WEDNESDAY 3RD JANUARY 2024 by THISDAY Newspapers Ltd

Osoba: Tinubu Met Empty Treasury, Must Borrow to Keep Nigeria Going in Short Term Says president plans to sign executive order to liberalise naira deposits Takes swipe at state govts for reckless spending

Emmanuel Addeh and Chuks Okocha in Abuja

Elder statesman and former two-

term Governor of Ogun State, Olusegun Osoba, yesterday argued that President Bola Tinubu met an empty treasury when he took over

from President Muhammadu Buhari, explaining that the Nigerian leader will need to borrow to fill the gap in the meantime.

Speaking on Arise Television, THISDAY’s broadcast arm, the politician noted that Nigerians already experienced the worst of

the economy in 2023 and therefore should look forward to a better standard of living in 2024. Stressing that Tinubu was working

hard to contain the widespread hardship in the land, the former Continued on page 11

MAN: 2024 May Not Have Positive Outlook for Manufacturing Sector... Page 8 Wednesday 3 January, 2024 Vol 28. No 10493. Price: N400

www.thisdaylive.com TR

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Dangote Refinery Expects Fifth One Million Barrels of Crude Supply Tomorrow... Page 5

Obi: LP Ready to Play Role as Nigeria’s Main Opposition Party

Says no backing down on desire for new Nigeria APC: PDP casting crude aspersions without justification... story on page 37

Chuks Okocha in Abuja

Presidential candidate of the Labour Party (LP) in the February 25, 2023

election, Peter Obi, has assured that his party would fully adjust to fit its new role as Nigeria’s main opposition party in the new year.

The Peoples Democratic Party (PDP) is the main opposition political party because it has more members at the National Assembly and elected

governors, but the Labour party has indicated interest to step in because the PDP was becoming docile. He said the onerous responsibil-

ity is to have LP remain firmly in opposition and keep the ruling All Progressives Congress (APC) on its toes to protect the country

and interest of Nigerians. Addressing the nation in his New Continued on page 11

Mark: It’s Time Tinubu Reviewed Nigeria's Security Architecture

Says Plateau massacre is wake-up call Mutfwang rallies North-central governors to advance peace, unity for regional development Sule, Alia, Bago insist it’s act of terrorism SMBLF alleges terror siege, writes Tinubu President must prioritise security, NBA charges Chuks Okocha, Sunday Aborisade in Abuja, Seriki Adinoyi in Jos, and George Okoh in Makurdi Former President of the Senate, Senator David Mark, has said it is time President Bola Tinubu reviewed the country's security architecture with a view to making it more proactive and strategic towards addressing recurring security challenges in the country. Mark said this yesterday in a statement by his media aide, Paul Mumeh. The former senate president stated that a review of the security strategy would help to identify the loopholes in the system and devise means to end the incessant bloodshed in the country. He added that the recent massacre in Plateau State was a wake-up call. As Plateau State reeled from the Christmas Eve massacre by alleged Fulani bandits, the governor, Caleb Mutfwang, yesterday rallied Continued on page 11

Inauguration of Sam Shonibare Community Development Center...

L-R: Chairman, Governing Board, Small & Medium Enterprises Development Agency of Nigeria (SMEDAN), Otunba Femi Pedro; Lagos Central Senator, Sen. Wasiu Sanni Eshinlokun; Governor of Lagos State, Mr. Babajide Sanwo-Olu; Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila and Minister of state for education, Dr. Yusuf Tanko Sununu, during the commissioning of Sam Shonibare Community Development Center, Surulere, Lagos... yesterday

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

T H I S D AY • WEDNESDAY, JANUARY 3, 2024

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 0809 7777 322, 0807 401 0580

NEWS

PARTNERING FOR INVESTMENT...

Governor of Enugu State, Dr. Peter Mbah (L) presenting a souvenir to the President, Afreximbank, Prof. Benedict Oramah, during the latter's working visit to the Government House, Enugu...yesterday.

Dangote Refinery Expects Fifth One Million Barrels of Crude Supply Tomorrow Last 1m barrels to arrive January 6 barring unforeseen delay

Peter Uzoho

World's largest single-train refinery, the Dangote Refinery and Petrochemical Company has revealed that its fifth and sixth crude oil shipments from oil producers in Nigeria would arrive between today and January 6, barring any unforeseen circumstances that may cause delay. Specifically, THISDAY learnt that the fifth one million barrels of crude consignment out of the six shipments earmarked for supply to the facility would arrive the refinery between today and tomorrow (Thursday), while the sixth one million barrels’ shipment would be received on January 6. The company had on Monday announced receipt of the fourth one million barrels crude cargo of Bonny Light grade from the Nigerian National Petroleum Company Limited (NNPCL). However, with four crude cargoes of combined four million barrels now successfully supplied, Dangote Group is now some inches away from starting refining operations at its 650,000 barrels per day (bpd) Lagos-based refinery. The now-awaited two consignments of one million barrels of crude each would be the last to be delivered to the Dangote facility out of the six million barrels of crude being expected by the Aliko Dangote-owned refinery. The $20 billion refinery located

within the Lekki Free Trade Zone in Ibeju-Lekki, Lagos, had earlier received three million barrels of crude from three different consignments of one million barrels each. Managing Director of Dangote Ports Operations, Mr. Akin Omole, had told journalists then, at the Dangote Quay, Ibeju-Lekki, Lagos that the Refinery would receive about four million crude shipments before the end of 2023, and the remaining two by the early of January 2024. He said the crudes supply would put the refinery in good stead to commence operation. Once the six million barrels are fully delivered, it would facilitate the initial run of the refinery as well as kick-start the production of diesel, aviation fuel, and Liquefied Petroleum Gas (LPG) before subsequently progressing to the production of petrol. According to the company, the latest development would play a pivotal role in alleviating the fuel supply challenges faced by Nigeria as well as the West African countries. Designed for 100 per cent Nigerian crude with the flexibility to process other crudes, the 650,000 barrels per day Dangote Petroleum Refinery can process most African crude grades as well as Middle Eastern Arab Light and even US Light tight oil as well as crude from other countries. The refinery promoters said the facility has the capacity to meet 100 per cent of Nigeria’s requirement

of all refined products, gasoline, diesel, kerosene, and aviation jet, and also has a surplus of each of these products for export. The refinery was built to take crude through its two Single-Point Mooring (SPMs) located 25 kilometres from the shore and to discharge petroleum products through three separate SPMs. In addition, the

refinery can load 2,900 trucks a day at its truck-loading gantries. Dangote Refinery has a selfsufficient marine facility with the ability to handle the largest vessel globally available. In addition, all products from the refinery would conform to Euro V specifications. The refinery was designed to comply with US EPA, European

The Nigerians in Diaspora Commission (NIDCOM) has warned all government ministries, agencies, embassies and high commissions as well as diaspora groups to beware of phoney groups with sinister and political ulterior motives, parading as authentic associations. A statement by the Director of Media, Public Relations and Protocols Unit of NIDCOM, Abdur-Rahman Balogun yesterday in Abuja specifically mentioned a group, Nigeria Diaspora Forum (NDF) which he said claimed it

had established an office in Abuja for the welfare of Nigerians in the diaspora. He alleged that the so-called forum, “an arm of Labour Party (LP), masquerading as a diaspora group, is not even registered with the Corporate Affairs Commission (CAC).” Balogun said: “We are aware that all registered political parties including the ruling party, have diaspora chapters and support groups outside the country and do work to promote and champion their party ideals. “It is equally sinister that an

This is an important achievement for our country as it demonstrates our ability to develop and deliver large capital projects. “Our focus over the coming months is to ramp up the refinery to its full capacity. I look forward to the next significant milestone when we deliver the first batch of products to the Nigerian market.”

AfreximBank Pledges Funding for Key Projects in Enugu Emmanuel Addeh in Abuja The African Export-Import Bank (AfreximBank) yesterday committed to supporting the vision of the Peter Mbah-administration in Enugu state through the financing of several key projects to drive development and investment in the state. The bank said its interest in Enugu state was because the work being done was in line with the bank’s goals and objectives for the rapid development of the African continent. President of Afreximbank, Prof. Benedict Oramah, who spoke during a working visit to the Government

House, Enugu described Mbah’s investment and development drive as impressive. Oramah said: “We have been discussing how to support the Enugu state government and people. Today is January 2. So, this is the first official assignment I would do in 2024. “It is remarkable for me and it speaks a whole lot about our friendship and also the confidence in the work you are doing and the vision you have, not only for this great state, but also for our country, Nigeria. “We also thank you for the wisdom of visiting us in Cairo

NIDCOM Disowns Nigeria Diaspora Forum, Cautions MDAs, Embassies

Michael Olugbode in Abuja

emission norms, and Department of Petroleum Resources (DPR) emission/effluent norms as well as African Refiners and Distribution Association (ARDA) standards. While receiving the first consignment, President of Dangote Group, Mr. Aliko Dangote had stated: “We are delighted to have reached this significant milestone.

unregistered body with the CAC will fraudulently and boldly announce the setting up of an office to oversee the welfare of Nigerians in diaspora in Abuja. “This is no doubt an attempt to fraudulently hoodwink unsuspecting members of the public, ministries, departments and agencies, embassies, high commissions as well as state and local governments. “We hereby advise all government agencies at both the federal and state levels as well as the diplomatic community to always double-check with NIDCOM the status of such groups as NIDCOM

has a data base of all registered diaspora groups.” NIDCOM also reminded that all the states have diaspora focal persons who are readily available to handle issues relating to their diaspora. “NIDCOM is the only commission mandated by an act of the parliament to oversee the welfare of Nigerians in the diaspora, in the last four years. “It has been, and will continue to fulfil its mandate, while also working with genuine Nigerian diaspora groups, associations and individuals,” the statement added.

and having an extensive discussion on the development priorities of your government...we believe that sub-nationals can contribute to the development aspirations of our country, Nigeria, and our continent,” he said. He added that specific areas had been identified where the bank intends to quickly advance collaboration, including the hotel and the conference centre, to see how quickly the projects can be completed “We also are very interested in supporting the development of the new terminal at the airport and especially the cargo and, of course, using it as a base to implement and grow an agro-processing zone. The airport will be critical in getting that done. “We also think that the work that is being done at the hospital is nice. We are working on the African Medical Centre of Excellence. We are building one in Abuja. So, it is in that spirit that we will be looking at that medical centre to see how we can bring it into the circle. “We are also interested in considering the development of solid minerals in Enugu State. We would follow that very closely to see also how we can play a role,” he stressed. He pointed out that there are a number of infrastructural projects that connect all the way to Cameroun, saying that there was the need to put in place a facility to develop bankable values for those aspects of interventions. “I want to assure you that

you can count on us because we believe in the vision you have and we believe that those things that you have identified are things that will shape this state and also our country, Nigeria, and continent. “Nigeria is not only the largest shareholder of Afreximbank, but also the largest economy on the continent. So, everything that happens to Nigeria, happens to Africa. So, for us, anything we can do to make Nigeria great is something that helps us to make Africa great. “So, it is our hope that by the end of 2024, we can point to some of these projects as completed projects or projects nearing completion for the benefit of Enugu state people, for the benefit of Nigeria, benefit of Africa, and of course, benefit of Afreximbank,” Oramah noted. Speaking, Mbah reiterated the determination of his administration to grow the state’s economy from $4.4 billion to $30 billion, assuring that the Enugu state government would play its own part to ensure the actualisation of the pinpointed infrastructure to drive investment and grow the state and the nation’s economy. Mbah also listed the steps taken by his administration to de-risk investment and promote ease of doing business in the state. “Our aim is to make Enugu state the premier destination for investment. We are determined to make it easy for the investors to come in. So, we are highly impressed and very happy about the collaboration with Afreximbank and its affiliates, “Mbah stated.

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

WEDNESDAY, JANUARY 3, 2024 • T H I S D AY

NEWS

CHIMAMANDA PRESENTS CHILDREN’S PICTURE BOOK...

L-R: Co-Founder and Executive Director, VFD Group Plc, Adeniyi Adenubi; a medical doctor, Dr. Ivara Esege; award-winning writer, Chimamanda Ngozi Adichie; former Nigerian President, Chief Olusegun Obasanjo, and Head of Marketing and Corporate Communication, VFD Group Plc, Muyiwa Olowoporoku, at the launch of Adichie’s children's picture book, ‘Mama's Sleeping Scarf’, in Lagos…recently

MAN: 2024 May Not Have Positive Outlook for Manufacturing Sector Dike Onwuamaeze

The Manufacturers Association of Nigeria (MAN) has declared that 2024 might not be a positive year for the Nigerian manufacturing sector, at least in the first half of the year. The declaration was contained in its “Manufacturing Sector Outlook for 2024,” released yesterday by the Director General of MAN, Mr. Segun Ajayi-Kadir, which pleaded with the government to see the manufacturing as the key driver of sustained economic growth in the country and give the sector the priority that it deserved. MAN stated: “Judging from the observed trend, it is obvious that the outlook for the manufacturing

sector in 2024 may not be a positive one, at least in the first half of the year. “The period will be challenging, with a subtle possibility of recovery from the third quarter. The envisaged recovery is highly dependent on the deployment of policy stimulus supported with a synthesis of domestic growth driven, export focused and offensive trade strategies. “This will promote resilience, steady growth and ensure that the sector gains meaningful traction in the later part of the year.” It added: “In broad terms, the year 2024 may start on a tough note for manufacturing but may end with some measured improvements because the envisaged policy

reforms, improved commitment to domestic production and general positive outlook seams favourable for the sector.” Ajayi-Kadir, noted that MAN’s projections for the manufacturing sector in 2024 were as follows: “Average capacity utilisation will still hover around the 50 percent threshold as the FX-related challenges and high inflation rate limiting manufacturing performance may linger until mid-year. “The sector may experience a meagre improvement in manufacturing output as FX and interest rates-related challenges are expected to subside from the third quarter. “Higher manufacturing output

Taldar to Replace Ogunsanya as CEO of Airtel Africa from July 1 Emma Okonji

Airtel Africa has appointed Sunil Taldar as the new chief executive officer of the company, following the retirement of Mr. Segun Ogunsanya which will take effect from July 1, 2024. In a statement released by Airtel Africa Plc yesterday, the company said that Ogunsanya, who joined Airtel in 2012, ran the Nigerian operations of the telecommunications and mobile money company for nine years before his appointment as chief executive in 2021. With local knowledge of the African landscape and deep distribution experience, it stated that he led the company in maintaining double-digit revenue growth over many quarters and to deliver new, innovative products to its customers across the continent. Building on the work undertaken during his time as CEO, including the launch of the company’s first sustainability strategy, and given his deep experience across Africa, Ogunsanya, it said, will become the Airtel Africa Charitable Foundation’s inaugural chair. “The Charitable Foundation will accelerate the company’s commitment to its sustainability initiatives and charitable operations across its locations in Africa. “The Charitable Foundation’s objectives will focus on promoting digital inclusion, financial inclusion, access to education,

and environmental protection. It will be a separate legal entity and be independent of the Airtel Africa Group,” the statement stressed. According to the statement, following his retirement from Airtel Africa plc, Ogunsanya will also be available to advise the chairman, the Airtel Africa Board and chief executive officer for a 12-month period. It stated that Taldar, who joined Airtel Africa in October 2023 as Director – Transformation, will begin the transition to the CEO role, working alongside Ogunsanya. “ Following a transition period, Taldar will be appointed to the Board as an Executive Director and assume the role of CEO on July 1, 2024, at which time Ogunsanya will step down from the Board and retire from the company,” it pointed out. “On behalf of the Board, I will like to thank Segun Ogunsanya for his commitment and significant contribution to Airtel Africa plc as Chief Executive and before that as Managing Director and CEO of Nigeria, our largest market in Africa. “I am pleased Segun has agreed, following his retirement, to assume the new role as Chair of the Airtel Africa Charitable Foundation, where he will bring his visionary leadership to this new philanthropic initiative to advance development and prosperity across Africa. “Segun will retire from the Board with our very best wishes and sincere appreciation for everything

he has achieved. “The Board is delighted to appoint Sunil Taldar as the Group's next Chief Executive Officer. His industry experience, strategic vision, constant customer focus and proven record of delivery will enable him to deliver our strategic objectives and to lead the Group in the next stages of its development. “In respect of the transition period, Segun continues to lead the business very effectively as seen in our financial results. Given that Sunil Taldar has already joined the Group, we are confident that we will have an orderly leadership transition and handover of responsibilities,” Chairman of Airtel Africa Plc, Mr. Sunil Mittal, said Reacting to his retirement and his new role, Ogunsanya said: “It has been a privilege to spend over 12 years of my career at Airtel Africa and I am proud of what we have delivered for customers across Africa. “We continue to transform lives. Now is the right time for me to handover to a new leader who can build on Airtel Africa’s strengths and deliver on the significant opportunities ahead as I pursue my renewed interest in the empowerment of Africans through digital and financial inclusion in a different capacity beyond the boundaries of for-profit organisations. “This has been my ambition after a successful career spanning over 35 years in Banking, FMCG and Telecommunications.”

is envisaged from the beginning of the third quarter of the year as the government disburses capital provisions of the budget to abandoned, ongoing and new capital projects with expected special preference for locally made products. “The ongoing concessions of seaports, airports and roads may also provide opportunities for the cement sub-sector and contribute to infrastructure upgrade needed to enhance manufacturing productivity. “There will be clarity on the actual and specific policy direction and priority areas of the current administration, especially around deepening industrialisation.” The association added: “Hopefully, the government will see the manufacturing sector as the key driver of sustained economic growth and will give the sector the priority that it deserves. “In 2024, sectoral real growth is expected to hit about 3.2 per cent; contribution to the economy will most likely exceed 10 per cent and the Manufacturers’ CEOs Confidence Index is predicted to rise above 55 points thresholds by the end of Q4 2023.” He added that the results of the emerging upward surge in global oil prices, domestic oil and gas production, local refining of petroleum products and projected gains of exchange rate unification would promote stability in the FX market and impact manufacturing positively from the second half

of the year. This would lead to reduction in the pressure on demand for forex and improve the inflow of export proceeds from oil and gas. In addition, “the ongoing tax reforms and the envisaged bank recapitalisation will frontally address the challenges of multiple taxation and poor access to credits that have continued to limit manufacturing sector performance, if successfully implemented,” he said. The MAN expected that dynamic implementation of the Electricity Act 2023 would increase private investment in renewable energy, enhance energy efficiency and improve electricity supply to the manufacturing sector. It also demanded that government should lead by example and give priority to patronage of made-in-Nigeria product in all its purchases and for all government contracts and projects. “Government should mandatorily upscale patronage of made in Nigeria products by deliberately reducing the excessive reliance of the country on imported products. The three tiers of government should enforce the implementation of the Executive Order 003 in same for their ministries, departments and agencies. “Government should encourage local sourcing of raw materials through comprehensive and integrated incentives to address the challenges of low productivity and imported inflation.

“Utilise the 2024 Budget to sustain effort at improving infrastructural developments, especially in strategic industrial hubs to reduce operation and logistics cost and promote competitiveness,” MAN stated. It also advised the federal government to prioritise forex and credit allocation to manufacturers, “maintain all measures to boost the level of liquidity and degree of transparency in the official FX window” and recommended that the floating exchange rate system should be managed “within an acceptable lower and upper bound, pending the actualisation of the nation’s net exporting economy aspiration. “The Central Bank of Nigeria (CBN) should intensify its collaboration with the fiscal authority; Federal Ministry of Finance and by extension the Tariff Technical Committee (TTC) for proper policy alignment on the appropriate HS Codes for items that Nigeria has sufficient capacity to discourage importation and save scarce foreign exchange. “The CBN should develop a sustainable framework to channel credit interventions into the manufacturing sector, outside the direct intervention. Additionally, it should mobilise commercial banks to intentionally provide long term single digit interest loans to the manufacturing sector to fast-track the actualisation of a $1 trillion dollar economy,” MAN said.

FG Suspends Accreditation of Degree Certificates from Benin Republic, Togo Kuni Tyessi in Abuja

The federal government through the ministry of education has suspended the accreditation and evaluation of degree certificates from Benin Republic and Togo. The spokesperson for the ministry, Augustina Obilor-Duru, disclosed this in a statement issued yesterday in Abuja. The suspension, according to the statement, followed a report detailing how a degree was acquired from a university in Benin Republic in under two months. “This report lends credence to suspicions that some Nigerians deploy nefarious means and unconscionable methods to get a degree with the end objective of

getting graduate job opportunities for which they are not qualified. “The federal ministry of education vehemently decries such acts and with effect from 2nd January 2024 is suspending evaluation and accreditation of degree certificates from Benin and Togo Republics pending the outcome of an investigation. “The investigation would involve the ministry of foreign affairs of Nigeria and the two countries, the ministries responsible for education in the two countries as well the Department of State Security Services (DSS), and the National Youths Service Corps (NYSC).” The ministry also called on Nigerians to assist in providing information to help the committee as it seeks lasting solutions to prevent

future occurrences. It added: ”The ministry has been contending with the problem, including illegal institutions located abroad or at home preying on unsuspecting, innocent Nigerians and some desperate Nigerians who deliberately patronise such outlets. “Periodically, warnings have been issued by the ministry and the National Universities Commission (NUC) against the resort to such institutions and in some instances, reports made to security agencies to clamp down on the perpetrators. “The ministry will continue to review its strategy to plug any loopholes, processes, and procedures and deal decisively with any conniving officials,” the statements said.

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

WEDNESDAY, JANUARY 3, 2024 • T H I S D AY

NEWS

condolence visit to Mrs Akeredolu...

L-R: Labour Party's presidential candidate, Peter Obi; Prof. Akeredolu of University of Lagos; wife of former Ondo State governor, Mrs. Betty Akeredolu, and reknown economist, Prof. Pat Utomi, during a condolence visit to the residence of late Governor Rotimi Akeredolu at Jericho, Ibadan, Oyo State... yesterday

Investors Gain N665.98bn as Stock Market Commences First Trading Day in 2024 Positive

Kayode Tokede

The stock market segment of the Nigerian Exchange Limited (NGX) started the first trading session of 2024 on a positive note, as investors’ bargain hunting in Airtel Africa Plc and 49 other stocks lifted the overall market capitalisation by N665.98 billion. Specifically the stock market that closed 2023 at N40.918trillion appreciated by N665.98 billion yesterday, to close at N41.583trillion. Owing to this, at the close of business yesterday, the NGX All-Share Index hit a new record 75,990.88 basis points. The All-Share Index gained 1,217.11 basis points or 1.63 per cent to close at 75,990.88 basis points from 74,773.77 2023 close. Investors had earned mouthwatering return in 2023, as the overall market capitalisation appreciated by N13 trillion. Yesterday’s gain was driven by renewed interest in Airtel Africa that appreciated by 5.99 per cent to close at N2,000 per share, Analysts predicted sustained positive momentum this year over early passage of 2024 budget, and Federal Government policy reforms. Speaking, the CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka, attributed the positive trend on the first trading day in 2024 to investors’ interest. According to him, “Investors’

interest was as a result of the 2024 budget signed by President Tinubu that largely rely on the use of private capital in funding some important developmental projects across the country. “In a way, we are going to see more public companies get listed on the stock exchange for the purpose of raising new capital, while the existing listed companies will not be left behind in this development. “So, I see a very bullish and active primary market in 2024, even though, there could be occasional moderation in price movement across the board, as investors take profit and engage in portfolio rebalancing. “The fact that private sector will take the lead in navigating the economy out of its prolonged state of disequilibrium, we will see a better capital market in 2024.” On his part, Managing Director, ARM Securities Limited, Rotimi Olubi, said the Nigerian stock market launched into the new year robustly, witnessing the NGX All-Share Index (ASI) surge by 163 basis points to reach 75,990.88 basis points. “This significant spike bolstered the year-to-date returns to 48.27 per cent, a notable climb from last week's 45.90 per cent. The market's upswing was primarily steered by substantial gains in Airtel Africa, BUA Cement Plc, Transcorp, and Fidelity bank, compensating for

losses in Stanbic IBTC Holdings Plc, GTCO, Cadbury, and International Breweries Plc. “This optimistic trajectory appears to be an extension of the momentum gained in the previous year, instilling fresh confidence among local investors in the equities market following its impressive 2023 performance (45.90 per cent YtD). “This confidence persists despite challenges both domestically and globally. Moreover, it seems investors are strategically positioning themselves in high-dividend yielding stocks in anticipation of the imminent release of the 2023FY earnings results. “In light of these develop-

ments, our recommendation is for investors to focus their attention on stocks exhibiting robust fundamentals, particularly within the Banking and Oil and Gas sectors. This strategic approach aligns with the current market dynamics and positions investors favorably in anticipation of future trends.” As measured by market breadth, market sentiment was positive, as 50 stocks gained relative to 18 losers. AIICO Insurance, DAAR Communications, SUNU Assurance, Ikeja Hotels, Linkage Assurance and Infinity Trust Mortgage Bank emerged the highest price gainer of 10 per cent each to close at 88 kobo, 99

kobo, N1.21, N6.60, 88 kobo and 60 kobo respectively, per share. Multiverse Mining & Exploration followed with a gain of 9.96 per cent to close at N20.42, while Transnational Corporations advanced by 9.93 per cent to close at N9.52, per share. On the other side, Cadbury Nigeria, Thomas Wyatt Nigeria and Mecure Industries led others on the losers’ chart with 10 per cent each to close at N17.10, N2.43 and N10.80 respectively, per share. Prestige Assurance followed with a decline of 9.80 per cent to close at 46 kobo, while Consolidated Hallmark Holdings depreciated by 9.52 per cent to close at N1.33, per share.

The total volume traded increased by 39.9 per cent to 515.81 million units, valued at N5.57 billion, and exchanged in 9,370 deals. Transactions in the shares of Mutual Benefits Assurance led the activity with 101.631 million shares worth N51.627 million. Transnational Corporation (Transcorp) followed with a volume of 46.647 million shares valued at N440.665 million, while Unity Bank traded 35.221 million shares valued at N61.671 million. Jaiz Bank traded 26.993 million shares worth N51.439 million, while United Bank for Africa (UBA) traded 20.075 million shares worth N513.852 million.

FG Urges Private Sector to Spearhead CNG Promotion Olawale Ajimotokan in Abuja Minister of Information and National Orientation, Mohammed Idris, has urged the private sector to play a leading role in actualising the federal government’s initiative on Compressed Natural Gas (CNG) in the country. He stated this yesterday in Abuja at the commissioning of the ABG CNG Plant and graduation of 40 CNG conversion technicians. The minister who described the effort of the ABG group as noble

and timely said the CNG had come to stay as a more cost-effective means in the transportation sector. He praised the foresight of President Bola Tinubu in leading the way towards the adoption of the CNG as a dominant alternative to premium motor spirit or petrol in powering commercial and private vehicles. “The CNG is the future and it is therefore important for Nigerian entrepreneurs to seize advantage of government policy on the CNG

by investing in the human and material assets required to grow its infrastructure across Nigeria,” Idris said. He said the government of Tinubu has so far committed the sum of N100 billion in the first instance, towards the CNG, adding that its inherent opportunities appealed to the Nigerian Labour Congress (NLC) and aided in their softening of grounds with the federal government. Chairman of the ABG Group,

Bawa Garba, said the CNG remains a clean energy solution requiring government support and patronage to become immersive and showcase Nigeria as a “gas nation.” “Our group is thankful to President Tinubu for the bold decision to adopt CNG. We are always a pioneering company, and our involvement in the CNG initiative is underscored by training multitudes of CNG conversion engineers across Nigeria,” Garba said.

