TUESDAY 17TH JANUARY 2023 by THISDAY Newspapers Ltd

NUPRC: Seven Deep Offshore Mini-bid Winners to Be Announced in Next Four Months Dismisses fears of political interference

Emmanuel Addeh in Abuja, Peter Uzoho and Sunday Ehigiator in Lagos

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday announced that in the

next four months, winners of the mini-bid for deep offshore licensing round would be announced to bring

Wood Mackenzie to oversee process

the process to an end. Making the disclosure during a pre-bid conference for the 2022/2023

licensing round for the seven Petroleum Prospecting Licences (PPL), the Chief Executive of the

NUPRC, Mr. Gbenga Komolafe, Continued on page 12

At Chatham House, Obi Vows to Destroy Structure Holding Nigerians Captive... Page 5 Tuesday 17 January, 2023 Vol 27. No 10142. Price: N250

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Increased Spending, Energy, Production Costs Drive Inﬂation to 21.34%... Page 8

Atiku: It’s Too Risky to Hand over Nigeria to Tinubu or Obi Voting APC is rewarding failure, says Saraki Insists LP lacks spread, structure to win, make good govt Keyamo: APC in pole position to win election James Emejo and Adedayo Akinwale in Abuja The presidential candidate of the

Peoples Democratic Party (PDP), Atiku Abubakar, yesterday said it would be too risky for Nigerians to hand over their future to the

presidential candidate of the All Progressives Congress (APC), Bola Tinubu, or that of the Labour Party (LP), Peter Obi, in next month’s

election. This was just as former Senate President, Dr. Bukola Saraki, said the 2023 general election would be

a referendum on the performance of the APC-led government, adding that Nigerians would not reward failure.

But the Spokesman of the APC Presidential Campaign Council, Mr. Continued on page 12

Emeﬁele Resumes, Says He Remains Committed to His Oath of Ofﬁce, Buhari’s Policy Direction DSS denies arresting CBN gov President intervenes, insists court order must be obeyed Adegboruwa, human rights group ask secret police to stop harassing apex bank’s governor Kingsley Nwezeh, Sunday Aborisade in Abuja and Wale Igbintade in Lagos The Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has resumed duty after his annual vacation abroad with a renewed commitment to perform the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari.

This was just as the Department of State Services (DSS) yesterday denied the news making the rounds that its operatives invaded the CBN’s office and arrested Emefiele, describing it as fake news. In a statement issued yesterday, the Director, Corporate Communications, CBN, Mr. Osita Nwanisobi, explained that Emefiele, who proceeded on leave in December Continued on page 12

SPV Gate: APC Demands Immediate Arrest, Prosecution of Atiku... Page 10

WHY I WANT TO BE PRESIDENT OF NIGERIA... The presidential candidate of Labour Party, Mr. Peter Obi, discussing his plans at a world-leading policy institute and think-tank forum, Chatham House, in the United Kingdom…yesterday

TUESDAY JANUARY 17, 2023 •T H I S D AY

TUESDAY JANUARY 17, 2023 • T H I S D AY

TUESDAY JANUARY 17, 2023 •T H I S D AY

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

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

NEWS

CAPACITY-BUILDING WORKSHOP... L-R: National Chairman, All Progressives Congress (APC), Senator Abdullahi Adamu; Presidential Candidate, Senator Bola Ahmed Tinubu; Director Election Monitoring and Planning of Presidential Campaign Council, Mr. Babatunde Fashola; APC National Secretary, Senator Iyiola Omisore; and APC Deputy National Chairman (South), Chief Emma Enukwu, during the Election Guiding Principles Workshop for the party’s stakeholders in Abuja... yesterday

At Chatham House, Obi Vows to Destroy Structure Holding Nigerians Captive Promises to tackle devastating poverty in north Maintains ethnic agitations products of failed leadership Emameh Gabriel in Abuja The presidential candidate of Labour Party, Peter Obi, yesterday said Nigeria’s Presidency with him and his running mate, Yusuf Datti Baba-Ahmed, in charge would dismantle inefficiency and eliminate transactional policies that breed corruption in government. He once more appealed to Nigerians to give him the opportunity to set the country on the path of progress and unity. The former Anambra State Governor, who spoke at Chatham House in the United Kingdom, also hinted on how he would address the high level of poverty in country, especially northern part of the country where it is more prevalent. Fielding questions from Nigerians at the session, Obi said equity, justice and fairness would solve the problem of agitations in the country, noting that his administration would prioritise securing Nigeria by first engaging all aggrieved groups in the country for talks. He noted that improving security, agriculture and education would be some of his top targets for the region. He said: "Nothing is more powerful than an idea whose time has come. I am asking you to give us an opportunity to have a better Nigeria." The presidential candidate of the Labour Party also vowed to dismantle the structure holding Nigeria captive and preventing the nation from advancing. According to Obi, the, “structure

currently in Nigeria is that of criminality and it has impoverished the West African country.” He said: “You have heard them say we don’t have structure; that is the structure we are trying to destroy, structure of criminality that Nigeria is being held captive; that structure is the structure that has impoverished Nigeria. We will dismantle it. It will not be there. I assure of you.” Addressing the issue of foreign direct investment in the country, Obi asserted that he would do everything to reduce corruption to the barest minimum so that even Nigerian youths who had migrated due to a lack of opportunities would all return home. He promised to revamp Nigeria’s economy, fight insecurity and corruption, and place the country on the path of rapid economic growth and recovery, adding that he would ensure borrowing in future would only be for investment. Worried about the level of poverty in the country, especially in the north where insecurity has ravaged the land and left millions displaced and consequently affected agricultural activities in the region, Obi said he would utilise the millions of hectares of arable lands in the region to provide millions of job and generate revenue for the country and the region. "We will pull down the devastating poverty in the north, Obi vowed. He said adequate investment in agriculture would help address food inflation and insecurity in the

country, pleading that if elected he would give the region premium place in his agenda because the wealth of the nation is in the region. He said for example, cultivating the vast arable lands in Niger State could lead to productivity and ultimately help more people to escape from poverty, adding that he would transform introduce skill acquisition Almajiris schools. "If they could read and write in Arabic, it means they are intelligent. So we will provide with the necessary skills," he said. On agitations by various groups in the country, the former Anambra State governor said he would ensure social justice was enthroned in order to discourage social unrest

Edo State Government and all the security agencies that collaborated to rescue them. “We appreciate the state government and all the security agencies who worked to ensure our rescue. The eight days we spent in captivity was not easy.” Another victim, identified as Aguele Beatrice, who was also rescued along with 11 others, thanked the security team. “We were rescued by the security from the forest. The rescue operation was timely, as it has saved our lives. It has also ensured that

to the table for dialogue. Obi said: “Securing the country is what we will do first. We use the carrots and stick approach. We will engage them in talks. But those who refuse to come to the table, we will deal with them.” Obi maintained that the various ethnic agitations across Nigeria are products of failed leadership, noting that poverty in the country as well as failure of leadership led to the various ethnic agitations in the country. The LP presidential candidate also vowed to increase Nigeria’s electricity generation and distribution capacity by declaring war on the power sector if elected president next month.

He said: "We are going to turn around the power sector. Nigeria today generates about 5,000 megawatts for 200 million people and South Africa, the second biggest in terms of economy on the continent, 60 million people, generates over 40,000 megawatts, yet, they have declared an emergency in the power sector. “If a country with 60 million population generating over 40,000MW is declaring emergency on power, what do you think somebody with 200 million people generating between 5,000MW and 6,000MW will do? I am going to declare war on power and I will solve it. Anybody who stands on the way, so be it.”

Kogi Rejects Ohinoyi of Ebiraland’s Response to Query Ibrahim Oyewale in Lokoja The Kogi State Government yesterday rejected the response of the 94-year-old Ohinoyi of Ebiraland, Ado Ibrahim, to a query requesting explanation over his absence during President Muhammadu Buhari’s recent visit to the state. The frontline Kogi traditional ruler has been the Ohinoyi of Ebiraland since June 2, 1997. Buhari visited the state on December 29 to inaugurate some completed projects. The Ohinoyi’s palace was bombed that morning and four people were killed.

Edo Train Attack: Rescued Victims Recount Ordeal, Hail Government

The rescued victims of the Igueben train station kidnap incident in Edo State, have narrated their ordeal with the kidnappers and hailed the Edo State Government for ensuring their safe return to their families. Speaking with journalists at the Police Cottage Hospital, where they were taken for tests and rehabilitation after their ordeal, the rescued victims noted that a combined team of security operatives led the operation. One of the kidnapped victims, Mr. Christian Iyere commended the

and criminality. “The ethnic tension you see today is as a result of injustice, unfairness, exclusion and marginalisation; immediately we start reversing that, they (ethnic tensions) start going down. "This is what I can tell you about agitations, as long as we start doing the right things, as soon as we start building an inclusive society where people’s talent and hard work will match up their opportunities, you will start seeing those things go down. There is tension even in the western world. We will show compassion; we will show love," he said. He, however, vowed to deal with those who refuse to come

our families and loved ones are free from trauma,” she said. The Edo State Government had provided support to a joint security team in the state which comprises members of the Police, Nigerian Army, Nigerian Air Force, the Department of State Services (DSS), local hunters, the Edo State Security Network, among others, to track and intercept the kidnappers in the forest and rescue the victims. Two of the abductees are still held hostage by fleeing abductors who escaped the raid of their camp by security operatives.

On January 7, the state government queried the monarch for his absence during Buhari’s visit. In a query letter signed by the state Director of Chieftaincy Affairs, Enimola Eniola, the state government said the traditional ruler’s unavailability to receive Buhari is a deliberate action capable of bringing Kogi State and Ebiraland to “grave disrepute.” Replying to the query in a letter dated January 6, the traditional ruler said he received no official letter informing him of Buhari’s visit to the state. He also accused Governor Yahaya Bello of lying that he was ill during President Buhari’s visit. The traditional ruler noted that the governor, who he had not seen for some time, appointed someone he (Ohinoyi) did not know to read on his behalf a welcome speech that was not sanctioned by him during the visit. The Ohinoyi of Ebiraland described the allegation that he deliberately refused to come out to welcome President Buhari during the visit to Okene as very unfortunate and “unfair to his ripe age and experience.” He attributed his absence from the ceremony to lack of proper briefing and information from government as well as the bomb blast that claimed the lives of three persons near his palace in the morning of the day of the President’s visit. The nonagenarian traditional ruler said he did not receive any

imitation for the programmes. Rather, he said the Commissioner for Local Government and Chieftaincy Affairs told him a night before Buhari’s visit that the President would be coming to his palace for homage, following which he made arrangements to receive the presidential team in his palace. He expressed surprise that the governor did not enquire about the bomb blast near his palace. “This Letter of Query is the first communication, written or otherwise from any official of the state to me, without any commiserations or enquiries about the unfortunate bomb blast that led to the intended disruption of Mr. President’s programme, loss of lives of innocent Ebira people, massive damages on my palace and rancour within my domain. “Nevertheless, I will continue to reign over the good people of Ebira land with good conscience and conviction, as I have done throughout my reign,” he said. The monarch’s response reads in part: “There was no official letter informing me about the visit of His Excellency President Muhammadu Buhari GCFR, Commander-in-Chief of Armed Forces, Federal Republic of Nigeria regarding his visit on the 29th of December, 2022, to commission legacy projects executed by His Excellency Alhaji Yahaya Bello, the Executive Governor of Kogi State. “It was only on the night of 28th

of December, 2022, you visited me at about 9:30pm and informed me that Mr. President would be coming to Okene the following day to commission some projects, and that I should stay back in my Palace while the President will be coming to pay me a Courtesy visit upon his arrival. “On the 29th of December, 2022 at about 8:15am, I received an unofficial copy of the visit programme of Mr. President and I noted that Mr. President was meant to commission the Ohinoyi’s Palace at 10:10am. This observation implied that Mr. President was to commission another Palace other than my current Palace that I have been occupying since I was crowned. However, in a letter yesterday by Abdulsalam Deedat, Kogi State Commissioner for Local Government and Chieftancy Affairs, the government rejected the monarch’s response. Giving the reason for the rejection, Deedat said the response was conveyed with a title “alien to recognised law”. “I wish to refer to your letter Ref. No. ETC/CHI/35/VOL.I1/33 dated 6th January, 2023 in respect of the above subject matter and to inform you that the said letter under reference which ought to be your response to a letter of query was not conveyed with the appropriate title of your stool as recognised by the Kogi State Chieftaincy law 2006 and your letter of appointment,” the letter reads.

TUESDAY JANUARY 17, 2023 •T H I S D AY

TUESDAY JANUARY 17, 2023 • T H I S D AY

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

QUARTERLY PROMOTION... L-R: Representative, National Lottery Regulatory Commission, Priscillia Currie; Liaison Oﬃcer, Advertising Regulatory Council of Nigeria, Doris Anthony-Itegbe; Country Head, People and Culture, Stanbic IBTC Holdings, Funke Amobi; Liaison Oﬃcer, Advertising Regulatory Council of Nigeria, Friday Ofei; and Head, People and Culture, Stanbic IBTC Bank, Ezinne Chidi Anosike, during the Stanbic IBTC Reward4Saving Quarterly draws held in Lagos … yesterday

Increased Spending, Energy, Production Costs Drive Inﬂation to 21.34% Highest in Bauchi, Kogi, Anambra, others

James Emejo in Abuja The Consumer Price Index (CPI) which measures the rate of change in prices of goods and commodities increased by 5.72 per cent to 21.34 per cent year on year in December compared to 15.63 per cent in December 2021, the National Bureau of Statistics (NBS) stated

yesterday. Month-on-month inflation also rose to 1.71 per cent in the review period compared to 1.39 per cent in November. According to the CPI figures for December, month-on-month inflation may have been caused by a sharp increase in demand usually experienced during the

festive season, as well as an increase in the cost of production including increase in energy, transportation costs, and exchange rate depreciation among others. Food inflation rose to 23.75 per cent year-on-year which was 6.38 per cent higher compared to 17.37 per cent recorded in December 2021. On a month-on-month, the food

inflation stood at 1.89 per cent, which was 0.49 per cent higher than the 1.40 per cent in November. The rise in food inflation was attributed to increases in prices of bread and cereals, oil and fat, potatoes, yam, and other tubers, fish, and food products. The core index, which excludes the prices of volatile agricultural

Court Approves Foreign Medical Trip for Ex-Lagos AG The Federal High Court in Lagos yesterday granted a former Lagos State Attorney General and Commissioner for Justice, Mr. Olasupo Shasore (SAN), permission to travel abroad for medical treatment Justice Chukwujekwu Aneke granted the permission following a motion filed and argued by Shasore’s team of counsel led by former Nigerian Bar Association (NBA) President Paul Usoro, SAN, and Olawale Akoni, SAN. They told the court that Shasore had been diagnosed with lattice retinal degeneration to both the left and right eyes as well as chronic rhegmatogenous retinal detachment to the right eye. The diagnosis reports, issued by Professor Tom H. Williamson, Consultant Ophthalmologist at The

London Claremont Clinic of St. Thomas Hospital London, were attached as Exhibit SS3. Counsel to the Economic and Financial Crimes Commission (EFCC) Mr. Bala Sanga did not oppose the application noting that “Only the living can stand trial.” Consequently, Justice Aneke granted the order as prayed. “The application praying this court’s discretion to travel for medical treatment in London, The United Kingdom dated December 30, 2022 without opposition is hereby granted as prayed “The defendant is permitted to travel on the 18th of January and return on the 5th of February.” The judge later adjourned the case till February 21, for trial. The EFCC is trying the former

Attorney-General of Lagos, for allegedly inducing one Olufolakemi Adelore, into accepting cash payment of the sum of $100,000, without going through a financial institution. Shasore was also alleged to have made a cash payment of the sum of $100,000 to Olufolakemi Adelore through Auwalu Habu and Wole Aboderin. The charge also added that the former Lagos State AttorneyGeneral also made a cash payment of the sum of $100,000 to one Ikechukwu Oguine without going through a financial institution. The sum which the anti-graft agency said exceeded the amount permitted by law. Adelore was at the time, Director, Legal, at Federal Ministry of

FHQ: Killers of Policemen Will Not Go Unpunished Says detained suspected killers of members of Ebonyi community to be prosecuted Kingsley Nwezeh in Abuja The police high command said yesterday killers of policemen across the country would not go unpunished. It said those who killed policemen performing their constitutional duty would be brought to justice even as it maintained that the suspects responsible for the death of police officer attached to the APC Chairman in Ebonyi State, Chief Stanley Emegha, whose convoy was attacked and some members of Ekoli Eddah community in the state would not be spared. Recently, former Governor of Imo State, Governor Ikedi Ohakim, narrowly escaped the assassins’ bullets by a whisker but lost four policemen in his convoy. The convoy of Senator Ifeanyi

Uba from Anambra State was also recently attacked and some policemen attached to his convoy were killed. An attack on the convoy of the All Progressives Chairman in Ebonyi State, Chief Stanley Emegha on December, 26, 2022, at Ekenta Ekoli Edda community claimed three lives including his Escort Commander, Inspector Festus Akpan and loss of property worth millions of naira. Speaking at a media chat in Abuja, Force Public Relations Officer and Chief Supretendent of Police (CSP), Olumuyiwa Adejobi, said killers of police personnnel across the country would be brought to justice. "Nobody that killed a policeman that is conducting his constitutionally assigned duty would go scot

free", he said. He spoke against the backdrop of concerns that detained, suspected attackers of the Chairman of the All Progressives Congress (APC) in Ebonyi State may soon be set free following moves in some quarters to effect their release. “The detainees were also alleged to have killed and maimed other members of the Ekoli Eddah Community in the state. "Nobody will release anybody, who committed murder. The first thing to do is to arrest them and they have been arrested. Nobody, who has killed policemen or members of the community will go scot free", he said. "They will be prosecuted if found guilty. As it is, investigation is ongoing, nobody is being released," he added.

Petroleum Resources, while Oguine was Secretary to the Corporation and Coordinator, Legal Services, at Nigerian National Petroleum Corporation (NNPC). According to the EFCC, their involvement concerns their alleged roles in the arbitral proceedings instituted by Process and Industrial Developments Limited (P&ID) against the Federal Ministry of Petroleum Resources.”

produce stood at 18.49 per cent year on year in December, up by 4.62 per cent when compared to the 13.87 per cent recorded in 2021. Month-on-month, core inflation stood at 1.33 per cent in December compared to 1.67 per cent in the preceding month. Core inflation resulted from increases in prices of gas, liquid fuel, passenger transport by air, vehicle spare parts, fuels and lubricants for personal transport equipment, and solid fuel among others. On year-on-year, urban inflation increased to 22.01 per cent, compared to 16.17 per cent in 2021 while the index rose to 1.80 per cent month on month in December from 1.50 per cent in November. Rural inflation stood at 20.72 per cent year-on-year, higher than 15.11 per cent in December 2021 while month-on-month, the index rose to 1.63 per cent from 1.30 per cent. At the states level, all items inflation on yearly basis was highest in Bauchi (23.79 per cent), Kogi

(23.35 per cent), Anambra (23.13 per cent), while Taraba (18.98 per cent), Osun (19.09 per cent) and Kwara (19.18 per cent) recorded the slowest rise in the headline index. Month-on-month basis, however, inflation was highest in Oyo (3.48 per cent), Abuja (3.05 per cent), Sokoto (2.58per cent), while Ebonyi (0.11 per cent), Ekiti (0.68 per cent) and Nasarawa (0.70 per cent) recorded the slowest rise. Also, year-on-year, food inflation was highest in Kwara (27.90 per cent), Imo (26.94 per cent) and Ebonyi (26.28 per cent), while Sokoto (20.90 per cent), Taraba (21.59 per cent) and Cross River (21.71 per cent) recorded the slowest rise in the index. On a month-on-month basis, however, food inflation was highest in Sokoto (3.38 per cent), Oyo (3.10 per cent) and Kaduna (2.97 per cent), while Nasarawa (0.06 per cent), Osun (0.70 per cent) and Kogi (0.76 per cent) recorded the slowest rise.

Policeman Killed as Gunmen Again Attack INEC Ofﬁce in Enugu Police order investigation, manhunt Adedayo Akinwale in Abuja and Gideon Arinze in Enugu A police officer was Sunday night killed while another sustained injuries when gunmen attacked the Independent National Electoral Commission (INEC) office at Amechi-Awkunanaw, Enugu South Local Government Area of Enugu State. The hoodlums, who struck around 9.12pm, according to a statement by INEC National Commissioner and Chairman Information and Voter Education Committee, Festus Okoye, were repelled by police and army personnel from 82 Division. The commission however assured that the attack would not affect its preparations for the 2023 general election. The electoral body said: “The Resident Electoral Commissioner (REC) for Enugu State, Dr. Chukwuemeka J. Chukwu, has reported that our office in Enugu South Local Government Area was attacked by unknown gunmen. The incident occurred around 9.12pm, Sunday,

January 15, 2023. “The security gatehouse was razed. Fortunately, the attackers could not gain access to the main building as a result of the rapid response from the Police and Army personnel from 82 Division. The state Commissioner of Police and the REC were personally at the scene immediately they received information about the attack. “Of the two policemen deployed to protect the facility, one of them lost his life while the other sustained injuries and is receiving treatment. The commission prays for the repose of the soul of the deceased policeman and the speedy recovery of the injured. “The attack is being investigated by the security agencies. Furthermore, a meeting of the Inter-Agency Consultative Committee on Election Security (ICCES) in Enugu State co-chaired by the REC and the Commissioner of Police has been convened to discuss the latest incident and design additional strategies of fortifying the offices and protecting the personnel and materials.

“Meanwhile, the destroyed gatehouse will be rebuilt, and the commission is proceeding with its preparations for the 2023 general election in Enugu State and the entire country as scheduled.” Meanwhile, the state Commissioner of Police, Ahmed Ammani, has ordered an immediate investigation and manhunt for those responsible for the attack. According to a statement made available to newsmen by the spokesmen of the state police command, DSP Daniel Ndukwe, the hoodlums who attacked the INEC facility, were “resisted and repelled.” Ndukwe said: “In the ensuing gun duel, however, one of the resilient operatives sustained a fatal gunshot injury and was taken to the hospital, where he was confirmed dead, and his corpse deposited in the mortuary for preservation; while many of the hoodlums, who had used a suspected petrol bomb to set the security house ablaze, escaped with varying degrees of gunshot wounds" part of the statement read.

TUESDAY JANUARY 17, 2023 • T H I S D AY

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

20TH ANNIVERSARY OF EFFICIENT SERVICE... L-R: Chief Executive Oﬃcer, Interswitch eClat, Dr. Wallace Ogufere; Executive Vice President, Marketing and Corporate Communications, Interswitch Group, Cherry Eromosele; Edo State Governor, Mr. Godwin Obaseki; and Founder/ Group Managing Director, Interswitch, Mitchell Elegbe, at the Interswitch 20th anniversary ball in Lagos…recently

SPV Gate: APC Demands Immediate Arrest, Prosecution of Atiku Gives EFCC, ICPC, CCB 72-hour ultimatum to prosecute ex-VP Atiku not afraid of investigation, says Melaye

Adedayo Akinwale in Abuja The Presidential Campaign Council (PCC) of the All Progressives Congress (APC) has called for the arrest and prosecution of the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar over the Special Purpose Vehicles (SPV) saga. It also called on the former vice president to immediately withdraw from the presidential race. But the spokesperson and Director of Public Affairs, Presidential Campaign Management Committee of the PDP, Dino Melaye said Atiku is not afraid of being investigated. The ruling party also gave 72 hours ultimatum to the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and the Code of Conduct Bureau (CCB) to arrest, interrogate and prosecute Atiku for what it termed; offences against Code of Conduct for Public Officers, Offence of Money Laundering; Offence of criminal breach of trust and criminal misappropriation; and offence of conspiracy. The PCC made the call at a joint press conference organised by the Media Directorates of Tinubu/ Shettima PCC yesterday in Abuja . The call for the arrest and prosecution of Atiku followed the revelation by a whistleblower, Mr. Michael Achimugu made against both the former vice president and

former President Olusegun Obasanjo. While addressing journalists, one of the spokesperson of the PCC, Festus Keyamo, said the whistleblower gave voice notes and all other supporting documents showing the infractions of the law Atiku allegedly committed. He explained that Atiku committed offences against the Code of Conduct for Public Officers under Sections 5,20,13 and 17. Keyamo noted that the ruling party understood that the law enforcement agencies might be reluctant to act simply because of the perception of persecution of a presidential candidate that this might evoke, but insisted that Atiku no longer enjoys immunity. Keyamo recalled that in 2016, in the middle of campaigns for the office of the presidency of the United States, the FBI opened investigation into allegations of misuse of private emails against Hillary Clinton when she was Secretary of State. He said the case was referred to the Justice Department for likely prosecution a few weeks to actual voting, saying though she was later cleared, it bears restating that a sane and dispassionate system never allowed such side talks to dissuade or distract them from initiating a process of investigation. According to him, it is the minimum expected in a constitutional democracy. That is what we call on the authorities to do in the case of Atiku.

Against this background, the ruling party called on all the security agencies to recover all monies withdrawn from that account by anyone for that matter. Keyamo insisted that Atiku must apologise and renounce his ambition. The ruling party also called on all well-meaning Nigerians and the law-enforcement agencies to protect Achimugu, who has blown this whistle on Atiku, saying no harm must befall him or members of his family. Keyamo said APC was disillusioned but not surprised at the

conspiratorial silence of a section of the media over this grave issue of national importance, even after seeing court processes in the form of a sworn affidavit. Keyamo, who is also the Minister of State, Employment has also petitioned the EFCC, ICPC and CCB as a concerned Nigerian, asking the anti-graft bodies to take action against Atiku within 72 hours. In the petition made available to our reporter, Keyamo said he expected the agencies to act on the matter within 72 hours of the receipt of the petition.

Justice Binta Nyako of a Federal High Court, Abuja, has adjourned till January 30, a suit to decide whether to compel the Independent National Electoral Commission (INEC) to allow registered voters without Permanent Voters Cards (PVCs) participate in the forthcoming general elections. Justice Nyako fixed the date for judgment shortly after lawyers representing parties in the matter ended their submissions for and against the case. In the event that the plaintiffs’ case succeeds, the court was expected to either order INEC to ensure all registered voters get their PVCs before the general elections which commences with presidential and

National Assembly elections or in the alternative allow the use of Temporary Voters Card or Voters Identification Number (VIN). The Incorporated Trustees of International Society for Civil Liberties and the Rule of Law, Mr. Emmanuel Chukwuka and Mr. Bruno Okeahialam had, in their suit asked the court to determine whether INEC could as a consequence of its own contraption, bottleneck, compromise or negligence disenfranchise or deprive Nigerians the right or opportunity to vote in the forthcoming general election, having regard to the true intention of Section 47(1) of the Electoral Act, 2022. In the suit marked: FHC/ABJ/ CS/2022, plaintiffs asked the court to declare that, having duly registered and captured in the INEC register

“So, you do not need the permission of Atiku to investigate him. We are not afraid of an investigation, because he’s the most investigated Nigerian and if you investigate him again he will come out clean,” he added. The PDP spokesperson, however, insisted that Tinubu is the person, who is expected to be investigated and prosecuted. “He is the one that has been indicted already in a certified court indictment. He is the man that has faced the Code of Conduct before,” he said.

Osinbajo: With Enterprising Young People, Nigeria Won't Lag Behind in Technology Deji Elumoye in Abuja The Vice President, Prof. Yemi Osinbajo has declared that with the rapid growth of innovation and technology recorded globally over the years, there are more exciting new frontiers to be explored and harnessed by Nigeria's talented and enterprising young entrepreneurs. In a pre-recorded speech at a ceremony in Lagos to mark the 20th anniversary of Interswitch, one of the leading fintech companies in Nigeria and Africa, Osinbajo noted that as innovation and technology open exciting new frontiers in

medicine and healthcare, there is assurance that Nigeria will not lag behind. In a release statement yesterday by the media assistant to the Vice President, Laolu Akande, while noting that innovative disruptions thrive on natural and human occasioned-gaps within the system, Osinbajo added that many of such are in Africa. According to the vice president, “this is why our continent is undoubtedly the next and possibly the last frontier.” “All across the continent, there are yawning gaps waiting to be

Court Decides Fate of Registered Voters' without PVCs January 30 Alex Enumah in Abuja

Meanwhile, Melaye has said Atiku is not afraid of being investigated. Melaye stated this while speaking during a live television programme last night, said Atiku remains the most investigated Nigerian, who has always submitted himself for investigation several times in the country. He said: “Atiku Abubakar is a democrat, he’s a Nigerian. He has always been available for investigation. He has been investigated time and time again and come out very clean with clean status.

of voters and electronic database of registered voters, they, and the persons they represent in the suit are entitled to vote in the general election. Plaintiffs' lawyer, Mr. Max Uzoaka, in his argument urged the court to declare that all persons who have duly registered with INEC as voters and whose names are contained in its register of voters and, or electronic data base of registered voters should not be deprived the right to vote in the forthcoming elections. The lawyer claimed that the cause of action was triggered by a statement attributed to INEC Chairman, Prof Mahmood Yakubu, where-in he acknowledged that INEC facilities were attacked and razed down. Uzoaka said, INEC’s concept of “no PVC, no vote” will deprive

eligible voters whose PVCs were burnt during the attacks on INEC’s offices the opportunity of voting during the election. He told the court that the BVAS machine introduced by INEC can accept the last six digits on the Temporary Voter Card to display the biometrics of people who are registered for the purpose of voting. INEC, he said, has the responsibility of ensuring the safety of PVCS which are sensitive materials used during election. In a counter affidavit, INEC, through its counsel, Abdulaziz Sani, prayed the court to dismiss the case of the plaintiffs for being frivolous, because it was based on a newspaper report, which the Supreme Court had cautioned against relying upon.

plugged by innovative ideas and entrepreneurial efforts. It is exciting to see how sprightly young people, particularly, are rising to the challenge and the accelerated pace of creative disruptions in their wake." Speaking further on the incredible talents and potential of Nigeria and Africa's young people to drive socioeconomic growth, Osinbajo emphasised that, in 2021 alone, African tech startups raised over $4billion in funding, with over 564 startups across the continent solving critical problems in almost every sector. “Within the next two decades Africa's workforce will be the largest in the world. They are skilled and they are coming. As a result, more innovative disruptors will yet emerge to plug more of these gaps.” The vice president further assured that the Buhari’s administration would continue to provide the enabling environment for young entrepreneurs and businesses to thrive. He said: “Our responsibility as a government has been to meet them halfway, and perhaps outpace them with corresponding creativity in the provision of forward-thinking regulatory frameworks and adequate infrastructure. I can assure you that no effort is being spared in this regard. “Nevertheless, there is still so much to be done; and a lot of ground to cover. I have no doubt though that we are up to the task." Osinbajo observed that it was through innovative disruptions that

humans have managed resolve their most complex challenges and stay ahead of the survival curve. "Oftentimes, these ideas are championed by mavericks who find better, safer and more cost-effective ways for us to live, do business, and govern; slight tweaks that improve our overall experience, and complete overhauls that lead us into new paths altogether." On what he described as, 'two rigorous decades of accelerated change,' since Interswitch was founded 20 years ago, the Vice President noted that it was "incredible that what began as a novel idea to facilitate seamless payments across Africa, has in barely two decades become something of an icon of technology and innovation literally pioneering Africa's ongoing Fintech revolution." He described Interswitch, "as a leading company at the forefront of agency banking and financial inclusion in Nigeria," which "also operates the largest and fastest growing private sector-led domestic card scheme in the world." Osinbajo further noted that it is therefore a testament to the quality of the talent and courage of the founders of Interswitch that they saw the future clearly and predicted the potential of a nascent technology for scale and application. Situating Interswitch further in the innovative disruption that has since transformed Nigeria’s fintech space, the Vice President recalled that in 2002, only 569 million people were connected to the Internet worldwide.

TUESDAY JANUARY 17, 2023 • T H I S D AY

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

TWELVE NUPRC: SEVEN DEEP OFFSHORE MINI-BID WINNERS TO BE ANNOUNCED IN NEXT FOUR MONTHS pledged that the process would be highly transparent and competitive. To ensure that global industry standards were strictly adhered to, Komolafe who spoke in Lagos, during the pre-bid conference, revealed that a renowned firm, Wood Mackenzie has been contracted as the consultant for the mini-bid. The theme of the conference was: “Growing Upstream Investment in Nigeria through Licensing Round: The Bid Process and Opportunities.” Komolafe explained that the timely approval of the mini-bid exercise by President Muhammadu Buhari, who doubles as the Minister of Petroleum Resources, was a strong commitment to increase the national oil and gas reserves and production for enhanced federation revenue. He listed the seven deep offshore open blocks as: PPL-300-DO, PPL301-DO, PPL-302-DO, PPL-303-DO, PPL-304-DO, PPL-305-DO and PPL-306-DO. The seven deep offshore blocks covering an area of approximately 6,700 square kilometres in water depths ranging from 1,150metres to 3,100metres, he said, are on offer and are also intended to be the first in a series of bid rounds aimed at further development of Nigeria’s prospective petroleum basins. According to him, the bid rounds are within the context of NUPRC’s enhanced legal and regulatory frameworks, as enshrined in Section 73 of the PIA, that seek to encourage new investors and investments into the next phase of oil and gas exploration in Nigeria. “Let me profoundly express that this pre-bid conference is a clarion call to technically and financially capable local and foreign investors to invest and take advantage of the generous fiscal and regulatory regime in the Nigerian upstream petroleum sector. “The mini-bid round is a marketdriven programme expected to outperform the last bid round, which was held in April 2007 during which a total of 45 blocks were put on offer under a different regulatory regime, the Petroleum Act, 1969. “In line with the provisions of the PIA, the mini-bid round will be managed by the NUPRC with support from its National Data Repository (NDR) and multiclient partners underpinned by high-quality datasets. “The blocks on offer have extensive 2D and 3D seismic data coverage, including multi-beam and analogue data. Additionally, a 3D MegaSurveyPlus reprocessed Prestack Time Migration of remarkable quality is also available to prospective bidders,” Komolafe stated. According to Komolafe, “the exercise is scheduled to last for approximately four months, comprising registration and pre-qualification, data prying/purchase, technical bid submission/presentation, technical bid evaluation and commercial bid conference." He explained that the NUPRC had announced the commencement

and launched the bid round portal, which was officially opened on January 3, 2023. “Rest assured that the entire bid process pursuant to the provisions of the PIA 2021 and attendant regulations will be fair, transparent, and competitive in line with best practices. “Furthermore, the mini bid exercise has been designed to attract competent investors from across the world, both local and foreign, that have the capability and competence in operating in deep water environments,” he stated. However, all awardees, he said, must be duly registered in Nigeria under the Companies and Allied Matters Act (CAMA) and may participate either as an individual company, or as a consortium. He stressed that the commission expects the exercise to be a huge success for Nigeria, describing it as a big step towards growing the nation’s oil and gas reserves through aggressive exploration and development efforts as well as boosting production. In addition, he pointed out that it would expand opportunities for gas utilisation and development, strengthen energy security and economy, provides the opportunity to gainfully engage the pool of competent companies in the oil and gas sector, enables transfer of technology, valorise petroleum

assets in the Nigerian territory and attracts investments. “In addition, the mini-bid round presents us with the opportunity to reinforce Nigeria’s commitment to openness and transparency in line with the principles of the Extractive Industry Transparency Initiative (EITI),” the NUPRC stated. On the global scale, he said that the licensing round would be beneficial to all stakeholders and will in the long run contribute to long-term global energy sufficiency. “Interestingly, the licensing round process was formulated in cognisance of global sustainability goals. The process will, in addition to technical and commercial considerations, pay the requisite attention to strategies, processes and implementable plans consistent with net zero carbon emission targets, eliminating gas flares as well as overall Environmental, Social and Governance (ESG) considerations. “The oil and gas industry in Nigeria has embraced the reality of energy transition and is taking strategic position to leverage on the opportunities presented by the unfolding era. “As a regulatory commission, we have taken deliberate steps in this regard, including the recent issuance of guidelines for the management of fugitive methane and greenhouse gases emissions in the upstream oil and gas operations in Nigeria during

the COP27 in Egypt in a manner that attracted wide international commendation for Nigeria. “However, it is worthy to recognise that recent events around the globe indicate that fossil fuels will continue to be a core part of the global energy mix well into the future, even beyond the 2050 targets for achieving net-zero carbon emissions that have been set by most countries,” Komolafe argued. According to him, the recent increases in the price of energy mostly occasioned by the conflict between Russia and Ukraine and the ensuing energy disruption have reawakened the call for geopolitical energy security and sustainability. “It will interest you to note that the commission has established a committee to engage and collaborate with world renowned energy consultants, Wood Mackenzie, to ensure that the Nigerian petroleum upstream regulations are in line with international best practices, which will form the basis for regulating the awardees of the seven deep offshore blocks offered in the 2022/2023 mini-bid round exercise,” he noted.

