MONDAY 8TH JANUARY 2024 by THISDAY Newspapers Ltd

CBN Pays $2.062bn Additional FX Forwards with Banks, Disburses $61.64m to Foreign Airlines Nigeria’s stock market outperforms global peers in first trading week of 2024 with N2.68tn returns

James Emejo in Abuja, Nume Ekeghe and Kayode Tokede in Lagos

The Central Bank of Nigeria (CBN)

yesterday announced that it had disbursed about $61.64 million to foreign airlines through various Deposit Money Banks (DMBs) in

the country. CBN added that it had redeemed outstanding forward liabilities amounting to about $2 billion in

the past three months, taking the total to about $2.062 billion. The FX intervention was confirmed in a statement issued by

CBN's acting Director, Corporate Communications Department, Mrs. Hakama Sidi. The central bank said the pay-

ment reaffirmed its commitment to eliminating the backlog of pending Continued on page 12

Tinubu Celebrates Chagoury, Mele Kyari, Zacch Adedeji on Their Birthday... Page 12 Monday 8 January, 2024 Vol 28. No 10498. Price: N400

www.thisdaylive.com TR

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Wigwe Varsity Appoints Pioneer VC, Pledges Bold Leadership, Boundless Innovation... Page 5

2027 Poll Not in Focus for Atiku, Obi, Kwankwaso, Others Chuks Okocha in Abuja

The National Consultative Front (NCFront), led by Prof Pat Utomi, has said the focus of the former VicePresident, Atiku Abubukar, former governors of Anambra State, Peter

Obi and former governor of Kano State, Rabiu Kwankwaso was not contesting the 2027 presidential election, but how to build a formidable political party that would rescue Nigeria from the grips of the All Progressives Congress (APC).

In a statement by its acting spokesperson, Mallam Hamisu San Turaki, the group said the insinuation in the Media that leading opposition leaders were already jostling to run for the Nigerian presidency in the 2027 poll was absolutely false.

Media reports last week claimed Atiku and Obi were jostling to position themselves for the next presidential election, where they would emerge as the presidential candidates of their respective political parties.

According to the statement, "The NCFront therefore states categorically that the current erroneous view in the media is a panicky and mischievous agenda of hatchet jobbers to divide the opposition and frustrate the merger proposal for

leading opposition parties mooted by Alhaji Atiku Abubakar before it takes off, knowing full well that the unity of the opposition in Nigeria will, without stress, defeat and Continued on page 12

In Strong Signal to MDAs, Tinubu Probes Edu over Public Money Paid into Private Accounts Promises to punish decisively any breaches Wale Edun heads investigation panel Minister in trouble for diverting N585.2m, approving air tickets to Kogi without airport Exposed fraud tip of iceberg, says PDP Falana: She should stop insulting us

Story on page 12

Lagos State New Year Thanksgiving Service...

L-R: Deputy Governor of Lagos State, Dr. Obafemi Hamzat; his wife, Oluremi; former Governor of the state, Akinwunmi Ambode; his successor, Governor Babajide Sanwo-Olu; the First Lady, Dr. (Mrs) Ibijoke Sanwo-Olu and Mrs. Bolanle Ambode during the State's New Year Thanksgiving Service at the Tafawa Balewa Square (TBS), Onikan, Lagos... yesterday

MONDAY JANUARY 8, 2024 • T H I S D AY

T H I S D AY • MONDAY, JANUARY 8, 2024

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

NEWS

Unveiling the new leadership of Consolidated Hallmark Insurance...

L-R: Executive Director, Finance and Investment, Consolidated Hallmark Insurance Limited, Katherine Itua; Group Chief Financial Officer, Consolidated Hallmark Holdings Plc, Mr. Babatunde Daramola; Group Chief Executive Officer, Consolidated Hallmark Holdings Plc, Mr. Eddie A. Efekoha; Managing Director/CEO, Consolidated Hallmark Insurance Limited, Mary Adeyanju; and Executive Director, PHOTO: ETOP UKUTT Operations, Consolidated Hallmark Insurance Limited , at the media briefing to unveil the new leadership of Consolidated Hallmark Insurance Limited in Lagos...recently

UN: Nigeria’s Ballooning Public Debt, Inflation, Rising Living Cost Risks to 2024 Growth Prospects

Forecasts nation’s GDP growth at 3.1% this year Says Africa has $120bn climate financing deficit

Emmanuel Addeh in Abuja A new United Nations World Economic Situation and Prospects (WESP) report for 2024 has stated that Nigeria’s increasing public debt, persistent inflation as well as its rising cost of living pose serious risks to the country’s economic growth this year. Nigeria currently has an inflation rate of 28.2 per cent and as of Q2, 2024 had a public debt of N87.38 trillion, from N49.85 trillion in Q1, according to the Nigerian Bureau of Statistics (NBS). The UN report also projected a slight increase in Nigeria’s growth rate, from 2.9 per cent in 2023 to 3.1 per cent in 2024. The WESP is a report produced by the United Nations Department of Economic and Social Affairs (UN DESA), in partnership with the United Nations Conference on Trade and Development (UNCTAD) and the five United Nations regional commissions. According to the document, policy reforms enacted by the government of Nigeria in 2023, especially in the hydrocarbon sector, contributed to a moderate improvement in the country’s growth prospects for 2024, with the 3.1 per cent Gross Domestic Product (GDP) growth forecast. “Policy reforms enacted by the government of Nigeria in 2023, especially in the hydrocarbon sector, have contributed to a moderate improvement in the country’s growth prospects for 2024, with GDP growth forecast at 3.1 per cent. “However, ballooning public debt, persistent inflation and a rising cost of living, together with a weak business environment, will

pose a downward risk to growth prospects,” the report stated. But it noted that efforts to increase in-country oil refining capacity would likely reduce domestic fuel costs in 2024 and beyond. The UN report stated that international trade remained subdued across the globe in 2023, with Africa representing part of the trend and virtually no year-on-year growth in merchandise trade volume in Africa in 2023. With overall GDP growth in African economies forecast to register moderate improvement in 2024, increasing to 3.5 per cent on average, the UN report added that external conditions are projected to remain unfavourable for the African economies due to a weak global economic outlook and limited external financing opportunities. “However, a recovery in domestic demand is projected for those countries that experienced economic shocks stemming from currency depreciations, electricity shortages or armed conflict,” it added. It stated that while developed countries channel investments into sustainable sectors, developing countries struggle with capital flight and reduced foreign direct investment. According to the report, the international trade as a growth driver was losing steam, with global trade growth weakening to 0.6 per cent in 2023, and projected to recover to 2.4 per cent in 2024. “Developing countries face challenges such as high external debt levels and rising interest rates, making access to international capital markets difficult. Decline in official development assistance and foreign direct investment for low-income

countries contribute to debt sustainability challenges,” the report said. The report also underscored the worsening impact of climate change, with extreme weather conditions in 2023 leading to devastating wildfires, floods, and droughts globally, stressing that these events have direct economic consequences, affecting infrastructure, agriculture, and livelihoods. According to the report, tight financing conditions in international capital markets - deriving from the

monetary policy stances of the United States Federal Reserve and the European Central Bank– limit external financing and refinancing opportunities for African economies. “Consequently, African currencies - with the exception of the institutionally pegged CFA Franc - faced a depreciation pressures due to weak export earnings and limited external financing inflows. “While these deteriorating external conditions limited the scope for economic expansion, factor

The federal government and the Kingdom of Saudi Arabia yesterday in Jeddah signed a Memorandum of Understanding (MoU) on a hitch-free 2024 Hajj. The Nigerian delegation to the meeting was led by Minister of Foreign Affairs, Yusuf Tuggar, while the Saudi contingent was led by the country's Minister of Hajj and Umrah, Dr. Taufiq Al-Rabiah. The Assistant Director, Public Affairs National Hajj Commission of

Nigeria (NAHCON), Fatima Usara, said the Nigerian contingent to parley which had in attendance the Acting Chairman/ CEO NAHCON, Jalal Arabi, pressed for more favourable terms for Nigerian carriers during Hajj airlifts and requested for a lasting solution to the shortage of tents in Mina. The federal government also invited the Saudi Minister of Hajj and Umrah to visit Nigeria. In response, Rabiah, acknowledged the challenge of space in Mina and assured that efforts were in place

Area (AfCFTA), are yet to bear fruit. “The effects of climate change continue to pose significant downward risks for the economy in Africa. Of the 68 climate vulnerable countries that make up the Vulnerable 20 Group, 28 are African,” the report stressed. Although several countries have become increasingly active in investing in the green transition, the UN stated that climate finance flowing towards Africa falls far short of its needs.

Wigwe Varsity Appoints Pioneer VC, Pledges Bold Leadership, Boundless Innovation Emmanuel Addeh in Abuja Wigwe University yesterday announced the appointment of its pioneer Vice Chancellor, Prof. Miles Davis, marking what it termed a thrilling beginning with fearless leadership and ground-breaking innovation. According to a statement from the institution, Davis who is coming from Philadelphia, PA, USA brings a stellar record of elevating academic excellence and fostering entrepreneurship. In addition, Wigwe University stated that Davis has a history of nurturing influential leaders and is therefore set to propel the institution to unprecedented heights. “Wigwe University proudly welcomes Prof. Miles Davis as its pioneer Vice Chancellor, signalling a thrilling beginning with fearless leadership and groundbreaking

innovation. “Hailing from Philadelphia, PA, USA, Prof. Davis brings a stellar record of elevating academic excellence and fostering entrepreneurship. “His remarkable achievements include spearheading AACSB accreditation for the School of Business and launching a game-changing centre for entrepreneurship. “With a history of nurturing influential leaders, Prof. Davis is set to propel Wigwe University to unprecedented heights, aligning perfectly with the institution's vision of fearless leadership and relentless innovation,” the statement added. It said that Davis is the immediate past President of Linfield University, Oregon, USA, where he inspired and oversaw historic growth, including the completion of the W. M. Keck Science Centre, marking a legacy of transformative success. Prior to his stewardship at

FG, Saudi Arabia Sign MoU on 2024 Hajj Operations Olawale Ajimotokan in Abuja

such as armed conflicts, political instabilities, extreme climate events, and infrastructure bottlenecks also depressed domestic demand growth. “GDP growth in African economies is forecast to register moderate improvement in 2024, in increasing to 3.5 per cent on average,” the report pointed out. It explained that efforts to promote stronger intra-regional trade in Africa, embedded most notably in the ongoing implementation of the African Continental Free Trade

to maximise the use of the available two million square meters for the over 2 million pilgrims performing Hajj annually. While accepting the invitation to visit Nigeria soon, Rabiah expressed the ministry's support for all measures aimed at giving pilgrims the best services. He also reminded NAHCON delegation of the new reservation policy for Masha’ir spaces. In response to NAHCON’s request for adequate space in Mina, Rabiah also highlighted the importance of

early monetary deposits for reserving preferred spaces in Masha’ir, saying it aligned with the ministry's updated policy of first-come, first-served. He urged NAHCON to take advantage of this new policy to secure choice spaces in Masha’ir as the move was part of Saudi Arabia's commitment to ensuring fairness in space allocation. Other participants from Nigeria include: Nigerian Consul-General in Jeddah, Bello Kazaure, senior officers from the Nigerian Mission in Saudi Arabia and NAHCON.

Linfield, Davis, the statement said, distinguished himself as a professor of management at Shenandoah University and was renowned for his transformative leadership that expanded academic programmes, pioneered cutting-edge research initiatives, and elevated campus life. “His strategic vision has consistently turned institutions into hotbeds of innovation, producing graduates who are not just academically accomplished, but fearless innovators ready to make a positive impact on the world,” it noted. Reflecting on his journey, Davis said: "As a first-generation college student who grew up poor and black, I understand the importance of meeting students where they are and guiding them to realise their full potential. “It's about recognising their unique challenges and providing the support they need to succeed." Now, as the vice chancellor of Wigwe university, Davis said he was thrilled about the institution's visionary commitment to shaping not only the future of Nigeria but also the future of Africa and the global diaspora. "Integrating leadership and innovation into teaching methods is a cornerstone of any successful educational philosophy," he emphasised, highlighting his enthusiasm about Wigwe university's aspiration to impact the future of Nigeria, Africa, and the diaspora. "This vision excites and motivates me to do everything in my power to help turn it into reality," he declared. Davis's approach to mentorship

and student success, the statement said, centres on creating a supportive environment that empowers students to overcome obstacles and achieve their full potential. His philosophy, Wigwe university noted, hinges on the belief that nurturing such an environment was key to guiding students toward success. “At Wigwe university, the vision transcends providing a top-tier education; it aims to ignite greatness in students, fostering a fearless spirit that will drive positive change in the world. “The university's core principle is to cultivate thoughtful, responsible, fearless leaders who will spearhead transformative change in Nigeria and Africa. With Prof. Miles Davis at the helm, Wigwe university is poised to realise this vision. “ His expertise in building and developing universities perfectly aligns with the institution's mission to inspire and cultivate the next generation of leaders and innovators. “As vice chancellor, Prof. Davis will lead Wigwe University toward a future marked by ground-breaking advancements in education, research, and community engagement. His unwavering commitment to academic excellence and talent development makes him the ideal leader to propel the university to greater heights,” the statement stated. Under Davis's leadership, Wigwe university said it eagerly anticipates a journey marked by a culture of fearlessness, innovation, and entrepreneurship, preparing students to become trailblazers in their fields.

MONDAY JANUARY 8, 2024 • T H I S D AY

MONDAY, JANUARY 8, 2024 • T H I S D AY

NEWS

Signing of agreement of the 2024 Hajj and Umrah operations...

Nigerian Minister of Foreign Affairs, Amb Yusuf Maitama Tuggar (L) with Saudi Arabia’s Minister of Hajj and Umrah, Dr Taofiq Bin Fawzan Al-Rabiah (R), during the signing of agreement of the 2024 Hajj and Umrah operations in Jeddah, Saudi Arabia.

Reforms Already in Place to Curb Multiple Taxation, Says Sanwo-Olu Ambode, Hamzat, others attend Lagos Thanksgiving Service

Segun James Lagos State Governor, Mr. Babajide Sanwo-Olu, has said that reforms have been put in motion aimed at making taxation easier for Lagosians, even as he insisted that a robust system has been place for business and investment to thrive. The governor who said this during the 24th annual Thanksgiving of the state at Tafawa Balewa Square,

Lagos, disclosed that government would continue to strive to make it easier for law-abiding citizens to thrive. The theme of this year’s Thanksgiving Service was: “The Righteous Shall Give Thanks to Your Name.” Sanwo-Olu said: "There is, indeed, so much to be grateful for. As we raise our voices in praise, adoration and supplication, let us also remember to continue to commit

Lagos State and Nigeria to God, for his guidance, and his mercies. "Let us also continue to pray for all of us who have been given the privilege to serve as leaders, in various capacities in government. We need divine wisdom and grace, as we make multitudes of decisions that will have an impact on the lives of the people. " The governor however added that he was committed to foster-

ing the robust growth of the state and ensuring the well-being of its citizens. Last year witnessed the historic commencement of commercial operations for the first phase of the Blue Line of our Lagos Rail Mass Transit. Work is already in progress to ensure that the second phase, the extension of the rail line from Mile 2 to Okokomaiko, is completed in the life of this administration.

NAHCO Pushes for Increase in Airfreighting of Nigeria’s Agri-produce Says Nigeria can be bread basket of African continent

Chinedu Eze The Nigerian Aviation Handling Company (NAHCO) plc has said that it has started the implementation of the plan to boost the volume of farm produce for export by providing the infrastructure and logistics needed to facilitate the movement of produce from the farms to the airports. The company has therefore already established farm produce processing centre at the Murtala Muhammed International Airport, Lagos and has kicked off the plan to set up similar facilities at the other international airports, including the ones in Kano, Abuja, Port Harcourt and Enugu. This was disclosed by the Group Managing Director of NAHCO, Indranil Gupta during a conference in Lagos at the weekend. Gupta said that Nigeria has massive fertile land that can make it the bread basket of the African continent, noting that what the country needs is how to get the farmers produce what is needed in the international market. He said the country also needs how to coordinate what is produced and move them to the targeted markets, adding that this would generate huge foreign exchange for the country. He disclosed that establishing the export processing centre in Lagos cost the company about

N1 billion and NAHCO has the plans to replicate same facility in its Kano, Abuja, Port Harcourt and Enugu stations if the Lagos centre yields expected results. Gupta disclosed that the company also plans to revive business activities in Kano by waking up those businesses that hitherto produced for export like animal skin, the groundnut pyramid, which are recently facing hindrances like poor logistics, low production and loss of foreign market. “We want to take Kano back to its original glory, with the export processing centres, we want to reach out to farmers and the middlemen who are supplying and buying the farm produce,” he assured. Gupta said NAHCO is completely focused on export, in addition to providing handling services that remained unparalleled, adding that the processing centre would also enhance standardisation of export processing system “The idea is that Nigerian produce will be in one shop where they will be well sorted, arranged and packaged before being transported. We plan to put forward some ideas on improving exportation before the Aviacargo committee (set up by the Federal Airports Authority of Nigeria (FAA) to enhance export of perishables and others by air). “ I know that Nigeria can be the food basket of the continent if the producers and farmers are availed

of the potential of the country. It is much more profitable to export than to import because it comes with foreign exchange,” he said. Gupta also stated that Nigeria would not only produce for international market but would also produce for local and regional markets, noting that there is high demand of Nigerian produce globally On Ground Support Equipment (GSE), Gupta said naira depreciation had led to an increase in operating cost, adding that it has adversely affected the importation of handling equipment. “The company could have significantly done better but for the depreciation of the naira”, Gupta said. He added: “I hope the purchasing power will improve, that will help in our input volumes, that will also attract more airlines into Nigeria. The total number of air travellers is between 19 to 20 million, Nigeria is not a poor country, but we look forward to emergence of more entrepreneurs, so all these can help us get more Nigerians to fly”. Speaking further on the export processing centre, Group Executive Director of NAHCO, Saheed Lasisi, said NAHCO was spearheading the export of produce through the centres coming up as links with farmers and serious exporters. “Our focus is to encourage Nigerian exporters and farmers.

Some of our staff were in London for training on packaging and other processes recently and we have also identified five major airports for this. We are also hopeful that purchasing power will improve,” he said.

"I am very pleased to say that very soon, within the next few months in fact, we will witness the formal launch and commencement of operations of the much-anticipated Red Line, from Oyingbo to Agbado. "Furthermore, we are working very hard to finalize the project financing that will enable the construction of the Fourth Mainland Bridge, which will be one of the longest bridges in Africa, when completed,” he stated. In his welcome address, the Commissioner for Home Affairs, Hon Ibrahim Layode said: " I can boldly assure you that the coming years are loaded with more developmental projects, life-changing policies that will bring prosperity to the economy of Lagos State as the Mr. Governor has set parameters and conducive investment haven in motion to attract foreign direct investment to the State. "As we commence this New Year, I implore us to continue to be law abiding, do due diligence in carrying out our civic responsibilities and also ensure that we continue to be our brothers’ keeper while partnering

with the Government in making the State an liveable place for all. " The service was attended by Sanwo-Olu and his wife, Ibijoke; Deputy Governor, Dr. Obafemi Hamzat and his wife, Oluremi; the immediate past Governor of Lagos State, Mr. Akinwunmi Ambode and wife, Bolanle and Ogun State First Lady, Mrs. Bamidele Abiodun. Other attendees were: The Speaker, Lagos State House of Assembly, Mudashiru Obasa, represented by the Chairman of House on Home Affairs, Jubril Abdulkareem; Chief Judge of Lagos State, Justice Kazeem Alogba, former deputy governors, religious and traditional leaders, public office holders and politicians, among others. In his exhortation, the Chairman of the Lagos State chapter of the Christian Association of Nigeria (CAN), Stephen Adegbite, said God is good to Lagos State and the state will continue to hold the annual Thanksgiving Service to appreciate God for the continuous peace, growth and development in the State.

Tunji-Ojo Launches Online Passport Application Portal Nigerian first ever online application portal for international passport is due to be launched on Monday, January 8, 2024 by the Interior Minister, Hon. Olubunmi Tunji-Ojo in Abuja. The minister held a demonstration session of the online portal on Friday with the Comptroller General of Nigeria Immigration Service, Mrs Caroline Wura-Ola Adepoju. Also in attendance at the demo session were other key stakeholders and development partners. The session availed the opportunity to present and critically assess the automated passport application process; while constructive criticism were also entertained to ensure enhancement and improvement of the system. The online passport application

portal has been developed for applicants from Nigeria and those from abroad.The passport are in two categories for both Nigerian and diaspora applicants. Nigerian applicants that desire passports with 5 years validity, 32 pages are to pay #25, 000, while those that prefers passports with 10 years validity, 64 pages are to pay #70, 000. Meanwhile, overseas applicants that desire passports with 5 years validity, 32 pages are to pay $130, while applicants with preference for passports with 10 years validity, 64 pages are to pay $230. Applicantions are to be made on https//passport. immigration. gov. ng. Notable participants at the demo session of the online passport application include the Chairman of Nigerians in Diaspora

Commission (NiDCOM), Hon. Abike Dabiri-Erewa; representative of the International Organisation for Migration (IOM), Stephen Matete; Country Manager at Development Alternatives Incorporated, Dr. Joe Abah; Founder of Kwandala Foundation, Tijjani Mohammad Musa and the Co-founder of Technext, David Afolayan. Others are Director of Programmes at the Centre for Journalism Innovation and Development, Akintunde Babatunde; journalist and Community Development Practitioner, Lanre Lasisi; Founder of Yiaga Africa, Samson Itodo, representative of Good Governance Advocate, Adeyemi Adewoye; representative of Connected Development (CODE), Mukhtar Mudibbo amongst others.

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T H I S D AY • MONDAY, JANUARY 8, 2024

NEWS

Chosen Charismatic Revival Ministries annual convention...

L-R: General Overseer, The Lord's Chosen Charismatic Revival Ministries, Pastor Lazarus Muoka with Governor of Bayelsa State, Sen. Duoye Diri, during the church's annual convention held at the PHOTO: ETOP UKUTT Chosen headquarters in Lagos, last Saturday

Army Arrests 112 Suspects, Destroys 233 Illegal Oil Refineries in Rivers Fubara lauds armed forces for tackling insecurity in Nigeria

Blessing Ibunge in Port Harcourt The General Officer Commanding (GOC), 6 Division, Nigerian Army, Maj.-Gen. Jamil Abdussalam, has revealed that last year, the division arrested 112 suspects and destroyed 233 illegal refineries within the area of its coverage. It came as the Rivers State Governor, Siminalayi Fubara, commended the efforts of the Nigerian Army in tackling the diverse security challenges bedevilling the nation. Fubara gave the commendation, during the 6 Division Combined West African Social Activities (WASA), held at the 29 Battalion Parade Ground, Port Harcourt Barracks. Represented by the Secretary to the State Government, Dr. Tammy Danagogo, Fubara said civilian-military cooperation was a sure way to foster and strengthen a healthy society. He noted that the ideals of WASA in strengthening regimentation and promotion of family values in the Nigerian Army were enormous.

The governor also acknowledged the zeal and dedication with which the Army confronts identified security challenges within the state. “Let me seize this opportunity to commend the officers and soldiers of this division for your sacrificial contributions in the maintenance

of peace and order in Rivers State. “The state will continue to support and collaborate with the Nigerian Army in all its activities. Be assured of our full support in all your operations,” the governor stressed. Meanwhile, the GOC of 6 Divi-

sion, Abdussalam, has explained that the WASA was established to strengthen relationship and social interactions between officers, their families and the display of cultural heritage. He said that the 2023 training activities were well designed to

sharpen the capacity of officers and obtain positive gains. “In the course of the year, we were able to make 112 arrests, destroyed 233 illegal refineries, and recovered over 356 arms and ammunition. We will continue to perform our constitutional roles

A’Ibom Flays Critics over Closure of Syringe Factory, Construction of Worship Centre Okon Bassey in Uyo The Senior Special Assistant to Akwa Ibom State Governor on Research and Documentation, Essien Ndueso, has said it is wrong for anyone to criticise Governor Umo Eno or his predecessor, Mr Udom Emmanuel, for the temporary suspension of operations at the Jubilee Syringe Manufacturing (JSM) company in the state. Ndueso, while speaking in Uyo at the weekend, blamed the current Nigeria’s business

environment for the continuous exit of multinational companies in the country. The company was the largest syringe manufacturing company in Africa. It was inaugurated in 2017 by former Vice President Yemi Osinbajo. The firm, while announcing temporary suspension of operations on January 3, 2024, cited unforeseen circumstances affecting its business operations as the major reason for its decision to leave Nigeria. Ndueso frowned on some critics for attempting to score

cheap political points from the unfortunate situation, stressing that the current national economic crisis was the major reason for the company’s temporary setback. “We all know that since the removal of fuel subsidy, Nigeria is undergoing a serious economic crisis. Foreign exchange, import duties, and interest rates are basically the reasons companies are closing down in Nigeria. “Outside Akwa Ibom state, several small and medium enterprises, according to reports, have

completely shutdown operations while several big names have also scaled back operations," he stated. He said reports indicate that companies like GSK Plc, Nigeria’s second-biggest drug producer, GlaxoSmithKline, and Unilever, producers of famous brands like OMO, Sunlight and Lux have also announced stoppage of operations. Reacting to some critics who described the international worship centre as a misplaced priority, Ndueso dismissed the assertions, stressing that there is

Bayero, ACF, Others Warn against Abduction of Kano Children

Ahmad Sorondinki in Kano

The Emir of Kano, Alhaji Aminu Ado Bayero, the Arewa Consultative Forum (ACF), and other ethnic groups living in Kano have issued a stern warning over abductions of children in the north, especially Kano State. Speaking, at a meeting organised by the ACF over the weekend in Kano, the Emir urged the government at all levels to address the menace of trafficking, abduction, buying, and selling of children in Kano and other parts of the country. The Sarkin Shanu Kano,

to defend democratic values in the country,” he said. He assured of maintaining a proactive and result oriented attitude among officers and soldiers of 6 division for sustainable operational tempo in the joint environment.

Alhaji Shehu Muhammad, who represented the Emir expressed concern over the recent incident of recovery of abducted children made by the Kano Police Command. He urged all community leaders, and security agencies in the state to put hands on deck to proffer lasting solutions in addressing the menace before it goes out of hand. the ACF organised a meeting of all stakeholders on Saturday in Kano to proffer a solution to the crime. Speaking on behalf of the ACF, the Chairman, Dr Gwani Umar

urged traditional institutions, security agencies, community leaders, judiciary, and legislature to work together towards finding a solution to the problem. "We called for this stakeholders meeting to show our concern with the way children are abducted and sold in the state. Not even abducted, some were sold by their parents, and some were sold by doctors in the hospital after delivery, as confirmed to us by the police commissioner when we visited him. "We visited the police commissioner and thanked him when he rescued eight children recently.

"The children were from Bauchi, they bring them to Kano, collaborate with to give them certificates of birth, backdate them, and then sell the children. "One of them who bought a child at N480,000 was arrested and the police commissioner told us that she said she bought the child because in the Igbo culture if you don't have a male child you will not inherit your husband,” Umar stated. The representative of Eze Ndigbo, Chief Uwaimo Ifeanyi who represented Igwe Igbokwe of Kano condemned the act and called for the wrath of the law

on the perpetrators. "We received with shock and disbelief the abduction of children that were recovered by the police in Kano. We condemn this criminal act in its entirety. "We call on the law to deal with the perpetrators as we dissociate with the act and remain law abiding" Ifeanyi stated. Other ethnic leaders present at the meeting included the Sarkin Edo of Kano, Fred Akhigbe, the leader of the Igala community, Abubakar Ibochi, and the Yoruba leader in Kano, Yunus Olanrewaju, who all condemned the act, and dissociated themselves from it.

nothing wrong in having a befitting central place of worship in Akwa Ibom State which is 99 per cent dominated by Christians. “While prayers move mountains, praises move God. Before the Worship Centre was built, Akwa Ibom people, who are devoted Christians, used to gather under the sun at Ibom Hall grounds to praise God and for all other religious activities. “For those who say that the money used to build a befitting temple of God would have been channelled into other things, let me ask; those states that haven’t built international worship centres, do they have free and compulsory education? “Do they have better roads than Akwa Ibom State? Do they have more peace than our dear Akwa Ibom State? In what way are they better than Akwa Ibom State? “When people talk about generation of revenue, have they told us how the Statue of Liberty in US generates revenue? “The same people who gather every year to source for funds and visas to travel to the Middle East to go and worship God, are now turning around to criticise a befitting centre of worship that would engender religious tourism by our people,” he said.