Obaseki to Promote Economic Expansion, EFCC Lays Siege to NSIPA Office After Drive Tech Investments in 2024 Suspension of National Coordinator

Kuni Tyessi in Abuja

Operatives of the Economic and Financial Crimes Commission (EFCC) yesterday laid siege to the Maitama office of the National Social Investment Programme Agency (NSIPA) shortly after reports of the suspension of the Chief Executive Officer and National Coordinator of the agency, Halima Shehu, emerged. EFCC officials were seen positioned outside and inside the office, while access to the office located on Taraba close, off Limpopo street, Maitama, was also restricted. In what appeared as a mild faceoff between suspected Department

of State Services (DSS) officials and EFCC personnel, the latter took over the compound while Shehu alongside her key officers, including media aides were not allowed to leave their offices. THISDAY can authoritatively report that after hours of being locked in the office, the EFCC personnel left and were followed shortly by Shehu's convoy. A source in the agency explained that the NSIPA national coordinator will issue a statement as soon as the situation is clear and that she was not allowed to comment on the development at the moment. Meanwhile, the alleged suspen-

sion led to the cancellation of an event the agency was set to hold Tuesday morning in Karu. Shehu was said to have rushed to the presidential villa to confirm the authenticity of the news, since she was yet to be served any letter at the time, leaving journalists waiting at the venue. News of Shehu's suspension filtered in yesterday morning in the media claiming that President Bola Tinubu had suspended her and had appointed the Renewed Hope Job Creation Programme (RHJCP), formerly N-Power boss, Dr. Akindele Egbuwale as the acting NSIPA national coordinator.

The Edo State Governor, Mr. Godwin Obaseki, has said that his government will in 2024 focus on the promotion of economic expansion and investment in technology. The governor, who spoke to journalists in Benin City, the Edo State capital, said the priorities for his government in the New Year include economic growth and stability, deepening the public and civil service transformation and human capital development. “The ultimate target is to promote economic expansion, technology, arts and culture, social inclusion and economic empowerment for Edo citizens, through sustained investments

across various sectors of the economy necessary to drive growth and development. “Public Private Partnership (PPP) will continue to dominate our investment initiatives in the New Year,” the governor said. According to him, while efforts at economic growth and stability will focus on public safety and security, business environment reforms and job creation, attempts at deepening the public and civil service transformation will include technology enhancement recruitment and training. For human capital development, the governor said his administration will focus on education sector reform and health sector

transformation in the New Year. On plans to drive economic expansion in the state, the governor stated that his government was taking deliberate and bold steps to drive economic and employment enablers. He noted: “These will enhance the ease of doing business and also facilitate the injection of private capital into the economy to create more opportunities for our teeming youth population. “Some of these include investment in our legacy projects, including the Benin Enterprise Park, the Benin Port Project and the Trailer Park projects, among others, which will spur economic expansion and growth,” the governor added.

T H I S D AY • WEDNESDAY, JANUARY 3, 2024

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Northern Forum Cautions Tinubu over Obazee’s Report Says he might be walking on minefield

Kingsley Nwezeh in Abuja

The Concerned Northern Forum (CNF) has cautioned President Bola Tinubu over the use of the report before him submitted by Jim Obazee, the special investigator, hired to investigate the activities of the country's apex bank under suspended Governor Godwin Emefiele. The forum said the president must tread with caution because

he may be walking on a minefield. A statement signed by the Chairman of the group, Aliyu Muhammad, said Obazee was not qualified to lead any special investigation. "This is so because Jim Obazee himself is not qualified to lead any special investigation, most especially one that has to do with finance given his antecedents. "The man hired by President Tinubu is at the heart of corruption

scandals while he was the Chief Executive Officer (CEO) of the Financial Reporting Council of Nigeria (FRC)," it alleged. The group further alleged that Obazee was "awarding procurement contracts to proxies, acquiring luxury properties both at home and abroad that his salary could never justify.” It stressed that Obazee's professionalism, patriotism and loyalty were questionable, stating that his

priorities were his financial gains or personal scores he set out to settle. "Jim Obazee should be investigated and not the other way round," it stated. The group noted that, "unless the president is interested in his expertise of personal witch hunt and controversies that are capable of inciting chaos, Jim Obazee has no business investigating the CBN or any other financial institution for that matter.

"Mr. President should adopt the action of firing Jim Obazee by his predecessor, former President Muhammadu Buhari. "Yes, CBN should be probed and investigated, but not by an individual with questionable character, integrity and a tone of corruption cases, graft and misuse of public funds himself. "Therefore, President Bola Tinubu must not use this report that as basis for it is as compromised as

President Bola Tinubu the author of the report. It is one sided, partial and some of its recommendations are fatal to the economic wellbeing of Nigeria."

Mark: It’s Time Tinubu Reviewed Nigeria's Security Architecture his North-central counterparts to advance peace and unity for regional development. But Nasarawa State Governor Abdullahi Sule and his Benue and Niger states counterparts, Rev. Fr. Hyacinth Alia and Umar Bago, respectively, described the Plateau incident as act of terrorism. They called for unity in the fight against terrorists disturbing the peace of the zone. Similarly, Southern and Middle Belt Leaders Forum (SMBLF), under the leadership of Chief Edwin Clark, raised the alarm, in a letter to Tinubu, that the entire Middle Belt region was currently under the siege of the Fulani militia, who were bent on occupying the entire region. Nigerian Bar Association (NBA) also decried the state of insecurity across Nigeria, saying Tinubu must show demonstrable commitment to securing lives and property in the country.

Mark, a retired General and politician, said the Plateau incidents in which 100 citizens were needlessly massacred should be a wake-up call that the security challenge needed urgent attention. "It will not be out of place to declare an emergency on security,” he said. “Any step taken to end the continued killing of citizens will be worth the trouble," Mark added. He urged the government and security agencies to do more, saying life has become so cheap in Nigeria today that people have lost the humanity in them. The former two-term senate president implored the federal government to collaborate with sub-national governments in the task of ensuring peace and security in the country. Mark commiserated with the government and people of Plateau State, and he suggested that residents should be alert and cooperate with

security operatives in order to prevent a reoccurrence. He called for harmonious relationship between and among various ethnic and religious adherents in the country. He also counselled against taking grievance to the extreme, stating, "There are legitimate channels to address grievances instead of resorting to self-help.”

Mutfwang Rallies Northcentral Governors

Plateau State Governor, Caleb Mutfwang, reaffirmed his dedication to collaborating with his colleagues in the North-central geopolitical zone to promote peace, unity, and substantial development in the region. Speaking during a condolence visit to him by the North-central Governors' Forum, led by Nasarawa State Governor, Abdullahi Sule, Mutfwang expressed gratitude to

his colleague-governors for their support after the recent attacks in Bokkos, Mangu, and Barkin-Ladi local government areas of Plateau State. He said the North-central geopolitical zone was significant as a cohesive force in Nigeria and highlighted the region's abundant natural resources, stating their potential benefits for the entire country. Mutfwang called for combined effort to combat armed banditry, terrorism, and criminal activities prevalent in the region. He appealed to the federal government for assistance in reconstructing the Wamba-Panyam and Akwanga-Jos roads, crucial gateways for security operations in the North-east, into dual-carriage ways. Sule conveyed the zone’s condolences to the people of Plateau State for the Christmas Eve attacks,

describing Plateau as a true home for Nigerians. He stressed the need to identify the cause of the incident for a lasting solution, and expressed confidence in Mutfwang's ability to address the issue with wisdom and courage. The governor characterised the incident as pure terrorism, urging the deployment of technology to identify perpetrators and curb their operations in the North-central. He also emphasised the collective responsibility of all Nigerians in addressing the challenge. Governor Hyacinth Alia of Benue State and Niger State Governor Mohammed Umar Bago also condemned the heinous attacks in Plateau State. They called for unity to safeguard the common destiny of the North-central people. They also encouraged investment in agriculture to harness the region's abundant natural resources. Gbong Gwom Jos, Da Jacob

Osoba: Tinubu Met Empty Treasury, Must Borrow to Keep Nigeria Going in Short Term journalist noted that Nigeria was almost crashing on May 29 when Tinubu took over the reins of government. Osoba, a chieftain of the All Progressives Congress (APC), stated that in the last few days he had had meetings with the president, whom he insisted feels the pains Nigerians are currently going through. “When the treasury was empty and the last administration was borrowing to pay salaries, the whole place was empty. What else can you do other than in the meantime, borrowing to fill the gap? “That does not mean that the culture of borrowing will go on forever. You met an empty treasury. There was nowhere to turn other than to still engage in a bit of borrowing. After the first year in office, the whole thing will be reviewed and we will see. “Talking of borrowing, when your pocket is empty, you have to go to your bank to shore you up for some time. It depends on how you manage that situation. “I have explained to you that we are lucky, but by June 1, the whole system was set up to totally collapse. I'm telling you if he (Tinubu) didn't go the way the government had to go (things would have collapsed)," Osoba noted. He stated that in the last few days he had had very sincere discussions with the president as somebody who wasn’t seeking any favours from the Nigerian leader at his 84 years of age. “He is a listening person. I had quality time with him on Christmas day and even my grandson engaged him in discussion and the young boy was very honest with him and told him some of the things that are going on,” he explained. Osoba said he had advised Tinubu on what to do about the humongous monies outside the banking system. He disclosed that when he met with the president on Christmas Day, he suggested that the anti-corruption agencies should allow the banks to accept deposits without asking for the sources of the funds. He said this would encourage the huge money outside the banking sector to find its way back to the bank vaults. The former editor of the old Daily

Times said that the president hinted that he was planning to sign an executive order that would liberalise deposits by Nigerians in the deposit money banks. Osoba said that once the coast was clear, those who buried money in their homes would be encouraged to exhume it and deposit the same in the banks. He lamented that due to scarcity of naira both within and outside the banking system, Nigerians had resorted to saving their money in $20, $50 notes instead of in local currency. He also decried a situation whereby naira that is said to be scarce always found its way to venues of parties where hawkers sell the notes for a commission to those who indulge in open display of spraying the notes. “In the history of foreign exchange, do you know that Nigerians are also not helping? The amount of money out of the system even as a grassroots person and as a journalist, even ordinary drivers are changing their little N50 to $20 and $50 at home. “The confidence that everybody lost before Tinubu came which spilled over into his administration, I said Mr. President, can you do something? The amount of money out of the system is enormous. What can you do to encourage people?,” he disclosed on his meeting with the president. He said that Tinubu was very worried about the development and had heeded his advice to act expeditiously to control the liquidity outside the banking system. “I have reasonable confidence that year 2023 is going to be perhaps the worst of the years we have ever had. Starting from that, I strongly believe the year 2024 will be the beginning of the year of the president's renewed hope. “I do agree that things are very tough for everybody, irrespective of status in society. But there is nobody in this country, who is not feeling the pain and the current hardship. That I will admit, that I will not pretend not to know. “But I can tell you that the government at the same time is struggling very hard to contain the hardship and reduce the pain,” the former governor said.

He noted that the increase in the budget sum for 2024 by the legislature was not out of place, but stated that the implementation was the most important thing. On why Tinubu hadn’t visited Plateau state, Osoba stated that while it was regrettable that many people were killed in the state, Tinubu was committed to solving the problems from the roots, insisting that the ‘issue of token appearance’ shouldn’t detract from the magnitude of the killings. He added that by the time the president visits, he should be able to tell the people the steps he had taken or was taking to solve the problems. Osoba stated that he wouldn’t engage the president on national TV since he has direct access to him, stressing that the president inherited a very bad situation from the previous administration. “There is hardship, there are problems. But we expected it because at the time that President Bola Tinubu assumed office, there was not a single allocation for oil subsidy. “The previous administration did not allocate a kobo from May 30 for oil subsidy. What else did you expect from Tinubu when he cannot go outside the Act, the law is there. “Not one kobo allocation. He had no choice but to pronounce the removal of subsidy because he would have breached the law immediately he was sworn in if he continued with the subsidy,” he argued. The former governor said both the rich and the poor were feeling the pinch of the outcome of Tinubu’s policies, but argued that the decisions were necessary to grow the country’s economy. “But what you can say about him is that he exhibited great courage to have taken such very painful, very hard decisions,” he added. According to him, Tinubu had no option but to stop the opaque petrol subsidy programme when he took over the reins of government. “We were virtually subsidising the economy of all our neighbouring countries. smuggling was thriving heavily. They didn’t even have room for one kobo for capital expenditure,” he added. He also declined to rate Tinubu publicly.

Osoba added that the president was feeling the pains of the masses regarding the impact of the economic reforms. “I can tell you he (Tinubu) is in pain. And when I talk to him, I can see the pain in him,” he stated. He added that he can only do a comprehensive review of the Tinubu’s administration after one year. Osoba took a swipe at the subnationals stressing that there was a

lot of misspending and extravagance by the state governors. “I'm amazed about the size of government in the states and the cost of governance in the states. Many governors spend more time in Abuja, I can tell you, and it’s not something I can defend. “So I can tell you the state governments need to be up and doing in a way that even we the elite who are short-changing government are dealt with,” he added.

Gyang Buba, appreciated the governors' unity and urged them to focus on the region's mineral resources for the prosperity of its people.

SMBLF Alleges Siege by Fulani Militia

Southern and Middle Belt Leaders Forum (SMBLF), under the leadership of Chief Edwin Clark, alleged that the entire Middle Belt region was currently under the siege of the Fulani militia who were bent on occupying the whole region. The leaders, who stated this in an open letter to President Bola Ahmed Tinubu, asked the president to take immediate steps to stop the expansionist agenda of the terrorists to safeguard the corporate existence of Nigeria. The letter was signed by Clark; Chief Ayo Adebanjo (Afenifere); Chief Emmanuel Iwuanyanwu (Ohanaeze Ndigbo Worldwide); Dr. Pogu Bitrus (Middle Belt Forum); and Senator Emmanuel Ibok-Essien of the Pan Niger Delta Forum (PANDEF). The leaders lamented the plight of the people of Mangu, Bokkos, Barkin-Ladi local government areas of Plateau State, where over 200 innocent villagers were killed by terrorists, with more than 300 persons injured between Christmas Eve and December 26, 2023. They commiserated with the affected families, and people of Plateau State, and commended Continued on page 37

Obi: LP Ready to Play Role as Nigeria’s Main Opposition Party

Year Message, Obi said there was no backing down on the task of having a new Nigeria going forward. “As Nigeria is the only country we have, deeply endowed but lacking good leadership over the years, we will continue to seek a new Nigeria that we know is possible,” he said. The LP Standard bearer, who hammered on what has now become the party and ‘Obidient Movement’ insisted that a new Nigeria was possible in spite of the numerous yet-to-be-fulfilled aspirations of citizens. While expressing heartfelt and warmest greetings to all Nigerians, the former Anambra State governor prayed for God’s manifest blessings upon them richly as He grants everyone their heart desires in the new year and beyond. His words: "The events of the past year are now part of our national history. As we trudge on, we remain mindful of the state of our nation and that our best hopes and aspirations remain largely unfulfilled. “Peace and security continue to elude us with the rising level of bloodletting deeply troubling and sometimes beyond a war situation. A situation where hundreds of Nigerians are violently killed in December alone is deeply sad and unacceptable. “While we pray for the repose of the souls departed, we demand that the federal government must do whatever is required to bring the perpetrators to justice and permanently stop a reoccurrence in any part of Nigeria.” Furthermore, the LP Candidate, noted that Nigeria’s economy needed an urgent turnaround, considering the rising unemployment, inflation, poverty, inequality, and other key

socioeconomic variables. He said, “Nigerians are now very aware and convinced that good governance, inclusive development, and accountable leadership expected in a functional democracy continue to elude us. “But we must be consistent and resolute in our demand for the rule of law, regulatory quality, and government effectiveness for transformative solutions to a litany of our social problems. “If there is one fundamental threat to our democracy, it is the undermining and weakening of our national institutions and the capture of state affairs and resources by a few individuals and private interests. “This must stop for Nigeria to move forward and function as an inclusive and sustainable society and nation,” he said. Insisting that there must be full respect for the separation of powers between the three independent arms of government, as well as between the federating units in a democratic and secular country like Nigeria, Obi tasked the National Assembly (NASS) to devote time and energy in committing itself to the diligent performance of its functions, like the 2024 budget, which required its prudent examination and subsequent patriotic-oriented approval or rejection. "It is imperative for Nigeria to work for Nigerians in order to avoid a possible drift into a one-party state or a situation where the federal government will be intervening unduly in the internal affairs of the states, particularly in circumstances where national security is not threatened. “We in the Labour Party have undertaken in the national interest and in our undying commitment

to a New Nigeria that is possible, to remain firmly in opposition and, as such, must remain focused going forward. Our collective role in nation-building remains fundamental and obligatory,” he said. Using the opportunity to appreciate all Nigerians for supporting his campaign during the 2023 elections and voting for the LP because of their belief in the quest for a New Nigeria, Obi said the outcome of the 2023 presidential elections was contested and remained so, on record, “but the Courts of law have spoken; so be it. “I wish to thank members of the Labour Party, the Obidient Family, friends, and well-wishers of Nigeria for their loyalty, resilience, tenacity, and commitment to true democracy. We will continue ongoing discussions and efforts for the Labour Party to adjust to our new role as Nigeria’s main opposition party. “We will continue to constructively engage all Nigerians and our friends, who have now realised the vast implications of the road not taken; and the folly of national interest decisions predicated on sentiments and primordial interests,” he further stated. Describing Nigeria as a God-given country whose business was far too important to be left in the hands of those involved in transactional politics, the former Anambra Chief Executive said, “I am involved in the struggle for a New Nigeria that is possible and works for all and will remain passionately committed to the crusade. “I, therefore, implore you all who strive for a New Nigeria to remain fully engaged, committed and resilient as it is and will be possible.”

WEDNESDAY, JANUARY 3, 2024 • T H I S D AY

NEWS

New Year Church Service held at CMS Marina...

L-R: People Warden, Cathedral Church of Christ Anglican Communion, Marina, Lagos, Prince Dapo Opeaye; Provost, Very Revd. Adeola Ojofeitimi; Registrar, Lagos Diocese, Barr. Olusegun Ajayi; Church Counsellor, Justice Oyebanji Adebayo; former Lagos State Deputy Governor, Mrs. Adejoke Adefulire Orelope; Diocesan Bishop of Lagos Anglican, Rt. Revd. Ifedola Gabriel Okupevi; and wife, Mrs. PHOTO: KOLAWOLE ALLI. Modupe Okupevi, during the 2024 New Year Church Service held at CMS Marina, Lagos...yesterday

Harvard President Claudine Gay Resigns Amid Plagiarism Claims, Backlash from Antisemitism Testimony Harvard University President Claudine Gay has resigned amid plagiarism accusations and criticism over testimony at a congressional hearing where she was unable to say unequivocally that calls on campus for the genocide of Jews would violate the school’s conduct policy, according to Associated Press yesterday.

Gay announced her departure, which came just months into her tenure, in a letter to the Harvard community. She and the presidents of MIT and the University of Pennsylvania came under fire last month for their lawyerly answers to a line of questioning from New York Rep. Elise Stefanik, who

asked whether “calling for the genocide of Jews” would violate the colleges’ code of conduct. The three presidents had been called before the Republican-led House Committee on Education and the Workforce to answer accusations that universities were failing to protect Jewish students amid rising fears of antisemitism

worldwide and fallout from Israel’s intensifying war in Gaza, which faces heightened criticism for the mounting Palestinian death toll. Gay said it depended on the context, adding that when “speech crosses into conduct, that violates our policies.” The answer faced swift backlash from Republican and some Democratic

lawmakers as well as the White House. The hearing was parodied in the opening skit on “Saturday Night Live.” Gay later apologized, telling the The Crimson student newspaper that she got caught up in a heated exchange at the House committee hearing and failed to properly denounce threats of violence

Niger Delta Minister Pledges to Prioritise Completion of Agenebode-North Ibie-Okpella Road To ensure protection of interest of the region

Kingsley Nwezeh in Abuja

The Minister of Niger Delta Affairs, Abubakar Momoh, has assured people of Edo State that the Agenebode- North Ibie-Okpella Road which had been on the drawing board for ages, would be given priority attention and completed under the President Bola Tinubu administration. He affirmed that as the minister whose portfolio extends to the entire Niger Delta region his ministry's plans would be tailored to emplacing the welfare of the people above any other agenda. Momoh, made the pledge at the 2023 edition of Au-Ukhua Cultural Carnival, celebrated in Iviukhua Community, Etsako East Local Government Area of Edo State. He said the 8th Au-Ukwa Carnival, which was celebrated this year, attracted interest not only in Edo State, but the entire Nigeria with a global audience hence every necessary support should be provided to take the carnival to greater height. "Apart from the fact that the carnival brings people together, it also brings the youths together to showcase their talents in several areas and this takes away their minds from negative and untoward activities detrimental to society which should be encouraged," he added. Recalling his days as a youth when he had to traverse Auchi to Agenebode through Iviukhua and other communities as a member of the NYSC, the minister said,

"though a minister of the federal republic responsible for about nine states, you can't forget where you came from. "I am not happy that when you are coming to Agenebode, you have to pass through three different local governments thus making the journey cumbersome. "We will address it and I promise to always support the carnival which has assumed national and international recognition and is a thing of pride to the people of the Niger Delta," the minister who was awarded a certificate as brand ambassador said. The minister also appreciated the leadership of the community headed by Kennedy Izuagbe and the entire Au-Ukhua Carnival Organising Committee for putting up the Ukhua 7km Road Race which enhanced the true sporting talent of the youths. The Au-Ukhua carnival brings together the various communities in Afenmai Land, Edo State and presently attracts tourists from different parts of the world to Iviukhua community in Agenebode, Etsako East Local Government Area to witness and savour the rich cultural heritage of the community, local government and Afenmai land in general. In his remarks, the immediate past Minister of State for Budget and National Planning, Clem Agba, commended organisers of the carnival. "This is really becoming a big festival, something that tourists look forward to and I am proud to be associated with it.

"As you know, I am looking forward to 2024 (Edo State governorship election). "When God does does it, I will take this Au-Ukwa carnival to greater heights because it has huge potential. Edo State government will promote it further. It is already a national carnival but needs to go the next level," he said. In his remarks, the President General (PG) of Iviukhua

Community, Kennedy Izuagbe, thanked the Niger Delta minister for honouring the community with his presence to participate in the nationally endorsed carnival and appreciated his promise of connecting the community with other states in the South-south through the construction of roads. He commended the minister's support of the carnival even while he was a councilor, local government chairman, House

of Assembly Member, House of Representatives and now a minister of the Niger Delta Affairs. Other activities at the annual festival include the Ukhua 7km Road Race, flagged off by the Commissioner for Youths and Humanitarian Affairs, Edo State, Dada Abubakar, represented by the Commissioner for Budget and Economic Planning, Osilama Okhuofu.

against Jewish students. “What I should have had the presence of mind to do in that moment was return to my guiding truth, which is that calls for violence against our Jewish community — threats to our Jewish students — have no place at Harvard, and will never go unchallenged,” Gay said. The episode marred Gay’s early tenure at Harvard — she became president in July — and sowed discord at the Ivy League campus. On Thursday, Rabbi David Wolpe resigned from a new committee on antisemitism created by Gay, saying in a post on X, formerly Twitter, that “events on campus and the painfully inadequate testimony reinforced the idea that I cannot make the sort of difference I had hoped.” The House committee announced Thursday it will investigate the policies and disciplinary procedures at Harvard, MIT and Penn. Separate federal civil rights investigations were previously opened at Harvard, Penn and several other universities in response to complaints submitted to the U.S. Education Department. Culled from Associated Presss

Gombe Targets 90,000 Poor, Vulnerable Citizens in Palliatives’ Intervention Segun Awofadeji in Gombe

Gombe State Governor, Inuwa Yahaya, has flagged-off another round of state-wide food palliative intervention, targeting 90,000 poor and vulnerable members of the society. Speaking during the inauguration of the distribution exercise in Gombe local government, held at the Emir's Palace yesterday, Yahaya emphasised that the expansion and continuation of the Intervention was meant to complement earlier ones, aimed at alleviating the impact of the fuel subsidy removal on the citizenry. “Today marks the commencement of another round of state-wide palliative distribution for the impoverished and most vulnerable members of our communities. “As you are aware, since the

fuel subsidy removal, we have consistently offered various palliatives to mitigate the impact on the lives of our people. “Our recent palliatives distribution targeted over 420,000 people across the state. While it is not our wish to continually give such handouts to the people, the current economic circumstances necessitated our intervention. “ I therefore want to emphasise that we would not cease in our efforts until we overcome the challenges of poverty among our people through the various initiatives we have put in place,” he added. While acknowledging that the removal of fuel subsidy had resulted in rising costs of living and economic hardships among citizens, the governor assured that Nigerians would enjoy its

gains soon. The governor added that President Bola Tinubu's determination to provide better leadership will improve the economic situation, assuring that the revitalisation of the Port Harcourt refinery will contribute to alleviating the situation by providing locally refined petroleum products for domestic consumption. Yahaya also used the occasion to call on farmers in the state who have not yet harvested their crops to promptly do so before the January deadline. The Deputy Governor and Chairman of the palliatives distribution committee, Dr. Manassah Jatau, disclosed that the exercise will cover the 2,998 polling units of the state. He explained that the flag-off ceremony performed by the

governor was a symbolism that signals the commencement of the distribution exercise across the state. He said that a total of 25 people from each of the 2,998 polling units of the state will benefit from the state-wide distribution exercise. Jatau added that each of the 114 political wards of the state were allocated cartons of spaghetti pasta and bags of rice. "After this state-wide distribution, the state government will extend the same gesture to the already identified clubs and associations within the state,” he said. Earlier in his address of welcome, the Secretary to the State Government, Prof. Ibrahim Njodi said the continuous distribution of relief items was part of the policy thrust of Yahaya to ensure the welfare and wellbeing of the people of the state.

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

T H I S D AY • WEDNESday JANUARY 3, 2024

politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com (08033025611 SMS ONLY)

The Twists and Turns in Anambra Politics

David-Chyddy Eleke reports that Year 2023 marked major turns in Anambra politics, even though the state was not among those in off season period to elect new governors.

