MONDAY 17TH JANUARY 2022 by THISDAY Newspapers Ltd

Farmers Count Gains of Anchor Borrowers Scheme, to Unveil Mega Rice Pyramid Obinna Chima The Anchor Borrowers’ Programme (ABP), an initiative of the Central Bank of Nigeria (CBN), has been described as a major agricultural breakthrough and a source of pride to the country, as rice farmers continue

to count gains under the scheme. To mark the successes recorded under the programme, particularly, in the area of rice cultivation, the Rice Farmers Association of Nigeria (RIFAN), in collaboration with the CBN, would tomorrow unveil the

world’s largest rice pyramid in Abuja. President Muhammadu Buhari would unveil the mega pyramid. Other special guests expected to support the president at the event include the presidents of Benin Republic, Niger Republic, and Chad, as well as governors

of Cross River, Ebonyi, Kebbi, Jigawa, Ekiti, and Sokoto states. RIFAN stated in a publication to announce tomorrow’s programme, “RIFAN will also use the occasion to flag off its 2021 – 2022 Dry Season Farming activities and celebrate the Annual Rice Festival. RIFAN

has been the major driver of the rice value chain under the ABP for the past six years. Join us in celebrating rice revolution in Nigeria. “Let’s celebrate President Muhammadu Buhari’s initiative on food security and self-sufficiency in rice

together with the Governor, CBN, Godwin Emefiele.” Launched by Buhari in 2015, ABP is designed to assist small-scale farmers to increase the production and supply of feedstock to agro-processors Continued on page 8

N2.4bn Judgment Debt: Supreme Court Reverses Self, Restores GTBank's Appeal against Innoson Motors..Page8 Monday 17 January, 2022 Vol 27. No 9778. Price: N250

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GALVANISING THE LAGOS TOURISM POTENTIAL... L-R: CEO Flytime Promotions, Cecil Hammond; CEO & Chairman Arbico Construction, Adebisi Adebutu; President Dangote Industries, Alhaji Aliko Dangote; Central Bank Governor, Godwin Emeﬁele; Founder & Promoter, KOKO Beach Hotels & Resorts, Richie Shittu, Lagos State Governor, Babjide Sanwo-Olu; Chairman, Geregu Power Plc, Mr Femi Otedola and President Nigerian Football Association, Mr Amaju Pinnick, during a visit to Ibeshe/Ikaare beach to inspect ongoing construction of Koko Beach Hotels & Resorts, designed to boost the tourism potential of Lagos

With N4.56trn Encumbrances, NNPC to Shed Toxic Liabilities in 2022, Says Kyari Says company will be the largest capitalised, most profitable in Africa ȱ ¢ȱ ȱ ȱŨ THE MONDAY INTERVIEW BELLO-KOKO

"We are losing businesses to other ports, because of the draft limitations at our ports"

L-R: Non-Executive Director, Parallex Bank, Reverend Thomas Ehis Amenkhienan; Chairman, Dr. Adeola Philips; Managing Director/CEO, Olufemi Bakre; Chairman, MTN Nigeria, Dr. Ernest Ndukwe, and Deputy Governor of Delta State, Barrister Kingsley Otuaro, at the oﬃcial launch and opening of Parallex Bank Limited to the public in Lagos...Friday

It’s Time to Use Force to Tackle Terrorists, Buhari Tells Military...Page 55

MONDAY JANUARY 17, 2022 • T H I S D AY

MONDAY, JANUARY 17, 2022 • T H I S D AY

NEWS

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

LAUNCH OF THE NIGERIA CRICKET FEDERATION... L-R: Vice Chairman, Nigeria Cricket Federation (NCF), Mr. Wale Obalola; former Lagos State Governor, Mr. Akinwumi Ambode; Special Guest, Prof. Osato Giwa Osagie; and President, NCF,Mr. Uyi Apata, at the oﬃcial launch of the NCF’s TBS Turf Wicket in Lagos….yesterday SUNDAY ADIGUN

How Competing Interests Stalled Signing of $3.1bn e-Customs Project Six Years After Eromosele Abiodun Competing interests by parties in the $3.1billion e-customs project, which aims at modernising the operations of the Nigeria Customs Service (NCS), has stalled the formal signing of the deal six years after it was conceptualised in 2016. THISDAY investigation revealed deliberate moves by the parties to have domineering roles in the deal, which, if signed as planned, would be executed over a 20-year concession period. The investment of $3.1 billion was broken down into capital investment of $1.2 billion, which would be done in three phases over 36 months period by the investors, and $1.1 billion projection of the operational cost over the 20-year period of the implementation of the project. Comptroller-General of Customs, Hameed Ali, confirmed the state of the deal recently, while explaining the 2021 operational feats of the service. Ali said, “E-customs take-off process now at the stage of final signing of agreement.” In a statement signed by the Public Relations Officer, Joseph Attah, Ali said the project was expected to impact positively on trade facilitation, fight smuggling, block revenue leakages, and significantly impact on revenue generation and national security. The project, which had enjoyed the buy-in of late Chief of Staff to President Muhammadu Buhari, Malam Abba Kyari, started suffering setbacks after his demise in the wake of the COVID-19 pandemic. Bionica Technologies West Africa Limited and Bergman Securities and Supplies Nigeria Limited, who were named lead sponsor and co-sponsor, respectively, of the project seem to be struggling to overtake each other. The project also has Africa Finance Corporation (AFC) as the lead financier and Huawei Technology as a technical service provider. THISDAY checks revealed that Bergman brought Bionica into the project but there appeared to be divergent pursuit of interests and less cohesion among the parties Sources said Ali was more favourably inclined towards

Bionica, but had not been able to pull the project through. More setbacks for the project reared their heads at a recent public hearing on amendment of Customs and Excise Management Act (CEMA) at the National Assembly, where the finance ministry sought to strip the NCS of its revenue collection function. Minister of Finance, Budget and National Planning, Zainab Ahmed, had postulated that the e-Customs project would yield about $176 billion revenue through the NCS, but she has since made a complete volte-face, advocating recently that the revenue collection function of the Customs be taken away. Speaking through her ministry's Permanent Secretary, Ahmed said, "The single most important function of the Customs Service anywhere in the world is trade facilitation. But in the introduction of the chairman, I hear him talk about revenue, collection of revenue. This is the secondary service of the Customs all over the world. “Revenue collection by Customs is a distraction. The reason is that the main function of the Nigeria Customs Service is trade facilitation. But the trade facilitation has been pushed to the background because of the focus on revenue collection. “In other climes, the best practice is moving towards unifying revenue collection. If we want to go that far, and achieve that best practice, our submission would be to move revenue to the Federal Inland Revenue Service so that Customs Service can really focus on trade facilitation function.” With the finance ministry's recent position, the e-Customs deal signing may not happen soon. Further checks revealed that the 20 years timeline of the deal would read from the sign-on date, which is not looking feasible at a time the Buhari government is left with just 16 months to go. The project had always attracted controversy, as stakeholders and experts in the maritime sector described it as an unnecessary duplication of an existing customs modernisation project, which was seen productive and improving with time. Stakeholders also argued that e-Customs was an avoidable costly venture that should not be undertaken by an indebted

country seeking to maximise revenue collection from non-oil sources, including the NCS. President of the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA), Lucky Amiwero, described the $3.1 billion e-Customs project as an avoidable duplication. Amiwero said the NCS presently operated an e-customs model powered by Webb Fontaine and the approval for another one was not necessary. He said all that was needed was an upgrade of the existing platform being used by the NCS to meet the demands and expectations of trade. He said Customs processes in Nigeria had since migrated from manual to electronic and the expected e-customs or

modernisation project won’t be different from what was on the ground. Amiwero said, “What we call e-customs is what we have in Webb Fontaine. I was actually the person that wrote to the government before all of these things came to materialise. “In 2001, I put up a write-up about something, which I don’t want to mention. It was the model that the federal government changed to set up the whole thing. So what Customs is doing and what Webb Fontaine has is e-customs. If government is talking about another e-customs project, then they don’t know what it means. “It is simply electronically transferred transactions. Is that

not what Webb Fontaine is doing? Central Bank is doing e-banking and Customs is doing e-customs. There was a time Customs processes were manual and you had to carry things from shipping companies to terminal, etc., but now all those things are gone. So what you have on ground is already e-Customs, and no need to duplicate it. We should improve on it." A retired Comptroller of Customs, who preferred anonymity, described the $3.1 billion deal as a fraud that should not be allowed to stand He said, “This has been an issue from the days when we were in Customs. They want to take the Comprehensive Import Supervision Scheme (CISS), collected from Free

On Board (FOB). Ironically, it is foreigners that were collecting this money all through the preshipment inspection time. “When we came back to Destination Inspection, it was reverted and that is what they have been struggling to collect back. As far as I am concerned, Customs has been properly modernised, the Secretary-General of World Customs Organisation attested to that during his visit to Nigeria. “E-Customs has always been there, at least starting from 2000, and has passed very rigorous scale. Customs has done tremendously well in that area. So, for anybody to say they want to put in $300 million to modernise Customs is a fraud and anybody supporting it is an enemy of Nigeria."

Marketers Allege Manipulation in Price of Cooking Gas Say price rising by N550, 000 per truck Peter Uzoho Marketers of Liquefied Petroleum Gas (LPG), popularly known as cooking gas, have decried the continuous rise in the price of the item, saying prices now rise by N550,000 per truck daily. The marketers also alleged possible manipulation in the LPG supply system by persons who might be causing the constant increase in prices, despite the claim that the 7.5 per cent Valued-Added Tax (VAT) on imported LPG had not been activated yet. The marketers, under the aegis of Nigerian Association of Liquefied Petroleum Gas Marketers (NALPGAM), told THISDAY that the cost of a truckload of LPG at the depot had risen to over N10.10 million as at last Friday, debunking the notion that prices had started dropping. Executive Secretary of NALPGAM, Mr. Bassey Essien, told THISDAY that as at Friday, they bought the product around N10.10 million per truck, even higher than what they bought the previous weeks. Essien said when the price was coming down some weeks ago it did not drop below N9.6 million per truck, adding that the price

is rising higher at the moment at the LPG terminals. The price of LPG has been on the rise since late 2020 as a result of gas shortage due to limited in-country supply and reduction in the importation of LPG by the marketers. Many factors are fuelling this, including inflation, forex, limited supply by the NLNG, and VAT on imported LPG that is still in limbo. These had led to the sharp increase in the prices of LPG both at the retail level and at the depot. At the retail level, a 12.5 kilogramme cylinder refilling unit had risen from about N3,400 early 2021 to as high as over N9,000, depending on the location. It still sold above N8, 000, THISDAY learnt. At the depots, a truckload of the product rose from about N4 million to over N10 million, according to marketers. Essien said, "The cost of a truck was around N9.6 million, N9.5 million and, suddenly, it went back to N10.10 million with extra N550,000 just yesterday. "When it was going up, it was going up at the rate of N200, 000 to N500,000. The one it came down last week (penultimate week), it

was coming down at N50,000. But suddenly, yesterday (last Friday), it went up by N550,000. "May be, somebody along the line is manipulating the system, or some people along the line are not telling us the truth. The marketers buy what the terminals sell to them. So, what is going on at the terminals?" He expressed concern over the inability of the government to categorically state its position on LPG VAT, pointing out that the terminal owners are using that as an excuse to keep hiking the price. Essien said, "Government said they wanted to start VAT, Customs Duties and, yet, they said they have not even started implementing it. So, why is the price high? "Ask NLNG how much they are giving this product to the terminal owners or the offtakers, so that we know why it is expensive as that. Why did it increase by N550, 000 per truck yesterday?" He expressed displeasure at government's inability to address the LPG crisis in the country, noting that the federal government keeps saying it is working towards bringing down gas prices without being specific

about what it is doing. Essien said prices would only come down if there was a sustained increase in volume of LPG going to the market, either through importation or through supply by the Nigeria LNG Limited. The NALPGAM chief executive also faulted the latest claim by the Nigeria LNG Limited that it was set to dedicate 100 per cent of its LPG production to the domestic market, dismissing the claim as an old tale. NLNG had, in a statement last Friday, announced that it was set to supply 100 per cent of its LPG production to the domestic market, after saying last year that it had committed 450,000mt -100 per cent of its LPG production to the market. Essien said the statement by NLNG was not specific on the actual volume of supply. He said the company had said at a forum last year that it had committed 450,000mt of its butane production to the country. Essien wondered why the company would be coming out now to announce that it was set to supply 100 per cent of its LPG production without stating the actual volume.

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NEWS

FINAL PASSAGE RITES... L-R: Son-in-law of the deceased, Jide Oyediran; Daughter-in-law, Mrs. Pat Komolafe; Her husband and Chief Executive Oﬃcer of the Nigerian Upstream Regulatory Commission, Mr. Gbenga Komolafe; Daughter-in-law, Mrs. Funmi Komolafe and her husband and Ombudsman THISDAY Newspapers, Mr. Kayode Komolafe, during the funeral service for their matriach, Mrs. Morenikeji Komolafe, at St Joseph’s Catholic Church, Igbara-Oke, Ondo State…yesterday ABIODUN AJALA

Political Considerations, Labour Unions May Impede FG’s Reforms, Rewane Warns Obinna Chima A member of President Muhammadu Buhari’s Economic Advisory Council, Mr. Bismarck Rewane, says some of the economic reforms outlined by the federal government in 2022 may be hampered by political considerations and labour union activities. Rewane, who is Managing Director, Financial Derivatives Company Limited, said this recently at a forum on the 2022 Nigerian Economic Outlook organised by First Bank. The federal government, through the Finance Act, recently introduced some

reforms in the 2022 budget. However, the elephant in the room remains the planned removal of fuel subsidy, which has been described as a major drag on the economy. While the government has disclosed plans to end the payment of subsidy by the second half of this year, there are concerns about likely showdown from labour unions. Rewane noted that 2022 would be a year of two halves. He stated in his outlook for this year, “If you go into reform, it could be one half. But reform could be impeded by political considerations and labour union activities. Insecurity could prove

PDP Chieftain Faults NLC’s Planned Protest against Subsidy Removal Sylvester Idowu in Warri Former Delta State Governorship aspirant on the platform of Peoples Democratic Party (PDP), Chief Sunny Onuesoke, has described the Nigeria Labour Congress (NLC) planned nationwide protest against the fuel subsidy removal beginning from January 27, 2022, as a misplaced priority. Onuesoke made remark yesterday in statement issued in Warri, in reaction to the proposed protest following the federal government’s plan to remove subsidy from petroleum products. He said rather than protesting over fuel subsidy, the union should have vent their anger over the failure of the authority to renovate the non-functional refineries in the country. Onuesoke, who is also the Chairman of DAS Energy Services Limited, noted that the issue of payment of fuel subsidy would be minimised or totally eradicated if the Warri, Port Harcourt and Kaduna refineries were functioning optimally. He said government had no reasons not to revive the

domestic refineries, stressing that it was only Nigeria among the OPEC member-countries that import more than 90 per cent its refined petroleum consumption. “I expect the NLC to protest over the non-functional of the nation’s refineries and the 21 NNPC storage tank farms across the country rather than fuel subsidy removal. If the labour union can push for the repairs of the refineries and it is done, the issue of fuel subsidy will be over. I wonder why they are all turning their eyes away from the reality. What is the need of having over four non-functional refineries that is gulping billion of Naira annually,” he asked. Onuesoke maintained that the removal of fuel subsidy without making strategic plans or giving particular attention to the domestic refining would inflict more hardship on the people. “Before the removal of the fuel subsidy, it will indeed be a very good idea for Nigeria to go all out to resuscitate its four comatose refineries and embark on building new others in order to mitigate the consequences of the withdrawal,” he said.

tricky to contain and will become a political campaign tool for the opposition.” In addition, Rewane anticipated that the Central Bank of Nigeria (CBN) would increase forex supply to manufacturers and ease currency pressures. He added that pre-election spending would be positive on the economy because aggregate demand would boost corporate performance. “Declining inflation will be positive for consumer purchasing power and monetary tightening in advanced economies could trigger capital outflows,” he stated. In his 2022 economic outlook, the FDC also estimated that crude oil prices would remain relatively stable and the country’s real

Gross Domestic Product (GDP) growth would be sublime. It stated, “Competition between traditional banks and fin-techs will intensify, forcing banks to reduce or eliminate transaction costs. Banks with constant innovation and regional diversification to remain resilient. “The manufacturing sector is likely to grow by 4.7 per cent in 2022. Improved forex liquidity and increased product innovation will boost sector growth and players would benefit from volume and value growth.” According to him, top players, such as Nestle Nigeria and Unilever, would report profit growth of up to 20 per cent in 2022. He added that the agriculture sector was likely to grow by 1.6 per cent in 2022.

