THURSDAY 4TH JANUARY 2024 by THISDAY Newspapers Ltd

CBN Issues Fresh Guidelines on Cryptocurrency Operation Insists banks remained banned from transacting in crypto, bank accounts barred from cash withdrawals Violators risk N2m fine, other punitive measures

James Emejo in Abuja and Nume Ekeghe in Lagos

The Central Bank of Nigeria (CBN) yesterday released new guidelines to regulate the operations of bank

accounts for Virtual Assets Service Providers (VASPs), otherwise known as cryptocurrency. The framework provides minimum standards and requirements for banking business relationships

and account opening for VASPs, and creates an effective monitoring of the activities of banks and Other Financial Institutions (OFIs) in providing service for Securities and Exchange Commission (SEC)

licensed VASPs/Digital Assets (DA) entities in the country. Among other things, the document also seeks to ensure effective risk management in the banking industry with regard to

the operations of licensed VASPs. The new guidelines followed the lifting of the ban that previously barred banks from operating accounts for crypto assets, although banks are still not allowed to hold

or trade in crypto assets themselves. CBN Director, Financial Policy and Regulation Department, Mr. Haruna Mustafa, in a circular Continued on page 14

NNPC, IPMAN: We Have No Plan to Increase Petrol Prices... Page 14 Thursday 4 January, 2024 Vol 28. No 10494. Price: N400

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Koroma Arrives Nigeria Today for Political Asylum After Alleged Role in Failed Coup

How probe indicted ex-Sierra Leonean leader ECOWAS gives soft-landing, secures good deal for former president

Michael Olugbode in Abuja Baring any last minute change, former President of Sierra Leone, Ernest Koroma, would arrive Nigeria

today to begin a political asylum. The former president, who was investigated for his role in a botched coup d’etat was found culpable of complicity.

A signed public notice by Sierra Leonean Minister of Information and Civic Education, Chernor Bah disclosed the development. “On Wednesday, January 3,

2024, in front of Magistrate Santigie Bangura at Magistrate Court #2, the Republic of Sierra Leone charged Dr. Ernest Bai Koroma for his alleged role in the failed coup of November

26, 2023. “The former President is charged with four offences, including treason, misprision of treason, and two counts of harbouring,” the statement stated.

However, in what seemed like a soft-landing for former President, the Economic Community of West Continued on page 14

FG Orders Immediate Implementation of 50% Automatic Deduction from Agencies' IGR

Directs OAGF to open new TSA sub-accounts for all parastatals Fully-funded agencies to remit 100% IGR to CRF MDAs to submit detailed monthly trial balance to OAGF Increases agencies under FRA Schedule to 68

Ndubuisi Francis in Abuja

In a move to plug leakages and shore up revenue, the federal government has directed the Office of the Accountant General of the Federation (OAGF) to immediately commence the presidential directives on 50 per cent automatic deduction from the internally generated revenue (IGR) of Federal Government Owned Enterprises (FGOEs). The directive was contained in a circular issued by Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, a copy of which was obtained yesterday by THISDAY. The circular titled, "Re: Implementation of the Presidential Directives on 50% Automatic Deduction from Internally Generated Revenue of Federal Government Owned Enterprises (FGOEs),” was dated December 28, 2023. It read, "Further to Circulars Ref. Continued on page 14

Diri Visits Jonathan in Yenagoa...

L-R: Bayelsa State Governor, Senator Douye Diri, former President Goodluck Jonathan and his wife, Dame Patience Jonathan, during the governor’s New Year visit to the former Nigerian leader’s residence in Yenagoa... on Tuesday

N44bn Fraud: EFCC Frees, Re-invites Suspended NSIPA National Coordinator, Halima Shehu... Page 16

THURSDAY JANUARY 4, 2024 • T H I S D AY

THURSDAY, JANUARY 4, 2024 • T H I S D AY

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

NEWS

NEW YEAR CELEBRATION...

L-R: Industrialist, Prince Samuel Adedoyin; Celebrant/CEO and Founder of Gibraltar Constructions Company Ltd, Sir Olu Okeowo; foremost industrialist/Chairman Eleganza Group of Companies, Chief Rasaki Okoya and Alhaji Tajudeen Okoya at the end of year celebration in Lagos... recently Photo: MUBO PETERS

To Arrest Economic Hardship, TUC Urges FG to Tackle Inflation Rate, Reduce Petrol Price Accuses govt of serially violating agreements with labour Says 2024 budget can't stimulate economic growth

Onyebuchi Ezigbo in Abuja The Trade Union Congress of Nigeria (TUC) has asked the federal government to ensure that the current inflation rate which is at 28.20 per cent be drastically reduced to the Sub-Saharan African regional average of 9.4 percent. In a statement heralding the New Year, the TUC stated that contrary to expectations of Nigerians, they were yet to witness the renewed hope promised by the present administration. The TUC also demanded that the pump price of petrol be drastically reduced to repair the damage it had done to the economy. Also, the Congress said it has resolved to demand that the Tinubu’s administration implements agreements between labour and government, including the payment of the monthly N35,000 Wage Award to public servants in local governments, states and federal services without further delay. It demanded that a process be set in motion for negotiation of new national minimum wage which should be implemented, and if further delayed in the year, arrears be paid. The demands by the TUC came just as it accused the government of serially violating agreements it reached with labour in 2023, including the payment of the monthly N35,000 Wage Award to public servants.

In addition, the union picked holes in the 2024 national budget, saying it could neither stimulate economic growth nor alleviate the abject poverty of suffering Nigerians. In the statement signed by TUC president Comrade Festus Osifo and Secretary General, Nuhu Toro, the labour centre stated: "Given the foregoing, the TUC has resolved to demand of the Tinubu administration that in 2024 that: All agreements between labour and government, including the payment of the monthly N35,000 Wage Award to Public Servants in the Local Government, State and Federal services, must be implemented until a new National Minimum Wage is implemented, a new National Minimum Wage must be negotiated, implemented, and if further delayed in the year, arrears be paid, inflation, which is running at 28.20 percent, must be drastically reduced to the Sub-Saharan African regional average of 9.4 per cent "That the very high price of PMS, which is now at a poverty-inducing price of N617 at the NNPC fuel stations (much higher elsewhere) should be drastically reduced to repair the damage done to the economy. This will be achieved by ensuring local production of refine products. "The security of Nigerians should be the yard stick with which to determine whether military and other security chiefs and their supervising Ministers should remain in office or be replaced."

The TUC regretted that despite efforts it made to engender trust and ensure that social dialogue with the federal government prevailed in 2023, the administration has serially violated the agreements it had with the organised labour. It lamented that life has become extremely difficult and unbearable for Nigerians as a direct consequence of policies and measures that led to the depreciation of the naira and the economy spinning and spiraling out of control in the year under review. "The TUC had in 2023 strived to ensure that social dialogue with the Federal government prevailed even when there were sceptics who believed the Tinubu administration cannot be trusted to implement simple, basic agreements. "To allay these fears, organised labour insisted that the October 2, 2023 agreement between them and the administration be notarised by the court. "Item 15 specifically states that: “This memorandum shall be filed with the relevant court of competent jurisdiction within one week as consent judgment by the federal government. However, government has serially violated the agreement," it said. The TUC noted that while the agreements stated clearly that a minimum wage committee shall be inaugurated within one month from the date of the agreement, no such committee had been set up

by government, three months after. Furthermore, it stated that this has been a similar experience with the government in at least two previous agreements reached from June 2023. With regards to the state of affairs in the country, the TUC stressed that the economy has been on its knees, gasping for breath. It expressed worry that dire situation has not stopped or deterred unpatriotic privileged few from "feasting on our common patrimony." It accused some government officials of making merchandise of the scarce forex at a time the manufacturing sector cannot access forex to import raw materials for

A group, under the auspices of Ohaneze Think-Tank (OTT) yesterday accused the Chief of Naval Staff, Admiral Emmanuel Ogalla of allegedly not allowing the private security outfits contracted by the federal government to do their jobs. OTT, in an open letter to the CNS signed by Dr. Azubuike Ajuluchukwu and Dr. Cletus Akunyili, Coordinator and Deputy Coordinator respectively, urged the CNS to allow the three private surveillance contractors to function in the nation’s waterways.

The group said that it was initially hopeful when President Bola Tinubu appointed Ogalla as the CNS with the expectations that his appointment would herald an era for a new beginning. It however lamented that contrary to the expectations that the CNS will bring discipline, professionalism, competence and seriousness to bear on the job, the group's hope was dashed as the expected change has continued to be a mirage. According to the group, while the Nigerian Army, the Air Force and other security agencies have obeyed the directive to work alongside the private security firms, the Navy

has remained adamant. “The same old story of wanton irresponsibility and lack of dedication to duty by men of the Navy still subsists. The Navy you lead today carries the same old burden, which held down the nation. “Rather than support the efforts of the three security companies contracted by the federal government to keep surveillance over oil facilities, the Navy is said to be hell bent in creating impediment in their paths, just to tarnish their reputation and have their contracts revoked. “The companies, Tantita Security Services Limited (TSSL) and Pipe-

obvious that Nigeria is sitting on a keg of gun power. "Again, the federal government presented a budget of N27.5 trillion for the 2024 Appropriation year. That is the highest we have had, though paradoxically low in terms of value, considering the prevailing economic realities and exchange rate. "On the whole, the poor and wobbly state of the economy has ironically and unfortunately only dampened, rather than renewed, our hope. For instance, in the budget recurrent expenditure stands at N9.92 trillion, while the capital expenditure is N8.7 trillion and debt servicing is N8.25 trillion.

NSITF Clarifies Position on 40% Deduction from Employers’ Contributions by FG Onyebuchi Ezigbo in Abuja

The Nigeria Social Insurance Trust Fund (NSITF) has explained that the Fund did not at any time reject the 40 per cent deduction of Employers' contributions by the Finance Ministry. A statement by the General Manager, Corporate Affairs, Nwachukwu Godson, stated that what the Managing Director of the NSITF, Maureen Allagoa, stated in her New Year message was a reiteration of an appeal earlier made to the former

Group Accuses Navy of Frustrating Private Security Firms Fighting Oil Theft Sylvester Idowu in Warri

production. "This ugly development has led to the closure of many factories and business outfits, and as a result, millions of Nigerians were thrown out of jobs, with the attendant social, economic and security implications. “At the same time, the political class have carried on with no care in the world. Some of them even engage in wanton ostentation that is provocative and unacceptable. "With over 33.3 per cent unemployment rate, massive and pervasive poverty and misery ravaging the nooks and crannies of the land, coupled with the criminal indifferent attitude of the political class, it is

lines Infrastructure Limited under the supervision of Inter –Atlas Synergy, have all cried out over Naval sabotage of their operations in the nation’s waters,” the group said. OTT noted that the contracting of the civilian organisations has brought improvement in crude production noting that as at today, production has increased. The group observed that if the Navy’s resistance was removed, production could climb to over 2 million barrels per day, as it was in 2015, adding that if this trend continues government would no longer look for loans to support the economy.

Minister of Labour and Employment, Simon Lalong, on October 3, 2023, for a review of the inclusion of the NSITF in the Fiscal Responsibility and Finance Act of 2020, in view of its special status as a non-treasury funded agency, holding contributors’ money in trust “The NSITF has no such powers as the management of the Fund is fully aware of the circular on Presidential Directive on 50 per cent Automatic Deduction from Internally Generated Revenue of Federal Government Owned Enterprises. "For the avoidance of doubt, this is what the Managing Director’s statement released on New Year Day stated: “The NSITF stands at the threshold of social and economic change, and poised to overcome its challenges as the custodian of social security. “Amidst our accomplishments, we are grappling with challenges impeding the fulfillment of our mandate, one of which is the deduction in 2022, of 40 per cent amounting to N1.4 billion from employer contributions by the Ministry of Finance as an operating surplus in line with the Fiscal Responsibility and Finance Act of 2020, despite the fact that the NSITF is not a revenue-generating agency. “The NSITF is a tripartite agency holding funds-contributions in trust for the benefits of employees

under the ECS and without an operating surplus. The NSITF is also not treasury-funded and does not draw from the Consolidated Revenue Fund of the Federation and therefore seeks for a review and removal from the schedule of the Fiscal Responsibility Act.” Speaking further on the Fund’s agenda for the New Year, Allagoa said the poverty reduction agenda of the Tinubu administration has a direct bearing on the mandate of the NSITF. “The NSITF will tap into areas of the ILO Convention 102 on old age benefits, unemployment and family benefits as well as expand the agency’s corporate social responsibility programmes on skills acquisition and empowerment in line with the Eight Point Agenda of the Tinubu administration.” She added that the Fund would create new branches and service centres in 2024, to expand social services to the doorstep of all Nigerians in line with the social inclusion standards of the ILO Convention 102, adding that the agency will consolidate its 2023 achievements while expanding the percentage of the population protected by social security scheme. “We are expanding our operations into the informal sector and other unreached areas in dire need of our services so as to save more people from lacerating social conditions," she added.

THURSDAY JANUARY 4, 2024 • T H I S D AY

THURSDAY, JANUARY 4, 2024 • T H I S D AY

NEWS

Award ceremony...

L-R: Galadima Nupe, representative of the Etsu Nupe, Alhaji Aliyu Danjuma; Professor Kailani Mohammed with Alhaji Dagaci Muhammad, during the award ceremony in Abuja ... recently

PHOTO: KINGSLEY ADEBOYE

Major Boost for Domestic Supply as Seplat Achieves Mechanical Completion of $650m ANOH Gas Plant Company says milestone recorded without single lost-time incident

Peter Uzoho Nigeria's quest to ramp up domestic gas supply for accelerated power generation and industrialisation has received a major boost as Seplat Energy Plc yesterday, announced

that the $650 million Assa NorthOhaji South (ANOH) gas plant installation works has reached mechanical completion. The dual publicly quoted Nigerian independent energy company revealed that the mechani-

cal completion was achieved on December 29, 2023, in line with the revised timetable. Seplat also disclosed in a statement that the milestone was achieved without a single recordable Lost Time Incident (LTI) across 11

million man-hours, a feat it said was a testament to the focus of the whole team on safe and secure operations. The ANOH Gas Processing Company (AGPC), an incorporated joint venture between Seplat Energy

Lokpobiri: Hope Not Lost on Return of Atala Oilfield to Bayelsa Olusegun Samuel in Yenagoa

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, has said there is still hope that the revoked licence for Oil Mining Lease (OML) 46, also known as Atala oilfield, belonging to Bayelsa state, will still be returned to the state. The federal government through the defunct Department of Petroleum Resources (DPR) had revoked the licence in April 2020 when another son of the state, Chief Timipre Sylva, was the minister of state for petroleum resources. But, Lokpobiri during a visit to Governor Douye Diri Tuesday night at the Government House, Yenagoa, expressed regret that the Atala oilfield, a common patrimony of the state, was taken away. A statement by the Chief Press Secretary to the State Governor, Daniel Alabrah, quoted the minister as having said that he would do everything within his power to bring back the asset. He explained that his visit was to seek collaboration with the state government to address issues concerning Bayelsa and for the state to reap the dividends of democracy. The minister congratulated Diri on his re-election and sought the government’s partnership to curb pipeline vandalism and crude oil theft. He said the menace had resulted in the reduction of revenue from the federation account to oil producing states, adding that Bayelsa had zero derivation for about four months in 2023.

Lokpobiri also expressed concern over the level of pollution caused by illegal bunkering activities, noting that if the trend was not checked, it could be an existential threat. He said: “Bayelsa State is more polluted than Ogoni in Rivers State and we are the only people that can put a stop to it. We need to do something to protect our water and land resources. "It is also important to note that illegal refineries affect the income of our state. The governor can attest to the fact that derivation money has been dwindling. There was zero derivation for months. “ We are changing our security architecture to one that could be more effective. So, we need to work together to change the narrative." Responding, Diri congratulated Lokpobiri on his appointment and appreciated President Bola Tinubu for appointing a worthy son of Bayelsa as minister of state for petroleum resources. Diri assured the federal government of his administration's preparedness to partner with it to check oil theft and illegal bunkering, which had adversely affected the ecosystem. He stressed the need to involve governors of the Nigeria Delta states working together to stamp out the menace. He said: “We want to see the positive impact of your office. We are on a new journey to change the trajectory of your office. That is why l am pained that it was in your time that the office was balkanised. Bayelsa has more gas than oil. So we would have been happier if you were presiding over

gas as well. "We need more exchange of ideas. Today, you have given us hope. You have assured me that Atala oilfield will come back to Bayelsa. “I believe that you will right a lot of wrongs done to our people. No Bayelsa man has an oil mining licence and the only one we had was taken away by our own son." While urging Lokpobiri to partner with the state government to explore ways of attracting development to the state, Diri bemoaned the situ-

ation where the Nigeria Liquefied Natural Gas (NLNG) Company in Bonny, Rivers State, receives 60 per cent of its gas from Bayelsa but the company pays tax to Rivers. He noted that Bayelsa was deprived of legitimate income and taxes while being erroneously rated as financially insolvent. The governor restated his position that the real viability of states can only be determined when the country practices fiscal federalism and resource control.

and NNPC Gas Infrastructure Company (NGIC) Limited, is delivering the ANOH gas plant with Phase One processing capacity of 300 million standard cubic feet per day (mmscfd) of gas. Upon commencement of operations, the plant would deliver dry gas, condensate, and Liquefied Petroleum Gas (LPG) to customers. The promoters of the gas plant envisaged that AGPC would sell the gas and LPG domestically, and the condensates to the international market. The other key steps to first gas, as outlined in the company’s Interim Results announcement, were the drilling and hook-up of the upstream wells and completion of essential third-party infrastructure: the Oben-Obiafu-Obrikom (OB3) pipeline river crossing and Spur Line connecting OB3 to the gas plant. Completion of the third well (ASSN-05) was previously announced and the fourth and final well (ASSN-06) planned ahead of first gas has also now

been completed by the upstream unit operator, Shell Petroleum Development Company (SPDC). “We now look forward to the completion of the necessary plant pre-commissioning activities and essential third-party infrastructure which will enable commissioning of the gas plant and commencement of operations. Our previously communicated guidance for first gas is unchanged", Chief Executive Officer, Seplat Energy, Roger Brown, said. He added, “ANOH is an important strategic project for Seplat, it will roughly double our gas production, and we are focused on the path to first gas. “Once completed, ANOH will provide two income streams for Seplat: wet gas sales from OML 53 to the gas plant and dividends from the joint venture ANOH Gas Processing Company, which will operate the plant. “ANOH’s gas will further reduce Seplat’s and Nigeria’s carbon intensity and increase energy supplied to the Nigerian domestic market.”

Emmanuel: I Will Support My Successor to Surpass My Record

Okon Bassey in Uyo

Former Governor of Akwa Ibom State, Udom Emmanuel, has said that he will support his successor, Mr Umo Eno, to surpass his record of achievement in office as governor of the State. Emmanuel said one of the secrets of his successful reign as governor was the support he got from Christian fathers in the state, expressing happiness that they were extending the same to his successor. He spoke at a New Year State service to usher in 2024 in Akwa Ibom state. “I don't have any doubt or fear, I still stand on what I said from day one that you'll do

200 times better than me in all ramifications and God will give you the enablement and capacity to make that happen.” Thanking Akwa Ibom people for their support for Eno, he maintained that the unity of the state must be maintained. He thanked the youth, women, elders, and all those who believed in the administration. “May God unite all of us, strengthen us as a people to know that Akwa Ibom is beyond one man,” he added. On the vision behind the worship centre in the state, Emmanuel said he was moved by the fact that despite being named after God, the state had no befitting place of worship. “Probably today, we would

have been under the sun, but we now have a place that we can all gather, an altar where we can gather to worship God. “I remember in one of my commissioning, I made a statement that the birds have their nest in the air but we Christians do not have a place to worship but today, we give God all the glory. “Once again, I stand here to give God all the glory for energising and the sustenance of our beloved governor , our leader, that God has graciously given to us at a time like this. "The same God that raised him up will sustain him, no matter what happens. God does not send someone on an errand and forsake him,” Udom added.

In his remarks, Eno expressed delight over the array of attendees and venue of the event, which he described as not just a worship centre but a tourist attraction. The governor assured that he would ensure the maintenance of the facility as a valuable asset of the state and to maintain the spiritual component of the worship centre as an altar of the state, by daily prayers in the centre throughout the year. He therefore announced the appointment of the Uyo Field Superintendent of the Apostolic Church, Ime George, as coordinator of the prayer roaster and Hilkiah Eliatha as Secretary, as well as a technical crew to maintain the facility.

THURSDAY JANUARY 4, 2024 • T H I S D AY

THURSDAY, JANUARY 4, 2024 • T H I S D AY

NEWS

meeting of directors at NCAA...

L-R: Director Special Duties Nigerian Civil Aviation Authority (NCAA); Mr. Horatius Egua; Director General NCAA, Captain Chris Najomo and Director Consumer Protection and Public Affairs, Mr. Michael Achimugu, after a meeting of the directors at NCAA Headquarters in Abuja... yesterday

Report: Lagos, Abidjan, Dakar Lead as W’Africa’s Most Expensive Land Market Dike Onwuamaeze Lagos, Abidjan and Dakar have been ranked as cities with the highest land prices per square meter (PSM) in the West African real estate market. This was revealed in the “2023 West Africa Real Estate Market Report,” by Northcourt, a real estate investment solutions company that adopts a research-based approach to developing and managing property as well as providing real estate advisory services in West Africa. The report stated that average prices of land per square metre in Lagos, Abidjan and Dakar stood at $765, $601 and $273 respectively in 2023, while the average land prices in Bissau and Banjul were $29 and $33 per square metre respectively. In addition, Lagos, Abidjan and Freetown also had the highest rentals for three bedroom apartments in West Africa at the range of $32,200, $27,429, $26,200 respectively. The report stated that, “in select nodes, average annual rentals for prime 3-bed apartments in Lome, Monrovia and Banjul go for $5,850, $3,850 and $3,244 respectively – benefitting from a renewed investment in infrastructure. “Heavy hitters Lagos, Abidjan, Freetown, Accra and Nouakchott come in at $32,200, $27,429, $26,200, $17,515 and $14,453 – albeit the assets in demand typically skew towards the high end.”

It added: “Average land prices based on the nodes reviewed ranged from $29 and $33 per square metre in Bissau and Banjul respectively to Lagos, Abidjan and Dakar’s $765, $60 and $273 per square metre respectively.” The report also stated that West Africa attracted the most venture capital, having raised $1.8 billion in 2022 ahead of North Africa’s $1.1 billion; East Africa’s $1.2 billion and Southern Africa’s $600 million. Furthermore, the report showed that, “Nigeria and Ghana attracted $1.2 billion and $400 million respectively,” while African startups committed to combating climate change raised an estimated $1.17 billion. “Data from AfricArena suggests that in 2022, 69 equity financing transactions attracted $863 million of the total funds attracted,” it stated. Nigeria and Ghana were ranked as countries with highest real estate investment opportunities in West Africa with 32 and 28.5 points respectively while Cote D’Ivoire and The Gambia came third and fourth with 28 and 26 points respectively. According to the report, “Ghana has emerged as an attractive real estate market due to its political stability and favourable government policies led by the Ghana Investment Promotion Centre. “Cote D'Ivoire is one of Africa's fastest-growing economies reporting

solid macroeconomic growth which has influenced its real estate market. “The country offers relatively welldeveloped road infrastructure, the second-largest port in West Africa, and a modern airport with a national airline that serves all of the major capital cities in the region. “Nigeria’s economic potential, population growth rate and influence on the region make a fair case for aggressive housing development.” However, Nigeria recorded a poor showing in West Africa’s real estate’s legal and regulatory environment where it was ranked 7th with 17.5 points. Cape Verde, Senegal, Gambia and Ghana took the first, second, third and fourth positions with 26, 25, 24 and 23.5 points respectively. Cote D’Ivoire and Republic of Benin took the 5th and 6th positions with 21 and 18 points respectively. According to the report, Cape Verde, “leads the rankings for investor protection and legal framework offering various incentives and tax reductions, and exemption from general customs charges on goods used for exclusive construction or installation of tourism facilities.” The report noted that “West Africa’s legal and regulatory environment can be complex, with distinctions between countries in terms of investor protection and the enforcement of property rights.” It highlighted that Cape Verde’s

Obaseki: How We Revolutionised Edo’s Healthcare System in 7 Years

The Edo State Governor, Mr. Godwin Obaseki, has said his government in the last seven years, revolutionised the state’s healthcare system, placing the state among top five in terms of healthcare provision, life expectancy, and other key indicators in Nigeria’s healthcare space. The governor, who spoke to journalists in Benin City, noted that the reform of the healthcare sector in the state was taking firm footing, as the Edo State Health Insurance Scheme now has over 200,000 subscribers. Noting that the government was decentralising the state’s healthcare system, Obaseki said his administration was also strengthening the primary healthcare system which is to be supported by secondary, tertiary and specialist hospitals to

provide comprehensive healthcare across the three senatorial districts of the state. The governor said: “We have almost 50 primary healthcare centres that have been revamped and upgraded to world-class standards but it is not just about the centres. “What we have done in the healthcare system that is revolutionary is healthcare financing. Why do people not go to clinics or hospitals? It is because they are afraid of the payment. “But we have eliminated that and have come up with the Edo health insurance scheme which is now compulsory. This means once you have registered, you can walk into any registered centres, either public or private to get healthcare. That is revolutionary.” According to him, today, Edo

ranks among the top five states in terms of healthcare provision, life expectancy, and other key indicators in the country’s healthcare space. “We have set aside about 10 per cent of the budget to address the needs in the health sector. This includes funds for the completion of the in-patient department as well as the accident and emergency wards of the Stella Obasanjo Hospital. This will also cover more work across the Primary Healthcare Centres across the State. “We are also making statutory payments for the Basic Health Care Provision Fund (BHCPF) and our own Edo State Health Insurance Scheme, which provides necessary impetus to attract more private sector providers into the State and also cut out-of-pocket spending for health services,” he stressed.

“investment and industrial development laws treat foreign and domestic investors equally. Priority areas include sustainable tourism, logistics, renewable energy, tech services and export-oriented sectors. Its land laws strongly support access, use, and transfer of land and real estate.” The report stated that the sub-region's population, currently estimated at 430 million, was expected to reach 935 million by 2050, which would drive demand for real estate assets. Nevertheless, the report noted

that the West African real estate market was faced with some difficulties, which included a somewhat unwieldy regulatory environment. It said: “Infrastructure investments are gradually contributing to growing property values. Proximity to retail centres, schools, and healthcare facilities is another key factor as they are attractive to residential and commercial occupiers because they offer greater convenience and accessibility. “The Real Estate Investment

Attractiveness Index by Lieser and Groh provides a framework for evaluating the potential of the West African real estate market. By considering each of the dimensions of investment attractiveness and analysing key components such as economic stability, market transparency, legal and regulatory framework, one may identify the relative strengths and weaknesses of each market. It is hoped that this report will provide a proper evaluation of the West Africa Real Estate market.”

South African Displaces Aliko Dangote as Africa’s Richest Man

South African businessman, Johann Rupert, has displaced Nigerian billionaire and founder of the Dangote Group, Aliko Dangote as Africa’s richest man as a result of the depreciation of the Naira. According to Forbes Magazine in its Real-time global Billionaires

Ranking, Rupert currently boasts a $12 billion net worth while Dangote’s net worth is put at $10.8 billion. Rupert is the chairman of Swiss-based luxury goods company, Richemont, and South Africa-based company, Remgro Rupert, who initially followed

Dangote closely, took over the number one spot following the Central Bank of Nigeria’s decision to free its grip on the official exchange market, which saw the Nigerian billionaire’s worth drop by $4.12 billion, according to Bloomberg Billionaire Index (BBI).

Group Demands Exoneration of Ogoni 9, Seeks Compensation Blessing Ibunge in Port Harcourt The Ogoni Liberation Initiative (OLI), has reiterated the call on the federal government to exonerate the late environmental rights activist, Ken Saro-Wiwa and eight other Ogoni people murdered during the Gen. Sani Abacha military junta in 1995. The group also called for compensation for Ogoni and families of the four Ogoni chiefs whose death led to the arrest and subsequent execution of Saro-Wiwa and eight others. On the 34th anniversary of the event, the group said it came up with the referendum after consultation with critical stakeholders within and outside Ogoni land and over 200 rights groups. Chief Executive Officer of OLI, Dr Douglas Fabeke while reading an eight-point referendum to mark this year's Ogoni Day, also demanded the immediate dissolution of the board of the Hydrocarbon Pollution Remediation Project (HYPREP), over alleged gross mismanagement of funds and incompetence.

OLI said Ogoni people are dissatisfied with HYPREP over the manner it had handled the funds released for the clean up. "Ken Saro-Wiwa and the other eight Ogonis were not criminals. They were innocent activists unjustly murdered for fighting a just cause on behalf of the oppressed Ogoni people. “Their trial and subsequent execution did not follow the right process of law. Their right to fair hearing and right of appeal were hampered and thwarted. The Ogoni people therefore demand that Ken Saro Wiwa and the eight other Ogonis should be exonerated of all the charges that were pressed against them. "The Ogoni people call on the President Bola Tinubu to implement fully, all the demands of the Ogoni people as enshrined in the Ogoni Bill of Rights that was presented to the federal government in the year 1990. "The Ogoni people are dissatisfied with the clean-up process of Ogoni land being handled by the HYPREP

and the management of funds released for the clean- up of the Ogoni environment,” OLI stressed. The funds released for the cleanup, it said, has been mismanaged as HYPREP has either failed to execute the projects for which the funds were released, or engaged substandard contractors to carry out the projects. "We therefore demand the dissolution of HYPREP Board. We also demand a review of the clean-up process. All the funds released to HYPREP should be investigated. “We call on the federal government to engage an international independent agency to carry out a review so as to ascertain whether the Ogoni environment is safe or not," the group said. Other demands made by the group to the government include: The decommissioning of all Shell Petroleum Development Company (SPDC), facilities in Ogoniland, establishment of health registry for the people, renovation and rebuilding of dilapidated schools and educational facilities in the area.