Sylva: Assets to raise Nigeria's reserves to 40bn barrels by 2025

On his part, the Minister of State for Petroleum Resources, Chief Timipre Sylva, stated that the

“As we all know, the oil and gas industry has been a vital sector for the Nigerian economy for many years. We must also recognise that the world is facing a critical challenge in the form of climate change.” Delivering her welcome address, NUPRC Executive Commissioner, Rose Ndong noted that the bid round was in furtherance of the commission's continuous stakeholder engagement, the first since 2007, and also the first since the signing of the PIA 2021. “The PIA made regulatory provisions for an open, competitive and transparent bid process towards creating value for Nigeria and all stakeholders. Hence the bid round is aimed at actualising such provisions, therefore it is a golden opportunity for investors. “This will be followed by successive bid rounds as provided for in the PIA as they are no longer marginal fields since the provision has been made in the PIA.” “Nigeria’s deep water is one of the most prolific hydrocarbon bases and has on record, above average theological chance of exploration success. “We, therefore, look forward to working with the industry leaders to build on the previous deep water experience and increase our national hydrocarbon reserves and productions among other benefits.” She added.

votes in over 24 states as required by the constitution. He argued that the PDP would win four zones, including the Southsouth, South-east, North-central, and North-west. He, however, admitted that the South-east remains a challenge for the party because of the Labour Party’s presidential candidate, Peter Obi. He, however, argued that the Labour Party lacks the structure and spread to win the presidential elections, pointing out that even if Obi wins, he would find it difficult to deliver on his mandate because his party would also lack majority seats in the parliament. Saraki said: “First, I strongly believe that the 2023 election is a referendum on the performance of the APC government and party and I believe that a country like ours, a very progressive country with a lot of progressive individuals – would never reward failure. “The question that Nigerians must ask is: Has this government and party failed or done well in the last seven years plus? “And let’s take the indices one by one because I want to stay on issues and move away from sentiments. In 2015, their promise to Nigerians was that we would fight insecurity, we would improve the economy, we would create jobs for the youths – those were the major issues.” Speaking further, he said, “In 2015 if you can remember very clearly, issues of insecurity were limited to the North-east. Since then, till today, we’ve seen insecurity in the North-west – farmers cannot go to their farms, people are being killed and kidnapped; we’ve seen herdsmen and farmers clash in the North-central and we’ve seen the highest level of oil theft in the South-south – and we’ve seen kidnapping. So, on the issue of security, they have not performed, they have failed. “Let’s take the economy, and again, I will take them one by one and I will challenge you because you are know these issues; let’s take inflation – the inflation level today is about 16 per cent, which was never like this in the time of PDP in the single digit. You have the highest number of Nigerians below the poverty line at 133 million; it was not like that. Unemployment under PDP was about six per cent to seven per cent; today it is 33 per cent, and youth unemployment is about 40 per cent. Foreign Direct Investment if we are lucky may be just about $2 billion compared to $8 billion to $9 billion. “These are facts we cannot run away from; on the economy as well, the exchange rate was N200, the official rate was probably N195 and the parallel market N230 – today official about N450 and the black

market N735. It’s never been like this. And these are facts.” According to him, “When you take all these issues, they have failed and as they’ve failed as a political party, we cannot reward failure. So, I don’t even think that the race should be about APC; they’ve had an opportunity to make Nigerians’ lives better but they have not. “The question now goes as you’ve all asked – who next? Some would say oh, do we want to go back to PDP? Let’s talk about that back to PDP- the PDP days. “The PDP days, as I said, we had insecurity limited to just one part of the country. In the PDP days we are talking about, we had GDP growth of about six per cent to 7 per cent. Now, we are seeing GDP growth of about 2 per cent, less than the population growth.” He said: “In the PDP days we talked about, we had Foreign Direct Investment into this country – about $8 billion – and the largest economy in Africa. These were the PDP days, the exchange rate was not N700 inching to N1000 at a time, these were the PDP days. “PDP days, the country was more united but now it is no more; now, it is normal in democratic settings that the populace has a choice especially when you get tired of a party and you say oh, I want to try another party. But when the party has failed, you come back to what they call the good days and that is what PDP offers under Atiku Abubakar. “When you talk about other parties - with great respect to them - to the individuals, particularly, Peter. But don’t forget again that what we run in Nigeria, we run a presidential system. When you go to that ballot box on election day, you are voting for the party. “Now, a party where from day one, you don’t have candidates in all the parliamentarian seats; so, already from day one, there’s a recipe for disaster because you know that the executives and legislature are not going to have a majority. And a lot of people when you ask them what is their concern, they tell you about restructuring. These are things that need constitutional review. These are things that you also need to have a majority in the National Assembly.” Saraki, among other things, said, “Investors are no longer satisfied with Executive Orders. They want to see legislation to support investment. So, if as a small party, you don’t have a spread; we’ve seen our experience in 2015 – let’s move away from internship to reality and practicality. He said: “Now, that takes me back to Atiku Abubakar. In Atiku Abubakar, you have a candidate that is ready from day one to run. The experience he has is even at

ATIKU: IT’S TOO RISKY TO HAND OVER NIGERIA TO TINUBU OR OBI Festus Keyamo, countered Saraki, saying that the ruling party was in pole position to win the forthcoming elections Speaking at the Nigeria Economic Summit Group (NESG) Presidential Dialogue on the Economy in Lagos yesterday, Atiku said he has a good understanding of the challenges bedeviling Nigeria. Analysts have narrowed the race to Atiku, Tinubu and Obi. The former vice president described Obi as a greenhorn and alleged that the APC-led government brought Nigerians to “this sorry situation.” Atiku said: “Experience is important and we must avoid the mistakes of the recent past. It is too risky for Nigerians to hand over their future to a greenhorn or to the national leader of the very party that brought us to this sorry situation. “This is election season. So, you will see and hear from snake-oil salespeople, false prophets and purveyors of false hope and misleading statistics. There is, therefore, the need for caution. “We must also remember that we cannot trust the doctor that poisoned and continues to poison the patient to be the one who provides the curative treatment. The stakes are too high; so, we must get it right. This may well be our last chance to do so. “The Nigerian economy is barely growing. Per capita income, a measure of citizens’ well-being,

has progressively fallen since 2015 because of declining output and a fast-growing population. Our people are worse-off today than they were in 2015. “The oil and gas sector, which is the country’s main foreign exchange earner, has declined for most of the period since 2014. For many economic sectors and for the ordinary citizens it still feels like we are in a recession. “Under the current administration our people are not working. More than 23 million people are out of jobs. In just five years between 2015 and 2020, the number of fully employed people dropped by 54 per cent, from 68 million to 31 million people. This is frightening in a country of 200 million people. “And the majority of the unemployed are young men and women, who lack not only the means to survive but any hope for the future. The number of unemployed youths increased by nine million from four million in 2015 to 13 million in 2020. “High youth unemployment and limited employment opportunities pose serious economic and security challenges. It is, therefore, an urgent matter to ensure that there are enough jobs for Nigeria’s youth. More Nigerians are poorer and more miserable today than in 2015,” Atiku explained.

Voting APC is Rewarding Failure, Says Saraki

Meanwhile, Saraki has insisted

that the ruling party has failed Nigerians in all ramifications, including security and economy, stressing that more Nigerians have been plunged into poverty since the APC came into power in 2015 while insecurity had been the order of the day. Speaking on ARISE NEWS Channel, a sister broadcast arm of THISDAY Newspapers on the 2023 election, as well as the chances of Atiku, the former senate president argued that the ruling party had failed to deliver on virtually all the promises it made to Nigerians in 2015. He said Nigerians now have a choice to choose a better party that would rescue the country from the precipice, adding that the PDP remained the better alternative. Commenting on sundry national issues, Saraki insisted that most progressive Nigerians would not vote for the ruling party in the forthcoming elections because of its unimpressive performance over the past seven years. He said the country is no longer united under the APC, while unemployment, insecurity, poverty and economic woes are the hallmark of the present administration. Saraki expressed the confidence that the main opposition party would come back to reclaim the seat of power at the elections, stressing that the PDP remains the only hope to rescue the country. He boasted that the party has the capacity to secure the 25 majority

EMEFIELE RESUMES, SAYS HE REMAINS COMMITTED TO HIS OATH OF OFFICE, BUHARI’S POLICY DIRECTION 2022, resumed work yesterday. According to him, “the governor resumed with renewed vigour to perform his duty ahead of the first Monetary Policy Committee (MPC) meeting of the year scheduled for January 23 to 24, 2023.” He stated that Emefiele remains committed to performing the task before him in line with his oath of office and the policy direction of President Muhammadu Buhari. “While thanking the public for keeping faith with the Bank, we urge Nigerians to continue to support the policies of the Bank aimed at ensuring a stable financial system and the Nigerian economy in general,” he added. On his part, the Public Relations Officer, DSS, Dr. Peter Afunanya, in a statement yesterday, stated that: “The attention of the DSS has been drawn to the false news making the round that its operatives invaded the Central Bank of Nigeria and arrested its Governor, today 16/1/23. This is fake news and quite misleading.” THISDAY reliably gathered that President Buhari finally intervened in the attempt by the DSS to arrest and detain Emefiele, insisting that the court order that restrained the security agency from harassing or

new deep offshore blocks would increase the country’s crude oil reserves from an initial 37 billion barrels to 40 billion barrels by 2025, while also having the potential to increase the country’s gas reserve from 208 trillion cubic feet (tcf) to 600tcf. Sylva, who was represented by the Permanent Secretary at the Ministry of Petroleum Resources, Mr. Gabriel Aduda, noted that one of the key mandates of the ministry was to grow the crude oil reserves from the current 37 billion barrels of oil to 40 billion barrels of oil by 2025. He said, “The PIA 2021 provided the requisite support and framework for achieving this mandate by providing fiscal terms, which the industry players can operate with, utilise and deploy world-class cutting edge technologies to de-risk exploration in the deep offshore. “Hydrocarbon encountered in these seven offshore blocks will significantly contribute in lifting our oil reserves and ensuring our continuous energy sufficiency. “The seven deep offshore blocks have been thoroughly evaluated and are believed to have significant potential for increasing our hydrocarbon reserves. They are in some of the most promising areas of the deep waters of Nigeria, which have been de-risked by other producing fields nearby.

arresting the CBN governor must be obeyed. It was learnt that during his return at the Nnamdi Azikiwe International Airport, DSS officials attempted to manhandle him, but they were called to order by the president who told them that he operates a rule-based government that upholds the rule of law. Meanwhile, human rights lawyer, Ebun-Olu Adegboruwa (SAN) has also asked the DSS and the Presidency to stop the ongoing harassment of the CBN governor, unless there was a hidden agenda. Also, a civil society organisation, the African Centre for Justice and Human Rights (ACJHR), has argued that the DSS would rubbish Buhari and the judiciary if it arrests Emefiele. It was gathered that the DSS had secretly approached a Federal High Court in Abuja to seek a warrant to arrest Emefiele over allegations that he was involved in terrorism financing and economic crimes. But the Chief Judge, Justice JT Tsoho, had declined the application and held that the secret police did not provide any concrete evidence to substantiate its claims. However, while Adegboruwa in a statement noted that a public officer

cannot be above probe or the law if there was indeed a case for him to answer, he also challenged the DSS to file charges against Emefiele if it has basis for doing so. The senior lawyer acknowledged that the various crises surrounding the CBN governor do not speak well for the economy, adding, however, that there should be no undue persecution or arrest of anyone without lawful cause or justification. The statement read: "We should not and cannot elevate a public officer above the law and above probe, if there is indeed a case for him to answer. "The DSS sought court order to arrest and investigate him unsuccessfully, and the service was greatly embarrassed through the process. "There should be no undue persecution or arrest of any citizen without lawful cause or justification but no one should be shielded from probe. "There is therefore no need for the seemingly unending drama between Mr. Emefiele, the DSS and the Presidency, unless of course it is part of the hidden agenda." On its part, the ACJHR stated that the DSS would rubbish Buhari and the judiciary if it arrests Emefiele.

In a statement issued yesterday by its spokesperson, Abubakar Isa, the civil society organisation (CSO) said it would be “recklessness” on the path of the secret police if it goes ahead to arrest the CBN governor despite a court order. “The court, as the last hope of the citizen, has made a pronouncement on the legal rights and obligations of citizen Godwin Emefiele; it behooves all agencies of government to obey the order of the court until such order is set aside by an appellate court,” Isa said. “The constitutional role of the judiciary as the third arm of government includes serving as a bulwark against oppression and intimidation. Regrettably, this hallowed principle appears to mean little to the country’s political leadership despite decades of democracy. “In a display of recklessness, DSS is about to exhibit defiance to a lawful court order, thereby violating a major pillar of democratic governance and an orderly society. “A major hallmark of democratic governance is the principle and practice of the separation of powers. DSS will be rubbishing President Buhari and the judiciary if they go after the CBN governor despite court order barring them,” he added.

Continued on page 27

TUESDAY JANUARY 17, 2023 • T H I S D AY

TUESDAY JANUARY 17, 2023 •T H I S D AY

T H I S D AY ˾ TUESDAY, JANUARY 17, 2023

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Death Toll at 40 from Russian Missile Strike on Ukraine Ukrainian officials said Monday the death toll from a Russian missile strike on an apartment building in Dnipro had risen to at least 40, with rescue crews still searching the rubble for any survivors. Dnipropetrovsk regional Governor Valentyn Reznichenko said on social media said the attack had injured 75 people and that the fate of 30 others was unknown. Thirty-nine have been rescued. The missile strike took place Saturday with what Ukraine’s air force command said was a Kh-22 missile launched from Russia’s Kursk region. Military officials said Ukrainian forces shot down 21 of 33 total missiles Russia fired that day but that Ukraine does not have a system capable of intercepting the Kh-22. European Union’s foreign policy chief Josep Borrell called the Russian strike and others like it on civilian targets “inhumane aggression.” “There will be no impunity for these crimes,” he said in a tweet on Sunday. Russian forces have repeatedly hit civilian targets since invading Ukraine in February...

Oxfam: World’s Richest 1% ‘Grab Two-Thirds of Global Wealth’

As the annual World Economic Forum (WEF) gets underway this week at the Swiss ski resort of Davos, the charity Oxfam says extreme wealth and extreme poverty have increased simultaneously for the first time in 25 years – and is calling for fairer taxation in response to the soaring inequality. Hundreds of billionaires, dozens of government ministers and central bank governors are due to attend the WEF, widely seen as a get-together for the global super-rich. In its report, “Survival of the Richest,” published Monday, Oxfam says the world’s billionaires are becoming richer. “Davos is back in January. The festival of wealth is back. And we’re bringing alarming new findings which show that the one per cent, the richest one per cent in the world, has grabbed nearly two-thirds of all new wealth created since 2020,” Oxfam America’s director of economic justice, Nabil Ahmed, told VOA. The charity says that the gain in wealth equates to $42 trillion, nearly twice as much as the bottom 99% of the world’s population earns....

Germany’s Defence Minister Resigns Amid Ukraine Criticism

Germany’s much-criticised defence minister announced her resignation Monday following a series of missteps while her department steers the massive project of modernising the country’s military and oversees expanding weapons deliveries to Ukraine. Christine Lambrecht said in a written statement that she had submitted her resignation to Chancellor Olaf Scholz, adding that “months of media focus on my person” had stood in the way of a factual debate about the military and Germany’s security policy. “The valuable work of the soldiers and many people in my department must stand in the foreground,” she said. Scholz thanked Lambrecht for her work in difficult times, saying he had “great respect” for her decision. He declined immediately to say who would replace her but indicated that this would happen soon. The new minister will quickly be thrown into the deep end in their new job. US Defence Secretary Lloyd Austin is scheduled to visit Berlin this week and then host a meeting of allies at the Ramstein Air Base in western Germany. On Sunday, the German and French governments will hold bilateral talks that include a meeting of the countries’ joint security council. “I know from my perspective how things should proceed, and we will announce that in due time, too,”

as organisers had banned Persebaya supporters because of Indonesia’s history of violent soccer rivalries. Police described the pitch invasion as a riot and said two officers were killed, but survivors accused them of overreacting. Videos showed officers using force, kicking and hitting fans with batons, and pushing spectators back into the stands. At least 11 officers fired tear gas — eight canisters into the stands and three onto the pitch — to prevent more spectators from taking to the field after the game. An investigation team set up by Indonesian President Joko Widodo in response to a national outcry over the deaths concluded that the tear gas was the main cause of the crowd surge...

Zimbabwe Opposition Members Arrested, Arraigned over ‘Illegal Meeting’

said Scholz. A government spokesperson, Christiane Hoffmann, said earlier Monday that it was important to Scholz to ensure gender parity among ministers but declined to comment on a possibility of a wider Cabinet reshuffle. The 57-year-old Lambrecht had been defence minister since Scholz became chancellor in December 2021. Critics had long portrayed her as out of her depth. But Scholz stood by her, describing her last month as “a first-class defence minister.” Pressure on her mounted recently after an illjudged New Year’s video message.

Nepal Finds Black Boxes from Plane Crash Site

Search teams in Nepal Monday found the black box and cockpit voice recorder of a passenger jet that crashed, killing at least 70 people in the country’s deadliest plane accident in 30 years. Investigators say they hope the recorders’ data will help them determine why the Yeti Airlines twin-engine ATR 72 aircraft went down. The plane crashed Sunday, on a clear day, just minutes before it was supposed to land in the tourist town of Pokhara. The pilot did not report “anything untoward,” a Kathmandu Airport spokesman told the BBC. Rescue teams Monday searched a river gorge where the plane, carrying 72 people, went down. The Reuters news agency reports that two more bodies were recovered on Monday, bringing the death toll to 70. The two remaining missing passengers are also believed to be dead. Rescue crews will continue their search on Tuesday. One local resident, who was at the crash site, told The Associated Press, “The flames were so hot that we couldn’t go near the wreckage. I heard a man crying for help, but because of the flames and smoke, we couldn’t help him.”

Global Unemployment Grows Amid Economic Slowdown

The outlook for the year ahead and beyond is not very promising. The International Labor Organisation warns that the current global economic slowdown will force millions of workers to accept lower quality, poorly paid jobs. In its “World Employment and Social Outlook: Trends 2023” report, the ILO predicts global unemployment will rise by 3 million for 208 million this year, with similar projections for 2024. ILO director of work quality Manuela Tomei said both the quantity and quality of jobs would deteriorate and

that working conditions are expected to worsen while wages go down. “Workers in low- and middle-income countries are expected to be hardest hit,” Tomei explained. “And with the pandemic and the economic slowdown across the globe, the prospects of seeing a reduction in informality and poverty have and will deteriorate further.”

12,000 March in France, Eiﬀel Tower Display Back Iran’s Activists Up to 12,000 people marched Monday to the EU Parliament in the eastern French city of Strasbourg in support of Iran’s anti-government protesters while the Eiffel Tower lit the night with the slogan “Woman. Life. Freedom,” which embodies the protest movement spilling beyond Iran. The Eiffel Tower display also beamed

the message, “Stop executions in Iran,” highlighting a demand of protesters. Both messages pay tribute to Mahsa Amini, whose death in September triggered demonstrations in Iran, along with arrests and executions. Paris posthumously declared Amani an honorary citizen in October, and Paris City Hall has said that the Eiffel Tower displays Monday were a homage to Amini and to “those who are bravely fighting for their freedom as the (Iranian) regime is continuing executions of protesters.” Iranians organised the Strasbourg march in Europe on the 44th anniversary of the day when Iran’s last shah, Mohammad Reza Pahlavi, ailing and under growing pressure, left the country forever. The following month, the monarchy collapsed under the fervour of the Islamic revolution that gave Iran its theocracy. Some of the demonstrators Monday carried photos of the former shah. Local media cited police as saying some 12,000 people took part..

Indonesia Soccer Disaster Trial Begins for Five Charged An Indonesian court began trial Monday against five men on charges of negligence leading to the deaths of 135 people after police fired tear gas inside a soccer stadium, setting off a panicked run for the exits in which many were crushed. The deadly crowd surge on October 1

in East Java’s Malang city was among the world’s worst sporting disasters. Police officers fired tear gas when fans flooded the pitch after Arema FC was defeated in a home match for the first time in 23 years by rival Persebaya Surabaya. The match at Kanjuruhan stadium was attended only by Arema fans,

Twenty-five members of Zimbabwe’s main opposition party, Citizens Coalition for Change, appeared at the Harare Magistrates Court on Monday on charges of holding an illegal meeting Saturday that police broke up with tear gas.

Among those arrested is Amos Chibaya, a member of parliament, who talked briefly to journalists before going to the court. He called the action harassment and said it would come to an end. The dictator will go, he added, and the people of Zimbabwe will free themselves. Fadzayi Mahere, spokesperson for Citizens’ Coalition for Change, or triple C, said party members were treated badly by police during the arrests. She said a girl younger than 18 was arrested, and there were complaints that police molested some women. She added there were rumours that the arresting police were drunk and threw alcohol at people. Police actions were not about arresting people who were committing a crime, Mahere said, but about inflicting pain on people because the ruling ZANU-PF party is afraid of losing the upcoming elections. Zimbabwe is supposed to hold general elections this year, though the exact date has yet to be announced. The ZANU-PF party and police refused to comment on the accusations when VOA

reached out, saying the matter was now before the courts..

Yellen to Meet with Chinese Finance Minister in Switzerland

Treasury Secretary Janet Yellen will meet with her Chinese counterpart, Vice Premier Liu He, in Switzerland on Wednesday to discuss economic developments between the two nations. The Zurich talks will be a follow-up to the November meeting between President Joe Biden and China’s Xi Jinping on the sidelines of the Group of 20 summit in Bali, Indonesia. The two world leaders agreed to empower key senior officials to maintain communication. Strains between the world’s two leading economies have been growing despite their trade ties. The Biden administration has blocked the sale of advanced computer chips to China and is considering a ban on investment in some Chinese tech companies, possibly undermining a key economic goal that Xi set for his country. Statements by the Democratic president that the US will defend Taiwan against a Chinese invasion have increased tensions. The meeting comes ahead of Yellen’s travel to Senegal, Zambia and South Africa this week in what will be the first in a string of visits by Biden administration officials to sub-Saharan Africa during the year. Africa is crucial to the global economy due to its rapidly growing population and significant natural resources. China’s deepening economic entrenchment in African nations, surpassing the US in trade with the continent to become one of the world’s largest creditors, is also a motivator for the US to deepen ties with African nations..

T H I S D AY ˾TUESDAY JANUARY 17, 2023

POLITICS

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

Constitution Review, Water Resources Bill Top Agenda as N’Assembly Resumes Plenary Udora Orizu writes on issues at the front burner in the National Assembly as members resume plenary today after a three-week christmas break

embers of the Ninth National Assembly who have been on Christmas holiday Resumes today, Tuesday, January 17, to commence the 2023 legislative calendar. The federal lawmakers who would be rounding off their tenure by early June are are expected to pick up from where they left off on December 28, 2022 when they proceeded on Christmas break. Both chambers before embarking on the holidays, passed the 2023 appropriation bill after raising the N20.51 trillion proposed spending presented by President Muhammadu Buhari by N1.32 trillion, to N21.82 trillion. The lawmakers also approved the President’s request of N819.54 billion domestic loan meant to fix infrastructure destroyed by floods.

Lawan

Issues to be Addressed on Resumption As the lawmakers resume legislative activities, they are expected to reconsider the President’s proposal to securitize the Federal Government’s outstanding Ways and Means balance at the Central Bank of Nigeria. President of the Senate, Dr Ahmad Lawan, who disclosed that the lawmakers will reconsider the President’s request after he (Buhari) signed into law the 2023 Budget, along with the 2022 Supplementary Appropriation Bill, however, said the legislature will only do so based on adequate information available to the legislative committees concerned.

Gbajabiamila

in sections 9(2) and (3) of the 1999 constitution. However as at October, 2022, only 11 states have voted on the constitution amendment bills. The states whose houses of assembly have voted on the bills are Abia, Akwa Ibom, Anambra, Delta, Edo, Kaduna, Katsina, Kogi, Lagos, Ogun and Osun states. The remaining 25 states that are yet to consider the bills have threatened to take no action on the bills unless four more constitutional amendment bills are considered and passed by the National Assembly. The four bills are bills to, establish State Police; State Judicial Council; Streamline the procedure for removing Presiding Officers of State Houses of Assembly and institutionalize Legislative Bureaucracy in the Constitution. Their demands were contained in a letter from the Conference of Speakers to the National Assembly Joint Committee on Constitutional Review. Deputy Senate President, Senator Ovie Omo-Agege, who disclosed the States’ position while addressing journalists, accused state governors of trying to stall the process of

Constitution Review The National Assembly will also need to return to the Constitution review process of the 9th Assembly which is yet to be concluded. Just like the past Assemblies, lawmakers in the 9th National Assembly had while assuming office in June 2019, promised to repeal the offending provisions encumbering the country’s democracy by reworking and giving Nigerians a progressive document. Last year, both the Senate and House of Representatives voted on the 68 proposals as recommended by its ad-hoc committees on the review of the 1999 Constitution, and 44 bills were adopted. The adopted proposals were thereafter transmitted to the States Houses of Assembly to get concurrence of at least two-thirds which is 24 states, as stipulated

further amendment to the nation’s constitution. Omo-Agege who doubles as the Chairman, Senate Adhoc Committee on Constitution Review, described the refusal of the state assemblies to vote on the bills as disheartening and worrisome. While he said the National Assembly is not averse to acting on any proposed bill appropriately tabled before it, the ranking Senator said it is legally inappropriate for the Conference of Speakers to use the four bills as a quid pro quo to act on the 44 bills. Corroborating Omo-Agege stance late last year, Speaker of the House of Representatives, Hon. Femi Gbajabiamila accused the state Houses of Assembly of obstructing the process of amendment to the 1999 Constitution. Gbajabiamila who spoke in Abuja at the second edition of the distinguished parliamentarian lecture series organised by the National Institute for Legislative and Democratic Studies (NILDS), said the ninth National Assembly might not be able to complete the on-going amendment process before the expiration of its term. Controversial Water Resources Bill Another pending issue which the lawmakers are expected to deliberate on is the controversial Water Resources Bill which has been resurfacing for about seven years in the 8th and the current 9th assembly.

The Bill which scaled through first reading on June 29 in the House of Representatives, had a slight drama playing out as concerned lawmakers frowned at the reintroduction. The bill, which was initially introduced and rejected during the 8th Assembly, following public outcry, is believed by many to be Rural Grazing Area (RUGA) in disguise. Specifically, the Bill seeks to empower the Federal Government to control all water resources in the country such as rivers, streams, lakes and underground water in all parts of the country. At the plenary, on June 29, shortly after the Bill was reintroduced and presented by Chairman of the Committee on Water Resources, Hon. Sada Soli (APC, Katsina), a member Hon. Mark Gbillah (PDP, Benue) raised a point of order, reminding the Speaker, Hon. Femi Gbajabiamila that the bill generated lots of controversies in 2021 and shouldn’t be brought back. Responding, Gbajabiamila said the sponsor, Hon. Soli had assured him that contentious issues in the former bill which bothered many last year has been addressed in this new bill. But, Gbillah countering the Speaker’s advise said whatever the Governors may have agreed on is not acceptable, adding that he’s very sure his State Governor, Samuel Ortom, didn’t agree to this. Corroborating, another Benue lawmaker, Hon. John Dyegh, said Governors can’t decide for lawmakers, and must consult them before taking a decision on the Bill. Agreeing that every voice must be heard regarding the Bill, Gbajabiamila directed the Chairman Committee on rules and business, Hon. Hassan Fulata, to ensure every lawmaker gets the copy of the bill to study ahead of the second reading debate. Commenting after the Speaker’s ruling, Sada Soli said he will attach needed information for his colleagues to read through, vowing that if issues arise again he will withdraw the Bill. Since then nothing has been heard on the Bill, as lawmakers resume this week the proposed legislation is expected to be presented for second reading, during which all the members will debate and air their view on the Bill. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

As Tinubu’s Campaign Train Moves to Kwara... Saliu Mustapha writes about the presidential campaign of the All Progressives Congress which berths in Ilorin, the Kwara State capital today to canvass for votes for the party’s ﬂag bearer, Asiwaju Bola Tinubu

oday, Tuesday, 17th January, 2023, the progressive train of the All Progressives Congress (APC) would land in Ilorin, the Kwara State in continuation of the presidential campaign for the 2023 General Elections. It is my honour to join His Excellency, Mallam Abdulrahman Abdulrazaq and the good people of Kwara State to welcome His Excellency, President Muhammadu Buhari; APC Presidential candidate, Asiwaju Bola Ahmed Tinubu; his running mate, Senator Kashim Shettima; National Chairman of the party, Senator Abdullahi Adamu and other leaders and members of the presidential campaign council to our beautiful State of harmony. I’m aware that, like all the states already visited, the mission of the campaign council is to come speak to our people, and to convince them to vote for Asiwaju Bola Ahmed Tinubu in next month’s presidential election. But for us in Kwara, Asiwaju is not a new face. Our people are quite familiar with Asiwaju’s deep relationship with the State. His personal generosity, both to many Kwarans as individuals and to the state as a whole, is unprecedented. At the time our state was badly in need of political emancipation, Asiwaju was there

Tinubu

to provide all the required support. Whenever Ilorin Emirate in particular called, Asiwaju always answered. He has extended his hands of fellowship to communities across our state unsparingly, and as grateful people, we believe it is payback time.