MONDAY, JANUARY 8, 2024 • T H I S D AY

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Tinubu Celebrates Chagoury, Mele Kyari, Zacch Adedeji on Their Birthday Mourns ex-coach, Brodericks-Imasuen

Deji Elumoye in Abuja

President Bola Tinubu has rejoiced with the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPC), Mele Kyari, as he marks his 59th birthday on January 8 as well as the Executive Chairman of the Federal Inland Revenue Service (FIRS), Dr. Zacch Adedeji, on his 46th today. The President, in a statement issued yesterday by his Media Adviser, Ajuri Ngelale, commended the diligence, passion, and expertise, Kyari, a geologist, had brought to the office as one of the longest-tenured chief executives in the history of the national oil company . "Mele is a man of action, rather than words. He is proactive in his approach. His ability to diagnose complicated problems with thoughtful and pragmatic solutions has created a path for him to continue rendering valuable service to our nation. I wish him a happy birthday," the president said. Also, the president has rejoiced with the Executive Chairman of the FIRS, Dr. Adedeji, expressing optimism that the FIRS boss will reform the nation's tax system for the benefit of Nigerians. He also extolled the fine defining

Gilbert Chagoury (left) and President Bola Tinubu qualities of the first-class graduate of accounting who steadily rose through the ranks in public service by dint of hard work, loyalty, and competence. Tinubu noted his service as the Commissioner of Finance in Oyo State at the age of 33; the chief executive of the National Sugar Development Council (NSDC); Special Adviser to the President on Revenue, and now chief executive officer of the nation's apex tax authority. "Zacch is an innovator who consistently turns his creative ideas into change-making actions. He is a

disciple of the 'think-and-do' school of change-makers. “He will reform Nigeria's tax system for the benefit of Nigerians. Give him a task, and it will be done and done well," the president stated. The president therefore wished the FIRS chairman more strength and zeal in the discharge of his duties. Meanwhile, Tinubu has rejoiced with business titan, Gilbert Chagoury, as he marks his 78th birthday on January 8 (today). The president, according to a release, appreciated Chagoury's consistency and reliability demonstrated

Mele Kyari

Zacch Adedeji

Late Brodericks-Imasuen

throughout his storied career, noting his desire to see Nigeria rise to the highest of heights in all spheres of human endeavour. Tinubu recalled how the Chagoury family kept faith with Africa's largest economy by continually investing in various projects and philanthropic activities over the decades, irrespective of all the socio-political challenges that characterised the road to the nation's return to civilian rule in 1999 and beyond. He said: "Gilbert is a shining light in any room. He is compassionate,

discerning, and totally reliable in every respect. He has invested in our country in both good and bad times. “He is generous with both his heart and his resources. With friends like him, one can sleep with a still mind. He is a valuable and cherished person who is worthy of celebration". On a sad note, Tinubu said yesterday that he received with heavy heart the news of the passing of one of Nigeria's finest football coaches, Mr. Sebastian Brodericks-Imasuen. Brodericks-Imasuen, a footballerturned-coach, led Nigeria's Golden

Eaglets to victory at the inaugural FIFA U-16 World Championship in China in 1985. The president, in a release, celebrated the football icon, who brought hope and inspired national pride by his industry, devotion, and diligence on and off the pitch, describing him as a true Nigerian hero. Tinubu sympathised with the Imasuen family, the football community, the government of Edo State, and all those who mourn what he termed the agonising loss while praying for the repose of the soul of the departed.

CBN Pays $2.062bn Additional FX Forwards with Banks, Disburses $61.64m to Foreign Airlines

matured foreign exchange in banks as well as dousing pressure on the exchange rate. Sidi explained that the initiative was part of the apex bank's efforts to decrease its outstanding liability to the airlines. She said, "This underscores the CBN's commitment to the resolution of pending obligations and a functional foreign exchange market." According to her, the payments consolidate CBN's ongoing efforts

to settle all remaining valid forward transactions, with the aim of alleviating the current pressure on the country's exchange rate. By the latest intervention, the central bank hopes to provide a considerable boost to the naira against other major world currencies as well as increase investors’ confidence in the economy. The federal government recently received $2.25 billion out of the $3.3 billion foreign exchange (FX) facility

from the African Export–Import Bank (Afreximbank). The long-awaited credit support seeks to ameliorate the acute FX shortage in the country, which had constrained economic activities and doused investors’ confidence. Earlier in December, President Bola Tinubu had assured Nigerians of his administration’s commitment to resolve the FX backlogs through injection of funds into the market. It is estimated that there is

between $7 billion and $10 billion in existing FX backlogs, which must be cleared, to boost investors’ confidence, some of whom have already exited the country due to the persistent liquidity constraints bedevilling the economy. Afreximbank, acting as the mandated lead arranger, along with United Bank for Africa (UBA) as local arranger, had closed on a $3.3 billion liquidity support for Nigeria through a structured financing

In Strong Signal to MDAs, Tinubu Probes Edu over Public Money Paid into Private Accounts

Deji Elumoye, Chuks Okocha, Michael Olugbode and Olawale Ajimotokan in Abuja

In a very strong message to the ministries, departments and agencies, President Bola Tinubu, yesterday, responded to growing public outcry over the controversial memo by the Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu, fouling financial regulations, and ordered a thorough and comprehensive probe of the allegations. Tinubu vowed to unravel the truth of the matter and see that appropriate action was taken, saying any identified breaches would be punished decisively. Edu was alleged to have recently directed the Office of the AccountantGeneral of the Federation to pay a whopping sum of N585.18 million to a private account owned by one Oniyelu Bridget. The ministry claimed Bridget currently served as the Project Accountant, Grants for Vulnerable Groups in Akwa Ibom, Cross River, Lagos and Ogun states. But the Accountant-General of the Federation, Dr. Oluwatoyin Madein, rejected Edu’s directive and refused to pay the said sum of N585.18 million to the agent of the minister. In addition to this infraction of extant public financial rules, the minister was also said to have approved air tickets for trips to Kogi State, including airport taxi, when the state has no known or functional airport, an allegation that had since been exposed with the approval memo now flying about on the social media. It was for this reason that the president has appointed the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, to head a panel to investigate the alleged fraud in the Ministry of Humanitarian Affairs and Poverty Alleviation. But as more and more Nigerians

continued to demand the sack and prosecution of Edu, Peoples Democratic Party (PDP) said the alleged looting of N44 billion National Social Investment Programme Agency (NSIPA) fund, including the N585.2 million, allegedly, diverted by the minister to a private account, were only a small part of the corruption in the current government. Foremost human rights lawyer and Senior Advocate of Nigeria (SAN), Mr. Femi Falana, told Edu to stop insulting the sensibilities of Nigerians. Falana said, “Instead of apologising to the federal government and people of Nigeria and calling it quits for betraying the confidence reposed in her, the minister has arrogantly said the N585.18 million fraud allegation is a mere fabrication by her detractors and an alleged attempt by mischief makers to undermine her ministry’s effort in fighting corruption and uplifting the needy.” Similarly, the Socio-Economic Rights and Accountability Project (SERAP) urged Tinubu to direct the Attorney General of the Federation and Minister of Justice, Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies to promptly and thoroughly probe the alleged payment to vulnerable people in Akwa Ibom, Cross River, Lagos, and Ogun states into a private account. Network for the Actualisation of Social Growth and Viable Development (NEFGAD), a public procurement advocacy group, urged Tinubu to be impartial in the face of massive corruption allegations rocking the Ministry of Humanitarian Affairs and Poverty Alleviation and the National Social Investment Programme (NSIP). However, Nigeria Women Arise for Democracy, a pro-democracy women group dedicated to promoting democracy, justice, and equality, rejected the calls for the removal of Edu. The group advised Tinubu to dismiss the “unfounded allegations

and disregard the orchestrated campaign of calumny against Dr Betta Edu.” Already, the panel made up of serving ministers and top government officials met at the weekend to look at the allegations and financial papers flying around the social media involving the humanitarian affairs ministry. Sources told THISDAY last night that the probe panel had extended invitation to Edu to explain what she knew about the N585 million alleged palliative scandal rocking the ministry. Also invited to appear before the panel this week was National Coordinator and Chief Executive Officer (CEO) of National Social Investment Programme Agency (NSIPA), Halima Shehu, who was suspended last week by the federal government over alleged payment of billions of Naira by the agency without presidential approval. Chairman of the presidential probe panel, Edun, according to usually reliable sources, was at the official residence of Tinubu at State House, Abuja, yesterday evening to give a preliminary report on the panel's work. It was further gathered that the embattled minister of humanitarian affairs might be suspended from office this week by the president pending the conclusion of the work of the Edun-led investigating panel. Minister of Information and National Orientation, Mohammad Idris, who confirmed Tinubu’s order, said, in a statement, that any infraction would be punished in line with the administration’s commitment to public accountability and due process. Idris said the statement was issued to address the widespread narratives circulating regarding the use of public funds by the Ministry of Humanitarian Affairs and Poverty Alleviation. The minister stated, "The Ministry of Information and National Orien-

tation acknowledges the concerns raised by the public regarding the alleged payment of funds into a private account by the Ministry of Humanitarian Affairs and Poverty Alleviation. “We are aware of the narratives circulating widely and wish to assure Nigerians that the government takes these issues most seriously. "The federal government, under the leadership of President Bola Ahmed Tinubu, is transparent and accountable to the people, and committed to ensuring that public funds are allocated and utilised effectively and efficiently to address the needs of Nigerians." Idris stressed that in the light of the recent events, Tinubu had directed that a thorough investigation be conducted to ascertain the accuracy and validity of the allegations. "The government is determined to unravel the truth as it relates to this matter, and assures that appropriate action will be taken to ensure that any breaches and infractions are identified and decisively punished, in line with the administration’s commitment to public accountability and due process," Idris added. Against the backdrop of many unverified narratives in the social media, Idris advised the public to see the Ministry of Information and National Orientation, under his leadership, as the primary source for verified information about events and actions of the Federal Government of Nigeria. He stated, "Only accurate details will be shared with the public. The ministry is committed to providing timely updates to keep Nigerians informed about the progress of the investigation. "We urge Nigerians to exercise patience as the investigation unfolds. The government is focused on ensuring a fair and unbiased process, and the findings will be communicated Continued on page 44

arrangement with the Nigerian National Petroleum Company (NNPC). THISDAY gathered that the transaction, which released $2.25 billion as the first tranche into the nation’s coffers, was expected to ease the FX illiquidity in the country, while the balance was expected to come in this month. UBA is also acting as the onshore depository bank for the transaction. Other participants in the deal include Gunvor, Sahara Energy, and other major oil traders that are to join the parties. The transaction, which is in line with Tinubu’s Renewed Hope Agenda, seeks to stabilise the FX market and ease inflationary trends that have beleaguered the Nigerian economy since the administration took over. Meanwhile, the Nigerian equities market surpassed global markets in the first trading week of 2024 to continue its 2023 positive rally, as investors continued to take position in under-valued stocks following the federal government’s new reforms. At the close of trading last Friday, the overall market capitalisation of the Nigerian Exchange Limited (NGX) added N2.68 trillion in just four days , with Monday being a public holiday, to close at N43.593 trillion from N40.917 trillion it

opened for trading this year. Last week’s performance outclassed the first week of 2023 by N1.6 trillion as the stock market only gained N1.08 trillion in market capitalisation in the first five days of 2023. In the same vein, the NGX AllShare Index increased to historic 79,664.66 basis points, representing a growth of 4,890.89 basis points or 6.54 per cent Year-till-Date (YtD) from 74,773.77 basis points the previous week when the stock market closed for trading in 2023. This is contrary to US major stock indexes, S&P 500, Dow Jones Industrial Average (DJI) and Nasdaq Composite, which commenced 2024 southward. All three benchmarks recorded their first weekly declines for 10 weeks: S&P 500 (SPX) dropped by 1.54 per cent, while the Nasdaq Composite (IXIC) slumped by 3.26 per cent, and the Dow Jones Industrial Average (DJI) dipped by 0.59 per cent. According to trading statistics, the S&P 500 recorded its worst weekly performance since late October, while the Nasdaq posted its worst week since late September. Analysts believe investors have been cautious in the opening sessions of 2024, as they await further clarity Continued on page 43

2027 Poll Not in Focus for Atiku, Obi, Kwankwaso, Others

overthrow the present flip flop governance and wrongheaded policies of the present Tinubu-led APC Administration. "For the avoidance of doubt, leading Opposition Leaders and Parties in Nigeria are at the moment not focused on contesting political offices in 2027 but presently holding consultations on how to streamline and strengthen their political forces to be able to rescue the country from the dangerous slide into misrule and anarchy foisted by the All Progressives Congress-led federal government.” It said their collaboration was also address the “exploitative economic policies which has landed millions of households and citizens in Nigeria into abject poverty and penury, making the renewed hope mantra of the Tinubu Government, a mere consolidation of the rudderless policies of despair and hopelessness of the Buhari regime. "We wish to inform Nigerians that a Merger Facilitation Group of key opposition leaders led by Prof Pat

Utomi is now set to convene the inaugural meeting of the merger process of leading opposition parties aimed at building a major mega political party of the Nigerian people to rescue Nigeria by checkmate and dislodging the unpopular and self serving rule of the APC government. The inaugural meeting is scheduled to hold this month." But the PDP has dissociated itself from the coalition of opposition political parties. In a full page advertorial placed late December 2023, the party said contrary to misleading reports in a section of the media, it was not engaged in any merger, fusion or amalgamation with any other political party. The party in a statement by its National Publicity Secretary, Debo Ologunagba, said, "The PDP is a party governed by rules, completely dedicated to its values, manifesto, guiding principles and has no intent or any contemplation whatsoever to merge with any other political Party."

MONDAY JANUARY 8, 2024 • T H I S D AY

T H I S D AY • MONday JANUARY 8, 2024

Politics

Acting Group Politics Editor DEJI ELUMOYE Email: deji.elumoye@thisdaylive.com 08033025611 sms only

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

PDP NWC and Power to Nominate Candidates for Election

The most discussed topic in Plateau State at the moment is arguably the contentious issue of Peoples Democratic Party’s structure in the state, as well as whether the party’s candidates for 2023 polls were validly nominated or not. In this piece, Seriki Adinoyi, examines the contending issues and submits that candidates are nominated by National Working Committee (NWC) of the party and not the State.

he Peoples Democratic Party (PDP) has continued to insist that it has a valid and solid structure in the state upon which its candidates were nominated for the 2023 elections. But that’s not the conviction of the All Progressives Congress (APC) which has also tenaciously held to its position that the PDP in Plateau State has no structure, and therefore lacked power to have nominated candidates for the 2023 elections. Plateau PDP’s travail began with the loss of Governorship election to the APC in 2019. The party stakeholders became displeased with the then chairman of the party, Hon Damish Sango and called for his removal over so many ills. After much resistance, Sango eventually resigned and a Caretaker Committee headed by the then Organising Secretary, Hon. Gwot Chocho was appointed to run the affairs of the party. Under Chocho, the party held a congress on the 25th of September, 2021 which was monitored by the Independent National Electoral Commission (INEC). But before the election of August 9, 2020, a party Chairmanship Aspirant, Kaze went to Court to challenge the Chocho-led Caretaker Committee. Ruling in favour of Kaze on November 26, 2020, Justice Gang ordered that the Chocho- led Caretaker Committee be dissolved to pave way for a fresh congress. Due to a lot of Court cases arising from the first congress, the stakeholders of the party on their own agreed to dissolve the Chris Hassanled Exco elected from the first Congress and appointed a Caretaker Committee led by Senator Tunde Ogbeha which conducted a Fresh State Party Congress on September 25, 2021, in which Hon. Chris Hassan was re-elected as Chairman. Speaking on the repeat congress, the state

party Chairman, Chris Hassan, said INEC monitored it. He said, “INEC monitored and submitted its report on the congress titled ‘’Comprehensive Report of Repeat Congress of the Peoples Democratic Party’’ dated 25th September, 2021. And Hon. Bitrus Kaze who challenged the Chocho-led Caretaker Committee participated in the repeated congress. “In fact, he polled 186 votes as against Hon. Chris Hassan’s 1,526 votes. Kaze even congratulated Hon. Chriss Hassan and was also at the swearing-in of the Exco together with his supporters like Lt. General Jerry Useni (rtd) and Hon. Damishi Sango.” The Federal High Court in Jos ruled that PDP complied with every existing court order regarding its state Exco and that the PDP validly elected a new State Exco in accordance with

its constitution and therefore had the right structure required of a party in place when Augustine Timkuk challenged the repeated congress in the court. Hassan insisted that, “In the repeat congress which held at Langfield hotel, Rayfield, Jos, the 17 Local Government Areas in Plateau State and all Ward EXCOs and ad hoc delegates totalling 1,600 persons participated in the repeat congress. Only the Exco members of five Local Governments Areas, totalling about 85 were excluded for various local reasons.” He said the judgment of the Plateau State High Court in suit no. PLD/J304/2020 only affected the eligibility of the Chocho-led Caretaker Committee to participate in the first Congress which was eventually cancelled by mutual consent of PDP stakeholders to pave way for the repeat Congress of September 25, 2021. Arguing on the case at the tribunal which affirmed the victory of the PDP candidates, the party had tendered certified true copies of comprehensive report of INEC on the repeated congress dated 25th September, 2021, suit no: FHC/J/CS/64/2022: between: Augustine Timkuk v. INEC) & 6 ORS (Federal High Court), Appeal no: CA/J/300/2022: between: Augustine Timkuk v. INEC & 6 ORS delivered on the 11th day of February, 2023, and video evidence of Bitrus Kaze congratulating Chris Hassan during the repeat congress, among others. Hassan however said being a pre-election matter, the jurisdiction for all pre-election matters rests with the Federal High Court, seeing that the duty of the Tribunal and the Court of Appeal is centrally to determine who was validly elected and not to determine the validity of the congress of PDP because the challenge to the validity of the congress report can only be activated in a regular court and

not at the Tribunal. Thereafter, the Court of Appeal can only decide if the Tribunal was right or wrong. He said by section 50 of the PDP constitution 2017 as amended, it is the duty of the National Executive Committee or National Working Committee of the PDP to nominate and sponsor candidates for all national elections and in the case of Plateau State, all the candidates were validly nominated and sponsored by the National leadership of the party. “There was no evidence anywhere to show that PDP at the national level that sponsored and nominated PDP candidates in Plateau State is in any disobedience of any court order. “The judgment of the Court of Appeal sacking Plateau State candidates of the PDP was on the basis of an alleged but unproven disobedience to court order. Evidence before the Court showed PDP had complied with every known Court Order.” On the appeal before the Supreme Court, the PDP and Governor Caleb Mutfwang are praying that the court set aside the earlier judgement of the Court of Appeal not only on the ground that it’s a pre-election matter, but also on the fact that he was validly nominated by the National Working Committee (NWC) of the party and not the state, even though the state PDP has a valid structure. On the allegation of lack of structure, Mutfwang said the Supreme Court in the case of Oni v. Oyebanji (2023) 13 NWLR (Pt 1902) held that even if a political party has a questionable leadership, its competence to nominate or sponsor a candidate cannot be questioned. According to him, the Supreme Court has held in many cases that the issue of nomination and sponsorship of a candidate are internal party matters.

Gbaja: An Uncommon Phenomenal Representative

Phillip Agbese eulogises former Speaker of the House of Representatives, Hon Femi Gbajabiamila, who recently donated a general hospital and a 484-bed Hall of residence to his constituents in Surulere and alma mater, the University of Lagos in Akoka, respectively.

n this piece, I will address him as Gbaja for convenience. The reason is plausible. Hon. Femi Gbajabiamila is an uncommon personality who always puts his best foot forward. The story of Gbaja is compelling, one who came, saw, and conquered as far as political leadership in Nigeria is concerned. Indeed, the people of Surulere Federal Constituency were blessed with such an uncommon phenomenon. While he represented them in the National Assembly, he was hallmarked by laudable interventions in critical sectors such as education and health and acts of philanthropy. Recently, a three-storey 80-bed general hospital was inauguted at Iyun in Aralile Community in Surulere. It was a day of joy for all those who converged to witness how a decrepit Primary Health Centre was remodeled into a full-fledged secondary medical facility. It indicated the convergence of leadership and passion. I have always described him as Gbaja since he was elected into the House of Representatives in 2003 at age 40. He was one of the few lawmakers who served in the National Assembly for six consecutive terms. He commanded much respect from his colleagues primarily due to how he articulates his ideas and thoughts each time he speaks on the floor of the House. You are always spellbound, listening with rapt attention is non-negotiable. He was also

Gbajabiamila accessible and did not bicker about airing his opinion on issues of national interest. Some say he is dexterous. They are right; dexterity comes with intelligence. He listens and acts with facts and not hearsay. I wasn’t surprised when the President expressed 100% confidence in his ability to deliver as Chief of Staff. I wondered who would not be at peace when Gbaja was at the table. He comes with loyalty, passion, and commitment. This piece can’t adequately capture Gbaja’s numerous contributions to advancing democracy in Nigeria. He was the Speaker of the House of Rep-

resentatives, and his tenure marked the era of robust legislative contributions to the country’s growth and development. And it hasn’t stopped. Thank God he has assumed another position of responsibility as the Chief of Staff to the President. The transition from the legislative to the executive is phenomenal. Positives would be derived from his wealth of experience. There are very few Gbajas out there. His is a life of uncommon service. There is nothing about governance in Nigeria that he is not acquainted with. He exudes passion and integrity. Those who know him would attest to these uncommon attributes, hence why Gbaja should be celebrated now and always. We might only comprehend the impact of Gbaja in his constituency once his achievements are reeled out. They are in torrents. There is also another side of Gbaja that recently came to the fore. He never forgets. He is loyal. Recently, he donated a 484-bed space hall of residence to his alma mater, the University of Lagos. At the inauguration, the Speaker of the House of Representatives, Hon. Tajudeen Abass, gave a vivid account of Gbaja’s personality and what he represents. He said, “I don’t see in this generation any lawmaker that can do as much as Femi Gbajabiamila did for the Nigerian people. I don’t see that person. I say that with a sense of sincerity and honesty. This man has been a high flyer from day one for the past 20 years. He was at the helm of leadership at the National Assembly for an

unprecedented 20 years of service to humanity.” This was a profound statement that indicates that Gbaja needs no introduction. His penchant for the development of Nigeria is unrivalled. This is not to say he doesn’t have flaws as a human being. However, without fear or favour, they are negligible because here is a man who stays true to his words and has a high intellectual ability. The President is in good hands. You can accuse him of several things, but not disloyalty. He is not just loyal to the President; he is also committed to Nigeria. It is rare to find such humane individuals who put their interests at the back seat in their endeavours. Such uncommon attributes usually go unnoticed in a clime like ours where greed and unpatriotic acts take centre stage in our daily lives. He is also blunt. You can take his words to the bank—another uncommon attribute. Gbaja is a man of many sides. I recall that while he served as the Minority Whip of the House, and by the end of his second term in office, he had sponsored the highest number of Bills in the National Assembly. Another uncommon feat that shows his brilliance of mind. He remains one of the brightest minds in this generation whose best is yet to be seen. I can only encourage him not to relent in pursuing the Nigeria of our dreams. -Hon Agbese, Deputy Spokesperson of House of Representatives, writes from Abuja.

MONDAY JANUARY 8, 2024 • T H I S D AY

MONDAY, JANUARY 8, 2024 • THISDAY

Tribute

Zacch @ 46: Portrait of a Man of Excellence T By Dare Adekanmbi

he greatest English playwright, William Shakespeare, sketches out three pathways to greatness in his play, Twelfth Night. “Some are born great, some achieve greatness, and some have greatness thrust upon them,” he theorises. To the Bard of Avon, the first pathway is to be born into greatness, to come from a wealthy family. A person so born naturally has high social standing as a result of their parents’ wealth. To the second class belong individuals who are not obviously born great, but who achieve greatness through dint of hard work and diligence. In the last class are those who come to greatness through happenstance or serendipity. All things considered, the subject of this piece, Zacch Adedeji, Ph.D., fits into the second category. Zacch, as the Executive Chairman of the Federal Inland Revenue (FIRS) prefers to be called, is one of the prominent appointees of President Bola Tinubu. This is on account of his immense capacity, knack for diligent execution of given tasks and the content of his character. He is a man shot to limelight by hard work, discipline, and the abundant grace of God. But his road to prominence was never smooth. Born into a humble, agrarian family in Iwo Ate, Ogo Oluwa Local Government Area of Oyo State, he resolved early in life not to allow the circumstance of his birth dictate how far he could go. While helping his father out on the farms, precocious Adedeji never joked with his studies, especially realising through examples seen around him that education is the only medication against fatalism. After flying high through his primary and secondary education, his quest for more knowledge took him to the Federal Polytechnic in Ede, Osun State, where he finished his Ordinary National Diploma in Accountancy with distinction. Hungry for more, he enrolled for a higher degree at the prestigious Obafemi Awolowo University, Ile Ife, to study management and accounting. Just as he was going to start the journey to Ife, a setback surfaced. His beloved father died. But Adedeji did not allow the tragedy to extinguish his dream of going to Ife and emerging the best. After just two semesters at Ife, his fame as an ‘efiko’ (a brilliant student) had spread beyond his class, earning him the appellation ‘Prof’ from his classmates. ’Prof’ shone brightly, finishing with First-Class honours. Everywhere Adedeji has worked after leaving OAU, he has left a mark of excellence and made so much positive impact that they look back at his times in those organisations with admiration and superlative commendations. At the multinational American company, Procter and Gamble (P&G) he started as a General Accounting and Stewardship Manager and rose to the level of Chief Finance Manager for West Africa with enviable performance records. He led a cross-functional team to prepare and report financial statements for the company regionally and

Zaach Adedeji globally through consolidated data entry tool. He supervised the day-to-day evaluation and implementation of SAP (Systems Applications and Products) modules and also led a 15-member finance team to develop the internal processes for the roll out of SAP for West Africa. While at P&G, he met Senator Abiola Ajimobi. What drew Ajimobi to the high-flying Adedeji was the young man’s reputation as a brilliant finance expert doing so well in an A-List organisation. Ajimobi took Zacch under his wings because he saw in him someone he could mentor and pour himself into. The relationship blossomed and when Ajimobi was elected governor of Oyo State in 2011, he appointed Adedeji, then 33 years, his Finance Commissioner, making him the youngest person to have held that position in

the state. The late former governor had this to say about Zacch: “He is a young, brilliant and wise man. I can testify to his unusual creativity, astuteness and uncommon skills in public finance management. I can see his lights shining ever so brightly on the global horizon for many decades ahead.” His appointment as the fifth substantive Executive Secretary of the National Sugar Development Council in March 2021 was greeted with loud cheers from stakeholders in the industry. Adedeji immediately set out his priority areas. He emplaced a number of strategies and programmes that drew huge investments into the sector, particularly through the council’s backward integration programme as enshrined in the Nigerian Sugar Master Plan (NSMP). He regarded the sugar sector

as one that could be used to solve unemployment if the potential was fully harnessed. From Sugar, he was first appointed Special Adviser on Revenue and then Executive Chairman of FIRS. After more than 100 days in charge, he has not left the staff of the agency in doubt that his administration will be signposted by merit and driven by data. He places a high premium on data because it is only a data-driven system that makes revenue target predictable for the realisation of the fiscal projections of government for economic development. “There is nothing like fiscal discipline except you have accurate revenue prediction. If you say you want to spend N10 and be disciplined with it, that means the N10 must be somewhere,” he once told the staff. He has equally assured them that their welfare is topmost on his agenda, while also entrenching and maintaining highest standards of accountability and transparency. Apart from the journey to make FIRS rediscover itself which has since started under Adedeji, the chairman has been building the confidence of the taxpayers in the service, assuring them of a just, fair and modernized tax administration founded on data and technology. Speaking at a meeting with top 30 taxpayers in the country last year, Adedeji stressed that FIRS under him be committed to watering and making entities corporate to flourish so that their fruits can be beneficial to oiling the wheels of the economy. “Our plan is simple. We want to grow tax revenue and we only want to tax prosperity and not poverty. Therefore, it is not in our interest to kill the trees that bear the fruits. We will not collect what is not due to us. But we don’t want anyone not to pay what is due to us. Fair engagement is our plan.” This is not all there is to say about Adedeji who turns 46years today. Space economy has to factor. Adedeji, like Baltasar Gracian, believes it is not enough to be intelligent, as having the right character is equally as crucial. This belief was vividly captured about Zacch by a former governor of Edo State and currently a Senator in the state, Comrade Adams Oshiomhole during the screening of Adedeji as FIRS chairman: “I think beyond his compelling CV that we have seen, what is not often captured in CVs are things like character, commitment, patriotism and competence. I have had interactions with this young man and I know he is of good character and he is very competent. What Mr President has done by appointing him is to show that what elders can do, young people can do even better and in a digitised way.” If you are looking for a young man so blessed with high native intelligence, who is generous and compassionate, who wipes tears from people’s faces, a human calculator whose root and branch analyses of issues about figures and processes are so spot on, Zacch Adedeji is your ‘one-stop shop.’ I wish Olo’un wa a birthday filled with loads of happiness and fulfilled wishes. Bon anniversaire, chairman. •Adekanmbi is the Special Adviser Media to the FIRS chairman.