THURSDAY JANUARY 4, 2024 • T H I S D AY

THURSDAY, JANUARY 4, 2024 • T H I S D AY

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NNPC, IPMAN: We Have No Plan to Increase Petrol Prices Independent marketers say members unaware of savings from subsidy removal Plan own refineries in Lagos, Calabar

Emmanuel Addeh in Abuja The Nigerian National Petroleum Company Limited (NNPC) as well as the Independent Petroleum Marketers Association of Nigeria (IPMAN) yesterday refuted reports of a planned petrol increase to N1,200. Some blogs and various social media handles had twisted a report by a national newspaper which sought to know what the pump price of the product would likely be if strict market forces were allowed to determine petrol prices. They thereafter ran with the story that the federal government planned to raise pump prices to at least N1,200 in connivance with the petroleum marketers. But in two reactions to the stories, the NNPC in its first response, noted that the payment of subsidy had long gone while in the second, it noted that there was no plan to increase fuel prices. “NNPC Ltd emphasises it has

not clashed with any party. The publication sought confirmation on alleged subsidy reduction, to which NNPC responded that subsidy has been entirely removed,” a statement by the Chief Corporate Communications Officer of the NNPC, Olufemi Soneye stated. The national oil company urged Nigerians to disregard the news, describing it as “unfounded rumours.” “The Nigerian National Petroleum Company (NNPC) assures the public that there is no imminent increase in the cost of Premium Motor Spirit (PMS), commonly known as petrol. “NNPC urges Nigerians to disregard unfounded rumours and assures them that there are no plans for an upward review of the PMS price. Motorists nationwide are advised against engaging in panic buying, as there is presently ample availability of PMS across the country,” NNPC said. Speaking on the same issue on Arise Television, THISDAY’s

broadcast organisation last night, the IPMAN National Chairman, Abubakar Maigandi, noted there was no such signal to raise prices from the NNPC, which is currently the sole importer of the product. Maigandi explained that he was also not aware that any subsidy was being paid on the product, insisting that if the sole importer says it’s not paying any subsidy, then it should be believed. “The NNPC is the sole importer of these petroleum products and when they say there’s no subsidy then there’s no subsidy because they are the only ones importing. “The rumour about increment is not true because we have not heard anything from the NNPC about increments. We advise all our marketers to go to the various depots to see that they load products. There’s no such plan to increase price,” Maigandi explained. He stated that only the NNPC can tell the price of the product, stressing

that although the situation whereby the NNPC is the sole importer is not ideal, it is what obtains for now. “Presently there is no increment and we didn't receive any communication from the NNPC that there is an increment. So we are still selling the same way were buying before. “That is the reason we have told all our marketers that they should start selling their products in their various stations according to the way they have been selling. So if there is any information, definitely I know it will come from the NNPC,” he added. Stressing that there’s nothing to fear, Maigandi stated that even if there is currently a minor scarcity anywhere in the country, it has to do with the festive period which he said will soon normalise. He also said that apart from creating jobs, when the Port Harcourt and Dangote refineries begin operations, there will likely be a marginal reduction in pump prices.

“If the Port Harcourt refinery has started functioning, and Dangote refinery also starts to function, definitely there will be availability and the cost is expected to come a little bit lower than what we have been purchasing before, because it's now being refined in the country,” he added. On the question of whether he knows how much has been saved by government from the removal of subsidy, Maigandi stated that he wasn’t aware, explaining that it was not part of their assignment. “We are not into that because even when there was subsidy, we didn’t participate much in the subsidy issue. We purchase products from the NNPC because they are the importers. “And if Nigeria saved a particular amount of money, it is good and fine. But all what I know since that time is that we have had availability of the product in our filling stations and our marketers are doing their business the way they have been

FG Orders Immediate Implementation of 50% Automatic Deduction from Agencies' IGR Nos. FMFBNP/OTGHERS/lGR/ CRF/12/2021 dated 20th December, 2021 on Revenue, Expenditure and IGR Remittances to the Consolidated Revenue Fund (CRF); the following guidelines are hereby issued for immediate compliance by all federal government agencies/parastatals for the collections, utilisation and remittances of IGR: "All Ministries, Departments and Agencies (MDAs) that are fully funded through the Annual Federal Government Budget (receiving personnel, overhead and capital allocation) and on the schedule of Fiscal Responsibility Act, 2007 and any addition by the Federal Ministry of Finance (FMF) should remit one hundred per cent (100%) of their IGR to the Sub-Recurrent Account which is a sub- component of the CRF." The CRF is an account in which revenues from taxes, statutory allocations from federation account, and other federally-collected revenues are deposited and disbursed. According to the circular, all partially-funded federal government agencies/parastatals (receiving capital or overhead allocation from the federal government’s budget) should remit 50 per cent of their gross IGR, while all statutory revenues,

like tender fees, contractor's registration, and sales of government assets, among others, should be remitted 100 per cent to the sub-recurrent account. The circular also directed all self-funded federal government agencies/parastatals (receiving no allocation from the federal government budget) to remit 50 of their gross IGR, including all statutory revenue, line like tender fees, contractor's registration, sales of government assets, etc., to the sub-recurrent account. The circular further directed the OAGF to open new Treasury Single Account (TSA) sub-accounts for all federal agencies/parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance. It stated, "For the avoidance of doubt, the OAGF shall open new TSA Sub-Accounts for all federal government agencies/parastatals listed on the schedule of Fiscal Responsibility Act, 2007 and any additions by the Federal Ministry of Finance, except where expressly exempted. "The new account opened for agencies/parastatal shall be credited with inflows in the old

revenue collecting accounts based on the new policy implementation of 50 per cent auto deduction in line with Finance Act, 2020 and Finance Circular, 2021, 50 per cent cost to revenue ratio.” It noted that the OAGF, subject to the categorisation of agencies, shall map and automatically effect direct deduction of the 50 per cent on gross revenue of self/partially funded agencies/parastatals and 100 per cent for fully-funded agencies/ parastatals as interim remittance of amount due to the CRF. It said, "This is to improve revenue generation, fiscal discipline, accountability and transparency in the management of government financial resources and prevention of waste and inefficiencies. "The revenue collection TSA Sub-Accounts currently operated and maintained by Agencies/ Parastatals for receiving revenue from the public shall be blocked from access. "The accounts shall be under the full control of the Honourable Minister of Finance and Coordinating Minister of the Economy and the Accountant-General of the Federation." The circular added that to

strengthen the implementation of the presidential directives as conveyed via SGF Circular Reference: SGF.50/5.3/C.9/24, dated October 16, 2018 on Approved Revenue Performance Management Framework for GOEs, the Revenue and Investment Department and the Treasury Single Account Department of the OAGF shall supervise, monitor and carry out a monthly review of both the old and new accounts of the agencies/parastatals to ensure that only funds approved by the Minister of Finance and Co-ordinating Minister of the Economy (HMFCME) and the Accountant-General of the Federation (AGF) were credited to the accounts. The circular explained, "The Federal Ministry of Finance (FMF) and OAGF will recommend appropriate disciplinary actions and sanctions against defaulting accounting officers of agencies/parastatals found culpable of violating the contents of this Finance Circular and in accordance with the fiscal Responsibility Act. "Each federal government self/ partially funded agency/parastatal shall not later than three months after the end of its financial year prepare and publish its audited financial

CBN Issues Fresh Guidelines on Cryptocurrency Operation addressed to banks and other financial institutions, stated that banks are “still prohibited from holding, trading and/or transacting in virtual currencies on their own account”. The apex bank said from the commencement of the regulations, financial institutions shall not open or permit the operation of any account by any person or entity to conduct the business of virtual/ digital assets unless that account is designated for that purpose and opened in line with the requirement of the guidelines. Under the new framework, commercial and merchant banks; Payment Service Providers (restricted to those that are involved in settlement for third parties); all entities registered by SEC to conduct the business of digital/ virtual assets services provision were eligible to register bank accounts for the operation of virtual assets. These included VASPs, digital asset custodian, digital asset offering platform, digital asset exchange, DAX operator and any other entity that might be categorised by the CBN from time to time. In addition to the permissible activities of each category of institution, financial institutions were permitted to undertake opening of designated accounts, provide designated settlement accounts and settlement services, as well as act as channels for FX flows and trade in their operations of accounts for VASPs. The central bank mandated financial institutions to establish

transaction limits for each designated account opened in accordance with the guidelines in line with its risk assessment criteria. It stated that limits shall be prudent and bear a relationship to the volume of cash moved by the account holder and the risks associated with the conduct and nature of the business of the account holder. The apex bank also stated that designated accounts shall not be run on concession, as banks shall not allow or enter into any concession agreement/arrangement with a holder of a designated account. It stressed that such accounts shall at all times be subject to the maximum transaction charges band as provided for under the CBN Guide to Charges for Banks and Other Financial institutions. Among other restrictions imposed on the VASPs’ bank account, the central bank instructed that no cash withdrawal shall be allowed from the account, adding that no third-party cheque shall be cleared from the account as well. The CBN further stated that an account opened in accordance with the guidelines shall only be used for transactions on virtual/digital assets and not for any other purpose. It said except for settlement of a virtual/digital assets transaction, which shall be done through a transfer to another designated account, withdrawal shall be only through a Managers' Cheque or transfer to an account. It stated further, among others, that transfers from the Naira

position of persons on the VASP platform into their bank account shall not be more than twice in a quarter,. The CBN said, “Banks shall also ensure that only accounts that have completed full KYC process (Tiered accounts subject to exemptions are excluded) can fund or receive from positions on the VASP/DAs platform.” In addition, financial institutions/ NIBSS shall not allow usage/ creation of NUBAN accounts by VASPs, CBN directed. Under the sanction regime, the apex bank said there shall be a monetary penalty not below the sum of N2 million against banks, members of its board, senior management, and any staff for any infraction. Moreover, it stated that notwithstanding the powers of the CBN under the BOFIA 2020 and in addition to the use of remedial measures in the guidelines, the central bank might take any or all of the following sanctions against a financial institution, its board of directors, officers or staff for failure to comply with any of the requirements: prohibition from opening any further designated account and suspension of operating license. CBN in February 2021 issued a circular restricting banks and other financial institutions from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing (ML/TF) risks and vulnerabilities inherent in their operations as well as the absence of regulations and

consumer protection measures. However, current trends globally showed that there was a need to regulate the activities of virtual assets service providers (VASPs), which include cryptocurrencies and crypto assets, the apex bank explained. The CBN stated, “Following this development, the Financial Action Task Force (FATF) in 2018 also updated its Recommendation 15 to require VASPs to be regulated to prevent misuse of virtual assets for ML/TF/PF. “Furthermore, Section 30 of the Money Laundering (Prevention and Prohibition) Act, 2022 recognizes VASPs as part of the definition of a financial institution. In addition, the Securities and Exchange Commission (SEC) in May 2022 issued Rules on Issuance, Offering and Custody of Digital Assets and VASPs to provide a regulatory framework for their operations in Nigeria.” It added, “In view of the foregoing, the CBN hereby issues these guidelines to provide guidance to financial institutions under its regulatory purview in respect of their banking relationship with VASPs in Nigeria. “The Guidelines supersedes the CBN's circulars referenced FPR/DIR/GEN/CIR/06/010 of January 12, 2017 and BSD/DIR/ PUB/LAB/014/001 of February 5, 2021 on the subject. However, banks and other financial institutions are still prohibited from holding, trading and/or transacting in virtual currencies on their own account.”

statements/management account in accordance with the prescribed rules and forward copies to the OAGF for the review and computation of operating surplus in line with the approved template of the Fiscal Responsibility Commission/OAGF. "The remittable portion of the adjusted operating surplus will be determined and paid to the TSA Sub-Recurrent Account after reconciliation. "The final payment to be made to the TSA Sub-Recurrent Account for the year shall, however, be the higher of the 80 per cent of the adjusted operating surplus and the deducted amount from the TSA Sub-Rec Accounts of the affected agencies/ parastatals." It directed that all agencies whose budgets were funded through approved cost-of-collection were expected to submit their annual revenue and expenditure budget for review, adding that any expenditure not approved and or any surplus of revenue over expenditure shall be subjected to the rules guiding the computation of Operating Surplus. The circular also directed the OAGF to generate auto receipts on direct deductions and remittances made by agencies/parastatals to the TSA Sub-Recurrent Account, which is a sub-component of the CRF. To ensure that MDAs properly

NNPC GMD, Mele Kyari doing before,” he added. According to him, IPMAN is also planning to have two modular refineries in Lagos and Calabar. “And we, the independent petroleum marketers are making plans and even pushing to see that we own our own refinery. We are planning it in two places. There is one in Lagos that we have already secured the land for and also one in Calabar,” he pointed out.

accounted for all revenues and expenditure, they were directed to submit detailed monthly trial balance to the Consolidated Accounts Department, Fiscal Account (Funds Department), Revenue and Investment Department of the OAGF and Budget Office of the Federation, showing clearly the revenue and expenditure on each source of fund (Statutory Allocation, Aid and Grants, Retained IGR, etc.) in accordance with IPSAS Accrual Basis of Accounting. Furthermore, the circular enjoined all accounting officers, directors of finance and accounts, directors of internal audit, heads of accounts, and heads of internal audit Units of MDAs and other arms of government to give the document the widest circulation and ensure strict compliance. “Any questions and clarification required on the contents in this circular should be directed to the Office of the Accountant General of the Federation," the circular added. A quick look at the revised list of agencies covered by the Fiscal Responsibility Act 2007 revealed that the minister added three more agencies, bringing the number to 68, from 65. Edun's predecessor, Mrs. Zainab Ahmed, had in 2021 pruned the number of agencies under the schedule of FRA from 122 to 65.

Koroma Arrives Nigeria Today for Political Asylum After Alleged Role in Failed Coup African States (ECOWAS) succeeded in getting political asylum for him in Nigeria, where he is expected to be housed for some time. A letter by the President of the ECOWAS Commission, Omar Alieu Touray, addressed to the present President of Sierra Leone, Julius Bio, under the headline: “Temporary Relocation of Former President to Abuja” requested for the former President to be allowed to travel to Nigeria. The letter was written on January 2, 2024 with Presidents, Bola Ahmed Tinubu (Nigeria), Nana Akufo-Addo (Ghana) and Macky Sall (Sierra Leone) copied. “I refer to the mission to Freetown on 23 December of the high-level ECOWAS delegation led by His Excellency, President Nana Addo Dankwa Akufo-Addo, President of Republic of Ghana, and His Excellency Macky Sall, President of the Republic of Senegal. “I am please to inform Your Excellency that as part of the agreement reached during the mission, the Government of the Federal Republic of Nigeria, has offered to host His Excellency Ernest Bai Koroma, Former President of Sierra Leone, in Abuja on a temporary basis. The former President has accepted the offer to be hosted in Nigeria. “Subject to your approval, arrangements will be made to fly Former President Koroma out of Freetown on Thursday 4 January

2024. He will be accompanied by his office manager and personal assistant. “In addition to seeking Your Excellency’s approval for the departure from Sierra Leone of the Former President on or around the date indicated above, I would like to seek your confirmation that once President Koroma leaves Sierra Leone, the following arrangements (as agreed during the mission) will be put in place,” it stated. The arrangement, however, included that the, “Government of Sierra Leone will discontinue all legal and administrative procedures against him; “The Government of Sierra Leone will also continue to disburse to him his benefits as former President. “The Government of Sierra Leone will secure his residences in the various locations in Sierra Leone. “The Government of Sierra Leone will consider refunding medical and travel expenses he has incurred. “While looking forward to Your Excellency’s favourable response, I take the opportunity to renew to Your Excellency, the assurances of my highest consideration.” Though none of the staff in the Information Unit of ECOWAS was ready to speak Touray’s letter, a high level officer in the Nigerian government, who spoke anonymously, said the former President was expected to touch ground in Abuja to begin his political asylum, today.

THURSDAY JANUARY 4, 2024 • T H I S D AY

THURSDAY, JANUARY 4, 2024 • T H I S D AY

NEWS

Ceremony to commemorate the final trading day of 2023...

L-R: Divisional Head, Business Support Services, Nigerian Exchange Limited (NGX), Dr. Irene Robinson-Ayanwale; Chief Executive Officer, NGX, Temi Popoola; Nichole Yembra; CEO RMD Productions, Mr Richard Mofe Damijo (RMD); Tega Mofe-Damijo; Executive Director, Capital Markets, NGX, Mr. Jude Chiemeka; Executive Director, CSCS Plc, Mr. Adeyinka Shonekan and Head, Market Surveillance and Investigation, NGX PHOTO: DAN UKANA Regulation Limited, Mr. Abimbola Babalola during the Closing Gong Ceremony to commemorate the final trading day of 2023 at the Exchange in Lagos...recently

N44bn Fraud: EFCC Frees, Re-invites Suspended NSIPA National Coordinator, Halima Shehu To face further interrogation N17bn allegedly moved into suspicious accounts intercepted, recovered by commission Anti-graft agency tracing remaining billions laundered from the social investment as cash Shehu defied presidential directive to work with humanitarian minister to pay 400,000 beneficiaries of N-Power programme

Kingsley Nwezeh and Sunday Aborisade in Abuja The Economic and Financial Crimes Commission (EFCC) Tuesday night released the suspended National Coordinator and Chief Executive Officer (CEO) of the National Social Investment Programme Agency (NSIPA), Halima Shehu. A competent source told THISDAY that she was released at 11pm Tuesday night but was told to return

by 11am yesterday, for continuation of her interrogation. "She was detained but released by 11pm yesterday. She will return 11am Wednesday for further interrogation," the source said. Halima Shehu, who allegedly resisted arrest for over eight hours on Tuesday, was finally picked up in connection with the movement of N44 billion from NSIPA account to some suspicious accounts within the last four days in December 2023.

Nigeria’s Bureaucracy Retrogressive, Says DAS Energy Boss Sylvester Idowu in Warri

Chairman of DAS Energy Services Limited, Delta State, Chief Sunny Onuesoke, has reiterated that the Nigerian government’s bureaucratic processes are retrogressive and cause setback in achieving successes. Noting that bureaucratic processes are ordinarily supposed to help keep everyone on track, he however pointed out that they are often too cumbersome by putting emphasis on procedures, rather than efficiency. The former governorship aspirant and Chieftain of the Peoples Democratic Party (PDP) noted that the systems and processes that are put in place effectively make decision-making slow. Onuesoke, in a statement in Asaba, while reacting to Interior Minister, Olubunmi Tunji-Ojo’s criticism of the Nigerian Immigration Service (NIS) for requiring married women to travel to Abuja for a simple change of name on their passports, commended the minister for noticing such an absurd bureaucratic process. He wondered what would warrant a married woman who resides in Asaba for instance, to travel all the way to Abuja to effect a change of name in her international passport when it can easily be done in the state offices or online. “One could imagine the stress, time and financial burden it would

take such woman to travel from Asaba to Abuja just to amend name in a passport that can be done in Asaba or online in the comfort of her home. “These bureaucratic bottlenecks are not only experienced in Nigeria immigration service, it is experienced all over Nigerian ministries and even in some corporate organisations. “The consequences of delay caused by such bureaucratic bottlenecks are socio-economically enormous to the nation and the citizens. “It is responsible for duplication of processes, encourages corruption in the polity and slows down process of development,” he added. He urged other ministers, heads of government agencies and corporate organisations to emulate the proposed policy of the interior minister of processing international passport online so as to save Nigerians some inconvenience. “Activities globally have gone online. We can process most of our business transactions, registration, processing of documents and other official transaction online without carrying papers from one office to the other. “By so doing, corruption will be reduced through personal contact from the polity, there will be urgent facilitation of business transactions and we will achieve our goals with utmost urgency,” he stated.

The interception and recovery of the cash followed some alleged payments of billions of naira by the agency without presidential approval. It was learnt that the EFCC might have recommended Halima Shehu’s suspension to President Bola Ahmed Tinubu. Her indefinite suspension, based on preliminary investigation, was to pave the way for an unfettered probe of the infraction. Operatives of the commission, who were drafted to the National Coordinator’s private office and home, arrested her at about 8pm on Tuesday. After searching her home and office, she was taken into custody at about 9pm for interrogation. It was also learnt that the EFCC was closing in on a director of the agency, who was allegedly complicit in the huge payments into the suspicious accounts. The former Director of Finance NSIPA, Hamza Buwai, it was gathered was presently on the run and trying to escape from the country. Investigation revealed that

following intelligence, the EFCC uncovered “unusual movement of billions of naira” from NSIPA’s account. It was common knowledge that agency heads have approval limit of N10 million only from government coffers. A top source, who pleaded to remain anonymous said: “The EFCC raised a red flag on the suspicious payments of billions of naira into some individual and corporate accounts. “Preliminary investigation showed that there was no presidential approval or ministerial approval for the payment of such humongous funds from government coffers. “Pre-emptive steps were immediately put in place to track the suspicious funds. So far, about N17 billion has been intercepted and recovered from some accounts by this commission. “Our team is working round the clock to trace the remaining billions of naira suspected to have been laundered from the Social Investment as cash.” An EFCC source told our correspondent how the NSIPA boss

was arrested.” He added: “Shortly after her suspension, EFCC operatives laid siege to her office in Maitama District but it took almost nine hours to arrest her. “While the siege lasted, the EFCC chairman directed that the operatives should not break into her office or her residence but wait patiently for her to come out. She was overheard making several calls for rescue or escape. “Eventually, she was arrested and detained by our team. Her grilling immediately started based on preliminary findings.” Before her appointment, she worked as the National Coordinator of the Conditional Cash Transfer Programme which was marred by several irregularities under former President Buhari. She also served with the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development under Sadia Farouk who is being investigated for an alleged N37 billion fraud. This was between 2017 and 2022. Investigation so far confirmed that the president wielded the big stick

because Halima Shehu had earlier defied a presidential directive to work with the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, to pay the outstanding and statutory stipends to beneficiaries of the N-Power programme before Christmas. About 400,000 beneficiaries have not received monthly stipends in the past few months. The source added: “the suspended National Coordinator did not work with the minister as expected on NPower. Following the defiance of the presidential directive, the presidency asked the minister to liaise with the Office of the Accountant-General of the Federation to pay the N-Power beneficiaries for the first month which was successfully done. “In the midst of this challenge, the EFCC intercepted suspicious payments by NSIPA. The president had no choice than to approve her suspension as requested by the EFCC.” The EFCC was on the trail of a director of the Social Investment Agency Hamza Bawai, who was central to the suspicious payments.

Cotonou Degrees: ICPC Probes Academic Qualifications from Foreign Institutions Adamu meets undercover reporter

Kingsley Nwezeh in Abuja

The Independent Corrupt Practices and Other Offences Commission (ICPC) said yesterday that it had launched a probe into academic qualifications obtained from foreign institutions by Nigerians. It said the commission will engage in a collaboration with relevant domestic and international bodies to jointly evaluate the legitimacy of academic qualifications procured from overseas institutions, especially those highlighted in the investigative report. In furtherance of the probe, the Chairman of the Commission, Musa Adamu, has met with the reporter that uncovered the fraudulent award of degrees in Benin Republic. A statement by the commission said the meeting was convened to verify details of the finding and move

beyond speculation. It said the duo discussed the publication's December 30 report on alleged corrupt practices in rapid degree issuance at a Cotonou university, aiming to deepen the investigation and initiate relevant actions. "The investigation into Ecole Superieure de Gestion et de Technologies (ESGT) in Cotonou reveals a concerning situation where degrees are allegedly awarded in as little as six weeks, bypassing standard academic procedures like application, registration, coursework, and examinations. "In response to these critical allegations, the ICPC is embarking on a thorough investigation. This probe will rigorously examine the networks and individuals engaged in these malpractices, with the objective of restoring and preserving the

integrity of our educational system," the ICPC said. It said the commission will engage in a collaboration with relevant domestic and international bodies to jointly evaluate the legitimacy of academic qualifications procured from overseas institutions, especially those highlighted in the investigative report. "The ICPC calls upon all stakeholders in the educational and governmental sectors to join hands in this critical endeavour. "Together, we can work towards a future where the credibility of our educational qualifications is unimpeachable, and where corruption finds no refuge,” the anti-graft agency added. Following the development, the federal government had announced the suspension of evaluation and accreditation of degree certificates from Benin and Togo Republics.

In a statement on Tuesday signed by Augustina Obilor-Duru on behalf of the Director Press and Public Relations, Federal Ministry of Education, the government lamented that “some Nigerians deploy nefarious means and unconscionable methods to get a Degree with the end objective of getting graduate job opportunities for which they are not qualified”. According to the government, the suspension persists pending the outcome of an investigation involving the ministries of foreign affairs and education of Nigeria and the two countries as well the Department of State Services (DSS), and the National Youths Service Corps (NYSC). It said the education ministry has set up a panel to “commenced internal administrative processes to determine the culpability or otherwise of her staff for which applicable public service rules would be applied”.

THISDAY •THURSDAY, JANUARY 4, 2024

FOCUS

Benedict Peters Makes Remarkable Foray into Mozambique’s Energy Sector Benedict Peters achieves the impossible time and over again. An enterprising boardroom titan becoming the doyen of a Nigerian oil empire. Peters has done it. Subverting stereotypes in the oil and gas sector and breaking into the global consciousness with a viable behemoth? Peters did it. Leading his empire to become one of the highestgrossing Nigerian-owned firms in over a decade? Yes, Peters did it. Little wonder Nigeria and Africa, in entirety, delight in watching him transform his Aiteo Group into a colossal specimen of industry, strength and sacrifice. And now, with his recent Mozambican venture, Peters’ trajectory is set beyond the stars, writes LANRE ALFRED

evered at home and recognised abroad for his protean productivity and impeccable business foresight, spotting goldmines where many see landmines, Benny represents the best of Nigeria’s new breed of magnates identifiable by their phenomenal grit and business acumen. Benny no doubt personifies the new generation of industry titans and patriots passionately driving the growth of the private business community in Nigeria and other African nations. Without conceit or fuss, the billionaire magnate astonishes us with his entrepreneurial spirit, integrity, panache and penchant for business with a human face. It all makes perfect sense. As the founder and Chief Executive Officer of the Aiteo Group, Benedict Peters’ persona has graciously rubbed off on the behemoth widely regarded as the cradle of entrepreneurial jazz and the blues—music many of his peers have adopted as their industrial Esperanto. There is no gainsaying Peters holds a special and sacred place in Africa’s oil and gas sector. He has a particularly keen understanding of its organised tumult and quiet storms, its cultural history and an awareness of the importance of enriching the industry via practical and futuristic exploits. Peters has taken all that foundational knowledge about Nigeria and Africa’s energy sectors and made it his own, unafraid to stretch himself as an entrepreneur and continually evolve. There is some mystique to Peters’ acumen. So confounding is his depth that both his associates and business rivals conclude that he must have some magic spell, slogan or chant always throbbing quietly at the back of his mind. This is their only logical explanation for his capacity for scoring recurrent feats in the tumultuous world of commerce and industry. However, if they look deeply enough, they would find that Peters’ magic wand is fashioned from his tenacious spirit, lofty ambition and hard work. Peters honed his talent for identifying opportunities even as he schooled himself against the barrage of life’s hard knocks until the proverbial fortunate hour. In his case, that hour recurs time and over again, thus triggering speculation about the extent of his discipline, talent, and genius. Just recently, Peters’ Aiteo Group expanded its portfolio by securing a significant stake in Mozambique’s Mazenga gas block, the largest onshore gas reserve in Sub-Saharan Africa. The acquisition was finalised following a series of farm-in agreements with Mozambique’s national oil company, Empresa Nacional de Hidrocarbonetos (ENH), positioning Aiteo as the block’s operator. The Mazenga assets, nestled in Mozambique’s rich sedimentary basin, span approximately 23,000 square kilometres. They are estimated to contain a substantial gas reserve of 19 trillion cubic feet, highlighting the block’s significant potential. In the wake of the acquisition, Aiteo has swiftly launched an intensive development programme. This includes aeromagnetic and gravitational geological studies, thorough field inspections, and the reinterpretation and processing of existing data. According to Peters, these emphasise the company’s commitment to a robust investment in gas development initiatives. He said these efforts aim to accelerate and enhance Mozambique’s upstream gas resources, adding, “The assets we are investing in are situated in a region with some of the highest gas production potential in Mozambique. Our approach is rooted in our strategy of actively engaging with unique energy assets across Africa. We aim to elevate our profile and expand our global gas resources to meet industry-leading standards within the continent. Our proven track record gives us confidence in our ability to develop these assets, benefiting both Mozambique and all stakeholders.” Mozambique is home to some of the world’s largest natural gas reserves, particularly in the Rovuma Basin, estimated to hold over 100 trillion cubic feet of natural gas. The country is currently developing several large-scale liquefied natural gas projects with the involvement of international oil

Benedict Peters companies like Total, ENI, and ExxonMobil. These projects are focused on extracting and exporting liquefied natural gas, with notable initiatives including Total’s Mozambique LNG project and ENI’s Coral South FLNG project. Aiteo, as Africa’s largest indigenous oil producer, already plays a significant role in the continent’s oil industry, producing nearly 100,000 barrels of oil per day and contributing over five per cent to Nigeria’s daily oil output. Now, with its expansion into Mozambique, Aiteo is aggressively pursuing exploration and production opportunities across Africa and beyond, adding to its existing assets in the Niger Delta basin and the Benue Trough. Just recently, Peters’ Aiteo Group recorded another remarkable milestone via its partnership with the NNPC to launch a new grade of crude called Nemb; through this joint venture, the group, widely acknowledged as Africa’s largest oil producer, ramps up its oil output.

