MONDAY 3RD JANUARY 2022 by THISDAY Newspapers Ltd

Olubadan’s Demise Leaves Huge Void to Fill, Says Buhari Describes him as a visionary and respected traditional ruler Oba Adetunji, 93, died at UCH, buried Makinde, Atiku, Akeredolu, others mourn late monarch Deji Elumoye, Chuks Okocha in Abuja, Kemi Olaitan in Ibadan, Victor Ogunje in Ado Ekiti and Fidelis David in Akure

President Muhammadu Buhari, yesterday, said the passing of the Olubadan of Ibadan, Oba Saliu

Adetunji, left a big void to fill. Buhari described the late Olubadan as a visionary, compassionate, and respected traditional ruler, saying

he used his influence to advance the cause of his people. Oyo State Governor Seyi Makinde, former Vice President

Atiku Abubakar, Ondo State Governor Rotimi Akeredolu, and Ekiti State Governor, Dr. Kayode Fayemi, have extended their

condolences to the royal family and the people and government Continued on page 8

COVID-19: Governors, Other Visitors to State House Now to Undergo Test...Page 10 Monday 3 January, 2022 Vol 27. No 9763. Price: N250

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It's War Clearing Goods at Ports, Organised Private Sector Tells FG Seek removal of impediments to doing business in Nigeria Want government to prioritise forex allocation to manufacturers Dike Onwuamaeze Members of the organised private sector (OPS) have advised the federal government

to make deliberate efforts to remove impediments to the conduct of business in the country in 2022, especially with respect to clearing of

goods at the ports, stressing that its war clearing goods at the country’s seaports. Also, following President Muhammadu Buhari’s promise

to improve foreign exchange (FX) supply to manufacturers this year, the OPS members also appealed to the federal government to remove other

hindrances to manufacturing. In addition, they supported recent call by the Minister of Finance, Budget and National Planning, Zainab

Ahmed, to strip the Nigeria Customs Service (NCS) of the responsibility of revenue Continued on page 8

2019 Audit Report: 178,459 Firearms, Ammunition Missing from Police Armoury Blames anomaly on weak internal control system at Force Headquarters Udora Orizu in Abuja The Office of the Auditor General for the Federation (OAuGF) has disclosed that about 178,459 different types of arms and ammunition got missing from the Nigeria Police armoury in 2019, without any trace or formal report on their whereabouts. Of the figure, 88,078 were AK-47 rifles and 3,907 assorted rifles and pistols from different formations nationwide. These could not be accounted for as at January 2020. Details of the missing arms were contained on pages 383 to 391 of the Auditor General for the Federation’s annual report on non-compliance, internal control weaknesses issues in Ministries, Departments and Agencies (MDAs) of the Federal Government of Nigeria for the year ended December 31, 2019, which was submitted to the National Assembly. Referenced AuGF/ AR.2019/02, the report seen by THISDAY at the weekend, Continued on page 8

NEW YEAR THANKSGIVING SERVICE... L-R: First Lady, Dr. (Mrs) Ibijoke Sanwo-Olu; Lagos State Governor, Mr. Babajide Sanwo-Olu; General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adejare Adeboye; his wife, Pastor Folu Adeboye and APC National Leader, Bola Ahmed Tinubu, at the Lagos State New Year Thanksgiving Service held at Lagos House, Ikeja...yesterday

Adeduntan: CBN’s Current Forex Policy a Success... ȱ ȱ ȇ ȱ ȱ ȱ ȱŢŢȱ ȱŢŤ

MONDAY JANUARY 3, 2022 • T H I S D AY

MONDAY, JANUARY 3, 2022 • T H I S D AY

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 08033506821, 08097777322, 08074010580

LAGOS FIRST BABY OF THE YEAR... R-L: Wife of the Lagos State Governor, Dr. Ibijoke Sanwo-Olu; Lagos State Commissioner for Health, Dr. Akin Abayomi; Managing Director/CEO, Harvey Health Centre and Maternity, Dr. Yetunde Sotunde, and Brand Manager Mouka Limited, Yemisi Obadina, during the prayer and presentation of gifts items to the ﬁrst baby of 2022 in Lagos…yesterday SUNDAY ADIGUN

With $130trn Tied to Renewables Globally, Nigeria Walks Tight Rope in Bid for Oil Sector Investment Cost of borrowing in global commodity industry to surge in 2022 Despite headwinds, Wood Mackenzie predicts over $400bn global spending Emmanuel Addeh in Abuja Nigeria’s desire to continue reaping the benefits of its oil and gas resources before the world fully embraces renewables may face serious headwinds this year, with the global finance community tying up over $130 trillion capital to funding carbon-free energy investments. This means that funds available for lending to International Oil Companies (IOCs), and by extension the Nigerian National Petroleum Company (NNPC) Limited which acts as their Joint Venture (JV) partners could be severely curtailed. Nigeria has continued to struggle to ramp up its production volume in the upstream of the country’s oil and gas industry, but had largely failed due to years of under-investment, ageing infrastructure and inability to procure modern equipment to deter incessant oil theft and sabotage. The much-needed investment would also enable operators adopt artificial intelligence systems as well as deploy virtual and machine learning in exploration and production. In August last year, the country enacted the Petroleum Industry Act (PIA) which was expected to stimulate necessary investments in the industry, but that dream appears to be under threat as global financing organisations continue to withdraw funding for fossils in preference for renewable sources of energy. In its latest report, Wood Mackenzie, a global energy, research and consultancy group, noted that though the oil and gas sector would continue its rally in

2022, the positive outlook was tempered by concerns about the future of the industry. In its oil and gas outlook for 2022, Wood Mackenzie predicted that record cash flows would come under increasing scrutiny as operators would begin to align with their pledges on decarbonisation. It further projected that the existing cracks in the fragile service sector would widen and explorers will keep options open for the energy transition. Through the Glasgow Financial Alliance for Net Zero (GFANZ), over $130 trillion of private capital have now been committed to net zero from over 450 firms across 45 countries. In its progress report published recently, GFANZ had announced that financial sector commitments to net zero exceeded $130 trillion, a 25-fold increase in the last few years. The global funding organisations are committing more funds to renewables include banks, insurers, pension funds, asset managers, export credit agencies and stock exchanges as well as credit rating agencies, index providers and audit firms. “Financing oil and gas was getting harder before COP26, but the pressure will ratchet up in 2022. Institutions with over US$130 trillion of capital under management have joined the Glasgow Financial Alliance for Net Zero. “(As we) watch for the pool of backers to shrink, borrowing costs will increase, and project financing for oil will get harder,” the renowned research firm stated. Despite the upsides for this year, Wood Mackenzie stated that

for many stakeholders and even some CEOs, the sector's risks outweigh the gains, stressing that “this tension will define 2022.” As a follow-up from COP26, the research firm projected that more radical moves to downsize oil and gas will take place, but however noted that, “opportunists” could take up the slack and spend more on development and acquisitions. It stressed that while lending would not dry up immediately, demand recovery could be halted by new global headwinds

including additional Covid-19 variants, derailing prices and the promised wall of cash from upstream. Stressing that oil and gas reinvestment rates remained critical to meeting demand, Wood Mackenzie made a forecast that with capital discipline prevailing, the industry could experience a 9 per cent increase in investment compared to last year. “A nine per cent year-on-year increase will take spend over $400 billion again in 2022. Despite

this, at 40 per cent, the global reinvestment rate will remain near record lows at our forecast price,” it pointed. According to the firm, the focus would be on advantaged barrels, low-breakeven projects and low-carbon deepwater projects, which it noted will dominate greenfield Final Investment Decisions (FIDs). It added that most operators would hesitate to sanction projects without short payback periods and low emissions,

while companies would allocate more capital to upstream decarbonisation. Increased transparency and emissions benchmarking reporting, it said, would put pressure on upstream players, increasing action on decarbonisation. The firm noted that while 2021 was a big year for upstream Carbon Capture and Storage (CCS), 2022 would be bigger as the world continues its push for cleaner sources of fuel.

Sanwo-Olu Renews Subair, LIRS Executive Chairman’s Appointment Extends tenure of special committee on rehabilitation of schools

Lagos State Governor, Mr. Babajide Olusola Sanwo-Olu, has approved the reappointment of Mr. Hamzat Ayodele Subair for a second and final tenure of five years as the Executive Chairman of the Lagos State Internal Revenue Service. Subair was first appointed on September 1, 2016. A statement by the Head of Service, yesterday, Mr. Hakeem Muri-Okunola, disclosed that Sanwo-Olu also approved the appointment of new Chairmen and members for the Lagos State Christian and Muslim Pilgrims Welfare Boards, following the expiration of the tenure of old members. The newly appointed members of the Christian Pilgrims Welfare Board were Rt. Rev Babatunde Akinpelu-Johnson (Chairman); Mr. Yemisi Adeyemi; Prof. R. A. Oguntuase; Mr. Ademola Adeosun;

Mrs. Abiodun Naz-Musa. One of the appointees, Mrs. Adeyinka Odugbade, would be serving a second term, having served with the immediate past Board. In a similar development, the Muslim Pilgrims Welfare Board has new appointees which included Engr. Shakir Ayinde Gafar (Chairman); Mrs. Fausat Dabiri; Alhaji Yusuf Ara; Dr. Abdul Kadir Paramole; Hon. Lola Shonibare and Alhaji Mojeed Sanni. Muri-Okunola stated that, “All the new Board members are expected to serve for a renewable period of three years as provided in the extant laws with the exception of Mrs. Adeyinka Odugbade, who had served a previous tenure of three years under the immediate past Board”. The Head of Service said the Governor also approved

the extension of the tenure of the Special Committee on Rehabilitation of Public Schools (SCRPS), a special purpose vehicle resuscitated by the present administration to achieve rapid and focused rehabilitation of Public Primary and Secondary Schools across Lagos as well as the provision of new school furniture and laboratory equipment. “Accordingly, the Committee Chairman, Mr. Hakeem Smith, a foremost Quantity Surveyor and former Chairman, Association of Consulting Surveyors of Nigeria, has been reappointed along with other Committee members,” Muri-Okunola said. He listed other members of the Committee as Mr. Babatunde Ishola Raj-Label; Yetunde Holloway; Adebanjo Olusegun Adedaramola; and Mrs. Gbemisola Khadijah Legunsen (Board Secretary).

Clarifying that the appointments of the Executive Chairman, LIRS, and the Chairman, SCRPS had commenced in December 2021, the Head of Service noted that the appointments of the Chairmen and members of the Lagos Christian and Muslim Pilgrims Welfare Boards took effect from January 1, 2022. “All the appointments were in accordance with the relevant State laws and expected to add impetus to the implementation of Government policies within the respective jurisdictions”, Muri-Okunola stated. The Head of Service expressed confidence in the ability of the appointees to discharge their duties creditably, congratulated them on their appointments, and urged them to justify the confidence reposed by Governor Sanwo-Olu.

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NEWS

CROSS-OVER NIGHT AT ST. PETERS CATHEDRAL... Bishop of Anglican Church (Egba Diocese ), Rt. Revd. Emmanuel Adekunle and the Governor of Ogun State, Prince Dapo Abiodun, during the cross-over night at St. Peters Cathedral, Ake, Abeokuta on Saturday

Discos: We Don’t Manufacture Figures, Estimated Billing Scientific Ask Nigerians to help fish out errant officials Emmanuel Addeh in Abuja The 11 electricity Distribution Companies (Discos) in Nigeria have responded to allegations that they, “manufacture” figures in a bid to bill customers who are still operating on the estimated billing platform. Many Nigerians have been kicking against the estimated billing system, insisting that the distribution companies do not rely on any logic before sending “crazy bills” to their homes. But coming under their umbrella body, the Association of Nigerian Electricity Distributors (ANED), the Discos insisted that estimated billing was scientific, maintaining that a system approved by the industry regulator, the Nigerian Electricity Regulatory Agency (NERC) cannot be illegal. The Executive Director for Research and Advocacy, ANED, Sunday Oduntan, explained in a statement at the weekend, that contrary to misinformation concerning the nature and purpose of revenue targets Discos give their staff, such targets were usually set based on what customers consumed. The Discos argued that the allegation that marketers were given revenue targets in their quest to meet targets which supposedly lead to extortion of customers, giving them bills that

do not reflect their electricity consumption, was not correct. "Nothing can be further from the truth. What is being discussed here are what should be rightly termed '’receivables'’. We are talking about money owed to the Discos for a service already rendered. “This is money earned by the Disco based on the energy consumed. If this is what is being wrongly and ignorantly defined as cooked up figures, then it is our responsibility to help save the public from those spreading this misinformation. "Any organisation that is performance-driven ties staff activities and its operations as a whole to targets. It is part of the model of any good organisation. Discos set commercial, operations, technical and even customer service targets for their staff. The commercial targets in our case are specific and based on what has been consumed. "Setting target does not mean conjuring figures to meet those targets. We go out to collect what is owed. That is legitimate," the Discos maintained. According to them, distribution transformers are metered, which aid in knowing the value of electricity that passes through the transformer to the customers in an area. “It is empirical,” it argued.

Nigeria Records 536 New COVID-19 Cases, Two Deaths Onyebuchi Ezigbo in Abuja The Nigeria Centre for Disease Control (NCDC) has disclosed that the country recorded 536 new cases of COVID-19 as at midnight Saturday, January 1. The centre also revealed that two persons died from the virus within the same period. In an update posted on its website yesterday, the NCDC stated: "On the 31 of December 2021, 536 new confirmed cases and two death were recorded

in Nigeria." The report stated that till date, 242,877 cases have been confirmed, while 214,778 cases have been discharged and 3033 deaths recorded in 36 states and the Federal Capital Territory. The 536 new cases were reported in 13 States and the breakdown was: Lagos (259), Rivers (90), Oyo (46), Edo (43), Kaduna (29), FCT (25), Cross River (12), Nasarawa (10), Osun (6), Gombe (5), Kano (5), Ogun (5), and Jigawa (1)

According to the power distributors, when the amount collected from the users of electricity connected to a transformer against how much has been paid are matched, it is always easy to know where there is a gap. “We are simply saying people should pay us what they owe and our people are given the data on what is being owed

and by whom. "Discos do not arbitrarily make up billing figures. Where the customer or group of customers do not have pre-paid metres, there is an approved methodology for the computation of estimated bills, designed by the Nigerian Electricity Regulatory Commission (NERC), which the Discos follow,” ANED stated.

The system, Oduntan said, ensures that the amount of energy consumed through a particular distribution transformer is paid for by those who utilise the said transformer. "Estimated billing is scientific and Nigeria is not the only country that practices it. In addition, customers are also allowed to contest their billing.

We don't just bill people to get money,” he added. The NERC's methodology for estimated billing regulations 2012, Oduntan noted, was specifically introduced in 2012 to ensure energy consumed is paid for and also to ensure Discos do not issue to electricity customers arbitrary electricity bills which did not reflect their actual power consumption.

Nigeria Not Dumping Ground for EU-Banned Chemicals, Says NAFDAC Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control (NAFDAC) has denied reports that 40 per cent of the registered brands (not actives) of pesticide products used in the country were either banned or restricted for use by the European Union. The agency stressed that it has a stringent requirement of ensuring that any pesticide to be imported into Nigeria was on the market in the country from where it was imported from and the current Free Sale Certificate authenticated by the Nigerian Embassy of that country. In a statement issued by the agency’s Resident Media Consultant, Mr. Sayo Akintola yesterday, quoted the Director General of NAFDAC, Prof. Mojisola Adeyeye as having made the comment at the opening ceremony of a two-day NAFDAC top management committee (TMC) meeting in Lagos at the weekend. Adeyeye said NAFDAC was an ISO: 900: 2015 Quality Management System (QMS) certified organisation that had put in place procedures to enable the agency to take regulatory decisions to determine whether an active ingredient should be banned or restricted. "NAFDAC (Nigeria) is a signatory to the international Convention that banned chemicals and pesticides such as the Rotterdam Convention, an

international treaty designed to facilitate informed decision-making by countries with regard to trade in hazardous chemicals and Pesticides. Chemicals banned by international convention have been phased out and never entertained for registration or given import permits as raw materials for production," she said. As a sovereign state, Adeyeye noted that Nigeria has regulatory bodies empowered to regulate and control the production, importation, exportation, distribution, advertisement, sale, and use of such chemical products. She pointed out that NAFDAC was saddled with the responsibility of ensuring that chemical products produced in Nigeria and those being imported into the country meet the prerequisite in-country approval as well as international standards. The NAFDAC boss also stated that in order to ensure that only active ingredients approved by NAFDAC were allowed into the country, NAFDAC Appointed Testing Agents (CRIA) and Laboratories to conduct tests and forward results to the Agency before any Pesticide is shipped from countries that are major exporters of Agrochemicals into Nigeria. The World Health Organisation (WHO) had named four toxicity classes of pesticides: Class I a: extremely hazardous; Class I b: highly hazardous; Class II: moderately hazardous; Class III:

slightly hazardous and Class U: Unlikely to present acute hazard. Furthermore, Adeyeye explained that the classifications were for guidance purposes to enable users to take necessary precautionary measures to ensure the safety of food, humans, animals, and the environment. She, however, assured Nigerians that adequate quality control tests were carried out by the agency before granting certifications for all products that are either imported or manufactured within the country. In addition, she disclosed that the field trial evaluation was conducted in collaboration with research institutes in Nigeria to determine the safety, quality and efficacy of new molecules as well as inspection of manufacturing facilities to establish that a Good Manufacturing Practice (GMP) is in place to ensure that product manufactured meets the quality standard specification for the intended use. “Other regulatory activities include but are not limited to the issuance of authority to clear, continual sensitisation and awareness exercises for relevant stakeholders on safe and responsible use of pesticides, Post-Marketing Surveillance to Mop-up fake/unregistered/ expired products, and the Destruction of seized products,” she added. According to her, the EU uses much lower Maximum Residual Limits (MRLs) than most other

CODEX member countries, hence the EU raised observations for the codex secretariat and subsequently WTO to take note. With this, she explained that products with active ingredients accepted by other codex member countries including Nigeria are not allowed into the EU. Adeyeye, however, pointed out that lack of scientific data in Nigeria had been identified as a gap that explains why the country participants refrain from raising observations during codex meetings, therefore, have no choice but to go by the general Codex Alimentarius resolutions. The DG therefore urged all relevant research institutions to generate enough data and make available such data for the Nigerian team that attends Codex Committee on Pesticides Residues (CCPR) to advance the country’s interest. Adeyeye added that all the pesticides approved for use by NAFDAC are also in use in other parts of the world except Europe without any fuse, asking rhetorically why this campaign was not taken to the US, Latin America, or Asia where the products are also being used? She enjoined investors to feel free and confident to invest in Agricultural production in Nigeria. She assured Nigerians that no stone would be left unturned to ensure that food products available to Nigerians for consumption are safe and wholesome.

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MONDAY, JANUARY 3, 2022 • T H I S D AY

PAGE EIGHT IT'S WAR CLEARING GOODS AT PORTS, ORGANISED PRIVATE SECTOR TELLS FG collection and generation. The OPS advised the federal government to direct efforts toward accelerated industrialisation for the Nigerian economy in 2022. The leaders of the real sector spoke in separate chats with THISDAY. They noted that removing hindrances to the activities of manufacturers and other key players in the country’s real sector would enhance productivity, especially as Africa prepares to fully implement the African Continental Free Trade Area (AfCFTA). Some of the major constraints they asked the government to address included low FX supply and poor electricity to the real sector, challenges at the country's seaports, and low patronage of made in Nigeria goods. President of the Nigerian Employers’ Consultative Association (NECA), Mr. Taiwo Adeniyi, told THISDAY it was important for government to do everything possible to remove all impediments to industrialisation. Adeniyi said NCS should be freed from the task of being a

revenue-generating agency of government. He said, “It is important that government should pay attention to industrialisation and do everything possible to remove all the impediments affecting ability do business in this country, like the issue around our ports. “Even when you struggle to bring in materials, it is war at the port to get them out. The Nigeria Customs Service (NCS) is always like never wishing us to clear our goods at a time meant for them to be cleared. “We are also calling on the government to begin to consider seriously making customs a non-revenue generating agency. As long as it remains a revenue-generating agency with a target to meet, the NCS will not do its work professionally. Moreover, the NCS should be audited and published.” Adeniyi also advised the Central Bank of Nigeria (CBN) to fashion out strategy to support manufacturers in the country with improved access to forex. He stated, “Yes, the president has made a promise to us.

But it will remain a promise until it is implemented. What we are pleading is this: let the government prioritise manufacturers in the allocation of the little forex at its disposal. “In fairness, the government has been giving us special financing windows. But these windows are in naira. We cannot use naira to buy machines that we need to expand our operation. Most businesses that benefited from these funding were not able to use them because there was no forex.” Speaking in the same vein, Director General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, advised the CBN to expedite the process of unifying exchange rates in the various forex windows in the country. Ajayi-Kadir said stakeholders from the private sector should be nominated to monitor the disbursement of forex by commercial banks to ensure transparent and timeous allocation to bona fide manufacturers. He also highlighted the need for government to take steps to relieve manufacturers of

the burden of spending over N73 billion annually to provide alternative energy. Ajayi-Kadir said, “So the immediate step to take in 2022 is for Nigerian Electricity Regulatory Commission (NERC) to remove all the bottlenecks inhibiting manufacturers’ access to the 2,000 megawatts of stranded electricity, as envisaged under the Eligible Customer Scheme. “Other measures would include up-scaling efforts at further development of electricity value-chain.” He added, “Ministries, Departments, and Agencies (MDAs) of government should compulsorily and strictly prioritise the patronage of made in Nigeria items in all their purchases and contracts. For instance, local manufacturers of LPG gas cylinders are specifically designated as priority providers of the 10 million cooking gas cylinders to be procured by the federal government for 12 states in the federation.” He also warned that the looming increases in excise and tax rates, especially for carbonated non-alcoholic drinks,

dairy products, should be discountenanced, arguing that the manufacturing sector would not be able to accommodate any form of increase. The MAN director general added, “As we approach the actual commencement of trading under the AfCFTA, the government should intentionally support manufacturing by creating the enabling environment, providing trade information through the commercial desks of Nigerian embassies in African countries, and up-scaling the involvement of the private sector in negotiations and implementation processes.” According to Director General of the Nigerian Association of Chamber of Commerce, Industry, Mines and Agriculture (NACCIMA), Ambassador Ayo Olukanni, “The effective implementation of the 2022 Appropriation Act for inclusive economic growth and development should be a top priority. The real challenge is to see how the budget, which has been tagged ‘Budget of Growth and Sustainability,' will positively impact the lives of the people and various sectors

of the economy. “We must ensure that budget 2022 makes a significant impact on the energy sector if it is to be meaningful and be a budget of growth and sustainability.” On his part, Chief Executive Officer of the Centre for The Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, urged the government to untangle the cargo clearing processes at ports by reducing the number of agencies involved. Yusuf also canvassed the deployment of technology to aid the customs clearing process. He said, “The use of the scanner is particularly very important. It is a sad commentary that the largest economy in Africa has been examining cargoes and containers physically and manually for the past few years. The effect of this on the cost of imports has been humongous. “The interest payment on the import, demurrage charges arising from delays, the extra charges by shipping companies, the additional charges by the truck drivers, all of these have put a lot of burden on cost on investors and citizens.”

2019 AUDIT REPORT: 178,459 FIREARMS, AMMUNITION MISSING FROM POLICE ARMOURY was dated September 15, 2021, signed by the Auditor General for the Federation, Adolphus Aghughu, and addressed to the Clerk to the National Assembly. The report accused the Nigeria Police headquarters of lacking comprehensive details of unserviceable weapons, lamenting that such could fall into unauthorised hands for illegal use. It stated that the action of the Nigeria Police contravened paragraph 2603 of the Financial Regulations, which stipulates that in the event of any loss of stores, the officer in charge of the store in which the loss occur shall report immediately to the head of department or unit but not later than three days, by the fastest means possible if the loss occurs away from headquarters. The AuGF report stated, "Audit observed from the review of Arms Movement Register, Monthly Returns of Arms and Ammunition and Ammunition Register at the Armoury section that a total number of lost firearms as reported as at December 2018 stood at 178,459 pieces. “Out of this number, 88,078 were AK-47 rifles, 3,907 assorted rifles and pistols across different police formations, which could not be accounted for as at January 2020. Formal report on the loss of firearms through dully completed Treasury Form 146 (loss of stores) were not presented for examination. “Records obtained from force armament at the Force headquarters showed 21 Police Mobile Force (PMF) Squadron, Abuja, did not report a single case of missing firearm, whereas, schedule of missing arms obtained from the same PMF showed a total number of forty six (46) missing arms between year 2000 and February 2019. “The value of the lost firearms could not be ascertained because no document relating to their cost of acquisition was presented for examination. "The above anomalies could be attributed to weaknesses in the internal control system at the Nigeria Police Force Armament. Several numbers of firearms from the review of arm issue register, monthly returns of arms and ammunitions obtained from Force Armament, Force headquarters for various States Commands, Formations, Zonal offices, Training Institutions, squadrons

and physical inspection of firearms and ammunition at the Force Headquarters have become unserviceable and dysfunctional.” It added, “Similarly, returns were not submitted by some Police Training Institutions and some Formations, and Physical verification of firearms and ammunition at the Force Armament, Force Headquarters

showed large quantity of damaged and obsolete firearms which needed to be destroyed. “The damaged and obsolete firearms and ammunition should be treated in line with Financial Regulations 2618 which requires the destruction to be carried out in such a manner as to render the firearms unusable for their original purpose.” The AuGF report also queried

the police hierarchy for the award of contracts without evidence of project execution. It revealed that 10 contracts worth N1, 136,715,200.00 were awarded to a single proprietor in the name of different companies with details of the three companies as the same. "The three companies did not disclose their relationship in accordance with the fundamental

principles of procurement as required by extant regulations," it stated. The report also indicted the Nigeria Police for paying the sum of N924.985 million for 11 contracts involving construction of three units of Gunshot Spotter System, supply of 50 units of Ballistic Roller Trolley and 20 units of Ballistic Mobile Surveillance House in

some selected Commands and Formations without evidence of project execution. The report, therefore, asked the Inspector General of Police, Usman Baba, to provide details of the expenditure to the public accounts committees of both Senate and House of Representatives, account for the funds, and answer to other irregularities.

family, the Olubadan-in-Council, the Central Council of Ibadan Indigenes (CCII), and all Ibadan indigenes at home and abroad on the demise of our father. “I equally extend my condolences to the Oyo State Traditional Council and pray to God to keep all our Obas safe and give them more years to direct the affairs of our people, especially as Olubadan's death is coming on the heels of the demise of the Soun of Ogbomosoland and Asigangan of Igangan. May God grant them all eternal rest.” Atiku, in a press release by his media office, described Olubadan as “a wise man of age, whose counsels and fatherly posturing brought a lot of admiration to traditional institutions.” He condoled with the royal family, Oyo State Council of Obas and Chiefs and the people and government of Oyo State following the loss of two highly rated traditional rulers in quick succession within a month. The statement further urged the immediate family of the Olubadan to take solace in the remarkable life that the monarch lived and prays that God shall grant the late Olubadan a peaceful repose. Akeredolu, who is Chairman of the Southwest Governors’ Forum, said he received the news of the transition with a rude shock and stressed that despite Olubadan’s old age, he was a valuable asset, not only to the people of Ibadan but to the entire Yoruba race. In a press release by his Chief Press Secretary, Richard Olatunde, the governor condoled with the government and people of Oyo State particularly, indigenes of Ibadan, while noting that the late monarch did his best for the development of Ibadan land. The statement said, “Oba Saliu Akanmu Adetunji was, undoubtedly, committed to the progress and peace of Ibadan land. He was a king whose reign witnessed tremendous development in Ibadan land. Yet, his transition is another tragedy for us in Yorubaland. This loss, coming shortly after the demise

of Soun of Ogbomoso, is a big blow dealt on our traditional stool in Yoruba land Akeredolu also said in the state, “As a people with culture and tradition, we believe that Oba Adetunji has gone to be with his forefathers. He has played his part and only his legacies will forever speak for him. “He will be remembered for his firm stands. His principles and love for his people will be his enduring legacies. He was royalty with a difference,” Fayemi, in a statement by his Chief Press Secretary, Yinka Oyebode, described the late Olubadan as an exemplary leader, who did not allow old age to hamper his passion for the development of Ibadan and Oyo State as a whole. Describing the monarch’s death as the exit of a great and true leader of the people, Fayemi stated that Adetunji’s contributions to the promotion of Yoruba cultural heritage and peaceful coexistence among different groups in Ibadanland and the country could not be overstated. He said Oba Adetunji would also be remembered for his indelible marks and service as a custodian of the people’s cultural heritage and traditions, especially, at a time many are abandoning their cultural heritage for foreign culture. The governor stated, “I received the news of Oba Saliu Adetunji, the Olubadan of Ibadanland with shock. Oba Adetunji was a man of wisdom, who had served his people well despite becoming the Olubadan at an old age. He was an inspiring and emulative leader par excellence. He would be sorely missed for the fatherly roles he played as a royal father. “On behalf of my wife, the government and the people of Ekiti State, I commiserate with the people of Ibadan as well as the government and people of Oyo State on this great loss. May God grant eternal rest to the departed royal father and give his family the fortitude to bear the loss.”

OLUBADAN’S DEMISE LEAVES HUGE VOID TO FILL, SAYS BUHARI of Oyo State. The first class monarch, who ascended the throne of his fathers on March 4, 2016, died at the University College Hospital (UCH), Ibadan. He was 93 years. His remains were brought to the palace some minutes before 5pm from Mapo Hall and was thereafter lowered into the grave at his Popoyemoja palace. That was after a prayer session held at the Mapo Hall, Ibadan, and attended by the Oyo State deputy governor, Mr. Rauf Olaniyan, top political functionaries, and prominent Ibadan indigenes. There were hundreds of mourners at the burial ceremony, including family members, friends, relatives, and Islamic clerics led by Chief Imam of Ibadanland, Sheik Abdulganiy Abubakar, who offered prayers for the soul of the monarch. Prominent among those who attended the burial were a former governor of the state, Senator Rasheed Ladoja, other members of the Olubadan-in-Council, Bada Balogun of Ibadanland, and Chief Taofeek Adegboyega Adegoke. The palace, in announcing the transition of the monarch, in a statement by Assistant Director of Media and Protocols, Mr. Yanju Adegboyega, said, "The Fidau Prayer for the 41st Olubadan of Ibadanland, and Chairman, Oyo State Council of Obas and Chiefs, Oba Saliu Akanmu Adetunji, Aje Ogungunniso 1, who joined his ancestor early today, would hold at the historic Mapo Hall by 4.00 pm. "Oba Adetunji, 93, passed away in the early hours of this morning at the University College Hospital, UCH, Ibadan. "He is survived by his wife, Olori Rashidat Ololade Adetunji, children, grandchildren, and great grandchildren. He will be buried at 4pm today at his Popoyemoja, Ibadan Palace according to Muslim rites. Other things follow later." UCH, in a statement by Deputy Director of Information and Public Relations Officer, Mr. Toye Akinrinlola, said Oba Adetunji, who was brought to the hospital from a private clinic, died at 1.15

a.m. The statement said, "The Olubadan of Ibadanland, His Imperial Majesty, Oba Saliu Akanmu Adetunji, Aje Oguguniso 1, today passed on at the Intensive Care Unit (ICU) of the University College Hospital, Ibadan at 1.15 am. "The late Monarch was referred to the UCH from a private hospital in Ibadan at about 9.30 pm yesterday. He was immediately admitted at the ICU, where the Chief Medical Director (CMD), Professor Jesse Abiodun Otegbayo, directed that a high-powered medical team be constituted to provide the best medical treatment to him. "By 1.15 am today, His Imperial Majesty breathed his last breath. The CMD was at the ICU in the early hours of today to pay the late Olubadan his last respect.” According to the statement, “The Olubadan was a father to all of us. His reign was peaceful. We went to him on a few occasions, when we had problems and he gave us listening ears. "Afterward, the CMD wrote a letter of notification of the demise of the revered monarch to His Excellency, Governor Seyi Makinde of Oyo State, which was received by the Permanent Secretary of the Oyo State Ministry of Local Government and Chieftaincy Matters, Dr. Bashiru Olanrewaju, on behalf of the Oyo State government. A similar letter was written to the family of the departed Olubadan. "The CMD further ensured that the remains of the late monarch were taken care of in a manner befitting to the late Olubadan. Professor Otegbayo also escorted the corpse of Oba Adetunji from the ICU to a waiting ambulance and handed the corpse to the family and other dignitaries on the ground. Professor Otegbayo bidded Oba Saliu Akanmu Adetunji, the late Olubadan of Ibadanland, a peaceful rest in the bosom of God." Buhari, in a release by his media adviser, Femi Adesina, extended his condolences to the government

and people of Oyo State, the royal family, the Olubadan-in-council, and the people of Ibadan over the demise of the monarch. He stressed that the late Kabiyesi was “a visionary and compassionate leader, who used the spheres of his influence as a respected traditional ruler and a lover of the creative industry to advance the progress of his people, encouraging and motivating them to give their best in their vocations and to the nation.” While his demise understandably leaves a huge void to fill, Buhari urged “the people of Ibadan and Nigerians from different walks of life to honour the eternal memory of the deceased by imbibing the virtues he cherished so much: generosity, peace, tolerance and devotion to unity.” The president said as the funeral rites of the 41st Olubadan got underway, he trusted that the process of selecting his successor would be guided by wisdom, understanding, and good judgment that typified the life he lived. Buhari prayed God to grant the soul of Oba Adetunji eternal rest and comfort the family, friends, associates and subjects he left behind. Makinde, who expressed shock at the passing of the Olubadan, said, in a statement by his Chief Press Secretary, Mr. Taiwo Adisa, that Kabiyesi gave his all to see that Ibadanland was developed and took its pride of place as one of the major cities in Africa. The statement said, “The news of the death of our father, His Imperial Majesty, Oba Saliu Adetunji, Aje Ogungunniso I, came as a shock. Kabiyesi's exit at this time is painful, to say the least. His wealth of experience, his immense wisdom and his commitment to seeing a greater Ibadan and a better Oyo State are unrivalled. “Ibadan, Oyo State, Nigeria and humanity at large will miss Kabiyesi, who was ever ready to give his all to see a better society. I commiserate with his immediate

MONDAY JANUARY 3, 2022 • T H I S D AY

MONDAY, JANUARY 3, 2022 • T H I S D AY

NEWS

A DESERVED PROMOTION... L-R: Chief of Defence Staﬀ, General Lucky Irabor, decorating Rear Admiral Chike Azike with his new rank and being assisted by his brother Mr. Edozite Azike, during the decoration ceremony of newly promoted Naval oﬃcers from the rank of Commodore to Rear Admiral at the Naval headquarters in Abuja…recently

L-R: Chief Naval staﬀ, Vice Admiral Awwal Gambo decorating Rear Admiral KC Ezete and being assisted by his daughter Adah Ezete, during the decoration ceremony of newly promoted Naval oﬃcers from the rank of Commodore to Rear Admiral at the Naval headquarters in Abuja… recently

2022 Budget: No Friction Between Presidency, N'Assembly, Says Buhari Deji Elumoye in Abuja The Presidency yesterday declared that there was no disagreement between the Executive arm of government and the National Assembly over the 2022 Appropriation Bill.

