day out.”

Boosting Retirees’ Pensions Through Pension Enhancement Initiative One of the most laudable initiatives introduced by the National Pension Commission (PenCom) is the periodic enhancement of pensions for retirees under the Contributory Pension Scheme (CPS).

PenCom had, in a bid to boost retirees’ monthly pensions, conducted a comprehensive analysis of the Retirement Savings Accounts (RSAs) balances of retirees under the Programmed Withdrawal (PW) mode in 2017. The outcome of the study indicated that the returns generated by the PFAs on the RSAs of the majority of the affected retirees were adequate PENCOM DG, Aisha Dahir-Umar to enhance their as there is sufficient growth in the RSA monthly pensions.

Indeed, the study’s outcome emanated due to return on investment.

Significantly, PenCom has announced from the conservative assumptions on returns on investment adopted by PenCom 1 February 2023 as the commencement in the PW template for the computation of date for the third edition of Pension benefits. In reality, returns on investments Enhancement under the CPS. The exercise outweighed the assumptions, creating a will be concluded by 31 July 2023. The reserve for retirees. Thus, the RSAs of exercise is for existing retirees under most retirees had experienced significant programmed withdrawal who have growth over the years due to the high accumulated significant growth in their returns posted by PFAs despite the monthly RSAs. Based on the analysis of retirees’ data, PenCom determined that 111,187 pension payouts.

The Maiden Pension Enhancement, retirees qualify for the third edition of conducted in December 2017, covered pension enhancement. When implemented employees who retired on PW mode from February 2023, the 111,187 retirees’ between July 2007 and December 2014. The pension would increase by N392.19 milanalysis undertaken by PenCom revealed lion monthly from N6.83 billion to N7.22 that 64,076 retirees had sufficient growth in billion. The Commission encouraged all their RSAs to warrant an upward review eligible retirees to contact their PFAs to of their monthly pensions. The eligible complete all required documentation.

During the previous pension enhanceretirees benefited from an enhanced monthly pension totalling N303 million. ments in 2017 and 2020, PFAs reported Further to the successful maiden pension difficulty in contacting some retirees due enhancement exercise, PenCom obtained to changes in residential address. It is the necessary approvals to conduct the therefore, important for retirees to update their PFAs with their latest contact details. enhancement every three years.

Meanwhile, implementing Pension The second edition of the Pension Enhancement was conducted in February Enhancement by PenCom is a significant 2020. The exercise covered employees indicator that the CPS provides better retirewho retired on programmed withdrawal ment opportunities. Pension Enhancement is between July 2007 and December 2017, a means of adjusting the periodic income of and 86,108 retirees whose RSAs recorded retirees against the erosion of their pension sufficient growth benefited from the en- by inflation. It also solves the problem hancement. The eligible retirees benefited of low pensions. Pension Enhancement is from an aggregate enhanced monthly another clear departure of the CPS from pension of N444 million. A remarkable the Defined Benefits scheme of the past, development noted from the 2nd edition where retirees were stuck with a fixed was that out of the 86,108 retirees eligible amount of pension for life.

It is imperative to state that PenCom for the enhancement, 40,084 had benefited from the maiden exercise, while 46,024 RSAs assures its stakeholders of the safety of were newly enhanced. The implication is pension funds and that reasonable returns that under the CPS, a retiree’s pension on investment are being realised for the could be increased several times as long benefit of retirees.

29

MONDAY, JANUARY 2, 2023 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Osunkoya: 2023 Will Be Interesting, Inflation Will Begin to Moderate Co-Managing Partner and Chief Executive Officer, Comercio Partners Asset Management, Tosin Osunkoya in this interview speaks about the performance of Nigerian economy and what may likely happen in 2023. Excerpts What is your assessment of the Nigerian economy in 2022 especially in terms of your projections or expectations for the year? t the beginning of the year, we had a slightly bullish outlook for 2022 on the back of the recovery from Covid, we thought that the supply shock or demand supply imbalance will moderate, and we will begin to see economic activities picking up in 2022.

However, what nobody thought about was the Russia-Ukraine war and the fact that Covid was still a problem in China. These twin factors and their impact on global energy and food prices left Africa feeling the brunt. Both countries are major suppliers of agricultural products, particularly wheat, to Europe and the rest of the world. The outbreak of the conflict exacerbated already brewing inflationary pressure on global food prices. And because Africa is not immune or isolated from what is happening globally, one way or the other, they would be affected and that in a sense includes Nigeria as well.

What has happened from February till date is that all or most of the countries are fighting inflation. So, countries are not thinking about how to promote or stimulate economic activities, their major focus has been how to address inflationary pressure. Therefore, as a Central Bank Governor, you look at price stability and how to stimulate the economy. But if you are caught between these two, you will need to tackle what hurts the economy the most. And in the case of the United States, which is the biggest economy in the world, what hurts them and still hurts them right now is inflationary pressure; the prices of goods and services are moving up, and they need to address that and that filters into so many other countries. In Europe as well, the European Central Bank (ECB) is fighting inflation. Nigeria, as well as other African countries, is fighting inflation.

In Ghana today, inflation is about 50 per cent, so no country is exempt.

Similarly, inflationary pressure has affected asset prices, it has brought down the purchasing power of the average citizen, whether as a citizen of Kenya or Ghana, or even an American citizen, it has affected their purchasing power because when the prices of goods and services move up, what you have as disposable income cannot buy as much as you should be able to in an ideal economy. Inflation, this year, has been the bane of most markets.

comfortable moving their money into the U.S. because they know that the risk there is minimal compared to Africa or to Nigeria.

A

So how would you assess the performance of the economy in light of these issues?

You could look at the performance of the economy in two ways and I will take a cue from what I had said earlier which is, you examine the performance of the economy in terms of its Gross Domestic Product (GDP).

Nigeria has done fairly well relative to some other countries in terms of its GDP. Our GDP grew by 2 to 3 per cent in 2022.

But on the other hand, Nigeria has not benefited from the rally in crude oil prices.

Nigeria, as an oil producing country, like Saudi Arabia, Russia, Norway and even Angola should have benefitted from the high crude oil price. However, we haven’t taken advantage of the high crude oil price because our production has been struggling. Our crude oil production level is about 1 million to 1.2 million barrels per day. Ideally, we should be producing at a capacity of 1.8 million barrels.

And that in a way will affect accretion of foreign earnings into our external reserves.

If we were producing up to capacity, we would have seen our external reserves move up to $40billion or above $40billion and that could support our currency. Because of our currency challenges, this year alone, our reserves have dropped by 40 to 50 per cent and this has affected Micro, Small and Medium Enterprises (MSMEs). It has also affected the purchasing power of the ordinary citizen in the country because you have imported inflation. If your currency depreciates and you are an import dependent country, you suffer a lot. An import dependent country will want their currency to appreciate because that makes their goods a lot more competitive. America, Japan, are exporting countries. When they export their goods in an environment where the currency is relatively weak, it makes their products a lot more competitive. But if you are a country that imports a lot of your goods, your import bill rises, your currency depreciates and this affects the price, and that means you are actually importing inflation into the country.

Osunkoya Therefore, in 2022 we suffered a lot in terms of currency depreciation and inflation.

Inflation started this year around 15% to 16%, now we are above 21 per cent. Consequently, this year has been a very challenging year and we have not experienced any significant Foreign Direct Investment (FDI) or Foreign Portfolio Investment (FPI) coming into the country. FDIs have been stunted obviously because it is the eve of an election year, so you see a lot of investors shying away from coming into Nigeria. Even those that are short term horizon investors that come into the equities or fixed income market to buy or play around the market in one, two, or at most three months, and get out, are not really keen on coming into the country because of the currency situation and the liquidity scarcity in our FX market. We have a lot of them queuing up to buy forex to repatriate out of the country, which discourages a lot of them from bringing forex into the country.

So, it’s been a myriad of challenges in 2022 if you ask me. The only thing I can say we can boast of is the growth in GDP and the non-oil sector’s significant contribution to the growth in GDP. Would you describe 2022 as a good or bad year for the investment community and what is the basis for your answer?

I think it depends on where you sit on the side of the aisle. For some people it was not a good year especially if you had any dollar denominated asset. If you had a dollar denominated asset and the asset is not as a result of you converting Naira to Dollar.

If you had converted Naira to dollar, you could say conversion of Naira to Dollars has helped to cushion the effect of the assets you invested in either US equities or Eurobond or some other foreign denominated assets out there.

Most of the foreign denominated assets out there, have actually been deflated by almost 40 to 50 per cent. So, most people have lost money in some of those dollar-denominated assets in terms of pricing of those assets.

But because you have converted naira to dollars to buy those assets, you could, net to net, be okay.

In terms of local investment however, most of the local investment especially the traditional asset classes have not done well. The equities market started the year very well but by the third quarter and fourth quarter, we started seeing a reversal of that upward trend. At a time, the equities market year to date was about 14 per cent. Now, it is about 2 to 3 per cent year to date. That means you have lost a lot of money during the course of the year. So, what has happened is, towards the close of the year, we saw yields on treasury bills coming up, as well as FGN Bonds. This could move you into 2023 with a positive

sentiment of getting a good deal on your money in local investment. One asset class that I hope you have positioned yourself very well is properties. So, properties in the year, ironically, have done well. If you have properties, and you bought them in choice or prime areas, you would have made up to 20 or 30 per cent during the year, which I think is a very decent return if you have investment in Naira.

But investments in dollars have not really done well. I mean investment in traditional foreign assets such as U.S. equities, Eurobond, et cetera. I will give you an example, for U.S. equities, most Nigerians are comfortable with the big tech companies, the likes of Tesla, Google, Amazon or even Metaverse, that is Facebook. These shares have depleted in assets and have nosedived between 30 to 70 per cent in 2022. If we are talking about the upside, I know that Meta has experienced 70 per cent depletion in value, Tesla has experienced about 60 per cent as well, Amazon maybe about 30 or 40 per cent. So, if you had invested in some of those U.S. equities when their prices were high you would have lost a lot of money in terms of the value or percentage, you would also have lost some of your portfolio. Eurobond is the same thing as well. If you had invested in the likes of Ghana for instance, or even in Nigeria, a 10-year instrument in Nigeria when we started this year was trading around 8 or 9 per cent but there was a time it actually got to 15 per cent. So, from 9 or 10 per cent it went up to 15 per cent, you would have lost about 34 per cent of your portfolio if you had bought at 9 or 10 per cent. So traditional assets in terms of Eurobond and equities year-to-date, have lost about 40 to 50 per cent. The only compensating factor would be the fact that when you invested in those instruments, you converted naira maybe at N600/$, we opened the year at about N575/$ and now it’s about N740 to N750 per dollar, you would have gained from the depreciation of the Naira.

But I think that going into 2023, by and large, what has happened is because of the rise or the continuous hike in interest rate by the Fed, Nigeria is not absolved from what is happening globally. So, the U.S. government, because they need to tame inflationary pressures, they continue to hike interest rates. The last one they did yesterday, about 50 basis points, takes their Fed Fund to about 4.5 per cent and they are looking at a terminal rate of about 5.0. Due to these increments, you see capital moving away from developed countries or moving away from emerging countries or frontier markets into the U.S. market, because they are comfortable buying U.S. treasury bills at those rates. A 10-year US treasury was trading initially at 4.1, 4.2, 4.3 per cent, it is back down now to 3.5. Most investors feel

Inflation and forex scarcity were major challenges to the economy and Nigerians in 2022, do you see a moderation or worsening of these challenges in 2023?

I think 2023 is going to be an interesting year.

I think inflation will begin to moderate. I think moving into the first quarter of 2023, we will peak inflation and will begin to see moderation for two reasons.

One reason will be that the base effect will come into play. Then energy prices and food prices will begin to moderate. I think that there are nuances between Russia and Ukraine trying to soft pedal. Though nobody has come forward to say that “oh we are dropping our war tools”.

But I think it was last week that Ukraine sent another shipment of grains into Europe. So obviously they are thinking or saying, yes there is still war, but we still need to earn money to survive. So, I think we would begin to see that moderation coming into 2023.

I also think that the Fed or the U.S. government will begin to taper the incessant hike in interest rate. Consequently, you will see asset prices beginning to move up. There will also be a rally on Eurobonds, as well as on U.S. equities. And when that happens, even in the local country, there will be some form of respite. I foresee the traditional assets class moving up as well.

The local equities in Nigeria, I think, will pick up and I will tell you why. You have an interest rate on our government securities in double digit right now, between 14 and 15%, so the banks technically will benefit from that. Secondly, because of the redesigning of the currency and after the announcement, some of the money that was outside banking circulation. has come into the banks. That means the deposit of banks will go up. When the deposits of banks go up and it is a rising interest environment, it accounts for some reward for the banks. So, I see the banks’ earnings moving up as well. And when the banks’ earnings move, the movement in the banking sector will filter into FMCG or into Oil & Gas. Therefore, I see Nigerian equities doing well in terms of earnings.

I see Q1 2023 numbers doing better, I see Q2 showing better numbers as well. When that happens, you will see the capital market moving up because of the good numbers coming out of Q1 and Q2.

You might see the fixed income market easing up in terms of yields because of the liquidity we are experiencing in Q1. We will see trillions of liquidity coming in Q1, and you will see those monies going after the bond market. And when the bond market goes down, people will naturally move into the equities market. So, I see the equities market doing well in the first two quarters of 2023.

In terms of inflation, I think inflation will moderate. In terms of exchange rate, what I see, as we move towards the election, will be the parallel market trending towards N800/$, I hope it does not break at N800/$. But I think that it is not going to stay there. I think there is going to be a retracement because it is a one-off event, there is no real demand backing it up. The demand is a temporary demand because of the election.

Consequently, after the election, I think it is going to come down depending on what the FG or the CBN decides to do, I think there is going to be a retracement. Most of what will happen will be driven by speculators.

Do you see the FX scarcity continue throughout next year?

I think the FX scarcity will continue into the first two quarters. But I think in Q3 and Q4, there will be some stability; we may not see it going below N700/$. There has been a level now because even in the last few weeks, we saw FX rate retracing back below N700/$. But there is technical support around N700/$.