The Nembe crude stream will be managed and marketed by a joint venture between state-owned NNPC and oil firm Aiteo Eastern E&P Co. Ltd, the first crude marketing project solely run by Nigerian entities. “It is definitely the trajectory that we are going to follow,” Maryamu Idris, executive director of crude and condensate at NNPC Trading, told the Argus European Crude conference in London. Nembe production was added to the Bonny Light stream more than three years ago, until incidents of sabotage on the Nembe Creek Trunk Line (NCTL) hit output, an NNPC source told Reuters on the sidelines of the conference in London. Now, the country has managed to resurrect Nembe as a separate grade, he added. The addition allows Nigeria to export another two cargoes of 950,000 barrels each of crude each month, NNPC said in a statement. The first cargoes of Nembe were sold in October, with two 950,000 barrel shipments

sold to France and the Netherlands. The low-sulphur grade commands a premium to the global Brent benchmark and is a good candidate to compete with Brazilian and Azeri crude grades for European refiners. Nembe production is currently around 50,000 barrels per day, but the NNPC aims to rise to 80,000 by the first quarter of next year and 150,000 barrels per day by the start of 2025. However, there is no gainsaying Peters has a true belief in the power of industry. It’s his life’s purpose; he’s always engaged in ambitious prospecting or the perfection of a promising venture. Throughout his career, he’s also demonstrated a commitment to identifying, creating and driving opportunities that aren’t always discoverable by his peers in the local and international oil sectors. It’s always a surreal experience to witness him in his element - whether negotiating, creating or salvaging, Peters cuts a stunning picture of brilliance and panache. An unprecedented class act, his exploits are inspiring and text-book-worthy about how to run a thriving oil and gas behemoth. And now, with his promising Mozambican venture, he has captured the world’s attention again. Peters is a true pragmatist and entrepreneur, blessed with an amazing vision, a lot of integrity, and quiet strength. The most appreciable thing about him is that he has handled his success with grace and imaginative depth with humility. These attributes sustain his growth and accomplishments across Africa’s business landscape. Peters is a creator of ventures. He is constantly shifting the lens on the energy business, skillfully re-envisioning the entrepreneurial lexicon through his strategies, proportions, and prospecting even within the parameters of the heavily regulated oil and gas sector. Peters pulls you directly into a fantastical and magically real place that can simultaneously be nursed within and brokered to transcend the present into the future. The visionary founder and Chief Executive Officer (CEO) of the Aiteo Group continues to challenge and upend entrepreneurial conventions with ambitious ventures and thoughtfulness about every detail. Peters’ Mozambiqan exploits bring us into his unique industrial strength and imaginative space. His ideas about the industry are undoubtedly expansive. They carry us into the realm of imaginativeness, courage, vision and experimentation. Peters’ enterprise dares us to recognise the endless possibilities of ambition and how it manifests in practice and reality, in how we represent ourselves through foresight and industry. There is poetry in Benedict Peters’s back story. You take everything in and get caught in its speechless rapture. There is a sparkle in the narrative, too. The native of Warri, Delta State, emits a rare shine that imbues the day with light and hangs upon the cheek of night like luminous beams of lighthouses in his native Delta. Like the proverbial shiny jewel in an Ethiop’s ear, Benny emits an uncommon glitter too rich to be ignored and too dear to be squandered. Little wonder he is fondly regarded as the jewel of Nigeria’s Niger Delta region. A hidden treasure, to be precise. Every time you hear it, you realise how little you know of it and the gleaming metamorphosis of the brilliant billionaire. In Benny’s back-story, you encounter the musical embracing of history and rhythm, race and rhyme, melody and passion in an actual stunning event of a life unfurling. Even in this age of ubiquitous hyperbole, it can safely be said that Benny is one of the most inspiring forces of nature that you will ever see. Unlike too many individuals stuck in the role of minor casts or fleeting characters in their own stories, Benny leaps from the pages of history as a fully formed and rounded character; he conceived, wrote and stars in this breakthrough masterpiece, cementing his place as one of the most daring and phenomenal creative minds of our time. He is a powerful reminder that greatness comes from unlikely places.

T H I S D AY • THURSday JANUARY 4, 2024

politics

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

Ononolemen: It’s Turn of Edo Central to Produce Governor in 2024

Former Minister of Works and a Chieftain of the All Progressives Congress, Mr Mike Ononolemen, in this interview with Folalumi Alaran, speaks about the forthcoming 2024 gubernatorial poll in the heart beat of the nation saying Edo North senatorial district is more favoured to produce the next governor.

hy are you in the race to succeed Edo Governor Godwin Obaseki in next year’s election? It is no longer news that I am interested in the gubernatorial election in Edo State come the next season. Someone asked me when I took the decision. The truth is that in the past four gubernatorial contests in Edo State, I’ve always been interested. For about three times, I was prevailed upon by the leadership to let it go to other persons. Sometimes, we just accept but I believe this is the right time. You can see we are all about the same age bracket. So, we don’t have any limitation. For me, it is my intention and it’s something I have thought about for the past 15 years. That is about four cycles of election. I believe this is the best time in a sense for this project to crystallize because whether you like it or not, we have come of age. Having said that, my driving force for this project is the fact that governance in Nigeria have not really been stellar because we’re going from frying pan to the fire. By now, one would have expected that in terms of governance, Nigeria should have by now been much better that what it is. What are you bringing on board that you see as an advantage over other aspirants? As somebody who has been in government, who knows the purpose of government, I believe that with my experience in government that I have when I served either as Executive Director of the Petroleum Trust Fund or under President Olusegun Obasanjo when I was Minister of State for Defence where I had a lot of activities within and outside the Nigerian boundaries in quest for Nigeria’s sovereignty. If you look at the space, you discover that so many people are populating the space without any iota of experience in governance. Governance is a very serious matter. It is not a place for every person as it were. However, you cannot limit participation in governance. I believe that despite all that, If we are to excel in what we do in governance, people with requisite experience should be sought out. Unfortunately, in our country, that is not done often. I have looked around the country and the present dispensation, and I know that given the opportunity, I will be able to do things differently. That is why I threw my hat into the circle in order to be able to be nominated and win the ballot when the time comes and do the right things that Nigerians will be proud about. What role do you think zoning will play in this election? There are arguments that 2024 is the turn of your zone, Edo Central From what I can say, zoning is cardinal in this forthcoming election that we are talking about because when we started in Edo State, majority of the stakeholders were asked to come to a roundtable to agree on a formula. This is to ensure that the process was not rowdy and at that time, it was agreed that the most populous senatorial district would take the first shot. And that was how Lucky Igbinedion became the Governor of Edo State. And of course, when the leadership of the party took that position, we all queued behind them and we worked for the candidate and the candidate won. After Edo South, it was now the turn of Edo North and Comrade Adams Oshiomhole got that ticket and he ran with it for two terms. This was after Oserheimen Osunbor had his mandate truncated by the court. At the end of his tenure, you recall that there was a bit of antagonism and Edo South wanted to come back to it but were prevailed upon not to do such a thing, that is was not just about having the population but that we all came

There are quite a number of things to offer, some of them similar, others different. It is a work in progress right now. We won’t go to the townhall and start reeling them out because when the time comes for us to really showcase those things, you will be shocked that some people have also gone that way because of access to those classified issues. And because of this, you hardly see politicians talking about those issues in a gathering like this. Suffice to say that everyone comes with his or her own ideas about governance and at the end of the day, it is how it resonate with the people that will tell those who will take the day. There are other indications like we often see everywhere in our country that this might not just be enough to give you the ticket. As politicians, we are working with as many people as possible from different senatorial districts in other to get their buy in to our project and we are doing that right now.

Ononolemen from a common source and that as brothers, we should relate with one another that way. Like I said, Osunbor’s tenure was truncated by the court of law and that was how Oshiomhole came in. Having said that, we have accepted the process of zoning and counter zoning like we have experienced. Going by this zoning, it has fallen upon the Edo Central Senatorial District where I come from. We truly believe that looking back and seeing what it has been, it is only fair that Edo Central is given the opportunity to fly the flag of the party in the coming gubernatorial contest and I also share that belief. Having looked at the possibilities, I came to the conclusion that it is a venture I really want to partake in. You’ve talked about zoning and fairness. How are you working towards this dream? Edo Central has always been PDP. Thus far, most of the aspirants are from that District. Have you sat together to discuss the possible pruning of the numbers to maybe one or two aspirants? Well, let me say that we have not

been quiet on this. There have been a lot of consultations in this direction. We believe that at the appropriate time, we’ll come to that point where we’ll be able to showcase one particular candidate for the office. Beyond experience, there is the factor of godfatherism. This is what is currently playing out in Rivers State. We witnessed in the past where people without commensurate experience became Governors. There was Ambode in Lagos, Fubara in Rivers. There is the godfather factor in Edo politics. Do you belong to the camp of any of these godfather groups? The party is one party and we all belong to the party. Within the party, we see ourselves as one, We may have come from different senatorial districts in the State but the interactions we have had are such that there are no acrimonies. There may be differences and in a political contest, there are always differences but we are managing the process in such a way that we need to understand one another and do away with acrimony. At the end of the day, whatever the outcome, we will all agree on it. What exactly do you plan to offer the people of Edo State different from what others did in the past?

Like I said, Osunbor’s tenure was truncated by the court of law and that was how Oshiomhole came in. Having said that, we have accepted the process of zoning and counter zoning like we have experienced. Going by this zoning, it has fallen upon the Edo Central Senatorial District where I come from. We truly believe that looking back and seeing what it has been, it is only fair that Edo Central is given the opportunity to fly the flag of the party in the coming gubernatorial contest and I also share that belief. Having looked at the possibilities, I came to the conclusion that it is a venture I really want to partake in.

You have always put your party first and that informed why you agreed to step down for others in the past. Will you be willing to do this again if you are called upon to stepdown one more time? Well, it depends on the situation. If there is a merit in it but I don’t see such a situation right now. In time past when we had that, we were always told to wait for our turn and we believe our turn is now. I was in the frontline in 2007 and Osunbor was third on the log but I stepped down for Osunbor, who eventually made it and was governor for about 18 months until Oshiomhole was sworn in. You cut the picture of a gentleman, but politics is quite a tough task. How do you intend to run your politics preparatory to getting the ticket of your party? Everyone will always have the opportunity to play the game differently. I will put the people first so as to get their buy in. I will prioritise the areas we are lagging behind in the State. These are cardinal areas I will focus on in a way that has never been done. More importantly I will be focusing on human and infrastructural development because if you see the country as it is today, you agree with me that we still have a lot of work to do. Afterall, the purpose of government is the pursuance of happiness for the greater majority of the people. The only way you can bring that about is if you are heavy on human and infrastructural development. These are the two areas where the people will benefit. More often than not, people relate with these things and I am focusing on them because I know it is the right thing to do. There are other things in government that we still have to do but these ones are cardinal as far as we are concerned because once the people benefit and are able to earn good living, there will be peace. What people want really is not too much. They want to be able to put food on the table of their families. They want to be able to take their children to school. They want to be able to enjoy the good life; they want at the end of whatever they’re doing, they want to have gainful employment. These are areas I’m focusing on and during the campaigns, I’m going to rein in everyone. And I believe that it will resonate with people. How will you prioritise governance as against the fighting that has been going on in the State for a while now? Out of seven years of the current government, five have been spent fighting. I am not going to do that. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • Thursday, JANUARY 4, 2024

FEatures

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

Unlocking Increased Homeownership with the Diaspora Mortgage Scheme Richard Imhoagene

programme, and evaluating their acceptance. Such engagements by NiDCOM have further helped to tweak the programme in line with the feedback from Nigerians living abroad. The aim is to ensure Nigerians in Diaspora get value for their contributions by easing the processes of registration, monthly contributions, and processing of mortgage loans, while also putting measures in place to ensure such loans are repaid within stipulated time frame. One big hurdle that has now been surmounted is ascertaining the income of a potential contributor and activating automated deductions. Hence, the decision to engage the employers and bankers of interested Nigerians living abroad. Several meetings between the FMBN and NiDCOM have further culminated in the setup of a joint technical committee comprising members of both organisations to put together modalities and strategies for the swift and successful implementation of the diaspora product. It is clear that these engagements are yielding results considering the outcome of a recent courtesy visit by the leadership of NiDCOM to the Minister of Housing and Urban Development, Arc. Ahmed Dangiwa. It was decided at the meeting that the official international launch of the product will begin in February 2024, starting with Canada, the United States, and the United Kingdom.

igeria is plagued with an overwhelming housing crisis, characterised by a deficit that experts estimate to be at about 28 million. While the figure may be contentious, the scope and magnitude of the housing deficit in the country are not in doubt. However, with grossly inadequate housing allocations, rising inflation, low-income levels, and the high cost of construction, stakeholders in the housing sector have long called for innovative approaches and collaborations to bridge the housing gap and create a prosperous housing ecosystem. Thankfully, the administration of President Bola Ahmed Tinubu has shown commitment to addressing the plight of Nigerians, as far as housing is concerned. Demerging the Federal Ministry of Works and Housing and creating a full-fledged Ministry for Housing and Urban Development was an instructive move. Even more notable is the appointment of a thorough-bred professional in the built environment to lead the ministry. With the Renewed Hope Agenda, President Tinubu is prioritising affordable housing, with the aim to improve the living conditions and overall well-being of Nigerians, while stimulating economic growth and creating employment opportunities. This proactive approach to tackling the housing crisis holds the potential to positively impact millions of Nigerians and shape a more sustainable future. The Federal Mortgage Bank of Nigeria, as Nigeria’s apex Mortgage institution, has been at the forefront of providing affordable and convenient homeownership solutions to Nigerians, especially those in the low-andmiddle-income levels. These include loan and mortgage products made available to Nigerians who are contributors to the National Housing Fund (NHF) scheme, and must have done so for a period of at least six months. From the NHF Mortgage Loan, to Rent-toOwn, Individual Construction Loan, and even the Cooperative Housing Loan, among others, homeownership is increasingly becoming accessible to many more Nigerians. Needless to say, the housing mandate covers the provision of decent and affordable housing to all Nigerians, regardless of income, socio-economic background, and even residence. What this suggests is that Nigerians living abroad also have a right to access mortgage loans and products in Nigeria to own homes in Nigeria. So, when the Minister of Housing and Urban Development, Arc. Ahmed Musa Dangiwa launched the Diaspora Mortgage Scheme on 14th November 2023 at the 6th edition of the Nigeria Diaspora Investment Summit (NDIS), it became clear to Nigerians that the goal to house Nigerians is a wholesome objective. Tackling the Housing Challenge of Diaspora Nigerians There are over 20 million Nigerians in diaspora, remitting about $24 billion to the nation every year. That is just a little shy of the nation’s budget estimates for the 2024 fiscal year. This suggests a huge influx of foreign exchange into the country, with surveys showing a significant part of it is invested in real estate. Unfortunately, this has also generated friction among families and friends, as there are often cases of diversion or misappropriation of funds sent by Nigerians living abroad to siblings or friends for the purpose of building a house. These funds get misused or siphoned, leaving the sender devastated. There are known tales of Nigerians struggling abroad to make ends meet and sending money down to their loved ones in Nigeria to build houses or buy property on their behalf. Unfortunately, these loved ones deceitfully send pictures of random construction sites or property belonging to other people to their benefactors abroad. With the intention to create the impression that the project is ongoing in order to receive more money for completion, these deceitful individuals end up defrauding their siblings or friends to the tune of millions of naira, with the victim often letting it slide for the sake of family. This exposes a gap that needs to be filled. Nigerians in diaspora deserve to own homes in Nigeria too. Therefore, creating a system

Dangiwa that makes it easier for them to do so triggers a win-win situation of convenient homeownership for them and a thriving real estate ecosystem. Furthermore, creating a structure that supports homeownership through effective utilisation of remittances for homeownership will support economic growth significantly by providing employment and expanding the built environment. On the other hand, there is grave concern that the portion of diaspora remittances that goes into investments is roughly around 30%, with about 70% going into family support, according to former Vice President Yemi Osinbajo. It is hoped that a scheme geared towards homeownership for Nigerians in diaspora will encourage them to invest more in the real estate sector, rather than spend so much on frivolities. It is important to note that such houses may go on to be occupied by their relatives here in Nigeria, which will further cut down the housing deficit in the country. The overall aim is to increase decent housing stock in the country for the benefit of all Nigerians. Unravelling the Diaspora Mortgage Scheme The Diaspora Mortgage Loan product was first approved by the FMBN Board in 2021 after it was introduced by then Managing Director and current Minister of Housing and Urban Development, Arc. Ahmed Dangiwa. The affordable housing product was created for Nigerians living in the diaspora, providing them an opportunity to register and participate in the National Housing Fund (NHF) scheme. The product is an avenue for economically active Nigerians living abroad to be accommodated in the NHF scheme. By becoming contributors to the NHF scheme through the Diaspora loan product, Nigerians abroad can access up to N50 million in mortgage loan to own their

home in Nigeria. Such a contributor must have contributed consistently for a period of at least one year before they can access the loan. Individuals eligible for the scheme must be 18 years and above, have a verifiable source of income, and able to make monthly contributions to the fund. Contribution categories are $150 monthly for those earning between $1,000 and $3,000 per month, and $200 for those earning $3,001 and above per month. Accessing the loan also requires a 30% down payment, with the other 70% provided by the bank at a single-digit interest rate of 9%. Loan repayment can be done over a period of 10 years, spread through monthly instalments for convenience. Managing Director of the FMBN, Madu Hamman says the Diaspora Mortgage scheme offers a secure and reliable means for Nigerians abroad to own homes in Nigeria and protects them from falling victim to fraudsters. Just like the domestic product, the diaspora loan will also be packaged, disbursed, and recouped through reputable Primary Mortgage Institutions (PMIs). The NiDCOM Partnership The Federal Mortgage Bank of Nigeria understands the essence of collaborating for success. This is why the Nigerians in Diaspora Commission (NiDCOM), led by Abike Dabiri-Eruwa, has been carried along in the creation and design of the Diaspora Mortgage Scheme since it was first conceived a few years ago. As a liaison of the Federal Government who interfaces with Nigerians living outside the country, and ensuring their welfare and protection, it only makes sense that they become partners in the programme. NiDCOM has been at the forefront of consulting with the diaspora community, explaining the

Needless to say, the housing mandate covers the provision of decent and affordable housing to all Nigerians, regardless of income, socioeconomic background, and even residence. What this suggests is that Nigerians living abroad also have a right to access mortgage loans and products in Nigeria to own homes in Nigeria

A Catalyst for Growth in the Real Estate Sector Nigerians in Diaspora are likely to have peculiar housing needs based on their exposure to designs in other parts of the world. Hence, the FMBN has resolved to work with proven and reputable property developers with the requisite experience and track record to facilitate the construction of such affordable houses in select capitals and cities, such as Abuja, Lagos, Kano, Port-Harcourt, and so on. These affordable, but premium homes, will be designed to meet the tastes and preferences of Nigerians living abroad, while also promoting communal living. By pulling a significant portion of diaspora remittances into real estate and by creating a pool of fund to supply more liquidity for housing construction, the Diaspora Mortgage scheme can trigger growth in the sector, which will further boost the sector’s contribution to the nation’s GDP, create huge employment in line with President Tinubu’s vision of lifting 100 million Nigerians out of poverty, and generally grow the economy. Indeed, the Diaspora Mortgage Product is a masterstroke that is finally being unleashed at the right time. The eight-point agenda of Mr President includes job creation, growth, poverty eradication, and access to capital. These four targets can be largely enhanced by the Diaspora Mortgage scheme by creating jobs in the built environment, specifically through increased construction activities requiring more artisans, skilled built professionals, and even players in the Building Materials sub-sector. These, on their own, already translate to poverty eradication as gainfully-employed Nigerians can make a living to cater for their families. Also linked to these is economic growth occasioned by increasing purchasing power, widening of the tax net, and enhanced economic activities through and around construction. Furthermore, the product offers access to capital in the form of NHF contributions. The expectation is that this may not even affect the existing remittances with the hope that this product will bolster the influx of foreign exchange into the country. It is already established that the Federal Government lacks the budgetary capacity to bridge the housing gap in Nigeria. Hence, such avenues can provide the much-needed buffer to ensure there is adequate capital for the quantum of houses that needs to be built in Nigeria in the coming years. This can only mean growth for Nigeria; not just in the housing sector, but also the economy as a whole. The FMBN looks poised to deliver on its mandate. With a myriad of products already meeting the housing needs of Nigerians across all income segments, there is great optimism that the Diaspora Mortgage Scheme may just be the answer to the housing challenges in Nigeria, especially with regards to bolstering the bank’s revenue base for increased supply of decent housing to all Nigerians. •Imhoagene is a public affairs commentator in Abuja

T H I S D AY THURSDAY JANUARY 4, 2024 20 TR

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Thursday January 4, 2024 Vol 27. No 10492

opinion@thisdaylive.com

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CRYSTAL-GAZING THE NIGERIAN STOCK MARKET IN 2024 UCHE UWALEKE predicts that the investment environment this year will most likely be volatile and complex

See page 21

CRITICAL THINKING AND SCEPTICISM FOR CHILDREN LEO IGWE argues the need to promote critical thinking in primary and secondary schools in Africa

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EDITORIAL

THE DANGER OF GROWING DEBTS…2

Anticipating favourable outcomes is one virtue Nigerians must not lose in these difficult times, writes MONDAY PHILIPS EKPE

ANOTHER CYCLE OF NATIONAL EXPECTANCY This piece could also be titled differently to reflect the predominant mood of most Nigerians. There are indeed few of them who are hopeful of any re-enactment of happier days very soon. No need to rewind too far. On Christmas Eve, while many people were making last-minute preparations to commemorate the birth of Jesus Christ, suspected terrorists invaded parts of Plateau State and murdered hundreds of defenceless men, women and children. Even by the standard of the state that has witnessed too much blood-shed since the early 2000s, what happened two weeks ago was unprecedented. Some days before that massacre began in what was once Nigeria’s most tranquil state, gunmen from Cameroon entered Taraba State and unleashed terror on helpless towns, leaving hundreds of people dead by some accounts, in violation of Nigeria’s sovereignty. That incident hasn’t even been adequately reported and analysed in the media. Some commentators have argued that it’s either the press is overwhelmed or the entire public space in Nigeria is becoming numb to the country’s depressing realities. A clear sign of systemic tragedy. My settling for an upbeat headline, against the run of these negative indices and occurrences, is borne out of what should hopefully be agreeable to most people: the idea that any new year deserves to be received with some level of positivity, no matter the prevailing conditions. Before you shrug this off, think of the millions of citizens, especially Christians, who braved security and logistical challenges to attend the thousands of “watchnight” and “crossover” services that were held on the night of December 31st. After all, it helps the psyche to believe that a better tomorrow is possible, that light would surely show up at the end of every dark tunnel. Numerous individuals and groups subscribe to this line of thought which, by the way, enjoys a respectable place in human psychology. Not to mention the favourable disposition of the teachings of the country’s main religions towards it. But, unfortunately, over time, the over-indulgence in this aspect of faith has produced citizens who capitulate easily and fail to confront irresponsible and insensitive governments. And the nation has continued to pay the price of aloofness, docility and cowardice. Even before Nigerians were declared the happiest people on earth a couple of years ago by some international rating organisations, I had come to terms with the mainly lukewarm stance of my fellow citizens towards the country’s ugly situations which have so far proved too stubborn to surmount. I find it difficult to place how Nigerians react to issues that could upset or even destabilise some other countries. Nonchalance? Complacency? Resignation? Cowardice? Maturity? Resilience? Or, stoicism? Whatever the answer, this inertia

has produced plenty of corporate inaction and other known vices like lack of accountability and transparency on the part of those who should be answerable to the people. And what manner of democracy without a socially and politically active citizenry? Nigerian leaders know this sad profile very well and utilise it to their advantage. Last Monday, President Bola Tinubu, took his turn to patronise the enduring laid-back attitude of his countrymen and women in the new year’s presidential broadcast. According to him, “From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families. I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope. “Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last. We are made for this period, never to flinch, never to falter. The socioeconomic challenges of today should energize and rekindle our love and faith in the promise of Nigeria. Our current circumstances should make us resolve to work better for the good of our beloved nation. Our situation should make us resolve that this new year, 2024, each and everyone of us will commit to be better citizens.” Carefully woven words of empathy that should elicit understanding and resilience, no doubt. Sadly, these are no ordinary times. People are being brought to their wit’s end. Worse still, many Nigerians have now reached a point where quitting on aspirations and goals seems inevitable. In this kind of situation, hope - one word that has been overused by Nigerian politicians and which has lost any practical meaning to majority of the people - must be redefined and re-engaged somehow, anyhow. This president is certainly not a stranger to rhetoric. On a good day, a speech like that should resonate with people who are besieged by hydra-headed hardships and

urgently need something, just anything, to cling to. The missing link here, however, is that Nigerians have for too long sought exemplary leadership without success. Even though Tinubu has spent only seven months in the saddle, he ought to have arrived on the job prepared to inherit the mistrust, sometimes disdain, with which the citizens have held some of their previous leaders. The soothing tone that characterised his recent message should naturally have struck the right chord if there were concrete reasons for his listeners to believe him. If the promises of Nigeria’s political leaders were creditworthy, the nation wouldn’t have been in its current anaemic state. As things stand, the picture ahead, especially in the near future, doesn’t look good. Even billionaires feel the pinch of the calamity that has befallen the people’s purchasing ability. What then is a poor man’s fate? The mere thought of rent, tuition fees and other school bills has since put many providers on a high jump. I’ve chosen not to even think of those who sent their wards abroad for schooling when the naira still had some bite. As for the effects of the cascading increases in food prices, millions of families have been compelled to make peace with all sorts of combinations and concoctions that now pass for meals. In the midst of these developing tales of deprivation, desperation and despair, we truly can’t afford to succumb to the antitheses of hope. Let’s keep expecting the good life for the benefit of present and future generations. This bouquet of timeless words is, therefore, my own humble new year gift to my ‘kontri’ people. Albert Einstein: "Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning." Lyndon B. Johnson: “Yesterday is not ours to recover, but tomorrow is ours to win or lose.” Tim Cook: “Life is fragile. We’re not guaranteed a tomorrow, so give it everything you’ve got.” Jack Ma: “Never give up. Today is hard, tomorrow will be worse, but the day after tomorrow will be sunshine.” Lord Byron: “Be thou the rainbow in the storms of life. The evening beam that smiles the clouds away, and tints tomorrow with prophetic ray.” John Wayne “Tomorrow is the most important thing in life. Comes into us at midnight very clean. It’s perfect when it arrives and it puts itself in our hands. It hopes we’ve learned something from yesterday.” Charles Spurgeon: “Anxiety does not empty tomorrow of its sorrows, but only empties today of its strength.” Jesus Christ: “Do not be anxious about tomorrow, for tomorrow will be anxious for itself. Let the day’s own trouble be sufficient for the day.” Dr Ekpe is a member of THISDAY Editorial Board

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THURSDAY JANUARY 4, 2024

UCHE UWALEKE predicts that the investment environment this year will most likely be volatile and complex

LEO IGWE argues the need to promote critical thinking in primary and secondary schools in Africa