It also cleared the air over the widely reported episode last Friday, at the State House, Abuja, during the signing of the 2022 Budget and Finance Bill by President Muhammadu Buhari. Specifically, it addressed issues around insertions

Insecurity: SERAP Urges Buhari to Probe Alleged Misuse of Security Votes by Governors Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Attorney General of the Federation and Minister of Justice, Abubakar Malami and appropriate anti-corruption agencies to promptly investigate allegations of systemic mismanagement of security votes by state governors since 1999. Buhari had in his 2022 New Year message raised concerns about the persistent insecurity in certain parts of the country, and promised to give utmost attention to the problem. In the letter dated January 1, 2022, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, the organisation said anyone suspected to be responsible should face prosecution as appropriate, saying, “if there is sufficient admissible evidence, and any mismanaged public funds should be fully recovered.” The letter, read in part, “Ending impunity for allegations of corruption in the spending of security votes and recovering any mismanaged public funds are matters of public interest. “As revealed by a recent report by Transparency International (TI), most of the funds appropriated as security votes are spent on political activities, mismanaged or simply stolen. “It is estimated that security votes add up to over N241.2 billion every year..On top of appropriated security votes,

state governments also receive millions of dollars yearly as international security assistance. "Against the background of well-documented cases of abduction, killings and ongoing security challenges in several parts of the country, the time has come to end the culture of impunity for allegations of corruption and mismanagement of public funds meant to ensure the security of life and property of Nigerians. “While sitting state governors may enjoy immunity from arrest and prosecution, they do not enjoy immunity from investigation. Any allegations of mismanagement of security votes against sitting governors can and should be investigated pending the time they leave office and lose immunity. The findings of such investigation can also be the basis for initiating impeachment proceedings against any indicted governor. "SERAP urges you to instruct the Economic and Financial Crimes Commission (EFCC) and Independent Corrupt Practices and Other Related Offences Commission (ICPC) to jointly track and monitor spending of security votes by the 36 state governors. “We would be grateful if the recommended measures are taken within 14 days of the receipt and/or publication of this letter. If we have not heard from you by then, the Incorporated Trustees of SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”

in the 2022 Appropriation Act of 6,576 new schemes worth about N37 billion by the National Assembly. Presidential Spokesman, Garba Shehu, in a statement yesterday, declared that while it was true that the President expressed disagreement with the alterations, including the, “reduction in the provisions for many strategic capital projects to introduce ‘Empowerment Projects’,” innumerable lies were being spread about the President being “angry” and had “blasted” or “lashed out” at the Parliament. This, it stated could not be farther from the truth. According to the state, "As the President of the Senate, Dr. Ahmed Lawan said shortly after the budget-signing ceremony, disagreements as the ones listed by the President are normal in the everyday Executive-Parliamentary relationship because, as he explained, “executive and legislative judgements don’t always have to be the same. "While we note that there are people who are trying to create a fiasco between the two arms of government on account of the budget, we assure that they will, in the

end, be disappointed. “The Executive and the 9th National Assembly have since moved away from the wild, destructive political games of the past, conducting themselves in a way that puts national interest supreme in their decisions. We doubt if there is a patriotic citizen who wants to see the return of the operating environment engendered by the eight Senate when an elected government was held in chains, held hostage to the desperate political ambitions of a clique, and the public denied needed services including that which impinged on national security. “Happily, the ninth National Assembly is more about policy than politics. Under the constitution, both arms of government are coequal and at the same time, independent and interdependent. The rule of the game is cooperation and the President, as a democrat fully accepts this". The Presidency further justified Buhari's assent to the 2022 Appropriation Act saying, "Mr. President was clear and candid in expressing his reservations with the numerous changes to the 2022 Budget made

by the National Assembly, which would hamper its implementation. "However, to respond to critics that question why assent to the Budget if it was so severely tampered with, we wish to respond as follows: (1) Need to Save Value-Additive Projects, Programs & Policies: Although over 10,733 projects were reduced and 6,576 new projects were introduced into the budget by the National Assembly, there are tens of thousands more provisions in the 2022 Budget, all of which, when efficiently and effectively implemented, will have significant developmental impact on the lives and livelihoods of ordinary Nigerians. "Given Mr. President’s commitment to improving the lot of the Common Man, it was felt that it would not be wise to throw away the baby with the bathwater. Ongoing Capital Projects, Critical Recurrent Votes, Priority New Projects – all feature in the 2022 Budget and Mr. President’s forbearance in assenting to the Budget will save these provisions from implementation delays and other challenges. "(2) Dealing with Modern Democratic Norms: President

Buhari is a democrat who deeply believes in the supremacy of the Constitution, with its checks and balances across the three arms of Government. In terms of the passage of legislations like the Appropriation Act and other Money Bills, the National Assembly has equal responsibilities with the Executive. “Indeed, if Mr. President had declined assent to the 2022 Appropriation Bill, the National Assembly has powers to override the President’s veto if they can drum up a 2/3 majority vote. This is the constitution. Happily, this situation has not arisen during the tenure of Mr. President’s Administration, and the Executive’s relationship with the Leadership of the 9th National Assembly is much improved over what happened with the 8th National Assembly. “It is on account of his confidence in the strength of this excellent working relationship that Mr. President has directed that an Amendment Budget Proposal should be prepared and submitted to the National Assembly, once they return from their recess.”

COVID-19: Governors, Other Visitors to State House Now To Undergo Test Deji Elumoye in Abuja All categories of visitors including state governors to the seat of government in Abuja will henceforth take a rapid COVID-19 test before being allowed to visit the President or any other top government official. THISDAY learnt that the new regulation for gaining access into the villa was not unconnected with the global spike in the rate of the virus' infection, especially the Omicron variant, and the recent development in the villa, which saw some officials and aides of

the President testing positive for COVID-19. Last month, a number of close aides of President Muhammadu Buhari, including his Senior Special Assistant on Media Publicity, Mallam Garba Shehu, tested positive to the virus and had to go on self-isolation for treatment before being tested negative to the infection after a repeat test last week. Speaking on the new entry regulation, the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu, said yesterday that it would require every

visitor to compulsorily take the test free of charge at the entrance gates of the Villa. He, however, noted that some exceptions had been made for a few leaders coming from outside, though such persons are still encouraged to still take the test for safety reasons. His words: "Yes, a new regime of COVID-19 regulation has been put in place for all visitors to the Villa, not for Governors alone. "Every visitor to the Villa, not just those seeing the President, is now required to do a rapid test at the gate.

"The kits are freely issued so no one is required to make payment. This is purely temporary in view of the recent spike in cases, and will be removed any moment the situation abates. It's a growing practice in government offices in many countries. "Although some exceptions have been made for a few leaders in government coming from outside the Villa, they too are encouraged to do those tests."This policy has rightfully been justified following the discovery of COVID positivity in some of those tested since the last few days of the practice".

MONDAY, JANUARY 3, 2022 • T H I S D AY

NEWSXTRA

Sanwo-Olu Promises to Complete Rail Projects, Imota Rice Mill, Commence Fourth Mainland Bridge in 2022 Adeboye, Tinubu, others attend Lagos thanksgiving service Segun James

without delay. We have seen first-hand how vaccination has helped minimize the impact of the 4th wave, compared to previous ones," he added. In his sermon, the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adejare Adeboye, who used Psalms 150:6 as reference point, charged

people to cultivate the habits of appreciating God, noting that people have reasons to praise God. Adeboye, who was accompanied by his wife, Pastor Folu Adeboye, prayed for Sanwo-Olu, Lagos State and Nigeria. Lagos State Commissioner for Home Affairs, Anofiu

Elegushi, thanked God for witnessing another year, saying the administration is living no stone unturned at ensuring the security and safety of lives and property of Lagosians. The Thanksgiving Service which featured hymns, praise and worship, Bible readings and prayers was also attended by All Progressives Congress

(APC), National Leader, Asiwaju Bola Tinubu; Speaker, House of Representatives, Rt. Hon. Femi Gbajabiamila; Lagos State Deputy Governor, Dr. Obafemi Hamzat; Lagos State House of Assembly, Rt. Mudashiru Obasa; First Lady, Dr. Ibijoke Sanwo-Olu; Minister of Works and Housing, Mr. Babatunde Fashola and his wife, Abimbola;

Senators Adeola Solomon and Tokunbo Abiru; former Lagos State Deputy Governor, Prince Abiodun Ogunleye, Senator Kofoworola Bucknor-Akerele, Otunba Femi Pedro and Princess Sarah Sosan, members of the State Executive Council, former and serving government officials, traditional rulers and religious leaders among others.

Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday assured Lagosians that 2022 would be a year of consolidation, promising that his administration would complete some of the landmark projects that the state had embarked on. Specifically, Sanwo-Olu said his administration would complete the Imota Rice Mill, the 37km Red and 27.5km Blue Line Rail projects, 18.75km Eleko to T-Junction in Epe, section of the Lagos-Badagry Expressway and other ongoing iconic projects in the State. He said his administration was committed to complete ongoing projects, ensure the rule of law, transform the state into a 21st century economy and significantly advance his government’s journey towards the Greater Lagos of the collective desire of the people. Speaking at the 2022 Lagos State New Year thanksgiving service with the theme: 'Songs of Thanksgiving' held at Alausa, Ikeja, Sanwo-Olu said 2022 would witness remarkable development on various fronts. These, he listed to include infrastructure, technology, health, education, security, among others, all of which he said would translate to significant improvement in the quality of life of all Lagosians. Sanwo-Olu said the annual special thanksgiving underscored the importance to praise God for grace despite the COVID-19 pandemic, economic meltdown, among others and committing the plans of the State into God's hands. He said: "This New Year 2022 is a special year for us as an administration, because it will be the final full year of the four-year mandate you gave us in 2019. "By the special Grace of God, the vision of having the largest Rice Mill in sub-Saharan Africa and one of the largest in the world will become a reality this year. "Also, this year 2022 will witness a milestone achievement in the rail transportation system in our State, as we expect the 37km Red and 27.5km Blue Line Rail projects to commence Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday commercial operations between the last quarter of this year and first quarter of 2023. "Equally, construction work on the 37km 4th Mainland Bridge —which will be a circular link road and the longest in Africa — and the Opebi-Ojota link bridge will commence this year.” The governor added: “2022 will also witness, by the special Adibe Emenyonu in Benin in Okpella because of their group hinted it had started from the federal ministry of have been visibly restive. Grace of God, the completion City investments in the area. the process of setting up an Aviation dated 16/12/2021 "Our demand is that it is of the ongoing reconstruction David stressed that it was Aerodrome in Okpella for with reference number same investors that initiated work on the 18.75km Eleko to Okpella community in Etsako their believed that the same which appropriate modalities FMA/ADD/402/5.42/C.9/12 moves to build an airstrip T-Junction in Epe, the 10km East Local Government Area investors who had initiated of location of suitable site, conveying approval for an are the same groups that will Lekki Regional Road, and the of Edo is spoiling for war with the airstrip in Okpella are now soil tests and payment of airport project, wrongly eventually be compelled to section of the Lagos-Badagry the state government over the the ones that would be used to compensation to crop owners mentioned Okpella as being muster fund for the project. Expressway that the Lagos State proposed airport project in Edo muster fund for the proposed had been completed. part of Etsako West Local They should be allowed to Government is constructing with North senatorial district of the airport by the government. continue with the ongoing "We had expected and Government Area. the permission of the Federal State. He said should that be the hoped that what is required "We had expected project in Okpella unhindered. Government. These are just a "But if otherwise, we Addressing a press case, the peaceful coexistence of the government is to something to be done to handful of the projects that will conference yesterday in between the investors and the give the necessary support correct this but nothing cannot guarantee the peaceful be completed or advanced this Okpella, over alleged community would no longer and encouragement for this of such. This action of coexistence between the year." laudable initiative to facilitate the Federal Ministry of investors and the community marginalisation by the be guaranteed. Sanwo-Olu also enjoined government, the community He said in spite of the its timely completion. Aviation, the silence of the unless Okpella ceases to be everyone in Lagos State to noted that siting the proposed immense contribution of "We had also expected that Etsako East Council and the their host community. continue to adhere to and comply airport outside Okpella was Okpella to the economic the government will commit body language of the State "We demand that nothing strictly with the COVID-19 a disservice to them sustenance of Edo, the resources to set up auxiliary Government have tended negative or untoward be done protocols and guidelines for Spokesman of the community remains the most infrastructure like access road to anger our youths and by government to disrupt safety in this 4th wave of the community, Chief Richard unattended to in terms of to and from the aerodrome, generality of the community.” or distort the industrial pandemic. Continuing, he said: “We harmony and peace currently David, said there was already infrastructural development. supply of water, improved “I also encourage all to take plan by the BUA and Dangote "It was a thing of joy to power supply and others. have been appealing to and prevailing in our community," their vaccines and booster shots to construct an Aerodrome the people when the BUA "To our surprise, a letter pacifying our youths, who he stated.

THIS BUDGET WILL CONSOLIDATE OUR PROGRESS...

Okpella Community in Edo State Rejects Proposed Location of Airport

MONDAY JANUARY 3, 2022 • T H I S D AY

T H I S D AY • MONDAY, JANUARY 3, 2022

COMMENT

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

GLOBAL INVESTORS AND JANUARY EFFECT Investors should move closer to their stockbrokers for sound investment advice, writes Sola Oni

s we ascend the ladder of 2022, global investors are pre-occupied with the issue of asset allocation and stock pick. January, the first month of the year is symbolic in investment parlance. The month is globally associated with general rise in stock prices. January is characterized by many variables, including consumer sentiment, tax-loss harvesting in December, and employees’ investing of year-end- bonus on stocks in January, thus causing spike in stock prices. The theory of January effect emanated in 1942, when a celebrated investment banker Sidney Wachtel noticed that stock prices tended to rise in January more than other months. Academics are believed to have later confirmed the theory, following the behaviour of stocks and other asset classes in every January. January effect is also driven by the perception that some astute portfolio managers and fund managers “window dress” their portfolios by dumping laggards in December to avert disclosure in the fund’s annual report and invest heavily in January to drive returns. January effect is also said to impact more on small cap stocks than their large cap counterparts as small caps are largely illiquid. At the beginning of the year, many investors begin on a clean slate to invest for the future. This can lead to upswing in demand with attendant effect on the stock prices. The average return for stocks during January was approximately five times greater than any other month according to a study that analyzed data between 1904 and 1974. This is corroborated by Salomon Barney ‘s analysis between 1972 and 2002 which revealed that small cap stocks outperformed large-caps during January. But popular as the theory of January effect appears, it is not without some inherent weaknesses. In every market, institutional investors tend to have stronger capacity to influence market direction. It is therefore debatable that the aggregate sell-off by individual investors in December or purchase in January can alter the market equilibrium. In the United States, January effect is no longer consistent with the markets. Asset classes behave differently in January. The All-Share Index of The Nigerian Stock Exchange (Now NGX ) ended bullish in December 2020, as the best performing worldwide according to Bloomberg which monitored 93 global equity indices. The Exchange posted

BUT POPULAR AS THE THEORY OF JANUARY EFFECT APPEARS, IT IS NOT WITHOUT SOME INHERENT WEAKNESSES. IN EVERY MARKET, INSTITUTIONAL INVESTORS TEND TO HAVE STRONGER CAPACITY TO INFLUENCE MARKET DIRECTION

+50.03 % to surpass S & P 500,-16.26 %, Dow Jones Industrial Average, +7. 25 %, among other global African markets. But The Exchange’s performance in January 2021 proved January effect theory wrong, The total transaction value amounted to N232,46 billion, a 13.7 5 decline compared to N269.24. billion recorded in December. Similarly, total foreign equities transaction in the review period was N47.52 billion, a decline of 32 % compared to N69.92 billion posted in December and 32.4 % recorded in the corresponding period of 2020. The uninspiring performance has nothing to do with the market’s strong fundamentals. It only reflected profit taking by investors in an operating environment characterized by uncertainties. However, the uninspiring performance is at variance of January effect theory. Some investors have argued that if January effect was real, every investor would buy stocks in December and sell in January to take advantage of capital gain. Others have fingered the long-term data flaunted to defend the theory as misleading as it relied on occurrences of many years ago. A frontline provider of Online financial analyst certification Programme, Corporate Finance Institute (CFI), in a recent study noted that January 2020 meant different things to investors. According to the Institute, while investors realized positive returns in 10 out of 23 countries within the World Index of Global Developed Market, they lost in 13 others. The study stated that in January 2020, Portugal was up 6.2 % while Austria was down, 5%. It offers a timeless investment advice on January effect saying: “As an investor, it is important to understand the fundamentals of a company to be better equipped when making decisions during the January spike. It involves researching the company’s financial health, such as revenues, growth potential, and profit margins, along with other aspects such as management, market position and more”. As we anticipate what the market will post in this new month, investors should move closer to their stockbrokers for sound investment advice to hedge against risks associated with investment decision. Oni, an integrated Communications Strategist, Chartered Stockbroker and Commodities Broker, is the Chief Executive Ofﬁcer, Sofunix Investment and Communications

A FALSE MESSIAH AND THE PROBLEM OF GOD IN NIGERIA Noah Udoﬃa writes that we cannot rise as a nation until we bring God back into our society

or the majority of long-suffering citizens, God seems to be absent in Nigeria. Three concurrent signs imply the loss of divine presence in the nation: One, false prophets (those who predicted Buhari’s messianic reign) and false prophecies (unfulfilled predictions that Buhari’s policies will solve the nation’s problems) proliferate; two, false prophecies beget a false messiah (yes, Buhari) who reigns supreme in the land; three, the false messiah’s policies inflict horrendous suffering on the masses. The void of divine absence has brought out the worst in human nature across the nation. Carnage and death abound. We cannot rise as a nation until we bring God back into our society. I am not implying a religious state; simply that individuals and communities must return to God in an authentic way before they can return to a stable state. The fallen state of our nation is blatantly apparent. Everyday children are abused, and in the midst of plenty, millions go to bed hungry; young boys and girls are smuggled and sold for sexual exploitation and organ harvesting; school children are kidnaped for ransom with impunity; drug addiction and substance abuse among the youth is an epidemic; women and men are sexually assaulted and raped indiscriminately by politicians, professors, pastors, policemen and other people in power; and mass killings, criminal cults, organized banditry, general insecurity, disorder, distrust, corruption, poverty and inequality are pervasive. Right now, our natural environment has been degraded. Toxic pollutants in the air we breathe are killing us. Marine life in our rivers and streams have been destroyed and farmlands polluted by big oil. In this depraved land, the wages of sin are wealth for a few and death for the suffering masses. Sodom and Gomorrah pale in comparison to the debauchery and injustices experienced by ordinary Nigerians under Buhari’s false messianic reign. It is no surprise, therefore, that the country is morally, economically, politically and socially bankrupt (for evidence read my previous essays published in THISDAY). None of these should be taken to imply that President Buhari is the root of all evil afflicting the nation. These problems have been endemic for years. Notwithstanding, President Buhari was recruited by the people to solve them. But his

policies made them worse. Nigeria has become a society in which ordinary citizens, roiled by bottomless sadness and nihilism, question their idea of God. This doubtfulness prompted many Nigerians who were interviewed for this essay to ask: one, “How could God, in all His goodness, give us President Buhari in all his depravity?” Two, “If God is omnipotent, why does He allow the profound sinfulness rooted in the criminal and immoral acts of some religious leaders, politicians, professors, the police, traditional rulers, judges, businesspeople, soldiers, government officials, etc., to go unpunished — here and now?” Three, like the biblical Job they lament: “Why is it when we, the poor, ask so little of life in Nigeria and live morally to the best of our ability, we are punished so severely by a morally perfect God while those who loot the nation wallow in their ill-gotten wealth and abuse power everywhere you look?” To the suffering masses, these salient questions define the paradox of God in Nigeria. It must be stated at the outset that this essay is not an argument about the existence of God. God exists. Nor is it about the love or care of God. God loves. God cares. Broadly conceived, ordinary citizens are struggling with these relevant questions of theodicy to better understand God in contrast to their lived experiences juxtaposed to their faith in God as all-knowing, all-powerful, and morally perfect and just. When a society separates itself from God, when divine absence seems apparent, when false prophets beget a false messiah and the nation fails, and citizens suffer, these questions demand broad and thoughtful inquiry. Accordingly, this essay explores why false prophets and their false prophecies deceived us and why a false messiah reigns, inflicting horrendous suffering on ordinary Nigerians of all tribes, regions and religions. The essay takes on significance and urgency in the light of the on-going political process to replace President Buhari in 2023. Without doubt, the current situation in Nigeria is an existential crisis the nation can no longer ignore. As such, understanding how we got here will inform who we elect as our president to avoid reoccurrence of the Buhari reign. Our people have suffered long enough. With this morose and horrific description as

background, and based on analysis of published reports and interviews with clerics and citizens, let’s attempt to address some of the questions raised by ordinary Nigerians. Let’s address the foremost question of why God, in all His goodness, gave us President Buhari in all his depravity. As previously stated, one of the significant predictors of divine absence is the proliferation of false messengers who claim to speak for God. As you might remember, several selfprofessed messengers of God prophesied that God Himself appeared to them and revealed that Buhari was Nigeria’s chosen messiah, the new redeemer, and the only anointed leader to save the nation, stabilize and unite the tribes, secure its citizens, bring peace among the tribes, and let prosperity flow to all the tribes of the nation. They quoted scripture and boldly proclaimed Buhari’s election as ordained by God. They promised that Buhari would restore God’s ideal world, here and now, to alleviate the suffering of poor Nigerians. Prominent among them are Rev. Fr. Ejike Mbaka, Pastor Tunde Bakare, Prophet Christopher Owolabi, Prophet Ekong Ituen, Prophet Emmanuel Omale, Bishop Kayode Williams, Prophet Joshua Arogun, Pastor Sunday Adelaja — to name a few variously reported by media outlets. They wove incredible tales of God’s direct revelations to them into a mythology that made them demigods. As such, they attracted followers including politicians, business executives, and the poor. These charlatans influenced politicians and business elites who championed and nominated Buhari for the presidency, despite his well-known personality flaws, leadership liabilities and divisive political-religious ideology. Further, they commanded millions of followers to vote for candidate Buhari if they were to avoid God’s wrath. And so it came to pass that Buhari was elected president. Triumphant, these false prophets claim their prophecy was fulfilled to the glory of God. It is reported that the administration rewarded them richly. False prophecy became profitable, and the land was rife with charlatans and frauds who traffic in lies. However, one validation of true prophets is that the word of God, spoken through them, is fulfilled. Six years into President Buhari’s tenure, the prophecy of a rebirthed nation, peaceful, prosperous,

united, and blessed by divine providence is blatantly falsified. President Buhari has presided over one of the darkest chapters in Nigerian history. He has been widely criticized for dividing the nation and being responsible for some of the most horrendous sufferings perpetrated on ordinary Nigerians since the war. It is no small irony that as the Buhari government began to fail, these counterfeit prophets continuously adjusted their prophecies to perpetuate their claims of divine favour. Some have now claimed, afterthe-fact, that Satan deceived them by muddling the message from God. Notice what this nonsensical rationalization suggests. What they are implying is that their Buhari prophecy was either from the devil, or that God allowed His message to be corrupted, which He cannot permit. But this admission then concludes that their prophesied messiah was not of God, but of Satan. As further evidence of their hypocrisy, instead of giving to the poor to alleviate poverty as preached by Christ, these wolves in sheep’s clothing are interested only in their own wealth accumulation while preaching a debunked “prosperity gospel” and promising the poor masses a “reward in heaven.” These false prophets gain social recognition and become popular among followers by offering an optimistic, if not opportunistic, preaching of get-rich-quick gospel. They base their pretended insights on a selective and literal interpretation of the word of God, pleasing followers with their sweet talk and performative dark arts — engineering fake miracles and sham healings. Rather than serve as the religious and moral conscience of the nation and its people, these flamboyant, egotistical falsifiers of God’s message deceive their followers, worship money, status, power and popularity. They turn the church into a political-commercial institution. They build large religious-industrial complexes to make more money, not to save souls. They are among the wealthiest in the nation, live in opulent mansions, own highpriced private jets, drive the most expensive cars and have no sympathy whatsoever for the poor. For evidence, six Nigerian “multi-millionaire pastors” (in USD) made the top 20 ranking of the richest pastors in the world in 2021 according to Forbes. nudofﬁa@gmail.com

T H I S D AY • MONDAY, JANUARY 3, 2022

EDITORIAL A NATIONAL ECONOMY IN TROUBLE The authorities should steer the ship of state out of the present perilous trajectory

s the debate on the sustainability of the humongous subsidy in the downstream sector of the petroleum sector continues, there is no doubt that this year will usher in a lot of challenges. And there are no easy options. No matter the spin from government officials, emerging facts suggest that the nation’s finances and the economy are already in dire straits. While there is nothing wrong for a country to face temporary economic setback so long as the managers are capable and indeed able to fix it, what is tragic is that we continue to live in denial with public officials still wallowing in profligacy. Meanwhile, the current administration has in the past four years been on a borrowing spree. Ordinarily, every nation borrows. But borrowing must be done with a well-thought-out investment initiative conceived to yield maximum benefits. Given that the projects on which the loans are being expended are not income generating with some of them, like the railways, being THE STATES HAVE THE subsidised, how shall LATITUDE TO CREATE we pay back? THEIR OWN REVENUE Unfortunately, SURVIVAL KITS THROUGH whenever the governTAXES, SENSIBLE ment is confronted INVESTMENTS, AND with the question of PRUDENT MANAGEMENT the danger inherent in continuous borrowing, the federal government always claims that Nigeria’s debt-to-GDP ratio is one of the lowest in the world without bearing in mind that debt in comparison to GDP is only sustainable when the revenue generation is high. In the case of Nigeria, while the debt profile is rising and with it our population, government revenue continues to dwindle, with no conscious effort to cut down on recurrent expenditure either by the federal government or the 36 states. To compound the challenge, transparency and accountability in ministries, departments, and agencies

Letters to the Editor

(MDAs) are at the nadir as ofﬁcial corruption is still high. The annual audit report from the Ofﬁce of the Auditor General for the Federation is very instructive. The number of government agencies that fails to subject themselves to audit scrutiny under the present administration continues to increase.

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

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

owever, the critical challenge is in lack of prudence at practically all levels of government. Meanwhile, many of the 36 states are in a fix over mounting salaries and pensions. Since most of them are perilously dependent on handouts from Abuja, their inability to pay salaries is becoming a national security challenge. Faced with a declining national economy worsened by the Covid-19 pandemic and subsequent low oil prices, many states across the country are wildering. Their battered financial state was worsened by the huge amount of money used to service unjustifiable debts accumulated over the years. States like Kogi, Adamawa, Plateau, Benue, Taraba, and Osun are suffocating under debts and inability to live up to their responsibilities. Given the foregoing, the nation is at a crossroads. By focusing only on payment of salaries to workers in the public sector that is largely unproductive at the expense of much needed social infrastructure like power, schools, hospitals and reliable institutions, poverty is being reinforced across the country. This catastrophe is enhanced by lack of transparency, accountability, and creativity in governance. The states have the latitude to create their own revenue survival kits through taxes, sensible investments, and prudent management. They have the power to slash their recurrent expenditure and drastically right-size their workforce and spend less on frivolities. It is unacceptable that amid a debilitating revenue squeeze, governments at all levels have continued to revel in criminal profligacy. Yet, a nation that spends more than it generates to sustain civil servants and public officials is surely on a journey to perdition. We hope the authorities at all levels will move quickly to steer the ship of state out of this rather dangerous trajectory.

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

DISCOS, DARKNESS AND NIGERIAN CITIZENSHIP

f power failure had a nationality, it would probably be Nigerian. If darkness was a person, it would probably hold a Nigerian citizenship or a dual citizenship. When even light winds breeze by, Nigerian power lines fall into deep sleep, plunging millions into thick darkness. It was only recently that the Abuja Electricity Distribution Company slunk into a week-long strike, sinking exasperated residents of Abuja, Kogi, Nasarawa and parts of Edo, Niger and Kaduna States into stygian darkness. But even before the strike, Nigerians in the affected states and all over the country have got used to epileptic power supply and extortionate electric bills. There is no doubt that as long as the point to be made is about power, Nigeria produces poor results. As it is with political power and its twisted application and distribution across the country, so it is with electric power and the many businesses strangled because it is epileptic. Even as Nigerians lurch about in thick darkness, darkly electrifying reports recently emerged from no less a body than the Nigerian Electricity Regulatory Commission (NERC) of the deaths and injuries Nigerians have sustained in the last 18 months from electricity- related accidents. An analysis of the reports spanning the first quarter of 2020 and the second quarter of 2021 showed that 126 Nigerians were killed in the period while 68 were injured. As long as the conversation is about electricity, Nigerians seem to have a problem. From those who are not connected at all, to those who experience epileptic power supply, to those who cannot get prepaid meters, to those who have all manner of situations with the billing system, it is one long queue of very angry

Nigerian electricity consumers. But who is to blame? In a country where passing the buck is a royal ritual in public offices and among public officers, who is responsible for Nigeria`s power woes? It is a millennial scandal that the giant of Africa is still unable to adequately power itself more than six decades after independence. Will Nigerians ever savour unfailing power supply in their country? Will Nigerians ever see the day when 24-hour power supply will be taken for granted even in the most remote of villages? Will Nigerian children ever lose the electric excitement that greets the restoration of power in Nigeria with shouts of ‘Up Nepa!’? When will Nigerian businesses be truly enlivened by constant power supply at reasonable costs? It is no surprise that a sector shred of transparency continues to emit deep darkness into Nigerian homes giving cover to terrorism and poverty in the process. What has been done to the one under whose watch as President of the country $16 billion disappeared into the power sector with nothing to show for it? There is no doubt that there are those who continue to benefit from the fact that Nigerians live in darkness. When will all those who have conspired to consign Nigerians to unending darkness fall under the light of prosecution and consequent incarceration? In these times of global warming and climate change, when will the generators which provide the fumes that pollute the environment finally fall into disuse? As for the criminals who vandalize power installations thus making the provision of electric power unreliable and unsustainable, there can never be any excuse for such heinous crimes.

For the country to work again, power supply has to improve dramatically. In a country rife with unemployment, the cost of alternative power supply should no longer be allowed to rise unchecked until small and medium enterprises check into oblivion. Of course, as long as life remains as cheap as salt in Nigeria, its sanctity sacrilegiously shred by a confluence of terrifying factors that is uniquely Nigerian, Nigerians will continue to die from electrocution and other electricity-related accidents. In country where the frustration of the citizenry collides daily with government dereliction, it is unsurprising that even a dearth of power supply supplies deaths. To stem the surge of deaths, the parties responsible for providing safe electricity to Nigerians must be held to the task of doing water-tight jobs. Innocent Nigerians, especially children, must no longer be endangered by shoddy power connections and the use of inferior materials in the process. It should no longer be enough to wield power bills and the threat of disconnection while running elaborate extortion schemes to corruptly enrich. On their part, Nigerians must also take responsibility for their lives and safety and stay away from power installations they are not equipped with safety protocols to handle. When life or limb is lost to electrocution, the smarts of beating the opaque billing system of the power distribution companies or bypassing them entirely becomes fatal folly. As with many other things Nigerian, the power sector is stuck in a rot. There is no end in sight. As long as a lack of transparency continues to darken the sector, Nigerians must prepare for dark, dreary days. Kene Obiezu, keneobezu@gmail.com

MONDAY JANUARY 3, 2022 • T H I S D AY

NEWS

Marwa Advises Drug Traffickers to Turn a New Leaf Michael Olugbode in Abuja Chairman/Chief Executive Officer of the National Drug Law Enforcement Agency (NDLEA), Brig. Gen. Buba Marwa (rtd) has advised all those still involved in the illicit drug business to turn over a new leaf or risk losing their freedom and assets in the New Year. The anti-drug czar gave the advice in his new year message, even as he said the NDLEA and its workforce are moving into 2022 “with a resolution to rid the country of illicit substances and to continue our aggressive pursuit of drug cartels, barons and traffickers anywhere they may be within the country or even outside.” He said: “Given our pedigree in 2021, there should be no doubt whatsoever about our capability to carry out these stated objectives. In the past year, we have scaled up our capability and reinvigorated our anti-narcotic activities. Our efforts have yielded arrests and interdictions. That should be a clear signal to anyone in the drug trade that the rules of the game have changed. “In 2022, our goals remain the same: to dismantle drug cartels and syndicates, and that include arresting and having drug offenders jailed by the court and ultimately to rid our society of all traces of illicit substances.”

Marwa, while leaving an open window of repentance for those still in the illicit business, said: “There is still a window of opportunity for drug traffickers and barons: Now is the time for them to turn over a new leaf before NDLEA turn on the heat and they lose it all."

Since most of them are in the business to amass wealth and now they have made fortunes from this trade that harms society, therefore, it is time to quit. “We call on them to think about the common good, to think about the future of this country, to think about the young and coming

generations. Let commonsense prevail and on your own volition make a significant contribution towards the effort to have a drug-free society where peace and harmony reign. We have seen the havoc of illicit drugs from the ugly development in parts of our nation due to drug abuse by youths and also

from the general blight caused by abuse of cannabis across the country.” He added that: “Those who heed this warning will thank themselves for taking the wise decision to quit the drug trade in the days ahead. Those who think and act otherwise can be assured of a tough year in 2022.

They can take a cue from what happened in 2021, where the agency secured various jail terms for over 1,200 drug traffickers, including nationals of other countries and we brought to book six drug barons, including those outside the country and those who had been on the run for as long as 10 years.”

BEHOLD NEW HIGH COURT JUDGES…

L-R:The newly appointed High Court Judges, Hon Justice Akinkunmi Olusegun Idowu; Hon. Justice Oluwatoyin Atinuke Odusanya; Solicitor General/ Permanent Secretary, Lagos State Ministry of Justice, Ms.Titilayo Shitta- Bey; Hon. Justice Adenrera Olayinka Adeyemi; Hon. Justice Muyibat Iyabode Oshodi; and Hon. Justice Muyibat Mosunmola Balogun, atfer their swearing in ceremony as the newly appointed Judges of the High court of Lagos State by the Governor Mr. Babajide Sanwo-Olu in Alausa, Lagos recently ETOP UKUTT

South-east Group Faults Buhari's PDP Accuses Akeredolu of Looting Ondo INEC Commissioners’ Nominees with 13 Proxy Companies May Agbamuche (Delta state) Onyebuchi Ezigbo in Abuja South East Group, Igbo Political Progressive Union (IPPU) has asked President Muhammadu Buhari to review the list of nominees for National Commissioners of the Independent National Electoral Commission (INEC) recently forwarded to the Senate so as not to deny states such as Anambra, Ebonyi and Enugu a representative at the Commission. In a statement signed by its Chairman, Mr. John Nwobodo and Secretary, Ifeanyi Ozigbo, the IPPU noted that President Muhammadu Buhari recently forwarded to the Senate, six nominees for confirmation as National Commissioners in line with his constitutional mandate. The president's letter read by the Senate President, Senator Ahmed Lawan on the floor of the senate had contained names of the nominees which included

representing South-south; Mr. Ukeagu Nnamdi (Abia state) representing South-east; Major Gen. A. B Alkali Rtd.(Adamawa state), representing North-east; Rada Gumus (Bayelsa state), representing another SouthSouth; Mohammed Haruna (Niger state) representing North-central, and finally, Sam Olumekun (Ondo state) representing South-west. The president also nominated Mr. Olaniyi Ijalaye (Ondo State, South West) as Resident Electoral Commissioner. However, in the statement, IPPU stated that: "It behooves on Mr. President to not only appoint men and women of proven integrity and impeccable character but also to be guided by the lofty principle of federal character which provides for all appointments to reflect the nuances of all ethnic and sub-groups in Nigeria.