Soludo

Obi

Ubah

Ekwunife

few personalities and events shaped the political landscape in Anambra state in 2023. Some of these events and personalities included the 2023 general elections, the presidential candidate of Labour Party (LP), Mr Peter Obi; the governor of Anambra State, Prof Chukwuma Soludo and many other political actors. Even as the year ended on Sunday, events that show that things are no longer as they used to be are still manifesting. General elections and the Peter Obi factor In November 2021, Anambra State went to polls and elected Prof Chukwuma Soludo as governor. Soludo was later sworn in on March 29, 2022. With a government in place, and knowing that the major elections in Nigeria are usually the election of Chief Executives, one may say Anambra was not a state of focus. But the involvement of the former Anambra State governor, Mr Peter Obi in the 2023 general elections as the candidate of the Labour Party, changed many things for Anambra’s participation. Obi is one of Anambra’s governors that was reputed to have performed so well, and besides that, his calm mien, courage and openness has endeared him to many people, and even though Anambra was not electing a governor, the politicking in the state grew enough to attract attention. In Anambra particularly, this fear was majorly because many had hoped Obi using his popularity may sweep the legislative positions, both in the national assembly and state assembly at the detriment of Soludo, and also sweep Anambra votes in the presidential election. This didn’t totally came to pass, but more than half of that was achieved. The permutations aroused the interest of Soludo who was hitherto sleeping, hoping that Anambra was an APGA state. At the last minute when Soludo realized that a delay may mean Labour Party lawmakers dominating the state assembly, he

moved fast and was able to secure 17 seats in the assembly out of the 30 state constituencies. The All Progressives Grand Alliance (APGA) won 17 seats in the 30- member legislature, while the Labour Party, LP, won eight. The YPP won three seats, while the Peoples Democratic Party (PDP) won two each in the state assembly, House of Representatives and two out of the three Senatorial seats. This was however not after Soludo had been accused of spending a whooping N3.5 billion during the House of Assembly election in the state. There were allegations that the state government spent the amount in votes-buying to enable the All Progressives Grand Alliance (APGA) win majority of seats in the state legislature. The International Society for Civil Liberties and Rule of Law (INTERSOCIETY) had, before the governorship

and House of Assembly elections, alleged that 20 states would spend about N50 billion for votes-buying during the polls. The organisation had, in a statement by its Board Chairman, Emeka Umeagbalasi, and others, said Anambra was projected with N2 billion to N2.5 billion lavish spending while the three higher spending states were Lagos (N10 billion), Rivers (N6 billion to N10 billion) and Delta (N5 billion-N6 billion). The Soludo Factor Soludo was a serious factor in Anambra politics in 2023. Though he was of APGA stock, many wondered why he was so opposed to the Labour Party presidential candidate, Mr Peter Obi. Instead of being known for his support for his party’s presidential candidate, Prof Peter Umeadi, Soludo was rather associated with the candidate of the Peoples Democratic Party (PDP), Alhaji Atiku Abubakar. Soludo’s open letter titled: History Beckons, I won’t be silent, which was authored in November, 2022 was one thing that guided many in gauging the thinking of the governor.

In the 2023 elections, the All Progressives Congress and her candidates in the national and state assemblies failed to win any seat in Anambra state. But what they couldn’t win in the polls, they are now getting through defections. The latest defectors are Senators Ifeanyi Ubah and Uche Ekwunife, both of whom are believed to have an alliance that can give them the governorship of Anambra in 2025. Currently, the APC members in Anambra state are in high spirit, and have strong belief that they will oust Soludo in 2025, given their unity and the caliber of politicians that have joined them.

Many accused him of showing so much hate in the letter, even though he was known to be an ally of Obi. While many were condemning Soludo for being so hard on Obi, supporters of the governor took precautions, having deciphered where their principal stood, and also acted in same line by defending him. This further heated the state polity and polarized it. Defections and APC’s Gains As the years drew to a close, and politicking winds down for 2023, one party in Anambra state that went home counting it’s gains is the All Progressives Congress (APC). From a party which was known as ‘Fulani party’ in Anambra State for a long time, the party is gradually gaining acceptance in the state. This however is a latest development. In all the years of APC’s participation in Anambra politics, it has hardly been able to make any impact, both in state assembly, governorship of national assembly elections. In the 2023 elections, the All Progressives Congress and her candidates in the national and state assemblies failed to secure any seat in Anambra state. But what they couldn’t win in the polls, they are now getting through defections. The latest defectors are Senators Ifeanyi Ubah and Uche Ekwunife, both of whom are believed to have an alliance that can give them the governorship of Anambra in 2025. Currently, the APC members in Anambra state are in high spirit, and have strong belief that they will oust Soludo in 2025, given their unity and the caliber of politicians that have joined them. PDP’s non existence in Anambra No one can exactly talk about politicking in Anambra, without acknowledging that the once largest party in black Africa, PDP, has almost gone extinct in Anambra. Currently, the party has no leadership in the state, owing to litigations, while a once influential party in the state, cannot today name it’s stakeholders in the state, as they are fast disappearing into other political parties.

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

T H I S D AY • WEDNESday JANUARY 3, 2024

FEatures

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

The Oloyos- How a Japa Couple is Recreating History and Creating a Future Richard Akanmode

n December 12, 2023, Dr Sam and Mrs Julie Oloyo, founders of the Global Health and Indigent care Foundation Inc (GHICF), based in the United States of America, provided a second tranche of financial relief to struggling parents and students in secondary schools and tertiary institutions, bringing the total intervention in educational support and scholarship awards in their native Ayetoro-Gbede and Igbaruku communities in Kogi State to a total of N7.5M. The first assistance, totaling N5,875,000 was provided in March, this year. The educational assistance is an addition to the bouquet of social interventions that the foundation has executed in the communities for over a decade. Other philanthropic activities have included medical outreaches and food relief. The post-covid relief covered about 4,000 families in the communities. In March this year, the Foundation had rescued many secondary school students who were on the verge of dropping out of school because of accumulated school fees. Apart from the general support for the students, the GHICF is focusing attention on Science, Technology, Engineering and Mathematics (STEM) subjects at the secondary school level and related courses at the Tertiary level. In the just concluded award, a total number of 138 students from the 4 public secondary schools were rewarded for their outstanding performances in STEM subjects while 29 students from 12 Tertiary institutions were awarded scholarships ranging from N100,000 t0 N250,000. One exciting feature of the scaled intervention is the introduction of Quiz competition among the four public secondary schools in AyetoroGbede. Very early on December 12,2023, the schools; Community High School, Government Secondary School, UBE 1 and UBE 2 had crowded the Community Hall to have the first taste of inter-school quiz. Anxiety had covered the faces of the Lead participants, who, as indicated in one of the Use of English questions that came up later in the competition, didn’t know what question would come ‘as a bolt from the blues.’ The quiz competition has a history behind it, but the students were too young to know. Dr Sam Oloyo, the Chairman of the GHICF was a champion of Quiz competitions ran by the NTA Ibadan in the early 80s. As a winner of one of the series in the competition he had the opportunity to travel on an all-expenses paid trip to London for the first time in his life. He also won a Television set, a fridge and other memorabilia that turned him into a superstar among his peers. It is possible that what the Oloyos have done through the introduction of the quiz competition was not only to test or broaden the knowledge of the students but to also boost their confidence. ‘We also wanted to encourage the spirit of competition, as this will be a great asset to have in the years to come, when you will have to rub shoulders with other colleagues from all over the globe’, he disclosed. From the recesses of his mind, therefore, he is not only seeking to recreate memories but to put in place a system that creates a great future for the village- based fertile minds, who should not be village champions but

Dr. Samuel Oloyo

future global leaders. From the proceedings during the quiz session, this objective may not be far-fetched, because some of the students responded to questions with an assuring confidence that demonstrated their capacity to hold their own anywhere. There are not a few Nigerians who have had their humanitarian interventions frustrated by the local executors. Conscious of this trend, the Oloyos creatively opted to work with a dependable community-based association, The Ayetoro-Gbede Global Network (AGN), a well-structured body that has provided interventions in some community assets. The Association, led by Mr Oladele Oyelola, a former Bank Executive, facilitates projects initiated by its members. Good enough, Dr Sam Oloyo is a member of the Association. From this Association a five-member committee was formed to manage the process of identification, selection and administration of the fund provided for the beneficiaries. The Committee functions under the name, Scholarship and Educational Assistance Programme (SEAP). Members include, Mr Richard Olonishuwa , a retired Banker ( Chairman), Professor Adesiji Olorunmaye, an academic, Mrs Funke Esseyin, Senior Bank personnel, Mr Paul Ibidun, a foremost Administrator, Mr Eniola Bello, Managing

Mrs. Julie Oloyo

Director of Thisday Newspapers, and Mr Richard Akanmode (Secretary), an entrepreneur. The safety valves provided by the dignity of the Committee members have contributed immensely to the success of the programme. The Special Purpose Committee has acted as hand holders to the students, ensuring the right responses to documentation and envangelising the vision of the funders of the scholarship awards. Addressing the parents at the award ceremony, Mr Richard Olonishuwa reinforced the vision of the Oloyos, as according to him, “The aim of the scholarship programme is to encourage the study of STEM related subjects at the secondary school level and also encouraging more students to study STEM related courses at the tertiary level. The scholarship programme also helps indigent students to alleviate the burden of payment of school fees and thereby giving more students access to education in the face of the present economic hardship”. The articulation of this objective is an indication of the desire of the funders to equalise life through the medium of education. As Dr Sam Oloyo expressed in his own address the pivotal role that education plays in the life of a child, stressing that, “It levels the playing field. To be deprived the opportunity to acquire meaningful education should never be allowed to happen in a child’s life, particularly in these early stages.” The great impact that the Oloyos are making back home, away from their own nearly ideal world has drawn accolades from community leaders, students, parents, and peers. Many find it difficult, to reconcile the somewhat privileged childhood

The great impact that the Oloyos are making back home, away from their own nearly ideal world has drawn accolades from community leaders, students, parents, and peers. Many find it difficult, to reconcile the somewhat privileged childhood that they both had while growing up with their current disposition to support the needy

that they both had while growing up with their current disposition to support the needy. Dr Sam Oloyo’s parents were among the frontline business elites in their generation. It is, therefore, deeply appreciated by close observers that he could give so much attention to the needy. A part of the name of the Foundation, ‘Indigent Care’ says a lot about this disposition. While beneficiaries eulogised the kindness, the funders’ hope is, “that this gesture will achieve the intended goal when in years to come we will see most of you achieve laudable goals in your chosen careers.” In the first phase, the GHICF provided financial assistance to 318 students in the 4 public secondary schools in Ayetoro-Gbede, amounting to N2,605,800, by paying the arrears of school fees while rewarding 39 students who were outstanding in their class work. Similarly, 11 students from 7 higher institutions studying 6 STEM courses were offered financial assistance to the tune of N1,320,000. In addition, the foundation supported Ayetoro Gbede Global Network (AGN) with the sum of N1,250,000 in the payment of salary of the STEM Teachers employed by AGN in the Community High School. During the same period, the public schools in Igbaruku community were also provided financial assistance of N700,000 to promote STEM education. In the second, and current phase, the 2023/2024 academic scholarship programme witnessed an increase in the number of beneficiaries. A total number of 138 students with 230 various awards in the 4 public secondary schools in Ayetoro- Gbede were assessed to have done well in the various STEM subjects and the use of English Language. These awards amounted to N1,410,000. At the tertiary level the Foundation awarded scholarship to 29 students from 12 different higher institutions who are students studying various STEM courses such as Medical Sciences, Microbiology, Biochemistry, Pharmacology, Civil Engineering, Mechanical Engineering, Electrical Electronics, Mathematics, Building Technology, Environmental Sciences, Animal Sciences, Biotechnology, Computer Science, Statistics, Quantity Surveying and Education Technology. These 29 financial awards amounts to N4,000,000. The Foundation’s annual financial support of N1,250,000 to AGN in the payment of the salary of the 8 STEM Teachers employed in the Community High School was released, while the annual scholarship programme to Igbaruku community was raised from N700,000 to N800,000. With the consistent attention that the Oloyos has given to social issues, particularly education, it is evident that in their geography the sky is beyond the confines of AyetoroGbede and Igbaruku. The sky must be that borderless and elastic peak that bestrides the United States of America, Europe, Canada, Australia, Asia and the entire globe. This is the world they conceive and seek to plug the feet of impressionable minds that could ultimately find expression in a global village where limits may only be self-appointed. It is also not unlikely that a family with such a demonstrated passion for the less privileged would one day sponsor the winner of a quiz competition on a trip to their base in Texas, either for a visit or for studies. Truly, the Oloyos spirits are abroad, but their hearts are at home.

T H I S D AY • WEDNESDAY, JANUARY 3, 2024

FOCUS

How Nigerian CEOs Can Use Good Governance to Win in 2024

Alim Abubakre

it, and exploits it as an opportunity,” said Peter Drucker. Risk Management: In times of crisis, leaders need to be deliberate about managing risk as it will ensure superior brand equity, regulatory compliance and financial stability. Nigerian leaders need to reflect on Chile’s approach to risk management, emphasising strategies to mitigate and navigate uncertainties. Warren Buffett stressed, “Risk comes from not knowing what you’re doing.” Ethical Leadership: “The supreme quality for leadership is unquestionably integrity. Without it, no real success is possible, no matter whether it is on a section gang, a football field, in an army, or in an office,” Dwight D stated. Eisenhower. Consider New Zealand’s Prime Minister Jacinda Ardern’s emphasis on ethical leadership during the COVID-19 crisis. She utilised clear communication, people-centric decision-making, empathy and compassion, prioritising public health and economic support with fairness.

he scale of existential challenges that leaders glocally (globally and locally) face in these disruptive times, characterised by slow growth, failing business models, cyber threats and high inflation, imposes tremendous responsibility on leaders. Leveraging insights gleaned from diverse contexts and thousands of interactions with decision-makers globally as the founder of TEXEM, UK, there are some actionable solutions for success in 2024. In the crucible of economic challenges, Nigerian CEOs stand at the helm, poised for transformative leadership. Embrace resilience, chart strategic courses, and foster innovation to navigate the complex landscape. In 2024, let governance be your compass, steering toward ethical excellence. Forge strategic alliances, empower teams, and lead with unwavering vision to endure and thrive in adversity. This is your call to pioneer change, where leadership, strategy, innovation, and governance converge for a prosperous year ahead. Navigating challenging economic times demands resilient leadership. Below is a strategic blueprint for success in 2024. Embrace Innovation: “Innovation is the specific instrument of entrepreneurship,” said Joseph Schumpeter. Opportunity identification, problem-solving capability, market relevance and strategic evolution are many benefits of innovation in these uncertain times. Nigerian leaders could learn from developing countries like India, where technology leaders have transformed the landscape despite challenges. Agile Leadership: “Leadership is the capacity to translate vision into reality,” Warren Bennis stated. In these times of high inflation and heightened currency risks, leaders in Nigeria can learn from the agility and resilience of leaders in Brazil, who adapt swiftly to economic shifts. Strategic Vision: In these times of turbulence, leadership is tested, and true leaders thrive. CEOs with a clear vision navigate challenges and win in challenging times. Gary Hamel stated, “Good business leaders create a vision, articulate the vision, passionately own the vision, and relentlessly drive it to completion.” Governance Excellence: In these volatile times, strategic leaders need to optimise their decision-making credentials and oversight acumen. Leaders should examine and learn from the governance models in Singapore, emphasising and inspiring core competence that stimulates better accountability, effective resource allocation and efficient execution. “Good governance never depends upon laws, but upon the personal qualities of those who govern. The machinery of government is always subordinate to the will of those who administer that machinery,” noted Frank Herbert.

Diversification and uncontested market strategy

The uncontested market strategy and diversification share common elements but are distinct concepts. In these complex times, leaders need to diversify. Diversification involves expanding an organisation’s business operations into new markets, products, or services, e.g., exploring new markets that the Africa Free Trade Continental Agreement offers. On the other hand, the Blue Ocean Strategy is a specific approach to business strategy that focuses on creating uncontested market space. For example, Nintendo’s Wii gaming console introduced motion-sensing technology, making gaming accessible to a broader audience. The console’s user-friendly design and interactive gameplay appealed to non-traditional gamers, creating a new market segment. Nintendo strategically shifted focus from competing in the traditional gaming console market, tapping

Stakeholder-Centric Innovation:

Abubakre into a blue ocean of casual gamers. Also, Singapore has successfully implemented a Blue Ocean-like strategy by transforming itself into a global hub for finance, trade, and technology. The government focused on creating an attractive business environment, investing in education, and fostering innovation. This strategy positioned Singapore as a unique and thriving economic centre in Southeast Asia, attracting multinational corporations and promoting economic growth. Furthermore, government leaders can learn from Mexico’s diversified economy to mitigate risks and navigate uncertain economic climates. Stakeholder Collaboration: The capability to build strong relationships with diverse stakeholders is a resource that is unique and difficult to imitate. Nigerian leaders can observe how leaders such as Jeff Bezos (Amazon) thrived. Bezos transformed Amazon into a global e-commerce giant through collaboration with sellers, partners, and investors. Amazon’s success is deeply rooted in its ability to create a vast ecosystem of stakeholders. “Coming together is a beginning, staying together is progress, and working together is a success,” said Henry Ford. Talent Development: A learning organisation or country will always turn challenges into vitamins. They would avoid complacency, denial and confusion and always aspire to renewal. To build a learning culture, leaders can glean valuable insights from how Malaysia focuses on talent development to ensure organisational resilience. Nigeria could develop its citizens’ competence in programming, entrepreneurship, customer service, arts, fashion, and entertainment and export this to the rest of the world. Henry Mintzberg stated, “In the end, strategy is about the organisation’s survival.” Digital Transformation: Data analytics provides valuable insights for leaders’ informed decision-making. In these

turbulent times, organisations can leverage data to understand customer behaviour, market trends, and internal operations, leading to better strategic choices. At the national level, a digitally transformed economy stimulates economic growth by fostering innovation and attracting investments, which Nigeria urgently needs. The Nigerian government could leverage technology to improve the ease and cost of doing business, enabling the private sector to create new job opportunities, resulting in improved competitiveness. Nigeria can take cues from Rwanda’s commitment to digital transformation, leveraging technology for economic resilience.

Public-Private Partnerships:

The Nigerian government should adopt an intrapreneurial mindset and embrace more public-private partnerships at scale to unlock inclusive, sustainable development through better infrastructure development, risk management and resource mobilisation. We can glean pragmatic insights from how leaders in Kenya foster public-private partnerships for mutual growth. It is apposite to share two examples of successful Public-Private Partnership initiatives in Kenya. Firstly, the Mombasa-Nairobi Standard Gauge Railway (SGR) was implemented through a PPP, enhancing transportation connectivity. Secondly, the Kenyan government has sought private sector involvement in providing affordable housing solutions. PPPs are utilised to develop housing projects, addressing the growing demand for quality and affordable housing. Kenya has strategically employed Public-Private Partnerships to address infrastructure gaps, improve service delivery, and promote economic development. These collaborations have allowed the government to leverage private sector expertise, resources, and efficiency to achieve shared goals. “The entrepreneur always searches for change, responds to

Nigerian leaders can learn from the Philippines, where companies innovate with a stakeholdercentric approach to stay relevant and resilient. Strategic Alliances: “The essence of strategy is choosing what not to do,” said Michael Porter. Nigerian leaders can observe how leaders in Egypt form strategic alliances to bolster their market positions. Social Responsibility: Paul Polman said, “Leadership is not just about giving energy...it’s unleashing other people’s energy.” Social Accountability could help build public trust and legitimacy, foster national cohesion and drive inclusive growth. Nigerian leaders can glean many lessons from the success of socially responsible companies globally, positively impacting society and their bottom line. Adaptive Governance Models: Sir Adrian Cadbury stated, “Governance is not just about the organisation’s legal compliance. It is also about creating a culture that allows good things to happen.” In these challenging times, an adaptive governance model is crucial for winning. Adaptive governance models offer flexibility to respond quickly to changing circumstances. Adapting policies and strategies in real-time is vital for effective decision-making in difficult times. Nigerian leaders can learn from Indonesia’s adaptive governance models that foster innovation and responsiveness. Strategic Communication: “The most important thing in communication is hearing what isn’t said,” Peter Drucker said. Nigerian leaders can learn from and avoid the errors made by the Turkish government, which failed in strategic communication during the recent earthquake. Investment in Education: “Education is the most powerful weapon you can use to change the world,” Nelson Mandela noted. Nigeria needs to take a cue from the leader of Singapore, prioritising education as an investment in long-term economic resilience. Lee Kuan Yew (Singapore) is a good case in point. As Singapore’s founding father, Lee Kuan Yew recognised the importance of education in the nation’s development. He invested heavily in building a robust educational system, fostering a meritocratic society. Singapore’s education policies contributed significantly to its economic success, making it a global hub for innovation and talent. If leaders like Yew and Bezos can do it, so can Nigerian leaders. Two thousand and twenty-four and beyond is the time to make deliberate choices, take strategic actions, and position themselves optimally to win in 2024, a year of recovery and immense promise. • Dr Alim Abubakre is the founder of TEXEM, UK (www.texem.co.uk) and a senior lecturer at Sheffield Business School.

T H I S D AY WEDNESDAY JANUARY 3, 2024 20 TR

UT H

& RE A S O

Wednesday January 3, 2024 Vol 27. No 10491

opinion@thisdaylive.com

www.thisdaylive.com

A TALE OF TWO DEATHS

VICTOR NDOMA-EGBA pays tribute to Akeredolu and Ghali Na’Abba, both fighters for constitutionalism and crusaders for justice

See page 21

MEMOIRS FROM DUSHANBE

HAUWA IBRAHIM brings in sights, sounds and breath-taking beauty of Dushanbe, capital of Tajikistan

See page 21 EDITORIAL

THE DANGER OF GROWING DEBTS…1

With adequate regulation, Artificial Intelligence has the potential to impact almost every industry on the continent, argues TIMI OLUBIYI

IS AFRICA READY FOR ARTIFICIAL INTELLIGENCE? 2024 is here, and I pray it will be a better and more prosperous year for us all. Artificial Intelligence (AI) projects and adoptions are sweeping the world like wildfire and are one of the most disruptive technologies to watch out for in 2024 and beyond. This technology, known as Artificial Intelligence (AI), usually empowers machines to demonstrate cognitive abilities similar to that of humans, including problem-solving, reasoning, predictions and learning. Simply put, AI is the imitation of human acumen in machines. This technology is gaining more prominence in many parts of the world and will intensify in 2024. In my view, and considering the impact AI has had on living and livelihoods, it is believed that AI has enormous potential to transform various sectors in Africa, be it in business, consumer experience, education, agriculture, health, governance, or finance. It has the potential to change the way companies operate fundamentally, it will continue to drive innovation, and if applied reasonably, it has the potential to improve the lives of millions across Africa. Yet, the implementation of AI in Africa is still in its infant phase, as most of its applications are pilot or experimental. Even though in Africa, financial services, agriculture, and healthcare are all sectors that could utilize AI. AI is currently being implemented sparingly for instance in the financial services sector to facilitate financial inclusion, and customer service improvements. One tendency that AI possesses is the ability to increase unemployment due to its adoption in routine and predictable daily operations. But the potential of AI in Africa, particularly in solving social and environmental problems such as poverty, hunger, healthcare, education, language technologies, water supply, clean energy forecasting, climate change predictions, and security are unlimited. In fact, Africa could be transformed with the power of AI applications to change how businesses operate, facilitate more innovation, and improve the lives of millions across the continent. This could lead to improved well-being, quality of life, and business resilience, which could be addressed by some AI business solutions. But the big question is, are Africans and African leaders ready? With artificial intelligence, small businesses can help foster innovation and social entrepreneurship that could help curb some of the age-long

challenges in Africa and improve job creation in another realm. With a growing population of over 1.4 billion people and with 70% under the age of 30, the continent is ripe for these AI investments. According to records, African population is expected to grow by 1.76% by 2050, reaching approximately 2.5 billion from 1.36 billion in 2020. This means that adequate attention must be given to the young and growing population because the young folks on the continent are crucial resource that presents opportunities for economic growth and competitive, but innovative ideas. The young people should be the workforce ready to take on the technological revolution and drive AI progress in Africa. Still, they need to be incentivized and prepared for a forefront role in the technological revolution if Africa is proactive. But the current bane to this is the insufficient investment in research and development, the general lack of institutional capacity and huge skill gaps amongst these youths. So, African leaders must show unwavering commitment to the Artificial Intelligence agenda by focusing on research, funding, building capacity and skills, and engaging in long-term partnerships world over. Africa will be transformed by the potential of AI and data – if we can g... As tech changes the world, Ghana has the young experts to unlock the next industrial revolution, says the vice-p... Artificial Intelligence has the potential to impact almost every industry on the continent. For example, with agriculture and production, AI models could be used to optimize yields and production value chain. In the area of food insecurity, the use of AI applications can help identify

or predict crop and animal diseases and forestall disasters. Therefore, agriculture is a strategic sector that needs improvement across Africa, and AI should be a critical part of the solution to achieve sustainability. In the banking and financial sectors, AI could help automate and predict more customer transactions in the commercial banking and capital market space and so on. Though records show that Africa missed the first, second and third industrial revolutions' significant participation, the continent should be determined not to miss the fourth and fifth. So Africa cannot sit back and wait. The time to be proactive is now. Because the adoption of AI and associated technologies in Africa may have the capacity to influence the attainment of the United Nations Sustainable Development Goals (SDGs) significantly, AI can have a vital impact on tackling Africa's most urgent issues. So from Kenya to Nigeria, Ghana, Ethiopia, and South Africa, the governments and business leaders need to set up think tank team in providing actionable recommendations, evidencebased insights on the AI education, collaborations, and practical solutions for robust AI development in Africa including high -quality data availability which is key for the successful adoption. Improving the innovation ecosystems, and setting up policy frameworks that can enable AI development adoption and quick implementation in many sectors and industry are some of the delivarables of the think tank team. In conclusion, due to the paucity of comprehensive AI regulations and policies across Africa, cyber security challenges are central concerns. Therefore, since the existing laws and legislations cannot regulate AI operations adequately, and the regulatory framework to set the rules of engagement is still limited to protect the social fabric, norms and safety of people and avoid unintended consequences, African governments should think ahead and formulate regulations and legal frameworks to guide the usage of AI. The role of governments in nurturing a conducive environment for AI technological adoption is key and non-governmental organizations with other stakeholders need to assist as well by considering investments in AI infrastructure. Dr. Olubiyi is an entrepreneurship and business management expert

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WEDNESDAY JANUARY 3, 2024

VICTOR NDOMA-EGBA pays tribute to Akeredolu and Ghali Na’Abba, both fighters for constitutionalism and crusaders for justice