CRYSTAL-GAZING THE NIGERIAN STOCK MARKET IN 2024

CRITICAL THINKING AND SCEPTICISM FOR CHILDREN

Despite macroeconomic headwinds occasioned by fuel subsidy removal and exchange rates unification in 2023, investors in the Nigerian stock market had reason to smile. The Nigerian Exchange All Share index (ASI) defied economic shocks posting an impressive return of 45.9% thereby outperforming most emerging and developed markets. For context, the Year-to-Date returns in respect of the Morgan Stanley Capital International (MSCI) for Emerging Markets and Developed Markets were 6.8% and 18.5% respectively. With inflation rate in Nigeria at 28.2% as of November 2023, virtually all major sectoral indexes recorded positive real returns as disclosed in the NGX market report, including NGX Oil/Gas Index 125.54%, NGX Banking Index 114.90%, NGX Consumer Goods Index 90.93%, NGX Insurance Index 84.48% and NGX 30 Index 51.44%. However, NGX Industrial Goods Index underperformed the market at 12.86%. With a share price appreciation of 1022.9%, Transcorp Hotels emerged the best performing stock in the Nigerian stock market in 2023. Other notable high performing stocks include Chams Holdings 795.5%, Computer Warehouse Group 721.8%, MRS Oil 644.7%, Northern Nigeria Flour Mills 639.8% and Ikeja Hotels 471.4%. Much of the boost in stock market performance was witnessed in the second half of 2023 as the first half was characterized by cautious trading largely on account of the general election and the turbulent currency redesign exercise. Indeed, market consensus attributes the biggest factor that lifted the stock market in 2023 to ‘market friendly policies’ of the new administration of President Bola Ahmed Tinubu namely the fuel subsidy removal and unification of exchange rates which were welcomed by the Bretton Woods Institutions and resulted in favourable rating by Moody’s in the second half of 2023. Other factors that helped turbo-charge the stock market in 2023 were favourable crude oil price, impressive earnings of many listed companies (especially those in the financial services sector) as well as positive news regarding the plan by the CBN to implement another round of banking sector recapitalization. On the flipside, a number of companies exited the market in 2023 starting with Ardova Petroleum which finally delisted in July. Others include Global Spectrum Energy Services and Union Bank following its acquisition by Titan Trust Bank. This is in addition to pending exits by companies like PZ Cussons, GSK and Capital Hotels- owners of Abuja Continental Hotel. Gazing through my crystal ball, I see a stock market that will likely pull back in 2024 having attained a peak in 2023. The relatively low yield environment in 2023 acted like a tide that lifted all boats and under such circumstances, there is the tendency that a number of stocks may have been mispriced or priced above their intrinsic values. If history is any guide, market correction is bound to happen especially in the second half of 2024. I identify the following as major factors that will shape the performance of the Nigerian stock market in 2024: Base Effect. The base effect refers to the impact that the starting point has on the progression of a particular variable over time. Essentially, it is the impact of a previous period’s performance on current comparisons. The computation of the return for 2024 will be by reference to the already high closing index of 74,773.77 for 2023. The base effect was at play in 2018 when the market plunged by 17.81% after it posted a 42% return in 2017. Ditto for 2021 when the ASI tanked by 6.7% after an unprecedented return of 50% in 2020. Hence by extrapolation, relative to the 2023 performance,

stock market returns in 2024 will likely be lower. Elevated Inflation. Inflation will likely remain elevated in 2024 chiefly from the impact of fuel subsidy removal. Inflation is forecast by the NBS to moderate to 21.4% in 2024. This is still a far cry from the CBN’s target band of 6% to 9%. It goes without saying that elevated inflationary pressures contribute to rising costs of production, erode profitability and shareholders’ value as well as dampen investors’ confidence. Persistent Forex Challenge. For many businesses that depend on imported raw materials, difficulty in accessing forex is most likely to linger in view of the arrears of unmet forex demand which the CBN still grapples with. The CBN Governor is reported to have said that exchange rate pressures would reduce significantly in the 2024 against the backdrop of expected credit lines from Afreximbank and a consortium of banks. But these represent attempts to address the supply side of the market. Until the demand side is taken care of, especially with the readmission of the 43 items to the forex market, the pressure in the forex market is not likely to abate substantially. To compound issues, foreign reserves is said to be at the lowest in six years with much of it encumbered by overdue short-term foreign obligations. Little wonder the Economic Intelligence Unit (EIU) recently predicted, in its Africa Outlook 2024 report, that the naira would depreciate by 10% or more in 2024. According to a recent report by Bloomberg, the naira fell 55% in 2023 to N1,043 per dollar at the official market as of Thursday December 28th 2023. Like the EIU, Bloomberg is also predicting that the naira will decline further in 2024. Against this backdrop, capacity utilization will likely be negatively impacted which in turn will affect bottom lines and ability of listed companies to pay dividends. The CBN has stopped banks from paying dividends from forex gains. CBN’s Monetary Policy Stance. In view of the inverse relationship between interest rate and equities market’s returns, a major factor that will influence stock market performance in 2024 is CBN’s new monetary policy stance. In his speech during the dinner organized by the Chartered Institute of Bankers a few weeks ago in Lagos, the CBN Governor, Mr Yemi Cardoso, expressed confidence that "with continued tightening measures for the next two quarters, they will be able to effectively manage inflation". As part of the tightening measures, the CBN had been carrying out "regular Open Market Operations (OMO) to mop up excess liquidity from the banking system". The Bank had also removed "the cap on the remunerable Standing Deposit Facility (SDF) to increase activity in the SDF window and manage liquidity". It is a no brainer that aggressive tightening measures manifest in higher interest rates environment, make fixed income securities more attractive but shrink credit to the real sectors of the economy. Uwaleke, a Professor of Capital Market, is the Director of the Nasarawa State University Institute of Capital Market Studies

Whenever skepticism is discussed, reference is often made to adults, university students and staff, scholars, and intellectuals. Skepticism is a topic for philosophers or eggheads, a discipline that requires much learning and training to practice. Skepticism is a school of thought linked to particular cultures, to Western thinkers such as Rene Descartes, David Hume, Immanuel Kant, etc, Skeptical expressions are believed to be an undertaking that requires advancement in age and education. It is a common conception that one needs a tertiary level of education and many years of study to understand or meaningfully engage in skepticism. In another sense, skepticism signifies negative thinking, distrust, objection, or rejection of a particular information or experience. In this case, skepticism is confused with cynicism, which is a distrust of any information, especially when it challenges one's belief system. Incidentally, Africa is seldom mentioned or referenced when discussing skepticism. Now, are Africans not skeptical? Of course they are.

Skepticism for Children (S4C) or Skepticism for Kids(S4K) in Africa is a subset of philosophy for children. Philosophy for children teaches children to reason and argue, to debate, dispute, object, and interrogate issues. S4C aims to provide a cognitive foundation for philosophical and scientific inquiry in children and young people. It inculcates skills, questioning skills, needed and necessary for the exercise and development of critical and interrogative abilities. S4C adopts a very elementary approach using basic learning skills that align with the mental state and capacity of children. S4C encourages children to doubt, and challenge ideas, the status quo, things as they are said, or as they appear; things as they are told and taught. Children are encouraged to question ideas and to ask deep and open-ended questions. Children are taught to exercise their curiosity and inquisitiveness. Teaching children critical reasoning skills early in life improves their cognitive and

Has skepticism a place in African thought and culture? Yes it does. The skeptical outlook is mistakenly seen as a Western heritage alien to the African knowledge systems. African children, primary or secondary schoolers, are scarcely reckoned with in the business of skepticism. Meanwhile, African societies wax with skeptical sentiments and tendencies in religious and political discourses. Children are often believed to be incapable of skeptical thinking or inquiry. Some people are of the view that children are too young to be critical and skeptical. Children need to grow, mature, and become adults before they can think critically or skeptically. This is a grave mistake that has negatively impacted the intellectual growth and development of our children. Skepticism is natural and cultural to humans. Skeptical ingredients are innate to humans, but they have to be cultivated for fuller expression and manifestations. As a human being, an African is a homo skepticus, a skeptical human, a being that constantly inquires and looks around. It is natural for humans to inquire and explore; it is in the human DNA to be critical and skeptical. Children begin to manifest and display critical abilities very early in life. There should be a program to develop this human faculty. Skepticism for Children aims to fulfill this need and nurture this ability.

academic abilities, and enhances their ability to learn. Teachers are facilitators, not authoritative sources of information. The ability to question and challenge authorities encourages children to invent and innovate, and to express their creative ingenuity. Marilyn Price-Mitchell said this about the benefit of skepticism to children: "If we model skepticism instead of cynicism, our children will inherit a world less dependent on power and authority and more dependent on critical thinking and ethical reasoning. Adolescents and young adults will be capable of questioning the reliability of what they think or hear. They will learn to believe in their natural abilities to facilitate positive change through intellectual inquiry. They will become discerning consumers of ideas rather than passive accepters of other people’s visions of certainty". PriceMitchell further notes that skepticism is a key part of critical thinking. It could be the other way round. Critical thinking is a vital part of skepticism, and programs to promote critical thinking in primary and secondary schools embody skepticism for children. Igwe works and campaigns to promote critical thinking in African schools

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T H I S D AY

THURSDAY JANUARY 4, 2024

EDITORIAL

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

THE DANGER OF GROWING DEBTS…2 We should borrow with caution

the 36 states where the fiscal outlook is increasingly n Monday, President Bola Tinubu darkening. Indeed, the rising debt profile has signed the 2024 appropriation bill continued to elicit serious concerns, as most of the into law. If there is anything to read states have feeble revenue base, too weak to service from the document, it is that the the mounting debts. “It invariably becomes a debt underpinning philosophy of this problem and possibly a debt crisis,” said the Chief government seems to be that debt is Executive Officer, Centre for the Promotion of Private not a problem, and that we can pile on more without Enterprise, Muda Yusuf, last year. “The government’s serious consequences. Not only does the direction actual revenue can hardly cover the recurrent budget, of spending reflect this mindset but there is also which implies that the entire capital budget and part no serious effort to get a handle on borrowing and of the recurrent expenditure are being funded from push the graph downward. Unfortunately, National borrowing. This is surely not sustainable.” Assembly members that are ordinarily supposed to While it is standard practice for government exercise oversight on the issue are more concerned all over the world to borrow, either externally about their own privileges. If we have more revenue or from the capital market within the country to than projected, as the federal lawmakers would want finance projects, the International Monetary Fund Nigerians to believe, we (IMF) has consistently should be reducing warned Nigeria of the deficit, not increasing consequences, particularly expenditure. What goes for ‘capital expenditure’ in the budget are mostly of the servicing costs Considering most which could consume of the assumptions construction of new office buildings, purchase of furniture, laptops/ substantial amount of that informed the government revenues. If printers, cars, etc. capital expenditures, the aim of borrowing is to the president and the help government attain 36 governors must their developmental needs understand that we T H I S D AY in the areas of infrastructure, health, education, cannot borrow our way out of the current fiscal mess. EDITOR SHAKA MOMODU power, and transportation, it is a laudable idea. The Since borrowing is extra money in circulation that is DEPUTY EDITOR WALE OLALEYE challenge, however, is that over the years, authorities MANAGING DIRECTOR ENIOLA BELLO not backed by production, a profligate mindset is one in both the federal and states have accumulated huge DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU of the worst ailments that can afflict a government. CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI debts at public expense which were largely frittered Meanwhile, all Nigerians are paying for the overdraft EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN away. to government not just in increased public debts THE OMBUDSMAN KAYODE KOMOLAFE If capital expenditure only covers or is ring-fenced eventually but also, and more importantly, through around infrastructure to boost revenue/productivity, increased inflation. To worsen matters, most of the it would be understandable. But that is not the case federal government projects for which jumbo loans even when increased money supply explains a part were obtained cannot even earn enough to fund their of the rising inflation, we have been experiencing for T H I S D AY N E W S PA P E R S L I M I T E D operations, leaving many to wonder how the debts EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA some time now. What goes for ‘capital expenditure’ would be repaid. GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, in the budget are mostly construction of new office Despite being rated as the second biggest economy ISRAEL IWEGBU, EMMANUEL EFENI buildings, purchase of furniture, laptops/printers, in Africa, Nigeria still ranks among the poorest nations DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, cars, etc. in the world, essentially because dependence on oil ANTHONY OGEDENGBE While we must deal with such fiscal rascality at DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI receipts has been a burden due to poor governance in all levels, it is also important to understand that the SNR. ASSOCIATE DIRECTOR ERIC OJEH the sector. Besides, successive national governments ASSOCIATE DIRECTOR PATRICK EIMIUHI solution to our challenges can be found inwards. have also not adequately used oil revenue to lift the CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI There is no record that any country has borrowed its ordinary Nigerian out of poverty. But the problem DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO way into prosperity. goes beyond the federal government to many of TO SEND EMAIL: first name.surname@thisdaylive.com

Letters to the Editor Letters in response to specific publications in THISDAY should be brief (150-300 words) and straight to the point. Interested readers may send such letters along with their contact details to opinion@thisdaylive.com. We also welcome comments and opinions on topical local, national and international issues provided they are well-written and should also not be longer than (750- 1000 words). They should be sent to opinion@thisdaylive. com along with photograph, email address and phone numbers of the writer.

LETTERS IN PRAISE OF BETTY EDU

In the tapestry of President Bola Ahmed Tinubu’s administration, woven with threads of ambition and transformation, few figures shine as brightly as Dr. Betta Edu, the Hon. Minister of Humanitarian Affairs and Poverty Alleviation. Within six months of taking office, Dr. Edu has emerged as a formidable force, her performance echoing the aspirations of the “Renewed Hope Agenda” with remarkable precision. To claim, as did a recent online platform, that she is the Best Performing Minister in this early stage is not a hyperbole, but a testament to her dedication, and her unwavering commitment to alleviating the plight of the most vulnerable Nigerians. From the outset, Edu’s journey has been marked by a singular focus on service. Her Senate confirmation hearing was a masterclass in articulating a clear vision, grounded in deep empathy and a comprehensive understanding of the challenges faced by millions. She spoke not just of policy and programs, but of the human faces behind the statistics, the mothers struggling to feed their children, the young people yearning for opportunity, the elderly facing the twilight of their lives with trepidation. No doubt that her expertise, qualifications, and unwavering commitment to public service were evident during this process. Her passion resonated with the Senators, securing her confirmation with an overwhelming majority, and her confirmation signaled the

trust and confidence that Tinubu had in her capabilities. From the moment Betty Edu assumed office, she embraced Tinubu’s Renewed Hope Agenda like a religious book. She wasted no time in translating the agenda into action, spearheading transformative initiatives that have brought about positive change in various sectors. She recognized that the “Renewed Hope Agenda” demanded not just good intentions, but nimble execution and a multi-pronged approach. One area where Betty Edu has excelled is in the transformation of the education sector. Recognizing the vital role that education plays in national development, she has implemented innovative policies aimed at improving access to quality education for all Nigerians. Education remains a cornerstone of Edu’s vision. Programs like the Girl Education Project and the Back-to-School Campaign prioritize access to quality education, particularly for girls and children in conflict-affected areas, breaking the cycle of poverty and fostering long-term social mobility. Under her leadership, there has been a significant increase in investment in infrastructure, teacher training programs, and the provision of modern teaching materials. These efforts have resulted in improved educational outcomes and have set a solid foundation for the future of Nigerian youth.

Furthermore, Betty Edu’s commitment to gender equality and youth empowerment is evident in her tireless advocacy and implementation of programs that uplift these marginalized groups. She has championed initiatives that promote women’s participation in leadership positions, economic empowerment, and access to essential services. The minister spearhead initiatives tailored to support specific groups facing unique challenges. Additionally, she has spearheaded youth-focused programs aimed at equipping the younger generation with the necessary skills and opportunities to thrive in a rapidly changing world. Another area where the minister made remarkable strides is in the healthcare sector. Recognizing the inextricable link between health and poverty alleviation, Dr. Edu has prioritized accessible healthcare and improved nutrition. Mobile clinics have been deployed to remote areas, and partnerships with health agencies have strengthened primary healthcare delivery. Additionally, nutrition programs like the School Feeding Programme ensure children receive essential nutrients for optimal development. Her pragmatic approach has resulted in tangible improvements in healthcare delivery and outcomes across the country. William Ochonu, Abuja

T H I S D AY • Thursday, January 4, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

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

08056356325

J a n u ar y

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3 , 2 0 2 4

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OPR

11.25%

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19.12%

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611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

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11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

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-0.7%

How Sector Challenges May Make or Mar Telecoms’ Industry Growth in 2024

Emma Okonji Industry stakeholders have identified some disturbing factors that could make or mar telecoms growth and development in 2024. Chairman, Association of Licensed Telecoms Operators of Nigeria (ALTON), Gbenga Adebayo, who identified some of the factors, told THISDAY in a telephone interview that a number of industry players struggled to survive in 2023 due to several identified factors like lack of access to funds, high interest rates on loans and harsh business environment. Others, he added, are: Refusal of government to grant Right of Way (RoW) approval for telecoms’

network expansion, multiple taxes and incessant closure of telecoms sites by government agencies, including indebtedness of Money Deposit Banks (MDBs) to telecoms operators over the Unstructured Supplementary Service Data (USSD) agreement between Banks and Telcos, among others. The challenges according to Adebayo, could mar the growth of the telecoms sector in 2024 if they are not adequately addressed by government. He added that the identified challenges could also boost further, the growth of the telecoms sector, if nipped in the bud early enough in 2024. “Nigeria as a country has not reached the level where we can

say we have achieved maximum growth in the telecoms sector, because of the many challenges facing the telecoms’ industry, coupled with the fast changes taking place with emerging technologies. Today we are talking of 5G technology, but some advanced economies are already discussing 6G technology and they are talking about shutting down the 2G and 3G technologies, which of course will put more pressure on 4G and 5G technologies,” Adebayo said. He therefore called on the Minister of Communications, Innovation and Digital Economy, Dr. Bosun Tijani, to ensure the sustainability of the telecoms’ industry in 2024 to enable telecoms

operators to continue to remain in business and offer quality services to the fast growing population of telecoms subscribers. “There is need for the Minister to review telecoms’ pricing, because the current pricing is no longer sustainable, which could lead to the extinction of more telecoms operators. The Minister must as a matter of urgency, focus on the sustainability of the industry in 2024. “The issue of SIM card registration and linkage to National Identity Number (NIN) should be concluded in 2024, because it has dragged for too long and it is already affecting the growth of the telecoms sector. Nigeria cannot talk of driving its digital economy when it has not concluded

on its identity management issues as it relates to SIM card registration and linkage to individual NIN,” Adebayo said. He said achieving 70 per cent broadband penetration by 2025 as enshrined in the Nigeria’s Broadband Plan (2020-2025), without addressing the indentified challenges in the telecoms sector in 2024, might just be a mirage and an illusion. “Given the current level of 48 per cent broadband penetration in Nigeria, it calls for more commitments on the part of government on one hand and on the part of telecoms operators on the other hand. It is clear that both the government and telecoms operators are willing to achieve 70 per cent broadband penetration by 2025, but we need

more of the commitment to address industry challenges as well as the investments to achieve it,” Adebayo further said. In the area of regulatory intervention, Adebayo called on the minister and the NCC to come up with policies in 2024 that would provide access to funding to telecoms operators who need funding to sustain and grow their telecoms business. On the issue of the lingering interconnect debt among telecoms operators, Adebayo said government must find ways to support telecoms operators who need financial support to survive. The story continues online on www.thisdaylive.com

Expert Recommends PR Tips for Africa’s Tech Trends in 2024

Raheem Akingbolu

As the new year heralds, with high expectations for Africa’s ICT sector, a brand and marketing communications expert, Dipo Mohammed, has observed that despite the economic headwinds experienced in 2023 across sectors due to foreign exchange and inflationary patterns, the sector remains a strong platform largely through the efficacy of being a major change maker for the continent’s growth. Mohammed, who is the Brands, Marketing, and Communications Manager at Inlaks, a leading ICT infrastructure and system integrator in sub–Saharan Africa, stated that Africa’s ICT sector remains a driver

of the continent’s development. He called on stakeholders in the sector to see the current trend as a propeller for the opportunity to drive local talent and investment to build from within. According to him, “The continent recently thrived with an upsurge of Fintechs driven by a younger generation, a big win starter for individuals, government, and corporations. While there has been a record high-level interest in investments of Africa’s unicorn in Fintech and a 13-fold increase from 2021 according to a study by Boston Consulting Group, and QED investors, the continent has also recorded liquidating Fintechs of less than two years due to poor

management or the incapacity to understand the spate of market forces that align with long term success. Inadvertently, these market forces result in job losses from the liquidation and a stopgap that builds from the financial inclusion efforts of the start-ups,” The expert, who was recently recognised as the Most Outstanding Tech PR Personality at the Nigeria Technology Awards, pointed out that; “coupled with a large interest and a vast population who continue to embrace technological dynamics, it is important to drive an efficient reputation towards the sector’s growth. Otherwise, the continent holds the potential of the fastest-

growing Fintech space and a dire need for efficiency. With a high growth level in ICT adoption, especially with Fintechs, there needs to be a streamlined path to legislating Fintech and creating policies that guide them. Beyond the large investment and Venture Capital visibility, capacity building and expertise should be a criterion for the continent’s burgeoning interest. The sector needs to show openness to more collaborative efforts where African talents get to have a balanced co-existence in driving the sector. “In 2024, there will be some pervasiveness in the upspring of more tech start-ups as the existing and successful ones have proven

there is a chance for consistency. Rightly so, these start-ups will venture into more areas where African tech users are showing interest including Artificial Intelligence, extended reality, new energy solutions, cybersecurity, and a more personalized digital experience across sectors,” In view of global and local trends, Mohammed argues that Tech will continue to be a genuine currency driving an interesting future for young Africans. To this end, he opined that young Africans would build more online community platforms that would connect them and enable them to showcase their prowess. According to him, these efforts

can be drawn into a larger base when the government recognises its essence and pushes it towards the growth of digital economies. He further stated that, “On a wider scale, the growth of Public Relations in Africa is expanding and should create a convergence in telling stories about areas that place the continent in a positive spotlight. From identifying a sectoral asset in Africa’s response to the growth of ICT to being a watchdog for its narrative, opportunities abound to position and imbibe development through stakeholder engagement. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at W e d n e s d ay, J a n u a r y 3 , 2 0 2 4 BONDS Description Price Yield Change Updated Time (%) ^13.53 23January 101.49 12.13 -2,00 3, 2024 MAR-2025 January ^12.50 221,00 3, 98.58 13.31 2024 JAN-2026 ^16.2884 17January 108.25 13.03 -1,00 MAR-2027 3, 2024 ^13.98 23January 101.70 13.42 -38,00 FEB-2028 3, 2024 ^14.55 26January 103.63 13.55 -96,00 3, APR-2029 2024

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Change (%) Updated Time

Maturity

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

2.14

January 0.00 3, 2024

2.91

2.93

January 0.00 3, 2024

3.88

3.92

January 0.00 3, 2024

4.66

4.73

January 0.00 3, 2024

5.56

January -0.01 3, 2024

CRSL CP II 18-FEB-24 FLOURMILLS CP III 29-FEB-24 UACN CP VI 19-MAR-24 LFZC CP IV 16-APR-24 MTNN CP VII 14-MAY-24

5.43

OTC F X F U T U R E S

CPs Discount Yield 9.97

10.10

11.53

11.74

9.27

9.45

10.76

11.10

9.31

9.63

Change (%)

Updated Time

January 1,00 3, 2024 January 3,00 3, 2024 January 4,00 3, 2024 January -8,00 3, 2024 January -24,00 3, 2024

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

Updated Time

January 3, 2024 January 3, 2024 January 3, 2024 January 3, 2024 January 3, 2024

Thursday, January 4, 2024 • T H I S D AY

BUSINESSWORLD

Interview

Owoseni: Cutting-edge Technology Will Revolutionise Payment System

The Chief Executive Officer of QorePay, Mr. Josh Owoseni, speaks on the role of Fintech companies in driving financial inclusion, the recent launch of QorePay Gateway Payment platform, and how the solution will revolutionise payment system among Nigerian businesses. Emma Okonji presents the excerpts: What is your role as a Fintech company in the payment space, and what distinguishes QorePay from other Fintech companies operating in the same payment space in Nigeria? s a Fintech company, our focus is to revolutionise payment process for businesses in Nigeria. We have a cutting-edge technology we are bringing to the market and our approach to the payment market space is unique, which actually distinguishes QorePay from other payment solution companies. Our unique payment solution is built around simplicity, convenience, with focus on advanced technology and security. We have a unique dashboard that is data driven and allows for data analytics, driven by strong insights into businesses. As a Fintech company, we are committed to support the financial inclusion drive of the Central Bank of Nigeria (CBN) to enhance financial capability among businesses.

among Nigerian youths? The focus of most businesses like QorePay, is to leverage on technology to provide solutions that will create jobs in line with the federal government’s initiative to boost job creation among Nigerian youths.

QorePlay recently launched its payment solution in Nigeria. What market challenges does QorePay seek to address with such launch? The launch of our payment gateway solution in Nigeria some few weeks ago, was meant to address the observed challenges in the Nigerian payment space. The existing payment systems in Nigeria are cumbersome and time consuming, and they are quite expensive for businesses, especially for small businesses in the country. So our solution was designed to address these identified challenges in the most seamless way. Our solution is highly secured and affordable for businesses. Giving the growing market for mobile phone devices in Nigeria, our solution is highly simplified for making and collecting payments. One of the solutions, called ‘Tap on Phone’ allows users to collect payments via their mobile phones, which will be a clear deviation from using Point of Sales (PoS) machines for financial transactions, thus, reducing the cost of purchasing PoS terminals. Our solution is designed to empower businesses of all sizes from small startup firms to large and enterprise businesses. Our solution is built to leverage technology for financial inclusion. Our solution helps businesses to understand when the business is making the highest sales at its peak hour and when it is making the least sales. It also helps businesses to have a clear vision of the geographical locations where sales are high and low, a situation that can help businesses to understand the inflow of cash and how best to improve market strategies. Our technology is built on a Blockchain technology that further fortifies the security system of our platform. Our technology is also built on Artificial Intelligence (AI) that offers high level intelligence to the operations of the solution. Financial leakages persist within organisations, which tend to run businesses out of market. How is QorePay solution designed to block financial leakages in organisations? Our solutions are designed to protect small and large enterprises from financial leakages in the system, irrespective of whether the business has a website or not. To address financial leakages in organisations, we designed an easy to use dashboard that businesses can leverage to enhance transparency in all financial transactions carried out on the platform. On the dashboard, there is a payment link that clearly defines recurrent, invoicing solutions, including an Application Programming Interface (API) solution that allows for easy payments. The fact is that the Nigerian payment market is crowded, but our solution distinguishes us from the others in the market, because our solution is easy to use by businesses of all sizes. Again, the solution is very affordable and our customer care support is live 24/7.

How will you describe Nigeria’s adoption rate of emerging technologies and how have these technologies helped in driving digital transformation of the Nigerian economy? Nigeria is adopting emerging technologies at a very fast rate, which for us, is commendable. I was opportune to attend the CEO’s Forum in Nigeria, and the focus was about encouraging more Nigerians to adopt and implement new technologies, especially emerging technologies. Businesses on their own, are keen at digitising businesses at all levels, with a bigger plans to digitise the entire Nigerian economy. These are evident with the high penetration of broadband internet and mobile devices in the Nigerian market.

Owoseni operations in the United States of America, some years ago. As a Fintech company, we are focused on simplicity and secured network. Our cutting-edge technology stands us out from other solution providers. Our solution allows for self-regulation, using our dashboard solution that is built with AI technology. Our solution is very fast by leveraging on smartphone devices for collection of payments. We built our solution on Blockchain technology to address high level insecurity in the payment system. How will you describe the financial inclusion drive of the Central Bank of Nigeria and how will QorePay contribute to Nigeria’s financial inclusion drive? As a Fintech company, we understand the importance of data security in the financial service industry. We are therefore keen at simplifying payment system in Nigeria and ensure that customers’ money is safe always, because we carry out end-to-end data encryption by using industry standard encryption protocol to ensure that all data stored and transmitted on our platform, are confidential, inaccessible to unauthorised persons, by way of ensuring high level security. We are able to flag down fraudulent activities before they occur. We also leverage on compliance solution in order to adhere to data security and protection and ensure that these are maintained always. We constantly look into the environment, audit it and provide adequate solution for businesses operating in the environment. What level of Blockchain technology and AI are embedded in your solution and how have they helped in addressing

fraud and insecurity in business? Blockchain technology and AI are fully embedded into our solution that we are bringing into the Nigerian payment space, and the Blockchain technology in itself, leverages on algorithms and also addresses issues of fraud. For any financial organisation, fraud detection is one key area it must pay attention to. So our solution ensures data security. With the embedded Blockchain technology, fraud can be easily detected early enough to prevent it from happening. Again we update the Blockchain technology in order to understand new patterns of fraud in the system. So our Blockchain technology is a fraud detection solution and also a fraud prevention solution, while the AI is basically used for monitoring and detecting fraud at any level. Our solution has different levels of authiorisation to ensure that fraud is detected early enough and prevented from escalating. Since your solution addresses identified challenges in both large and small businesses, how easy it is for your customers to navigate different platforms, using your solution? Our solution is designed to allow for easy use and navigation. It is designed with the concept of simplicity and user-friendly for even those that are not tech-savvy Customers can easily go online, log into our payment gateway dashboard and be able to navigate through. For the enterprise business that wants to integrate their websites to the API, they will find it easy to do because our API documentation is easily readable and easy to follow. QorePay is focused on supporting businesses in Lagos and across Nigerian cities.