Some people still think that the currency at N700/$ is a good buy and the reason why they are saying that is because they are looking at the long-term outlook of the currency. The long-term outlook of the currency is that to be honest, Naira will continue to depreciate. We are not a producing country. We are heavily dependent on importation. So, our import bill will continue to be on the rise. What could give respite to this is the Dangote Refinery coming on stream and the FG having the will to suspend fuel subsidy. If they suspend fuel subsidy, it will in a way reduce the pressure on currency and on the Naira. And since Dangote Refinery, hopefully is going operational, fuel

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BUSINESSWORLD

INTERVIEW

Osunkoya: 2023 Will Be Interesting, Inflation Will Begin to Moderate that we have been importing can be done locally, which takes out the burden on the Naira. If that is not done, we will continue to see the pressure on the Naira.

The supply of FX into Nigeria is also very germane. If we don’t have FDIs and FPIs coming into the country, we will continue to suffer. So, the silver bullet is not just Dangote Refinery, the silver bullet is Nigeria attracting FDIs and FPIs. There was a time when we were experiencing about $5 billion FDI and FPI, which has completely gone down to about $500 million or $1 billion. And you could see that, because the Fed and other central banks are doing quantitative tightening, money is not moving around as it should. But the money moving around is not even coming into Africa, particularly into Nigeria because the investors do not see a clear line of direction or picture of where the country is going. So hopefully with the new regime of government coming in, the first thing I will expect them to do is to put in policies that will attract FDIs. Europe today is complaining that they are heavily reliant on Russian Gas from Nord Stream. Nord Stream has about 1200 km pipeline from Russia into Germany. Nigeria now is talking to Morocco to see how they can build a 5,600km gas pipeline into Europe.

If that is taken seriously, it will not happen overnight because it took Russia about 10 years to complete theirs. And these are countries that are very serious and highly organised. So, if we are saying we want to build something like that, I hope we can build it in five to ten years. The point is that we need investment to come into the country. I am not sure that NLNG will build that, they need to invite other investors to build that. When that happens, it is going to bode well for Nigeria because that will attract foreign investments, foreign earnings because we are now an alternative to Russian gas for Europe. I hope that would happen and if it does, we will begin to reap a lot of benefits. And the production of our crude oil is also coming up, Forcadoes has reopened, and we are doing about 400,000 to 600,000 barrels now. I think we should gain some accretion to the external reserves.

Hopefully, there will be a new government come May 29, 2023. What are your recommended first 100 Days policy priorities for the incoming administration?

I think for the first 100 days I will look at three major issues the new government should deal with. One is security. Security has also affected harvest in the North and because the North controls or influences our food production and distribution, it is important for them to tackle that in a way that will help food prices, and that could moderate your overall headline inflation. Another thing they need to tackle is restoring confidence not just to the local market but to foreign investors as well. The foreign investors have lost confidence in Nigeria in terms of policies and in terms of the direction of our currency. And not only them, but also the local investors or wealthy citizens have lost confidence in our currency and that is why you see them converting Naira into Dollars.

You need to deal with that immediately. They need to come up with policies that will restore confidence to the local investors and foreign investors. When that is done, you will see that there will not be any capital flight, and when I say capital flight, I am not talking about foreign investors taking money away but local investors taking money away. There must be policies that will drive local investment in Nigeria. And when that is done you will see foreign investment coming in.

Then the last one I think is, there must be a strategic plan and they need to map that plan out, that this is what we intend to do in the next three to five years. Power, I think, is still germane to everything we have been talking about.

If you want to address power, you must be clear how you address power b e c a u s e without power you cannot s u p p o r t SMEs. Most economies depend on SMEs. Today we celebrate BMW from G e r m a n y, Samsung from South Korea, Range Rover from England, but initially they were SMEs but over the years they have built a brand.

So, we need to start promoting our SMEs and empowering them. And empowering them means that you need to give them that power, the infrastructure that will support their businesses.

It is not enough to just do intervention because the CBN, and the FG t h r o u g h all their schemes, have been empowering and supporting them. But when they support you with cash, what you need for your business to thrive is much more than cash, you also need infrastructure, the market that will drive demand for whatever product or services you are o f f e r i n g .

When you don’t have that infrastructure

“You could look at the performance of the economy in two ways and I will take a cue from what I had said earlier which is, you examine the performance of the economy in terms of its Gross Domestic Product (GDP). Nigeria has done fairly well relative to some other countries in terms of its GDP. Our GDP grew by 2 to 3 per cent in 2022.” and they give you cash, this only means you are adding to the debts that you have because the market is not there.

They not only need to support them by giving them cash by way of intervention, but they need to address the infrastructure problem namely power and every other infrastructure that we need to address.

And that would drive demand, when that drives demand, we will see these SMEs thriving.

Besides the anxiety and uncertainty among investors about the general election, what opportunities do you see in 2023 for investors to make money and strategies should they adopt to leverage these opportunities?

Warren Buffet says, “you get greedy when others are fearful, and you get fearful when others are greedy”. We are in a moment when people are fearful, and we see a lot of people selling their assets because prices are going down.

This is when investors with cash will begin to pick some of those assets that have gone to year low, all time low or a decade low. In doing this, you need to partner with professionals like Comercio Partners that can handhold you and tell you which of those assets you should buy into.

I think stop losses in some of these assets are being bridged and when stop losses are bridged, you see organisations and individuals who have risk management parameters saying, “this is my allowable loss limit, let me just sell and get out of this market because I don’t know where it is going”. But when that happens it opens up opportunities for some other investors to buy but you can only buy when you have cash.

They will tell you that cash is trash but now cash is king. So, you need to ask yourself, “the cash I have now, which of the assets should I go into?”

If Tesla today has depleted by 50 to 60 per cent, you ask yourself how further down it can go especially when the Fed will begin to taper by Q1, Q2 next year.

It means this is the best time to go into Tesla. Let us take GTB or Zenith Bank or Presco or Okomu Oil or even MTN in

our local market, they have done well but their prices have nosedived. Their prices right now are very attractive. But the reason people are not buying now is because people are scared.

So Warren Buffet says that you should be greedy when people are scared, so this is the best time for you to pick those stocks.

When you look at the dividend yield on GTB and Zenith, these two stocks right now are trading around 20 to 21 per cent, the dividend they pay out is around N2.7 to N3 this year. That gives you effectively a yield of 10 to 12 per cent, which is an interesting yield. So, you look at that, you look at Okomu and a few other shares I think will give you a good dividend yield in 2023 and you are buying them at a very low price. In 2023, for you to

take advantage of those opportunities you must have cash, fresh cash. I am not talking about you trying to sell your position and coming back, no, it must be fresh cash. That cash will give you the opportunity to buy at a very cheap price. At Comercio Partners, what we have been advising our partners, especially i some of those assets is, the entry point is also important, so right now Fed has increased interest rate by 50bps, and we think at the next meeting they might increase by 50 or 25bps. At Comercio Partners, we tell you to chill and wait for the time to buy. This is why I said you must always have a professional handholding you.

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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T H I S D AY ˾ DAY, JANUARY 2, 2023

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Grim Start to 2023, Sirens Wail Over Ukraine Russia launched new airstrikes across Ukraine on New Year’s Day, but Ukrainians cheered from their balconies in Kyiv as their forces shot down dozens of incoming Russian missiles and drones as the clock ticked into 2023.

Ukraine’s Air Force command said it had destroyed 45 Iranian-made Shahed drones overnight, 13 late Saturday and another 32 in the first hours of the new year.

Russian President Vladimir Putin vowed a renewed fight against Ukraine in a war in its 11th month, with 31 missile attacks and 12 airstrikes across the country at the year’s end.

As sirens blared in Kyiv, the Ukrainian capital, some people shouted from their balconies, “Glory to Ukraine! Glory to heroes!”

In a New Year’s Eve address, a stern-faced Putin told a group of military officials in Moscow, “The main thing is the fate of Russia. Defence of the fatherland is our sacred duty to our ancestors and descendants. Moral, historical righteousness is on our side.”

Ukrainian President Volodymyr Zelensky delivered his address in near darkness in front of a fluttering Ukrainian flag. He cast the past year as a time of Ukrainian resolve.”

Nine Dead in New Year’s Stampede in Uganda

Ugandan police are investigating a stampede that occurred at a New Year’s Eve event in Kampala and resulted in the deaths of at least nine people, including several children.

The deadly crush occurred outside the Freedom City Mall, which hosted an event marking the New Year. According to police, at midnight, the master of ceremonies encouraged attendees to go outside and watch the fireworks display.

Lucas Owoyesigyire is the deputy spokesman for Kampala Metropolitan Police.

“After the display ended, a stampede ensued, resulting in the instant deaths of five people and injuries of several others. Emergency responders arrived on the scene and transported the injured individuals to the hospital, where nine were confirmed dead,” he said.

Haji Kimera, whose two grandchildren died in the stampede, spoke to VOA by phone.

“He says, the children, one had been promoted to grade seven and the other to grade six. He says their father had taken them to Freedom City,” said Kimera.

Millions of Ugandans joined the rest of the world to usher in 2023, the first time the New Year was welcomed with large festivities after two years due to COVID-19. .

Kabul Checkpoint Bomb Blast Kills, Wounds Several

A bomb exploded near a checkpoint at Kabul’s military airport Sunday morning, killing and wounding “several” people, a Taliban official said, the first deadly blast of 2023 in Afghanistan.

No one immediately claimed responsibility for the attack, but the regional affiliate of the Islamic State group — known as the Islamic State in Khorasan Province — has increased its attacks since the Taliban takeover in 2021. Targets have included Taliban patrols and members of Afghanistan’s Shiite minority.

The military airport is around 200 meters (219 yards) from the civilian airport and close to the Interior Ministry, itself the site of a suicide bombing in October that killed at least four people.

Interior Ministry spokesman Abdul Nafi Takor said the blast left several people dead and wounded. He gave no exact figures or further information about the bombing, saying details of an investigation would be shared later.

Although Taliban security forces prevented photography and filming directly at the blast site, the checkpoint appeared damaged but intact. It is on Airport Road, which leads to high-security neighbourhoods housing government ministries, foreign embassies and the presidential palace.

A spokesperson for the Kabul police chief, Khalid Zadran, was not immediately available for comment..

Record 45,000 Migrants Made Channel Crossing to UK Last Year

More than 45,000 migrants crossed the Channel to the UK from mainland Europe in 2022, surpassing the previous year’s record by more than 17,000, according to government figures released Sunday.

The issue has become a huge political problem for the Conservative government, which has promised to bring down illegal immigration and break the smuggling gangs that carry out the crossings.

In total, 45,756 people made the dangerous small-boat crossing of one of the world’s busiest shipping lanes last year, compared with 28,526 in 2021.

Four people died last month when a small boat

packed with migrants capsized in freezing temperatures in the Channel.

A fishing boat in the area plucked 43 people from the frigid waters.

That incident occurred just over a year after at least 27 people drowned when their dinghy capsized, a disaster that sparked soul-searching on both sides of the Channel.

2022 also saw the highest-ever single-day total of migrants making the crossing, with 1,295 making the journey on August 22.

Lula Sworn In as President to Lead Polarised Brazil

Brazil’s Luiz Inácio Lula da Silva has been sworn in as president in the capital, Brasilia, assuming office for the third time after thwarting outgoing incumbent Jair Bolsonaro’s reelection bid.

Lula was president from 2003-2010, and his return to power marks the culmination of a political comeback that is both thrilling supporters and enraging opponents in a fiercely polarised nation.

His presidency is unlikely to be similar to his previous two mandates, coming after the tightest presidential race in more than three decades in Brazil and resistance to his taking office by some of his opponents.

The leftist defeated far-right President Jair Bolsonaro in the October 30 vote by less than two percentage points. For months, Bolsonaro had sown doubts about the reliability of Brazil’s electronic vote, and his loyal supporters were loath to accept the loss.

Many have gathered outside military barracks since, questioning results and pleading with the armed forces to prevent Lula from taking office.

His most die-hard backers resorted to what some authorities and incoming members of Lula’s administration labelled acts of “terrorism” – something the country had not seen since the early 1980s and which prompted growing security concerns about inauguration day events..

International Politicians Are Sponsoring Iranian Prisoners

Politicians in several European countries and Canada are sponsoring Iranian prisoners.

The lawmakers’ sponsorship means they are using their political heft to communicate with Iranian ambassadors, other politicians and human rights organisations to bring attention to the plight of individual Iranian prisoners.

The hope is that the attention given to the prisoners will prevent Iranian judges from handing down harsh sentences, including the death penalty, in trials that are often not open to the public.

Families whose loved ones have been arrested in Iran often do not know where their family members are being held or what conditions their family members may have suffered while

detained.

Iran has been gripped with protests since the death of a young woman who died in custody after being detained by Iranian forces for wearing her headscarf improperly.

UN Official, Taliban Deputy PM Discuss Women NGO Ban

A senior UN official in Afghanistan met the deputy prime minister of the Taliban-led government Sunday to discuss a ban on women working for non-governmental groups that Afghan authorities have announced in a series of measures rolling back women’s rights.

The decision by the Taliban government to bar women from NGO work has prompted major international aid agencies to suspend operations in the country. The ban has raised fears that people will be deprived of food, education, health care and other critical services, as over half of Afghanistan’s population needs urgent humanitarian assistance.

Aid agencies have warned the ban will have catastrophic consequences and “hundreds and thousands” of Afghans will die because of the Taliban decision.

The deputy head of the UN Mission in Afghanistan, Markus Potzel, met Maulvi Abdul Salam Hanafi in the capital Kabul to discuss the ban and other measures including barring women from universities.

“Banning women from working in nongovernmental organisations, denying girls and women from education and training, harms millions of people in Afghanistan and prevents the delivery of vital aid to Afghan men, women and children,” the UN mission said.

Potzel is the latest UN official to meet the Taliban’s leadership amid mounting international concern over the curtailing of women’s freedoms in Afghanistan.

Death of Ex-Pope Benedict Overshadows New Year at Vatican

Pope Francis marked the Roman Catholic Church’s traditional World Day of Peace on Sunday but the start of the new year at the Vatican was overshadowed by the death of his predecessor, Benedict.

Francis presided at a Mass in St. Peter’s Basilica as the body of Benedict, who died on Saturday at the age of 95, was being prepared for three day of public viewing in the same church starting Monday.