A TALE OF TWO DEATHS

December 27, 2023 dawned in a very grim manner. As I woke up I saw a news item on the scroll bar of Channels Television that Ghali Umar Na’Abba, 8th Speaker of the House of Representatives had passed on at the age of 65. The son of a wealthy Kano aristocrat, he became Speaker by default after the removal of Salisu Buhari, a short- lived Speaker after a forgery scandal. A man of steeled convictions he became Speaker at the defining moment of our democracy. Chief Olusegun Obasanjo, a former military Head of State whom providence had thrown up following the assassination of the charismatic yet tempestuous General Murtala Mohammed, and who had played a critical role in our unfortunate civil war had become President on our return to democracy, or is it civil rule, in 1999. President Obasanjo had come with messianic zeal to create a Nigeria after his own image. There was however a problem, Speaker Na’Abba. Obasanjo accused the legislature of overstepping its bounds. Na’ Abba replied that Obasanjo was a captive of his military antecedents and insisted that we were now in a constitutional democracy. I joined the Fifth Senate of the Federal Republic of Nigeria when I was elected Senator by my people in 2003. President Obasanjo had ensured that Speaker Na’Abba did not return to the House of Representatives in 2003 but I met him as he had become a reference point for legislators. We needed his insight especially in the delicate challenge of keeping the legislature independent of the executive and managing the image of the Senate as pioneer chairman of the newly created Senate Committee on Media and Public Affairs; and later Deputy Senate Leader, and later Leader of the Senate. We became friends. I was still trying to digest the news of Speaker Na’Abba’s death when my younger brother called to say Oluwarotimi Odunayo Akeredolu, the much beloved Governor of Ondo State had died. It was public knowledge that Aketi, as he was famously known, was having life-threatening health challenges and he had already died many times before through rumors and speculation. I dismissed my brother and told him that this was just one more of his many deaths. The difference was, sadly, this time Aketi was truly dead. Not long after there was an official statement announcing his demise. I first met Aketi in 1975. He along with Onueze Okocha, better known as OCJ OKocha, Awa Kalu, Adegboyega Awomolo, all very prominent lawyers today and the late Moses Pere Okoro were very active in the Law Students Association of the University of Ife (now Obafemi Awolowo University). Aketi was President of the Association at the time. I was Secretary General of the equivalent association in the University of Lagos with Yemi Akisanya who was to become General Counsel of oil giant, Mobil, as President. From Ahmadu Bello came Chrysanthus Senlong who became a judge of the Federal High Court, and Haruna Abubakar who became Deputy President of the Senate in 1999 and Yahaya Mahmud Zaria who became a Senior Advocate of Nigeria (both of blessed memory). Then only four universities in Nigeria offered Law: University of Lagos, University of Ife, University of Nigeria and Ahmadu Bello University. We were all very

active in the National Association of Nigerian Law Students and struck friendships that have endured. University of Nigeria was then not very visible in the Association. We were to deepen our friendships in the Nigerian Law School, Victoria Island which was the only campus of the school at the time. Aketi has always been political; as a student he was, as a professional who attained the highest rank in the profession, Senior Advocate of Nigeria, he became President of the Nigerian Bar Association. He had been Attorney General of his home state, Ondo and later Governor and died in office. Completely detribalized, as primarily evidenced by his cross-cultural marriage to Betty, an Ibo whom he met during his NYSC days in Enugu. Friendship to him was sacred. I recall his surprise visit to us his classmates (Olaseinde Kumuyi who became Chief Judge, Ibrahim Muktari Katsina, former Attorney General and later Secretary to Katsina Government, Oyewale Akinrinade former member of Oyo State House of Assembly and late Ijeoma Offonry (nee Enyeazu) an Abia State High Court judge) serving in Bauchi in 1979. On a personal note he stood with me in my dark moments including the darkest one. When I lost my Calabar home to the EndSARS riot in October 2020 he was the first to call to commiserate. When my wife died three weeks later in a motor accident near Ore he took charge and ensured along with Bayo Ojo and Ike Ekweremadu that her body was flown to Abuja immediately with the other casualties. He was a regular visitor to me during the period. He was supportive of me professionally, politically and socially. I recall his concern when he thought I was getting late in taking silk. December 27, 2023 was a lesson that only in death and dying do we find true democracy. Grief was shared equally between the North West (Na’Abba) and South West (Akeredolu) geo-political zones. Death does not discriminate between the mighty or the lowly, rich or poor, male or female, young or old, Christian, Moslem or atheist, it levels us all and we are all enfranchised to die. Both men were fighters for constitutionalism, stared power in the face without blinking, they were crusaders for justice, belonged to the same generation and shared clear visions of Nigeria of their dreams. When is the best time to die? It is not the quantity but quality of our lives that matter, not the length of our years but the life in the years. Both men certainly had life in all of their years and lived rich and worthy lives. I pray that Betty Akeredolu and Hajia Na’Abba and their respective families will be consoled by the words of Louisa Mary Alcott in “Little Men”. “Simple genuine goodness is the best capital to found the business of this life upon. It lasts when fame and money fail, and it is the only riches we can take out of this world.” While we pray for the peaceful repose of their souls, there is no better time to die than when one dies. Ndoma-Egba CON, SAN, Leader of the 7th Senate and ex-Chairman of Niger Delta Development Commission (NDDC) was a classmate and friend of Aketi

HAUWA IBRAHIM brings in sights, sounds and breath-taking beauty of Dushanbe, capital of Tajikistan

MEMOIRS FROM DUSHANBE Arriving in Dushanbe in the early hours of October 3rd 2023, driving over an hour to find my “Guest house” hotel, gave me the opportunity to see this awesome city “by night”. The clean streets, the city of towering buildings, the beautiful monuments, extraordinary views, and beautiful flowers all over the city were breathtaking. Though silent at night, those streets sprang to life in the morning. Monday to Saturday, they become "congested” with elementary and college students immaculately dressed in three-piece suits complete with ties. The parents/caregivers, dropping or picking up children from school, was one of the most impressive sights to behold. The women's and children’s dresses are beautiful, glamourous, and always “covering appropriately”. This feels familiar to my cultural upbringing. I was easily able to blend in. The ongoing construction in the city makes it dusty and one could feel its effect while walking on the streets. However, I felt in tune with nature, like a filled crisp packet flying in the wind. I can’t speak Tajik or Russian and the many I interacted with can’t speak English either, yet we could communicate. The roses,

mountains, lakes, rivers, and the people in particular, symbolized the soul. Over the weeks in Dushanbe and later visiting Dangara, the feelings were larger and satisfying. A black middle-aged woman, I went for a walk in the nearby garden. Curious people would stop, want to take a selfie or children, who instinctively, think I speak English, wanted to practice the English they learned at school. On one occasion, a group of teenage school girls, engaged in a conversation with me on the streets for over 30 minutes wanting to tell me about the school and how they want to travel, too. The trust to approach a stranger without hesitation was fascinating. When I look back at the photos from such experiences, everything seems pure, and green. It felt the human world stopped for all to be happy, indeed for those few weeks, it was exuberant. My first official meeting was with the Finnish delegation visiting Dushanbe, including Ms. Tuija Brax Director of the Rule of Law Center, University of Helsinki and the former Minister for Justice of Finland. October 5th was the remarkable National Youth Forum day, bringing together over one hundred and fifty students from all over Tajikistan, hosted by the Rule of Law and Access to Justice initiatives headed by Shama Farooq, under the banner of the United Nations Development Program. Distinguished officials graced the occasion, which included: Ms. Nigina Alizoda, First Deputy Minister of Justice; Ms. Marhabo Naimzoda, Judge of the Supreme Court; Mr. Alisher Haydarov, Head of Union of Advocates of Republic of Tajikistan; Ms. Salome Steib, Country Director of the Swiss Cooperation;

and Dr. Lazima Onta Bhatta, UNDP deputy resident representative. On October 20th, our conversation after watching the Film, “The Social Dilemma” with students, centered around the questions: Whether the change is how social media is regulated or how users regulate the use of social media? There was a general understanding that many social media outlets contribute to polarization, hate, and gridlock and that the technology companies’ business model of extracting our data at scale amounts to users being individually profiled to be micro-targeted for advertisements and other unknown surveillance. The purpose of technology companies capitalizing on users’ ignorance and identity, while stimulating engagements of users to spend more time on their platform could be to manipulate, profit and control the users. Students agreed that there needed to be transparency, accountability, and responsibilities on the part of the technology companies. There needed to be protection of young children by having filter bubbles i.e. (age appropriate design code), to blogs, prohibit the collection and use of children’s personal data, enacting a ban on surveillance advertising, and banning manipulative marketing tactics and addictive design features for users of a certain age. Other suggested solutions include taxing the technology companies’ collection of user data, the protection of privacy. and desensitizing massive neverending data collection by legislation, consideration of antitrust reform by breaking up big technology companies into smaller firms, allowing for competition, etc. The “rule of law” and “access to justice” ambitious project within which I offered a perspective, plays a fundamental role in most contemporary legal systems. However, the significance and meaning of these terms vary widely across communities, with their understanding nuanced as applied to each legal system, culture, and tradition. Thus, a historical and geographical context applies to a specific jurisdiction broadly understood sometimes as an aspiration of nearly all legal systems and continues to embody its concepts in the continuum. Speaking to some of the women at the local markets, and elsewhere, it seemed they embraced their customary role as mothers and had broken free from expected gender roles, a positive stride. Part of my engagement was the Keynote speech at the National Youth Forum in Dushanbe on the youth-sensitive digital disruptions of human rights. I participated in mentoring sessions with students, training sessions with university faculty on teaching human rights and social justice and made presentations on women’s empowerment for the rule of law to justice sector officials, including from the Ministry of Justice and Supreme Court. I conducted a training session for the staff of the Committee on Women and Family Affairs on gender-sensitive approaches to preventing violent extremism and on culturally sensitive practices in preventing violent extremism. Ibrahim, Esq., Milan, Italy

22 4

T H I S D AY

WEDNESDAY JANUARY 3, 2024

EDITORIAL

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

THE DANGER OF GROWING DEBTS…1 The country’s debts are excessive and unsustainable

The situation has since worsened. Our debts are not lready battered by high levels of only increasing, but so are the amounts we need to socio-economic stress, Nigeria’s put aside every year to service them. In the 2024 ever rising debt portfolio is causing budget for instance, the sum of N8.5 trillion has been increasing anxiety. Unfortunately, allocated to debt service. Against the background authorities in Abuja and the 36 states that debt service is hard expenditure that would have continued to sneer at genuine be undertaken 100%, regardless of whether all the concerns as the loans keep piling up, raising the spectre revenue comes in or not, that is a huge fiscal hole to of another debt trap in future. Former President fill. Olusegun Obasanjo recently spoke the minds of We understand that borrowing may be inevitable, many Nigerians when he posed some questions at especially at a period like this. But there are a public forum on the mounting debts. “If you are serious concerns at the rate these debts are being borrowing and accumulating debts for the next accumulated. Aside from the fact that the funds generation and the next generation after them…, what are not being deployed into projects that generate are you borrowing for?” Obasanjo asked. “If we are income, borrowing should not be done in such a way borrowing for recurrent expenditure, it is the height of to mortgage the future folly. If we are borrowing of the country and its for development that sovereignty. Last June, the can pay for itself, that is Aside from the fact that the funds are not being deployed into projects Debt Management Office understandable. Then the (DMO) warned the federal payment, how long will that generate income, borrowing should not be done in such a way to government against it take to pay itself?” additional borrowing, mortgage the future of the country and its sovereignty While the question saying 73.5 per cent of remains unanswered, revenue generated in the experts within Nigeria year 2023 would be used to and multilateral T H I S D AY service debt. lenders have continued to advise against increased EDITOR SHAKA MOMODU The warning came as part of recommendations to DEPUTY EDITOR WALE OLALEYE borrowings amid plummeting revenues. Nobody the federal government, following analysis of the MANAGING DIRECTOR ENIOLA BELLO seems to be paying much attention. Last Saturday, the DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU nation’s debt profile in 2022. “Although the baseline Senate approved the letter by President Bola Tinubu CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI analysis projects total public debt-to-GDP ratio at 37.1 for securitisation of the balance of ‘Ways and Means’ in EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN per cent for 2023, indicating a borrowing space of 2.9 the Consolidated Revenue Fund (CRF) of the federal THE OMBUDSMAN KAYODE KOMOLAFE per cent (equivalent of about N14.66 trillion) when government. That was after jerking up the budget by compared to the self-imposed limit of 40 per cent, it is N1.2 trillion from the initial proposal of N27.5trillion recommended that this should not be used as a basis to N28.7 trillion based on unrealistic projections by for higher level of borrowing as was the case in the the lawmakers. And no matter the gloss being put on T H I S D AY N E W S PA P E R S L I M I T E D 2023 budget,” the DMO stated in the report. “This EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA the situation by the current administration, the debts is because the outcome of the shock scenario, which GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, have become huge liabilities, unsustainable and ISRAEL IWEGBU, EMMANUEL EFENI is more realistic in the circumstances, exceeded the inimical to economic growth and development. DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, self-imposed limit. The projected FGN debt serviceIn its 2020 Macroeconomic Outlook, the Nigeria ANTHONY OGEDENGBE to-revenue ratio at 73.5 per cent for 2023 is high and a Economic Summit Group (NESG) had stated that DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI threat to debt sustainability. It means that the revenue SNR. ASSOCIATE DIRECTOR ERIC OJEH “Nigeria’s mounting debt profile is a major concern profile cannot support higher levels of borrowing.” ASSOCIATE DIRECTOR PATRICK EIMIUHI despite the country having about $900 billion CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI worth of dead capital in properties and agricultural DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO To be concluded tomorrow lands”, referencing the 2019 PwC Nigeria, report. TO SEND EMAIL: first name.surname@thisdaylive.com

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.

The year, 2023, straddled between annus horribilis and annus mirabilis in that the troubles we encountered in the year did not consume us. And God, the sovereign of our universe, spared our lives, which offered us the opportunity to continue striving to realize our goals both as individuals and as a country. In 2023, the geographical contraption, which was christened Nigeria, did not shed her oxymoronic description: a man-child. The man-child is a fitting descriptive epithet for Nigeria in that she has not realized her potential in spite of her possession of abundant human and material resources. Since her attainment of political freedom in 1960, Nigeria is mired in national underdevelopment. Today, Nigeria is hobbled by economic recession, the rape of her democracy, infrastructural deficit, violent secessionist agitations, technological backwardness, dysfunctional educational system, and comatose healthcare delivery system. In 2023, Nigeria had a lot of troubles. She tottered near the precipice of descending into political conflagration, which could have made the year an annus horribilis for Nigeria. And we all witnessed the problems that beset our country. That Nigeria survived those problems should be attributed to providential intervention.

LETTERS AS A NEW YEAR DAWNS For example, in the run-up to the 2023 general election, our politicians' electioneering deepened our ethnic and political fissures. The Igbo people of southeast Nigeria were pitted against the Yoruba people of southwest Nigeria. And the age-long ethnic animosity, which has existed between the Hausa/Fulani people and the Igbo people, exacerbated during the 2023 electioneering. Again, the implementation of the redesigning of the naira notes caused scarcity of naira notes, with its devastating consequences for us. The change of the old naira notes, which was later stopped, increased the economic hardship of Nigerians. As Nigerians heaved a sigh of relief, following the easing up of the scarcity of the old naira notes, the release of the 2023 presidential election result, which showed that Bola Ahmed Tinubu won, increased the political tension in the country. The Obidients- the supporters of Mr. Peter Obi- registered their displeasure with the presidential election result, saying unequivocally that the presidential election was rigged by INEC officials and APC honchos in favour of Bola Tinubu. And Alhaji Atiku Abubakar, who was the runner-up in that divisive presidential election, went further. The release of Bola Tinubu's certificates by the Chicago State University to Atiku

Abubakar, which was to be tendered as evidence at the Supreme Court, failed to tilt the presidential election litigation in favour of Alhaji Atiku Abubakar. Now, Bola Tinubu has led Nigeria for months, executing policies aimed at remaking Nigeria and ameliorating our economic hardship. Bola Tinubu, who governed Lagos state for eight years and fought for the enthronement of democracy in Nigeria, is well-acquainted with Nigeria's multifarious and hydra-headed problems. So he is in position to tackle our country's many different problems. But has his withdrawal of oil subsidy shored up our economy? The answer to this question is a categorical no. Millions of unemployed university graduates still pound the pavement on a daily basis in search of the non-existent white and blue collar jobs. And our security challenges have not abated. So it is imperative for him to rejig our security architecture and think out new ways for tackling the prevailing monster of insecurity of lives and property in Nigeria. Chiedu Uche Okoye, Uruowulu-Obosi, Anambra State

T H I S D AY • Wednesday, January 3, 2024

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 er

S & P INDEX

2 9 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Amid Economic Challenges, Banks Borrowed N17.85tn from C e n t ra l B a n k in 2023

Kayode Tokede Amid macro economic challenges, commercial and merchant banks borrowed a whooping N17.85 trillion from the Central Bank of Nigeria (CBN) to meet their daily business obligations in 2023. This presents an increase of 60 per cent over the N11.15 trillion the financial institutions borrowed from the central bank in 2022. Although Nigerian banks reported impressive nine months ended September 30, 2023 results, the operating conditions was intense due to high inflation, rising interest rates and US dollar shortages, in addition to continued regulatory intervention and the disruption caused by the general election and

scarcity of local currency. In Nigeria, deposit money and merchant banks access lending from the CBN using the Standing Lending Facility (SLF) window and deposit cash with the apex bank using the Standing Deposit Facility window (SDF). The applicable rates for the SDF and SLF increased by 50 basis points to 11.50 and 19.50 per cent, respectively, following the hike in the policy rate by 50 basis points to 18.75 per cent in June 2023. The Monetary Policy Committee of the CBN unanimously narrowed the asymmetric corridor from +100/-700 to +100/-300 basis points around the Monetary Policy Rate (MPR). The CBN consistently maintained a hawkish monetary policy stance

since May 2022, to tackle rising inflation rate, which stood at 28.20 per cent as of November 2023. The CBN provides the SLF, a short-term lending window, for commercial and merchant banks, to access liquidity to run their dayto-day business operations. According to THISDAY investigations, banks’ borrowing from the apex bank was fluctuating in 2023, indicating a continuous decline in banking system liquidity. The decline in banks liquidity can also be traced to low cash deposit by bank customers, which resulted in cash scarcity in banks. The breakdown of the borrowing revealed that commercial banks and merchant banks in Q1 2023 borrowed N4.96 trillion from the CBN as

against N877.1billion in Q1 2022, while in Q2 2023, a total amount of N5.29 trillion was borrowed as against N3.44 trillion in Q2 2022. Furthermore, the banks borrowed N6.24 trillion from CBN in Q3 2023 from N3.48 trillion in Q3 2023 and in Q4 2023, about N1.36 trillion was borrowed by the financial institutions as reported by the CBN in its financial data. Commenting on banks and merchant banks borrowing from CBN, Finance Expert and Vice President Highcap Securities, Mr. David Adnori, said, “The development points to lack of liquidity on the part of banks. Monetary policy has been tightening and this has led to low liquidity. It is cheaper for banks to borrow from

the CBN. This development is not positive but negative. We cannot continue to tighten because it will reflect of economic growth.” On his part, the Chief Executive Officer of the Centre for Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf had stated that, “This is a reflection of liquidity pressure some of the banks are going through. The facility is typically short term. This may not necessarily indicate that the banks are stressed or unstable. Meanwhile, the recapitalisation of banks is long overdue. The minimum capital requirements of N25 billion is no longer adequate, if discounted for inflation.” However, THISDAY gathered that banks and merchant banks deposit

to CBN increased significantly to N12.3 trillion in 2023, representing an increase of 480.62 per cent from N3.24 trillion in 2022. The increase is coming on the backdrop of CBN removal of the cap on the remunerable policy, among others. A SDF is an overnight deposit facility that allows banks to lodge excess liquidity (money) with the CBN and earn interest. The CBN governor, Mr. Olayemi Cardoso recently disclosed that the apex bank removed the cap on the remunerable SDF to increase activity in the SDF window and manage liquidity. The story continues online on www.thisdaylive.com

Cardinalstone, Stanbic IBTC Stockbrokers, Eight Others Traded Stocks Worth N1.97tn in 2023 Kayode Tokede As the stock market closed positive in 2023, Cardinalstone Securities Limited, Stanbic IBTC Stockbrokers Limited and eight other firms traded N1.97trilliion worth of stocks between January and December 2023. THISDAY had reported that the stock market in 2023 gained N13 trillion in market capitalisation as average investors return rose by 45.9 per cent to 74,773.77 basis points.

The growth in stock market last year was driven by federal government’s foreign exchange (FX) and Fuel subsidy reforms as both factors trigged investors’ confidence. The eight other stockbroking firms are: APT Securities and Funds, EFG Hermes Nig Limited, Meristem Stockbrokers Limited, United Capital Securities Limited, FBN Quest Securities Limited, Cordros Securities Limited, Chapel Hill Denham Securities Limited and APEL Asset Limited.

Of the over 200 stockbroking firms recorgnised by the Nigerian Exchange Limited (NGX), the 10 stockbroking firms were responsible for 54.78 per cent of the total value of stocks traded on the NGX from January to December, according to recently released broker performance report. Cardinalstone Securities Limited traded stocks worth N440.55 billion or 12.26 per cent of the total value traded on the NGX in the review 12 months period. Also in the review period,

Stanbic IBTC Stockbrokers traded N294.18 billion or 8.19 per cent transactions, followed by APT Securities and Funds that accounted for stocks worth N281.75 billion or 7.84 per cent in 2023. EFGH Hermes Nigeria was responsible for N170.15 billion or 4.73 per cent worth of stocks trade, representing 4.73 per cent, while Meristem Stockbrokers Limited accounted for N168.19 billion or 4.68 per cent. The report also shows that United Capital Securities traded

stocks worth N157.62billion or 4.39 per cent of the total value report in same 12 months period. It was followed by FBN Quest Securities which traded stocks worth N135.72 billion or 3.78 per cent, and Cordros Securities which accounted for N126.28 billion or 3.51per cent of the total value of stocks traded on the Exchange in 12 months to December. Also, on the top 10 brokers list by value are: Chapel Hill Denham Securities which traded N102.15 billion worth of stocks or 2.84

per cent, Apel Asset Limited that traded N92.14 billion or 2.56 per cent worth of stocks in the year under review. On a flip side, United Capital Securities led others in 137 billion volume of stocks traded in 2023 as the firm traded 30.84 billion volume of stocks or 11.32 per cent. The 10 stockbrokers were responsible for 50.40 per cent of the total volume traded between January and December 2023. Continued on page 24

M a r k e t d ata A s at F r i d ay, D e c e m b e r 2 9 , 2 0 2 3 BONDS Description Price Yield Change Updated Time (%) ^13.53 23December 101.49 12.15 0,00 29, 2023 MAR-2025 ^12.50 220,00 December 98.58 13.30 29, 2023 JAN-2026 ^16.2884 17December 108.25 13.04 0,00 MAR-2027 29, 2023 ^13.98 23December 100.50 13.80 0,00 FEB-2028 29, 2023 ^14.55 26December 100.10 14.51 0,00 APR-2029 29, 2023

BILLS Maturity

Discount Yield

NTB 8-Feb24 NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24 NTB 6-Jun24

2.14

0.00 December 29, 2023

2.91

2.93

0.00 December 29, 2023

3.88

3.92

0.00 December 29, 2023

4.66

4.73

-0.01 December 29, 2023

5.56

0.00 December 29, 2023

5.43

OTC F X F U T U R E S

CPs

Change (%) Updated Time

Maturity CRSL CP II 18-FEB-24

Discount Yield 9.95

10.09

FLOURMILLS CP III 29-FEB-24

11.49

11.71

UACN CP VI 19-MAR-24

9.21

9.41

MTNN CP VII 14-MAY-24 UNCP CP VI 20-JUN-24

9.52

9.87

10.50

11.05

Change (%)

Updated Time

1,00 December 29, 2023 1,00 December 29, 2023 2,00 December 29, 2023 -2,00 December 29, 2023 -2,00 December 29, 2023

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS JAN 13 – 29 2025 NGUS FEB 14 – 26 2025 NGUS MAR 15 – 26 2025 NGUS APR 16 – 30 2025 NGUS MAY 17 – 28 2025

Updated Time

December 29, 2023 December 29, 2023 December 29, 2023 December 29, 2023 December 29, 2023

Wednesday, January 3, 2024 • T H I S D AY

BUSINESSWORLD

finance

How Nigeria’s Financial Sector Fared in 2023 Nume Ekeghe writes that despite a tumultuous year fuelled by global economic headwinds, inflation, currency volatility, and cybersecurity threats, the Nigerian financial sector demonstrated resilience, a pointer to what to come in 2024

midst global economic slowdowns and domestic political tensions, the banking sector displayed remarkable stability in the outgone year. Loan-to-deposit ratios remained healthy, capital adequacy ratios hovered above regulatory requirements, and the Central Bank of Nigeria’s (CBN) interventions helped temper currency volatility. This resilience highlighted the inherent strength of the Nigerian financial system, and its ability to weather storms and maintain a crucial role in driving economic activity. The year saw enhanced fintech and digital payments. The adoption of fintech solutions and digital payments continued to accelerate in 2023. Also, mobile money transactions saw significant growth, driven by increased smartphone penetration and greater awareness of the convenience and security offered by cashless alternatives. With this, the CBN proactively issued several regulations aimed at fostering innovation and promoting responsible financial inclusion. These included guidelines for Open Banking, licensing frameworks for digital lenders, and regulations for cryptocurrency operations.

Stress tests conducted on the banking industry also indicate its strength under mild-to-moderate scenarios of sustained economic and financial stress, although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much work to be done in fortifying the industry for future challenges, a topic that I will delve into later in my address. “It is crucial for us to evaluate the adequacy of our banking industry to serve the envisioned larger economy. It is not just about the stability of the financial system in the present moment, as we have already established that the current assessment shows stability. However, we need to ask ourselves: Will Nigerian banks have sufficient capital relative to the financial system’s needs in servicing a $1.0 trillion economy in the near future? In my opinion, the answer is “No!” unless we take action. Therefore, we must make difficult decisions regarding capital adequacy. As a first step, we will be directing banks to increase their capital.”