Having launched in Lagos, what are “Our solution is designed your expansion plans outside of Lagos African countries? to allow for easy use and andYestoweother have launched our solution in Lagos precisely, but we are not navigation. It is designed Nigeria, stopping in Lagos, because we have plans expand beyond Lagos and into other with the concept of simplicity toAfrican countries where our solution will be great importance to businesses in those and user-friendly for even ofregions. Our goal is to support over 50,000 businesses across Nigeria within the next those that are not tech-savvy How long has QorePay been operating one year. We are also not limiting ourselves before the launch in Nigeria and what new Customers can easily go to Nigeria alone, as we also have plans to development is the Fintech company bringing expand to some of the African countries, to the Nigerian market? where our solution will be of immense online, log into our payment QorePay was launched into the Nigerian market importance in driving their businesses to few weeks ago, but we have been in operation gateway dashboard and be profitability. for quite some time now, providing services to businesses in the United States of America. able to navigate through. “ How will your solution key into the QorePay is an international company that started federal government’s plan on job creation

How compliant is QorePay with regulations around payments and financial transactions and the CBN regulatory sandbox? QorePay is highly compliant with all regulations around payment in Nigeria and we are in partnership with players within the payment ecosystem to ensure full regulatory compliance. We are currently integrating with financial institutions to expand our customer-base solution. QorePay is not working outside of the CBN regulation on payment transactions, as we follow due diligence and processes that are required for us to be able to transact businesses in the country. How will you describe Fintech growth in Nigeria and their impact on the Nigerian economy? From the United States of America, where QorePay is coming from, the Fintech industry is growing fast and contributing to the growth of the US economy. In Nigeria, it the same thing, as we have over a million Fintech companies developing solutions for businesses and contributing to Nigeria’s GDP growth. Although the Fintech industry is crowded but it is still open to accommodate more Fintechs because the market is vibrant and has not attained its full capacity. Tell us more about QorePay Technology Solutions and how it is positioned to revolutionise Nigerian businesses? QorePay Technology Solution is a Fintech company that is focused on how to enhance businesses to understand how well they are performing, and how they can improve on their growth strategies. The solution enables users to make informed decisions on their businesses. The focus is to make businesses as easy as possible to manage, using different links that we have simplified. How will you respond to the recent CBN’s policy on Fintech companies and payment solution companies? QorePay is a Fintech company and a payment gateway that helps businesses to collect payments We do not operate virtual wallet system that does B2B. While other Fintech companies operate the peer-to-peer system by sending money from one location to another, QorePay is focused on using its payment gateway to help businesses collect and process money in a most transparent way. And we provide options for businesses to choose the kind of payment options they want. Aside payment, we are also involved in cash payout. So the CBN policy did not actually affect QorePay. Near Field Communication (NFC) technology is widely being utilised by solution providers. How are you leveraging on NFC technology to boost customer experience? The NFC technology is an emerging technology that is fast replacing the Point of Sales (PoS) terminals, and we are considering fusing it into our solution this year 2024. Work is in progress concerning the NFC technology and we should be able to deploy it in the first quarter of 2024. We plan to infuse the NFC technology into our solution, to address all categories of businesses, both small and big businesses.

T H I S D AY • Thursday, January 4, 2024

BUSINESSWORLD

Interview

Enang: Membership, Learning and Devt Will Drive Growth in NIMN

President of the National Institute of Marketing of Nigeria, Idorenyen Enang, in this interview with Raheem Akingbolu speaks on the various efforts being made by the leadership of the institute to earn more respect for the professional body. Excerpts You have consistently assured stakeholders that you would turn things round for the National Institute of Marketing of Nigeria (NIMN) to enhance more respect for members. Can you give insight to steps you are taking to achieve the goal? n answering this, I think it’s necessary to touch on what informed my decision to aspire for the post of president in the first place. It all started in 2016 when I first thought of leading the institute. One day, I was going through the annual report of the NIMN and there I saw that the Institute made a loss. I screamed. And as a fellow, I said, come on. I looked at the top line, it was over 200-something million. And then to come with a loss? What are we doing? So, at that point, I said to myself, you can only fix a problem like this only at the top. So, I requested for the past financial statements to look at it. And I just said to myself, there’s a possibility this place is not well run. So let me go in as president. And I indicated my interest. Of course, there were guidelines. One of the guidelines or clauses in the guidelines was that you should have served in the council for at least two years or thereabout. I tried to challenge that position and briefed my Lawyer to give me a clear interpretation if the council had the right. He came back and told me the council had the right. It was at that stage I withdrew. But 2020, again, there was a lot of pressure on me to come and reconsider coming back as a principal officer. By that time, I wasn’t keen again as I wanted to just focus on my business and then do what I love doing, which is building people and doing all of that. Anyway, fast forward, I got in. The elections were very tough, especially for the position I contested -first vice-president. You had the incumbent that was running again. You had two other former council members who were running and yours sincerely. That was the first time I’d been opened to the politics of NIMN. I’m going this far to let you see that truly, I’m not an accidental president.

“I remember my campaign was just one line; resetting the NIMN. The NIMN needs to be reset. I pushed the message both offline and online. I went to LinkedIn and I said; if you know anybody, instead of marketing, ask them to vote for me. In less than one week, I had over 21,000 views.”

Enang

What you are saying is that you were prepared from day one? Yes, whatever you see that I’m doing now were things I conceived deep down in my spirit and I thought the institute deserved more than what it was getting.

“Under membership, we will go into a formal tiering approach, corporate, individual and institutions. For once, the students and lecturers and other institutions we have partnership which will now come under a certain umbrella. But to achieve this, we must destroy the current fabric that we call chapters to enhance growth.”

I remember my campaign was just one line; resetting the NIMN. The NIMN needs to be reset. I pushed the message both offline and online. I went to LinkedIn and I said; if you know anybody, instead of marketing, ask them to vote for me. In less than one week, I had over 21,000 views. There were so many likes and shares across the world. The big question was, “why the hell are you vice president? So, my international reputation came to bear and people were wondering why I would go as first Vice-President. And I said, yes, I had to. That’s the position that was opened. By the time we went into the elections, God granted me victory. With the cooperation of the then President, First of all, I did a survey to understand why people were not in marketing associations, not just NIMN. You’d be shocked that 20% of the respondents were the only ones in the Advertising Practitioners Council of Nigeria (APCON), as it was then known. When you drill it down, you would see that the 20 per cent were those that were members because it’s mandatory. My findings revealed that over 55 per cent of people were just not interested. But unfortunately, my one year has lapsed. Before I could finish, the presidency was open. And then the call resurfaced again -everybody came on my head that I had to run for president. I told those who came to me that our agreement was for me to be a principal officer, which I had done successfully. I knew the enormity of the responsibility if I was going to take the presidency. So, I agreed reluctantly. So, in that first term, I set out those priorities and then we started the journey. It’s not been an easy ride. The first term is gone. Now, we are on with the second and by God’s grace the last term.

What are your priorities this time? Recently, I met with all the new council members, the chairmen of committees and staff. Also, I invited three guests, two fellows and our legal counsel. We were all in the room to talk about the future. I told them this is our 20th anniversary. When we are 25, which is five years’ time, what picture do they see? I gave everybody four questions to come back and be ready to have conversations. For me, the thing was building the next frontier. As we speak, we are in discussions with various global institutes for possible collaboration. All these are being done to enhance the profession and build marketers globally, Nigerians inclusive. Secondly, we already have a standing arrangement with the Advertising Regulatory Council of Nigeria (ARCON), where if you are a member of ARCON, you can become a member of NIMN. You will have to go through certain interventions and vice versa. We have that in place to be able to cross-pollinate, because we are more or less in the same industry. Therefore, where I am now is; I said to myself and to the entire team, by 2025, by the grace of God, God keeping me alive, June 2025, I will leave this seat as president. There are two big priorities for me; membership and learning and development. Can you please break this down? Under membership, we will go into a formal tiering approach, corporate, individual and institutions. For once, the students and lecturers and other institutions we have partnership with will now come under a certain umbrella. But to achieve this, we must destroy the current fabric that we call chapters to enhance growth. They don’t add any value. Many

stakeholders will not like this but to me they are like mere social clubs. There’s no value. So that has to be turned into a new spectrum. And the new spectrum is inviting, creating an invitation to the entire body. When you think about it in a global scale, we are part of the creative industry. The hub of it is marketing. Marketing is the creative industry. That is where the oil sits. I have started conversations. I have visited Abuja, the trademark registration office in Abuja. Could the institute’s recent partnership with the Lagos Business School (LBS) be part of these plans? Yes, that falls under learning and development, but it goes beyond that because it goes beyond what we can acquire within Nigeria. But now we have entered into a partnership with the Lagos Business School (LBS) to drive research on data, diaspora investment and capacity building that will enhance businesses and economic growth. The marketing industry contributes largely to the Gross Domestic Product (GDP) of the country and marketing as a profession is sitting on a huge estate. Sincerely speaking, the partnership with LBS is strategic, as it will enhance the entire business ecosystem and the economy at large. We are setting up what you would call NIMN diaspora and we are already putting a framework together. It’s about how our members and also marketers of Nigerian origin and African origin who are in diaspora, will be able to find a way to impact those back home. This partnership would transform the marketing profession in Nigeria, drive professionalism and ethical ways of doing business in the areas of research and capacity building, which will drive the growth that is desperately needed in the nation’s economy. Those who have left the country are gaining knowledge and transferring it to Nigeria, which is also drawing foreign partnership and investment into the country in the area of trade, collaboration, skills development and education. On a final note, the field of marketing is really at a stage in Nigeria and Africa where it is about to explode in a positive direction.

Thursday, January 4, 2024 • T H I S D AY

BUSINESSWORLD

Interview

Usie: FG Not Gender Inclusive in Appointments Country Director, Plan International, Charles Usie, spoke with Ugo Aliogo about the gender discrimination in President Bola Tinubu’s administration, judging from the few appointments where females are less than 35 per cent, among other issues. Excerpts: In July 2023, you launched a new country strategy. What does this mean for the organisation, the young people in Nigeria, especially girls because that is the core of your activities? think the starting point is to talk about who we are as an organisation and why we have a strategy. So, Plan International is 85 years old as an organisation that was established to seek for the rights of children and advance equality for girls. That is who we are globally, and over 85years period, our mandate suggests that we should focus on children and girls, and their welfare to ensure that we add value to them, living better lives. The process is such that we come up with a strategy that guides our work, because you need a strategy that focuses on your work and create the necessary impacts, because you cannot do everything. Now, you have the privilege of revising our strategy in Nigeria because the structure is such that the global body gives the general picture and each country, is supposed to domesticate it to suit their context to deliver that same mandate for girls and children. This is what we have done with this strategy. So, the mandate is the same for children and girls across the world and Nigeria. However, because the dynamic and issues children and girls face differ in each country, it is the responsibility of the country team to domesticate that to suit their own context and that is what we have done by our strategy, so you will see that it is not very different from the global strategy. What we have done with the global strategy is to ask ourselves what does this mean for us in Nigeria, and what are the kinds of initiatives that we will do in Nigeria, for children and girls to actually deliver those mandates, but at the same time contribute to the global mandate that is why we have our own strategy in Nigeria. So, for instance, the global strategy talks about being able to reach directly 200 million girls over five-year period globally. But for us in Nigeria and being one of the biggest country offices globally, we have taken the mandate to reach 10 per cent of that population, so in Nigeria our strategy says we are going to reach 20 million girls directly in the next five years with all forms of services.

why I say for us, it is 365 days of activism, because every day, you must call your attitude to action and ensure that you are not one of the people who are perpetuating any form of violence against anybody. That is the second significance for us. The third significance for us is that it is not just against women. Men also face some form of violence. Children face violence.

Bauchi is the only state in the country that is yet to domesticate the Child Rights Law as at November 2023. What are you doing to ensure domestication of the child rights bill in the state? Bauchi State is one of our most invested states in Nigeria. We have been in state since we came to Nigeria in 2014 and we have supported them mainly with governance, education, and health interventions. Those even form the key thematic areas or the key intervention areas for our work in Nigeria. Bauchi State is one of those states where we have implemented very successful interventions for health care education and gender-based violence. So, in Nigeria, you always find us where there is a talk around education and health, especially adolescent health and issues around, protection where you talk about gender-based violence- all forms of gender, exclusion and equality you will find us in those kinds of spaces. You will also find us in spaces that talk about nutrition especially for children under five and for pregnant and lactating mothers. Those are the key interventions areas in Nigeria. So anywhere we work in Nigeria, we try as much as possible to layer all of these interventions in the state to get more tractions and support many people as possible. Bauchi State is one of the states where we set up our first and only pad banks for girls in schools. We set up pad banks for young girls in 10 Local Government Areas and Schools in Bauchi State and what that means is that it helps to ensure that girls remain in school and girls actually go about their lives with dignity because they know they can easily access menstrual pads. It may interest many Nigerians to know that many girls miss school simply because they cannot afford menstrual pads and so when they are menstruating, they sit at home because they can’t afford pads and so they miss out from school. We find that to be unacceptable and what we try to do is to bridge that gap and we did that working with an American-based company that produces menstrual pads known as Cortex and we did it in Bauchi State. It was from these investments and work that we found out that they (Bauchi State government) had not domesticated the child rights act and so we have been working with them and one of the things we did was this. What Plan International is doing is actually supporting this parliament to build their capacity, their knowledge and understanding of what this law will do for children and for girls especially and they have agreed and they said this is the right thing, though they have customised it to suit their law and customs in the state. It is exciting to state here that the bill has now been passed and signed into law by the Bauchi State Governor. You know elections are every four-year cycle and there is a new government in town.

Usie Recently Plan International called on the Federal Capital Territory (FCT) Minister to prioritise addressing the plights of youths in Abuja, expressing concern over increasing unemployment. Since your organisation’s focus is centered on child and girls’ rights, what are you doing to address the challenges faced by young people across the country? For us, this is interesting because the plight of young people across the country is getting more difficult as it stands. One of the biggest trends, we have seen among young people in Nigeria is what we understand as the “japa syndrome”. What we have found out is that we are losing the best of our young people who are traveling out of the country to other destinations outside Nigeria, and that for us is a big brain drain. You know for many years, say over a decade we have been talking about brain drain, but this is the worst form of it where we have hundreds of Nigerians leaving the shores of Nigeria daily and the reason is simple, there are no economic potentials and opportunities for them to live a decent life in Nigeria. This worries us because that is what we are set up as an organization to pursue. We are an organization set up to advance the rights of children and equality for girls and for young people. Right now, when you talk about equality and inclusiveness for young people in Nigeria we are at an abysmally low. Young people are not well represented in the status of governance both at State and at National levels. Young people do not have enough economic potentials to actually create a life for themselves. Jobs are unavailable. Unemployment rate is at its highest level that it can be over close to 30 per cent from depending on which statistics you are looking at. All of that points to the fact that young people are actually grown in underpaid jobs and for us we asked ourselves how can we add value to this, therefore, there are a couple of things we are doing one, first we are looking to invest in the individual capacity of young people, so we are creating opportunities for young people as far as the northeast of Nigeria that is ravaged by conflict for 11 years is concerned. We have been able to invest in young people, one of such is a young girl who is the first female phone repairer in the northeast now not even in Maiduguri which is the capital of Borno State. But in Mafa Local Government Areas now that is a Local Government Area that is not even in the center, it is a bit out of town. She is the first phone repairer because we asked her what she want to do with her life and she said she had basic education. But she said she wanted something that can give her income to sustain her life and that of dependents and we asked her what she wanted to do, so she said she wanted to learn how to repair phones. So, we took her to a training centre, where she received the requisite training. We then provided her with the equipment to start and now she has a big shop where she is even employing other people and everybody goes to her to repair their phones. She is generating enough income she takes care of herself and 10 more girls. She is already training other people now that is just one tiny example of the way we are investing in the individual capacity of young people across Nigeria.

In September you trained Civil Society Organisation (CSOs) on economic literacy accountability and governance. What was the intended outcome of this? So, this is actually one of our projects, which is funded by the European Union (EU) in Nigeria. So, the EU in Nigeria is in discussion with us and looking at the way we work with young people and all the things we have been able to achieve, decided to find out what we do for young people to support education initiatives in Nigeria and we said we are not responsible for education because it is actually a statutory responsibility of both federal and state governments. In fact, it is on the concurrent list of federal, state and local governments. So, it is a 100 percent responsibility of government. Our role is to support government to deliver on this, and one way we can do that is through what we call advocacy and budget monitoring. So, what we have done is that we have told the EU, to give us some money, let us test this approach. Many civil society organisations do not even know how to engage with government to hold them to account when it comes to education spending. So, for instance, if they see a budget of a state government, would they be able to interpret it to know how much has been allocated to education? And then for that which has been allocated to education, would they be able to know how the budget lines have been created to support different education initiatives? So that is the value we are bringing. We are saying, let us support you and these civil society organizations based in States. So, they are literally representative of the people. We are training them. We are supporting them with capacity to understand how to interpret government budgets. The 16 days of gender activism have ended. What does this mean to your organisation? It means a lot to us. First although the world and Nigeria celebrated16 days of activism. Plan International Nigeria, it is 365 days of activism for us, it is an everyday activism because genderbased violence does not happen for only 16 days. It happens every single day and for us our mandate is that every day is activism against gender-based violence so that is the significance for us why because we believe that the kind of pains and hurt that women and girls go through is on daily basis. As we speak, somewhere, and somehow, a man is actually either beating a woman or subjugating her to some form of torture and pain. It happens on a daily basis, on a weekly basis, on an hourly basis. So, for us, the significance is that it is not only when the international community has marked 16 days to talk about it. We talk about it every day. Secondly, as members of Plan International, for any of us who wear this badge, the pledge we make is that we will not be found wanting when it comes to gender-based violence. In that way, it means that it is an everyday lifestyle. Because for us, we judge ourselves very harshly. That if we talk about it, then we must show it in our actions and lifestyle. So, you must live it out. You must be an ambassador, and don’t live it out only for 16 days. You have to live it out for every day. That is

In July, you unveiled an education project to return 8,000 girls to school in Borno State and of particular interest is the accelerated basic education programme. How much impact have they made so far in the lives of children? This is a very interesting project that is being funded by the EU. So, the EU entrusted us once again with another contract to say there are a lot of children who are out of school, especially in the northeast of Nigeria, particularly in Borno State. How are you going to help them? and together they gave us some money to say how many children can you support to come back to school in a one-year period? And we have identified 8,000 as a number. So, within the next maybe 14 months, we are going to work with the Borno State government to bring back at least 8,000 children back to formal education. And this is a big deal if you consider the number of children who are out of school. It may interest you to know that it costs money and it takes a lot of investments to bring children who have been out of school for many years, to bring them back at the right level in school. But why Plan stands out in this approach is because of the approach we use which known as the accelerated basic education programme and in fact, it is done in conjunction with the federal government of Nigeria. We have been able to support the federal government of Nigeria to develop a curriculum, which we call the curriculum for accelerated basic education, to bring back children who have been out of school for many years, to bring them back to formal education. So, a common example is that imagine a child who is six years old, but because of the conflict in the north is dropped out of school and then they were migrated, moved from one place to the other, were internally displaced. And now they have become settled and they want to go back to school. But now this child is 12 years. At what class does this person go back to school? That has been the challenge and so when you find this difficulty, that is why we now have a whopping over 10 million children who are out of school. Because then once they leave school and miss school for many years, it is very difficult thing to bring them back to school. Before the general election, Plan International issued a statement noting that political parties’ manifestos were not gender inclusive. With a new government in place, would you say this administration is gender inclusive? From our assessment and what we observed, this government is still not gender inclusive because there are international and national statistics for that. First, in Nigeria, we have what we call a 35 percent affirmative action of government appointments. If you look at the current appointment of ministers and senior government officials. This includes ministers, special advisers, and director generals, every key appointment made by the president. What we have in Nigeria, the policy says 35 percent should go to women. From the few appointments we have seen, we don’t have up to 35percent. In fact, we barely have 20 percent. Even 20 per cent is a very generous percentage. For the ministers alone, we have less than 10 percent. Then the second part of this 35 percent affirmative action is with our parliament. If you look at the combined House of the Senate and the House of Representatives, we have less than three percent of women. three percent. In fact, it is worse than what it was in the previous. In August, you advised the government to prioritise education and adolescent health. Are you pleased with the government’s focus in this area? Well, in terms of the commitments, and the statements made by this current government, look very progressive. You know, in terms of the commitment for young people, that is where you find the whole issue around the student loan. If you look at the president’s commitment to provide investment for young people in businesses through his different platforms, those commitments are good. So, they are not enough, but they are good. What we are saying is that it is not enough to make commitments. It is enough to bring it to action. For instance, the previous government came up with a very elaborate and powerful project around what we call N-Power. N-Power was strictly designed for education and to support young people, to give them access to finances, and access to business. It was part of social protection programme because social protection looks more around everybody such as the aged, old men, women. But the N-Power was targeted at young people out of that social protection programme, which was a good thing. So, it just shows that the government is being very deliberate around young people.

THURSDAY, JANUARY 4, 2024 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 02Jan-2024, 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 311.85 311.85 0.64% Afrinvest Plutus Fund 100.00 100.00 10.17% Nigeria International Debt Fund 340.80 340.80 0.06% Afrinvest Dollar Fund 110.26 110.26 0.03% 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 14.16% AIICO Balanced Fund 5.00 5.11 48.09% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund N/A N/A N/A ARM Discovery Balanced Fund N/A N/A N/A ARM Ethical Fund N/A N/A N/A ARM Eurobond Fund ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A ARM Short Term Bond Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.32 107.32 4.52 AVA GAM Fixed Income Naira Fund 1,162.21 1,162.21 5.20 AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 2.24 2.24 9.54% CEAT Fixed Income Fund 3.10 3.18 36.57% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.05 1.05 9.66% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.74% Cordros Milestone Fund 174.30 175.57 35.06% Cordros Fixed Income Fund 107.65 107.65 10.19% Cordros Halal Fixed Income Fund 109.35 109.35 10.80% Cordros Dollar Fund ($) 114.44 114.44 6.22% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 11.49% Coronation Balanced Fund 1.54 1.55 0.48% Coronation Fixed Income Fund 1.42 1.42 20.56% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1548.38 1548.38 12.00% FBN Balanced Fund 272.23 274.58 8.57% FBN Halal Fund 133.79 133.79 13.23% FBN Money Market Fund 100.00 100.00 12.55% FBN Dollar Fund 123.95 123.95 7.54% FBN Smart Beta Equity Fund 250.92 254.32 0.90% FBN Specialized Dollar Fund 111.91 111.91 9.42% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.73% Legacy Debt Fund 3.58 3.58 76.58% Legacy Equity Fund 2.79 2.84 40.88% Legacy USD Bond Fund 1.32 1.32 5.52% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 5,785.91 5,830.14 37.71% Coral Income Fund 3,997.09 3,997.09 7.72% Coral Money Market Fund 100.00 100.00 12.35% FSDH Dollar Fund 1.20 1.20 5.80%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 18.47 18.64 0.60% Meristem Money Market Fund 10.00 10.00 12.91% 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) 104.55 104.55 12.00% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.88% Norrenberger Dollar Fund (NDF) ($) 104.20 104.20 11.54% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.33 2.38 0.44% PACAM Fixed Income Fund 0.12 0.12 13.49% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.16 2.19 0.23% PACAM EuroBond Fund 132.04 135.20 0.07% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 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 Stanbic IBTC Absolute Fund N/A N/A N/A Stanbic IBTC Aggressive Fund N/A N/A N/A Stanbic IBTC Conservative Fund N/A N/A N/A UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.39 1.40 1.98% United Capital Balanced Fund 1.87 1.88 1.10% United Capital Wealth for Women Fund 1.44 1.45 0.96% United Capital Sukuk Fund 1.18 1.18 9.31% United Capital Fixed Income Fund 1.95 1.95 7.51% United Capital Eurobond Fund 124.36 124.36 5.30% United Capital Global Fixed Income Fund 1.09 1.09 10.12% United Capital Money Market Fund 1.00 1.00 11.62% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund N/A N/A N/A Zenith ESG Impact Fund N/A N/A N/A Zenith Income Fund N/A N/A N/A Zenith Money Market Fund N/A N/A N/A VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 8.87 8.97 113.65% Vetiva Consumer Goods Exchange Traded Fund 11.17 11.27 90.52% Vetiva Griffin 30 Exchange Traded Fund 27.29 27.49 45.96% Vetiva Money Market Fund 1.00 1.00 0.00% Vetiva Industrial Goods Exchange Traded Fund 27.03 27.23 12.89% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS

NAV Per Share

Yield / T-Rtn

N/A N/A N/A N/A

N/A N/A

Bid Price

Offer Price

Yield / T-Rtn

N/A N/A N/A 21.29 37.91

N/A N/A N/A 21.67 38.36

N/A N/A N/A -9.29% 0.68%

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

SFS REIT Union Homes REIT Nigeria Real Estate Investment Trust UPDC REIT

EXCHANGE TRADED FUNDS

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

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

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

N/A

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.

T H I S D AY • Thursday, JANUARY 4, 2024

Health & lifestyle

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

PAMO Varsity Advances Medical Education With the induction of its pioneer medical students as doctors recently, the management of PAMO University of Medical Sciences is determined to up the ante for medical education in Nigeria, Blessing Ibunge writes

Medical graduands taking Hippocratic oaths PAMO University of Medical Sciences, Port Harcourt, Rivers State recently rolled out the drums to celebrate the graduation, induction and oath-taking ceremony of its first set of medical students as doctors by the Medical and Dental Council of Nigeria (MDCN). The event, which also coincided with graduation of the students of the other allied medical disciplines, had many dignitaries across the world in attendance, including the Minister of Education who was represented, Executive Secretary of the National Universities Commission (NUC), officials of the Rivers State government including the governor, Sir Siminalayi Fubara, the Registrar of MDCN, Dr. Tajudeen Sanusi, Chancellor of the university and former Head of State, General Abdulsalami Abubakar (rtd) and the elated parents of the students. Speaking at the occasion, Registrar of MDCN, Dr. Sanusi, told the new doctors medical practice is a service to humanity, hence the need for them to always think of how to contribute to the Nigerian medical system. Sanusi admonished the doctors to take their jobs seriously, and avoid any form of professional misconduct and negligence that would bring the medical profession into disrepute. He urged the new inductees to justify the huge amount invested in the education by the Rivers State government and their parents, as well as the comprehensive training they received from the institution by being good ambassadors and worthy alumni. A total of 40 medical graduates of the institution were inducted into the medical profession by the council after taking their Hippocratic Oath. The MDCN registrar, who also cautioned the newly-inducted medical doctors against running away from the country to practise abroad, advised the inductees to strictly adhere to the ethics of the medical profession. He admonished them against leaving the country without doing their house-manship. While cautioning the new doctors to shun strike, Sanusi urged them to shun vices and negligence that would bring the medical profession into disrepute. The Registrar, who commended the university for maintaining one of the best standards in the training of medical practitioners in the country, said he cannot recollect when a university graduated medical students in a record time of six years. He noted that at a time when public universities were graduating medical students after 10

to 13 years of training, PAMO University of Medical Sciences did its training within the recommended six years. Sanusi urged other schools to go to the university, copy their model and curriculum. He said: “It is true; we owe the society the responsibility of keeping them in good health, not minding whether you are better paid or not. That’s why I said today’s ceremony is a call to service and that service is service to humanity. “Having said that, there’s this syndrome of ‘Japa’. I’ll tell you the truth; initially, it might look rosy, but in the long run, it’s usually not profitable. Some of us have had the opportunity of having some of our training abroad, but let me tell you the truth, there’s no place like home. “No problem if you want to ‘japa’, but if you must go, go well, make sure you do what is right before you go. Make sure you complete your housemanship before you leave and make sure you upgrade your career if you get over there.” “Don’t you think you should give something back to this country? Yes, we don’t have enough doctors, but the ones we have, we should be able to utilise them to the benefit of society. In the Western world, their children are no longer going to school, and they don’t even have the money to train. That’s why they are looking up to the third world to poach, let us be patriotic and think of what we can give to this system.” “Today’s induction is a call to service. You owe your parents and the government a duty of care. Shun strike actions. Discharge duties well. If you think you can commit an offence and run to another jurisdiction and will not be detected, you have lied. We will fish you out because we communicate with ourselves.” In his remarks, the Vice-Chancellor, Professor Michael Diejomaoh, said with the training the new medical doctors received from PAMO University, he has no doubt that they will make Rivers and Nigeria proud anywhere they find themselves. He commended the entire management of the school for the efforts put into training the students of the institution. The Pro-Chancellor of the school and former governor of Rivers State, Dr. Peter Odili, urged the medical doctors to distinguish themselves anywhere they find themselves. Odili equally said with the training they received from the school, they would excel

and urged them to always let their good conduct and job give them away as doctors who received the best of training. The guest lecturer at the occasion and Professor of Medicine and Consultant Gastroenterologist, Bayero University, Kano and Aminu Kano Teaching Hospital Kano, Prof. Musa Muhammed Borodo, decried the shortage of medical practitioners in the country, disclosing that Nigeria needs at least 300,000 additional qualified doctors to meet the standard set by the World Health Organisation (WHO). Borodo said in Nigeria there were a total of 30,000 medical practitioners to serve the over 230 million population of the country giving a doctor/population ratio of 1:7,700. This, he said, was far short of the recommendation of the WHO of a 1:1000 ratio for developing countries. While commending PAMO University for its intervention in medical education, the professor also called on private proprietors of medical schools to emulate the institution. He stressed the need for responsible leadership, and professionalism from stakeholders of medical training for enhanced quality of medical graduates. To improve student motivation in learning, Prof. Borodo recommended the introduction of an improved student selection process to undergraduate medical training positions using additional relevant eligibility criteria, as is done elsewhere, rather than relying on the current use of exam scores alone. Founded in 2017, PAMO University is Nigeria’s first private institution dedicated only to medical sciences. The institution is well-equipped and furnished to world standards and situated in a serene environment in Port Harcourt. The university currently has three faculties namely: Faculty of Clinical Sciences, Faculty of Basic Medical Sciences and the Faculty of Allied Health sciences. Apart from the NUC accredited all of its courses, the MDCN also accredited the Faculty of Clinical Sciences of the university. The significance of the development is that students take their fourth year exams in pathology and pharmacology and those who passed can proceed to the fifth year. Indeed, this is a great milestone for

the institution considering the fact that many other institutions, both public and private, spend years to achieve this feat. Currently, the institution has courses such as anatomy, biochemistry, human nutrition and dietetics, pharmacology and physiology in the Faculty of Basic Medical Sciences, as well as Bachelor of Medicine and Surgery (MBBS) and nursing in the Faculty of Clinical Sciences. Admission into the school is strictly based on merit and all the students are resident on campus. PAMO has absolute zero tolerance for cultism and related vices for both staff and students. For students to fully concentrate on their studies and not show off affluence, they are not allowed to use private cars on campus; nor are they allowed to loiter. Even visitors, parents and guardians are not allowed to have unscheduled visits. Furthermore, the institution frowns at indecent dressing as students are not allowed to expose their bodies. The school has a dress code for lectures and official functions for both students and officials. PAMO boasts of the best classrooms, halls, laboratories and library facilities in the country with unbeatable hostel facilities. Each room has two students. All the rooms are en suite with constant water supply and water heater. The school also boasts of 24-hour power supply, unlike some schools where anytime there is outage of public power at midnight, students are thrown into darkness till morning. One of the greatest strengths of the university is that it had an existing teaching hospital established by its founder who is a renowned medical doctor established in the 1980s called PAMO Clinics and Hospitals Group. This is in addition to the memorandum of understanding it has with the Rivers State government and the state University Teaching Hospital where its students have their clinical. Currently, the management of the school has completed a gigantic four-storey building on Aba Road that houses a comprehensive teaching hospital. Unlike other universities where students are not exposed to hospital experience until they are in the 400 level, PAMO Varsity ensures hands-on experience for the students at the hospitals. This means that from takeoff, the hospitals would aid students right from early stages in order to have a full medical knowledge and experience.