In accordance with Benedict’s wishes, his funeral on Thursday will be simple, solemn and sober. It will be the first time in many centuries that a sitting pope will preside at the funeral of his predecessor.

Benedict, who stepped down in 2013, had been the first pontiff in 600 years to resign.

January 1 is also the feast of the Mother of God, and in his homily, Francis asked the Madonna to accompany “our beloved” Pope Emeritus Benedict “on his passage from this world to God.” Benedict was also remembered in one of the prayers at the Mass.

Francis also appealed for peace, alluding to war-torn countries, including Ukraine, where Russia continued intense attacks on New Year ’s Day...

Philippine Airport Now Accepting Flights

A man with a machete attacked three police officers amid New Year’s festivities Saturday night in New York City.

The 19-year-old man struck two of the officers and attempted to strike the third. One of the officers managed to shoot the attacker in the shoulder during the incident near Times Square.

All three officers were hospitalised and are reported to be in stable condition. The New York Times reported that one of the officers who had just graduated Friday from the police academy suffered a skull fracture and a large laceration. The other officer also has a laceration.

Blinken Discusses US-China Relationship in Call With China’s Qin

US Secretary of State Antony Blinken spoke with incoming Chinese Foreign Minister Qin Gang over the phone Sunday, Blinken said on Twitter, after China last week appointed its ambassador to the United States to be its new foreign minister.

Blinken said he discussed the USChina relationship and maintaining open lines of communication in his phone call with Qin. China on Friday appointed Qin, its ambassador to the United States and a trusted aide of President Xi Jinping, to be its new foreign minister as Beijing and Washington seek to stabilise rocky relations.

Qin, 56, replaces Wang Yi, who had been foreign minister for the past decade. Wang, 69, was promoted to the Politburo of the Chinese Communist Party in October and is expected to play a bigger role in Chinese foreign policy.

Though Qin sounded optimistic about US-China relations during his relatively brief, 17-month stint as ambassador in Washington - his predecessor had held the post for eight years - his tenure nonetheless coincided with deteriorating ties between the two superpowers.

Wang’s stint as foreign minister saw a sharp rise in tensions between Beijing and Washington on a wide range of issues ranging from trade to Taiwan.

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T H I S D AY ˾ MONDAY, JANUARY 2, 2023

HOMES&DESIGN

A & A Towers: Premium, Prestige And Purpose in Eko Atlantic City A&A Towers is a premium apartment complex in Eko Atlantic City’s OceanFront District. It is centrally positioned in the city, allowing easy access to all regions. A&A Towers features modern, spacious apartments, cafés, restaurants, and recreational amenities. Bennett Oghifo writes

A

& A Towers is an upscale live, work, play and shop skyscraper located on the blissful and serene waterfront side of the Atlantic Ocean. It is fondly called the pride of Eko Atlantic city, strategically located within the innovative new metropolis. This elite oceanfront district is one of 10 expertly created residential and business zones. The oceanfront neighbourhood, located near Eko Atlantic’s commercial sector and Lagos’ new financial centre, offers

fashionable and premium seaside living with many state-of-the-art amenities and facilities in a curated, smart community maximized for optimal living conditions.

Promoted by Arkland Properties & Investment Co. Ltd., the A&A Towers is a development consisting of two and three-bedroom homes, shops and offices constructed to the highest specifications.

Specifically, A&A Towers is designed to have 98 units, including 1,2- and 3-bedroom apartments and

very high-end furnishings.

According to the developer, A&A Towers is part of a long-term plan to build exceptional houses appropriate for this spectacular location in a world-class city. It’s a reinterpretation of top-tier city living, a crossroads where sass and innovation meet in the middle. “A stone’s throw away from the Atlantic Ocean”, A&A Towers, designed by the renowned Turkish architect, Atilla Ilhan, is an exciting development.

Throughout its entire cycle,

A&A Towers will be environmentally responsible and resource-efficient. It will positively impact the environment and its residents in terms of design, building, operation, maintenance, and renovation.

With its majestic facade, gorgeous architecture, attractive landscape, and fantastic vistas, this is a genuinely remarkable location to call home. A&A Towers combines a lush environment and cutting-edge construction science for a world-class standard, sharing in the peacefulness of important trends.

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MONDAY, JANUARY 2, 2023 ˾ T H I S D AY

BUSINESSSPECIAL

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

As Clock Ticks for Return of Old Naira Notes Obinna Chima writes on the need for bank customers to comply with the January 31, 2023 deadline for the return of old N200, N500 and N1,000 banknotes fixed by the Central Bank of Nigeria

New Naira notes

W

ith exactly 28 days to the January 31, 2023 deadline fixed by the Central Bank of Nigeria (CBN) for the withdrawal of old N200, N500 and N1,000 banknotes from circulation, it is expected that bank customers would utilise the next few days to comply with the directive.

Expectedly, the October 26, 2022 announcement by the CBN Governor, Mr. Godwin Emefiele, to redesign the naira and the deadline for the return of old banknotes fixed has continued to attract mixed reactions with politicians in particular crying foul.

The exercise, which is coming on the eve of the 2023 general elections had been criticised as politically motivated by a section of the political class.

For instance, the Senate last week urged the central bank to extend the withdrawal date of old currency notes from January 31 to June 30, 2023. The Senate resolution was sequel to a point of order raised by Senator Mohammed Ndume (APC-Borno) during the plenary last Wednesday.

Raising Orders 41 and 51 of Senate Standing Rule, Ndume had said the call for extension of the date should be considered as a matter of urgent national importance in order to forestall imminent hardship on Nigerians.

Ndume had said, “This senate notes that many Nigerian banks on Thursday, December 15, opened their vaults to customers and depositors to exchange their old currency for the newly redesigned currency which has a stipulated deadline of January 31.

“Some Nigerians are already envisaging long queues in the banking hall across the country as a result of people trying to get access to the new naira note.

“The old notes are expected to be in circulation along the new ones until January 31 when the old ones are expected to be phased out.

“It is expected that many Nigerian businesses will start to rig the old notes as soon as banks start paying redesigned notes to customers.”

The lawmaker had also said access to the new notes would be compounded by recent circular by the CBN which limited the amount of cash withdrawal by corporate entities to withdraw within certain period of time.

In his contribution, Senator Adamu Aliero (PDP-Kebbi), also said it was true that in rural areas, people were not even aware that there was going to be currency change.

“So this motion is very apt and timely. If we insist on the date given by CBN, it will cause a lot of hardship for our rural dwellers.

“Majority of our people live in rural areas where there are no banks and PoS. It is appropriate we extend the time as suggested in the motion,”Aliero said.

Notwithstanding the resolution of the Red Chamber, it is instructive to note that just like most central banks around the world, the CBN enjoys operational and monetary policy independence. Therefore, the Senate cannot decide how the apex banking sector regulator would go about its activities.

Section 19 of the CBN Act 2007 empowers the apex bank to issue national currencies in, “such forms and designs and bear such devices as shall be approved by the President on the recommendation of the Board.”

Buhari had on two occasions expressed support for the naira redesign policy and had urged the central bank to continue with the policy. He had also highlighted potential benefits of the policy, saying he did not consider the period of three months for the change to the new

Emefiele notes as being short.

According to him, “people with illicit money buried under the soil will have a challenge with this, but, workers, businesses with legitimate incomes will face no difficulties at all.

“On this change of currency, there will be a lot of money but time has been given, three months is enough for whatever money you have, to get it changed through the legal system. So, I don’t know why people are complaining about it.”

So, the central bank must not once more bow to the pressure from the National Assembly.

The CBN governor had explained that the decision to redesign the naira denominations was aimed at checking the increasing ease and risk of currency counterfeiting evidenced by several security reports and the increased risk to financial stability as well as the worsening shortage of clean and fit currency, with the attendant negative perception of the central bank.

Other reasons adduced for the exercise were the need to control currency in circulation – with 80 per cent outside the vaults of commercial banks.

He pointed out that as of September 2022, a total of N3.2 trillion was in circulation, of which N2.73 trillion was outside the vaults of the banks.

The scenario was particularly troubling given the country’s high rate of inflation and foreign exchange challenges.

Also, Emefiele recently said the Nigerian payment system had recorded significant achievements since the introduction of the cashless policy in 2012.

The CBN governor, who was represented at a public hearing with the House of Representatives,

by Deputy Governor, Financial System Stability (FSS) Directorate, Dr. Aisha Ahmad, said following the successes achieved in the payment system, Nigeria had been adjudged Africa’s undisputed real-time and digital payments leader, with over 3.7 billion real-time transactions in 2021.

He also pointed out that electronic banking adoption had significantly increased among the Nigerian populace while the cashless policy had further spurred policy innovation that had expanded the breadth and depth of financial system participants, transaction channels, and financial access points.

Emefiele told the lawmakers that CBN’s recent redesigning of the N1, 000, N500 and N200 notes and the nationwide implementation of the cashless policy were intended to further sustain the achievements in the payment system. This was in line with the quest to foster a safe, credible and efficient payment system that would be the pride of all Nigerians and the envy of the world, he stated.

He insisted that the cash withdrawal policy was neither targeted at any segment of the society nor intended to disenfranchise hardworking Nigerian citizens and businesses, as insinuated in some quarters.

Emefiele assured during the hearing in the House that the central bank would continue to monitor the implementation of its monetary policies and be flexible on the limits in response to feedback received.

He said, “We crave the National Assembly’s continued support as the bank continues its implementation of transformational payments

and financial industry initiatives in line with its mandate.”

According to him, the CBN’s October 26 pronouncement on the redesigning of some denominations of the naira and its circular of December 6 on the revised cash withdrawal limits and nationwide implementation of the cashless policy had elicited mixed reactions by the public, as keenly noted by the bank.

He said while a segment of Nigerians applauded the policies, others raised concerns, particularly with respect to the effect of the policies on the underserved and rural communities in Nigeria.

Justifying the naira redesign policy, Emefiele stressed that it would help control inflation, as the exercise would help mop up currency outside the banking system, thereby ensuring more reliable data on money supply, which will in turn facilitate better monetary policy formulation and effectiveness.

In addition, he said the policy would boost the appreciation of the naira, as the higher denomination and the volume of banknotes outside the banking system used to speculate on the currency would reduce.

Emefiele stated that the naira redesign programme would help fight banditry and terrorism, as the large volumes of cash used to pay ransom to bandits/ terrorists would be reduced.

He explained, “It will assist in the fight against corruption as the exercise would rein in the higher denominations used for this purpose and the movement of such funds from the banking system could be tracked easily.”

The CBN governor noted, “Despite the dominance of highly advanced payment systems, many countries carried out currency redesign to remain ahead of counterfeiters, ensure durability, fight corruption, and reduce the cost of currency management, among other reasons.

“It is against the backdrop of the foregoing that the CBN, in line with its statutory powers as enshrined in Section 2(b) and 19 of the CBN Act 2007, sought and obtained the approval of Mr. President to redesign and issue new series of naira notes in the N200, N500, and N1000 denominations.”

Commenting on the revised cash withdrawal limits, Emefiele noted that the CBN was not unmindful of the concerns raised in response to the new cash withdrawal policy and remained flexible to make the necessary adjustments to ensure wider public acceptance of the policy.

He said, “Consequently, we have reviewed the cash withdrawal limits upwards to N500,000 weekly for individuals (from N100,000) and N5,000,000 weekly for corporates (from N500,000). Furthermore, the applicable charges above the limit have been reduced to three per cent and five per cent, respectively.

“Mobile money agents who provide cash-in cashout services in rural areas have also been recognised and provided for in the revised guidelines.”

The redesign was also aimed at tackling votebuying by politicians given that inflation is often spiked-off during election.

The Director General of the Nigeria Financial Intelligence Unit (NFIU), Modibbo Turkur who commended the CBN for the policy of limiting currency withdrawal and the introduction of new

currencies, said the NFIU would seal up all government accounts in the early January 2023.

The NFIU boss had explained that most persons that engage in vote buying do so because of free funds at their disposal.

“With the activation and flag up of the accounts, any withdrawals we will be alerted and the report will be sent to the relevant agencies for action.

“We don’t arrest, but be rest assured that we will monitor all withdrawal of huge of funds that is done within the period of the elections. We will also activate flagging off the accounts of the candidates of the political parties and others under our radar.

“We will also strengthen the policy of the CBN, and with the non-cash banking economy, there would be no going on our flag up on cash withdrawals and the early warning system”, the NFIU Boss stated.

The Chairman of the Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, had stated that with the naira redesign and reissue policy, there was need for prompt disclosure of fraudulent activities through the exchange of relevant information about illicit deposits and movement of money through deposit money banks.

“In view of the recent move by the Central Bank of Nigeria to redesign and re-issue higher denominations of the Nigerian currency, the naira, there is a need for us to be proactive and be circumspect of the actions of the criminals who will use the financial institutions to launder illicit funds and commit other nefarious activities.

“It is important for you to understand what this policy is all about, considering the fact that a lot of activities will happen, particularly as the 2023 general elections approach. We want to work with you to get more information on how to deal with these issues,” he had told members of the Association of Chief Compliance Officers of Banks in Nigeria.

Bawa, who stressed that the EFCC believes that the financial institutions have an important role to play in ridding Nigeria of financial and economic crimes, also charged the banks’ compliance officers and BDC operators to be wary of activities of criminals who might want use the financial institutions to hoard monies for the purpose of vote buying.

He emphasised the need for financial institutions to take more seriously the issue of Know Your Customer and improve intelligence sharing with the Commission.

“The EFCC cannot do the job alone. We need to work with you as critical stakeholders, particularly in ensuring a seamless exchange of relevant information to forestall the commission of economic and financial crimes. We need better cooperation, synergy, collaboration, intelligence sharing and, if need be, joint operations with you.

“If there is better management, in terms of communication about the people bringing in monies or the modus operandi being used to disguise this origin of the monies, it will go a long way in tackling the issue of money laundering and financial crimes.

“You are very critical in the fight against economic and financial crimes. This is because at the end of it, money leaves the bank and money goes in, either for deposit or withdrawal,” Bawa said.

Therefore, there is need for Nigerians to support the currency redesign project which is in the overall interest of the economy.