Fidelis David in Akure

The opposition Peoples Democratic Party (PDP) in Ondo has alleged that it has discovered 13 companies registered by the immediate family of the state governor, Rotimi Akeredolu (SAN) to embezzle taxpayers funds in the state. The party also alleged that

the governor’s daughter, Teniola and her husband , Michael Olatunde embezzle a whopping sum of N500 million to organise a concert tagged, “Sunshine Countdown 2021” to usher the people of the state into the year 2022, an event which was graced by 2Baba, Saheed Osupa, Lanre Teriba among the artists on December 31.

According to PDP, the money spent on the concert was never discussed at the state executive meeting nor set up any committee to that effect. In a statement made available to Journalists in Akure yesterday by the publicity secretary of the party, Kennedy Peretei, it alleged that the companies have the same Directors and Secretary base on their findings

from the Corporate Affairs Commission(CAC) in Abuja. The statement reads: “Immediately Akeredolu was sworn in as Governor of Ondo State in 2017, he registered about 13 companies. These companies have been shamelessly used by the first family to receive contracts from state ministries and departments.

NEDC is Pillar of Buhari’s Success, Say Arewa Youths The Coalition of Arewa Youths Progressive Forum (CAYPF) has described the North-East Development Commission (NEDC) as one of the pillars of the successes of the administration of President Muhammadu Buhari. The National Chairman, CAYPF, Alhaji Salihu Magaji, disclosed this in a

statement he made available to Journalists in Bauchi weekend. He said activities of NEDC had become a real proof that, “our country is being led in the right direction citing as example of the fair and just provision of 3500 housing units across the six north eastern states of Adamawa, Borno Bauchi, Gombe, Taraba and

Yobe States.” According to him, another thing was the easing the sufferings of the IDPs and entire people of the north-eastern states as 1,000 housing units were constructed in Borno State while the remaining five states have 500 housing units being constructed in each of them . A part from the training and retraining of thousands

of youths in the region, he commended the way and manner in which food items were distributed to the people of the affected states. According to Magaji, the NEDC under the leadership of its chairman, Alhaji Goni Mohammed Alkali has continue to carry out the mandate assigned to it by the federal government.

Wike Decries State of Nation, Obaseki Warns against Politics of Stomach Infrastructure Obaseki, in a statement, also are creating opportunities for at the Edo State House of Restates PDP’s Commitment Adibe Emenyonu in Benin charged politicians on quality our people, but a majority of Assembly. “Change is difficult but it The Edo State Governor, and efficient representation, them are not keying into these to Rescue Nigeria Mr. Godwin Obaseki has urging them to ensure effective opportunities to better their must come from Oredo. It's warned against the politics service delivery to their lives and contribute to the a shame that a governor has Blessing Ibunge in PortHarcourt

Rivers State Governor, Mr. Nyesom Wike has decried what he described as the deplorable state of the country. According to Wike, the All Progressives Congress (APC)-led federal government has failed to provide effective leadership. This is as the Rivers governor restated the Peoples Democratic Party’s (PDP) commitment to rescue Nigeria from collapsing. The governor said these yesterday, when he led a delegation of some elders and chieftains of Rivers State PDP on a new year visit to Governor Okezie Ikpeazu of Abia State in his country home in Umuobiakwa village. The governor noted how disheartening it had been for

Nigerians, in different parts of the country to be left to fate in the hands of abductors and killers, who he said were largely unchallenged or hardly brought to book by the federal government that controls the security apparatus. Wike regretted what had become of Nigeria was not what the generality of Nigerians wished to have as a country. He pointed out the need to reverse the current situation by addressing the challenge squarely, saying only the PDP was expected to perform that function. "And this is not the country we wish ourselves. No reasonable Nigerian will say that he is happy that as he wakes up in the morning, what you hear of is death," he said.

of stomach infrastructure, asking residents of the state to leverage on the opportunities created by his administration through its programmes and reforms to better their lives and contribute effectively to the development of the state.

constituents. He asked politicians to represent and speak for the people who voted them into power, rather than godfathers. “Our politics have changed. As we don't play politics of stomach infrastructure. We

development of Edo state,” he said. Reinstating the need for quality representation by elected officials, the governor further expressed dismay at the lack of representation of Oredo Local Government Area

no member representing him from Oredo in the State House of Assembly and is doing the work of the representatives to ensure services get to the people. Politics should not be practiced that way going forward.

Kwara Group Supports Saraki's Presidential Bid

Hammed Shittu in Ilorin

A socio-cultural group based in Offa in Kwara State, the Agbala Progressive Union, has thrown its weight behind the 2023 presidential bid of former Senate President, Dr. Abubakar Bukola Saraki. The group declared its support for Saraki at the unveiling of its empowerment

programme that was supported by Luxiar Nigeria Limited held in Offa over the weekend. Empowerment items were distributed to beneficiaries selected across the 12 political wards in Offa local government area. Speaking with journalists at the event, the coordinator of the group, Mr. Olawale Alabi, said they are supporting the

former Kwara Governor to succeed Buhari because of his capacity, antecedents, experience and commitment to youth development. He added that "Our love for Senator Rafiu Ibrahim also influenced our decision to support Saraki. We appreciate Senator Rafiu for his investment in human capital development and for

empowering several of our members during his time at the Senate." Alabi further noted that Saraki remains the best man for the job and urged the Peoples Democratic Party (PDP) to adopt him as its consensus candidate for the 2023 presidential election, adding that the group would support the PDP at all levels.

MONDAY JANUARY 3, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY JANUARY 3, 2022

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

22 Political Want Lists for 2022

Nseobong Okon-Ekong suggests some of the likely circumstances that will engage the Nigerian polity in 2022

Buhari

Osinbajo

Tinubu

Yakubu

Inauguration of Senate-Approved NDCC Board here is hardly any good reason for herding the Niger Delta region into another season of avoidable crises, owing largely to an enduring breach of the governing laws establishing the Niger Delta Development Commission (NDDC). A couple of the deadly militant groups that held the region ransom until the Late President Umaru Yar’Adua reversed the trend with the Amnesty Programme have threatened to return to the warpath if the right thing is not done at the NDDC. President Muhammadu Buhari has turned deaf ears to every plea from governors of the South-south states, led by Governor Ifeanyi Okowa of Delta State and other stakeholders, to act correctly by discontinuing illegal interim managements at the federal agency since November 2019. Senator Godswill Akpabio, Minister of Niger Delta Affairs, has exhausted all the excuses available in his worn-out script that purports to refine the NDDC. The NDDC Act does not permit the appointment of persons outside the Commission to act as Managing Director or Sole Administrator without compliance with the Act which requires nomination by the President and confirmation by the Senate. In accordance with the law establishing NDDC, Buhari forwarded the list of nominees for the NDDC Board to the Senate for confirmation in October 2019 which the Senate confirmed in November 2019. Rather than inaugurate the Board, President Buhari put it on hold and reversed to illegality in administering NDDC.

kind remarks by pessimists who think the 9th National Assembly is a ‘rubber stamp’ body that does not have the political will power to act independently.

Progressives Congress It will be a make or mar February for the ruling All Progressives Congress (APC) as it finally holds its long expected elective national convention. When the APC Caretaker Extraordinary Convention Planning Committee (CECPC) was set up in June 2020 to steer the activities of the party for an initial period of six months and also to prepare and conduct the party’s national convention, only a few political clairvoyants could predict correctly that the Governor Mai Mala Buni of Yobe State committee would still be in charge of the party’s for close to two years. From all indications, there is fearful apprehension for the survival for the survival of the APC beyond the convention. All the defined tendencies in the political party are up in arms for the soul of the party. As things stand today, the struggle for the leadership of the APC is between those inclined towards the former legacy political parties-Action Congress of Nigeria (ACN) and the Congress for Progressive Change (CPC).

The APC is going to the national convention with the pain of deep, sharp and irreconcilable division in many state chapters. These disputes have led to court summons and in some cases a departure to opposition party.

Will the National Assembly Stop More Loans for the Federal Government Incidentally, one of the glaring areas that the federal legislature is commonly believed to indulge the Federal Government without proper consideration is the manner with which it gives automatic authorization to requests for loans. With the approval of $16.23 billion and €1.02 billion loans requested by President Muhammadu Buhari last November, the nation’s public debt has risen to N44.5 trillion. The main opposition, Peoples Democratic Party (PDP) has been criticized by some Civil Society Organisations for its implicit role in this worrisome occurrences because Senator Clifford Ordia, representing Esan Central Senatorial District, Edo State, Chairman of the Senate Committee on Local and Foreign Debts was elected on the platform of the PDP. Elective National Convention of the All

Choice of Political Party Candidates through Direct Primary A tiny group of optimists are holding on to a flicker of hope that federal lawmakers might decide to override the President’s veto and reestablish the 2021 Electoral Amendment Bill as originally submitted, particularly the section that compels political parties to allow every member of their party participate in the choice of candidates for elections. The overriding thought was that use of direct primary in the choice of candidates will deepen the country’s democracy for effective governance. This optimism, however, has met with un-

Undoubtedly, this battle is the forerunner of the impending all-out war for the choice of the candidate that will carry party’s presidential flag in the 2023 national elections.

The frequent disagreement between governors and their former benefactors has become a full blown war of attrition in Gombe State between Governor Inuwa Yahaya and former governor and serving Senator Danjuma Goje. While Yahaya feels he should be allowed his space to govern, supporters of Goje see him as the father of the state, who should be accorded due courtesies, even by the governor. The turning point came when the Senator’s convoy was attacked by alleged supporters of the governor. Goje’s daughter who was serving in the state’s executive council wasted no time resigning from the cabinet. Goje who is well connected and controls majority of APC stakeholders in Gombe may have encircled Yahaya and is just waiting for the right time to push him out later in the year

Ekiti/Osun States Governorship Election Arguably, the two most important elections for 2022 are the governorship elections in Ekiti and Osun states, which have been duly fixed by the Independent National Electoral Commission (INEC) for June 18 and July 16 respectively. Today, Monday, January 3, the timetable and schedule of activities for Ekiti State governorship election will be released by the Independent National Electoral Commission (INEC). The commission also scheduled conduct of parties’ primaries for the state election between January 4 and January 29. Campaigns by political parties would begin by March 20 and end on June 16, while the final list of candidates for the election will be released on May 19. For Osun state, the notice of election according to the timetable would be issued on February 15. Parties’ primaries and resolutions of disputes arising from the exercise are scheduled to hold from February 16 to March 12. Campaign by political parties for the state election is expected to start from April 17 and end on July 14. April 8 is scheduled as the last day for withdrawal/ replacement of candidates by political parties, and June 16 for publication of final candidates for Osun governorship election. Independent National Electoral Commission Apart from the governorship elections in Ekiti and Osun states, the INEC is currently carrying on with the all-important Continuous Voter Registration exercise nationwide, which also accommodates the Permanent Voter Card distribution exercise Continuous Voter Registration (CVR) is an exercise meant for the registration of citizens who turned 18 years of age after the last registration exercise; or those who for one reason or another could not register in the previous exercises. The 2010 Electoral Act (as amended) mandates the Commission to carry out CVR nationwide and to make available to every political party within 60 days. After each year, the names of the addresses of each person registered during that year. At each major election, INEC introduces improvements to the electoral process. At the Anambra governorship election last November, the commission launched the use of Bimodal Voter Accreditation System. All stakeholders are eagerly await what INEC Chairman, Professor Mahmood Yakubu, widely adjudged as the innovative and groundbreaking electoral umpire, so far, may introduce to the Ekiti and Osun states governorship elections. How Will Tinubu Fare? After weeks of circumspection, National Leader of the All Progressives Congress APC, Senator Bola Ahmed Tinubu finally made the closest admission that leaves no doubt that he harbours a presidential ambition. He assured his teeming supporters that he will not turn down

T H I S D AY ˾ MONDAY JANUARY 3, 2022

MONDAY DISCOURSE

Sunday Adeyemo

Kanu

Bamidele D. Adeleke

Uzodinma

their clamour for him to be the next President of. Possibly, the most talked about presidential aspirant in this dispensation, the only bombshell that can come from him is if he declines to run.

High Courts of Rivers and Kebbi states, being courts of coordinate jurisdiction with his He is also to receive a warning letter to be circumspect in granting such ex-parte orders in the future. The council also placed him on its watch-list for a period of two years.

Osun? From the family of the ‘dancing’ Senator Ademola Adeleke, has emerged Mr. Bamidele Adeleke who is going to be the arrowhead that many PDP supporters in Osun State are prepared to queue behind in their determined bid to kick the APC out of governance and wrest the governorship from Governor Adegboyega Oyetola. The thinking among his supporters is that whereas, the Dancing Senator was difficult to market, Bamidele comes with an enviable track record as a successful former banker and strategist. But there is an influential minority within the Adelekes who think Senator Adeleke should be given another chance, having come so close to winning in 2018.

when the Senator’s convoy was attacked by alleged supporters of the governor. Goje’s daughter who was serving in the state’s executive council wasted no time resigning from the cabinet. Goje who is well connected and controls majority of APC stakeholders in Gombe may have encircled Yahaya and is just waiting for the right time to push him out later in the year.

No Love Lost Between Oyetola and Aregbesola In the bigger picture of a possible win for Tinubu in the APC presidential primary, Osun State is key. The APC National Leader needs to go to the primary with as many loyal delegates as possible. That is why the enduring rift between Governor Adegboyega Oyetola and the immediate past governor of the state and Minister of Interior, Rauf Aregbesola is a huge source of discomfort for Tinubu. The division between the Osun State Governor and the Minister is so sharp that it is being alleged that Aregbesola’s supporters are likely to vote for an opposing party if Oyetola is returned as APC’s governorship candidate for the July 16 election.

It’s a Four-way Battle in Zamfara The political state of affairs in Zamfara is as interesting as can be. When Govenor Bello Matawalle switched political party loyalty from the PDP to APC, his deputy, Mahdi Aliyu refused to go with him. He remains a member of the PDP. Meanwhile, the political plot in Zamfara assumes more intricate patterns with the involvement of former governor Abdulaziz Yari and Senator Kabir Marafa, making it a complicated maze.

Will the Supreme Court Reinstall Secondus as PDP National Chairman? Former National Chairman of the Peoples Democratic Party (PDP), Prince Uche Secondus is hopeful that the Supreme Court will order his return to the office he was removed under controversial circumstance. His appeal is marked: SC/CV/1048/2021. He is seeking among others, the nullification of his removal from office, on the grounds that the PDP acted unlawfully by removing him based on his purported suspension by his ward. Respondents in the appeal are Ibeawuchi Ernest Alex, Dennis Nna Amadi, Emmanuel Stephen, Umezurike Onuoha, Godwin Pepple Manfred, PDP, Senator Suleiman Nazif, Orbih, Hon Solomon Ejike Ogbonna, Hon Uche Emmanuel Minukwa and Senator Samuel Nnaemeka

Anyawu. The Court of Appeal sitting in Port Harcourt had on October 26 dismissed Secondus’ application challenging his suspension from the PDP, a decision he appealed to the Supreme Court. It may be said that Secondus is encouraged to fight on because the National Judical Commission (NJC) has punished the three judges who gave interim orders for his suspension. The judges; Justice Nusirat I. Umar of the High Court of Kebbi and Justice Edem Ita Kooffreh of the High Court of Cross River, have been barred from promotion for the next two to five years. Also, Hon. Justice Okogbule Gbasam of the High Court of Rivers State was barred from elevation to higher Bench for two years whenever he is due, as he failed to exercise due diligence in granting the ex-parte order in suit No: PHC/2183/CS/2021 between Ibealwuchi Earnest Alex & 4 others and Prince Uche Secondus & another, as there was no real urgency, in the circumstances of the matter, that would have required an ex-parte order. Council also resolved that Hon. Justice Nusirat I. Umar of the High Court of Kebbi state be barred from elevation to higher Bench for two years whenever due, having found fundamental defects and non-compliance with the law in granting the ex-parte order in suit No: KB/HC/M.71/2021 between Yahaya Usman & 2 others and Prince Uche Secondus & another. He is also issued with a warning letter to be circumspect in granting such ex-parte orders in the future. Hon. Justice Edem Ita Kooffreh of the High Court of Cross River State will not be promoted to higher Bench for five years for allowing himself to be used as a tool for ‘forum shopping’ and abuse of Court process in suit No: HC/240/2021 between Mr. Enang Kanum Wani and Uche Secondus, as it was evident that, in granting the ex-parte order, he was seized of earlier orders of the

Will Atiku Get the PDP Presidential Ticket Again? Although there has been no official communication from his camp to say if he will give the presidential race another attempt, supporters of Nigeria’s former Vice President, Atiku Abubakar are urging him to go for the PDP presidential ticket. As a member of the PDP, he is free to make a bid for its presidential ticket. What many political pundits are very sure of is that Abubakar, a very wealthy and experienced politician with a network of supporters across the country, will not put his money behind any other candidate if the ticket is not given to him. The Dilemma Around Osinbajo’s Presidential Bid Nigeria’s Vice President, Prof. Yemi Osinbajo is in a political tight spot, of sorts. Ordinarily, if the APC is desirous of a steady policy regime and continuity, Osinbajo who has been widely adjudged as loyal and hardworking should get the nod to fly the party’s presidential ticket. But his candidacy may be enmeshed in a web of controversies and schisms, whether contrived or real, including those spurn by his acknowledged benefactor, Senator Bola Tinubu. Osinbajo was Tinubu’s Attorney General and Commissioner for Justice, when Tinubu was governor of Lagos State. Would it be considered as biting the finger that fed him should Osinbajo enter the presidential race? Already, a hint from former Osun State governor and former National Chairman of the APC, Chief Bisi Akande’s recent book, ‘My Participations’ has debunked the widely held claim that Tinubu sponsored Osinbajo’s emergence as Vice President to President Muhammadu Buhari. Between these two gentlemen and supposed allies, the days ahead promises to be interesting. Will Olawepo-Hashim Spring a Surprise? Former presidential candidate of the Peoples Trust, successful businessman and chieftain of the APC, Mr. Gbenga Olawepo-Kashim has continued to nurture his network of political associates and admirers. This comradeship cultivated over a long period of time since he was active in student unionism, civil rights agitation and politics is the foundation of his growing confidence that he can spring a surprise at the APC presidential primary if the party is looking for a bridge builder and a scandal free candidate who is also very intelligent. Which Adeleke Will Pick PDP Ticket in

The Ticking Time Bomb in Gombe The frequent disagreement between governors and their former benefactors has become a full blown war of attrition in Gombe State between Governor Inuwa Yahaya and former governor and serving Senator Danjuma Goje. While Yahaya feels he should be allowed his space to govern, supporters of Goje see him as the father of the state, who should be accorded due courtesies, even by the governor. The turning point came

Arguably, the two most important elections for 2022 are the governorship elections in Ekiti and Osun states, which have been duly ﬁxed by the Independent National Electoral Commission (INEC) for June 18 and July 16 respectively. Today, Monday, January 3, the timetable and schedule of activities for Ekiti State governorship election will be released by the Independent National Electoral Commission (INEC). The commission also scheduled conduct of parties’ primaries for the state election between January 4 and January 29. Campaigns by political parties would begin by March 20 and end on June 16, while the ﬁnal list of candidates for the election will be released on May 19

Is Uzodinma Okorocha’s Nemesis? Political drama in Imo State is happening with the rapidity of an active waterfall. In 2022, Imo State promises even more intriguing spectacle as the all the political actors devise strategies that may require political watchers not to blink if they don’t want to miss an action.

Why Ikpeazu is Keeping an Eye on Abaribe Governor Okezie Ikpeazu of Abia State wasted no time in replying Senator Enyinnaya Abaribe, who was reported saying that Abians should get used to seeing him as their next governor come 2023. The ink had not even dried on the paper the Abaribe statement was printed when the Governor fired back, telling the Senator that he was hasty to announce his interest in the governorship in such an unguarded manner. Abaribe is believed to have links to the Independent People of Biafra (IPOB). The Senator secured bail for the leader of the IPOB, Nnamdi Kanu before he jumped bail in 2017. Ikpeazu has consistently argued that while the IPOB agitation may be justified as a result of real injustices against the Igbos, their method of seeking redress will lead to avoidable casualties. Abia State will be an interesting place to expect interesting political outcome this year. The Lagos PDP Governorship Ticket Quagmire It is true that a certain Olajide Adeniran, better known as Jandor has emerged from seeming oblivion and ran rings around the Lagos Chapter of the APC. Many times he outwitted the leadership of Lagos APC and they must heaved a sigh of relief when he announced the defection of his group, Lagos4Lagos Movement to the PDP. His arrival into the PDP has, however, caused a lot of anxiety for the governorship ambition of the likes of Dr. Ade Dosunmu, Mr. Jimi Agbaje and Mr. Adedeji Doherty NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY JANUARY 3, 2022

FEATURES

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

Black Christmas for Nasarawa Communities Igbawase Ukumba reports that while many ushered in Year 2022 with joy and fresh hopes, for crop farmers in six communities in Obi, Awe and Lafia Local Government Areas of Nasarawa State, it was indeed a black Christmas after some militia herdsmen launched coordinated attacks that claimed about 45 lives just days preceding the peak of the season's celebration

The displaced Tiv farmers listening to Governor Sule's address at Obi

or Chabo, Daa, Wuchi, Tse-Udugh, Hagher and Shankodi in largely Tiv communities of Obi, Awe and Lafia Local Government Areas of Nasarawa State, December 18, 2021, came with bad tidings. Some militia herdsmen launched coordinated attacks that claimed about 45 lives of crop farmers in the aforementioned communities. To those affected, it went beyond the attack as it brought back bad memories of previous attacks carried out by the militia herdsmen on the respective communities. Previous Attack On April 23, 2021, crop farmers in Nasarawa State were attacked when suspected herdsmen launched coordinated attacks on Tiv farming community of Ajimaka, in Doma Local Government Area of Nasarawa State, killing 14 Tiv farmers, majorly women and children. This was even as several persons were equally declared missing, while scores sustained various degrees of injuries, as houses belonging to the Tiv farmers were burnt alongside their farm produce and other valuables by the bandits during the said invasion. Also, the militia herdsmen also circulated quit notices to the Tiv farming community in the Local Government Areas of Doma and Keana of the state to vacate their places of abode or face total annihilation. The threat led to the displacement of over 50,000 Tiv farmers from their ancestral abode from the two LGAs. The suspected militia herdsmen, who were said to be carrying sophisticated weapons, invaded the Ajimaka community at about 2:00am of that fateful day, shooting sporadically and killing majorly women and children while scampering for safety during the invasion. Consequent upon the Ajimaka massacre, Governor Abdullahi Sule condemned in strong terms the brutal killings of women and children during the attack on the Ajimaka community by the gunmen. In a statement signed by the governor's Chief Press Secretary, Ibrahim

law enforcement agents in the collective fight against evil," Sule maintained in the statement. Consequent upon the governor's strong worded message, the massacre of crop farmers went underground for a while leaving behind pockets of attacks and killings of the crop farmers by the suspected herdsmen on the farms in a slightest provocation over grazing of cattle on crops on the farm.

Governor Sule interacting with traditional rulers in Obi over the killings Addra, Sule was quoted as describing the act perpetrated by the gunmen as reprehensible, callous and inexcusable. The governor said: "An attack that does not spare women and children bears the trademark of devilish elements who are bent on truncating the relative peace in the state." Sule however assured that security operatives have since commenced investiga-

tions that will expose the criminals with a view to punishing them according to the laws of the land. “My condolences and prayers are with families of those whose lives were lost. I urge them and the rest of our citizens to be rest assured that this administration will do all within its power to ensure justice, peace and security across the state. I therefore call for calm and support to

The gunmen, suspected to be herdsmen attacked six communities in Nasarawa State, with 45 persons feared killed.. the attackers, who had a ﬁeld day... went from one village to another killing over 45 people unchallenged

Resurgence However, the mass massacre of the crop farmers reared its ugly head again on December 18, 2021 when gunmen suspected to be herdsmen attacked six communities in Nasarawa State, with 45 persons feared killed. Report has it that the gunmen invaded Chabo, Daa, Wuchi and Tse-Udugh and Hagher and Shankodi in largely Tiv communities of Obi, Awe and Lafia Local Government Areas of Nasarawa State where the attackers allegedly carried out the attacks in reprisal to avenge the killing of their own, one Idris Umaru, whose dead body was found in the area. Investigation revealed that the attackers, who had a field day beginning from weekend on Saturday, went from one village to another till Sunday night killing over 45 people unchallenged by security forces. It was also gathered that beside the number of persons killed, several others escaped with various degrees of gunshot wounds while some were taken to the Dalhatu Araf Specialist Hospital in Lafia for treatment. This is just as others languished in the bush. Presidential Condemnation President Muhammadu Buhari was devastated by the unprovoked attacks hence he condemned the murder of the 45 farmers following the same renewed attacks in Lafia, Obi, and Awe Local Government Areas of Nasarawa State. In a statement by a presidential aide, Garba Shehu, the Nigerian leader reiterated his government’s resolve to tackle insecurity in the country. “I assure the people with all seriousness and sensitivity that this administration is doing its

T H I S D AY ˾ MONDAY JANUARY 3, 2022

FEATURES

Faces of the displaced Tiv farmers taking shelter in Obi town best to safeguard the security of people and will leave no stone unturned in fishing out the perpetrators of this senseless and barbaric incident, and bring them to justice,” the statement quoted Buhari as saying. President Buhari, who also sent his condolences to the affected families, the state, and the nation over the incident, however, “expressed satisfaction with the immediate response of the state government to the incident". Emergency Security Meeting At an emergency meeting with security chiefs, traditional rulers as well as Tiv and Fulani community leaders in Obi, the headquarters of Obi LGA, Governor Sule warned trouble makers to stay clear of the state. This was even as he promised to take prompt and decisive action in apprehending and prosecuting anyone caught breaching the peace being enjoyed in the state. In a statement issued to journalists by the governor's Chief Press Secretary, Ibrahim Addra, he said the meeting was a prompt response and part of sustained efforts to curtail the violence that erupted in parts of Obi and Lafia Local Government Areas of the state at that weekend. Governor Sule said: “What is more troubling is that in spite of our untiring efforts that has kept us on our toes before and through the weekend, there was needless loss of lives of our citizens. Such act of violence is most unfortunate, condemnable, unacceptable and will not be condoned by this administration." The governor admonished the people to live in peace with one another and to shun mischief makers looking for opportunities to cause mayhem. “Let me at this point condole with the families who lost their members and properties. As an administration, we will do everything possible to get to the bottom of this and forestall any future security breach. We will send relief materials to those persons displaced by the crisis for a short period as government will prefer to work with all stakeholders to ensure people return to their communities and businesses as quickly as possible." Police React On the other hand, the Nasarawa State Police Command came up with a press statement narrating the scenario that led to the recent attacks on some communities in the state. According to the police, the ugly episode started at about 1140hrs when a complaint was received that one Umaru Idrisu 'M' of Gidan

Washi Village, Obi LGA was attacked and killed by unknown armed men. Upon receipt of the complaints, as contained in the statement signed by the Nasarawa State Police Command's Public Relations Officer, ASP Nansel Ramhan and issued to journalists, "the Commissioner of Police, CP Adesina Soyemi ordered the Divisional Police Officer, Obi Division to move to the scene where the corpse was removed and taken to the hospital for post mortem examination, but later released to the family for burial according to Islamic rites. "Security has been provided in the village to prevent breakdown of law and order as investigation has since commenced to unravel the mystery behind the attack and bring the perpetrators to book. "While investigation was ongoing, a suspected reprisal was carried out by unknown persons in Hangara village, Lafia East Development Area, Lafia LGA and crossed over to the neighboring Kwayero Village of Obi LGA and the following persons namely: Sani Dauda, Danjuma Liambee, Uloho Jerry, Shedrack Kente, Boniface John, Tersoo Clement, Gwanje Soja and Ayuba Ali were attacked and killed; their corpse were recovered and taken to the hospital by the police." The statement continued that "in view of the foregoing, the commissioner of police moved to the scene of the incidents, contacted and held meetings with critical stakeholders in the various communities and urged them to suspend further hostilities and live in peace and assured them that a comprehensive investigation is ongoing, as the perpetrators of the act would not go unpunished. "Furthermore, a joint team of the

Nigeria Police Force and the military have been mobilised to the affected areas with a view to restoring peace and possible arrest of the perpetrators of the dastardly act. The commissioner of police has also condoled the family of the affected persons and prayed for the repose of their souls," the statement concluded. Death Toll The president of Tiv Development Association (TIDA) in Nasarawa State, Comrade Peter Ahemba, told our correspondent that over 20 dead bodies had so far been recovered from the scene of the attacks. He continued that although calm had return to the affected communities, Governor Abdullahhi Sule had directed the deployment of security personnel to stop further attacks in the areas. "So far 20 corpses have been recovered from the affected villages but many more people are still missing. As I speak, we don't know whether the missing persons are alive or dead. It's a very terrible situation. More corpses are still being recovered. "There is calm in the affected communities because Governor Sule has directed the deployment of security to the areas to prevent further attacks. There is also air surveillance to locate the criminals from the hideouts and I hope that these efforts by government will help the situation," the socio-cultural leader of Tiv people in Nasarawa State said. However, tension heightened again following the recovery of eight more dead bodies during the attack on Tiv communities of Chabo, Daa, Uloho, Hagher and Shankodi and other adjoining villages in Obi, Awe and Lafia East, Lafia Local Government Areas of the

There is calm in the aﬀected communities because Governor Sule has directed the deployment of security to the areas to prevent further attacks. There is also air surveillance to locate the criminals from the hideouts and I hope that these eﬀorts by government will help the situation

state by the suspected herdsmen. The TIDA president, who led a team of security operatives to the affected communities, said eight more dead bodies were recovered at Chabo in Obi Local Government Area. Ahemba, who expressed deep grieve over what he described as terrible, told journalists in a chat in Lafia that more corpses are expected to be recovered as search continues. He said: "Today, I led a team of security operatives to some of the villages of our people where they were attacked and killed. We were able to recover eight more corpses by the river bank at Chabo where we buried them. Recovery of more corpses will continue at Daar, Usula and other villages. The situation in the places visited is so terrible." "When I presented the situation of the killings and the casualty figure before the governor during a security meeting at Obi, some people, unfortunately including an appointee of Tiv extraction, who saw my presentation as a threat to his position in government went round castigating me for boldly telling the governor the true situation of the killings. "Today, I have been vindicated with the number of corpses buried today under the watchful eyes of the combined team of security operatives I personally led to Chabo village . Let's pray for God's intervention," the TIDA president maintained. Comrade Ahemba, however, appealed for calm, saying government has taken measures to forestall escalation of the attacks. This is just as he called for provision of relief materials for the displaced persons taking refuge in different parts of the state. Survivor Recounts Ordeal A survivor of the attack, Adugh Ortoho, told THISDAY that the attackers came in their numbers carrying AK 47 and machetes as they shot and macheted anyone at sight. According to Ortoho, "we woke up today (Sunday) and getting for the business of the day, suddenly we heard gunshots from all angles in our village. As I speak many people have been killed while others ran to the bushes with bullet wounds. "I am surprised with the attack because there has been no any problem anywhere. Infact, some people went to farm just to see gunmen firing from all directions." Continuing, the flabbergasted survivor concluded: "I saw many dead people as I was running for my dear life. As I speak, I can't locate my family members because we ran to different directions."