T H I S D AY • THURSday JANUARY 4, 2024

images

Photo Editor Abiodun Ajala Email abiodun.ajala@thisdaylive.com

L-R: Finance Manager, BIC Nigeria, Adewale Adeyemo; Head Teacher for Local Government Inclusive School, Mrs Oke Abigail Bolanle; Inclusive Head Teacher for Local Government Inclusive Unit, Mrs. Busayo Oluranti Jibefun; Business Development Manager/Head of Commercials for BIC Nigeria, Adeyemi Ojo; and Trade Marketing Manager for BIC Nigeria, Patrick Bello, during the inauguration of the newly renovated building by BIC Nigeria for the Igando Inclusive Unit Nursery and Primary School in Lagos...recently

L-R; Osun State Governor, Senator Ademola Adeleke; Ekiti State Governor, Biodun Oyebanji; Ogun State Governor, Prince Dapo Abiodun; and Oyo State Deputy Governor, Bayo Lawal, during the condolence visit to the widow of late Ondo State governor, Mrs. Betty Akerdolu, in Ibadan, Oyo State…recently

L-R: Tech Adviser, Lagos State Development and Property Corporation (LSDPC), Mr. Adeyemi Adeshina; Secretary/Legal Adviser, LSDPC, Mr. Adedamola Adepegba; Managing Director/Chief Executive Officer, LSDPC, Hon. Ayodeji Joseph; Chairman, Fish Valley Investments and Properties Limited, Omo Oba Muyiwa Osho; Director, Fish Valley Investments, Mrs Yemi Osho; and Managing Director, Fish Valley Investments, Dr. Ayo Ighodaro, during the celebration of a successful signing of Joint Venture Agreement between LSDPC and FVIP on mixed use of real estate development on six hectares of land Ikeja GRA, Lagos...recently PHOTO: ABIODUN AJALA

L-R: Sales Director, Unilever Nigeria Plc., Michael Ubeh; Director, Customer Supply Chain, Unilever Nigeria Plc, Tobi Adeniyi; overall winner, Transporters Category. Oritsetimeyin Logistics Limited representative; Country Logistics Manager, Unilever Nigeria Plc, Kunle Ajijola; and Africa Safety Health and Environment Director, Unilever PLC, Mahlatse Lekalakala, during the Unilever Nigeria Plc 2023 Annual Transporters’ Safety Week in Agbara, Ogun State...recently

A cross-section of the Lord’s Chosen Charismatic Revival Ministries members rejoicing and praising God during their Christmas retreat programme tagged: ‘Only God Can Do This’’, held in Ijeasha, Lagos ...recently

THURSday, JANUARY 4, 2024 T H I S D AY

business/MOnEYGUIDE

Development Bank Recognises FCMB for Supporting SMEs, Green Projects Oluchi Chibuzor In recognition of its exceptional contribution to small and medium-sized enterprises (SMEs), the Development Bank of Nigeria (DBN) has honoured First City Monument Bank (FCMB). At the 2023 Service Ambassadors Awards in Lagos, the bank received accolades as the “Deposit Money Bank with the Highest Impact in the DBN Focus States” and “Participating Financial Institution with the Highest Disbursement to Green Projects.” These awards, the bank said in a statement, underscore it’s commitment to impactful lending, actively driving economic growth and job creation across

Nigeria. A leading supporter of SMEs in Nigeria, FCMB has extended credit totalling N1.343 trillion to over 98,000 SMEs across diverse sectors since 2018. This includes N3 billion in credit disbursed to over 50 firms promoting clean energy solutions. Commenting on the awards, the Managing Director of FCMB, Mrs. Yemisi Edun, said: “We are honoured to be recognized as the Deposit Money Bank with the Highest Impact in the DBN Focus States and the Participating Financial Institution with the Highest Disbursement to Green Projects. Our partnership with the Development Bank of Nigeria empowers SMEs to

scale up and contribute significantly to Nigeria’s economic development. These awards affirm our commitment to meeting the expectations of our customers and the broader business community. “FCMB’s target is to train over 1 million SMEs through Technical Assistance worth €325,000 granted by Proparco (the private-sector arm of the French Development Agency) and another $275,000 from the African Development Bank (AfDB). These will facilitate the successful onboarding and empowerment of SMEs, including women entrepreneurs, under its SheVentures proposition and those operating in high-impact sectors (agriculture, renewable energy, digital).”

Tingo Mobile Launches Advanced ePOS

L-R: Supply Chain Director, Vitafoam Nigeria Plc, Ola Ogunfeyitimi; Head of Administration and Human Resources, Lagos Island Maternity Hospital, Salu Abike; Deputy Medical Director, Lagos Island Maternity Hospital, Dr. Enoma Bazuaye; Mother of first baby of the Year, Praise Kelechi-Opara, her baby, Adaeze; Commercial Director, Vitafoam Nigeria Plc, Dahiru Gambo and Apex Nurse, Lagos Island Maternity Hospital, Oluwatoyin Champion during Vitafoam’s presentation of gifts to the first baby of the year at Lagos Island Maternity Hospital....recently

MARKET INDICATORS

System to Boost Transactions Tingo Mobile, a technology solutions company, has launched the Tingo ePOS, an innovative electronic point-of-sale system designed to revolutionise financial transactions in Nigeria. Tingo ePOS helps users withdraw money with a single tap while also helping merchants receive instant payments for businesses with zero maintenance cost, Zero Operational Cost, and Zero network issues. Speaking at the product launch in Lagos recently Tingo executives revealed that Tingo ePOS was established so that the debit card issued to customers can be used at POS terminals and also for online transactions. Commenting on the launch, Chief Executive Officer of Tingo Mobile Plc, Auwal Muade, said: “This innovative Tingo ePOS solution aligns with

our commitment to providing businesses with the tools they need to thrive in the digital era. Tingo Mobile’s ePOS system not only simplifies transactions but also contributes to the growth and success of businesses across the country.” He added that Tingo ePOS would help to redefine how people connect, beyond payments. “At Tingo Mobile, our commitment goes beyond transactions; we are on a mission to redefine the very fabric of how people connect, interact, and transact with a simple tap,” Muade said. Speaking on the app’s security, the Group Product Director stated: “At Tingo, security remains a cornerstone of our product offerings. With Tingo ePOS, we have prioritised security measures to ensure safe and seamless

transactions. Our system links each account securely to a specific device, fortifying merchant login details and preventing unauthorised access on alternative devices.” Head, Partnerships and Channels Development/Implementation of the company, Mr. Samuel Onwuekwe, said: “This is a significant value-driven solution for Micro and Small businesses in Nigeria.” He mentioned that MSMEs are often passed on when it comes to POS issuance by banks and can now take advantage of their existing NFC enabled Mobile Phones to accept payment. According to him, Tingo Mobile’s ePOS system is now available for businesses in Nigeria, offering a reliable and efficient solution for handling transactions in today’s dynamic business environment.

Interswitch,VIPASOPartner on Bluetooth-enabled Mobile Money Payments Interswitch and Vienna Payment Solutions (VIPASO) have announced a partnership to enhance payment solutions for banks, hospitality industry players, on-the-go services, financial institutions, and retailers. The alliance introduces VIPASO, an innovative solution comprised of two distinct applications: a consumer app and a merchant app, on Interswitch’s platform, starting in Kenya, with progressively rapid regional adoption expected. The applications seamlessly operate between a smartphone/feature phone (consumer) and a smartphone/

feature phone (merchant) or between a smartphone/feature phone (consumer) and an Android Point of Sale terminal (merchant). The VIPASO solution utilizes Bluetooth low energy connectivity and offers an alternative payment method for consumers in scenarios where traditional card or mobile phone payments are inconvenient or hindered by unreliable internet connectivity. Interswitch Country General Manager for Kenya. Romana Rajput, said: “As a strategic response to evolving challenges, this collaboration not only fortifies the security

of financial transactions but also underscores Interswitch’s commitment to fostering digitalization and financial inclusion in Kenya”, said “The VIPASO solution reflects Interswitch’s dedication to being a catalyst for industry innovation, adapting to changing trends, and meeting the evolving needs of customers in the pursuit of reliable solutions for financial inclusion.” Head of Technology at Interswitch East Africa, said Naomi Wachir, said: “In envisioning a future marked by seamless payments, Interswitch remains steadfast in its mission to redefine the payment landscape.”

Unilever Rewards Drivers, Mulls Zero Road Fatality forTransporters

Raheem Akingbolu

As part of its unwavering commitment towards sustainable living and safety practices among transporters, Unilever Nigeria Plc, has rewarded a few of its drivers for outstanding performance thus far. At a weeklong event to herald the 2023 Transporters’ Safety Week in Agbara, Ogun State, the management spared no expense to celebrate as well as recognise the drivers who have continuously set stores by the ideals and ideas of the company’s dedication to the safety, security,

and wellbeing of its transporters and fleet managers. Speaking at the event, The Planning and Go-To-Market Director, Unilever Nigeria, Tobi Adeniyi, articulated the significance of this year’s theme, ‘Sáfèty lókàn, shëy jéjé,’ by describing it as what embodies its collective effort in setting and maintaining the golden standard for safety. According to him, through the support of government road transport agencies, the transporters are reminded of best safety practices that include defensive driving training, health talks/medical checkup and cargo

security training. The grand finale of the celebrations focuses on the recognition of exemplary drivers and transport companies that have upheld safety standards to the highest order, he added. “We are pleased with the positive response we get from our team of transporters for upholding safety standards. As a business, Unilever puts the safety of its people first,” Adeniyi said, adding that as Unilever celebrates its 100 years in Nigeria this year, “safety has been a key part of our operations that we have upheld over the years.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

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

T H I S D AY •THURSday, JANUARY 4, 2024

mARKET NEWS

Stock Market Up N847bn on Investors’ Interest in UBA, 77others Kayode Tokede The domestic stock market yesterday sustained the uptrend performance with a gain of N847 billion, as investors bargain hunting in United Bank for Africa Plc (UBA), and 77 others underpinned market performance. Consequently, the Nigerian Exchange Limited All Share Index (NGX ASI) gained by 1,546.69 basis points or 2.04 per cent to

close at 77,537.57 basis points from 75,990.88 basis points it opened for trading. basis points. Also, market capitalisation gained N847 billion to close at N42.430 trillion from N41.583triillion it opened for trading. Sectoral performance was reflective of the overall market sentiment, as the Banking Index added 6.7per cent, NGX Insurance Index rose by 5.5per cent, NGX Consumer Goods Index gained 2.4per cent, NGX Oil

P R I C E S MaiN Board

& Gas appreciated by 1.9per cent and NGX Industrial Goods Index rose by 0.3per cent. As measured by market breadth, market sentiment was positive, as 72 stocks gained relative to seven losers. Berger Paints, Dangote Sugar Refinery, Cornerstone Insurance, Custodian Investment, FCMB Group, Ikeja Hotels, Morison Industries, NASCON Allied Industries, United Bank for Africa (UBA), University Press and Infinity Trust Mortgage

F O R

S E C U R I T I E S

DEALS

Market Price

quantity traded

Bank recorded the highest price gain of 10 cent each to close at N14.30, N63.25, N1.65, N9.90, N8.25, N7.26, N3.08, 59.40, N28.60, N2.64 and N7.26 respectively, per share. Transcorp Hotel and Multiverse Mining and Exploration followed with a gain of 9.99 per cent each to close at N77.19 and N22.46 respectively, while Transnational Corporations (Transcorp) and Access Holdings rose by 9.,98 per cent each to close at N10.47 and N25.90 in

T R A D E D

value traded ( N )

MaiN Board

A S O F

that order, per share. On the other hand, Learn Africa led the losers’ chart by 9.09 per cent, to close at N2.90, per share. Champion Breweries followed with a decline of 7.32 per cent to close at N3.80, while C&I Leasing down by 2.33 per cent to close at N5.03, per share. Nigerian Exchange Group depreciated by 1.70 per cent to close at N23.10, while Ellah Lakes declined by 1.64 per cent to close

J A N UA RY DEALS

at N3.00, per share. The total volume traded rose by 79.83 per cent to 927.558 million units, valued at N10.691 billion, and exchanged in 11,629 deals. Transactions in the shares of Fidelity Bank topped the activity chart with 108.113 million shares valued at N1.312 billion. FCMB Group followed with 79.063 million shares worth N644.032 million, while UBA traded 55.504 million shares valued at N1.544 billion.

/ 3 / 2 4 Market Price

quantity traded

value traded ( N)

THURSDAY, JANUARY 4, 2024 • T H I S D AY

Thursday, January 4, 2024

Thisday Afrinvest Index up 3.96%

Thisday Afrinvest 40 index gained 3.96% to close at

THISDAY AFRINVEST 40 INDEX

3987.68 index points following price depreciation in GTCO (+3.5%), ACCESS (+10.0%), and UBA (+10.0%). Cumulative-

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ly, these stocks account for 20.9% of the index.

Ticker

Current Price

Previous Price Change

Current Price Change Weighting YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

Domestic Bourse Sustains Bullish Outing… ASI up 2.4%

THISDAY AFRINVEST 40

3987.68

3.96%

68.9%

298.8%

14.1%

3.2%

5.9x

1.4x

Divindend Earnings Yield Yield

3.8%

Extending its previous positive start to the year, the NGXͲ ASI rose 2.4% to 77,537.57 points following price appreciation in UBA (+10.0%), ACCESSCORP (+10.0%), and TRANSCOH (+10.0%).

Consequently, YTD return improved to

3.7% (previously: 1.6%) while market capitalisation increased ₦846.4bn to ₦42.4tn. Activity level improved as volume and value traded rose 79.8% and 91.8% to 927.6m units and ₦10.7bn respectively. Bullish Sector Performance Performance across our coverage sectors was bullish as all

six indices gained. Leading the gainers, the Banking and Insurance indices advanced 6.7% and 5.5% due to price appreciation in ACCESSCORP (+10.0%), UBA (+10.0%), AIICO (+9.1%) and CORNERST (+10.0%). Trailing, the Consumer Goods and Oil & Gas indices rose 2.4% and 1.9% respectively due to buy interest in DANGSUAGR (+10.0)%, BUAFOODS (+1.8%), OANDO (+9.7%) and CONOIL (+7.0%). Similarly, the Industrial Goods and AFRͲICT indices advanced 30bps and 1bp respectively, supported by gains in WAPCO (+4.8%), BERGER (+10.0%), CHAMS (+9.8%) and OMATEK (+8.7%). T o p 10 T r a d e s b y V o l u m e

T o p 10 G a i n e r s

Outlook Investor sentiment, as measured by market breadth, improved to 2.0x from 0.6x in the prior session as 78 stocks advanced, 7 declined, while 36 closed flat. Today, we antic-

ipate an extended rally on the bourse, as investor continue to bet on favourable equities outlook for the year.

T ic k er

Vo lum e

P ric e C hg %

T ic k er

P ric e

P ric e C hg %

C UST OD IA N

9.90

10.0%

F ID ELIT YB K

108.1

9.6%

N A SC ON

59.40

10.0%

FCM B

79.1

10.0%

B ER GER

14.30

10.0%

UB A

55.5

10.0%

50.6

7.7%

M OR ISON

3.08

10.0%

UN IVIN SUR E

IN F IN IT Y

7.26

10.0%

A C C ESSC OR P

46.9

10.0%

IKEJ A H OT EL

7.26

10.0%

J A IZ B A N K

43.0

9.7%

UB A

28.60

10.0%

ST ER LIN GN G

41.6

9.9%

FCM B

8.25

10.0%

OA N D O

37.5

9.7%

UP L

2.64

10.0%

WEM A B A N K

28.9

9.9%

D A N GSUGA R

63.25

10.0%

T R A N SC OR P

28.0

10.0%

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

T o p 10 L o s e r s

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

P ric e C hg %

LEA R N A F R C A

2.90

-9.1%

UB A

1544.5

10.0%

C H A M P ION

3.80

-7.3%

F ID ELIT YB K

1312.3

9.6%

C ILEA SIN G

5.03

-2.3%

A C C ESSC OR P

1184.5

10.0%

N GXGR OUP

23.10

-1.7%

Z EN IT H B A N K

832.8

4.2%

ELLA H LA KES

3.00

-1.6%

FCM B

644.0

10.0%

C A D B UR Y

16.90

-1.2%

OA N D O

428.3

9.7%

M A N SA R D

5.45

-0.9%

FB NH

399.4

8.2%

Afrinvest West Africa Limited

GT C O

387.9

3.5%

SEP LA T

363.7

0.0%

T R A N SC OR P

293.3

10.0%

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

9.4%

T H I S D AY • THURSDAY, JANUARY 4, 2024

NEWS

Cranfield university uK, Nigeria Alumni Annual Dinner...

L-R:Chief Executive Officer, Sochitel UK, Mr. Jerry Ejikeme; Director, Human Resources and Administration, Airtel Networks, Mrs. Bimpe Ayo-Elias; President , Cranfield University UK, Nigeria Alumni, and Managing Partner - Lecole Consulting Nigeria, Evbusogie Osojie; and Senior Project Manager, Cisco International, Niran Ogundipe, all members of Cranfield University UK, Nigeria Alumni, at the PHOTO: ETOP UKUTT group's annual dinner in Lagos... recently

Jonathan: I Owe No Apologies for Backing Diri's Re-election Bayelsa governor pledges more development in second term

Olusegun Samuel in Yenagoa Former Nigerian president, Dr. Goodluck Jonathan, has said that he owed no one apologies for supporting the re-election of Bayelsa State Governor, Senator Douye Diri, in the November 11, 2023 off-cycle governorship poll in the state. Jonathan, also said it was the right thing to do as Diri had the support of majority of the Bayelsa people to continue in office. He stated this during the Yuletide visit of the governor and his delegation to his residence in Yenagoa. Wife of the former president, Dame Patience Jonathan, was also on hand to receive the governor and his entourage. Jonathan explained that he publicly endorsed Diri’s candidature during the campaigns because of his visionary leadership demonstrated in handling the affairs of the state. According to him, the governor deserved to be re-elected for his developmental efforts, particularly for ensuring peace and stability in the state. He said: “I did what l did during the governorship election and l have no apologies to anybody because l know that the governor and his team were doing very well, especially in the area of peace and stability of the state. At a time, l became very worried. “I have not said others did not do well. After all, l was also governor for a little less than one and a half years and also had my challenges.

“Since Diri came on board, the excesses of cult groups, particularly in Yenagoa, has reduced reasonably. If we must move forward, first and foremost, we must handle the issue of security in order to attract investors. I saw that the governor and his team have a vision and he needed to be encouraged to do another four-year term." Jonathan charged the governor to do more to meet the high expectations of the massive support base for his Prosperity Administration, adding that "to whom much was given, much was expected." In his response, Diri expressed appreciation to the former president for his support and endorsement, which contributed to the Peoples Democratic Party's victory at the poll. According to Diri, "your endorsement of a sitting governor was more than billions of naira. And so having secured that endorsement, we were very sure of victory. We are here to say a big thank you as that has brought stability in the state. “So, with the kind of peace and security we have in our state, Bayelsa is ready for private investors to come in.” The state's helmsman expressed optimism that Jonathan would have more roles to play in reconciling people in the country and the African continent to ensure peace and development. Diri also thanked President Bola Tinubu for ensuring a peaceful, free and credible election in the state. Meanwhile, the State Governor

has assured people of the state of more developmental projects in his second term in office, which commences on February 14. Diri, made the pledge in his New Year message aired on Yenagoa-based radio stations on Monday. Re-affirming his unwavering commitment towards the overall development of the state, Diri expressed appreciation to the people for their support during the outgone year and in his first tenure. He said going forward, his administration would actively engage communities irrespective of political choices in order to achieve collective aspirations.

Mercy Corps, an international humanitarian organisation, has commended the Nigerian government for ensuring the free passage of one of its senior staff, Joel Onyeke, serving in the war-torn Gaza. The organisation particularly made mention of the contribution of the Minister of Foreign Affairs, Yusuf Tuggar, for facilitating the swift and safe passage of the said personnel. Chief Executive Officer, Mercy Corps Tjada McKenna in an appreciation letter to the minister thanked him for his prompt and

professional response to their distress call. "We want to thank you sincerely for your attention and swift action after our recent request for your advocacy and assistance in facilitating the safe passage of our team member, Mr. Joel Onyeke out of Gaza. "After three harrowing weeks in a United Nations Development Programme (UNDP) bunker on November 1, Onyeke safely crossed the Rafah border crossing from Gaza into Egypt and by November 3, he was reunited with his family in Abuja," the group said. Onyeke, a cash advisor with Mercy Corps, was the only foreign

to the Bayelsa State Electricity Law 2023, saying it promises to be a game-changer for power supply in the state. While appreciating the House of Assembly’s role in the new law and the entire budget, he said under the electricity law, licences would be issued to private investors, collaboration with existing franchises would be enhanced to expand electricity access in underserved areas and it would also reinforce penalties for non-compliance. Diri also stated that with collective effort and the unwavering support of people of the state, Bayelsa would make remarkable progress in the

New Year with focus on sustaining the progress so far achieved while embarking on new initiatives to move the state to greater heights. The governor stressed the need for unity irrespective of political leanings, noting that so much could be achieved when the people are united. He said: "As we step into 2024, I assure you of my unwavering commitment to the overall development and well-being of every citizen of Bayelsa State. Our focus will remain on sustaining the achieved progress while embarking on new initiatives that will further elevate our state to greater heights.

Ologbondiyan: How Atiku Would’ve Handled Fuel Subsidy Removal Says he’d have adopted staggered approach

Chuks Okocha in Abuja

Former National Publicity Secretary of the Peoples Democratic Party (PDP) and one of the Atiku/Okowa Presidential Campaign spokesmen in the 2023 presidential campaign, Kola Olagbindiyan, has said the former vice president would have adopted staggered strategy and processes in the removal of the fuel subsidy if

NGO Commends FG for Facilitating Exit of Personnel from War-torn Gaza

Michael Olugbode in Abuja

Recounting some of the achievements in various sectors such as education, health, human capital development, infrastructure, security, among others, Diri promised not to rest on his laurels. He stated that as captured in the state’s 2024 budget, the government would construct an ultra-modern stadium, a renal center at the Niger Delta University Teaching Hospital at Okolobiri as well as an administrative block for the Primary Healthcare Board. Diri expressed delight that his administration’s effort to jumpstart the state’s industrialisation had taken a giant leap with his recent assent

national team member employed in Gaza. Mercy Corps also thanked the federal government for the support while stressing on the need for a humanitarian corridor for aid delivery to Gaza as well as for the safe passage of foreign nationals out of Gaza. McKenna said: “There is more work to be done to ensure the safety of all citizens in Palestine and Israel. "We are hopeful for an end to this crises soon so that communities can begin to rebuild, humanitarian actors can continue to work for a stronger and more inclusive economy.”

he was the president. He said unlike the approach by President Bola Tinubu, who on assumption of office on May 29 2023, removed the fuel subsidy on a full swoop, Atiku would have strategically removed the fuel subsidy after studying the situation on ground. "There are four processes and procedures to remove the subsidy and two have been implemented by the previous administration. Were Atiku Abubukar elected the president, he would have adopted a staggered strategy "With this, Atiku as President would have been briefed by experts on the ground and would strategically staggered the process and this would entail less suffering to Nigerians as is the present situation," he explained. Ologbodiyan, who spoke on the Arise news channel morning show yesterday, also discussed the 2024 budget, explaining that "most of 2024 budget processes are ‘audio budgeting and audio implementation" that would make it difficult to implement. According to the former PDP spokesman, “We cannot afford this system of government as a people. Until we agree to that truth, we aren’t going anywhere,” implying that these processes would not be

carried out. Speaking on the issues the PDP had with President Bola Tinubu’s Renewed Hope 2024 Budget signed on New Year’s Day, he said, “Anybody who is going to preside over this country – and I remember that we were very clear about that in the People’s Democratic Party – and is not going to touch the cost of governance is just not ready. “Because to be honest, we cannot afford this system of government as a people. Until we agree to that truth, we aren’t going anywhere. So, it’s not enough to say oh, things look different. “If you go to the issue of budgeting 100 billion for the feeding of students, the question that Nigerians have been asking: ‘where are those students? Where are they doing the feeding? Who are those responsible? “Where is it happening? So, most of these budget process, they are audio. That’s just the truth. It’s audio budgeting and audio implementation. “You cannot be saying that you budget a particular amount for defence, you budget a particular amount for education, but you’ll now go to National Assembly in a multiplying order and make a budget. I think we should be honest with ourselves on their budgeting.”

He also addressed the statement by a former governor of Ogun State, Chief Olusegun Osoba, who said, in an interview with ARISE NEWS on Tuesday, that the PDP did not provide an alternate voice and was abusive towards the APC. In his response, Ologbodiyan said, “I do not think that all that the PDP does is to just go abusive. The challenge that we have in this country is that once we get into government, we forget the other side, the function of the other side hardly matters any longer, and that is what we need to address. “That is the advice that Chief Osoba needs to give to his friend, Asiwaju Bola Ahmed Tinubu, that look, listen to what is being said on the other flank. So, it is not okay to just come and dismiss the opposition as if they are not providing advice.” The former publicity secretary then said, “If the Asiwaju presidency is serious, it should confront the challenges. “That’s what we are saying; that’s what the PDP is saying. “So, it is not enough to say that opposition politics, PDP is abusive; PDP is this, PDP is that; they are not providing the alternative voice. The alternative voices that they have been providing since 2015 till today, what have the APC governors done about it? Nothing!”

THURSDAY, JANUARY 4, 2024 • T H I S D AY

NEWS

submission of Nomination...

L-R: Special Adviser to APC National Organising Secretary, Sani Galadima, receiving Nomination Forms from Leading contender for APC Surulere 1 Federal Constituency ticket, Abdulraheem Owokoniran Photo: ENOCK REUBEN and; Chief of Staff to the APC Deputy National Organising Secretary, Dr. Ugboaja Stanley, at the APC National Secretariat in Abuja... yesterday

Defend Yourself against Killers, Bishop Adeoye Tells Plateau Indigenes Senator condemns attacks, proffers solution Two policemen injured in FCT attack

Olawale Ajimotokan in Abuja, Seriki Adinoyi in Jos and Yinka Kolawole in Osogbo The Lead Bishop of Worldwide Anglican Church (WAC) in Nigeria, Bishop Seun Adeoye, has charged Plateau indigenes to start defending themselves against their killers. He condemned the Christmas day killings in the state, describing the videos shared from the attack scenes as horrible. Also, the Chairman, Senate Committee on Employment, Labour and Productivity and Senator representing Plateau

Central, Senator Diket Plang, has condemned incessant attacks on communities in the state, calling on Nigerians to be more united in tackling the crisis. Meanwhile, a latest bandit attack on Garam and Zuma communities in Bwari Area council in the Federal Capital Territory, has left two policemen with injuries and unspecified number of residents kidnapped. However, Bishop Adeoye, in his New Year Message released in Osogbo, Osun State, titled: “Never fold your arms again” said it was

pathetic that people would be slaughtered like chickens in their fathers land and security agencies were nowhere to be found. The General Overseer of Sufficient Grace and Truth Ministries and the Spokesman of World Bishops’ Council (WBC) in Africa while condoling with the victims, urged the survivors to henceforth defend themselves. “Never fold your arms and allow agents of Satan destroy you, your wives and your children. Please, rise up and fight back against these murderers.

“Plateau State killings, just like Benue and Kaduna States didn’t just begin, they have been occurring over the years. So, why did these continue? “If these dastardly acts cannot be nipped in the bud by security agencies and if the government has failed its duty to protect the victims, what then did you expect the people to do? “The options left to them is either to relocate from their fatherland and take refuge in other places or rise to the challenge by defending their wives and children.

Group Accuses Tinubu of Nepotism After Replacing Sacked NSIP Coordinator with Yoruba Man Adedayo Akinwale in Abuja

A group, the Peoples Democratic Party (PDP) Forever Initiative, has accused President Bola Tinubu of nepotism after replacing the

sacked National Coordinator / CEO National Social Investment Programme Agency (NSIPA), Halima Shehu, a northerner, with Dr. Akindele Egbuwalo, a Yoruba Man from the South-west.