Looking Ahead

Challenges and Mishaps

Inflationary Pressures: Inflation remained stubbornly high throughout the year, reaching a peak of 28.20 per cent in November 2023. This eroded disposable incomes and dampened consumer spending, impacting businesses across the board. This impacted banks’ loan portfolios and profitability, necessitating adjustments in lending practices and interest rates. Cybersecurity Threats: The financial sector remained a target for cyberattacks, with phishing scams, social engineering, and malware posing significant risks. The CBN and financial institutions invested heavily in cybersecurity measures to mitigate these threats. It was recorded that electronic fraudsters stole N9.5billion from banks and payment systems in seven months. Giving insights into E-fraud data in 2023, at the Nigeria Electronic Fraud Forum (NeFF) Q3 general meeting earlier in the year, the Managing Director of Nigeria Inter-Bank Settlement System (NIBSS), Premier Oiwoh noted that the industry in 2023 recorded its highest actual loss value of N2.7 billion in January while June 2023 had the lowest value of over N800 million. He added that the highest fraud count recorded in 2023 was recorded in May 2023 with 11,716 records while the lowest count was in June 2023 with 6,240. Represented by the Chief Risk Officer, NIBBS, Temidayo Adekanye, he said: “Recently, we had the cashless policies from CBN, which was incurring a dramatic increase in the volume of transactions in the industry which variably as the impact of the volume of fraud in the industry itself. Now, the increase and efficiency have also meant that fraud has dramatically increased across the industry. For Q1 2023, the total fraud reported through the industry forum portal was at N5.1 billion. “For fraud trends over the last five years, in 2019, we’re looking at about N3 billion and currently 2023, we are looking at about N9.5 billion to date. Fraud losses have increased dramatically over the last five years. “So, as you can see also from the current perspective, from January to July 2023, there has been a slight jump between June and July, a 39 per cent increase with 8649 with the actual fraud losses in July 2023,

Cardinalstone, Stanbic IBTC Stockbrokers, Eight Others Traded Stocks Worth N1.97tn in 2023 Cardinalstone Securities that was on the top spot of most traded by value came second by volume, trading 24.97 billion or 9.16 per cent of the total volume of transactions in 2023. APEL Asset Limited came third with 18.43 billion or 6.76 per cent, while Morgan Capital Securities Limited joined that top four, after trading 15.39 billion or 5.65 volume of transactions in 2023. In addition to the top five by volume of transactions, APT Securities and Funds that was third on most traded by value sold 12.82 billion or 4.70 per cent volume of transactions in the year under review. THISDAY can report that most firms’ transactions were inflow from Foreign Portfolio Investors (FPIs), domestic institutional investors and stock exposure in mutual funds. Their major clients were foreign portfolio investors, while a few of them have significant stock exposure through collective investment schemes (CIS) through 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. The activities of these big stockbroking firms have made the stock market tilt towards oligopoly- a market dominated by few buyers and sellers who create room for a sort of imperfect competition, in order to accrue greater revenue and market share.

we’re looking at N1.2 billion which is a 54 per cent increase over the period. Now as you can see from January in general, we recorded about N2.7 billion in actual fraud losses.” On her part, Managing Director of Fidelity Bank Plc, Mrs. Onyeali-Ikpe highlighted that the gradual escalation of E-Fraud is beginning to erode customers’ trust in the financial system. She emphasised the need for a swift and decisive approach to address E-fraud within the financial sector. She said: “As technology continues to advance at an unprecedented pace, our reliance on digital transactions have grown exponentially. However, with the rise of these digital interactions, the threat of E-fraud has become a significant challenge affecting individuals, businesses, and the industry. The data we have from the NiBBS is that the volume of electronic payment transactions in Nigeria increased by 298 per cent Year-on-Year. “The banking industry lost a total of N14.3 billion to electronic fraud in 2022 up from N12.7 billion in 2021. As a Q1 2023 is about today is N5 billion and then the problem here is that the trend so far shows that if this continues unchecked, it would rise to N20 billion for the full year.” During the year, the CBN revoked licences of 186 financial institutions in what it described as a bid to maintain the stability and integrity of the Nigerian financial system and addressing non-compliance, inactivity within these institutions. An official gazette published on the website of the Central Bank announced the revocation of operating licences for 186 financial institutions. These institutions ceased conducting their licensed business activities in Nigeria for a continuous period of six months. It was also the same thing for primary mortgage banks which failed to fulfil

or comply with the conditions of their licences or the obligations imposed by the CBN under the Banks and Other Financial Institutions Act (BOFIA) 2020.

Uneven Access to Financial Services

The financial inclusion gap persisted in 2023, with rural areas and marginalised populations having limited access to mainstream financial services. Addressing this gap remains a key challenge for the sector. In its Access to Financial Services in Nigeria (A2F) 2023 survey, Enhancing Financial Innovation and Access (EFInA), said Nigeria’s financial inclusion soars to 74 per cent in 2023. The report revealed an increase in Nigeria’s financially included population from 68 per cent in 2020 to 74 per cent for 2023.

$1 trillion Economy Target

While banks were grappling with challenges, the Central Bank of Nigeria sent shockwaves to the financial sector with its pronouncements on bank recapitalisation. This policy promises to reshape the landscape in 2024, impacting everything from bank stability to economic growth. The Governor of the CBN, Olayemi Cardoso noted that for Nigerian banks to steer Nigeria’s goal of achieving a Gross Domestic Product (GDP) of $1.0 trillion over the next seven years, it is imperative the banks recapitalise. He said: “Indeed, despite the challenging global and domestic macroeconomic environment, Nigeria’s financial sector has demonstrated resilience in 2023, with key indicators of financial soundness largely meeting regulatory benchmarks.

The Nigerian financial sector is expected to continue evolving in 2024. Key areas to watch include further fintech innovation: The development and adoption of new technologies like blockchain and artificial intelligence are likely to accelerate, transforming the financial landscape. CBN has identified its targets, which include addressing infrastructure and inclusion gaps by bridging the infrastructure gap and promoting financial inclusion through tailored solutions, which are crucial for sustainable economic growth and development. This also includes the need for enhanced Financial Stability by Increasing capital buffers expected to bolster the resilience of the banking sector, mitigating systemic risks and safeguarding depositors’ funds. This will foster a more stable and conducive environment for businesses and investors. CBN has observed that with stronger capital bases, banks will be better positioned to offer increased credit to businesses and households. This could stimulate economic activity, drive job creation, and contribute to overall GDP growth. Lastly, the recapitalisation plan might trigger consolidation within the banking industry, as smaller banks might struggle to meet the higher capital requirements. Mergers and acquisitions could result in larger, more robust financial institutions with wider geographical reach and diversified risk profiles. The CBN’s recapitalisation plans is said to hold immense potential for transforming the Nigerian financial landscape in 2024. While challenges exist, the anticipated benefits in terms of financial stability, economic growth, and financial inclusion promise a brighter future for the sector. Navigating the implementation process effectively and remaining adaptable to evolving market dynamics will be key for the CBN to steer the ship towards a robust and vibrant Nigerian financial system. The Nigerian financial sector stands at a pivotal juncture. Embracing technology, adapting to evolving regulations, and tackling persistent challenges like inflation and financial exclusion will be paramount to its continued success. If navigated with agility and foresight, 2024 can be a year of not just resilience and reform, but also of sustainable growth and

T H I S D AY • Wednesday, January 3, 2024

BUSINESSWORLD

ECONOMY

Despite Renewed Hope, Economy Still Bedevilled by Structural Challenges In this piece, James Emejo assesses the health of the Nigerian economy in 2023, considering key macroeconomic variables.

o doubt, the current administration of President Bola Tinubu has made frantic efforts to reshape the country’s economic fortunes through the implementation of bold and critical reforms – with noticeable progress - the overall performance of the economy is still far-fetched. Although, the president has repeatedly asked for time to return economic prosperity to Nigerians, the current hardship occasioned by recent reforms further attests to the fact that the economy remains in crisis for now. Apart from the fact that the economy has not grown as expected, some of the latest reforms – including the removal of fuel subsidy and floating of the naira – though have increased revenues for the government, had not made any meaningful impact on the lives of the people as more Nigerians slide into poverty. Looking at the basic parameters for measuring the health of an economy Given the level of inflation, Gross Domestic Product (GDP), unemployment, Monetary Policy Rate (MPR), and trade among others, it is evident that it is still a long walk to economic prosperity which the current government promised Nigerians. Nigeria’s economic travails are largely associated with structural challenges, including wide infrastructural gaps limitedservice delivery, insecurity, poverty, and bad governance among others.

GDP Growth

Nigeria’s GDP growth rate fell short of projections for 2023 considering the year-on-year growth of 2.54 per cent in the third quarter of the year (Q3 2023). This was lower than the 2.66 per cent projection by the Central Bank of Nigeria (CBN), and the federal government’s 4.20 per cent as well 3.20 per cent by the International Monetary Fund (IMF) for the year. Former CBN Deputy Governor, Dr. Kingsley Obiora, believe the country cannot grow at the current IMF projection and expects to address rising poverty which is presently at 31 per cent. Part of the country’s growth challenges is also attributable to the policy missteps of past governments according to the World Bank and the inability to grow the non-oil export revenues as crude oil and other petroleum products still accounted for much of the country’s export items. According to Obiora, Nigeria’s snail’s pace non-oil exports to GDP ratio stood at 0.8

per cent between 2001 and 2011, and 1.2 per cent between 2012 and 2022. Though the non-oil sector contributed 94.52 per cent to the economy compared to 5.48 per cent by the oil sector in Q3, there are yet concerns that the economy is yet to be fully diversified partly because the bulk of government revenues is still derived from oil sales, making the economy yet vulnerable to external shocks. Up till now, agriculture which is regarded as a critical sector of the economy and which is crucial to the diversification objectives of the government is not fully maximized and contributed only about 29.31 per cent to growth in Q3. The insecurity affecting the sector had further constrained its contribution to growth, leaving many people unemployed, as well as putting the country’s food security ar risk.

Unemployment

Unemployment is another macroeconomic yardstick that is used to gauge the performance of the economy by showing the number of people who are willing to work but are unable to do so. The latest statistics from the National Bureau of Statistics (NBS) showed that the country’s unemployment rate increased to 4.2 per cent in Q2 2023 compared to 4.1 per cent in the preceding quarter. Unemployment among youths aged 15-24 years rose to 7.2 per cent in Q2, compared to 6.9 per cent in the preceding quarter. It is estimated that over 23 million Nigerians are currently jobless, a situation that is worsened by the number of companies leaving the country for various reasons.

Poverty

The World Bank defines the extreme poor as those living on less than $1.90 a day. It stated that the recent reforms by Tinubu’s government are expected to marginally and slowly reduce poverty beginning from 2024 onward. Sluggish growth and rising inflation have increased poverty from 40 per cent in 2018 to 46 percent in 2023, pushing an additional 24 million people below the national poverty line. The number of poor Nigerians rose from 79 million in 2018 to 104 million in 2023, with urban poor—more exposed to

inflation—increasing from 13 to 20 million, while the number of poor people in rural areas increased from 67 to 84 million, the bank stated in its December 2023 Nigeria Development Update. However, in the medium term, the reforms will expectedly reverse the rise in poverty through higher growth and lower inflation. The bank predicted the poverty rate to reduce to 44 per cent in 2026 from 46 per cent in 2024.

Inflation

Inflation which measures the rate of change in prices of goods and commodities remained a key macroeconomic concern for the country’s economic handlers in recent times. Currently at 28.20 per cent as of November 2023 compared to 27.33 per cent in the preceding month, the headline index is much higher than the Monetary Policy Rate (MPR) which is currently at 18.75 per cent, creating a negative interest rate regime. Inflation has reached an almost two-decade high in 2023, and higher than nine per cent target band set by the CBN. The MPR remains negative in real terms with respect to both the past year’s inflation and the expected inflation in the next year, while real interest rates have risen significantly in advanced economies. In effect, the cost of borrowing from commercial banks has become more expensive with the attendant implications on the cost of goods and services in the country. Inflation has effectively eroded the value of the naira and reduced the worth of liquid assets – as well as dampened the prospects of poverty alleviation. The World Bank insists that the country’s current inflationary pressures reflected the, “combination of loose fiscal and monetary policies, structural supply constraints, and external shocks.” The bank further proposed a, “significantly tighter monetary policy and stronger policy transmission are needed to rein in inflation.”

Trade balance

The country’s total external trade decreased by about N1.24 trillion to

N11.60 trillion in Q3 2023 compared to N12.84 trillion in the preceding quarter. The export component of trade dropped to N5.93 trillion, representing 19.89 per cent decline over the preceding quarter and accounted for 51.16 per cent of total trade in the review period. However, total imports increased by 4.22 per cent to N5.66 trillion and accounted for 48.84 per cent of total trade. This left the balance of trade at N269.34 billion in the period under review. Nonetheless, exports trade was dominated by crude oil exports valued at N4.66 trillion, representing 78.51 per cent of total exports while non-crude oil exports stood at N1.28 trillion or 21.49 per cent of total exports. Moreover, non-oil products contributed N438.00 billion representing 7.38 per cent of total exports. This is even as crude oil exports decreased by 21.15 per cent in Q3 compared to Q2 while other oil products exports was N837.33 billion, representing a marginal increase of 1.68 per cent compared to N823.48 billion in Q2. The fact that the share of non-oil exports to trade was lower further calls for attention especially at a period when the government had increased funding to boost non-oil-related activities to diversify the economy. In its recent report on the country, the Bretton Woods institution pointed out that with the removal of fuel subsidy and the large-scale depreciation of the naira in June 2023, imports, including gasoline imports, are projected to fall. “However, exports are also expected to contract, even though oil production is projected to increase, as oil prices are projected to be 20 percent lower, on average, than 2022 levels. “Higher imports of services, especially in the transportation and travel sectors, are expected to reduce the trade balance. “In H1 2023, the trade balance stood at a deficit of 1.7 per cent of GDP, as opposed to a deficit of 1.6 percent of GDP in H1 2022,” the bank noted. Although, there is current high expectation that if well implemented and sustained, the bouquet of economic reforms embarked upon by the present administration could boost the growth of the economy and make life better for Nigerians, the performance of the economy in last year – especially the impact of such reforms on living conditions remains below average.

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

THISDAY •WEDNESDAY, JANUARY 3, 2024

Perspective What Goes Around Comes Aground

Banji Ojewale

he universal principle is that what goes around must come around. It’s not so in Nigeria. With us, when what goes around goes around, it does more than coming around. As it makes its return trip, it comes aground, grounding us, leveling us, merging us with the miry mud. That’s been our history, extinct and extant. We create institutions and leaders from this back-and-forth process to form an endless cycle of vulnerable links in governance that remind us of the late poet, Christopher Okigbo: AN OLD STAR departs, leaves us here on the shore, Gazing heavenward for a new star approaching; The new star appears, foreshadows its going Before a going and coming that goes on forever… (Path of Thunder). It is a villainous star, a kind of abiku that gives short-lived joy to the home where it surfaces at birth. Our present is nothing but a horrid replay of our unpleasant encounters with the past. We sowed the wind yesterday; but today we’re reaping what’s greater than the wind. What goes around comes aground. It’s tragic that we always go back into forlorn ages for deliverance from present woes. In 1984, we all stood in awe of Decree 4, and to differ with officialdom was to court doom. We were mortally pummeled by the provisions of that law under military ruler, Muhammadu Buhari. His days recorded some of the worst breaches of human rights in the annals of Nigeria. There was retroactive application of the law that outraged Nigerians and the international community. Yet, more than three decades later, when we wanted a president to free us from the “clueless” hold of Goodluck Jonathan, guess who went for? Buhari, a figure of a discarded dispensation! We dug him from his sepulchral abode, to sit over the affairs of the living; he couldn’t but bring the nation to a level where we entered a grave crisis from which we haven’t emerged. He grounded the country and bequeathed an economy, which experts warn won’t yield to a quick fix. They say a lot of dead debris would require to be washed away in the years ahead to make way for the real business of economic resuscitation, which would take a much longer time. We aren’t reaping the wind we sowed; we are going to be harvesting a killer hurricane. It’s no surprise that President Bola Tinubu, Buhari’s successor, is inheriting a country left in funereal straits. What else did we expect from a predecessor he exhumed and installed as our leader? As we all can see now, Buhari didn’t remember to take the pall

President Bola Tinubu over him back as he receded after his eight-year reign; it is still with us, overshadowing the entire land of the living. Tinubu is also under the guidance of Okigbo’s cursed star. He is planting seeds certain to grow into labyrinthine forests with the potential to ground us in the years to come. He’s throwing free cash at challenges that emerge, when, according to experts, he could use this money to address long-term needs of the poor, instead of the

ones of the moment. His recent predecessors walked this pseudo-welfarist route of easy cash solution and failed. There was/is nothing to show for the billions they have spent. This approach is set to inject more ‘multidimensional’ penury into the system, as revealed by local and independent international figures. First, what does the National Bureau of Statistics, (NBS) say? The body issued a report late in 2022 where it said the number

of compatriots “living in poverty stands at 133 million.” This is 63% of the country’s population. There was no indication of any impact of the various levels of the direct cash interventions initiated by the successive governments. Now the World Bank. Its recent publication says “extremely poor people in Nigeria (has) increased from 95 to 104 million.” Again, nothing to reflect the raw money the authorities claim they are giving the poor. So, why would Tinubu ply the same unprofitable path? It’s because he’s tragically trapped in Nigeria’s halfway capitalist frame that promotes the deployment of capital (raw cash) to tackle the needs of the indigent masses, from which he can’t free himself. Otherwise, why not address these issues by applying the massive funds under his watch to build critical infrastructure: schools (along with free education at all levels), health centres, modern roads, employment-generating agro-ventures in the rural regions, aggressive human capacity building projects etc.? Ready or ‘uncreated’ money in my pocket or in my bank account won’t bring about these fundamental changes in the polity. Rather, it will lead to individualistic misadventures and illusory perceptions of prosperity. While the government would assume it’s pursuing popular interests, it would wake up at the end of the day to face acute mass misery, hunger, depression, inflation and poverty among those we pretend we want to help. We seem not to be decoding this five-word maxim: what goes around comes aground. What the leaders are giving out by way of sotermed palliatives to soothe the agony imposed on us by the ill-conceived displacement of the fuel subsidy – N35k monthly remittance to a very small percentage of the population for a short period, offering ‘13th’ month bonus, halving charges on public transportation for a few days during festive seasons, asking workers to cut the number of office hours to beat high cost of commuting etc. – all amount to a will-o-’the-wisp in the face of the real and overwhelming concerns of the society. It’s like trying to tame a 21st Century plague with the concoctions of 13th Century alchemists. Thus, all Nigerian governments, military, diarchy and civilian, have trodden this predictable trajectory. As our leaders step into office, we hail them and proceed shortly to the next stage of hauling them unto our laps. It’s never a long romance. For, just a few months after the citizens release their leaders into the performance field to fulfil their campaign pledges, the administration and its agencies begin to assail the people with policies that are sheer seeds that only bring forth fatal fruits in the future. •Ojewale writes from Ogun State.

NEWS

Sanwo-Olu Inaugurates 80-bed Femi Gbajabiamila Hospital, Youth Development Centre in Surulere

Former Speaker donates Conference Centre to LASU, rehabilitates Babs Animashaun Road Lagos to set up Medical University says Governor The New Year began in Lagos State with a harvest of dividends. Governor Babajide Sanwo-Olu, on Tuesday, inaugurated four key infrastructure projects conceived and facilitated by the Chief of Staff to the President, Rt. Hon. Femi Gbajabiamila. The Governor commissioned a three-storey 80-bed Femi Gbajabiamila General Hospital sited at Iyun in Aralile Community in Surulere. The former Speaker of the House of Representatives remodelled a decrepit Primary Health Centre on the 5,000sq meters site and turned the facility to a full fledged secondary medical infrastructure. The hospital, which was handed over to the State Government for operation, will relieve the burdened healthcare facilities within Surulere and surrounding areas, while raising the capacity of the State’s medical services. Sanwo-Olu also inaugurated the 1.6km Babs Animashaun Road in Surulere which was reconstructed by Gbajabiamila from single lane to

dualised four-lane carriageway. The road, completed with two bridge components, will improve traffic connectivity and journey time from Suruele into neighbouring Ikate and Orile areas. The road project was completed within 12 months and has witnessed the rainy season without incident of flooding. Until his appointment, last June, as President Bola Ahmed Tinubu’s Chief of Staff, Rt. Hon. Gbajabiamila served six terms in the Green Chamber of the National Assembly, rising from floor member representing Surulere Federal Constituency 1 to become the Speaker. The ex-lawmaker also donated an International Conference Centre to Ojo campus of the Lagos State University (LASU), just as he constructed Sam Sonibare Community Development Centre in Surulere, which has a mini stadium indoor sport auditorium, fitness centre, basketball and lawn tennis court, among others outdoor facilities.

Commissioning the projects, Sanwo-Olu described them as “legacy infrastructure” that would outlive the donor. He said the event coming at the beginning of the year testified to the progressive nature of governance in Lagos, pointing out that the development signified other positive transformation to be witnessed around infrastructural renewal in the State as in the course of the year. The Governor said: “The series of commissioning being witnessed today is a product of collaboration between the State Government and federal legislature. Chief of Staff to Mr. President, Rt. Hon. Femi Gbajabiamila, initiated projects and interventions which align with our own development agenda in the State. Our first stop was at LASU where we commissioned an International Conference Centre in the citadel of learning. “We opened and handed over a strategic infrastructure called Babs Animashau-Census Road from a single two-lane to a dualised four-

lane carriageway with two bridges. We have also commissioned Sam Sonibare Community Development Centre, which resonates with youths in sports and entertainment, and aligns with our administration’s objectives to drive inclusion. “Health is a strong pillar of our development agenda in Lagos. Today, something that looked like a fallow facility has been transformed into a befitting asset for the people of Surulere by Rt. Hon. Femi Gbajabiamila. This is purposeful governance working at the highest level. The purpose of government is to serve and make life meaningful. When we collaborate, we see development across areas that will benefit the people.” At the occasion, Sanwo-Olu disclosed that Lagos Government has concluded the plan to set up a Medical University in collaboration with Federal Ministry of Health, which he said was being initiated as strategic response to scale up medical research and training, and

also to stem the tide of brain drain in the health sector. The Governor said the approval process was already underway and being fine-tuned with the National Universities Commission (NUC). The medical institution, he said, would churn out 1,500 personnel yearly to enhance capacity in medical services. Gbajabiamila hailed the State Government for committing to the collaboration, noting that the projects spoke to his efforts to meet the yearning and expectations of his constituents. The President’s Chief of Staff said the hospital project was initiated to raise the capacity of Lagos in attending to public health emergency. He said robust collaboration with Lagos State Government led to the acceleration of the work from the scratch to completion. He said: “For those of us who serve in the Government, our primary objective must be to ensure people have access to quality healthcare and infrastructure that

will improve their lives. Hospitals are unique venues for profound joy where we deliver babies and bring people back to life. “A good medical facility must be where the sick and the afflicted must have the chance to be made home; to be free from pain and have an opportunity to return to their homes in better shape. That is what I want this newly constructed hospital to be; place of hope, healing and testimony.” LASU Vice-Chancellor, Prof. Ibiyemi Olatunji-Bello, thanked Gbajabiamila for the “generous gift”, noting that the facility was a unique architectural project that had enhanced the beauty of the school’s landscape. She said: “This is the best New Year gift we have received from Rt. Hon. Gbajabiamila in addition to the infrastructural renewal programme initiated on the campus by Governor Sanwo-Olu. This is an investment in the future of the campus, as the Centre will be useful for academic and administrative purposes.”

WEDNESday, JANUARY 3, 2024 T H I S D AY

business/MOnEYGUIDE

Despite Challenges,Transcorp, Chams, CWG Surpassed 700% Return in 2023 Eromosele Abiodun It was a harvest of capital gains for the shareholders of Transport Hotels Plc, Chams Holding Company Plc and CWG Plc, formerly Computer Warehouse Group, as they towered above the ten companies that topped the winners’ chart on Nigeria Exchange Limited (NGX) in capital appreciation in 2023; with price gain that ranged from 721.8 per cent to 1022 .9 per cent. Transcorp Hotels Plc posted the highest capital appreciation as the share price jumped from N6.25 in 2022 to close at N70.18 on the last trading day of 2023, an increase of 1022.9 per cent. The company is subsidiary of Transnational Corporation of Nigeria (TRANSCORP). Its market capitalization rose to N718.8 billion at the last trading day of 2023. With a share price appreciation of 1022.9 per cent, Transcorp Hotels emerged the best performing stock on the NGX in 2023. The company’s share price started 2023 at N6.25 and closed 2023 at N70.18. The company’s market cap

also hit N718.8 billion at the close of trading in 2023. On its part, Chams Holdings Plc sustained its stella performance in 2023 as the frontline financial technology company’s share price rose by 795.5 per cent from N0.24 at the beginning of 2023 to close at N1.97. Chams HoldCo’s fundamentals are waxing stronger with a gross profit of N1.84 billion in nine months in 2023, a year-on-year (Y-o-Y) growth of 181.3 per cent from the corresponding period in 2022. In a recent media interview, the Company’s Group Managing Director, Mrs Mayowa Olaniyan, attributed the performance to the gains from the on-going transformation in the entire group, which comprises ChamsSwitch, ChamsAccess, CardCentre, and ChamsMobile, its subsidiaries. The third best price gainer in the review period was CWG Plc, whose share pricre rose from N0.92 at the start of 2023, to N3.96 per unit at the end of the trading day in 2023, an increase of 721.8 per cent. The company is one of the pioneers in the

IT ecosystem in Nigeria. The company’s nine-month revenue was N18.26 billion in 2023, an increase of 79.7 per cent in the preceding year. Apart from being a leading provider of Information and Communication Technology (ICT) across West, Central and Eastern Africa, the company is also a leading cloud service provider that enables Africa’s SMEs to exploit cloud services for commerce and management. Other companies that made the league of the top ten were: Transnational Corporation of Nigeria (TRANSCORP) 676.4 per cent; MRS Oil Plc, 644.7 per cent; Northern Nigeria Floor Mills Plc, 639.8 per cent; Japaul Gold and Ventures, 507.1 per cent; Ikeja Hotels, 571.4 per cent; FTN Cocoa Processing, 410.3 per cent and Infinity Trust Mortgage Bank, 372.44 per cent. Despite the headwinds that characterized the business environment in 2023, the NGX All-Share Index, a measure of capital gains was up by 45.9 per cent to close at an all-time high of 74, 773. 77 points while the market capitalisation closed at N40.92 trillion.

FCMB Capital Markets Wins NGX Award for Most Listed Debt Issuances in Nigeria FCMB Capital Markets Limited, has been named the “Issuing House with the Highest Number of Listed Debt Issuances (Corporate Bonds)” by the Nigerian Exchange Limited (“NGX”). The award was presented to the firm at the NGX Made of Africa (“MOA”) Awards in Lagos. The NGX Made of Africa awards celebrate exceptional contributions to the Nigerian capital markets ecosystem, encouraging increased listings, transactions, compliance, and innovation. Commenting on the award, Executive Director, Coverage & Investment Banking, FCMB Group, Femi Badeji, stated: “This recognition validates Ni-

geria’s leading companies and public institutions’ deep trust in FCMB Capital Markets and its capabilities. Our unwavering commitment to excellence and building long-term relationships tailored to each client’s needs has helped us to remain a pre-eminent investment banking firm. We dedicate this award to our valued clients and promise to keep them at the heart of everything we do.” Receiving the award, Managing Director of FCMB Capital Markets, Ikechukwu Omeruah, said: “This isn’t just for us at FCMB Capital Markets and the FCMB Group; it’s for our market and Nigeria’s future. Each bond we facilitate isn’t merely

a financial instrument; it deepens our market, catalyzes growth, job creation, and the advancement of our nation. Our success isn’t measured in numbers, but in the tangible impact we create for our clients and our nation.” Over the past five years, FCMB Capital Markets has impressively raised circa N3 trillion in debt and equity capital for leading corporate organizations across diverse sectors of the Nigerian economy. The firm’s 2023 performance was exceptional, as it facilitated six out of nine publicly issued corporate bonds, part-raising over 75% of the capital sourced through the corporate bond market and securing similar market share.