I would like to juggle our memories and cast our minds back to the events that preceded the 2019 general elections. Asiwaju and many of the progressives here came to join our Otoge campaign. It was with the hope that we would have a chance to put in place a progressive government that prioritises the welfare and needs of the people above everything else. To the glory of God, we won that election, and the bearer of our collective aspiration for this beautiful State, Mallam Abdulrahman Abdulrazaq has not disappointed. He has continued to justify the essence of our collective struggle and make every progressive, both in Kwara and elsewhere, proud. We have never forgotten Asiwaju’s show of love, not now and not ever. And come February 25th in sha Allah, we will fully repay Asiwaju’s large-heartedness towards our state and its people. Coming into Kwara, you must have noticed how the Abdulrahman Abdulrazaq administration has turned the entire State into a huge construction site. From Tanke to Ahmadu Bello, Yebumot to Oloje, and other several feeder roads across the State capital; the government is busy at work, undertaking impressive urban renewal projects to enhance

the beauty of our State. The achievements of the APC government in the State is not limited only to road infrastructure. Borrowing a leaf from the people-centred governance of President Muhammadu Buhari, the Abdulrazaq administration has also initiated and implemented a social program that caters to the pressing needs of the most vulnerable, particularly the aged. The government, living to its progressive ideals, has prioritised the key programmes of our party in the areas of health delivery, education, water supply, youth development etc. Therefore, combining Asiwaju’s personal goodwill in Kwara with Governor Abdulrazaq’s sterling performance; I have no doubt that this state is a win for the APC. And like in 2019, we would not only win but win convincingly and with a wide margin. Kwara is for Asiwaju and the APC! While you are here, kindly feel free to explore the serenity of our extremely accommodating and harmonious state; and enjoy the hospitality and warmth of our people. Once again, I welcome you to our peaceful, calm and exciting State of harmony! -Mustapha writes from Ilorin

TUESDAY, JANUARY 17, 2023 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 13Jan-2023, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.41% AIICO Balanced Fund 3.81 3.87 12.64% 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 8.56% Anchoria Equity Fund 152.88 154.60 5.47% Anchoria Fixed Income Fund 1.24 1.24 0.62% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 22.77 23.46 12.25% ARM Discovery Balanced Fund 534.33 550.44 18.43% ARM Ethical Fund 45.93 47.31 17.90% ARM Eurobond Fund ($) 1.13 1.13 4.26% ARM Fixed Income Fund 1.12 1.12 9.89% ARM Money Market Fund 1.00 1.00 11.05% ARM Short Term Bond Fund 1.04 1.04 106.90% 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 100.55 100.55 5.73% AVA GAM Fixed Income Naira Fund 1,131.13 1,131.13 0.42% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) N/A N/A N/A CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalﬁf@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 0.30% 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 13.42% Paramount Equity Fund 18.53 18.87 2.71% Women's Investment Fund 148.69 150.49 2.76% CHD Nigeria Bond Fund 108.80 108.80 12.11% CHD Nigeria Dollar Income Fund 1.05 1.05 9.06% 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 N/A N/A N/A Cordros Milestone Fund N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 13.29% Emerging Africa Bond Fund 1.07 1.07 7.36% Emerging Africa Balanced Diversity Fund 1.11 1.11 84.98% Emerging Africa Eurobond Fund 104.92 104.92 -1.70% 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 1475.9 1475.9 12.12% FBN Balanced Fund 204.40 205.82 2.36% FBN Halal Fund 123.50 123.50 12.52% FBN Money Market Fund 100.00 100.00 14.05% FBN Dollar Fund 120.64 120.64 6.69% FBN Smart Beta Equity Fund 172.22 174.75 3.99% FBN Specialized Dollar Fund 104.26 104.26 9.75% 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 10.40% Legacy Debt Fund 3.53 3.53 -11.83% Legacy Equity Fund 2.05 2.10 18.15% Legacy USD Bond Fund 1.26 1.26 4.44% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn

Coral Balanced Fund Coral Income Fund Coral Money Market Fund

4,332.25 3,723.39 100.00

4,363.70 3,723.39 100.00

82.94% 8.53% 13.94%

FSDH Dollar Fund 1.13 1.13 5.81% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund N/A N/A N/A Vantage Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Kedari Investment Fund (KIF) N/A N/A N/A Vantage Equity Income Fund (VEIF) - June Year End N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 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 12.83 12.87 -2.58% Meristem Money Market Fund 10.00 10.00 11.54% 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) 100.95 100.95 8.03% Norrenberger Money Market Fund (NMMF) 100.00 100.00 12.27% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.63 1.67 3.87% PACAM Fixed Income Fund 11.47 11.65 3.31% PACAM Money Market Fund 10.00 10.00 11.05% PACAM Equity Fund 1.51 1.53 6.17% PACAM EuroBond Fund 123.35 126.09 8.20% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 129.92 132.19 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.00 1.00 11.05% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,739.69 3,769.80 10.32% Stanbic IBTC Bond Fund 245.48 245.48 4.21% Stanbic IBTC Ethical Fund 1.47 1.48 17.06% Stanbic IBTC Guaranteed Investment Fund 333.35 333.35 6.46% Stanbic IBTC Iman Fund 268.60 271.90 15.01% Stanbic IBTC Money Market Fund 1.00 1.00 13.25% Stanbic IBTC Nigerian Equity Fund 12,673.36 12,812.62 16.01% Stanbic IBTC Dollar Fund (USD) 1.37 1.37 5.93% Stanbic IBTC Shariah Fixed Income Fund 121.28 121.28 3.74% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 115.41 115.41 8.49% Stanbic IBTC Absolute Fund 4,583.72 4,583.72 7.75% Stanbic IBTC Aggressive Fund 3,348.00 3,389.43 20.41% Stanbic IBTC Conservative Fund 4,297.34 4,312.65 12.87% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.98 1.00 2.44% United Capital Balanced Fund 1.41 1.44 3.20% United Capital Wealth for Women Fund 1.18 1.19 1.23% United Capital Sukuk Fund 1.11 1.11 9.63% United Capital Fixed Income Fund 1.96 1.96 7.76% United Capital Eurobond Fund 125.61 125.61 5.64% United Capital Money Market Fund 1.00 1.00 14.51% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 14.20 14.33 7.64% Zenith ESG Impact Fund 16.20 16.36 10.81% Zenith Income Fund 23.62 23.62 7.58% Zenith Money Market Fund 1.00 1.00 11.18% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 4.46 4.56 10.94% Vetiva Consumer Goods Exchange Traded Fund 6.26 6.36 7.10% Vetiva Grifﬁn 30 Exchange Traded Fund 19.20 19.40 8.50% Vetiva Money Market Fund 1.00 1.00 11.46% Vetiva Industrial Goods Exchange Traded Fund 24.59 24.79 22.95% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 143.55 145.55 -8.95% REITS NAV Per Share

Yield / T-Rtn

122.19 52.92 101.31 9.91

7.68% 3.98% -13.22%

Bid Price

Offer Price

Yield / T-Rtn

14.31 138.27 107.39 17.40 16.40

14.41 140.67 109.25 17.50 16.50

2.30% 8.35% 7.41% 1.50% 6.09%

NAV Per Share

Yield / T-Rtn

106.75

0.00%

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

LAWYER TUESDAY, JANUARY 17, 2023

UT H

& RE A S O

WEEKLY PULLOUT

UT H

& RE A S O

PROFESSOR JOY NGOZI EZEILO, SAN

CHAIRMAN, INDEPENDENT NATIONAL ELECTORAL COMMISSION, PROFESSOR MAHMOOD YAKUBU

Insecurity and the 2023 Elections

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

IN THIS EDITION

R E Y W A L A

TUE SDAY, JAN

LLOUT WEEKLY PU

TRU

TH &

RE A S

TRU

TH &

RE A S

Crucial Nature of Identiﬁcation of Suspect in Securing Conviction

3 UARY 17, 202

PROFESSOR JOY

NGOZI EZEILO

, SAN

Page IV

FHC Chief Judge Requests Nomination of Nine Additional Judges

L ONAL ELECTORA PENDENT NATI BU CHAIRMAN, INDE FESSOR MAHMOOD YAKU PRO COMMISSION,

d n a y t i r u c e s In s n o i t c e l E 3 the 202 JI ADELEKE

Page V

QUOTABLES ‘The Commission is not contemplating any adjustment to the election timetable, let alone postponement of the general elections.’ - Professor Mahmood Yakubu, Chairman, INEC

‘The kind of discipline that you require to build a political culture, does not exist in Nigeria.’ - Bishop Matthew Hassan Kukah, Bishop of the Catholic Archdiocese of Sokoto

LAWYER

Court Nulliﬁes Police Regulation Dismissing Unmarried Pregnant Police Women Page V

The Judiciary and 2023 General Elections Page X

ONIKEPO BRAITHWAITE: EDITOR, JUDE IGBANOI: DEPUTY EDITOR, PETER TAIWO, STEVE AYA: REPORTERS

III THE ADVOCATE

T H I S D AY ˾ TUESDAY, JANUARY 17, 2023

CBN Borrowing: When Government Acts Unlawfully

here is Nigeria headed to? The truth, they say, is often bitter. And, to be candid, Nigeria seems to be heading nowhere, if we do not get the right type of governance to rescue us, come May 29, 2023. It would be an unacceptable excuse from the incoming administration, to say that they didn’t know how terrible the condition of the country was, before they took over the mantle of leadership. Aside from the improvement in the road and rail networks, and electoral reform undertaken by this administration, little has been achieved. And, anybody who says that they want to build upon the legacy of this outgoing administration, will be asserting that they want to build upon a legacy of executive failure, opaqueness and inefficiency in governance, broken campaign promises and governmental recklessness plus law breaking.

Zainab Ahmed v Governor Godwin Obaseki In April 2021, a section of an editorial that I wrote titled “Zainab Ahmed v Godwin Obaseki”, in which I had discussed the fact that Governor Obaseki had accused the Federal Government of printing N50-60 billion to make the March 2021 FACC disbursements, which the Minister of Finance denied vehemently. In the said editorial, I then asked: “Who is telling the truth? The Governor of Edo State or the Minister? For the sake of Nigeria, with all due respect to the Governor, I hope the Minister is the one telling the truth”. It turns out that with the revelation that the Federal Government is indebted to the Central Bank of Nigeria (CBN) in Ways and Means Financing (W&M) to the tune of N22 trillion, the only logical conclusion we can draw is that Governor Obaseki was the one telling the truth! The huge debt mounted by Government via W&M, is just one prime example of executive recklessness and law breaking. It also shows that the Debt Management Office (DMO) and the Fiscal Responsibility Commission (FRC), are obviously not doing their jobs. Field Marshal Idi Amin Dada, ‘Conqueror of the British Empire’! I remember the 1981 movie, ‘Rise and Fall of Idi Amin’, about the mad, narcissistic Ugandan military dictator who ruled his country in such a brutal way from 1971 until 1979, when he was deposed and was constrained to go into exile, finally ending up in Saudi Arabia where he died in 2003. My older brother, Demola and I were fascinated by that movie, and we watched it uncountable times. For some inexplicable reason, Idi Amin loved to refer to himself as Conqueror of the British Empire. In reality, Idi Amin, aside from murdering hundreds of thousands of innocent people (perceived enemies etc), plundered and ruined Uganda’s economy. But, because people were so frightened of him, no one was brave enough to share the news of his destruction of the economy with him, aside from a Finance Minister who informed him that the Ugandan “government coffers were empty”, and later had to run from Uganda to England to take refuge. Amin’s response to him, was that the Ministers were stupid, and they should print more money! However, in the movie, this particular money-printing event was depicted in a more dramatic way. Amin visited the CBU (Central Bank of Uganda) to ask for $1 million for an “Intelligence Mission”. The CBU Governor informed him that there was no money, that they were having problems with their suppliers of foreign currency because “the Ugandan Shillings are worth less than toilet paper”; to which Amin responded “You call Ugandan money, s…t money?” and automatically instructed his killer squad to “Take Governor here outside, and show him what we do to s….t!” - meaning execute the CBU Governor. He promptly appointed a random clerk who happened to be present and was physically shaking with fear, as the new CBU Governor, and asked whether he would print more money, to which he quickly responded in the affirmative,” as much money

the President approving securitisation of the W&M debt, and sending it to the National Assembly for assent. This act would be one more unlawful action perpetrated by those involved in it, since it is contrary to Section 38 (3)(b) of the CBN Act. It will be interesting to see, if the National Assembly will assent to the President’s clearly unlawful request, when it has no power to do so!

ONIKEPO BRAITHWAITE onikepo.braithwaite@thisdaylive. com onikepob@yahoo.com

The

Advocate “Clearly, between the CBN and the Federal Government, Section 38 of the CBN Act has been observed in the breach, as the W&M financing has not only been advanced annually as a matter of course without repayment of previous year(s) debts, it is certainly not tied to the 5% revenue of the previous year - it has continuously exceeded that ceiling” as you need Sir!”. While our economy and the value of the Naira is not yet in the league of Amin’s worthless Ugandan Shilling, our currency has been on a steady decline in value over the last eight years or more, our economy is certainly far from being in good shape, and our CBN Governor is only wanted by the DSS, unlike the CBU Governor who was executed in the movie. Nigeria, which was once the largest and fastest growing economy in Africa, is now a shadow of its former self, with Nigeria being classified as the Poverty Capital of the World. Our National debt is possibly the highest it has ever been in the history of the country, with the Federal Government even owing the CBN N22 trillion in unsecured advances, W&M - that is, printing of currency to finance deficiencies in budget revenue. CBN Act 2007 The Central Bank Act 2007 (CBN Act) is the pertinent law here. W&M is permitted by the CBN Act, but subject to certain conditions. W&M is a way in which the Federal Government raises funds, by borrowing from the Central Bank (and the CBN provides the financing by printing currency without backing); and Section 38 of the CBN Act, provides for this process. Section 38(2) & (3) of the CBN Act provides that, W&M shall not exceed 5% of the previous year’s revenue of the Federal Government. So, for example, if the Federal Government’s revenue was N100 in 2020, W&M in 2021, lawfully must

Governor, Central Bank of Nigeria, Godwin Emefiele

not exceed N5; and if that N5 remained unpaid by the end of the 2021 financial year, the law does not permit CBN to lend the Federal Government any other such W&M advance in 2022. Clearly, between the CBN and the Federal Government, Section 38 of the CBN Act has been observed in the breach, as the W&M financing has not only been advanced annually as a matter of course without repayment of previous year(s) debts, it is certainly not tied to the 5% revenue of the previous year - it has continuously exceeded that ceiling. It is pertinent to note that, the words “shall” and “shall not” are used copiously in Section 38 of the CBN Act. In Ugwu v Ararume 2007 12 N.W.L.R. Part 1048 Page 367 at 441-442 per Niki Tobi JSC the Supreme Court held that when the word ‘shall’ is used in a statutory provision, it means that something must be done; it is mandatory, a command. In the same vein, ‘shall not’ is a command that a thing must not be done. The conditions set out in Section 38 of the CBN Act, are mandatory. Therefore, again, just as the W&M shall not exceed 5% and it shall not be given if the previous advance hasn’t been repaid before the end of the financial year it was borrowed, so also does Section 38(3)(b) of the CBN Act mandates that there shall not be securitisation of W&M advances. The W&M financing is an unsecured advance, which does not fall within the purview of Section 29 (of the CBN Act) advances which are secured by different means like Treasury Bills, Gold coins or Bullion etc. Yet, there is talk about

Debt Management Ofﬁce & Fiscal Responsibility Commission The DMO and the FRC have obviously gone to sleep, since as we can see, our national debt has been mismanaged and our national expenditure is obviously far from prudent or sensible. The FRC whose function is inter alia, to promote the Section 16 economic objectives of the 1999 Constitution of the Federal Republic of Nigeria and disseminate such standard practices, including international best practices that will result in greater efficiency in allocation and management of public expenditure and debt control, has not been heard from in the face of fiscal irresponsibility (see Sections 3 of the Fiscal Responsibility Commission Act 2007 (FRA)). Government is running afoul of Section 12 of the FRA, as the aggregate expenditure for the financial year shall not be more than the estimated aggregate revenue plus a deficit not exceeding 3% of the estimated GDP. We are now in the region of exceeding between 4% - 5% of estimated GDP. Section 12(2) of the FRA, however, sets out a proviso whereby the 3% ceiling can be exceeded, if the President believes that there’s a clear and present threat to national security or the sovereignty of Nigeria. In our case, even though we do have security issues, the reason for the excesses are more connected with consumption - frivolous expenditure like N3 trillion subsidy for the next six months and a high cost of governance, amongst other reckless expenditures. For instance, it has been long established that Nigerians are no longer buying fuel at the old subsidised rate, so who is benefiting from the subsidy that Government insists on holding on to till they leave office, since it is not the people? One wonders whether many of the government agencies and their officials understand the purview of their instructions, or their functions, let alone being familiar with even the laws they operate under. It is strange that the Director General of the DMO would be asking for the approval of the securitisation of the W&M debt, when as the law presently stands, Section 38(3) (b) of the CBN Act unequivocally prohibits it. The law must be amended by the National Assembly, if there is to be securitisation of W&M. Surely, a Presidential approval, or simple assent by the National Assembly cannot override the law. Conclusion Somebody asked me what sanctions public officers can face, when they engage in unlawful conduct or misconduct like that which has been outlined above. See the case of Stabilini Visinoni Ltd v Mallinson & Partners Ltd 2014 12 N.W.L.R. Part 1420 Page 134 at 186 per Amina Adamu Augie JCA (as she then was) where the Court of Appeal stated thus: “The word misconduct….is deﬁned in Black’s Law Dictionary 9th Ed, as ‘a dereliction of duty, unlawful or improper behaviour”. See also Egwu v Uniport 1995 8 N.W.L.R. Part 414 Page 419 at 443 per Muntaka-Coomassie JCA. If their conduct is criminal, they can face criminal prosecution. However, it could be that engaging in such acts of giving W&M advances contrary to Section 38 of the CBN Act, may only fall within the purview of the Fifth Schedule Part 1 Code of Conduct for Public Officers Paragraph 9 - abuse of powers, and such Officer who has breached this Code shall be reported to the Code of Conduct Bureau. A Public Officer who is subsequently brought before the Code of Conduct Tribunal for breaching the Code of Conduct may face several punishments, inter alia, like vacation of office, or seizure of property acquired in abuse or corruption of office.

IV LAW REPORT

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

Crucial Nature of Identification of Suspect in Securing Conviction Facts The Appellant and three others were charged before the High Court of Ekiti State, Ado-Ekiti Division, on a two-count charge of armed robbery contrary to Section 1(2)(a) of the Robbery and Firearms (Special Provisions) Act Cap. R.11, Laws of the Federation of Nigeria, 2004. All accused persons pleaded not guilty, to the counts. The case of the Respondent, as chiefly narrated by the victim, Honourable Justice Ayewole Agbelusi, a Judge of the High Court sitting at Ijero-Ekiti (PW1), was that on 15th September 2012, on or about 3am, the 1st accused person woke him from his sleep with a gun to his ear. According to PW1, he was able to see the 1st and 2nd accused persons, when the 1st accused person switched on his reading light. PW1 remarked that both the 1st and 2nd accused persons were in his room, and unmasked. Further, that while still at gun point, the 1st accused person demanded for his valuables. PW1, therefore, led the 1st accused person to where he kept N35,000.00, his handsets and other items. It was his evidence that while he was led out of the room by the 1st and 2nd accused persons, he met the Appellant, who was armed with a gun. PW1 testified that he and his household were locked up in a toilet, though his daughters were taken elsewhere. He mentioned that about forty-five minutes later, one of his children jumped out through the toilet window and freed his household, realising that the armed robbers had left PW1’s home on motorcycles. Subsequently, he immediately lodged a complaint at New Iyin Police Station, Ekiti State, after which he and his household went to the hospital for treatment. PW1 later returned to the Police Station, upon information that some suspects had been arrested. He testified that at the station, many suspects were lined up and he was able to identify the accused persons as the armed robbers because they were wearing the same clothes they wore during the robbery. There was no evidence that PW1 gave the Policemen a description of the alleged armed robbers, prior to the identification parade. PW1 added that another Identification Parade was carried out at the Police Headquarters sometime on 19th September, 2022. During the exercise, PW1 and his daughter were able to identify the accused persons as the armed robbers. Upon their arraignment, the accused persons set up a defence of alibi, where they claimed that they were all working on a building site close to where the robbery took place, at the point of their apprehension. They denied knowing the 4th accused person who happened to be PW1’s driver. One Tunde Onikoyi (DW5) who testified in favour of the accused persons, also claimed not to know the 4th accused. At the close of trial and adoption of written addresses, the trial court acquitted the 4th accused person. However, the other three accused persons were found guilty of armed robbery, but acquitted and discharged on count two. Thus, the accused persons were each convicted and sentenced to death by hanging. The Appellant, thus, appealed against the decision. At the Court of Appeal, the conviction and sentence of the Appellant was affirmed. Further, the Appellant lodged the instant appeal at the Supreme Court. Issues for Determination The Supreme Court adopted the issues formulated by the Appellant (which were similar to those posed by the Respondent) in its determination of the appeal, thus: 1. Whether the lower court was right in affirming the decision of the learned trial Judge that the prosecution led credible evidence of identification of the Appellant as one of the robbers that attacked PW1, and whether the defence of alibi avails the Appellant? (Grounds 2, 3 and 4) 2. Whether having regard to the circumstances and from the totality of the evidence on record, the lower court was right in upholding the decision of the trial court that (the) prosecution proved the offence of armed robbery against the Appellant beyond reasonable doubt? (Grounds 1, 5, 6, 7 and 8). Arguments Arguing the appeal, counsel for the Appellant

further argued that the defence of alibi would not avail the Appellant, particularly in the face of the alleged unshaken evidence of PW1, who placed the Appellant firmly at the scene of the crime. He urged the court to dismiss the appeal.

Honourable Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC

In the Supreme Court of Nigeria Holden at Abuja On Friday, the 2nd day of December, 2022 Before Their Lordships Kudirat Motonmori Olatokunbo Kekere-Ekun Uwani Musa Abba Aji Adamu Jauro Tijjani Abubakar Emmanuel Akomaye Agim Justices, Supreme Court SC.526/2017 Between Fagbile Ebenezer …

…

The State …

…

And

… …

Appellant …

Respondent

(Lead Judgement delivered by Honourable Kudirat Motonmori Olatokunbo Kekere-Ekun, JSC) contended that in establishing ingredients for proof of armed robbery, the court is enjoined to consider (a) the circumstances in which the eye witness saw the suspect; (b) the length of time during which the eye witness saw the suspect; (c) the opportunity of close observation; (d) previous contact between the witness and the suspect; and (e) the lighting conditions at the time of the robbery - OCHIBA v THE STATE (2012) All FWLR (Pt. 608) 849 at 871. Counsel submitted that the above burden was not discharged by the Respondent. He argued that the Respondent’s evidence shows that the 1st and 2nd accused persons were the ones in the room with the Appellant, and given the alleged trauma experienced by PW1 in the hands of the 1st and 2nd accused persons, he could not have been in the right frame of mind to recognise or identify the Appellant, as one of the armed robbers who attacked him. It was also the submission of counsel on behalf of the Appellant that the first identification parade was weak and unreliable, in light of the fact that PW1 could only claim to identify

“…… a proper identiﬁcation of a suspect as one of the perpetrators of a crime, especially where it involves a capital offence, is indeed crucial”

the Appellant after spending time at the office of the Police officers. He argued further that the Identification Parade was superfluous, as PW1 held himself out as being able to properly identify the accused persons having seen them before at New Iyin Police Station before identifying them at the Police Headquarters. Also, the Appellant, who testified as DW3, stated that PW1 did not identify him during the Identification Parade. Regarding the defence of alibi, counsel submitted that this was raised at the earliest opportunity in the Appellant’s extra-judicial statement, yet the Respondent’s PW3 and PW4 who obtained the extra-judicial statements of the Appellant did not conduct an investigation to determine whether the Appellant was at the construction site or otherwise, at the time of commission of offence. Thus, the Appellant contended that the burden of proof was not discharged, as the Respondent failed to satisfy the last ingredient on issue of proof of commission of armed robbery, that is, “that the accused persons were among the robbers”. Reference was made to CHIANCO v THE STATE (2002) 2 NWLR (Pt. 750) 225 at 236. In response to the submissions above, the Respondent submitted that the evidence led through its witnesses during trial, were neither shaken nor discredited. Counsel argued that DW5 contradicted himself where, under crossexamination, DW5 averred that he did not know where the Appellant slept after closing from construction site on or about 6pm. It was further argued on behalf of the Respondent that a single witness, if found to be credible, is sufficient to sustain a conviction. Counsel contended that the issue of the accused persons not covering their faces with masks was as a result of the belief they would not be recognised, being strangers in the area. It was

Court’s Judgement and Rationale In its determination of the appeal, the Apex Court noted that, in criminal matters, the evidence relied on to convict the accused person must be compelling, conclusive and consistent with a high degree of probability. By virtue of Section 36(5) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), a person accused of committing an offence is presumed innocent until his guilt is established. The Appellant conceded that the prosecution established the first two ingredients of the offence of armed robbery, but disputed that he was properly identified as one of the robbers. On the issue of identification, the Supreme Court held that a proper identiﬁcation of a suspect as one of the perpetrators of a crime, especially where it involves a capital offence, is indeed crucial - UKPABI v THE STATE (2004) 11 NWLR (Pt. 884) 439 at 449-450 H-C. To avoid a situation where an innocent man is sent to the gallows, the Apex Court has emphasised the need to follow the rules laid down in IKEMSON v THE STATE (1989) 3 NWLR (Pt. 110) 455 at 472, in situations where the accused person was not arrested at the scene of the crime or was not identified by someone who knew him before the crime was committed, but was arrested much later as a result of Police investigation. In this instance, the trial court relied on the fact that the accused persons were clearly identified by PW1, who was an eyewitness, at an identification parade conducted by the Police. The Apex Court noted that the very same facts before it, were once brought in a sister appeal re: OLUWATUYI EBENEZER v THE STATE (2020) 1 SC (Pt. III) 198 where the present Appellant was the 3rd accused. The lower courts had also convicted the Appellant therein, before the appeal to the Supreme Court. In overturning the concurrent findings of the lower courts, the Apex Court made some crucial findings to wit: That there were inconsistencies in the evidence of PW1, as regards the lighting in his room. That during his evidence-in-chief, he stated that it was the 1st accused who switched on his reading lamp, while under cross-examination, he stated that the night lamp was switched on before he went to bed, and yet, under cross-examination by the present Appellant’s counsel, he stated that he sleeps with the light off. Again, in his statement to the Police, Exhibit A, he stated that the robbers used his torchlight, which was very bright, and also put on his rechargeable lamp. Further, though PW1 testified that his daughter identified the Appellant and the two other accused persons, she was not called to testify, in spite of the weight her testimony would have brought to bear on the evidence in corroboration of PW1’s testimony, which might have also obviated the necessity for an identification parade. Relying on the reasoning in the sister appeal and comparing it with the present appeal, the court observed that PW1 testified he had seen the accused persons at the Police Station before the conduct of the identification parade. Other than the above identified inconsistencies in PW1’s testimony in the sister appeal, which was of similar fact and circumstance with the present appeal, the Apex Court held that the identification parade was poorly conducted. Their Lordships reasoned that there was no evidence led by the Respondent showing that the Appellant was lined up with other physically similar persons, before they were shown to the victim. The inadequacy of the identification evidence of PW1, coupled with material contradictions in his testimony, shows that one of the ingredients of the offence was not proved beyond reasonable doubt. The prosecution failed to prove with certainty, that the Appellant was one of those who committed the offence. Further to the above, the Supreme Court unanimously overturned the findings of the lower courts. The conviction and sentence of death for armed robbery was set aside; the Appellant was accordingly discharged and acquitted. Appeal Allowed. Representation Omoniyi Idowu Esq. for the Appellant. Julius Ajibare Esq. (Director Public Prosecutor, Ekiti State) for the Respondent. Reported by Optimum Publishers Limited, Publishers of the Nigerian Monthly Law Reports (NMLR)An Afﬁliate of Babalakin & Co.

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

NEWS

Miss Omolola Olajide

Chief Judge, FHC, Honourable Justice John T. Tsoho

FHC Chief Judge Requests Nomination of Nine Additional Judges Stories by Steve Aya The Chief Judge of the Federal High Court, Honourable Justice John T. Tsoho, has requested for the nominations of nine suitably qualified persons,

to be appointed as Judges of the Federal High Court. This comes sequel to an approval by the Chief Justice of Nigeria (CJN), for the appointment of nine additional Judges. Appointees from six States,

are to be considered in the current appointment process, namely Bayelsa, Ebonyi, Gombe, Kebbi, Ogun and Oyo. In a letter titled ‘Appointment of Further Nine (9) Judges for the Federal High

Court Bench’, addressed to the CJN, President and Justices of the Appeal Court, President of the National Industrial Court, Attorney-General of the Federation, President of the Nigerian Bar Association,

Court Nullifies Police Regulation Dismissing Unmarried Pregnant Police Women The National Industrial Court nullified Regulation 127 of the Nigeria Police Regulation made pursuant to the Police Establishment Act 2020, which provides for the sack of an unmarried woman Police Officer who gets pregnant. Miss Omolola Olajide of the Ekiti Police Command was dismissed on January 26, 2021 by Mr Mohammed Adamu, former InspectorGeneral of Police, for getting pregnant while being single. She decided to challenge her dismissal on the ground that the Police authorities discriminated against her, since her male counterparts are not dismissed in similar circumstances. In a landmark judgement delivered at the Akure Judicial Division of the National Industrial Court last week, the presiding Judge, Justice D. K. Damulak held that the Police Regulation which permits the dismissal of unmarried pregnant Policewomen is discriminatory, illegal, null and void, as it violates Section 42 of the Constitution and Article 2 of the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act which abolished discrimination on basis of gender. The Judge said that the Police Regulation cannot stand, as it is not applicable to

unmarried Policemen who impregnate women, and consequently, set it aside. The Judge stated thus: “the Court accordingly, finds and holds that the provision of Section 127 of the Police Act and Regulation 127 thereof, which applies to unmarried women Police Officers getting pregnant while in service, but does not apply to unmarried male Police Officers impregnating females while they are in service, are discriminatory against unmarried women Police Officers by Section 1(3) of the 1999 Constitution of the Federal Republic of Nigeria, as amended, if any law is inconsistent with the provision of this Constitution, this Constitution shall prevail, and that other law shall to the extent of its inconsistency, be void.” The Judge further held that: “For the avoidance of doubt, the case of the Claimant succeeds in part only in terms of prayer B which is, A Declaration that the provisions of Regulation 127 and Section 127 of the Police Act which is against women Police Officers getting pregnant before marriage, but does not apply to male Police Officers impregnating women before marriage is discriminatory, illegal and unconstitutional, as it violates the Claimant’s Fundamental Right under Section 42 of the 1999

Constitution (as amended) and Article 2 of the African Charter on Human and Peoples’ Rights, and the said provision is hereby declared null and void, and struck down.” Justice D. K. Damulak awarded aggravated damages of N5 million for the violation of Miss Olajide’s

fundamental right to freedom from discrimination. The case was handled by Mrs Funmi Falana. In her reaction to the judgement, Mrs Falana commended Justice Damulak for his contribution to the development of the nation’s human rights jurisprudence, on gender equality in the country.

Chief Judges of the 36 States and the FCT, and the heads of all the Customary and Sharia Courts of Appeal, the CJ of the Federal High Court noted that the nine judges are to be appointed from six States; Bayelsa, Ebonyi, Gombe, Kebbi, Ogun and Oyo. “This notice is consequent upon the approval of the Honourable Chief Justice of Nigeria and Chairman National Judicial Council for the appointment of further Nine (9) Judges, separate from the pending exercise for the appointment of fifteen (15) Judges earlier approved, I therefore write to inform Your Lordships, the Hon. Attorney-General and Minister of Justice, President of the Nigerian Bar Associa-

tion, that the exercise for the consideration of Candidates for possible appointment to the Bench of the Federal High Court with regard to some States will soon commence.” “The States in issue include Bayelsa, Ebonyi, Gombe, Kebbi, Ogun and Oyo.” “In line with the NJC Guidelines and Procedural Rules for Appointment of Judicial Officers of Superior Courts, I therefore, invite Your Lordships, the Hon. Attorney-General of the Federation and Minister of Justice and the President Nigerian Bar Association to kindly nominate suitably qualified persons from the aforementioned States for appointment to the Federal High Court Bench.”

How Our Pastor Defiled My Daughter A businesswoman (name withheld) told an Ikeja Sexual Offences and Domestic Violence Court how a Pastor, Chris Mcdouglas, allegedly defiled her 17-year-old daughter. Mcdouglas, a Pastor at Peculiar Generation Assembly Church, Lagos, is facing a nine-count-charge bordering on defilement and sexual assault by penetration, a charge he has pleaded not guilty too. The businesswoman who is the mother of the alleged victim, was led in evidence by the state Director of Public Prosecutions, Dr Babajide Martins. She testified that the Defendant had sexual intercourse with her daughter on different occasions from, 2017 to 2020 in the guise of taking her out for gospel ministration. The witness said that the Defendant had sex with the survivor at the back of his church, in different hotels, and even in her house. According to her, the Defendant cried when she confronted

him for defiling her daughter, and he blamed it on the devil. She said: “Pastor Mcdouglas would come to my house and ask my daughter to follow him for ministration, so as to use her talent as a chorister to bless others. “According to my daughter, he would take her to a hotel and have sex with her. “When I confronted him with some leaders in the church, he said he was deceived by the devil, and told me to forgive him.” The witness said that she recorded her conversations with the Defendant, as well as his alleged confession on her phone. “The Pastor, whom I trusted so much with my family and saw as my spiritual father, had sex with my daughter. “My daughter told me that Pastor Mcdouglas would sneak into the house while I was not around, cover the curtains, cover her mouth, and force himself on her.”

The witness further told the court that the alleged sexual encounter with the Defendant had plunged the survivor into depression, making her faint occasionally. She also told the court that each time her daughter fainted, the Defendant would come and pray for her and request that she should give an offering.“I used my salary most times, to sow seeds on the instruction of Pastor Mcdouglas.” “My daughter said that, sometimes, the Pastor would call her to his house to help and wash his children’s clothes, and end up raping her. “He threatened my daughter, that she would die if she told anyone about it”, the witness said. Six audio recordings of conversations between the witness and the Defendant which were contained in a flash drive, were admitted in evidence. While being cross-examined by defence counsel, Mr Sulei-

man Salami, the witness told the court that she had known the Defendant for more than 12 years, and that her husband had been outside Nigeria for 10 years. She said that the Defendant used to collect money from her family, but did not offer financial help to her family. According to her, she was a member of the church’s ushering department, administrative officer and a member of the building committee of the church until she left in 2020. She told the court that the survivor was her first daughter. The Investigative Police Officer, Inspector Akikuowo Omiere, who is also a prosecution witness, told the court that she received a report on April 15, 2020, to the effect that the Defendant had carnal knowledge of his 17-year-old church member. During cross-examination, the witness said that the survivor told her that she had not had sex before then.