He noted that an efficient rail system would ease logistics constraints and boost productivity. Rewane also stated that the financial services industry was likely to grow by 8.32 per cent in 2022, anticipating rationalisation and drift within the industry. He projected that in 2022 there would be increased partnership and collaborations with fintechs in promoting financial inclusion, especially with aggressive digital innovation and lending solutions. Rewane stated, “There will be possible mergers and acquisitions within and across tiers to boost banks’ capital structure. Tier I banks will leverage on robust customer base and balance sheet size; deepen penetration to the unbanked and under banked;

increased African footprints and improved corporate governance within the banking space.” As part of its reforms, the federal government recently announced that that henceforth it would charge offshore companies providing digital services to local customers in Nigeria a six per cent tax on turnover as provided in the 2021 Finance Act. The new policy is contained in Section 30 of the Finance Act, which amended the provisions of Section 10, 31 and 14 on VAT obligations for non-resident digital companies. The federal government also introduced an excise duty of N10 per litre on all non-alcoholic, carbonated and sweetened beverages in the country, which has been widely criticised.

Abiodun Pledges Improved IGR in 2022 Ogun State Governor, Dapo Abiodun has said his administration would continue to work assiduously to improve the state’s internally generated revenue (IGR). This, according to him was to ensure Ogun surpasses its number three position in IGR generation in Nigeria and become second to Lagos State in revenue generation. Speaking after inspecting facilities at Proforce, an indigenous firm specialising in the manufacturing of security equipment in Ode-Remo, Remo North Local Government Area, a statement quoted the governor to have emphasised that his administration had made access to land easy, just as a friendly tax concession policy had been put in place to attract more investors to Ogun. Abiodun stressed that the incumbent government would continue to do all it can to increase the state IGR. "Last year, the National Bureau of Statistics came up with a report that showed Ogun State was the state with the highest improved Internally Generated Revenue. By June last year, our IGR had improved by 131.5 per cent. "By November, we had raked

in about N85 billion in IGR. This is unprecedented in the history of this state; our state had been number three last year. I'm sure by this year, we will be number two next to Lagos State in Internally Generated Revenue," the governor said. Abiodun, who noted that his administration had put in place policies such as deployment of information communication technology to ensure the blockage of leakages in order to increase in the ranking of the state on the Ease of Doing Business Index. The governor further disclosed that his administration would continue to provide employment opportunities for the youths so that it could sustain its position as the safest state in the country. "Just being safe is not just by providing equipment for the police, but by ensuring that youths in the state are well educated and provided with employments," he added. He also informed the gathering that no fewer than 5,000 fibre optic cables were currently being laid across the length and breadth of Ogun to provide WiFi access, adding that his administration would not relent on

its infrastructural transformation in the state. Other measures put in place according to the governor included good road network, friendly business environment and abundant human resources. "My advice to other investors is that they should come to Ogun to enjoy the hospitality, infrastructure put in place, availability of land, abundant human resources, friendly tax concession and all that we have done to ease business. If you are not in Ogun, you are not in Nigeria. "We are here to see where Proforce can partner with us and how we can support them, how we can also encourage them. We are very proud that this is happening right here in Ogun State. We have seen others from different parts of the world. Definitely, this facility compares to any other anywhere in the world," he explained. Abiodun added that the visit was to have a first-hand experience of the firm's operations and see areas his administration could collaborate and give it the needed support. "I must say that I am very impressed with what the Chief Executive and his team is

doing here. This is a first class manufacturing concern particularly against the background of the level of insecurity that we are witnessing in recent time across the length and breadth of Nigeria. “Everything that is happening here is basically to support the law enforcement architecture of the state. Prior to the launch of Operation MESA, my administration will go into discussion with the company to provide the outfit with the needed equipment and logistics to make it carry out its assigned duties effectively. "Today, Ogun State is one of the safest states in the country and we intend to sustain it, but it is not only by equipment and gadgets to the security agencies. We must understand that there is a nexus between security and illiteracy, unemployment and drug abuse. However, we like to ensure that our law enforcement agencies are properly equipped and battle ready to tackle insecurity", the governor submitted. He, however, reiterated his warning that cultists, criminals and those who engage in any form of violence, unwholesome conducts and vandalism to desist or face the wrath of the law.

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N2.4bn Judgment Debt: Supreme Court Reverses Self, Restores GTBank's Appeal against Innoson Motors Alex Enumah in Abuja The Supreme Court has set aside its earlier ruling which dismissed Guaranty Trust Bank’s (GTB) appeal against a N2.4 billion judgment in favour of Innoson Motors

Nigeria Limited. The apex court set aside its own decision on Friday, while delivering judgment in an application by GTB seeking the re-listing of the appeal on the grounds that it was wrongly dismissed.

The apex court in reversing itself relied on Order 8 Rules 16 of the Supreme Court's rules that empowers it to set aside its decision in certain circumstances, like any other court. Specifically, the five-

member panel, led by Justice Olukayode Ariwoola in a unanimous decision on Friday, held that the apex court erred in its ruling of February 27, 2019, wherein it erroneously dismissed GTB's appeal with number: SC/694/2014 against

the decision of the Court of Appeal, Ibadan, Oyo State. The apex court in the lead judgment written by Justice Tijani Abubakar, but read by Justice Abdu Aboki, claimed that it was misled by its Registry, which failed to

N’Delta Communities Drag National Assembly to Court over Ownership of Nigeria's Crude Oil Alleges minority rights violations Chuks Okocha in Abuja Some monarchs and civil society groups in the Niger Delta have dragged the National Assembly to the Federal High Court in Abuja, seeking a restraining order in the continued use of the 1999 constitution in the operations and exploration of the crude oil in the region. The monarchs and civil society groups who alleged rights violations, urged the Federal High Court to direct and mandate the use of 1963 constitution in the adjudication and operations of crude oil in the oil rich Niger Delta area. The suit which filed on January 10, 2022, by the Peoples Confederal Constituents Assembly Of Nigeria (PECCAN) before the Federal High Court, Abuja with Suit No. FHC/ABJ/CS/18/2022 and a motion restraining the defendants – President of the National Assembly, Clerk of the National Assembly and the Chairman Senate Committee on Constitution Amendment, from further engaging and using amendment of the 1999 constitution in the present democratic setting. The monarchs and civil society groups described the 1999

constitution as instrument to oppress, dominate recolonise, abuse and seize up the applicants minorities rights of ethnic nationalities in Nigeria to own and use their properties and natural resources as protected and enshrined on the agreed terms as enshrined in the referral foundational and existing 1963 republican constitution and Nigeria`s ground norm. According to a statement and affidavit deposed by the General Secretary of PECCAN, the umbrella body of the Niger Delta and Civil Society, Chief Wombu Bolus in SUIT NO. FHC/ABJ/CS/ / 2022 listed as applicants to the suit to include: King Oziwe Amba Albert (Regent King of Diobu Kingdom, Delta Nigeria), Chief Wombo Bulus, Karim Sekanobi, Chief James Onyi Kokomi, Danjuma Modu (For themselves and Representing the Peoples Confederal Constituents Assembly of Nigeria (PECCAN), Center for Probity and Democratic Studies, while the President of the Senate and National Assembly of Nigeria, Clerk of the National Assembly, the Chairman Senate Committee on Constitution Amendment were listed as the respondents

Among other things, the group sought, "A declaration that the respondents continued use operation and continuing amendments of the purpose expired military decreed transitional constitution, No.24 of 1999 without re-adopting, reverting and restoring to the existing people made 1963 Republican Constitution at the military transfer of power to civilian democratic rule since 1999, creates a constitutional vacuum and force majeure violation the applicants minorities rights to belong united country and be governed by the agreed terms of the union of Nigeria as contained in referral 1963 republican constitution and applicants fundamental rights to own and use their natural resources on their native land/ region as protected under the African charter on human and people right, UN charter and International covenant on civil and political right to which the federation Nigeria is a member signatories. "A declaration that the respondents continued use operation and further amendments of the military decreed transitional constitution of No. 24 of 1999 otherwise called General Abusalami Abubakar

constitution to supplant the existing 1963 republican constitution and ground norm bearing and reflecting in whole the agreed foundational terms/ structure of the Nigeria union including incorporated willinski’s commission minorities fears report of 1957 preceding 1960 Independence is unconstitutional, illegal and constitutes a violation of the applicants protected fundamental rights not to be dominated and recolonised using respondents continued amendment of the purpose expired military decreed transitional constitution as cover. "A declaration that the respondents continued amendment of the military decreed transitional constitution of Decree No. 29 of 1999 long after transfer of power, to use as cover and instrument to perpetuate the present military unitary styled oppressive and suppression rule constitute a flagrant violation of the applicants protected fundamental rights of existent and to be governed by agreed terms and will of the peoples made constitution and not to be oppressed or dominated by the majority ethnic groups in an independent democratic sovereign Nigeria

including forceful seizure and naturalisation of the applicant’s prosperities, wealth and Natural resources of oil wells and mines, contravenes the enshrined provisions of Articles 20, 21 and 22 of the African charters on Human and peoples right Articles 15 and 17 of the United Nation charter on universal Declaration of Human rights, International covenant on civil and political rights, binding on Nigeria as a signatory member state.” Among others, the Niger Delta communities argued that the continued use of the phrase, "we the people” without the applicants’ ethnic nationalities, consent approval or “Yes” referendum on record, constituted a ploy to cover up, deceive and engage in using the military oppressive decrees/laws to recolonise and trample on the minorities’ rights in the foundational existing peoples’ made 1963 Republican constitution as provided and guaranteed under Articles 1,4,1,2,24,&26 of the African charter on Human and peoples’ rights and the United Nation Universal Declaration of Human rights to which Nigeria subscribed and is signatory to.

WITH N4.56TRN ENCUMBRANCES, NNPC TO SHED TOXIC LIABILITIES IN 2022, SAYS KYARI Emmanuel Addeh in Abuja and Peter Uzoho in Lagos Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mallam Mele Kyari, has said with the implementation of the Petroleum Industry Act (PIA), the company will do away with a major portion of its “toxic liabilities”. A statement by Group General Manager, Group Public Affairs Division of NNPC, Mr. Garba Muhammad, yesterday, quoted Kyari as saying this while addressing staff of the organisation in a town hall meeting held at the NNPC Towers, Abuja, at the weekend. Sections 55 and 56 of the PIA provides the process of transition from NNPC to NNPC Limited and the transfer of the assets and liability of the state-owned oil companies. The entity was incorporated in September 2021, as mandated by Section 53(1) of the Act, which provides that the Minister of Petroleum Resources shall cause the incorporation of NNPC Limited within six months of the enactment of the law in

consultation with the Minister of Finance on the nominal shares of the company. Despite declaring a profit of N287 billion in 2020, as announced in the Audited Financial Statement (AFS) last year, NNPC has liabilities exceeding current assets by N4.56 trillion, up by N200 billion from the figure in 2019, when it declared a loss of N1.7 billion. PricewaterhouseCoopers (PWC), SIAO Partners, and Muhtari Dangana & Co, which audited the NNPC accounts, had noted that the liabilities posed a threat to the company. The AFS showed that NNPC had total current

assets of N6.258 trillion and total current liabilities of N10.818 trillion as at year-end 2020, hence the gap flagged by the auditors. When total assets are deducted from its total liabilities, NNPC has a deficit of N4.56 trillion. A quick check further showed that the biggest contributors to the current liabilities were trade and other payables. But speaking at the meeting, Kyari told his audience that part of the plans of the new entity in the New Year was to do away with the high liabilities. The statement further quoted Kyari as saying

that the commencement of full implementation of PIA would provide business opportunities that would enable the company earn more revenues for the country. At the meeting, which saw staff outside the corporate headquarters participating virtually, the NNPC CEO highlighted the significance of the PIA to the company and by extension the Nigerian economy. According to him, the new legislation has raised shareholders’ expectations of the company, even as it has given it a wide room to make progress. "All money-making

options are on the table; it is up to us to take advantage of it," he told the company’s staff. Kyari added, “As a result of the new legislation, NNPC Limited would not only shed some of its toxic liabilities but will be the largest and most capitalised company in the whole of Africa and, potentially, the most profitable on the entire continent.” He charged employees of the organisation to ensure the company becomes a commercially viable multibillion-dollar entity that will continuously deliver value to its shareholders, which he said were the over 200 million Nigerians.

promptly bring to the notice of the panel that sat on the case on February 27, 2019, that GTB had already filed its appellant's brief of argument. The apex court noted that had the panel that sat on the case on February 27, 2019, notified it of the existence of the appellant's brief of argument, it would not have given the ruling which dismissed GTB's appeal on grounds of lack of diligent prosecution. The apex court justices explained that the court has powers to reverse itself where there was any reason to do so, especially where any of the parties had obtained judgment by fraud, default or deceit; where such a decision is a nullity or where it is obvious that the court was misled into giving a decision. According to the judgment, the circumstances of the GTB case falls into the category of the rare cases where the Supreme Court could amend or alter its own order on the grounds that the said order or judgment did not present what it intended to record. "I am convinced that at the material time that the appellant's appeal was inadvertently dismissed by this court, there was in place, a valid and subsisting brief of argument filed by the applicant. "It will be unjust to visit the sin of the court's Registry on an innocent, vigilant, proactive and diligent litigant. "It is obvious from the material before us, that there were errors committed by the Registry of this court, having failed to bring to the notice of the panel of Justices that sat in chambers on February 27, 2019 that the appellant had indeed filed its brief of argument. This is a case deserving of positive consideration by this court. "Having gone through all the materials in this application therefore, I am satisfied that the appellant/applicant's brief of argument was filed before the order of this court made on February 27, 2019 dismissing the applicant's appeal. "The order dismissing the appeal was therefore made in error. It ought not to have been made if all materials were disclosed. The application is therefore, meritorious and hereby succeeds," the apex court held. He proceeded to set aside the court's ruling of February 27, 2019 dismissing GTB's appeal and ordered that the appeal marked: 694/2014 "be relisted to constitute an integral part of the business of this court until its hearing and determination on the merit." Other members of the panel were John Okoro and Helen Ogunwumiju.

FARMERS COUNT GAINS OF ANCHOR BORROWERS SCHEME, TO UNVEIL MEGA RICE PYRAMID with the aim of creating an ecosystem that would link outgrowers (smallholders) to local processors. The thrust of ABP is the provision of inputs in kind and cash (for farm labour) to smallholder farmers with a view to boosting the production of rice, maize, poultry, sorghum, cassava, tomatoes, cotton, palm oil, soybean, among others. The idea is to stabilise input supply to agro-processors and address the country’s negative balance of payment on food.

It is also a loan to farmers without collateral and the benefitting farmers are given farm input and cash to cultivate their farms, including the experiment on rice. According to the structure of the ABP, a farmer who wants to repay his loan can either do so with cash or give the central bank his/her produce of same value, after which officials of CBN’s Development Finance Department would sell and recover the loan.

The programme has increased banks’ finance to the agricultural sector, enhanced capacity utilisation of agricultural firms involved in the production of identified commodities, as well as the productivity and incomes of farmers. From an average yield of 1.8 metric tonnes per hectare in the pre-ABP era, the initiative has increased the country’s average yield per hectare for rice paddy and maize to about five metric

tonnes per hectare. Similarly, the average capacity utilisation per annum of domestic integrated rice mills has jumped to 90 per cent, from the 30 per cent that was the case in the era preceding the advent of the ABP. Additionally, there has been a significant reduction in the country’s rice import bill, from a monstrous $1.05 billion prior to November 2015, to the current figure of $18.50 million, annually. The programme has

also created an estimated 12.3 million direct and indirect jobs across the different value chains and food belts of the country. Notwithstanding the disruptions caused by the COVID-19, the challenges of insecurity, among others, the Emefiele-led CBN, in collaboration with some state governments, has continued to encourage rice farmers to cultivate the crop and support the federal government’s quest for food security.