NEWS

Kalu: Quest for Peace, Security, Devt in South East Transcends Political Affiliation Emmanuel Ugwu-Nwogo in Umuahia

The Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has said that his initiative to bring lasting peace to the South East zone was devoid of political colouration.

He made this known in a chat with journalists at his Bende country home, Sunday, saying that the restoration of peace and development of the zone should be the concern of every political leader irrespective of party affiliation. Kalu’s Peace in the South East Project (PISE-P) was formally

inaugurated on December 28, 2023, with the full backing of the federal government. The peace project also got the endorsement of the governors of the South East States, traditional rulers of Nigeria’s three major ethnic groups as well as religious leaders. “It has nothing to do with politics,”

he said, adding that the search for solutions to the insecurity in the Southeast has to do with community and patriotic leadership. “My passion and patriotism to find solution to insecurity is beyond political leadership (tussle),” he said, adding anybody could be a leader without finding solution to

OGSOSA Calls for Alumni Support to Restore School’s Old Glory Funmi Ogundare

Odogbolu Grammar School Old Students Association (OGSOSA), weekend, called for the support of members of the alumni and other stakeholders to enable it complete its project designed to bring back the lost glory of the school. Speaking at the ground breaking ceremony of the rehabilitation of a dilapidated block of classrooms, at the school premises, in Ogun State, the President of the association, Dr. Olumide Adesipe, explained that the project not only represented the restoration of bricks and mortar, but the revitalization of its shared history and commitment to education.

The rehabilitation works, he stated, have been conceived to be in phases, adding that the first phase will entail rehabilitation on Block A and that of the ICT, respectively. According to him, “this will be followed by the second phase of rehabilitation of the principal’s quarters, the teacher’s quarters housing the NYSC members sent to the school. The next phase would comprise Block B, and C and the adjoining structures for learning. This would be followed by students’ hostel as well as various sports facilities.” The president stated that the project symbolises the association’s collective investment in the future

and will provide a modern and conducive environment for generations to come. “The renovated facilities will also foster a love for learning and create opportunities for academic excellence,” Adesipe stated. In his remarks, the Chairman of the Project Implementation Committee ( PIC) , Mr. James Olusi, commended his committee members for their hard work, endless hours and true dedication saying that the project which will be done be in phases, will be delivered by April, 2024. “At completion, we envisaged that block A and the ICT building will wear a new look. It is our desire to

commence the second phase of the rehabilitation process immediately on delivery of this phase. For this to happen however, we will need all hands on deck,” he said. Speaking with journalists, the PTA Chairman, Junior School, Mr. Idowu Abudu, recalled that the school was founded by the community in 1957, and that when the government took over in 1979, it suffered neglect and decay in terms of infrastructure; and lacked teachers. “Many teachers were transferred out of the school and just a few were replaced. We were at a meeting with the state commissioner of Education and Technology where we highlighted these problems.

the problem. Kalu, who represents Bende Federal Constituency in the Green Chamber, explained that as a political leader he was having sleepless night over the devastating effects of insecurity in the Southeast. According to him, “I’ll be a bad leader if I go home and sleep,” when the infrastructural facilities that our fathers toiled to rebuild after the civil war are being destroyed. He said that the result of his unbiased analysis of the insecurity issue in the Southeast has convinced him that “the old ways” of using kinetic method has not brought the needed result. The Deputy Speaker said that he was in political leadership with anybody but only “want to be in the forefront” in the search for an end to the insecurity issue in the Southeast. He noted that the insecurity in the Southeast has ripple effects on the national economy and would impact negatively on the overall achievements of the present central government. Kalu pointed out that it was for his interest in the affairs of Ndigbo that President Bola Ahmed Tinubu has committed his administration to the restoration of peace in the Southeast zone.

He said that President Tinubu showed his concern, commitment and interest for peace in the Southeast by sending the Vice-president, Kashim Shettima to come to Bende and give the federal government’s commitment. But the Deputy Speaker urged the Southeast to play its own part in the peace efforts, saying that the federal government has already met the zone halfway by pledging its commitment. He said that the clamour for the release of the detained leader of the Indigenous People of Biafra (IPOB) would be made easier if the agitators end the sit-at-home protest with its attendant violence. Kalu argued that the sit-at-home exercise is being viewed as an affront on the federal government and no government likes to be compelled to do the bidding of its opponent. “The ball is now in our court” he said, adding that once the Biafra agitators end the sit-at-home in the Southeast and create the needed peace in the zone, the ongoing engagements to free Kanu would be achieved. The two term federal lawmaker from Abia said that his emergence as the Deputy Speaker was an opportunity for him “to galvanise my people to the centre and then bring development to the Southeast”.

T H I S D AY • Friday, January 5, 2024

FOCUS

With Onyeagwu, Zenith Extends Digital Banking Leadership Donatus Eleko

“Additionally, the bank provided grooming and mentorship programmes for the finalists, equipping them with the necessary skills, relevant networks and additional resources to scale their unique solutions and enhance their overall brands.”

enith Bank Plc was recently named the “Best Bank for Digital Solutions in Nigeria” in the Euromoney Awards for Excellence 2023, underscoring the bank’s pioneering and outstanding achievements in delivering cutting-edge digital financial solutions. The Euromoney’s Awards for Excellence are one of the most highly coveted awards that matter to the banks and bankers who matter. Established in 1992 as the first of their kind, the awards recognise excellence in the global banking industry, with this year’s edition receiving a record number of submissions from banks in the regional and country awards programme that covers more than 50 regional awards and best bank awards in 100 countries. Zenith Bank under its Group Managing Director/CEO, Dr. Ebenezer Onyeagwu, blazes the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers. The bank is verifiably a leader in the deployment of various channels of banking technology, and the Zenith brand has become synonymous with the deployment of state-ofthe-art technologies in banking. Today, the bank is globally celebrated as a relentlessly forward-thinking institution, consistently setting the benchmark for digital banking across the Nigerian and African banking sectors, according to a report by International Banker. Built upon the three principles of people, technology and service, the optimisation of experience and satisfaction across its vast customer base inspires Zenith Bank’s digitalisation strategy, which delivers innovative solutions that are consistently ahead of the local competition. The bank can proudly boast of having deployed several firsts in cutting-edge offerings that continuously satisfy evolving customer preferences and are thus pioneering the digital-banking revolution transpiring across the country—and, indeed, the continent—at present. These innovations include the deployment of the first offsite automated teller machine (establishing an ATM in a location outside the bank’s premises in 2003), real-time online banking across its entire branch network, transaction notifications via SMS (Short Message Service) and email, an online payment gateway and QR (quick-response) code payment system. Today, some of its internet banking solutions include the *966# Banking, which is a convenient, fast, and secure way for its customers to access their bank account and perform banking transactions via non-smartphone without internet connectivity. This service is available to all individual account holders with any feature phones that run on the GSM platform. Also, the Zenith Bank Mobile App enables customers to get access to their accounts 24 hours a day from wherever you are. A quick download of the mobile banking app can transform customers’ smartphone into a powerful banking tool. The Zenith Bank’s Mobile App is a dual functionality app which bundles Mobile Banking and eaZymoney. The bank has also made it easier for customers to request cheque books, transfer funds between accounts, pay utility bills and lots more. Additionally, the ZenithDirect is the financial institution’s 24/7 Interactive Solution Centre that provides customers world-class service and an excellent banking experience. Its services are offered through a menu-driven self-service, phone interactions, social media platforms and via live interactions (chat) with well-trained customer service executives. Another digital solution offered by the bank is the ZENITH e-Token App, a mobile application that generates One Time Passwords (OTPs) used in the authentication of electronic transactions. Zenith Bank had also introduced an Artificial Intelligence (AI) powered Chatbot on WhatsApp named ZIVA (Zenith Intelligent Virtual Assistant), which enables customers to perform financial transactions and enjoy real-time customer service from their mobile phones.

Onyeagwu

With ZIVA, customers are able to enroll by simply adding the bank’s verified WhatsApp mobile number 07040004422 on their mobile devices, agree to the legal terms of use and then initiate a conversation. This product provides the convenience for the bank’s customers to interact and transact on a 24 hours basis on the encrypted WhatsApp platform, it added. With the capability to respond to chats/ queries anchored on the existing WhatsApp platform, customers are able to open new accounts, receive instant transaction notifications, check their balances on the go, transfer funds and top up airtime. They are also able to confirm cheques, pay bills, apply for loans, block their accounts, and request mini statements, amongst other banking services. With a team of dedicated professionals, the bank leverages its robust Information and Communication Technology (ICT) infrastructure to provide cutting-edge solutions and products through its network of branches and electronic/ digital channels. Zenith Bank has clearly distinguished itself in the banking industry through superior service quality, unique customer experience, and sound financial indices. These have become part of the bank’s corporate culture to the extent the bank is easily associated with the following attributes: Best-in-class customer experience, creativity, excellent financial performance, good asset quality, stable management, dedicated and highly skilled work-force, cutting-edge Information and Communication Technology,

efficient and effective distribution channels. The strategic objective of Zenith Bank also includes a continuous improvement of its capacity to meet customers’ increasing and dynamic financial needs as well as sustain high quality growth through investments that impact the quality of service to its existing and potential customers, constant upgrade of its ICT infrastructure, unwavering investment in training and re-training of its people and regular reinforcing of its customer services delivery charter with regards to continually changing customer needs. Zenith Bank places high premium on the pivotal role of exceptional service delivery in its drive to consistently exceed expectations. The bank has in place a well-articulated strategy to not only meet and surpass customer expectations, but also ensure that plans are fine-tuned to address the changing taste and sophistication of the customer. Speaking on the Euromoney Awards for Excellence 2023, Onyeagwu, said, “We are delighted to receive the distinction as the Best Bank for Digital Solutions in Nigeria. “This accolade serves as a validation of Zenith Bank’s trailblazing initiatives in integrating advanced technology within Nigeria’s financial services sector. “Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.” Onyeagwu dedicated the award to the

“Our commitment to expanding the horizons of digital financial services is unwavering, and we will persist in our efforts to innovate and deliver enhanced value to our customers and stakeholders.”

Founder and Chairman of Zenith Bank Plc, Jim Ovia, CFR, for his visionary approach to integrating technology into banking, establishing an exemplary model for service delivery at a time when the potential of technology in banking was yet to be fully realised. Onyeagwu remarked, “Technology now stands as the cornerstone of the financial services sector.” Also speaking on Zenith Bank’s digital banking platforms in a recent interview with International Banker, Onyeagwu said: “Recently, we introduced an exciting digital solution: an artificial intelligence (AI)-powered chatbot, ZiVA. (Zenith Intelligent Virtual Assistant). “This virtual assistant enables us to offer banking services on WhatsApp and, subsequently, on other social-media platforms. Leveraging artificial intelligence, ZiVA provides transactional services, such as bill payments, fund transfers, account openings, balance checks, dispute logging and other value-added services. “ZiVA is tailored for existing and prospective individual account holders who have adopted WhatsApp as their preferred platform for online banking services. It offers a reliable, convenient and more “personal” medium for performing basic banking transactions on mobile devices, demonstrating the bank’s response to social-media banking.” Onyeagwu noted that further underscoring Zenith Bank’s commitment to digital banking are the hackathons regularly hosted by the bank, bringing together much of Nigeria’s budding tech talent. He stressed that Zenith Bank recognises the growth potential of the tech sector and thus actively fosters collaborations with tech start-ups that offer tailored financial solutions, creating value for customers. The annual hackathon organised by the bank underscores its commitment to supporting budding entrepreneurs and start-ups. It promotes collaboration, innovation, talent development and industry trends and generally contributes to economic growth. By facilitating interactions among professionals, entrepreneurs and enthusiasts in the tech industry, it aims to foster a community spirit and encourage the exchange of ideas and knowledge. “This supports the axiom that neither banks nor fintech (financial technology) firms can fully leverage the potential of technology and innovation independently—collaboration is essential. “This teamwork can lead to innovative solutions, partnerships and a thriving ecosystem that benefits the tech industry and cultivates a more digital economy for Nigeria. “The previous hackathons, held in 2019 and 2022, featured prizes and business grant funding with a cumulative total of up to NGN81 million, marking it as the highest prize money for any bank-organised hackathon. “Additionally, the bank provided grooming and mentorship programmes for the finalists, equipping them with the necessary skills, relevant networks and additional resources to scale their unique solutions and enhance their overall brands,” Onyeagwu added.

T H I S D AY MONDAY JANUARY 8, 2024 22 TR

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Monday January 8, 2024 Vol 27. No 10496

opinion@thisdaylive.com

www.thisdaylive.com

DAUNTING STATE OF EDUCATION IN THE NORTH The north should invest more in education, argues ISAH ALIYU CHIROMA

See page 27

CHANGING NIGERIA’S ACADEMIC NARRATIVE

It’s time to overhaul the tertiary education sector, contends OLUTAYO IRANTIOLA

See page 27

EDITORIAL

ISSUES IN UBEC IDLE FUNDS

CHUKWUEMEKA UWANAKA argues the need for an economic team with considerable experience in international economic system

ECONOMIC HISTORY FOR ENHANCED ECONOMIC MANAGEMENT ‘When you're in a hole, stop digging.’ (Denis Healy) The details of the 2024 budget, the 2024 2026 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) of the government of President Bola Tinubu; plus, the capital flight occasioned by the recent divestments of major multinationals such as GSK, Sanoi and Procter & Gamble from Nigeria, provide context to the deep and recurring economic challenges in Nigeria. These challenges, characterised by over 95 percent of revenue spent on debt servicing, increased borrowing, foreign exchange scarcity and macroeconomic instability, have been compounded by significant loss in purchasing power and rising unemployment, due to petroleum pricing and foreign exchange reforms implemented by some ‘shock therapy’ approach, at the commencement of the current administration on May 29, 2023. These explain the economic hole from which government should stop digging, and some economic history may provide a guide to resolving these problems, while supporting enhanced economic management. From the N27.5 trillion Appropriation Act of 2024, deficit financing constitutes 50.11percent of the expected revenue. Still within the budget proposal, N8.5 trillion or 31 percent of budget was allocated to debt service, which is almost at par with the N8.7 trillion proposed for capital expenditure. Debt service and personnel allocation of 6.48 trillion, are expected to consume 82 percent of projected revenue. While oil production is set at 1.78 million barrels per day, a trend analysis of actual crude oil production volume from recent years, plus increased oil production by the USA and non-OPEC producers, however shows that the revenue projections for 2024 are unlikely to be met, which will translate to higher deficit. While the budget signed by President Tinubu on January 1, 2024 is based on the N800/$1 exchange rate, the Central Bank of Nigeria (CBN) on December 17, 2023, announced a new exchange rate of N951/$1- making the budget less realistic, with higher prospects for rising inflation above 30 percent and more deficit spending. Insecurity, especially across the food basket states of the country, may mean that reduced farm output for a rising population, will make food inflation - which contributes most to inflation, continue to rise. With Olawale Edun, Nigeria’s Finance Minister and Coordinating Minister of the Economy recently admitting to the challenges the government faces in attracting foreign direct investment (FDI), the need arises to explore other ways out of the economic quagmire of high debt, that consumes a substantial part of available resources, that contributes in making investment attraction

difficult. As history guides mankind in providing lessons learnt, economic history does guide governments in making informed decisions. The role of economic history in the United States of America, the world’s largest economy, further validates the importance of economic history. The ‘Great Depression of 1929’ was one of the biggest economic crises in the U.S. and global economy. Given its somewhat unprecedented nature, especially against the then prevalent classical economic doctrine of the likes of David Ricardo, the U.S. government initially struggled to manage the outcomes of the economic depression. The ‘New Deal’ economic program of President Franklin D. Roosevelt, which had some similarities with the expansive propositions of British economist, John Maynard Keynes, however provided a solution to many of the problems arising from the Great Depression. Therefore, when the U.S. and the global economy were faced with the Global Financial Crisis of 2007 -2008, which was arguably the most severe global economic crisis since the Great Depression of 1929, the expansionary economic lessons learnt from economic management history helped ensure that the economic crisis of 2007-2008 were quickly and properly managed. This was done through Quantitative Easing, characterised by the Emergency Economic Stabilization Act of 2008 or ‘Wall Street Bailout’, and the American Recovery and Reinvestment Act of 2009 or ‘Recovery Act’, by Presidents George W. Bush and Barack Obama. With economic history possibly providing a pathway out of economic quagmires, what then does Nigeria’s economic history possibly offer to the country’s contemporary situation of high debt, macroeconomic instability and low foreign investment? The last time a new government in Nigeria faced such economic situation was in 1999. With military rule stretching from 1983, and international sanctions that had hampered economic performance, the civilian administration of President Olusegun Obasanjo faced challenging situations. At the time Obasanjo assumed office in 1999, Nigeria’s external debt had ballooned to

about $30 billion, due to mismanagement and sanctions, with significant parts of government revenue spent on debt servicing, as total debt-to-GDP ratio rose to 66.13 percent in 2002. Obasanjo mounted a spirited international campaign between 1999 and 2003 for debt relief and lifting of sanctions, which yielded mixed results. While a number of political sanctions were lifted, the economically suffocating debt, similar to what Nigeria’s economy faces now, remained. President Obasanjo then adopted a different approach to economic management in 2003. He constituted an Economic Management Team (EMT), peopled with Nigerians that had considerable work experience in the international economic system. Given that Nigeria’s public debt was owed largely to foreign debtors such as Paris Club, the composition of the EMT with persons such as Dr. Ngozi Okonjo-Iweala, who until her appointment by Obasanjo as Finance Minister was a high-ranking Vice President of the World Bank, was a strategic fit. This ensured that Nigeria had economic managers that understood the political economy of international finance, and could deploy such experience in supporting the Obasanjo administration attain its economic objectives, especially with liquidating foreign debt. With greater vigour and a diverse economic management team that had international credentials, a debt cancellation agreement was reached in October 2005 with the Paris Club. By April 21, 2006 when the deal was completed, Nigeria had paid off $12bn in debt, and secured the cancellation of $18bn debt from the Paris Club and multilateral organisations. With this, the country’s total debt-to-GDP ratio fell sharply from 66.13 percent in 2002, to 12.39 percent in 2006 and 11.67 percent in 2007. The liquidation of external debt, provided the Obasanjo administration the fiscal and macroeconomic breathing space, to consolidate on socioeconomic reforms, that put Nigeria on the pathway to becoming the largest economy in Africa and 22nd largest economy in the world by 2014, under President Goodluck Jonathan. While FDI under Obasanjo’s first term had risen by about 100 percent from $1bn to $2.01bn, the nature of his economic team between 2003 and 2007, facilitated a 300 percent FDI increase from $2.01bn to $6.07bn. President Jonathan continued with key members of the team, which contributed to the impressive economic performance earlier explained, as well as FDI rising to its highest level of $8.84bn under his administration. Dr Uwanaka writes from African University of Science and Technology, Abuja. chukweks@yahoo.com

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MONDAY JANUARY 8, 2024

The north should invest more in education, argues ISAH ALIYU CHIROMA

It’s time to overhaul the tertiary education sector, contends OLUTAYO IRANTIOLA

DAUNTING STATE OF EDUCATION IN THE NORTH

CHANGING NIGERIA’S ACADEMIC NARRATIVE

“Education is the passport to the future, for tomorrow belongs to those who prepare for it today.” – Malcolm X. We live in a society where we pay little attention to some important things in our society. This attitude has gone on for many years. It is indeed scary looking at the statistics of out-of-school children, particularly in Northern Nigeria. It is the same thing in other parts of our society. What is the way forward? During the colonial era, Northern Nigeria’s educational environment saw substantial change. Western-style education was brought by the British colonial government with the intention of producing a cadre of educated people to help with regional management. Formal education was made possible by the founding of government-sponsored schools and missionary schools. The advancement of education accelerated in the decades preceding Nigeria’s 1960 declaration of independence. In an effort to satisfy the rising demand for education, new schools—including secondary schools and teacher training institutes— were established. Nonetheless, issues including inadequate infrastructure, restricted educational possibilities in rural areas, and unequal access to education continued to exist. Northern Nigeria encountered a number of difficulties in the field of education after gaining independence. Political unrest, economic hardships, and rapid population increase hampered the region’s capacity to offer high-quality education to all. Infrastructure and educational planning were impacted by the Civil War (1967–1970), which further interrupted educational activity. Northern Nigeria’s out-of-school problem has a significant impact on the social economy of the area. A multifaceted strategy is necessary to comprehend and tackle this situation, taking into account the various reasons that contribute to the high rates of dropout and non-enrollment. The condition of education in the North today is as a result of the intricate interactions between cultural dynamics, historical legacies, and modern issues. Governments and non-governmental groups are collaborating to address issues like gender inequality, enhance the caliber of teachers, and incorporate technology into the classroom. In recent decades, Northern Nigeria has witnessed both progress and setbacks in its education sector. Efforts have been made to enhance the quality of education, increase access, and align curricula with contemporary needs. However, the region continues to grapple with challenges such as insurgency, socio-economic disparities, and the impact of climate change on nomadic communities, which can affect educational outcomes. A multifaceted strategy is necessary to tackle this situation, taking into account the various reasons that contribute to the high rates of dropout and non-enrollment. Understanding the root causes of nonenrollment is crucial. Factors such as poverty, cultural norms, gender disparities, insecurity, and inadequate infrastructure contribute to the high number of out-of-school children. Poverty is a significant barrier to education in Northern Nigeria. Families struggling with poverty often prioritize immediate economic needs over long-term investments in education. Implementing targeted poverty alleviation programs such as conditional cash transfers or vocational training for parents, can help create an enabling environment for children to attend school. Culture of the people, including early marriage and gender-based discrimination, contribute to the disproportionately high number of out-ofschool girls. Efforts to promote gender equality

and sensitivity to cultural norms are essential. Community engagement and awareness campaigns can challenge stereotypes and promote the value of education for both boys and girls. A lack of adequate infrastructure, including schools and facilities, is a significant barrier to education. Investing in the construction and maintenance of schools, particularly in rural areas, and improving transportation infrastructure can enhance access to education. The shortage of qualified teachers is a pervasive challenge. Teacher training and recruitment initiatives can address this issue, ensuring that schools are staffed by well-trained educators. In addition, creating incentives for teachers to work in remote or disadvantaged areas can help distribute teaching resources more equitably. Engaging communities in the education process is vital. Community leaders, religious institutions, and local influencers can play a key role in promoting the value of education, dispelling myths, and encouraging parents to enroll and keep their children in school. Community-based organizations can also contribute to identifying and addressing specific local challenges. Advocacy for education at the policy level is crucial. Civil society organizations, nongovernmental organizations, and the international community can play a pivotal role in urging governments to prioritize and allocate adequate resources to education. Monitoring and holding governments accountable for their commitments are essential steps in driving positive change. In hindsight, I think we have started seeing the effects and challenges out of school children could bring. We need to go behind the screen and invest in the education sector and put possible policies that can work in our society. Programs can be initiated, which will address this issue with full force, as the future cannot be put on hold, because it must come. One of the successful programs that has worked over the years can be easily adopted. Free education has helped in curbing out of school children over the years in northern Nigeria. The task of education is an unfinished business; it is not a short sprint that we can keep watching. It is about the future generation, and the generations to come. This requires a comprehensive and sustained effort. By focusing on these key areas, stakeholders can contribute to creating an environment where every child has the opportunity to access quality education, fostering not only individual development but also the overall well-being of communities and the nation. In this marathon of lifetime, without education, our society will encounter a lot of challenges which we can’t avoid. We need to take charge of our future and create a society of people who know how to think and provide solutions to our problems instead of creating the problems. Chiroma writes from the Usmanu Dan Fodiyo University, Sokoto, aliyuisahchiroma29@gamil.com

The unfolding university degree saga in Nigeria has brought to the fore the need to look inward and strengthen our academic heritage. It is pretty unfortunate where we have found ourselves as a country. I am not a beneficiary of the heydays when university students ate chicken on Sundays, but the system has continued to nosedive year- in year-out. It is getting to a point where the federal government needs to evaluate its students across the globe so that we can effectively understand our situation. What do people want from the Nigerian educational system to ascertain where we are getting it wrong? This brings to mind the number of students who are “exiled” so that they can get globally competitive certificates. In 2022 and 2023 respectively, Nigerian students experienced war in Sudan, Russia and Ukraine. One of the most disheartening things about our tertiary institution is that after passing the West African Examination Council (WASC), Joint Admissions

in the neighbouring countries. Aside from the deep-pocket Nigerians who can afford to send their children to Ivy League universities in Europe and America, people are looking for ways in which their wards will save years in the university due to the incessant strikes that last many months. Meanwhile, the government and the academic workforce have little or nothing to lose. Another issue we have as a country is the conversion of all tertiary levels of education to universities. No institution trains teachers again; no institution trains technicians again. Everyone wants to become an Engineer. People without a university education cannot go beyond certain levels in Civil Service, amongst other limitations we place on our nationals. Hence people troop into other countries to get a university degree of any type. This unrealistic demand of society has pushed students out of the country. Again, the recent increase in fees paid

Matriculation Board Examinations, and Post-JAMB of the various institutions, you are not guaranteed admission for your course of choice and even the university of choice. You have to scramble for admission; seek a lecturer to help follow up on your admission. All this gave rise to people seeking admission in neighbouring countries. With a burgeoning youthful population, there is a need for the government to enlarge the capacity of the various institutions. But we keep tightening the admission measures. We cannot continue to allot admission quotas to institutions every session and expect parents who do not know anyone to keep their children at home for years waiting for admission. Until recently, first-class degrees were rare in Federal and State Universities because many lecturers believed that God was the only one who owned first-class while the lecturer owned second-class upper degrees, and students could jostle second-class lower and third-class’. Whereas the labour market had labelled students with such degrees as “half-baked and unemployable”. All these made parents get loans to train their children in all these mushroom institutions

in Nigerian tertiary institutions is not encouraging. Truly, the government is doing everything to reduce subsidy across the board, but Nigerians cannot see the additional value to the students. People will only go for a shortcut to beat the system as well. There is another growing phenomenon; Nigerians are gunning for honorary doctorate degrees, and all of these degrees are coming from the same institutions that the Ministry of Education is suspending the accreditation and evaluation of degree certificates from in Benin Republic, Togo, Uganda, Kenya and Niger Republic. Do we need to wait for a crisis to break out before we take the appropriate steps? I am not justifying wrongs, but it is a charge for the government and academic leaders to wake up from their slumber; they need to find ways of redeeming the educational image of the country by overhauling the sector. Irantiola, a Lagos-based PR Consultant, Playwright and Biographer, blogs on www. peodavies.com

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EDITORIAL

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

ISSUES IN UBEC IDLE FUNDS State governors should pay attention to primary education

n a bid to help the Nigerian child access good education, especially at the foundation level, the federal government established an intervention body, the Universal Basic Education Commission (UBEC) in 1999. Its mandate is to administer a fund to all the 36 states of the federation as part of measures to standardise primary education. Unfortunately, authorities in no fewer than 29 states have chosen to imperil the future of children by refusing to access the grants that has accumulated to the tune of N68.73 billion. This is simply because they do not want to be accountable. “Between 2019 and 2022, the sum of N162.28 billion was allocated to states as UBEC grants, but only 11 states have accessed the matching grant,” executive secretary, Hamid Boboyi, recently told the Senate committee on basic education. The UBEC fund is an annual grant by the federal government to help the states upgrade their primary education facilities to provide a good educational foundation for the nation’s children. To access the fund, state governments are required to match the federal government’s grant strictly for primary education expenditure. But many of the states have ignored this facility even as children study under very deplorable conditions, including having lessons under trees and dilapidated classrooms while the quality of teachers remain suspect in many cases. In these lean times, it is unfortunate that many state governors have not realised the importance of the facility intended to secure a solid foundation for the future of their children. Indeed, records abound of reckless and frivolous expenditures by the states, despite the difficulties in meeting their basic responsibilities, even in the primary education sector. Ordinarily, primary education does not fall within the purview of the federal government and the two per cent of the Consolidated Revenue Fund (CRF) it set aside for equal distribution to the states and Federal

Capital Territory (FCT), to support basic education was a response to a felt national need. While this intervention fund is not supposed to be the main or alternative fund for that critical education sub-sector, many state governments speak about it with a sense of entitlement. Interestingly, the states complaining of inadequate funds to rebuild classroom, train teachers and provide instructional materials are the ones putting forward all sorts of arguments against rules for access to the special intervention funds. For years, many of the governors had been scheming to collect this special federal government intervention fund without providing the necessary counterpart funding, which is a needed demonstration of seriousness for entitlement. In 2014, the governors made spirited efforts to amend Sections 9 (b) and 11(2) of the UBEC Act that spell out criteria for entitlement to the funds. Specifically, the governors wanted to collect the intervention fund without providing the necessary counterpart funding. The Goodluck Jonathan administration resisted the amendment because of the poor handling of the funds by most state governments, which reinforced the need for strict monitoring of its disbursement and utilisation. Allocation has hardly ever gone beyond half a billion naira per state, per annum. Yet some states argue that this is too much for them to commit as counterpart fund. The Femi Falana-led Alliance on Surviving Covid-19 and Beyond (ASCAB) wants UBEC to directly disburse the money but their prescription offers no practical solution. There must be effective monitoring of the projects executed with the funds as there have been cases of classrooms falling apart even before they are used. While the school-based management committees (SBMCs) have a role to play, governors must understand that by shunning UBEC because of counterpart funding they are fighting a commitment to transparency and accountability to the people whose interests they have sworn to protect.