T H I S D AY ˾ MONDAY, JANUARY 2, 2023

39

BUSINESS SPECIAL

ANALYSIS

Giving Abam Communities Facelift Obinna Chima writes on the intervention by the Unubiko Foundation in Abam community in Arochukwu local government area of Abia State

New Court Building

Old Court Building

T

he sleepy town of Abam in Arochukwu Local Government Area came alive during the yuletide due to interventions by the Unubiko Foundation.

The organisation during the period handed over a set of infrastructure single-handedly developed to the community.

In line with its objective of promoting infrastructure development in communities as well as in promoting justice and peace, the Unubiko Foundation on Tuesday, December 20th, 2022, hand over a newly built Amaelu-Abam Customary Court to the community.

Also, on December 25, 2022, the St. Andrew’s Presbyterian Church, Atan-Abam; the Atan-Abam Women Development Centre and the Ovukwu Abam Secondary School, Atan-Abam constructed by the Foundation were all dedicated and handed over to the community, a ceremony that attracted dignitaries from every part of the country.

All the projects were executed through the Unubiko Foundation. But the St. Andrew’s Presbyterian Church, was jointly built by the Founder, Unubiko Foundation, Chief James Ume and his uncle, Prof. Kenneth Kalu.

During the handing over of the multi-millionnaira court building, the President General, Abam Development Union, Mr. Mike Onwuchechekwa, stressed that the occasion was a historic milestone in the history of Abam.

He explained that the story behind the renovation of the court by Unubiko Foundation was inspiring, saying it rekindled in him the true spirit of self-help as he hailed Ume for the intervention.

“The news of the relocation of the customary court first broke as a mere rumour. Our executive sought to confirm the veracity of this information through our traditional rulers/Nde eze. Furthermore, our executive wrote a letter to the Abia State Customary Court of Appeal, duly signed by me and the secretary seeking clarification on the status of the customary court.

“He confirmed to us the relocation of the customary court to Ozu Abam, the reason being that the newly posted chairman and members of the court could no longer stay in the old and dilapidated court house.

He assured us that the court would be relocated as soon as it was renovated and made ready for use,” he added.

According to Onwuchechekwa, this made members of the Abam Development Union to reach out to illustrious sons and daughters of the community, soliciting for financial support for the project, but Ume’s Unubiko Foundation, when approached, chose to finance the project.

“A man of disarming humility, kindness and compassion, Ike Abam listened to us attentively as we made our case for the renovation of the customary court. When we finished, he asked us if we had any architectural design of our choice to which we responded in the affirmative and proceeded to hand over a design to him.

“As has become his trademark, he quietly informed us that he would single handedly bear the cost of the reconstruction. For our delegation, it was like a pleasant dream; God in his infinite mercy and grace had decided to wipe away our tears through one of our illustrious sons in the person of Ike Abam. Our gratitude on that day knew no bound,” he added.

Commenting during the handing over of the customary court, Ume said: “I have been doing a couple of things for Abam in Abia State and beyond through our Unubiko Foundation. I was called upon to address the challenge they were facing with the court and through the Unubiko Foundation, we decided to embark on this project. I am happy that our people received it well.

“I am not into politics and I am not contesting for office as you can see, but I have been doing quite a lot for my people. What we do at Unubiko Foundation is to serve humanity. I believe in every segment of the society, as individuals we can make our contributions and we don’t all have to be in politics to contribute.

Ume “I am also using this opportunity to encourage other Abams that have been contributing to the development of the community over the years to keep on with the good work they are doing for their people and I believe that at the appropriate time they would be celebrated,” he added.

The Chairman of the Council of Abam Traditional Rulers, Eze Ogbuka Origa, urged all Abam sons and daughters to emulate Ume. “We are here to celebrate him because of what he has done for the community. This our son has passion to reach out to Abams in every part of the world. His outreach has reached out to several areas and persons,” he added.

The Attorney General of Abia State and Commissioner for Justice, Chief Uche Ihediwa, charged communities to partner with government in the development of the state.

Ihediwa, who was represented by Mr. Kenneth Ogbonna, thanked Ume for assisting the government in building the customary court.

Also, on December 25th, the Unubiko Foundation handed over the state-of-the-art school built by the Foundation to the Abia State Government.

The school was initially constructed over 70 years ago, but just like most government educational facilities, due to lack of attention, it became dilapidated. When Unubiko Foundation was about to commence the project, most of the buildings had collapsed.

Also at the occasion, the philanthropist pledged a N20 million scholarship grant for students of the school, saying educating the children would guarantee development for the community and the state.

Labour Party Gubernatorial candidate in Abia State, Dr. Alex Otti, while speaking at the handing over ceremony, encouraged other well-meaning Nigerians to emulate Ume. He advised every successful Nigerian to seek to better the lives of those around them.

The Unubiko Founder who is also the Publisher of THE WHITSLER also handed over the reconstructed Presbyterian Church of Nigeria, Atan Abam Parish, same day. The Church was first planted in 1919 by Chief Eme Nkugba, a trader in present day Akwa Ibom State. In 1920, the Church attracted Church of Scotland Mission School Atan Abam.

The church members had worshipped in a building erected by late O.K Onyike in the 1980s. In January 2022, Ume and Prof. Kalu undertook the reconstruction of the building and completed the project in October 2022.

The Prelate and Moderator of the Presbyterian Church, His Eminence, Ekpenyong Akpanika, who spoke at the commissioning of the project eulogised Ume and Kalu for their service to

A section of the Secondary School

Classroom humanity.

According to him, the reconstruction of the historic church showed the commitment of both Ume and Kalu to the service of God and humanity. Akpanika said Nigeria would witness socio-economic progress when philanthropists actively engage in community development.

Mba Idika, the former Prelate and Moderator of Presbyterian Church during his remark, described the project as one of its kind.

Speaking on the building donated to Atan Abam Women Development by Unubiko Foundation, a former Commissioner for Information in Abia State, Eke Agbai, said the gesture by Ume would challenge other well-meaning Nigerians to push for developmental projects in the state.

He said such developmental projects were expected to be undertaken by government. He called for public private partnership to develop the states.

He said, “If you cannot account, you cannot lead. You must trust somebody whom you can leave your money in his hands. A good manager of money is a man who can provide leadership.”

Speaking at the handing over of the school, Ume said the intervention by his Foundation were part of the Foundation’s life touching projects, expressing belief that the renovated classroom block, court rooms, the Women Development Centre and church would be greatly valued and urged members of the community to protect the facilities against vandalism.

“The Abam Onyerubi community in Arochukwu Local Government of Abia State has for so long desired transformation and improvement in the

development of the ancient community.

“We heard the cry of the indigenes and embarked on these hope-restoring projects across the community,” he said.

He revealed that prior to the intervention in the school, the students were learning under a dilapidated building, which was also a major discouragement to school attendance.

He wondered what type of learning outcome under such dilapidated structure would produce students that would be able to compete with their peers in other parts of the world.

“Government and individuals must do more to support education, we need collective action on infrastructure development if we are to produce the right leaders of tomorrow,” Ume added.

The Foundation had before now implemented many intervention programmes in areas of skills acquisition in digital technology and other areas, youths and women empowerment, job creation and poverty reduction among others.

Previous, the Foundation had embarked on various youth empowerment programmes in Abia State. It had pointed out that the interventions were necessary to accelerate the shift towards digitally-focused empowerment of youths in Abia State due to rising insecurity and youth unemployment.

It had also stated that its aim was to re-channel the negative vibes that some youths invest in unproductive ventures to something useful by starting to build enduring products and solutions that would power Africa with tech-innovation.

It is expected that other sons and daughters of Abam would emulate Ume’s good gesture for the development of the communities and betterment of lives of the people.

T H I S D AY ˾ DAY, JANUARY 2, 2023

40

BUSINESS/MONEYGUIDE

Firms Raised N715.33bn CPs on FMDQ Exchange in 11 Months Kayode Tokede In a bid to expand business operations, firms operating in Nigeria raised a whopping sum of N715.33billion Commercial Papers (CPs) in 11 months of 2022, according to the FMDQ Exchange November report.

The report also disclosed that firms raised N578.48billion Corporate Bonds in 11 months under review.

According to FMDQ Exchange, the total value of corporate bonds listed in November 2022 was N199.31billion across three issuers and representing a 297.95per cent or N149.23billion Month-onMonth (MoM) increase from the value of corporate bonds listed in October 2022.

As a result, the total outstanding value for corporate

bonds increased MoM by 16.29per cent or N197.53billion to N1,409.89billion.

The total value of CPs quoted on FMDQ Exchange in November 2022 was N72.53billoon, representing a MoM increase of 9.06 per cent or N6.03billion from the value of CPs quoted in October 2022.

“In November 2022, CPs with a total value of N79.37billion matured and were redeemed resulting in a MoM decrease of CPs outstanding by 1.65 per cent or N6.84billion to N407.71billion.”

The report stated that total spot market turnover for all products traded in the secondary market was N12.54trillion in November 2022, representing a MoM increase of 8.69per cent or N1.00trillion from October 2022 figures.

“The MoM increase in total spot market turnover was majorly driven by an increase in Fixed Income (FI) and FX turnover which increased MoM by 8.84per cent or N0.45trillion and 31.25per cent or N0.89trillion respectively thereby offsetting the MoM marginal decrease in MM turnover in November 2022.

“The slump in MM turnover was solely driven by the MoM decrease in Repos/ Buy-backs. Conversely, the increase in Fixed Income turnover was mutually driven by an uptrend in T.Bills and FGN Bonds turnover which offset the MoM decrease in CBN Bills and Other Bonds turnover respectively in the review period,” the report added.

Laborhack Launches Digital Marketplace For Construction Industry

MARKET INDICATORS

Oluchi Chibuzor

MONEY AND CREDIT STATISTICS

LaborHack, a business-tobusiness technology firm, has developed solutions to tackle the challenges associated with finding skilled, trained and vetted workers for the construction industry in Nigeria.

The firm has partnered with accreditation agencies in the United Kingdom and the United States to test and certify local workers, thereby ensuring the company is able to provide a steady pipeline of workers that have both the theoretical knowledge and

practical skills to deliver on the job according to global standards.

The Chief Executive Officer, LaborHack, Oare Ehiemua-Ochui, stated in Lagos this at the unveiling of a digital marketplace to connect the certified workers to large developers and local construction businesses.

The event brought together key stakeholders in the construction industry in Nigeria to discuss LaborHack’s certification programme, which qualifies and standardises workers through certifications such as the UK Engineering

Construction Industry, Training Board (ECITB), UK City and Guilds and the American Welding Society.

Ehiemua-Ochui said: “We are very excited about LaborHack and believe it is very needed here in Nigeria.

Finally, construction industry players have a proxy they can use to make better hiring decisions. This intervention aims to significantly reduce material, time and financial wastage from the use of substandard talent, which many companies have previously reported to be as high as 50 per cent of their profit margin.”

Yiaga Africa Faults Cost of Politics Gilbert Ekugbe Yiaga Africa has lamented over the declining rate in youth candidacy in Nigeria’s political system, blaming the declining rate on the cost of politics, the lack of internal democracy in parties and the highly commercialised candidate selection process in the nation.

At a political organising lab in Lagos, the Executive Director, Yiaga Africa, said between 2019 and 2022, the level of youth candidacy declined from 34 per cent to 28 per cent.

He said the political organising lab was to support young candidates who are running in the 2023 elections, adding that it the political lab is part of Yiaga Africa’s generational responsibility to provide technical support while also helping them understand the procedures as they prepare for elections.

“So this lab is just geared towards equipping them with a kind of skill that they require to win elections and this is part of our turn up democracy project where we have been hosting the convergence across the country for youth candidates just to inspire them and also just to let them know that there is a generation of young people who are determined to change the face of politics and they represent that new cadre of

leaders that Nigeria needs to transform as well as solve the leadership crisis that we face,” he said.

In his words: “We are just understanding the kind of challenges that they face.

Some of them just within the campaign period, have had to grapple with things like oppression, they have had to grapple with unexpected expectations from people.

These challenges that they all expressed are challenges that we identify as part of the electoral process and we hope that they will understand how to better manage these challenges.” He added: “We just sharing experiences amongst ourselves because we have a group of young people who ran for office in the past and also won and they are also here to share those experiences and we believe these experiences, if shared cannot only inspire but also help the candidates who are running.

Our expectation is that this will produce more leaders that can fix the problems that Nigeria grapples with and we strongly believe that these young people here and the ones in other parts of the country have what it takes to fix Nigeria.”

Fielding questions from journalists on how the candidates were selected for the political lab, he said they are candidates who are on and meet the age its age requirements, pointing out

that Yiaga Africa is biased for young people between 25 and 29 years old.

“Yiaga Africa is nonpartisan entity, so we ensure that it is a representation of all the parties and we also look at the age because we led the struggle for the Not Too Young to Run Campaign. For us at Yiaga Africa, we focus on capacity, competence as well as character because these are the qualities for the kind of leadership that we desire this critical moment of our democratic expedition,” he stated.

He highlighted that one of the greatest challenges that young people face in their political aspiration is the resistance from the society about youth leadership, stressing that some members of society are still making arguments that young people are not experienced to run for political offices in the country.

Also speaking, one of the candidates running for the position of a member, Lagos State House of Assembly, Alimosho Constituency 2, New Nigeria People’s Party (NNPP), Abiodun Adebowale, said the clinic has been very educative and informative, saying that her participation at the programme has further increased her hope that there is a possibility for winning in the forth coming elections.

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

The price of OPEC basket of thirteen crudes stood at $92.17 a barrel on Monday, compared with $92.09 the previous Friday, according to OPEC Secretariat calculations.

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

41

T H I S D AY ˾MONDAY, JANUARY 2, 2023

MARKET NEWS

NGX: Cardinalstone, 9 Others Responsible for 66.20% of Transactions in 2022 KayodeTokede Cardinalstone Securities Limited and nine other stockbroker firms were responsible for 66.02 per cent of value of transactions on the trading floor of the Nigerian Exchange Limited (NGX) in 2022.

The 10 firms trade N1.55trillion worth of stocks in the year under review.

The NGX stockbrokers’ performance report between January and December of 2022

P R I C E S MAIN BOARD

The fourth place was occupied by Meristem Stockbrokers Limited after trading N119.23billion or 5.10 per cent while EFG Hermes Nig Limited traded N115.74 billion or 4.95 per cent, to placed itself at fifth position.