#upjudicialsalaries “The current condition of service of Judicial Ofﬁcers in Nigeria, is pathetic. As at today, the salary of a Justice of the Supreme Court of Nigeria, is little above $1,000 (N705,000). This is the highest court of the land!!! The lower courts obviously receive less. This is grossly inadequate. I call for a quick and immediate improvement of salaries and conditions of service, of my Learned Brothers.” - Honourable Justice Abdu Aboki, JSC (Rtd)

VI COVER

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

Insecurity and the 2023 Elections

With just a few weeks to the 2023 general elections, the Independent National Electoral Commission (INEC) in a statement by its National Commissioner on Voter Education, Festus Okoye, expressed apprehension about the eﬀect the insecurity in the various parts of the country, including the attacks on INEC Facilities, may have on the Commission’s preparations for the forthcoming elections. Professor Abdullahi Abdu Zuru, Chairman of the Board of Electoral Institute (BEI), representing the Chairman of INEC at an election-security training program, also warned that the growing spate of insecurity in many parts of the country may lead to a cancellation or postponement of the 2023 general elections. Although, INEC’s Chairman, Professor Mahmood Yakubu has reiterated the Commission’s determination to go ahead with the elections as scheduled, speculations are rife that the Commission may have no option in the face of heightened insecurity. Femi Falana, SAN, Dr Kayode Ajulo, Jide Ojo and Dr Emeka Ejikonye examine the issues and implications, should INEC decide to postpone or cancel the elections. Hopefully, it will not come to that! Threats to Sabotage the 2023 General Elections Femi Falana, SAN Attacks on INEC Facilities In the last four years, the Independent National Electoral Commission (INEC) has recorded 50 attacks on its facilities across 15 States. According to reliable data, Imo State had the highest number of attacks on INEC facilities with 11 incidents followed by Osun, Akwa-Ibom, Enugu, Ebonyi, Cross River, Abia, Anambra, Taraba, Borno, Ogun, Lagos, Bayelsa, Ondo and Kaduna States. In spite of the fact that the facilities are said to be well guarded, the criminal elements involved in these nefarious activities generally operate without any challenge from security

forces. If this dangerous trend continues on a larger scale, INEC will not be in a position to conduct elections in the affected areas. It is therefore, curious to note that the few suspected arsonists have not been charged before any court . Illegal Purchase of PVCs INEC has raised the alarm that some politicians have been buying up Permanent Voter Cards, PVCs, and financially inducing unsuspecting voters to harvest their Voter Identification Numbers (VIN) ahead of the 2023 general elections. Apart from the two suspects who were recently convicted for illegal possession of PVCs in Sokoto and Kano State, the sponsors of the criminal enterprise have not been exposed by security forces. While condemning the illegal purchase

“The only truth is, there is no pressing and unmanageable situation in the country at the moment, that calls for election postponement. Unless INEC has failed, in its own preparations of over three years”

of PVCs, the Director, Publicity and Advocacy of Northern Elders Forum, Dr Hakeem Baba-Ahmed, disclosed that "thousands, or possibly even millions of Northern voters, particularly women, are being made to surrender their PVCs for a pittance, in most instances not more than N2000. In some instances, they are told their cards will be returned to them after they are processed for additional payments as poverty relief. No cards are returned. Our investigations suggest that this is an aggressive and blatant voter suppression attempt, to reduce the voting power of the North”. Electoral Offences Desks On June 8, 2022 the Inspector-General of Police, Usman Alkali Baba, had approved the establishment of electoral offences desks at the Force Criminal Investigations Department, FCID, Force Headquarters, Abuja, with the Commissioner of Police, FCID, as the desk officer. The IGP also approved establishment of the desks at State Commands across the country, with Assistant Commissioners of Police in charge of the Criminal Investigation Departments as State desk officers. A statement by the Force Public Relations Officer, CSP Muyiwa Adejobi, said: “The mandate of the Electoral Offences Desk Officers includes the collation and investigation of all electoral offences/ complaints from members of the public

or any quarters, with a view to determining culpability in line with the amended Electoral Act 2022, and proffering charges before courts of competent jurisdiction for necessary legal action". On November 18, 2022, the InspectorGeneral of Police (IGP), Mr Usman Alkali Baba, alleged that some Governors were using armed thugs and State security outfits to disrupt campaigns and other political activities. Mr Baba accused such Governors show “traits of political intolerance” which create political tension in the country. On December 4, 2022 the Director General of the State Security Service, Mr Yusuf Magaji Bichi warned political leaders to do away with usage of thugs when carrying out their activities, and urged the youth not to make themselves willing tools for politicians. Accusations Against Governors & Thugs On December 11, 2022 the National Security Adviser, NSA, Major General Babagana Monguno (Rtd) warned State Governors using thugs to prevent opposition parties from mounting campaign materials in their domains, that security agencies would soon descend on them. Monguno said he was aware that in the last month, at least 52 cases of electoral violence across 22 States including politically motivated assassination of candidates, had been reported. The heads of the nation's security agencies have been warning Governors and other top officials of the political parties, to desist from disrupting

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Insecurity and the 2023 Elections the democratic process. At the same time, they have been threatening to deal with armed thugs. Instead of issuing empty threats, the security forces should proceed to arrest and prosecute the suspected electoral offenders. Contrary to the general belief among security forces, executive immunity does not cover electoral offences. In Turaki v Dalhatu 2003) 38 WRN 54 at 188, the Court of Appeal held that "If a Governor were to be considered immune from court proceedings, that would create the position where a sitting Governor would be able to ﬂout election laws and regulations to the detriment of other persons contesting with him. This would make a nonsense of the election process and be against the spirit of our national Constitution, which in its tenor, provides for a free and fair election”. Recently, the Central Bank of Nigeria (CBN) announced its plan to limit weekly cash withdrawals over the counter to N100,000 for individuals and N500,000 for organisations regardless of their size, while withdrawal at POS terminals has also been limited to N20,000 per day. Since the policy was announced, politicians have engaged in mopping up dollars to induce voters during the forthcoming elections. But, the CBN has deliberately refused to ban the reckless inducement voters with dollars. During the last governorship elections in Ekiti and Osun State, it was widely reported that scores of vote buyers were arrested by operatives of the EFCC and ICPC. The suspects have not been charged before any court. Similarly, the hundreds of armed thugs arrested during the last primary elections of some of the registered political parties, have been let off the hook. A few weeks ago, suspected political thugs attacked the home of Senator Lee Maeba, the Chairman of the Peoples Democratic Party (PDP) Presidential Campaign Council, in Port Harcourt, Rivers State. Without conducting any investigation whatsoever, the Rivers State Commissioner of Police, Mr Okon Effiong, said that the attack by the suspected thugs was stage-managed. Electoral Offences Commission Bill However, in view of the reluctance of the ruling parties to allow the Police to arrest and prosecute armed thugs and other criminal elements who disrupt elections, the Uwais Electoral Reform Panel had recommended the establishment of the Electoral Offences Commission. In July 2021, the Senate eventually passed the Electoral Offences Commission Bill. But, the House of Representatives has deliberately refused to pass the Bill. Therefore, Nigerians should mount pressure on the members of the House of Representatives to pass the Bill, and forward same to President Buhari for his assent. It is common knowledge that, a group of anti-democratic forces are hell bent on manipulating the courts to sabotage the conduct of the general elections. The legal moves to obtain an injunction to stop the deployment of BVAS for the elections and remove the INEC Chairman, Professor Mahmood Yakubu, have been rejected by the Federal High Court. More of such cases may be filed on the eve of the elections. The Judiciary ought to frustrate the desperate attempts, to use the courts to scuttle the democratic process. The state of insecurity in Nigeria, has also constituted a serious threat to the conduct of credible elections. It has been confirmed that elections cannot take place in the over 40 local government areas in different parts of the country which are firmly in the control of various armed gangs, including bandits, terrorists, known and unknown gunmen. The territories seized by the criminal gangs are in Borno, Kaduna Katsina, Niger, Sokoto, Zamfara, Abia and Imo States. As the security of electoral officials and election materials

Femi Falana, SAN

cannot be guaranteed in the seized territories, the authorities of the armed forces should ensure that an enabling environment exists for the conduct of elections in all the States of the Federation. Conclusion The threat to postpone the general elections should not be discountenanced, as Section 105(2) of the Constitution permits the National Assembly to extend the 4-year tenure of the Government "if it is not practical to hold elections”. Unless the security forces are prepared to deal with the anti-democratic forces that are currently disrupting the democratic process, the 2023 General elections may be sabotaged to the detriment of democracy and political stability in the country. Femi Falana SAN, The Chair, Alliance on Surviving Covid-19 and Beyond (ASCAB)

If INEC Postpones 2023 Elections…… Dr Kayode Ajulo

While I understand that the above statement has been credited to the Independent National Electoral Commission (INEC), I do not share the view that INEC would have made such statement at this crucial and eleventh hour. My view is grounded against the backdrop that INEC, as the sole organ responsible for the preparation and conduct of elections in Nigeria, is well abreast with the relevant position of the law, and same would be lax to make such comments or publication. Nevertheless, for the purpose of this discourse and exposing the position of the law and for the enlightenment of the unlearned, I find it pertinent to state my views. Elections are the cornerstone of any democratic governance and political stability. Through elections, governments obtain the democratic mandate. They are a procedure typical for democratic systems, and Nigeria is a democratic country. Smooth and uninterrupted conduct of elections as and when due, strengthens democracy, as every election is a sort of advancement of democracy. Also, elections are pivotal to the quality

“It is imperative to state that the Judiciary under the leadership of my Lord Justice, the Chief Justice of Nigeria (CJN), Hon. Justice Olukayode Ariwoola, is more than ready. What I have witnessed, is unprecedented in the history of preparation of the Judiciary for election conduct”

of a country's governance and can either greatly advance or set back a country's progress, depending on its quality and credibility. The Role of INEC in Elections In recognition of the significance of elections, our grundnorm, the Constitution of the Federal Republic of Nigeria 1999 (as amended) (“Constitution”) provides in Section 132 (1) thus: “An election to the office of President shall be held on a date to be appointed by the Independent National Electoral Commission in accordance with the Electoral Act.” Additionally, Section 178 provides that: “An election to the office of Governor of a State shall be held on a date to be appointed by the Independent National Electoral Commission in accordance with the Electoral Act.” These above constitutional provisions have therefore recognised elections, and also recognised Independent National Electoral Commission (INEC) as the institution saddled with conducting elections in Nigeria. Section 153(1)(f) provides for the creation of INEC. While Section 153(2) and paragraph 15(a) of Part 1 of the third schedule to the Constitution empowers INEC to conduct elections. The paragraph provides thus: “The commission shall have power to organise, undertake and supervise all elections to the offices of the President and Vice President, the Governor and Deputy Governor of a State, and to membership of the Senate, the House of Representatives and the House of Assembly of each State of the Federation”. INEC & Postponement of Elections The above are the fundamental pillars guiding the conduct of elections in Nigeria by the umpire saddled with that responsibility, which is INEC. It is also imperative to note that, INEC is empowered to postpone an election even after a date has been scheduled for the conduct of the election in prevailing circumstances. The relevant law is the Electoral Act. Section 24 of the Act provides as follows: 24.—(1) In the event of an emergency affecting an election, the Commission shall, as far as practicable, ensure that persons displaced as a result of the emergency are not disenfranchised. (2) Where a date has been appointed for the holding of an election, and there is reason to believe that a serious breach of the peace is likely to occur if the election is proceeded with on that date or it is impossible to conduct the elections as a result of natural disasters or other emergencies, the Commission may postpone the election and shall in respect of the area, or areas concerned, appoint another date for the holding of the postponed election, provided that such reason for the postponement is cogent

and veriﬁable. Suffices to state that the above provisions are in pari materia with repealed Electoral Acts, and as such, same has been given judicial interpretation by the courts such as Dibiagwu v INEC(2012) LPELR-9831(CA), Nwoko v Osakwe & Ors (2009) LPELR4652(CA), Buhari v INEC (2009) NWLR (pt 1130) pg. 116. The Supreme Court in Sylva v INEC (2018) 18 NWLR Pt 1651 Pg. 310 at Pg. 348 endorsed the powers of INEC to postpone elections, to act urgently in aid to meet any emergency which occurs unexpectedly and could cause danger to innocent lives on the polling day. The underlining factor however, is that INEC must ensure that persons displaced as a result of the emergency are not disenfranchised. As a corollary to the above, it is important to state that the Commission has the responsibility to advise the country on when it is suitable to conduct an election, mostly when there are unavoidable and critical circumstances that cannot be managed. The only truth is, there is no pressing and unmanageable situation in the country at the moment, that calls for election postponement. Unless INEC has failed, in its own preparations of over three years. Since the advent of the Fourth Republic and Nigeria's return to democracy, the country has had to deal with some surmountable security situations in one region of the country or the other, especially in the areas mentioned by INEC as excuse to propose a postponement, and I cannot remember a point when that has affected a major election owing to effective preparation in the area of security and other exigencies. It is therefore, utterly disquieting and disturbing, to receive such allegation from INEC that suggests that 2023 election may be postponed due to insecurity in certain parts of the country, like the South East and North East. The simple reason being that, in the past, we have had two different elections that were conducted in the midst of heightened insurgency and insecurity, and one can only wonder what magic or tactics were employed to pull those elections off? Are those tactics unworkable at this time, when there is a mellow in insecurity problems? Why does 2023 elections seem to be the exception? And, whether there is more to this situation that INEC is not telling us. It is no news that the whole nation seems to be holding its breath in anticipation of the upcoming elections and the anxiety of Nigerians regarding the elections is almost palpable. Why then should INEC believe that postponing the elections is in any way a good idea, considering the ‘special circumstances’ surrounding this particular elections? Now, it is also necessary that we cast our minds back to the 2015 elections, during Dr Goodluck Jonathan’s tenure as President. In the months leading up to the elections, the news circulated in the media was that a whole State had been overrun and claimed by insurgents, and that several Local Governments were under their control. At the time, the narrative being mongered was that the elections were cont'd on page VIII

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COVER Insecurity and the 2023 Elections cont'd from page VII

the solution to Nigeria’s insurgency problem, as General Muhammadu Buhari was the messiah that would come and save Nigeria from itself. Now, the essence of revisiting this is that, if at that time where, according to media reports, insurgency was at an all-time high, the elections were still successfully conducted, what begs for question now is, why does it now seem like conducting the 2023 elections in February as prescribed is an impossibility, even as Government has constantly reassured us that everything is under control and security in our nation is intact? The Law As a legal practitioner, I always opt to view things through the lens of the law; therefore, we must first of all consider the legality of conducting elections. It is no news that the Constitution is supreme and its provisions sacrosanct, and in order to successfully marshal the point, we must first look to the provisions of this Constitution. Section 40 of the Nigerian Constitution provides for the right of persons to form a political party or association. It states that: “Every person shall be entitled to assemble freely and associate with other persons, and in particular he may form or belong to any political party, trade union, or any other association for the protection of his interest, provided concerning that the provisions of this Section shall not derogate from the powers conferred by the Constitution on the Independent National Electoral Commission the Political Parties to which that Commission does not accord recognition”. Section 78 of the Constitution provides that the registration of voters and the conduct of elections, shall be subject to the direction and supervision of INEC. It can be deduced from the aforementioned sections, that the Constitution as the apex law of the land recognises the right of Nigerian citizens to form and belong to the political parties of their choice, it recognises the existence of INEC, as well as its responsibility for the registration of voters and the conduct of elections. We can therefore, infer that the Constitution recognises the legality of the conduct of elections, which is one of the essential and inviolable features of democracy. In addition to the Constitution, the Electoral Act of 2022 (Electoral Act) also recognises and makes provisions for the legitimacy of the conduct of elections in Nigeria. Section 1 of the Act provides for the establishment of INEC, while Section 9 makes provision for the creation of the National Register of Voters and voters’ registration, it provides: “The Commission shall compile, maintain, and update, on a continuous basis, a National Register of Voters (in this Act referred to as “the Register of Voters”) which shall include the names of all persons— (a) entitled to vote in any Federal, State, Local Government or Federal Capital Territory Area Council election; and (b) with disability status disaggregated by type of disability”. Section 6 of the Electoral Act, 2022 provides: “There is established in each State of the Federation, Federal Capital Territory and Local Government Area, an ofﬁce of the Commission which shall perform such functions as may be assigned to it by the Commission”. The preceding sections of the Constitution and the Electoral Act, make it abundantly clear that elections in Nigeria are legal, indispensable to a democratic State, and are fundamental in upholding the pillars

Dr Kayode Ajulo

of democracy in Nigeria. At this juncture, there’s the need to interrogate the functions and duties of INEC vis-à-vis her commentary on the state of the nation’s security, which with all intent and purposes, has patently created palpable panic and confusion by hinting that elections might not hold in Nigeria, though the INEC Chairman, has since debunked this, claims that the elections will hold and not be postponed, no matter what. INEC's statutory function is to organise and monitor elections. Any fear the institution might have should be relayed to the executive arm of Government, and allow the executive to decide accordingly. Preparing for elections is not a day's job. As an international observer to the United Kingdom (UK) in the 2015 general elections, I noted that it took them 16 years to prepare for the election. INEC should learn lessons from that. I salute the National Assembly for their role in the build up to this election. Dr Ahmad Lawan and Hon. Femi Gbajabiamila’s led Legislative Houses, the Senate and the House of Representatives have done tremendously well in discharging their duties. They have passed the Electoral Act, 2022 to institutionalise credible elections in Nigeria. The Judiciary, has also been exceptionally and actively alive to its responsibilities. Most cases emanating from political parties primaries have been effectively dispatched. Even as of this time, 8.17pm of penning my thoughts on this matter, we are still in Markudi, Benue State, to ensure that all election petition issues are resolved to give way to a free, fair and credible elections come February and March. Intensive training of Lawyers and various law firms for election conduct and management purposes, is ongoing. Every hand is on deck as far as the Judiciary is concerned, and it is ready to deliver speedy and quality services to ensure the success is the 2023 elections. There is harmonious coordination of the Judiciary across States, with respect to the forthcoming 2023 elections. It is imperative to state that the Judiciary under the leadership of my

“…..INEC alone cannot ensure peaceful and credible elections. It needs the support of security agencies, candidates and their political parties, as well as media and civil society. Desperate politicians who are hell-bent on railroading the forthcoming general election must be proactively ﬁshed out by the security agents, and prosecuted”

Lord Justice, the Chief Justice of Nigeria (CJN), Hon. Justice Olukayode Ariwoola, is more than ready. What I have witnessed, is unprecedented in the history of preparation of the Judiciary for election conduct. The CJN and brother Justices have once again displayed and set a record of unmatchable and exemplary leadership in this regard, and the only worthy reward at the moment for his exceptional hard work is to conduct the 2023 election as stipulated. The buck then lies with the President as the head of the Executive, to ensure that Nigerians are safe and can exercise their franchise in the 2023 general elections. The primary purpose of government is the security and welfare of the people. See Section 14 (2)(b) of the Constitution. This implies that citizens must be able to carry out their civic duties, in an atmosphere of peace and safety. It is therefore, expected that elections which are backed by the law, must take its course, and it is the duty and responsibility of the State to deploy every apparatus to ensure a harmonious platform for every citizen to exercise their Constitutional guaranteed freedom of choice in any given election. It must be pointed out that, may the day never come in Nigeria when nonState-actors would intimidate the State apparatus and institutions, to the point where the government will not be able to protect its citizens to perform their civic responsibility. Conclusion In conclusion, it is important to state that, for elections to be conducted, there must be an existing government armed with a responsibility to ensure that not only that the elections are conducted freely and credibly in a safe ambiance, but also that the law takes its due course. This fact is important, as it is a reflection of the Latin phrase Fiat justitia ruat cælum which means ‘let justice be done, though the heaven falls’. We must therefore, understand that it is not impossible that the heavens may fall and injustice may reign, but, rather, there is the existence of certain figurative pillars holding up the heavens and ensuring that justice runs its due course. These pillars are represented by the various governmental institutions we have in Nigeria, which are responsible for ensuring a free and fair election, that at the end of the day, justice prevails above all else. Examples of these institutions are the Independent National Electoral Commission, INEC, the Judiciary, the Armed Forces, Police Force and the Legislature. As it is, there is palpable panic and confusion in the land. It is even affecting businesses. For instance, I am representing a client in an international transaction that has had to be put on hold because of the anxiety surrounding the 2023 elections. I therefore, call on the President and the Commander-in-Chief of the Armed Forces, H.E Muhammadu Buhari, to address Nigerians as the Chief Executive Officer of the country, on whose table the buck stops. The President should address

the situation in the spirit of preserving our precious democracy, and allay our fears. Dr Ajulo, Principal Partner, Castle Law Chambers, Abuja

Likely Impact of insecurity on Nigeria’s 2023 General Elections Jide Ojo Background Last week, the Independent National Electoral Commission (INEC) warned that the 2023 general election, which is just over a month away, faces serious threat of postponement or cancellation if the waves of insecurity in parts of the country fail to improve. INEC Chairman, Professor Mahmood Yakubu, who was represented by the Chairman, Board of Electoral Institute, Professor Abdullahi Zuru, disclosed this last week Monday, January 9, 2023 in Abuja at the Validation of Election Security Training Resources. Since that disclosure was made, the Federal Government through the Minister of Information and Culture, Alhaji Lai Mohammed, and even INEC Chairman has assured Nigerians that the election will hold as scheduled. However, at a press conference on Friday, January 13, 2023, the PDP National Publicity Secretary, Debo Ologunagba, said APC was trying to blackmail critical election stakeholders to accede to its design to postpone the 2023 general elections, particularly the presidential election. However, in a swift reaction on same day, Bayo Onanuga, the Director, Media and Publicity for the APC Presidential Campaign Council, said the PDP is confused and afraid of its own shadow, and should not be taken serious by Nigerians. Any Precedent on Postponement of Elections in Nigeria? Even though Professor Zuru’s comment generated a lot of jitters in the minds of Nigerians, postponing elections as a result of violence is not new. In fact, several general and off-cycle State Governorship elections have been postponed in the past, as a result of palpable threat of violence. 2015 General Election, for instance, was postponed for six weeks, due to the threat posed by insurgency in North East Nigeria. Election in Ihiala Local Government Area of Anambra State was suspended on November 6, 2021 during the last Governorship election in that State due to threat of violence. INEC Chairman informed civil society organisations present at the October stakeholders meeting, that the Commission could not conduct bye-elections into about 30 constituencies as at then, partly due to threat of violence. What does the Law Say About Postponement of Elections? Electoral Act 2022 in Section 24(2) says “Where a date has been appointed for the holding of an election, and there is reason to believe that a serious breach of the peace is likely to occur if the election is proceeded with cont'd on page IX

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Insecurity and the 2023 Elections cont'd from page VIII

on that date or it is impossible to conduct the elections as a result of natural disasters or other emergencies, the Commission may postpone the election, and shall, in respect of the area, or areas concerned, appoint another date for the holding of the postponed election, provided that such reason for the postponement is cogent and verifiable”. Subsection (3) further says that “Where an election has commenced and there is reason to believe that there is or has been substantial disruption of election in a polling unit or constituency or it is impossible to continue with the election occasioned by threat to peace and security of electoral officials and materials, the Commission shall suspend the election and appoint another date for the continuation of the election or the process.” Section 24(4) says “Where the Commission appoints a substituted date in accordance with subsections (2) and (3), there shall be no return for the election until polling has taken place in the area or areas affected.” Finally, Section 24(5) says, “Notwithstanding subsection (3), the Commission may, if satisfied that the result of the election will not be affected by voting in the area or areas in respect of which substituted dates have been appointed, direct that a return of the election be made”. Why Politicians Use Violence to Undermine Elections The truth is that Nigerian politicians from time immemorial, have been using Machiavellian principles to aid their victory. They believe as Nicolo Machiavelli espoused in his classic book “The Prince”, that “the end justifies the means”. That’s why desperate politicians use violence and vote buying to undermine the electoral process, and to boost their chances of success at the poll. We are all living witnesses to the serial attacks on INEC offices, in the lead up to the 2023 polls. At the last count, over 50 INEC offices have been razed in the last three years, with colossal loss to the Commission. Not only that, campaigns which started on September 28, 2022 have recorded over 52 incidences of violence according to the Inspector General of Police, Usman Alkali Baba, who said in November 2022 that, sitting Governors are among those sponsoring political violence in the lead up to the 2023 General Election. Likely Impact of Violence on 2023 polls There are several implications and likely impacts, that violence may have on next month’s general election. First, is the likelihood of INEC postponing the elections nationwide, or in parts of the country. As earlier said, this has been a constant feature of Nigeria’s elections. Secondly, it may lead to a situation where already trained poll workers may back out of being deployed at the last minute, when it may be difficult to replace them. Although I know for a fact that, INEC often recruits additional 5% to 10% redundant poll workers to tackle this kind of development. However, in the event of mass boycott, INEC’s extra personnel may not be able to fill in the gap. As a counter- measure and in order to incentivise these election personnel, INEC usually takes group insurance for its permanent and ad-hoc poll workers. Furthermore, violence may make some of the earlier shortlisted Road Transport Union workers who are to help in conveying election personnel and materials to Polling Units, to withdraw their services. It has happened before, that National Union of Road Transport Workers and Boat Owners Associations withdrew their services on the eve of or on the day of election, due to fear of losing their vehicles or boats to violence. I don’t know if INEC will be able to provide adequate insurance

Jide Ojo

cover for these election project vehicles and their drivers, in order to mitigate their loss in the event of attack. More worrisome is the likelihood of violence leading to unprecedented voter apathy, during the forthcoming polls. For avoidance of doubt, the forthcoming seventh general election in this Fourth Republic is the most expensive election to be conducted in Nigeria, at over N478.6 billion. Recall that INEC got N305 billion in the 2022 Federal Government budget and additional N173.6 billion in the 2023 FG budget for the conduct of the poll. This gargantuan sum is exclusive of millions of Dollars, Pounds and Euros brought by international donor partners such as United Nations Development Programme, European Union, United States Agency for International Development, United Kingdom Agency for International Development and several other embassies, to support Nigeria’s democratic project. It will be very disheartening, if at the end of the day, there will not be substantial improvement in the voter turn out over and above the 35% recorded in the 2019 General Elections, due to fear of violence. Another palpable fear over 2023 General Elections is the fear of cyberattack on the INEC’s portals, servers and databases. It has been reported that some desperate politicians have gone to Dubai and China to recruit hackers. The PUNCH of December 15, 2022 reported that INEC has planned to spend N117 billion on electoral technology in line with its decision to deploy the Bimodal Voter Accreditation System (BVAS) and the Result Viewing Portal in the 2023 elections. This came as the Commission is also investing in top-notch cyber security systems to ward off attacks by hackers against its servers, website and database. With this huge sums of money being invested in cybersecurity by INEC, it is hoped that there will be value for money at the end of the polls, because any successful cyber-attack on INEC’s devices will becloud the integrity of the election results and credibility of the overall polls. Conclusion I have repeatedly said that, INEC alone cannot ensure peaceful and credible

“The consequences of cancelling the 2023 general elections before the due dates, is better imagined than allowed to happen…. Will such a scenario not plunge the country into a constitutional crisis, that will result in a suspension of our grundnorm?’Postponement’ I can digest, but certainly not ‘cancellation’. God! Please forbid it.”

Dr Emeka Ejikonye

elections. It needs the support of security agencies, candidates and their political parties, as well as media and civil society. Desperate politicians who are hell-bent on railroading the forthcoming general election must be proactively fished out by the security agents, and prosecuted. The Electorate must also resist any attempt to use them to foment trouble. They should come out en masse, and be orderly at their Polling Units. Jide Ojo, Development Consultant, Author and Public Affairs Analyst

Cancellation of the 2023 General Elections is a Bizarre Scenario to Contemplate Dr Emeka Ejikonye News of Cancellation or Postponement of the Elections & the Denial On Monday, January 9, 2023, Professor Abdullahi Abdu Zuru, Chairman of the Board of Electoral Institute (BEI), representing the Chairman of the Independent National Electoral Commission (INEC) at an electionsecurity training program, warned that the growing spate of insecurity in many parts of the country may lead to a cancellation or postponement of the 2023 general elections. For clarity, INEC has scheduled the Presidential and National Assembly polls for February 25, while that of Governorship and State Assembly will hold on the 11th of March. The news immediately jolted the country into a frenzy, with the media space going agog. This is despite the fact that the same Professor Zuru had, in the same Address, reported that the National Security Adviser (NSA) had assured the nation that a conducive environment would be provided for the elections. The following day, being Tuesday, January 10, the Federal Government through the Minister of Information and Culture, Lai Mohammed, had promptly responded to the news by assuring Nigerians that the general elections will hold as planned. Further, the INEC Chairman himself, Professor Mahmood Yakubu, had, on the very next day, Wednesday, January 11, refuted and denied the statement credited to Professor Zuru. At a meeting he had with Chairmen of political parties, Professor Yakubu had emphatically and categorically stated that any allusion to either the postponement or cancellation of the 2023 general elections, was not the official position of INEC. Ordinarily, one would have thought that these top-level assurances from the Government and INEC should assuage the apprehensions of Nigerians. Alas! This seems not to be the case, because the matter has continued to occupy a major media space in our public discourse. Do I blame my people? “A man stung by a bee scampers at the slightest buzz of a housefly.” The reckless and utter lawless manner through which the former Chief Justice of Nigeria, Walter Onnoghen, was hounded out of office, is still fresh in our memories. And, we are presently

witnessing the ongoing attempts to get rid of both the CBN Governor, Godwin Emefiele, and the Chairman of INEC himself, out of their offices. These are just three instances out of many of such acts of sheer impunity in our contemporary history. Precedent for Cancellation But come to think of it, does INEC have the power to ‘cancel' an election; not during or after but before the scheduled date? Under what circumstance can we consider such a scenario? I recall that INEC ‘postponed' / ‘delayed’ the 2015 general elections for six weeks due to a lack of troops to protect voters in the Northeast as a result of the Boko Haram insurgency, and this was done in strict adherence to the provisions of the subsisting electoral law. Indeed, the Commission cancelled the polls in some parts of that zone as a result of the intractable security situation, and the justification adduced back then was that the areas affected by the cancellation were not enough to have affected the overall outcome of the polls. I also know that the Commission has cancelled the results of many concluded elections in several parts of the country, due to one confirmed case of infraction or the other. Alas! Today, there are major threats of insecurity, not only in the Northeast but also Northwest, Northcentral and Southeast. The nagging questions begging for answers, therefore, are, how intractable are the security threats in these zones? To what extent would the cancellation of elections in these areas affect the overall legitimacy and integrity of the overall outcome? What would be the effect of such cancellation on the May 29 handover date? The scenario is very scary, to say the least. Na wa! The consequences of cancelling the 2023 general elections before the due dates, is better imagined than allowed to happen. I pause to shudder. Will such a scenario not plunge the country into a constitutional crisis, that will result in a suspension of our grundnorm? I stand to be corrected, but ‘cancellation’ implies ‘termination’ or ‘truncation’ of our current democratic process, which can only happen through either a coup d’état or some other action by elements of authoritarianism or dictatorship. I do not see any right-thinking Nigerian welcoming or supporting such a drawback at this stage of our social evolution. Conclusion The timetable for the 2023 general election, is the longest in the history of elections in Nigeria. I want to believe that INEC has made adequate provisions, and put in place proper safeguards to prevent a cancellation of the polls. Therefore, all hands must be on deck and everything possible must be done by the security agencies to avoid such an ugly and debilitating scenario. However, officials of the electoral umpire must be strongly advised to be very careful, with the way and manner they drop words into our public space. We must avoid creating apprehensions that will heat up the polity, in this very precarious time that we find ourselves. ‘Postponement’ I can digest, but certainly not ‘cancellation’. God! Please forbid it. Dr Emeka Ejikonye

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

Introduction

ne of the unintended consequences of the zero-sum nature of Nigeria's politics and the historical electoral heist that has characterised electioneering in Nigeria, is the foray of the Judiciary into the murky waters of politics. But, perhaps, it is meet to point out here that this phenomenon is not peculiar to Nigeria. Election Litigation in Different Countries As democracy and society continues to evolve, the Judiciary has had increasing intervention in the political arena. There is perhaps, no better illustration of this, than the manner in which the last general election in the United States of America was litigated owing to the notion held by former President, Donald Trump, that the election that sacked him from power was stolen by the Democrats. Recent elections in Kenya, Ghana and elsewhere, have also been staunchly litigated by the losing parties. The only difference however, relative to the Nigerian situation, is in the rather expeditious and complimentary manner these cases have been conducted, resulting in the consolidation and strengthening of the democracies of the respective States. The situation back home however, does not leave a similar taste in the mouth. The general impression of many Nigerians, is that the Judiciary has failed on several occasions, to deploy its very enormous powers in a manner the serves to consolidate Nigeria's democracy. A ruling of the Supreme Court of Nigeria, three years ago, which returned a candidate that came fourth at the ballot as the duly elected Governor of a State in the South East against all rules of arithmetic and disregard of the electoral formula, has often been referenced as a key exhibit in in this regard.

What does the 2023 Election Mean for the Judiciary? Incidentally, the Nigerian political clock has had its full orbit, and we are again on the cusp of another general election. The question is, what does this mean for the Judiciary? In the interval between the last general election and the imminent 2023 polls, the Electoral Act - a major legislation at the heart of Nigeria's electoral jurisprudence has been amended with some radical innovations, some of which have not received juridical introspection. Whereas, it was thought that the amendment to the Act would reduce the incidence of political cases, given the level of transparency and accountability-structures introduced in the pre and post electoral processes; the experience from the concluded primary elections across the 18 political parties registered by the electoral body - INEC suggests otherwise. While the electoral framework has been commendably amended, our political actors remain stuck in their bad behaviour of compromising laid down rules and guidelines. For this reason, an already over-worked Judiciary has had to be called into the fray, at the cost of other matters bordering on the economic livelihoods of individuals and businesses whose cases would have to wait until these political cases are determined to finality. Last September, the Chief Judge of the Federal High Court - the sole court with exclusive jurisdiction over pre-election matters as per the 2022 amendment to the Electoral Act, had to set up a special Panel of Judges to attend to cases emanating from the primary elections of political parties. These cases have kept a good many officers of that Court thoroughly engaged, and considering that almost all of these cases find their way to the Apex Court, our appellate Judges have not been spared the onslaught. But, that is not all. As Nigerians prepare to go to the polls, the Judiciary is also gearing up to attend to the cases that would most likely emanate from the elections. As has become our misfortune in Nigeria, preparing for election also means

Chief Justice of Higeria, Hon. Justice Olukayode Ariwoola GCON

The Judiciary and 2023 General Elections This article by Raymond Nkannebe discusses the issue of post-election litigation in the Nigerian electoral process, which has become just as important as our elections themselves, pointing out the fact that even though election litigation is not exclusive to Nigeria, in other countries while it seems to consolidate and strengthen their democracies, it has not particularly improved our own democracy preparing for election petitions. Thus, one of the first official acts of the newly sworn Chief Justice of Nigeria - the Hon. Mr. Justice Olukayode Ariwoola GCON, was the constitution and swearing-in of over 300 Judges that would be serving on different panels of election petition tribunals to adjudicate over disputes expected to arise from the February and March 2023 elections. Admonitions In his remarks at the engagement, the CJN seized the opportunity to admonish the judicial officers, on the need to undertake the assignment with great sense of responsibility and fidelity to their judicial oath of neutrality and fairness. "I will not condone any act of recklessness, abuse of power and public trust", he warned. Perhaps, in recognition of the critical role Court Registrars and Secretariats of Election Petition Tribunals play in the justice-delivery value chain, the workshop organised recently by the President of the Court of Appeal (PCA), Hon. Justice Monica Dongban-Mensem for Court Registrars who will be serving at the various election petition tribunals, is very instructive. During the event, the Head of the nation's penultimate court, warned the Registrars not to see the task as an "opportunity to make money to enrich yourselves", as "the court will not hesitate to deal with anyone found wanting in this regard”.

“…..it must approach the cases that would come before it from a legal cum moral prism that shuts every door of technicalities, in order to render judgements that are not only sound in law, but also in tune with the popular sentiment of the electorates”

The separate admonitions of the CJN and PCA respectively, to the judicial and non-judicial staff of the election petition tribunals, is not totally without context. Indeed, they were being made against the backdrop of an ugly history, which has altogether served to undermine the perception of the Nigerian Judiciary. Election petition tribunals are seen as a cash cow of sorts; an opportunity for quick money by all the major players involved in it: the Lawyers, the Judges and the Court Registrars. As one who has had the privilege of being actively involved in some of the most contentious electoral contests in our recent history, I should know. This periodic bazaar of sorts has also left in its wake a long list of victims, especially amongst Lawyers and Judges who have been caught pants down, perverting the course of justice. On one occasion, a Judge of an election petition tribunal was alleged to have been engaged in intimate telephone exchanges over the case he was handling with a Senior Advocate of Nigeria (SAN), representing one of the parties in whose favour the tribunal eventually decided. These allegations eventually ended up before the National Judicial Council (NJC), in a petition against the Judge. At the end of investigations, the NJC found that he had violated his judicial oath in his dalliance with the SAN, and terminated his judicial career. Separately, the Legal Practitioners Disciplinary Committee (LPDC) took up a complaint against the SAN for violation of the Rules of Professional Conduct (RPC) in the legal profession. On 21 May, 2015, the LPDC found him guilty of multiple violations of the RPC and disbarred him. He would later regain his Silk after an appeal at the Supreme Court, which quashed the findings of the LPDC on a rather technical ground, as the Court has become accustomed. The above instance, is one, out of many other cases. Expectations

It is thus, within the above context, that the separate admonitions of the top two courts in the land should be situated. After the experience of 2019, where certain decisions that emanated from the Judiciary over election cases in some respects undermined the concept of democracy itself, by foisting unpopular candidates on some electorates, the Judiciary this time must seize this fresh opportunity as a course-correcting exercise. To be able to do so, it must approach the cases that would come before it from a legal cum moral prism that shuts every door of technicalities, in order to render judgements that are not only sound in law, but also in tune with the popular sentiment of the electorates. Election petitions, it is said, are sui generis: however, it would appear that the application of this principle has only taken a stultifying construct that only suffices in the adoption of arcane rules of technicalities that deliver justice ‘without a human face’, as Justice Chukwudifu Oputa JSC (of blessed memory) might have put it. To this end, an expansionist application of the new innovations in the Amended Electoral Act, some of which will fall for judicial interpretation for the first time, should be considered. In an election year that has witnessed an unprecedented surge in civic interest and participation especially from the Nigerian Youth, the Judiciary must put its best foot in forward, if it must live up to its cherished banner as the last hope of the common man. Conclusion In all, it is submitted that the outlook for the Judiciary in 2023 is a tricky one. To be sure, there have been moments in our history when the Judiciary distinguished itself as a bastion of our democracy and cherished rule of law principles. Opinions are however, bound to be divided, as to whether the recent outlook of that institution inspires similar hope at this time. Whatever side of the divide one might identify with, what is however, clear, is that we might have just come to one of such critical junctures in our history again, and the enormous role of the Judiciary in shaping it, should not be lost on it.