Many states have ignored this facility even as children study under very deplorable conditions, including having lessons under trees and dilapidated classrooms while the quality of teachers remain suspect T H I S D AY

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LETTERS CULTURE AND HEALTHCARE IN BORNO Traditional beliefs interfere with healthcare in Borno State. Many residents choose to rely on traditional medicine, believing that it is more effective than Western medicine. This clash of beliefs can lead to poor health outcomes for many people in the region. According to studies, a significant proportion of the population in Borno State, especially in rural areas, still relies on traditional healers for health care. The use of traditional medicine is deeply rooted in the culture and beliefs of the people, and many believe that it is more effective than modern medicine. It's difficult to say exactly what percentage of the population relies on traditional beliefs, but it's clear that it's a significant factor in the healthcare crisis in the region. While modern medicine offers life-saving treatments for many conditions, traditional beliefs about health and illness persist in the State. This can lead to a conflict between the two approaches, causing people to forgo modern medical care and putting their health at risk. The belief in jinns and spirits also have a significant impact on healthcare. People may believe that their illness is

caused by possession by a jinn or spirit, and they may seek out traditional healers who use rituals and amulets to treat them, instead of seeking modern medical care. This can lead to people not getting the medical treatment they need, and in some cases, it can even lead to people dying from illnesses that could have been treated by a doctor. This can lead to different implications that will make people start avoiding or delaying modern medical care, as they may believe that traditional medicine is more effective. Secondly, it can lead to the spread of diseases, as some traditional practices, such as bloodletting, can actually cause harm and spread infection. Finally, it can lead to financial hardship, as people may spend their limited resources on ineffective treatments rather than seeking modern medical care. However, the medical care procedure and hospital administration system in Borno State can certainly contribute to people avoiding hospitals and seeking treatment from traditional healers instead. The high cost of medical care can make it difficult for people to afford the care they need, especially in emergency situations. For example, patients may be required to pay upfront for treatment, even if they cannot afford it. In

some cases, patients may be turned away from the hospital if they cannot pay upfront, even if they are experiencing a life-threatening emergency. Additionally, hospital staff may be insensitive to the needs of patients and their families, and may not provide the level of emotional support that is needed in a time of crisis. Moreover, the long wait and bureaucracy associated with the system can be frustrating and discouraging for people who are seeking medical care. There are a few possible solutions that could help to improve this situation. First, more education and awareness about the benefits of modern medical care is needed. This can be done through public health campaigns and community outreach programs. Second, making medical care more affordable and accessible is important. This can be done through government subsidies, insurance programs, and improved infrastructure. Third, improving the training and regulation of traditional healers can help to ensure that they provide safe and effective care. Finally, solution to the issues with the medical care procedure is to reform the way that hospitals bill patients. Fadeela Mustapha Lawan, Dept of Mass Communication, Borno State University

T H I S D AY • Monday, January 8, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

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

08056356325

J a n u ar y

S & P INDEX

5 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Friday, July 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Experts Project Over N13tn Fiscal Deficit, N100tn Public Debt for Nigeria in 2024

Nume Ekeghe Experts in Nigeria’s financial service sector have predicted Africa’s biggest economy’s 2024 fiscal deficit will surpass N13 trillion, exceeding the estimated deficit of N9.2 trillion. Additionally, they predict Nigeria’s debt stock will surpass N100 trillion by mid-2024, maintaining a high debt-to-service ratio of over 60 per cent. Experts at Afrinvest Limited disclosed this in their 2024 outlook titled, “Pulling Back from the Precipice,” where they also anticipate a moderately improved macroeconomic environment.

Reviewing the 2024 budget, they stated: “Aggregate revenue projection is overly optimistic given the prevailing weak macroeconomic environment and continued inefficiencies in many of the federal government revenue-generating agencies. “Expectations of a 43.9 per cent share of the projected revenue from oil & gas is unrealistic. This is due to agreed OPEC+ output cut till 2024, incessant sabotage in the oil-rich Niger-Delta, and the time lag required for the new exploration licenses to manifest gains. “On the balance of analysis, we estimate the fiscal deficit to exceed

N13.0 trillion (assuming CAPEX implementation is not relegated) as against the N9.2 trillion budgeted. Consequently, we see total public debt stock crossing the N100.0 trillion mark by mid-2024 from N87.4 trillion in June 2023 while debt-service-to-revenue is estimated to remain above the 60.0 per cent level.” On what would boost the economy in 2024, they noted that the economic outcomes would depend on how the current administration can carry through with the on going reforms, improve the business environment to end the recent spate of closure by mid and large-sized business entities,

improve national security, enhance internal shock absorbers to external risks, and narrow structural gaps. According to the experts: “Based on our scenario models, GDP growth, inflation, and FX rate would average 3.0 per cent, 22.1 per cent, and N918.89/$ in 2024 blue-sky case, while the average outcomes could deteriorate to -1.5 per cent, 24.7 per cent, and N1,057.19/$ should policy fatigue set in and external risks mount. “Shifting focus, the Nigeria equities market raced to a 15-year high in 2023 fuelled by marketfriendly reforms implementation by the current administration and resilient corporate performance.

We expect the equities market to sustain the positive momentum through 2024, though at a modest pace. Our model forecasts a 14.8 per cent return for the year, premised on improved macroeconomic conditions, anticipated growth in Foreign Portfolio Investments, and a more stable FX environment.” On the fixed-income market, the analysts stated that 2023 was bearish owing to tightened financial system liquidity by the CBN and the borrowing footprints of the federal government. “Across market segments, yields reprised in favour of the bears to close around 8.0 per cent and 14.0 per cent levels for

benchmark NTB and FGN Bond instruments. The outlook for 2024 is cautiously optimistic, predicated on robust liquidity dynamics and positive inflation – and interest rate – expectations. “We anticipate that the CBN might adopt restrictive stance to counter large inflows in the first half of the year. This could be the major upside trigger for yields. However, we see pathways for tapering of yields into the second half with dovish pivots by systemic central banks, moderating inflation and less restrictive CBN stance as potential factors to weigh on the yield environment, ”they stated.

Banking Stocks Gain N749.24bn over Rally in Access Holdings, UBA, 11 Others Kayode Tokede As the stock market commenced 2024 on a positive note, listed banking stocks gained a total of N749.24billion in market capitalisation following investors renewed interest in Access Holdings Plc, United Bank for Africa Plc (UBA) and 11 others at the close of trades last week. Also, the Nigeria Exchange Limited (NGX) All Share Index or ASI appreciated by 6.54 per cent Week-on-Week (WoW). In the same vein, the NGX

Banking Index during the week under review emerged as the second-best performing Index, behind NGX Insurance Index. The Banking Index appreciated by 10.29 per cent, while the NGX Insurance Index closed at 14.08 per cent at the close of business last Friday. Capital market analysts attributed the surge in banking sector stocks to projected impressive 2023 corporate earnings, as most of these banks are expected to reward shareholders with dividend pay out. Speaking, the Vice President,

Highcap Securities Limited, Mr. David Adnori stated that the banking stocks continued to rally as some of them are undervalued, stressing that investors are taking positions amid 2023 corporate earnings that come with full dividend payout. “Of course, it is expected that Zenith Bank, Access Holdings, UBA, among others will declare a full dividend. With that reality, investors are taking position in these banking stocks and the impact is a reflection in the price appreciation early 2024,” he added.

He added that the proposed recapitalisation of the banking sector by the Central Bank of Nigeria (CBN) is contributing to the stock price appreciation. At the 58th annual Bankers’ Dinner in 2023, CBN Governor, Mr. Olayemi Cardoso, had said a stress test performed on Nigerian banks revealed that while they would withstand mild to moderate stress, they would be unable to service a $1trillion economy projected by President Bola Tinubu in seven years, hence the need for recapitalisation.

Cardoso said, “Stress tests conducted on the banking industry also indicate its strength under mild-to-moderate scenarios of sustained economic and financial stress, although there is room for further strengthening and enhancing resilience to shocks. Therefore, there is still much work to be done in fortifying the industry for future challenges.” He added, “Considering the policy imperatives and the projected economic growth, it is crucial for us to evaluate the adequacy of our banking industry to serve the

envisioned larger economy. It is crucial to evaluate the adequacy of our banking industry to serve the envisioned larger economy. “It is not just about its current stability. We need to ask ourselves, can Nigerian banks have sufficient capital relative to the finance system needed in servicing a $1trillion economy shortly, in my opinion, the answer is no, unless we take action. As a first test, the central bank will be directing banks to increase their capital.” The story continues online on www.thisdaylive.com

M a r k e t d ata A s at F r i d ay, J a n u a r y 5 , 2 0 2 4 BONDS Description Price Yield Change Updated Time (%) ^13.53 23January 101.49 12.13 0,00 2024 5, MAR-2025 January 5, ^12.50 220,00 2024 98.58 13.31 JAN-2026 ^16.2884 17January 5, 108.25 13.03 0,00 2024 MAR-2027 ^13.98 23January 5, 101.70 13.42 0,00 2024 FEB-2028 ^14.55 26January 5, 103.63 13.55 0,00 2024 APR-2029

BILLS Maturity

Discount Yield

Change (%) Updated Time

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

2.14

January 5, 0.00 2024

2.91

2.93

January 5, 0.00 2024

3.88

3.92

January 5, 0.00 2024

4.66

4.73

January 5, 0.00 2024

5.56

January 5, 0.00 2024

5.43

OTC F X F U T U R E S

CPs Maturity CRSL CP II 18-FEB-24

Discount Yield 9.96

10.08

FLOURMILLS CP III 29-FEB-24

11.51

11.72

UACN CP VI 19-MAR-24

9.24

9.41

LFZC CP IV 16-APR-24 MTNN CP VII 14-MAY-24

10.71

11.04

9.27

9.58

Change (%)

Updated Time

January 5, -2,00 2024 January 5, -2,00 2024 January 5, -5,00 2024 January 5, -6,00 2024 January 5, -5,00 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 5, 2024 January 5, 2024 January 5, 2024 January 5, 2024 January 5, 2024

Monday, January 8, 2024 • T H I S D AY

BUSINESSWORLD

News

Facilitating Cargo Evacuation from Lekki Port The construction of the Ijebu-Ode-Epe-LekkiEleko Coastal roads, Lekki-Ajah-Eleko Coastal roads and Ikorodu-Itokin-Epe roads, have boosted cargo evacuation in and out of Lekki port, writes Gilbert Ekugbe Residents of the Lekki-Epe, Ajah and environs can now breath a heavy sigh of relief as the fear initially expressed over the citing of a deep sea port at Lekki to bring about untold hardship as a result of traffic gridlock occasioned with unregulated truck parks around the Lekki-Epe has been finally put to rest. During a media tour to some of the completed alternative routes to the Lekki port recently, journalists were also taken to some of the alternative routes, which are 85 per cent close to completion. It is expected that the road networks would boost easy access to the hinterland surrounding the port’s location and ensure efficient cargo handling and turnaround times. So far, the improved road network for the Lekki Port has significantly enhanced the port’s efficiency and attractiveness for businesses, leading to increased commercial opportunities and economic growth in the region. According to a source from the Lekki deep seaport who do not want his name in print, since the completion of these alternative routes, about 60 per cent of cargoes cleared from Lekki deep seaport now leave by road while 40 percent exit through badges. This represents a significant shift from the initial situation, where all 100 per cent of cargoes left the port via barges due to inadequate road infrastructure as the improved road network has led to a more efficient and seamless cargo evacuation process, making the port a more attractive option for shipping companies and their clients “You have seen the progress made so far from Lekki to Eleko junction and from Eleko junction to the coastal road down to the port. You can also see the road network from Epe

to Lekki when we moved past the Eleko junction. We also came through the Berger-Ijebu Ode, Itoikin into Epe where you saw state-of-the-art road facilities that would ease operations in and out of the Lekki port,” the source said. Presently, the three major access points to the port which include the Ijebu-Ode-EpeEleko Junction-Coastal Road, Lekki/Ajah-Epe Expressway and Epe-Ikorodu-HermosaAjah-Epe Road have been completed as cargoes can now leave the port through the Ijebu-Ode to Epe road The 18.6km first segment of the road takes off from Eleko to Awoyaya and connects to critical sections around Majek and Ogidan while the second segment, which is 11km, starts at Ogidan and ends at Abraham Adesanya Roundabout. The completed construction works on the Epe to Ijebu Ode expressway to support import and export has received commendation from stakeholders in the maritime industry, as they claimed that it would facilitate the seamless and efficient transportation of goods, making the port a more attractive option for importers and exporters dualisation of the Lekki-Epe road is a major infrastructure project aimed at improving the transportation network around the Lekki Port and the surrounding areas. The road project involves the expansion of the existing road from a single carriageway to a dual carriageway, which will improve traffic flow and

ABC Commits to Addressing Nigeria’s Cybersecurity Skills Gap Gilbert Ekugbe

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

reduce congestion The dualisation of the Lekki-Epe road, which is 95 per cent complete is expected to enhance the movement of goods and services, making it easier for cargoes to be transported from the port to their destination The improved road network will also facilitate the movement of people, leading to increased economic activities and growth in the region Addressing some of the challenges associated with the nuisance caused by unregulated truck parks which include environmental and community concerns as a result of noise, air pollution, and the potential impact on local businesses and residents and to erase the perception of residents seeing truck parks as potential targets for criminals who may seek to steal or damage vehicles and cargo, the management of Lekki deep sea port constructed a truck park close to the port’s gate to facilitate the movement of cargoes and alleviate traffic congestion. The 157-capacity pre-gate truck park is designed to ensure efficient traffic management control at the port The construction of the truck park is expected to reduce the chaotic traffic associated with cargo movement and improve overall traffic control in the area. The park is equipped with security booths, offices, and a waiting area, and is located at the north boundary of the Lekki Port to prevent unnecessary queues at the port’s gate.

The American Business Council (ABC) has restated its commitment to bridging the dearth of Nigeria’s cybersecurity skill gap currently put at over four million. The Chief Executive Officer and Executive Secretary ABC, Margaret Olele, at the launch of its virtual hub and media parley tagged, “Cybersecurity accessibility in Africacreating an inclusive cyberspace,” said the launch is apt considering the spate of cyber attacks especially on the nation’s financial sector. She added that the launch of the hub is aimed at providing cybersecurity training modules and fostering cybersecurity awareness for the youths in Nigeria. She also pointed out the need to provide accessible solutions to safeguard critical infrastructure in the country, pointing out that education, training and investment in critical infrastructure is key to tackling cyber attacks while also increasing the accessibility and understanding of cybersecurity in the country. “We are trying to create an awareness for the talent gap we have

in Nigeria. There is an urgent need for capacity building and upskilling the market that can help drive cybersecurity in Nigeria,” she said. According to her, the Council is working with the federal government and private sector in the ICT space to seek efficient and effective ways to grow Nigeria’s cyberspace. Also speaking, the United States Commercial Counsellor for Nigeria, Julie LeBlanc, said the tech sector is very important for economic growth and development, adding that it plays a pivotal role in checkmating cyber attacks. “The sector must be safe for Nigeria to explore all the potentials of the sector,” she said. On her part, the Chief Executive Officer, Commercio Limited, Aderonke Adeyegbe, said the virtual hub is long overdue considering the accelerated digital transformation being experienced in the country since the advent of COVID 19. She called on African governments to help formulate policies and strategies around cybersecurity while also pointing out the need to establish a talent factory to meet Nigeria’s growing needs for cybersecurity and the world at large.

How to Apply for 2024 Pension Clearance Certificate

The National Pension Commission (PenCom) issued Pension Clearance Certificates (PCCs) to 30,293 organisations that applied and were confirmed to have complied with the laid down requirements of the Contributory Pension Scheme (CPS) in 2023. An analysis revealed that there was an increase of 3,737 from the 26,556 organisations that obtained the certificate in 2022. However, it is imperative to note that the PCC is valid up to 31 December of the year it was obtained, irrespective of the date it was issued within the year. Consequently, all 30,293 PCCs have expired on 31 December 2023. Therefore, organisations are required to apply PENCOM DG, Aisha Dahir-Umar for new PCCs for the year 2024. pension contributions and penalties (for PenCom commenced late remittance). the issuance of PCC to organisations in 2012 in line with the Pension Reform Act, 2014 v. Evidence of transfer of pension fund and assets held prior to the commencement of (PRA, 2014), which mandates all organisations the Contributory Pension Scheme (CPS) with at least 3 employees to participate in the to a licensed pension fund operator. This CPS. The PCC is evidence of compliance with is only applicable to organizations that the PRA 2014 and serves as a prerequisite had pension arrangements or were in for all suppliers, contractors, or consultants custody of pension assets before June soliciting any contract or business from the 2004. Federal Government’s Ministries, Departments, and Agencies (MDAs). Accordingly, PenCom vi. Evidence of current Group Life Insurance Policy procured for the staff of the issues PCCs to organisations that apply and organisation specifying the number of have fully complied with the requirements. employees covered and the sum assured. In order to qualify for a PCC, the employer must ensure that its employees open Retirement Savings Accounts (RSAs) with any Pension Issues to note in the Fund Administrator (PFA) of their choice. Application for PCC The processing of PCC applications as Employers must also remit the employer and employee monthly pension contributions to designed by PenCom is straightforward and the Pension Fund Custodians (PFCs) no later transparent. Applications are processed within than 7 working days from the payment date 7 working days, provided that all requirements are met and requested of salaries. Furthermore, employers with pension schemes which existed before the documents are provided. Some of the CPS must transfer Pension Funds and Assets noted deficiencies in the submissions by in their custody to licensed pension operators. organisations include the following: underFinally, employers must provide their staff remittance of contributions; non-provision of with a Group Life Insurance Policy (GLI) Group Life Insurance for at least three times covering at least three times the annual total the total annual emolument of employees; understating the number of employees emoluments of the employees. and remittance of outstanding pension Requirements for the PCC contributions. In the event of any deficiency, Employers wishing to obtain Pension a notification is forwarded to the applicant Clearance Certificate are required to submit for remedial action before the issuance of their application with the following documents: the PCC. PenCom, in a general notice to i. Certified list of employees of the all employers published in September 2023, organization as at the end of the last warned employers against using third parties fiscal year. The certification should be to get the PCC, as employers are encouraged done with an authorized official stamp to apply directly to avoid any hitches. It is important to emphasise that the PCC of the applicant organization. ii. Certified rate of monthly pension is issued to the applicant organisation at contributions (specifying employer and no cost. PenCom is not paid any amount employee rates). The rates relating to the whatsoever. The employer is only required to remit employee pension contributions monthly emoluments are: a) Minimum of ten percent (10%) by into their RSAs. A list of organisations that were issued the the employer; and b) Minimum of eight percent (8%) by PCC is uploaded on the PenCom website to facilitate verification by interested parties. the employee. iii. Evidence of remittance of monthly pension Consequently, any certificate not found on the contributions for all employees as follows: website is invalid, as the list is updated daily. a) For the last three fiscal years for There is also an interface through which the organizations that were in existence Bureau of Public Procurement (BPP) verifies for that period and have three (3) or the PCCs of organisations as PenCom feeds BPP the information daily. more staff; The 30,293 organisations that were issued b) For organizations that have not been in existence for the last three fiscal PCCs in 2023 remitted about N148.24 billion years, from the date of incorporation/ for their employees. Since introducing the registration/licensing to the last fiscal Pension Clearance Certificate in 2012, PenCom has observed increasing compliance with the year. iv. Evidence of remittance of all outstanding CPS by the private sector.

T H I S D AY • Monday, January 8, 2024

BUSINESSWORLD

Interview

Osho: Nigeria’s Economy Offer Opportunities for Investors in 2024 Co-founder Comercio Partners Limited, a Lagos based investment bank, Steve Osho in this interview, said despite the challenges, there are several opportunities for investors in Nigeria. To capitalize on these opportunities, he advised investors to consider adopting strategic approaches that align with the prevailing economic conditions. He said sectors such as agriculture, technology, and manufacturing have the potential for growth and resilience against oil price volatility. He also urged investors to conduct thorough sectoral analyses to identify promising industries; targeting businesses with strong fundamentals, sustainable growth prospects, and resilience to external shocks. Excerpts What is your assessment of the economy in 2023 especially in terms of projections on key macroeconomic indicators? he year 2023 witnessed a deceleration in Nigeria’s gross domestic product (GDP) growth, dropping to 2.6 per cent from the 3.3 per cent recorded in 2022. This slowdown is a result of various factors, including the services sector’s performance and fluctuations in oil production. The services sector, a major contributor to GDP, has been a key driver of economic activities, while the rebound in oil production has been moderate, signaling ongoing challenges in the oil and gas sector. Inflationary pressures significantly shaped the economic landscape in 2023. The average year-on-year inflation rate surged to 25.5 per cent in the third quarter, marking a substantial increase from the 20.3 per cent recorded in the same period in 2022. Recent data shows that the inflation rate increased to 28.20 per cent in November 2023, up by 0.87% points from October’s rate of 27.33 per cent. The food index is a significant contributor to the overall inflation, with a contribution of 14.61 per cent to the year-on-year inflation. This surge is attributed to the removal of fuel subsidies and the devaluation of the naira. The impact of these factors has been profound, affecting consumer purchasing power and overall economic stability. The issue of exchange rate volatility and foreign exchange (FX) reserves has been a central concern in 2023. Despite efforts to liberalize the exchange rate, a persistent gap has emerged between the official and parallel exchange rates, with a premium of over 30% observed over the official rate. The Central Bank of Nigeria’s (CBN) net FX reserves declined to USD 33.2 billion in September 2023, indicating potential challenges in managing external liquidity. FX shortages continued to pose challenges to economic activities, hindering foreign capital inflows. While the CBN lifted the ban on FX for certain imports, the gap between official and parallel exchange rates widened, reflecting uncertainties in the FX market. The challenges in achieving a more liberalized and stable FX market have implications for investor confidence and capital flow. The recovery in oil production, albeit partial, has influenced the economic landscape. The sector recorded an increase to 1.57 million barrels per day (mbpd) in September 2023 from a low of 1.25 mbpd in September 2022. However, this remains below the pre-pandemic level of 2.09 mbpd in 2019. The budgetary impact of oil production dynamics, coupled with efforts to narrow the budget deficit, is critical for overall economic stability. Fiscal policy measures, including the removal of fuel subsidies, aimed to address budgetary challenges. Fitch forecasts a narrowing of the budget deficit to 5.2 per cent of GDP in 2023, with an anticipated further reduction to 4.6 per cent in 2025. However, the overall structure of public finances and the reliance on oil revenue continue to be areas of scrutiny. For 2024, Comercio Research Team projects a GDP growth rate of 3.5 per cent in, primarily driven by the services sector and improved oil production. Inflation is expected to moderate to 24 per cent in 2024, though still significantly

FX challenges, and factor in the broader economic conditions when making investment decisions. In summary, while certain positive measures were taken in 2023, the overall investment climate is marked by challenges that necessitate a vigilant and adaptive approach from investors in Nigeria.

A major source of the historic inflation that characterised 2023 was the persistent naira depreciation. Do you see this trend persisting in 2024, and what is the rationale for your projection? While predicting currency movements is inherently uncertain, the persistent naira depreciation observed in 2023 is likely to remain a concern in 2024 if the structural issues in the FX market, reliance on oil revenues, and policy inconsistencies persist. The outlook will be influenced by a combination of domestic reforms, global economic conditions, oil market dynamics, and the effectiveness of monetary policy. Investors and stakeholders should closely monitor these factors to assess the evolving landscape and make informed decisions based on the prevailing economic conditions.

Osho above the international benchmark. The macroeconomic projections highlight the delicate balance between fostering economic growth and managing inflationary pressures. The economic landscape of Nigeria in 2023 reflects a nuanced mix of challenges and opportunities. The interplay of factors such as inflation, exchange rate dynamics, oil production, fiscal policies, and monetary measures underscores the complexity of steering the economy towards sustainable and inclusive growth. Policymakers, investors, and market participants need to closely monitor these dynamics and adapt strategies accordingly to navigate the uncertainties in the Nigerian economic landscape. Would you describe 2023 as a good or bad year for the investment community and what is the basis for your answer? The assessment leans towards considering 2023 as a challenging year for the investment community in Nigeria. While initial reform measures were promising, the persistence of FX challenges, uncertainties in the oil sector, high inflation, and governance issues create headwinds for investors. Backtracking on key reforms and the widening gap between official and parallel exchange rates contribute to an environment of uncertainty. Investors’ value stability and predictability, and any inconsistencies in economic policies can result in a cautious approach. The nuanced macroeconomic landscape emphasizes the need for vigilance and adaptability. Investors must closely monitor policy developments, navigate

“The vision for 2024 includes a strong emphasis on digital transformation and the integration of cutting-edge fintech solutions. Comercio Partners plans to enhance its digital infrastructure and leverage data analytics to provide personalized financial solutions.”