According to NGX chart, Cordros Securities Limited, traded N103.04billion or 4.41 per cent of transactions in the period under review, coming close was CSL Stockbrokers

revealed that top on the list of the 10 top stockbrokers in the review period include: Cardinalstone Securities Limited which traded N571.54billion or 24.46 per cent, while Stanbic IBTC Stockbrokers Limited traded N183.9 billion or 7.87 per cent worth of equities in 12 months of 2022.

APT Securities and Funds came third after trading N179.14 billion or 7.63 per cent in the period under review.

DEALS

F O R

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

Limited with N85.61 billion or 3.66per cent of transactions.

Others on the list of NGX’s 10 top stockbrokers for 12 months under review include: Chapel Hill Denham Securities Ltd with N79.15billion or 3.39per cent, FBN Quest Securities Limited with N68.64billion or 2.94 per cent and Investment One Stockbrokers Intl Ltd with N41.233billion or 1.76 per cent worth of transactions in 2022.

In terms of volume traded,

T R A D E D MAIN BOARD

Cardinalstone Securities Limited with 76.63billion or 37.94 per cent volume of transactions leads others in 128.06billion total volume of transactions in 2022. The top 10 stockbroker firms were responsible for 63.40per cent of the total volume between January and December 2022.

THISDAY can report that most firms’ transactions were inflow from Foreign Portfolio Investors (FPIs), domestic

A S O F

institutional investors and stock exposure in mutual funds.

Their major clients are foreign portfolio investors, while a few of them have significant stock exposure through collective Investment Schemes (CIS) at which they access a high volume of trading every day.

Before now, analysts have noted that these companies have some of the most diversified portfolios of clients which other firms are envious of.

2 9 / 1 2 / 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

42

MONDAY, JANUARY 2, 2023 • T H I S D AY

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 29Dec-2022, 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 N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.56% AIICO Balanced Fund 3.71 3.77 9.96% 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 0.03% Anchoria Equity Fund 146.75 148.38 5.39% Anchoria Fixed Income Fund 1.23 1.23 7.61% info@anchoriaam.com 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 22.15 22.82 113.96% ARM Discovery Balanced Fund 499.35 514.41 121.18% ARM Ethical Fund 43.57 44.89 121.45% ARM Eurobond Fund ($) 1.11 1.11 104.28% ARM Fixed Income Fund 1.09 1.09 113.36% ARM Money Market Fund 1.00 1.00 14.73% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 95.01 95.01 -7.61% AVA GAM Fixed Income Naira Fund 1,125.39 1,125.39 5.62% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 14.51% Paramount Equity Fund 18.01 18.34 11.85% Women's Investment Fund 145.71 147.44 5.87% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 11.03% Cordros Milestone Fund 138.09 139.10 10.68% Cordros Dollar Fund ($) 113.11 113.11 5.32% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A 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 N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.02% Emerging Africa Bond Fund 1.07 1.07 8.87% Emerging Africa Balanced Diversity Fund 1.07 1.07 5.35% Emerging Africa Eurobond Fund 104.95 104.95 3.05% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1467.7 1467.7 12.02% FBN Balanced Fund 199.20 200.55 13.66% FBN Halal Fund 122.81 122.81 12.54% FBN Money Market Fund 100.00 100.00 14.78% FBN Dollar Fund 120.17 120.17 6.66% FBN Smart Beta Equity Fund 164.89 167.29 9.85% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 11.86% Legacy Debt Fund 3.57 3.57 -10.83% Legacy Equity Fund 1.97 2.02 13.59% Legacy USD Bond Fund 1.26 1.26 4.44% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1

Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

Bid Price 4,208.26 3,710.48 100.00

Offer Price 4,238.03 3,710.48 100.00

Yield / T-Rtn 8.09% 7.02% 14.65%

FSDH Dollar Fund 1.13 1.13 0.00% GUARANTY TRUST FUND MANAGERS LIMITED 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 N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.71 1.74 20.49% Lotus Halal Fixed Income Fund 1,183.85 1,183.85 9.61% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.66 103.66 10.00% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.20% 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 1.63 1.35% PACAM Fixed Income Fund 11.45 11.61 3.03% PACAM Money Market Fund 10.00 10.00 11.13% PACAM Equity Fund 1.46 1.49 3.09% PACAM EuroBond Fund 122.71 125.37 7.61% 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 N/A N/A N/A 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 N/A N/A N/A 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 3,656.58 3,685.69 7.86% Stanbic IBTC Bond Fund 244.98 244.98 3.99% Stanbic IBTC Ethical Fund 1.42 1.44 13.49% Stanbic IBTC Guaranteed Investment Fund 332.40 332.40 6.15% Stanbic IBTC Iman Fund 260.16 263.35 11.40% Stanbic IBTC Money Market Fund 1.00 1.00 13.21% Stanbic IBTC Nigerian Equity Fund 12,162.63 12,303.14 11.36% Stanbic IBTC Dollar Fund (USD) 1.36 1.36 5.60% Stanbic IBTC Shariah Fixed Income Fund 120.97 120.97 3.47% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 114.94 114.94 8.05% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.95 0.98 7.54% United Capital Balanced Fund 1.37 1.40 4.88% United Capital Wealth for Women Fund 1.16 1.18 12.33% United Capital Sukuk Fund 1.10 1.10 7.24% United Capital Fixed Income Fund 1.95 1.95 6.34% United Capital Eurobond Fund 125.33 125.33 5.75% United Capital Money Market Fund 1.00 1.00 16.05% 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 13.93 14.05 5.58% Zenith ESG Impact Fund 15.77 15.92 7.88% Zenith Income Fund 23.55 23.55 7.27% Zenith Money Market Fund 1.00 1.00 11.06% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 4.25 4.35 5.84% Vetiva Consumer Goods Exchange Traded Fund 5.83 5.93 -0.15% Vetiva Griffin 30 Exchange Traded Fund 18.39 18.59 3.99% Vetiva Money Market Fund 1.00 1.00 11.86% Vetiva Industrial Goods Exchange Traded Fund 23.93 24.13 19.67%

REITS NAV Per Share

Yield / T-Rtn

N/A N/A

N/A N/A

Bid Price

Offer Price

Yield / T-Rtn

15.42 133.59 101.79 N/A N/A

15.52 135.95 103.54 N/A N/A

10.20% 4.70% 1.80% N/A N/A

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

N/A

N/A

N/A

NAV Per Share

Yield / T-Rtn

107.59

0.00%

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.

43

MONDAY, JANUARY 2, 2023 • T H I S D AY

NEWS

RECEPTION IN HONOUR OF UGWUANYI...

L-R: Chairman of Enugu South LGA, Chimezie Nkwuo; Governor Ifeanyi Ugwuanyi; governorship candidate of the PDP, Dr. Peter Mbah, and his running mate, Ifeanyi Ossai, during a reception in honour of the governor by the Greater Ugwuaji community, Enugu South LGA…recently

CAN: Nigeria Likely to Experience Divine Turnaround in 2023

Onyebuchi Ezigbo in Abuja

Christian Association of Nigeria (CAN) says despite challenges, the new year will likely be the year of divine turnaround in the fortunes of the country.

In his new year message to Nigerians, CAN President,

Archbishop Daniel Okoh, urged Nigerians not to misuse the opportunity offered by the next election to choose leaders with focus and compassion.

He said: "Amid these challenges, 2023 is a year of golden opportunities for us a people. I pray that Nigerians

Group Moves to End Artisanal Refining in Ogoniland Blessing Ibunge in Port Harcourt The Ogoni Ex-artisanal Refiners Forum has commenced sensitisation programme against re-pollution of the Ogoniland.

The group, yesterday brought together over 2000 ex-artisanal refiners at the Nortem Town hall in Bori, Khana Local government area of Rivers State, to begin the first batch of the training.

The training in collaboration with the National Youth Council of Ogoni People, was targeted at ending the menace of illegal refining activities in the area and encouraging healthy source of livelihood.

Speaking on the theme: "Revenue Loss, Environmental Impact and Health Complication," Mr. Jude Samuelson, advised the trainees against further involvement in illegal oil bunkering and refining.

Samuelson who sensitised the youths on the need to shun such illegal refining activities, stressed that the health and environmental implications was worse than the benefit.

On his part, the President, National Youth Council of Ogoni People (NYCOP) and also the President General, Rivers State Ethnic Leaders Council, Barinuazor Emmanuel, said despite the training, the federal government should provide alternative means of livelihood for the youths so that they would not return back to illegal refining of the nation's resource.

"We are here today to sensitises our people. In the UNEP Report, there was a recommendation that

states that the youth of Ogoni involve in artisanal refiners should be given a livelihood and also engage them.

"Those were supposed to be part of the emergency measures that HYPREP ignored but the current leadership of HYPREP headed by Dr. Ferdinand Giadom and the Minister for Environment has deem it fit that we should go back and start to talk to our people because Oil Theft is one of the most dangerous activities going on in the Niger Delta today.

"Oil theft comes with the issue of arms and drugs. So we the youths of Ogoni have decided that we are not going to indulge to illegal refining. We are going to work with HYPREP to ensure that anything illegal refining must stop in Ogoniland.

"NYCOP being the mother of all the youth bodies in Ogoni have been mandated to bring together all the ex-artisanal refiners in Ogoni to end Illegal refinery in Ogoni.

"We are also telling government that you cannot only be looking at the faces of those that carry gun, you have given the opportunity to Tompolo to handle the issue of pipeline and others. What we want is to secure our own pipeline because we need oil resumption back to Ogoniland,” he added.

Meanwhile, the Chairman of the Ex-artisanal Refining Forum, Teddy Ereba, urged the government to train the ex-artisanal refiners and give them scholarship abroad to better their lives, also provide them with good jobs.

will not miss or misuse the opportunity to choose leaders with focus and compassion who will lead our country to greatness."

He appealed to security agencies not to relent in their efforts to ensure safety and security, including ensuring the conduct of peaceful general elections in 2023.

He assured that CAN would continue to collaborate with the

government, civil societies and development partners to build a peaceful and prosperous country.

"We remain non-partisan and will not interfere in the duties of government agencies, but will always promote and support good governance at all levels.

However, CAN will continue to raise prophetic voice when and where necessary," stated Okoh.

He added, "Finally, we urge the government to do more to

stop the downward trend of our economy by checking the sources of leakages and wastage of our national resources in 2023."

Okoh lamented that the out gone year 2022 was one filled with anxiety and apprehension as a result of the seeming unabated climate of fear and uncertainty not just in Nigeria, but across the world.

He told religious leaders that there would be life after

the 2023 elections, "therefore, our speeches and conduct should focus on encouraging our people to build a Nigeria where equity, justice and fairness will reign supreme while we look forward to having a better Nigeria, let us continue praying that the Lord will strengthen our present political leaders to oversee the elections and a successful transition to a new administration in 2023."

Vote Credible Leaders That'll Confront Nigeria's Challenges, Obaseki Charges Nigerians The Edo State Governor, Mr. Godwin Obaseki, has urged Nigerians to vote for credible leaders that will develop the nation and guide the country through its many challenges.

The governor made the call while addressing journalists after the New Year’s thanksgiving service held at St. Matthew’s Cathedral, in Benin City.

He said, “From the development so far, Nigerians are looking forward to the 2023 general elections hoping that

with their Permanent Voters’ Cards (PVCs), they will have the opportunity to make the desired contributions to the politics and elect the person and people they believe can see us through the major challenges we face as a country.

“2023 is a year to be optimistic about. A year we hope and pray that we can begin to do the right thing for ourselves and our country. Last year was difficult for us as a state and as a nation and it is not over yet but this

year is a turning point for us.

Things are difficult but we see opportunities and things must turn around as the State and Country is blessed.”

The Bishop of Benin Diocese of the Anglican Communion, Rt. Revd. Dr. Peter Imasuen, who titled his sermon ‘Circumcise’ called on the people to draw near to God in 2023 to achieve their heart desire for the new year.

He expressed appreciation to Governor Obaseki for supporting the widows in the church,

adding, “We want to thank you for the very many support we have received from you especially in the area of helping widows in this church. The receivers always pray for you, your family and your administration.”

Other top government officials at the Church service include: Secretary to the State Government, Osarodion Ogie Esq.; Commissioner for Communication and Orientation, Hon. Chris Nehikhare, amongst others.

Stakeholders Urge Buhari to End Killings in Enugu Communities Emameh Gabriel in Abuja President Muhammadu Buhari has been urged to end the spate of killings in Ehi-Amufu communities in Enugu State by suspected herdsmen and bandits.

The Ehi-Amufu indigenes lamented that the attacks had sacked several communities, "forcing residents to seek refuge in Internally Displaced Person (IDPs) camps in neighbouring communities resulting into a massive humanitarian crisis."

The call was made at the weekend by the coordinator of Enugu Good Governance Group, Odinaka Okechukwu, at a press conference with journalists in Abuja, condemning the mindless attacks that he said have claimed no fewer than 150 persons in the last one year.

The group also called on the federal government, the Inspector General of Police, Alkali Baba and other security chiefs in the country to "step in and restore normalcy in the troubled community."

It commended the Enugu government's efforts to end violent conflicts.

The group, however, condemned attempts to politicise the killings and crises Okechukwu said, “We note with dismay and condemn the politicisation of the Eha-Amufu crisis and twisting of the facts by one Dr. Casmir Ifeanyi and one Ken Asogwa during their sponsored television appearances where they blamed the Enugu State Governor for not taking action to address the crisis in Eha-Amufu."

He stated that it was a

"calculated propaganda aimed at deceiving and misinforming the public to say that the Eha-Amufu was thrown into crisis because Hon. Chijioke Edeoga, who is an indigene of Mgbuji, Eha-Amufu is contesting governorship on the platform of the Labour Party."

The group's coordinator added, “We are not alone in the condemnation of this act and reckless utterances. The stakeholders from the seven autonomous communities of Eha-Amufu in a meeting held on 27th December 2022 at Eha-Amufu condemned and disclaimed the actions of Dr. Casmir Ifeanyi and his cohorts, stressing that they were misinforming the public."

He pointed out that Ifeanyi "is not only resident in Abuja," but hardly on the ground to be abreast of developments in the

area.