T H I S D AY • MONDAY, JANUARY 3, 2022

INTERVIEW

Adeduntan: CBN’s Current Forex Policy a Success The Managing Director/Chief Executive Officer of First Bank Nigeria Limited, Dr. Adesola Adeduntan, last year saw his tenure extended as part of efforts to ensure the stability of the financial institution. In this interview with THISDAY, he speaks about the intervention of the Central Bank of Nigeria, the future of the bank, trends that shaped the economy in 2021, his expectations for 2022 and other pertinent banking sector issues. Excerpts... What is the level of the Central Bank of Nigeria’s involvement in First Bank? The central bank’s involvement in FirstBank is essentially about playing the role of the regulator. CBN’s intervention has been in the best interest of the bank’s stakeholders and its performance; aimed at restoring confidence in the bank as well as to reassure the depositors, creditors and other stakeholders of the bank of its commitment to ensuring the stability of the financial system. Your third quarter results saw a decline in some of the key indicators such as gross earnings, proﬁt before tax and proﬁt after tax, what was responsible for this? The Commercial Banking reported a resilient performance resulting in a Profit before Tax of N44.3billion for the nine months period ended September 30, 2021. This result was delivered in a sustained low yield environment, which continues to compress margins as the macroeconomic environment remained challenging amidst the negative impacts of the COVID-19 pandemic. FirstBank’s focus on putting the customers first continues to be a driving force as we keep supporting our customers in meeting their business needs. The evidence of this support is reflected in the 24.1% y-t-d growth in the loan book, underpinned by solid risk management practices and from which sustainable good quality earnings are being delivered as asset quality remains firmly under control. Furthermore, in our concerted efforts at sustaining our dominance in financial inclusion and digital banking, we continue to record growths in our agent banking business, supporting the 17.5 per cent growth in non-interest income. We remain determined to continue strengthening our capabilities across our footprints, as we are confident that our investment in technology and the strong balance sheet, which the Group has built over the last six years, will provide the solid platform for more impressive results into the future. The CBN recently introduced the eNaira, what has been the acceptance rate by FirstBank’s customers, and do you think

this will positively impact your bank? The Central Bank of Nigeria (CBN) as the regulator of the banking industry continues to lead and drive development in the industry. In the banking industry, digital currency is the future and the CBN is staying ahead of the curve in Africa with the introduction of the eNaira given the several benefits associated with the digital currency, such as safety, speed, and convenience. A review of the events over the course of the past few years has shown that digitalisation in its different forms has been net positive for the financial services industry. The eNaira is no different; the digitalisation of the naira expands upon Nigeria’s already advanced payment ecosystem; the roadmap for the eNaira over the next couple of months will reveal some exciting use cases that will further grow the ecosystem and encourage even more interaction with this new form of currency. Currently we have a whole segment of digitally curious customers who have started interacting with the eNaira, and as the eNaira ecosystem grows and acceptance increases as a store and exchange of value, so will those numbers. FirstBank’s channels currently account for about 17 per cent of the total reported eNaira transaction volume. The bank is dependably dynamic and continues to be at the vanguard of innovation in the banking industry. Overall, I am confident that the eNaira will positively impact the bank as our customers continue to transact through the bank’s channels, supporting the digital economy drive. The number of customers will increase as the eNaira will enable the sign-on of excluded people in the financial system, thereby supporting the financial inclusion drive of the CBN. The eNaira will reduce the cost of processing cash for the bank, thereby making it a cheaper, reliable and faster way of exchange and the bank will have access to customers across the continents, simplifying and facilitating cross border payments and trade. What’s opinion about the CBN’s FX and what long-term impacts will it have

on the exchange rate and has your bank been able to meet the demands of customer? The main objectives of exchange rate policy in Nigeria are to preserve the value of the domestic currency, maintain a favorable external reserves position and ensure external balance without compromising the need for internal balance and the overall goal of macroeconomic stability. The new CBN’s foreign exchange (FX) policy is geared towards harmonising the FX rates across the various markets and increasing the availability of FX to those who genuinely need it and not for those who are speculators or those who deliberately try to distort the market. The current FX policy of the CBN has recorded some successes in improving the availability of FX for transactions and curbing the incessant decline of the naira exchange rate in the parallel markets. The current policy is expected to strengthen the naira exchange rate, however, there are several other factors that are critical to the movement of the exchange rate, predominantly oil prices and capital inflows. If these factors continue to trend positively, then we can expect a relative stability of naira relative to other international currencies. I believe the long-term impact will be the relative stability of the naira, as the CBN continues to meet all legitimate needs, increasing the confidence of the people and sending the right signaling effect to foreign investors. Typically, FirstBank engages the regulators, providing all the necessary foreign exchange bid documentations and following defined processes to ensure that our customers’ bids are successful, and we get as much allocation as possible for all our needy customers. How prepared do you think banks are for Basel III? The Basel III accord was developed by the Basel Committee on Banking Supervision (BCBS) and is built upon the frameworks of the existing Basel II accord, with the aim of strengthening regulation, supervision, and

risk management within the banking industry, globally. Due to the impact of the 2008 global financial crisis on banks, it became imperative for the current frameworks under Basel II to be revised to improve the ability of banks to handle shocks from financial stress and to strengthen their transparency and disclosure. The Central Bank of Nigeria (CBN) on September 2, 2021, issued a circular to all banks in Nigeria titled Basel III Implementation by all Deposit Money Banks. The circular aims to inform all banks of the issuance of guidelines for the implementation of the Basel III standard which is a voluntary global regulatory framework that addresses banks’ capital adequacy, stress testing, and market liquidity risk. Basel III standard will prevent banks from taking excessive risks that can negatively impact the players and the economy. Implementation of Basel III will have significant implications for capital requirement - there will be a higher minimum CAR requirement for players in the industry. However, the apex bank has engaged and defined a road map to ensure that operators in the banking industry meet and surpass the higher capital requirements. The Basel III will be implemented in phases and banks have developed their capital plan to ensure they meet and surpass the higher capital and liquidity requirements for the Basel III implementation. Many banks have revamped their operational and credit risk infrastructure to mitigate operational and credit risk losses. The effect is already being seen in the general decline in the industry’s non-performing loan portfolio. The successful implementation of the Basel III frameworks would be beneficial to the banking industry and the economy at large. Do you think it would spur more mergers and acquisitions in year 2022? The Basel III standard implementation by the Central Bank of Nigeria is aimed at decreasing the risk of the financial services sector. The main aim of Basel III is to improve financial stability - the standard is set to increase the soundness of Nigeria’s financial services sector and the confidence of the people in the financial system. The implementation is expected to impact banks’ capital adequacy by raising liquidity and lowering bank leverage. Analysts believe that the implementation of Basel III would increase the capital requirement of Systemic Important Banks (SIB) in Nigeria to 17 per cent from 15 per cent but, most banks in Nigeria are wellcapitalised and are expected to increase capital buffer that can be drawn upon in periods of stress. However, despite being well-capitalised, the implementation of Basel III would reduce the capital headroom of operators and banks would have to resort to various strategies to Continued on page 23

T H I S D AY • MONDAY, JANUARY 3, 2022

INTERVIEW

CBN’ Intervention in FirstBank is to Ensure Stability strengthen their capital positions to drive credit and business growth. These strategies may include mergers and acquisitions (M&A) as Basel III policy implementation takes effect to strengthen their capital positions as the policy requires higher capital requirements/enhanced capital cushions. Nonetheless, I believe Nigerian banks are wellpositioned to withstand regulatory headwinds whilst driving growth. How would you assess your bank’s performance through the pandemic? The Covid-19 pandemic disrupted several sectors of the economy, the banking industry was one of the most impacted given the critical role that banks play in the economy and across all sectors. However, FirstBank navigated the pandemic crisis successfully and recorded the best financial performance since 2015 in the 2020 financial year. FirstBank delivered a strong performance both on the financial and non-financial front underpinned by resiliency, digital innovation and customer centricity. On financial performance, despite the pandemic, the bank recorded significant growth in its revenue base, profitability and asset. Revenue and Profitability Performance: In the context of the pandemic, FirstBank Group delivered strong financial results, generating gross revenue of N539 billion for the year ended 31 December 2020. The Group’s non-interest income grew impressively by 24 per cent between 2019 and 2020, closing at N154.5 billion for the year ending 31 December 2020. The non-interest income growth was propelled by transactional and eBusiness income and credit related fees. In 2020, FirstBank Group delivered its most profitable year since 2015. The Group’s profit before tax increased from N70.8 billion for the year ended 31 December 2019 to N73.6 billion for the year ended 31 December 2020, resulting in a year-on-year profitability growth of 4 percent between 2019 and 2020. Strong Asset Growth and Stable Funding Base: FirstBank Group experienced solid total asset growth of 25.5 per cent to N7.4 trillion as at December 31st, 2020 (2019: N5.9 trillion). The Group continues to maintain a strong liquidity and capital position driven by its high volume of customer deposits held in low-cost current and savings accounts, which amounted to over 75 percent of the Bank’s customer deposit base as at 31 December 2020. Renewed emphasis by the Group in improving the service performance level in the retail segment, expanding digital touchpoints and repurposing of its branch network have resulted in 20.5 per cent increase in deposits to N4.7 trillion as at December 31st, 2020 (2019: N3.9 trillion); a reflection of our strong franchise value which has come to be associated with safety, stability and innovation. Through the bank’s extensive physical footprint and expanding agent banking network and digital banking capabilities, the Group continues to reach an increasing number of customers, which drives customer deposits in low-cost current and savings accounts that serve as an important funding base. On non-financial performance, the bank’s non-financial performance across disruptive innovation and customer focus lens has been impressive. Some of the milestones achieved during the pandemic was us launching the pioneer FastTrack ATM in Africa offering customers a touchless solution for ATM transactions and enabling customers to pre-order cash on ATMs via the bank’s USSD or mobile banking platforms. We unveiled FirstBank’s Virtual Payment Card, a digital representation of the naira-denominated plastic debit card, launched the Firstmonie Agent Credit, a digital lending solution designed to provide bridge finance to help our Agents solve liquidity challenges, leveraged technology to promote digital account opening process through the Digital Sales Executive App, ATMs, Firstmonie Agents, *894# USSD banking, FirstMobile and Company website. Also, we upgraded the Bank’s mobile banking application, FirstMobile, with new and improved features to promote a convenient and secured mobile banking experience for customers, rolled out FirstBank Digital Innovation Lab’s proprietary developed Mobile Banking App for our wholly owned subsidiary FBNBank Senegal, Increased customer account base (including wallets) to over 30 million. Maintained the dominant digital bank rating in Nigeria with over 20 per cent market share of electronic banking transaction volumes, about 16 million users on our digital banking platforms (USSD *894#, FirstMobile and FirstOnline) and over 11 million card users. Expanded the Agent Banking network to over 86,500[1] agents across 772 out of 774 local governments in Nigeria and paid out over N18 billion as commissions to Firstmonie Agents.Reinforced the Bank’s financial inclusion drive with the disbursement of over N22 billion and N35 billion in loans through FirstAdvance and Agent Credit digital platforms, respectively. Provided free e-learning solutions in partnership with Roducate, IBM and the Lagos State Government, thereby helping to reduce the negative impact of school closure following the COVID-19 pandemic on students in Lagos State. Additionally, the bank, in partnership with Junior Achievement, positively impacted over

“The Central Bank of Nigeria had in recent times taken some tough decisions to address the challenges affecting the growth of the real sector and the Nigerian economy. This includes ensuring that banks comply with the minimum 65 per cent loan to deposit ratio (LDR).This increased lending by CBN has proved potent in ﬁlling the ﬁnancing gap as credit to private sector has indeed risen to an appreciable level” one million students through its financial literacy, entrepreneurship and career counselling programs and Improved customer ranking in the Wholesale Banking segment by four places in 2020. What are your expectations and forecast for the economy in 2022? Globally and in Nigeria, economic recovery was strong in 2021 following improved vaccination exercise, and support from monetary and fiscal authorities for demand. However, I believe 2022 will witness slower pace in economic growth over lingering health crisis (the fourth wave of the covid-19 pandemic with the omicron variant) and rising price levels globally. Also, the boost from base effects and reopening of the economy will decline in 2022. Locally I expect economic growth to improve slightly; however, the following trends are expected in 2022 are disinflationary trend to continue in 2022 but inflation would still bite harder although potential PMS subsidy removal is the most consequential known factor that could push inflation to its worst-case estimates in 2022. Higher taxes may take the center stage as the federal government explores all options to cover for burgeoning budget deficit. Potential improvement in fiscal metrics given the bullish sentiment in the international oil market and savings potential from the PMS subsidy removal. Capital importation may improve as foreign portfolio investments, diaspora remittances and other sources of inflow witness gradual growth following global economic recovery and increased employment for Nigerians in diaspora. Monetary policy measures may normalise in 2022 with the Central Bank of Nigeria maintaining an accommodative stand. Economic growth in 2022 is projected to be with the range of 2.7 per cent and three per cent. However, the key activities to look out for in 2022 include electioneering, the penultimate year before the next general

elections, increase in taxes, buoyant oil market, PMS subsidy removal, and exchange rate policy of the CBN. With the recent push to increase lending by CBN, don’t you think this would impact or drive up your bank’s NPLs? The Central Bank of Nigeria had in recent times taken some tough decisions to address the challenges affecting the growth of the real sector and the Nigerian economy. This includes ensuring that banks comply with the minimum 65 per cent loan to deposit ratio (LDR). This increased lending by CBN has proved potent in filling the financing gap as credit to private sector has indeed risen to an appreciable level. Although there is a concern that this push to increase lending by CBN would drive up bank’s non-performing loans (NPLs), a report by the National Bureau of Statistics (NBS) noted that despite the increase in LDR there is an inverse proportionate reduction in non-performing loans. FirstBank has achieved great strides in reducing its NPL from double-digit in 2016 to single digit in 2021 which attest to the fact that the bank is strong and resilient. I am happy to note that the recent drive to increase lending will not affect the bank’s NPLs negatively as the bank has instituted a robust and automated operational and credit risk management processes and infrastructure. FirstBank has in the recent years built an enduring risk culture and governance system, strengthened the risk infrastructure through specialised training, digitalisation credit processes and imbibe disciplined and active portfolio management approach thereby ensuring strict regulatory compliance. FirstBank will continue to support CBN’s lending initiative to achieving strong economic growth and diversification as the bank is well positioned to maintain good asset quality and profitable credit portfolio.

With the emergence of PSBs and telcos granted licences, how much would that deepen ﬁnancial inclusion and do you see this competing with banks’ agency banking? The introduction of Payment Service Banks (PSBs) is another step taken by the CBN in line with its goal of promoting financial inclusion and enhancing access to financial services for the unbanked, underbanked, and underserved segments of the population across all parts of the country. The entrance of the PSBs will certainly deepen financial inclusion. It will impact the financial services landscape to the extent that the Telcos will be able to leverage their extensive infrastructure to offer last mile delivery of financial solutions to those currently unbanked. Today, we have 70 million Nigerians that have been issued the National Identity Number. About 20 per cent of this number are currently unbanked, and they can more easily be reached. The expected impact will ride on the back of synergy and collaborations across the industry. And this is what we are already seeing. For us at FirstBank, the development is not a threat, we see it more as an opportunity. You will agree that for an institution like ours that has been around and flourishing for over 127 years, our ability to read and effectively respond to market trends has been well proven. What we have done with our agent banking is to build a platform that could be leveraged to enrich customer offerings in diverse ways. We do not just possess spread, we possess depth. So, leveraging technology and open API, we are poised to work with the PSBs to deliver value to the banking public and citizenry. Still on agency banking, can you give us an update on the expansion of your bank’s agency banking and the impact it had especially during the lockdown? FirstBank’s agent banking, Firstmonie, has witnessed continuous growth since its launch. The Firstmonie agent network operates in 772 of the 774 local government areas in Nigeria and is the largest bank-led network in Nigeria, and indeed Sub-Saharan Africa, with over 150,000 agents including over 22,000 women agents, enabling the Bank to drive gender inclusive growth within rural communities. The Firstmonie network has processed over N17 trillion ($39.3 billion) in over 817 million transactions between 2018 and December 2021. The Firstmonie initiative has been a very formidable vehicle for job creation and economic development in several communities across the country, as over 150,000 direct jobs and 450,000 indirect jobs have been created, with an agent earning an average monthly commission/income of N85,000. Over 1.5 million individuals have been economically impacted through the jobs created via the FirstBank’s Firstmonie agent banking proposition. Significant percentage of Firstmonie’s agents are in the rural areas, contributing significantly to the development of the rural economy in Nigeria. Overall, FirstBank is supporting the social-economic development of Nigeria in a profitable way. During the peak of Continued on page 24

T H I S D AY • MONDAY, JANUARY 3, 2022

INTERVIEW

FirstBank is Resilient, Stable, Built for the Long-haul the lockdown, the Firstmonie network provided an alternative channel for the Bank’s customers to conduct transactions and meet their basic financial service needs, serving as quasi-physical touchpoint for the bank’s customers. This resulted in the Firstmonie network processing over N6.6 trillion worth of transactions during the period We are not resting on our oars and the growth in 2021 is equally impressive; as at Q3 2021, we had processed more value of transactions than we did in the whole of 2020. The outlook for 2022 and beyond is also quite exciting. We will continue to focus on impacting the lives of the communities we serve and deepening the services we offer through collaborations with partners, the regulatory authorities, other industry players, and our customers. Your tenure as CEO was last year renewed, can you speak on your achievements and milestones thus far? I was appointed Chief Executive Officer/Managing Director of this iconic institution - FirstBank of Nigeria Limited in January 2016. The board and management team embarked on a transformation journey with deliberate and focused extraordinary actions to rescue and gradually rebuild the bank. Fast forward, the rebuild effort of the last five-plus years has translated to significant outcomes across key indicators of business momentum and growth. Some of the achievements and milestones include: Grew the bank’s average assets to N8.2 trillion as at Q3, 2021 from N3.9 trillion as at December 2015, increased Group deposits base to N5.1 trillion in Q3, 2021 from N2.9 trillion as at December 2015. FirstBank grew the Bank’s profit before tax to N52.7 billion in Q3, 2021 from N10.2 billion as at December 2015, reduced the Bank’s NPL ratio from double-digit in 2016 to single digit in 2021 (vintage NPL is <1%). Reduced cost of risk to <2% as at Q3 2021 from double digit in 2016, transformed and repositioned international subsidiaries businesses for improved performance - all are returning positive profitability, upgraded the core banking platform (Finacle Future Ready – FFR) with improved processing capacity and availability + better integration agility. Built an industry leading digital banking (electronic banking) business. Made significant progress in transaction banking – controlling 26 per cent of industry corporate e-bills payment market share. Also, during my tenure, the FastTrack ATM was Launched in Africa offering customers a touchless solution for ATM transactions and enabling customers to pre-order cash on ATMs via the Bank’s USSD or mobile banking platforms.Unveiled the FirstBank Virtual Payment Card, a digital representation of the naira-denominated plastic debit card. Launched the Firstmonie Agent Credit, a digital lending solution designed to provide bridge finance to help our Agents solve liquidity challenges. Leveraged technology to promote digital account opening process through the ATMs, Firstmonie Agents, *894# USSD banking, FirstMobile and Company website. Upgraded the Bank’s mobile banking application, FirstMobile, with new and improved features to promote a convenient and secured mobile banking experience for customers. Rolled out FirstBank Digital Innovation Lab’s proprietary developed Mobile Banking App LitApp. Others are increased customer account base (including wallets) to over 34 million. Maintained the dominant digital bank rating in Nigeria with over 20% market share of electronic banking transaction volumes, about 16 million users on our digital banking platforms (USSD *894#, FirstMobile and FirstOnline) and over 11 million card users. Build a ubiquitous and robust Agent Banking network across 772 out of 774 local governments in Nigeria with over 150,000 agents. During my tenure, the Bank’s outstanding services have attracted numerous recognitions and awards. In 2021, FirstBank was named “Best Private Bank in Nigeria” and “Best Consumer Digital Bank in Nigeria” by Global Finance; “Most Innovative Banking Application – Nigeria, 2021” and “Best CSR Bank – Nigeria, 2021” by Global Banking and Finance Awards; “Most Innovative Banking Product 2021” by International Finance Awards; as well as “Treasury and Global Markets Brand of the Year 2021” and “Alternative Delivery Channel of the Year” by BusinessDay Banks and Other Financial Institutions (BAFI) Awards 2021. For six consecutive years, FirstBank was named, “Most Valuable Bank Brand in Nigeria,” by the globally renowned The Banker Magazine of the Financial Times Group and “Best Retail Bank in Nigeria” eight times in a row by The Asian Banker Awards. We are grateful for accolades and achievements which attest to our exceptional commitment to promoting national, regional and global economic growth and development through constructive engagements with the public and private sectors of various economies, and our host communities across the globe. What should your customers and shareholders expect from your bank in the near future?

“We understand that although the needs of customers may remain the same, the channel of delivery remains dynamic, and we must stay ahead of the curve; Our stakeholders should expect to see a bank that is future-proof and ready to provide best-in-class products and services that will meet and surpass their needs” The industry has changed and will continue to evolve at a faster pace with new innovative technologies, and the customers will continue to gravitate towards institutions that provide the best digital payments services that address their changing needs for convenience, speed and security. FirstBank will remain at the cutting edge of innovation and technology in the industry. FirstBank has the right capabilities and competencies to lead and take advantage of the new developments in the digital payment space, and indeed, the banking industry. At FirstBank, we will continue focus on customer-led innovation as we put our customers first in everything we do. We understand that although the needs of customers may remain the same, the channel of delivery remains dynamic, and we must stay ahead of the curve; Our stakeholders should expect to see a bank that is future-proof and ready to provide best-in-class products and services that will meet and surpass their needs. FirstBank remains dependably dynamic and will ensure that the needs of all stakeholders are met to the customers, we will provide the best products and deliver exceptional customer experience, to the shareholders, capital appreciation and good dividend payout,to employees, competitive emolument and good career path, to regulators, voluntary compliance to all rules and regulations and to communities, we will be good corporate citizens and give back to the society where we operate. Tell us about some of the impact of FirstBank on the communities where it operates? At FirstBank, we are committed to nationbuilding and have been driving sustainable social, economic and environmental growth for over 127 years of our existence. Our community development initiatives are

anchored on our strategic Education, Health and Welfare pillars. Our engagement in sustainable business practices is based on our promise of enhancing economic development and ensuring economic stability for the present and future generation. Our key programmes include Infrastructure Development programme; Endowment programme; Future First (Financial Literacy, Entrepreneurship and Career Counseling); E-Learning Initiative; SPARK (Start Performing Acts of Random Kindness) and CRS Week. I will highlight achievements for a few. First Bank Infrastructural Development programme is aimed at promoting infrastructure development under its identified areas of support. This includes providing infrastructure facilities in schools, hospitals and environmental infrastructure projects. This is in recognition of the importance of these facilities in improving the quality of life. We have built over 16 infrastructure projects which include universities and secondary and primary schools and recently commissioned a Primary Health Centre in Ijedodo Community in partnership with Lagos State Government. The FutureFirst programme in partnership with Junior Achievement Nigeria has impacted Over 1,000,000 people across the regions of the country including Lagos, Port Harcourt and Abuja with knowledge of financial literacy and entrepreneurship. Over 170,000 students have benefitted from the E-learning initiative thus far. This include 20,000 indigent students that have received free low-end devices preloaded with accredited content. The Corporate Responsibility & Sustainability Week (CR&S) Week which started in 2017 is a dedicated week designed to offer opportunities for employees to give their time and resources to defined causes in line with the Bank’s CR&S strategic approach. The Week’s activities are an aspect of the Bank’s Employee Giving & Volunteering Programme, which was instituted with the

aim of encouraging employees to give back to the community as well as inculcate in them the integral corporate culture of giving. The main initiative implemented during this week is SPARK. SPARK is a values-based initiative designed to raise consciousness that we can choose to be kind. SPARK which was introduced in the maiden edition of the Corporate Responsibility & Sustainability (CR&S) week in 2017 espouses reigniting our values which appear to be eroding fast. The initiative focuses on creating and reinforcing an attitude of going beyond just meeting the material needs of people who are unable to help themselves to showing compassion, empathy, affection. In 2021, the lives impacted include 60 Beneficiary schools; over 18,000 secondary students’ participants in SPARK launch; 20,000 underprivileged including widows lives touched in 8 countries including United Kingdom, Ghana, DRC, Guinea, Sierra Lone, Senegal & Nigeria. We had partnerships with over 100 Charities / NGOs including LEAP Africa; International Women Society; UNGC; UN Women; Junior Achievement Nigeria. In addition, SPARK Amplification has expanded and deepened staff involvement within our various host communities by integrating and institutionalizing acts of random kindness, which has seen 7 Directorates & Departments in the Bank implement various initiatives including empowering small businesses; infrastructure and books for schools, and providing household items for orphanages. In 2021, staff contributions spent to implement SPARK amplification stands at N13,570,743.10 and a total of 9,706.5 volunteering hours. When will the Elephant (FirstBank) stand ‘Gidigba’ again? As I said earlier, the bank is consistently delivering a resilient performance within a challenging macro-economic environment amidst the negative impacts of the COVID-19 pandemic. I highlighted some key points as evidence in our commitment to and journey towards reclaiming our top position in the industry. These include firstly, our determined efforts at sustaining our dominance in financial inclusion and digital banking, reflecting growth in our agent banking business, supporting the 17.5 per cent growth in non-interest income. The second thing is our deliberate, planned and consistent efforts in putting the customer first as shown in the 24.1% y-t-d growth in the loan book, fortified by solid risk management practices and from which sustainable good quality earnings are being delivered as asset quality remains firmly under control. And the confidence that our stakeholders including our customers repose in us is reflective in 10.3% y-t-d growth customers’ deposits. This is in addition to our constant investment in technology. We have always maintained that FirstBank is built to be resilient, stable and for the long-haul. And we remain committed to reinforcing our performance by the continued implementation of the Bank’s strategy, which is designed to deliver accelerated growth in profitability and overcome the possible challenges of the environment.

T H I S D AY ˾ MONDAY, JANUARY 3, 2022

BUSINESSWORLD R A T E S MONEY MARKET

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

08056356325

D E C E M B E R

S & P INDEX

3 1 , 2 0 2 1

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OBB

9.00%

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N413.03/ 1 US DOLLAR*

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10 High Cap Stocks Gain N532.66bn Amid Decline by Others in 2021

Kayode Tokede On the backdrop of closing positive in 2021, the value of 10 most capitalised stocks on the Nigerian Exchange Limited (NGX) gained N532.66billion despite the decline in BUA Cement, Stanbic IBTC Holdings Plc, Guaranty Trust Holdings Plc (GTCO) and Nigerian Breweries Plc market values. The other most capitalised stocks on NGX include Dangote cement Plc, MTN Nigeria Plc, Airtel Africa Plc, Nestle Nigeria Plc, Zenith Bank Plc, and Lafarge Africa Plc. The 10 most capitalised stocks are from Industrial Goods and banks with three representations each, while the Information Communication Technology (ICT) and Consumer

Goods Sectors accounted for two companies. Analysis of the equities market activity showed that the positive gain recorded by Dangote Cement, MTN Nigeria and Airtel Africa impacted on the overall market capitalisation as it appreciated by N1.24trillion to close at N22.297trillion in the year under review as against N21.057trillion in 202. Thus, the NGX All-Share Index went up by 6.07 per cent to 42,716.44 basis points from 40,270.72 basis points the stock market opened in 2021. Analysts believe foreign investors’ participation in the trading of Dangote Cement; MTN Nigeria and Airtel Africa stocks drive price appreciation. According to the Chief Economist/ Head, Investment Research of

PanAfrican Capital Holdings, Mr. Moses Ojo, impressive corporate earnings and dividend pay out to shareholders contributed to these companies’ price appreciation in 2021. According to Ojo: “The three companies are the largest companies by market capitalisation on the NGX. If these companies record one per cent gain, it will affect the direction of the stock market. “The financial results of these companies have been impressive despite foreign and domestic challenges. Despite reporting high operating cost, the likes of MTN and Airtel Africa have maintained robust fundamentals.” The Chief Operating Officer, InvestData Consulting Limited,

Ambrose Omorodion attributed stock price appreciation in these companies to stability and its classification. He said: “Investors are always after highly capitalised stocks across the world. These are companies where Pension Fund Administrators, foreign and high network investors are ready to take positions. These companies are defensive stocks and they control over 50 per cent value on the NGX. “In the nine months unaudited result and accounts, the likes of Dangote Cement and MTN Nigeria have maintained impressive corporate earnings and it drive stock price appreciation on a short or long run. MTN Nigeria’s income from data revenue has shown attractive growth and investors are reacting based on the

company’s drive to capture 5G data.” Appreciation in Dangote Cement, MTN Nigeria and Airtel Africa contributed 92 per cent to overall market capitalisation in 2021 with the three combined accounting for N1.146trillion market capitalisation. The breakdown revealed that MTN Nigeria by market capitalisation gained N551.6billion in 2021 when it stock price opened at N169.90 and close at N197.00 per share. Dangote Cement stock price opened 2021 at N244.90 to close at N257, translating into a market capitalisation gain of N206.19, while Airtel Africa stock price added N103.2 to drive market capitalisation by N387.84billion in 2021. The other companies that gained

in market capitalisation in the year under review include Nestle Nigeria; N40.8billion; Zenith bank, N10.99billion and Lafarge Africa, N23.19billion. The gain in Zenith Bank, among other banks stock boost banking index performance in 2021 as it gained 3.32 per cent to close at 406.07 basis points. Conversely, BUA Cement, one of the highly capitalised stocks recorded most investors’ profit-taking in 2021, dropping by N348.8billion. The stock price of the cement manufacturing company dropped by N10.30 to close 2021 at N67.05 from N77.35 it opened for trading this year. Capital market analyst, Mr. Rotimi Continued on page 26

‘Nigeria’s Position as Africa’s 3rd Largest Importer of Tomato Paste Unacceptable’ Omon-Julius Onabu in Asaba Acting Executive Director/Chief Executive Officer, National Horticultural Research Institute (NIHORT), Dr Ephraim Nwanguma has decried the ranking as the third largest importer of

tomato paste concentrate in the world. Describing the ranking as unacceptable, he all hands must be on deck to reverse the situation as soil across the country is suitable for the production of tomatoes and other horticultural crops like plantain,

banana, citrus and pepper. Nwanguma made the assertion at the Training on Tomato, Pepper and Plantain Suckers Production for over 150 beneficiaries held in Kwale, the administrative headquarters of Ndokwa West Local Government

Area of Delta State. The exercise, which is part of series of an annual training programme for youths and the unemployed in the three local government areas of Ukwuani, Ndokwa East and Ndokwa West, is at the instance of Dr Ossai Nicholas

Ossai, representing the three local government areas in the House of Representatives. While harping on the globally acknowledged nutritional, health and economic benefits of tomato products, Nwanguma lamented that the country

still depended heavily on tomato paste importation in spite of the fact that Nigeria is one of leading producers of tomatoes in the continent and the world, hence the priority placed on its Continued on page 27

M A R K E T D ATA A S AT F R I D AY, D E C E M B E R 3 1 , 2 0 2 1 FGN BONDS DESCRIPTION 7.144 FGNSB 15-JAN-2022 13.125 FGNSB 16-JAN-2022 16.39 27-JAN2022 5.910 FGNSB 12-FEB-2022 13.050 FGNSB 13-FEB-2022

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3.85

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101.13

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MONDAY, JANUARY 3, 2022 ˾ T H I S D AY

BUSINESSWORLD

PERSPECTIVE

How Strategic Leaders Can Develop Growth Mindset, Win Dr. Alim Abubakre is a British based entrepreneur with an unparalleled passion for Africa, academic, and Founder & Non-Executive Chair of TEXEM, UK, which has trained over 4,000 executives in the UK and Africa in the past ten years. He is on the advisory board of the London Business School Africa Society, lectures in Coventry, a top 15 UK university. In 2010, Alim was selected as one of the top 100 Virgin Media emerging entrepreneurs in the UK and accompanied London’s Lord Mayor on his entourage to Nigeria in 2015. Abubakre is a Fellow (FIOEE) of the UK’s Institute of Enterprise and Entrepreneurs and a Senior Fellow of the Higher Education Academy Dr. Alim Abubakre

short courses on this, and it will help you improve your performance as an executive.

s we mark the end of another eventful year, I believe that it is imperative to share actionable insights to help leaders thrive despite the disruptive and volatile operating context. These actionable strategies are informed by insights that I gleaned from helping over 4,000 executives and hundreds of organisations to optimise their impact and thrive since I founded TEXEM 12 years ago. Talking about improving performance can be difficult, especially when there are disruptions such as those posed by the current pandemic. While it looks challenging and daunting during times of uncertainty, you’ll agree with me that there are executives out there who are performing exceptionally well despite the many challenges that they face. Such cases present an opportunity to learn how such leaders are sailing through the storms of the pandemic, competition, disruption and other headwinds. As a public or private sector leader, you need to learn and adopt the right strategies and skills that can help you influence impactful action among your team. You have to engage, encourage and stimulate them to achieve your organisation’s goals effectively and efficiently. By the way, contrary to what many people think, leadership is not about coercion. Sometimes your team needs a little coaching and inspiration to improve performance. Arguably certain qualities and characteristics are common among successful leaders who continually contribute to nation-building; how such individuals respond to circumstances, including disruptive pandemics such as the COVID 19 and the strategic choices that they make, all factor into their success and effective leadership. Most importantly, how well people respond to the need for change and transition, especially in this digital age, sets them apart from their counterparts who might be struggling or performing dismally. If you are looking to be a leader, that turns challenges into vitamins; here are some of the essential skill sets you need:

A) COMMUNICATION SKILLS The ability to present information clearly and effectively is very vital for any leader who aspires to develop impactful legacies that endure. While presentation skills are required by almost every job these days, being a leader requires knowing how to pass messages effectively. It is critical for success. 70% of all change initiatives fail partly due to poor communication. Thus, to successfully inspire transformation, you need to improve your private and public presentations across multiple platforms. Writing skills are also an essential part of strategic communication. Strategic leaders communicate with clarity, poise, conviction, build trust and inspire others to transform.

B) FINANCIAL AWARENESS Financial awareness, including the ability to use various financial knowledge and skills such as budgeting, investing, and financial management,

E) SELF-MOTIVATION As a prolific leader, you should be selfmotivated before you seek to motivate your team or those you lead. It becomes easy to provide strategic direction and inspire your team to achieve organisational goals when you are self-motivated. But how do you motivate yourself? Well, be open to change, learn from others, reflect on your progress, balance your emotions, be deliberate about; the company you keep as well as what you read and always make positive affirmative statements.

F) TIME MANAGEMENT Look, effective time management stimulates strategic leadership. You must, therefore, make it a habit to use time well. Every day, draw a to-do list, prioritise your tasks, be focused, manage distractions and track your time. Note that while everyone has 24hours, some use it well, while others end up wasting their time. Top performance, growth, and other successes come when one manages their time well, so you have to do it and do it effectively.

Abubakre will allow you to manage financial resources in your organisation effectively. You also need these skills to communicate your organisation’s financial position and performance to all stakeholders. It will also inform the choices and actions you take and those that should be deferred.

C) ENTREPRENEURSHIP: TAKING RISKS Leadership requires an intrepreneurial mindset that can turn problems into opportunities that add value and propel the organisation to success. So, leaders need to be risk-takers and experts when navigating uncertainties. And in today’s environment, entrepreneurial activity is needed more than ever before. It’s necessary for solving problems, improving performance, and thriving despite the ever-growing competition.

D) IT SKILLS Developing IT skills as a leader will allow you to embrace and utilise emerging technologies. From artificial intelligence to quantum computing, big data, to the internet of things, all these technological capabilities can disrupt the dominant business model, so every leader needs to be technology savvy. Hence, you also need these skills to be efficient, effective and solve technical, human and commercial issues with ease. So, it might just be necessary for you to acquire IT skills in many areas, especially in project management, cyber security, software development, data analytics, and others. To achieve these, you need to undergo some

G) ACTION PLAN FOR CHANGE OR PERSONAL DEVELOPMENT PLAN As a leader, you need a written account of your self-reflection and improvement, which should also double up as your action plan that you’ll use to achieve your goals. It should describe your goals regarding development, areas of improvement and performance optimisation as a leader. Most importantly, it should outline the tactics you will use to achieve top performances, whose strategies should be broken down into actionable steps, and each milestone should be given a time frame. Thus, this action plan must be smart, i.e. specific, measurable, attainable and time- bound.

H) EMBRACE CHANGE Another typical behaviour with leaders who deliver top-performance despite the plethora of contextual challenges is that they are always ready to embrace change. Ideally, change is always part of the business or day-to-day running of activities. So, as an executive, you must have an open mind that is ready to accept change. Note that, with constantly emerging technologies, ways of thinking, and other dynamics, you cannot expect to apply the same old techniques of leadership strategies. That’s how you get beaten and left out while your competitors are growing and scaling the heights of success.

I) INVEST IN EDUCATION Commitment to continued education is another vital requirement for improving

self, team, organisation and society. You’ll agree that leadership is a journey and not a destination. So, as a strategic leader, you must continually expand your knowledge and inspire your organisation to embrace a culture of lifelong learning. This could be a means of developing core competencies and capabilities that could generate sustainable competitive advantage. To achieve a competitive advantage that endures, you can register for short courses with reputable providers. One such leading consulting firm is TEXEM. Over time, TEXEM has proven to be a leader in providing actionable learning platforms and the best programmes for executives looking to steer their organisations to the highest possible success and growth potentials. It gives you a chance to hear from, engage with and learn from some of the best faculties and leaders from world-leading universities and other seats of learning. TEXEM is also renowned for having a rigorous methodology that makes learning stimulating, exciting, and impactful.