What opportunities do you see in 2024 for investors to make money and what strategies should they adopt to leverage these opportunities? Despite the challenges and uncertainties highlighted in the economic landscape of Nigeria for 2024, there are several opportunities for investors. To capitalize on these opportunities, investors should consider adopting strategic approaches that align with the prevailing economic conditions. Here are key opportunities and recommended strategies: Diversifying investments beyond the oil sector presents an opportunity for stable returns. Sectors such as agriculture, technology, and manufacturing have the potential for growth and resilience against oil price volatility. Investors should conduct thorough sectoral analyses to identify promising industries. Targeting businesses with strong fundamentals, sustainable growth prospects, and resilience to external shocks can be a strategic approach. Nigeria has significant infrastructure needs, and government initiatives to address these gaps present opportunities for investors. Infrastructure projects, including transportation, energy, and telecommunications, can be lucrative. Investors can explore partnerships with government entities, engage in public-private partnerships (PPPs), or invest in companies involved in infrastructure development. Due diligence on regulatory frameworks and project viability is crucial. Furthermore, the global shift towards sustainable energy creates opportunities in the renewable energy sector. Nigeria’s potential for solar and wind energy projects positions it as an attractive market. Investors can explore opportunities in solar and wind energy projects, invest in renewable energy companies, or consider partnerships with organizations involved in sustainable energy initiatives. Also, the digital transformation wave sweeping across industries presents opportunities for technology and innovation investments. E-commerce, fintech, and digital services are areas with substantial growth potential. Investors should identify tech startups, scale-ups, or established companies leading in digital innovation. Strategic partnerships, venture capital investments, or acquiring stakes in tech companies can be part of an investor’s strategy. Urbanization trends and a growing

population create opportunities in real estate. Residential, commercial, and mixed-use developments in strategic locations can yield attractive returns. So, investors should conduct market analyses to identify areas with high demand for real estate. Strategic land acquisitions, partnerships with reputable developers, or real estate investment trusts (REITs) can be considered. There are also opportunities in the consumer goods sector. Despite economic challenges, consumer demand for essential goods and services remains resilient. Fast-moving consumer goods (FMCG), healthcare, and education services are areas of potential growth. Investing in well-established consumer brands, healthcare facilities, or educational institutions can be strategic. Identifying companies with a focus on affordability and quality can align with consumer preferences. Government bonds and fixed-income securities can provide stable returns, especially in times of economic uncertainty. They offer a relatively low-risk investment option. Investors can consider allocating a portion of their portfolio to government bonds and fixed-income securities to balance risk and return. Regularly monitoring interest rate trends and adjusting portfolio allocations accordingly is essential. While navigating the investment landscape in Nigeria in 2024 requires careful consideration of risks, adopting a diversified and strategic approach can position investors to leverage emerging opportunities. Thorough due diligence, a focus on sustainable growth sectors, and flexibility in adapting to changing market dynamics will be key to successful investment strategies in the Nigerian context. Additionally, it is important for foreign investors to collaborate with local partners. This is because collaborating with local partners can provide investors with insights into the Nigerian market, navigate regulatory complexities, and build relationships critical for success. Seeking partnerships with reputable local businesses or establishing joint ventures can enhance market entry strategies. Local partners bring valuable knowledge about the business landscape, regulatory nuances, and customer preferences. As a major player in the financial market, what were the highlights of 2023 for Comercio Partners in terms of KPIs and what is the vision for 2024? In 2023, Comercio Partners experienced robust revenue growth, driven by strategic initiatives, diversified product offerings, and effective client engagement. Key performance indicators (KPIs) related to revenue, such as total income, fees and commissions, and net interest income, saw positive trajectories. Comercio Partners successfully expanded its market share in various financial segments. This achievement was attributed to the effective deployment of marketing strategies, innovative financial products, and an emphasis on customer satisfaction. The company witnessed substantial growth in assets under management, reflecting strong performance in investment management services. The increase in AUM is indicative of successful investment strategies, attracting new clients, and retaining existing ones. In 2024, Comercio Partners aims to sustain its growth momentum and consolidate its position as a market leader in the financial sector. The company will focus on expanding its market presence through targeted marketing strategies, product innovation, and customer-centric approaches. The vision for 2024 includes a strong emphasis on digital transformation and the integration of cutting-edge fintech solutions. Comercio Partners plans to enhance its digital infrastructure and leverage data analytics to provide personalized financial solutions.

T H I S D AY • Monday, January 8, 2024

BUSINESSWORLD

PERSPECTIVE

Mele Kyari @ 59: A Leadership Lesson Unfolding James Ume

“Kyari has spent his adult life working for his country, having started out in 1991 as a Field Geologist for the NNPC. He had excelled in all positions he had served up till 2019 when former President Muhammadu Buhari appointed him the GMD of NNPC. It was one of the appointments made by the former president that was hailed by industry stakeholders as that of a round peg in round hole.”

wo Psychological theorists, Robert C. Roberts and W. Scott Cleveland, in an article published in the Handbook of Humility defined humility as “intelligent lack of concern for self-importance, where self-importance is construed as conferred by social status, glory, honor, superiority, special entitlements, prestige, or power.” The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Mele Kolo Kyari (OFN) personifies the nature and value of humility. Kyari’s modesty has been the defining grace of his leadership at the NNPC Limited since 2019 when he was first appointed. Though highly regarded as a cerebral technocrat in the oil and gas industry locally and internationally, there’s nothing in his mien that advertises his rich mind and lofty status. Instead, what is on display is his frugal, ready -to-plough appearance of a workman. His leadership has been devoid of arrogance and the vice of pride. He has remained open to new ideas and demonstrated the willingness and ability to self-assess, and the aptitude to acknowledge mistakes. Those who have worked with him or encountered him closely like this writer know that if there’s one word that sums up Kyari as a leader, it is modesty! As the NNPCL CEO marks another life milestone today, I feel compelled to spotlight this side of the high performing public servant who was recently re-appointed by President Bola Tinubu as the NNPCL CEO. Kyari is a stickler for excellence and diligence but puts on no airs, even when dealing with very junior subordinates. This is why he’s been able to inspire and carry his team along with him at the NNPCL. I’m sure those working with him at the NNPCL Towers would have several anecdotes about Kyari’s humbleness. But as one who has related closely with him, permit me to relate one or two that happened in my presence. After a program in Benin, Edo State Capital a few weeks ago, he told some in his entourage to accompany him to an office without mentioning the name of the office. It turned out that Kyari was nolstagic about his humble begining and decided to visit the office where he started with the NNPC 33 years ago. He felt proud to show the corner of the office and the location of his desk to the admiration of all the staff who felt pleasantly surprised by the CEO’s unannounced visit. The city of Benin obviously holds fond memories for Kyari because shortly after, he looked for an old friend he bonded with while starting out his career in NNPC 33 years ago. His name is Nurudeen Asonogie, who is now a staff of the National Orientation Agency. Although Kyari had kept the friendship going despite his status, he still felt a duty to meet an old friend. He arranged a meeting and the two friends met again, but it was at the Benin Airport, due to Kyari’s tight schedule. Everyone in Kyari’s entourage was surprised when the NNPCL CEO took Mr Asonogie’s hand and sat with him on a pavement along a tarred road at the airport! No one who saw the two men could have guessed that the NNPCL CEO was the unassuming, casually seated man along

Kyari

the road! For Mr Asonogie himself, it must have been a humbling experience as it was all those who witnessed it. On Sunday January 6, Kyari showed his characteristic prudence and spartan lifestyle when he was taken out for lunch at a restaurant in Paris, France where he had traveled for an event. The bill showed that each person had consumed a $300 meal! When Kyari saw the bill, he expressed shock and said if we had gone elsewhere, we could have had a sumptuous $30 meal! Kyari has brought this shrewdness and ability to self-discipline to the management of the affairs of NNPCL and inspired his team to be as diligent, prudent and transparent. This is perhaps his strongest motivation to reverse the image of NNPC as an opaque behemoth by opening up the books of the company for the first time in 43 years. The NNPC made history when it published its first audited financial statements in 2020. The NNPC also declared profits for the first time in 2020. It declared a profit of N287bn, up from a loss of N800bn. This trajectory continued in 2021 when profit moved up to N674 bn. The remarkable turnaround of NNPC from a loss-making government corporation to a vibrant commercially driven oil company has happened under Kyari. This turnaround is not by happenstance; the successes were deliberate and planned. As soon as he came into office in 2019, he launched the Transparency, Accountability and Performance Excellence( TAPE) agenda to prioritize good governance and profitability in the running of the

“Kyari is a stickler for excellence and diligence but puts on no airs, even when dealing with very junior subordinates. This is why he’s been able to inspire and carry his team along with him at the NNPCL. I’m sure those working with him at the NNPCL Towers would have several anecdotes about Kyari’s humbleness. But as one who has related closely with him, permit me to relate one or two that happened in my presence.”

corporation. Of course, Kyari’s aim for launching TAPE was to ensure that all staff embraced the call for accountability in the use of public resources and management of the affairs of the corporation. While it is not yet uhuru, there’s no doubt that Kyari has achieved some of his objectives. Kyari has spent his adult life working for his country, having started out in 1991 as a Field Geologist for the NNPC. He had excelled in all positions he had served up till 2019 when former President Muhammadu Buhari appointed him the GMD of NNPC. It was one of the appointments made by the former president that was hailed by industry stakeholders as that of a round peg in round hole. President Tinubu passed a vote of confidence on Kyari when he re-appointed him in November as the Group CEO of NNPCL. The appointment showed that Kyari fitted the plan of President Tinubu to have a profit-driven oil company. The President’s statement announcing the appointment said he “anticipates the fullest measure of compliance with the performance-driven and results-oriented mandate of his Renewed Hope Agenda.” One of the two leadership lessons one must learn from Kyari is how humility improves job performance and changes the culture of a workplace. When a leader leads by example, and shows willingness to learn despite his knowledge, and celebrates the brilliance of others, he is more than likely to achieve the organization’s objectives. Kyari is a team player who believes there’s potential in every member of the team and works hard together for everyone to achieve the group’s goals. That is the definition of humility. The second and equally vital lesson to be learnt is how accountability and

transparency can improve profitability of a commercial entity and the integrity of a leader. Although shrewdness may be an innate trait of Kyari, his ability to make it a workplace culture at the NNPCL that has turned the organization into a profit-making machine must be admired. Kyari had headed important and lucrative departments at the NNPC before he became GMD in 2019, but in none of these offices was he found wanting in spite of the number of times the company had been probed. It is credit to his financial discipline that he has not been involved in any scandal since he came on board in 2019 unlike many in his position. In a clime where wealth and opulence are associated with public office, Kyari has been a calm, pleasant oasis in a desolate desert. He is changing the narrative that every high public servant is a thieving parasite on public resources. He has inspired me, and many others, to believe that Nigeria is not bereft of selfless good men and women who can be entrusted with the commonwealth. Mallam Mele Kolo Kyari, I salute you and wish you continued God’s guidance as you step into another year of your life. • Ume writes from Abuja

MONDAY JANUARY 8, 2024 • T H I S D AY

BusinessSpecial

Monday, January 8, 2024 • T H I S D AY Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

AfCFTA and Dialogue on Nigerian Trade Policy As Africa nears the full implementation of the continent’s free trade area’s agreement, the Ministry of Industry, Trade and Investment recently organised Nigeria’s first trade dialogue to chat the way forward for the country, writes Dike Onwuamaeze

or three days, trade experts, industrialists, bankers, bureaucrats, academicians and other relevant stakeholders gathered at the Nigerian Export Promotion Council’s headquarters in Abuja for the maiden edition of Nigeria Trade Dialogue. The trade dialogue was convened by the Federal Ministry of Industry, Trade and Investment (FMITI) with the theme “Trade as a catalyst for economic diversification.” The aim of the dialogue, according to the communiqué that was issued on December 14, was to “identify common objectives, explore avenue for collaboration and collectively address the barriers that hinder prosperity in our trading environment in line with the Renewed Hope Agenda of Mr. President Bola Ahmed Tinubu.” Participants at the trade dialogue included the Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite; Permanent Secretary of the FMITI, Dr. Evelyn N. Ngige; representatives of World Bank, Bank of Industry, USAID, UNDP, National Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA), Manufacturers Association of Nigeria (MAN), Women in International Trade (WIT), National Association of Nigerian Traders (NANTS), as well as former Attorney General and Minister of Justice, and former Minister of Culture & Tourism and a former President Abuja Chamber of Commerce and Industry (ACCI) Mr. Adetokunbo Kayode, and House of Representatives Committee Chairman on Trade. The tone of the dialogue was set by Uzoka-Anite in her keynote address. She said: “This trade dialogue serves as a platform for public and private sector stakeholders to come together, exchange ideas, and forge partnerships that promote economic growth and development. “As we gather here today, we find ourselves at a crucial juncture in our nation’s economic trajectory. Trade has always been a catalyst for growth and development, as we navigate an increasingly interconnected global economy. “It is therefore, an imperative that we engage in open and constructive dialogues to address challenges as we embark on a transformative journey towards a prosperous trade regime for our nation. “It is hoped that, through dialogues, we can identify common objectives, explore avenues for collaboration, and collectively address the barriers that hinders prosperity in our trading environment.” She also informed the participants that Nigeria is going through some economic challenges, and the present administration of President Bola Ahmed Tinubu is pursuing quite a number of policy initiatives, as part of his “Renewed Hope Agenda”, to re-position the nation. The president’s agenda, according to her, placed significant importance on trade as a driver of the economy as it recognised that “by fostering an enabling environment for trade, we can attract foreign investments, boost exports, strengthen our position in the global marketplace and create jobs. This is based on our understanding that achieving substantial component of Mr. President’s Agenda requires a stable, transparent, and clear regulatory framework.” Uzoka-Anite then harped on the urgency to enhance value addition in the country’s non-oil exports. She said: “There is an urgent need for valueaddition on our non-oil exports to enhance Nigeria’s competitiveness in global trade, as well as, increase foreign exchange earnings for the benefit of our economy.” The urgency was made clear by the report of the National Bureau of Statistics (NBS), which showed that non-oil products contributed a paltry 9.82 per cent of Nigeria’s total exports in the second quarter of 2023. The minister also mentioned some key regulatory advancements achieved by the federal government within the trade sector. These achievements included the review and approval of Nigeria Trade Policy document for 2023 to 2027; Nigeria’s updated model for bilateral investment agreements, balancing investors’ rights and obligations while providing investment facilitation; the establishment of the National Quality Council (NQC) for effective implementation of the Nigeria National Quality Policy, aimed at ensuring that Nigeria’s products meet international standards; substantial investments in infrastructure, including rail, road, and aviation sectors as well as Nigeria’s recognition by the IMF in 2021 as one of the most improved countries in the ease of doing business in Sub-Saharan Africa. Other achievements were the introduction and approval by Federal Executive Council (FEC) of the

Nigeria’s first Investment Policy document for 2023 to 2027 that promoted responsible, inclusive, balanced and sustainable investment in targeted sectors of the country’s economy. “In the light of the foregoing, the significance of these measures and policies is to assure investors’ confidence and government’s commitment toward addressing challenges facing our businesses. “It gives me pleasure to note that the theme of this trade dialogue is ‘Trade as a Catalyst for Economic Diversification. I, therefore, encourage you all to look beyond the challenges, and focus on the opportunities which Nigeria presents, and leverage on the trade sector to strengthen the ongoing collaboration amongst the critical stakeholders,” the minister said. The Executive Director/CEO of Nigerian Export Promotion Council, Mrs. Nonye Ayeni, said that with the opportunities presented by the African Continental Free Trade Area (AfCFTA), there is an urgent need to have all stakeholders on board to discuss and proffer the way forward for Nigeria to ensure that our businessmen/ women particularly the SMEs would maximise the benefits of AfCFTA. This, however, would not happen without policies that would enable Nigeria to use trade to appropriate the opportunities inherent in AfCFTA. Ayeni said: “It is pertinent to note here that trade plays not just a key role in job creation and poverty alleviation but also through the enactment and implementation of good trade policies, it has the propensity to reduce inequality between countries, engender competitiveness as well as stimulate the increase in export of goods and services. “This dialogue is, therefore, timely and underscores the urgency of embracing trade in various products to broaden the nation’s economic base.” She pointed out that since the 1980s the Nigerian economy has been unevenly structured with earnings from crude oil accounting for about 70 percent of federal government’s revenues and contributing over 90 percent of our foreign exchange earnings. Currently, this dependence on oil exports has proven unsustainable and has made it clear that trade in different goods and services remained the linchpin to Nigeria’s economic diversification for a stable and prosperous nation.

“I am of the firm believe that this august occasion will provide the roadmap to actualise President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda,’ and thereby position the country on the path of economic recovery, and consequently ensuing improved productivity as well as creating more opportunities for the people among others. “At the NEPC, we are also committed to changing the narrative through the establishment of strategic export intervention programmes and projects targeted at increasing the basket of exportable products from Nigeria, providing market access for Made-in-Nigerian products as well as building the capacity of exporting companies in terms of export of quality products that meet the requisite standards in the global market. “As today’s global economy is characterised by a high degree of unpredictability and disruptive changes, which calls for a continuous search for new ways of coping with the challenge, it is important to emphasise the need for all the stakeholders in the public and private sectors to demonstrate a common interest to boost trade, through effective collaboration and strategic engagements. “We have to be deliberate and strategic in developing trade-led growth policies and agreements that are consistent with the dynamics in the global market and favourable to Nigerian businesses. “This is critical because appropriate policies are pivotal to the full realization of the role of trade as a catalyst for economic diversification. Therefore, I believe that this forum will provide an excellent opportunity for synergies and a veritable platform to explore new ways to make our trade more robust to build a more resilient and diversified economy,” Ayeni said. The Bank of Industry (BOI) was represented at the trade dialogue by Mr. Ameerah Gidado, of the SMEs Directorate of BOI. Gidado said that the BOI is dedicated to playing a pivotal role in empowering the participation of the country’s SMEs in international trade. He said: “As we embark on the journey to elevate our country’s international trade status, the BOI pledges unwavering support to the SMEs, serving as a catalyst for economic growth and a beacon of hope for our citizens. “Together we can build a resilient and prosperous nation firmly grounded in the

principle of the ‘Renewed Hope Agenda.’” However, the President of MAN, Mr. Francis Meshioye, stated that there is no better time to dialogue on the effective use of trade as a vehicle for driving economic development than now. This is particularly important for the members of MAN who are conscious of the fact that the whole essence of manufacturing is to sell their finished products to the final consumer and this process is central to trade. Meshioye said: “These are indeed critical moments for industries in Nigeria as our operations are buffeted by many challenges and we shall be looking forward to working with you to overcome the binding constraints. “This trade dialogue under the theme “Trade a Catalyst for Economic Diversification” is apt, giving that we are about to enter full implementation of the Africa Continental Free Trade Area (AfCFTA) agreement. “It is intriguing to recall that Nigeria has been enrolled in the Guided Trade Initiative (GTI), which serves as a pilot scheme for the full implementation of AfCFTA. It promises to be a test case for all the processes of the implementation of the agreement and discussing how are trade potentials can be fully harnessed is truly commendable. “Therefore, our discussions at this trade dialogue, should, amongst others, look into how Nigeria will be able to use this GTI in particular and the AfCFTA as a whole, to launch Nigerian made products into the continental trade area. “This would require that we earnestly work on creating conducive environment for competitive manufacturing. Our economic diversification ambitions would be better served if we leverage on our comparative strengths and implement supportive economic measures that will create new opportunities for exports and upscale our current levels. “For us in the manufacturing sector, we have always believed and strongly too, that once the right and conducive environment is created, we shall deploy more resources to growing and expanding our businesses. “Let me assure the honourable minister that we are with you on this journey to industrialise our economy and bring prosperity to our nation. “Let me also emphasis that trade is important and is complimentary to manufacturing. But much emphasis on trade without corresponding attention to manufacturing will be counter-productive. No nation can prosper with trading alone. It should be built on a strong productive/manufacturing sector. “This dialogue on trade provides an opportunity to consider the issues of our competitiveness within the region, the continent and the global economic space. “We should be able to harness inputs that will guide our policy making process and influence government action towards a manufacturing and trade narrative that supports our economic diversification aspirations.”

COMMUNIQUE

Participants observed in the communiqué that was issued at the end of the trade dialogue that the AfCTA provided the roadmap on how Africa would prosper in trade by eliminating tariff within the African continent. They also emphasised the need for Nigeria to leverage on this golden opportunity. The communique noted that the AfCFTA’s Guided Trade Initiative (GTI) will improve supply chain efficiency as a veritable catalyst for economic diversification in Nigeria. The participants, however, called for “strict compliance with the GTI can enhance small businesses by sourcing and outsourcing raw materials from other African countries, including trading in services. According to them, Nigeria is behind in AfCFTA implementation and lateness is dangerous in any economic integration, therefore, there is need to speed-up the implementation process to maximize the advantage of the AfCFTA. They reiterated that “Nigeria is never short of policy documents, but implementation is always the problem” and that “the lack of ECOWAS trade policy has hindered regional trade in Africa.” For them, “it is not yet time for Nigeria to sign an EPA with the European Union (EU) rather the ministry should sequence our trade policy and establish some template negotiations in trade and investment. “There is a failure of Nigeria to be faithful to Agreements made with the foreign investors; “There is a lack of awareness on the availability of locally manufactured products.”

T H I S D AY • Monday, January 8, 2024

business Special Analysis

Suspension of Cash Deposit Charges Lifeline for Naira Scarcity James Emejo writes that the Central Bank of Nigeria’s resolve to suspend processing charges on cash deposits above approved limits may have brought momentary relief to Nigerians amid the recent cash crunch that jolted the banking sector. However, vigilance is required by the regulator over potential lodgment of illicit funds

he Central Bank of Nigeria (CBN) recently announced the suspension of processing fees of two per cent and three per cent which it previously imposed on all cash deposits above N500,000 for individuals and N3 million for corporates respectively, with immediate effect. The central bank said the suspension shall remain in effect until April 30, 2024. The bank announced this in the December 11, 2023, circular, signed by CBN acting Director, Banking Supervision, Dr. Adetona Adedeji, and which was addressed to all banks, Other Financial Institutions (OFIs) and non-bank financial institutions under the apex bank’s regulatory supervision. Although no reason was given for bank’s decision to suspend the charges, but this may not be unconnected with the cash crunch that has reportedly hit the banks as depositors prefer to keep their money away partly because of the exorbitant charges on deposits, especially those exceeding the approved threshold following the implementation of the cashless policy. Bank customers have complained of their inability to withdraw cash from their banks because it was scarce. In effect, Point of Sales (PoS) operators have arbitrarily increased their service charges according to findings by THISDAY. For instance, most PoS operators in Abuja now charge between N150 and N200 for N5,000 withdrawal instead of the initial N100, blaming the extra fee on the scarcity of naira banknotes from the banks. Following the suspension of charges, the central bank further ordered the financial institutions under its purview to accept all cash deposits from the public without any charges going forward. Sources at the apex bank also confided in THISDAY that the scarcity of cash in banks, especially during the yuletide season, had been a major worry to the apex financial regulator. Some Nigerians see no reason to keep their

money in banks any longer given the current difficulty in withdrawing such funds when needed. The sources alluded to the fact that the Christmas period is a time when people prefer to keep physical cash for spending purposes – part of the reasons given for the current scarcity. Back in December 2019, in order to further enhance the implementation of the cashless policy, apex bank, introduced the revised “Guide to Charges by Banks, Other Financial Institutions and Non- Bank Financial Institutions”, which had detailed approved charges for banking services. The document among other things, introduced limits to cash deposits as well as charges for extra deposits above prescribed thresholds. Essentially, the document provided a basis for the application of charges on various products and services offered by banks and other regulated institutions under its purview. The Guide which was first released in 2004, was revised in 2013 and 2017 in the light of market developments, such as innovations in products and/or channels and new industry participants. The bank pointed out that the charges prescribed in the guide were arrived at after extensive consultations with stakeholders, adding that the objectives of the guide was to enhance flexibility, transparency, and competition in the Nigerian banking industry. Hence, where a charge is stipulated as “negotiable”, financial institutions are required to draw the attention of customers to their rights to negotiate and the two parties are required to mutually agree on the applicable charge via a verifiable means. Although the guide provided for charges on various products and services of financial institutions, it is not exhaustive, the central

bank noted. Financial institutions are required to present any new product, service, or charge not covered by the document to the CBN for prior written approval. However, analysts who spoke to THISDAY described the development as a welcoming step by the apex bank. They argued that the charges on deposits were great discourage for customers who would rather keep their funds at home. The analysts agreed that the need to reduce cash handling in the economy, adding that this would require a gradual process. Speaking with THISDAY, Wealth management and business development consultant, Mr. Ibrahim Shelleng, said the previous charges on cash deposits above approved amounts was detrimental to the cashless initiative as it shut out funds from the banking system. He said the suspension of the charges was “certainly a good idea as it will hopefully encourage more people to deposit into bank accounts amidst the shortage of local currency.” He said: “The previous punitive measures was in hindsight detrimental to the cashless initiative and left a lot of cash outside the financial system, which has made it more difficult for the CBN’s monetary policy initiatives to be effective. “The argument has always been that large cash transactions should be discouraged but we must evolve to that point hence the punitive measures were detrimental.” On his part, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said the suspension of charges would end naira scarcity as people hoarding cash might reconsider and patronise the banks. But he also warned that the deposit of illegal funds might resume without a trace. He said: “There is presently a cash crunch

in the economy and charges on large deposits is one of the major impediments that prevent individuals and corporate organisations from bringing their cash into the banking system. “This removal of the charges will encourage those holding on to their cash to bring it into the banks at no cost to them.” Gbolade said: “The major implication of the stoppage of charges on large deposits is that illicit fund deposits that was stopped will now commence and the source might not be easily traced. “Another implication is that this could lead to the end of Naira scarcity as people hoarding cash might reconsider and patronise the banks.” The Lagos Chamber of Commerce and Industry (LCCI) had commended the CBN for decision to suspend the charges. The Director General of LCCI, Dr. Chinyere Almona, in a statement noted that it is a commendable move that will undoubtedly have positive implications for the Nigerian business community. The statement said: “This policy adjustment will bring several benefits to businesses and the broader economy. “The chamber recognises that this proactive action will eliminate an additional financial burden on businesses and individuals, contributing to a more conducive business environment.” It further stated that the move aligned with the government’s commitment to improving Nigeria’s ranking on the global ease of doing business index, and also demonstrated responsiveness to the needs of the business community, fostering trust in the regulatory framework landscape. “Thus, the chamber commends CBN for its forward-thinking approach to supporting businesses and enhancing economic activities by suspending processing fees on cash deposits. “We believe this decision will have a farreaching positive impact on businesses, contribute to economic growth, and strengthen the overall business climate in Nigeria,” it added.

MONDAY JANUARY 8, 2024 • T H I S D AY

MONday, JANUARY 8, 2024 T H I S D AY

business/MOnEYGUIDE

ACCI Seeks Boost in SMEs’ Funding, Better Investment Policies

James Emejo in Abuja

The President, Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, has called on the administration of President Bola Tinubu, to facilitate improved access to affordable credit for small and mediumsized enterprises (SMEs) through the establishment of programmes that provide financial support, training, and mentorship. He also advocated policy consistency and predictability by strengthening institutions responsible for formulating and implementing economic policies. Obegolu said the measures would inspire investor confidence and protect businesses from sudden and adverse policy changes. In a statement, he said the business environment in 2023 was plagued by policies

which included the high cost of operations resulting from the removal of fuel subsidies, foreign exchange volatility, multiple taxations, epileptic power, insecurity, domestic debts, among others. He said 2024 has, however, presented the government and stakeholders with an opportunity to address these issues and prioritise the development of businessfriendly policies that promote ease of doing business and foster economic growth. The ACCI president, in his 7- point policy agenda, recommended regulatory reforms to streamline and simplify regulatory processes, reducing unnecessary bureaucracy and duplication of agencies’ functions. He said this would eliminate bottlenecks in obtaining permits, licenses, and approvals. He also called for the sim-

plification of the tax system as well as reduction of the burden of multiple taxation on businesses, adding that this will encourage compliance, increase investment, and stimulate economic growth. He said the government should also prioritise investment in critical infrastructure, particularly in power, transportation, and telecommunications, to improve productivity, reduce operational costs, and enhance the overall attractiveness of Nigeria as an investment destination. Among other things, he called for the operationalisation of the Arbitration and Mediation Act, 2023, to ensure that efficient, effective, reliable, and global best practices are deployed in providing dispute resolution services while improving business relations between disputing parties.