"For instance, while he claims that Eha-Amufu is made up of nine autonomous communities, Eha-Amufu is actually made up of seven autonomous communities, namely Mgbuji, Abor Ishiala, Umuhu, Amede, Ihenyi, Aguamede, and Isu," said Okechukwu.

He added, “Also, contrary to the misinformation by Dr. Casmir Ifeanyi and his cohorts that the Eha-Amufu killings started in 2020, the crisis has actually lasted for so many years and equally predates the Governor Ugwuanyi administration by many years. Again, whereas he claimed that the recent killings started on 8th December 2022, the killings started well before then and sadly heightened on 7th December 2022."

44

MONDAY, JANUARY 2, 2023 • T H I S D AY

NEWS

CELEBRATING NEW YEAR WITH DISPLACED PEOPLE...

Presidential candidate of the Labour Party, Mr. Peter Obi at Wassa, Abuja IDP camp to celebrate the new year

Niger Gov: APC Most Viable Option for Nigerians Laleye Dipo in Minna Niger State Governor, Alhaji Abubakar Sani Bello has urged Nigerians to vote for his ruling

All Progressives Congress (APC) in the general elections, saying the party remains the, "most viable options."

He also advised voters to

ignore the sweet talks from the opposition political parties.

Bello in his New Year message to the people of the state signed on his behalf by his Chief Press

Secretary, Mrs. Mary Noel Berje, said both the APC at the federal and state governments levels have shown capacities to address most of the challenges facing

Oyebanji Troubled by Ekiti Doctors' Exodus to Overseas Gbenga Sodeinde in Ado Ekiti Governor Biodun Oyebanji has expressed worry over the exodus of health professionals for greener pastures abroad.

Oyebanji stated this in his new year message.

According to a statement made available to journalists, he expressed deep concern but assured that his government will work to reverse the trend.

"Government is deeply concerned about the exodus of our health and medical professionals to other climes due to obvious present challenges," stated the governor. "I am however glad to assure them that Government will look into the issues with a view to reversing the trend in the New Year. We appreciate their enormous sacrifices and will be willing to see to how things can be made better."

Oyebanji, in his first New Year speech, expressed hope that 2023 would be a "year of giant lift for Ekiti."

"Similarly, our secondary health facilities are all undergoing serious upgrade and retooling so as to be able to functionally respond to the health needs of our people. For us, sound health

and access to health facilities are central to wealth creation and prosperity," the governor explained. "In the New Year, we will expedite effort on this and ensure all our health facilities at all levels are accessible, available, affordable and in good shape.

We want to jealously preserve our record as the state with the highest life expectancy rate in Nigeria, we will continue to strengthen our primary, secondary and tertiary health system to keep this trophy."

He assured Ekiti people that they would witness "massive improvement in security, infrastructure and government services than we have ever seen."

The governor pledged his commitment to youth development and job creation, human capital development, infrastructure and industrial development, agriculture and rural development, arts, culture and tourism in this year to turn around the fortunes of Ekiti.

He said his administration was working hard to give Ekiti a new face which is evident in the aggressive pursuit of road infrastructure renewal in Ado Ekiti metropolis through ongoing rehabilitation of major and nodal roads spices with massive

deployment of streetlights under the Light-Up Ekiti Initiative which would be replicated in other towns and villages in 2023.

According to Oyebanji, the transformation Ikogosi Warm Spring Resort is ongoing. A private company was contracted to rebuild, expand and manage the resort considered "Ekiti’s most iconic tourism springboard for the tourism potential of the state."

He said he was convinced that the resort and nearby Arinta Water Fall will be back in the international tourism site in 2023, bigger and better as his administration would also embark on the development of other heritage sites in Ekiti.

The governor also unfolded plans to bring more agripreneurs to the state that would lead to the full realisation of the thinking that led to the establishment of the Ekiti Agro Cargo Airport noting that his government's long-term goal is to make Ekiti the foremost state for agro-allied export to the international market in the course of the year.

Oyebanji said he wouls facilitate access to cheaper funds to support the growth of small and medium enterprises with the vision to ensure that

artisans, market women and private sector players are linked up with cheaper funds to support their businesses in 2023.

He explained that both the supplementary budget and the 2023 budget already passed by the House of Assembly was projected to reflect his administration's "six pillars" and their actualisation.

According to him, the passage of the supplementary budget has empowered his administration to urgently intervene in some critical infrastructural renewal while the 2023 Appropriation Law assented to two days ago would help the government to hit the ground running from the first day of the year.

He added, "We will keep investing in our schools to make them globally comparable and competitive. To this end, we are working with different international partners, especially, World Bank’s IDEAS and AGILE programmes and other initiatives which have seen our schools receiving funds for renovation, training, equipment and infrastructural upgrade as well and digital and innovation development funding for both formal and informal educational system."

EMEFIELE: LAWYER PETITIONS AGF, SEEKS PROSECUTION OF DSS' OPERATIVES BEHIND TRUMPED UP TERRORISM FINANCING ALLEGATIONS Meanwhile, Chairman, House of Representatives Committee on National Planning, Hon. Saka Cook Abdulganiyu Olododo, at the weekend called on the Emefiele to embark on more aggressive advocacy on the withdrawal limits policy of the central bank. He said this would go a long way in assisting bank customers, especially those in the rural areas to have more insight on the advantages and benefits of the policy.

Olododo, who represents Ilorin East/Ilorin South federal constituency of Kwara State at the National Assembly, made the call in Ilorin, while speaking with journalists on the state of the nation.

He said, "There is no doubt

that there is not enough advocacy on the policy and that is the area where we are now. There must be an aggressive enlightenment on the policy for all and sundry at least for a month.

"Even, in advanced countries of the world. Take for example in UK, the Queen Elizabeth of England died recently and if you see the logo of the UK currency now, the government has started changing it gradually with the new PM Charles and the UK government did not say they should phase out the one with the Queen and this can be going alongside each other.

"For at least for six months now or one year, the CBN can embark on the gradual implementation of the policy

and that is the area I want the CBN to look into now."

While describing the policy as good, Olododo said the CBN must look into those that didn't have access to banks and even Point of Sale (PoS) and they have to keep their monies and they must be captured so as to make the economy buoyant for all and sundry.

"Let me tell you that there is no any change that doesn't bring its own difficulties. But we have to understand that the timing of the policy is the only problem, but we must know that it is the CBN’s responsibility to do such policy for the nation so as to advance the socio-economic growth of the populace."

On the forthcoming election,

the lawmaker who is seeking reelection under the Social Democratic Party (SDP), said his new party had formidable structure to defeat any political party during the polls He said his sterling representation during his first term at the National Assembly would serve as basis to win the forthcoming general elections in Ilorin East/Ilorin South federal constituency of the state.

Olododo said he remained the candidate to beat during polls in view of his past quality representation at the lower chamber pledging more dividends of democracy to the people of the constituency if given chance to represent the area during the forthcoming general elections.

the people.

According to him, given more time the governments would further implement policies and programmes to improve the condition of living of the people.

"Although the administration is winding down, the government remains focused and committed to completing most of its ongoing projects," he said, adding that, "service delivery, improvement of the general living conditions and well-being of the people remains sacrosanct."

While noting that though the outgoing year was tough in terms of security and economic challenges, he however urged the people, "to remain hopeful because the challenges are surmountable."

He however warned that as political campaigns gather steam ahead of the general elections politicians and their foot soldiers should avoid

campaigns of calumny and thuggery emphasising also the need for issue-based campaigns by all the political gladiators and party loyalists.

The governor acknowledged the declining banditry activities across the troubled parts of the state before paying tribute to the gallantry of the Armed Forces and other security agencies for the sustained fight against the menace of banditry and wanton kidnappings that bedeviled the state.

Bello wished the people of the state a blissful New Year and prayed for the sustenance of peace and unity in the state and country.

"As we enter the New Year, let us look up to 2023 with hope and remain tolerant and committed to the collective ideals that would make the new year a promising and fulfilled one," the governor stated.

Adeyemi Empowers 600 Constituents with Cars, Refrigerators, Motorcycles, Others Ibrahim Oyewale, Lokoja Senator Smart Adeyemi has once again empowered no fewer than 600 constituents from the Kogi West senatorial district with items worth millions of naira to uplift.

Among the items distributed were cars, refrigerators, tillers, motorcycles, sewing machines, grinding machines, knapsack and water pumps for dry season farming.

He also gave out N10,000 to 40 people each from the seven local government areas in the zone.

Adeyemi, speaking at the presentation of the items to the beneficiaries at his Iyara country home, in Ijumu Local Government of Kogi State on Sunday, said the gesture was a way of appreciating his constituents for finding him worthy to represent them for the third term in the Senate.

The senator had so far empowered over 8,000 constituents to make them self-reliant.

“As you are aware in my manifesto, I pledged to focus on the priority areas of agriculture, education, women and youth's empowerment, health, and human capital development as parts of my commitment to deliver the dividends of democracy to the good people of my constituency," he stated.

The senator pointed out that he would continue to deliver his

campaign promises and urged his constituents to vote en masse for the presidential candidate of the All Progressives Congress, Asiwaju Bola Tinubu in the February presidential election.

The Chairman of Okun Traditional Council and the Obaro of Kabba, Oba Solomon Dele Owoniyi, commended Adeyemi for touching the lives of people across the board.

The ruler noted that "any elected official that performs, we’ll continue to pray for him and whoever does the opposite, we’ll not curse him, but we would not pray for him."

The Olujumu of Ijumu, Oba Williams Ayeni, described the lawmaker as an uncommon senator, commending him for bringing succour to the people during this period of economic crunch through various projects and empowerment items.

He added, “Senator Smart Adeyemi has always been an outspoken leader who always fights against injustice, he is a progressive and fearless politician who touches the lives of his constituents, that’s why I always give him my support 100 per cent."

In 2021, Adeyemi distributed cars, motorcycles, grinding machines, and refrigerators. He also instituted bursary awards for over 350 students of tertiary institutions.

MONDAY JANUARY 2, 2023˾ T H I S D AY

45

NEWS

PLANNING COMMAND SCHOOL IN EKITI…

L-R: Director, Education Division, Nigerian Army, Brigadier- General M. O. Fakokunde; Ekiti State Governor, Mr. Biodun Oyebanji; Deputy Director, Welfare Department, Army Headquarters, BrigadierGeneral. S. A. Abdullahi; and Lt.- Col. O. C. Akubo, during a meeting on the proposed Command School in Isan –Ekiti… recently

Police Rescue Three Kidnapped Victims, Recover Weapons in Delta Bandits abduct four in Abuja

Olawale Ajimotokan in Abuja

Operatives of the Police Command in Delta have rescued three kidnapped victims and recovered weapons in two separate operations in the state.

However, while this positive developed was being welcomed, four men were kidnapped yesterday in Kubwa, a sprawling satellite community in the FCT.

The spokesman of the Delta State Police command, DSP Bright Edafe, told newsmen yesterday in Warri that the victims were rescued by the police operatives attached to the Orerokpe Division in Okpe Local Government Area of the state.

He said that the police team was on a visibility patrol duty on the Warri/Sapele Road by Okuvo and Egborede Communities on

Adeleke Assures Osun Residents of Good Governance Gov. Ademola Adeleke of Osun has reassured residents of the state of good governance, while promising to remain responsive and accountable towards repositioning the state for greater heights.

Adeleke said this in his New Year address to the people of the state yesterday in Osogbo.

He said that in spite of the tension and anxiety in 2022, the state had gallantly emerged stronger with the support and goodwill of everyone.

“I put on record my deep appreciation to you, our people, for your strong support for my political party and I during those struggling days.

“I promise to remain responsive and accountable to you all as we move to reposition our state for greater heights,” he said.

According to him, the present administration has laid a strong foundation for

sustainable governance of the state, through open state finances to the public in the spirit of accountability.

“I am reforming several sectors to block revenue leakages and stop diversion of state assets. The repositioning of the civil service for professionalism is also ongoing.

“Also, urgent state matters are being attended to with a view to restore normalcy and bring our people together for good governance,” Adeleke said.

The governor further said his administration had created a strong working relationship among the three arms of government.

“We have forged a common understanding to put the interests of the state at the forefront of everything we do through combined effort, mutual support and impactful governance,” he said.

Saturday when the incident happened.

“The police operatives sighted some persons being dragged into the bush and suspected that they may have been kidnapped.

“So, they trailed them into

the bush. The hoodlums, upon realising that the policemen were closing in on them, opened fire on the team, and the policemen equally responded,” he said.

According to Edafe, the hoodlums, who could not

withstand the firepower of the operatives, abandoned the victims and escaped.

He said that they were rescued unhurt and had since reunited with their families while manhunt for the fleeing suspect

was ongoing.

On the recovered weapon, Edafe said that the police operatives attached to ‘A’ Division, Warri recovered a locally made cut-to-size pistol concealed in a handbag.

Suspected Arsonists Burn Couple after Crossover Service in Ogun James Sowole in Abeokuta Persons suspected to be arsonists in the early hours of yesterday killed and set a couple ablaze shortly after they returned from Cross over service in Abeokuta, Ogun State capital.

The incident, which occurred at the couple’s private residence, located at Government Reservation Area (GRA), Ibara

in Abeokuta, attracted many sympathisers.

The suspected arsonists believed to have trailed the couple to their private residence before setting the house ablaze, were also reported to have whisked away the son of the victims.

A source at the residence of the deceased told newsmen that the suspected arsonists were

reported to have kidnapped the son alongside the housemaid, and threw them into a river along Adigbe-Obada axis of the town.

It was reliably gathered that the husband, Kehinde Fatinoye was a staff member of the Central Bank of Nigeria (CBN), while the wife, Bukola before her gruesome death was a staff member of the Federal

University of Agriculture (FUNNAB), Abeokuta The victims were burnt beyond recognition with their remains later packed by policemen and other health officials at the scene, and drove to the hospital in an ambulance, while hundreds of sympathizers at the house were seen crying over the sad development.

Makinde: We’ve Shown Commitment to Serving our People Well Kemi Olaitan in Ibadan Governor ‘Seyi Makinde of Oyo State, yesterday expressed gratitude to the good people of the state for the privilege to serve them in the last 43 months, stating that the last three years and seven months have been a testament of his commitment

to serving the people.

The governor, who stated this in his New Year message to the people of the state, which was made available to newsmen yesterday , noted that his administration did not take the support given to it for granted.