17.1.2023

XII

17.1.2023

XIII

T H I S D AY ˾ DAY ͯ͵˜ 2023

FEATURES

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

Second Niger Bridge, A Promise Kept

Amokam bridge towards the beginning of Phase 2A

Owerri interchange part of the bridge

Aerial view of the Second Niger Bridge Tunmise Adewunmi

iven the decades of failed promises and foot-dragging by different military and civilian administrations, the construction and eventual completion of the Second Niger Bridge is a fulfilment of the promise made by President Muhammadu Buhari to grow the economy through the regeneration, rebuilding, and expansion of the nation’s infrastructure on a scale that has not been seen in a long while. In serious and substantive ways, President Muhammadu Buhari, has proven to be a leader, who makes good his promises. Practical and proactive, he has always held that building a 21st Century infrastructure is a critical component of his government’s efforts to accelerate economic growth, expand opportunities, and improve the competitiveness of the Nigerian economy. He promised, at the outset of his administration, that the Second Niger Bridge would not just be constructed during his time in office, it would be completed to undergird his commitment to bequeathing to Nigerians, robust infrastructure that would calibrate and significantly improve the economy. Despite the global economic recession, the COVID-19 pandemic with its attendant headwinds, and the many attritional hiccups, the sprawling 1.6km bridge straddling the River Niger and providing a vital link between the eastern and western parts of the country, was opened for public use on December 15. Like a burst of the rainbow through a very cloudy sky, the new bridge, a double three-lane highway designed to connect the commercial cities of Asaba and Onitsha in Delta and Anambra States respectively, stands out in its pristine and aesthetic glory. No more for transporters and passengers alike are the long hours of numbing traffic. Beyond its imposing architectural beauty, the

Second Niger Bridge, constructed by Julius Berger, is a vital infrastructure project that will greatly improve the country's transportation network, improve access to the Port of Onne, one of the country's busiest ports, and reduce the time and cost of transporting goods in that axis. In addition to its economic benefits, the Second Niger Bridge will improve the environment as the pollution on the existing Niger Bridge will be vastly reduced. Overall, it is an important project that will impact significantly the lives of people in the region and beyond. The Minister of Works and Housing, Babatunde Raji Fashola (SAN), who superintended the construction of the bridge, once said, “If in 2015, the complaint was the neglect or lack of life-defining infrastructure across the country and today, these infrastructure are being completed or within the finish line; if, in 2015, the conversation was on the existence of a large number of abandoned infrastructure and the seeming lack of political will to complete those infrastructure in spite of the availability of resources and today the Buhari administration has made these possible despite lean resources;

“If in 2015 such critical infrastructure as the Second Niger Bridge, the Lagos-Ibadan Expressway, the Abuja-Kaduna-Zaria-Kano Expressway were either totally non-existent or in a very deteriorated state, and if today the PMB administration has demonstrated that needed political will to break the jinx on our nation’s historically most difficult projects, does it not stand to reason to conclude that the party which formed the government deserves to continue to deliver to the people of Nigeria these life-defining infrastructure? Think about this.” Indeed, the history of the new bridge is as convoluted as it is confounding. Located downstream of the existing Niger Bridge, which was completed in 1965 and has become heavily congested due to the increase in traffic in the region, the Second Niger Bridge was first proposed during the 1978/79 electioneering season by the National Party of Nigeria (NPN) candidate, Alhaji Shehu Shagari. He won the election and went on to serve for four years but never revisited that promise. In 1987, General Ibrahim Babangida, then Head of State, after a warning about the state of the existing Niger Bridge by Abubakar Umar, his Minister for Works and Housing, challenged local engineers to design the Second Niger Bridge. Rising to the challenge, the Nigerian Society of Engineers incorporated a consulting firm called NSE PREMS Limited, which subsequently delivered a master plan. The addition of the East-West railway line to the project and the

In addition to its economic beneﬁts, the Second Niger Bridge will improve the environment as the pollution on the existing Niger Bridge will be vastly reduced. Overall, it is an important project that will impact signiﬁcantly the lives of people in the region and beyond

political turmoil that impaired the Babangida administration scuttled the plan. Under successive military governments, the project received scant attention. Upon the return to civilian rule in 1999, President Olusegun Obasanjo promised to deliver the bridge. However, his administration did not carry out any activity on the project until five days before he handed over to the then-incoming administration of Umaru Musa Yar’Adua. Flagging off the project in Asaba at the twilight of his administration was widely perceived for what it was; a smokescreen and a charade. In 2014, former President Goodluck Jonathan laid the foundation for the construction of the bridge, promising that it would be completed on schedule and according to specifications in 48 months. He said the bridge was critical to his administration’s resolve to improve the economic fortunes of the country, adding, "I do not make empty promises in my campaign, because whatever I promise to do, I had already carried out an adequate study to make sure I can accomplish it in the next four years." Further, he said, “When the first bridge was built, it was during the presidency of Nnamdi Azikiwe. The Second Niger Bridge will be built under the presidency of Azikiwe Jonathan.” Jonathan even reportedly vowed that he should be sent into exile if he didn’t complete it. It was yet another electioneering promise that was never kept until Buhari came in 2015. Indeed, the Second Niger Bridge is a major achievement for the All Progressives Congress (APC) government, a fitting dénouement, and, arguably, the brightest spot in the chequered administration of President Buhari. Without a doubt, this accomplishment will inform the first line of his epitaph and earn him assured mention in every Nigerian history textbook written from now to eternity. -Adewunmi lives in Port Harcourt, Rivers State

XIV

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

THE ALTERNATIVE

with RenoOmokri

May Culture Not Be Vulture That Devours Us

he love of money is really destroying Nigeria at an alarming rate, and nobody seems to be noticing it, or doing anything substantial to address the situation. The aggressiveness with which some Nigerians pursue money is frightening. To them, it is the only object in life, and the end justifies the means. And as long as we do not address the culture that feeds this money obsession, we will continue along this route and the end result may not be pleasant. In some parts of Nigeria, a child is born and money must flow, or the parents are considered less than nothing in society. As the child grows, he or she sees money as the center of their parents and society’s life. And even when the cycle of life hands the baton to them as their parents die, money plays a bigger role than grief during the burial. And so, such communities emotionally script their young to almost worship money. And the result is that they have become a society under siege from fraudsters, drug cartels, counterfeiters, kidnappers, ritualistic persons, and cut-throat Shylocks. You go to such places and there is no trust in the community. Anything that is not bolted down will be stolen. I visited a particular geopolitical region, and for the first time in my life, I alarmingly saw petrol pumps with burglary proofs! I even saw electric transformers with anti-burglary devices. I felt like I was in an Orwellian dystopia controlled by criminal elements, and anyone who did not have such ‘sense’ is the odd man out. You walk about and everybody is worldlywise and their eyes are red hot for money. Nobody looks relaxed. Even children looked like they were already more worldly wise than I was. I had gone to visit a friend there who lost a parent, and he was not home. I called, and understandably, he was not taking calls. So, I wanted to leave a note before returning to the Lake hotel I was staying at. I had paper, but no pen. I saw a chap walking by and asked if he had a pen, and he answered in the affirmative, but said he could only let me use it if I bought it! True story. I was in Asia not long ago. There are too many Nigerians in various Asian prisons. Too many! Either drugs or fraud related. 100% of those I saw are Southerners. Mostly from, I won’t say where. I tried to help them, and I must commend the Cambodian government for allowing me to intervene. We must evolve our culture. Money at ANY cost makes us animals, not human beings! I am quite close to the Ethiopian government. I have been to Ethiopia at least 16 times. Maybe more. When their government showed me their data of criminality allegedly committed by Nigerians, I shivered. If the allegations are true, a few of our brothers are almost heartless. Because of their unique and unspoiled pure orthodox Christianity, many Ethiopians are innocent minded and impressionable. The complaint is that some Nigerian males meet an Ethiopian girl, make her fall in love with them. Buy tickets to somewhere in Asia for both of them. On the way to the airport, they will pretend they have an emergency, and ask the innocent girl to go ahead of them, saying they will join her the next day. That next day, you will hear that the girl has been caught with drugs in Singapore, Malaysia, or Indonesia. On that same flight, they will have their real girlfriend accomplice, who will go behind that innocent girl, and pass through unscathed, because the security men are preoccupied with the big fish they just caught. They felt they had no choice but to shut out Nigerians from their visa-on-arrival policy. This is a nation that is open to virtually the whole world. They just had to single out Nigeria. Why? Surely, it cannot be racism, as they are also a Black nation. And it is not xenophobia, due to the fact that they are very welcoming to other Black African peoples, including South Sudanese, who tend to be much darker in complexion than Nigerians. Culture should not be static, it must improve, otherwise it will create a vulture that will eat our carcasses. Some of us in the Nigerian Project have neither

Northern Nigerian mentioned. It is mostly us Southerners. And specifically mostly…(fear will not let me even say it). Just go there and observe by yourself. And if it is only South Africa, then at least we will have the relief of knowing that it is contained in Africa. Go on the Indian police’s website and you will weep! Google the interview that Lee Kuan Yew had with the world-famous interviewer, Tim Sebastian. Mr. Yew did not mince words. He said they would continue sentencing Nigerians to death for drug smuggling in Singapore. He did not mince words. He specifically mentioned Nigerian men. That was the first thing out of his mouth on the question from Mr. Sebastian about executing drug suspects. Are you not ashamed? I am if you are not! We need to urgently do something about this menace before it tars all of us. That is if it has not already devalued our green passport. On Wednesday, January 11, 2023, the Henley Passport Index revealed that Nigeria’s passport had fallen 38 places from its 2006 ranking, going from 62nd in 2006 to 100th place in 2022.

Gee! I wonder why!

Reno Omokri in Nepal the religious or cultural habit of restraint and humility. And even the humility that comes naturally from God is often stripped out of us by our culture. And when we see other Nigerians and foreigners having restraint and humility, we sadly mistake it for stupidity! We call them mumu or mugu! Many ethnicities that we think are ‘dull’ are in actual fact some of the most intelligent and analytic people you can imagine. You only need to look at what they have achieved in both pre and post-colonial Nigeria. Brashness is not braveness. Riches are not wealth. Mouthiness is not cleverness. Wayo is not intelligence. And most importantly, self-restraint is not weakness. Scripture says “the man Moses was very meek, above all the men which were upon the face of the earth.”-Numbers 12:3. But even though Moses was meek, it would have been a strategic error to confuse his meekness for weakness. Kenya is a country I have been to multiple times, because my books sell well there, and the Kenyan press likes me, for some odd reason. They once wrote negatively about me in one of their biggest newspapers, and rather than get upset, I apologised (they were upset at the way I ate their national dish with a fork and knife, rather than with my fingers). Kenyans who meet me always tell me that I do not act Nigerian. Some say my features and mannerisms are more Francophone than Anglophone. But by far the most regular ‘complaint’ against me by Kenyans I meet is that I am not ‘sharp’ like the Nigerians they know. My executive assistant, Pastor F. D., once got annoyed and said to a Kenyan, ‘how can you say someone who wrote a bestselling book is not sharp’. To which the Kenyan responded that he misunderstood what he meant by sharpness. And that what he said about me is a compliment. We did not really understand what he meant, until in 2021, that person (a Kenyan bishop) sent me a video of then Deputy President William Ruto at his daughter’s wedding. I will not repeat what Mr. Ruto, now the President of Kenya, said. But I am not sure he was happy that his daughter was marrying a Nigerian. In fact, what he said about his

in-law nation, Nigeria, almost looked as if he was grieving, rather than rejoicing at his daughter’s decision to marry a Nigerian. Nigerians, especially Southerners, can and should apply our natural cunning towards good purposes and make money thereby. We cannot keep destroying our country’s reputation and think that we can have personal honour. As Yoruba youths would say, ko le werk! Nigerians are a minority of the population in South Africa. Not just a minority, but a microscopic minority. Yet, we have a disproportionately high percentage of individuals posted on the South African Police’s website as drug or fraud suspects. Do not take my word for it. Go there now. And if you go on their website, you will hardly even find one

But it is not just the citizens’ fault. As a country, we do not understand what it is to promote our own national interests. Some of our own governmental actions work against us and in our favour. For example, every time Nigeria arrests product counterfeiters and throws them in jail, I get irritated. Any Nigerian who knows how to counterfeit Western technology or pharmaceuticals is an asset, not a criminal! We need such people to build our own military industrial complex. Kano-made or Aba-made should be encouraged. It should not be a derogatory term. It should be a thing of pride that a Black African people can recreate technology from the West and China. Embrace them. Nurture them. If not, we will never be a prosumer nation (a nation that consumes what they produce). There is a difference between criminality and ingenuity. An ingenious man is a talented man. And we as a nation must allow talent to manifest itself positively. And we must define what is positive by our own interests, not Western interests. If we do not allow such men to express their talent positively (as defined by us), then they WILL express it negatively. Reverse engineering should not be a thing of shame to African peoples. When colonialists politically dominated and economically exploited Africa, were they ashamed? No. The men who destroyed the ancient Bini Kingdom were celebrated in Europe. So, why should we allow scruples stop us from developing by piggy backing on whatever technology we can imitate?

Remembering Chief Festus Okotie-Eboh

n this day in 1966, Chief Festus Okotie-Eboh, my great uncle, and a light God gave to the Itsekiri kingdom of Iwere, was murdered, along with his boss, Prime Minister Tafawa Balewa, by Majors Chris Anuforo and Emmanuel Ifeajuna. As a people, we will never forget your indelible footprints in the sands of time, which include founding the Central Bank of Nigeria, ending the colonial currency, and giving Nigeria her own independent currency, the Nigerian Pound, which was at parity with the British pound, but not tied to the Bank of England, as the CFA West African Franc, which was tied to the French treasury. Chief Okotie-Eboh was the driving force behind the formation of the African Development Bank, which was founded during his tenure as Nigeria’s finance minister, in 1964, with Nigeria being the highest African shareholder of the bank. Under his skilful handling of our economy, Nigeria actually lent money to other nations, even before we had begun exporting oil in large commercial quantities. Today, we are a heavily indebted impoverished nation, owing N77 trillion, even with massive oil and gas exports. That says a lot about Chief OkotieEboh’s handling of our economy.

Festus Okotie-Eboh A firm believer in Nigeria. He always tried to wear made-in-Nigeria clothes in public. May God bless his memory and the family he left behind. We will never, ever, ever, forget you, great son of Iwere.

TUESDAY, JAN ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

Tuesday, January 17, 2023

dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ /ŶĚĞǆ ĚŽǁŶ ϲϴďƉƐ dŚŝƐĚĂǇ ĨƌŝŶǀĞƐƚ ϰϬ ŝŶĚĞǆ ůŽƐƚ ϲϴďƉƐ ƚŽ Ϯ͕ϰϲϴ͘ϰϳ

THISDAY AFRINVEST 40 INDEX

ŝŶĚĞǆ ƉŽŝŶƚƐ ĚƵĞ ƚŽ ƉƌŝĐĞ ĚĞƉƌĞĐŝĂƟŽŶ ŝŶ 'd K ;Ͳ ϭ͘ϲйͿ͕ E/d, ;Ͳϯ͘ϳйͿ͕ ĂŶĚ & E, ;ͲϬ͘ϰйͿ͘ ƵŵƵůĂͲ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

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Price Previous Current Price Change Change Price Weighting YTD Index to Change Date

Current Price

Ticker

THISDAY AFRINVEST 40

2468.47

1 Airtel Africa PLC 2 BUA Foods PLC

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5 Guaranty Trust Holding Co PLC 6 Zenith Bank PLC

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7 Dangote Cement PLC 8 FBN Holdings Plc

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9 Lafarge Africa PLC 10 Nestle Nigeria PLC

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11 Access Holdings PLC 12 SEPLAT Energy PLC

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13 United Bank for Africa PLC 14 Ecobank Transnational Inc

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15 Nigerian Brew eries PLC 16 Stanbic IBTC Holdings PLC

ĂŶĚ ʬϯ͘ϮďŶ ƌĞƐƉĞĐƟǀĞůǇ͘

17 Okomu Oil Palm PLC 18 Fidelity Bank PLC

ĞĂƌŝƐŚ ^ĞĐƚŽƌ WĞƌĨŽƌŵĂŶĐĞ

21 Guinness Nigeria PLC 22 FCMB Group Plc 23 United Capital PLC

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24 AXA Mansard Insurance PLC 25 Presco PLC

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ϯ͘ϰй ĂŶĚ Ϭ͘Ϯй ƌĞƐƉĞĐƟǀĞůǇ ŽŶ ĂĐĐŽƵŶƚ ŽĨ ƐĞůůŽīƐ ŝŶ E/d, ;Ͳϯ͘ϳйͿ͕ ^^ KZW ;Ͳϯ͘ϴйͿ͕ ĂŶĚ t W K ;Ͳϯ͘ϲйͿ͘ >ŽƐƐĞƐ ŝŶ E ;Ͳϭ͘ϮйͿ ĂŶĚ ,KEz&>KhZ ;Ͳ ϲ͘ϮйͿ ĚƌŽǀĞ ƚŚĞ ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ĚŽǁŶ ďǇ

33.1%

146.8%

25.8%

4.9%

37.4%

-5.2%

18.3%

6.4%

74.50

0.0%

8.6%

14.6%

99.45

0.0%

7.6%

1.7%

23.3%

12.1%

229.90

0.0%

7.3%

6.9%

162.9%

24.10

-1.6%

4.5%

4.8%

24.60

-3.7%

4.4%

2.5%

270.00

0.0%

3.5%

3.4%

11.55

-0.4%

2.4%

d ZE ;нϮ͘ϲйͿ͘

KƵƚůŽŽŬ

2.8%

2.7%

15.4%

13.4x

19.3x

6.2%

7.5%

20.5%

3.1%

3.9x

0.8x

12.2%

25.7%

20.7%

2.6%

3.0x

0.6x

12.4%

33.4%

3.4%

34.5%

12.8%

15.5x

5.6x

7.4%

6.4%

6.0%

24.6%

2.2%

2.1x

0.5x

3.0%

48.2% 14.1%

6.5%

5.6%

1.7%

162.4%

14.0%

10.3%

7.1x

1.0x

4.0%

0.0%

1.8%

-1.8%

122.7%

13.7%

18.4x

20.7x

4.6%

5.4%

8.95

-3.8%

1.9%

5.3%

19.2%

1.5%

1.8x

0.3x

2.2%

55.9%

1,100.00

0.0%

1.7%

0.0%

8.6%

4.4%

9.2x

0.8x

3.9%

10.9%

8.00

-4.2%

1.6%

5.3%

16.5%

1.4%

2.2x

0.4x

12.0%

46.5%

11.30

-5.8%

1.3%

6.6%

19.9%

1.1%

2.2x

0.5x

5.8%

46.4%

46.45

-1.2%

1.4%

13.3%

10.9%

3.8%

24.2x

2.5x

2.8%

4.1%

32.00

0.0%

1.1%

-4.3%

19.6%

2.5%

5.2x

1.1x

10.9%

19.1%

165.00

0.0%

1.0%

0.0%

52.7%

30.7%

7.7x

4.2x

1.1%

13.0%

5.02

-1.6%

0.9%

15.4%

15.5%

1.3%

3.1x

0.5x

2.0%

32.0%

5.00

0.0%

0.8%

6.4%

-5.0%

-1.7%

30.00

0.0%

0.8%

5.6%

13.2%

3.2%

5.2x

0.6x

7.2%

19.3%

1.0x

-5.1%

69.30

0.0%

0.5%

0.0%

16.7%

7.1%

10.6x

7.1x

10.3%

9.5%

4.07

3.0%

0.5%

5.7%

11.9%

1.1%

2.7x

0.3x

4.9%

36.8%

14.60

-1.7%

0.4%

4.3%

46.0%

2.6%

6.7x

3.0x

10.2%

14.9%

2.00

0.0%

0.4%

0.0%

3.6%

1.0%

9.4x

0.6x

3.0%

10.7%

150.80

9.7%

0.4%

9.7%

52.3%

18.6%

7.0x

3.9x

1.4%

14.2%

17.50

1.7%

0.4%

9.0%

23.8%

7.9%

6.8x

1.5x

5.7%

14.8%

10.55

0.0%

0.3%

-7.0%

29.2%

9.7%

3.8x

1.0x

9.7%

26.3%

1.21

-0.8%

0.3%

7.1%

17.6%

4.1%

3.1x

0.5x

1.7%

32.0%

3.72

-3.4%

0.2%

-4.6%

15.6%

0.9%

4.7x

0.6x

6.5%

21.1%

1.9%

0.2%

10.0%

37.1%

6.2%

4.5x

1.5x

0.2%

0.8%

4.1%

0.4%

9.3x

0.7x

5.95

0.0%

0.1%

0.0%

18.2%

5.2%

3.6x

0.6x

8.4%

27.9%

33 Jaiz Bank PLC 34 Julius Berger Nigeria PLC

0.87

-1.1%

0.1%

-5.4%

19.8%

1.5%

6.8x

1.3x

4.6%

14.7%

24.50

0.0%

0.1%

0.0%

18.6%

2.1%

5.4x

0.8x

10.1%

18.6%

11.40

0.0%

0.1%

-1.7%

3.1%

1.8%

1.0x

4.4%

4.05

-1.0%

0.1%

3.3%

-21.5%

#N/A N/A

1.55

0.0%

0.1%

10.7%

4.90

0.0%

-10.9%

16.8%

11.7%

62.50

0.0%

-17.7%

-4.1%

6.25

0.0%

35 Unilever Nigeria PLC 36 Oando PLC 37 Sterling Bank PLC 38 Champion Brew eries PLC 39 Notore Chemical Industries Ltd

T ic k er

P ric e

P ric e C hg %

P R ESC O

150.80

9.7%

0.46

9.5%

2.6x

0.3x

23.9x

3.7x

6.5%

4.2%

1.8x

-1.0%

1.0x

1.1%

T ic k er

Vo lum e

P ric e C hg %

UB A

22.9

-4.2%

GT C O

20.0

-1.6%

14.6

-0.8%

F T N C OC OA

0.30

7.1%

A B CTRA NS

0.31

6.9%

FB NH

14.1

-0.4%

13.5

-3.7%

R T B R ISC OE

0.31

6.9%

Z EN IT H B A N K

LIN KA SSUR E

0.47

6.8%

A C C ESSC OR P

12.7

-3.8%

4.4%

F ID ELIT YB K

11.3

-1.6%

J A IZ B A N K

9.3

-1.1%

M B EN EF IT

8.6

-6.3%

WA P C O

8.5

-3.6%

0.95

4.4%

CHA M S

0.28

3.7%

FCM B

4.07

3.0%

P ric e

C H ELLA R A M

1.21

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

P ric e C hg % -9.7%

P R EST IGE

0.42

-8.7%

LIVEST OC K

1.20

-7.7%

M B EN EF IT

0.30

-6.2%

T ic k er

Value

GT C O

482.5

-1.6%

Z EN IT H B A N K

336.3

-3.7%

N EST LE

323.3

0.0%

A IR T ELA F R I

293.0

0.0%

210.4

-3.6%

UB A

185.9

-4.2%

-5.8%

SEP LA T

168.4

0.0%

163.1

-0.4%

124.5

0.0%

115.1

-3.8%

2.26

-6.2%

LA SA C O

0.93

-6.1%

UB A

8.00

-4.2%

FB NH

A C C ESSC OR P

8.95

-3.8%

M TNN

-3.7%

A C C ESSC OR P

24.60

P ric e C hg %

WA P C O

H ON YF LOUR

11.30

-1.1% -222.0%

T R A N SC OR P

2.36

22.2% 10.8%

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

T o p 10 G a in e r s

Z EN IT H B A N K

ĨƌŝŶǀĞƐƚ tĞƐƚ ĨƌŝĐĂ >ŝŵŝƚĞĚ

5.0%

8.5x

0.0%

ET I

6.5x

37.4x

0.0%

T ic k er

ƐĞŶĐĞ ŽĨ ƉŽƐŝƟǀĞ ĐĂƚĂůǇƐƚƐ͘

15.4x

T o p 10 L o s e r s

ǀĂŶĐĞĚ͕ Ϯϯ ĚĞĐůŝŶĞĚ ǁŚŝůĞ ϲϵ ĐůŽƐĞĚ ŇĂƚ͘ dŽĚĂǇ͕ ǁĞ

12.8%

6.45

ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶ ĂƐ ϮϬ ƐƚŽĐŬƐ ĂĚͲ

ĞǆƉĞĐƚ ƚŚĞ ďĞĂƌŝƐŚ ƐĞŶƟŵĞŶƚ ƚŽ ůŝŶŐĞƌ ŝŶ ƚŚĞ ĂďͲ

1.4%

212.30

R OYA LEX

ďƌĞĂĚƚŚ͕ ǁĞĂŬĞŶĞĚ ƚŽ ͲϬ͘Ϭϰǆ ĨƌŽŵ Ϭ͘ϯϰǆ ƌĞĐŽƌĚĞĚ

5.6%

31 Union Bank of Nigeria PLC 32 Custodian and Allied Insurance

R ED ST A R EX

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ͕ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ

0.8x ot Applicable

-3.6%

28 Transnational Corp of Nigeria 29 Wema Bank PLC 30 TotalEnergies Marketing Nigeri

WA P IC

4.8x

Divindend Earnings Yield Yield

24.40

26 Dangote Sugar Refinery PLC 27 PZ Cussons Nigeria PLC

ĐĞƐ ƌŽƐĞ Ϭ͘ϰй ĂŶĚ Ϭ͘ϭй ƌĞƐƉĞĐƟǀĞůǇ ĚƵĞ ƚŽ ƉƌŝĐĞ

ƵƉƟĐŬ ŝŶ t W/ ;нϵ͘ϱйͿ͕ >/E< ^^hZ ;нϲ͘ϴйͿ͕ ĂŶĚ

P/BV

1,080.00

40 Transcorp Hotels Plc

Ϭ͘ϭй͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ /ŶƐƵƌĂŶĐĞ ĂŶĚ Kŝů Θ 'ĂƐ ŝŶĚŝͲ

P/E

0.0%

19 International Brew eries PLC 20 Flour Mills of Nigeria PLC

ROA

1,550.00

3 BUA Cement Plc 4 MTN Nigeria Communications PLC

-0.68%

ROE

ƌŽŬĞƌĂŐĞ

ƐƐĞƚ DĂŶĂŐĞŵĞŶƚ

/ŶǀĞƐƚŵĞŶƚ ZĞƐĞĂƌĐŚ

ĚĞĚŽǇŝŶ ůůĞŶ ͮ ĂĂůůĞŶΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ZŽďĞƌƚ KŵŽƚƵŶĚĞ ͮ ƌŽŵŽƚƵŶĚĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ďŝŽĚƵŶ <ĞƌŝƉĞ ͮ <ĞƌŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

dĂŝǁŽ KŐƵŶĚŝƉĞ ͮ ƚŽŐƵŶĚŝƉĞΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ŚƌŝƐƚŽƉŚĞƌ KŵŽŚ ͮ ĐŽŵŽŚΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

ĂŵŝůĂƌĞ ƐŝŵŝǇƵ ͮ ĚĂƐŝŵŝǇƵΛĂĨƌŝŶǀĞƐƚ͘ĐŽŵ

38.9%

XVI

T H I S D AY ˾ TUESDAY JANUARY 17, 2023

PROPERTY & ENVIRONMENT Govt Urged to Understand Housing Goes Beyond Revenue Generation Bennett Oghifo

he state and federal governments have been accused of having an inordinate thirst for the generation of excess revenue in the housing sector to the detriment of the people it should provide homes. “Government should be more interested in the real estate sector other than seeing it as a cash-cow that brings in revenue, but a veritable source of bridging the gap in housing deficit.” This is a solution to the nation’s housing deficit and needless collapse of buildings proffered by Bldr. (Dr.) Akinsola, Olufemi Emmanuel, National Chairman of Nigerian Institution of Builders in Facilities Management (NIBIFM)/ President of Nigerian Academy of Facilities Managers (NAFM), and Federal government

Consultant on Facilities Management. Dr. Akinsola was the keynote speaker at a seminar organised by Akmodel Homes & Properties in collaboration with NIBIFM, during the 2nd Anniversary Celebration of Akmodel Homes and Properties, held in Lagos, recently. Akinsola, whose speech was on ‘The Revolution in the Real Estate Industry: Identifying Causes and Proffering Steps to Forestall Building Collapse’, said the Theme of this year’s anniversary is more than relevant in view of the phenomenal growth of the real estate sector and incessant collapse of buildings with its attendant loss of life. The keynote speech, which was delivered after a welcome address by the Chief Executive Officer, Akmodel Homes and Properties Ltd, Dr. Abdulhakeem Odegade, focussed on ‘Revolution of the Real Estate

Industry; Building Collapse; Causes of Collapse of Buildings; Remedy to Forestall Building Collapse.’ Proffering steps to forestall building collapse in the country, Akinsola said, “As a registered builder and years of experience that I have working in private, public organisations and running my own entity. I like to proffer these steps to forestall future building collapses that will in turn put an end to loss of lives, monies invested in building for real estate purposes.” He said real estate vendors should as a matter of necessity set in motion a process of registering the eight built environment consultants, other than the marketing consultants they now have, to be on standby for ensuring sustainable development. These are: Architects; Structural Engineers; Builders; Quantity Surveyors; Surveying and Geo-

informatics professional; Urban and Regional Development consultant; Estate Management and Valuation Experts; Facilities Managers; Health, safety and quality Managers.

He said, “With these professionals a robust, stable and sustainable development will be delivered. Government should be more interested in the real estate sector other than seeing

it as a cash-cow that brings in revenue, but a veritable source of bridging the gap in housing deficit, more especially in Lagos, where housing needs increase geometrically.”

L-R: Special Adviser to Lagos State Governor on E-GIS and Planning Matters, Dr.Olajide Babatunde; Special Adviser to Lagos State Governor on Housing, Mrs Toke Benson-Awoyinka; and Chairman, Tribunal of Inquiry on Ikoyi Building Collapse, Mr Olutoyin Ayinde, during a meeting on real estate at Alausa, Ikeja… recently

Women Group, Jam’iyyar Matan Arewa Laud Julius Berger on CSR The pioneer and foremost women Non-Governmental Organisation in Northern Nigeria, Jam’iyyar Matan Arewa (JMA), has commended the country’s leading construction company, Julius Berger Nigeria Plc, as “a most responsible company with a highly functional, productive

and commendable Corporate Social Responsibility Culture… worthy of emulation by others.” The President of Jam’iyyar Matan Arewa (JMA), Hajiya Rabi Musa Saulawa, made the remarks in Kaduna on thursday at the handing over of the renovated buildings at

the Jam’iyyar Matan Arewa (JMA) Orphanage and Premier school. The renovation works were undertaken by Julius Berger as part of the company’s corporate social responsibility initiatives to partner with and assist the development of its host communities along the

FG Takes Strident Step on Plastic Waste Management Michael Olugbade The federal government has taken a strident step on management of plastic waste in the country by inaugurating a Project Steering Committee (PSC) for Promotion of Sustainable Plastics Value Chains through Circular Economy Practices. Speaking at the inauguration in Abuja, the Minister of Environment, Mohammed Abdullahi said it is instructive that this is taking off at a time the attention of the global community is focused on negotiating the establishment of a legally binding instrument for the environmentally sound management of plastic throughout their entire lifecycle. He said: “As you are all aware, misuse of plastic and poor management of its wastes pose danger to human health and the environment as they leach toxic chemical constituents such as endocrine disrupting chemicals which have been linked to infertility, diabetes, prostate/breast cancer, into foods, drinks and the environment. Also tonnes of improperly disposed plastic wastes litter our streets, clog up drainages in rural and urban areas leading to flooding incidents as experienced in certain parts of the country recently, contaminate the soll affecting farmlands and livestocks, littering the oceans thereby threatening biodiversity and Increase greenhouse gas emissions when burnt indiscriminately.” The Minister disclosed that it

was in response to these challenges that the Federal Ministry of Environment in collaboration with relevant stakeholders took steps to address the plastic issue holistically by adopting circular economy model, stressing that: “In this wise, we have developed the national policies on solid waste and plastic waste management to promote environmental protection, resource and energy efficiency, circular economy practices and enhance the conservation of natural resources through sustainable production and consumption and currently implementing community based waste management projects with emphasis on recycling.” He said: “It might also interest you to know that the Government of Japan funded a study on available sustainable alternative materials for plastic, innovative packaging and recycling technologies that meet market needs in Africa to reduce plastic leakages to the environment, in Nigeria. The study which was conducted in 2021, implemented by UNIDO in collaboration with the Ministry revealed the following: Low level of recycling activities in the country; Only 45% of waste are collected 80% of plastic waste goes to dumpsite while only 10% is recycled; Alternative materials to plastics are yet to be introduced in the market and recognition of bioplastics is low, amongst others.” He noted that: “It is against this backdrop that this project was developed to address these gaps and is being funded by

the Government of Japan and implemented by UNIDO in collaboration with the Federal Ministry of Environment.” The Minister said: “To kick start the implementation of the project, this multi stakeholder Project Steering Committee was established to provide technical assistance and guidance to the project towards achieving the aims and objectives. Membership of the Committee comprises of representatives from the following organizations: Federal Ministry of Environment (Cochair); United Nations Industrial Development Organization (UNIDO) - Co-Chair; The Embassy of Japan in Nigeria - Guest Federal Ministry of Industry, Trade and Investment National Environmental Standards, Regulation and Enforcement Agency (NESREA); Abuja Environmental Protection Board (AEPB) Lagos State Waste Management Authority (LAWMA); Lagos State Environmental Protection Agency (LASEPA); Manufacturers Association of Nigeria (MAN); Food and Beverage Recycling Alliance (FBRA); Waste Management Association of Nigeria (WAMASON).” In his goodwill message, the Japanese Ambassador to Nigeria, Matsunaga Kazuyoshi noted that the Steering Committee is to oversee the Plastic Circular economy project through monitoring the project’s implementation progress, validate its overall direction and the work plan, and assist in mobilizing resources required for project implementation where necessary.

geo-strategic Abuja-KadunaZaria-Kano Road construction project. Hajiya Rabi Musa Salauwa who traced the history of Jam’iyyar Matan Arewa to Nigeria’s First Republic, said it was founded in 1963. By 1st December 1964 Jam’iyyar Matan Arewa opened the orphanage in Kaduna. The take-off property for the Orphanage was donated by the then Premier of Northern Nigeria, the legendary Sir Ahmadu Bello, the Sadauna of Sokoto along with a cash donation of £500 as takeoff grant. Hajiya Rabi celebrated that since its founding till date, over 3,000 orphans have successfully passed through the the Jam’iyyar

Matan Arewa Orphanage and ist schools. According to Hajiya Rabi, many of the children who passed through the institution are now graduates of universities and polytechnics. Two of such students are graduates of the Nigerian Defense Academy (NDA) and one attended Nigerian Aviation School Zaria and is now a pilot, while several others are now Police officers. Hajiya Rabi, however, said the JMA Orphanage, office accommodation and schools overtime fell into a deplorable state of dilapidation due to paucity of funds, being an organisation that depends solely on donations and the little income generated

from the schools. She said the funds generated have been grossly inadequate to carry out any major renovations and for the smooth operations of the organization. Thus, she heartily thanked Julius Berger for its very meaningful CSR intervention to assist with the renovation of the buildings of the institution. Alhaji Zubairu Ibrahim Bayi, executive director administration of Julius Berger Nigeria Plc, who represented the Managing Director of the company Engr. Dr. Lars Richter and led the company’s delegation to the event, offered the sincere regards and good wishes of the MD for a happy new year to all guests present at the ceremony.