ProjectGiiV Partners with Heirs Insurance Group for Charity Donation Kayode Tokede In the spirit of Yuletide, leading digital charity platform, ProjectGiiV and Heirs Insurance Group teamed up to spread holiday cheer to the children of Bales of Mercy Orphanage in Lagos. This donation marks the sixth in 2023 and the 18th since ProjectGiiV began operations in 2021. Gifts of clothes, food items and essentials were donated not only to the children of the home but to the workers too. While receiving the items, the home manager, expressed her heartfelt gratitude describing it as a timely and noble gesture that would go a long way in meeting the immediate needs of the children and helping them experience the joy of

the season. In his remark, Heirs Insurance Group Communications Manager, Timilehin Adebiyi described the partnership as a testament of the companies’ commitment to social good. “At Heirs Insurance, we believe in championing social good within Nigeria. This donation showcases our commitment to making a positive impact, just as our Heirs Life Essay Championship empowers young minds. We are proud to partner with ProjectGiiV to spread kindness and support such a noteworthy cause,” he said. ProjectGiiV founder Olamide Jasanya thanked Heirs Insurance for throwing their weight behind the charity platform and extending goodwill to the orphanage.

He explained that the partnership between ProjectGiiV and Heirs Insurance Group exemplifies the true spirit of the holiday season – a time for giving, sharing, and making a positive difference in the lives of others. He said, “It is a great pleasure to be wrapping up the year with our first major corporate partner, Heirs Insurance Group. We share similar visions not just towards social good but also the leveraging of technology and digital tools. While we use ours to promote charitable activities, Heirs Insurance Group is excelling with theirs for insurance penetration. This alliance of purposes gives us great confidence that this partnership is meant to be and is the first of many.”

From the left: Executive Director, Capital Markets, Nigerian Exchange (NGX) Limited, Mr. Jude Chiemeka; Head, Market Surveillance and Investigations, NGX Regulation, Mr. Abimbola Babalola; Managing Director, FCMB Capital Markets Limited, Mr. Ikechukwu Omeruah and the Chief Executive Officer, NGX, Mr. Temi Popoola, during the presentation of the award of “Issuing House with the Highest Number of Listed Debt Issuances (Corporate Bonds)” by the NGX to FCMB Capital Markets in Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

The price of OPEC basket of thirteen crudes stood at $97.48 a barrel on Thursday, compared with $97.08 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY •WEDNESday, JANUARY 3, 2024

mARKET NEWS

PZ, Unilever Nigeria, Two Others Exit NGX Pension Index

Kayode Tokede

The Nigerian Exchange Limited (NGX), yesterday disclosed that PZ Cussons Nigeria Plc, Nascon Allied Industries and Unilever Nigeria Plc have exited NGX pension Index and replaced with Transcorp Hotels plc, Fidson Healthcare plc Nigerian Aviation Handling Company plc and Conoil plc. Most of the existing companies

have delisted from the Exchange. Take for instance, PZ Cussons Nigeria in 2023 announced delisting from the Exchange as its parent company PZ Cussons (Holdings) Limited offers to buyout minority shareholders at an offer price of N21 per share. Also, Glaxo Smithkline Consumer Nig. Plc, and Union Bank Nigeria Plc existed from Afrinvest Div Yield Index, NGX Banking Index, respectively.

P R I C E S MaiN Board

The Exchange announcing the results of its half year market index review also disclosed that Universal Insurance Company plc replaced International Energy Insurance Plc on its NGX Insurance Index. MTN Nigeria communications plc, Vitafoam Nigeria plc, Stanbic IBTC holdings plc NPF microfinance bank plc are the new entry into the Afrinvest Div Yield Index, while Dangote sugar refinery plc, FCMB

F O R

S E C U R I T I E S

DEALS

Market Price

quantity traded

Group plc, Cutix plc and Glaxo Smithkline Consumer Nig. Plc are the newly exited companies. According to the Exchange, “the designed using the market capitalization methodology, the indices are rebalanced on a semi-annual basis on the first business day in January and in July respectively. NGX indices are developed to allow investors efficiently track market movements and properly manage investment

T R A D E D

value traded ( N )

MaiN Board

A S O F

portfolios. “NGX continues to blaze the trail on the path to becoming Africa’s foremost securities exchange with innovation and product development that deepens the market and boosts liquidity, thus connecting Nigeria, Africa and the world.” The report revealed that FBN Holdings plc, FCMB Group plc, Guaranty Trust Holding company plc and Stanbic IBTC Holdings

J A N UA RY DEALS

plc are the new entry into the NGX Banking Index as Jaiz Bank, Union Bank Nigeria Plc, Unity Bank and Wema Bank exited the index. Access, Fidelity Bank Plc, UBA, UCAP, Lafarge Wapco and Zenith Bank Plc, are the incoming companies in the Meristem Growth Index and the likes of CAP, Julius Berger Plc, Presco Plc, PZ Cusson Nigeria and Vitafoam are the exiting companies.

/ 2 / 2 4 Market Price

quantity traded

value traded ( N)

WEDNESDAY, JANUARY 3, 2024 • 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-2023, 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 309.89 309.89 64.39% Afrinvest Plutus Fund 100.00 100.00 10.02% Nigeria International Debt Fund 340.36 340.36 13.46% Afrinvest Dollar Fund 110.22 110.22 6.46% 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 N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.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 N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A ARM Short Term Bond Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 103.56 103.56 13.82% AVA GAM Fixed Income Naira Fund 1,117.20 1,117.20 4.34% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 2.24 2.24 9.53% CEAT Fixed Income Fund 3.08 3.15 36.63% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.05 1.05 8.12% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.16% Cordros Milestone Fund 172.95 174.20 34.08% Cordros Fixed Income Fund 107.69 107.69 10.26% Cordros Halal Fixed Income Fund 109.34 109.34 10.82% Cordros Dollar Fund ($) 114.37 114.37 6.16% 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 1.00 1.00 11.52% Coronation Balanced Fund 1.53 1.55 0.01% Coronation Fixed Income Fund 1.42 1.42 10.28% 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 N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A 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 1547.89 1547.89 11.99% FBN Balanced Fund 270.45 272.77 46.12% FBN Halal Fund 133.75 133.75 13.22% FBN Money Market Fund 100.00 100.00 12.52% FBN Dollar Fund 123.91 123.91 7.49% FBN Smart Beta Equity Fund 248.67 252.04 -0.01% FBN Specialized Dollar Fund 111.88 111.88 9.42% 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 8.68% Legacy Debt Fund 3.58 3.58 0.13% Legacy Equity Fund 2.73 2.79 36.75% Legacy USD Bond Fund 1.32 1.32 5.04% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,754.97 5,798.71 37.17% Coral Income Fund 3,995.46 3,995.46 7.72% Coral Money Market Fund 100.00 100.00 12.44% FSDH Dollar Fund 1.20 1.20 5.80%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) 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 N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: 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) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.32 2.37 45.46% PACAM Fixed Income Fund 0.12 0.12 4.75% PACAM Money Market Fund 10.00 10.00 2.54% PACAM Equity Fund 2.16 2.18 47.25% PACAM EuroBond Fund 131.96 135.10 7.65% SCM CAPITAL ASSET MANAGEMENT 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 The 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 4,978.78 5,021.91 112.45% Stanbic IBTC Bond Fund 255.86 255.86 27.20% Stanbic IBTC Ethical Fund 2.06 2.08 0.49% Stanbic IBTC Guaranteed Investment Fund 353.26 353.42 0.11% Stanbic IBTC Iman Fund 377.21 381.89 0.39% Stanbic IBTC Money Market Fund 1.00 1.00 11.31% Stanbic IBTC Nigerian Equity Fund 18,065.10 18,289.94 0.40% Stanbic IBTC Dollar Fund (USD) 1.47 1.47 30.00% Stanbic IBTC Shariah Fixed Income Fund 128.32 128.32 31.40% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 125.96 125.96 37.81% Stanbic IBTC Absolute Fund 5,013.14 5,013.14 41.66% Stanbic IBTC Aggressive Fund 5,360.18 5,427.99 0.37% Stanbic IBTC Conservative Fund 5,275.10 5,300.51 0.19% 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 1.36 1.37 48.38% United Capital Balanced Fund 1.85 1.86 42.12% United Capital Wealth for Women Fund 1.42 1.43 31.90% United Capital Sukuk Fund 1.18 1.18 11.36% United Capital Fixed Income Fund 1.95 1.95 6.86% United Capital Eurobond Fund 124.29 124.29 5.51% United Capital Global Fixed Income Fund 1.08 1.08 8.64% United Capital Money Market Fund 1.00 1.00 12.15% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A 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 8.77 8.87 117.20% Vetiva Consumer Goods Exchange Traded Fund 11.33 11.43 93.12% Vetiva Griffin 30 Exchange Traded Fund 27.13 27.33 53.12% Vetiva Money Market Fund 1.00 1.00 10.52% Vetiva Industrial Goods Exchange Traded Fund 27.02 27.22 35.04% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 -6.26%

REITS

NAV Per Share

Yield / T-Rtn

N/A 59.38 101.79 10.05

N/A 12.00%

Bid Price

Offer Price

Yield / T-Rtn

N/A 460.00 717.00 N/A N/A

N/A 8.70% -0.42% N/A N/A

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC 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

I N F R AST R U CT U R E F U N D

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

36.45%

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

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

T H I S D AY • WEDNESday JANUARY 3, 2024

Education 2024: Funding, Transparency, End of Dichotomy Top Stakeholders’ Expectations for Education With the dawn of a new year, experts have called for transparency and accountability in adequately funding education, collaboration with the industry, especially at the tertiary level, to end the towngown dichotomy, as well as the need for the government to see education as a key foundation for the country’s development by allocating significant resources to the sector. Funmi Ogundare reports

ast year, the country witnessed an election that brought President Bola Tinubu into power. Upon assumption of office in June after his inauguration, he promised to improve on the achievements of his predecessor. However, many were disappointed that he didn’t keep his promise of increasing the 2024 education budget to at least 15 per cent. From the N27.5 trillion 2024 budget proposal signed into law, only N2.18 trillion or 7.9 per cent of the budget was allocated to the education sector, which is still a drop in the ocean and has not changed from the previous administration. However, in a new turn of events, the federal government announced its readiness to allocate 25 per cent of the national budget to the sector to meet global standards, improve the quality of learning, and retain the best hands in the system. The Minister of Education, Prof. Tahir Mamman, disclosed this at a media briefing while reeling out his ministry’s preparations for the 2023 World Teachers Day. This budget still fell short of the 26 per cent recommendation by the global education agency, United Nations Educational, Scientific and Cultural Organisation (UNESCO) for expenditure on the sector. In his strategic plan for education in Nigeria for 2024 to 2027 at a stakeholders meeting in Abuja, he emphasised the pivotal role of a well-developed education in propelling overall national development, explaining that a population equipped with appropriate knowledge, skills and attitudes would contribute to a society with a sound economic model for effective service delivery. With the strategic plan titled ‘Education for Renewed Hope Agenda: Roadmap for the Nigerian Education sector 2024-2027’, he stated that his ministry has initiated the operationalisation of the National Commission for Almajiri and out-of-school and has also sanctioned a policy on Early Child Care Development in Education (ECCDE). The roadmap, he noted, encompasses practical problem-solving and realistic strategies across 13 thematic areas, including prioritising foundational and basic education, integrating non-formal schools into the formal education system, and expanding adult literacy and nonformal interventions, among others, which is designed for simultaneous implementation as integral components of a synergistic whole. To kick-start the effort, the Federal Ministry of Education promised to enrol three million out-of-school children and bring them back to the classroom by 2024 so as to increase Access to education, particularly for the less privileged. The Special Adviser to the Minister of State for Education, Dr. Clark Ojham, disclosed that the ministry sought the partnership of all stakeholders to achieve the goal. Part of the things the Tinubu administration

President Tinubu also promised to achieve in the new year for the education sector include implementing the Student Loan Act, which will facilitate financial assistance to poor Nigerian students in tertiary institutions. The implementation of the Act, which is expected to kick off this month, stipulates that all students who have secured admission into any public Nigerian university, polytechnic, college of education or any Technical and Vocational Education and Training (TVET) school can access interest-free from the Nigerian Education Loan fund. Aside from that, the federal government stated that all stakeholders would validate for implementation the take-off of establishing some federal colleges of education and teacher education and development in the country in early 2024. The approved colleges of education are the Federal College of Education, Ilawe Ekiti, Ekiti State; Federal College of Education, Ididep, Ibiono, Akwa Ibom State; and Federal College of Education (Technical), Yauri, Kebbi State. On their expectations of the sector in the new year, stakeholders suggested a close collaboration with the industry, especially at the tertiary level, to end the town-gown dichotomy. They also stressed the need for the government to see education as a key foundation for the progressive development of the country by prioritising it and allocating very significant resources to the sector, as well as implementing employment

Prof. Mamman generation and entrepreneurship development strategies that will help address the challenges of youth bulge in the country. The Chief of Communication Advocacy and Partnerships, UNICEF Nigeria, Rajat Madhok, stated that it aims to work closely with the Nigerian government in 2024 primarily to focus on enhancing the well-being and prospects of children in key areas, especially marginalised and vulnerable children. He explained that in birth registration, UNICEF emphasises the importance of documenting every child’s birth. “This official acknowledgement is not only a fundamental right but also a crucial step in ensuring that children have access to essential services like health care and education,” said Madhok. “UNICEF will support the government to implement more efficient and accessible registration systems, possibly leveraging technology, to increase registration rates. This effort will ensure that every child’s existence is officially recognised, laying a foundational step towards protecting their rights and future.” Madhok said UNICEF also addresses the issue of ‘zero dose’ children, especially those who have not received any vaccinations, adding that it will support the government to intensify its vaccination campaigns, aiming to reach the most remote and marginalised communities and raising awareness about the importance of immunisations in preventing deadly diseases. The chief communications and advocacy officer explained that in the educational sector, UNICEF envisions a significant push towards increasing school attendance and improving the quality of education, which entails investing in

educational infrastructure, training teachers, and implementing inclusive policies that address the barriers preventing children, especially girls and those from disadvantaged backgrounds, from attending school. “By strengthening these areas, UNICEF hopes to secure a brighter, healthier future for the children of Nigeria,” he stated. The Rector of Yaba College of Technology, Dr Ibraheem Abdul, in an interview with THISDAY, emphasised the importance of a rapport between the industry and the academia, saying that somebody has to take steps to mediate between the two bodies to enable students to fit into the world of work. “The rapport between the industry and the academia cannot be overemphasised. Somebody has to take the steps and mediate between the industry and the academia. We have started by setting up the Yaba Industrialised Aliance Group that will encourage institutions to close up with their local industries so that students can fit in the industry where they are going to work in the future. “We have what we call a day with the industry in the college when doyens in the industry come around to expose them to what it is like in the industry. Apart from that, we have so many initiatives that will close the gap,” stated Abdul. In his submission, the Director of International Relations (Partnerships and Prospect) at the University of Lagos, Akoka, Prof. Ismail Ibraheem, explained that funding should be a strategic priority of the government, but they seem to be missing it. He noted that lecturers usually go on strike because the government does not see it that way. “Funding should be a strategic development plan in the society. In a place like South Africa, they have more than 5,000 PhD students, and they graduate every year because they believe that such is tied to their own national development, as research can make them grow. We don’t have that in this country,” Ibraheem explained. The professor of Journalism and Communication Studies stated that in many countries, education is considered an important pillar of transformational development and a significant source of foreign exchange, adding, “Access to education is recognised human rights and one of the key pillars of the UN Sustainable Development Goals ( SDGs) to which Nigeria is a signatory. The government pays lip service to education in Nigeria with a disappointingly low allocation for education in annual budgets year in and year out across all strata of government.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Now that NUC Has Approved a Second University for Niger State Laleye Dipo in Minna

After eight years of conception, the Niger State University of Education is now a reality following the green light shown by the National Universities Commission (NUC) to the Niger government for the university to commence academic activities. The idea of setting up the university was conceived in the last days of the administration of Governor Muazu Babangida Aliyu around May 2015. However, the expiration of his tenure on May 29 of the same year did not allow the government to follow it up to a logical conclusion. The eight years of his successor, Alhaji Abubakar Sani Bello, saw the files of the university gathering dust at the office of the NUC when the commission officially informed the then government to revalidate the request. Governor Mohammed Umaru Bago did not waste time in pursuing the realisation of the

project immediately after he assumed office on May 29, 2023, leading to the approval by NUC for the university to take off as the 63rd state university in the country and 270th university in Nigeria. The establishment of an implementation committee by Bago made up of top scholars and bureaucrats from various sectors of Niger’s economy and headed by Prof Mohammed Kuta Yahaya, an expert in the establishment of universities having been involved from beginning to the end in the establishment of the first Niger-owned Ibrahim Badamasi Babangida University IBBU Lapai galvanised activities that led to the approval given by the NUC. The Resource Assessment Committee of the NUC was on the site of the university to see the structures, equip-

ment, and facilities available for the take-off of the institution, and the team was shocked to note that the structures on the ground are far more than what some old federal universities have. Also, the committee noted that not less than 250 hectares of land is available for the university, of which only 50 hectares have been developed. The committee did not hesitate to give its approval for the immediate commencement of academic activities by the university, approving 41 courses in 4 faculties, with seven courses each in the Faculty of Science Education and Faculty of Education, 14 in the Faculty of Vocational and Technical Education, and 12 in the Faculty of Arts and Social Sciences Education. The NUC also asked the Joint Admission and Matriculation Board JAMB to list not only the university but also these 41 programmes on its website for potential admission seekers. However, NUC warned that the approval does not cover

the “part-time mode of the programmes.” The letter conveying the approval, signed on behalf of the NUC acting Executive Secretary Abubakar Girei, explained that “programmes not started in the first five years of approval will be subject to another resource verification by the commission before it can be commenced” and that “the programmes shall bear only the approved titles and nomenclature and any change will require the approval of the commission.” Bago, by the steps already taken, is aware of the heavy load a second state-run university will place on the shoulder of a government that depends almost 90 per cent on income from the federation account to fund its programmes, which must be why he directed that N20 billion should be included in the 2024 budget. He renamed the university after former Governor Abdulkhadir Abdullahi Kure, who set up the Ibrahim Badamasi Babangida University in Lapai.

T H I S D AY • WEDNESday JANUARY 3, 2024

Property & environment BCPG Calls on Tinubu to Stop Impending Cement Price Rise in 2024 Bennett Oghifo The Building Collapse Prevention Guild (BCPG), a non governmental organisation, has appealed to President Bola Tinubu to discuss with cement manufacturers in the country to avert an impending hike in the price of cement in January, 2024. According to a statement issued by BCPG that was signed by their National President, Tpl. Sulaimon Yusuf, FNITP, RTP, and General Secretary, QS. Mrs. Adenike Ayanda, FNIQS, “There are feelers that cement manufacturers are planning an upward review of cement prices in early January of 2024. “The price of ready-mix concrete will also be increased while the cost of in-situ production of concrete will rise significantly. Such an increment, if allowed to take place, will worsen the economic situation of the nation.” The Guild said, “Prioritising safety in the Nigerian built

environment and in the general interest of the public, the BCPG passionately appeals to President Bola Ahmed Tinubu to invite cement manufacturers for an urgent discussion in order to forestall the impending increase in the price of cement. “The president needs to interrogate the current N5,700 market price of a 50kg bag of cement despite the N3,500 price of the product recently promised by one of the cement manufacturers. “Any further increase in the price of cement will be a direct threat to the ‘Renewed Hope’ Housing Programme of the Federal Government. Completion of ongoing building projects might be jeopardised by the impending hike in the price of cement. “Buildings abandoned during the process of construction aggravate the risk of building collapse. With the dwindling purchasing power, new buildings might lack patronage and occupants due to high rental value.

“Cement is an essential ingredient in the production of buildings. Frequency in the increase of its price has impacted negatively in the nation’s housing sector. Experience has shown that high prices of cement tends to encourage reduction in the quality of building production. The consequence of this is the emergence of weak buildings that intensifies the occurrence of building collapse. “Efforts made by President Tinubu while he was Governor of Lagos State at attenuating building collapse syndrome were well documented in the BCPG records. As at the time he rounded off as the Governor of Lagos State in 2007, the market price of cement was N1,300. “We hereby challenge the president not to relent in his past efforts at tackling the incessant collapse of buildings. His wealth of experience gained from Lagos on solution to building collapse should be brought to bear on the national level in order to save Nigeria from the unenviable

position of a nation that records frequent incidence of building collapse in the whole world.

“It is high time our president paid serious attention to resolving the challenges of building

collapse. Frequent increase in the price of cement is one of these challenges.”

L-R: Head of Investigation & Fraud Risk, Stanbic IBTC Bank, Ms Rekia Eletu; Deputy Director, Conservation & Ecology, LASG Ministry of Environment & Water Resources, Mr Olabode Adeola; Chief Executive of Stanbic IBTC Holdings, Dr. Demola Sogunle; Director General of Nigerian Conservation Foundation (NCF), Dr. Joseph Onoja; and Head of Sustainability, Stanbic IBTC Holdings, Ms. Tosin Leye-Odeyemi, at the flagoff of 30,000 tree planting at Lekki Conservation Centre... recently

Surprise as Gbadegesin is Reinstated LAWMA MD Some staff and officials of the Lagos State Waste Management Authority (LAWMA) have expressed surprise at the recent return of their former Managing Director/ Chief Executive Officer, Dr. Muyiwa Gbadegesin, as the new helmsman.

Gbadegesin was relieved of the same position in May 2020 by Governor Babajide SanwoOlu who ordered a forensic audit into the affairs of the authority, following allegations of inappropriateness. Governor Sanwo-Olu, a no-nonsense man with zero

tolerance for sloppiness or corruption, was said to have removed him to ensure an unimpeded forensic audit of the agency. As things stand, some staff said the forensic audit definitely exonerated Gbadegesin for Governor Sanwo-Olu to

have recalled him. Those who are surprised by the MD’s reemergence, alleged that “racketeering, culminating in large scale fraud was reportedly the order of the day at the time, making the authorities to institute a forensic audit into the affairs

of the authority as the alleged misdemeanours spread by a group of whistleblowers identified as ‘Concerned LAWMA Operators,’ were to no end.” However, some staff said they believe that Governor Sanwo-Olu reinstated him

because the forensic audit found him innocent, saying “it is one thing to make allegations and it is another thing to prove those allegations are true. It is good that the governor reinstated him since the audit found him not guilty of the allegations.”

Adhere Strictly to Regulations, Sanwo-Olu Tells Real Estate Practitioners, Property Developers Goodness Sunday Lagos State Governor Babajide Sanwo-Olu has warned real estate practitioners and property developers to adhere strictly to the building regulations of the state or risk being sanctioned. The governor stated this at the 4th Lagos Real Estate Market Place Conference and Exhibitions, organised by the Lagos State Real Estate Regulatory Authority (LASRERA), recently. The theme was: ‘Real Estate Regulation: A Panacea for Disaster and Recovery in the Built Industry’. The Governor, who was represented by the Lagos State Commissioner for Housing, Honorable Moruf Akinderu-Fatai, emphasised the need for all players in

the built industry to avoid undermining established rules, processes, procedures and abide by all regulations guiding real estate practice, including the Lagos State Real Estate Regulatory Authority (LASRERA) laws and other related regulations. He stated that, “It is within this context that we deliberate on the transformative potential of regulating the real estate sector. This would serve as a panacea for not only mitigating risks that could result from disasters but also facilitate a transparent and enabling environment for the licensed practitioners within the Industry.” The governor said, “A significant step that we have taken in this regard was the signing of the amended The

Lagos State Real Estate Regulatory Authority (LASRERA) law in February last year. This law recognises the pivotal role which real estate regulation plays in disaster mitigation. “In order to minimise the risk of disasters and enhance the resilience of structures, it has become compulsory for relevant authorities to require individuals/organisations to purchase insurance coverage against natural disasters. “As a government, we are resolute in our determination to ensure full implementation of our zero tolerance policy against non or partial compliance with the Lagos State Real Estate Regulatory Authority (LASRERA) laws and regulation and standards in the built industry in order to sustain investors confidence in the

real estate sector. Also, by implementing measures such as licensing and certification, which is being undertaken by the Lagos State Real Estate Regulatory Authority (LASRERA), we can ensure that professionals in the built industry adhere to ethical standards and possess the necessary expertise. “Yes, the issue of Unlicensed Real Estate Practitioners/ Property Developers was a factual focus at the conference where a consortium of industry experts, government officials, stakeholders, and investors deliberated on the needed policy application. The role of regulation in fostering stability, resilience, and growth within the built industry was a concern.” Also, Special Adviser to the

Governor on Housing, Barakat Odunuga Bakare, stated that real estate contributes a sizable share to the Lagos Gross Domestic Product (GDP). She said, “Real Estate has contributed 5.31% to real Gross Domestic Product (GDP) in the first quarter of 2023.” As the sector experienced various disasters in recent times, ranging from building collapse, demolitions, inability to recoup investments, agents’ fraud, to mention a few. Barakat stated that, “The implementation of the Lagos State Real Estate Regulatory Law as documented in Lagos State of Nigeria Official Gazette of 11th February 2022 Section 6 and 7 LASRERA the power, among other functions, to formulate policies for

proper dealings in real estate transactions in line with best global practices. The Authority also has the power to investigate complaints and petitions against Licensed and Unlicensed Real Estate Practitioners/Property Developers and impose sanctions in accordance with the Law where necessary.” Various topics discussed at the conference included: Disaster Mitigation Strategies, The role of Public - Private Partnerships in Enhancing Disaster Mitigation in the Built Industry, Housing Nigerians in the Diaspora, and Using Data Obtained from Regulation to Avert Disaster in the Built Industry, Insurance and Risk Management as a Mitigant and Recovery Tool.