WRAPPING IT UP Overall, the most strategic leaders are those who have a growth mindset and strive to improve themselves continually. For them, past success is not a reason to be content with everything. Instead, it’s a reason to acquire more skills, especially those that help increase their capacities, facilitate profitable growth in their organisations and have a culture of renewal. But what kind of skills are necessary? We are in a digital era; hence, digital, soft and conceptual skills are vital for survival, growth, and improved performance. Furthermore, you can get insights into customer behaviour, needs, and the best ways to connect with them with such skills. With continued learning and education, you get a chance to network both externally, share experiences with others, and most importantly, develop your leadership skills. Influential leaders invest in their leadership, and whether you are in the public or private sector, you too need to embrace continuous learning. All organisations need leaders that keep growing. So, to grow your company, develop yourself as an executive or leader. Learn and practice the habit of constantly striving to improve performance even when you are already doing well. t %S "CVCBLSF JT B #SJUJTI CBTFE FOUSFQSFOFVS XJUI BO VOQBSBMMFMFE QBTTJPO GPS "GSJDB BDBEFNJD BOE 'PVOEFS /PO &YFDVUJWF $IBJS PG 5&9&. 6, XIJDI IBT USBJOFE PWFS FYFDVUJWFT JO UIF 6, BOE "GSJDB JO UIF QBTU UFO ZFBST )F JT PO UIF BEWJTPSZ CPBSE PG UIF -POEPO #VTJOFTT 4DIPPM "GSJDB 4PDJFUZ MFDUVSFT JO $PWFOUSZ B UPQ 6, VOJWFSTJUZ *O "MJN XBT TFMFDUFE BT POF PG UIF UPQ 7JSHJO .FEJB FNFSHJOH FOUSFQSFOFVST JO UIF 6, BOE BDDPNQBOJFE -POEPO T -PSE .BZPS PO IJT FOUPVSBHF UP /JHFSJB JO "CVCBLSF JT B 'FMMPX '*0&& PG UIF 6, T *OTUJUVUF PG &OUFSQSJTF BOE &OUSFQSFOFVST BOE B 4FOJPS 'FMMPX PG UIF )JHIFS &EVDBUJPO "DBEFNZ

10 HIGH CAP STOCKS GAIN N532.66BN AMID DECLINE BY OTHERS IN 2021 Fakeyejo stated that BUA Cement’s 13.3 per cent decline in stock price was related to its Basic Earnings Per Share. The company closed nine months ended September 30, 2021 with N0.66 Basic Earnings Per Share as against N0.55 recorded in prior nine months of 2020. Fakeyejo explained, “For BUA cement, the stock price in 2021 was not commensurate with the company’s Basic Earnings Per Share and investors decided to the selloff.” On its part, GTCO dropped by N186.89billion in market capitalisation, while Stanbic IBTC Holdings also dropped by N104.3billion in 2021. Fakeyejo explained further that: “The Holdco structure put a selling pressure

on GTCO stock in 2021 couple with unimpressive nine months results. It is expected that most PFAs will divert from GTCO stock until after five years. Based on that, a lot of investors started taking profit-taking in GTCO, leading decline in 2021. “Also, the poor performance of Stanbic IBTC Holdings in nine months of 2021 discouraged investors, a major reason for the decline in stock price recorded in 2021.” Analysts however pointed out that profit-taking in multinational companies over foreign exchange scarcity impacted on Nigerian Breweries stock price in 2021. The market capitalisation of Nigerian Breweries dropped by N47.98billion

when it stock price depreciated by 10.7 per cent in 2021. Analysis of the stock revealed that Nigerian Breweries market price opened 2021 at N56.00, dropped by N6.00 to close at N50.00 per share as at December 31, 2020. Speaking with THISDAY, doyen of the market, Mr. Rasheed Yusuf said highly capitalised companies listed on the NGX in 2021 faced numerous domestic and foreign challenges. He noted that the stock market performance is a reflection of the operating environment orchestrated by COVID-19 pandemic. According to him: “The performance of companies’ stock price is a reflection of current

economy reality and as you likely know, the pandemic brought the world economy to a standstill in 2021. The dominant concern was based on how to survive, coupled with virtual communication. “I think the underline consideration is operating environment and how many companies were able to survive. Most of the companies on NGX have done well despite profit-taking in stock prices and weak corporate earnings. I think we should commend these companies for surviving 2021 macro economy challenges and be hopeful that in 2022, we should be looking at improved appreciation in stock prices. “Our expectation should be, with

the ease of movement with the benefit technology has also opened new ground, therefore, 2022 should be a year of manifestation of impressive corporate earnings and foreign investors returning to the stock market.” The Vice President, Highcap Securities Limited, Mr. David Adnori, the weight of highly capitalized stocks listed on the NGX do contribute immensely to the performance of the NSE ASI and market capitalisation on daily basis. Adnori said: “More importantly, this weighty contribution to the performance is more reflective in the market breadth position recorded in any trading day activities. Despite a negative market breadth, a positive

movement in the stock price of any of the highly capitalized stocks could drive the NSE ASI to positive territory and sometimes, the reverse is the case. “These companies’ performance is a reflection of the Nigeria economy and we expected foreign and domestic investors to trade caution in some of these companies.” Adnori added that the stock market in 2021 faced volatility, especially from foreign investors as interest in fixed income securities improved. He noted that the double-digit inflation, foreign exchange scarcity, and security were concerns to foreign investors, stressing that most of the highly capitalised were affected by these factors in 2021.

T H I S D AY ˾ MONDAY, JANUARY 3, 2022

BUSINESSWORLD

STATUS REPORT

Cadbury: Competition, Cost of Sales Threaten Proﬁtability

Kayode Tokede

ith hike in cost of sales and severe competition in the consumer goods sector, Cadbury Nigeria Plc’s profit and dividend payout to shareholders seems threatened in 2021 financial year result and accounts. The company in its nine months ended September 30, 2021 unaudited result and accounts was unable to managed its rising cost of sales, which was the main challenge that caused a net loss of N516 million in the half year ended June 30, 2021 The multinational company had reported cost of sales of about 30 per cent to N16.3billion in H1 2021 from N12.61billion reported in H1 2020. Cost of sales in nine months ended September 30, 2021 grew by 19.04 per cent to N24.4billion from N20.52billion in nine months of 2020, to drive proportion of cost of sales/revenue to 81.28 per cent in nine months of 2021 from 79.53 per cent in nine months of 2020. The company in the nine months under review reported 16.5 per cent increase in revenue to N30.05billion from N25.8billion reported in prior nine months of 2020. Revenue generated in Nigeria rose by 25.04 per cent to N28.7billion from N22.96billion in nine months of 2020,while export sales dropped by 52.9 per cent to N1.33billion from N2.83billion reported in nine months of 2020. Analysts explained that further rise in cost of sales and hike in finance cost in fourth quarter of 2021 might weaken the company’s profit in full year ended December 31, 2021 results. Companies operating in Nigeria had faced hike in cost of sales in the four quarter of 2021 amid growing revenue, mixed financial parameters that stand to play critical role in profit. However, decline in total operating expenses and growth in net finance income boost profits in the nine months under review. Cadbury Nigeria’s total operating expenses dropped by 10 per cent to N3.82billion in nine months of 2021 from N4.24billion reported in nine months of 2020.

The breakdown revealed that selling and disturbing expense gained 2.5 per cent to N3.38billion in nine months of 2021 from N3.3billion in nine months of 2020, while administrative expenses dropped by 53.3 per cent to N436million from N935.99million prior nine months of 2020. Net finance cost dropped by 290 per cent to N333.25million from N85.45million reported in nine months of 2020. The company’s profit of N241 million in the first quarter was absorbed by a loss of N861 million in the second quarter, closing the half year with a net loss of N516 million. It has overwritten the half year loss with the N2 billion profit in the third quarter, ending the nine months with a bottom line of N1.51billion. The company to be back on course for a rebound from profit drop last year but cost of sales pose a threat. Despite a rise and fall pattern the company has remained profitable since it returned to profit in 2017 from a N563 million loss in 2016. With moderated input cost, Cadbury Nigeria’s gross profit rebounded at the end of September from a 34 per cent drop at half year to over six per cent improvement year-on-year to N5.6 billion. This is also a change of direction from a drop of 29 per cent in gross profit recorded at the end of 2020. Cadbury Nigeria’s management needed to address fundamental imbalance in the company’s cost-income structure at half year when gross profit was insufficient to meet selling and distribution expenses. This time, gross profit covered operating expenses and produced an operating profit of N5.6 billion at the end of the nine months of 2021 as against N5.28billion reported in nine months of 2020. Cadbury continues to benefit from its significantly deleveraged balance sheet, closing the third quarter operations with a net finance income of N333 million – four times the N85 million it earned in the same period last year. However, inter-company borrowings

of N6.33 billion this year have raised balance sheet debts to N9.5 billion as at September 30, 2021. Total assets closed September 30, 2021 at N42.28billion, 27 per cent increase from N33.21billion reported in full year ended December 31, 2020.

WEAK REVENUE, PROFITS Hitherto, the company in 2020 financial year had reported weak revenue that eroded profits. Cadbury Nigeria had reported 9.97 per cent decline in revenue to N35.41billion in 2020 financial year as against N35.41 billion reported in 2019. In line with the information contained in the report, the 9.97per cent decrease in the revenue of Cadbury Nigeria in 2020 was occasioned by the decrease in domestic and export sales of the company, this decline went on to impact the profits of the Company in 2020. This is logical as Fast Moving Consumer Goods (FMCG) profit margins are usually rather slim, hence Cadbury, like every other player operating in the FMCG sector mostly employs a strategy focused on driving top-line sales (revenue) and by extension increasing market share. Consequently, the impact of the COVID-19 on the Company’s sales pressured revenue in 2020, and this impacted profits significantly. It is important to understand that Cadbury’s profitability thrives on high volume and high revenue. However, the decrease in revenue without a more than proportionate decrease in Cost of Sales by 4.82 per cent to N29.51billion in 2020 from N31billion in 2019, to pressured the company’s prospects of posting an impressive profit last year, as gross profit declined by 30.73 per cent to N5.77billion. Other income increased to N108.04 million, up by 24 per cent in 2020 from N87.13million in 2020. The company reported 12.12 per cent increase in Selling and distribution expenses decreased to N4.58billion from N5.2billion,

while administrative expenses decreased to N1.18 billion, down by 35.25 per cent from N1.82billion reported in 2019. With about 31.21 per cent decline in Net finance income to N127.44 million in 2020 from N184.1million in 2019, Profit for the year decreased to N931.93million in 2020 from N1.07billion in 2019.

FINANCIAL POSITION IN 2020 Despite all these, the company’s liquidity position improved in 2020 driven by an 86.1 per cent increase in net cash generated from operating activities, which rose sharply to N4.25 billion from N2.29 billion. However, total assets grew by 15.31 per cent to N33.21billion in 2020 from N28.8billion in 2019, driven by 34.3 per cent growth in total current assets that moved from N15.17billion in 2019 to N20.38billion in 2020. The company reported about six per cent decline in total non-current assets to N12.83billion in 2020 from N13.6billion reported in 2019. Total equity closed 2020 at N14.7billion, an increase of nine per cent from N13.5billion reported in 2019. The operation of Cadbury Nigeria Plc dates back to the 1950s when the business was founded to source cocoa beans from Nigeria. Since then, the company has grown to become one of the leading players in the industry, providing consumers with many well-known and patronised brands. The Company is a subsidiary of Cadbury Schweppes Overseas Limited which held 74.97per cent of the issued and fully paid share capital of the Company as at 31 December 2020 (2019: 74.97per cent ). The ultimate parent of the Company is Mondel z International incorporated in the United States of America. Amount due to Cadbury Schweppes Overseas Ltd at the end of the year was N632.6 million for 2019 dividend (2019: Nil). The remaining 25.03per cent equity-ownership is held by a diverse group of Nigerian individuals and institutional shareholders. Cadbury’s market capitalization closed 2021 at N16.53 billion when it share price closed at N8.80.

‘NIGERIA’S POSITION AS AFRICA’S 3RD LARGEST IMPORTER OF TOMATO PASTE UNACCEPTABLE’ production by the federal government. “Tomato is one of the most important and priority crops in the food security programme of the Federal Government of Nigeria. It is an important component of the daily diet, a valuable raw material in processed products such as juice, puree, paste, ketchup/sauce, dry slices, powder and canned or bottled whole. It is widely cultivated due to the economic and nutritional importance of the crop.

“Tomatoes provide several nutrients to the body especially very A, C and K, and it is a major source of antioxidant and lycopene. Tomato production is a lucrative business and it provides income to farmers and agents involved in its input supply, production, processing, marketing and transportation. “Nigeria currently produces 2.3 million metric tonnes as against the 1.8 million metric tonnes produced two years ago while the national

demand is three million metric tonnes. Good tomato production practices will improve tomato yields and increase tomato availability for processing. This will go a long way in reducing the quantity of tomatoes imported into the country, and most especially during the lean season of tomato supply. “Nigeria is the 14th largest producer of tomatoes in the world, second in Africa and accounts for about 65 per cent of all tomatoes

that is produced in West Africa. Despite the aforementioned potentials of tomato, Nigeria imports and average if 150,000 of tomato paste concentrate annually, valued at about $170 million. Thus, the country is the 13th largest importer of tomato paste in the world and third largest importer in Africa,” Nwanguma said. The capacity building and training is, therefore, aimed at getting more Nigerians to benefit maximally from

the commodities through improved production practices such as nursery management, field management, pest and diseases control and harvesting. “Plantain, on the other hand, is an important staple foodcrop and source of income most especially for small holder farmers. It is a low capital agribusiness; it is very lucrative and most Nigerian soil is good for plantain production. Nigeria has a comparative advantage in plantain production and is a major producer

in the world. Nigeria ranked 5th in plantain production in the world and the production figure of 3,182,872 tonnes was obtained in 2019, “he further said. Earlier in his opening remarks, the Chairman, NIHORT Governing Board, Major-General Mohammed Garba, noted that as valuable horticultural crops grown in the country, “tomato and plantain are important economic and food security crops” in Nigeria.

MONDAY, JANUARY 3, 2022 ˾ T H I S D AY

BUSINESSWORLD

PERSPECTIVE

Energy Transition: What is Nigeria’s Plan B?

Okey Nwachukwu

or as long as any Nigerian can remember, the campaign for economic diversification has almost been eternal and transformed into an anthem of sorts. Expectations have always been that government, with near-absolute control of the economy and state resources, will spearhead such revolution away from sole dependence on crude oil. But what do we have in reality? Diversification has emerged just a nice-to-have that should be left to someone else to implement. This is regardless of the fact that politicians frequently flaunt slogans around diversification to stir up their political bases or to deceive gullible Nigerians. From one regime to another, we have been heavy on sound and empty in deed. This brings me to the dilemma and probably a catastrophe the country would contend with in the future if the current nonchalance persists. Enugu grabbed my attention for two things as a kid growing up in the East in the 70s. It was from this town that Col Emeka Odimegwu Ojukwu, my eventual hero, marshaled the Biafran side of the civil war. The other reason was the pseudonym, Coal-City, which the city still bears. On its own, Enugu, which means ‘top of the hill’ in Igbo language, is also remarkable. Embedded underneath Enugu were huge deposits of coal from which the city earned its famous sobriquet. Before the turn of the century, the global economy was largely powered by coal after it was discovered as a major source of heat and light. Its discovery in Enugu in 1909 raised the city’s profile as an administrative and economic base, and further strengthened the economic mission of Britain, who exploited the mineral for consumption and exports. Such interest prompted the gruesome massacre of 21 miners at Iva Mine in 1949 by the colonial police over the workers’ demand for better working conditions. Coal was a major contributor to the GDP of both the national and regional governments as it was hugely utilized in domestic and industrial uses. It was the mainstay of the power generation and rail systems in Nigeria. Its decline however began from the 70s as attention shifted to petroleum. The coal deposits still lie underneath Enugu but the mines have long gone cold. Enugu is today dominated by civil servants, traders and the service industry. The same situation obtains in several states across the Middle Belt where coal exists. At the global level, coal was the engine of the world economy, contributing enormously to meeting energy needs. It still powers some sectors among the major economies. It also had its hazards. Then the tide turned. Issues around environmental concerns and the discovery of new technologies gained ascendancy at the turn of the century. Beginning from the late 30s, hydrocarbons was discovered in commercial quantities across the world. Within a decade, it emerged the paramount energy source and effectively shoved “King Coal” aside. The

technology for drilling oil came cheaper and simpler, its refining yielded several useful byproducts and it was adjudged more climate-friendly as emissions from it were much lesser than coal’s. Petroleum became instrumental in advancing economic progress. Few years after becoming a major energy source, a number of oil-producing countries rapidly transformed into economic hubs and frontbenchers in oil policy decisions. The Organization of Petroleum Exporting Countries (OPEC), which Nigerian joined in 1971, emerged a powerful cartel in the global oil marketplace. In response, Nigeria, Africa’s current biggest oil producer, practically abandoned agriculture, which was the economic foundation up to the 60s. Even today, the country depends on oil exports for 90 percent of its national revenue and 9.25 percent of gross domestic product (GDP) in Q1 2021. Agriculture went on its knees. But in a twist of fortunes, the fate, which befell coal five decades ago now stares oil in the face. The combustion of petroleum has become a major emitter, contributing to high levels of carbon dioxide that propels global warming. The Intergovernmental Panel on Climate Change (IPCC), in a report, stated that global warming is causing increased changes to rainfall patterns, oceans and winds in all regions of the world and some of these trends are irreversible. The potential depletion of fossil fuel resources also triggered concerns in policy circles. After several years of partisan brickbats, the global community gathered in Glasgow, the Scottish capital, last November, with one item on the agenda: a referendum on the future of fossil fuels for their role in global warming. The earth has been heating at an alarming rate, which, if unchecked, could lead to its melting. Africa in particular faces a dire fate being at the heart of the tropics and with very minimal effort at checkmating deforestation and desertification. After two weeks of exchanges in Scotland, over 100 countries agreed to cut methane emissions, transition to clean energy and decarbonisation. In addition, national governments, cities, states, and car manufacturers signed the “Glasgow Declaration on Zero-Emission Cars and Vans” in which they resolved to stop the sale of internal combustion engines by 2035 in major markets, and worldwide by 2040.” “Eleven countries went further by creating the ‘Beyond Oil and Gas Alliance’, to jointly set an end date for national oil and gas exploration and extraction.” Here’re some of the commitments by major economies on the energy transition. The European Union, Nigeria’s second largest oil importer, after India, collectively agreed to adopt cut green gas emissions

by 55 percent by 2020. The US, the world’s largest economy, aims at 50-52 percent reduction in greenhouse gas pollution from 2005 levels in 2030. Japan, China, and India have set similar targets. Against this evolving trend, what has been Nigeria’s policy on energy transition? At present, the country lacks a coherent strategy. What we hear are intermittent pronouncements about oil demand not abating any time soon. Officials of the incumbent government, just like others before it, are mostly indifferent. Their attitude is informed by an unverifiable confidence that oil will remain in high demand over the next 40 years. Malam Mele Kyari, group managing director of the Nigerian National Petroleum Corporation (NNPC) and Chief Timipre Sylva, Minister of State for Petroleum Resources, are advocates of this school. Their position is also shared by some industry operators, including Mike Wirth, chief executive of Chevron, who said at the World Petroleum Congress in Houston, that, “Our products make the world run.” Similarly, the chief executive of Aramco, Amin Nasser, said, “I understand that publicly admitting that oil and gas will play an essential and significant role during the transition and beyond will be hard for some. But admitting this reality will be far easier than dealing with energy insecurity, rampant inflation and social unrest as the prices become intolerably high and seeing net zero commitments by countries start to unravel,” the Financial Times quoted him as saying. Nonetheless, there is general conviction that fossil fuels and biomass will remain a large part of the energy mix for over the next ten years. Then the plunge starts, gradually. Flowing from the Nigerian standpoint, official attention has focused on attracting investment to the sector in order to expand production in offshore operations. Their assumption ignores the fact that presently the country finds it difficult to get buyers for its oil and such sales are done at heavily discounted rates. An illuminating report captured the situation thus: “Combined, investment in the upstream in the 13 members of the Organisation of Petroleum Exporting Countries declined from $40 billion in 2017 to $30 billion in 2019. Among major oil producers, Nigeria’s situation is precarious. With an installed capacity of 3.0 million barrels per day, production, including crude and condensates, has not surpassed 2.0mbpd since 2017, with output oscillating between 1.5mbpd to 1.9mbpd 2017 to 2019. On the back of OPEC quotas, reduced demand, oil theft and sabotage, and the COVID-19 setback, production has gone barely above 1.5mbpd since late 2020, plunging to 1.25mbpd in September 2021.”

Nigeria may as well ignore the entire din about energy transition and develop local capacity to independently run the entire industry. This would ensure self-sufficiency. An ancillary is to develop the agriculture industry for food security and export. In so doing, imports will drop while earnings from agric exports will sustain income generation. The trouble with this trajectory is that presently and in the foreseeable future, Nigeria lacks the local capacity to administer any aspect of the industry, not even the upstream segment where the running of refineries has proven a herculean task. The withdrawal of foreign technology and expertise means the crumbling of the industry. On their own, Nigerian banks lack the resources to fund signature projects in the sector, a situation that requires collaboration with their foreign counterparts. Unfortunately, the foreign banks, under pressure from their home governments, are steadily retreating from such investments. Curiously, several African countries have come to terms with the energy transition. One report indicates that 12 out of the 21 African countries it surveyed are already relying on clean energy as an important part of their power mix. Meanwhile, Saudi Arabia, the world’s largest oil producer, and pivot of the OPEC cartel, has outlined measures for a seamless transition to renewable energy. As more countries take firm positions on renewable energy and activist shareholders become more aggressive, Big Oil will ultimately buckle and toe the line. Such moves are already discernable. Apart from completely rebranding itself as a broad energy supplier, TotalEnergies has outlined a clear path to renewable energy, yielding a template applauded across board. Similarly, BP has repositioned with solid renewable energy targets and a defined roadmap to decarbonization. Also, oil firms were said to be facing a workforce crunch as the renewables industry is becoming increasingly attractive. According to a survey conducted by Oilandgasjobsearch. com, over half of all oil workers are looking to make a move to renewables. About 43% of all oil and gas workers have a desire to leave the industry altogether within the next five years. “Investment that was going into exploration work previously is now going into renewables markets, largely by acquiring licenses and the transition from off-shore gas to off-shore wind, but mainly in operating in new areas. Some large companies have been paying premiums to access renewables markets, I hope it works out for them”, says Glynn Williams, CEO of Silixa.]With agriculture largely unproductive and abandoned to rural dwellers, the anchors Nigeria needs to commence the journey towards diversification and renewable energy are forlorn. So, similar opinions as this will probably resonate years from now as the motion without movement continues apace. t /XBDIVLXV DBO CF SFBDIFE WJB JOGPSNPLFZOPX!ZBIPP DPN

MONDAY JANUARY 3, 2022 • T H I S D AY

T H I S D AY ˾ ˜ JANUARY 3, 2021

BUSINESS/MONEYGUIDE

Obaseki: Edo to Drive Devt, Technology, Innovation, Human Capacity in 2022 The Edo State Governor, Mr. Godwin Obaseki, has said his government will, in the New Year, drive sustainable growth and development by placing emphasis on building the state’s rich human capacity, deploying technology, promoting innovation, enhancing growth of the productive sector and leveraging the state’s Diaspora population. The governor in his New Year message, promised to sustain ongoing reforms in the state’s healthcare and education system, civil service, security architecture, agricultural sector, as well as other infrastructural projects, among others, aimed at improving the lives of the people and achieving economic prosperity for the state. Obaseki reassured that the government will continue to deepen development strides across all sectors of the state following the gains made in the last five years, reassuring that the government will, in the incoming year, place emphasis on building capacity, deploying technology, promoting innovation, enhancing growth of the productive sector

and leveraging the state’s Diaspora population to drive sustainable development. Felicitating with citizens on the New Year, the governor noted that in spite of the challenges and uncertainties experienced in 2021, there is a lot to be grateful to God Almighty for. According to him, “Despite witnessing two waves of COVID-19 in 2021, the mortality rate which we recorded in Edo State was far less than was projected. “This persisting COVID pandemic is a clarion call for us to pay more attention to our environment and also strengthen our healthcare system. Consequently, the reform of our healthcare system is now a very high priority in our ongoing transformation of the entire governance structure of Edo State. “Confident that Edo citizens will continue to subscribe to the Edo Health Insurance Scheme which will provide the longterm funds to sustain our new healthcare system, we are now revamping 100 additional primary healthcare facilities while building our network of specialist hospitals in the three senatorial districts.

Our healthcare reform in Edo will also include encouragement of the private sector to invest in providing quality healthcare.” “We are encouraged with the progress in our transformation of the public service and we are confident that with the ongoing recruitments, introduction of technology and the emphasis on training, our citizens will begin to receive better quality services from their government,” Obaseki noted. Reassuring on more infrastructural development across Edo communities in 2022, the governor said: “The construction and rehabilitation of roads are currently going on across the state. Even though the extended rainy season delayed the commencement of work, we are optimistic that significant portions of work will be completed before the next rainy season. We are also focusing on other infrastructure such as electricity and fibre connection. Our operation Light Up Edo is in full gear with the streetlighting project being rolled out in Benin City, Ekpoma and Auchi.”

Abundant Grace Care Foundation CelebratesYuletide at Uwaoma Outreach Kayode Tokede Abundant Grace Care (AGCare) Foundation, a Non-Governmental Organization dedicated to creating, supporting, and improving opportunities in healthcare, education and socio-economic development in Nigeria, especially for the vulnerable, celebrated the yuletide in grand style at its annual End of Year Outreach Program-“UWAOMA”. The UWAOMA Outreach is an annual initiative of the AGCare Foundation to care for indigent and vulnerable members of society in the Onicha-Ugbo community and its environs during the festive season. The outreach themed “A Day of Sharing” catered to over five hundred beneficiaries including widows and children, providing

free health screening, medication, clothing, non-perishable food items and entertainment for all. Items such as books and shoes were distributed to the children in preparation for the coming school term. In addition to the medical tests and food items, the widows were given ankara material and slippers to celebrate the New Year. The outreach also provided a platform for participants to celebrate the festive season despite the difficulties of the past year. Speaking at the3rd edition of UWAOMA, Chukwuka Monye, Co-Founder and Trustee of AGCare Foundation noted: “ours is a commitment towards ensuring that everyone, regardless of their socio-economic status, lives well. We want to

improve the quality of life of the underserved andensure they have great memories. “UWAOMAis just one in our series of outreach programs, through which we demonstrate being our brother’s keeper. I wish everyone a prosperous 2022. God Bless Us, God Bless Delta State and God Bless Nigeria.” UWAOMA 2021 Outreach was organized in partnership with Comforters Companion, United States and other humanitarian organizations and well-meaning individuals. AGCare Foundation currently does this in Delta State and plans to replicate this event across the 36 states of Nigeria and the FCT in the future, whilst inspiring other well-meaning individuals across the country to give back to the society.

JumokeCares Foundation Fetes with 500 Families, Donates Foodstuffs Gilbert Ekugbe A Non-Governmental Organisation, (NGO), JumokeCares Foundation has celebrated the yuletide season donating foodstuffs to over 500 families in Lagos. Indeed, the NGO said the move was to cushion the effect of the Covid 19 pandemic on impoverished Nigerians while also putting smiles on the faces of Nigerians during the festive season. The ‘shop4Free’ food distribution was held in Agbado, Lagos state in furtherance of the NGO’s vision to provide welfare support, health, and livelihood to deprived elderly people, women, and children across remote communities. The founder of the foundation, Jumoke Kolawole said the ‘Shop4Free’ event was done to put smiles on the faces of the less privileged in the society, especially those that won’t be able to afford to celebrate Christmas. She said, ‘’We decided to provide foodstuffs to the people

as the economic situation in the country is unbearable for so many people, and it is of concern to us when some persons cannot afford to feed themselves. Putting a smile on the faces of the people is what we want to achieve with this and so far, so good, our aim is being achieved with the glow on the faces of the beneficiaries’’. JumokeCares Foundation is a sister organization of Help to The Ageing Foundation (HAF) and so far, both have reached over 13,000 beneficiaries with welfare support, empowerment projects, food drive, free medical check-ups, treatments, scans, administered drugs, eye tests, corrective eyewear/ glasses provision. The team does medical screenings to treat any elderly-related health conditions, including cases of depression due to abandonment. Kolawole said caring for humanity was what motivated her to start the NGO since her University days in 2004, as she asserted that, ‘’there is a kind of satisfaction I get after any of our interventions and that’s an

immense feeling for me’’. She said running HAF feels like an act of self-satisfaction, and the feel of being a part of society’s development is always a great feeling. Project Coordinator Adeola Oyeshola said they decided to provide foodstuffs to the residents to mitigate their economic situations and put a smile on their faces, which is the message of the season. Though the foundation is being financed by the founder and volunteers, she said they are open to receive support from corporate organisations and the government to spread their message of hope nationwide. Aside from providing foodstuffs to the people, the foundation also runs routine medical check-ups to people in remote areas through its volunteer medical practitioners - Doctors, Nurses, Pharmacists, Therapists, and Optometrists-; and helps people with Business startups through different empowerment initiatives – setting them up and boosting their existing businesses for sustainability.

Obaseki

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

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Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

T H I S D AY ˾ ˜ ͱ˜ ͰͮͰͯ

Vitafoam Reports N7.34bn PBT, Declares N1.88bn Dividend Kayode Tokede Vitafoam Nigeria Plc has announced a 30.02 per cent increase in profit before tax to N7.34billion in its audited full year result and accounts for period ended September 30, 2021 as against N5.65billion reported in the prior full year ended September 30, 2020. The household company on the Nigerian Exchange Limited (NGX) profit after tax for 2021

financial year also grew by 12 per cent to N4.59 billion in 2021 from N4.11billion reported in 2020. The increase in profits was driven by 51.02 per cent growth in revenue to N35.40billion in 2021 from N23.44billion reported in 2020 and finance income that gained 139 per cent to N254.86million in 2021 from N106.51million in 2020. Sales of goods (foams and other products) in Nigeria

P R I C E S MAIN BOARD

F O R

DEALS

thrust revenue, while Interest on time deposit impacted on finance income in the financial year under review. In an audited financial statement sent to NGX, the company posted strong earnings in all its performance indicators, despite the tough operating environment in Nigeria. With scarcity in foreign exchange and hike in inflation rate, the group reported 74.8 per cent increase in cost of sales to

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

N21.73billion in 2021 as against N12.43billion reported in 2020. Shareholders of a leading manufacturer of rigid foams and other household materials, are expected to approve a robust dividend of N1.88 billion for the company’s performance in the year ended, September 30, 2020, an increase of 114 per cent over N87.59million paid in 2019. The huge amount, which translates into N1.50 per Ordinary Share has been proposed

T R A D E D MAIN BOARD

A S

by the company’s Board to be laid before the shareholders for endorsement during the company’s Annual General Meeting (AGM), scheduled for Thursday, March 3, 2022 and it is expected to be paid paid electronically on Friday, March 4, 2022. “Vitafoam has consistently demonstrated resilience despite the challenges militating against the manufacturing sector in Nigeria. The company’s current

O F

performance is a great improvement over the historical one.”, said the Managing Director, Network Capital, Mr Oluropo Dada. The Group Managing Director, Vitafoam Nigeria, Mr. Taiwo Adeniyi, has always attributed its consistent strong performance to innovative Board and Management, continuous introduction of multiple products beyond foams and huge investment in Research and Development among others.

3 1 / 1 2 / 2 0 2 1 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY ˾ MONDAY, JANUARY 3, 2022

HOMES&DESIGN ABUJA STRATOSPHERE: Waiting in the Wings, Dazzling Minds

MONDAY, JANUARY 3, 2022 ˾ T H I S D AY

HOMES&DESIGN

Abuja Stratosphere Poised as New King of Nigeria’s Skylines The Abuja Stratosphere, a brainchild of the Silverbird Group, is designed as a mixed-use super tower that will fill up the sky in the nation’s capital city once the investors render it. The concept is to have an inclusive, self-sustaining community. Bennett Oghifo writes

dazzling piece of height, elegantly framed and aesthetically designed, the Abuja Stratosphere was conceived as a 64-storey mixed-use live, work, and play skyscraper. This unique facility ought to be a game-changer in Abuja when rendered. The 64-storey mixed-use tower is designed to have a shopping mall, a 250-suite five-star hotel, 400 apartments, a 24.3m swimming pool, a medical clinic, restaurants, sewerage infrastructure, helipad, and parking facility, and the installation of transport and service elevators, and state-ofthe-art safety and security systems. Silverbird, reportedly, signed a management agreement with Hyatt Hotels Corporation for the 250-suite five-star hotel. In the second quarter of 2007, Broad Cost Consult was appointed as lead consultant and Chaccour Construction & Co. as architect for the project. The Stratosphere project is still dear to the Silverbird Group, particularly with its concept as the tallest tower in Africa that merges aesthetics and functionality. The Stratosphere luxury apartments intend to become the icon of the federal capital city through its modern and trendy form. The architectural firm of Chaccour Construction designed the Abuja Stratosphere, and the imposing tower is expected to transform the Abuja skyline when built.

“The Stratosphere project is still dear to the Silverbird Group, particularly with its concept as the tallest tower in Africa that merges aesthetics and functionality. The Stratosphere luxury apartments intend to become the icon of the federal capital city through its modern and trendy form.”

T H I S D AY ˾ MONDAY, JANUARY 3, 2022

FOCUS

N50bn Debt: Situating Access Bank’s Case Agai n s t L a t e S unny O d o g w u ’s H e i r s ’

Access Bank Louis Achi

learly, banking remains a relationships business. For ages, banks have tried to leverage that relationship to grow and maximize shareholder returns. Because of her emphasis on the long term, Access Bank Group, one of Africa’s largest retail banks by retail customer base with proven risk management and capital management capabilities have deployed both organisational cultural transformation to be ahead of completion. But this premier industry position has not come without key challenges - especially recovering debts from recalcitrant customers. Without dispute, fond memories of departed loved ones remind us of our own human mortality. A good example is the decease of Ide Ahaba of Asaba, Chief Sunny Odogwu, whose memories and legacies remain. But then there are other aspects, such as legal obligations, that remain in spite of a person’s demise. For instance, what happens to debt in death? Generally, debts do not die with a person or debtor. For one, a party’s contractual rights and obligations are transmissible to the successors barring those rare cases where the obligation is strictly personal. This is obtainable in Nigeria’s jurisprudential culture. Hence, through succession, the property, rights, and obligations (including debts) to the extent of the value of the inheritance are transmitted from a decedent to another. That means that debts survive death; however, it does not follow that creditors may go after the decedent’s heirs’ in their personal capacity. Creditors may only legally go after the estate of the decedent, effectively reducing the heirs’ shares, if any, in such estate. This is exactly what the Access Bank Plc is doing. In effect, while a dead debtor may no longer be compelled to pay the loan, no property or portion of the inheritance may be transmitted to his heirs unless the debt has first been satisfied. Cut to the bone, estates built with depositors funds cannot be part of the inheritance of heirs to the debtor, especially when the debts accessed from banks have not been settled. These succinct facts are at the heart of the already largely resolved legal ‘tussle’ between Access Bank Plc and the late Ide Ahaba’s heirs. Access Bank is the successor entity in title to Diamond Bank Plc following its merger with the later. The late Chief Sunny Odogwu had mortgaged prime properties in Lagos, Abuja, Dubai, and Los Angeles to Access Bank in return for a facility to build top-draw, luxurious apartments in Ikoyi, Lagos. The highly ambitious 15-storey double high-rise comprising a landmark hotel and a residential tower in Lagos, respectively, were projected to form an iconic skyline along the bay. This complex is expected to provide the most luxurious accommodation in the

Late Sunny Odogwu city. But there is a catch. The estate of the late Chief Odogwu, reacting to a legitimate move by Access Bank to take over one of the several debtor’s estates, the Ikoyi property, had in a release stated that the property was not part of the consent agreement reached by both parties, and registered as judgment of Federal High Court, Lagos. The release signed by the estate lawyer, Chief Anthony Idigbe SAN was published by various media platforms last week. In its reaction to the statement, Access Bank clarified that the Ikoyi property was not the only one that fell within the purview of the November 3, 2015 Federal High Court judgment that ordered the bank to take over the properties used as collateral in lieu of the N26 billion loan facility (now over N50bn including interest). Other properties include Berendo Property located in Los Angeles, State of California, United States of America, Unit No: FN428, The Fairmont Palm Residence (North), Dubai, United Arab Emirates, Asokoro Shopping Mall, Abuja, 1 Happy Home Street, Kirikiri, Lagos, properties located at Kingsway and Lawrence Roads, Ikoyi Lagos. It could be recalled that at various times, the former Diamond Bank (acquired by Access Bank) granted facilities to the Judgment Debtors (now late Odogwu’s heirs) for the construction of a development to be known as Le Meridien Grand Towers at property located and lying at 31-35 Ikoyi Crescent, Lagos and registered as

“While a dead debtor may no longer be compelled to pay the loan, no property or portion of the assets tied to the debt may be transmitted to his heirs unless the debt has ﬁrst been fully repaid. This remains Access Bank’s legitimate position.”