Building Management Easy with Intelligent Automation, Says PPC Fadekemi Ajakaiye Nigeria’s leading engineering and infrastructure development company, says the management and regular maintenance of multi-story buildings can be made seamless with the intelligent automation of the building systems. Head of Building Services Engineering Division at PPC, Mr. Anand Kumar, in a statement on Tuesday, said there is growing popularity and desire for user-friendly building designs that incorporate technology for efficiency. The ability of facility managers to monitor multiple systems, including HVAC, power, fire, lighting, security and plumbing systems in order to solve inefficiency and inconsistency in the building systems, will optimize building management, he added. He said, “Technology has become an indispensable part of modern building projects. This is because there are benefits to leveraging technology in making building systems more efficient. The integration of digital capa-

bilities like the Internet ofThings (IoT) into plumbing, electricity and HVAC systems will help to minimize energy and water wastage, which directly adds to the cost savings and quicker ROI from the facilities and at the same time improves the level of comfort of occupants. “Hospitals, hotels and offices are beginning to see the need for intelligent control technologies that allow them to gain insights on how to be efficient, improve processes and productivity, lower cost and create a safe environment for building users. The intelligent control systems will ensure that the heating and cooling of the rooms are done only when needed, enhancing the quality of the environment and reducing the carbon footprint in the building. “IoT sensors can be installed in offices, industrial and hospitality buildings; and are particularly useful in minimizing energy bills as they monitor and control the energy usage of mechanical and electrical equipment.” A report by the Data Bridge

Market Research has predicted that the global Building Management System market valued at $14.10 billion in 2021 is expected to reach $51.73billion in the next 7 years due to rising economic growth as well as an increase in the awareness and need for improved quality of life with the help of modern energy services. According to Kumar, new building projects require more security driven by technology to improve identification and access control, and for better surveillance. He emphasized that property owners and managers can make an informed decision with the data generated from integrated building systems that will help them meet the comfort, enhanced safety and agreed services for their tenants. PPC Building Services Engineering division has over the years developed strong expertise in the design, installation, monitoring and management of mechanical, electrical and safety systems in high-rise buildings while ensuring their interoperability and optimal functionality.

T H I S D AY ˾ TUESDAY, JANUARY 17, 2023

BUSINESSWORLD R A T E S MONEY MARKET

A S

REPO

A T

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

08056356325

J A N U A R Y

S & P INDEX

1 6 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

Nigeria’s Projected Crude Oil Production Short by 283m Barrels, $24.5bn Revenue in 2022

Emmanuel Addeh in Abuja Nigeria’s crude oil production when put side by side its expected output of 1.88 million barrels per day in 2022, was short by a whopping 283 million barrels, amounting to roughly $24.55 billion, a THISDAY analysis has shown. This figure was arrived at when an estimated conservative price of $85 per barrel for which the commodity sold in the year under review, is multiplied by the 283 million barrels deficit recorded during the period.

A further review indicated that while the 2022 budget projected a 1.88 million bpd, that is about 58.28 million barrels every month or an estimated 700 million barrels for the entire year, only 417 million barrels were drilled for the entire year. This represented about 59.57 per cent output for the year. But on the upside, although the National Assembly pegged the price benchmark at $57 per barrel, oil sold far more than that in 2022, even exceeding $100/barrel at some point. The THISDAY computation was

derived from the figures released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) from January to December last year. With its inability to drill up to 60 per cent of its expected volume in 2022, the country lost roughly 40 per cent of its output to oil theft and sabotage as a result of incessant shut-in of planned output for the period. A review of the NUPRC data covering the whole of last year, revealed that Nigeria only managed to drill 43.3 million barrels

in January, turning out to be the highest output for the year; 35.2 million barrels in February; 38.3 million barrels in March and 36.5 million barrels in April. It deteriorated to 31.7 million barrels in May; rose marginally to 34.7 million barrels in June, before falling to 33.6 million barrels in July last year. In August, Nigeria produced 30.1 million barrels, against the 58.2 million barrels projection; followed by September in which Nigeria’s output fell to a multi-decade low of

28.1 million barrels while in October and November, the country drilled 31.4 million barrels and 35.5 million barrels respectively. Furthermore, when recovery began to set in in December last year, the country managed to drill 38.2 million barrels of oil, cumulating to around 417 million barrels instead of the forecast of 700 million barrels for the year by the federal government. However, the crude oil production figures exclude condensates which are not included in the Organisation of Petroleum Exporting Countries

(OPEC) calculation. In 2022, OPEC’s daily production allocation averaged 1.8 million bpd. Last year witnessed one of the worst in the history of the country as it consistently failed to meet its OPEC quota. However, with the recent concerted effort to end oil theft in the country, there has been some recovery as underscored by the December output data. Earlier this month, the Minister of State, Petroleum Resources, Timipre Continued on page 22

Experts Call for Measurable Results from CBN’s $250m TCN/Discos Intervention Emmanuel Addeh in Abuja Various stakeholders have suggested that the $250 billion intervention by the Central Bank of Nigeria (CBN) for the rehabilitation of interfaces between Nigeria’s transmission and distribution systems must be followed by measurable results.

The apex bank had announced the $250 million for the rehabilitation of infrastructure covering transmission and distribution to stabilise power supply in the country. The Minister of Power, Abubakar Aliyu, had similarly said the projects along with others already being embarked upon by TCN have

increased ongoing infrastructure in the transmission segment alone to 135, with 30 completed key substation projects and 12 transmission lines. In his remarks on the issue, the Market Operator (MO) at TCN, Edward Eje said the CBN intervention will provide immediate

FOOD

gains by clearing the bottlenecks currently besetting the sector. “The interface project is aimed at providing quick solutions at various transmission/distribution interfaces where there are challenges. This makes sense to me. It is a laudable measure to achieve a seamless and a hitch-free power transmission

COMMODITIES

NAME OF COMMODITY

SIZE

STATE

PRICE

NAME OF COMMODITY

RICE

100KG

ABUJA

N35,000 – N45,000

SORGHUM

50KG

OYO

N35,000 – N45,000

50KG

PLATEAU (JOS)

N32,500 – N42,000

50KG

KWARA

N24,000–N27,000

50KG

LAGOS

N35,000 – N45,000

50KG

RIVERS

N36,500 – N46,500

50KG

SOKOTO

50KG

EDO

SIZE

PRICE

STATE

100KG JIGAWA

from the transmission stations to the distribution network,” he stated. Also in his comments, the Managing Director and Chief Executive Officer of Nigerian Bulk Electricity Trading Company, (NBET) Dr. Nnaemeka Eweluka, said that having identified projects that could quickly address and restore

normalcy, when fully deployed, the fund would improve supply nationwide. “What happened was that the CBN has actually performed a very positive role in trying to sort out this electricity market challenges. Continued on page 22

T O D AY

PRICE

NAME OF COMMODITY

SIZE

STATE

PRICE

N30,000

BEANS

50KG BAG

MAIDU GURI

N22,000 – N30,000

100KG LAGOS

N36,000

100KG

KANO

N35,000

100KG

DELTA

N36,000

100KG

ABIA

N35,700

100KG

BENUE

N32,000

100KG

KADUNA

N32,000

50KG

ENUGU

N24,000

50KG

LAGOS

N26,000

N60,000 – N70,000

100KG

DELTA

N35,000

N17,000–N20,000

100KG

ABIA

N36,000

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS FOOD

NAME OF COMMODITY

PALM OIL

COMMODITIES

PRICE

STATE

PRICE

NAME OF COMMODITY

100KG KANO

N20,500

ONIONS

N24,000 – N35,000

100KG BENUE

N27,000

25CL IBADAN N22,000 — N35,000

100KG LAGOS

N32,000

SIZE

STATE

PRICE

25CL LAGOS N20,000-N35000 25CL

NAME OF COMMODITY

GROUNDNUT

SIZE

T O D AY PRICE

MAIZE

100KG

OYO

N10,000

100KG

IBADAN

N60,000

100KG KANO

N30,000

100KG ENUGU

N16,500

BENUE

N65,000

100KG DELTA

N14,000

100KG PLATEAU

N45,000

100KG

ABIA

N11,000

50KG

LAGOS

N9,000

100KG KANO

N9,400

100KG

N24,000 – N36,500

100KG DELTA

N34,000

100KG DELTA

N50,000

25CL

EDO

N20,000 – N35,000

100KG

N27,000

100KG LAGOS

N60,000

N23 000

100KG ENUGU

N45,000

100KG ENUGU

LOCATION

PRICE

IMO

25CL ABUJA N25,500 – N35,000

SIZE

STATE

25CL

ABIA

NAME OF COMMODITY

SIZE

50KG

BENUE

N6,000

Chevron: No Plan to Halt Operations in Nigeria Emmanuel Addeh in Abuja Chevron Nigeria Limited (CNL), operator of the joint venture with the Nigerian National Petroleum Limited (NNPC), has said it has no plan to exit the country, contrary to a report in the media. In a statement by the General

Manager, Policy, Government and Public Affairs Chevron Nigeria Limited, Esimaje Brikinn, the company stated that it has demonstrated this by its investment in the country. A report had indicated that new investment plans announced by the top oil major, confirmed insinuations

indicating the multinational’s exit plan from the country. The report quoted Chevron as saying that it will use 70 per cent of its capital allocation for production on oil fields in the United States, Argentina and Canada and reining in investments in large international oil projects as wells as focusing more

on investing in the Americas. But describing the imputation alleging that it plans to exit Nigeria as ‘misleading’, Chevron urged the public to “note that the allegation is untrue and does not represent the position of Chevron in Nigeria.” “CNL remains committed to sustaining the existing mutually

beneficial and long-term relationship with Nigeria and other stakeholders as demonstrated by our significant economic and social investments in Nigeria over the last six decades. “These investments have generated visible and viable socioeconomic development in several

communities across Nigeria. “CNL will, along with industry peers in Nigeria, continue to engage the government on policies and opportunities to ensure global competitiveness and sustainability of the petroleum industry,” the statement added.

Report: ExxonMobil Predicted Climate FG Set to Resume Work Change While Downplaying Risk on Major Highways, Restores Road Barricades

Emmanuel Addeh in Abuja

ExxonMobil publicly sowed doubt about climate change despite the oil giant’s own scientists accurately predicting global warming as far back as the 1970s, a new study reported by Al-Jazeera, has indicated. While ExxonMobil publicly claimed models used to predict climate change were too uncertain to draw conclusions, the company’s own experts made projections consistent with those of academics and governments, according to the paper published in the journal Science. “What they understood about climate models thus contradicted what they led the public to believe,” the authors of the study wrote.

ExxonMobil scientists’ average projected warming was 0.2° Celsius per decade – the same as independent academic and government projections published between 1970 and 2007 – while 6383 percent of their estimates proved to be accurate, the authors said. The Exxon-funded science was “actually astonishing” in its precision and accuracy, said study co-author Naomi Oreskes, a Harvard science history professor. But she added that so was the “hypocrisy because so much of the ExxonMobil disinformation for so many years … was the claim that climate models weren’t reliable”. ExxonMobil scientists also accurately dismissed the possibility of a coming ice age, correctly

projected that global warming would be detectable sometime between 1995 and 2005, and reasonably estimated how much carbon dioxide (CO2) would lead to dangerous warming, according to the study. “They modelled and predicted global warming with shocking accuracy and skill, only for the company to spend the next couple of decades denying that very climate science,” said Geoffrey Supran, a co-author of the study. “In 1999, for example, ExxonMobil Corp’s chief executive officer Lee Raymond said future climate ‘projections are based on completely unproven climate models or, more often, sheer speculation,’” the authors added.

According to the report, in 2013, his successor, Rex Tillerson, called climate models ‘not competent’ while in 2015, he stated that: ‘We do not really know what the climate effects of 600 ppm versus 450 ppm will be because the models simply are not that good’.” The study, authored by researchers at Harvard University, the University of Miami, and the Potsdam Institute for Climate Impact Research in Germany, based its findings on company documents obtained by journalists and researchers, including internal files warning of “potentially catastrophic” climate change first published in 2015 by the Los Angeles Times and InsideClimate News.

FMBN, NLC Others to Inaugurate 1,071 Homes Under National Affordable Housing Scheme Emmanuel Addeh in Abuja The Federal Mortgage Bank of Nigeria (FMBN) plans to inaugurate 1,071 completed houses in eight project sites nationwide, a statement from the bank has indicated. The housing units are part of the over 3,560 homes under phases 1 & 2 of the National Affordable Housing Delivery Programme, an FMBN collaboration with the Nigeria Labour Congress (NLC), Trade Union Congress (TUC), and the Nigeria Employers’ Consultative

Association (NECA), it said. The statement signed by the Group Head, Corporate Communications, Timan Elayo (Mrs), said the programme aims to build and deliver decent, safe, and quality housing for Nigerian workers at a price that they can afford. The house types , the FMBN stated, are based on proven social housing models and comprise one-bedroom, two-bedroom, and three-bedroom units, with prices ranging from N3.1 million to N8.3 million. According to the bank, the

commissioning exercise in the eight states, would take the team to Akure, Ondo State, Yola, Adamawa State, Katsina, Abakiliki, Ebonyi State, on Thursday, 19th January 2023, Damaturu, Yobe State, Sokoto State and Maiduguri, Borno State as well as Kogi State. It stated that the Joint Implementation Committee (JIC) of the programme, comprising NLC, TUC, and NECA, approved the commissioning exercise at its meeting at the bank’s headquarters in Abuja. In his remarks, the FMBN

Managing Director, Mr. Hamman Madu expressed delight with the completion of the first batch of the housing units, while applauding the labour centres for their cooperation and support. “We are excited at the progress that we have made on the National Affordable Housing Delivery Programme. Indeed, it is a historic initiative as it marks the first time that FMBN and the organised labour and NECA are working together on the basis of a realistic and acceptable framework for delivering affordable housing to Nigerian workers,” Madu said.

Emmanuel Addeh in Abuja The federal government has announced that contractors on major highways were set to resume work after the Christmas/New Year break, stressing that to ensure order, barricades will also be restored. In December, the government ordered the removal of blockades from key roads to aid the free flow of traffic during the festive period. In addition, a statement from the ministry of works, reiterated that the Second Niger Bridge will now remain closed to the public and sought the patience of the commuting public to make the new development a success. “Recall that barricades were removed at all construction sites on December 15,2022 for ease of movement to reduce travel time during the yuletide season. “Contractors are now set to resume work on major highways especially the Lagos-Ibadan Expressway( from OPIC to the old toll gate ) and the Abuja-Kaduna-Kano Expressway (around Kawo on the Kaduna-Zaria Section). “To this end the Minister of Works and Housing, Babatunde Fashola (SAN) has directed that construction barricades be returned at construction sites for safety purposes with effect from Tuesday, January 10,2023. “The Second Niger Bridge will, however, remain closed for public use with effect from Sunday, January 15,2023 for continuation of work on the completion of the access roads to the bridge.

“ The minister seeks the patience and understanding of motorists and members of the public on this action aimed at completing the ongoing projects,” the statement added. Meanwhile, Fashola has said the Loko-Oweto bridge and the link roads when fully completed would be of great benefit to the communities along the corridors of the project, motorists and commuters that use the route. Fashola disclosed that the bridge had been completed, adding that what remained was for the approach roads to the bridge to be completed. “This is about my fifth visit here since 2016 when we started out as power, works and housing ministry. There was essentially nothing here. We now have a bridge over the River Benue, 70 Kilometres road linking Benue state to the bridge and we also have another 74 kilometres of road linking Nasarawa state into the Federal Capital Territory (FCT), Abuja. Speaking on behalf of the Emir of Loko, Abubakar Ahmed, the Local Council Chairman of the area, Shaibu Umah , expressed appreciation to Buhari on the construction of the bridge which he said has impacted the lives of the people positively. “We thank the minister and Mr. President for the Loko- Oweto bridge and the adjoining roads which are near completion. When fully completed and commissioned, it would provide business opportunities to our community,” he stressed.

EXPERTS CALL FOR MEASURABLE RESULTS FROM CBN’S $250M TCN/DISCOS INTERVENTION The CBN is working with TCN and the Discos. CBN basically asked what are those critical projects that if they are addressed today can quickly yield results in the sector. “This is even as the federal government is doing this Siemens project and TCN is implementing. What are those critical projects that if they are done today, will unlock

additional megawatts quickly? “So, the Discos and TCN worked together to come up with a list of some critical projects and I can’t be specific on the amount, maybe we can furnish that subsequently but that is what is happening,” he explained. The CEO of NBET added that the CBN decided to fund those

critical interventions so that there could be some quick wins even as the bigger projects are being executed. Also speaking, an energy expert, Bode Fadipe, stated that one of the fundamental issues in the power sector include poor liquidity because the self-funding mechanism that was projected hadn’t been realised.

“It is in direct response to this liquidity challenge that the CBN was brought into the loop. There is therefore sense in the involvement of the CBN in the interface projects between the Discos and TCN,” he noted. He stressed that the gains of the Disco/TCN funded interface project would remain critical since it will

help boost supply, with upgrading of some facilities. Also, a consumer advocate and lawyer, Kunle Olubiyo, noted that the continuous intervention while still critical, indicates that the essence of privatising the sector had been defeated. He maintained that the poor governance system, lack of monitoring,

accountability and weak structure of the market were responsible for the financial issues in the sector. “At this point, we no longer need a prophet to tell us that things are not working. It is a supposedly privatised sector and the essence of it that it is meant to be private sector driven. That is not how it is,” he argued.

NIGERIA’S PROJECTED CRUDE OIL PRODUCTION SHORT BY 283M BARRELS, $24.5BN REVENUE IN 2022 Sylva, said Nigeria was working towards meeting its OPEC crude oil production quota of 1.8 million bpd by the end of May 2023. He explained that the federal government would continue to improve security along the tracks of the major crude oil pipelines and block every leakage through which crude oil is stolen by oil thieves

and pipeline vandals. But after months of stalling, Nigeria appears to be steadily on its way to meeting its OPEC production quota, hitting 1.235 million barrels per day in December. However, the figure differed markedly from the production of 1.59 million bpd announced for the month by the Nigerian National Pe-

troleum Company Limited (NNPC) earlier and the 1.35 million bpd by a Bloomberg survey. In January 2022, out of the expected 1.88 million bpd production figure, 1.39 million bpd was drilled. In February, March, April, and May 2022 respectively, oil production fell steadily to 1.25 million bpd, 1.24 million bpd, 1.22 million bpd, and

1.02 million bpd, while in June it rose marginally to 1.15 million bpd, before falling to 1.08 million bpd in July. In August, the oil sector hit a deadly blow on the Nigerian economy, slumping to 972,394 bpd, and further falling to 937,766 bpd in September, before rising to 1.014 million bpd in October.

The Nigerian government has recently taken a rash of decisions to tackle the embarrassing oil theft situation in the Niger Delta, hiring local security groups as pipelines surveillance contractors. Among those handed the security contracts was a firm belonging to a former Niger Delta warlord, Mr Government Ekpemupolo, also

known as Tompolo. In addition, the NNPC has announced that it can now monitor Nigeria’s oil infrastructure in real time with its new automated platform and has inaugurated a whistle-blowers scheme which rewards persons who report the activities of suspected oil thieves to the national oil company.

TUESDAY, JANUARY 17, 2023 ˾ T H I S D AY

BUSINESSWORLD

AGRICULTURE

Agriculture: Priority Areas for Development in 2023 and Beyond With less than six months before a new government takes charge of Nigeria’s economy, Gilbert Ekugbe spotlights key areas in the nation’s agricultural sector begging for attention

rdinarily, Nigeria should undoubtedly be likened to the Biblical land flowing with milk and honey as far as agriculture is concerned. Before the discovery of oil, agriculture was the mainstay of Nigeria’s economy in the 1960s. The sector accounted for 57 per cent of Gross Domestic Product (GDP) while also generating 64.5 per cent of export earnings for the Nigerian economy in the late 2000s. But over the years, especially since the advent of oil, the sector has continued to receive a high level of neglect by previous administrations that could have made the food sector a cash cow. No thanks to the “quick cash” proceeds from oil, brought the agricultural sector to its knees. As the New Year unfolds, managers of the Nigerian economy must prioritise renewed efforts to take the sector the out of doldrums.

INVESTMENT IN AGRITECH

Agriculture technology, abbreviated as Agritech or Agrotech, refers to the use of technology in agriculture to improve productivity, yield and quality. Stakeholders in the agricultural sector have always advocated for an increased level of investment in agritech. Most advanced economies have increased their food production levels by investing massively in agritech. Many young innovators in the country have started seeking and introducing innovative solutions in agritech to help Nigeria solve its food insecurity challenges, especially postharvest losses, but a country regarded as the biggest market on the continent in terms of population, there is only little these innovators can achieve with their inventions. The sector is highly challenged by high cost of farm inputs hindering farmers’ productivity levels, but courtesy of smart farming technologies, farmers can actually produce more with fewer resources while also securing food safety and quality. Smart farming techniques is an emerging concept that refers to managing farms using technologies like Internet of Things (IoT), robotics, drones and Artificial Intelligence (AI) to increase the quantity and quality of products while optimising the human labour required by production. It reduces waste, improve productivity and enable management of a greater number of resources through remote sensing. Agritech improves the input and output of agricultural processes and has developed a lot in recent time and benefited the developed economies through tremendous progress in crops yields, plant and animal health, and farm productivity. Agriculture technologies include use of drones, weather forecasts, automated irrigation, and software for disease prediction and other technologies helping in increase of crops yield and disease control.

FUNDING RESEARCH INSTITUTIONS

Many agric research institutions across the country are lying fallow without developing research findings for the advancement of the nation’s agricultural sector. The reason is not farfetched because these institutions have continued to be neglected by successive

governments. Presently, Nigeria has about 15 agricultural research institutions in the country, which is a far cry from what is required for a vast country like Nigeria. Despite this inadequacy, the institutions are poorly funded. Speaking with the Chief Executive Officer, Centre for the Promotion of Private Enterprises (CPPE), Dr. Muda Yusuf, lamented over the neglect of research institutions all over the country, saying that they are poorly funded and cannot fulfil the purposes of their existence. “We have all manners of agric research institutes all over the country, but we are not seeing their impacts that are all over the place,” he said. The National President, All Farmers Association of Nigeria (AFAN), Mr. Kabir Ibrahim, said particular attention should be given to the research systems by ensuring that they are funded through the Agriculture Research Council of Nigeria (ARCN) and ensuring that all their findings are readily utilised. He explained that the bane of research in Nigeria is not necessarily its funding but the incentive given to the researchers and utilising their findings. “We must incentivise our researchers by given them patent rights and honoraria and implement policies readily by appointing capable hands to drive agriculture and all cross-cutting institutions affecting agriculture,” Ibrahim advised He also recommended that to bolster production, processing, distribution, storage as well as marketing agricultural produce especially food, the federal government must incentivise the small holder farmers who he described as the engine room of production by allowing them to access low interest credit, rapid and affordable mechanisation, subsidised fertilizers, good seeds and other inputs including access to STI (science, technology and innovation) as well as enable them to embrace year-round production by improving irrigation facilities. He also stated the need to improve power supply, transportation and marketing by consolidating commodity exchange platforms.

UPGRADE OF SECURITY ARCHITECTURE

Like the saying goes “No place is safe until everywhere is safe.” The urgent need to redesign and upgrade Nigeria’s security apparatuses could not be over emphasised. Not just for agriculture development, but for overall benefits of Nigerians. Farmers are still in great fear of being kidnapped or killed. According to Proshare, a market analyst and information news service firm, in recent times, farmers have become the main target for kidnapping by gunmen, bandits and armed herdsmen across various geopolitical zones in the country, adding that in a rift between two communities in Kaduna this year, at least eight farmers were abducted

and eventually killed. “Kidnapping has become a common occurrence such that farmers in some Northern states even go ahead to pay tax and harvest fees to bandits in order to avoid attacks,” Proshare added. Profferring solutions to the hydra-headed challenge of insecurity in the agricultural sector, Proshare said tackling unemployment is a prerequisite to curbing insecurity in the agricultural sector. It added that the need to reinforce the National Programme for Food Security (NPFS). It also advised that the federal government should also ensure the availability of social protection services such as subsidies and relief options for farmers. “Social protection will enhance farmers’ resilience and reduce the impact of insecurity shocks on them,” Proshare added.

YOUTH PARTICIPATION IN AGRICULTURE

The urgent need to phase out Nigeria’s aging farming population cannot be overemphasised. Presently, the average age of farmers in the country is pegged at 65 according to a research by the Federal University of Technology also predicting that age would increase significantly except Nigeria’s teeming youth population is encouraged to go into farming. According to Yusuf, many youths have left the rural areas in search of greener pastures in the urban areas as many of them have lost interest in farming due to the manual labour of farming still being practiced. The federal government must as a result of urgency prioritise investment in mechanisation of the agricultural value chain to attract active youth participation in the food sector. In June last year, the federal government through the Federal Ministry of Agriculture and Rural Development (FMARD), announced that it was in discussion with Brazil for the supply and distribution of over 10000 tractors to farmers nationwide to boost Nigeria’s mechanised food production and also enhance food sufficiency in an era of global food crisis. During a telephone chat with THISDAY, the former Executive Director, Lake Chad Research Institute (LCRI), Ms. Oluwasina Olabanji, said that no nation could be food secured without end to end mechanization. Olabanji added that Nigeria could no longer continue with the present manual labour in agriculture in its bid to attain self-sufficiency in food production. “To achieve food security we need mechanisation to attract the youths. If there is enough farming equipment and machinery such as tractors, tree planters, combine harvesters and the youths know they can have at least one hectare of a farm land with all the farm inputs and machinery to their disposal, they will be attracted to the sector because they will

be encouraged and their productivity would improve with less efforts and in turn, they will be able to make money and even employ more youths into the sector,” he said.

OUTLOOK FOR AGRIC SECTOR

According to Olabanji, there is prospect for agricultural development in the country due to the commitment of the federal government, noting that the sector was hindered in the past by inconsistent policies and lack of political will to implement policies by successive governments, but stated that in the past few years, implementation of policies has been very consistent in areas he named as support to farmers in all the value chain. “You are aware of the Central Bank of Nigeria’s (CBN’s) Anchor Borrowers Programme (ABP) paying attention to key commodities in the agriculture value chain such as rice, wheat, maize and soya beans. There have been notable achievements particularly in the area of rice and we have also made significant impact in the wheat value chain. If our agricultural policies have been very consistent, by now, wheat would have been ranking with rice in terms self-sufficiency,” he said. He stated that given the necessary attention and support by government, the agricultural sector is the best sector to achieve its economic diversification’s drive In his words: “Over 70 per cent of the Nigerian populace is into agriculture. In terms of job creation and poverty alleviation, the agriculture also plays a vital role. Any country that cannot feed itself is a failed state. If not for the intervention of the federal government and Africa Development Bank (AfDB) in agriculture before the Russia-Ukraine crisis, Nigeria would have been begging for food from other countries. We hope that the interventions would be sustained and we are praying that the next government will maintain status quo of making agriculture the bedrock of Nigeria’s economic development.” Also, the National President, Agricultural Produce Sellers Association of Nigeria (APSAN), Mr. Aloys Akortsaha, commended the Minister of Agriculture and Rural Development, Mr. Mohammad Abubakar, for the great strides recorded thus far, but just like Oliver Twist, he wants more development in the nation’s agricultural space. He, however, urged the federal government to rescind its decision on the removal subsidy on fertilizers, adding that since the pronouncement, farmers and agribusiness dealers have been finding it tough to be profitable. “Many farmers cannot afford fertilizers because the price of fertilizer has skyrocketed to unimaginable levels. NPK is also very high and we are aware that the raw materials used in making these farm inputs are being imported especially from Ukraine and Russia and with the war, we expect the prices to be in upward trend. This is a source of concern and we are urging the federal government to reintroduce fertilizer subsidy to alleviate the suffering of farmers in the country.”

T H I S D AY ˾ AY, JANUARY 17, 2023

BUSINESS/MONEYGUIDE

Economist: Don’t Devalue Naira to Close Gap Between Official, Parallel Forex Rates Dike Onwuamaeze An Economist and the Chief Consultant of B. Adedipe Associates Limited (BAA Consult), Dr. Biodun Adedipe, has warned the Central Bank of Nigeria (CBN) against devaluing the Naira to close the gap between the official and parallel foreign exchange rates. Adedipe insisted that “devaluation and rate adjustments will be an unending circle that will make corporations (companies) and households poorer. The enduring solution to the widening gap between the official and roadside rates is pragmatic measures to address structural deficiencies” in the economy. He emphasised that devaluation in Economics is strictly to “make a country’s exports cheaper and not to close the gap between official and parallel markets’ rates.” Adedipe gave this warning last week when he presented a paper as the keynote speaker at “2023 Economic Outlook”

that was organised by the Association of Corporate Tresurers of Nigeria (ACTN), where he projected a positive Gross Domestic Product (GDP) growth of more than 3.19 per cent in 2023 for Nigerian economy due to expansion that would take place in the domestic production capacity in refined petroleum products, rice, consumable goods and automobile. He noted that 2023 would be characterised by restrained growth in the oil and gas sector, softened growth in agriculture, persistent fuel and foreign exchange scarcity and weak fiscal position. Adedipe also forecasted that inflation rate would moderate in 2023 but would still remain at double digit. He told economic agents in Nigeria to “expect 18.2 per cent inflation rate while lending rate will also remain at double digit to respond to the rate of inflation.” The renowned economist said that “we expect the economy to rise over the next six months

on accelerated manufacturing activities” and called for focused export promotions activities that would bring some measure of stability to the Naira in the exchange rate market. According to him, the exchange rates during the year would be at about N480 per US Dollar and N705 per US Dollar at the official and parallel markets respectively. He added that improvements in infrastructure developments across the country as a result of the government’s targeted investments in rail, roads and aviation would begin to impact positively on the cost of doing business in the country. The President and Chairman of Council of ACTN, Ms. Victory Olumuyiwa, in his welcome address said that this is the association’s 7th edition of economic outlook “that is designed to manage information and share perspectives on the outlook for the Nigerian economy concerning the business community as long as the financial markets hoped the 2023 will be.”

SFL Declares 2023 Customer-Centered Year Leading restaurant brand in Nigeria, Sundry Foods Limited (SFL) has stated that its top priority in 2023 is to deliver optimal service to each customer on a personal level. Executive Director, SFL, Mr Nnamdi Opara, while unfolding the 2023 business outlook of the company during a meeting with the management and staff of the company held in PortHarcourt, announced that an enhanced customer satisfaction would form the major focus of his organization’s service offerings this year as part of the continuous improvement policy of the company. “When we started Sundry Foods, we wanted to create a solution to a problem-a gap in the market for quality Nigerian meals prepared and served to international standards. It was not about the food, it was about the

people too,” he said According to a statement by the company signed by Head, Marketing, SFL, Mr Nduka Mokwunye, recognizes the link between a nutritious meal, the complex processes involved in producing it, and its safety in achieving optimal satisfaction of the customer. To this end, SFL, the statement said has outlined a number of actions it plans to take to satisfactorily achieve its 2023 customer-centric target to include; strengthening its customer relations strategy, build on its food safety culture, and engage more with its raw material suppliers. “Food safety and product quality are at the heart of how we do business and achieve our vision. We seek to always exceed our customers’ expectations by providing the highest quality products in surroundings that are clean, attractive, safe and comfortable.

The integrity of our products depends on employees always following food safety practices that comply with our brands’ high standards “Our commitment to food safety stretches back to the production of our raw materials. We maintain strict standards through enforcement of supplier policies and procedures. These procedures are reinforced through in-person training for our suppliers,” the statement said quoting the company’s executive director. On strengthening customer relations, the company said it is open to customer feedbacks, assuring that no complaint would be left untreated because, “we strive to continually improve our practices and processes in line with acceptable best standards and as part of our improvement plans.”

L-R: General Manager, Quick Service Restaurants, Mr Jude Ogbonna; Executive Director, Mr Nnamdi Okpara; General Manager, Lagos & South West Region, Mr Jubril Shoaga and Head of Marketing, Mr Nduka Mokwunye, during the customer-centric strategy session organized by Sundry Foods Limited in PortHarcourt, Rivers State… recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

Minimum Rediscount Rate (MRR)

ISMN Lagos Chapter Inaugurates Onigbanjo, Others as Executives The Lagos Chapter of the Institute of Strategic Management Nigeria has installed new executives to lead the Institute’s operations for the next two years. Deputy General Manager, Lagos State Development and Property Corporation, Mrs. Ajibike Onigbanjo, serves as Chairman of the new executive team. Outgoing Chairman of the Chapter, Mr. Abidemi Onajobi, said during the inauguration and handover ceremony at the weekend that he believes the new executives have what it takes to make the Lagos Chapter of ISMN the flagship chapter. Onajobi praised the new chairman for answering the call to serve the institute and for her contributions to its growth. He encouraged her to view her new duties as an opportunity to make a difference at the institute. Onajobi thanked the Institute’s members for their love and support during his tenure and encouraged them to support the new execu-

tives and remain committed to the Institute’s ideals. He stated that ensuring strategy’s rightful place in public and personal life in Nigeria and Africa should remain a priority through learning. In his lecture titled, “Pressing Toward the Goal,” a former registrar of the institute, Mr. Adeyemi Mapaderun, urged the new executive members to imbibe the values of transparency and accountability, as that would guarantee them a successful tenure. Mapederun also advised the Onigbanjo-led Executive to consolidate on the accomplishments of their predecessors and break new frontiers. Onigbanjo, thanked the institute’s past executives and key stakeholders in her acceptance speech for believing in her ability to lead the chapter to greater heights. Onigbanjo stated that she and her team members are determined to make a significant impact on the

history of ISMN. The new executives, she said, will stay focused on their goals of innovation/integrity, transparency, accountability, and dedication/ durability. She stated that the Institute’s Lagos Chapter will hold its inaugural state chapter conference and dinner in due course, and that several other noble ideas will be communicated to members in the near future. Onigbanjo assured members that the institute’s dealings would be transparent, and that adequate information would be provided to all members at all times. She also stated that the Executives will commit to providing periodic updates on the Chapter’s financial accounts and will hold monthly meetings with members to discuss progress reports. She also expressed the executives’ willingness to build long-lasting, all-encompassing systems that will continue to function after they leave office.