He equally maintained that his

administration was able to prove to the people that “it is possible to focus on infrastructural development while at the same time, meeting other obligations to the people.”

Makinde, who expressed the confidence that he would be re-elected for another term of four years on March 11, 2023,

added that his administration has been able to place the state on the path of sustainable development.

He recounted some of the successes recorded by the government in the different sectors including infrastructure development, health, education, security and economic expansion, among others.

Group Intensifies War against Female Genital Mutilation in Ekiti Gbenga Sodeinde in Ado Ekiti In view of what it’s described as an increasing Female Genital Mutilation, (FGM) in Ekiti State, a group, the HACEY Health Initiative, has taken the crusade against the act to local communities in the state.

The group, through a project called STOP CUT, was at Igbemo

Ekiti in Irepoodun/Ifelodun Local Government Area to sensitise survivors and some community leaders on the menace of FGM. The group, which is collaborating with key stakeholders such as the state Ministry of Health, traditional rulers, religious and community leaders, including the survivors of FGM, are strategising towards

putting an end to the act in the state before 2030.

Speaking in Igbemo-Ekiti during the event organised in collaboration with the United Nations, UN Trust Fund, the Executive Director of Hacey, Rhoda Robinson, explained that the workshop became necessary in order to engage the people at the grassroots on the dangers in

the practice of FGM in the society in a bid to stop the menace.

Represented by the state Coordinator of the group, Oluwanifemi Ayeni, Robinson stated that the cases of female mutilation mostly occurred in the rural areas, adding that there is need for the community leaders and survivors to lead the campaign against it.

that plunged the state into underdevelopment.

In his New Year message to the people of Delta State, Senator Omo-Agege noted that the 2023 general elections is another opportunity to redress the wrongs of governance by electing the right and qualified

persons into positions of authority to govern “our dear state.

“My Fellow Deltans, as we usher in the New Year, I want to wish everyone a happy and healthy New Year. I pray for the warmth of God’s love to fill every heart and home.

“And as we celebrate, I also want to empathise with fellow citizens and residents of our dear state whose patience and forbearance have kept our State peaceful even in the face of undue hardship and deprivation from their entitlement to good governance.

Buhari Confirms Biu as FRSC Corps Marshal Omo-Agege: Vote Me as Gov to Liberate Delta President Muhammadu Buhari has approved the appointment of Deputy Corps Marshal Dauda Biu, as the substantive Corps Marshal, Federal Road Safety Corps (FRSC).

This is contained in a statement by the Corps Public Education Officer, Mr Bisi Kazeem yesterday in Abuja.

Biu has been the Acting Corps Marshal of the corps since July 2022.

The new Corps Marshal is the second career staff to be appointed in that capacity, after Boboye Oyeyemi the erstwhile Corps Marshal who retired in July.

Biu was born in Zaria,

Kaduna State, but hails from Hawul Local Government Area of Borno.

He joined the services of the FRSC in 1988 and rose through hard work, dedication and commitment to attain the rank of Deputy Corps Marshal.

He has held several positions of authority including Acting Corps Marshal and Deputy Corps Marshal in charge of Finance and Accounts, among others.

Biu holds a Masters Degree in Business Administration and a Bachelor of Science Degree in Accounting from Ahmadu Bello University Zaria.

Sylvester Idowu in Warri Deputy President of the Senate and All Progressive Congress (APC) Governorship candidate in Delta State, Senator Ovie Omo-Agege, has urged his people to reflect on how to liberate the state from those

New Year Tragedy: Seven Die, 16 Injured in Lagos-Ibadan Expressway Accident No fewer than seven persons were confirmed dead yesterday while 16 others sustained injuries in an accident involving a Toyota Hiace bus and Mack tanker few meters to Gofamaint on the Lagos-Ibadan expressway.

The Sector Commander, Federal Road Safety Corps (FRSC) in Ogun, Mr. Ahmed Umar, confirmed the incident to newsmen in Abeokuta.

Umar said that the accident occured at 4:10pm and was caused by excessive speed on

the part of the bus driver who lost control and rammed into the tanker from behind.

He added that 25 people were involved which comprised 17 male adults and eight female adults.

“A total of 16 persons sustained varying degrees of injuries (10 male adults and six female adults) while seven persons were recorded dead from the crash (six male adults and one female adults), and two others were unhurt.”

46

MONDAY JANUARY 2, 2023˾ T H I S D AY

NEWS XTRA

FELICITATING WALE LADIPO ON HIS BIRTHDAY…

Osun State Governor, Senator Ademola Adeleke(left) celebrating with former National Secretary, Peoples Democratic Party (PDP) Prof. Wale Ladipo, on his birthday in Ile-Ife, Osun State…yesterday

Akeredolu Frees Seven Inmates, Expresses Optimism of Greater Nigeria Fidelis David in Akure To mark the New Year celebration, Ondo State Governor, Oluwarotimi Akeredolu (SAN), yesterday pardoned seven inmates at the correctional centre serving

various jail terms in the state.

Akeredolu in a statement issued by his Chief Press Secretary, Richard Olatunde, said this was in accordance with the power conferred on him by the Constitution of the Federal Republic of Nigeria (as

amended).

He noted that his decision was in pursuant to the recommendation of the state Advisory Council on prerogative of mercy that the inmates have undergone reformation at the correctional centres, and they are of good conduct.

The governor also reduced the period of imprisonment of 11 inmates-seven of the inmates sentenced to death by hanging have their conviction reduced to life imprisonment while the years of imprisonment of the remaining four inmates were reduced.

Akeredolu also congratulated the people of the state for witnessing the year 2023, harping on the need to imbibe the spirit of gratitude to God Almighty.

According to him, “Despite the numerous challenges of the past year, the state has reasons to

appreciate the abiding grace and mercy of God, which sustained it and the people therein.”

The governor called on the people to intensify prayers for the peace and prosperity of the country, especially as the 2023 general election draws nearer.

HammedShittuinIlorin

yesterday by his Chief Press Secretary, Mr. Rafiu Ajakaye, prayed that the new calendar would usher in glad tidings and greater things for everyone in the state and Nigeria in general.

The governor urged the people to remain committed to building an inclusive state where public resources would work for all and everyone could attain their full potentials on the strength of their hard work,

talents, and God’s grace.

Ajakaye said: “As Nigeria inches closer to another general election, the governor appeals to citizens to shun actions or utterances that may jeopardize public peace and safety or put families in danger.”

He also urged continuous support for the security agencies.

The governor said his administration would continue to pursue programmes, policies and

projects that deepen opportunities for all, guarantee the dignity of the human person, and reassert the place of Kwara in the northern region and Nigeria as a whole.

He, therefore, said that the year offered Kwarans a chance to reassert their democratic right to elect leaders who answer only to the citizens and not to any forces or a clique of powerful individuals under whatever guise.

Emenike Sets 2023 as AbdulRazaq, Lawal Advise Kwarans on Peaceful Conduct of Elections Abia’s Rescue Year Emmanuel Ugwu-Nwogo in Umuahia The Governorship Candidate of the All Progressives Congress (APC) in Abia State, Mr. Ikechi Emenike, has declared 2023 as the year for the liberation of the state from over two decades of bad governance perpetuated by inept leaders.

In his New Year message to the people and entire residents of Abia to welcome them into the “year of rescue,” Emenike noted that 2023 would be a remarkable year in the history of Abia.

“This is the year to end god fatherism in Abia, the year to send looters out of Government House, the year to break the chain of transferring power among people bereft of ideas of good governance,” he said.

The governorship hopeful explained that with the

arrival of New Year, the 2023 electioneering has entered the homestretch, which would culminate with the election, hence the need for Abians to prepare and vote for change.

He advised Abia voters not to leave anything to chance as the 2023 general election has presented “a great opportunity for us to take back our dear state from the plunderers of our collective patrimony.”

“We must rescue our state so that we can develop and make it great as well as truly God’s Own State where transparency, accountability and peopleoriented government would hold be entrenched.

Emenike reiterated his determination to lead the Abia rescue movement to a successful outcome at the poll after, which “I will set up the building blocks of development” to activate a holistic development of the state.

PEPF Honours Lagos CP, Agboye, Others Sunday Okobi Police Eminent Persons (PEPF), Lagos State Command, has honoured some distinguished Nigerians, including the Lagos State Commissioner of Police, Abiodun Alabi, Prof. Joseph Onamo Agboye, Alhaja Olufunke Gbajabiamila, and Mr. Wemimo Immanuel Odumosu, for their contributions to a safer society through community policing.

During the investiture at the Eko Club, Surulere, Lagos, performed by PEPF Chairman, Alhaji Balogun Shamsudeen Koleosho, Alabi was presented with the Commissioner Plaque for diligently securing the state.

Koleosho then conferred

on Agboye State Patron of PEPF. The 92-year-old Alhaja Gbajabiamila, who was Lagos Coordinator of WRAPPA, founded by Justice Titi Abubakar, was announced Grand Patron of PEPF, with the plaque received by her representative, Alhaja Mojisola Islamiat Badru.

Odumosu, on the other hand, was inducted into the Forum.

In his citation, Koleosho said: “It is worth mentioning that Prof. Agboye played great and noble roles in the establishment of the Ketu Police Division as far back as 1979 and the Area ‘H’ Police Command in Ogun State in 1986.

He also served either as pioneer chairman or Special Member of the PCRC of the division and command.

As Nigeria inches closer to another general elections, Kwara State Governor, Mr. AbdulRahman AbdulRazaq has appealed to the people of the state to shun actions or utterances that might jeopardise public peace and safety or put families in danger.

AbdulRazaq, in his 2023 New Year statement that was issued

‘Let’s Embrace New Year with Steadfastness, Optimism’ Segun Awofadeji in Gombe

The Gombe State Governor, Mr. Muhammadu Inuwa Yahaya, has enjoined the people of the state, and Nigerians in general, to reflect on the lessons learned in 2022 in all aspects of human endeavors and

embrace the New Year 2023 with steadfastness, renewed faith and optimism.

Yahaya also expressed hope that the New Year would be a bright and prosperous one for both the state and Nigeria.

The governor, in his New Year message, urged

the people to look to the future with optimism and continue to work for peace and unity as well as security and development of the state and the country.

He acknowledged the resilience and perseverance of the people of the state in the face of daunting

socio-economic difficulties in the past years that were occasioned by the COVID-19 pandemic and the current Russia- Ukraine war as well as the prevailing insecurity in Nigeria, and urged the citizenry not to despair but keep hope alive and maintain an undying spirit.

I’ve No Grudge against Anybody over My Conviction, Says A’Ibom YPP Guber Candidate Okon Bassey in Uyo The governorship candidate of the Young Progressives Party (YPP) in Akwa Ibom State, Senator Bassey Albert Akpan, has said despite his conviction and later released on bail, he has no grudge against anybody.

Akpan in a New Year message yesterday thanked God

and the people of the state for standing by him through his recent travails, saying he holds “no grudge against anybody on that sad and despicable act.”

In the New Year message entitled: ‘2023: Our Rebirth Is Nigh’, Akpan, who represents Akwa Ibom North East, promised to run an all-inclusive government if elected in 2033.

He said his regime would ensure that everyone across the entire 31 local government areas of the state have equal opportunity to participate and contribute to the wellbeing of the state.

The message was his first official statement since release from Ikot Ekpene Correctional Centre.

According to him, “This New Year message to you all is one filled with exhilaration of joy and immeasurable gratefulness to the Almighty God-the Omnipotent, Omnipresent and Omniscient-for granting us great help to live through the year 2022 despite the ferocious challenges we encountered.

Human Rights Group Tasks Kogi to Investigate Okene Explosion IbrahimOyewaleinLokoja A human rights group, Conscience for Human Rights and Conflicts Resolution (CHRCR), has tasked the Kogi State Government to constitute an independentt investigation panel on the Okene bomb explosion.

This followed the explosion that

occurred in Okene December 29, 2022, that claimed four lives.

This was contained in a statement issued by the Executive Director, CHRCR, Mr. Idris Miliki Abdul, in Lokoja yesterday.

Abdul described the explosion as worrisome, unfortunate and condemnable.

“While we await the reports of various security agencies on the avoidable incident, we also sympathise with the family of the affected person. It is regrettable that such act could take place when the president was officially visiting the state, make more worrisome,” he noted.

He stressed that this development is frightening as we have less than 60 days to the 2023 general elections in Nigeria.

“We call on security agencies to put all measure in place, to avoid such unfortunate and embarrassing circumstances that we found ourselves in the state,” he stated.

Oyo Rep Empowers aged, Widows with Cash Gifts million cash among not less than borne out of his passion to make commitment to continue to do Kemi Olaitan in Ibadan

A member of the House of Representatives representing Iseyin/Itesiwaju/Kajola/Iwajowa federal constituency in Oyo State, Hon. Shina Peller, has shared N15

3,000 people in his constituency.

The lawmaker, during the distribution of the cash gifts held in Iseyin, said the gesture meant for widows, aged and under privileged, among others, was

the people of his constituency happy, especially during this festive period, stating that it makes him more connected to the people.

He assured them of his

everything within his capacity to make life more enjoyable for the people, urging them to come out en mass in the forthcoming elections and vote for all candidates of Accord Party.

47

MONDAY, ͺ˜ ͺ͸ͺͻ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Super Eagles Fire Blanks in New Year Day Fixtures Osimhen to resume campaign with Napoli at Inter on Wednesday Duro Ikhazuagbe Nigerian internationals returned from the Christmas and New Year break firing blanks in the first fixtures of 2023 yesterday.

However, despite not getting on the scorer’s sheet, Taiwo Awoniyi received rave review as Nottingham Forest claimed a valuable point in their relegation battle with Chelsea. The draw moved Forest from the bottom to the 18th spot on the Premier League log. The Blues on the other hand lost ground in their fight to return to the Top Four.

Chelsea's Raheem Sterling volleyed home from five yards after Wily Boly had flicked a cross onto his own bar in the 16th minute for the opener. Forest attacked with vigour in the second half and Morgan Gibbs-White crashed a stunning strike off the bar.

However, Serge Aurier showed fine composure when he controlled the ball on his chest and volleyed home the equaliser in the 63rd minute.