L-R:Group Financial Officer, Nahco Aviance, Mr. Adeoye Emiloju; Group Managing Director/ Chief Executive Officer, Mr. Indranil Gupta and Group Executive Director, Commercial and Business Development, Prince Saheed Lasisi, during the Press Briefing on the activities of Nahco Aviance for 2024 at the company premises, Ikeja...at weekend kolawole alli

MARKET INDICATORS

Osun Govt Seeks Greater Collaboration with LivingTrust Mortgage Bank Oluchi Chibuzor Governor Ademola Adeleke of Osun State has urged the management of LivingTrust Mortgage Bank Plc to establish more branches in the state. Adeleke made the request during a meeting with the management of the bank, led by its Chairman, Dr. Adebayo Jimoh and Managing Director, Dr. Adekunle Adewole, in Osogbo. Adeleke, who specifically lauded the bank for establishing branches in two unbanked communities in the state, observed that establishing more branches would further complement the

state government’s efforts to stimulate economic activities and development amongst the rural population. He commended the bank’s growth, especially since it became privatised. “I must commend the bank’s management for the rapid growth the bank has recorded, especially since it was privatised. I must equally commend you for establishing branches in two rural communities. I want to encourage you to establish more branches in the state to further boost financial inclusion and to support our administration’s MSME

empowerment programme,”he stated. The bank’s chairman thanked the state government for its support. He also informed the governor of the bank’s future strategic direction and solicited the state government’s support as an important stakeholder. Also present at the meeting were functionaries, including the commissioner for finance, Hon. Olusola Ogungbile. The bank’s delegation included its executive directors, Dr. Olaitan Aworonke and Dr. Olumide Adedeji; company secretary, Timothy Gbadeyan and Osogbo branch head, Yinka Badru.

BOI Emerges Most Effective MDA in Sustainable Development NumeEkeghe The Bank of Industry (BOI) was honoured with two SERAS Awards at the recently concluded Sustainability, Enterprise and Responsibility Awards also known as the SERAS CSR Awards. BOI was awarded the ‘Best Company in Financial Inclusion’ and the ‘Most Effective MDA/Parastatal in Sustainable Development’. This recognition for its efforts and strides in

championing sustainable development by supporting the growth of MSMEs through its Interventions platform via programmes such as the NG Cares, MSME Survival Fund and the State Enterprise Empowerment Programme (SEEP). Commenting on this achievement, the Managing Director/ Chief Executive Officer of BOI Dr. Olasupo Olusi in a statement said “This recognition is a testament to the Bank’s

commitment to supporting the growth of MSMEs and promoting sustainable development in Nigeria. We remain committed to employing sustainable business practices in our operations in line with our strategic objectives.” The Bank also won the “Best Company in Financial Inclusion’ and the “Best New Entry” Awards in 2021, as well as the “Best Company in Diversity, Equity and Inclusion” award in 2022.

Consolidated Hallmark Insurance Now Holding Company Ebere Nwoji For the board and management of Consolidated Hallmark Insurance, the new year spells a new dawn for the company with the birth of a new holding company that houses no less than five subsidiaries. The holding company, Consolidated Hallmark Holding Company Plc, now stands as parent body for Consolidated Hall Mark Insurance Limited, CHI Micro Insurance Limited, CHI Health Management Organisation, CHI Capital Limited and Grand Treasurers Limited. The firm’s new expansion strategy witnessed a change in the leadership baton of the organisation as the erstwhile Managing Director of Consolidated Hall Mark Insurance, Mr Eddie

Efekoha, becomes the Managing Director of the holding company while Mrs Mary Adeyanju emerges the Managing Director / Chief Executive Officer Consolidated Hallmark Insurance. The development also saw the appointment of Katrina Itua as Executive Director Finance and Investments for the insurance company while Mr Jimalex Orjiakor emerged Executive Director operations of CHI Insurance firm. Announcing these at a press briefing organised by the holding company in Lagos, Efekoha, who is currently the President West Africa Insurance Organisation (WAICA) and former Chairman Nigeria Insurers Association (NIA) said investments in various businesses is the hub of the new holding company’s activities. He

said the holding company also has penchant for profitability and good returns on investment while giving back to its host community, which is Nigerian business environment where it operates. Reading his score cards as the erstwhile MD/CEO of the CHI underwriting firm, he said between the year 2007 when the company commenced business as Consolidated Hallmark Insurance and 2023, it has recorded tremendous achievements. He listed some of these achievements as growth in the company’s balance Sheet size from N4.65 billion to the current N21 billion. Expansion in the number of licensed firms from one to five licensed firms’ capacity building among its workforce and advancement in technology.

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 •MONday, JANUARY 8, 2024

mARKET NEWS

Fidelity Bank to List Rights Issue as Stock Price Gains 31% WoW Ka yo d e To ke d e The stock price of Fidelity Bank Plc appreciated by 31 per cent Week-onWeek (WoW) to N14.20 per share from N10.85 per share it opened for trading in 2024. The stock price appreciation is on the backdrop of management’s plans to list 3.2billion

ordinary shares of 50 kobo each at N10 per share on the basis of one new ordinary share for every ten existing ordinary shares rights Issue on the floor of the Nigerian Exchange Limited (NGX). Document sighted by THISDAY showed that Fidelity Bank through its Stockbrokers, APT Securi-

P R I C E S MaiN Board

F O R DEALS

ties & Funds Limited, submitted an application to NGX for approval to list the Rights Issue. Shareholders of Fidelity Bank recently passed a resolution to increase its share capital from N16 billion to N22.6 billion, paving the way for its planned public offer to begin. At an Extra-Ordinary

S E C U R I T I E S Market Price

quantity traded

General Meeting (EGM), which was held virtually on August 11, 2023, the bank disclosed plans to increase its share capital from N16 billion to N22.6 billion. Fidelity Bank’s share capital is poised to surge, with the creation of a whopping 13.2 billion additional ordinary shares each priced at

T R A D E D

value traded ( N )

MaiN Board

A S O F

N0.50. It was learnt that in a bid to increase its financial muscle, the bank will launch a public offer for up to 10 billion ordinary shares. Additionally, the rights issue will allow existing shareholders to snap up 3.2 billion ordinary shares. Intriguingly, for every ten shares an

J A N U A RY DEALS

investor holds, they can bag one new share. The resolutions at the EGM have equipped Fidelity Bank’s Board of Directors with the green light to allocate the freshly issued shares, which will stand toeto-toe with the bank’s existing shares, subject, to obtaining the nod from regulatory bodies

/ 4 / 2 4 Market Price

quantity traded

value traded ( N)

MONDAY, JANUARY 8, 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 04Jan-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 324.18 324.18 4.62% Afrinvest Plutus Fund 100.00 100.00 10.30% Nigeria International Debt Fund 341.01 341.01 0.12% Afrinvest Dollar Fund 110.30 110.30 0.06% AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.89% AIICO Balanced Fund 5.21 5.33 3.63% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.00% Anchoria Equity Fund 203.76 206.44 5.32% Anchoria Fixed Income Fund 1.32 1.32 2.88% 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 ($) N/A N/A N/A ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund N/A N/A N/A ARM Short Term Bond Fund N/A N/A N/A AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.12 106.12 6.95 AVA GAM Fixed Income Naira Fund 1,160.34 1,160.34 8.94 AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn 2.24 2.24 10.20% CEAT Fixed Income Fund 3.17 3.25 173.22% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.05 1.05 9.64% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 0.00% Paramount Equity Fund 27.74281672 28.33808295 4.88% Women's Investment Fund 227.05 230.68 2.84% CHD Nigeria Bond Fund 102.53 102.53 10.11% CHD Nigeria Dollar Income Fund 1.04 1.04 8.76% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.20% Cordros Milestone Fund 178.63 179.97 3.30% Cordros Fixed Income Fund 107.68 107.68 1.22% Cordros Halal Fixed Income Fund 109.53 109.53 11.59% Cordros Dollar Fund ($) 114.48 114.48 6.71% 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 11.54% Coronation Balanced Fund 1.58 1.60 3.29% Coronation Fixed Income Fund 1.43 1.43 10.20% 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 1549.37 1549.37 12.01% FBN Balanced Fund 280.50 282.99 3.73% FBN Halal Fund 133.88 133.88 13.05% FBN Money Market Fund 100.00 100.00 12.15% FBN Dollar Fund 124.03 124.03 7.38% FBN Smart Beta Equity Fund 260.32 263.87 4.68% FBN Specialized Dollar Fund 111.97 111.97 9.21% 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 8.08% Legacy Debt Fund 3.58 3.58 5.09% Legacy Equity Fund 2.85 2.91 44.04% Legacy USD Bond Fund 1.32 1.32 2.76% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A FSDH Dollar Fund N/A N/A N/A

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 19.35 19.52 5.39% Meristem Money Market Fund 10.00 10.00 12.86% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A Norrenberger Dollar Fund (NDF) ($) N/A N/A N/A PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.38 2.43 2.60% PACAM Fixed Income Fund 12.01 12.25 17.25% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.24 2.26 3.66% PACAM EuroBond Fund 132.08 135.26 0.11% 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 176.13 180.61 5.17% 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 5,146.54 5,191.76 3.38% Stanbic IBTC Bond Fund 256.00 256.00 5.01% Stanbic IBTC Ethical Fund 2.13 2.16 3.62% Stanbic IBTC Guaranteed Investment Fund 354.61 354.79 0.38% Stanbic IBTC Iman Fund 389.38 394.24 3.23% Stanbic IBTC Money Market Fund 1.00 1.00 11.41% Stanbic IBTC Nigerian Equity Fund 19,376.85 19,624.15 6.85% Stanbic IBTC Dollar Fund (USD) 1.47 1.47 5.62% Stanbic IBTC Shariah Fixed Income Fund 128.39 128.39 4.99% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 126.06 126.06 7.26% Stanbic IBTC Absolute Fund 5,017.58 5,017.58 8.10% Stanbic IBTC Aggressive Fund 5,787.56 5,862.78 7.59% Stanbic IBTC Conservative Fund 5,431.01 5,458.97 2.78% 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 1.48 1.49 8.53% United Capital Balanced Fund 1.94 1.95 4.86% United Capital Wealth for Women Fund 1.48 1.49 3.86% 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 124.40 124.40 5.30% United Capital Global Fixed Income Fund 1.09 1.09 10.12% United Capital Money Market Fund 1.00 1.00 11.25% 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 9.45 9.55 127.54% Vetiva Consumer Goods Exchange Traded Fund 11.48 11.58 95.78% Vetiva Griffin 30 Exchange Traded Fund 28.36 28.56 51.67% Vetiva Money Market Fund 1.00 1.00 10.73% Vetiva Industrial Goods Exchange Traded Fund 27.69 27.89 15.64% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS

NAV Per Share

Yield / T-Rtn

N/A 59.38 102.50 10.06

N/A 12.00%

Bid Price

Offer Price

Yield / T-Rtn

N/A 500.00 585.50 24.34 38.66

N/A 500.00 585.50 24.72 39.11

N/A 0.00% -18.34% 3.59% 2.66%

NAV Per Share

Yield / T-Rtn

114.00

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

9.10%

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 • MONDAY, JANUARY 8, 2024

NEWS

Uzodimma receiving blessing from the Catholic Bishop of Sokoto Diocese...

Governor Hope Uzodimma of Imo State (L) receives blessing from the Catholic Bishop of Sokoto Diocese, Most Rev (Dr.) Matthew Hassan Kukah when the latter officiated the first Sunday Mass yesterday at the Government House Chapel, Owerri ahead of Uzodimma's inauguration on January 15, 2024.

Insecurity: Afenifere Urges Tinubu to Issue Presidential Order for Multi-level Police Adedayo Akinwale in Abuja

A pan-Yoruba socio-cultural and political organisation, Afenifere, has called on President Bola Tinubu to issue a presidential order proclaiming multi-level police as part of measures to check the heightening insecurity in the country. It added that modern security technologies must also be acquired and deployed to various parts of the country without further delay. Afenifere, in a statement, yesterday by its National Publicity Secretary, Jare Ajayi, said the call became imperative following the terror acts unleashed on Plateau, Benue, Kogi, Borno, Sokoto, Niger, Ondo, Katsina, Rivers States lately. It said the need to tame the monster was compelling as un-

checked terrorism in any part of the country was putting pressures on other parts of the country hitherto considered as safe. Afenifere said being an organisation with empathy, it had always felt the pains of those who were at the receiving end irrespective of where they are from. The group recalled that about 200 people were reportedly killed on Christmas eve in three local government areas of Plateau State, while over 10,000 were rendered homeless. It said on the same Christmas eve, 12 people were reportedly killed by suspected gunmen in Kurya village, Rabbah Local Government Area of Sokoto State. This, it noted, was in addition to some killings and kidnappings that

took place in the same state earlier in December, 2023, saying that of Borno was typified by repeated assaults in Chibok. Afenifere stressed that towards the end of December 2023, detachments of security agencies were in Igbeti and Sepeteri, Oke-Ogun, Oyo State to thwart the plan by suspected bandits to unleash terror in the area. It emphasised that people of Akoko and Igbara Oke in Ondo State were afraid of armed herdsmen, just as residents of some parts of the Federal Capital Territory, Abuja, were now living in fear of kidnappers. Afenifere added that Rivers State Police Command confirmed the kidnapping of some travelers last Wednesday along Obiri-Ikwerre

You're Virtuous, Dependable Ally, Sanwo-Olu Tells Wife, Ibijoke at 57 Segun James

Lagos State Governor, Mr. Babajide Sanwo-Olu, has felicitated his wife and First Lady of the State, Dr. (Mrs) Ibijoke Sanwo-Olu, on her 57th birthday, describing her as a dependable partner, committed prayer warrior, caring and loving wife and mother. Dr. Sanwo-Olu, Chairman of the Committee of Wives of Lagos State Officials (COWLSO) and a medical doctor by profession, is 57 today, January 8. Governor Sanwo-Olu, in a statement, by his Chief Press Secretary, Mr Gboyega Akosile, described his wife as a courageous, kind-hearted and strong pillar of support, noting that the First Lady is a reliable partner in the delivery of the THEMES+ development agenda of his administration to Lagos residents. Sanwo-Olu also described the Lagos First Lady as his jewel of inestimable value, who has touched many lives first as a medical practitioner and now as governor's wife. "On behalf of the government and the good people of Lagos State, I celebrate my trusted, committed and reliable partner,

a prayer warrior and the First Lady of Lagos, Dr. Claudiana Ibijoke Sanwo-Olu. "Ibijoke is a God-fearing woman, a good companion, a caring and loving wife and mother. She is a passionate Christian and lover of children. “My dear wife of over two decades, has complemented the roles that God has given us now with all sense of dignity. She has put everything she learned into work and I can see the complementary role she brings on board in ensuring that good governance and dividends of democracy are delivered to millions of Lagos residents. “On this occasion of her 57th birthday, I thank God for her life and appreciate her for all the support, time, sacrifice and contributions to the growth and development of Lagos State. She has impacted many lives through her pet project and other peopleoriented programmes sponsored by her office and COWLSO. "I also use this auspicious occasion to appreciate the First Lady for her remarkable contributions to our family, the medical profession, Lagos State, and humanity in general, especially her role as the

First Lady of our dear Lagos State. “Happy birthday my darling wife. I wish her good health, more fruitful, prosperous and impactful years ahead."

– Airport Road in Ikwerre Local Government Area of the state by some gunmen. Afenifere, therefore, called on Tinubu to "First identify areas that have mineral resources as those

areas appear to be targets of those who want to take over the land and/or exploit the resources beneath the lands. “After identifying those areas, government should ensure that

the presence of Ministry of Solid Mineral Resources and security agencies is felt in a manner that the resources would be mined to enhance the socio-economic conditions of the people.”

Food Security: Tinubu Urged to Implement Dry Season Initiative in North Central Hammed Shittu in Ilorin

President Ahmed Bola Tinubu has been called upon to urgently implement the dry season farming it initiated in the North Central zone of the country so as to boost food production and reduce insecurity in the country. A member of the House of Representatives representing Moro/ Patigi/Edu Federal Constituency of Kwara State, Hon. Ahmed Mohammed Saaba, made the call at Shonga Town in Edu Local Government Council of the state while distributing empowerment and palliatives to the people of the federal constituency. He said that the speedy implementation of the programme by the federal government would enable farmers have access to farm inputs and produce food in large quantity. The lawmaker pointed out that,

"By the time this dry season initiative is implemented, there will be a greater reduction in the insecurity as the beneficiaries who would be youths and farmers would be able to embark on massive food production and thereby assisting them to be doing the massive cultivation of food production and help them from indulging in any act of insecurity in their various states in the North Central region of the country". He stated that, "The project had already been captured in 2023 appropriation and North West has already started and I believe there is the need to speed up the implementation for the North Central." Hon. Saaba said the North Central states which are close to River Niger has the capacity and fertile land for the production of maize, rice and cassava to make food available and

affordable to the teaming population. He said the conditional cash transfer added to the initiative would enable farmers produce food at ease. He explained that the rice, beans and other food items distributed as palliatives we're produced in the same locality. He however said: "I want to laud President Ahmed Bola Tinubu for donating rice, maize and other materials to all the members of the National Assembly members in the country to be distributing to our constituents to cushion the effects of subsidy removal. "The gesture would go a long way to reduce the effects of the subsidy removal and this is what I am doing today to the people of Moro/Patigi/ Edu Federal Constituency so as to alleviate the sufferings occasioned by the subsidy removal.

Salami: Makinde Supporting 17,000 Residents Daily Through Oyo Transport Scheme To cushion the effect of the removal of fuel subsidy on residents of Oyo State, the state’s Mass Transit Scheme has been commuting an average of 17,000 residents at half price on intra-city and inter-city routes, the Executive Chairman and Sole Administrator of the Pacesetter Transport Service, Dr. Ibrahim Salami, has said. Salami stated this in an interview, noting that the effort was part of the Sustainable Action for Economic Recovery (SAfER) initiative introduced by the governor, ‘Seyi Makinde. According to him, the state government introduced the SAfER Transport initiative, which allows residents to pay as low as N100 to N200 on routes within Ibadan

and other major cities of the state. According to him it also allows at most N1,500 for inter-city transportation from Ibadan, the state capital, to other parts of the state such as Oyo, Ogbomoso, Eruwa, Iseyin and Saki, respectively. He noted, however, that while residents pay half price for commuting, as part of government’s efforts to support families, households and individuals across the state to mitigate the effect of the economic hardship on them, the state augments the cost of fuelling and maintenance of the 55 buses in the fleet of the transport service. He said: “We have 55 buses in the Pacesetter Transport Services’ fleet and all our buses have been

deployed for the SAfER intervention. That is the Sustainable Action for Economic Recovery (SAfER), an initiative put in place by the state governor to cushion the effect of the economic hardship caused by the removal of fuel subsidy. “You would recall that there are many segments in the SAfER initiative, including food support, support for agriculture, entrepreneurship and health as well as transportation. “Under the SAfER Transport, we commute 13,000 people daily on routes inside Ibadan, the state capital, alone. Outside Ibadan, we commute about 3,276 people daily, making it about 17,000 people every day. “What the governor asked us to do was to reduce the prices of our

mass transit to 50 per cent across the state and we did that. That is why even on buses that are going to Saki, Iseyin, Ogbomoso, Eruwa and Oyo from Ibadan, our people are boarding them and enjoying the 50 per cent slashed rate. We have also added the Oyo-Saki route. The bus will take off at Oyo, stopover in Iseyin and then move to Saki. “For instance, in Ibadan, the highest rate to move from one spot to another is N200 no matter how far you are going. The only place we charge N500 is when you are boarding from the Train Station in Moniya. But moving intra-city, the highest is N150 to N200 and we are using 34 buses in Ibadan currently.”

MONDAY, JANUARY 8, 2024 • T H I S D AY

NEWS

Send Forth Ceremony of the Pastors from DLBC...

L-R: Location Pastor, Deeper Life Bible Church (DLBC), Yajida, Kawu Group, Bwari Region FCT, Abuja, Pst. Reuben Omodanisi; Location Pastor DLBC, Dakuma, Pst. Olabode Olayemi; Group Pastor DLBC Kawu, Pst. Simon Photo: ENOCK REUBEN Ibrahim and Sobon Kawu Pastor, Pst. Timothy Folami, during the sent forth ceremony of the pastors from DLBC, Bwari Region to Kubwa Region in Abuja over the weekend

Atiku, Obi Commend Funke Akindele for Success of 'A Tribe Called Judah'

Chuks Okocha in Abuja

Former vice president and the presidential candidate of the Peoples Democratic Party (PDP) Atiku Abubukar and the Labour Party presidential candidate, Peter Obi, in the last presidential election, have commenced a new movie by Funke Akindele, describing it as a reflection of the challenges faced by low privileged Nigerians. According to Atiku, who took to his official X Account, yesterday, "I extend my heartiest congratulations to @funkeakindele for the phenomenal success of "A Tribe Called Judah. “This film has not only shattered box office records by becoming the first Nigerian movie to earn 1 billion naira in domestic theatres, but it

also stands as a beacon of cultural pride and the unyielding spirit of Nollywood." Atiku said, "A Tribe Called Judah" is not just a film; it is a cultural gem that reflects the vibrancy and resilience of Nigerian cinema. "As a nation, we are incredibly proud of Funke's achievements and her role in elevating Nigerian cinema to new heights. Her success is our success, and it inspires a new generation of filmmakers and storytellers in Nigeria and beyond. "Congratulations, Funke, on this historic milestone. You have set a new standard for excellence, and your work inspires us all. -AA” Obi also described Nollywood actress, Funke Akindele’s blockbuster movie, as a reflection of the challenges facing the less-privileged

Abiodun Eulogises Deputy, Noimot Salako-Oyedele at 58 Ogun State Governor, Prince Dapo Abiodun, has felicitated his Deputy, Engr. Noimot Salako-Oyedele, on her 58th birthday, describing her as a loyal lieutenant who has exhibited great commitments to the development of the state. Prince Abiodun, in a message to mark Mrs. Salako-Oyedele's birthday, said her contributions to the success recorded by his administration are immeasurable. Engr. Mrs. Salako-Oyedele clocks 58 years on January 8 2024. The governor noted that Mrs. Salako-Oyedele has been an integral part of the team working day and night to make Ogun one of the best states in the country through the administration's ISEYA mantra. He said: "I would like to extend my warmest birthday wishes to you. As we celebrate your special day, I am reminded of the incredible journey we have embarked upon together for the betterment of our beloved state. "Your dedication, commitment, and unwavering loyalty to the people of Ogun State have been truly remarkable. "Throughout our time working side by side, you have consistently demonstrated your deep understanding of the needs and aspirations of our people. Your passion for public service and your unwavering determination to make a positive impact have been a source of inspiration for all of us. "As my deputy, you have played an instrumental role in the success

and achievements of our administration. Your expertise and visionary leadership have been invaluable in driving our developmental agenda. "Your unwavering support and dedication to our shared vision have been a constant source of strength for me. "As we celebrate your birthday, I want to assure you that your contributions to our administration and the people of Ogun State will always be cherished and remembered. "On behalf of the entire state, I extend my heartfelt wishes for a happy birthday filled with joy, love, and blessings. "May you continue to inspire us all with your exemplary leadership and unwavering dedication."

Nigerians. Obi, too, made this assertion in a statement via his verified X handle on Saturday. Obi noted that the movie reflected “some of the complex challenges faced by many lessprivileged families in Nigeria, in their struggles for survival. “It is heartwarming to learn that ‘A Tribe Called Judah’ a movie by Nigerian Movie Producer, @ funkeakindele, has achieved a record-breaking earning of N1

billion, in just 3 weeks of its release,” adding that the feat was a “historic moment in our Nigerian movie industry.” According to Obi, Nollywood has remained one of Nigeria’s “biggest exports” in the past 10 years – which is affirmed by the works of the talented actress and movie producer. “Nollywood remains one of the biggest exports of our country in the last decade and shows the inherent potential in our people

The Federal Capital Territory Internal Revenue Service (FCT-IRS) has given a January 31 deadline to Ministries, Departments and Agencies (MDAs) of the government as well as other employers of labour in the territory to file their annual returns of income from all sources for the year ended December, 31, 2023. The Head Corporate Communications, FCT-IRS, Mustapha Sumaila, issued the ultimatum

“It skillfully tells a story that appeals to its audience in a comic and entertaining delivery,” he added. The LP presidential candidate urged Nollywood to “continue to tell stories that will inspire hard work, integrity, and productivity among Nigerians. A Tribe Called Judah’ broke a box office record within three weeks of its release in cinemas to become the first Nollywood film to gross over N1 billion.

NDLEA Arrests Female Suspect Supplying Drugs to Bandits with Ammunition Intercepts consignment in boxing kits

Michael Olugbode in Abuja A 28-year-old female supplier of ammunition to bandits, Bilkisu Suleiman, has topped the list of 12 other suspects arrested by the National Drug Law Enforcement Agency (NDLEA) operatives in a new year interdiction operations in Kaduna, Lagos, Niger, Kogi, Kano, Borno, and Osun states. Suleiman, according to a statement by the spokesman of the organisation, Femi Babafemi, was arrested last Wednesday by NDLEA officers on patrol along Zaria – Kano expressway in possession of 249 rounds of 7.62 mm live ammunition concealed in a black nylon bag kept in her lady’s handbag. She was on her way to deliver the ammunition to an identified bandit in Kakumi village, Katsina state when she was nabbed after

which she was transferred to the Kaduna state command of the Nigeria Police Force for further investigation, the NDLEA said. Also, operatives of the NDLEA have said they intercepted at the Murtala Muhammed International Airport, Lagos a consignment of Colorado, a very strong strain of cannabis, concealed in boxing kits imported from the United States of America on New Year’s day. The statement said a week-long intelligence-led operation to get the receiver arrested was consummated last Saturday following the successful tracking and arrest of 38-year-old Olorunfunmi Olakunle who distributed the dangerous psychoactive substance to dealers across Lagos state. Babafemi said the consignment had arrived the country last Monday via Cairo on Egypt Airlines flight

FCTA Directs MDAs to File Annual Income Returns by January 31 Olawale Ajimotokan in Abuja

which Akindele has copiously brought out in all her works. “I congratulate Funke Akindele for achieving this feat which is a bold testament to her passion, hard work, and dedication in the movie industry,” he added. Obi commended Akindele for having two of her previous movies – ‘Battle on Buka Street’ and ’ Omo Ghetto,’ sitting as the “second and third highest-grossing films at the Nigerian box office respectively.”

in a statement yesterday. He said the directive was in compliance with Section 41 of the Personal Income Tax Act (PITA) 2011 (as amended) which mandated all employers of labour in the FCT to file annual returns before January 31 of every year using the prescribed forms, Form G and Form H1 respectively. The FCT-IRS similarly referred to Sections 94, 95 and 96 of PITA which stipulate penalties for nonfiling, incorrect/false declaration and late submission.