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The price of OPEC basket of thirteen crudes stood at $92.17 a barrel on Monday, compared with $92.09 the previous Friday, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

T H I S D AY ˾ AY, ͯ͵˜ 2023

Olusanya: Nigeria Needs to Implement Effective Tax System, Boost FX Revenue Kayode Tokede The Vice Chairman of the Nigerian Economic Summit Group (NESG), Mr. Omoboyede Olusanya has urged the federal government to implement an effective tax system and increase its foreign exchange revenue from the oil sector in a move to effectively implement its 2023 fiscal budget. Olusanya made this disclosure while speaking

on the 2023 budget when he appeared on Arise TV’s special coverage of the federal government of Nigeria’s 2023 budget presentation themed, “Arise and KPMG: Budget Day.” President Muhammadu Buhari signed the 2023 Appropriation Bill into law following its passage by the National Assembly. The National Assembly increased the aggregate revenue and

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planned expenditure from N9.73 trillion and N20.51 trillion to N10.49 trillion and N21.83 trillion, respectively. This has effectively increased the budgeted fiscal deficit by N560 billion to N11.34 trillion. Olusanya who is also the Group Managing Director/ CEO, of Flour Mills of Nigeria Plc, said the country has a tax problem, urging stakeholders to tread with caution not to hurt those who are already

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in the system. He added that the country cannot over-regulate or overtax at the same time. Olusanya said, “Nigeria has a huge taxation problem. There is no doubt we need to widen and defend the tax system in the country. But we also cannot over-regulate or overtax those who are the system because that in itself becomes a disincentive. He added, “We need to

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create this environment where we widen the tax base. This is because our tax-to-revenue ratio is bad. But we need to be careful not to over-regulate and kill the golden goose that is laying the egg. Olusanya suggested that Nigeria would solve its tax problem by enhancing security around the oil sector to solve the demand-supply issue on the foreign exchange front. He said, “What we are leav-

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ing on the table in terms of foreign exchange, we are not getting from oil that is either stolen or not produced and it is significant enough to make a huge difference to that demand and supply side and will allow us to systematically solve the foreign exchange issue which we need to deal with. “But we need to deal with it in a way that it will not cause any damage to the economy on the other side.”

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NEWS

ATTENTION GENTLEMEN OF THE PRESS... L-R: Director, Special Media Projects/New Media, All Progressives Congress Presidential Campaign Council, Mr. Femi Fani-Kayode; Special Adviser, Media, Communications and Public Aﬀairs, Mr. Dele Alake; Director, Public Aﬀairs and Chief Spokesperson, Mr. Festus Keyamo, and Director, Strategic Communications, Mr. Mohammed Idris, during a world press conference by the party’s Presidential PHOTO: ENOCK REUBEN Campaign Council in Abuja... yesterday

Finance Bill 2022: PwC Analyst Raises Fear of Further Investments Decline Estimates oil companies’ taxes may soar above 80% Says govt sending dangerous signal with additional 20% tax on gas flaring Urges govt to end oil theft, fuel subsidy, prepare NNPC for public listing Peter Uzoho A partner at the PwC in charge of Fiscal Policy and Tax Regulations, Mr. Taiwo Oyedele, has warned that the proposal by the federal government to impose additional taxes on oil and gas companies through the Finance Bill 2022 may push the total taxes payable by companies over 80 per cent. Oyedele also warned that such policy may also lead to further investment decline in the oil and

gas industry, adding that the sudden and arbitrary imposition of additional corporate income tax of 20 per cent on companies flaring gas constitutes policy inconsistency and dangerous signaling of uncertainty to investors. Oyedele, who gave the warnings during a phone chat with THISDAY on the outlook of the oil industry for 2023, however, urged the government to halt the rampant oil theft permanently, discard the wasteful fuel subsidy and prepare

the Nigerian National Petroleum Company Limited (NNPC) for public listing within the next two years. The 2022 Finance Bill, which was recently hurriedly passed by the National Assembly and waiting for the presidential assent, has been generating a lot of backlash from oil industry players and economic policy analysts, who advised the government to review the proposed taxes before its assent and implementation.

Explaining that the Petroleum Industry Act (PIA), enacted after almost 20 years of uncertainties, had kept investments away, the PwC tax policy leader observed that one of the primary objectives of the PIA was to provide policy and regulatory certainty for businesses including applicable fiscal regime. He noted that it was not feasible to eliminate gas flaring overnight, adding, "hence the sudden and arbitrary imposition of additional corporate income tax of 20 per cent

Chief Economists Say Global Recession Likely in 2023 A majority of the World Economic Forum’s (WEF) Community of Chief Economists expect a global recession in 2023, anticipate geopolitical tensions continuing to shape the global economy, and further monetary tightening in the United States and Europe. These were the key findings of the Chief Economists Outlook, launched yesterday, at the ongoing World Economic Forum (WEF) Annual Meeting in Davos-Klosters, Switzerland. Almost two-thirds of chief economists believed a global recession was likely in 2023; of which 18 per cent considered it extremely likely – more than twice as many as in the previous survey conducted in September 2022. A third of respondents considered a global recession to be unlikely this year. According to the WEF report, there was, however, “a strong consensus that the prospects for growth in 2023 are bleak, especially in Europe and the US.” “All of the chief economists surveyed expect weak or very weak growth in 2023 in Europe, while 91 per cent expect weak or very weak growth in the US. This marks a deterioration in recent months (at the time of the last survey, the corresponding figures were 86% for Europe and 64% for the US). “In China, expectations of growth are polarised, with respondents almost evenly split between those who expect weak or strong growth. Recent moves to unwind the country’s highly restrictive zero-COVID policy are expected to deliver a boost

to growth, but it remains to be seen how disruptive the policy shift will be, particularly in terms of its health impacts. “On inflation, the chief economists see significant variation across regions, with the proportion expecting high inflation in 2023, ranging from just five per cent for China to 57 per cent for Europe. “Following a year of sharp and coordinated central bank tightening, the chief economists said they expect the monetary policy stance to remain constant in most of the world this year. “However, a majority expect further tightening in Europe and the US (59% and 55%, respectively). They noted that 2023 is likely to involve a difficult balancing act for policy-makers between tightening too much or too little.” Managing Director at the World Economic Forum, Saadia Zahidi noted that with two-thirds of chief economists expecting a world-wide recession in 2023, the global economy was in a precarious position. “The current high inflation, low growth, high debt and high fragmentation environment reduces incentives for the investments needed to get back to growth and raise living standards for the world’s most vulnerable,” Zahidi added. “Leaders must look beyond today’s crises to invest in food and energy innovation, education and skills development, and in job-creating, high-potential markets of tomorrow. There is no time to lose,” he said. Multiple headwinds were also

expected to exert a drag on business activity in 2023. It noted that nine out of 10 respondents expected both weak demand and high borrowing costs to weight on firms, with more than 60 per cent also pointing to higher input costs. These challenges were expected to lead multinational businesses to cut costs, with many chief economists expecting firms to reduce operational expenses (86%), lay off workers (78%) and optimise

supply chains (77%). More broadly, the chief economists expected the global landscape to remain challenging for businesses – 100% of respondents expect global geopolitical trends to continue redrawing the map of global economic activity along new geopolitical fissures and fault lines. This wider economic shift would likely reverberate through trade, investment, labour and technology flows, creating myriad challenges and opportunities for business.

on companies flaring gas constitutes policy inconsistency and dangerous signalling of uncertainty to investors." Oyedele said, "In addition, government owns the lion share of major oil producing assets and is jointly responsible for making the necessary investments for gas flare-out. Turning around to punish the private sector operators for the failure of both parties will be disingenuous. “The proposed rate could increase the corporate tax rate for some oil companies to over 80 per cent, that is, hydrocarbon tax of 30 per cent, company income tax of 50 per cent and education tax of 2.5 per cent. This will make Nigeria uncompetitive and unable to attract the investments that the country desperately needs." Explaining how government could balance its quest to increase revenue through taxes and also boost foreign direct investment and job creation in the oil sector, the analyst said the most effective way to raise revenue was to stimulate investment in order to increase the size of the pie rather than insisting on squeezing out more from a shrinking pie.

He said government must take decisive steps to halt the rampant oil theft permanently, address the wasteful fuel subsidy, implement the PIA fully and run the NNPC Limited efficiently in preparation for public listing within the next two years. "Clearly, the most important step is to tackle oil theft to a halt. In addition, fuel subsidy needs to go and the Petroleum Industry Act should be fully implemented while the NNPC Ltd should be set on the path towards public listing within the next year or two. "These measures will not only help increase government revenue but also attract investments, create jobs and facilitate inclusive economic growth." he said. However, to encourage more investments for the development of Nigeria's hydrocarbon resources in this time of energy transition pressures against fossil fuel, Oyedele advised the government to be deliberate in implementing relevant policies to attract investment as much as possible, especially into the gas sector, which has been earmarked as Nigeria's transition fuel.

Group Condemns Expulsion of ARISE Cameraman from Tinubu’s NESG Dialogue Adedayo Akinwale in Abuja The Director of Media and Publicity, APC Presidential Campaign Council (PCC), Mr. Bayo Onanuga, had claimed on Twitter that an ARISE cameraman was caught clandestinely live streaming Tinubu’s campaign event without authorisation and had accused him of being, “on espionage mission." But the MRA in a statement issued yesterday by its Programme Director, Mr. Ayode Longe, described the action of the party’s PCC as bizarre, high-handed and a violation of the rights of the media. It added that the APC PCC’s blatant disregard for the rights of a journalist performing a constitutionally-protected function even at a time when the party was seeking to persuade Nigerians to

vote its candidate into the highest office in the land, portends grave dangers for the media should that candidate prevail in the elections. The group described the campaign council's allegation and justification for its unconstitutional action as ridiculous and baffling. Longe expressed outrage at the allegation and the APC-PCC’s justification for its unconstitutional action, describing it as ridiculous and baffling. He said: “What authorisation does the journalist require to perform his professional duty of covering a political campaign event? How can a purely journalistic act by a cameraman from a television station filming a public political campaign event and beaming it live to a public audience be characterized as espionage? Should the cameraman have first made a

public announcement that he is covering the event so as not to be accused of doing so clandestinely?” He added: “We find this particularly bewildering because Mr. Onanuga, who issued the justification and made the accusation of espionage, spent a significant portion of his career as a professional journalist engaged in what came to be known as guerrilla journalism, for which he and the two media outlets, TheNews and Tempo magazines, where he served as an editor, were widely applauded, including by people like Asiwaju Bola Tinubu. It is the worst form of irony that he is now attempting to condemn a journalist engaged in his professional pursuit as having committed a capital offence.” According to Longe, “If this attitude is indicative of the vision of the party or its presidential

candidate on the role of the media in the democratic process, then we shudder to think of what the future holds for journalists and the media community should this attitude and mentality be brought into the highest political office in Nigeria.” He noted that it is the duty of the media to scrutinise and hold accountable public office holders and institutions as well as public figures, including political parties and candidates seeking public office, and to ensure that members of the public have as much information as possible about them, their programmes and their track records in and out of office, adding that the media cannot properly play their role in the electoral process if they are prevented from having access to public events which form part of the process.

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

YOUTHS IN POLITICS... L-R: Leader, Nigerian Youth Coalition, Mr. Oladotun Hassan; APC Young Presidential Campaign Council, Dr. Nicolas Felix; Member, PCC, Mr. Mohammed Awwal; and Representative of the Alaketu of PHOTO: ENOCK REUBEN Ketu Land, Oba Ajibade Adebowale, during a parley for North and South members of the coalition in Abuja... yesterday

Ahead of Elections, Jonathan Warns Politicians against Bitterness, Verbal Attacks Inaugurates bridge constructed by Akwa Ibom govt Okon Bassey in Uyo A former President, Dr. Goodluck Jonathan, yesterday cautioned politicians against generating negative energies and creating bitterness towards the forthcoming general election as it would not bring development to the country. Jonathan gave the warning while inaugurating a 1.15km Afi-Uko Ntighe bridge in Mbo Local Government Area of Akwa Ibom State. The bridge whose construction works started about 74 years ago and now completed and inaugurated, was said to be the forth longest in the country and the longest in the South-south and South-east regions. Inaugurating the bridge, Jonathan noted that there were some level of bitterness exhibited by politicians ahead of the general elections in the country. According to him, politics of bitterness hinders development as he called on politicians to market their politics with ideas, rather than fight, insult and abuse their opponents. "I am a bit worried by the negative energy generated ahead of the 2023 elections. We have noticed a level of bitterness in our politics that does not bring development and I plead with politicians that marketing is about marketing your ideas. Politics is not about fighting, is not insulting, is not about abusing. "We have been reading in the newspapers and social media of how billboards of presidential candidates, governorship candidates are pulled down and I believe by

hoodlums, but sometimes, they say some governments even support those kind of things. "If you are part of the team doing that, then know that you are among the unfortunate miscreants, virus or pathogen that is really decomposing our democracy. Please stop doing that; but in all these, I believe the security services have a lot to do. "I believe anybody who commits a crime should not be covered under politics. Arson is arson and is never status bound, so somebody who commits a crime, burn houses, kill people, the record must be kept, and whatever the investigation is completed, such people should be prosecuted; that is the only way people would stop doing this. "But if people commit criminal offences and walk away, then, of course, other people would be encouraged to do same. So security services in Nigeria have a lot to do, they must not spare any criminal," he asserted. The Etebi-Enwang bridge project, said to have been awarded to a British construction company headed by Mr. Fidelis Cobbs in 1949, had enjoyed massive publicity by the last administration in the state, but was however left uncompleted. Jonathan who was in the state in the company of his wife, Dame Patience Jonathan, said it takes someone with total commitment to improving the lives of the people to embark on a project of such magnitude. The former president lauded Governor Udom Emmanuel for consistently delivering well-structured growth promoting projects in the state, saying the assurance that he would complete his projects before

ATIKU: IT’S TOO RISKY TO HAND OVER NIGERIA TO TINUBU OR OBI the federal level."

APC in Pole Position to Win the Forthcoming Elections, Says Keyamo

While also responding on ARISE NEWS Channel, Keyamo said the APC was in pole position to win the forthcoming elections. Though Keyamo admitted that Obi had made a significant impact in the North-west, he argued that it would be an advantage to the APC, because the LP presidential candidate has been able to appeal to the Christians going by his campaign techniques so far and he would be taking a chunk of votes from the PDP. In the North-west, Keyamo explained that the defection of the former Governor of Kano State,

Rabiu Kwankwaso to the New Nigeria Peoples Party (NNPP) would affect the electoral fortune of the PDP, while the ruling party would maintain its strong hold on the region. In the North-east, Keyamo recalled that in 2019 elections, Atiku had no one to contend with – either presidential or vice presidential candidates, yet he lost four of the six states, adding with Kashim Shettima, the vice presidential candidates of the party from the region, that would pose another problem for the PDP. He said while the APC might not win the South-east and SouthSouth, the South-west was for the ruling party to lose. He concluded that ruling party would win the presidential election.

the end of his tenure, was proof of his commitment to improve the life of the people. "A bridge is very useful to riverine dwellers. That is visionary leadership that gives substantial evidence of well-structured growth promoting leadership. "Your strategic development plans have continued to deliver great dividends to the development of this great state. You have delivered several projects, built many bridges, but this is a flagship project. "It takes someone with total commitment to improving the lives of the people to embark on this. Your projects have direct impacts on the lives of the people in remarkable ways. Your award as Governor with best economic blueprint was befitting. "This is the third time I am coming to Akwa Ibom to commission

a project. This must be one of the longest bridges in West Africa. Let me also commend the people of this community for cooperating with the construction team. "You build both economic, human and social bridges. People like you are the stars and heroes of our democracy. You work hard to ensure that democracy produces good fruits for the people, we need more people like you," he said The former President of Nigeria tasked whoever would emerge next governor of the state to effectively follow the footprints of Emmanuel. Addressing the gathering, Emmanuel said the completion of the bridge was in fulfillment of his electioneering promise to open up riverine communities in state. The governor returned all glory to God for the enablement to impact on the lives of people and communities across the 31

local government areas of the state. He thanked members of the community for the support shown throughout the duration of the construction and assured Akwa Ibom people that no amount of blackmail would distract him from his avowed commitment to continue to drive the state in a path of rapid industrial growth. Explaining components of the bridge, the Commissioner, Ministry of Works and Fire Service, Akwa Ibom State, Prof. Eno Ibanga said the bridge is 1.15km, longest in South-south, longest ever commissioned by any state government in the country and sits on 212 piles with a minimum depth of 30meters, segmented into 52 spans of 22.5m each and the spans sit on 408 precast beams, with an impressive lifespan. On his part, the Managing Director of AMITEC Construction

Company, Aiman Saimua, said the company was awarded the project four years ago, but the COVID-19 pandemic caused a delay in the project which was completed two weeks behind schedule. Saimua commended Emmanuel for providing the funds required for the project and the community for their support, saying without it, they would not have been able to complete the project. The Secretary to the State Government, Dr. Emmanuel Ekuwem, in his welcome remarks, said the bridge has created a major gateway for industrial revolution in the state. "The bridge will enable Ibom industrial city to be approached, Ibom solution hub, Forward Operation Base, Dakada Global Oil. This is a part of the rapid industrialisation agenda of the governor," he said.

You're Manipulating PVC Collection Process in Lagos, PDP Accuses APC Segun James Lagos State chapter of the Peoples Democratic Party (PDP) has accused the All Progressives Congress (APC) of conniving with officials of the Independent National Electoral Commission (INEC) to manipulate the collection of Permanent Voters’ Cards (PVCs) in the state. Making the allegation, the state Publicity Secretary of the PDP, Mr. Hakeem Amode, said the party found it imperative to call the attention of President Muhammadu Buhari, INEC Chairman, Prof. Mahmood Yakubu, the Inspector General of Police, Usman Baba, and the public to what was going on, saying the manipulation had reached a proportion where it was being aided by

the state government apparatus. Briefing the press on the development, Amode said: "We are aware of the ruling APC government officials using their position, to collect voters’ information and requesting the submission of photocopies of PVCs as a prerequisite for work permits, in transport parks, and trading in the markets. "We view these directives and actions as hoodwinking and an attempt by the ruling APC government to manipulate the 2023 election ahead." He stated that in consonance with the promise of President Buhari to deliver a credible election which he said was demonstrated in Ekiti and Osun States’ gubernatorial elections, the party wants him to replicate same in the forthcoming general

election. "We are using this opportunity, to call the attention of the President, the Chairman of INEC and the Inspector General of Police to the voter's manipulation anomalies currently going on in Lagos State. "Recently, we got a report that some unscrupulous INEC staff are colluding with members of the ruling party in the state to deny some groups of people access to collect of their PVCs. “One Mr. Muyiwa Mojeed Yusuf, the INEC head of ICT in Lagos was alleged to have connived with the APC to clone the faces of voters through his privileged access to the PVCs. “We were also informed that a staff of INEC in the Ojo area, one

Miss Balogun. A. Olasunbo (Ojelabi) allegedly married to the State Chairman of Lagos APC, Mr. Cornelius Ojelabi, who is using her position to manipulate the distribution and collection of PVCs. “"We are currently investigating the report and we would appreciate your distinguished eagle eye to assist us in conducting an investigative assessment of our claim," he alleged. The party stated that the campaign of its candidates have suffered several onslaughts from the government in power in the state, and that the party has remained resolute in mobilising the grassroots voters who are directly affected and have endured the harassment, intimidation, and high handedness that is synonymous with this administration.

Edo Steps Up Campaign against Lassa Fever, Rallies Patent Medicine Dealers The Edo State Government is stepping up the campaign to curb the spread of Lassa fever in the state, rallying the support and collaboration of all stakeholders to contain the disease and protect citizens across all Edo communities. The government, through the State’s Ministry of Health, took the sensitisation campaign to Edo Central and Edo North Senatorial Districts, meeting with patient medicine dealers in the senatorial districts so as to complement the government’s efforts at containing

the disease. On the delegation for the sensitisation campaign were the Incident Manager, Ministry of Health, Dr. Ekaete Tobi, State Director of Public Health, Dr. Stephenson Ojeifoh and Director of Pharmacy Services, Ministry of Health, Pharm. Mrs. Osa-Afe Tivere, among others. The sensitisation, according to a statement which quoted Edo State Commissioner for Health, Prof. Obehi Akoria, was aimed at forestalling a further spread

of the virus to other parts of the state, noting that Edo North and Edo Central Senatorial Districts account for over 95 percent of the 40 confirmed cases in the state. Akoria said, “The Governor Godwin Obaseki-led state government remains committed to the health and wellbeing of all residents and is taking necessary steps, including improving surveillance and sensitization, among others to contain Lassa fever and protect Edo people. “The Edo State Public Health

Emergency Operation Centre for Lassa fever has been activated since January 5, 2023, even as we have continued to rally stakeholders in the state, especially in Edo Central and Edo North where we have most confirmed cases of the virus. “The two senatorial districts account for about 99 percent of all confirmed cases in the state as we recently confirmed one case in Ovia North East local council, which is the only Lassa fever case recorded in Edo South Senatorial District.”

TUESDAY, ͹Ϳ˜ ͺ͸ͺͻ ˾ T H I S D AY

NEWS

ELECTIONEERING... L-R: Ogun State Deputy Governor, Noimot Salako-Oyedele; All Progressives Congress' House of Assembly candidate for Odogbolu State Constituency, Tinuke Bello; and Governor Dapo Abiodun at the campaign rally at Leguru on the outskirts of Ijebu-Ode…yesterday

Report: Richest 1% Hold Nearly Twice as Much Wealth as Rest of the World Put Together The world’s richest one per cent hold nearly two-thirds of all new wealth worth $42 trillion created since 2020, almost twice as much money as the bottom 99 percent of the world’s population, a new report released by Oxfam revealed yesterday. Oxfam is a global movement of people who are fighting inequality to end poverty and injustice across the world. During the past decade, the richest one per cent had captured around half of all new wealth, the report disclosed. The report titled: ‘Survival of the Richest,’ was published on the opening day of the World Economic

Forum in Davos, Switzerland. The Executive Director of Oxfam International, Gabriela Bucher said: “While ordinary people are making daily sacrifices on essentials like food, the super-rich have outdone even their wildest dreams. Just two years in, this decade is shaping up to be the best yet for billionaires —a roaring ‘20s boom for the world’s richest. “Taxing the super-rich and big corporations is the door out of today’s overlapping crises. It’s time we demolish the convenient myth that tax cuts for the richest result in their wealth somehow ‘trickling down’ to everyone else. Forty years of tax cuts for the super-rich have shown that a rising tide doesn’t lift

all ships —just the superyachts.” Billionaires have seen extraordinary increases in their wealth. During the pandemic and cost-of-living crisis years since 2020, $26 trillion (63 percent) of all new wealth was captured by the richest 1 percent, while $16 trillion (37 percent) went to the rest of the world put together. It stated that a billionaire gained roughly $1.7 million for every $1 of new global wealth earned by a person in the bottom 90 per cent. According to the report, billionaire fortunes have increased by $2.7 billion a day. This, it stated came on top of a decade of historic gains —the number and wealth of billionaires having

doubled over the last ten years. “Billionaire wealth surged in 2022 with rapidly rising food and energy profits. The report shows that 95 food and energy corporations have more than doubled their profits in 2022. “They made $306 billion in windfall profits, and paid out $257 billion (84 percent) of that to rich shareholders. The Walton dynasty, which owns half of Walmart, received $8.5 billion over the last year. “Indian billionaire Gautam Adani, owner of major energy corporations, has seen this wealth soar by $42 billion (46 percent) in 2022 alone. Excess corporate profits have driven at least half of inflation in Australia, the US and the UK.

Tinubu Meets with APC Election Planning, Monitoring Teams Urges them to be vigilant during election Adedayo Akinwale in Abuja Ahead of the February 25 presidential election, the presidential candidate of the All Progressives Congress (APC), Senator Bola Tinubu, has met with the party’s election planning and monitoring teams. Addressing the party volunteers during the Train-the-Trainer session yesterday in Abuja, Tinubu appreciated their efforts in agreeing to work for the party’s success in all the elections. Present at the event were the party's National Chairman, Senator Abdullahi Adamu, Director-General of the campaign and Plateau State Governor, Simon Lalong, Kaduna State Governor Nasir el-Rufai, Minister of Works and Housing, Babatunde Raji Fashola and many other chieftains of the party. The APC presidential candidate in a statement issued yesterday by his media office and signed by Tunde Rahman, urged the election monitors to be vigilant and do their best to ensure that the party’s votes across the country are secured to bring victory for all the candidates contesting in various elections Tinubu noted that the party’s success greatly rests on their commitment to the assignment given to them. He said: “The work you are doing is essential to victory. We cannot win without your contributions.

Victory rests on you all as much as it rests on our party’s candidates themselves. And when I say this, I include myself in that statement. This is how important I see your work,” he said. “I know there will be challenges and our opponents will lay traps in hopes that you fail. You must stand firm and remain vigilant. "Tens of millions of people believe in our great party. They have put their trust in us and will cast their ballots for us in each and every election at the national and state levels. “We must ensure the trust of the people is not betrayed. How? By ensuring that every vote in our favour counts, is counted and recorded. We must protect every vote. “We have 28 governorship candidates, 109 senatorial candidates, 360 house of representative’s candidates and 988 state assembly candidates, all of whom have put their trust in you. I too have deposited my trust in you as your presidential candidate. We rely on you to make sure that those who oppose our party, our candidates and our progressive ways do not skew the election." Tinubu stressed that he seeks to govern the country because he is well-prepared to lead the nation to its best destiny. He added that he has the track record, good and excellent policies

and plans better than those of his opponents. He said: “I also have the tenacity to see them through. I am determined to renew the hope of Nigerians – but the first step must be that the will of the people prevails. So please, I urge you, ‘Be vigilant in your upcoming roles and

responsibilities so that the people’s sovereign will might prevail.’ “Be alert and maintain a keen eye for detail. Protect our votes. Do not leave your duty posts – whether that be the polling units or the collation centre. Be present, be on guard and beware of all unscrupulous elements.”

“At the same time, at least 1.7 billion workers now live in countries where inflation is outpacing wages, and over 820 million people —roughly one in ten people on earth— are going hungry. Women and girls often eat least and last, and make up nearly 60 per cent of the world’s hungry population. “The World Bank says we are likely seeing the biggest increase in global inequality and poverty since WW2. Entire countries are facing bankruptcy, with the poorest countries now spending four times more repaying debts to rich creditors than on healthcare. “Three-quarters of the world’s governments are planning austeritydriven public sector spending cuts —including on healthcare and education— by $7.8 trillion over the next five years,” it stated. Oxfam also called for a systemic and wide-ranging increase in taxation of the super-rich to claw back crisis gains driven by public money and profiteering. It pointed out that decades of tax cuts for the richest and corporations had fueled inequality, with the poorest people in many countries paying higher tax rates than billionaires. “Elon Musk, one of the world’s richest men, paid a “true tax rate” of about three per cent between 2014 and 2018. Aber Christine, a flour vendor in Uganda, makes $80 a month and pays a tax rate

of 40 percent. “Worldwide, only four cents in every tax dollar now comes from taxes on wealth. Half of the world’s billionaires live in countries with no inheritance tax for direct descendants. They will pass on a $5 trillion tax-free treasure chest to their heirs, more than the GDP of Africa, which will drive a future generation of aristocratic elites. “Rich people’s income is mostly unearned, derived from returns on their assets, yet it is taxed on average at 18 percent, just over half as much as the average top tax rate on wages and salaries,” it added. The report showed that taxes on the wealthiest used to be much higher, adding that over the last 40 years, governments across Africa, Asia, Europe, and the Americas have slashed the income tax rates on the richest. “At the same time, they have upped taxes on goods and services, which fall disproportionately on the poorest people and exacerbate gender inequality. In the years after WW2, the top US federal income tax rate remained above 90 percent and averaged 81 percent between 1944 and 1981. “Similar levels of tax in other rich countries existed during some of the most successful years of their economic development and played a key role in expanding access to public services like education and healthcare,” it added.

You are Architect of Your Ordeal, Imo Govt Tells Ugochinyere Amby Uneze in Owerri The Imo State Government has denied any immediate or remote involvement in the alleged burning of houses and vehicles belonging to the spokesman of the Coalition of United Political Parties (CUPP), Ikenga Imo Ugochinyere. It said Ugochinyere was so inconsequential with microscopic importance in the political firmament of the state to warrant any attention, talkless of torching his house. In a statement in Owerri yesterday, the State Commissioner for Information and Strategy, Hon. Declan Emelumba, noted that Ugochinyere did not pose any threat to the government, nor does he have any capacity to do so, to warrant any form of attention. "At any rate, His Excellency, Senator Hope Uzodimma, the

Executive Governor of Imo state has been in politics for more than 40 years and has never been linked to any kind of violence," Emelumba submitted. He said it, “was unfortunate and pathetic that in his quest for attention, Ugochinyere does not hesitate to drag the state government into his habitual, messy, tissue of lies.” According to the Commissioner, “Ugochinyere is queer and perverted in every sense of the word, resulting in a manifest, lifelong cantankerous conduct that has defined his infantile political adventure for long. “Naturally, he picks enemies the way magnet picks pin and therefore should look inward to know where his problem emanated.” He added: "A man who is at loggerhead with his party national chairman, a man who is working with anti-democratic forces to cancel

the upcoming elections and a man at loggerhead with some of his kinsmen should know when nemesis is after him and stop crying wolf. His ordeal is certainly not from Imo State government." Emelumba regretted that, “Ugochinyere has become notorious in levelling spurious allegations against Governor Hope Uzodimma, all in the name of attracting undue national attention.” He however expressed satisfaction that, “none of all the allegations made by the self-acclaimed opposition spokesman against Uzodimma had ever been proven to be true.” "From the so-called Omuma voters register magic to all his insults on the Governor and the current one, all of them are mere falsehood aimed at attracting undue attention to himself," the government added. The commissioner noted that

Ugochinyere lived a life of falsehood and violence, “the reason he is always afraid of his shadows.” He said it was curious that PDP had, “found its voice to condemn the latest act of violence in the state because their member is involved.” He noted that from the burning of the governor's country home to the recent attack on former Governor Ikedi Ohakim, PDP never deemed it fit to condemn the security breaches in the state. Emelumba said: “While he has refused to believe that an obviously demented mind and attention seeker can stage-manage the burning of his property just to attract attention to himself and call the government a bad name, it still remains a possibility.” He, therefore, called on security agencies to investigate the action with a view to establishing the culprits.

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NEWS

BE FAIR AND JUST TO ALL… Acting Chief Judge of Bayelsa State, Justice Matilda Abrakasa Ayemieye (left), being congratulated by Governor Douye Diri, after her swearing-in inside the Executive Council Chambers in Government House, Yenagoa...yesterday

RMAFC Begins Process to Review Revenue Sharing Formula for States, LGs ALGON seeks increased allocation, representation at FAAC States with more responsibilities should get additional resources, says FAAC chair James Emejo in Abuja The Chairman, Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Mr. Mohammed Bello Shehu, yesterday said the commission has commenced the process of reviewing the horizontal revenue allocation formula for sharing of federation account revenues between states and local government councils in line with the principles, factors, and proxies stated in the constitution. Speaking at the opening of a tooling programme to enlighten official of the states and local government councils on data generation and management, Shehu also said the commission had already concluded the vertical revenue allocation formula used in sharing FAAC revenue among the federal, states, local governments. He said the report had since been submitted to President Muhammadu Buhari for consideration and onward transmission to the National Assembly for enactment into law. But he declined to disclose the details of the report which he said Buhari was still awaiting the outcome of the ongoing constructional amendments as initiated by the National Assembly. The workshop also serves to educate the stakeholders on the rollout of the commission’s propri-

etary software for the collection of data on the indices to be used for the horizontal revenue allocation formula for the country. This came as the National President, Association of Local Governments of Nigeria (ALGON), Hon. Kolade Alabi, said the RMAFC has a role to play in rescuing the local councils from extinction. He said the commission must monitor direct disbursements to local governments as well as ensure that such funds get to the latter’s accounts. Represented at the occasion by ALGON Deputy National President, Mr. Aminu Maifata, Alabi also called on the commission to increase revenue allocations to the grassroots. He also stressed the need to have ALGON represented in FAAC in the interest of fairness to the body. This came as the Benue State Commissioner for Finance/ Chairman, Federation Account Allocation Committee (FAAC), Mr. David Olofu, also sought increased revenue allocation to the sub-national governments, stressing that states with additional responsibilities should have more resources to work with. While tasking the commission to ensure that the vertical review was pursued to a logical conclusion, Olofu noted that with increased

funding, the states can better address issues in their jurisdictions. Shehu, however, pointed out that there was an attempt to review the existing horizontal indices in use in 2018 but the indices could not be implemented due to some observed anomalies. He said, “In the spirit of fairness, equity, and justice, which is the hallmark of the commission, a

sensitisation and advocacy exercise to the 36 States of the Federation and the FCT to explain the reasons why the 2018 exercise could not be implemented was carried out from September 1 to October 6, 2020. “It was in the course of the exercise that stakeholders observed that one of the reasons for the anomalies was the lack of proper understanding of the commission's

There is anxiety in Ebonyi State following the delisting of People’s Democratic Party (PDP) candidates by the Independent National Electoral Commission (INEC) from the governorship and National Assembly elections. A check on INEC’s website shows the governorship and deputy governorship candidates of the party, Ifeanyi Odi and Senator Igwe Nwagu were conspicuously missing from the updated list. The three senatorial candidates of the party, Senator Sam Egwu (Ebonyi North); Lazy Ogbe (Ebonyi Central) and Senator Ama Nnachi(Ebonyi South) were also missing from the list.