MONDAY JANUARY 17, 2022 • T H I S D AY

MONDAY, JANUARY 17, 2022 • T H I S D AY

NEWS

SHONEKAN WAS A CONSEQUENTIAL LEADER... L-R: Mrs Dolapo Osinbajo and her husband, Vice President Yemi Osinbajo and Mrs Shonekan, during a condolence visit to the family of late Chief Ernest Shonekan in Lagos … yesterday

Report: Despite Headwinds, Global Oil, Gas Investments to Grow by $26bn in 2022 Emmanuel Addeh in Abuja Despite challenges currently faced by the global oil and gas industry, investments in the sector globally was set to increase by $26 billion this year, a 4 per cent rise from last year,

according to a Rystad Energy report. The independent energy research and business intelligence company, which provides data, tools, analytics and consultancy services for the industry, estimated in the

SERAP Writes Buhari, Wants Copy of Agreement with Twitter Udora Orizu in Abuja The Socio-Economic Rights and Accountability Project (SERAP) has urged President Muhammadu Buhari to direct the Minister of Information and Culture, Alhaji Lai Mohammed, to provide it with a copy of the agreement the government recently signed with Twitter Inc. and to widely publish the details of such agreement. In the letter dated January 15, 2022, and signed by SERAP’s Deputy Director, Kolawole Oluwadare, it also urged Buhari to direct Mohammed to clarify the manner and scope in which the agreement with Twitter would be enforced, including whether the agreement incorporates respect for human rights, consistent with the Nigerian Constitution 1999 (as amended) and international obligations. The organisation said publishing the agreement would enable Nigerians to scrutinise it, seek legal remedies as appropriate and ensure that the conditions for lifting the suspension of Twitter are not used as pretexts to suppress legitimate discourse. The letter, read in part, “Any agreement with social media companies must meet constitutional and international requirements, including legality, necessity, proportionality and legitimacy. “This means that any conditions for lifting the suspension of Twitter must meet the requirements of

regular legal processes and limit government discretion. Secretly agreed conditions will fail these fundamental requirements. “It is stated in the statement by the federal government that Twitter has reached an agreement with the government ‘to manage prohibited publication in line with Nigerian laws.’ We would be grateful for clarifications on the definition of ‘prohibited information,’ and the specific applicable Nigerian laws in the context of the agreement. “We would be grateful if the requested information and details are provided to us within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall take all appropriate legal action in the public interest to compel your government to comply with our request. “According to our information, the approval was given to lift the suspension of Twitter operation in Nigeria effective from 12am 13th January 2022 following the memo sent to you by the Minister of Communications and Digital Economy, Prof Isa Ali Ibrahim. “The decision to lift the suspension was reportedly based on the recommendations by the Technical Committee on Nigeria-Twitter Engagement. The letter was copied to Alhaji Lai Mohammed and Mr Abubakar Malami, SAN, Attorney General of the Federation and Minister of Justice."

report that the sector would continue its recovery from an unprecedented downturn caused by the Covid-19 pandemic in 2020. In 2021, global oil and gas investments hit $602 billion, but in 2022 investments would rise to $628 billion, the firm predicted. According to Rystad, one factor driving this increase was a large 14 per cent growth in upstream gas and Liquefied Natural Gas (LNG) investments. “Both of these segments are set to be the fastest growing in 2022, with investments increasing to $149 billion, up from $131 billion last year,”

it stated. The firm stated that while this was a significant increase, it still falls short of pre-pandemic levels, with investment levels not expected to surpass 2019 levels of $168 billion until 2024. “The pervasive spread of the Omicron variant will inevitably lead to restrictions on movement in the first quarter of 2022, capping energy demand and recovery in the major crude-consuming sectors of road transport and aviation. “But despite the ongoing disruptions caused by Covid-19, the outlook for the global oil and gas market is promising,” Head of Energy

Service Research at Rystad Energy, Audun Martinsen, said. In addition, it stated that upstream oil investments were expected to grow to $307 billion in 2022, a seven per cent increase from the $287 billion reported in 2021 saying that midstream and downstream investments, however, will fall by 6.7 per cent, reaching $172 billion. “In shale, investments are forecasted to rise 18 per cent to $102 billion this year, compared to $86 billion last year, while offshore and conventional onshore investments are both expected to increase 7 per cent and 8 per cent respectively,”

it explained. But Rystad warned that major offshore operators could be challenged on their portfolio strategy this year as the energy transition continues apace. In particular, the firm stated that for offshore contractors, the energy transition, “could be advantageous for wind power developments,” after the sector doubled in size to $50 billion last year over 2019 levels. For offshore oil and gas, however, the picture was less rosy, with Rystad predicting oil demand to likely peak within the next five years and subsequently capping offshore investment to around $180 billion in 2025.

Still Evasive About Date, APC Govs Maintain Party’s Convention will Hold February Pass confidence vote on Buni; commend Oyetola, Bello Adedayo Akinwale in Abuja Although still evasive about the specific date, the Progressive Governors’ Forum (PGF), the umbrella body for governors elected on the platform of the ruling All Progressives Congress (APC), early this morning, assured party members and supporters, that the national convention of the APC would hold in February. The governors, who met last night in Abuja after weeks of immense pressure mounted on the Caretaker/Extraordinary Convention Planning Committee (CECPC) of APC to fix a specific date for the party's national convention, held their meeting behind closed-doors and wrapped it up early this morning. Also, part of the resolutions of their deliberation was a vote of confidence passed on the Caretaker Committee of the party, led by Yobe State Governor, Mai Mala Buni and two other governors, Muhammed Bello of Niger State and Governor Gboyega Oyetola of Osun state, whom

they claimed had done “an incredible job of running our party successfully – mobilising people into the party and we are very happy with their conduct.” For some weeks now, stakeholders of the party had squared up with the Caretaker committee over its refusal to announce venue and date for the convention. Director General of the Progressives Governors Forum (PGF), Dr. Salihu Lukman, had equally called on members of the committee to honourably resign their positions if the February date for the national convention failed. However, addressing journalists after their meeting, which lasted for more than two and a half hours, Chairman of the Forum and Governor of Kebbi State, Atiku Bagudu, refused to give a specific date for the convention. But he insisted that the February date was still feasible, adding that the caretaker committee as the organ of the party was in the best position to announce the

specific date for the national convention. His words: "We passed a vote of confidence on the Caretaker/Extraordinary Convention Planning Committee (CECPC) of the party led by Governor Mai Mala Buni and two other governors among others, Governor Muhammed Bello of Niger State and Governor Gboyega Oyetola of Osun state, who have done an incredible job of running out party successfully. Mobilising people into the party and we are very happy with their conduct. "We discussed our upcoming convention, which you may recall I had cause to address the press after we visited Mr. President in November, where Mr President and the party agreed that the convention will take place in February. “We took inputs about the reviews and we noted all the misrepresentations in the press that we seek to correct that the PGF, is one united body as you can see evidently from the attendance. Our decision

is unanimous. We are united behind Mr. President and we thank him and we are united behind the caretaker committee. “We are one group of stakeholders in the party and our party respects institutions. The appropriate organ of the party is the caretaker committee that will announce a date." Those in attendance were the Governors of Lagos State, Babajide Sanwolu; Borno State, Babagana Zulum; Jigawa State, Mohammad Abubakar; Ondo State, Rotimi Akeredolu;Niger State, Abubakar Bello; Kaduna State, Nasir El-Rufai; Ekiti State, Kayode Fayemi, andKogi State, Yahaya Bello. Others were the Deputy Governor of Anambra, Nkemakonam Okeke; Cross River State, Ben Ayade; Ogun State, Dapo Abiodun; Zamfara State, Bello Matawalle; Ebonyi State, David Umahi; Imo State, Hope Uzodimma; Plateau State, Solomon Lalong; Kano State, Abdulahi Ganduje and Nasarawa State, Abdullahi Sule.

MONDAY JANUARY 17, 2022 • T H I S D AY

T H I S D AY • MONDAY, JANUARY 17, 2022

COMMENT

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

MANDATORY CURRENCY DEVALUATION RUINS A NATION Francis E. Ogbimi canvasses a fixed exchange rate, intensive learning and industrialisation

igerian intelligentsia and intellectuals hitherto, lacked the competence to assess an economic programme. All development programmes implemented by Nigeria since independence have always been conceived in Britain and America. Nigeria began with National Plans 1960-1985, then the Structural Adjustment Programme (SAP) 1986-now. The sad thing is that though the West is technologically advanced, it still does not understand the human development process. So, the West cannot and should not conceive a development programmes for Africa. The programmes conceived in the West for Africa usually lack growthpromoting elements. They always promote unemployment, poverty and abstract and fruitless arguments. Africa would not have adopted the plans conceived the national plans and SAP had Nigerians had the competence to assess a development programme. The Naira exchanged 194 units to one Dollar in the official market up to the month of May 2015, it is exchanging about 500 Naira to the Dollar today. Is the devaluation of the Naira the way forward for the Nigerian economy? No! Mandatory currency devaluation ruins a nation; it is not the way forward for any nation. The Nigerian Foreign Exchange market today was the Mandatory Foreign Exchange Market that was introduced to Nigeria as part of the SAPs introduced to indebted African nations by the World Bank and IMF in the early 1980s. A mandatory devaluation is one forced on a nation under the pretext that the nation is under the pressure of scarcity of foreign currencies. Germany was the first nation to be forced to adopt the German SAP in the period 1919-1923. The World Bank and IMF did not exist then. Germany as the leader of the Axis powers lost World War I to the Western Allies. The Allies demanded $33 billion from Germany as war reparations. Germany could not pay. Consequently, the Allies forced Germany to sign the Versaille Treaty, which contained the mandatory currency devaluation progamme. That was the German SAP. The German Mark had exchanged 4.2 units to the Dollar in 1918 at the end of the war. The German SAP started in 1919. One year into the German SAP, 1920, the German Mark exchanged for 63 units to the Dollar. In 1921, 200 Marks exchanged for one Dollar. In 1922, 2000 Marks exchanged for one Dollar. By 1923, the German Mark collapsed, 4.2 trillion Marks exchanged for one Dollar. The German economy was destroyed. Though Germany was a world power, the Germans and Germany were humiliated. The Nigerian SAP which began in 1986 was forced on the nation because Nigeria indebtedness to foreign creditors. The Nigerian experience 1986 to now may be reported as follows: In 1985, the Naira was equivalent to 112.4 Cents. In 1986, one Naira exchanged for 49.5 Cents. In 1993, the Naira exchanged for 4.5 Cents. In 1998, one Naira exchanged for 1.2 Cents. In 2004 the Naira exchanged for 0.7 Cent. The Naira exchanged for 0.5 Cent in 2015 and today the Naira is exchanging for 0.2 Cent. Could the Allies have introduced German to the German SAP to strengthen Germany economically and the German military at the end of the war? No! The humiliation of the Germans and the destruction of the German economy were evident immediately and at the end of the punitive programme in four years. It is the reason the first Woman Prime Minister of Britain, Baroness Margaret Thatcher, once said that when you want to destroy a nation, first, you destroy the currency. It is the reason Britain always defends the Pound Stirling. The German people rose, abandoned the German SAP and restored

MANDATORY DEVALUATION DESTROYS THE PRODUCTION SYSTEM OF A NATION BY DRASTICALLY INCREASING SPECULATION IN THE NATION AND MAKING THE DESTROYED CURRENCY AND FOREIGN CURRENCIES TRADABLE COMMODITIES. IN LAGOS AND MANY OTHER TOWNS IN NIGERIA, YOU HEAR OF DOLLAR-POUND, DOLLAR-POUND, LIKE BUY GUGURU/EPA, AKAMU AND AKARA

their honour. The Commissioner for National Currency, Hjalmer Greecy Schat promptly stopped printing the mark and issued a new currency (the Rent-mark) that was equal to one trillion old mark and restore the exchange rate of 4.2 Mark to the Dollar. WW II was probably caused by the German SAP. John Maynard Keynes had warned Britain to be ready for WW II if it signed the Versaille Treaty. Why would the West subject Africa to SAP again? Was it for lack of a sense of history or wickedness? Economists, accountants and bankers do not understand how the economy works. They lack a sense of history and do not understand the science of sustainable economic growth, industrialization and development (SEGID). They are only good at sustaining abstract and irrelevant arguments about the economy. Africa will stagnate as long as economists and related institutions like the World Bank and IMF continue to influence the planning in the continent. Economists and related institutions claim that irresponsible devaluation will lead to market-determined exchange rate, make the Naira a convertible currency and promote inflow of foreign investment into Nigeria. What became the market-determined exchange rate for the German Mark, the currency of a world power in the period 1919 to 1923? The Nigerian SAP has sapped and disgraced Nigeria for 35 years. The convertibility of a currency is not achieved through mandatory devaluation. A convertible currency is one owned by a productive nation. It is the currency of an economy which produces a non-negligible proportion of the total quantity of goods produced in the world in a year. The American Dollar, the British Pound and the Japanese Yen are convertible currencies because the United States, Britain and Japan, each produces a non-negligible proportion of the total quantity of the goods produced in the world in a year. Hence many nations which buy the goods need Dollar, Pound and Yen to pay for them. The Nigerian Naira exchanged 112.4cents in 1985 and exchanges 0.2 cent today. The Naira has been devalued 99.8 per cent and the economy has been ruined. So, what is now the way forward? Learning (education, training, employment and research) is the primary basis of achieving SEGID in a nation. Capital investments, including foreign investments do not promote SEGID. So, no wise nation destroys its currency to attract foreign investments. No one has been learning since the Nigerian SAP began in 1986. The apprenticeship system is dead in Nigeria. Usually, the currency of a nation serves as a means of exchange. Mandatory devaluation destroys the production system of a nation by drastically increasing speculation in the nation and making the destroyed currency and foreign currencies tradable commodities. In Lagos and many other towns in Nigeria, you hear of dollar-pound, dollar-pound, like buy guguru/epa, akamu and akara. The youths are either selling imported articles in the streets or riding motor cycles to eke out a living or idle. Production has been dropping since 1986. So, unemployment has been increasing, true inflation, poverty and insecurity have been increasing. SAP was introduced to humiliate Nigeria and other African nations. A nation with an agricultural economy is necessarily poor. To subject an artisan/agricultural nation to SAP in wickedness. The way forward is to abandon SAP, adopt a fixed exchange rate, focus on intensive learning and industrialisation. Nigeria should mobilize all her citizens for learning as Japan did 1886-1905 and China did 1949-early 1980s and achieved rapid industrialization. Prof Ogbimi, fogbimi@yahoo.com

UZODIMMA AND AUDACITY OF LEADERSHIP The Imo State governor is treading an uncharted path, writes Iheanyi Ukadike

mo Governor, Senator Hope Uzodimma, is fast emerging a hero of anti-corruption. In his public engagements since January 15, 2020 when he became governor, he has chosen to tread an uncharted path: To be shrewd and prudent with the management of resources and to be accountable to Imo people. And he has kept faith with this creed in the most profound manner. Good leaders are those who show up at the foyer of courage; who demonstrate raw audacity to create their path and follow same; not necessarily those who follow the crowd. Just like Albert Einstein once noted “the person who follows the crowd will usually go no further than the crowd. The person who walks alone is likely to find himself in places no one has ever seen before.” In the matter of governance in Imo, Uzodimma has elected to chart a new course, away from the usual path where evil is tolerated; where known pillagers of the public till are garlanded with emblems of honour rather than prosecuted with instrument of the rule of law. This is the context in which Uzodimma deserves commendation, not denunciation, for the exceptional boldness he has shown in the implementation of the recommendations of Justice Benjamin Iheaka-led Imo State Judicial Commission of Inquiry on Contracts instituted by ex-Governor Emeka Ihedioha. The brief of the panel was to probe contracts awarded between 2011 and 2019 under the Rochas Okorocha administration. After months of sitting, the panel said it has uncovered fraudulent contracts worth N106billion. It recommended that those involved be made to return the money to the government. Findings by the panel showed that some of the contracts were inflated or given to non-existing companies.