Aiyedatiwa Suspends LG Caretaker Chairmen Fidelis David in Akure

Ondo State Governor, Mr Lucky Aiyedatiwa, has suspended the caretaker chairmen of the 18 Local Government Areas (LGAs), and the newly created 33 Local Council Development Areas (LCDAs), in the state. On November 30, 2023, an Ondo State High Court presided over by Justice Yemi Fasanmi, restrained the state government led by former governor, the late Oluwarotimi Akeredolu from inaugurating the caretaker committee following a prayer for interlocutory injunction by the opposition Peoples Democratic Party (PDP). In view of this, Aiyedatiwa said the caretaker chairmen were to remain suspended until a court of law determined the matter. In a letter by Alonge Adewale of the Ministry of Local Government and Chieftaincy Affairs, the

governor directed the suspended caretaker chairmen to hand over all properties in their care to Heads of Local Government Administration (HOLGAs). The letter read: “It has come to the notice of the Ministry of Local Government and Chieftaincy Affairs that despite the suspension of all recently appointed Caretaker Committee members for Local Government (LGAS) and Local Council Development Areas (LCDAs) in the State by a Court of competent jurisdiction, some individuals in these former positions are still parading themselves in that posts. “Consequently, I have been directed to request the Heads of Local Government Administration (HOLGAs) in all the LGAs/LCDAs to immediately assume responsibility as head of their respective Local Government Areas/ LCDAs in acting capacity pending the resolution of all Legal matters relating to this subject.”

It added that the sacking of Shehu didn't come as a surprise but a manifestation that the federal government through the Minister of Humanitarian Affairs, Betta Edu, was attempting to cover up some misdoings in government. It said it was undeserving that President Bola Tinubu would approve the suspension of his appointee without investigation or setting up an investigative panel to unravel the allegations that must have led to the suspension. The group insisted that if the government was sincere, the minister should have been suspended alongside the National Coordinator

and CEO of NSIPA to pave the way for effective investigation. President of the group, Obande Gideon, while addressing a press conference in Abuja, yesterday, maintained that it was wrong for the president to approve the suspension of Shehu and immediately replaced her with a Yoruba man instead of the most senior civil servant in her agency who was from the North. The group, therefore, called on Tinubu to quickly intervene and address Nigerians if truly there were missing funds and how the funds got missing, adding that investigation would reveal the real culprits stealing or trying to steal public funds.

“We have right to live and I have never read any portion of the Nigerian constitution where self-defence is an offence or read it anywhere in the Bible where self-defence is forbidden. “The duty of government is to protect lives and property but Bola Tinubu’s presidency has failed in all of these? Nigeria didn’t need an armchair president trolling markets, hosting friends and wining and dining when a calamity of such magnitude befell a nation. “What’s the Nigerian police policing? What’s the territory Nigerian Army say they are protecting? Who has been held to account for these heinous acts? This situation is sad and shameful,” he said. On his part, Plang, while addressing newsmen in Jos, proffered solutions to the problem, calling on the federal government to look into Plateau/Nasarawa and Plateau/ Bauchi borders where he alleged the criminals pass through to wreak havoc in Plateau State. Plang commended the Tinubu-led administration for the swift response to the attack by immediately deploying security agents to the affected communities and sending delegations to the state. He said if the crisis was tackled with a collective approach as a nation without sentiments, much could be achieved. “If we're all on the same page, there's nothing we cannot achieve. On the floor of the Senate, Senator Ningi of Hausa/Fulani extraction

openly condemned the attack and suggested ways to tackle it. “Senator Adams Oshiomhole also demanded that the Service Chiefs be invited to the Senate to answer questions on the attacks. That’s how to be collective in tackling our challenges. You could see that both Christians and Muslims joined in condemning the crime. “I want to think that we need to be more nationalistic in resolving the Plateau crisis. I'm saying so because, at the end of the day, most of the crises on the Plateau end up either being given a religious or ethnic coloration. “And sometimes when a commission is set up, you will find some level of distrust about the commission. My prayer this time around is that the resolution that will be made, should be nationalistic.” Meanwhile, two police officers were allegedly injured during fierce gun duel with bandits yesterday at a community with the federal capital territory. The attack, which occurred yesterday was the fifth in the series since the undesirable elements struck Garam, Niger State, a boundary community with Bwari FCT. Garam, which is contiguous to Kuduru, another troubled community in Bwari Area Council of the FCT, has experienced perennial attacks from bandits since December 24, 2023. The latest onslaught forced many fear-striken residents to relocate in droves to safer parts of the FCT.

Obaseki: Edo State Leads Charge in Propcom+ Initiative Says target is to lift four million persons from poverty

Adibe Emenyonu in Benin City Edo State Governor, Mr. Godwin Obaseki, has declared that the state was leading charge in the Propcom+ initiative, an idea backed by the Foreign, Commonwealth & Development Office (FCDO), and poised to revolutionise Nigeria’s landscape. In response to the global crackdown on unsustainable agricultural practices, Obaseki said the target of the state was to lift four million people out of poverty, safeguard

forests and empower women entrepreneurs. Obaseki, who stated this during a recent workshop in Abuja, where he outlined the pivotal priorities for this transformative initiative, added that the idea was set to begin early this year, 2024. Represented by the Commissioner for Environment Joshua Omokhodion, and Kevin Uwaibi, the Managing Director of the Edo State Investment Promotion Office (ESIPO), Obaseki noted that the

state has strategically identified three critical sectors for Propcom+ support namely: forests, agriculture, and entrepreneurship. He said the state's strategic plan involved utilising Propcom+ resources to fortify its invaluable forests, recognised as linchpins for environmental stability and economic growth. He also claimed that the programme would empower smallholder farmers through climate-smart practices and enhanced

market access, bolstering productivity and resilience within the agricultural sector which key focal point lied in elevating women entrepreneurs in agribusiness, fostering inclusive growth and unlocking their untapped potential. Edo's proactive stance, Obaseki further noted, underscored the urgency embedded within PropCom+'s mission as Nigeria grappled with an alarming deforestation rate of 3.7%, primarily propelled by unsustainable agricultural practices.

T H I S D AY • THURSDAY, JANUARY 4, 2024

NEWS

Courtesy visit to Edo State Police Command...

L-R: Special Adviser to the Edo State Governor on Youth Affairs, Mr. Shedrack Udugbai; Edo State Commissioner of Police, Funsho Adegboye, and Senior Special Assistant to Edo State Governor, Mr. Christopher Ojeikere, during a courtesy visit at the Edo State Police Command in Benin City... yesterday

Oyetola Made Mess of APC, God Rewarded Him with Failure, Group Alleges Says there’s need to retool party ahead next poll

Yinka Kolawole in Osogbo The Omoluabi Caucus in the Osun All Progressives Congress (APC) has observed with dismay, the seeming determination of a political group to bring the party down at all cost for their selfish interests. The Caucus said it was on record that Rauf Aregbesola was subjected to undeserved attacks, harassment and humiliation by the political flotsam and jetsam under the watch of former governor Adegboyega Oyetola.

“Eventually, the hypocrites whose desire was selfish pursuits drew Aregbesola into unnecessary crisis in the APC,” it said. In a statement by a former Chairman of APC in Osun State, Rev, Adelowo Adebiyi, "We note that it is only political nitwits that will be contradicting himself the way the handlers (more of mishandling) of Osun APC have continued to do in the bid for them to make case for their failures and shift blame on an innocent soul. "While it is obvious to discern-

ing minds that those parading themselves as something in Osun APC today kept using 10 lies to defend one since the crisis they deliberately ignited and prolonged. “We note of a fact that truth has been the strength of Omoluabi Caucus character which has stood us in good stead against their shenanigans and political marauding. "We restate our call for the need to strengthen and retool the Osun APC for better performance ahead of 2022 elections but which the political neophytes deliberately

Akinfolarin: Why I’m Contesting Ondo 2024 Guber Race

Fidelis David in Akure

A former member of the House of Representatives, Mayowa Akinfolarin, yesterday, said he decided to join the governorship race in Ondo State because there had been a disconnect between the government and the people of the state since the beginning of the present political dispensation in the state. Akinfolarin, who disclosed this

while speaking with journalists in Akure, Ondo State, said if elected in the November 16 governorship election in the state, he would bring succour and relief to the people of the state. He promised to put in place and implement practical governance to address the developmental challenges of the state, saying, "This informs my decision to vie for the governorship seat of the state in 2024."

Akinfolarin, a two term National Assembly member, maintained that his experience, capacity, and knowledge were some of the factors that separated him from anyone desirous of becoming the governor in the state. According to him, the focal areas of the projects he would give priority included agriculture, health, education, social investment and economic empowerment.

twisted as ploy to make second term impossible for Governor Oyetola. "They lied to themselves that Ogbeni Rauf Aregbesola didn't want

Oyetola as Governor and thus will do ‘an Ambode’ i.e prevent him from running for a second term." Incidentally, he said, The Osun Progressives (TOP) caucus was

formed to champion the reformation of APC but with clear mind that all stakeholders had to be carried along for an holistic assignment.

Bago: Niger to Commit N5bn to Agricultural Mechanisation This Year Laleye Dipo in Minna Niger State government is to commit over N5 billion to the mechanisation of agriculture throughout the state in this year's farming season, Governor Mohammed Umaru Bago,has disclosed. Bago said at the signing of a memorandum of understanding with the All Farmers Association of Nigeria (AFAN) Niger State Chapter in Minna that part of the plan was for the delivery of 300 tractors and other equipment to the state soon. The governor also assured that all arable land in the state would be secured against criminal elements,

assuring them that the security of lives of the people would be guaranteed to make them till the ground in safety. Part of the agreement was for AFAN to serve as outgrowers of different kinds of crops in the 2024 dry season while Niger State Government would provide 550,000 hectares of land to 35,000 farmers to produce three million tonnes of food. In addition, the agreement entailed some of the farmers using their own land and water resources while the State Government would provide them with inputs worth N3 billion. According to the agreement,

the Government would recoup its investment from the harvests but 40% of the profit would go to the farmers while the government would take the remaining 60%. Bago described the agreement as "a milestone" in his revolutionary plans for the Agricultural sector, believing that, "very soon the state will cease to be regarded as a civil service State." He pointed out also that plans were on for the state to make a transition from subsistent to mechanised farming. The Governor, therefore, appealed for total commitment from AFAN for the agreement to achieve the desired results.

US Finally Files Fraud Charges against Tingo Group’s CEO, Mmobuosi

Alex Enumah in Abuja

The United States has filed criminal charges against a Nigerian fintech businessman, Odogwu Mmobuosi. Mmobuosi, who was a co-Chief Executive Officer of Tingo Group is being accused of fabricating financial statements and other documents of companies linked to him to defraud investors of millions of dollars. The charge unveiled on Tuesday by a US prosecutor in Manhattan, is coming nearly three weeks after the country’s Securities and Exchange Commission (SEC) asked a District Court in the Southern District of New York, to make an order "temporarily and preliminarily freezing the assets" of Mmobuosi, pending the hearing of a motion on notice. Popularly known as Dozy Mmobuosi, the co-CEO who had

last year failed in his bid to take ownership of an English Premier League soccer team, was specifically charged with securities fraud, for making false filings and conspiracy. According to the charge, Mmobuosi, was alleged to have falsely presented his Tingo mobile cellular business and Tingo foods agriculture business as profitable, generating hundreds of millions of dollars of revenue. The charge further noted that Mmobuosi sold both businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray the businesses as “cash-rich, revenue-generating companies,” and looted millions of dollars by misappropriating cash and selling stock at inflated prices. The alleged crimes were said to have been committed between 2019

to 2023. According to Reuters news, Mmobuosi is at large and his lawyer was not immediately identified at the unveiling of the charge. Mmobuosi had temporarily stepped down as Tingo Group’s co-CEO on December 20, two days after the SEC filed civil charges accusing him of orchestrating a “staggering” fraud. The SEC said Mmobuosi siphoned at least $16 million from Tingo Group. It said he used the money to buy luxury cars and travel on private jets, and to try to buy the Sheffield United soccer team when it was in the lower championship league. According to the SEC complaint, Tingo Mobile purports to supply mobile handsets and related services to farmers in Nigeria, while Tingo Foods is a purported food processor.

Tingo Group is a defendant in the SEC case, and has said it intended to vigorously defend itself. The indictment was made public nearly seven months after the short-seller Hindenburg Research accused Tingo Group of having “fabricated” its financials, and challenged Mmobuosi’s claim to have developed Nigeria’s first mobile payment app. The case is US v Mmobuosi, US District Court, Southern District of New York, No. 23-cr-00601. Meanwhile, SEC had in its request urged the court to extend the temporary seizure order to include Mmobuosi's assets held at brokerage and bank accounts both known and unknown, whether in Mmobuosi’s name or the name of entities he controls. The freezing order which formed

part of 16 reliefs being sought by SEC, was predicated on the grounds that the defendants are currently engaged in acts of fraud and corruption amounting to millions of dollars belonging to investors. A court document dated December 18, and filed on behalf of the commission revealed that Mmobuosi is being charged with fabrication of financial statements and other documents of three of Tingo Group and its subsidiaries, Tingo Mobile and Tingo Foods PLC. Mmobuosi and all three of Tingo’s subsidiaries were listed as defendants in the case and are being accused of insider trading, lying to auditors, and failing to disclose the sale of millions of common shares for which he was the ultimate beneficial owner and internal controls violations.

The other defendants are; Tingo International Holdings, Inc, AgriFintech Holdings, Inc. and Tingo Group, Inc. The court document titled Jury Trial Demanded, stated that Mmobuosi for years using the companies he controlled, TIH, Agri-Fintech, and Tingo Group "have intentionally and materially overstated their reported revenues, expenses, profits and assets in their SEC filings, public statements, and the books and records they have provided to their auditors". According to the plaintiff, the defendants since 2019, have booked billions of dollars’ worth of fictitious transactions through two Nigerian subsidiary companies Mmobuosi founded and controls, reporting hundreds of millions of dollars of non-existent revenues and assets.

thursday JANUARY 4, 2024 • T H i s d ay

NEWS

FREE VISA PRESENTATION…

L-R: Managing Director, Thrillers Travels, Dr. Moses Adebisi presenting Canadian Visa to Dr. Michael Onye; Marketing Manager, Thrillers Travels, Pelumi Adeyemi, and Admin Personnel Manager, Thrillers Travels, Oluwaseun Adeniyi, during the presentation of free Canadian Visa to 50 beneficiaries in Lagos… yesterday. Abiodun Ajala

Obaseki’s Aide Assures New CP of Support to Curb Cultism in Edo

The Special Adviser to the Edo State Governor on Youth Affairs, Mr. Shedrack Udugbai, has assured the newly deployed Edo State Commissioner of Police(CP), Funsho Adegboye, of the state government’s support to curb cultism and other crimes across the State. Udugbai gave the assurance when he visited the CP at the State Command, in Benin City, to discuss ways to tackle incidents of cult-related killings in the state. Addressing journalists after the visit, he said Governor Obaseki was worried about the recent incessant cult-related killings,

as he is concerned about the security of lives and property, adding that the visit to the State Command is to seek collaboration with the Police. The governor’s aide said the CP had assured the residents the State Command would collaborate with the youths to put an end to the incessant cult related killings in the State. According to him, no society can make progress in an unsafe environment, and appealed to members of the public to support the efforts of government and the Police to ensure that the State is safe for every law-abiding citizen

Blessing Ibunge in Port Harcourt

escaped the kidnap, Emmanuel Biira, said three people were whisked away from his car and that one of them was shot in the head before being taken away. Biira, who narrowly escaped the attack narrated that the incident happened not too far from the airport junction and that occupants of over 10 vehicles were involved in the incident. He narrated: “Not too far from the airport junction en route Obiri Ikwerre flyover, I ran into an ambush along with about eight to 10 other cars. We all saw the kidnappers shooting and we reversed to head back to the airport junction but we were surrounded already back, front and all around. “People jumped out of their cars to escaped and some were shot or apprehended. I jumped out to run but there was nowhere to run to and at that moment, the Lord showed me a car, spoke to me and said “enter under this car,” I obeyed.

to live and thrive in. On his part, the CP, Adegboye expressed delight on the visit, noting that youth involvement

in curbing cultism, armed robbery and other forms of criminal activities, cannot be overemphasised.

He pointed out that with the assurances of full support of Governor Godwin Obaseki, and collaboration with the youths

and other members of the public on providing credible information, the war on cultism will be won in the State.

Two Killed in Sokoto Deputy Gov Convoys ‘s Accident

Onuminya Innocent in Sokoto

At least two persons were said to have died yesterday evening when the convoy of Sokoto State Deputy Governor, Idris Mohammed Gobir, was involved in an accident . A source who spoke with our correspondent on condition of

anonymity said the accident which claimed the life of policeman and one photographer, simply called Buhari Tanko, believe to be a member of the entourage of the deputy governor. According to the source while speaking with our correspondent, “ I just confirmed the incident now, though I was not together

with them when the incident happened. “I just confirmed that the vehicle that had the accident is a police vehicle in which the photographer was together with them when the incident happened. “I learnt that two persons, a police officer whom I cannot

easily confirm his name and the photographer, Buhari Tanko, died on the spot. It is very sad and unfortunate, may their soul rest in peace.” Meanwhile, it was gathered that the state governor, Ahmed Aliyu Sokoto alongside his deputy Gobir, led other party faithful to Sabon Birni in an on official duty.

PTDA Leadership Tussle: Court Orders Police to Stay All Actions Eight Commuters Kidnapped in Rivers WaleIgbintade Justice Akintayo Aluko made the substantive suit or pending the Assistant Inspector-General

Eight persons have been kidnapped by suspected Fulani herdsmen along the Obiri-Ikwerre-Airport axis of Port Harcourt, Rivers State. THISDAY learnt that the gunmen stormed the area Tuesday evening, not far from the Port Harcourt International Airport Roundabout, Omuagwa and whisked away the victims. According to sources, the criminals had blocked the left flank of the road from the airport , which is about five minutes drive away from airport round about. The source revealed that all the victims were moving from the airport axis to the ObiriIkwerre area before they were attacked by the bandits. The source continued that over 10 cars were involved and that those who were unable to escape the scene were picked. One of the victims who

NSCDC Rescues Woman from Osun River Yinka Kolawole in Osogbo

The Osun State Command of the Nigeria Security and Civil Defence Corps (NSCDC) has rescued a middle aged woman who jumped into Gbodofon, Osun River on Tuesday, January 2, 2024. The Search and Rescue Team (SRT) of the command received a distress call from a member of the public and in less than ten minutes the officers were at the scene to rescue the victim, resuscitate her before taking her to the hospital for medical attention. After becoming conscious as a result of first aid treatment initially provided by the NSCDC team, the middle aged woman explained that she came all the way from Iragbiji to Osogbo

for her to jump into Gbodofon River because she was feeling fire burning in her body and the only way to quench the fire was to jump into Osun River. The State Commandant of NSCDC, Mr. Agboola Sunday, commended the SRT led by DSC. Ishola Oluyinka for being responsive and bringing their training in disaster management to bear in such a critical situation that could have claimed the life of a fellow citizen. Sunday assured Osun State’s residents of the command’s commitment to protecting lives and property even during emergencies and enjoined them to take care of their mental health, stressing that his men would pay close attention to all the rivers in the state to avoid future occurrence.

A Federal High Court, sitting in Lagos has ordered the police to stay all action and maintain status quo in the matter brought by members of the Ejigbo branch of the Petroleum Tankers Association (PTDA), who accused the Police of breaching their fundamental rights.

the order yesterday sequel to an Ex-parte application filed and argued by counsel to applicants Olumide Oyewole. The judge also ordered the Police not to do anything that would breach the fundamental rights of the applicants pending the hearing and determination of

further order from the court. The applicants, who include: Ganiyu Oyebola, Adebola Alani Akala, Basiru Adebayo Akangbe, Jimoh Abdulrahman Danlori, Wasiu Ankelo, Bolaji Babalola among others, have sued the Inspector General of police, Deputy Inspector General of police (FCID),

of police Zone 2, CP Emmanuel Ade-Aina, the Nigerians Union of Petroleum and Natural Gas Workers ( NUPENG), Saheed Adigun Omogbolahan, Augustine Egbon, Williams Akporeha and Olawale Afolabi, who were listed as respondents in the suit marked FHC/L/CS/2661/2023.

Kogi Guber: Stop Inspection of Election Materials, APC Urges INEC The All Progressives Congress (APC) has urged the Independent National Electoral Commission (INEC) to halt today’s scheduled inspection of the November 11, 2023 Kogi Governorship Election materials by the Social Democratic Party (SDP). The party also called for the removal and discipline of the

Kogi INEC Resident Electoral Commissioner (REC), Dr Gabriel Longpet, for having been heavily compromised by the SDP and its candidate. The Spokesperson/ Director of Media and Publicity, APC Campaign Council, Mr Kingsley Fanwo, made the calls in a statement issued in

Lokoja yesterday. The party frowned on the readiness of INEC to allow the legal team of SDP to inspect the election materials in disregard to an alleged preliminary objection earlier raised by its (INEC’s) Counsels before the Governorship Election Petition Tribunal sitting in Abuja.

The party said: “We hereby call on the Chairman and Management of INEC to immediately halt any inspection of electoral materials used in the November 11, 2023, governorship election in Kogi, pending the determination of the Motion on Notice filed by INEC and others to set the Order of inspection aside.

SyringeFirmStopsOperations,AnnouncesTemporaryRedundancyinA’Ibom

Jubilee Syringe Manufacturing (JSM) company inAwa, Onna Local Government Area of Akwa Ibom, has ended its operations, attributing the decision to “unforeseen circumstances affecting business operations.” The company, which was reputed to be the largest syringe manufacturing venture in Africa,

was inaugurated in 2017 by former Vice President, Yemi Osinbajo. Though it had stopped production msany months ago, it finally announced the end of operations on December 31, 2023, saying it had to implement temporary measures to ensure the long term sustainability of the company.

In a memo addressed to all the workers, a copy of which was made available to newsmen, stated that all positions including yours have been placed on temporary redundancy effective Janaury 1, 2024. The statement titled, “Temporary Redundancy – Service Not Needed Till Further Notice,’’ and addressed

to all workers read in part, “We trust this message finds you in good health. “It is with a heavy heart that we write to you today to communicate a challenging decision that Jubilee Syringe Manufacturing Company Limited has had to make due to unforeseen circumstances affecting our business operations.

Fire Razes Sobi Specialist Hospital COVID-19 Centre in Ilorin Hammed Shittu in Ilorin

Fire outbreak has razed the Sobi Specialist Hospital COVID-19 Centre in Ilorin, the Kwara State capital. The centre was established during the period of COVID-19

pandemic in the state, to cater for the medical treatment of those who might have been infected by the disease. The centre was located at the premises of the Sobi Specialist Hospital, Ilorin, so as to serve as annex to the centre

The COVID-19 centre was equipped with a lot of modern medical equipment in order to take care of the infected people in the state. However, THISDAY checks revealed that the COVID-19 centre was reportedly gutted

by fire around 8.35.a.m last Tuesday. It was learnt that the incident was allegedly caused by an unidentified person that had set an undergrowth on fire, which then spread to the COVID-19 Centre ward.

High Medical Expenses Increasing Malaria Mortality Rate, Says Group

Ayodeji Ake

The ATM Networks,- Network of People Living with HIV and AIDS in Nigeria (NEPWHAN), Civil Society in Malaria Control, Immunisation and Nutrition (ACOMIN), Tuberculosis (TB) Network, have raised the alarm over malaria mortality rate caused

by the rising medical expenses. Speaking at the recent media brief in Lagos recently, the State Coordinator, TB Network, Mrs. Ifelunwa Aipoh, lamented that the mortality report discourages care-seeking behaviour. She is worried that Nigeria is still on the global map of HIV/AIDS, Tuberculosis and Malaria burden.

She said: “Nigeria has the world’s highest number of people affected by malaria and the world’s secondlargest human immunodeficiency virus (HIV)/AIDS burden. There is a high occurrence of co-infection of malaria in HIV patients. Nigeria is also ranked as one of the 30 high tuberculosis (TB) and TB-HIV co-infection burden countries in

the world.” “Co-infection can make each disease more severe and potentially more infectious. This rapid literature review highlights key aspects of the epidemiology of malaria, HIV, and TB in Nigeria, in addition to challenges in controlling the three diseases, in terms of prevention, detection, and treatment.”

thursday january 4, 2024 • T H I S D AY

NEWSxtra

BOOSTING EDUCATION…...

L-R: Chief of Staff to the President, Femi Gbajabiamila; Speaker of House of Representatives, Abbas Tajudeen, and Vice Chancellor, National Open University (NOUN), Prof. Olufemi Peters, during the inauguration of a building facilitated by Gbajabiamila for NOUN Surulere Campus in Lagos…recently

Two Policemen Injured as Bandits Attack FCT Community Olawale Ajimotokan in Abuja

The latest bandit attack on Garam and Zuma communities in Bwari Area Council in the Federal Capital Territory (FCT) has left two policemen with injuries and unspecified number of residents kidnapped. The two police officers were allegedly injured during fierce

gun duel with the bandits. The attack, which occurred yesterday was the fifth in the series since the undesirable elements struck Garam, Niger State, a boundary community with Bwari FCT. Garam, which is contiguous to Kuduru, another troubled community in Bwari Area Council of the FCT has experienced

Lawmaker Urges Constituents Not to Lose Hope Onuminya Innocent in Sokoto

A member of the House of Representative representing Koko/Besse Maiyama federal constituency in Kebbi State, Hon Salisu Garba, has urged his constituents not to lose hope, stressing that there are better days ahead. He emphasised the need for Nigerians to work hard for the country’s unity and progress in this new year. Koko stated this in his goodwill message to the people of his constituency, state and country in general in Sokoto.

The lawmaker further urged Nigerians to endeavour to pray for those who have lost hope and those who feel despair. According to him, “We are grateful to God for bringing us to the start of a new year in 2024, let us take a moment to reflect on the past year and give thanks to Almighty God for all his blessings.” Koko, who is the deputy chairman, House Committee on Banking and Finance, said: “Let us look forward to 2024 with hope, faith and aspirations as God’s love and guidance are with us.”

VON DG Promises Better Life for Staff in 2024 Laleye Dipo inMinna

The Director General of the Voice of Nigeria (VON), Malam Jibrin Ndace, has promised a better life for all categories of staff of the agency in 2024. Ndace in a New Year message to all staff, which was received in the Niger State office of the organisation, said part of the deal is regular and prompt payment of salaries and allowances for the staffers. He assured the workers that “everything the corporation needed to take her to new heights is already within the organisation,”

stressing that what was required is the dedication and commitment of workers to their duties. Ndace said he was happy that the management and staff made it to 2024 peacefully, saying: “I’m so thrilled that we made it to 2024 happy and healthy! Let’s therefore kick off this new year with a renewed commitment to the values that make the Voice of Nigeria shine. “As the official International Radio Broadcasting Service of the federal government, there is the need for staff to be proactive and dedicated in amplifying Nigeria’s voice positively worldwide.”

perennial attacks from bandits since December 24, 2023. The latest onslaught forced many fear-stricken residents to relocate in droves to safer parts

of the FCT. An onslaught on Garam during the Yuletide led to the killing of four persons, including a pastor of the Redeemed Christian Church

of God, and the abduction of more than 50 persons. The pastor was said to have been killed in the presence of his family.

It was gathered that the bandits had infiltrated Garam before the New Year’s Eve, forcing many residents to jettison cross over services.

Former Nigerian President, Chief Olusegun Obasanjo, has asserted that there was no option for the next generations of Africans to relieve the continent from its huge debts. President Obasanjo in 2003 secured a debt relief for Nigeria

Algeria at the same period. The former president’s assertion was revealed in a statement issued by his Special Assistant on Media, Kehinde Akinyemi, quoting an engagement with 2023 awardees of the Future Africa Leaders Foundation, an initiative

He noted that with the level of mismanagement of the previous debts written off for the country, it would be almost impossible for any administration to get similar gesture on the continent. Obasanjo declared that the debts were a trap that no

fall into, as it constitutes an albatross on any economy. sserted that leadership was the number one problem facing the continent, said: “The coming generations will have no other choice but pay the current debt being incurred by different countries on the continent.”

Obasanjo: No Option for Next Generations on Africa’s Debts likewise his counterpart from of Pastor Chris Oyakhilome. individual or nation should James Sowole in Abeokuta

Lawyers Petition AGF, IG over Disobedience of Court Orders by Police Intelligence Unit

WaleIgbintade

Two legal practitioners have petitioned the Attorney General of the Federation(AGF), and Minister of Justice and the Inspector General of Police (IG) over brazen disobedience to a valid court order by the officers and men of the Intelligence Response Team Unit (IRT), Nigeria Police Force.

Wale Adenuga Productions (WAP) ended 2023 on a joyful note as Superstory, Nigeria’s most-watched TV drama, was crowned ‘Television Drama of the Year’. The TV programme was honoured at the 31st edition of the Nigeria Media Merit Awards (NMMA) which took place in Lagos recently. At the award ceremony, the producer of Superstory

TV Drama, Wale Adenuga Jnr., said: “Since Superstory started airing in 2001, we have never stopped working hard to ensure the relevance, relatability, and timeliness of our different stories being watched by several generations of viewers from various backgrounds. “We appreciate the organisers of this event for recognising our efforts, and we assure Nigerians that we still have lots of mind-blowing surprises coming soon.”