T-Pumpy Concept CEO, Adaralegbe Harps on Importance of Real Estate in 2024 Gbenga Sodeinde in Ado Ekiti The Chairman and Chief Executive Officer of T-Pumpy Concept, a real estate company, Mr Akintayo Adaralegbe has counselled the people of Ekiti State and Nigerians at large to embrace real estate business this year to reduce the rate of crime and unemployment among the youths in the country. The advice is contained in a statement Adaralegbe issued at Ado Ekiti recently, saying he has been in the real estate business

for decades and encouraged young people to join him to keep themselves busy in the new year. Adaralegbe described TPumpy Concept as a progressive property developer that has over the years prided itself on its proven track record “laced with passion and commitment to deliver superior value in design, good quality, and best services to its customers.” He added that T-Pumpy Concept is a globally acceptable organisation that deals majorly

in the sale of lands and estate plots since the year 2009. “Our estates are constructed in a factory environment where the T-Pumpy Concept for decades has been providing industry-acclaimed off-site home designs and constructions. “Whether the members of the public are interested in a manufactured home or an innovative modular design, the T-Pumpy Concept team will continue to deliver what home buyers are looking for in their new homes in the new

year 2024 along with the quality construction they expect and deserve,” he said. He pledged the readiness of himself and his entire team “to continue to work for their new and old clients to achieve their dream of having the houses of their choice in 2024, and impact on the housing ecosystem in Nigeria by catering for individual needs of every existing and potential landlord, offering affordability, optimised care, speed, ease, and technical know-how to all the beloved

stakeholders in the industry.” Adaralegbe explained how in 2023, the T-Pumpy Concept made numerous strides following suggestions and recommendations from its subscribers, with a view to make many in-roads into other towns and villages across the country, thereby creating more opportunities for the less privileged to own a land and inspire them to also aspire to build their own houses. Adaralegbe appealed to the government and Governor of

Ekiti State, Mr Biodun Abayomi Oyebanji, as well as President Bola Tinubu not to introduce or impose any stringent conditions and laws that would make it difficult and impossible for poor citizens in the state and in the country to buy lands and own a house in 2024. He also urged government officials and tax collection officers of government at all levels to always be civil in their approach while carrying out government directives and enforcements in 2024.

WEDNESDAY JANUARY 3, 2024 • T H I S D AY

T H I S D AY • WEDNESDAY, JANUARY 3, 2024

NEWS

conferment of the Doctor of Laws Honoris Causa on Edosomwan...

L-R: Managing Partner, Punuka, Mrs. Elizabeth Idigbe; her husband/ Senior Partner, Punuka, Chief Anthony Idigbe, SAN; Prof. Konyin Olaniwun Ajayi, SAN; Honouree, Chief Charles Uwensuyi-Edosomwan; former Minister of Works and Housing, Mr. Babatunde Faji Fashola, SAN; Pastor (Mrs.) Funmi Ayo-Odugesan;and Mr. Oladipo Okpeseyi, SAN, at a reception party at Victoria Island, Lagos, organised by the Pioneer Class of Law, UNIBEN, in honour of the PHOTO: KOLAWOLE ALLI. Oasuyi of Benin Kingdom, Chief Charles Uwensuyi-Edosomwan, on his conferment of the Doctor of Laws (LLD) Honoris Causa by University of Benin held at Victoria Island, Lagos …recently.

Adebanjo Leads Afenifere Delegation to Akeredolu's Ibadan Residence Obi, Utomi too

Kemi Olaitan in Ibadan

The leader of Yoruba socio-political organisation, Afenifere, Pa Ayo Adebanjo, yesterday, led a delegation of the group to the Ibadan residence of former Ondo State governor, Arakunrin Rotimi Akeredolu, who passed on recently. Also, the presidential candidate of the Labour Party (LP) in the 2023 election, Mr. Peter Obi, and Professor Pat Utomi,visited the home of the deceased to commiserate with the family. Adebanjo, together with other members of the group were in Ibadan to condole with Akeredolu's wife, Mrs. Betty Akeredolu, over the demise of her husband. The elder statesman while speaking with journalists, said the visit by Afenifere was not because Akeredolu was a governor of Ondo State but what he stood for in Nigeria’spolitics and the type of progressive politics he played while alive. “Akeredolu was a great patriot, a great nationalist and someone who believed in what he says, very courageous and consistent particularly during the invasion of the Southwest states by Fulani herdsmen. "Akeredolu stood firm, he called a spade a spade, he said Fulani men must get out of the forest they were; he was a great son of Oduduwa

Oduduwa. He stood firm in spite of dominance of ex president Buhari. "That is why I have to lead this delegation here. I would have sent someone but I said no, not for Rotimi, he travelled a courageous path, and he was a great son of Oduduwa and a star of the progressive government," he said. On his part, Obi, during a separate visit, described Akeredolu, as a patriotic Nigerian, dogged fighter and principled leader. Akeredolu, according to Obi, was a dogged fighter and forthright person who stood on the side of the masses at all times. He prayed to God to grant the family, the Ondo State people and the entire country the fortitude to bear the irreparable loss just as he prayed eternal rest for the departed governor. “Today, together with my very dear elder brother, Prof. Pat Utomi, I arrived Ibadan, Oyo State, to commiserate with the bereaved wife of late Governor Rotimi Akeredolu, Betty Anyanwu-Akeredolu, and the entire Akeredolu family, as we all mourn his death. “While Akeredolu was the President of the Nigerian Bar Association, NBA, and subsequently as a governor, he stayed consistent on how to build a better Nigeria where there would be respect for

the rule of law, security of lives and properties of Nigerian citizens. “He believed in a restructured and productive Nigeria. May God who it pleased to call him home at this time grant him eternal rest and grant his dear wife, Mrs. Betty Anyanwu-Akeredolu, the entire

Akeredolu family and all of us who mourn him, the fortitude to bear his irreplaceable loss,” Obi stated. Utomi, who was a classmate of the late governor at Loyola College Ibadan in the 60s, recalled that the character traits displayed by Akeredolu in the governance of

Ondo State had been part of him right from secondary school. He said Akeredolu was not one who would keep quiet in the face of oppression and that he never compromised on justice and equity. He condoled with the people of Ondo State on the passing of

Adeleke: We Succeeded Where Opponents Didn’t Give Us Chance Osun gov’ll secure second term, Oluwo of Iwo declares

Yinka Kolawole in Osogbo Osun State Governor, Senator Ademola Adeleke, yesterday, attributed the achievements of his administration in 2023 to divine guidance, saying his government succeeded, where the opposition never gave him a chance. This was as the paramount ruler of Iwoland, Oba (Dr) Adewale Akanbi, has declared that Adeleke would be reelected for a second term in office. The traditional ruler made this statement at the inter-religious

service held at the state secretariat to usher in the government and the state into the new year. Adeleke said this in his remarks at the inter-religion service held at the state secretariat to usher in the government and the people into the new year. The governor, who acknowledged the hand of God Almighty in overcoming challenges in the early days of his administration, said he "directly experienced divine guidance in making state decisions," which counted for the remarkable successes attained so far.

"My dear people of faith, I have personal confessions to make. In the last one year, I directly experienced divine guidance in making state decisions. “On several occasions, God almighty was my instructor in deciding on key issues. When I told you I govern with the fear of God, it is not a joke. Our leadership is a product of divine plan and manifestation. "The signs are everywhere even for our political opponents to see. I will share some of the examples for you all. When I assumed the

IYC Writes FG, N’Delta Govs on Implementation of 2014 Confab Report

Olusegun Samuel in Yenagoa

The umbrella body of Ijaw youths, the Ijaw Youth Council (IYC) worldwide, yesterday tasked the federal government and Niger Delta governors on the implementation of the 2014 constitutional conference report, which it said encouraged fiscal federalism. The ground also urged International Oil Companies (IOCs) and other relevant agencies to immediately begin the relocation of oil companies’ headquarters back to the region. IYC in a new year message to President Bola Tinubu and Niger Delta governors, also sought the rapid development of the region. A statement signed by its spokesman, Binebai Princewill, called for sustainable peace in the region and the nation at large, saying that

peace remains the panacea for development which the region needs urgently. It assured that it will continue to do all within its powers to preach peace, believing that the federal government and its allies will be fair and just to the Ijaw people and other minorities in Nigeria in their quest for a decent life. Among the issues highlighted in the press release, the IYC said it was sad that 25 years after its formation via the Kaiama Declaration on December 11, 1998, there was still no headway in its quest for fiscal federalism. It said: "The Ijaw people and Niger Delta people cannot continue to be exploited politically and economically in the Nigerian state without justice. As Nigeria is talking about sustainable peace, we should be talking about sustainable justice.

Akeredolu describing it as a colossal loss to both the state and the country. Immediate younger brother of the deceased, Prof Wole Akeredolu, while responding on behalf of the family, thanked Obi and Utomi for the visit and their support for the family.

"Today, in Zamfara and other states, they are mining gold and the proceeds from gold are not being shared. The federal government has been mute over this grave injustice while our oil and gas is made public. "These are some of the anomalies that need to be corrected if we are to really move forward as a country. If our oil and gas can be shared across the country, why can't the gold be shared?" The IYC called on the Niger Delta Development Commission (NDDC), Niger Delta Ministry and other related agencies to begin the physical manifestation of projects in communities in the region. "There should be no excuse this time around for our places to be developed. Niger Delta development has been stagnated for too long. Council will continue

to engage with these authorities frequently in ensuring that the right thing is done for our people. '’All roads leading to the Niger Delta are all bad, the federal ministry of works should waste no time in swinging into action by urgently rehabilitating the East-West Road, particularly the Rivers, Bayelsa to Delta portion of the road. “IYC don't want to believe that it will get to a point where we will be storming the streets and halting activities before the right thing will be done by fixing our roads and developing our places," the statement added. On the IOCs, the body called on the oil companies operating in the Niger Delta region to begin to activate plans to relocate their headquarters back to the region as the Ijaw people cannot continue to accept such injustice.

The statement added that three per cent allocated in the Petroleum Industrial Act (PIA) to host communities was an aberration. "We will study the PIA again and assemble our team to resist this injustice that is meted out on our people. This to us is one of the most draconian laws in Nigeria since the advent of democracy. We cannot accept this without challenging it. We are calling for increment of the percentage.. "While IYC will continue to work closely with security agencies and other critical stakeholders in the region to foster and sustain peace and unity in Nigeria, we are also tasking the military to always be professional in dealing with the Niger Delta communities as we have witnessed too much bombardment of defenceless communities," the statement added.

governorship of our dear state, many serious problems existed. Such issues appeared to have defied all solutions. “My predecessor deliberately added petrol to the fire by laying several bobby traps before he left office. Nobody expects solutions from us. The thoughts of detractors was the expectation of failure. "But because we have a God, who does not fail his beloved ones, doors opened where none existed. The governance space witnessed policy innovations and implementation, which provided answers to knotty state policy questions. “Because we have a God who props up his favoured and chosen ones, our government successfully reset the button of the state public service, frontally addressed workers' welfare, put a smile on the faces of pensioners, restored local governance, implemented infra agenda and set the tone for sustainable governance. "Through God and people of goodwill, we succeeded where opponents never gave us a chance. We broke the jinx in critical areas and proved that Osun people could experience good governance despite all odds. “Our government has manifested what many denied – that a Godled administration is a condition for successful leadership in state governance," he said. The Oluwo of Iwoland, in his remark, said, "We appreciate the governor for the commendable job being done in the state. They're all applaudable.

WEDNESDAY, JANUARY 3, 2024 • T H I S D AY

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Lottery Trust Fund Leadership Award...

L-R: Arewa Youth Council Chairman, Mr. Dogo Shagari; with Executive Secretary, National Lottery Trust Fund, Dr. Bello Maigari; during the Lottery Trust Fund Leadership Award by the Arewa Youth Council in Abuja ... recently

Osun APC Tackles Aregbesola over Alleged Power Sharing Pact Yinka Kolawole in Osogbo The Osun State chapter of the All Progressives Congress (APC) has debunked claims by a former governor of the state, Ogbeni Rauf Aregbesola, that an agreement was reached on August 26th, 2021, where it was agreed that his faction be considered in forming the government by giving it one-third of the appointments in the second term of former governor Gboyega Oyetola's

administration. The party noted that perhaps, the former Interior Minister was making a reference to the agreement he reached with the Adeleke dynasty as the APC did not make the 2022 governorship election in Osun, saying, no wonder the Aregbesola faction was accorded one-third of appointments in the current administration, led by Governor Ademola Adeleke. Reacting to the claims by Aregbesola, the APC chairman,

Sooko Tajudeen Lawal, in a statement by the party's Director of Media and Information, Chief Kola Olabisi, said to the best of his knowledge, the only agreement, endorsed by President Bola Ahmed Tinubu and Chief Bisi Akande happened in December 2020 and that Aregbesola reneged on the spirit and letter of the said agreement. "At the end of the meeting, it was Aregbesola, who prepared the contents of the resolutions

and gave it to our Baba, Chief Bisi Akande, to vet before it was passed on to the leaders of the party. “And part of the agreement was that there would be an automatic ticket for Oyetola and that while Oyetola would be allowed to face governance without interference from any quarters, the trio of Chief Bisi Akande, Ogbeni Rauf Aregbesola and Alhaji Gboyega Oyetola will lead, guide, coordinate and administer the party as

Fubara Appoints Ex-speaker Chief of Staff

Says government not involved in dirty political fight

Blessing Ibunge in Port Harcourt There were strong indications that the immediate past Speaker of the Rivers State House of Assembly, Hon Edison Ehie, has been appointed the new Chief of Staff to Governor Siminalayi Fubara. Ehie had on December 29, 2023 sent a resignation letter to the Independent National Electoral Commission (INEC), declaring his resignation as the Speaker and member of the state House of Assembly. If this is true, Ehie who represented Ahoada-East Constituency II in the State House of Assembly, would replace Hon. Chidi Amadi, a kinsman to the Minister of the Federal Capital Territory (FCT), Nyesom Ezenwo Wike, who was hitherto the chief of staff. As at the time of filing this report, the Commissioner for Information, Joe Johnson and the Senior Adviser to the Governor on Media, Boniface Onyedi, were yet to confirm the development Meanwhile, Fubara has said his administration would not be involved in any dirty political war that would hinder the promising prospects of development in the state. He declared that the decisions taken by his administration in the evolving political crisis in the state

were not borne out of fear, but for peace to reign in the state. Fubara made the assertion, while addressing Rivers people at the maiden state banquet held at Government House, Port Harcourt, to celebrate the new year. Wishing Rivers people a fruitful and prosperous 2024,Fubara appealed to Rivers people to embrace the ongoing peace process at the instance of President Bola Ahmed

Tinubu, on the state political crisis. "Every decision that we've taken is not borne out of fear but because we have the interest of our people and we have respect for elders. "I am appealing to everyone of us to embrace the peace. We need this peace because our intention for the state is not for our personal interest but that of the development of the state," he said. The governor disclosed that his

administration was determined to live a legacy of unity and development in Rivers State, and not a legacy of political apprehension. In his welcome address, the Secretary to the State Government, Dr Tammy Wenike Danagogo expressed gratitude to God that despite the political turbulence in the state, Fubara remained focused to dispense the dividends of democracy in the state.

2024 Budget: Tinubu’s Aide Lauds N100bn School Feeding Allocation Sunday Aborisade in Abuja

The Senior Special Assistant to President Bola Tinubu on School Feeding Programme ( SFP) , Dr Yetunde Adeniji , has commended him for allocating N100 billion to the programme in the 2024 budget . This was contained in a statement by Olumobi Adewale from the office of the SSA in Abuja yesterday. Adeniji said the N100 billion allocation clearly showed the empathy the president has for children of the poor in the country. "The N28.7 trillion 2024 budget

signed into law by President Bola Tinubu on the 1st of this month , is one of empathy and compassion as far as the N100 billion allocated for school feeding programme is concerned. "It clearly demonstrates Mr President's unwavering dedication to the wellbeing and uplift of the Nigerian people," she said. She further commended Tinubu's Renewed Hope Agenda, stressing the energy, strength, capacity, empathy, and compassion that he has consistently demonstrated in leading Nigeria. She said: "I want to extend my heartfelt appreciation to Mr

President for his visionary decision to reintroduce the SFP which will play a crucial role in removing children from the streets and enhancing the socioeconomic activities of the host communities where these schools are situated. "Additionally, the substantial allocation of funds in the 2024 budget reflects the importance placed on this initiative." The president's aide accordingly assured Tinubu and Nigerians generally that the allocation would be judiciously utilised for the actualisation of the renewed hope agenda of the current administration.

the apex body. "But during the primaries, Aregbesola sponsored Alhaji Moshood Adeoti against Oyetola contrary to the agreement reached. Oyetola won the election by 222,169 votes against Adeoti's 12,921 votes. “The same Aregbesola went to court with Adeoti to challenge the outcome of the primary. He also sponsored 10 different cases in various courts to challenge the nomination of Oyetola as the candidate of the APC. “Before then, he held a parallel congress and pushed unsuccessfully to have a validly elected chairman of the party replaced with his factional chairman. "As if that was not enough, Aregbesola went ahead to sponsor three different candidates against Oyetola in the governorship election. So, who betrayed each other? You be the judge. “In fact, we are surprised that the National leadership of the party in Abuja has not acted on all the petitions we wrote to

catalogue Aregbesola's anti-party activities," Lawal said. On the purported influence of Aregbesola in the last series of elections in Osun, the APC chairman said, "There is a limit to self- adulation. Truth is, the fortune of APC began to decline before Aregbesola left office. “And it was due to some of the policies which the citizens considered as anti-masses. Some of them are: half salary, single uniform, reclassification of schools, change of schools' names and non-alignment with national policy on education among others. "As a sitting governor, in 2017, APC lost the Osun West senatorial election by winning just one out of the 10 councils while the opposition PDP won nine councils. “It was that misfortune that followed the APC to the 2018 governorship election where it garnered 255,505 votes, to manage to win, losing four out of the six councils in Ijesaland where Aregbesola hails from.”

Sanwo-Olu Orders Arrest of Soldier, Others for Driving Against Traffic

Sunday Ehigiator

Lagos State Governor, Babajide Sanwo-Olu, yesterday ordered the arrest of a man who identified himself as a soldier for driving against traffic, characterising the young man as a ‘useless boy’. The governor was on his way to the Ojo campus of the Lagos State University (LASU), for the inauguration of the Femi Gbajabiamila Conference Centre, when the incident occurred. While plying the LagosBadagry expressway in a convoy, Sanwo-Olu encountered the motorcyclists, from which one of the arrested identified himself as a soldier, and immediately ordered their arrest. The video showed many

of the riders and passengers abandoning their motorcycles and fleeing as the governor’s security operatives gave them a chase. A few escaped while a handful were apprehended. While being arrested and taken away by security operatives, one of the offenders claimed to be a soldier. “Put him there, let your father come and rescue you,” the governor said. “I am a soldier Oga sir,” said the motorcyclist. “That’s the reason I’m going to lock you up. You are telling me you are a soldier. That’s even the more reason I’m going to lock you up,” the governor responded, instructing the man: “Get in there, useless boy, you are telling me you are a soldier. Lock him up.”

T H I S D AY • WEDNESDAY, JANUARY 3, 2024

NEWS

COURTESY VISIT...

Minister for Blue Economy, Gboyega Oyetola, (L) TEXEM, UK’s Founder, Dr Alim Abubakre during a courtesy visit to the minister in Abuja... recently

APC: PDP Casting Crude Aspersions Without Justification Adedayo Akinwale in Abuja The All Progressives Congress (APC) yesterday said that the Peoples Democratic Party (PDP) was in the habit of casting crude aspersions without justification, stressing that the party’s incivility and irrationality remain a blight on the country's democracy. The National Publicity Secretary of the party, Felix Morka, in a statement issued in Abuja said the decision of the PDP to wave off President Bola Tinubu’s new year message was a testament to the party’s incapacity to serve as a sensible or credible opposition party. He added that if the status of opposition party were a contested one, the PDP would still miserably fail to pass. Morka noted: "Democratic opposition politics is not exactly

about being a masterclass of incivility or casting crude aspersions without justification. "It is also not about haughty display of ignorance of essential social and economic policy or wilful blindness to the administration’s bold and courageous efforts to raise the bar for sustainable growth and development of our country. PDP’s nagging irrationality is a blight on our democracy. "Both in tone and substance, President Tinubu’s New Year address was measured, sensitive, articulate, highly presidential and an excellent fit for the purpose and occasion it was delivered. "A new year speech of any president is a goodwill message to the nation in celebration of the new year. It is a moment for tone-setting of expectations for the year ahead. It is not a policy speech delivered to a think tank.

PDP NWC Dismisses Purported Suspension of Ondo Party Chair Chuks Okocha in Abuja

The National Working Committee (NWC) of the Peoples Democratic Party (PDP) has dismissed the purported suspension of the Chairman of the Ondo State Chapter of the Party, Mr. Fatai Adams. In a statement by the National Publicity Secretary, Debo Ologunagba, the party said that the NWC had declared the said suspension as null and void and of no effect. "For emphasis, no state working committee has the power whatsoever to contemplate or suspend a state chairman without due recourse to the NWC as provided by the Constitution of PDP," the party said. He said that the PDP was an organised political party governed by strict adherence to the provisions of its constitution and rules and will not allow any individual or

group at any level to violate its constitution and rules. The NWC cautioned those involved in the illegal act in defiance of the PDP constitution to retrace their steps as the NWC will not hesitate to take appropriate disciplinary or punitive actions to preserve the stability of the party and the sanctity of its constitution and rules. The NWC stated that Adams remains the chairman of the Ondo state chapter of the PDP and charged all leaders, critical stakeholders, members and supporters of the party in Ondo state and the nation to disregard the purported suspension. The NWC enjoined all party members in Ondo state to remain united and continue to work together in the overall interest of the party and the people.

Even that basic understanding of the nature of a new year speech stands elusive to highly deluded PDP." Morka added that the president was forthright in his acknowledgment of the transient tough impact that some of the administration’s policies have had on citizens. He explained that Tinubu was categorical in his expression of

commitment to do everything under the power of his office to tackle prevailing challenges and secure a safer and stronger country for the benefit of all. He stressed that the president addressed Nigerians with candour, sensitivity and attentiveness of a kind unknown to the PDP in its 16 years rule. “ The president’s new year

message struck the right chord with Nigerians, assuring of the administration’s commitment to fixing power and energy challenges, locally refining petroleum products, crashing prices of products, creating jobs, enabling a more favourable business environment, tackling insecurity, expanding food security and affordability, implementing new minimum

wage for workers, and more,” he said. The party spokesperson noted that the signing of the 2024 budget into law on New Year’s Day was further evidence of the president walking the talk. Morka said the president was busy doing the job he was elected to do and would not be distracted by he termed PDP’s idle mischief.

Mark: It’s Time Tinubu Reviewed Nigeria's Security Architecture the United Nations (UN), Amnesty International, the Pope, and the international community, generally, for their unequivocal condemnation of the killings on the Plateau. The leaders urged the world to be conscious of the grave implications of these happenings on the corporate existence of the Nigerian federation. They noted the unrelenting massacre bordering on ethnic cleansing and armed occupation of the territories of the indigenous peoples of the Middle-Belt and most parts of Northern Nigeria by ethnic militias. SMBLF insisted that the persistent occurrence had shown without any doubt that the Nigerian state, its government and security forces, had failed in the fundamental duty of the security and welfare of citizens, which are the primary purpose of government, as stated in Section 14(b) of the 1999 Constitution of the Federal Republic of Nigeria. SMBLF stated in the letter, "Mr. President, unfortunately, and as it was with the Muhammadu Buhari's administration, rather than accept the reality of the danger posed to the corporate existence of the federation by an extra-territorial agenda of the Fulani ethnic nationality, backed by organised and well-armed militias, which was, since 2018, declared by Amnesty International as the ‘4th most deadly terrorist organisation in the world’, your administration has also, now, in bad faith, dressed this evil in the false garb of ‘herders/ farmers’ clash. "The blood-thirsty ethnic militias are not mere bandits. This is a conflict where one-side, fully armed, continues to attack and kill the innocent, who are being deliberately defanged by agents

of the government. "Mr. President, your predecessor had all the facts and evidence of an ideological Fulanisation agenda but preferred to pander and prevaricate than bring justice to the victims of oppression and genocide. "The cycle of attacks, government inaction, and provable official complicity engendered a situation where no less a personality than General Theophilus. Danjuma (retd.), a former Chief of Army Staff and former Defence Minister, openly advised victims of terrorism to arm themselves, since the government appears unwilling to stem the atrocities being committed against the indigenous peoples. "The audacious and reckless assertions by some prominent personalities of Fulani extraction, like Mallam Nasir El-Rufai, immediate past Governor of Kaduna State, and Governor Bala Mohammed of Bauchi State, who ought to be more ‘civilised’, lent credence to the Fulanisation agenda. "Nasir El-Rufai, reportedly, threatened that ‘whoever kills a Fulani herdsman, including the army, takes a death loan, repayable in 100 years’ on an alleged plan by the military to dislodge a Fulani-occupied settlement on other people’s ancestral home in the outskirts of Jos, Plateau State. "He warned that ‘if the Nigerian Army goes and removes the Fulani settlement, any person wearing Nigerian Army uniform in 14 Western African countries is at risk. "Governor Bala Mohammed, on his part, justified the possession of AK-47 weapons by the Fulani herders as self-defence in ‘practising the tradition of trans-human, pastoralism’

throughout West Africa with no regard for national boundaries, not to mention ancestral lands of other groups, which have no affinity to the Fulani. "The Buhari administration tried all the tricks in its wits to create Fulani settlements in other people’s territories throughout Nigeria by different strategies of ‘land grabbing’ in the guise of RUGA, Grazing Routes, Cattle Colonies or contrived integrated agriculture schemes. "New estates would be built for pastoralists with better amenities than the host communities whose lands would be acquired by the federal government, contrary to the provisions of the constitution, which make land use regulations an exclusive state affair. "The horror of the Christmas Eve massacre in Plateau State is not different from the situation in Benue where several communities, particularly in Kwande, Gwer-West, Guma, Makurdi, and Logo local government areas are perennially attacked by the pampered armed Fulani ethnic militias who have taken over other people’s lands and homes. "The operations of these armies of occupation, claimed to be foreigners, were allegedly boosted by El-Rufai's admission of payment of huge amounts of money to Fulani militants across West Africa only to end up lamenting that these associates of his invariably made Kaduna State ungovernable.”

NBA: Tinubu Must Prioritise Security

President of the Nigerian Bar Association (NBA), Mr. Yakubu

Chonoko Maikyau, SAN, decried the growing insecurity across the country, saying the president must show demonstrable commitment to prioritise security. Maikyau condemned the December attacks by bandits on villages in Plateau State, which left nearly 200 Nigerians dead, and the earlier drone strike by the military on Tudun Biri in Kaduna State, which claimed the lives of over 100 Nigerians. He stated, “From information made available by the military and other security sources, the Tudun Biri incident is suggestive of the gap in our security architecture – lack of inter-agency synergy and coordination. “The attack in Plateau is clearly indicative of poor intelligence gathering or, a deliberate failure to act, despite the intelligence on the impending attacks on the villages, or notice of the attack on the villages by the bandits, as reported by community leaders.” The NBA president, in his 2024 New Year message, urged the government of President Bola Ahmed Tinubu to show demonstrable commitment to prioritising the security of life and property of Nigerians. He stated, “Government, through our armed forces and other security agencies, must ensure that no square inch of the Nigerian territory is left ungoverned; no part of Nigeria should be left under the control of criminal elements by whatever name so-called. “Government must make deliberate investment in security, of such a scale and magnitude, which will leave Nigerians in no doubt as to the sincerity of the statement made by the president.”

wednESday JANUARY 3, 2024• T H I S D AY

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EMPOWERING THE YOUTHS…

L-R: Programmes Officer, Karis and Eleos Hand of Hope Foundation, Adedoyin Shittu; Dean, Students’ Affairs, Yaba College of Technology(YCT), Alaba Olalekan; Corporate Affairs and Sustainability Specialist, Nigerian Bottling Company (NBC) Limited, Olukemi Ogunsakin; Sales Academy Manager, NBC and Sub-Dean, Students’ Affairs, YCT, Diana Otisi, during the 2023 campus edition of the NBC Youth Empowered initiative held at YCT in Lagos…recently ETOP UKUTT

Police Neutralise Two Kidnap Suspects, Rescue Victim in Delta The operatives of Police Command in Delta have neutralised two kidnap suspects and rescued a victim from the kidnappers in the state. The command’s spokesman, DSP Bright Edafe, who disclosed this

to newsmen yesterday in Warri, said that assorted weapons and a stolen vehicle were also recovered from the suspects. Edafe said that the suspects were neutralised on Saturday in a gun duel with police operatives

attached to the Ekpan division in Uvwie Local Government Area of the state. He said that the Divisional Police Officer, Ekpan division, CSP Aliyu Shaba, acting on intelligence, led

a surveillance team of the division on the trail of the hoodlums. “On December 30, 2023, a 23-year-old male parked his GLK 350 Benz SUV on Jakpa Road leaving his brother inside

the vehicle to attend to some issues. “While there, he was alerted that the vehicle was attacked by three armed men and drove off to an unknown destination with his brother inside.