The final report of the panel pointed to flagrant disregard for due process and clear abuse of the letter and spirit of the Public Procurement Act. Needless restating that this is not the opinion of one man, but the findings of a panel set up, not by Uzodimma but by Ihedioha. It, therefore cannot be interpreted as an instrument of witch-hunt by Uzodimma. Besides, members of the panel are carefully chosen persons of high moral and professional rectitude with decades of sterling service shorn of scandal. They were persons of unimpeachable character whose pedigree of integrity and unfeigned piety lent them to the job. The genuine enthusiasm that heralded their submission of the Report speaks eloquently to the desire of Imolites to see and witness the liberation of their state from the shackles of locusts and the mob of abusers. For in reality, Imo had been abused to the point that some of the people could hardly tell they were being abused and their future brazenly stolen, a perfect case of the Stockholm Syndrome. And while the abuse and abrasion of people’s rights continued, governance took flight out of Imo. Democracy was dragged in the mud, indeed to its Golgotha and was thereunto crucified. Yes, democracy died in Imo. All the attributes of democracy as a people-centric, constitutional government namely: the rule of law, the people’s right to know, accountability, transparency et al were sacrificed on the altar of fascism as everything revolved around one family. It was the lowest point Imo state had sunk since 1999. The opposition was effectively muzzled. Fear became the commonest commodity in the state that has heavyweights in academics, trade and commerce, science and technology. Thus, when the panel’s report was made public, it only confirmed the suspicion of the people; that their state, the beautiful Oriental heartland had been abused, despoiled and

vandalized. There was also the fear that Uzodimma may not muster the courage to implement the recommendations of the panel. You cannot blame those who reckoned that Governor Uzodimma will jettison the prescription of a duly constituted panel, albeit a Judicial Commission of Inquiry. This has been the norm in many states. Governors protect their predecessors even when the evidence is stark bare that the predecessor went into overdrive in the looting of the state or abuse of his office. Some governors were reputed to have looted not only money but also converted public utilities and property to their personal estates. That has been the normal course in the often-mouthed fight against corruption in some states. But Uzodimma chose to be abnormal. He took heed to the wise counsel of Maya Angelou who once said that “If you are always trying to be normal, you will never know how amazing you can be.” In the context of Nigerian public sector leadership, being normal meant protecting the looters of the public till even when their actions directly impact on you in the most negative manner; being normal meant patting the crook on the back while punishing the innocent. Uzodimma chose to shun the normal path. In a rare show of chutzpah and uncommon courage, he set out to implement the recommendations of the panel. So far, he has not only pursued the despoilers, he has recovered what they craftly took from the state in a mindless orgy of primitive acquisition. And Imo people are the happier for this demonstration of courage by Uzodimma. He has restored the lost totems of democracy in the state. He has by his show of courage won the hearts of Imo people. Governance in Imo is no longer about one family, it’s about the entire Imo people. It’s about development,

not division of the spoils of office among one family and its adjuncts of in-laws and cronies. Uzodimma by his actions, has earned the respect of his people. Little wonder, both the rich and the poor in the state are singing his praises. It’s noteworthy that while the Governor was pursuing to recover and restore, he did not take his eyes off the ball of development and infrastructural renewal. The massive road constructions and rehabilitations going on, the improvement of healthcare facilities, the social investment initiatives and other developments speak volumes of a leader who is concerned about his people. In two years, Uzodimma has justified the confidence reposed in him by his party, the All Progressives Congress (APC) and the people of Imo. Last Yuletide when this writer visited his Ikeduru home, it was a pleasant surprise that the entire state has become one giant construction site. This reality was different from the social media fallacies and falsehood being spread by some cheap recruits of some desperate and drowning politicians to discredit Uzodimma. Yes, there were pockets of traffic snarls inside Owerri capital city and some other inter-community roads but that’s because of the many road constructions and rehabilitations going on. And commuters were happy to bear the pain because as they have seen with their eyes, not from social media denizens, Imo is undergoing Rehabilitation, Reconstruction and Recovery, the 3Rs that have become the battle cry and mission of the Uzodimma government. Even the departed legend, Dee Sam Mbakwe, would be happy with the remodeling of a state he once turned to the envy of others with his peerless brand of courageous leadership. Ukadike wrote from Abuja

T H I S D AY • MONDAY, JANUARY 17, 2022

EDITORIAL THE LUCRATIVE GOLD SMUGGLING BUSINESS There is urgent need to regulate artisanal mining in Nigeria

he spike in gold smuggling in the country has once again highlighted the socio-institutional and structural problems in our governance system. More concerning is that all that we get are tales and lamentations from those who should deal with the problem. The latest of such is from Minister of Mines and Steel Development, Uche Ogar, who disclosed that Nigeria has in the past six years lost revenue estimated at $5 billion to smuggling in gold. He made the startling disclosure while brieﬁng the Steering Committee and Management Team of the Presidential Artisanal Gold Mining Development Initiative (PAGMI). This outcry is distressing given the huge amount of money involved and the likely effect on the economy. But the main concern remains that there seems to be no solution to what compounds our national security challenge. Just recently, SOME HIGHLY PLACED Zamfara Governor, CITIZENS ARE ALLEGED TO Bello Matawalle BE USING ILLEGAL MINERS also lamented that AS FRONTS IN ADDITION foreigners were TO COLLUDING WITH coming to his state to trade in guns with FOREIGN NATIONALS AND locals for mineral CORPORATIONS TO SELL GOLD, WHICH IS ROUTINELY resources, particuSMUGGLED TO THE UNITED larly Gold. It beats ARAB EMIRATES THROUGH the imagination that any government NIGER, TOGO, BURKINA would yield to locals FASO, AND MALI the rights to mine the minerals that are subsequently exchanged for arms. Meanwhile, the federal government should take responsibility for the situation in Zamfara for allowing the Nigerian Minerals and Mining Act 2007 to be unduly breached by artisanal miners. The act, which was passed into law on 16th March 2007 to repeal the Minerals and Mining Act, No. 34 of 1999 for the purposes of regulating the exploration and exploitation of solid materials in Nigeria, vests the control of all minerals in the Nigerian

Letters to the Editor

State and prohibits any unauthorised exploration or exploitation. It is estimated that 80 per cent of mining in the North-west region is carried out illegally and on artisanal basis by the local populations with external collaborators. But the federal government is dilly-dallying from taking full ownership and control of all lands in which minerals (other than oil and gas) have been found in commercial quantities in accordance with the Land Use Act.

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

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

t is unfortunate that illegal exploitation and transaction in solid minerals, particularly gold have been ongoing in Zamfara and many states in the country for several years. This practice denies the country the opportunity of reaping maximum benefits from her resources. Besides, illegal mining has been cited as one of the factors at the root of community conflict in Nigeria by criminal networks bidding to exploit untapped mineral resources that bear strategic importance and economic value. Criminal groups in illegal mining have turned the enterprise into an organised business such that they use the proceeds to fund banditry and cattle rustling in the mining communities and incite violence among cattle breeders and farmers. Statistics put the number of people to have died in Zamfara State in the last five years because of the crisis at over 5,000. Almost on daily basis, innocent people fall victims to the conflicts by either losing their lives or being displaced in Zamfara State due to interwoven problem of banditry and illegal gold smuggling. Some highly placed citizens are alleged to be using illegal miners as fronts in addition to colluding with foreign nationals and corporations to sell gold, which is routinely smuggled to the United Arab Emirates through Niger, Togo, Burkina Faso, and Mali. The proceeds from the illicit trading are also used to finance conflicts in the Sahel region, notably in Burkina Faso, Mali and Mauritania which are also seeing an upsurge in terrorist attacks. Besides fanning conflicts and banditry, illegal mining has led to devastating lead poisoning of children and others from contaminated gold ore as well as significant emissions of mercury into the air and soil. There is therefore an urgent need to regulate informal mining in Nigeria.

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TWITTER’S THICKET OF THORNS

fter seven months, and economic losses put at about N546.5 billion, and incalculable losses in democratic gains, the federal government finally lifted the ban after the microblogging platform, Twitter, supposedly complied with conditions imposed on it. The ban on Twitter descended when Mazi Nnamdi Kanu, the leader of the proscribed Southeast secessionist group, the Indigenous People of Biafra (IPOB), sparred with the federal government. When citing a contravention of its policies Twitter censored a tweet from President Muhammadu Buhari which was a reply to one of the then frequent outbursts of Mr. Nnamdi Kanu; the presidency alleged double standard on the part of Twitter before banning its operations within the country. While the ban, supported by the Nigerian legislature, lasted, some government officials in an exhibition of the dizzying hypocrisy that feeds the highlight reels of Nigeria`s halls of power could still not get their hands off their twitter handles. The federal government in building its case for the ban on Twitter had alluded to how the platform was used to destabilize the country during the EndSars protests of 2020 when the platform gave millions of young Nigerians and their supporters within and outside the country a voice. It would seem there is pattern of repression and oppression here with the ultimate aim of encouraging a fear-driven silence. The pattern, delicately woven by state actors, has been building for some time now in a country where the frustrations of citizens spike with each government misstep or terrorist attack. Agents of the Nigerian state, citing sleaze or national security, have been known to swoop on select citizens at odd hours of the day in

carefully orchestrated attacks ostensibly designed to enforce Nigeria`s version of the omerta. Since 2015, an unremitting campaign of intimidation has been mounted against Nigerians in the Legislature, by various security agencies, and even on social media by paranoid megaphones of state. Two events seem to inform the logic behind the lifting the ban. One is the 2023 general elections, the buildup of which is seeing a cast of presidential pretenders parade themselves before Nigerians. The other is the continued detention and prosecution of Mr. Nnamdi Kanu by the Nigerian state. Politicians need Twitter to get to their supporters and with the Tiger of Afara Ukwu now caged in Abuja from where his pacing is threatening to rip the Southeast apart, the federal government can now rest easy, with one more thorn having been pulled out of its side. What happened with the Twitter ban was ritual humiliation and intimidation – a classic case of the fate of the grass when two elephants tangle. A turf war Nigerians had no hand in was used as an opportunity to silence the citizens of the Giant of Africa. Like every other human venture, social media (described by author Sinan Aral as ‘the hype machine’ in his book of the same name) perfectly mirrors the flaws of those who own and use it including the worst of those flaws. It amplifies their pettiness and predation and starkly reveals their psychopathy and sociopathy. In the wild freedoms of social media, even those who would kill others and disrupt democratically elected governments find an outlet. Yet, for all its flaws, social media has revolutionized communication, especially citizen communication, enabling citizens to aggregate their views in relations with their government. The archaeology of communication which social media symbolizes

becomes more invaluable when cast into stark relief by the fact that traditional media is mostly operated by the centrifugal and centripetal forces of capitalism and state power which find common ground in the censorship of citizen. The patent power of social media in this wise has predictably proven a nightmare for many authoritarian governments around the world especially for those who hide dictatorship in the white sepulchre of democracy. Twitter especially has proven an iron thorn in the side of dictators. History tells a luminous tale here: during the 2011 Egyptian revolution, the defiant chants that evicted long-time president Hosni Mubarak from the presidential palace did not just ring out from Tahrir Square. He was dragged hither and thither on Twitter until he was deposed. It is no coincidence that Twitter is banned in countries like China, North Korea and Iran where hapless citizens have to lick the bootheels of dictators. Thus, in Nigeria, over a presidential tantrum, the baby was cast away with the bath water and for seven months, Nigerians could not get on twitter without virtual private networks. Countless livelihoods were lost. Does one wonder why many Nigerians in Nigeria live on the edge, their frustrations impregnated by hunger and privation? The chilling pattern which inspires repression in Nigeria would also tell of how Twitter became such a weapon when anti- government protests convulsed the country in October 2020.It is only a government that has become offensive to its citizens that finds every slight or slur unforgivably offensive. With Twitter now available to Nigerians and the politics of 2023 gathering steam, Nigerians must be under no illusions about those who would gag them. Kene Obiezu, keneobiezu@gmail.com

MONDAY JANUARY 17, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY JANUARY 17, 2022

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

Entrenched Interests Fuelling APC’s Crises Insiders within the All Progressives Congress say the struggle for the soul of the ruling party by diﬀerent political blocks, ahead of the 2023 presidential election, may be responsible for the refusal/failure by the Mai Buni-led Caretaker/Extraordinary Convention Planning Committee to call for the national convention of the party. Iyobosa Uwugiaren examines the issues

Buhari

resident Muhammadu Buhari raised the red flag recently, when he said that unless leaders of the All Progressives Congress (APC) close their ranks and work collectively, ahead of the 2023 general elections, the party might lose to the opposition in the coming general elections. The president, who spoke recently - during his provocative interview aired by the Nigerian Television Authority (NTA), was apparently worried about the several crises currently tearing the party apart. Records at the national secretariat of the party in Abuja, indicates that out of the 36 states, including Abuja, the APC is embroiled in serious crisis in 28 states. And all efforts by the Governor Mai Mala Buni-interim leadership to fix the problems have not yielded the desired result. However, insiders said that the different entrenched political interests within the party, ahead of the 2023 general election – over who gets the party’s presidential flag, is hugely responsible for the different crises. ‘’The current crisis within our party is expected, especially as we approach the 2023 general election. There are several aspirants eyeing the presidency; they are scheming to undo one another. And that is also responsible for the hot contest for the national chairman of our party’,” one of the aspirants for the APC National Chairman told THISDAY. Adams Oshiomhole-led national executive committee of the party was forced out in 2021 amidst interminable squabbles, and an interim committee was subsequently put in place to midwife new leadership within six months. But close to two years after, the committee has not been able to achieve the task. Some party’s stakeholders who spoke with THISDAY said that the struggle for the soul of the party by different interests within the party, may be responsible for the refusal/failure by the Mai Buni-led Caretaker/Extraordinary Convention Planning Committee (CECPC) to call for the national convention. Expectedly, this, has increased the agitation within the party – with some aggrieved interest groups accusing the CECPC of hidden agenda. To be sure, one of the aggrieved groups within the APC of late called for the immediate resignation of the Buni-led CECPC. Justifying its action, the spokesperson for the group, Ayo Oyalowo, at a press conference in Abuja claimed the group’s demand was based on the insight that the caretaker committee had failed woefully to manage the affairs of the party, accusing the interim leadership of creating more problems for the party than it was meant to resolve. “The Caretaker Committee has conducted what is arguably the worst ward, local government and state congresses since the formation of the party in 2013. These congresses, rather than putting the party on strong footings have created further divisions and disenchantment

Osinbajo

Buni

among its members,” the group noted. While some leaders of the party, who want to see the quick exist of Buni-led EXCO want the national convention of the party conducted latest February, other entrenched interests have also asked for an indefinite postponement of the convention until the time for the presidential primaries - later this year. The crisis-ridden APC is an amalgamation of dissimilar political parties, which include ACN, CPC, ANPP, APGA and N-PDP. And ahead of the 2023 general elections/contest for the national offices of the party, they have relapsed to their initial identities. For instance, there is a strong argument within the CPC bloc members that one of their own be allowed to be the next national chairman of the APC. Already, former governor of Nasarawa State, Senator Tanko Al-Makura and Saliu Mustapha from Kwara State are representing the CPC in the race. Political monitors - who have consistently argued that the struggle for the ruling party’s presidential ticket may also define who gets what at the national convention, may be right after all, because the crisis enveloping the ruling party is getting messier day-after-day. In the past few weeks, all efforts by the party’s stakeholders, especially the APC Governors’ Forum to fix a date for a meeting to resolve the teething problems militating against the planned national convention, have been unsuccessful. And President Muhammadu Buhari, who many look up to - to intervene is either helpless or adopting his usual slow-thinking-attitude in the affairs of the party. Indeed, THISDAY checks reveal that the much awaited national convention of the APC, which is tentatively slated for February, may not take place after all - as the party insisted that its priority for now is to address the fallout of the last year conducted congresses and litigations against the party. Lately, there’s been talk the date for the convention will be announced tomorrow. All fingers are crossed as stakeholders await what may happen tomorrow.