They warned that the dignity and honour of the court cannot be maintained if its orders are treated disdainfully and scornfully without due respect. The petitions tagged “Brazen disobedience to a valid court order: A threat to our constitutional democracy and a call for your urgent intervention” urged the AGF to compel the Nigeria

Police Force to obey court orders. According to the petitioners, the three men were arrested at different dates and different locations in Rivers State since last year, and subsequently brought and detained at the intelligence Response Team Unit (IRT) Abuja on the 20th December, 2023 and have remained in continued detention since the said date.

Adeleke Sets up Monitoring, Evaluation Team on Cabinet Members Vows to remove from office any appointee that fails to deliver

YinkaKolawoleinOsogbo

Osun State Governor, Ademola Adeleke, has read the riot act to the members of the State Executive Council on service delivery, setting up a monitoring and evaluating unit for quarterly performance review

of cabinet members. Addressing the 2024 maiden meeting of the State Executive Council, the governor directed council members “to redouble our efforts in service delivery to our people. We should note particularly that 2024 is a critical year for this administration.

“By December, we will be reaching the mid-term. We must move fast in the implementation of our sectorial plans. You all must work hard in your various ministries to achieve set goals. “Kindly be informed that I have set up a discreet Monitoring

and Evaluation Team to prepare quarterly reports on ministries and assess performance of members of the cabinet. Even though you did not sign a performance bond on assumption of office, you will henceforth be evaluated on your service delivery.

Governor Sheriff Oborevwori of Delta yesterday said the state government would disburse two billion naira Special Agricultural Intervention Fund to farmers this month. The governor discloser this

after inspecting the Accelerated Agricultural Development Scheme (AADS) at Mbiri Farm Settlement and the AgroIndustrial Park, Aboh-Ogwashi in Ika North-East and Aniocha South Local Government Areas. The Mbiri Farm Settlement

houses 30 greenhouses for the cultivation of tomatoes and other vegetables, while the Aboh-Ogwashi is for rice milling and other grains processing. The governor said that his administration would continue

to improve on the agricultural value chain to ensure food security and job creation in the state. “If you go through my MORE Agenda, I said that there is going to be sustainable agriculture sector reforms”

Delta to Disburse N2bn Special Agricultural Intervention Fund to Farmers

Kebbi to Establish Commission for Persons Living with Disabilities Onuminya Innocent

Kebbi State Government Superstory Crowned ‘TV The has expressed readiness to a Commission for Drama of The Year 2023’ establish persons living with disabilities. Sunday Okobi

In two separate petitions already served on the AGF and the IG, the Petitioners Samuel C Noah and Ugwemogak Fingesi expressed disgust over the continued detention of Macpherson Olimini, Chime Ezebalike and Prince Lukman Oladele by the Officers attached to the Intelligence Response Team Unit (IRT) inAbuja in flagrant disobedience of Court Order.

The state Commissioner for Information and Culture, Yakubu Ahmed,

disclosed this while briefing journalists shortly after the State Executive Council (SEC) meeting held at the Government House in Birnin Kebbi yesterday. The commissioner said the commission, if established, would be saddled with

the responsibility of issues related to persons living with disability, adding that a bill seeking the establishment of the commission would soon be sent to the state House of Assembly. He said: “During our SEC meeting presided over by

Governor Nasir Idris, we deliberated and arrived at a position on three number of issues. “These issues included the establishment of Disability Commission, RIGATA Cultural Festival and traditional rulers allowances.”

Don’t Create Religious, Tribal Mistrust on the Case of the 7 Abducted Children, Says Bauchi Gov

Segun Awofadeji in Bauchi

Bauchi State Government has appealed to the public not to create confusion and mistrust among Nigerians following the

apprehension of the suspected masterminds for abductions of seven children who are indigenes of the state. The state Governor, Senator Bala Mohammed,

made the plea yesterday while formally receiving the abducted children from the state Police Command at Government House in Bauchi after their repatriation from Kano State.

Mohammed, who expressed concern on what he described as mischievous business by devious persons, explained that such act can be found in every tribe across the country.

GamingWeek

Thursday, January 4, 2024 • T H I S D AY

Edited by Nseobong Okon-Ekong | ikotibok@gmail.com | Tel: 08114495324 TR

Modern Lottery, Evolution Gaming, Others to Showcase Innovations at Africa Gaming Expo 2024 UT H

& RE A S O

Billed as the largest gathering of gaming stakeholders in Africa, the impending Africa Gaming Expo promises to be a dynamic convergence of investors, including industry leaders and government officials, who will spark conversations around trends in the industry, writes Iyke Bede

Babajide Sanwo-Olu

n the build-up to the highly anticipated Africa Gaming Expo (AGE) Lagos, scheduled to be held from March 12 through to March 15, 2024, at the Eko Hotel and Suites Convention Centre, the elements are gradually firming up for a spectacular exhibition of innovation in the gaming industry ecosystem that includes sports

Bashir Are betting, lottery and casino, eSports, online and mobile gaming, fintech and banks (payment platforms), among others. In this dynamic convergence of stakeholders, including industry leaders and government officials, who will spark conversations around trends in the industry, AGE Lagos boasts of a growing roster of

remarkable exhibitors, one of which currently has Modern Lottery and Evolution Gaming in its lineup. Noted for the crucial role it will play in assembling the largest gathering of stakeholders, AGE Lagos promises to be a pivotal event for fostering collaboration, networking, and knowledge-sharing within the gaming industry ecosystem, with

Olafadeke Akeju a special focus on the intersections of the gaming industry. The exhibition arm of the summit will provide the much-needed platform for market exposure for existing products, as well as new products on a continental and even global scale. As the exhibition booths rapidly fill up, there’s a buzz surrounding the opportunity

2024 Outlook of Sports Betting Industry in Nigeria Davidson Abraham writes that the New Year looks very good for bookmakers and bettors as a combination of factors produces a significant period of great prosperity in the sports betting industry Nigeria’s love affair with sports is undeniable and spills over into the exciting world of sports betting. With smartphones and a growing appetite for digital entertainment, Nigerians place their wagers on everything from the Premier League to virtual ping-pong competitions. In 2024, this passion promises to fuel an even bigger boom in the sports betting industry, making it a game worth watching for players and operators.

Fueling the fire

Several factors are stoking the flames of growth. Mobile Mania: Imagine nearly 200 million smartphones, each a portal to instant gratification and a potential gateway to the thrill of the bet. That’s the reality of Nigeria’s mobile landscape, fueling an unprecedented surge in online sports betting. No longer confined to brick-and-mortar shops, Nigerians can now place wagers anytime, anywhere, with just a few taps. This accessibility revolutionises the game, bringing the betting world to the fingertips of even the most remote corners of the nation. Wallet power: While economic uncertainties linger, a glimmer of

Lanre Gbajabiamila

Olabimpe Akingba

Babajide Boladuro

hope shines through with projected GDP growth in 2024. This translates to potentially more disposable income in Nigerians’ pockets, and a portion of that newfound spending power could find its way to sports betting. For many, it’s not just about chasing riches; it’s about adding a layer of excitement and anticipation to their favourite sporting events. Beyond the Beautiful Game: Football may reign supreme in Nigerian hearts, but the betting landscape is no longer a one-trick pony. Operators are expanding their horizons, offering wagers on a smorgasbord of sports, from the slam dunks of basketball to

the graceful rallies of tennis. This diversification caters to a wider range of sporting passions, ensuring there is a bet for every fan, every interest, and every adrenaline rush. Esports as the new arena: Forget gladiatorial combat. The virtual battlegrounds of esports are where a new generation of champions clash. And Nigerian youth are at the forefront, cheering on their digital heroes and revelling in the competitive spirit. Savvy operators recognise this passion, offering bets on major esports tournaments and leagues, tapping into a lucrative and rapidly growing market.

Responsible play; centre stage: The thrill of the bet doesn’t have to come at the cost of well-being. Recognising this, regulatory bodies and operators are placing responsible gambling practices at the heart of the industry. This shift includes age verification measures, educational initiatives, and tools to combat problem gambling. It’s a commitment to sustainability, ensuring the industry thrives alongside the safety and well-being of its players.

ADVISORY: +18 PERSONS UNDER 18 MUST NOT PARTICIPATE IN BETTING, GAMING OR LOTTERY ACTIVITY

to secure a space and be part of the immersive experience at a discounted rate that reverts to the regular procurement fees on February 1, 2024. Of course, AGE Lagos transcends a mere display of products and services offered by stakeholders. It is a melting pot of ideas on advancing the gaming sector through insightful discussions viewed through the lens of seasoned panellists and elaborate paper presentations by experts and leaders in the industry. Confirmed speakers at this edition cut across various fields, bringing together a diverse range of expertise and perspectives to the forefront. From accomplished industry leaders to visionary researchers to select government officials, the lineup reflects the summit’s commitment to offering attendees a well-rounded and insightful experience on trends and advancements in the sector. Governor Babajide Sanwo-Olu will don the toga of chief host and keynote speaker to deliver the dynamic working relationship between the state and stakeholders in providing an enabling environment for the expanding gaming sector in the state. He will be joined by the Chief Executive Officer of the Lagos State Lotteries & Gaming Authority, Bashir Are, who will provide more insights into the milestones attained by his organisation while highlighting

various trends of note. In a remarkable move, representatives of reputable gaming bodies such as the Gaming Standard Association (GSA), United States, Malta eSports Association, and Gambling Research Exchange Ontario will also show their mark through in-depth contributions. They include Managing Director, GSA Europe / Vice President, IGSA, Mark Pace; President of Malta Esports Association, Legal & Compliance Professional - Gambling/Esports/ AML, Michele Magro; Director, Stakeholder Engagement, GREO, Lindsay Kalbfleisch; and Chief Strategy Officer, GREO, Elizabeth Lusk. Speakers sourced from the continent include Managing Partner at WYS Solicitors/Legal Counsel(Africa) and Partner at SteelRose, Olafadeke Akeju; Chief Executive Officer, Gambling Authority Botswana, Peter Kesitilwe; Chief Strategic Adviser, National Gambling Board, South Africa, Caroline Kongwa; Senior Manager, Strategy and Organisational Performance, National Gambling Board, South Africa, Yvonne Gwenhure; Chief Solution Officer, Cybervergent, Gbolabo Awelewa; and MD, KingMakers (BetKing) and Chairman, Vend Capital, Gossy Ukanwoke.

GAMINGWEEK TEAM Nseobong Okon-Ekong ikotibok@gmail.com | 08114495324 Iyke Bede ikennabede@gmail.com | 0703 044 7714 Akeem Lasisi lasaisai@yahoo.com | 08023687884 Vanessa Obioha vaysylver@gmail.com | 08069838305 Davidson Abraham davisiano.adm@gmail.com | +971 56 744 6013

T H I S D AY • THURSDAY, JANUARY 4, 2024

THURSdaysports

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

0811 181 3083 SMS ONLY

AFCON IN CÔTE D’IVOIRE...

Chukwueze, Nwabili Swell Super Eagles in Camp to 19 Players Peseiro gives reason for snubbing Dessers from Nigeria’s party to Côte d’Ivoire Kunle Adewale AC Milan’s Samuel Chukwueze and South Africa-based goalkeeper, Stanley Nwabili, were the latest addition to Super Eagles camp in Abu Dhabi as at press time last night to swell the list of players in the training base to 19. Chukwueze was initially excused to feature in Milan’s Tuesday night Coppa Italia clash with Cagliari before heading to the camp in the UAE. Those who took part in the first training session in Abu Dhabi include; Ahmed Musa, Kenneth Omeruo, Moses Simon, Olorunleke Ojo, Alex Iwobi, Semi Ajayi, Ola Aina, Cavin Bassey, Ademola Lookman, Joe Aribo, Frank Onyeka and Bruno

Onyemaechi. Others are; Chidozie Awaziem, Zaidu Sanusi, Victor Boniface, Bright Onyedika, Bright Osayi-Samuel, Chukwueze and Nwabili. All others were being expected last night for full training to start in ernest today. Meanwhile, Super Eagles Head Coach, Jose Peseiro, has explained why he opted to snub Glasgow Rangers striker, Cyriel Dessers in his 2023 Africa Cup of Nations squad slated for Côte d’Ivoire. The Ibrox hitman has scored nine goals so far for Rangers in all competitions after his £4.3 million summer move from Cremonese in Italy. Although Dessers was named in Nigeria's preliminary list, he didn't

make the final cut for the 25-man squad for the finals. The Portuguese gaffer yesterday revealed why he didn't take the four-time capped striker to the Finals. He said: "We could have taken 27 players, but the federation decided to go with 25 and I agreed because it is easy to manage this number. "We first came up with the 41 players, then the players who made the final list have been with us and they have shown good performance. "For the ones who aren't in the final squad, there are players who showed good performance for their clubs, but didn’t do well in the national team. "Also, there are players who do well for the national team and didn’t do well for their clubs.

...Yusuf Replaces Injured Ndidi in Peseiro’s Squad

EAGLES IN CAMP Ahmed Musa, Kenneth Omeruo, Moses Simon, Olorunleke Ojo, Alex Iwobi, Semi Ajayi, Ola Aina, Cavin Bassey, Ademola Lookman, Joe Aribo, Frank Onyeka, Bruno Onyemaechi, Chidozie Awaziem, Zaidu Sanusi, Victor Boniface, Bright Onyedika, Bright OsayiSamuel, Samuel Chukwueze, Stanley Nwabili.

Samuel Chukwueze is already in Super Eagles camp in Abu Dhabi

Amidst doubt over the availability of Leicester City midfielder, Wilfred Ndidi for the 2023 Africa Cup of Nations in Côte d’Ivoire due to injury, the Nigeria Football Federation (NFF) has confirmed that the midfield enforcer will remain at the Kings Power Stadium after withdrawing from the Nigerian squad to the biennial competition. The midfielder had been called up for the tournament, which takes place this month, alongside City teammate Kelechi Iheanacho, but their places in the squad had been thrown into doubt due to injury. Ndidi was left out of the City match-day squad for the New Year’s Day win over Huddersfield. Manager Enzo Maresca confirmed after the game that he missed out due to injury, sparking doubts over whether he would be able to compete at AFCON. “Kele and Wilf are both injured, but they are now going to be with the international team,” Maresca said. “We’ll see if they’re going to keep

GTI Commends Sporting Press over Roadmap for Domestic League Strategic partners to the Nigeria Premier Football League (NPFL), GTI Asset Management and Trust Limited, have commended the efforts of the sporting press in the outgone year, 2023, for their professional coverage of the elite league as they step up plans for 2024. In its New Year message, GTI’s Head of Media and Publicity, Andrew Ekejiuba, commended the media for embracing GTI’s vision for elite football development and thumbed up their valuable reports targeted at stakeholders of the NPFL to implement the business aspect of the game in all their activities. “The drive is to lay a solid foundation for the league to thrive in the country and we believe that with the way NPFL is evolving, by the next few seasons the elite league in the country will rank among the best in Africa,” Ekejiuba said. In GTI's New Year message to the media he added: “As we bid farewell to 2023 and stand on the threshold of another history-making New Year, 2024, we want to express our deepest gratitude to the sporting press in Nigeria for your unwavering support and loyalty throughout the past year. “The massive support the sporting media gave to GTI Group and

the Nigeria Premier Football League in 2023 was unquantifiable as we make bold to state that your trust has been the driving force behind our success story. “However, as we commence activities into 2024, we carry the lessons of the past and the enthusiasm

for what lies ahead since the NPFL project is still a work in progress. “We hope 2024 brings great joy, prosperity and countless moments of fulfillment to all stakeholders of the elite league. May we all achieve our goals and embrace new possibilities with an open heart, as we

embark on this journey together. GTI Groupis extremely excited about the adventures that await us in 2024 and eager to create more memories and successes with you in the coming years. Wishing you and your loved ones a Happy New Year,” concludes the GTI press statement.

WTT Finals: Aruna’s Comeback Stuns Brazilian Star Quadri Aruna was on the brink of a third consecutive defeat against Brazil's Hugo Calderano but the Nigerian turned things around to stun the world number five in the first round of the WTT Finals Doha 2023 in Qatar. Just like it happened in their previous meetings, the Brazilian star raced to a 2-0 (11-7, 11-2) lead, hoping to cap the win over Aruna with the third game. However, the African champion silenced the roaring supporters of the South American champion in the third game with 11-9 win to narrow the gap to 2-1. Aruna continued from where he stopped in the third game with a

close 12-10 win to put the game into a 2-2 tie. The fifth game being the deciding encounter started in favour of Aruna who led from the start leading 8-4 but the South American worked his way back into the game at 8-8. He took the lead at 9-8, 10-9, but the ferocious forehand of Aruna did the magic for the Nigerian as his shots dazed Calderano to concede the fifth game at 12-10being the first victory Aruna had over the American star. “I cannot describe how it feels. But I’m very happy and excited,” a delighted Aruna said after the epic victory. The Nigerian who was coached by Tunisia’s Hachmi Abid hailed the

tactician for his support throughout the encounter. “My coach was telling don’t give up and keep fighting. One set could actually make a difference and it did make a big difference. I listen to him very much. I believe so much in him and I was just doing what he told me to do,” he added. The win eased Aruna into the quarterfinal of the $340,000 prize money tournament and a rematch against world number one Fan Zhendong of China on Thursday January 4. “I’ve never had a win against Fan Zhendong … I believe I can give my best tomorrow and see how it will go. It’s very important to enjoy it,” Aruna enthused.

them or send them back. But they are both injured unfortunately for us.” It has now been confirmed by the NFF that Ndidi has withdrawn from the squad due to injury. The federation also confirmed that Iheanacho, who has missed the last two games, is still working to be available. An official statement read: “Midfielder Alhassan Yusuf replaces injured Wilfred Ndidi and Kelechi

Iheanacho still hopeful to join the team before AFCON commences.” How serious Ndidi’s injury is still to be seen. Leicester City will hope that the midfielder can return to action sooner than he would have been able to if he had travelled to the tournament with Nigeria. Meanwhile, the eggheads of the NFF are still hopeful Ndidi's Leicester team-mate, Iheanacho will be able to join the squad.

Awoniyi, Aina's Forest Face Possible Point Deduction Taiwo Awoniyi and Ola Aina’s club, Nottingham Forest, are in danger of a possible point deduction in the English Premier League if they’re found guilty of breaching the financial fair play rules, Soccernet.ng reports. The Reds are currently 15th in the league standings after winning tough games against Newcastle and Manchester United, seizing six points altogether. In a publication released by The Athletic, all Premier League clubs will learn later this month whether they are in breach of the league’s profitability and sustainability regulations (PSRs). According to the new introduction made by the league’s governing body, the clubs in the

league were requested to submit their financial accounts for the 2022/2023 Premier League season on December 31st, 2023, rather than the usual time frame, which was supposed to be in March, 2024. As a result of the change, any club found guilty of financial breach will incur immediate punishments such as fines, and in some cases, point deductions. Since Steve Cooper led the Reds to the English top-flight, they have bought a total 42 players, and have been in dire need of sales to balance the books. Forest sold Brennan Johnson to Ange Postecoglu’s Tottenham Hotspur on the deadline of the summer transfer window for a fee of £47.5million.

Nigeria’s Football Community Mourn Brodricks-Imasuen Adibe Emenyonu in Benin City

The Nigeria Football Federation (NFF), yesterday expressed deep shock at the news of the death of the first man to lead an African team to win a FIFA World Cup, Coach Sebastian Brodricks-Imasuen, at a hospital in Benin City, Edo State. The 85-year tactician, according to his family, was undergoing treatment for stroke and diabetes but gave up the ghost at the University of Benin Teaching Hospital in the early hours of yesterday. “The NFF and the entire Nigeria football fraternity are sorely pained by the demise of Coach Sebastian Brodricks-Imasuen. He worked very hard at his craft and was tireless in his efforts to bring honor to the homeland through the various National Teams he worked with. No one can ever forget how he led an unsung group of boys to

Late Sebastine Broderick-Imasuen China to win a first-ever FIFA World Cup for Nigeria and Africa,” NFF General Secretary, Dr. Mohammed Sanusi recalled. Brodricks-Imasuen was Head Coach of the Nigeria U16 squad that won the inaugural FIFA Cadet World Cup in China in 1985, defeating West Germany 2-0 in the final at the Workers’ Stadium in Beijing.

Thursday, January 4, 2024

UT H

& RE A S O

Price: N400

MISSILE

Peter Obi to Nigerians

If there is one fundamental threat to our democracy, it is the undermining and weakening of our national institutions and the capture of state affairs and resources by few individuals and private interests. This must stop for Nigeria to move forward and function as an inclusive and sustainable society and nation—Presidential candidate of the Labour Party (LP) in the 2023 general election, promising a robust opposition role by his party in the new year.

olusegunadeniyi the verdict olusegun.adeniyi@thisdaylive.com

Endless Bloodletting on the Plateau

unmen emerged from nowhere on 8 July 2012 as then Chairman of the Senate Committee on Health, Gyang Dantong and then Majority Leader of the Plateau State House of Assembly, Gyang Fulani led mourners at a mass burial of victims of attack on villages in Barkin Ladi and Riyom local government areas. By the time the dust settled, the two lawmakers had been gruesomely murdered along with several others. Although then member representing Barkin-Ladi/Riyom Constituency in the House of Representatives, Simon Mwadkon suffered serious gunshot injuries, he survived the attack. My column in the aftermath, ‘Fire from the Mountains’ is one of more than a dozen I have written on this perennial tragedy that has turned one of the most beautiful parts of our country into a killing field. Even as I write, bodybags are still being counted from the orgy of violence that began on Christmas eve. As many as 160 people were killed in Bokkos, Barkin Ladi and Mangu local governments. The assailants, according to Governor Caleb Mutfwang, targeted 17 communities in “senseless and unprovoked” attacks, burning down most houses in the area. “As of this morning, in Bokkos, we are counting not less than 100 corpses. I am yet to take stock of (the deaths in) Barkin Ladi,” an apparently traumatised Mutfwang told people of the state in a Christmas Day broadcast. In another broadcast on Monday to herald the new year, Mutfwang said the violence was not a result of clashes between farmers and herders. “For the avoidance of doubt, it is a misrepresentation of facts to describe these needless and unprovoked attacks on our people as a farmer-herder clash as has always been the traditional narrative. Let us call a spade a spade; this is simple genocide!” I agree with the governor that this madness is much deeper than the perennial conflict between herders and farmers. But I cannot agree with his characterization of the genesis: “From small eruptions of conflict sometime in 2001, no one could have imagined that our dear state would witness such unquantifiable bloodshed of innocent lives, some known and others unknown.” The ‘Jos Riots’ between 7 and 17 September 2001 shattered the peace of the state and claimed almost a thousand lives on both sides. They were more than “small eruptions”. Perhaps what the governor means is that the whole madness started as a reaction to the appointment of a local coordinator for the federal government poverty alleviation programme by the President Olusegun Obasanjo administration. Three years later, the madness moved to Yelwa town in the same state. First, on 24 February 2004, no fewer than 49 Christian worshippers were brutally murdered in a church with dozens of others killed within the community. What followed was predictable. On 2 and 3 May of same year, revenge killings claimed more than 600 lives. Since Kano people identified with victims of the second Yelwa attacks, that city also exploded in violence, claiming the lives of more than 200 people, mostly southerners and Christians. These are recorded facts of history. I recommend two American Human Rights Watch (HRW) reports, ‘Jos: A City Torn Apart’ (December 2001) and ‘Nigeria: Revenge in the Name of Religion: The Conflict in Yelwa’ (May 2005) for those who may want to learn more about this recurring tragedy.

and three others on a trip to Bauchi to visit then Governor Ahmed Adamu Muazu to commission projects. I didn’t hesitate. The three others included then Finance Minister and current World Trade Organisation (WTO) Director General, Dr Ngozi Okonjo-Iweala, her Federal Capital Territory (FCT) counterpart, Mallam Nasir el-Rufai and then Director General of the Debt Management Office (DMO), Dr Mansur Muhtar, currently vice president at the Islamic Development Bank in Saudi Arabia. The highlight of the Bauchi visit occured at the Women Development Centre that had been turned into an Internally Displaced Camp for thousands of people from Yelwa, Plateau State. When I returned to Lagos, I wrote, ‘A Nation of Settlers’. I leave readers with a few excerpts of the column first published in 2004 before I conclude.

Plateau State Governor, Caleb Mutfwang As all problems associated with land occupation and a mix of ethnicity and religion, I am not naïve enough to imagine there are easy solutions to the current challenge in Plateau State. But we must locate this tragedy and the earlier ones within the context of tit-for-tat ethno-religious violence that has defined Jos and environs since September 2001. If, as the saying goes, an eye for an eye makes the world go blind, those behind the violence on all sides must understand that being reduced to undertakers cannot be a way of life. Yet, when a society is in decline, as I have also written several times on this page, people look for solutions where they do not exist. Going through my archives last weekend, I saw many of my interventions between 2001 and 2007 on the crisis in Plateau State. One stands out due to the bigger picture painted. It was after the 2004 Yelwa tragedy which spread to Kano. President Obasanjo had visited Plateau State where he held a meeting with elders and leaders of thought at Government House, Rayfield, Jos. At the session, then Plateau State Chairman of the Christian Association of Nigeria (CAN), Reverend Yakubu Pam remarked that Obasanjo granted a one-sided audience to the Islamic Council of Ulama on the crisis, asking why the president never visited after the February attack. Before Pam could conclude his remark, Obasanjo interrupted him angrily, “What role have you played to bring peace as CAN chairman in Plateau State? CAN my foot! What kind of CAN chairman are you? Did your own Christianity teach you about revenge? You are an idiot. A total idiot. And I have no apologies for that.” It was on that acrimonious note that the session ended. Two months later, I was in Abuja for the Nigeria Extractive Industries Transparency Initiative (NEITI) meeting when our chairperson, Mrs Obiageli ‘Oby’ Ezekwesili, then Senior Special Assistant to the President on Price Intelligence and Budget Monitoring, asked whether I could join her

=============================== ============================= While all the political talk of ‘the President sent us to greet you’ by Okonjo-iweala, El-Rufai, Ezekwesili and Muhtar, was going on, I took time to look at the faces of people who had become refugees in the country they call their own. What I could see were pain, defeat, and helplessness. Yet from my interactions with a few of the boys, and the inscriptions from the placards many carried, what the displaced people in Bauchi want is to go back to Yelwa for which they demand a local government and that the federal government rebuild the destroyed properties. As I watched them, I could easily understand why the people want to go back to a place they are not welcome even if that is the only place that they call home. The truth is that even while they may speak the same language with the people of Bauchi who now provide them temporary shelter (or Kano where their ‘brothers’ were killing Southerners in their names), they are also ‘settlers’ in the town. The reality of course is that the people I saw in Bauchi would be ‘settlers’ anywhere. That explains why they

squat in overcrowded buildings with little or no access to proper sanitation or good food and no security for their immediate future. The people I saw in Bauchi represent the average Nigerians—the dispossessed, the displaced, the dislocated, those for whom our society has no safety net. What is particularly striking, as I reflect, is that the people who pulled the daggers and triggers on them in Yelwa were no indigenes either. They were, like them, ‘settlers’ being manipulated by the real ‘indigenes’ whose children are probably in the best schools in Europe and America even when they buy the weapons of mass destruction for the ‘settlers’ to deal with their kinds. The people I saw in Bauchi, like the millions you see on the streets of Lagos, Kano, Enugu or in the creeks of Niger Delta, have never been indigenes in Nigeria. They do not have the rights which indigenes in any society are entitled to—rights to education, health, welfare, social protection etc. They lack these rights basically because, as I said, they are ‘settlers.’ But the danger is that many of them are not even aware of their unfortunate situation hence they become ready weapons in the hands of opportunistic politicians who use them to achieve their nefarious ends. In contrast to the people I saw in Bauchi, I know that it would not be difficult for the children of the suspended Plateau State Governor, Mr Joshua Dariye, to blend with Bauchi elite, among whom he could easily be an ‘indigene’; the same way the children of Mallam Ibrahim Shekarau of Kano would blend with the people in Plateau State. The point is that whatever may be the manipulation of the elite who use the poor as cannon fodders for their dirty agenda, when the chips are down, what distinguishes an ‘indigene’ from a ‘settler’ in Nigeria is not the vernacular such people speak or the religion they profess but rather their place on the social ladder…

NOTE: Piece concluded online

Mrs Olumide at 80

y relocation to Abuja in 2007 was not planned. But not returning to Lagos was a conscious decision. The cost of course is that I am now far away from many of the good people who made me feel special in that city described by President Obasanjo as an ‘urban jungle.’ One of them, Mrs Clara Folasade Abiodun Olumide (née Solarin), the first female Registrar of the University of Lagos (2002-2006), will be 80 tomorrow. I cannot remember exactly how we met but right from the first moment in the late nineties, she has remained an encourager and one of the most regular readers of my column. With a B. A. (Montreal) and M. L. S (McGill), Mrs Olumide joined the University of Lagos in 1972. For almost four decades, she served in different capacities with great impact, including as Admission Officer. Respected for her no-nonsense mien and strength of character on campus, her late husband, Folabi Olumide, a Professor of Surgery and Consultant Gastrointestinal Endoscopist, also spent several years at the University of Lagos before becoming the pioneer Vice Chancellor of the Lagos State University (LASU). Regrettably, I will not be in Lagos tomorrow for Mrs Olumide’s thanksgiving Church service

Mrs Olumide and the reception that follows. But her daughter (and my sister), Dr Jumoke Oduwole, (Special Adviser to the President of Nigeria on Ease of Doing Business) knows I share the joy of the day with the family. I wish Mrs Olumide happy birthday, long life, and good health.

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