Five out of the six House of Representative candidates were also not included in the updated list. Those whose names were missing are Idu Igariwey (Afikpo North/South); Jerry Obasi (Ohaozara/Onicha/Ivo); Ogbonnia Nwanne (Ikwo/ Ezza South); Chukwuma Ofoke (Abakaliki/Izzi), and Victor Aleke (Ebonyi/Ohaukwu). In the updated list, INEC listed Mr Emmanuel Nwoke as the candidate of PDP for Íshíelu/ Ezza North constituency in place of Mr. Obinna Nwachukwu who was listed as the candidate in the previous list released in September. According to Premium Times, the commission listed one Henry Udeh as the senatorial candidate of

(FAAC) plenary.” The RMAFC boss added that the officials would be trained on the intricacies and technicalities involved in data gathering and management relating to the proxies and factors used on the horizontal revenue allocation formula template to make data access for the purpose of the horizontal formula review easy and seamless.

Police Witness Tells Court How ASP Vandi Murdered Raheem

Never again will matters like this be swept under carpet, Says NBA president

Wale Igbintade A prosecution witness, Inspector, Matthew Ahmen, yesterday told a Lagos State High Court sitting at the Tafawa Balewa Square how his team leader, ASP Drambi Vandi, allegedly killed female lawyer Bolanle Raheem while enforcing a stop-and-search in Ajah area of Lagos State. The witness in his testimony before Justice Ibironke Harrison, stated that he was enlisted into the Police Force in 2001. According to him, during the Stop-and-Search exercise, Vandi who was the team leader was behind while he was in the middle, and another colleague, Inspector Dimini, was in the front when the incident occurred.

According to him, when Dimini saw a car coming, he flagged it down but the car refused to stop, and when the car got to where he was standing, he also flagged the car down, but again the car did not stop. He said, “The next thing I heard was a gunshot and I looked back to see what was happening and I saw that a windscreen was falling. The next thing I saw again was a dark woman who jumped down from the vehicle and I heard her saying that ‘Oga you have killed my sister. The woman held him (Vandi) and before I and Dimini could get to them, they had entered the car, locked it, and left.” The witness said that the Divisional Police Officer at Ajah police station had earlier addressed them

Anxiety in Ebonyi as INEC Delists Ebonyi PDP Governorship, N’Assembly Candidates Benjamin Nworie in Abakaliki

requirements on credible data generation and management. “Consequently, the issue was discussed at the RMAFC plenary where members agreed that the tooling programme was necessary and should be organised to enlighten stakeholders. The need for the programme was also discussed and agreed at the Federation Allocation Account Committee

the Labour Party (LP) for Ebonyi South instead of Mr. Linus Okorie who emerged in a run-off primary conducted late last year. The amended list was signed by Secretary of INEC, Rose OriaranAnthony Vidvertoand published on the commission’s website. The commission explained that the updated list was pursuant to various court orders which the commission was bound to abide by. It said: “The commission published the final list of candidates for presidential, senatorial and House of Representatives elections on 20th September, 2022 and governorship and state House of Assembly elections on 4th October, 2022 in accordance

with the provisions of Section 32 of the Electoral Act, 2022 and the Timetable and Schedule of Activities for the 2023 general election”, the statement accompanying the new list explained. INEC noted that “after the said publication, the commission was served Orders of Court in respect of the nomination of candidates for governorship, senatorial, House of Representatives and State House of Assembly elections” “It is worthy of note that the list of candidates was amended in Amendment No. 1 published on the commission’s website on 3rd November, 2022 pursuant to Court Orders and Death” Continues online

that morning saying that as they go out, their duty was to protect life and property. He said the DPO, told them that on no account should anyone use firearm, except someone was in danger or their lives was being threatened. The witness who said he was transferred from Federal Capital Territory, Abuja, to Lagos in 2018, and was then transferred in April 2019, to Ajah Police Division, stated that they resumed duty at Ajah under bridge at 9am. Ahmen stated that he and his other colleague, Dimini went back to the station after the car had left with the defendant. He said, "Vandi entered the same vehicle and they drove him away, we did not know where they went to. While we were at the station, we saw that the DPO brought ASP Vandi to the station with the police patrol vehicle." When asked the time the incident occurred, he said that it was around 1pm, and that the car the deceased was driving was a Toyota car that had no plate number. Asked if he could identify the car, and how many people were in the car, he said, "Yes, I know the car, I saw people in the car, but I don't know how many people were in the car because the car did not stop.” The witness told the court that there was no threat to the life of any of the Police officers before and during the incident. He said "After we got to the office the DPO, asked us to make statement and the three of bus wrote our statements and the next day on December 26, we were moved to the State Command and when we got there, the Assistant Commissioner of Police interviewed us and asked the three of us to make

statement, which we did, that's all what I know." Asked during cross examination by the defence counsel Adetokunbo Oduntola, that he said he heard some sound during his testimony, the witness said, "I said I heard gun shot in my statement." Asked if the gun shot he heard was in front, he said it was behind. Earlier the Defendant was arraigned on a one-count charge of murder preferred against him by the Lagos state government. He was accused of killing a seven month pregnant lawyer, Omobolanle Raheem on December 25, 2022. However, the defendant pleaded not guilty to the charge against him. Consequently, the AG, told the court that he had two witnesses in court and they were ready for trial. Trial commenced immediately and inspector Ahmen was called as the first prosecution witness. Vandi, attached to the Ajiwe Police Station in Ajah, Lagos State, allegedly shot Raheem while she was returning from an outing with her family members on Christmas Day. He was arrested and brought before Chief Magistrate Adeola Adedayo of the Yaba Magistrate court on December 30, 2022, a day after the Police Service Commission approved his suspension. At about 8: 48am, the Nigerian Bar Association (NBA) President, Mr. Yakubu Maikyau, and some of his members as well as the chairman of the Lagos Island NBA branch stomped the court for the arraignment of Vandi. When the case was called at 9:15am, but the prosecution counsel Onigbajo and the defence counsel were not around which made the court to stand down the case. Continues online

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BACK PAGE CONTINUATION GEORGE OBIOZOR, THE ENIGMA, GOES HOME imagined and real apogee of his existence. An astute thinker and a dynamic political scientist, he developed and maintained the most vibrant platform in all facets of his life’s endeavours with ultimate techniques and ambivalence. A world-class expert in international affairs, and a renowned author of many books and journals, George was one of the best and brightest that our world has ever seen and cherished. George Obiozor was a National Hero. From serving at various levels in government; adviser to Presidents, Director-General of The Nigerian Institute of International Affairs, Ambassador to various countries, and a dedicated contributor to the dynamic discourse of our country’s politics, social and economic affairs, he excelled. He helped to formulate and sustain the fundamental questions of our existence, providing us with an understanding of ourselves and the society in which we live. George served our country well from all levels of endeavor; local, community, regional, national and international. In so doing, he deployed his talent which hit targets no one else could hit, and used his unalloyed genius that hit targets that no one else could see. This man was able to escape our country’s many distractions that tug us from all angles, but transcended into a world of pure contemplation. His ability to use these talents, marked George Obiozor out as true genius as these values shaped, sustained and guided him throughout his extraordinary career. In George I found a man filled with wisdom, confidence, self-assurance, awareness and courage (although he often referred to himself as “a courageous coward”). In him I found out that a man’s wealth is in his knowledge; in his profound knowledge of love, self, humility and wisdom. George was tried, he was tested, and throughout these periods, I never saw him loose strength or loose faith in life, in his friends, his people and his country. Every step of the way, he had patience, he had endurance, perseverance and courage setting out on a journey of love, seeking truth, justice, equity, peace and understanding. George and I collaborated and engaged in so many national and international affairs that to mention each one of them will take volumes. The one affair that stood out in the history of Nigerian politics was when we worked together at the 2014 National Conference – a gathering of Nigerians inaugurated by former President Goodluck Jonathan with a mandate to find a lasting solution to resolving issues of national importance. For several months, George and I participated in this Conference with both of us leading a brilliant team of Igbo intelligentsia fashioning out the much touted Igbo position of restructuring that formed the intellectual bedrock of our delegates submission to the government. Our combined intrinsic knowledge of Political Science, and our commitment were valuable assets to our deliberations at the National Conference. Needless to say, that George showcased an unparalleled academic and intellectual clarity with scholarly articulation and insight. Then, one sunny afternoon George rang me up and in that familiar voice of his roared into the receiver: “Anueyiagu, where are you,

Late George Obiozor are you at home”? Before I could say yes, the ever-bubbling George announce that he was on his way to my Ikoyi home. Upon arrival, he did not allow me a moment to offer him any refreshment as he went straight to the point of his visit. He appeared anxious and a bit apprehensive; demeanors that he hardly exhibited. “I want to be the President General of Ohaneze, I want to lead the Igbo, … I want to save and serve our people…” he told me in a now subdued voice. He glanced around as if he was making sure that there was no one with us, and we were alone. He continued: “You are the first person I am speaking to about this… even Grace does not know about my decision … I need your approval and support”. I was lost for words and needed time to ponder and digest this heavy stuff that my brother dropped on me. I called for drinks and some well-marinated fried ram meat. George proceeded for hours to lecture me on why he was the right fit for the position. He told me that he would use his well-known diplomatic experience, and his national and international network of contacts to serve the Igbo well, and

that the Igbo needed him at this time to improve our relationship with other Nigerian groups. I said nothing, but continued to listen to our country’s number one diplomat trying to convince me and enlist my approval and support. George persisted, and when I noticed that he had become rather emphatic with a bead or two of sweat dancing on his forehead, I asked him to give me time to think about this project. That was not about to happen, as he continued to release his verbal manifestos. He told me that his regime will promote and advance Igbo ideas and ideals and will ensure the protection of all that we hold dear. As if he sensed that I was not clearly capturing his drift, George stood up, and like an orator on a political podium thundered: “My friend, I have the capacity and experience to execute these specific Igbo roles and agenda… I understand the political trajectories and nuances of our people and I know God’s hands is in our struggles … support me, and we will deliver the Igbo from this bondage…, I want an Igbo to be president of this country and we have the capacity to deliver this dream… I will make sure we get what we deserve”. George was a strategist. He wanted to capture me, because as he said, I had the ears of some other important Igbo. He wanted me to speak to Professor Joe Irukwu, Chief Emeka Anyoku, Commodore Ebitu Ukiwe, General Ike Nwachukwu, Dr. Walter Ofonagoro, Alhaji Abdulaziz Ude, Senator Ben Ndi Obi, Chief Sonny Odogwu, The Obi of Onitsha, Igwe Alfred Achebe, Admiral Ndubisi Kanu, and some other prominent Igbo citizens, about his ambition, and get them onboard. Instantly, I told George that I didn’t think it was the right decision for him to aspire to this position. Not because he lacked the wisdom of leadership, but because I doubted if he had the stomach to bear the brunt of the murkiness of Igbo domestic wahala. Besides, I insisted that the rigors of this job was becoming rather excruciating. Within space and time, George became the head of Ohaneze, and with it making all the difference leading to a more relevant fluid and propulsive regime and experience. He chose to do things his way without wanting to turn his regime into anything formulaic or predictable. He became a good leader and began to move the Igbo agenda forward. A man’s character and status can tell us a huge amount about the people around him. George was like a great tree that can do many things. It can sanctify or nurture, expose or protect, become a strong impenetrable shelter, be warm, cool and welcoming. George had the reputation of an Iroko tree; strong, everlasting and can see from afar. His sight was visionary. Examples of this man’s wisdom and foresight are many, but I must not hesitate to give one that concerned me personally. I once gave a Lecture to an audience and thereafter received standing ovation that lasted longer than usual. George who was in the audience pulled me aside after the Lecture, and in his usual candid but disarmingly soft manner, said to me: “Anueyiagu, you are so brilliant, so fortunate to have all the gifts that one can desire from God… this your

God is a very partial one ooo. But listen, don’t let anyone know that you are brilliant… that you have brain… hide it… the more they think that you’re a mumu, the better …” That incredible admonition by George Obiozor, which in essence loosely translated to mean that pride goes before a fall, and that humility is the antidote to the fall that is the shame of the prideful, has been my guiding light. This undoubtedly, is the raison d’etre of everything I have attempted to be in life today. In October of 2022, two months before George died, he came over to see me. This time in a premonitional way, told me that he was planning a Lecture on the history of our country’s nationalism. He had chosen a Lecturer, the erudite professor of history, Jide Osuntokun. Now, he needed a title for the Lecture and I readily provided one; “There was a Country”. George shook his head, laughed heartily, and said that I was too radical. He wanted me to plan this Lecture and serve as a Moderator. I did all he wanted and we had what in my opinion, I considered to be the most successful and consequential public lecture in the history of our country’s political affairs. It was indeed, a befitting send off for George Obiozor at the Nigerian Institute of International Affairs, an institute that he once headed. I have written my fair share about relations and friends who have died, about our fears of death, and also about my hatred of death itself. When George died, I began to once again ask myself how do I know that in hating death and its fetish breath, I am not like people who got lost in their early childhood and did not know their way home? And I thought about the anxieties and stress that death cause us. Since we humans don’t know much about death, why do we fear it so much? To me, with my knowledge of philosophy, I think that we need not fear or hate death, because as it appears to disrupt our natural state of tranquility, its ultimate destinations are unknown. Why do we fear, hate and worry about what is ultimately real, what awaits us after death, or other insoluble puzzles or uncertainties? My belief, which I have tried to substitute for my hatred for death, is that by relinquishing such fruitless fear and hatred, I, and possibly others, can find and achieve happiness while alive. These fundamental philosophical questions and approach were issues that George and I dwelt on, and they changed, inspired and explored so many aspects of life for me.

has a programme that the international community can buy into? Does the platform confer legitimacy of any sort? It beggars the question whether that is what the Nigerian electorate needs. There is one more point: the idea of Chatham House as a tourist centre by our political leaders and their aides is most unfortunate. For more than 100 years, it has been seen as a centre for rigorous thinking, and yet Nigerian leaders go there to say mundane things and their aides make a song and dance out of that. Let us stop disgracing ourselves and keep our mundane chatter among ourselves. Nobody gets a certificate or extra votes for going to Chatham House. It is ironic that the same politicians that do not want to attend debates at home are ever ready to be seen in foreign capitals. They can only have that global recognition that they seek when after winning the election, they then put up such performance that would recommend them for global acclaim. In the weeks leading to the 2023 Nigerian elections, Nigerians deserve to see their Presidential candidates engage each other in debates. Some of the candidates have opted for stage-managed town hall meetings of their own where they and their aides set all the questions and provide the answers that they consider most convenient. It is true that presidential debates are not a Constitutional requirement but they have evolved over time as a means of assessing the candidate’s level of preparedness, capacity in comparison with other candidates, and the creation of a level playing field for the electorate to make an informed choice. The kind of charade that is going on in the name of rallies and self-promoting town hall meetings is akin to a situation where a job seeker insists on setting the criteria by himself, for himself and on his own terms. In a country of over 200 million people, this amounts to an act of contempt and disrespect. We must begin to modify the campaign system. Rallies are at best carnivals, the risks involved are too high. Years back, a wise politician told me that based on his experience,

he had deduced that six months to a Presidential election in Nigeria, it was always possible to predict the outcome. This time around, all the wise men are uncertain about the future, which makes this 2023 election, one of the strangest that has been held in this country since the return to democracy in 1999. What is certain is the resilience of the same centrifugal forces that have held the country down. Those who want to behead existing gods and hegemonies of Nigerian politics may well discover that the elections may be determined in a familiar fashion: Yoruba people will vote for a Yoruba candidate, Fulanis will vote for Fulani, Muslims will vote for Muslims, Christians will support their fellow Christians, and most ironically, women who constitute a dominant percentage (about 47.5%) of the voting population will vote for men. The swing factor may well be the youths of Nigeria, who represent 39.65% of voters between the ages of 18 and 34, out of a total of 93.4 million registered voters. But will the youths of Nigeria get their voter’s cards despite the extension of the collection of PVCs by one week till January 29? Would the youths of Nigeria be able to vote in parts of the country where violence is so rife that even the security agencies appear helpless? INEC continues to affirm that the elections will be held without hitches, “come rain, come shine.” What is the basis of that optimism, even as INEC offices remain under assault, the most recent being the attack on INEC’s Area Office in Enugu South Local Government Area? It would be a great shame indeed and most disappointing if the agents of retrogression are allowed to hijack the 2023 elections. The main challenge is here at home, not on the streets of London. And to all the political gladiators: there is an urgent need to focus more on the issues, rather than engaging in mud-slinging, polluting and fouling the environment. The ongoing politics of hate would make healing and reconciliation difficult when the election is won and lost. Nigeria cannot afford that.

George Is Gone. George Obiozor the enigmatic genius will be deeply missed, but his Spirit, his Soul and his entire being will live on through the exceptional body of his work and the legacy of his existence. I feel very lucky and fortunate to have known this man. But of all the means which are procured by wisdom to ensure HAPPINESS throughout the whole of life, by far the most important is the acquisition of FRIENDS. George Was A Real Friend Good Bye Brother Dr. Okey Anueyiagu A Political Economist Writes from Ikoyi Lagos

T H E C H AT H A M H O U S E E F F E CT party attire that Nigerians call “aso ebi!” As an Institute of International Affairs, Chatham House can easily justify its current focus on political developments in Nigeria: Africa’s most populous country, going through another election season that would involve a transition from one administration to the other, with implications for peace, stability and economic growth. As the Institute puts it: “Nigeria stands at a critical juncture, having suffered from two recessions in the past six years, unprecedented levels of physical and food insecurity, persistent fuel scarcity, and high levels of crude oil theft. Civic fatigue also remains an important challenge and Buhari’s three main policy pillars of security, economy and corruption continue to be defining issues for citizens.” But Chatham House’s interest in our affairs is not entirely altruistic; it is a listening post for the British establishment, and as a body that depends on donations as a major source of funding, its managers are fully aware of how vain and generous Nigerian politicians could possibly be at a time like this. This is one area in which the Chatham House Rule would definitely apply in the circumstance, so there may be no point inquiring into how much Nigerian politicians pay when they are granted the podium at 10 James’s Square. Perhaps “pay” is not the right word, so please scratch that, and substitute “donate”. Chatham House. Chatham House. And so what? We have a similar body here in Nigeria; the Nigerian Institute of International Affairs (NIIA), which is Nigeria’s top think tank on public affairs, established in 1961, and since then has proven to be a major centre for research and analysis. Were the NIIA to invite Nigerian politicians to come and speak at the platform, they are not likely to show up. They would give excuses. And that is why no major politician has gone there to engage the Nigerian intelligentsia. They would rather go to London. This says something about our relationship with the West. The average Nigerian suffers from a terrible colonial mentality. Even for elections that

will be decided by the Nigerian electorate, there is so much concentration on London. Our leaders go to London for medical treatment. They go to Dubai for tourism. And they don’t go alone. Every trip is an opportunity for over-excited aides to pose for photographs, sometimes with wives and girlfriends and their children. Nigerian leaders have a strong appetite for everything foreign. That is how they killed Nigeria’s education sector. That is how they killed the health sector. Now, they want to kill our politics! In the absence of diaspora voting all the showmanship by Nigerians at Chatham House amounts to nothing. The delivery of 1, 000 speeches at Chatham House cannot influence the Nigerian electorate in any way. Has anyone paused to ask why British politicians do not come to Nigeria to sell their campaign plans? And why other politicians around the world do not turn London into a major campaign centre? It is possible to argue that many Nigerians live in the UK, and they could influence their kith and kin back home even if they themselves may not have a PVC. But such Nigerians are not likely to be found at Chatham House. Any Nigerian politician seeking the people’s votes through such strategy is better off holding Town Hall meetings in parts of the UK and Ireland where there is a large concentration of Nigerians, especially those neighbourhoods where if you stay by the window and you shout “Good Morning” in Yoruba, Igbo and Hausa, you are likely to hear many voices greeting you back loud and clear in the same language especially in South London: Elephant and Castle, Camberwell, Peckham, Croydon, Lewisham… There are also many Nigerians in Dublin. Since diaspora remittances mean a lot to Nigerians back home, it may be good sense to carry Nigerians in diaspora along, but certainly not inside Chatham House. But we may ask by way of further interrogation: does a speech at Chatham House give a Nigerian politician global recognition and acceptability? Or is it meant to show that the particular candidate

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Man Utd Fans Want Osimhen at Old Trafford Next Summer

Femi Solaja

Following the resurgence of Manchester United as a title contender in the on-going English Premier League season, supporters of the Red Devils have urged the club to sign in-form Nigerian and Napoli striker, Victor Osimhen. United triumphed over city rival, Manchester City last Saturday at Old Trafford to close up the gap with the Etihad side just a point but nine points adrift of run-away

leader, Arsenal. Several Manchester United supporters have once again reiterated their hopes of seeing the club make a move for Osimhen in this year’s summer transfer window. The resurging Manchester United are desperate to add to their attacking options this month, having first to sign Burley Dutch striker Wout Weghorst on loan for rest of the season. Weghorst is believed to be a

temporary solution to United’s goalscoring problems before looking to invest in a big-name striker during the summer. Napoli ace Osimhen, as reported by the Manchester Evening News two months ago, is on United’s shortlist of targets and is thought to be well admired. The Nigerian international, who is under contract at the Italian giants until 2025, is the top scorer in Serie A this season, so far notching 12 goals in 13

appearances. He is widely considered as one of most promising strikers in Europe, blessed with pace, trickery and an eye for goal. The Super Eagles forward is a player that a growing number of United’s supporters have frequently highlighted as the man they would like the club to bolster their forward line with this forthcoming summer. And pleas for United to sign the 24-year-old increased further on Sunday evening after he scored

again, helping Napoli seal a 2-0 away win over Sampdoria. He scored the game’s opening goal, making a brilliant run from deep and then applying a superb finish from close range. Such is his record in front of goal this

season and his importance in Napoli’s quest to win Serie A this season, they would require a hefty-sized transfer fee to let him go. Nevertheless, United’s fans are desperate to see him added to Erik ten Hag’s squad.

Shakhtar Donate £22m from Mudryk Transfer Fee to Ukraine War

Shakhtar Donetsk President, Rinat Akhmetov, has pledged to donate £22million to the Ukrainian war effort following the transfer of Mykhailo Mudryk to Chelsea. The Premier League side signed Mudryk from Shakhtaron Sunday in a deal worth up to £89million, a transfer record for Ukrainian football. Akhmetov said the money would help a project named 'Heart of Azovstal,' aimed at "helping Mariupol defenders and the families of fallen soldiers". Ukraine was invaded by Russia in 2022. "I want to thank the entire civilised world for helping Ukraine," said Akhmetov. "Today we are able to talk about Ukrainian football thanks to the Ukrainian army, the Ukrainian people, and the tremendous support of the entire civilised world." Akhmetov said he had "mixed feelings" about Mudryk, 22, leaving

Shakhtar for Chelsea. "I have never made it a secret that my dream is to win European trophies," he said. "This means that players like Mudryk should be invited to our club, to our Ukrainian championship, and we should win European trophies with such players. "Unfortunately, it is impossible now, as Ukraine is fighting the horrendous and unjust war waged against us by the Russian Federation." The Shakhtar president said money from Mudryk's transfer fee would go towards providing medical and prosthetic treatment, psychological support and meeting specific requests in order to help Mariupol defenders and the families of fallen soldiers. "Their acts of bravery are unparalleled in the modern history," Akhmetov said. He also said Shakhtar would play a friendly against Chelsea at Donbass Arena in Ukraine.

PGAN Dreams N20m Tournament for its Golfers

Victor Osimhen...wanted at Old Traﬀord at all cost

Nigerian Navy Wins Armed Forces Combat Competition Deji Elumoye in Abuja The Nigerian Navy has won the Paintball Combat Competition, beating the Nigerian Army at a sporting event organised at the weekend to commemorate the 2023 Armed Forces Remembrance Day Celebration (AFRDC). The paintball, which is a simulated combat situation to develop strategy, skills and team work minus the danger of live munitions fire helps a player to make strategic decisions within seconds to remain in the game. Speaking at the maiden event in Abuja, the Chief of Defence Staff, General Lucky Irabor, commended the organisers, Forest Hunters, for the idea and pledged to continue to partner the organisation to make paintball combat competition an annual event. According to him, the armed forces would do further modification to the game to suit the Nigerian environment going forward. Irabor congratulated members of the armed forces particularly the veterans for the good work they had done to keep the nation united saying the fallen and living heroes deserved to be celebrated

for their sacrifice for the nation. According to him, the nation has set aside January 15 of every year to remember and honour serving and fallen heroes. His words: “For us in the armed forces, we also thought as a prelude to the wreath laying event, that there has to be series of events that will indeed lead to the climax. “The paintballing festival is one of such innovations. Two days ago and yesterday, we had golf tournament packaged to honour our veterans and I am glad to say

that they were there in numbers. “The event that we have witnessed tonight is to further honour them and to let them know that their services were never forgotten. “I am glad that we have been able to put this together in partnership with the Forest Hunters who came up with the idea and suggested that we partner with them,” he said. Speaking on behalf of Forest Hunters, Bayo Omoboriowo, who is the official photographer to President Muhammadu Buhari,

said the collaboration between the military and the civilians showed the need to embrace togetherness in order to build a better Nigeria for younger generation. According to him, the first edition of the Paintballing Festival was to commemorate the fallen heroes who paid the ultimate sacrifice for the sake of humanity during the First and Second World Wars, the Nigerian Civil War, Internal security operations as well as Peace Support Operations around the world.

Sportsville Rolls out 2023 Awards Programme The annual Sportsville Award which enters its third edition this year will hold on February 4th. The prestigious event is scheduled to take place at the Lagos Country Club, Ikeja, Lagos. CEO of Sportsville, Frank Ilaboya, announced in a statement at the weekend in Lagos that the shortlist of awardees will be made public in few days before the D-day. He added that this year’s Sportsville Award would be an elaborate ceremony with a global media audience.

Ilaboya explained that the award would continue to maintain its high standard of rewarding those truly deserving of it. “Just like the previous editions, this year's winners are selected after a very painstaking scrutiny done by a panel that included leading Sports Editors. "Our objective remains the same, to reward and appreciate Nigerians and corporate organisations who have contributed to the development of sports over the years. "The Sportsville award is unique

because we do a thorough job in ensuring that only deserving sports personalities and corporate organisations are appreciated, "Ilaboya added. Last year’s edition took place at the prestigious Radison Hotels, Ikeja with Sports Minister, Sunday Dare, leading the pack of sports personalities that were recognised and awarded at the event. Over 16 personalities and corporate organisations have been penciled down for recognition on February 4th.

The new Board of the Professional Golfers Association of Nigeria (PGAN) has come out with a bold move to celebrate it's over 200 members with a grand Professional and Amateur event weighing N20million in prize monies for Pro golfers. The Executive Director of PGAN, Tony Philmore, who is equally a professional golfer holds the belief that nothing could be more gracious than setting aside a week in a whole year for professionals featuring in a tournament solely bearing their own image. Although sponsorship is needed for such huge venture, Philmore nonetheless reiterated that the tournament would still hold regardless of any sponsorship, “We are celebrating ourselves,” Philmore stressed. “In as much as we would gladly welcome any sponsorship to add glamour to this

event, we would however move ahead and pay from our purse in a situation where no sponsor shows up. This is already a task that must be accomplished.” According to the Media Director of PGAN, Susan Cokekotas, the PGAN Championship is slated to hold from this Wednesday through Saturday at the Port Harcourt Club 1928 Golf Section. “This event is a most important one,” Susan who has been involved in serious golfing since 1997 said. “The event would indeed be an icing on the cake for the new board which has accomplished so much within its short period in power. This event will surely signpost a greater future for the professional game as it is currently evident that they in their large numbers have indicated total confidence and support for this new Board.

NSSF World School Athletics Trials Ignite Abeokuta The second Nigeria School Sport Federation (NSSF)-organised trials for the 2023 World School Athletics championships is scheduled to take place in Abeokuta, the Ogun State capital on January 18 and 19. The two-day trials would afford NSSF the opportunity to select its contingent for the 2023 World School Athletics Championships taking place in Turkey as well as other International School Sports Federation (ISF) events. Three categories - U-12 (primary), U-15 (junior secondary) and U-18 (senior secondary) will compete in 64 events at the MKO Abiola Stadium. According to the President of NSSF, Olabisi Joseph, the decision to stage the tournament was part of the federation’s resolve to give the

tournament more national outlook. “The maiden edition was hosted in Lagos and we saw the outcome with the performance of Ronke Akanbi who won the first gold medal for Nigeria at an ISF-organised event and we hope we can win more medals at this year’s event. We must thank the Ogun State government for their decision to accept to host us and we are excited that we will be staging this year’s edition in the state that will host the next National Sports Festival. We are expecting students across the country to be part of the trials because we want to give every Nigerian student the opportunity to make the team and we are hopeful that more athletes will turn up this year for the trials,” she said.

Tuesday, January 17, 2023

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Falana to Federal Government

“In view of the clear statutory provisions and decided cases on the illegality of the deregulation of any aspect of the petroleum industry, the Federal Government should stop subjecting the Nigerian people to excruciating economic crisis by allowing the so-called market forces to determine and ﬁx the prices of petroleum products in the country. We call on President Muhammadu Buhari, as the Minister of Petroleum Resources to call Chief Sylva to order ” --- Legal Luminary, Femi Falana, threatens the Federal Government with contempt proceedings over the rising fuel prices.

TUESDAY WITH REUBENABATI abati1990@gmail.com

The Chatham House Effect T

here seems to be a scramble, a rush, by Nigerian politicians, and political candidates for appearance at or association with Chatham House in London, the policy think tank established by the British Institute of International Affairs, which for more than a century has served as a forum for the exchange of ideas and open expression, research and knowledge. Chatham House, also known as the Royal Institute for International Affairs has hosted a broad spectrum of speakers and world leaders, from different continents of the world. As far back as April 1931, Mahatma Ghandi, the Indian nationalist was at Chatham House, which by the way is also famous for the Chatham House Rule, established in the English vocabulary as a principle of non-attribution in reporting a particular proceeding or engagement. Many Nigerians have of course appeared at Chatham House, but it is noteworthy that when Nigerian politicians do so, there is forever a tinge of self-advertisement and narcissism in their presentations, and this being the case, their opponents are quick to turn such forum into an occasion for combat and pugilism. We have seen this at play over the years but what is shocking now is how our politicians have turned an opportunity to speak at Chatham House into a badge of honour. One state Governor had to make so much noise about making a speech at Chatham House, you would think he had been knighted at the time by the Queen! When a sitting Government gets wind of information that an opposition member was about to speak at Chatham, it is standard practice to send “our own people there” to “state our own side of the story” This time around, as Nigeria begins the countdown to the 2023 elections, Chatham

Chatham House House is part of the general conversation. On December 5, 2022, Asiwaju Bola Ahmed Tinubu, the Presidential Candidate of the All Progressives Congress (APC), was at Chatham House, an outing that was attended by rather exciting drama as a

result of his resort to what he called “team-ship” in responding to questions and comments raised by his audience. The drama overshadowed the subject of his presentation: “Nigeria’s 2023 Elections: Security, Economic and Foreign Policy Imperatives”.

He was heavily criticized by commentators at home and abroad. Yesterday, it was the turn of Mr. Peter Obi, the Presidential candidate of the Labour Party addressing the subject: “Nigeria’s 2023 Election: A Vision for Policy Change and Institutional Reforms.” Today, January 17, Chatham House will host the Chairman of the Independent National Electoral Commission (INEC), Professor Mahmood Yakubu focusing on “Preparations, Challenges, and Priorities for Ensuring Electoral Integrity and Inclusivity.” Tomorrow, January 18 it would be the turn of Dr Rabiu Kwankwaso, Presidential candidate of the New Nigeria People’s Party with particular focus on his policy ideas for Nigeria. The candidate of the People’s Democratic Party, Atiku Abubakar has not yet shown up at Chatham House this time, although he had been there before on two different occasions – 2007 and 2018. Alex Vines, Director of the Africa Programme at the Institute has however confirmed that Atiku has been invited but he is yet to respond to the invitation. He probably would do so before the elections too, so he and his aides are not left out of the Chatham House jamboree. When Waziri Atiku Abubakar went to the UK recently, however, it was gleefully reported that he met with some UK officials. No one should be surprised if some other key players in the 2023 electoral process also find their ways to Chatham House, or ask to be invited if only to fulfil the ritual of shaking the hands of one English member of Parliament and parade same as an achievement! Indeed, I wouldn’t be surprised one of these days, with the way things are going, if a Nigerian politician shows up at Chatham House with his entourage all garbed up in the kind of Continued on page 30

OKEY ANUEYIAGU GUEST COLUMNIST

George Obiozor, The Enigma, Goes Home

he last few years, in many respects, have been years of disappointments and losses. The sad passing of several of my longtime friends has been so profoundly heartbreaking. But nothing prepared me for the death of one of my closest soulmates, George Obiozor. His death hit me like a ton of bricks, leaving me in a terrible state of despair and pain. These years polarity of negatives and deaths has devastated and shaken me, leaving me to often think and wonder that there is something ominous; something wrong with the essence of our existence and journeys on this earth. I have never needed proof that death can be the most capacious certainty of life, but its rapid intimacy to me, lately, has become rather intensely irrefragable and enervating. How then can we be happy and joyful and have laughter when the world is ablaze; when the ones we love and admire are taken away so suddenly from us, leaving us in pain, agony and in sorrow? Ambassador Professor George Obiozor, or George as he preferred that I called him, and I,

Late George Obiozor became friends some forty or so years ago. The circumstances of our friendship that turned into

brotherhood is a story reserved for another day. This man, from the first day I set my eyes on him, despite all his achievements, never exuded the celebrity self-importance arrogance so typical of people of his status. Instead, George exuded warmth, love, humility and delighted in the kindness of small and intimate gestures that pointed him ultimately to greatness. George was a consummate scholar, a philosopher and a man of expansive knowledge – the type that seems obscure. There was a whole lot of conjecture about who he was, as much about what he meant by his pronouncements and by his dispositions. This man’s ineffable life gave him a sort of mystical quality which provided some of us close to him with interesting perspectives and contrasts in understanding self-awareness, humility and harmony with nature. To him, apparently insignificant things have huge meaning and consequence to the extent that we must focus solely on some distant goal before we misstep and trip over our own feet. George was like the Greek philosopher, Socrates. He once told me that the unexamined life is not

worth living. But like Socrates, he concealed his knowledge by always professing that he knew that he knew nothing and took this as a virtue, setting out to question those professing knowledge and wisdom so that they might teach him. This was an intellectual trick deployed by George which provided him the advantage of catching his contemporaries off-guard and disarming them in debates with superior knowledge which he had in abundance. As confusing as George’s philosophy may appear, it implied that never has a man who has bent himself been able to make others straight. Hanging around George for such a very long time began to make me a veritable thinker. In this particular instance, I began to see a point guiding us to think of how a leader advices or guides others when he himself does not follow what he knows to be right? George, a veteran international affairs scholar and diplomat had so many sides to his history and life. He reached the pinnacle of every Continued on page 30

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