Tinubu

Although the leadership of the party noted that while it was not true that the national convention of the party had been postponed, its immediate task was to address a series of contestations within the ruling party. The National Secretary of APC Caretaker/Extraordinary Convention Planning Committee (CECPC), Sen. John Akpanudoedehe, disclosed this in a statement issued during the week. Central to the crisis, is the Senator Bola Ahmed Tinubu factor. Right or wrong, some of the supporters of the acclaimed National Leader of the APC believe that the foot-dragging by Buni-led interim leadership of the party and other interest groups over the convention, is designed to clip Tinubu’s political wings – ahead of the 2023 presidential election. The former governor of Lagos State recently informed the President about his desire to success him in 2023. APC National Chairman’s Sword ﬁghters As the nation enters the election-year and enthusiastically waiting for President Buhari’s successor, tension is expectedly, mounting within the APC, over who will emerge the party’s next national chairman. Former governors, senators and other party members – some of them claiming to be very close to the President, are among those jostling for the plum position of the APC. As at the last count, there were over 13 of the aspirants for the top position; and they have started serious conversations on how to accomplish their individual dreams. Different stakeholders and interest groups are already feeling the impact of the discourse – as the aspirants move across the country mobilising for support. There are indications that as the entrenched groups step up their political games of uncertainty, plotting and horse trading, the planned national convention - in the estimation of some insiders, promises to be the most burnable since the party was formed in 2013. From all indications, the most central issue refining the conversation hangs on which zone should produce the next

While some leaders of the party, who want to see the quick exist of Buni-led EXCO want the national convention of the party conducted latest February, other entrenched interests have also asked for an indefinite postponement of the convention until the time for the presidential primaries - later this year

national chairman and the Presidential candidate of the party, ahead of the 2023 election. There are promoters of rotational arrangement between the north and the south, who want zoning to be honoured, but those opposed to it want the contest to be thrown open to all - irrespective of region of origin. And the regional demography of the national chairman hopefuls is pointing to the zoning impact: The people positioning for the position are mainly from the north. Below are some of the sword fighters: Senator Tanko Al-Makura Popularly referred to as the ‘’first political son’’ of President Buhari, he was the first elected political office holder under the political platform of the defunct Congress for Progressive Change (CPC) - floated by the president, as governor of Nasarawa State. Seen by his followers as a levelled-headed politician and wealthy, successful businessman, former governor Al-Makura is said to be enjoying the full support of Buhari and his successor, Governor Abdullahi Sule of Nasarawa State. Abdulaziz Yari Although campaigning forcefully to get the job, the former two-term Governor of Zamfara State, appears to be having serious challenges in pushing his ambition. Apart from the fact that he has lost the APC political structures in the state to his successor, those pushing for zoning do not favour the North-west zone in their current political conversations. But as a ‘’good Muslim’,” Yari is still hopeful. “If God decides that it should be, it is going to be. People can manouvre and do all sorts of calculations, but they will not prevail. All I know is that I can lead this party and they know what I can do’’, the former governor was quoted as saying recently. Senator George Akume He served twice governor of Benue State and former Minority Leader in the Senate, Akume is the current Minister of Special Duties/Inter Governmental Affairs. Seen as a team player, many of his supporters believed he has what it takes to nurture unity and peace in the crisisridden ruling party. Senator Ali Modu-Sheriff A former Senator and two-term Governor of Borno State, Modu-Sheriff is essentially labelled as a controversial political figure. He was member of the All Nigeria People’s Party, ANPP, one of the political groups that formed APC. Those who know him very well said that he had never hidden his fixation for the party’s national chairmanship office. Although not enjoying the support of his state governor, Prof. Babagana Umara Zulum, some political monitors said that he might be Continued on page 19

T H I S D AY ˾ MONDAY JANUARY 17, 2022

MONDAY DISCOURSE

Who Picks Ekiti APC Governorship Ticket? Less than two weeks to the primary election of the All Progressives Congress (APC) in Ekiti State, no fewer than seven aspirants have obtained the party’s nomination form, which qualiﬁes them for the contest. Victor Ogunje, in this piece, x-rays the six governorship aspirants gunning for the party’s ticket, pointing out their areas of strengths and weaknesses, as well as their strategies for the contest

Bamidele

Senator Opeyemi Bamidele: Senator of the Federal Republic, representing Ekiti Central Senatorial District in the National Assembly. Before his election to serve in the Senate in 2019, Bamidele had served in the lower chamber of the National Assembly, representing Ekiti Federal Constituency I. He had previously served as a Special Adviser and later Commissioner in two administrations in Lagos State. Beyond being an experienced and grassroots politician another major strength of this Iyin-Ekiti born lawyer- turn politician is that he’s not new to the governorship contest, having given it a shot as candidate of the Labour Party (LP) in 2014 and as an aspirant of the APC in the 2018 primaries of the party that was won by Dr Kayode Fayemi, the incumbent Governor of Ekiti State. Weakness : Among other challenges, MOB as he is popularly called by his supporters is from Iyin- Ekiti, the country home of the current Minister of Industry, Trade and Investment and first Executive Governor of Ekiti State, Otunba Niyi Adebayo. The town also produces the current ambassador to Netherlands, Dr. Eniola Ajayi. In a State where many communities are clamouring to have just one of such plum positions, observers think it would be unfair for Iyin to produce the governor again with Adebayo, a former governor serving as Minister and Ajayi serving as ambassador. To this end, concerned stakeholders are already advising Bamidele to stay put in the Senate and possibly re-contest the seat to become a ranking member of the National Assembly. Added to this is the belief in many quarters that Bamidele

Adeyeye

Oyebanji

is not pushing any serious message or agenda for development in his campaign outings. He appears interested only in appealing to the sentiments of the people, urging them to support him in view of sacrifice to the arty, a veiled reference to the stray bullet that hit him during the welcome party organised by the party for Governor Fayemi after he won the party’s ticket in 2018. His critics however believe that he was not the only one hit by the stray bullet from an overwhelmed policeman. No fewer than six members of the party were injured in the accidental discharge incident. Many people would rather MOB come up with better campaign strategy other than the “bullet story” and “an unwritten agreement” supposedly reached with Dr Fayemi in 2018 ceding the governorship ticket of the party to him in 2022. Prince Dayo Adeyeye: A former Publicity Secretary of the Afenifere and later spokesperson for the Alliance for Democracy and the People’s Democratic Party (PDP), is regarded as an experienced politician with a robust resume. Adeyeye has had stints as Chairman SUBEB under the administration of Engr Segun Oni; as Minister of the Federal Republic under President Goodluck Jonathan and as a Senator in the National Assembly before he was removed by the Court ofAppeal which upheld the election of Senator Biodun Olujimi. He is currently the arrowhead of SWAGA, a group championing the

emergence of Asiwaju Bola Tinubu’s presidency in the South west. Among other advantages is the fact Adeyeye, a prince from Ise Ekiti, comes from the Southern Senatorial District, which is making serious agitation to be allowed to produce the next governor of the state. Weakness : As a result of his penchant for changing political parties anytime he is slightly aggrieved, Adeyeye is regarded by the Ekitis as an inconsistent and unstable. It is on record that between 1999 and now, Adeyeye has spent quality times in both PDP and the APC (taking his days in AD and AC into cognisance) where he held both elective and appointive positions. Another major challenge for the former Journalist is his position as the coordinator of SWAGA, a group that is seen as a pain in the neck of the APC Ekiti State chapter because of its antagonistic stance and its desire to factionalise the party. Abiodun Oyebanji: A well-known Ekiti technocrat and politician with work experience that cuts across academia, private sector and public service. Regarded more as a technocrat and administrator, Oyebanji has served in the government of Ekiti State in different capacities since 1999, manning several strategic offices. He started as a Special Assistant in the Otunba Niyi Adebayo administration and later got elevated to the position of Special Adviser and then Chief of Staff to the Governor. In Fayemi’s first term in

Ojo

office, Oyabanji was appointed Commissioner for Regional Integration and Inter-Government Affairs. He was later moved to the Office of Transformation and Service Delivery (OTSD) as pioneer Director General. He was later appointed Commissioner for Budget, Economic Planning and Service Delivery towards the tail end of the administration. He was appointed Secretary to the State Government (SSG) during Fayemi’s second term where he resigned in December 2021 to join the governorship race. In the last one month, his supporters have been consistent in hinging his campaign on his vast knowledge of the workings of Ekiti State Government and his “street credibility”. Besides, his loyalty to the progressive fold since 1999 has helped him build a robust political structure across the three senatorial districts of the State. Added to this is the fact that he is an alumnus of the state owned University (Ekiti State University, Ado-Ekiti) whose members are mobilising support for the emergence of a product of the 40 year old University as the number one citizen of the state. Weakness: His experience and consistency notwithstanding, the fact that Oyebanji has never contested an elective position is considered a minus in some quarters. Although he has always been around, the fear in some quarters is that the Ikogosi-Ekiti born politician may be too close to his former bosses, Governors Niyi Adebayo and Governor Kayode Fayemi. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

Entrenched Interests Fuelling APC’s Crises capitalising on his relationship with Buhari – as in-law, to push his case. Senator Danjuma Goje The serving third term Senator was Gombe State Governor for eight years. His supporters believe he has a unique ability to bring people together. He was in contention for the Senate Presidency until he deferred to Senator Ahmed Lawan, the current Senate President. But, it is obvious that Goje’s supremacy battle with the present Governor of his state - over control of the party structure, may affect his chances. Saliu Mustapha The Kwara State-born politician is one of the formidable aspirants eyeing the national chairman of the party. Although he has never served as governor or in the National Assembly, the young, energetic businessman turned politician is of the old CPC block. He is a founding member of the APC. Mustapha has held many party positions in the past, including the Deputy National Chairman of CPC. He is said that he will be a bridge builder between the old and the young, if given the chance to serve. Senator Sani Musa The Senator representing Niger East in the

National Assembly is staking his campaign for the APC National Chairmanship on the freshness of his ideas and the his strong believe that stakeholders in the party want a leader who is untainted with scandals and one can command the respect of everyone. The Entrenched Interests Fuelling APC’s Crisis The presidential-lifelong-ambition of Tinubu, is identified by many insiders as aiding the interminable crisis enveloping the APC. The former governor of Lagos State lately informed Buhari of his interest to contest the number one political office in the country. Not many of his followers within the party doubt that the intrigues being created by some political forces within the party - to delay the national convention, are targeted at him. Tinubu, who marked his 69th birthday in March last year, commands an arguably large following of political loyalists within and outside the party. Many of his supporters have consistently boasted that just like Buhari, who raked 12 million votes from the North before the 2015 elections, Tinubu also has at least 12 million votes from the South-west. He is also said to

enjoy the support of an expansive spectrum of traditional rulers across the country, some of whom have conferred him with honorary chieftaincy titles in appreciation for his good gestures. With formidable political structures across the country, those close to him claimed that there are over 120 support groups, especially on social media platforms, promoting the presidential ambition of Tinubu. Some of them include: Southwest Agenda 2023 group; Tinubu Support Group; Disciples of Jagaban; Asiwaju Bola Ahmed Tinubu – B.A.T National Forum; Tinubu for President 2023; Tinubu 2023 Support Group; Tinubu Solidarity Group; Northern Alliance for Tinubu 2023; Bola Ahmed Tinubu Group – USA; Tinubu Transformation Agenda 2023; I Love Tinubu; Tinubu Mandate Group; Asiwaju Ahmed Bola Tinubu Northerners; Tinubu Peoples Network; Vote Tinubu 2023 and Tinubu Grassroots Movement, among several others. Yemi Osinbajo Until recently, Vice-President Osinbajo was seen as a member of Tinubu’s political family. He had served as Commissioner of

Justice/Attorney-General of Lagos State – under Tinubu-led government. However, some strong political forces across the country – who believe is the ‘’most qualified person to take over from his boss’’, are said to have drafted him into the presidential race. Expectedly, insiders say that the interest of the Vice-President, which is at variance with others within the party, is said to be fuelling the crisis in APC. True, while his former political godfather, Tinubu, has openly declared his presidential ambition, several groups have emerged across the country – pushing Osinbajo’s case. One of the groups, the National Coalition Group (NCG) recently stormed Owerri, the Imo State capital to drum support for him. The group that assembled in Owerri during his working visit to Imo State, called on Osinbajo, to contest for the presidency. Speaking to journalists, the National Secretary of NCG, Dr. Eli Eberechukwu Dibja, said they were in Owerri to show solidarity and support to Osinbajo, with greatest assurance that the lgbos are supporting him unequivocally for president. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY • MONDAY, JANUARY 17, 2022

THE MONDAY INTERVIEW

MOHAMMED BELLO-KOKO:

I Was Appointed NPA’s Acting MD on Merit Talk about the physiognomy of a man not being a basis to measure his intellectual credentials, then, the Acting Managing Director at the Nigerian Ports Authority, Mohammed Bello-Koko, is a worthy example. His years in the private sector, obviously, didn’t go to waste. A blend of both his private and public sectors experiences is currently responsible for the striking step-ups at the NPA, even though Bello-Koko has only been in office for a few months. That he boasts the right aptitude – academic and attitudinal – is evident in the leadership he’s so far provided. Even more endearing, is his understanding of the issues in the agency, dimensioned by his projections for a more efficient and functional NPA. Giving what could pass as a situation report during a recent interaction with THISDAY, Bello-Koko, although still in office in an acting capacity, is determined to leave office with his prints of stellar performance all over the NPA. Excerpts: It’s been over six months since you were appointed in an acting capacity as the Managing Director of Nigerian Ports Authority. What has it been like? Well, it has been exciting. We have had to contend with contemporary issues, but these are issues we have been used to and they have been recurring. But what has been most important has been that management needs to take immediate action on all of these issues and I am sure you appreciate the fact that the port system involves a lot of key players and there is a lot of inter-play, both by private and public sectors, individuals and meeting their needs and demands is an onerous task. What we have done is to try to bring them together and we have also improved stakeholder consultation in order to bring efficiency to the ports and we have seen that it has improved efficiency. To achieve the objective of operational efficiency, since I commenced as the acting MD, we have placed emphasis on stakeholder engagement with a view to making them key into the vision of management. This has given birth to improved collaboration between the Authority and sister agencies, with an overall improvement on port

Key Performance Indicators (KPIs). Recently, you released your revenue numbers and it was robust. Can you share what happened in the six months that gave birth to the revenue you posted? As of September, we generated about N256 billion as against the projected figure of N214.7 billion, and we remitted to the CRF about N89 billion within the six months that I have been acting. First of all, what we did was we started holding the port managers responsible for revenue at their port locations in terms of revenue generation and collection, because there is a difference between what you generate and what you collect. We started having virtual meetings and at those meetings, each port reports the revenue they have generated and what they have collected; who is owing them and we hold them to account. So, it is like an MPR, like what they do in the banks, where at the end of the month, everybody sits down to give an account of what they have done and what they have not done. We also have improved monitoring in

terms of collections. The billing system has also improved greatly. We have blocked loopholes and leakages and that has increased the revenue too. This was achieved because the top management team was all encouraged to do more. It is a joint effort, the Board, the Executive Management have all been very supportive. Eventually, I believe at the end of 2021, we would surpass whatever revenue target that we had set for ourselves. What have you been doing differently that was not done before, that has led to such an increase? Also, what exactly do you mean by the proposed digitisation of the ports and how do you intend to go about it? You see, the port of the 21st century must embrace IT and its operations must be IT-driven. We are taking deliberate steps and investments are being undertaken by the Authority, to create a fully-digital ecosystem in all the country’s port locations by 2025. In 2011, the Authority reviewed its ICT strategy in line with its new role as landlord, following the concession of

port terminals in 2006. The primary focus of the new strategy is on enterprise computing and heavy dependence on network infrastructure, along with a centralised and shared database. We have also deployed a portfolio of systems and infrastructure towards the actualization of our ICT objectives. These include Oracle Enterprise Business Suite for financial and human resources planning; Billing/Revenue and Invoice Management System (RIMS), to fast-track billing processing; Customer Portal/electronic Ship Entry Notice (eSEN)/Manifest Upload for shipping traffic management; Hyperion Budgeting for management of annual budget; Command, Control, Communication and Intelligence System (3Ci) for maritime domain awareness and management of vessel calls; Truck Call Up and Gate Access Control for the control and schedule of trucks to the ports as well as manage truck traffic around the port corridor. Our next priority is to harmonize all the standalone platforms and integrate them with Terminal Operators and shipping lines with a view to having digital communication to facilitate efficiency. Continued on page 21

T H I S D AY • MONDAY, JANUARY 17, 2022

THE MONDAY INTERVIEW

MOHAMMED BELLO-KOKO

There’s Nothing in the Pandora Papers Currently, we are in the process of linking the shipping line EDI platforms to the ETO, to improve traffic management along the port corridors, particularly the export products. The data must also be available and you must be able to query it and prove that it is good. We also need to integrate and have a centralised data system that can be used by everybody. By the time we do that, it is going to improve the relationship between the private and the public sector. This is where the Port Community System (PCS) comes into play. The Port Community System is a ‘change management’ project rather than an IT project. It enables change, therefore, the PCS though simple in concept, rely on support from all the stakeholders from both private and public authorities. What it does is that it brings everybody into one platform in such a way that whatever information and process you need from the entry of the ship to offloading of the cargo, to clearing of the cargo, so stakeholders in this port community system will be the NPA, port users like shipping companies, terminal operators, haulage companies, clearing agents, freight forwarders and so on and so forth. We are currently also trying to integrate the Electronic Data Interchange (EDI) system of the shipping companies to Eto (Electronic Call Up System). That way, there will be synergy in that. So, what we are doing is deliberate investment with a timeline to achieve something. There is a roadmap, the same way you have roadmaps in various things. The system will enable: (a) a neutral and open electronic platform enabling intelligent and secure exchange of information between public and private stakeholders in order to improve the competitive position of the sea and air ports’ communities. (b) Optimises, manages and automates port and logistics efficient processes through a single submission of data and connecting transport and logistic chains. Our goal is to leverage technology to close the gap between us and the major international ports. A digitalised port helps in making better informed operational decisions, increases efficiency, improves collaboration amongst stakeholders, lowers port costs and ultimately helps to meet the ever-increasing customer expectations in a timely manner. A five-year plan is now being implemented by the Authority for the attainment of a fully-digitalised port system in Nigeria. We hope to achieve our target earlier than five years. Apparently, the port is very well-digitalised from what you have narrated. But how much efﬁciency has that brought in and how much more do you hope to achieve with your new digitalisation plan, because there are still delays at the port – unacceptable delays that cost companies a lot of demurrage and all of that? So, talking about this other digitalisation, how much efﬁciency will that bring to the system? I like the fact that you said partially, but what we are trying to do is full automation now, and what we have deployed has increased efficiency and currently, ships calling into Nigerian Ports do not need to fill forms manually, because there is what we call electronic ship entry notice and our billing system also is very easy now. It is easy to bill clients, send in the bills and so on. But what we are now trying to do is to bring everything together from the handling of the cargo, from the entry of the ship – that means the harbour department gets to have information that they need at the right time – right down to loading of the cargo and also the trucking companies and the logistic companies and that would improve efficiency exponentially. So, what exactly causes delay in the clearing of goods at the port and why does it cost so much, since delays lead to additional costs? Again, the Chairman of BUA Group, at a function in Paris, recently, said it cost more to transport a container from Apapa, Tincan ports to Kano than from China to Lagos. That comparison was very striking. Why is it that no matter how much you do, things just seem not to work in this country? While one is not into any argument about this claim, on our part at the NPA, we are constantly in search of cheaper and equally safe means of transporting goods from the port. We have licenced and have encouraged the use of barges for transportation of goods into and out of the ports. While doing this, we are also not unaware of the seriousness that the federal government is attaching to construction and rehabilitation of the roads leading to Lagos ports. In addition to this, the introduction of the electronic call up system has greatly reduced the cost of haulage. I am aware that since the e-call up was introduced in February, cost of haulage has gone down drastically. Yes, there are delays at the ports and to answer your question about what causes delay at the ports. Currently, the ports are operating far beyond their installed capacity, that is, the ports of Tincan and Apapa. The landmass in Tincan and Apapa is the space that has been there forever and it is not going to increase, but what needs to change is the efficiency - what are the IT deployments, what are the equipment the terminal operators have deployed, how quickly can you take out your cargo? It is the same road size now, though it is bigger, the delay starts from when the cargo comes in and of course,

the way to go. Once human contact is reduced, the opportunity for extortion and abuse of the process is extremely reduced. We are working towards that. No, it is not the model in the world except when there are suspected items in the container, then, you can physically inspect. I think it is because of the lack of scanners. I also understand that they are being deployed by the Nigerian Customs and we know that some of them have been deployed already. A mobile scanner has been deployed in Onne, one in Tincan, the one in Apapa, we are waiting for it. Why is it that every new government would promise 24-48 hours of clearing, but always falls short of that policy projection? The ports still operate round-the-clock. However, there are issues of safety of cargoes, even when cleared out of the ports. Truck drivers are not usually eager to freight cargoes at night. So even when goods are cleared, their consignees and the drivers will have to wait till the following morning. Also, there is a Nigerian Port Process Manual which relevant stakeholders in the port system subscribe to, and which clearly spells out the dos and don’ts in cargo clearance and delivery process. So, if you want to do a 24-hour clearing, it means that once the ship comes in, it berths on time and then it is offloaded on time, the goods are manifested for exit quickly, the trucks come in quickly and cargo inspections in-between need to take place quickly and if we are able to reduce the hours or the days it takes to do all these, then, we will achieve that. But it is not possible to achieve that if all the players do not actually work in tandem.