No. 17 at page 17 in volume 100 at the Federal Lands Registry, Ikoyi, Lagos. The property is mortgaged to the Bank as collateral for the facilities. Access Bank is a Judgment Creditor for the sum of N26,229,943,035.22 (the Original Judgment Amount) in respect of judgment granted by the Federal High Court, Lagos, in Suit No. FHC/L/ CS/1633/2014 delivered on November 3 2015 (the Judgment) against Robert Dyson & Diket Limited & 2 Ors (the Judgment Debtors) in relation to the Project Finance for development of a seven star hotel and residences. More, Access Bank also filed SUIT NO: FHC/L/CS/1977/2018 -DIAMOND BANK PLC V. KENNETH (KENNY) ODOGWU (Sued as beneficiary and in a representative capacity on behalf of all beneficiaries of the Estate of Late Chief Sunny Odogwu) & 10 Ors. Significantly, the subsisting Judgment of Court for the sum of N26,229,943,035.22 (the “Original Judgment Amount”) affects all the properties and other assets of the Judgment Debtors no matter how described worldwide. The Judgment Debtors agreed to assign the totality of their rights, interests, privileges and title in the relevant local and offshore properties for the purpose of liquidating the outstanding settlement amount by way of asset swap to the Judgment Creditor subject to the terms of the Settlement Agreement. The Judgment Debtors agreed to provide the Judgment Creditor with all the original documents pertaining to the offshore properties described, after the execution of the Settlement Agreement and undertook to execute and provide all documents required to perfect the legal interest of the Judgment Creditor in such properties and also perfect the asset swap for the purpose of liquidating the outstanding Settlement Amount with the Judgment Creditor and shall provide such warranties and representations including without limitation, clean, undisputable and unencumbered title with quiet and peaceful possession. Upon the passing of 60 days from the date of the settlement agreement, the Defendants/ Odogwu’s heirs failed to facilitate/conclude their obligations. The Judgment Debtors declined to hand over the Dubai property to the Judgment Creditors in consonance with the Settlement Agreement. The Judgment Debtor has also refused to grant vacant possession to the properties at Kirikiri as well as the Dubai property at press time, in line with the Consent Judgment. It could be recalled that Justice Saliu Saidu of the Lagos Division of the Federal High Court in suit number: FHC/L/CS/1633/14,

in November 3, 2015, found the late Odogwu and his companies guilty of breach of Bank-Customer Relationship and consequently ordered the sale of the property used as collateral for the loan sum of N26,229,943,035.22. However, with a 20 per cent interest on the N26 billion judgment debt in the last six years the judgment was delivered, the total debt has now risen to over N50 billion. According to the learned trial judge, the first to third defendants have not produced before the court any evidence that any of the conditions for the grant of the facility was waived or demonstrated to the court how they liquidated their indebtedness. His words: “With all the facts before me, I am satisfied that the first to third defendants who have admitted indebtedness has not shown how the indebtedness was liquidated. “There are four probable methods of answering an allegation of indebtedness which are to admit the debt, deny the debt, to counter-claim against the debt and to set off against the debt. From all the facts before me the 1st to 3rd defendants have only admitted the debt but have not shown how the admitted indebtedness was liquidated. This court therefore has the power to grant an equitable relief of specific performance against the 1st to 3rd defendants to do what they have agreed to do by the contract.” Flowing from these grounds laid out, Justice Saidu made the following consequential order: “Judgment is entered in the sum of N26, 229,943,035.22 jointly and severally against the 1st to 3rd defendants being the outstanding sum as at September 30, 2014 advanced by the plaintiff for the 1st to 3rd defendants project which sum has remained unpaid despite several demands.” Access Bank clearly determined to protect depositors funds and realize the fruits of its judgment by recovering the judgment sum of N26bn which has now morphed to over N50bn, including accumulated interest. It is both ethically questionable and highly unconscionable to borrow depositors’ money from a bank, to ostensibly enhance business growth but only to conceive strategies to evade repayment on the terms agreed. Recalcitrant debtors negatively impact the critical banking sector and defeat the essence of granting such facilities to aid business growth. For Access Bank, the lender in this instance, it is a costly project. The cost covers time for debt recovery and the need to make greater loan provisioning, which reduces profitability and capital resources for lending. While a dead debtor may no longer be compelled to pay the loan, no property or portion of the assets tied to the debt may be transmitted to his heirs unless the debt has first been fully repaid. This remains Access Bank’s legitimate position.

MONDAY, JANUARY 3, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Edeh: Nigeria’s Human Capital Key in Unlocking Economy’s Strength The Group Managing Director of Norrenberger, an independent financial services group that provides bespoke financial solutions, Mr. Tony Edeh, speaks to Goddy Egene on the Nigeria’s budget, foreign exchange and other sundry financial and economic issues. Excerpts: that the impact on the financial system and the GDP will be much larger than the President’s prediction of US$29 billion dollar addition to the nation’s GDP in the next 10 years.

What is your take on the 2022 Budget that was signed into law by the President recently? he he presentation of the 2022 budget proposal to the National Assembly by the President more than two months prior to the start of this fiscal year was laudable. This gave the National Assembly sufficient time to conduct the required legislative review of the budget. Most importantly, it allowed for public consultation and citizen inputs into the budget prior before its passage into an appropriation act. However, a review of the fiscal parameters showed that the budget reflects the future of past years’ budgets. The budget was replete with some of the mistakes of the past budgets in terms of structure and character. Revenue forecasts and budget parameters are somewhat overly optimistic, so the usual credibility problems of previous budgets are likely to shadow the 2022 budget. Clearly as a nation, we still have an incremental fiscal structure, regardless of the state of the economy.

Normally, the challenge has been implementation. Given the budget outline, do you think it has potential to meet expectations of all? The 2021 budget, which was called the budget of stabilisation and economic growth, has so far been unable to meet up to 30 per cent of the government’s fiscal policy objectives. According to the government’s half-year report, the economy is yet to witness the desired growth outside the Gross Domestic Product(GDP) growth statistics. According to the half year budget implementation report, as of June 2021, only 27 per cent (N1.34trillion) of the money from total public debt of N4.9 trillion was released to fund capital expenditures (including additional capital expenditures). This implies that all the revenue of the government and about 73 per cent of the accumulated public debt in the first half of 2021 was used for debt servicing and recurrent expenditure funding. The usual expectations are to fund capital projects, especially projects with the ability to repay costs, support existing revenue sources and stimulate economic growth. How would you describe the performance of the economy in 2021? The 2021 budget delivered mixed results. There were some commendable positive results, as well as negative results. There was a considerable improvement in the non-oil revenue. Nonetheless, economic growth and stabilisation seemed very weak, with an attendant depletion of accrued savings (external reserves) and other State resources. Unlike the 2020 half-year, when the government made a transfer of $250 million to the Nigerian Sovereign Investment Authority (NSIA), it received no transfer in 2021. External reserves decreased by 10.6 per cent, from $36.48 billion in December 2020 to $32.99 billion in June 2021, followed by a gradual positive reversal to US$40 billion by third quarter in October 2021 thanks to the successful Eurobond raise. Trade deficit also increased sharply, reaching around $4.23 billion. Import growth remains very high relative to our export growth rate. Relative to 2020, Nigeria’s trade deficit in the first half of 2021 rose by N3.56 trillion and stood at N5.81 trillion in June 2021. With an import growth rate of 60.67 per cent in the first half of 2021, Nigeria’s export growth rate of 26.18 per cent had little or no impact to stabilize or grow the economy. In the first half of 2021, the federal government accumulated an additional public debt of around N2.51 trillion (foreign debt – N897 billion, domestic debt – N1.61 trillion).Additionally, N2.40 trillion loan was received from the Central Bank of Nigeria (CBN) via Ways and Means Advance bringing total borrowings t0 N4.91 trillion outweighing at half year, full year 2020 budget deficit figure of N4.70 trillion. It is important to note that the value of the Ways and Means provided to the federal government by the CBN violates applicable laws. External debt increased by 8.5 per cent, from N10.95 trillion in December 2020 to N13.711 trillion in June 2021.In the same vein, domestic debt increased by 10 per cent, from N16.02 trillion in December 2020 to N21.754 trillion in June 2021 bringing total debt size to $N35.465 trillion as at June, 2021. Given your projections as an operator in the ﬁnancial services sector, how much of your expectations were met? We had predicted that federal government borrowings

Edeh from domestic, foreign revenue sources, multilateral and bilateral groups to finance budget deficit of N5.2 trillion in the 2021 and corporate borrowers’ activities would help to absorb some of the excess liquidity from the system, we forecasted corporate instruments issuance within the region of N1.5 trillion to N2 trillion to drive meaningful impact in the direction of yields. We did predict liquidity crunch for the banks to spark sale of bills in the secondary market, thereby triggering an uptrend in yields in the money market, with attendant support for funds mobilisation from investors. In line with our expectation, the 7-year and 15-year bond yields settled at 11.20 per cent and 12.15 per cent respectively, while the 30-year bond inched higher to close at 13.0 per cent. Similarly, NTB auction printed at 7.5 per cent, 3.5 per cent, and 2.5 per cent respectively for the 364-day, 182-day, and 91-day bills respectively. Despite the weak macroeconomic situation, the federal government and corporate organisations in the country raised over N4.58 trillion from the capital market via the fixed income segment between January to June 3, 2021. Our prediction of low yields in the equities market, and the portfolio recommendation/strategy of dividend aristocrats paid off as dividend yields recorded as low as 1.08 per cent amongst the

top tier banks. The Central Bank of Nigeria (CBN) has introduced e-Naira, how do you see this affecting the ﬁnancial system? The eNaira is a CBN-issued digital currency that provides a unique form of money denominated in Naira. The digital currency serves as both a medium of exchange and a store of value, offering better payment prospects in retail transactions when compared to cash payments. The CBDC has an exclusive operational structure that is both remarkable and nothing like other forms of central bank money. It is expected that the implementation would not only ensure cheaper transactions but would take banking services to the poorest and most vulnerable in the society, it will prevent counterfeiting, cut the cost of printing, movement and destruction of cash, especially dirty notes. It will reduce the problems associated with the use of current electronic forms of transactions. When you access the impact of being able to transfer value at low or no cost, the ability of people to do things without having to worry about any change (balance), the ability to transfer money to Nigerians as part of social programmes, the impact on Diaspora remittances, l will say

What is your reaction to the exchange rate and what do you think could be done to stabilise the Naira? The free-fall of the naira is a hydra-headed monster that requires diverse and intensive intervention otherwise the currency will continue to devalue. I already suspect that the gap in FX supply will push the exchange rate to almost N600 by December 2022 as demand increases. One of the major troubles of the naira is that the CBN managers believe they can use a duct tape strategy to prop up its value using income from oil. They don’t want market forces to determine the naira value because it would reveal that the naira is much weaker than they want us to believe. Amid the various monetary policies already or currently being implemented by the Central Bank of Nigeria(CBN) and the naira exchanging at N570/$1, it has recorded its poorest run in the history of the foreign exchange policy administration in Nigeria. In reaction to this, the apex bank recently took the battle to the footsteps of “currency manipulators” after barring bureau de change operators from its official window. The way out of this foreign exchange conundrum is for the CBN to allow the market to function. It is also imperative for the apex bank to de-emphasise demand management and focus on strategies to stimulate forex inflows. A fixed exchange rate regime is a major disincentive to inflows and creates enormous pressure of demand for forex. The CBN needs to give the market a chance. Its current approach would continue to deepen distortions in the economy, perpetuate round tripping, fuel speculation, suppress forex supply and boost underground economy. The exchange rate challenge stems from the fact that the country is deteriorating to a net importer of all it consumes which incidentally has become the tragedy of the economy. To solve this problem, there must be a retooling of the nation’s production infrastructure to reduce importation of manufactured goods and raw materials to conserve forex. We need to improve Nigeria’s production particularly in agriculture. If the country produce, the lesser we import and that is the better. We really need to reduce our imports and export more. In the past few years, some manufacturing companies have closed shop and relocated to nearby West African countries. If we produce more and export more the GDP will grow, and the value of the naira will improve. If we import less, we will be in a better position. One of the problems of the country’s economic management strategy clearly is policy summersault. In the past few years, the CBN governor has done a lot. I think the person handling the macro-economic side or the monetary sector of the country has not been finding things easy. What is worrisome is that devaluation of currencies does not help in anyway. We are still a mono economy, which is the oil that is fading. We have not done much to encourage export. The ease of doing business is diminishing, the hurdles faced by exporters are numerous. These include: corruption, infrastructural decay, multiple taxes and other obstacles that are discouraging and killing businesses. Nigerian has a very huge population but the ﬁnancial system has not really taken advantage of the human mass to transform the economy. Why do you think this is so? Nigeria has an estimated population of about 206 million, making it the seventh most populous country in the world. The country’s population is projected to increase to 263 million in 2030 and 401 million in 2050 when it will become the third most populous country in the world. This is because the country’s population continues to grow at a high rate of 2.6 per cent , while global population growth is 1.05 per cent per year. Nigeria, as the most populous country in Africa must be the envy of many other countries. This human capital is not only a blessing of immense proportions, but also a huge economic strength, especially if put to productive use. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY, JANUARY 3, 2022

TRIBUTE

Professor Bolaji Akinyemi At 80: Brilliant and Magnificent

Sylvester Monye

s Professor Akinwande Bolaji Akinyemi turns 80 today, 4th January, 2022, let us reflect on the life of this great African. A few exceptional persons have had consequential influences on their countries. An even much rarer breed, supreme in their careers, powered by superlative brains and energy, gifted with insights of how to affect the present and make it beneficial to their race, have influenced whole continents. Prof Bolaji Akinyemi, scholar, prolific author, essayist, diplomat, totally Nigerian and proud of it too, and remains optimistic that Nigeria has all the ingredients for greatness, and should arise from the gutter, and give Africa reasons to be proud, belongs to this latter group. Not many people’s hopes would have been bolstered when in 1975 Gen. Murtala Muhammed appointed Akinyemi the Director-General of the Nigerian Institute of International Affairs (NIIA). Akinyemi was just 33 years old then and a little-known Lecturer in the Political Science Department of the University of Ibadan. But Murtala Mohammed knew Prof Akinyemi, his brain power, his belief and pride in Nigeria and his audacious ideas about a strong and resurgent Africa, and his insightful and novel ideas about diplomacy and its great powers … if rightly wielded. Exhibiting an unusual belief in the town-gown relationship that should exist between the universities and their communities, Prof Akinyemi had the rare habit of inviting business moguls, top civil servants, military officers, and others of diverse backgrounds to the Political Science departmental Week at the University of Ibadan. While many disdained such invitation, some Army officers including Murtala Muhammed and Olusegun Obasanjo (when they were Colonels and Brigadiers) routinely attended. Also, Murtala Mohammed, Obasanjo and Bolaji Akinyemi were independent members (who paid annual membership fees) of NIIA. The sheer power of ideas showed its immense force when the novel concepts of how the nation’s diplomatic chess game should be played, began to seep out from the Akinyemi-headed NIIA and enchanted the Foreign Affairs Ministry where a Lt. Colonel Joseph Garba was Minister. Today, the NIIA does not only enjoy robust respect but it ranks among the most highly-regarded government owned agencies. But things were totally different before Prof Akinyemi became its DG. Then, it was in the backwaters, inconsequential, unproductive, devoid of ideas and yes, slumbering. An authority as credible as Joseph Garba himself testified thus in his book, Diplomatic Soldiering: “There was the Nigerian Institute of International Affairs which had sadly been on death’s door virtually since independence. Soon after my appointment as Commissioner, I received a pre-empt order from Murtala Mohammed to appoint Bolaji Akinyemi the new Director-General. I wondered who Akinyemi was and Murtala Mohammed showed me a book entitled Policy and Federalism: The Nigerian Experience and told me he was the author. Henceforth, its research staff could examine a myriad of problems which I would present to them in an unceasing stream, and write position papers accordingly. I found the Institute responsive and effective, additionally because it provided a forum for foreign dignitaries. With all this energy and commitment around, morale was high. People looked forward for a new policy and to restructured institutions to launch it. When Angola, our first challenge came, we were ready”. And since that Angolan challenge came in January 1976, and an enchanting Murtala Mohammed delivered his remarkable “Africa has come of Age” speech as a result, Nigeria’s diplomacy became truly “born again”; remolded, vigorous, result-oriented, purposeful, and imbued with a new found urgency and self-belief. Remarkably, Prof Akinyemi steered the course as the NIIA DG for eight long years (because the Shehu Shahari administration which succeeded the Murtala/Obasanjo military administration retained him. Akinyemi steered NIIA to be a continuous intellectual cauldron where ideas sparked against ideas in the form of lectures, conferences, symposia, seminars, round tables workshops involving the most illustrious Nigerian and foreign incandescent brains and statesmen, including Presidents and Prime Ministers. Its library became an unqualified repository of research materials for post-graduate students, on issues political, economic, social, religious, cultural and security because NIIA researchers were churning out qualitative essays, journals and books with amazing speed. Then in came the Gen. Ibrahim Babangida-led military regime in 1985 which appointed Prof Akinyemi, who began to teach at the University of Lagos, Akoka, Yaba, after his NIIA assignment ended, as Foreign

Prof. Akinyemi Affairs Minister. It was a challenge to the teacher to practice what he preached. Immediately, he reinvented Nigeria’s diplomacy; imbuing it with a new-found but measured radicalism, a streak of economic diplomacy, unmistakable panache, intellectualism, as Nigeria assumed a new sense of national greatness and the duty to fight and conquer for Africa’s sake. It is in helping Nigeria’s Foreign Policy to assume Africa as its centre-piece and making Nigeria play the role of Africa’s first Super Power and a global minor power with independent ideas that Prof Akinyemi affected the entire African continent and even beyond. Nigeria made its mark in the anti-apartheid struggles, assuming control of it as the undisputed African champion, a country whose position really mattered. Nigeria began to matter in African affairs. Through some inexplicable miracle, Prof Akinyemi’s brain conceived the idea of Nigeria, a West African country, becoming a frontline state involved in the anti-apartheid fight. And Nigeria actually became one, accepted by the entire world as such. This made a profound global impact, changed diplomacy in Africa and the UN, making Nigeria Africa’s undisputed leader and earned swagger rights for Nigerians. To back that up, he made it a must that any country that needed Nigeria’s support for a cause must critically dialogue with Nigeria and Nigeria’s interest and gain must be agreed upon. He began this championing of dialogue as an alternative vehicle for foreign policy consultation while he was at NIIA. There, he organized and presided over the following: Nigerian-United States Dialogue (1978), Nigerian-Soviet Dialogue (1978), Nigerian-Chinese Dialogue (1979), NigerianScandinavian Dialogue (1980), Nigerian-Brazilian Dialogue (1980), Dialogue on North-South, Dialogue with Prime Minister Pierre Trudeau (of Canada, 1981) and the Nigerian-Chinese Dialogue (1982). Unfortunately, African leaders now converge routinely, like school children, to listen to their “head masters” in USA-Africa, France-Africa, Britain-Africa, Sweden-Africa, China-Africa summits, cap in hand. Bolaji Akinyemi dreamed up the Technical Aids Corps Scheme which radicalized Nigerian Foreign Assistance Programme, in which Nigerians are serving in various capacities in over 50 countries in African, Caribbean and Pacific nations, telling the story of development and world history and politics from a strictly Nigerian viewpoint. It has been adjudged the most successful and radical innovation in Nigerian foreign policy. Some of his ideas failed to gain traction in

other nations. The Concert of Medium Powers, which attempted to rally some countries as a buffer against the then Super-Powers, the USA and USSR, failed to fly. Hubris kept a country such as Sweden from seeing Nigeria, whose entire earnings lagged behind what Sweden garnered from just two sources, Volvo Company and ABBA music records in the 1980s, as a mate in anything, let alone its leader in the Concert of Medium Powers. Also, even Nigerians did not really understand what Akinyemi meant when he called for us to build the Black (nuclear) Bomb with some $50 million. But to Akinyemi, it was more than an ego trip and might be the only thing to stop a “racially one-sided large-scale annihilation of man”, as he put it, “in a moment of madness”. Akinyemi has always explained that even a bully treats a person with lethal weapon with caution and respect. He still believes in the Black Bomb even today just as he wants the country to send a Nigerian into space. Obviously, his Afro-centric ideas and independent-mindedness has cost him dearly; the West never saw him fit for appointments into multilateral organizations. Nigerians know that the bow-tie loving gentlemanly Prof Akinyemi studied and later taught in respected universities, including Oxford and Tuft’s famed Fletcher School of International Law and Diplomacy. He has authored over 13 books and countless essays. He came into the world fully equipped with maximal brain power. When he reads about the controversy over some leader’s First School Leaving Certificate (or the lack of it) which comes from a nation-wide examination, he must wonder why the controversy because even he, Prof Akinyemi, does not have one. He is one of the few Nigerians, who in those days were adjudged bright enough by some committed teachers and were encouraged to take entrance examinations into the secondary school from Standard Five, instead of Standard Six. He passed, of course. At Christ’s School Ado Ekiti, in 1962, for his Higher School Certificate, a young Akinyemi won a nation-wide essay competition jointly organized by the US Embassy and the Federal Education ministry. He toured the US for three months, aged 20. Meeting legends including President John F Kennedy, Ralph Bunch, the Undersecretary General at the United Nations, Senator Albert Gore, (whose son, Al Gore later became US Vice President), New York state Governor Nelson Rockefeller, left an indelible experience on him. Also, Akinyemi spent just two years of post-graduate studies to earn

a PhD! Yet, this obvious gentleman took to the trenches, as a NADECO member when the need arose to oppose military despotism. He suffered exile! This was where I first came in close contact with this great African. As one would expect from this kind of group fighting a discredited government, NADECO-abroad was a very lean organization. Led by Air Commodore Dan Suleiman, it had the commitment and participation of eminent Nigerians such as General Alani Akinrinade, Professor Bolaji Akinyemi, Ambassador Raph Uwechue, Chief John Oyegun, Asiwaju Bola Tinubu, Chief Raph Obiorah, Pastor Peter Obadan, and Senator Tokunbo Afikuyomi. As the Secretary of this group, I always looked forward to our weekly meetings that held at private premises, off Edgware Road in London, because of the regular incisive presentations by Professor Bolaji Akinyemi. Looking back at that struggle, I cannot but acknowledge that Akinyemi’s knowledge of world affairs and how he deployed his vast global contacts shaped my basic understanding of how diplomacy works. Till this day, I have continued to enjoy the benefit of the personal relationship that I cultivated with the great man, during that struggle. Professor Akinyemi still finds time to send weekly best wishes to me, every Sunday morning. I count myself truly very privileged! Prof Akinyemi bristles with ideas. He has advised our leaders to appoint academically gifted strategists as National Security Advisers and forwarded certain names of suitably qualified persons able to view national security from an all-things-considered point. Unfortunately, they have always seen national security from the narrow prism of prevention of coups and so have routinely appointed Military Intelligence officers, serving or retired. Now, Akinyemi himself has been touted as the best NSA Nigeria never had. One of his ideas has not only borne fruit but has resulted in the big boys and girls of the oil industry, who own oil wells and are awash with petro-dollars. Once, on a plane from the US, a Nigerian working for a foreign oil giant recounted how oil companies cap “marginal“oil wells whose productivity had declined considerably or were producing crude oil and a larger than normal percentage of other undesirables such as gas or water, and just move on. Prof Akinyemi suggested in a memo that Nigerians be allowed to operate the marginal oil fields and a new business sector opened for Nigerians. Professor Akinyemi is not tired of pushing the frontiers of knowledge in foreign policy issues. At the last count, his weekly Foreign Policy Clinic on Thursdays – “Thru My Eyes with Prof Bolaji Akinyemi” has recorded about 80 sessions on the YouTube. When I listened to him in one of the sessions analyze the withdrawal of the US armed forces from Afghanistan, I was overwhelmed by the depth of his knowledge of foreign policy. I recommend this weekly program to those interested in understanding world issues. As the Professor turns 80 today, January 4, 2022, Nigerians should remain grateful to this man of ideas and action who helped raise Nigeria’s prestige globally. And though he has seen some of his bright ideas go to waste, his belief in Nigeria’s ability to not only become great but gain respect for Blacks everywhere remains unshaken. This is surprising for an important post in the roadmap to Nigeria’s greatness he produced, resulted in the establishment of the National Think-Tank; “it has gone the way of other big ideas” he said in an interview with Sam Omatseye. But he added: “My fate is wrapped around this belief in the future. It makes me look like a fool. A third of the country is under the control of brigands, and I cannot travel to my village without my heart in my mouth. (But) one great man will bring believers to himself and Nigeria will achieve her manifest destiny”. I think of Prof Akinyemi at 80, not as a lion in winter, crouching, doing nothing except ruing the past. No, instead I see the noble, sagacious, fierce and warlike Ulysses that Lord Alfred Tennyson celebrated in his poem of the same title saying: “Come, my friends, ‘T is not too late to seek a newer world. Tho’ much is taken, much abides; and tho’ We are not now that strength which in old days moved earth and heaven, that which we are, we are; One equal temper of heroic hearts, Made weak by time and fate, but strong in will To strive, to seek, to find, and not to yield”. My wife and I join other Africans and the rest of the world in wishing Professor Akinwande Bolaji Akinyemi, a most memorable and happy birthday. t 1SPGFTTPS 4ZMWFTUFS .POZF .'3 GPSNFS &YFDVUJWF 4FDSFUBSZ PG UIF /BUJPOBM 1MBOOJOH $PNNJTTJPO B GPSNFS 4QFDJBM "EWJTFS UP UIF 1SFTJEFOU PO 1FSGPSNBODF .POJUPSJOH BOE &WBMVBUJPO BOE UIF $IJFG 1PMJDZ "EWJTFS UP UIF (PWFSOPS PG %FMUB 4UBUF XSPUF GSPN "TBCB JO %FMUB 4UBUF

T H I S D AY • MONDAY, JANUARY 3, 2022

PROFILE

Olubadan: Grass to Grace Story of A Class Monarch The late Olubadan of Ibadan, Oba Saliu Akanmu Adetunji, Aje Ogunguniso I, led a life ﬁlled with good examples and worthy of emulation, writes KEMI OLAITAN

of Ibadan chieftaincy, till Allah granted me the grace to become Olubadan. “I was decorated as Jagunmolu Balogun in 1978 by Olubadan, Oba Daniel Tayo Akinbiyi (1977 – 1982) at Elekuro, Ibadan. For 40 years, I was elevated from one step to the other until I finally reached the pinnacle of the Balogun line, which qualified me to become the 41st Olubadan following the passage of Olubadan, Oba Samuel Odulana, Odugade I (2007 – 2016).”

he 41st Olubadan of Ibadanland, Oba Saliu Adetunji, who joined his ancestors, yesterday, was born on August 26, 1928, at Adetunji compound, Popoyemoja, Ibadan, to the family of Olayiwola, a tailor and Alhaja Suwebat Adetunji. His father had five wives with the mother as the first and as the first born of his parents’ 17 children, he described the story of his parents as interesting. According to him, four years separated their ages and they both died within four years. While his father died in 1989, his mother died in 1993. He though had no educational certificate, nor attended any school; he did not allow this to deter his journey in life as the lesson classes he attended prepared him for his foray into the world. Young Adetunji began to fulfil destiny, when he trained as a tailor under one Disu Alade Igbalajobi from Ijaye. According to him, “I sew both English and Yoruba dresses. My tailoring business boomed, because I displayed expertise in the profession. I had four sewing machines and employed four journeymen, who worked on shifts.” Another phase in the life of the departed monarch, which he often regaled with excitement was his foray into the entertainment world. “ One day, I went with the late Badejo Okusanya on a business trip to Agarawu, Lagos. He used to trade in lock keys and padlocks. After the business of the day, he told me to look for a porter that would assist us in carrying the goods. I said porter ke? (Why porter). I told him the load was not heavier than what I could carry. “So, I carried it on my head to his shop at number five, Orogiri Street, Lagos. When we got there, he called one of his staff, who was younger to me and asked him, ‘Who is older between you and Saliu? He answered, ‘Saliu is older.’ He again asked him, ‘The other time we went to Lagos to purchase some items, who carried it to the office,’ and the worker answered that it was ‘a porter.’

His Battle with Ajimobi

Late Oba Adetunji “Then, he told him that, ‘Saliu would be successful in life because of his humility: The rest is history now. Thereafter. He gave me some record discs to be playing for my customers so that they would not be in hurry to leave my workshop. While entertaining my customers with the discs, some of them expressed interest in getting copies and I obliged them in exchange for money, since I was not prepared to give them free, because Badejo gave them to me for a purpose. “So, within a few days, I had sold all the record discs and took the money to Badejo in order to convince him that I actually sold them. When I got to him with the proceeds, he made a startling revelation, saying, ‘Thank God. This same business that I started with your father in 1940, but which he said he could not continue, because he was ‘not comfortable with living in Lagos is what you’re venturing into now. “He then counted the money and ordered his apprentice to give me four and a half shillings as royalty on each record I sold. I used to sell

one record for two pounds, 10 and 15 shillings. That was how I came into record disc sales and the business boomed. Thereafter, I built a rack to hang the records in my tailoring workshop. But when I was having conflicting interests in both trades, I left tailoring and embraced record disc sale,” Oba Adetunji said. The late monarch began the journey to the stool of Olubadan in 1976 during the reign of Olubadan, Oba Gbadamosi Adebimpe (1976 – 1977) of Odinjo, Ibadan, when he became the Mogaji of Adetunji family, three years after he was first called to do so. “ I can recollect that the late Balogun Olubadan, High Chief Sulaiman Omiyale, pressured me to become the Mogaji of my family, but I refused, because of my business. But he persisted and educated me that being a chief in Ibadan will have no negative impact on my business. I didn’t yield to his pressure until three years after when I succumbed. Since 1976, I have continued to progress steadily on the Balogun chieftaincy line, climbing the 23 steps according to the tradition

One major battle that Oba Adetunji fought was his vehement opposition to the elevation of Ibadan High Chiefs to crown- wearing Obas by former governor of Oyo State, the late Senator Abiola Ajimobi. Ajimobi in 2017, reviewed the Olubadan Chieftaincy Declaration to allow the ancient town have multiple Obas and according to the new law, Olubadan would be referred to as His Royal Majesty and Paramount ruler of Ibadanland, while the Council’s beaded members were to be addressed Royal Highnesses. This, however, did not go down well with Oba Adetunji, who alongside the Osi Olubadan and a former governor of the state, Senator Rasheed Ladoja, kicked against the law. The monarch and Lsdoja eventually went to court and got judgement against the state government, which was appealed by the government. Between 2017 and May 29, 2019, when the tenure of Ajimobi ended, it was royal rumble in the ancient city between the monarch and members of the Olubadan-in-Council, who were elevated. Indeed, Oba Adetunji rebuffed all efforts at reconciliation as he saw the government’s action as an insult to the custom and tradition of his people. Apart from blaming the high chiefs for being overambitious, since all of them were also in line to becoming Olubadan, he stopped holding meetings with them or giving them traditional functions to perform. Oba Adetunji had through his Media Aide, Chief Adeola Oloko, said “There is nowhere in Yorubaland, where two kings sit inside a palace. It has always been the king and his chiefs. Aside violating our customs and tradition, there is no law that backs the wearing of illegal crowns in Ibadanland.” The monarch died protecting the institution of his ancestors and did so with his shoulders high. History, definitely, has already settled his place.