The statement threatened that the service would not hesitate to enforce the laws on the defaulters. "The forms are also available in the 15 offices including the service's headquarters for those who may want to file manually. Meanwhile, FCT-IRS enjoins employers of labour, organisations and agents to file their returns before the January 31 deadline, otherwise the late filers and non-filers will be penalised in accordance with the law," the statement said.

marked as boxing kits. Olakunle, the NDLEA said during interrogation, disclosed that he had been delivering such consignments to different recipients whenever his childhood friend, US-based Sagir Salami sent them. The latest shipment has a total weight of 1.8 kilogrammes. Also, military authorities at the Bonny camp cantonment in Lagos last Tuesday transferred a suspect, Francis Suru, 37 and 63 jumbo bags of Ghana Loud, a strain of cannabis, weighing 2,104.2 kilogrammes and a truck to the Lagos state command of NDLEA. Babafemi said the suspect and the drug exhibits were earlier intercepted by NDLEA officers on December 12, 2023 close to the gate of the military cantonment in Bonny Camp, Victoria Island. According to him, some armed escorts resorted to sporadic shooting to obstruct the operation, a development which attracted soldiers from the cantonment, who eventually intervened and took custody of the consignment and suspect before transferring them to the agency. In the same vein, NDLEA operatives in Niger state last Thursday during a stop and search operation along Suleja-Kaduna road intercepted a J5 bus coming from Ondo state to Zaria, Kaduna state with 23 bags of cannabis sativa weighing 219.5 kilogrammes. Two suspects: Umar Musa, 26 and Isachiru Abubakar were arrested in connection with the seizure. Babafemi also disclosed that a female drug trafficker, Queen Onyema, 27, was arrested on Saturday January 6 in a commercial bus

enroute Abuja along Okene-Lokoja expressway with 12 compressed blocks of cannabis weighing 4.6 kilogrammes and 0.046 kilogrammes designer drugs concealed in an indomie carton. Another suspect Mubarak Sani, 20, was nabbed at Gadar Tamburawa area of Kano last Monday with 445.9 kilogrammes of the same psychoactive substance. In Borno, four suspects: Zanna Alhaji Dala, 32; Musa Umar, 21; Mushe Ibrahim, 23, and Shehu Idris, 19 were arrested at Pomponari bye pass area of the state with 60 kilogrammes cannabis. Also, in Osun, NDLEA operatives on patrol along Osogbo-Ode Omu road on new year day, intercepted a consignment of illicit drugs sent through waybill from Lagos to Osogbo. A follow-up operation led to the arrest of Ibrahim Olawale, 43. The drugs recovered include: cannabis sativa 10.8 kilogrammes; Loud 150 grammes; Colorado 19 grammes; Molly 5 grammes totalling 10.974 kilogrammes. A digital scale, N18,000 monetary exhibit and customised wrapping papers for Colorado were also seized. Babafemi said NDLEA commands across the 36 states and the FCT equally continued their War Against Drug Abuse (WADA) sensitisation lectures in schools, communities, work places and others. The Chairman/Chief Executive Officer of NDLEA, Brig.-Gen. Buba Marwa (rtd) commended the arrests and seizures of the past week by officers and men of the MMIA, Lagos, Niger, Kogi, Kano, Borno, and Osun commands.

T H I S D AY • MONDAY, JANUARY 8, 2024

NEWS

Royal image for season...

His Majesty Ogiame Atuwatse III, Olu of Warri Kingdom with his Olori Atuwatse III and Chiefs in an official image for season greetings in Delta State ... recently

Civil Society Groups Defend Governor Sanwo-Olu against Attacks by Soldiers Urge regular psychiatric evaluation for them

Segun James Following attacks on the Lagos State Governor, Mr. Babajide Sanwo-Olu, by some soldiers personnel and military officers, following the arrest of a soldier, who drove against traffic, a group of civil society organisations (CSOs)have asked military authorities to carry out regular psychiatric evaluation of their personnel. The group in a statement condemned the "viral video of a yet to be identified soldier, which unfortunately was published in a national daily as well as on online platforms on the 4th of January 2024, where the soldier was seen defending his lawless colleague, who was arrested and his motorcycle confiscated by Governor Babajide Sanwo-Olu entourage for driving against traffic on the Lagos Badagry expressway on Tuesday 2nd January 2024." Those who signed the statement are Razaq Olokoba, Campaign for Dignity in Governance; Nelson Ekunjunmi, Committee for the Protection of Peoples Mandate; Raji Rasheed Oyewunmi, Yoruba Citizens Action for Change; Alex Omotehinse, Centre for Human and

Socio-economic Rights; Ramat Abdul Razaq, Northern Youth Development Academy and Prince Wale Oladipupo, Epe Youth Forum. According to them, they were compelled to respond to the comments of the soldier because of the high esteem that they hold the Nigeria Army as a disciplined and professional institution, whose image and integrity must not be allowed to be dragged into the mud by some mentally challenged personnel in need of psychiatric examination. "It’s a fact that we operate a constitutional democracy in which our society is governed by laws. It’s also not in dispute that the Nigeria Army is a noble and distinguished law upholding institution charged by the constitution to defend the territorial integrity of our country against external aggression as well as the last line of defence against internal insurrection. "We are all aware that there is a Lagos State traffic law 2012,which prohibits the riding of okada on the highway, to ride any automobile against traffic called one way, be it a vehicle or motorcycle amounts to a violation of the laws of the land

which is punishable by law. “By his action for which he was apprehended by Mr. Governor, the lawless apprehended soldier was in breach of the law on two count: riding okada on the highway and riding against traffic. "It’s not in doubt that driving/ riding of automobile on the road against traffic, is not only a violation of the Lagos State traffic law, but is also a threat to the good health and lives of the driver/rider and the citizenry as well, many of whom have been sent to their early graves and limbs temporarily and permanently damaged by accidents that occur as a result of such violation of the law." They lamented that, "Watching and listening to the comments of the soldier in the video, where he was challenging the chief security officer of Lagos State Governor Babajide Sanwo-Olu for performing his constitutional duty by apprehending a law breaker and questioning the rationale for the governor’s action solely on the basis that the suspect is a soldier, leaves us in no doubt that the unidentified soldier must be suffering from mental health challenge.

"Thus, we are compelled to demand that the Nigeria Army should embark on regular periodic psychiatric evaluation of its personnel of which the comments of the soldier in the viral video has exposed the

mental health deficiency of some of its personnel, which must be addressed with the utmost seriousness and attention it deserves. "Our regard for the Nigeria Army remains unshaken and unquestion-

Alia Orders Cancellation of Guma Constituency Primary Bye-election We already have a candidate, says party chair

George Okoh in Makurdi Benue State Governor, Hyacinth Alia, has ordered the suspension of the delegates congress for the bye-election into Guma 1 State Constituency of the state. Alia gave the order at a press conference at the Old Banquet Hall of the Government House, Makurdi, on Saturday. He said the exercise was marred by irregularities as unknown people came to the venue to hijack the process.

He said youths in the area had become emotional, which could lead to a breakdown of law and order, hence his decision to order the suspension of the congress. According to the governor, peace was returning to Guma LGA, which had been a flashpoint of violence in the state and there was every need to suspend the congress to arrest a descent to anarchy. He added that it was his prerogative to maintain peace in the state as the situation had become imperative to suspend the congress that had

CBN Pays $2.062bn Additional FX Forwards with Banks, Disburses $61.64m to Foreign Airlines

on when interest rate cuts will begin, and how quickly they will happen. In Africa, Nigeria’s All-Share Index outperformed Johannesburg Stock Exchange All-Share that dropped by 3.13 per cent YtD, while Ghana Stock Exchange (GSE)Composite declined by 0.04 per cent YtD. Egypt’s EGX 30 gained 1.83 per cent while TuninDex dipped by 2.25 per cent YtD. In addition, Zimbabwe Stock Exchange All-Share Index ended the week positive, gaining 20.29 per cent YtD. Meanwhile, the Nigerian equities market continued to thrive amid double-digit inflation rate, insecurity, among other challenges in Nigeria. Before the 2023 general election, Fitch Solutions, in a report, had predicted victory for the candidate of the All Progressives Congress (APC), Bola Tinubu, leading to positive sentiment by investors on the stock market. On his inauguration day, Tinubu had announced fuel subsidy removal and foreign exchange unification, as both policies trigged investors’ confidence in some fundamental stocks. Commenting on stock market performance in 2023, Chief Executive Officer, Wyoming Capital and

Partners, Mr. Tajudeen Olayinka, said that the market had been quite eventful and bullish. Olayinka said, “We saw a market that picked its 2023 position way back in November 2022, when it was obvious that the three leading presidential candidates, namely: Bola Tinubu, Peter Obi and Atiku Abubakar that could succeed former President Muhammadu Buhari, were pro-market. “And so, the build-up to 2023 that started in November 2022 was a demonstration of market confidence in a private sector-centric president. “The inaugural speech of President Tinubu, with respect to fuel subsidy removal and exchange rate unification, eventually activated the market-wide pent-up confidence that had always been there but eluded the market ever since. This market-wide confidence remained throughout the year.” On 2024 expectations, Olayinka predicted positive momentum for the Nigerian stock market. He added, “And we can draw that from 2024 budget proposal of Tinubu, where total reliance has been placed on the use of private capital in funding some important developmental projects across the country.

“In a way, we are going to see more public companies get listed on the stock exchange for the purpose of raising new capital, while the existing listed companies will not be left behind in this development. “So, I see a very bullish and active primary market in 2024, even though, there could be occasional moderation in price movement across the board, as investors take profit and engage in portfolio rebalancing. For the fact that the private sector will take the lead in navigating the economy out of its prolonged state of disequilibrium, we will see a better capital market in 2024.” Managing Director, ARM Securities Limited, Rotimi Olubi, said 2023 tested the resilience of the Nigerian stock market against global agencies’ downgrades (FTSE and MSCI) and macroeconomic challenges including persistent inflation, high-interest rates, and foreign exchange losses. Olubi stated, “Despite all these, the Nigerian equities market proved to stand strong, hitting historic highs with the NGX All Share Index reaching an unprecedented 70,000 points and achieving an impressive 45.90 per cent YtD return, culminating at 74,773.77 basis points by year-end.

able, because this character and some others like him in the Nigeria Army, do not in any way mirror the Nigerian Military which is a beacon of our unity and resilience as a people," the statement concluded.

“The market's robust bullish trend began post the implementation of key policy reforms following the Tinubu administration’s inauguration on May 29, 2023. “These reforms, notably FX liberalisation and the removal of petrol subsidies, spurred investor optimism, resulting in substantial gains, particularly in the banking and oil and gas sectors. “Furthermore, impressive earnings in the face of inflationary pressures and FX losses further boosted investor confidence, contributing to the remarkable market returns.” Looking ahead in 2024, Olubi explained that the market's positive trajectory was anticipated to persist as investors position themselves favourably in dividend-paying stocks, anticipating the release of 2023FY earnings. He expressed concern over potential removal of selected Nigerian securities from the MSCI Frontier Markets Indexes, which could trigger sell-offs and potentially dissuade foreign investors. Olubi said, “Yet, given the relatively low foreign investor participation rate in 2023 (September 2023 YtD: 9.51per cent vs. September 2022 YtD: 16.30 per cent), the market impact might be limited.

“Boosting confidence among foreign investors could be aided by the recent positive Fitch Ratings assessment, but persistent challenges like structural issues, the FX crisis, and inflationary pressures need addressing to attract increased foreign participation. “Consequently, a substantial rise in foreign investor engagement in the Nigerian equities market seems unlikely in the near term. “In 2024, focusing on stocks with robust fundamentals, particularly in the banking and oil and gas sectors, remains advisable. The factors driving gains in these sectors in 2023 are anticipated to continue influencing early 2024 performance.” According to analysts at Cordros Research, in the near term, positioning for 2023FY earnings releases and accompanying dividends declarations will continue to support buying activities on the local bourse even, as institutional investors continue to search for clues on the direction of yields in the FI market. “However, we advise investors to seek trading opportunities in only fundamentally justified stocks as the weak macro environment remains a significant headwind for corporate earnings.”

caused so much tension in the state. He ordered security agencies in the state to maintain law and order to avoid security breaches, the governor who was flanked at the briefing by top security heads in the state, assured the people that the national leadership of the party would do everything to maintain peace in the party. "The security of the state remain paramount to all of us. This day was the day the APC was to conduct Delegate primaries for the Guma 1 Constituency bye-election, but unfortunately, it was marred by misconduct and this was posing some threats and insecurity in the local government area. “In the last six months, the state has experienced relative peace and efforts are being made by security agencies to maintain that peace and I wouldn’t want all the efforts we have put in place to be in vain. I wouldn’t want anything that would trigger insecurity at any corner, not just in Guma local government, but the entire state. “This is why it has become very important that I suspend the delegate primaries that is expected to take place in Guma local government today,” the governor explained. He regretted that the party faithful who came out to make their choice were stopped at the gate of the Avine Agbom Hotel in Daudu, by some politicians who are not even from the local government, but came only to hijack the process. Meanwhile before the governor's briefing, the Professor Kabiru Ibrahim-led bye election committee had declared Honourable Peter Uche winner of the primary. He defeated his only rival, Hon. Maurice Orwough. Guma 1 State Constituency seat in the State House of Assembly was declared vacant following the resignation of Dr. Yamar Ortese, who was appointed a commissioner.

MONDAY, JANUARY 8, 2024 • T H I S D AY

NEWS

Maltina Teacher of the Year Katsina State Champion...

L-R: The Commissioner for Basic and Secondary Education, Katsina State, Mrs. Hajiya Hadiza Abubakar; Governor, Katsina State,, Malam Dikko Umar Radda and 2023 Maltina Teacher of the Year Katsina State Champion, Mr. Usman Yahaya Tama during the presentation of Usman to the Katsina State governor at the governor's office in Katsina... recently

S’Court Declares Control of Nation’s Inland Waterways FG’s Exclusive Right Alex Enumah in Abuja The Supreme Court has declared that the powers, right and authority to control activities on the nation's inland waterways belonged exclusively to the federal government of Nigeria. The declaration made on Friday, has rested the nearly 12 years legal battle between the federal government and the Lagos State Government over the right of control on inland waterways in the country. The declaration was made while delivering judgment in the appeal marked: SC/CV/17/2018, and filed

by the National Inland Waterways Authority, (NIWA), Nigerian Maritime Standard and Safety Agency NIMASSA), the Minister of Mines and Steel Development, and the Minister of Transport. In the judgment prepared by Justice John Okoro but read by Justice Emmanuel Agim, the apex court held that it was wrong, unlawful and illegal for states to seek to control the sector and impose levies on businesses operating in the nation's inland waterways. According to the apex court, the 1999 Constitution as amended, gives exclusive control of activities

in the nation's inland waterways to the Federal Government of Nigeria through its agencies, that were the appellants in the suit The appellants through their team of lawyers led by Lateef Fagbemi, SAN, the Attorney-General of the Federation (AGF) and Minister of Justice, had in 2018 approached the apex court to challenge the judgment of the Court of Appeal, which had held that the right of control belonged to the states. NIWA, in urging the Supreme Court to set aside the judgment of the appellate court contended that

the Lagos lagoon and Lekki lagoons were exclusively within its control, contrary to the claims of Lagos State. Besides, the agency prayed the apex court to declare that the licensing, collection of levies and control of all inland waterways spanning more than 10,000 kilometres in the country was the exclusive reserve of the federal government and not that of the states. Delivering judgment in the appeal nearly six years after, the apex court held that NIWA is the only agency saddled with the responsibility to levy, impose, and charge rates of

utilisation along the declared waters of the Nigerian Inland Waterways Authority. Justice Agim stated that NIWA was the rightful and legal agency of the federal government with the powers to exclusively manage, direct and control all activities on the navigable waters and its right of way throughout the country for inland navigation, pursuant to Sections 8 and 9 of NIWA Act. The apex court further upheld Fagbemi's submission that the activities of the Lagos government and its agencies constituted a flagrant usurpation

In Strong Signal to MDAs, Tinubu Probes Edu over Public Money Paid into Private Accounts

duly and transparently to the public."

N44bn Fraud, Tip of Iceberg, Says PDP

PDP demanded the immediate sack and prosecution of Edu over the alleged looting of N44 billion NSIPA fund, and the N585.2 million said to have been diverted by her to a private account. In a statement by National Publicity Secretary of PDP, Debo Ologunagba, the party said the exposed fraud in the ministry was just a tip of the iceberg regarding the unprecedented treasury looting, unbridled stealing and plundering of resources going on in the Tinubu-led All Progressives Congress (APC) administration, which had brought Nigeria’s economy to its knees. Ologunagba stated, "Is it not tragic and heart-breaking that a minister entrusted with public funds to support millions of poor Nigerians, who have been impoverished by the APC, turned around to divert hundreds of millions of naira meant for the wellbeing of the poor? "The continuing stay of Betta Edu as minister is, therefore, provocative and amounts to stealing from a people and daring them to do their worst. It further confirms our party’s position that the Tinubu-led APC government is a cesspit of corruption; a haven for thieves and treasury looters." Ologunagba said Nigerians were shocked by reports of how Edu and the suspended National Coordinator of NSIPA, Halima Shehu, allegedly engaged in brazen looting of billions of Naira, while Nigerians, who the funds were meant for, were deprived and abandoned to excruciating hardship and misery. The PDP spokesman stated, "Equally disheartening is the reports of how Betta Edu allegedly directed the transfer of the N585.2 million NSIPA money into the private account of one of her fronts in clear

violation of Chapter 7, Section 713 of Nigeria’s Financial Regulations, 2009, which expressly prohibits the payment of public money into a private account. "For emphasis, Section 713 of Nigeria’s Financial Regulations, 2009 provides that ‘Personal money shall in no circumstances be paid into a government bank account, nor shall any public money be paid into a private bank account. An officer who pays public money into a private account is deemed to have done so with a fraudulent intention’. "The apparent fraudulent intention by Betta Edu in diverting public funds into a private account; an action, which was appropriately declared illegal by the Accountant General of the Federation, Oluwatoyin Madein, is consistent with APC’s character and proclivity for plundering of public resources."

Falana: Edu Should Stop Insulting Nigerians

Falana asked Edu to stop insulting the sensibilities of Nigerians with her response to the allegations of corruption against her. He stated, “It is public knowledge that the Minister of Humanitarian Affairs and Poverty Alleviation, Dr Betty Edu, recently directed the Office of the Accountant-General of the Federation to pay a whopping sum of N585.18 million to a private account owned by one Oniyelu Bridget, who the ministry claimed currently serves as the Project Accountant, Grants for Vulnerable Groups in Akwa Ibom, Cross River, Lagos and Ogun states. “Happily, the Accountant-General of the Federation, Dr. Oluwatoyin Madein, rightly rejected the illegal directive and refused to pay the said sum of N585.18 million to the agent of the minister. “It is interesting to note that the minister has not denied that she gave approval for the payment of

the over half a billion Naira to a private account in contravention of the extant Public Service Rules as well as the Independent Corrupt Practices and Other Offences Act and the Penal Code applicable in the Federal Capital Territory. “Instead of apologising to the federal government and people of Nigeria and calling it quits for betraying the confidence reposed in her, the minister has arrogantly said the N585.18 million fraud allegation is a mere fabrication by her detractors and an alleged attempt by mischief makers to undermine her ministry’s effort in fighting corruption and uplifting the needy. “However, notwithstanding that the Accountant-General of the Federation has successfully frustrated the criminal diversion of the said sum of N585.18 million from public treasury, it is crystal clear from the leaked memorandum of the minister that the offence of an attempt to commit a felony has already been completed. “There can be no legal justification for the criminal diversion of the said sum of N585.18 million for disbursement to vulnerable people in Akwa Ibom, Cross River, Lagos and Ogun states since the Ministry of Humanitarian Affairs has collated the individual bank accounts of all the vulnerable people “Having regard to the facts and circumstances of this extremely embarrassing drama, we commend the Economic and Financial Crimes Commission for the recovery of the sum of N37 billion meant for vulnerable people in Nigeria. “We also call on the commission to speed up the ongoing investigation of the Ministry of Humanitarian Affairs with a view to charging all indicted persons before the High Court of the Federal Capital Territory as soon as possible.”

SERAP: Tinubu Must

Probe Allegation

SERAP urged Tinubu to direct the Attorney General of the Federation and Minister of Justice and appropriate anti-corruption agencies to promptly and thoroughly probe Edu’s alleged fraud involving N585.2 million meant for vulnerable people in Akwa Ibom, Cross River, Lagos, and Ogun states. SERAP said, “Anyone suspected to be involved in any improper payment or diversion of public funds should be brought to justice and any diverted public funds returned to the public treasury and paid directly to the rightful beneficiaries.” In the letter to Tinubu dated 6 January 2024 and signed by SERAP Deputy Director, Kolawole Oluwadare, the organisation said, “Paying public funds into private accounts may create the perception or appearance of impropriety and give cover to any potential wrongdoing or diversion. “Investigating these allegations and ensuring that the public funds meant to take care of the poor are transparently and accountably spent and recovering any diverted public funds are serious and legitimate public interests. “The public interests in safeguarding against the perception or appearance of impropriety or corruption also require your government to remove the opportunity for abuse inherent in the payment of public funds into private accounts. “The Nigerian Constitution 1999 [as amended], the country’s financial regulations and international obligations impose a fundamental obligation on your government to ensure transparency and accountability in the spending of public funds meant for socially and economically vulnerable Nigerians. “Your government has a legal responsibility to ensure full compliance with the Financial Regulations 2009, prohibiting the payment of

public funds into private accounts, to reduce vulnerability to corruption or risks of the funds being diverted for personal ends or other unlawful purposes.”

Suspend, Investigate Edu, NEFGAD Says

Head of office at NEFGAD, Mr Akingunola Omoniyi, said, “The recent development in the humanitarian office has provided Tinubu a golden opportunity to tell Nigerians and the whole world that he was ready and willing to tackle corruption in a fair, just and impartial manner.” Omoniyi said the president should apply same disciplinary measure (suspension) meted to NSIP CEO, Mrs Halima Shehu, on Beta Edu. He stated, “Apart from the fact that Dr. Edu and Mrs. Halima Shehu are from different geographical divides of the country, the tendency and pattern of the allegations involving the duo are too identical and should not have attracted different approaches and measures in dealing with them by the president. “Directing payment of public fund into private account by a public officer is a serious procurement and fiscal malfeasance that attracts serious penalty under extant laws, regulations and rules, including the public procurement, Fiscal Responsibility, Independent Corrupt Practices and other offences (ICPC), Code of Conduct Acts and the Anti-money Laundering (prevention and prohibition) Act.” Omoniyi further stated that the minister had serious questions to answer for instructing payment of public fund into private accounts other than that of a legal entity, who have duly participated in a competitive selection process and or are direct beneficiaries of a conditional grant scheme (in the case of vulnerable people as captured in the ministry’s mandate).

and an illegal encroachment on the statutory functions of NIWA, on the grounds that the waterways of Lagos State, among others in Nigeria, fall under the Exclusive Legislative List set out in Part 1 of the Second Schedule to the 1999 Constitution. The apex court maintained that it was only the federal government, through the National Assembly, that could validly legislate on Maritime Shipping and Navigation, adding that the power to legislate on any subject in the Exclusive Legislative List did not lie with the Lagos State Government.

“The act depicts pure nepotism, favouritism, undue advantage conferment and criminal diversion,” he stated. The group implored Tinubu to suspend Edu and direct her thorough investigation by relevant anti-corruption agencies.

Allegations against Edu Baseless, Group Declares

Nigeria Women Arise for Democracy, a pro-democracy women group, rejected the calls for the removal of Edu. The group urged Tinubu to dismiss the “unfounded allegations and disregard the orchestrated campaign of calumny against Dr Betta Edu”. Nigeria Women Arise for Democracy said it had closely monitored the developments surrounding the “rumours of corruption in the disbursement of social intervention funds by Dr Betta Edu. “After thorough investigation and consideration of the facts, we find these allegations baseless and without merit. Dr Betta Edu has been unwavering in her commitment to serving the Nigerian people, and her dedication to the welfare of citizens is commendable. “The campaign of calumny against Dr Betta Edu appears to be the handiwork of mischief makers and individuals with vested interests in sabotaging her laudable efforts. Dr Edu's initiatives have positively impacted the lives of countless Nigerians, particularly in the areas of humanitarian aid and social intervention programmes. “We commend Dr Betta Edu for her transparency, accountability, and relentless pursuit of the betterment of the lives of the Nigerian people. Her leadership in the Ministry of Humanitarian Affairs has been marked by innovation and efficiency, and we believe she is a valuable asset to the current administration.

monday january 8, 2024• T H I S D AY

,NEWS

NBA BENIN HOLDS 2023 CAROLS….

L-R: Members of the Nigerian Bar Association (NBA), Benin-city branch, Mrs. Itohan Ekama and Mr. Andrew Lawani; Chairman, NBA, Benin-city branch, Mr Nosa Francis Edo-Osagie; Chief Judge of Edo State, Justice Daniel Iyobosa Okungbowa; Edo State Attorney General and Commissioner for Justice, Oluwole Osaze-Uzzi; and member, Edo State Judicial Service Commission (JSC), Mr Dele Edokpayi, during the 2023 Nine Lessons and Carols of the association in collaboration with the state judiciary held in Benin-city…recently

PDP Expresses Concern over Alleged Diversion of FG’s Palliatives in Kwara Hammed Shittu in Ilorin

The Peoples Democratic Party (PDP) in Kwara State at the weekend expressed concern over alleged diversion of rice and maize palliatives meant to cushion the effect of subsidy removal by the federal government, for the people of nine federal

constituencies in the state. The concern, according to the party, was based on the viral video featuring one Hon Dekeri Anamero, House of Representative member representing Etsako federal constituency of Edo State, where he claimed that President Bola Tinubu provided each National

Five Dead, 30 Rescued as Boat Capsizes in River Niger David-Chyddy Eleke in Awka

Five persons have lost their lives in a boat mishap in River Niger in Anambra State, as they allegedly sailed through Kogi State to Anambra State through the River Niger. A source in the riverine area of Anambra West Local Government Area told THISDAY that the incident happened on yesterday morning. A video made available to THISDAY by the source showed that the deceased

comprised mainly of women and children. Though the deceased persons have not been identified, they were said to hail from a riverine part of Kogi State, and were traveling by the river to Onitsha for various businesses. The source said: “Early this (yesterday) morning, there was a boat that capsized at the River Niger. Some of the victim are from parts of Kogi State and Mmiata Anam in Anambra East Local Government Area, according to the eye witnesses.”

Activities for the celebration of the 100th birthday of the traditional ruler of Asaba, Delta State, Obi (Prof) Chike Joseph Edozien, formally kicked off in Asaba yesterday with the symbolic planting of 1,000 trees and a grand reception held at the Ogwa-Ukwu Ahaba centre in the state capital. The ceremony, which attracted sons and daughters of Asaba at home, across the country and in the Diaspora from the five clans of Asaba, was presided over by the Iyase of Asaba, Obi Patrick Onyeobi, the traditional prime

stood in for the Asagba of Asaba. Onyeobi, a renowned bureaucrat and former Head of Service of the defunct Bendel State (Edo and Delta States) performed the centenary treeplanting project at a ceremony witnessed by members of the Asagba of Asaba 100th birthday celebration committee, including the Chairman, Chief Ben Okonta; co-Chairmen, Chief Epiphany Azinge, and Chief Chuck Nduka-Eze, the Isama-Ajie of Asaba, as well as the Chairman of Otu-Ihaza Council Asaba, Chief Ben Ibe Ugboko.

Asaba Monarch’s 100th Birthday Celebration Kicks Off minister of Asaba Kingdom, who Omon-Julius Onabu inAsaba

OAU Loses Deputy Vice Chancellor

Yinka Kolawole in Osogbo

The Obafemi Awolowo University, Ile-Ife, Osun State, Nigeria, has been thrown into mourning following the sudden demise of the immediate past Deputy Vice Chancellor ( Administration), Professor Christopher Olugbenga Ajila. Describing the death of Prof Ajila as devastating, the Vice Chancellor of the University, Professor Adebayo Simeon Bamire, stated that Prof Ajila was a renowned academic, who smoothly blended human relations with administrative excellence, adding that the vacuum he left

behind would be difficult to fill. The VC, who extolled the sterling qualities of Prof. Ajila, said this unpalatable news, no doubt, has cast a pall of sadness over the university community, and management wishes to extend its deepest condolences to the family of the late erstwhile two-term DVC (Admin) during this difficult time. A release by the Public Relations Officer of the University, Abiodun Olarewaju, stated that Professor Ajila, as he was fondly called, served the University with unwavering dedication and exceptional leadership during his tenure as the DVC.”

Assembly member across the country with at least two trailers of rice for distribution to their various constituencies in the

country. A statement issued by the Kwara State PDP signed by its state Publicity Secretary, Mr.