“The way things are being done now is faster. We are faster in our decision-making and there is more efﬁciency. We are generating more revenue and spending only where it is necessary; staff are also happy” the vessel comes in, offloads its cargo and how long does it take to clear that cargo? When does the cargo get out of the port? How long does it take the Nigerian Customs to inspect this cargo and release it? We have been seeing an improvement in how quickly people can clear their cargo as cargo duel time has actually reduced. But there is room for improvement and that is the essence of digitalisation and if you digitise the port, you will ensure that there is little or no human interference and it means that other things will reduce – whether it is corruption, or delays in clearing cargo. Would you say the security agencies at the ports are hindering the free ﬂow of goods or helping the system? From the complaints of importers, they seem to be hindering the quick clearing of goods. For example, after doing 100 per cent inspection, one would have thought that should end it, but when the container is moving out, another security agency stops the container and another round of inspection begins, sometimes by the same customs, who just completed 100 per cent inspection of the container, all in a bid to extort bribe. All the agencies at the ports – their responsibility is to assist in ensuring safe delivery of cargoes and clearing of the cargoes. They are also ensuring that only cargoes that are legally allowed into the country come in and of course, contrabands and so on should be stopped. However, we have had instances where activities of some government agencies had hindered the speedy clearing of cargoes. On the issue of 100 per cent cargo inspection that has been set by the Nigerian Customs, we have had a meeting with the Controller General of Customs, and the Customs Commands here. We have been having regular interfaces with them. It is not an efficient way of doing things, but I can tell you that in the last few weeks, the Nigerian

Customs has deployed one mobile scanner in Tincan and one in Onne; the one in Apapa, we are working to ensure that enough space is provided for it, these will greatly improve the process of cargo inspection at the ports. We have also noted the issue of another Customs Command inspecting containers as they are about to exit the port. It is happening in Tincan and Apapa and it is also happening in Onne, and I am sure the Customs Service is doing something about it. The time it takes Customs to inspect a container, let’s assume that it is 30 minutes, and I am sure that 30 minutes is enough to electronically scan about 10 containers, so, you can see where some of these delays come from and the other delay actually has to do with the mode of evacuation of the cargo. First of all, the roads were in a bad state, but the federal government has repaired the roads out of Apapa while the ones from Tincan are under construction and we hope that very soon, it will be concluded and one of the reasons for the delay as it relates to evacuation of cargo is the space within the ports. There are lots of overtime cargoes that are still at the ports locations. They are supposed to have been moved to Ikorodu, but Ikorodu is filled up, and the Nigerian Customs has said they have started e-auction, (electronic auctioning of the containers). We have pleaded that they should auction the containers on-site if possible in the ports, this will help create enough space for inbound cargo. Very recently, I visited Ikorodu and saw how the place was filled up and we are in discussions with the Nigerian Customs on how to rearrange/reorganise the place in order to create more space to move overtime cargo from the ports in Lagos. Is the 100 per cent inspection actually the model around the world? As I said earlier, digitalisation and IT is

Talking about rail connection to the port, recently, the Minister of Transportation, said there was a certain blockade that needed to be removed before work could continue. What’s the situation report now in terms of rail connection to the port? There is a scanner that was positioned such that it impeded the rail. However, after a series of meetings with the Customs, a decision has been reached for the Port Management to provide a suitable location where the Scanner would be moved to. I think it has been dismantled and I also think they are taking it to Ikorodu. This is to allow the rail to continue. The rail system is a very important and integral part of the port system, and it is so everywhere in the world. It is in tandem with the inter-modal means of transportation. First of all, the rail is good, because of volume and between February and September, I think we have done almost 4000 TEUs and that was probably just like a test run. The advantage is huge. From the issue of volume and safety as well being in tandem with the need for intermodalism. Once the ports are fully linked by rail, the current pressure on our roads will be off. Of course, the rail makes it easier for the ports to link up with the hinterland, through the inland dry ports that are springing up in different parts of the country. You said earlier that it was impossible to expand the port as it is now. How do you get big ocean vessels to the ports – is it by dredging or what? When I said it’s impossible to expand, it isn’t that it is impossible but you are going to take over people’s homes, offices, and pay compensation to expand the land mass. I am talking about the dedicated land mass, both Tincan and Apapa, are not going to expand, at least not in the near future. Look at it this way, the only way to bring bigger vessels is of course by deepening the Channel as well as the Quay walls. Currently, the Quay walls have design limitations of 14 meters. This has made it impossible to dredge the Channel and Quays below 13.5 metres and for you to bring bigger vessels of say 16.5 or 20 meters (which by the way are the modern-day vessels sizes because of economies of scale), you have to reconstruct those Quay walls. The channels must also be dredged deeper and that means there has to be a financial cost-benefit analysis on the cost implications and then, what is the revenue that is likely to be driven for such decisions to be taken. So, that has to be done and that is being done presently. We have in recent times, instructions from the Honourable Minister of Transportation, that we look at the possibilities of the reconstruction of the ports and we have been holding stakeholder meetings. A Committee was set up to explore the best way to do it. Do we reconstruct the ports in Lagos maintaining the same Quay walls at the same depth? Or should we deepen it? A Consultant has been engaged to look at the whole of Tincan and Apapa and look at where there are the physical deficiencies in terms of the integrity of Quay walls; what are the civil engineering works that need to be done. And what needs to be done to modernise the ports is, first of all, in terms of physical infrastructure before the IT infrastructure will be discussed. The idea here is to take a decision to determine how it is carried out while we also look at the funding options. The NPA is currently looking around for multilateral agencies that would fund such projects. We do not have approval for it, but we are only being proactive Continued on page 22

T H I S D AY • MONDAY, JANUARY 17, 2022

THE MONDAY INTERVIEW

MOHAMMED BELLO-KOKO

With Time, NPA Will Take Back Its Lost Businesses trying to look at the funding options. Do you first of all, get a multilateral agency to fund it on behalf of Federal Government/NPA and you pay them or do you get the multilateral agencies to fund the terminal operators or do you ask the terminal operators to fund it and then you amortise overtime or you extend the tenure of their leases? But whatever the terminal operators bring, we will have to sit down and look at it. But what is the implication in terms of the cost of dredging and maintaining the channel to that 16.5 metres and then what is the cost of reconstructing the Quay to the depth of that 16.5 or 17 meters? Is Nigeria not losing businesses to her neighbouring countries with modern ports that are much deeper? First of all, do not forget that the ports we have in Nigeria are river ports and yes, we are losing businesses to them because of the size of vessels, the economies of scale are setting in. But that is why we are happy that the Lekki deep seaport will soon start operations and the first phase of the Lekki deep seaport is 16.5 metres and the second phase eventually, will be over 20 metres deep. Badagry is coming up and it has a natural draft that will also take large vessels. Yes, we are losing businesses to other ports, because of the draft limitations of our ports, but we are looking forward to Lekki deep seaport and by the time it commences full operation by the third quarter of this year, some of the ship-to-ship businesses being done offshore Lome or Cotounu will start coming to Nigeria and we will be having bigger vessels calling to our ports. We are doing everything we can to improve efficiency of the ports to make them more competitive and attractive to users. The Nigerian Customs Service is also working towards deploying more scanners in order to reduce the time it takes for cargo to leave the ports. We are working with the Terminal Operators to fully automate too.

You set up a commission to investigate Port Harcourt and you have an existing report on Port Harcourt, which advised that the Port Harcourt has failed and that the cost of rebuilding it would build a brand new port offshore. What is the state of Port Harcourt? If you recall, recently, we went to Bonny with the Honourable Minister of Transportation to identify a location for Bonny Deep seaport and this is a direct investment by a Chinese company. The location has been identified with a natural draft of about 15 or 16 meters that might serve as an alternative to Rivers Port. However, going back to your question, a section of the Rivers port is supposed to be rehabilitated by BUA (a Terminal Operator). We have been discussing with them (BUA) and they have already submitted interim designs in terms of reconstruction of the Quays. As recently as last week, they submitted the final designs. The designs are currently being reviewed by our team and once that is concluded, Management would consider the recommendations for approval, so that they can start the construction of the Quays that have collapsed. Unfortunately, there is a draft limitation at that port, thus, we are looking at it to determine whether we will allow them to construct deeper or they should maintain the existing depth. If they go deeper, what it means is that we have to think of the need to dredge the channel deeper (which comes with huge capital outlay). But, as you said, the Rivers port has reached the end of its useful lifespan, though it is still in use. It just needs some rehabilitation for it to be functional. What is the NPA doing about the Eastern ports? You talk about rebuilding Tincan and Apapa and there was no mention of

“First of all, do not forget that the ports we have in Nigeria are river ports and yes, we are losing businesses to them because of the size of vessels, the economies of scale are setting in. But that is why we are happy that the Lekki deep seaport is coming and the first phase of the Lekki deep seaport is 16.5 metres and with the second phase eventually, will be over 20 metres deep”

Eastern ports. Nigerians from that part of the country actually import most of the cargo coming into the country. I want to address this by first of all giving you the general problem of these ports, before I tell you what we are doing. The ports in the east just like the ones in Lagos are river ports, and the distance between the fairway buoy to the port is very long. So, when a ship comes from the high sea, the beginning of the channel to the port in Warri is about 110 kilometres, so a ship needs to stem about 110 kilometres just to get to Warri port and that of Calabar is about 101 kilometres from the beginning of the channel to the port itself, Rivers port is 90 kilometres from entrance of the channel but the ones in Lagos are just about 10 kilometres. That is the first issue. The second issue, let me take Delta. Delta port or Warri port, has what they call Niptide and Niptide is when you have low tide. It is natural and there is data that shows when that Niptide sets in and at times, it lasts for almost a week. So a certain size of vessel will not be able to enter Delta port during this period. The third issue with Delta port is that, there is an NNPC pipeline that is active and buried 7 meters or so below, you cannot dredge below that. There also is a man-made structure called breakwaters and the breakwater is supposed to be built in the sea to reduce migration of silt into the channel, but it collapsed about 10 years ago. The NPA has appointed a company called Royal Haskoning to do an investigation to find out what we can do with the collapsed breakwater: do we reconstruct it or do we build another one? But, from the estimates we are getting, it is going to take hundreds of millions of dollars to reconstruct that breakwater. Also because of security issues in that part of the country, our pilots are not able to take out vessels at certain times. So, these limitations have made the eastern ports unattractive business-wise, and not just because of the length of the channels, but also because of the breakwater and high siltation and drafting limitations at the Quay walls. However, what we have done is that we have actually introduced some rebates in terms of tariff reductions to encourage people to import their goods through these ports. We have also deployed marine crafts there, to ensure quick entry and exit of vessels calling to those ports. We are also working towards remedial sweeping of the escravos bell mouth that has been silted, because of the collapsed breakwaters. Calabar port has a channel that is 101 kilometres, the main challenge is that of dredging of that channel, there is currently a court case between NPA and a certain company that was asked to dredge that channel. So, we haven’t been able to dredge the channel for so long.

The Quays there also have draft limitations. Meanwhile, for Rivers port, we know how old it is and its channel length is about 90 kilometres, which is far off the high sea. That too has draft limitations and the channel draft is not that fantastic. The Quays themselves have draft limitations of about 9 metres and what we have done was to also offer tariffs incentives like in Calabar and we are reviewing it now, while encouraging the use of flat button boats into those port locations and whatever it takes, we will do it, the same way we are doing with Tincan and Apapa. That they have their limitations does not mean they should be abandoned. But, let me finally say this, we cannot determine for an importer, where to take his/her cargoes to (i.e. which port to use). Most of the importers have (30 to 40%) businesses between Lagos and Ogun states and it does not make business sense to bring your cargoes all the way from Calabar or Warri to your factory in Lagos or Ogun State. However, we have been holding stakeholder meetings at the port locations to encourage those that have businesses – whether it is in Nnewi or Onitsha to start thinking of Calabar or Warri preferably. The North East and the North Central are the closest to Calabar port and there have been businesses from that part of the country to Calabar port. What it takes is more engagements to let people know that there are other available locations, but, first of all, you must have the quantity of cargo you need for a vessel to call at those ports. If, for instance, a vessel can take 10,000 containers and there are only 3,000 coming to say, Calabar, you are not going to get a direct call. What the vessel would do is probably call in Lagos, then, do a trans-shipment with probably smaller vessels to Calabar. So, we encourage Nigerians that have businesses in those parts of the country to explore the possibilities of using the ports in the East. Are you considering measures to encourage non-oil exports so as to boost revenue earnings at the ports? As a measure to boost the government’s Economic Recovery and Growth Plan (ERGP) through the promotion of non-oil exports, the Authority has taken several initiatives towards facilitation of non-oil exports. As the administrator and manager of the country’s major gateways, the Authority has keyed into the economic diversification agenda of the federal government through the promotion of non-oil exports, with the establishment of dedicated export terminals or export parks in partnership with the Nigerian Export Promotion Council (NEPC) and other sister agencies. The initiative is aimed at the processing, packaging and certification of exports under a one-stop shop platform that houses all relevant agencies responsible for quality control and regulatory validation of exports before shipment. The objective is to enhance and fast-track Nigerian export cargo for shipment at the export parks without any further port clearance protocol. A pilot scheme has commenced at Lilypond and four (4) other terminals should be ready for deployment by the end of February 2022. Also, a special window has been created for export cargo movement on the ETO platform and Port corridor through a scheme known as time belt for export movement. The Authority has prioritised intraAfrican trade; all our seaports are being repositioned as efficient and reliable gateways, in line with the drive to optimise Nigeria’s trade interconnectedness with other African countries under the AfCFTA. How safe are the Nigerian oceans given the deployment of the deep blue project? The Deep Blue Project has really impacted positively in terms of improvement of security, reduction in piracy in the Gulf of Guinea and other locations, but our responsibility at the NPA is to ensure safe passage of vessels as they come into the country and because of that, we have been deploying buoys along the water ways to ensure safety of vessels; we have also reconstructed and renovated the control towers (Apapa and Tincan). These control towers were constructed in the 70s and the radar and communication systems had gone obsolete. We just commissioned one not too long ago in Apapa and the one in Tincan will soon be completed also, and that has improved communications, thereby improving safety of vessels coming into the country. We are also laying buoys in Calabar and Delta ports and other channels that are necessary for the safety of vessels. Furthermore, as it relates to safety of cargo within the port, what we have done is to work with other government agencies involved and operating within the port. We have also deployed more security apparatus within the ports and I am sure you have heard about the massive decline in theft of cargo within the port. It is because we have taken the issue of security seriously and under ISPS code, we have our responsibilities and we are taking those responsibilities very seriously. One of the issues we realised was that access to the ports needs to be restricted and that was why recently, we did the 360-degree clean-up between Tincan and Apapa port areas and we removed all the shanties, illegal businesses and car parks around the port locations Continued on page 23