Lekan Balogun: Unveiling the Olubadan-in-Waiting The Otun Olubadan, High Chief Lekan Balogun, is the 42nd Olubadan-in-waiting, writes KEMI OLAITAN

arring any unforeseen circumstances, the Otun Olubadan of Ibadanland, High Chief Mashood Olalekan Balogun, will succeed the late Oba Saliu Adetunji, as the 42nd Olubadan of Ibadanland, based on the laid down hierarchy of ascension to the Ibadan Chieftaincy throne. The hierarchical arrangement in the Ibadan system has a two line approach of the Balogun system and the Olubadan (Otun) system. The Olubadans are appointed on rotational basis to occupy the stool on the death of a monarch while the next to Olubadan and most senior on both lines are the Otun Olubadan and Balogun. With the late Oba Adetunji from the Balogun line, High Chief Balogun being the most senior on the Olubadan (Otun) line, is expected to be the next Olubadan-in-line, according to the rotational system. A businessman and politician, Lekan Balogun, sits on the board of several companies with interests in oil and gas, distributive trade, management consulting, mechanised farming and export of non-oil items as well as travels and tourism. A senator under the platform of the Alliance for Democracy (AD) between 1999 and 2003, he was an administrator/head, industrial relations, recruitment and scholarships, planning and development at Shell Petroleum Development Company. He was also a Research Fellow with the Ahmadu Bello University, Zaria, a director with Triumph Newspaper, Kano; Editor of the monthly Magazine, The Nigerian Pathfinder as well as Management Consultant for Multinational Organisations such as Leyland, Exiat Battery and Nigerian Breweries. He is a renowned technocrat, author and philanthropist. Born in 1942, he holds a Doctorate, Master’s and Bachelor’s Degrees in Public Administration;

Balogun Public and Social Administration and Economics from Columbus International University, Brunel University and Manchester University all in the United Kingdom. A former presidential aspirant on the platform of the Social Democratic Party (SDP), during the aborted third republic, he was also a gubernatorial candidate for the Peoples Democratic Party (PDP) in Oyo State in the present political dispensation. While in the Senate, Balogun was Chairman, Senate Committee on National Planning and member of many Committees that included Appropriations, Security and Intelligence, Police Affairs and Defence (Army). He has written and published widely. Many of his publications included A Review of Nigeria’s 4 years’ Development Plan, 1970-1974; Nigeria: Social Justice or Doom; Power for Sale: published in Punch Newspaper; Arrogance of Power; Nigeria: The people must decide, among other publications. The Olubadan-in-waiting has not been without

his own share of controversy. Indeed, he was the arrow head of the High Chiefs, who got into a long drawn battle with the late Oba Adetunji, over their elevation as Obas by the former governor, the late Senator Abiola Ajimobi. For many indigenes, he was believed to have instigated the crisis between them, who deserted the Olubadan palace and the monarch. High Chief Balogun while speaking at the height of the crisis on behalf of other High Chiefs elevated and members of he Olubadan-in-Council, once accused Oba Adetunji of denigrating the council by appointing Mogajis (family heads) and Baales (village heads) without any recourse to the council. “Kabiyesi Oba Adetunji has turned the institution of Olubadan into personal affair, which can be run at his whims and caprices, which amounts to illegality. Contrary to their belief at Popoyemoja palace that Olubadan is an authority unto himself, we are telling the world that Olubadan only

exists with his council,” he said. While lamenting the crisis within the traditional council following the elevation of the High Chiefs, he said it was sad the Olubadan was destroying the system that enthroned him, stating that rather than recognise the Olubadan-in-Council’s position, Oba Adetunji conferred the duties of the entire council on one of his wives, who ruled by proxy. His words: “We want to draw the attention of the people of Ibadan to some irregularities and illegalities embarked upon by the Olubadan. If Olubadan thinks we do not matter, we also can show that he doesn’t matter without us. He should not forget that, when he was to be made the Olubadan, he rose through the council. We (Olubadan-in-Council) made Olubadan out of him. He did not make us what we are, but we made him the Olubadan." In 2020, there were allegations that Balogun was at loggerheads with Governor Seyi Makinde. But he quickly refuted having a rift with the governor just as he maintained that the Ibadan Traditional Council had no grudge with him. Now that he is the next in line for the coveted stool, perhaps, Balogun would allow Governor Makinde realise the dreams of his late predecessor, by upgrading the chiefs to Oba and rotating the chairmanship of the council, just to make his own stool more majestic. After all, he led the revolution against the late Oba and now, the ball is in his court. List of High Chiefs next to the Olubadan in hierarchy. •High Chief Mashood Olalekan Balogun - Otun Olubadan •High Chief Akinloye Owolabi Olakunlehin Balogun of Ibadanland •High Chief Tajudeen Abimbola Ajibola - Otun Balogun of Ibadanland •High Chief Senator Rashidi Adewolu Ladoja - Osi Olubadan •High Chief Eddy Oyewole - Asipa Olubadan •High Chief Lateef Gbadamosi Adebimpe - Osi Balogun •High Chief Abiodun Kola-Daisi - Eekerin Olubadan •High Chief Salaudeen Hamidu Ajibade - Eekarun Olubadan

T H I S D AY ˾ MONDAY JANUARY 3, 2022

CITYSTRINGS

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

CGI Isa Idris: Deepening Border Security, Passport Issuance With more than 5,000 land borders and shorelines, Chiemelie Ezeobi reports that manning Nigeria's borders is a herculean task. With the core mandate of the Nigerian Immigration Service being border security, the acting Comptroller General of Immigration, Isa Idris, recently reiterated that deployment of technology is the best way. In a new year dialogue to chart the way forward for 2022, the CGI also addressed the challenges of passport scarcity, funding and corruption

ndoubtedly, the territorial integrity and borders of each nation are very crucial to its development. This is because porous borders spell doom while tightened borders enhance security. At these borders are a crop of persons who have sworn to protect the territorial integrity of their nation. Nigeria is no different in this equation as its Nigerian Immigration Service (NIS) is tasked with this arduous task. This means that the role of the NIS is beyond issuance of passports given that its core mandate is border security. Tasked to spearhead the effective security the Nigerian borders and deepening passport application and issuance reform with a view to enabling a seamless process is the acting Comptroller-General of Immigration (CGI), Isa Idris. Consolidation Upon assumption of office on September 10, 2021, the acting Comptroller pledged to consolidate on gains recorded already. Prior to his present position, he was a Deputy Comptroller General in charge of Finance and Account, before he was appointed as a substantive Comptroller General by President Muhammadu Buhari. Making this pledge at his formal presentation to the Minister of Interior, Ogbeni Rauf Aregbesola by the Federal Commissioners and Board Secretary of the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) in Abuja, he admitted knowledge of the daunting task of securing the nation’s borders. This was just as he offered effective service to Nigerians and migrants. According to him, he was not under any illusion whatsoever about the herculean task which lay ahead, however, he hoped to, with the support of the federal government, the Ministry of Interior, officers and men of the service, as well as the collaboration of all relevant stakeholders, consolidate on existing legacies of past administrations. Policy Thrust But aside consolidation, he also vowed to strive to fill identified gaps and take the NIS to greater heights. For the Comptroller, he hoped to achieve this through a three-pronged policy thrust, including 'Reviewing Border Security Strategies' by enabling a committee of experts to re-examine the strategies with a view to ascertaining the overall effectiveness and efficiency of the Service’s Border Management Policies and Operations; 'Critically Assessing Passport Operations' to find lasting solution to the incessant challenge of Passport Booklet scarcity and; 'Improving Staff Welfare' through massive capacity building and entrepreneurship training for officers and men as well as prompt action to address pending allowances and other claims of officers and men. Media Dialogue Four months down the line, how far has the CGI gone to live up to the pledge he made last September? In an informal media dialogue on New Year's Day, the CGI brought selected media up to speed on what has been done so far, especially the thorny issue of delay in passport issuance and expectations

Acting CGI Idris

for Year 2022. He also touched on border management and the role of technology, challenges of funding as well as the incessant last minute passport applications, which creates further backlog. Improved Border Management Harping on the core mandate of the service, which is border security, the CGI said the service would not allow itself to be reduced to a passport production agency. He said: "The core mandate of NIS is border security and with more than 5,000 land borders and shorelines, the deployment of technology is the best way to tackle the problems. "The service is leaving no stone unturned towards ensuring that Nigerians can sleep with their two eyes closed. That is why improved border management is part of my three-point agenda when I took over the leadership in acting capacity in September." Tackling Difﬁculties in Passport Issuance One of the thorny areas that has bedevilled passport offices in years is scarcity of passports. During the media interaction, the CGI promised

Nigerians who may be experiencing difficulty in either renewing their international passports or securing new ones that the challenges currently being experienced will be a thing of the past by March, 2022. Blaming the challenge of delayed passport production on the COVID -19 pandemic and the accompanying global lockdowns, as well as the difficulty in accessing foreign exchange in the country, he said part of the efforts towards addressing the problem is the launch of the enhanced e-passport, which he noted has been embedded with improved features. He said apart from the United Kingdom where it was launched, the service through the support of the administration of President Muhammadu Buhari and the Minister of Interior, Rauf Aregbesola, has inaugurated such centres in Kano, Port Harcourt and Ibadan. He said; “Just Friday we received a total of 45,000 booklets towards clearing the backlogs and in December alone, we received more than 100,000 booklets which we have continued to distribute across the passport centres nationwide. This is not just for Nigerians in Nigeria alone but for those in the Diaspora

The service is leaving no stone unturned towards ensuring that Nigerians can sleep with their two eyes closed. That is why improved border management is part of my three-point agenda

as well. “But with the introduction of the enhanced e-Passport, we are good to go in our efforts towards addressing the scarcity. This enhanced e-passport is a great improvement on the biometric passport technology which we adopted as a country in 2007. It is a strategic step towards curbing forgery, impersonation and other forms of fraud associated with obtaining travel documents under the old Machine Readable Passport regime. “And because we know that technology helps to address some of our challenges, including corruption, we have continued to try to stop personal contacts with our officials. My predecessor started to break the jinx and we are continuing on that. We plead with applicants to apply only online and stop physical contacts with our officers to avert corrupt practices." Reiterating that by this week more booklets will be received towards clearing the backlogs, he appealed to Nigerians to understand the service and stop engaging in last-minute rush for either renewal or fresh application for international passports. Stressing that the service is working hard to ensure full compliance to the three-week duration for renewal and six-week waiting period for fresh applications, he said there is nowhere in the world where passports are produced in 24 hours except in emergency situations. He said: "The waiting period is for us to validate the addresses provided by the applicants. So Nigerians should not forget that they have six months to renew their passport. They should not wait till it expires, and of course, there are other emergencies, and there is a window for them." Funding For systems that work, funding is always key. On this, the CGI complained about poor funding and said the organisation is working towards securing approval so that it could be able to spend part of its generated revenues to service the organisation and its men. According to him, workers that are not motivated will find it hard not to engage in corrupt practices and that he is committed to improving the welfare of his officers for improved productivity and efficiency. Appeal for Cooperation He pleaded with Nigerians and particularly the media for cooperation and support, saying there are dedicated channels for complaints about the officers’ conducts and the services of the organisation. About the CG The alumnus of Bayero University Kano where he obtained a Bachelor of Arts Degree in Mass Communication in 1985, the acting Comptroller General hails from Kaduna State. He joined the service in 1987 as a Deputy Superintendent of Immigration (DSI) and has served in various commands and formations including Adamawa, Borno, and Benue State Commands among others. He was the Deputy Comptroller General in charge of Finance and Accounts until September 10, 2021, when he took over from the former Comptroller General, Muhammad Babandede (rtd) as acting Comptroller General.

T H I S D AY ˾ MONDAY JANUARY 3, 2022

CRIME&SECURITY

Navy Engages Baga Youths, Boosts Civil Military Cooperation Chiemelie Ezeobi reports that in boosting Civil Military Cooperation, the Nigerian Navy, during the yuletide, hosted the CNS football competition for the youths and inaugurated a new borehole for the community

The football team

At the newly constructed borehole

The CNS End of Year Baga Youth Football Competition

or war-torn Baga Community in Borno State, moves by the military to consolidate on gained grounds are signs of hope. During the yuletide, the Nigerian Navy (NN) went beyond consolidation to engaging the youths and community in a football competition and inaugurating a borehole, respectively. The navy also went to the Fish Dam in Baga, Kukawa LGA Borno State to assess the facility for eventual reconstruction of the base. The assessment was done by the Chief of Naval Staff (CNS), Vice Admiral Awwal Gambo and entourage.

Represesented by the Naval Secretary (NAVSEC), Rear Admiral SS Garba, the CNS in company of Rear Admiral AN Ayafa (CNASS) and four other senior officers from Naval Headquarters (NHQ) assessed the facility for eventual reconstruction of the base given that their temporary base is Federal College of Freshwater Fisheries Technology Baga. Afterwards, he proceeded to witness the final match of the CNS End of Year Baga Youth Football Competition in Baga township playground. At the end, prizes were awarded to

outstanding individuals and trophy handed over to the champion team. Also, a borehole water supply project which was donated by the CNS as part of Civil Military Cooperation (CIMIC) was inaugurated. Essentially, for the navy, although the security situation in the general area remains unpredictable, troops are continuously maintaining defensive position to guarantee gradual return of economic activities and restore light to a community devastated by acts of terrorism.

CRIME SITUATION REPORTS

CRIMINALITY: TACTICS AND PREVENTION (3) Gbolahan Samuel Moronfolu What Is an Infraction? Infractions are crimes for which jail time is not usually a possible sentence. Sometimes known as petty crimes, infractions are often punishable by fines, which can be paid without even going to court. Most infractions are violations of local laws or ordinances passed as deterrence to dangerous or disruptive behavior. Such laws include speed limits in school zones, no parking zones, traffic ordinances, and anti-noise ordinances. Breaking any of these would be considered an infraction. Operating a business without the proper licenses or improperly disposing of trash would also be an infraction. Under some circumstances, an infraction can rise to the level of a more serious crime. Running a stop sign might be a minor infraction, but not stopping for the sign and causing damage or injury is a more serious offense. Several causes of crime have been identified by scholars and social analysts. Notable among them is, the availability of arms in the hands of illegal users, particularly civilians, motivates criminality in Nigeria. For instance, Hull et al. (2007) argued that the proliferation of arms contributes to conflict in two main ways namely: ‘increasingly lethal firepower is likely to cause higher levels of destruction; and that augmentation of sophisticated weaponry creates a vicious cycle whereby competing militias engage in an arms race to gain dominance in capability. Such competitions often result in violence. No zone in Nigeria is immune to crime. However, the frequency and fatality rate varies. In fact, no matter the functionality of crime in the society, the act of crime is condemnable and unacceptable in a healthy society, no matter the justification criminals may present. In the 1970s the popular crimes that were prevalent in Nigeria include : armed robbery, stealing, assault, burglary, rape etc; but today terrorism, bomb blasts, kidnapping, drug trafficking, money laundry, child trafficking, assassinations and other criminal activities have become the order of the day. Victoria Ekhomu (2010) noted that “Nigeria was beset with myriad of security challenges such as kidnapping, terrorism, civil disturbance, political violence, fraud, assassination, armed robbery, among others” (cited in Utebor & Ekpimah, 2010:11). In spite of stringent laws and punishments to check these crimes, they have continued to be on the increase, but the Nigeria Police is up to the task in curtailing this societal menace. Two of the key constitutional duties of the Nigeria Police is the prevention of crime occurrence and the responsibility of internal security by ensuring safety of lives and property. Crime breeds destruction of lives and property as well as terrifying fear of insecurity. Most nations of the globe are, therefore, looking for additional techniques of fighting the soaring wave and growing sophistication of violence. A recent review by the United Nations unveiled that while most countries of the developed economy spend an average between 5 and 6 per cent of their annual budgets on crime prevention, those of the developing economies spend an average between 15 and 23 percent. The police are very important in the maintenance of law and order in any democratic society. They are the closest law enforcement agents to the public, unlike the military and other paramilitary agencies that concentrate on their specific core jobs/roles in the society, police roles cover every segment of group social interactions in the society (Arisukwu and Okunola, 2013). The police occupy a vital position in any democratic society and their relationship with the public influences how they are accepted and supported by the public. Policing therefore is everybody's business as the Police alone cannot effectively

solve criminal activities in a society (Remington, 1965), They play many roles from law enforcement, arrest and investigation of suspected criminals to peace building and maintenance of order in a society. The crime prevention efforts of the police are more in the urban areas than rural areas (Muhammad, 2002). Often times, rural crime pattern and rural policing are different from that of urban centers. Crime rate in the rural areas are assumed to be low mainly due to informal socio-cultural means of social control available in the rural areas. The family and religious values shape the norms and values in a rural community than the urban centers where such values have loose impact on people who live individualistic lives rather than community life styles in rural areas (Etuk, 2008). Comparing rural to urban crime is like comparing apple to orange because urban population and multi-cultural nature of city lives make life style independent and complicated. On the other hand, rural areas have more quiet and less population of people who are usually related by blood or socially. The common crimes in a rural areas are mainly agriculture related (California Casualty, 2017). It is sad to note that in the present dispensation, criminality in the country is now more concentrated in the desert, farms, bushes, and the rural areas where banditry take advantages of the less population in such areas to perpetrate more crimes. It is time the country rejig the security architecture to concentrate and upgrade security presence in less populated areas in the rural areas so as to discourage such criminal dastardly acts in such areas. In another development, Data from International victim survey suggests that crime is higher in developing countries than in developed countries Grote and Neubacher (2016). Rural areas in developing countries are usually characterized by poverty and food insecurity, Grote and Neubacher (2016). The level of poverty is exacerbated by corruption and bad governance. Failure of government to provide adequate security attracts criminals who exploit the poor infrastructure to terrorize innocent rural dwellers. The neglect inherent in the rural areas has made it a safe haven for all kinds of crime and criminality in developing countries like Nigeria. Crime in rural areas prevents social cohesion and affects sustainable development negatively (Grote and Neubacher, 2016). Hoodlums now use rural areas as their operational base from which they carry out their heinous activities. Youth unemployment, poverty, hunger, poor health and living conditions and ethno-religious challenges are responsible for violence and disenchantment within the rural areas (Arisukwu, 2017; Arisukwu et al., 2019, 2020; Asaju et al.,2014). According to National Bureau of Statistics, (2017a, b), “the labor statistics report of Nigeria in 4th quarter 2019 has shown that there is 8.9 million Nigerian youths aged 15–34 that are currently unemployed”. These youths are vulnerable and lack the capacity and skills to sustainably engage in or finance any entrepreneurial venture (Asaleye et al., 2018). Also, poverty and lack of education is equally implicated in high rate of unintended pregnancies among teenage girls in rural Nigeria (Arisukwu et al., 2019). This unplanned population in the hands of families that cannot provide their basic needs will exacerbate the crime situation in the community. -Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

MONDAY JANUARY 3, 2022• T H I S DAY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust): is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 30Dec-2021, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS

MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 162.68 164.11 0.50% Afrinvest Plutus Fund 100.00 100.00 9.05% Nigeria International Debt Fund 319.12 319.12 -18.18% Afrinvest Dollar Fund 102.31 103.46 -6.63% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 10.19% AIICO Balanced Fund 3.44 3.61 1.23% info@anchoriaam.com ANCHORIA ASSET MANAGEMENT LIMITED Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 7.18% info@anchoriaam.com Anchoria Equity Fund 136.90 138.61 2.92% Anchoria Fixed Income Fund 1.15 1.15 -13.81% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.07 20.67 10.66% ARM Discovery Balanced Fund 450.16 463.74 12.44% ARM Ethical Fund 39.34 40.52 16.69% ARM Eurobond Fund ($) 1.08 1.08 -1.72% ARM Fixed Income Fund 1.00 1.00 -4.70% ARM Money Market Fund 1.00 1.00 10.16% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.93 107.93 6.12% AVA GAM Fixed Income Naira Fund 1,067.35 1,067.35 6.73% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com ; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.05 2.05 -2.47% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.18 2.23 0.60% mutualfunds@cardinalstone.com CARDINALSTONE ASSET MANAGEMENT LIMITED Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Chapelhill Denham Money Market Fund Paramount Equity Fund Women's Investment Fund CORDROS ASSET MANAGEMENT LIMITED Web: www.cordros.com, Tel: 019036947 Fund Name Cordros Money Market Fund Cordros Milestone Fund Cordros Dollar Fund ($) CORONATION ASSEST MANAGEMENT Web:www.coronationam.com , Tel: 012366215 Fund Name Coronation Money Market Fund Coronation Balanced Fund Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED Web: www.ecobank.com Tel: 012265281 Fund Name EDC Nigeria Money Market Fund Class A EDC Nigeria Money Market Fund Class B EDC Nigeria Fixed Income Fund EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-assetmanagement-limited/, Tel: 08039492594 Fund Name Emerging Africa Money Market Fund Emerging Africa Bond Fund

Bid Price Offer Price Yield / T-Rtn 1.04 1.04 5.90% investmentmanagement@chapelhilldenham.com Bid Price 100.00 16.98 139.85

Offer Price Yield / T-Rtn 100.00 9.72% 17.29 6.16% 141.45 5.08% assetmgtteam@cordros.com

Bid Price N/A N/A N/A

Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A investment@coronationam.com

Bid Price N/A N/A N/A

Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A mutualfundng@ecobank.com

Bid Price Offer Price Yield / T-Rtn 100.00 100.00 7.68% 1,000,000.00 1,000,000.00 8.46% 1,180.70 1,206.13 2.78% assetmanagement@emergingafricafroup.com Bid Price 1.00 1.04

Emerging Africa Balanced Diversity Fund 1.11 Emerging Africa Eurobond Fund 104.53 FBNQUEST ASSET MANAGEMENT LTD Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price FBN Bond Fund 1,392.45 FBN Balanced Fund 173.98 FBN Halal Fund 115.60 FBN Money Market Fund 100.00 FBN Dollar Fund (Retail) FBN Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund

122.29 147.67 Bid Price 1.00 4.00 1.69 1.21

Offer Price 1.00 1.04

Yield / T-Rtn 7.93% 3.99%

1.11 10.62% 104.53 4.49% invest@fbnquest.com Offer Price 1,392.45 175.16 115.60 100.00

Yield / T-Rtn 11.32% 4.29% 9.35% 9.60%

122.29 3.95% 149.66 11.87% fcmbamhelpdesk@fcmb.com Offer Price 1.00 4.00 1.73 1.21

Yield / T-Rtn 7.54% 3.46% 11.22% 6.20%

FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.54% Vantage Balanced Fund 2.82 2.88 -1.25% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 143.25 143.30 -7.95% Vantage Equity Income Fund (VEIF) - June Year End 1.26 1.30 0.22% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 6.03% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.49 1.51 9.03% Lotus Halal Fixed Income Fund 1,161.00 1,161.00 8.74% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.58 11.68 10.63% Meristem Money Market Fund 10.00 10.00 10.22% 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) 101.90 101.91 7.73% Norrenberger Money Market Fund (NMMF) 100.00 100.00 9.08% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.58 1.61 13.16% PACAM Fixed Income Fund 11.16 11.19 -8.11% PACAM Money Market Fund 10.00 10.00 7.75% PACAM Equity Fund 1.43 1.44 -9.66% PACAM EuroBond Fund 114.05 116.41 4.05% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 127.04 129.38 5.26% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.08 1.08 10.00% 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 N/A N/A N/A Stanbic IBTC Bond Fund N/A N/A N/A Stanbic IBTC Ethical Fund N/A N/A N/A Stanbic IBTC Guaranteed Investment Fund N/A N/A N/A Stanbic IBTC Iman Fund N/A N/A N/A Stanbic IBTC Money Market Fund N/A N/A N/A Stanbic IBTC Nigerian Equity Fund N/A N/A N/A Stanbic IBTC Dollar Fund (USD) N/A N/A N/A Stanbic IBTC Shariah Fixed Income Fund N/A N/A N/A Stanbic IBTC Enhanced Short-Term Fixed Income Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Balanced Fund 1.34 1.36 4.85% United Capital Bond Fund 1.96 1.96 6.77% United Capital Equity Fund 0.91 0.94 14.69% United Capital Money Market Fund 1.00 1.00 9.05% United Capital Eurobond Fund 122.32 122.32 6.21% United Capital Wealth for Women Fund 1.08 1.09 5.52% United capital Sukuk Fund 1.07 1.07 7.31% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.06 13.18 10.08% Zenith ESG Impact Fund 14.52 14.67 9.98% Zenith Income Fund 24.87 24.87 3.61% Zenith Money Market Fund 1.00 1.00 7.16%

REITS NAV Per Share

Yield / T-Rtn

124.98 54.48

10.62% 7.78%

Bid Price

Offer Price

Yield / T-Rtn

13.35 126.93 99.78 17.54 21.11

13.45 130.09 101.97 17.64 21.21

3.81% 5.56% 0.57% -2.50% 15.11%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

3.98 5.47 17.23 1.00 19.97 157.75

4.08 5.57 17.43 1.00 20.17 159.75

6.20% -3.61% 6.55% 0.00% -2.67% -15.03%

NAV Per Share

Yield / T-Rtn

107.28

13.11%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, JANUARY 3, 2022 • T H I S D AY

NEWS

A NEW ACTING CJ FOR GOMBE... Gombe State Governor, Muhammadu Inuwa Yahaya (L), swears-in Justice Joseph Awak as New Acting Chief Judge of Gombe State ... yesterday

Banditry: Northern Groups Condemn Masari's Call for Self-defence Bandits free two Baptist students, one still in captivity Francis Sardauna in Katsina and John Shiklam in Kaduna The Coalition of Northern Groups (CNG), yesterday, said it was ridiculous for Governor Aminu Bello Masari of Katsina State to ask hungry and angry people of the state to defend themselves against the marauding bandits terrorising the state. Masari, had at different times, asked residents of the state to acquire weapons and defence themselves against bandits and kidnappers. In another development, two of the remaining three abducted students of Bethel Baptist High School, Damishi, Kaduna, have been released after spending

about six months in captivity. Addressing journalists in Katsina, the North-west Coordinator of the Coalition, Jamilu Aliyu, revealed that the state has 438,808 unemployed people with a poverty rate of about 80 per cent. Quoting statistics from the National Bureau of Statistics (NBS), Aliyu noted that, the unemployment rate in the state was a looming danger resulting from the failure of leadership. Aliyu reiterated that in a state like Katsina with a poverty rate of close to 80 per cent, making it the second poorest state in Nigeria, it would be very cumbersome for the governor to achieve his self-defence call. He added that acquiring

Bandits Kill Seven, Abduct 20 in Multiple Attacks on Kaduna Communities John Shiklam in Kaduna Seven people were killed while over 20 others were reportedly abducted in multiple attacks on three communities in Kaduna state. The commissioner for Internal Security and Home Affairs, Samuel Aruwan confirmed the killings in a statement yesterday. His statement was however silent on the reported abduction of over 20 people in Anguwan Zallah- Udawa, Chikun Local Government Area of the state. Sources said the bandits invaded the community at about 12 midnight, killing one person while over 20 people, mostly women and children were abducted. Aruwan confirmed the killing of one person during the attack on the community. The statement said bandits also attacked Karewa village, Igabi LGA, killing four people, injuring one other. The commissioner said the attacks were reported to the state government by security agencies. He said those killed in the

village included: Lado Shuaibu, Usman Haruna, Ayuba Muntari and Jafar Abdullahi, adding that one Mallam Mamuda was injured. Aruwan said the bandits carted away some motorcycles and foodstuffs from the community. He said bandits also invaded Sabon Garin Ungwar Dalha, Igabi LGA and killed one Hadiza Mohammed, a housewife. The commissioner said, “the bandits broke into some homes, all the while shooting into the air.” The statement revealed further that in another incident, bandits attacked commuters along the Ungwan Rimi-Afana road in Zangon Kataf LGA, killing one Joshua Kawu. Aruwan said, “Governor Nasir El-Rufai received the reports with deep sadness, and conveyed his sincere condolences to the families of the citizens who were killed in the attacks. “He wished the injured person a speedy recovery as he commiserated with the attacked communities. “Security agencies have sustained and intensified patrols in both general areas.”

weapons by citizens in the name of self-defence would increase bandits' cells and lead to greater instability and deepen insecurity in the state. According to him, the Masariled government is currently displaying its incapacity or unwillingness to tame the monster of insecurity, thereby exposing Nigerian security forces to danger and sending civilians to early graves. He said governance was not about enjoying the perks of office and shifting responsibilities to the vulnerable but selfless services that require commitment and willingness to systemically guide followers to the right path. He, therefore, implored the state government to fight unemployment, poverty and illiteracy, whom he described as the tripod upon which banditry

has been nurtured to its current monstrous stage. "Statistic from the National Bureau of Statistics for the last quarter of 2020 showed that Katsina has a 25.5 per cent unemployment rate with about 438,808 people unemployed. The statistics on the poverty rate in the state is a sign of danger resulting from failure of effective leadership. "It is ridiculous to think of arming hungry and angry people of a state like Katsina with a poverty rate of close to 80 per cent, making it the second poorest state in Nigeria and expect to achieve positive results. "Your Excellency sir, you should perish your thought of self-defence and admit to the great people of Katsina that you are no longer in control

and cannot foster solutions to their societal problems, then seek genuine help or kindly resign," he said. However, Chairman of the Kaduna State Chapter of the Christian Association of Nigeria (CAN), Rev. Joseph Hayab, who disclosed the release of two Baptist students, in a telephone chat with THISDAY, said one student was still being held captive by the bandits. Bandits had invaded the school on July 5, 2021, and abducted 121 students. The bandits have been releasing the students in batches and collecting ransom for each batch released. The first batch of 28 students were released on July 25, 2021 after N100 million was allegedly paid for the release of all the students but the bandits decided

to be releasing them in batches. Hayab said one student was released on Tuesday December 28, 2021 while one was released on Saturday January 1, 2022, adding the student released on Saturday, had earlier escaped from the bandits, but was recaptured. “Two of our remaining three Bethel Baptist High School still being held by bandits have been released. One was release on Tuesday December 30, 2021 while the other one was released on Saturday January 1, 1022. “Now we have only one child left with the bandits. The one that was released on Saturday initially escaped four days ago, but he was recaptured by the bandits and taken back. His parents were full of joy. They paid ransom for their release”, the CAN chairman said.

Ngige: I was Offered Money to Okay Uba’s Primary Election Victory David-Chyddy Eleke in Awka The Minister of Labour and Employment, Dr Chris Ngige, at the weekend, revealed that he was offered money to accept the victory of the candidate of the party, Senator Andy Uba, in the just concluded governorship election. Ngige, a former governor of the state, said he was aware that no primary election took place to nominate Uba as the standard bearer of the party in the state, but some people offered him money to accept that the election went well. Ngige, who addressed members of the party on new year day in his community, Alor, said he rejected the money, because it was against his conscience. “13 persons went for the election (primary) and I told them I do not have anointed aspirant. I told them it is God, who makes a governor; it is also God, who makes a president.

I told them to go to the field and convince everyone to vote for them. “I told them what was going to happen was direct primaries, either by secret ballot or option A4. These aspirants listened to me and used their hard earned money to run for the election. “None of them is a thief or stole money, so they used their hard earned money and we did a primary election and we said everyone would go to their ward, that voting will take place from 8am to 4pm. “I even came from Abuja to participate in the process. Somebody of my status could not vote. I didn’t see any electoral materials here in Alor ward one. I am from this place, no electoral officials or materials except INEC officials. They were the only people, who came, our party officials never came. “By 5pm, I called Governor Dapo Abiodun and told him nothing happened. I told

him to postpone the election from Saturday to Monday he said okay, but they ended up announcing result.” Ngige, however, failed to disclose who offered him money, saying, “At the end, they said I should come and take money and say the election held. I, Chris Ngige should come and take money and say an election that I never participated in has held? “I told them I have all the money I needed, and that I have contested for all the positions I needed to contest for. It is only one position that I have not contested for. We are the founding fathers of this party, these were the same people, who stood against us in the early days of APC and called us Boko Haram party. “Today, they are saying Ngige does not want people to come in and that I am now putting people, who are my brothers in position. Do not listen to them, they are lying.”

Speaking on the decision to make Uba the leader of the party in the state, Ngige said, “There is nothing like leader in APC constitution. If you want to answer leader, you answer, but there is no such thing in the constitution of the APC. “2023 is the reason all these wayo people are here moving about. They have gone to collect money from people that they will work for them, but we will not allow them. “Now, they are going about saying they have written the names of the people, who will become the ward, local government and state executive, but do not listen to them. “It was the same way they wrote election results for Anambra election and were going about, but when they brought it, it was dismissed. It is same way they will dismiss the list they are bandying about today. We will hold a very credible congress in Anambra State.”

MONDAY JANUARY 3, 2022 • T H I S D AY

NEWS XTRA

Obanikoro Backs Rejection of Direct Primary Clause in Electoral Bill Chinedu Eze Former Minister of Defence, Senator Musliu Obanikoro, has described the clause 87 in the electoral bill that made direct primaries compulsory for political parties as self-serving, saying the legislators wanted to use it to fight the governors who might use their influence against them in the next election. Obanikoro, who was also former Nigeria High Commissioner to Ghana, urged President Muhammadu Buhari to sign the electoral bill if that clause is expunged, emphasising that signing the bill would be his greatest legacy as the president of Nigeria. Obanikoro, who spoke on Arise News television Morning Show programme yesterday, also hinted that he might contest the governorship election of Lagos State in 2023, saying he just entered into his 60s but he would not want to contest elections when he is in his 70s, and added that this might be the last time he would contest election. He explained that organising elections in Nigeria is fraught

with violence, insecurity and death, so it would be very difficult for political parties to organise direct primaries, which was projected to cost about N500 billion.

“Let me start by commending the lawmakers because they are making efforts to deepen democracy. But there is none of us, especially those in the House of Representatives, who does

not know how difficult it is to organise elections in Nigeria. They know that politicians engage unemployed youths to disrupt elections." To organise election at the

state and local government levels is a humongous challenge. Now, you are saying that you want to have direct primaries. From the security challenge to the huge cost of it, it does not

make sense." It is a self-serving thing because they are at loggerheads with their governors. You are supposed to make laws for the people, not for your own

ASIKO ENERGY LPG PROJECT…

L-R: Project Manager, ILF Engineers Nigeria Limited, Sojirin Oluwole; Chief Operating Oﬃcer, Asiko Energy, Abubakar Folami; General Manager, Operations, Asiko Energy, Busayo Fabunmi, Managing Director (MD), AYF Development; Fadi Aboul-Hosn; MD, Asiko Energy, Felix Ekundayo; MD, ILF Engineers Nigeria, Oshodi Abiodun, and HSE Head, Asiko Energy, Igbokwe Uwaezuoke at a ceremony to kick start the construction of Asiko Energy liqueﬁed petroleum gas storage terminal in Ijora, Lagos…recently

Osun Residents Urged Insecurity: Tambuwal Inaugurates Sokoto Devt Association Onuminya Innocent in Sokoto with the coming together described the move is a step neither for political purpose to Re-elect Oyetola of stakeholders from the in a right direction. nor for preaching but to put

Yinka Kolawole in Osogbo

The beneficiaries of the free train service regularly provided by the Osun State Government have urged the citizens and residents to re-elect the incumbent Governor Adegboyega Oyetola for second term. The beneficiaries who attributed their plea to the successful implementation of myriad welfarist policies and programmes of the Oyetola led administration, said the genuine call was in the interest of sustainability and consolidatson of good governance in the State. The administration of Governor Oyetola had since assumption of office continued the initiative introduced by his immediate predecessor to cushion the possible effects of movement of people and goods during festive periods. Some of the holidaymakers that made their homecoming for the Christmas and New Year

celebrations through the free train service eulogised the government for sustaining the scheme despite the state's depressed economy. They expressed gratitude to Governor Oyetola for his consistency and uprightness that had contributed greatly to the successes the scheme had recorded over the years. Speaking after alighting from the train on Friday and boarding same yesterday to Lagos, at the Osogbo Terminus of the Nigerian Railway Corporation, the free train service beneficiaries called on the people of the state to reward the good works of the governor by reelecting him for second term. According to them, the only way the good governance that had been successfully enthroned in the state could be sustained and consolidated was for the electorate to return the governor for second term so as to ensure the continuity and consolidation of good things that have been happening in the state.

The Governor of Sokoto State, Mr. Aminu Waziri Tambuwal, has inaugurated Sokoto Eastern Zonal Development Association (SEZDA) in a bid to stem the tide of insecurity in Eastern Senatorial District of the state. Tambuwal said shortly after the inauguration of the SEZDA that he would support any move to bring lasting peace in any part of the state. He was also optimistic that

zone, irrespective of political affiliation, the problem of insecurity in area would soon be a thing of the past. He disclosed that the state government would work closely with the association to ensure that peace returned to the trouble zone. On his part, the former Governor of the Sokoto State, Mr. Dalhatu Attahiru Bafarawa, who is also from the zone,

Bafarawa thanked the state government for supporting the zone but stressed that the government alone could not tackle the problem of insecurity. This, he said, informed the need to form the association that would collaborate with government to resolve the security challenges in the zone. The former governor further added that the gathering was

their heads together to fight the menace called banditry that has overwhelmed the zone. Earlier, the Chairman of the SEZDA, Professor Nasiru Gatawa, lamented that the banditry in the zone has affected socio economic activities of the people pleading with the Governor not to relent in his effort to ensure that peace return to the area.