Chelsea, who have now only won successive league games once under Graham Potter since he was appointed on 8 September, climbed above Brighton into eighth but are seven points behind Manchester United in fourth.

Forest, who claim a point for the first time this season after going behind, move above Wolverhampton Wanderers into 18th and are only behind fourthbottom West Ham United on goal difference.

Former Rangers star, Charlie Adams, who was one of the pundits for BBC Sports spoke glowingly on Awoniyi’s New Year day form. “Awoniyi has been good, aggressive, he has been a great focal point and he probably should have had his goal if (Brennan) Johnson had squared it to him in the second half.”

Neco Williams substituted Awoniyi with just two minutes till end of the game.

Emmanuel Dennis was an unused sub.

In another New Day fixture involving Super Eagles stars,

Terem Moffi played a key role as Lorient rallied back from a goal down to beat Angers 2-1 in their first France Ligue 1 game in 2023.

Moffi was in full action in the thrilling encounter.

The Super Eagles striker has scored 10 goals in 16 league

appearances for Lorient this season.

HisNigerian teammate, Innocent Bonke was also in action for Les Merlus in the game.

In another Ligue 1 fixture, Nantes defeated Auxerre 1-0 with Moses Simon in action.

Simon started the game and

was replaced by Marcus Regis in the 64th minutes. Regis netted the winning goal for the Canaries 16 minutes from time.

Simon has scored five goals in 15 league appearances for Antoine Kombouare’s side this season.

Nigeria’s biggest star in Europe,

Victor Osimhen’s first match in the New Year is scheduled for Wednesday, January 4 as tabletoppers Napoli resume their Italian topflight Scudetto chase away at Inter Milan.

Osimhen ended 2022 as leading scorer in Serie A with nine goals.

He is the most expensive Nigeria star on the Transfer Market, while fellow Super Eagles ace Ademola Lookman enjoyed the biggest increase in value.

Osimhen, 24, is now valued at 70 Million Euros. This is an increase of 7.7% from 65 Million Euros.

Nigerian international Taiwo Awoniyi (right) battling Kalidou Koulibaly for ball possession during the New Year day clash between Nottingham Forest and Chelsea. The match ended 1-1

Elegbeleye Opens up on IMC’s Visions ahead of the New NPFL Season The Chairman of the nation’s Interim Management Committee (IMC), Hon. Gbenga Elegbeleye has made it clear that the main concern of the league body ahead of the new Nigerian Professional Football League (NPFL) season scheduled to kick off January 8 is the welfare of players.

Elegbeleye hinted at the weekend that IMC’s vision is to see that players earn well, a situation that would see them remain at home instead

of rushing to play in obscure countries.

He promised that the league body would ensure a violencefree atmosphere at all venues where the safety of fans and officiating officials would be guaranteed.

“We are out to change the narrative of the league. Our main concern and focus is the welfare of the players. We also want to see them earn well... good salary package while plying

their trade at home.

“The era when players earned peanut would soon end. The present salary structure in the domestic league is nothing to write home about. This is the reason why they go to obscure countries to play for more money.

That has to stop in the next one or two seasons once we put the right structures in place.

“And as I said, we are going to ensure all the league venues are safe and TV friendly because we

Egbe Tasks FG on Facilities in 2023 To avoid repeat of last year’s failures by Nigerian football in 2023, the Chief Executive Officer of Monimichelle Group, Ebi Egbe, has tasked both the Federal Government and state governments to pay more attention to provision and maintenance of sports facilities.

Egbe said Nigeria have the potential of ruling the sporting world if the right facilities are put in place at home.

He stressed that given the kind of talents the country boosts of, no African country can compete with Nigeria if modern sporting facilities are provided for the country’s athletes.

Egbe while wishing the country well in 2023 noted that Morocco's superb performance at the FIFA World Cup in Qatar was a result of the kind of facilities they invested in.

"My appeal is that the federal

and state governments should look into the area of facilities in 2023.

We need to have more modern sporting facilities in the country.

“In football in particular, we need to have sustainable worldclass pitches that are TV friendly for our league to grow.

“We need to train more grounds men that can properly maintain the pitches. My outfit, Monimichelle is ready to provide our expertise in this area," Egbe pledged.

are going to get the matches back on television,” Elegbeleye said.

The IMC Chairman who is a former Director General of the defunct National Sports Commission (NSC) said: “On

the whole, we are looking at the bigger picture in which every stakeholder involved in the league would benefit. We have to make the league better and solid on all fronts.”

He also expressed confidence that the 2023 season would kick off as scheduled on January 8, insisting that it is in the best interest of all for the season to be an abridged league.

Adegoke Dethrones Akanbi to Win Okoya-Thomas Tourney Rilwan Akanbi’s quest for third men’s singles title ended in the semifinal as Muiz Adegoke emerged as the new champion at the 54th Molade Okoya-Thomas Table Tennis Championships concluded at the weekend in Lagos. The tournament was previously called the Asoju Oba Cup. Also, Bose Odusanya’s unbeaten run in the women’s singles continues after the Lagos State champion claimed her eight titles at the oldest sports competition in Africa.

Adegoke became the star player of the tournament after missing out of the contest for final in 2021 following his academic engagement.

He won his first senior title at

the expense of former champion David Fayele as the national junior star defeated the experienced Fayele 4-2 (11-7, 15-13, 11-6, 8-11, 6-11, 11-6) to be crowned the new champion.

Earlier in the semifinal, Adegoke had beaten defending champion Akanbi 4-2 to qualify for consecutive final.

Odusanya’s dominance remains unabated as she showed her superiority in the final against Anu Anjuwon in a one-sided encounter, which she won 4-0 (11-5, 11-5, 11-5, 11-6).

“I was supposed to play in the final last year, but I couldn’t, so I’m really excited to have won my first senior title at the Molade

Okoya-Thomas championship this year,” gushed the new champion after receiving the top prize.

He admitted that playing at the National Sports Festival in Asaba, Delta State helped him at this tournament.

“I attended my first National Sports Festival this year and that really helped me to develop and I hope to play in this tournament next year and win,” an elated Adegoke said.

For Odusanya, her triumph has been attributed to hard work.

Meanwhile, Head of the Okoya-Thomas Family, Ayodeji Okoya-Thomas, has tipped Adegoke for glory.

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Monday, January 2, 2023

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MISSILE NLC to Nigerians, INEC “The 2023 general elections has delivered in our hands the golden opportunity to take back our country and set her on the part of sustainable development. All voters must safeguard their PVCs jealously. It must be one man, one woman, one vote. INEC must ensure that politicians play by the rules and that logistics blues that dogged past elections are addressed in the 2023 general polls” – NLC President, Ayuba Wabba, in his New Year message, tasks INEC, urging Nigerians to vote wisely and take back their country.

MAHMUDJEGA VIEW FROM THE GALLERY

This Thing Called Structure

E

ighteen candidates on the ballot in February’s presidential election became less visible during this holiday period. They held no mass rallies, town hall meetings, Million Man Marches or even major newspaper and television interviews. It is a costly lull since there are only seven short weeks left to the election, that is, unless you have a solid “structure.” A candidate with a solid political structure on the ground is still campaigning every day and every minute even if, as a detached observer, you don’t see it.

Since the party presidential candidates emerged in May, we have often heard talk about some candidates having no structure while other candidates have solid structures.

Politicians have not spared the time to tell us the meaning of structure, so much so that many Nigerians are confused about it.

What is this structure in Nigerian politics and why is it so important?

Ideally, a political party should have an office, a functioning party executive and well defined members, registered or not, in every state, ideally in every local government, as much as possible in every ward, and if possible in every village and hamlet. In 1978, one of Chief Michael Ani-led FEDECO’s criteria for getting registered as a political party was to have functional party offices in at least two thirds of the states, which were 19 at the time. Although more than 50 groups applied, only five were registered. It was later said that PRP did not really qualify but the military rulers told FEDECO to register it lest voters in its stronghold of Kano State destroyed their voters’ cards.

In 1989, Prof Humphrey Nwosu-led NEC’s criteria required a party applying for registration to include in its application forms the names, addresses and even passport photos of all its members. As a result, we saw on TV some political associations arriving at NEC’s Lagos office with trailer-loads of documents. Television crews reported at the time that Alhaji Abdulkadir Balarabe Musa arrived with PRP’s application papers tucked under his arm, just when Chief Olu Falae arrived with PSP’s papers in 10 trailer loads!

In the end, none of them was registered.

In 1999 too, INEC’s registration requirements were stiff, as a result of which only PDP, APP and AD were registered. Again it was said that the military government told INEC to register AD, not because it met the criteria, but because it had a historical base of support in Yorubaland and, with June 12 still a red hot issue, not registering it could imperil the transition program. It was in 2002 that the courts annulled the stringent registration criteria and paved the way for registration of NDP and UNPP, which participated in the 2003

Peter Obi

elections. The court ruling subsequently opened the floodgates for mass party registration, until at one time we had more than 90 registered parties and the ballot paper was long as toilet roll.

There was a reason why FEDECO made registration criteria stringent in 1978. The country had just adopted the presidential system of government. Unlike in the First Republic when parties were content to be based in their home regions and then form alliances, you need this thing called “spread” to win a presidential election, i.e. a quarter of the votes in at least two thirds of the states, which is 24 states today. We still have many briefcase political parties in Nigeria today but their purpose is not to win election; it is to sell their tickets to disgruntled defectors who lose the nominations of major parties.

So, we ended up in this Republic with fairly large political parties with roots planted in many or most states. For most of the life of the Fourth Republic, the largest party by far was PDP. Since 2015, APC has become even larger than PDP. Both parties at one time or the other controlled three quarters of all state governments. Other parties that made appreciable impact in this Republic were ANPP [which in 1999 won 9 state governorships], AD [which captured 6 state governorships in 1999] and ACN [which, through the agency of courts, had 5 state governors at one time]. The only other parties that ever won governorship polls in this Republic were APGA [Anambra and Imo], Labour Party [Ondo] and Orji Uzor Kalu’s Progressive Peoples Alliance [PPA], which won Abia and Imo governorships in 2007 before Governors Theodore Orji and Ikedi Ohakim defected to PDP. How does a Nigerian political party ensure

“spread”? Since 1978, there were two ways in which it could be done. One method is to have an overwhelming political figure as party leader. Once Chief Obafemi Awolowo was announced as UPN’s founder in 1978, it immediately gained strong structures in the old West and other areas where Action Group was once strong, e.g. southern Gongola State. Once Dr. Nnamdi Azikiwe was lured into NPP in 1978, it overnight gained deep structures in the old East. The same thing with PRP leader Malam Aminu Kano, which gained for the party instant structures in Kano and Kaduna States and in other areas where NEPU was once strong.

This method was repeated in 2011 when, due to General Muhammadu Buhari’s towering political stature, CPC that he floated instantly gained structures all over the North as ambitious politicians scrambled to ride to power on his apron strings. The problem with that arrangement, however, was that it brought instant structures as well as limitations because each of those giant political figures was abhorred in some areas.

Just as with Zik, Awo and Aminu Kano, Buhari’s personal popularity came with regional limitations, and CPC had almost no presence in the South and parts of the Middle Belt. It ameliorated that by merging with ANPP and AC in 2013.

NPN and GNPP took a different tack.

The first time NPN held its Protem Exco meeting in late 1978, it announced Alhaji Aliyu Makaman Bidda as its Protem National Chairman. He was a big First Republic political figure, Second Deputy President General of NPC, but he was politically less overwhelming than Zik, Awo or Aminu Kano. However, NPN followed up by reeling out a list of nearly 200 of its prominent members all over the country. It was a very intimidating list and its contained prominent political and technocratic elite figures from every corner of Nigeria. The first time I saw it, I thought NPN would win the 1979 elections. Overnight, NPN had a strong party branch in every state and every Local Government while other parties struggled to get a foothold in many areas. GNPP too tried the alliance option, much less successfully, especially when Uncle Waziri Ibrahim refused to surrender to Zik one of the two top offices of either National Chairman or presidential candidate, leading to the party’s split into NPP and GNPP. Now, in 2003, when INEC registered UNPP and NDP, the two of them immediately held national conventions and nominated Chief Jim Nwobodo and General Ike Nwachukwu respectively as their presidential candidates.

They were soon running around holding presidential campaign rallies and press events. Yet, they had no functional offices

or executive officers in most states, or even governorship, senatorial, House of Reps or state assembly candidates. One UNPP member told me at the time that he stood up at a party meeting and said, “We are only talking about Presidency. Why can’t we have candidates for other offices?” He was shouted down!

It was not an idle question. To the extent that all registered political parties in Nigeria have no ideological orientation to speak of [except PRP], they win or lose elections entirely based on their ability to “mobilise” voters by other means. To win a wide election such as governorship or presidential, a party needs to pinch votes from every corner of the state or the country, in addition to getting overwhelming votes in its strongholds. That is where structures come in. Most Nigerian voters do not care a hoot about ideology, program or manifesto, or even promises made on the hustings. They are mobilized to vote in a particular way by someone, a kinsman, friend, in-law, respected cleric, benefactor, traditional ruler or more remotely by a regional, ethnic or religious champion.

Prevailing socio-economic conditions and performance of incumbents matters, especially to middle class voters.

If your party has functional and dedicated executives at every level, and also has candidates for all other offices, you expect each and every one of them to mobilise his kinsmen, friends, in-laws and everyone else who ever benefitted from him in terms of rent payment, school fees, hospital fees, Sallah ram, support for wedding etc. to vote for the party’s candidates. Thus, if a presidential candidate appears to be resting during this break period, he is still campaigning because every wedding ceremony that his “structures” attend, every condolence visit that they pay, every money that they hand out in support of a medical bill and every “prayer session” that they hold after which officiating clerics are settled, is a campaign.

The biggest new phenomenon in this election circle was the entry of Peter Obi into Labour Party, which instantly energized it, especially with the help of social media, and made it an important contender in the race. So also is Rabi’u Kwankwaso’s entry into NNPP, making it an important contender. This is the charismatic leadership strategy of the Zik/Awo/Aminu Kano/Buhari mould, which previously was never enough to win a presidential election.

Conglomeration of disparate political figures from all over the country such as in APC and PDP could be cumbersome and even troublesome, but it is their kind of “structure,” pinching votes here and there across divides, that has always won elections. We will see if 2023 is different.

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