T H I S D AY • MONDAY, JANUARY 17, 2022

THE MONDAY INTERVIEW

MOHAMMED BELLO-KOKO

We’ve Added Value and Improved Things Here and very soon, we are going to fence Tincan as a whole. The whole of Tincan will be fenced and there will be a security gate and access control at the gate. We have already started building that in Onne and there will be one in Tincan. Apapa has one but it will be modernised. So, once we have that, it means if you do not have any business in the port or an identification card that will enable you access to the port, you will not have access to it. What’s the status of the Secure Safe Anchorage Area (SSAA)? Is it still in operation? The SSAA does not exist anymore. With the approval of the President, that has been cancelled. What we are saying is that every anchorage is safe, as long as it is designated as an anchorage. You cannot differentiate between them and when you say one is secure, that means you are saying the other is not secure. This safe anchorage location was being managed by private companies before it was cancelled and currently, you have not heard of any case of piracy at the anchorage. But outside the anchorage, you hear cases. The Nigerian Navy is working closely with NPA and NIMASA and that anchorage is safe without necessarily calling it SSA actually. So, the SSAA was just a point, where people were making easy money, basically? I would not want to comment so much on that because it is something that has been going on for so long. When we came in, we realised that when vessels come in, they go there and when they berth, they pay so much money and the money does not go to government. So what was the reason for that, when the Nigerian Navy has the capacity to monitor and secure those locations or any anchorage that is so designated? We felt it was wrong and the Minister of Transportation wrote to the President, who gave the approval for the cancellation of the SSAA. Now, the elephant in the room: Intels. What is the relationship with Intels now and how has that generated revenue? Currently, NPA and Intels are in court. I will not delve into the issue. You obviously understand your brief very well. Are you hoping to be confirmed as the substantive Managing Director of NPA? For me, I will just like us to concentrate on what I have achieved since I was made Acting Managing Director. We have made tremendous contributions to the Consolidated Revenue Fund (CRF) of over N110 billion since we started and we have exceeded our revenue target within that period and we have reduced cargo duel time as well. We have reduced ship waiting time and the cost of trucking goods out of the port has reduced, because we have micro-managed what was there. We have micro-managed the e-call up system and we have tried to have stakeholders’ meetings, so that everybody marries our vision and they work with us to achieve our vision. So, for now, my focus is on delivery of the NPA mandate as the Acting Managing Director. In the circumstances leading to suspension of the Managing Director of NPA, Hadiza Bala Usman, the Minister of Transportation, Rotimi Amaechi, alleged differences in the non-remittance of revenue generated in the balance books of the organisation. Yet, you were then the DFA. Shouldn’t you know about the movement of funds? There is a Panel investigating that and we have made submissions as it is, and the Minister has also made clarifications at various fora and I think it is best we allow the Panel to conclude its investigation and come up with a report. But, we have made our submissions to that panel. A lot of people were actually taken aback that you, as DFA, was appointed in acting capacity for the sins of a management that you were part of, a key member as a matter of fact. So, people have asked if your appointment was appropriate. Why is the Managing Director on suspension and the ED Finance has had to benefit from her suspension? If you remember correctly after the inauguration of the Panel, it was made clear that what is being investigated is beyond the issues of transfer to CRF. I have had the opportunity of being appointed in acting capacity while the investigation is taking place. My mandate is to pursue the mandate of the Authority and I will rather concentrate on that. The Panel is investigating this and on the approval of the President, this Panel was set up. The Panel will finish its work and submit its report. Do you not feel morally conflicted? There is no moral conflict here. It is a responsibility given to me and it is a responsibility I am taking very seriously. Is it true that you had been snitching on Bala Usman, because you’ve always had the ambition to be NPA MD? I had a good working relationship with Hadiza, and for anyone to say I snitched on her, because I want to become Managing Director, such a person

“Yes, we are losing businesses to other ports, because of the draft limitations at the port, but we are looking forward to Lekki deep seaport and by the time it comes on stream, some of the shipto-ship businesses being done offshore will start coming to Nigeria and we will be having bigger vessels and they will be well-equipped to start bringing back some of the business as well” doesn’t know me. It is not in my character and certainly that is not my upbringing. So, it is a false allegation. The Minister of Transportation, Rotimi Amaechi, is said to have a soft spot for you and you have a long-standing relationship with him. Isn’t it correct that this actually inﬂuenced your appointment or recommendation for your appointment? I have read somewhere where they said I was his account officer. You see, the Rivers State government had lots of accounts and they had various account officers and our training in the bank is to develop relationships with the individuals and so on. But go to where I have worked, whether it is in FSB or Zenith, I excelled in everything I did. I have the capacity and I have won awards, gone on training both local and international. I have worked in Banking Operations, Public Sector Department, Credit Risk Management; I have worked in marketing, I have developed capacity. So, my appointment was based on merit. Account officers are individuals also, and they grow up in the society. The current Central Bank Governor was once an account officer and the one before him was once an account officer and there is a sitting state governor that was once an account officer and many former state governors that were account officers. It just happened that this account officer was appointed to work for the Federal Government as an Executive Director, Finance & Administration and now as an Acting Managing Director, but there was merit in it. I have the capacity. I have managed both financial and human resources in the past in the banks for over 20 years and I have managed branches, human capital, finance and so on. So, it is actually on merit. So far, do you reckon this as your toughest call? Well, you see, there is a culture shock moving from the private sector to the public sector and the way things are being done in the private sector is different from the public sector. You try to bring in your private sector orientation and at times, there is a pushback. I try to push it in, because it is in the best interest of the country, and I believe that I have added value and improved

things here. The way things are being done now is faster. We are faster in our decision-making and there is more efficiency. We are generating more revenue and spending only where it is necessary; staff are also happy. You said you had a fantastic relationship working with Hadiza and some are wondering, maybe if you had chipped in words for her to say, look, I have worked with this woman, these allegations are really not true, the situation would have changed? If the need arises, we will have that discussion, but I wouldn’t want to comment on that now. Shall we talk about the Pandora Papers? The Pandora Papers is a personal thing, but I would answer it. As I mentioned earlier, I’m a trained banker, who has worked in the banking industry for over 20 years and I have advised people on investment opportunities, wealth management, how to manage risk and so on and so forth. Thus, it is expected that I will guide myself on viable investment opportunities. All these properties were purchased from income from my private business and mortgage loans from a bank in the UK, long before I was appointed to NPA. The properties were purchased as an investment and my account officer at the time told me buying through an offshore company was a better investment strategy long term. Those companies are not trading companies. They are Special Purpose Vehicles (SPVs) for the sole purpose of holding an investment and they were created between 2006 and 2007. The property being claimed I purchased in 2017 was actually purchased off-plan in 2013 and completion was supposed to be in early 2016, but it was shifted to 2017 and by then, I was already working at NPA. I purchased these properties through offshore companies solely because of the professional advice I got which suggested it was the best way to maximise investment which was the sole purpose of the purchase of the properties. The mortgage loans are payable over 15 to 20 years. Meanwhile, the accrued monthly rent is used to pay off the mortgage loans and these were properties costing £250k to £400k. So, it was a fantastic investment idea and legit

and there was nothing illegal about it. You kept quiet and everybody assumed that you got the properties from public fund or were the funds from politically exposed persons? Well, I didn’t want to start joining issues in public. I am a public servant and my utterances need to be guarded and I need to be careful when I speak. But I have cleared the air with the relevant government agencies I should clear the air with. People see you as the Minister’s boy and that since he made you Acting Managing Director of NPA, he just calls to say he wants this or that person to get this or that contract and you just oblige. They also say because he did not have his way with Hadiza was part of why he wanted her out? I do not know what these things are, but I can assure you that the Minister is not the type that gets involved in what you do. He will not call you and instruct you. He avoids that and he is very careful about those things. He has not done that to me and I am sure he will not do that. He will not come here to tell you to give anybody anything and after all, I am not in the position to give anybody anything. There is a procurement process here. We advertise, you bid and when you win, you win it. There is no way anyone will say the Minister called you to say you should give a particular person this or that. The Minister will only call to ask about issues related to activities that fall within the purview of the Ministry’s mandate. What people don’t know is that when it comes to work, his passion for success and drive for quick/efficient delivery of mandate are paramount. Those that can remember how he worked as Rivers State governor can attest to that. He accepts no excuses, when it comes to official matters. Another thing they say is that he likes to be praised and worshiped and you eagerly do that. You won’t conﬁrm this, or would you? I do not know about him being worshiped and I do not know where people get that impression. So when you say worship, does he have a shrine, where people kneel down to worship him or what? He has never called me to say he wants me to praise or worship him. He has never done that to me or anyone I know. Another bone of contention between Hadiza and Amaechi was said to be the channel management contract. What is the situation with the channel management contract now, because it’s been due since 2019? This thing you said, I have also read that there are other issues and that is why the Panel is there to investigate the issues. The channel management contract is actually the existing channel management companies and they are the ones that are doing it long before we came to NPA.

MONDAY JANUARY 17, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

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S & P INDEX

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FGN Bonds, Eurobonds, Others’ Total Turnover on FMDQ Drop by 26.24% to N20.13trn

Kayode Tokede Following foreign investors’ exit and low yield environment, the total turnover of FGN Bonds, Eurobond, among other bonds on the FMDQ Exchange market dropped by 26.24 per cent in 2021, data gathered by THISDAY has revealed. According to THISDAY findings, a total turnover of N20.31trillion worth of FGN Bonds, Eurobonds,

Agency, Sub-national, Corporate, Supranational Bonds & Promissory Notes were traded in 2021 as against N27.53trillion traded in 2020. A breakdown revealed that a total turnover of N19.36trillion FGN Bonds was traded in 2021 as against N26.9trillion in 2020, while Eurobonds trade grew significantly by 94.4 per cent to N801.07billion in 2021 from N412.17billion in 2020. Other bonds total turnover on the FMDQ Exchange dropped by

38 per cent to N143.28billion in 2021 from N232.37billion in 2020. Out of the N20.31 trillion traded Bonds in the FMDQ Exchange in 2021, FGN bonds contributed 95.35per cent, while Eurobonds and Other bonds contributed 3.9per cent and 0.71per cent respectively. FMDQ Exchange served as a critical Exchange for issuance and government to access debt capital needed for capital projects. Recently, the Debt Management

Office (DMO) announced that the federal government raised $4 billion through Eurobonds and listed its $3 billion in three tranches for investors, offering up to 8.6 per cent for a 30-year tenor. The Eurobonds issued, was for the purpose of raising funds for the new external borrowing of N2.34 trillion or about $6.2 billion provided in the 2021 Appropriation Act to part finance the deficit. The debt office had revealed that

federal government in 2021 raised N2.72 trillion through FGN Bonds. Analysts had urged the government to ensure that the debt being incurred is used to improve on the country’s growth. The amount raised through the FGN Bonds was a 44 per cent improvement on what it raised through the bond auctions in 2020 when it raised N1.8 trillion. Commenting on the debt level of the country, analysts at Coronation

Merchant Bank noted that as a percentage of total GDP, Nigeria’s public debt burden is relatively low compared to peer emerging market economies. They however noted that the onus is on the federal government to make productive use of the borrowed funds to improve GDP growth and by extension, ensure economic development. Continued on page 26

Recapitalisation Deadline: PFAs Consummate Mergers, Acquisition Deals as Stakeholders Differ on Adequacy of New Capital Regime Ebere Nwoji Three months to the expiration of April 20 deadline given to Pension Fund Administrators (PFAs) to beef up their operating capital from the current level of N1billion to N5 billion, THISDAY investigation has revealed that PFAs are consummating merger, acquisition deals. It was learnt that some firms have

been taken over by stronger operators in form of acquisitions while talks on mergers between some operators have reached advanced stage. Competent industry sources informed THISDAY that fresh discussions on possible mergers by firms who were hitherto indifference are commencing. This is just as stakeholders have differed in their views on the adequacy of the capital increase in

the sector given the sacrosanct nature of the Contributory Pension funds. The stakeholders, it was learnt, have therefore demanded for clear explanations by the regulator on how the exercise would contribute to the security of the contributed pension funds. The National Pension Commission had in May last year, directed PFAs to raise their shareholders’ fund, from

N1 billion to N5 billion giving them 12-month transition period. The development was the second time the regulator is raising the capital base of PFAs since the inception of the Contributory Pension Scheme in 2004. In 2011, PenCom had raised the operating capital of PFAs from N150 million to N1 billion. In the present regime, the

commission is demanding for a N5 billion minimum capital. On acquisition, already, PenCom had granted a “no objection” approval to Guaranty Trust Holding Company to acquire 100 per cent shareholding of Investment One Pension Managers Limited. It has also granted a “no objection” approval to FCMB Pensions Limited for the next phase of acquiring 60

per cent shareholding of AIICO Pension Managers Limited while AXA Mansard Pensions has also been bought over by the Verod Capital Alliance and has been renamed Tangerine Pensions Limited. THISDAY Also gathered that four new merger talks are on going in the industry while others who are yet Continued on page 28

M A R K E T D ATA A S AT F R I D AY, J A N U A R Y 1 4 , 2 0 2 2 FGN BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

Contract

Current Rate ($/₦)

C Ps MATURITY

Discount Yield

Change (%)

9.38

9.44

0.03

9.96

10.26 0.74

17.05

18.15 0.51

9.74

10.09 0.50

NGUS FEB 23 2022 422.61

NGUS MAR 30 2022 424.04

4.05 0.00

NGUS APR 27 2022 425.46

MREP CP XXXVI 11-FEB-22 UNCP CP VI 2-MAY-22 NEVE CP I 24MAY-22 DANC CP II 25MAY-22

3.73 0.00

NGUS MAY 25 2022 426.89

106.41

7.40

-0.23

NTB 10-Feb-22

4.00

4.01 0.00

109.84

9.07

-0.01

NTB 10-Mar-22

2.98

2.99 0.00

107.93

10.52 0.00

NTB 28-Apr-22

4.50

4.56 0.00

103.82

11.29 0.00

NTB 12-May-22 4.00

115.28

12.20 0.00

NTB 9-Jun-22

3.67

CONTRACT TENOR (MONTH) 1

NGUS JAN 26 2022 421.18

MONDAY, JANUARY 17, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS AWARD FOR EXCELLENCE…

L-R: Immediate past Chairman, University of Lagos Business School (ULBS),Professor Babajide Alo; Deputy Vice Chancellor, Development Services, University of Lagos,Professor Ayodele Atsenuwa; Founder and Chairman, Osunkeye & Associates, Olusegun Osunkeye and Executive Director, ULBS, Professor Abraham Osinuibi at conferment of Award of Excellence on Osunkeye by ULBS in Lagos... recently

2022 Economic Outlook: Nigerian-British Chamber of Commerce Outlines Trajectory of Nigeria’s Economic Performance Segun James Owing to the global inflationary trend linked to COVID 19 Nigeria’s economic activity in 2022 will be similar to that of 2021, one of the nation’s foremost economist, Mr Bismarck Rewane has hinted. Taking a deep dive into Nigeria’s projected fiscal outcomes, Rewane hinted that the lingering global supply shortage, which will weigh on the supply of imported raw materials and continue to impact Nigerian businesses. Speaking at the Nigerian- British Chamber of Commerce January Breakfast Meeting, themed, “2022 Economic Outlook,” Rewane said, “We can expect to see sustained cost-push factors, including a planned fuel subsidy removal, new electricity tariffs and additional taxes; alongside legacy issues, such as increased debt service burden and exchange rate conversion. Inflation will remain structurally high at an average of 13.3%, with an increase in Q1 and Q2.” He however noted that the economic outlook for the country was not gloomy, despite its continued dependence on oil. “The World Bank projects economic growth of 2.5 per cent for Nigeria, with a 3.4 per cent annualised growth rate, driven by the ICT, Financial Services, Manufacturing, Trade and Construction sectors. Government expenditure will increase especially because of election spending and the Naira will effectively appreciate in the informal market” He concluded. Welcoming delegates to the event, which provided a platform for analysis of the economic, social and geopolitical trends expected to impact Nigeria’s economic performance this year, the President and Council Chairman of the Chamber, Mrs Bisi Adeyemi highlighted the

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

Chamber’s understanding of the challenges posed by an unstable global market, and the ramifications for Nigerian businesses. “A major objective for hosting the 2022 Economic Outlook is the impera-

tive to undertake a comprehensive assessment of the opportunities, challenges and indeed the threats that businesses should expect to contend with this year. I am sure that like me, many of you would

like to have a crystal ball to give you a sneak peek into what the year holds, and I certainly would like to know how the permutations of a pre-election year will impact the economic indices, ”Adeyemi noted.