Gombe Gov Swears in New Acting Chief Judge

Segun Awofadeji in Gombe

The Gombe State Governor, Mr. Muhammadu Inuwa Yahaya, has sworn in a new Acting Chief Judge of Gombe State, Justice Joseph Ahmed Awak. The swearing in of the jurist yesterday was sequel to the attainment of the mandatory retirement age of the former Acting Chief judge of the State, Justice Mu'azu Pindiga. Speaking at the ceremony,

Yahaya urged the new judiciary helmsman to dispense justice to all manner of people in the State, without discrimination, fear or favour. He assured that his administration would continue to support the judiciary and legislature in discharging their statutory responsibilities effectively for the overall benefit of the good people of Gombe State. The governor said the retirement of the State Acting

Chief Judge, Justice Mu'azu Pindiga ushered-in the appointment of the most Senior High Court Judge. The governor noted that the citation of Justice Joseph Awak attests to the jurist's reputable standing to superintend over the judicial arm. He added that his dedication, experience, principles and forthrightness make Justice Joseph Awak a worthy ambassador and deserving

of the exalted seat, expressing confidence in his ability to take Gombe State Judiciary to greater heights. "My Lord, the Acting Chief Judge, with your oath taking, constitutionally it has made you head of the Judiciary, the third arm of Government in the State. As the administrative head, we urge you to dispense justice to all manner of people in the State, without discrimination, fear or favour."

No fewer than 250 shops have been destroyed by fire at Obi Isiedo foodstuff market, Okpuno-Egbu, Umudim, in Nnewi, Anambra State. The shops were gutted by fire on Saturday night, just as eyewitnesses said the fire started around 10pm in one of the shops in the market and later spread to many others.

of the shops left their goods and some cash with which to continue business after the Christmas and New Year festivities. "Over seven water tankers were mobilizsd including other individual efforts to the scene which could not stop the fire. A resident near the market whose house was razed, Rev.

could explain what caused the fire. He added, "As you can see, my house is near the market. I came back from some functions and was taking my rest when around 9.30 p.m. we heard an outcry that the market was on fire. "People started running helter skelter looking for help and water tanker suppliers

up to seven tanks of water to quench the fire to no avail. "Fire fighters came but the fire was already advanced. Goods worth millions of naira were destroyed. My two storey building under construction was about to be consumed but I struggled to save the situation and received some bruises in the process," he said.

APC Can't Boast of N3bn Fire Guts over 250 Shops in Nnewi Food Stuff Market Project in Katsina, Says PDP David-Chyddy A source said: "The owners Chinedu Dike, said no one were contacted who mobilized Eleke in Awka

Francis Sardauna in Katsina

The Katsina State Chapter of the Peoples’ Democratic Party (PDP), has said the ruling All Progressives Congress (APC) could not boast of a N3 billion project within the Katsina city. The Chairman of the APC, Mr. Salisu Yusuf Majigiri, while addressing journalists at the party's secretariat in Katsina Sunday, challenged the APC to invite President Muhammadu Buhari to commission a project in the ancient city that is worth N3 billion. He said: "In terms of welfare, what can you say about the APC-led government of Masari? They cannot boast of a N3 billion project in the capital city of Katsina. "If there is any project ready for commissioning in Katsina city as the capital city and the seat of power,

let the government invite the President of the Federal Republic of Nigeria to come and commission that project so that people can see and testify." On the issue of local government elections, he said, it was not within the responsibility of Governor Aminu Bello Masari to announce the time for the conduct of the council election in the state. He said: "If the governor is allowed to determine and guide the issue of local government’s election by announcing the time, he may end up announcing the winners and that will be a big problem." He, however, announced the readiness of the PDP to participate in the council polls, saying the party would reclaim power in 2023 and secure citizens from what he termed bad leadership and security challenges.

Apapa LGA Boss Pledges to Improve Primary Healthcare Delivery Oluwabunmi Fache The Chairperson, Apapa Local Government Area, Lagos Mrs. Idowu Sebanjo, has stated government’s determination to improve the primary healthcare delivery as part of dividend of democracy. Sebanjo stated this when she visited the parents of the first

child to be delivered in the local government early hours of Saturday. The baby boy, who weighed 3.5 kilogram was delivered at Ijora Oloye Primary Health Centre (PHC) by Mrs. Sukurat Okunade at 12.01 am. According to one of the nurses at the health centre, Mrs. Okunade was admitted

at about 7.00pm on Friday, the 31st December 2021 and was delivered of the baby at exactly 12.01 am on January 1, 2022. Speaking during the visit to the parents of the baby, the Apapa LG boss noted that she came to celebrate the first child in her Local government, which she said was a sign of

blessing. According to her, the Lord had promised to fill the local government with blessings including children. Sebanjo disclosed that the local council would continue to work with the state government and other agencies with a view to improving primary healthcare delivery.

MONDAY JANUARY 3, 2022 • T H I S D AY

MONDAY, JANUARY 3, 2022 • T H I S D AY

BACKPAGE CONTINUATION PRESIDENT BUHARI AND THE CHALLENGES OF THE FINISH LINE 2. Providing the vision and direction for the party and government The President is the chief executive officer of the federation mandated by the constitution to govern the country and execute the constitution’s provisions. The President is also the leader of APC, who should give direction to the party. The constitution of the party recognises the elected national chairman of the party as the the party’s chief executive officer runs the secretariat and the day to day activities of the party, but the President is the unofficial leader of the party. Every political party that is privileged to head that nation’s government takes the country’s President as that party’s moral and political compass. He is the rallying point of the party. Where there is a crisis, his role is to ensure fair play in the dispute resolution of the problem. He must also do that with care to prevent matter affairs from interfering with his primary duty of governance as enshrined by the constitution. He is also to ensure that as he administers the government, he does not put the party’s interest above national interest. It is worthy to note that this President (Buhari) has proven to be the President who never allows his party interests to interfere with the national interest or treat executives of the federating units disproportionately. He has never withheld a state’s due because it is not an APC led state. He has resisted every temptation to interfere with the outcome of elections and has always taken the lead to congratulate the winner of an election irrespective of their party affiliations. That is indeed a legacy for anyone that will come behind him. As it stands today, APC is heading for the 2023 elections, and for the first time, its legitimacy, strength, unity and capacity will be tested. Unless the party provides a clear future direction, it stands to lose at the poll, and I mean the presidential election. How the party chats a course and prepare would determine how well they would do at the poll. President Bill Clinton undoubtedly had a more successful eight-year term as far as the economy was concerned. His second term was characterised by a historic approval rating of a US president in modern terms because he led a strong economy. Yet, his Vice President lost the presidential election, albeit under controversial circumstances. George Bush led the US in the war on terrorism and had an eight-year presidential term, yet the Republican candidate, the late John McCain, lost to barracks Obama of the Democratic Party. Obama brought enthusiasm among the millennials and revived political participation in the US, yet Hilary Clinton lost to Donald Trump. All of this illustration shows that a party can lose election after a successful second term of its candidate if the party does not take care. In Nigeria, there are discontent, disillusionment and despair amongst the country’s citizens. Despite the efforts of Mr President, the challenges that confront us as a nation is so much that our successes are like a drop in the ocean. To win in 2023, we must provide a clear path, direction and leadership. This is where the President must be involved. Even if it’s not his nature to be involved, he has no choice if he cares about his legacy. The decision and hunt for who would succeed Mr president should be to Mr president as important as infrastructural development, as important as fighting corruption, as important as fighting insecurity. This is necessary because the choice of the wrong successor can shatter the gains of his administration. Granted, he cannot impose a candidate, neither can he coarse the party into choosing a candidate, but he must be involved in providing a direction for the right choice of a candidate. Mr President must decide in galvanising the base to choose a sellable candidate, unifying and legacy-driven candidate. He must start (if he has not already started) to collect intelligence about his possible successor; this he can do through various means he has at his disposal. He must avoid sentiment, patronage, or impression; this is not about all those; it is about his legacy and national interest, unity, and cohesion. These are times when all sorts of information will bombard him, both necessary and unnecessary. These are those times when politicians would be in their top-most zones to impress or persuade their sense of judgement. It is also a time when those who influence heads on security agencies exert it to their advantage and the disadvantage of their natural and perceived opponents. A time when politicians who influence the media would use

Buhari it to the fullest to create or change narratives to their advantage. The Nigerian mainstream media is as vulnerable as can be, and those who influence them would be prey on it. Thanks to social media that democratise information and sort of break the monopolistic tendencies of the mainstream media. The President would be mindful of all these tendencies and be guided by his convictions and legacy. 3. The Legacy, legacy, legacy The passion drives the President to leave behind a good legacy for the future of Nigeria. No doubt he has laid a good foundation, a foundation for progress and development in the short term, midterm and long term. Therefore, the President must vigorously pursue the policies that would strengthen the economy. The President’s resolve to focus on infrastructural development has been commended nationally and internationally. Infrastructural development is the baseline for the progress and prosperity of humankind, and for us in Nigeria, the need is so dire that we are where we are because of the lack of it. The Rail Projects Take a look at what the President is championing in the rail; the 156km Lagos- Ibadan Standard Gauge Rail nearing completion, the groundbreaking done for the construction of Kano-Maradi Standard Gauge Rail, the revamp of the Portharcourt- Maiduguri Narrow Gauge Rail. As for the Abuja Light Rail, it has been completed since 2018. The financing negotiations for the Ibadan Kano Standard Gauge Rail project is already ongoing. The Road Projects On roads, the Presidential Infrastructure Development Fund (PIDF) plan is investing over a billion US Dollars in three flagship projects; Lagos-Ibadan expressway, Second Niger Bridge, Abuja-Kaduna-Zari-Kano expressway. In addition, executive order seven is already mobilising private investment to develop critical roads and bridges like the Bodo-Bonny in Rivers and Apapa-OshodiOwaranshoki-Ojota in Lagos. There is also the Highway Development Management Initiative (HDMI), a public-private partnership program to mobilise in its first phase, over a trillion Naira in private investment into the development and maintenance of 12 roads amounting to 1.963km in length. Recall also the Sukuk Bonds raised since 2017 for multiple critical road projects across six geo-political zones.

Deep Sea Port. The Power Projects In a bid to power all sectors of the economy, beginning with education, there has already been ongoing projects for a clean and reliable supply of solar and gas to federal universities and teaching hospitals across the country, four of which has already been completed and commissioned BUK Kano, Funai Ebonyi, ATBU Bauchi, and FUPRE Delta, while others are ongoing at the moment. This initiative for clean solar and gas supply has been extended to markets such as Sabon Garri Market, Kano, Ariaria Market in Aba, and Sura Shopping Complex in Lagos. The Presidential Power Initiative (PPI) also involved government to government between Nigeria and Germany via Siemens AG of Germany to upgrade and modernise Nigeria’s electricity grid. The contract was signed in February 2021. Others There also other numerous projects of `Mr President in the area of mass housing scheme, oil and gas projects and initiatives, agriculture, social investment and poverty alleviation, education and health, creative industry and sports, fiscal, trade, monetary and investment reforms; presidential assent to legislative bills, support to states, Niger Delta etc. These are legacies of Mr President in just a little over six years with minimal resources. I dare say no president in Nigeria’s modern history has accomplished those. Previous administration only focused on projects in the short term for political and perceived personal reasons, because projects in the long term are not sellable items for elections. Therefore it takes patriotism, heart, courage and national interest to dare them. Still, Mr President has taken the bull by the horn and embarked on all those to leave a legacy behind for posterity and future generation of Nigerians to compete favourably in the quest for the pursuit of happiness. For these, Mr President must be mindful of who succeeds him. 4. Addressing the “crisis economy.”

The Ports Projects The President has completed the new terminals for international airports in Lagos, Abuja, Kano and Portharcourt. There is also the construction of the two runways for Abuja and Enugu international airports. In addition, Mr President has approved establishing four international airports at special economic zones; Lagos, Kano, Abuja and Portharcourt. In the same vein, he has given approvals to develop four new ports under the private sector funded deep seaports, i.e. Lekki Deep Sea Port, Bonny Deep Sea Port, Ibom Deep Sea Port and Warri

No doubt Nigeria is on the path to being a failed state unless a drastic action is taken. The insecurities have nothing to do with political party ideology or governance; it has more to do with how we got here since gaining our independence from Britain; how we failed to harness our human and natural resources to take care of our teeming population, create jobs, provide good education and create opportunities for the Nigerian people. 2021 has seen the worse case of insecurity in Nigeria’s history, threats for secession, amongst other things. The evidence is there to visit from the massive issues of rising insecurity in the country; insurgency in the North-East, banditry in the North-West, kidnappings in the North Central, armed robbery and cyber-crime in the South East and South West and cultism in the South-South. These problems are increasingly worsening by the day, and no doubt, the capacity and resources of the security architectures of the country are

to the actions of both sides. A Nigerian man who ekes out a living from day to day is in triple jeopardy in the event of a general strike. When some citizens decided in 2020 to identify and liberate foodstuff from alleged palliative stores, some went beyond that, looted the stores of innocent businessmen and drove away tractors from government irrigation yards. Or if there is another #ENDSARS protest, anarchists could hijack it, attack the houses of senators and traditional rulers, loot supermarkets and even kill cops in the streets. The bottom line in boxing, as the US Marine Academy coach said, is to keep your a--e off the ground. As long as you don’t fall to the canvas, the referee will not drop to the floor and make a hasty count of ten to declare you knocked out. So, a citizen must avoid falling to the canvas, however heavy the blow and however sudden the upper cut. If a boxer is not knocked out, i.e. he keeps his

a--e off the ground, at worst the three judges could tabulate their scores at the end of the bout and declare that you lost the match on points. If the verdict is a split decision, there is enough room for doubt and your supporters will convince themselves that you were rigged out. Boxing scores are not an exact science. If they are, why do judges so often return split decisions? A worse outcome, even when you struggled and successfully kept your a--e off the ground, is for the referee to declare that you have been technically knocked out by stopping the match because you have suffered a major cut on the eye, for instance. We must avoid a TKO in 2022. No government policy, no insurgent, no kidnapper, no looter, no rioter and no striker should leave us dazed and wounded as to be TKOed, such as, by fleeing the country through the Sahara and Mediterranean. The biggest indignity of all however is when your

overstretched. We are in a crisis economy in Nigeria. Violence and crisis have now become veritable means of livelihood and economic empowerment. Criminals create a situation for pay and sustain problems to fight the crisis. It seems people have revolved around this to the point that the insecurity is becoming out of control. Banditry has created an economy of ransom. Book Haram and armed robbers have also taken advantage of the crisis economy. It is alleged that even established law enforcement agents collude with criminal elements to perpetrate crimes such as kidnapping for ransom. Recently arrests were made in Zamfara on criminal elements suspected to have kidnapped victims for ransom. It was reported that village heads, police officers and even army officers were involved in the criminal enterprise. Need I mention their sponsors? Because it has been reported that big men and politicians have joined the foray of this criminal economy. Mr President must make it a top priority to address this crisis economy in 2022. There is virtually no part of the country that is safe at the moment. Even resident of the chief of staff to Mr president was once reported vandalised. This resident is closer to the seat of power of the country. Do you recall when terrorists kidnapped military men in their barrack? No part of the country is safe. The President must address this frontally without fear or favour. We have no doubt recorded massive achievements in this regard. Boko Haram has been primarily degraded and limited to pockets of attack on soft targets. The intensity of the challenge now shifts to the North West. The collaboration between Boko Haram and Bandits has created a challenging situation in the North West, one that must give Mr President a sleepless night. It is primarily contended that the inability of the government to name, shame and prosecute sponsors of terrorism in Nigeria may be a motivating factor for these criminal elements. The government of the United Arab Emirates shared intelligence with Nigeria on the sponsors of Boko Haram, yet the government has not named and prosecuted these criminal elements. The arrest in Zamfara of sponsors of banditry, which implicated police officers, soldiers, and traditional heads of localities, has not yielded the promise by the government that these individuals would be named, shamed and prosecuted. Naming, parading and prosecuting of sponsors of terrorism is vital in reducing terrorist activities in the country. Mr President in 2022 would need to vigorously demonstrate his willingness to fight terrorism by taking steps in dealing with any head of law enforcement who is reluctant to expose and prosecute sponsors of terrorism in Nigeria. We are doing well in chasing the terrorists but not enough in telling their sponsors. The success of America in its war against terrorism since 2001 was mainly in blocking the ability to block terrorism financing. Unless we expose, name, shame, and prosecute financiers of terrorism, banditry, kidnapping etc., we may not stop this crisis economy. Terrorists and criminal elements have now discovered that they can make more money in kidnapping and banditry than executing government contracts. Those who finance them are growing that crisis economy by recruiting bandits, kidnappers and killers. The security and law enforcement agencies must create a joint task force to combat insecurity in cyberspace, hinterland, government institutions, security infiltrations, foreign agent surveillance etc Finally, it is highly recommended that Mr President send an executive bill for passage. into law of foreign intelligence surveillance Act of Nigeria which will create The foreign intelligence surveillance court to determine in a speedy manner acts of espionage, terrorism financing etc., cyber terrorism, while given critical intelligence agencies of the government powers to secure ex-parte orders from the same court to place surveillance on any person Nigerian or Foreigner who is suspected to be involved in the act of terrorism financing, espionage and economic sabotage. This is because recent events in Nigeria suggest that the insecurity in Nigeria must be fuelled if not initiated by foreign agents either in cyberspace by themselves or in collaboration with Nigerian citizens. •Dr. Daniel Bwala, Notary Public and Barrister of Lincoln’s Inn (NP) dbwala2002@yahoo.com

THREE RULES OF BOXING to see if vehicles are still plying it, and ensuring that your car does not drive straight over orange peels or polythene bags suspiciously discarded on the road. Normally it is good to stop in the bush to offer help to stranded motorists, but the situation today is not normal. We must also keep our feet moving because some citizens are likely to respond to Governmentdelivered jabs and criminals-delivered upper cuts with left hooks of their own such as general strikes, street protests or even an #ENDSARS II. If any of these happens, we must keep our feet moving by stocking up food, prevent rioters from looting our stores in the name of looking for palliatives and discourage rioting citizens from blocking highways and storming prisons. A labour general strike may intimidate the government, but it also amounts to double jeopardy for the private sector, which suffers heavy losses due

coach throws in the towel from behind the ring in order to save you from further punishment. I saw a video clip where a boxer attacked his coach for throwing in the towel. He said he was still able to fight and that the coach was probably bribed by his opponent. Under no circumstances should our coach throw in the towel this year. The Federal Government should not throw in the towel and lock down the country because of any God-forsaken virus. Government will also do well not to engage in fisticuffs with foreign countries and airlines over Covid testing. We should not withdraw from any sports tournaments, should not extend school holidays, should not tell workers to work from home, should not close down NYSC camps or postpone weddings. In 2022 we should keep our hands up, keep our feet moving, and keep our a--es off the ground.

MONDAY, ͻ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Saudi Club, Al Shabab, May Prevent Ighalo from Tournament in Cameroon Okoye, Sanusi’s arrival swells Eagles camp to 13 players Duro Ikhazuagbe Sparta Rotterdam’s Maduka Okoye and Zaidu Sanusi of FC Porto were the addition to the 11 Super Eagles players in camp in Abuja yesterday. Although unconfirmed reports said late last night that Saudi Arabia ‘s Al Shabab have also promised not to allow Odion Ighalo leave for the Africa Cup of Nations starting on January 9 in Cameroon. Ighalo is Al Shabab ‘s highest goals scorer on 10 goals from 14 games this season and has helped the club stabilized and are second on the log with the prospect of a shot at the title. Media Officer of the Super Eagles, Babafemi Raji, confirmed yesterday that Super Eagles had their first training at 5pm at the Moshood Abiola National Stadium in Abuja yesterday with interim Head Coach, Austin Eguavoen in charge of proceedings. Most of the invited Super Eagles players for the AFCON in Cameroon are expected to troop into camp from today to meet the January 3 deadline set for those in the topflight English Premier League and the Spanish LaLiga. No official of the NFF was willing to speak on the Al Shabab ‘s threat not to release Ighalo who was the highest scorer at the last edition in Egypt in 2019. The refusal of the Saudi Arabian club to release Ighalo is following the same excuse pattern which Watford explored to hold on to Emmanuel Denis. They all claimed the invite letter from the NFF in Abuja asking for the release of the players for the AFCON tournament came late to them. As at Sunday night, the arrival of the trio of Peter Olayinka, Francis Uzoho and Henry Onyekuru swelled the Super Eagles camp to 11 player. Maduka and Sanusi made it

AHEAD AFCON 13 players at the Bolton White Apartment camp of the team. While Onyekuru and Uzoho would be making their second AFCON appearance, this will be Olayinka’s debut. Alanyaspor of Turkey defender, Chidozie Awaziem believes Super Eagles will perform better at the 2021 Africa Cup of Nations in Cameroon. “It has been a wonderful atmosphere in camp. Everyone is preparing with the few players in camp. Training sessions has been good,” Awaziem told the Super Eagles media. “Everyone is giving their best, the coach is doing a good job. We are hoping to get more players in camp , so that we can begin preparation for the AFCON properly. “It’s the new year and everyone is positive, we believe we can achieve something great this year,” he concluded. The Eagles will be hoping to secure a fourth AFCON title after last winning it in 2013 in South Africa with late Stephen Keshi in charge. At the last edition in Egypt they beat Tunisia in the third-placed match to claim the bronze. Super Eagles players in camp include; Maduka Okoye, (Sparta Rotterdam), Zaidu Sanusi (FC Porto), Moses Simon (Nantes, France), Francis Uzoho(AC Omonia, Cyprus), Henry Onyekuru(Olympiacos, Greece), Peter Olayinka (Slavia Praha, Czech Republic), Chidozie Awaziem(Alayanspor, Turkey), Chidera Ejuke(CSKA Moscow, Russia), Daniel Akpeyi(Kaizer Chiefs, South Africa), Sadiq Umar(UD Almeria, Spain), Olisa Ndah(Orlando Pirates, South Africa), John Noble(Enyimba FC), Taiwo Awoniyi(Union Berlin, Germany).

Obaseki Mourns Death of ex-Edo Sports Commissioner, Brown Ebewele Adibe Emenyonu in Benin City

The Edo State Governor, Mr. Godwin Obaseki, has mourned the passing of the state’s former Commissioner for Sports, Mr Brown Ebewele. Mr. Ebewele, whose death was reported at the weekend was an Olympian and former national decathlon champion. He was part of the Team Edo delegation to the 20th edition of the National Sports Festival, which held in Benin. Obaseki, who bemoaned the tragic loss, said Ebewele's passing was painful, as he still had a lot to offer Edo State and the country in general. According to Obaseki, “I am saddened by the news of the passing of seasoned sportsman and sports administrator, who made indelible contributions to the development of sports in the old Bendel State and also

Guinea Bissau Skipper Warns Super Eagles, Others to Expect Shocks

in Edo State. "Ebewele was a rare gem and through his talent, made a name for himself, as he was fondly called “the Juju Man” as a result of his impeccable sports talent. “With huge success as an athlete with many laurels to his name and the credit of the state, he transitioned to becoming an outstanding sports administrator, serving as a Commissioner for Sports in Edo State.” The governor said the death was even more painful because the state needed Ebewele's experience in deepening the ongoing reforms in sports administration in the state. Obaseki extended his condolences to the Ebewele family, the sports community as well as friends and associates of the deceased, praying that God will grant them all the fortitude to bear the irreplaceable loss.

Goalkeeper and Captain of Guinea Bissau, Jonas Mendes, has warned AFCON Group D favourites Super Eagles and Egypt his team cannot be taken for granted as they are fired up to do their country proud in Cameroon. “Beware of facing us because everyone thinks Guinea Bissau are a small team,” Mendes warned. “We will surprise a lot of people, we are capable of that, so you have to take us seriously,” stressed the goalkeeper. He further said: “We must focus on ourselves and on the coach’s tactical guidance and go to the pitch to do our best. “Every time we play, we play for ourselves and for our country because we give them happiness when we achieve positive results. “We play for the people who are suffering in our country and we must do our best to help them smile, even if they are only going to smile for a day.” Guinea Bissau will battle the Eagles on January 19, in a final Group D clash in Garoua The West African nation made their AFCON debut in 2017 and also played at the 2019 tournament. Djurtus, as they are known by their fans, are yet to reach the knockout rounds of the competition.

Maduka Okoye

Odion Ighalo... at the mercy of Al Shabab for participation in AFCON 2021

Zaidu Sanusi

NPFL: Remo Stars Stay Top, Kano Pillars Secure First Win against Enyimba Duro Ikhazuagbe Despite their 1-1 away draw against Dakkada FC in Uyo, Nigeria Professional Football League (NPFL) leaders Remo Stars remain top on the log on same eight points from four matches as Rivers United who drew goalless with Sunshine Stars in Port harcourt. However, the story may change today if fifth placed Kwara United on six points succeeded in picking a win against host Abia Warriors to leapfrog Remo to nine points. Samuel Anakwe kept the Sky Blue Stars on top of the log when he cancelled out Dakkada’s early goal lead by Muritala Lawal in the 12th minute. On a day that the Nigerian topflight was characterized by big wins, Rangers fired the most goals, scoring four times with reply against Niger Tornadoes

at their fortress in Enugu. Kenechukwu Agu scored a brace (in the 58th and 71st) with Shedrack Asiegbu (73rd) and Christian Nnaji (90th) completing the demolition of Tornadoes. The other two big wins include Wikki Tourists 3-0 crushing of MFM FC and Plateau United’s 3-0 defeat of Heartland FC in Jos. At the Ahmadu Bello Stadium in Kaduna, Kano Pillars recorded their first win of the 2021/22 NPFL season after claiming a 2-0 win over Enyimba. A cagey 15 minutes start to the game saw both sides cancel out each other brilliantly but Enyimba managed to sneak behind the defence of their host thrice. Poor final ball from the trio of Ekene Awaziem, Sadiq Abubakar and Victor Mboama meant they couldn't get an effort on target Pillars then asserted their authority in the game around

the 25 minute mark and it led to the first shot of the game from Kabiru Sanusi which Leke Ojo repelled with his feet at his near post. Ojo was again called into action five minutes later and this time round he was quick off his line to deny Kokoette Udoh the chance to open scoring, Sanusi would send his rebound wide. Rabiu Ali was next to try his luck but yet again Ojo was equal to his effort. A foul on Sanusi on the edge of the box gave Ali the chance to try his luck from the resultant free kick but Ojo was at full stretch to make his third save in ten minutes as Pillars pushed on to break the deadlock. Two minutes into added time of the first 45 minutes, Udoh was quick to pounce on a mix up between Ojo and Emmanuel Ampiah. He was felled by Ojo

as he bullied his way in between them earning his team a penalty. Ali stepped up to send Ojo the wrong way to hand his team the lead going into the half time break at the Ahmadu Bello Stadium. The second half was fifteen minutes old when Udoh got the goal that his all round impressive performance deserved with an audacious lob following a poor clearance from Ojo.

MATCH DAY 4 K'Pillars Wikki Rivers Utd Rangers Nasarawa Plateau Dakkada

2-0 3-0 0-0 4-0 2-0 3-0 1-1

Enyimba MFM FC Sunshine Tornadoes Akwa Utd Heartland Remo Stars

Monday January 3, 2022

UT H

& RE A SO

Price: N250

MISSILE Ike Ekweremadu to FG

“The primary purpose of government is the security of lives and properties of citizens…Unfortunately, 2021 will be remembered as the year that various criminal gangs once again, took advantage of our largely un-policed and under-policed spaces to inﬂict tears, sorrows, and blood as they continued to terrorise, abduct, raid, tax, and kill hapless citizens” – Senator Ike Ekweremadu, charging the Federal Government to wake up this year to its responsibilities of security, State Police, among others.

MAHMUDJEGA VIEW FROM THE GALLERY

Three Rules of Boxing C

ontroversial Reagan-era American National Security Council official Lt Col Oliver North, best remembered for his role in the Iran-Contra scandal of the 1980s, quoted his boxing coach at the US Marine Academy to have said there are only three rules to boxing. “Keep your hands up. Keep your feet moving. And keep your a--e off the ground.” Nigerians should remember these three rules because the year 2022 is not going to be different from a boxing match. The government will deliver many punches at citizens but it’s hands are gloved so as to reduce the impact. However, insurgents, bandits, robbers, kidnappers, secessionists, cultists, political thugs, communal warriors, inflation, unemployment, potholed roads, floods, gully erosion, advancing deserts, fires, accidents, collapsed buildings and COVID will not bother to wear gloves before they send punches flying at us. They use the tactics of local boxers. Even when they wear gloves, they clutch big stones inside them, spray the gloves will coarse sand or even with pieces of broken bottle. Some famous local boxers spend the night at a cemetery ahead of a major bout, their hands buried inside fresh graves. As citizens we have to keep our hands up because punches will be thrown at us this year from all directions. The last thing a boxer wants is for his opponent to land a jab to the chest, a blow to the

Buhari head, a left hook to the chin, or an upper cut to the jaw. Even the great Muhammad Ali once had his jaw broken by a jab from Ken Norton, so we citizens must always keep our hands up.

Heavy jabs will be thrown at our heads this year from various angles. Insurgents will try to deliver upper cuts with the hope of knocking us out cold. Kidnappers will attempt to throw left hooks at our jaw in order to knock out our teeth, leave us dazed and incoherent by selling our houses, farms and cars in order to meet their ridiculous demands of ransom in tens or even hundreds of millions. A bandit who never had more than a few thousand naira in his pocket will shamelessly ask for a hundred million naira in ransom, an amount more than the monthly Federation Account allocation of many local governments. Not only insurgents and bandits. The expected increase in fuel price to the region of N340 per litre is a prospective upper cut directed at a Nigerian citizen’s lower jaw. Our transporters have been known to double fares when fuel price rose by only a small percentage, as if fuel is the only cost factor in transport. With petrol prices expected to double this year, transporters must be pinching their noses trying to figure out by what percentage they should hike their fares. The Federal Government’s 2022 budget plan also calls for an end to electricity subsidy, an increase in taxes and, though it was not stated, a further floating of the naira. These three economic factors could together deliver a powerful left hook to the citizen. We must adopt Muhammad Ali’s

rope-a-dope strategy, step back, duck, swing to the side, lie on the rope and keep our hands up all the time. This year, politics could deliver a George Foremansized right hook at Nigerians’ noses. I hear that 100 new political parties have applied to INEC for registration, on top of the 18 that we currently have. With so many rancorous direct primaries all over the country, we must keep our hands up in the event of parallel congresses, roaming party thugs and open air skirmishes. Citizens must keep their feet moving, and not in one particular direction. Until a few years ago, Nigerian leaders always talked about the need to move forward in every crisis situation. It was Bishop Matthew Kukah who said in 1991 that if one is standing on the edge of a cliff, his best option is not to move forward but to retrace his steps! So, after a careful study of the strategies, tactics and preferred operating hours of bandits and other criminals, we should keep our feet moving by embarking only on the most necessary travel, in the daytime as much as possible, by air if we can afford it, by train if it is available, in nonposh vehicles in order not to attract attention, on relatively safe roads, without stopping in the bush to urinate, without giving a lift to unknown people, always keeping an eye on the other lane Continued on page 46

DANIELBWALA GUEST COLUMNIST

President Buhari and the Challenges of the Finish Line

year ago, I wrote an article entitled President Buhari and the challenges of 2021 and beyond. In the article, I observed that given the existing challenges confronting Nigeria at the time, such as increased insecurity, the economy and corruption of government officials, coupled with the emergence of the coronavirus pandemic, I called on Mr President to take the bull by the horns and to amongst other things, demonstrate that he is the presiding President, engage with citizens more, double-check the counsel of his advisers, change the security apparatus etc. I am glad that Mr President changed the security apparatus early in the year and became more and more active in the discharge of his office to the full extent of public perception. Strangely though, one year later, we are still grappling with insecurity, corruption in high places and hunger in the land. It is no doubt that this is a significant challenge and one that cannot be stopped overnight given how we found ourselves where we were as a country when we missed the opportunity since independence to maximise human and natural resources for the common good of our people. This new year 2022, I will address President Buhari’s subject and the Challenges of the finish line. The finish line is always a challenge the world over. The devotion and dedication required to ensure one finishes well is always a daunting task. That is why it is widely believed that most presidents

worldwide lose their popularity both in the opinion polls and in public trust. The reason is that the second term’s end provides the opportunity to score and assess presidents as against their campaign promises. Time is vital, and often leaders ask their citizenries to give them time after they have given them mandates. It is said that when a president retains a 50 per cent approval rating in his second term, it is a success. Although in this part of the world, we do not have the data or infrastructure to assess the performance of our leaders, we almost always can readily weigh it against the evidence of public perception. This, to a large extent, is assisted or undermined by the media. When an agenda is pursued to de-market a leader by the mainstream media, the onus is on him to use democratic media, otherwise known as social media, to counter or change the narrative. No doubt President Buhari has his job cut out for him. It is a trying time in the nation’s history, albeit not one that cannot be surmounted. The problems are hydra-headed and multifaceted, ranging from insecurity virtually in every part of the country all happening simultaneously, economic recovery problems, and public accountability. Challenges are part of life and a necessary element in proving leadership mettle. If there are no problems or challenges, there is no need for leadership; leadership is galvanising support, mobilising efforts to confront challenges and providing solutions and answers to the Nigerian people. The challenges the President

faces come 2022 and beyond are thus; 1. Navigating around the economy of politics and the politics of the economy 2. Providing the vision and direction for the party and government 3. The Legacy, legacy, legacy 4. Dealing with the crisis economy 1. Navigating around the economy of politics and the politics of the economy How do you deliver on your mandate without politics standing in the way? What indeed would preoccupy the mind of the President is how to finish well and finish strong. How to consolidate on the gains of the first term; how to complete the projects of the first term while dealing with insecurities; How to ensure that while dealing with the issues, unnecessary problems are not created that would undermine the efforts towards the finish line. As commander in chief, he must undoubtedly have at his fingers tips the daunting challenges of this country and how to navigate around it. This must be what keeps him awake long after everyone has gone to bed. His biggest asset would be a good sense of judgment, But you need the information to process and arrive at a sound decision’. How do you source this information? Do the established channels of bureaucracy limit you, or do you go beyond that to get opinions on bureaucracy. If you are limited by the thought of established

channels of bureaucracy, you can easily be trapped and manipulated by your appointees. The biggest challenge of leadership is to be a step ahead of your established channels. To think through the way they are thinking and challenge the premise of their opinions or judgment calls. Because as a leader, you can only go as far as your associates can carry you. How to navigate the economy of politics and the politics of the economy is what the President must deal with. The President would have to take a bold decision to rejig the cabinet and relieve cabinet members of 2023 political ambition. He would have to make a massive decision because they would be a liability to the effort to finish well. They would use their offices for personal and political advantage, which if care is not taken would impede on the project of consolidating on the gains made so far. It is apparent and evident today that virtually every ministry department or agency of government whose head is nursing a 2023 ambition their respective organisations are somewhat cumbered with mundane things. This is a BIG TEST for Mr president if he cares about his legacy and wants to finish well. The second term is usually a decisive one that gives no room for margin of errors. The President has made several promises whose dates are in this second term. The President needs technocrats to finish this term. Continued on page 46

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