“Upon receipt of this information, the Commissioner of Police, Delta Command, Wale Abass directed Shaba to mobilise operatives and ensure that the victim was rescued and the suspects arrested,” he said.

11 Killed, Seven Injured Obi Edozien: Only Constitution Amendment ‘ll Engender Desired Change in Nigeria in Kwara Road Crash Omon-Julius Onabu in Asaba

Hammed Shittu in Ilorin

No fewer than 11 people have been reported killed while seven others sustained varying degrees of injury yesterday’s morning in a fatal road crash at Aiyere community along Bode Saadu-Ilorin route in the Moro Local Government Area of Kwara State. THISDAY’s investigations revealed that the accident, which involved a DAF truck and a Toyota Hiace bus, occurred around 4:50 a.m. due to wrongful overtaking and speed violation.

The Kwara State Sector Commander of Federal Road Safety Corps (FRSC), Mr. Stephen Dawulung, confirmed the incident and said that preliminary investigations had revealed that the Toyota Hiace bus, coming from Gombe enroute Lagos, wrongfully overtook another vehicle resulting into a head-on collision with the oncoming DAF truck. “On Tuesday, January 2, 2024, a fatal road traffic crash involving two vehicles, a DAF Truck and a Toyota Hiace Bus occurred at Aiyere along Bode Saadu-Ilorin Route.

The Asagba of Asaba, Delta State, Obi (Prof) Chike Edozien, 90, has stated that sincere restructuring through amendment to the Nigerian Constitution remains the only panacea to successfully address the challenges of poverty

and insecurity in Nigeria. Specifically, the centenarian said widespread ethnicity and pervasive corruption were incensing poverty and insecurity in the country, and so must be tackled headlong. Obi Edozien, who noted that ethnicity, which has not abated

from the situation it was about 50 years ago, and pervasive corruption were at the root of the problems of poverty and insecurity that have greatly undermined Nigerian democracy, and threatened its existence with a significant portion of the population practically losing

faith in the system. However, he asserted that it remained an uphill task to expect to successfully tackle or overcome the country’s multifaceted problems while the traditional rulers and institution were excluded from the country’s constitution.

Ebonyi South Group Endorses LP Aspirant for Senatorial Re-run Benjamin Nworie inAbakaliki

The Ebonyi South Stakeholders Forum has endorsed former member of House of Representatives and member of the Labour Party, Hon. Linus Abaa-Okorie, for Ebonyi South senatorial re-run.

In a communique issued after their meeting, the leader of the forum, Mr. Ogbonnaya Onu, said that their decision was born out of their convictions that the Labour Party’s aspirant was highly competent and capable to offer quality representation for the zone. Onu recalled that Abaa-Okorie

as a two-term member of House of Representatives changed the narrative and brought hope and succour to his constituency. He said: “We have reviewed the political developments in the state and Ebonyi South in particular and we have decided to add our strong voices to it. Our decisions

are far reaching as stakeholders and leaders of Ebonyi South zone. “We have noted the caliber and competence of aspirants of all the political parties interested in the forthcoming re-run in Ebonyi South and collectively endorsed the Labour Party’s aspirant, Hon Linus Abaa-Okorie for the position.

Kebbi, POBITECH tomove Trainthe2,400 Teachers Kogi Chief Justice Recovers Abandoned Official Residence, Moves In sector forward. OnuminyaInnocent

The Kebbi State Government, in partnership with POBITECH Consultancy Service, has commenced the training of 2,400 primary schools teachers in the state. Declaring the training open at Waziri Umaru Federal Polytechnic, Birnin Kebbi, the Kebbi State Governor, Mr. Nasir Idris, said that his administration has declared a state of emergency in the state’s education’s sector. Idris urged teachers, parents, educators, institutions, government at all levels, individuals, organisations and all other stakeholders to join hands with his administration to

He said: “Let me use this medium to inform this gathering that I am going to give more priority to teachers’ welfare. “This administration will also give support and encouragement to Adolescent Girls Initiative for Learning and Empowerment (AGILE). “We are going to modify and strengthen its operations to conform to the needs of our society.” Governor Idris charged the participants to be committed to the training and reiterated the readiness of his administration to key into anything that would promote and project the teaching profession.

IbrahimOyewaleinLokoja

The Chief Justice of Kogi State, Justice Josiah Majebi has moved into the official residence of the state’s chief judge in the GRA, Lokoja, after recovering and rehabilitating it. It was an extremely joyous atmosphere that pervaded the

house and its environment when it became known to some staff of the judiciary who visited upon hearing the delightful good news. The residence was long abandoned until its recovery and renovation under the watch of the present chief justice, who parked in immediately. Following the demise of the late

state’s Chief Judge, Hon. Justice Nasiru Ajanah, in June 2020, the residence suffered abandonment and thereafter became den of criminals. It subsequently deteriorated into shambles and got completely dilapidated with miscreants making unholy accommodation out of it. However, the inherited distasteful

and unacceptable nature of the edifice that accommodates a main building, boys’ quarter and security lodge, with vast open space for parking, and elegantly located around the Government House, met a resistance in Hon. Justice Majebi’s intolerance for indecency upon assumption of office as the chief judge of the state.

New CP Assumes Duty in Edo, Declares War on Cultism The new Commissioner of Police (CP) for Edo, Funsho Adeboye, officially assumed duty in Benin yesterday with a warning to cult members disturbing the peace of the state to leave or face the full weight of the law. The CP also warned officers

and men of the command to stay away from corruption and other infractions while carrying out their duties. Adeboye, who was received by top officers of the command, said his administration would be propelled by democratic policing

and fear of God. He said: “Cultism is a dangerous trend which we are ready to curb. “The Inspector General of Police has resolved that this menace of cultism should be curbed without reservation and

Gov. Godwin Obaseki is on the same page with the police’s resolve on cultism.” He added that the command under his watch, would not fold its arms and allow cult groups to dent the image of this administration.

The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu has assured the people that the effort to release the leader of the proscribed Indigenous People of Biafra (IPOB), Nnamdi Kanu from

ordered the retrial of Kanu who has been in detention for a long while now. His incarceration has generated a lot of agitations including the Sit-at-home observed on Mondays in the South-east region.

Roundtable”, a current affairs radio programme on FLO FM in Umuahia yesterday, Kalu said that talks were ongoing to free Kanu. The Deputy Speaker, in a statement issued yesterday,

He said: “We can’t put all our programs and plans on social media. He’s my brother. Is he in the mix of what we are trying to do? Yes! It’s one of our agendas to ensure he’s released. Who wants their brother to be in jail?

Companies Tasked to Promote Peace, Kalu: Efforts to Release Nnamdi Kanu Ongoing was ongoing. Speaking virtually on said it was part of the agenda Security in Host Communities Adedayo Akinwale in Abuja detention The Supreme Court recently the “South East political to ensure Kanu is released. Blessing Ibunge inPort Harcourt

Corporate bodies and investors intending to make entry into the Niger Delta communities have been advised to promote peace and security in their host communities of operation. The companies were also advised to emulate the development model created by Chief Executive Officer of the Construction and Housing Mayor Limited, My-ACE China, in Alesa Eleme, Eleme Local Government Area. Leaders and stakeholders of the area were tasked yesterday at the unveiling of the Alesa

Vigilante Group, which aimed at security and attract investors to the area. Most speakers at the event called on investors and companies to emulate the Mayor of Housing and to adopt the advanced Corporate Social Responsibility (CSR) strategy as an entry and engagement policy. Explaining the model, the CEO said his passion for housing development made him to seek ways of creating synergy between investors and host communities, saying he founded this in collaboration as a concept.

Oseloka Osadebe, Member of Pioneering Nigerian Art Movement “Zaria Rebels”, Dies at 89

Yinka Olatunbosun

A pioneer member of the famous Zaria Art Society also known as the Zaria Rebels, Professor Oseloka Osadebe, has passed on. Osadebe died on Wednesday, December 27, in Jackson Mississippi, United States of

America, where he had been based since 1998. The sad news of his death was disclosed in a statement issued on behalf of the Osadebe family, by his nephew Nn’emeka Maduegbuna, confirming the death. Osadebe, who had been residing in the USA since 1965, returned to

Nigeria for the first time in 2018 to present a retrospective exhibition of rare works he created from 1960 to 2014. The exhibition that was titled “Inner Light” was held at the National Museum, Onikan, Lagos, received rave reviews. Born in 1934, he was an outstanding artist, playwright,

theatre director and teacher. Osadebe grew up in Onitsha, Anambra State, and, from an early age, distinguished himself as a brilliant draughtsman, eventually earning acceptance into the prestigious Nigerian College of Arts, Science and Technology, Zaria.

T H I S D AY • WEDNESDAY, JANUARY 3, 2024

WEDNESdaysports

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AFCON IN CÔTE D’IVOIRE...AFCON IN CÔTE D’IVOIRE...AFCON IN CÔTE D’IVOI

Super Eagles’ AFCON Camp in Abu Dhabi Comes Alive

Kunle Adewale

A delegation of players and officials few out of Abuja yesterday afternoon to the Super Eagles camp in Abu Dhabi, capital city of the United Arab Emirates, for a one-week uninterrupted training. The delegation flew Egypt Air into the Middle East city via Cairo to begin preparations for the continental showpiece in Côte d’Ivoire Captain Ahmed Musa, Kenneth Omeruo and Olorunleke Ojo were the players who flew out from Abuja, while some others took off from Lagos. Some of the players on the final squad will also arrive in Dubai directly from their respective bases today for the camp to take off fully. Samuel Chukwueze, for one, will join up today after the NFF

accepted a requested from his Italian club AC Milan that he features in yesterday’s Coppa Italia tie against Cagliari. The team will train in Abu Dhabi for about a week before they returned to Nigeria enroute to the AFCON in Cote d’Ivoire. Coach Jose Peseiro did not reveal any plans for a friendly match during the team’s stay in the UAE. The team will fly back to Lagos on Tuesday 9th January, and then fly into the Ivorian capital, Abidjan on Wednesday, 10thJanuary. The Super Eagles, in their quest for a fourth continental title, will take on Equatorial Guinea on Sunday, 14thJanuaryin their first match of Group A, before further clashes with host nation Cote d’Ivoire (18th January) and Guinea Bissau (22ndJanuary).

...Nigeria’s Fourth Title Quest Suffers Ndidi, Iheanacho Injury Blow Nigeria’s quest for a fourth Africa Cup of Nations win in Côte d’Ivoire suffered a set back after it was revealed that Super Eagles midfielder, Wilfred Ndidi has joined Leicester City and Nigeria teammate Kelechi Iheanacho in suffering an injury that could rule him out of the biennial competition. Ndidi was expected to be included in the squad for Leicester City’s 4-1 victory over Huddersfield on New Year’s Day. However, Manager Enzo Maresca admitted Ndidi suffered an injury in the wake of last Friday’s win at Cardiff and so missed out. It means that he is now a doubt for the tournament. He is still due to link up with Nigeria this week ahead of the January 13 kick-off in Côte d’Ivoire, Maresca said there is no guarantee he will

be fit enough to play. That’s the same for Iheanacho, who has now missed City’s last two games. The fitness of key players like Ndidi and Iheanacho has become a major concern to Super Eagles handler’s even as the team’s training camp ahead the AFCON in Abu Dhabi. Patson Daka was also missing from the line-up that beat Huddersfield, but he had already left the City camp to join the Zambia ranks ahead of AFCON. “Kele and Wilf are both injured, but they are now going to be with the international team,” Maresca said after Leicester City extended their unbeaten run to 10 matches, and their lead at the top of the table to 10 points. “We’ll see if they’re going to keep them or send them back. But they are both injured unfortunately for us.

Hillside Elite, TVCC Win Webber 3x3 Basketball Tournament Olawale Ajimotokan in Abuja

The excitement of Webber 3x3 basketball tournament which built up in Abuja during the Yuletide, climaxed with Hillside Elite and TVCC respectively emerging the men’s and ladies’ winners of the event. Hillside Elite, which had earlier beaten Warriors 7-3 in the semi finals, defeated NBT Academy 14-4 in the final match played at Jabi Shopping Mall to win the cash prize of N250,000, Also TVCC, which eliminated Connect 7-5 in the semi final bagged the cash prize of N250,000 after it narrowly edged Titans Academy 6-5 in the final. Mantis emerged the most team Entertaining Team, while Chukwuebuka Henry Nzekwe of Cliff Ballers, added to the entertainment that characterized the event by winning the Slam Dunk contest. The inaugural tournament featured 80 teams; 60 male 20 female basketball teams, drawn from across the FCT. The large entries in the male categories meant all participating teams were classified into six groups while the females were split into two groups, The tournament sponsor, Mr

Opeyemi Babalola , who is the MD /CEO of Webber Engineering Nigeria Ltd., said the idea behind the tournament was to engage the basketball players within and around Abuja in the 3x 3 tournament both male and female categories ando to end the year in a good mood with tournament and fun-filled activities. He noted that Webber, which was into the production of basketball equipment like hoops, the floor, the bleachers and crowd barrier was organising the tournament for the first time in the FCT. “I am impressed with the level of the skills of the players here and they have all come out with full force to play and I believe that the best team emerged the winner in both the female and male categories,” Babalola said. While also applauding the large turnout of players for the tournament, the former Kwara Falcons and Dodan Warriors player said the sponsorship was Webber’s way of influencing young players positively by leading by examples and showing them the right path to follow. He added that going forward Webber will spread its reach across Nigeria by promoting basketball at the grassroots.

Wilfred Ndidi is now a major doubt in Nigeria’s squad to AFCON in Côte d’Ivoire starting in barely ten days from today

Thomas Partey Left Out of Ghana's Squad Arsenal midfielder Thomas Partey has been left out of Ghana's squad for the 2023 Africa Cup of Nations (AFCON) because of injury. Partey, 30, has been out since October with a hamstring problem. "This is the biggest injury that he has had," said Black Stars head coach Chris Hughton. "The most important thing for me as head coach and our

association is to give him the support that he needs through this period of time. "Withstanding his injury, he certainly would be in the squad." Brighton right-back Tariq Lampey also misses out because of injury, but West Ham midfielder Mohammed Kudus, Bournemouth forward Antoine Semenyo and Leicester City defender Daniel

Amartey are all in the 27-man squad. Captain Andre Ayew, now at French club Le Havre, is set to feature at a record-equalling eighth AFCON finals. However, PAOK left-back Baba Rahman ruled himself out of selection to concentrate on his club form while winger

Just two Sundays from now, the Super Eagles will again be in action as the 2023 Africa Cup of Nations in 2024 enters the second day. The Super Eagles will face a rare opponent in Equatorial Guinea whom they had faced only twice at competitive level. Equatorial Guinea coach, Juan Micha Obiang has included a player with Nigerian parentage in his team’s 27-man arsenal. He is Mavin Jose Anieboh who plays for Segunda Federacion club,

CD Illescas and has a Nigerian Urhobo father and Equatorial Guinea mother. He also qualifies to play for Spain, if selected, as he was born in Madrid and has Spanish descent through his maternal grandfather. This Africa Cup of Nations will be Equatorial Guinea’s fourth participation and they will face Nigeria first before playing against Guinea Bissau in their second match and Cote d’Ivoire in the last Group A match

Finspot Academy, a leading Forex education company headquartered in Lagos, Nigeria, has reaffirms its commitment to community development by extending a supportive hand to the Lagoon Sport Club. As part of its Corporate Social Responsibility (CSR) initiative, Finspot Academy, has provided football, dressing kits for the club members, contributing to the development of sports talents in the country.

Abdul Fatawu, who is on loan at Leicester from Sporting CP, is also absent. Ghana’s Black Stars are drawn in Group B alongside Egypt, Cape Verde and Mozambique. Former Newcastle and Brighton boss Hughton took charge of Ghana, who won the most recent of their four AFCON titles in 1982..

E’Guinea Roll Out Their Finspot Academy Celebrates Tanks Against Nigeria Excellence in Sports Support

Osimhen Listed in Serie A Team of The Year Super Eagles and Napoli of Italy striker, Victor Osimhen, has been included in the 2023 Serie A Team of the Year. According to Football facts and statistics website, whoscored.com, which published the Team of the Year on its X handle yesterday, Osimhen and Kvicha Kvaratskhelia

are the only Napoli players included. Other top Serie A stars who made the list include; Paulo Dybala, Federico Dimarco, Lautaro Martinez, Danilo and Hakan Calhanoglu. Osimhen's 26 Serie A goals helped Napoli win the Scudetto for the first time after 33 years. The Nigerian also became the first

African player to win the Golden Boot award in Italy culminating to his winning the 2023 CAF Player of the Year award. After missing out of the last Africa Cup of Nations in Cameroon, Osimhen is expected to lead the Super Eagles charge for a fourth title in Côte d’Ivoire.

Sports, as a fundamental pillar of societal well-being, aligns seamlessly with Finspot Academy'sbroader vision for a thriving and holistic community. By supporting the Lagoon Sport Club, the academy aims to foster a culture of physical wellness and camaraderie among the youth. The Academy’s corporate communication team lead by Olusola Adeyefa, explained that “This initiative is a testament to Finspot Academy's dedication not only to educational excellence in the realm of Forex trading but also to actively contributing to the overall welfare of the local community. The football dressing kits are anticipated to enhance the sporting experience for the club members and inspire a new generation of athletes.” This act of benevolence coincides with the culmination of Finspot Academy's activities for the year 2023.

Wednesday, January 3, 2024

UT H

& RE A SO

Price: N400

MISSILE Fubara to Opponents

“What they want is this red biro, but it is still with me. We are the winners because we are still signing with the red biro. As long as we are signing with the red biro, development will continue in Rivers State”- Rivers State Governor Siminalayi Fubara claiming victory in the battle for his political life in the state.

KayodeKomolafe The Horizon

kayode.komolafe@thisdaylive.com

0805 500 1974

On Nigeria and AI

re the ethical fears about the frenetic development of Artificial Intelligence (AI) misplaced? Different answers to this question could, of course, come from various quarters. However, what is undeniable is that the question cannot be ignored by serious-minded policymakers. It has become a central question of development and, indeed, an issue for the future of humanity. For instance, Pope Francis has called for a global treaty to regulate artificial intelligence in statement that draws a crucial link between the technology and peace. What the Pope is proposing is a deal that would be binding on all nations. In the loud and clear statement, which was made to celebrate the Catholic Church’s World Day Peace on January 1, the pontiff said inter alia: “The global scale of artificial intelligence makes it clear that, alongside the responsibility of sovereign states to regulate its use internally, international organisations can play a decisive role in reaching multilateral agreements and coordinating their application and enforcements.” The Pope warned against the reckless replacement of human values with algorithms, thereby posing a catastrophic threat to human existence. According the Pope, the seeming surrender to machine could lead to “technological dictatorship.” Incidentally, in the last few weeks tech companies have been reporting advances in the application of their technologies. These include discoveries by OpenAI. About the same time, the Google owner Alphabet (GOOGL.O) launched a new AI model called Gemini to compete with OpenAI. So the call from the Vatican for caution was timely in every respect. Lest the Pope January 1 statement is dismissed as a religious hostility to science and technological advancement, it should be noted that in different tones similar views

President Bola Tinubu have been expressed by even veterans of Silicon Valley and secular thinkers and scholars around the world. Indeed, the techno-ethical anxiety of the Pope is shared by governments in advanced capitalist countries. The challenge of the moment is how to resolve the dialectical contractions between the awesome promise of the technology on the one hand and its enormous peril on the other hand. What will happen if the development of the technology is left unguarded? The question is where to apply the break to the massive erosion of humanity while applying a technology that is capable of responding to queries and holding intelligent conversations like human beings and could write its own computer code. Whatever happened to the human freedom of choice? It was in the context of this global anxiety on the

mega trends in technology that a provisional, but notable, agreement was reached recently by the European Union on the regulation of the use of Artificial Intelligence (AI) . The deal covers such matters as AI-based systems, ChatGPT and biometric surveillance. The impact of the technology in different aspects of life - social, political and economic- could be immense depending on the situation of different countries. As it was pointed out on this page last Wednesday, climate change and AI have been rated as the two most important stories of 2023 by some scientific pundits. In making projections for 2024, there are fears AI could play disruptive roles in important elections involving about 3.5 billion people in countries practising liberal democracy. That is almost half of humanity. Here we are talking of elections in India, United States, possibly the UK, EU and others. The negative role of misinformation and the circulation of fake videos on the internet has been documented in elections. With AI, worse things could happen in future elections. Application of technology in elections may be become less fool-proof with development of AI. In fact, the role of technology in the 2023 elections should be critically examined beyond the partisan demonisation of the Independent Electoral Commission (INEC)‘s chairman, Professor Mahmood Yakubu. The degree of application of technology is still a matter of debate in some liberal democracies because of the danger involved. Legitimate fears are being expressed by scholars in various fields ranging from economics, political science, psychology, philosophy, arts, neuroscience etc. about excessive automation and increasing surveillance as well as the loss of privacy with extreme data collection. It has been observed that rather ensuring social inclusion, digital technologies have been found culpable of undermining democracy and deepening inequality. A scholar, Yanis Varoufakis, has described the activities of the tech gi-

ants in a new book entitled “Techno Feudalism: What Killed Capitalism.” The profiteering on data amassed by exploiting subscribers’ privacy has been dubbed “serfdom” by some critics. In response to this trend a scholar has warned that AI should not be trusted until there is sufficient guarantee about the transparency required for its adoption in any setting. To strike a balance between humanity and technology in framing policies is squarely the business of government. It is not a matter to be left for tech giants or start-ups. It is the business of regulators. It is dangerous for societal interest for businesses to resist regulation blindly in this matter. Legislations should be firmly put in place to ensure control. In the 2024 Budget, N28 billion was proposed for the ministry of Communication and Digital Economy. Out of this figure only N7.5 billion is for capital expenditure while N20 .9 billion is for recurrent expenditure. In the agenda of President Bola Tinubu, a section is devoted to the “Digital Economy: Taking the Advantage of the Fourth Industrial Revolution.” The manifesto embodies a promise to create one million jobs within 24 months by the providing the environment to bolster new technologies that could “fast track business growth and diversification.” Also contained in the manifesto are plans to build the capacity of youths, build infrastruture and promote e-commerce. Other components of the agenda are the development of a national broadband and the adoption of a national blockchain strategy. However, this is not yet an articulated policy to meet the challenges posed by the unrestrained development of AI. From China to America, governments are articulating policies to meet the challenge. The import of the apprehensions being expressed by AI is that Nigeria should articulate its own clear policy on AI to protect the economy, polity and society. This is something the policymakers should think about as the administration’s agenda is being executed.

The honest truth is that self-cantered politicians have individually and collectively not only devalued the Nigeria brand but have deemed hope in the prospects of that country of promise. In terms of the symptoms of what has gone wrong we can easily itemize some but the real reason to fear are deeper underlying fault lines of understanding that take away from presumed prospects. Unless we can deal with those we may just be shadow boxing. Economic hardship is often the easiest to stir the people. It is easy to blame those from before in authority for the dubious title of the poverty capital of the world or to put up theories about the lag or J-curve that follow the so called corrective policies on fuel subsidies and freeing up the exchange rate which suggest we will soon see the effects of those ‘right’ policies. That is what we did with Washington consensus policies under SAP and came up short in many critical areas like our educational system that took a bad hit. I illustrate the difference approaches can have on outcomes even in pursuit of open economy policy thrusts by showing how differently Mathir Mohammed’s choices in Malaysia and those of Indonesia came out during the Asian financial crisis of 1997. It was clear from

my study visit to Bank Negara Malaysia(Central Bank) following the World Bank Annual meeting in Hong Kong in October 1997 how leadership commitment to the pain of the people made a huge difference. In spite of George Soros attack on the Ringit and Malaysia’s rejection of prescriptions by the IMF by contrast to Indonesia. Malaysia got out ahead of Indonesia. In our current circumstance we have seen a clear disconnect of policy makers from the people and their personal troubles. Just compare the speech of the Gambian lady legislator which went viral with her rejecting emolument increases for parliamentarians as immoral and the Nigerian Senator bragging that he had a better car than the SUVs they were purchasing, and even to the response of the president of Zambia in similar situation as our executive budget for Yachts and you will understand why Malaysia had better outcomes back then.

PatUtomi To Fear Not is to Do Something H guest columnist

appy New Year. What’s happy about the New year? Many are stepping into it with fear. Fear of economic hardship. Fear of insecurity as scores are massacred in cold blood in parts of the country or kidnapped in other parts.. Fear of the state as bully likely to destroy everything you have worked for in demolition frenzies. Fear of state failure. Fear of darkness and living without power to produce. Fear of injustice in a country where the rule of law has gone so far south you can feel the Arctic freeze. Fear of uncertainty as institutions are laid waste by the powerful. But the preacher speaks full of faith,; fear not - be not afraid. In ways the moment is choking and surreal. And very reminding of Abacha times. As those who could, processed exit visas, just like now, Pope John Paul 11 came visiting in the Spring of 1998. His last words to the Catholic Bishops of Nigeria as he ascended the Aircraft stairs were: do not be afraid. You have not been left the Spirit of timidity. A few weeks later Abacha was no more. My reading of it was do not fold your arms in fear. I could imagine those words in the context of the Ghanaians in their chant in praise of President

Former President Olusegun Obasanjo Jerry Rawlings: JJ do something before you die. Do something. Do something before you die. To drum percussions and those words they welcomed him to Nigeria on one state visit. What is the trouble with Nigeria and what must we do to find redemption.

Continued online

•Patrick Okedinachi Utomi is a Political Economist and Professor of Entrepreneurship is of the Lagos Business School and CVL and Enterprise Group UEG

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