Olusegun Adewara, stated that the party was disturbed that none of the members of the nine federal lawmakers in the state have done

any distributions to the people of their constituencies since they allegedly collected the palliatives from the federal government.

Northern Groups Caution Tinubu against Interfering in Kano, Plateau, Zamfara Cases

Ahmad Sorondinki in Kano

Civil Society Organisations in the 19 northern states under the aegis of the Conference of Northern States Civil Society Networks have cautioned President Bola Tinubu against interfering in the election cases

in Kano, Zamfara, and Plateau States. At a press conference held in Kano over the weekend, the Chairman of the group, Ibrahim Waiya, cautioned President Tinubu against interfering in the cases before the Supreme Court.

According to Waiya, any attempt to manipulate the Supreme Court judgment could truncate the Nigerian democracy, an offense that he said: “Would never be forgiven by the entire democratic communities around the world.” He also advised the Nigerian

Judicial Council (NJC) to “adhere to the latter ethics and practice of their profession, following the law, as the custodian of justice and rule of rule.” Waiya stated that the press conference “expressed deep concern about the current state of the judiciary in Nigeria.”

Sokoto Gov Has Capacity, Will to End Banditry, Says APC Chair Onuminya Innocent in Sokoto

The Sokoto State Chairman of the All Progressives Congress (APC), Alhaji Isa Sadiq Acida, has said the state Governor, Ahmed Aliyu, has the capacity and political will to tackle the security challenges bedeviling

the state. Acida stated this while addressing journalists at the party secretariat in Sokoto. He congratulated the governor on the occasion of his recent 54th birthday celebration, described his performance in office within seven months of

his administration as awesome and worthy of commendation in every quarters The APC chairman said the governor has proved critics wrong by being constantly around and in touch with the people, “feeling their purse and attending to their needs, rather

than shuttling between local and foreign destinations and become an absentee governor. “In the area of security, you have proven your commitment to securing the state through collaboration and cooperation with security agencies at state and federal levels.

Address Worsening Poverty, Insecurity, Inflation, Others, Tinubu Told Aformer Kwara State governorship aspirant, Sunday Adebayo Babalola, has urged President Bola Tinubu’s administration to address worsening poverty and food insecurity in Nigeria. He also appealed to the president to ensure that strategies are activated and executed to address

unemployment, the depreciation of the naira, high inflation, insecurity of lives and property, and other problems facing the country. Babalola, who spoke with journalists in Lagos, urged President Tinubu to alleviate the sufferings of Nigerians, advising him to ignore sycophants who would

want to deceive him by giving him concocted and sweet reports that do not reflect the realities of things in Nigeria. According to him, the sycophants would present such reports to curry favour from the president and make him think that all is well with Nigerians even when

many Nigerians are wallowing in excruciating poverty and heightened insecurity. Babalola, who also is a former deputy director of the defunct Department of Petroleum Resources, urged the president to create a friendly environment for businesses to thrive.

Edo 2024: Reward My Loyalty with Guber Ticket, Agbomhere Begs Tinubu, Akume, APC Chairman Says “I’m a complete party man from the AC, ACN days to date

Chuks OkochainAbuja

A frontline aspirant of the All Progressives Congress (APC) for the forthcoming governorship election in Edo State, Dr. Blessing Agbomhere, has urged the

leadership of the party to reward his loyalty to the party with the party’s ticket for this year’s election in the state. In a letter dated January 4, 2024, which he addressed to the National Chairman of the APC,

Alhaji Umar Ganduje, and copied President Bola Tinubu, the Secretary to Government of Federation (SGF), George Akume, and the National Security Adviser (NSA), Nuhu Ribadu, and other stakeholders in the party, Agbomhere, who is

the current South-South Zonal Organising secretary, said it is in the habit of President Tinubu to reward loyalty and dedication to the party, and therefore, his request to be given the party’s ticket is not out of place.

Bogoro, made the disclosure in Bauchi at the weekend during the Annual Review Meeting of NYAN held in Abuja, which witnessed a unanimous endorsement from the members. The appraisal was a response to a call to appraise the effort of the Nigerian military in fighting

insecurity and promoting a peaceful and stable country. He said: “Today, after a holistic appraisal of the effort of the Nigerian military in their efforts to free the country from the activities of the insurgents and bandits terrorising Nigerians, we found the Nigerian military

worthy of commendation and, therefore, applaud them and unanimously pass a ‘Vote of Confidence’ on the Chief of Defence Staff, General Christopher Gwabin Musa for his tact, commitment, and professionalism in the discharge of his duty in the Armed Forces.

Northern Youths Pass Vote of Confidence on CDS, Christopher Musa Segun Awofadeji in Bauchi

A vote of confidence has been passed on the Chief of Defence Staff (CDS), General Christopher Musa, by the Northern Youth Association of Nigeria (NYAN). The President of the association, Godiya T. Adams

Isoko Youths Commend WAEC’s Adoption of CBT Mode for Exams The Isoko (Delta State) National Youth Assembly (INYA) Worldwide has hailed the decision of the West African Examinations Council (WAEC) to migrate the West African Senior School Certificate Examination (WASSCE) from the “Paper Pencil Test” to Computer Based Test (CBT) mode.

In a statement released by INYA, the President, Comrade Eniwake Orogun, said the decision aligns perfectly with global best practices and the need to adopt technology in engendering speed and efficiency as well as driving transparency and credibility especially in the educational sector.

He said: “As of today, all levels of our educational sector are in dire need of one form of reform or another and the adoption of technology for efficient and enhanced service delivery is most welcomed. “WAEC as a body has a major responsibility to deal with

issues of credibility that have challenged the authenticity of some of the results from some part of the country they have released in recent times and the adoption of technology to restore confidence and trust of Nigerians in their process is most welcomed.”

MonDAY, JANUARY 8, 2024 • THISDAY

back page continuation N ot T his Y e a r ’s O f f e n c e fanatical than the Imperial Japanese Army, with its world-famous kamikaze tactics and the seppuku traditions of its commanders? In any case, we just entered a New Year; what is the idea behind importing the grouse of ten years ago into this year? That your leader Mohammed Yusuf was summarily executed? That was long ago! The policemen who did it, most of them are out of the force by now. Half of Nigerians today are under 25 years of age and do not even know why you guys took up arms in the first place. I also have a message for bandits and kidnappers. You bandits, you have no notion of a sustainable business practice? You have driven farmers from their fields, stopped millions of people from travelling and drove untold numbers of people from their homes into refugee camps or outright destitution. How do you expect to continue to reap from their labour and become rich overnight? You kidnappers, I suppose you do not know about the laws of action and reaction. Due to your nefarious activities on the roads, you drove the elite into air travel, where you cannot reach them, so you grab very poor farmers and petty traders from commercial vehicles and ask them to pay ransom in millions of naira. Can you squeeze water out of stone? People who are already pummeled by high fuel prices and reduced farming and trading activities, partly caused by you, and you still expect them to make huge ransom payments? Almost the same message for IPOB. I have never heard a more dumb idea than Monday Sit At Home, especially when traders are the most dynamic economic group in South East Nigeria, where you hope to reestablish the State of Biafra. Even worse is killing people in order to enforce Sit At Home. “All the blood we are shearing…” A million people died in May 1967 to January 1970 and if that was not enough river of blood to ensure Biafra’s survival, how much more blood must we shed in order to revive it? Can’t we leave last year’s problems at the steps of December 31 and not hurl sticks at the monkey in the middle of the dry season? Trade unionists are another boiling cauldron with no notion of leaving last year’s issues to last year. Between NLC, TUC and their affiliates, they have already collected a long list of items for a future “total, indefinite” strike. They include fuel price, cost of living,

George Meaney, who was President of the American Federation of Labour/Congress of Industrial Organisations [AFL/CIO] for 57 years. I also have a word for Yahoo boys, who sit in front of desk and laptop computers and fiddle with smartphones, day in day out, looking for ways to beat banks’ billion-naira IT security systems, hack into other people’s accounts and make away with their life savings. Look, you guys are really smart, smarter that pinstripe suited bank MDs and EDs. Pray, why must you steal a few trifling millions from bank

customers’ accounts? Why not instead apply your IT skills and invent applications such as Facebook, Yahoo, Google, Uber or Interswitch that could fetch you billions? You saw Mike Zuckerberg when he recently came here. All he had on was jeans trousers, a rumpled t-shirt, a large head and tousled hair, yet he thought up something that fetched him billions. Sure you guys can also do it. Stop importing last year’s failed solutions into the New Year and throwing Yahoo sticks at people’s accounts in the middle of our economic dry season. Another word for young and no-so-young Nigerians who want to “Japa,” this country’s 21st Century craze. Back in my primary school days, I read in an Economic Geography textbook about the Mexican “wetbacks,” men who swam across the Rio Grande into Texas and other southern American states. After more than 50 years, their number has only increased. Donald Trump’s wall has not deterred them. Americans, who are themselves descendants of illegal immigrants from Europe who hit the shores without obtaining visas from Native American chiefs who owned the land, have now erected all kinds of barricades to stop Latino migrants. In our own case, Nigerian youths try to enter Europe not across a small river but across the formidable Sahara Desert and the equally daunting Mediterranean Sea, in dinghies operated by descendants of Barbary pirates, dodging NATO naval vessels, many of them drowning in the waves, there to lie near sunken Roman artifacts, sunken Mesopotamian trading vessels and downed World War Two Axis and Allied warships. My last word today is for jilted lovers and those who kill because of envy. Last year, we had many cases in Nigeria of young wives killing husbands or otherwise severing critical parts of their bodies, allegedly because of forced marriage; wives bathing the children of co-wives in hot vegetable oil; and of jilted men murdering their former fiancées. Look here, young Nigerian men and women. If our generation had used similar tactics whenever we were jilted or forced into marriage, would there have been anyone around by now to give birth to you? If you were jilted last year, begin the New Year on a clean slate. Don’t hide in a dark alley and attempt to strangle a former fiancée. It is worse than hurling a stick at the monkey in the middle of the dry season.

the actual economic conditions, potentially resulting in economic downturns or crises - the public is disillusioned and is quickly losing confidence in the government. Relying on wishful thinking can hinder effective long-term planning and jeopardize the country’s future stability and growth. At this auspicious time when this administration is wooing foreign investors, it behoves the government to provide a clear vision, strategic direction, and goals and implement policies and actions that will inspire confidence that Nigeria is on a trajectory to developmental growth in the midterm to long term.

Some federal parastatals, state governments and LGA leaders have put out their strategic plans, and I commend these leaders. I must specifically single out the Jigawa state government for commendation. Through my interaction with state functionaries, I noticed that the state and MDAs have their strategic plans and KPIs, and sector leaders have been made to sign performance agreements. Several policies have been developed to facilitate the state’s strategic goals. The state is ready for business! Based on the prevalent transactional and knee-jerk approach to development intervention at all levels of government, I make these few recommendations and suggestions on moving from “wishful thinking” as a state strategy to a robust strategy that is fit for purpose and easy to implement. First, State strategies must be evidence-based. It should be based on thorough research, data, and evidence. There is no room for hunches, guesswork, or mere intuition. Second, these governments should communicate their strategies transparently and be accountable for the outcomes. Open communication about challenges and setbacks can help manage public expectations and build trust. Third, strategic actions and policies must undergo comprehensive risk assessments. This involves identifying potential obstacles, considering worst-case scenarios, and developing contingency plans. A situation where policies are not adequately thought through may devastate people’s economy and quality of life, for example, the ill-fated Naira Redesign. Finally, strategies should be adaptable to changing circumstances, adjusting based on real-time feedback and evolving challenges. In conclusion, while optimism and hope are essential, they should be complemented by realistic assessments and evidence-based strategies. Wishful thinking, when used as the sole basis for state strategies, can lead to adverse consequences, and governments must adopt a balanced and pragmatic approach to addressing the challenges and opportunities facing Nigeria.

NLC President, Joe Ajaero

new minimum wage, hike in electricity tariffs, unfulfilled government promises and beating of NLC President. So, you mean anytime someone smacks Joe Ajaero’s balding head, even if it is over a community land dispute or a Local Government councillorship election, all the workers in Nigeria must go on strike? Even when it costs the country nearly two trillion naira for every few days of no work? You Mr. Ajaero, I hear that your personal ambition is to surpass Mr. Arthur Scargill, who led British coal miners on a 12 months’ strike action in 1984-85. Some say you also want to surpass

W ish f u l T hin k in g as a Stat e St r at e gy mickry. The prevailing practice is to embark on projects based on convenience, political exigency, and personal interest and wish they could translate to holistic, sustainable development. The first major drawback of relying on wishful thinking as a state strategy is that it often leads to overestimating the ease of implementing policies or achieving specific goals. Policies may need a realistic understanding of the challenges and complexities involved in successful implementation. The runaway inflation and the problem of insecurity in Nigeria are good examples. From all indications, the previous administration misdiagnosed the national security threat posed by nonstate actors, terrorists, and bandits as just a herder vs farmer conflict. This misdiagnosis created a problem of resource application. The government misdirected both human and capital resources to resolve this conflict. As seen in recent times, the insecurity issues in Nigeria are multifaceted, hydra-headed, and humongous compared to a linear causal narrative of herder vs. farmers’ clashes. Nigeria cannot wish away insecurity. We must have a realistic diagnosis of the security situation, understand the multidimensional aspects of the problem, and put together a robust, actionable strategic plan to achieve the goals we set for our national security. Anything short of this will amount to reinventing the wheels and will not augur well with Nigeria. Besides, unrealistic optimism results in the misallocation of resources - if the government expects positive outcomes based on wishful thinking rather than a thorough analysis, it may allocate resources inefficiently, leading to suboptimal results. The 2024 National Budget and most state government budgets have recently drawn criticisms from Nigerians, civil societies, and the media. Some aspects of the budget were either preposterous or the amount assigned needed to be revised. Although budgets do not represent a national development plan or strategy, they show how and on what all the expected income of the federal or state is to be spent. If the budget is full of frivolities and non-essentials, how

President Bola Tinubu

can we allocate resources effectively to bring about development in Nigeria? Furthermore, the economic consequences of wishful thinking as a strategy are all around us: cost of living crisis, collapse in the value of the Naira to USD, food insecurity, infrastructural decay,and an increasing perception of economic doom that permeates the system. Government strategic thinking, planning, and determined implementation could have given us better outcomes. This planning requires realistic assessments of the country’s economic potential and challenges. Wishful thinking leads to economic policies not aligning with

T H I S D AY • MONDAY, JANUARY 8, 2024

MONdaysports

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

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Iwobi Backs Super Eagles to Go Far in AFCON 2023 "We have the confidence that we can go far in this competition but we have to prove it to ourselves”

Kunle Adewale

Super Eagles midfielder, Alex Iwobi believes three-time African champions, Nigeria have the potential to go far in the upcoming Africa Cup of Nations. The Fulham midfielder is set to attend his third Africa Cup of Nations, having been part of the team that finished in third place in 2019 and reached the last 16 in

the 2021 edition held in Cameroon. The Super Eagles are holding a training camp in Abu Dhabi, the capital city of the United Arab Emirates, as part of their preparations for the Africa Cup of Nations. They will try out Guinea’s Syli Nationale today in a tune up game before jetting off to the Ivorian capital for the AFCON. Manager Jose Peseiro has

selected 25 players on his roster for the tournament in Cote d'Ivoire and everyone is in camp with the exception of Leicester City forward Kelechi Iheanacho who is making good progress in his rehabilitation from injury and is expected to join the team in Lagos this week. "It has been very good, we are in Abu Dhabi right now. We've got a couple of friendlies to warm

up for the Africa Cup of Nations," Iwobi said to the Super Eagles Media Team. "Everyone is almost here, the squad is almost complete and we are training together really well, training and preparations are going well." Nigeria will open group play at the 2023 AFCON against Equatorial Guinea at the Alassane Ouattara Stadium, Abidjan, January

14, followed by a meeting with hosts Ivory Coast, January 18 and conclude with a game against Guinea Bissau at the iconic Felix Houphouet Boigny Stadium, Abidjan on January 22. On what Nigerians should expect from the Super Eagles a week before their opener versus Equatorial Guinea, Iwobi remarked: "We've seen the ability and quality that we have in the

Liverpool Knock Arsenal out of FA Cup with Two Late Goals

team, from each man that's in the squad and even the ones that didn't make the squad there's a lot of talent in Nigeria. "We have confidence that we can go far in this competition but we have to prove it to ourselves and the first thing that I can assure Nigerians is we are going to give one hundred percent to make sure we make the nation proud." Iwobi will be hoping to follow in the footsteps of his uncle Austin Jay-Jay Okocha who was an influential member of the Super Eagles team that won the Africa Cup of Nations in 1994.

Liverpool struck twice late on to beat Arsenal 2-0 at Emirates Stadium and reach the FA Cup fourth round. Arsenal paid the price for missing a host of opportunities and were punished as Liverpool grew increasingly dangerous, the deadlock broken when Trent Alexander-Arnold's free-kick glanced in off Jakub Kiwior's head with seven minutes left. Liverpool's triumph was completed in the closing seconds as a lethal break ended with Luis Diaz firing an emphatic finish high past Arsenal goalkeeper Aaron Ramsdale. Mikel Arteta's side dominated the first half, with Martin Odegaard hitting the bar while Reiss Nelson and Kai Havertz also had chances to give Arsenal reward for their pressure. Liverpool, despite missing captain Virgil van Dijk through illness and with Mohamed Salah at the Africa Cup of Nations, held firm and were always a threat. Alexander-Arnold hit the bar in the first half and as they grew into the game, Ramsdale saved well from Diaz and Diogo Jota headed against the woodwork. Just as the replay that neither Arsenal nor Liverpool would have particularly wanted loomed, the unfortunate Kiowor headed past Ramsdale then Diaz ensured Jurgen Klopp's side would progress to the fourth round.

RESULTS FA Cup Luton 0-0 Bolton Man City 5-0 Huddersfield Forest 2-2 Blackpool West Ham 1-1 Bristol City Arsenal 0-2 Liverpool

NPFL Gombe 1-1 Rivers Utd Akwa Utd 3-1 Abia War Enyimba 2-0 Sporting K’Pillars 2-1 Plateau Kwara Utd 0-2 Lobi Tornadoes 3-2 Heartland Remo 2-0 Sunshine Shooting 1-0 Bayelsa Utd

Luis Diaz (centre) scored his sixth goal in all competition as Liverpool knock out Arsenal from FA Cup

Nigeria's Fourth AFCON Title Quest Gets Presidential Boost Nigeria's quest for a fourth Africa Cup of Nations win got a big boost at the weekend after President Bola Ahmed Tinubu, approved N12billion for the payment of outstanding salaries and wages for the various national teams, including

the Super Eagles. Over the years, the Nigeria Football Federation (NFF) has been owing players, coaches, and other staff salaries. The Super Eagles’ former coach, Gernot Rohr, had to drag the federation to FIFA before he got paid his

outstanding wages. The players are not left out too, as some of them hardly get their bonuses on time. Nonetheless, the NFF has managed to keep a good relationship with them. Nigeria will be looking to claim a fourth African crown later this

month, and they are currently camped in Dubai ahead of the competition. In a new development, the team has gotten a big boost ahead of the tournament in Ivory Coast. According to President Bola Ahmed Tinubu’s Media Centre,

NPFL: Aniekeme’s Late Goals Shoot Remo Stars Back to Summit

Femi Solaja in Ikenne

Remo Stars returned to the summit of the NPFL following two late goals from substitute, Okon Aniekeme, to give his side the needed 2-0 win against Sunshine Stars of Akure in the first match of the new year. The win catapulted Remo back to the top of the league table but are tied on same 32 points with Lobi Stars. Remo however have better goal difference.

It was a repeat of the script of their last home outing last year when they had to wait till deep into the injury time to win against visiting Lobi stars in a keenly contested match. The visiting Sunshine Stars look cagy in the opening minutes of the match but Remo Stars were able to find their rhythm and took control of the match but were poor in their finishing. On resumption, Edith Agoye lads were no longer on defensive

as they made dangerous incursions into the vital area but were unlucky not to have scored via one of their counter attacks. With time running down and all look set for a barren home draw, disaster struck the visitors when substitute, Aniekeme hit the target from a close range. The match was held up for some minutes following protest from both sides over what Sunshine Stars players saw as misconduct from a ball boy but

the referee brought the match under control while Olamilaken Adams got a red card. On resumption of play, the stadium ruptured into another celebration when Aniekeme hit another goal off a rebound to leave the score line at 2-0. In other matches, Gombe United and Rivers United played out 1-1 draw while Akwa United came from a goal down to win 3-1 at home against Abia Warriors.

Kano Pillars won 2-1 at home against Plateau United while Kwara United lost to visiting Lobi Stars. Niger Tornadoes secured 3-2 win over visiting Heartland of Owerri, while Enyimba were 2-0 better against Sporting Lagos and Shooting Stars managed a lone goal win against Bayelsa United. Earlier on Saturday, Insurance of Benin won 2-0 against Enugu Rangers just as Doma United defeated Katsina United.

the President has approved N12billion for paying owed wages. “The President has approved the payment of N12billon outstanding backlog for Nigeria’s National teams of various sports, which includes Super Eagles and others.” The payment entails the clearing of the senior national team coach salaries running up to 15 months, payments of allowances and promises due to the senior national teams, females, and Under-20 national team. This is coming at a time when the Super Eagles of Nigeria are preparing to participate in the Africa Cup of Nations, which is billed to start later this month. This move comes at an important time for the Super Eagles, as the AFCON is just days away. This would be a morale booster for Peseiro and his lads going into the competition.

Monday, January 8, 2024

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Dogara to President Tinubu

“We must stop them (terrorists). Who has the responsibility to stop them? It is the Commanderin-Chief, but previously, they reduced themselves to Mourners-in-Chief instead...we must locate them and after locating them, the Commander-in-Chief must take justice to them or bring them to justice. If they will kill on the Plateau and go scot-free, why won’t they kill in any other state in the North and the South?” --Former House of Representatives Speaker, Yakubu Dogara, urging President Tinubu to stop the perpetrators of violence in the country.

mahmudjega VIEW FROM THE GALLERY

Not This Year’s Offence I

n the middle of the dry season, the monkey was sitting peacefully on a tree branch when the farmer threw a huge stick at it. The monkey looked around at the farmer’s field. It was parched and devoid of any crops; there was nothing at all in it for the monkey to steal. So, it muttered to itself, “Whatever offence I committed could not be this year.” The New Year 2024 began last week and, as has been my tradition over the years, I am calling on all segments of Nigerian society with the reason, intention, inclination, capacity, history, tradition, grudge and effrontery to mar the national mood to join in declaring a moratorium on actions that could cause anxiety, grief, horror, anguish and bloodshed in this New Year. Any attack launched on Nigerian people, polity and society since last week cannot be due to any offence committed this year. Neither the government nor its security agencies nor other powerful people have yet committed offences this year, so I urge all combatants with axes to grind not to throw sticks at monkeys in the middle of the dry season. My first message goes to commodity traders. You bought food products from rural markets last year and ferried them into

NLC President, Joe Ajaero

our towns and cities on trucks and lorries. The lorry owners charged you expensively because they said petrol, diesel, engine oil, grease and battery acid are costly. But that was last year’s fault. How can you charge

us expensively this year because of the fuel and diesel prices of last year? Is that fair? Isn’t there in your vocabulary something like beginning on a clean slate? Even those traders who brought spark plugs, bolts, nuts, bushings, lower arms, shafts, carburetors, injectors, water pumps, discs, radiators, pistons, rings, crankshafts, roofing sheets, plumbing materials, electrical fittings and medicines from China and Europe and ferried them here in containers aboard ships, why should they charge us with the prices of last year? Some of them are even adding to the prices and saying the ships that brought the goods had to turn away from the Red Sea because the Houthis are firing rockets at them. So, if a Houthi rocket narrowly missed a Maersk container ship last year and it had to go round the Cape of Good Hope, must I be the one to pay for the extra fuel and insurance cost? I am surprised that currency speculators carried last year’s value of the naira against foreign currencies into this year. In your own business of speculation, is there nothing like closing the books at the end of the business year? Just because naira traded at 1230 to the dollar on December 31, must you sell it higher than that on New Year’s Day? How

is that different from hurling a stick at the monkey in the middle of the dry season? You know that two days of work were chopped off because of Christmas and another day of work was chopped off because of New Year. Some years ago when this happened, an economist calculated that the national economy lost N1.7 trillion due to the holidays. So where do these traders expect us to get the money to pay last year’s prices for this year’s commodities? The same thing with Boko Haram. You guys have been fighting for 12 years. You have killed and maimed hundreds of thousands of people, sent millions to IDP camps, destroyed homes and facilities worth billions and billions and yet, most of your most ruthless ideologues and fighters have been killed, your once fearsome media propaganda machine which used to churn out press releases, pictures and videos is now silent, your “Caliphate” has shrunk from an impressive 40 LGAs in three states to a few islets in Lake Chad and a few caves in the Mandara Mountains, your army has split into two bitterly feuding factions. Yet you are still fighting. For what? Can’t you let bygones be bygones? If it is fanaticism, are you more

We are currently experiencing many negatives of relying on unbridled optimism, hedonistic fatalism, and political gimmickry in dealing with matters of great importance in governance and political craftsmanship. These negatives are accentuated by the hopeless anomaly of state actors misconstruing electioneering campaign mantras or projects and programmes as a strategy. Annual Budgets or Midterm Expenditure Frameworks are erroneously deemed strategies at the national and sub-national levels. This is a farcical matter, reflecting the vicious circle of bad choices and failure of outcomes prevalent today in government. We need an overarching vision for Nigeria and significant national strategy, goals, Key Performance Indicators (KPI),and actionable plans across the entire federal, state and LGA governance structure. It is correct that in the past, we have done some strategic or National Development Plans such as the first to fifth National Development Plans and Vision 2020. We need a clear, coherent, strategic plan driven by data and evidence and, most importantly, disciplined, transparent, and consistent execution. Universally, we acknowledge that a goal

without a plan is wishful thinking, our bane. Wishful thinking and boisterous slogans have never resulted in tangible results - compelling vision, planning, and diligent implementation of projects do. Across government MDAs and at the subnational level, we must go beyond manifesto thinking to strategic thinking and planning. Throughout history, no nation has achieved a substantial leap without a vision, strategic thinking by its leaders, and a clear, coherent plan built on evidence and realism. China under Deng Xiaoping, Singapore under Lee Kwan Yew, and South Korea under Park Chung Hee are ready examples. On the contrary, an executive presidential system requires that government planning take the form of a political action plan and a business plan combined. No amount of whimsical, unplanned, and hurriedly reactional actions or even inactions can trump an excellent and well-articulated strategic plan judiciously executed for the sub-national or country’s benefit. Most 36 states and local governments need actionable strategic plans, not political gim-

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DAKUKUPeterside Wishful Thinking as a State Strategy guest columnist

t is cultural in Nigeria to wish your loved ones a prosperous new year. There is nothing wrong with having such lofty aspirations. Of concern is that, lately, this culture has crept into governance and development. Our leaders wish us a hunger and poverty-free new year. They extend it to make statements of intent without any plan to translate the aspiration into concrete results. It is normal to hear, “We shall have stable power this year”, and “lift 50 million Nigerians out of poverty this year “. What is lacking is a measurable plan built on an overarching vision to achieve this goal. The art of wishful thinking is shared by our government and people alike. It is one of two things among the people: either a resignation to a culture of long disappointment or a relapse into habitual superstition. The belief is that Somehow things will be alright. For the government, it is a surrender to routine and a lack of creative and deep thinking. It’s like in the prayer: As it was in the beginning! The challenge of the moment is to burst the routine bubble and venture beyond the familiar in policy thinking and service delivery. “Wishful thinking” as a state strategy refers

President Bola Tinubu

to adopting optimistic views without a realistic or well-founded basis. While optimism and hope are essential for motivation and national morale, relying solely on wishful thinking as a state strategy can have significant drawbacks, especially in governance and policy formulation. State strategies need to be grounded in realism, evidence, and comprehensive planning to address the complex challenges faced by Nigeria effectively.

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