British Deputy High Commissioner, Mr Ben Llewellyn-Jones delivered a goodwill message underscoring the strong bilateral ties between the two countries and the United Kingdom’s commitment

to strengthening existing trade relations, including its continued support for Nigeria’s efforts to diversify its economy and open up additional areas for potential investment.

Expert: Hike in Education Tax Could Raise N60bn Yearly but Detriment to Human Capital Nume Ekeghe Fiscal Policy Partner and Africa Tax Leader, PwC Nigeria, Mr. Taiwo Oyedele, has noted that the Finance Act 2020, which has commenced is expected to generate an estimate of N60 billion in revenue yearly for the federal government warning however, that the development will have impact of tuition fees and further degenerate human capital in Nigeria in the long run. He said this over the weekend at, “The Nigerian Economic Outlook 2022,” webinar organised by the Redeemed Christian Church of God’s The Kings Court parish. The Finance Act 2020 amended tax on Tertiary Education Trust Fund from 2 per cent to 2.5 per cent, which the tax expert noted that with human capital being a

major deficit to Nigeria, tax increase towards education shouldn’t have occurred. He said: “I struggle to understand why we are trying to tax educational institution, educational institution, I don’t understand why when every plan that we have speaks to the fact that we need more education not just in terms of the quantity, but the quality and depth of education for us to lead in this new age. “So, the implications would be that you have increased funds and my estimation is that educational tax will go up by about N60 billion in a year, so that we agree is significant, but it means that higher burden for companies that have to pay this. Tuitions are likely to go up because if I have a school and I have to pay tax now I have to do my calculations, I need to still

pay salaries of staffs, I need to do so many other things like infrastructure that you need to maintain, so I’ll just adjust my tuition. “ On the implication it would have for Nigeria in the long-term, he said: “We may have long-term impacts on human development if we don’t find other safeguards to ensure that these does not create a bigger problem than the solution we are hoping to address.” Also, Special Adviser to the President on Finance and Economy, Dr. Sarah Alade also at the webinar not that The federal government is committed to ensuring growth across all sectors. She said: “We want to see prioritisation and implementation of critical infrastructure, physical, digital, financial infrastructure. We are deficient in infrastructures and

we give priority to this. “There must be measures to diversify our revenue base, we are hoping in this plan that by 2025, the present revenue to GDP which is about a less than 8 per cent, we would be able to grow it to 15 per cent of GDP and then there must be continuous support and interventions for manufacturing, for agriculture and for MSME as well.” She further added: “We are also looking at a market driven economy movement to a unified liberalised foreign exchange market, which will guide what we do in the next four years. We want to enhance non-oil forex earnings and that is that there’s institutional reforms in public sector, law enforcement, judiciary, secure property rights, and many other things which we also have in the in human development as we are

prioritising quality education, health research and skills generally for our people. “Then the philosophy of government for this plan, national development is the highest priority of government and we’re hoping government will unlock all constraints to ensure that economic growth is enhanced, inclusive, sustainable over the plan period and beyond to generate employment and reduce poverty.” “So, government will go beyond the normal provision of an enabling environment to also participate in vital sectors of the economy for instance, transports, we expect that government will be able to do some of these things to encourage the private sector to be able to come in and you know, invest in these areas, ”she added.

Gross External Reserves to Decline Towards $39bn, Says Rewane Ugo Aliogo and Deborah Anuoluwapo The Chief Executive Officer, Financial Derivatives Company Limited, Bismarck Rewane, has stated that gross external reserves would to decline towards $39billion, as the Central Bank of Nigeria (CBN) increases forex supply and foreign portfolio investors exit due to political uncertainties. Rewane, who disclosed this at a virtual meeting organized by First Bank Nigeria focusing on Nigeria Economic Outlook for 2022, advised the CBN to step up efforts towards exchange rate convergence. He predicted that there would be another currency adjustment in 2022, which would bring the

official and parallel market rates closer, “political jitters would heighten forex demand pressures in Q4.” He hinted that the first quarter (Q1) is typically going to be a slow quarter, adding that there would the proposed Premium Motor Spirit (PMS) subsidy removal in February to further erode purchasing power due to higher retail petrol prices. Rewane hinted that the planting season would result in reduced aggregate output, adding that there would be increased infrastructure spend to boost productivity. He predicted that Gross Domestic Product (GDP) will grow by 4.5 per cent in 2022 judging with increased infrastructure spending (rail, roads) to boost growth, food

production increases as insecurity subsides and economic drivers. Speaking on inflationary trend, Rewane revealed that forex restrictions, higher energy costs and M2 growth would keep inflation high in Q1’22, while impact would be cushioned by increased forex supply and stronger naira in parallel market, “increased money supply in 2022 due to election spending.” According to him, “The elimination of subsidies and the lowering of exchange rate will free up funds for all tiers of government. Fiscal deficits will decline and supplementary budgets are likely. Lower deficit financing requirements will put downward pressure on T/ Bill rates. Inflationary pressures will intensify for 2-3months before

abating if it coincides with the increase in forex supply.” Earlier in his remarks, the Chief Executive Officer, First Bank Nigeria, Dr. Adeshola Adeduntan, said in 2021 global outputs rebounded and recovery was strong following improved vaccination efforts, as well as support from monetary and fiscal authorities. He also noted that the fourth wave of COVID-19 omicron variant created some level of caution, impacting the activities of the fourth quarter of 2021 and leading to the push for booster jabs and reinstatement of COVID-19 protocols. According to him, “As a bank, we have a legacy of supporting the growth of businesses as the

engine for economic growth and development in Nigeria and across Sub-Sahara Africa. In line with our renewed vision ‘to be Africa’s bank of first choice,’ FirstBank will take the lead in driving the development of the different sectors and industries within the economies where we operate to support overall economic growth and sustainability. “As a bank that is woven into the fabric of society, this webinar is further reinforcing our support and collaboration with stakeholders as we demonstrate our commitment and willingness to be the partner of first choice to our customers, playing a dominant financial role in unlocking the opportunities that enable businesses grow and thrive in 2022 and beyond.”

FGN BONDS, EUROBONDS, OTHERS’ TOTAL TURNOVER ON FMDQ DROP BY 26.24% TO N20.13TRN “The 2022 FGN budget has been pegged at N16.4 trillion. The FGN aims to earn N10.13 trillion to fund the budget and the resulting deficit of N6.3 trillion is expected to be financed by new external and domestic borrowings, privatisation proceeds, and multilateral /bilateral loan drawdowns, ”they stated Commenting, the Head, Retail Investment, Chapel Hill Denham, Mr. Ayodeji Ebo said the Nigerian Eurobonds did not create significant trading opportunities last year hence investors focused on Eurobonds of other countries especially Sub

Sahara Africa. He added that there was significant Eurobonds issuances by the FGN and Corporates in 2021 that reduced activities in the secondary market. On his part, analyst at PAC Holdings, Mr. Wole Adeyeye said: “With respect to the Eurobond, we had few listed corporate bonds on FMDQ last year. Many domestic companies did not issue Eurobond last year as depreciation of Naira may increase the repayment of these loans.” Meanwhile, total Foreign

Exchange turnover dropped by 2.27 per cent to N29.45trillion in 2021 from N30.14trillion in 2020. Analysts attributed the decline to low FX supply to the specialized investors and exports window to weak intervention by the apex, stressing that the inflow in foreign exchange was another major contributing factor. The Vice President, Highcap Securities Limited, Mr. David Adnori, said the decline in foreign exchange market turnover between January and December of 2021 was as a result of scarcity caused by the

existing challenges of COVID-19 virus. According to him: “A lot of the transactions in the foreign exchange market went to the parallel market that comes with higher price and the major reason for this is availability.” He said the global trade has not fully recovered from the COVID-19 pandemic lockdown, leading to weak supply of foreign currencies into the Nigeria’s market. He added that: “A lot of Nigerians in the Diaspora who used to send remits are also faced

with the impact of the pandemic. Although, we have seen steady increase in crude oil price but the backlog of hard currency demand from CBN has also affected supply. “Foreign investors are also showing interest due to challenges in their market. In addition, the federal government is also committed to foreign currency spending and it also contributed to supply.” Adeyeye also attributed the decline in turnover trade at the Continued on page 27

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

BUSINESSWORLD

STATUS REPORT

Ardova: Weaker Margins Undermines Proﬁt, Dividend

Kayode Tokede

rdova Plc on the Nigerian Exchange Limited (NGX) in its nine months ended September 30, 2021 reported a drop in profits on the heels of higher costs and weaker revenue. The indigenous energy company nine months results ended September 30, 2021 is a continued reflection of its full year ended December 31, 2020 audited results. The company in its nine months results reported marginal increase in revenue with persistent hike in cost of sales that weaken profitability and might dwindling shareholders return in year ended December 31, 2021 results. Analysis of nine months ended September 30, 2021, showed that the group reported 6.2 per cent increase in revenue to N136.1billion in nine months of 2021 from N128.2billion reported in nine months of 2020. The breakdown of revenue showed weak growth in its flagship businesses – Fuels that inched up by 1.04 per cent to N1117.26billion in nine months of 2021 from N116.04billion reported in nine months of 2020, while revenue generated from Lubricants and greases grew significantly by 52 per cent to N18.4billion from N12.12billion reported in nine months of 2020. Further breakdown in revenue revealed about 12 per cent decline in Renewable to N7.29million from N8.25million reported in nine months of 2020 as revenue from LPG and Cylinder rose significantly by 252.71 to N18.9mllion from N5.2million posted in prior nine months of 2020. However, the company generated N1.5billion from its Haulage & transport services, first time operating in the space. The outturn in revenue did not reflect the improved demand in the economy and higher product prices as Average price consumer paid for premium motor spirit (petrol) increased by 2.36 per cent year-on-year as at September, while Average price paid by consumers for Automotive Gas Oil (diesel) increased by 15.91per cent year-on-year to N254.64 in September 2021. In addition, the average price for the refilling of a 5kg cylinder for Liquefied Petroleum Gas (Cooking Gas) increased by 21.42per cent year-on-year to N2,397.60 in September from N1,949.02 it was in January 2021.

PROFIT & LOSS FIGURES

However, from the profit & loss figures, the group’s cost of sales closed nine months of 2021 at N127.01billion from N119.23billion reported in nine months of 2020. Key contributing factors are N111.18billion cost of selling Fuels in the period from N110.7billion reported in nine months of 2020, while cost of selling lubricants and greases rose by 77.6 per cent in nine months of 2021 to N15.18billion from N8.55billion reported in nine months of 2020. Consequently, the proportion of COS/Revenue dropped to 92.6 per cent from 93.02 per cent recorded in nine months of 2020. The interplay between revenue and cost of sales positioned the Ardova’s gross profit to N10.17billion in nine months

of 2021, an increase of 13.6 per cent from N8.9billion reported in nine months of 2020. Amid growing cost of sales, the company reported significant increase in its operating expenses that rose by 10.2 per cent to N7.3billion from N6.66billiion in prior months under review, driven by nearly 28 per cent increase in Distribution expenses. Ardova’s distribution expenses closed nine months under review at N1.99billion as against N1.55billion reported in nine months of 2020, while Administrative expenses gained nearly five per cent to close at N5.35billion from N5.1billion reported in nine months of 2020. Net finance costs increased by 68 per cent y/y to N832million from N496.6million in nine months of 2020, primarily due to a whopping 21.4 per cent increase in finance costs that moved from N719.3million from N873.1million reported prior nine months of 2020. The higher cost of debt is attributable to increased debts from overdrafts that closed nine months of 2021 at N296.8million from N39.7million reported in prior nine months of 2020 and N575.21million interest on loans and borrowings from N679.6million reported in nine months of 2020. The company reported N193.3million acquisitionrelated costs (incurred on acquiring subsidiaries), another key financial parameter that weaken profits in the period under review. Ardova had announced that it completed the acquisition of a 100per cent equity stake in Enyo Retail and Supply Limited. The firm had revealed that the deal followed the execution of a share purchase agreement between the parties involved. The Chief Executive Officer of Ardova, Olumide Adeosun in a statement had said: “On completion, this acquisition will lead to a stronger downstream energy group that benefits from the increased customer reach and service delivery excellence of both companies, with the combination expected to produce stronger financial results.’’ Overall, the company recorded a profit before tax of N1.94billion, a 19.8 per cent decline from N2.42billion reported in nine months of 2020. Following tax expenses of N700.99million, the company recorded a profit after tax of N1.24billion as against N1.89billion reported in nine months of 2020. In addition, Earnings Per Share closed the period at N0.95 from N1.45 per share to reflect decline in profit.

NINE MONTHS UNAUDITED RESULTS

A check into the company’s 2020 audited also showed a 3.1 per cent growth in revenue closing at N181.9billion, from N176.5billion reported in 2019. The growth in the company’s revenue was driven by increased sales of petroleum products, which grew by 3.4per cent to N154.67billion from N159.25billion

reported in 2019 as revenue from lubricants and greases dropped to N16.97billion in 2020 from n17.25billion in 2019. Solar system business performed poorly as it recorded a 74.4 per cent decline in revenue to N10million in 2020 from N39.0million in 2019. The company had stated that its rising sales numbers were due to its increased market share to become the market leader, citing data from Nigeria’s Major Oil marketing association (MOMAN). Cost of sales closed higher at N169.7billion in 2020 from N165.2billion in 2019, representing a 2.6per cent growth. The growth in cost of sales was mainly driven by an increase in petroleum product costs, which grew the company reported N250million in direct costs due to the unveiling of its haulage business as part of its efforts to bolster operating efficiency. Consequently, gross margins rose to 6.7 per cent in 2020 from 6.4 per cent in 2019. The marginal improvement in gross margin was driven by the higher margins in its Lubricant (26.2per cent) segment compared to Petrol or PMS (4.2per cent). Profit margins in the PMS segment remained low, as the firm does not hold any wholesaler privileges, which would have allowed for improved margins. However, Ardova drive to increase its market share in the lubricant market by signing an agreement with Shell lubricant is laudable as it looks to support its more profitable segment. Overall, operating expenses dropped by 12 per cent in 2020 to N9.47 billion from N10.6billion in 2019, driven by 13 per cent drop in Administrative expenses to N7.23billion from N8.39billion in 2019. Operating income dropped by 16per cent to N4.1billion in 2020 from N4.9billion reported in 2020, largely driven by the 2019 high base due to gain on disposed assets recorded. As such, Profit before tax and Profit after tax declined by 37.6per cent and 52.6per cent to N2.9billion and N1.8billion, respectively, in the period under review. Earnings per Share (EPS) fell 52per cent to N1.4 per share in 2020. The firm proposed a dividend of N0.19 per share.

TRADE, RECEIVABLES BOOST BALANCE SHEET

Ardova’s total assets in the period under review grew 10.4per cent to N68.4billion from N47.02billion reported in 2019.Key contributing factors to increase in total assets was 71 per cent increase in Trade and other receivables to N28.49billion in 2020 from N16.7billion reported in 2019 Also, increase in building under construction also contributed to assets , as the company continues to expand on its base (retail stations). Hence, PPE rose by 49per cent to N15.2billion in the period from

N11.11billion reported in prior period. The company extended its debt/borrowing lines in the period under review, as total debt grew 121.1per cent to N11.8billion. However, finance costs fell by -68.9per cent though average cost of borrowing settled at 10.5per cent mainly because the bulk of the borrowing was accessed via overdraft facilities. At 10.5per cent, Arvoda’s cost of borrowing is well above discount rates on commercial papers which tumbled to a record low in 2020, with several large corporates issuing capital at sub –three per cent. As such, we opine that Ardova would benefit from a capital market program to optimize its funding cost, considering that the yield environment remains relatively friendly for private sector capital raise. Interest coverage was stronger at 3.9x in 2020 from 1.5x in 2019, as Net cash flows from operations closed 2020 at N4.8billion in 2020, from N4.7billion in 2019.

ANALYSTS VIEW

Analysts at United Capital in a report on the company’s 2020 results said: “Our outlook for Ardova remains moderate, considering the firm’s cost improvement and efficiency management drive observed in recent quarters; Operating margin and profit before tax margin were up 100bps and 47bps y/y, respectively, due to a 166bps moderation in operating costs y/y (adjusting for gain on assets in 2019). “However, due to the continued uncertainty around the adjustment of Petrol (PMS) prices, we have also tempered our optimism around full price recovery. “Although the FGN made efforts to partially deregulate and moved away from its regulated pricing regime in 2020, recent dynamics in the market points to another episode of policy backflip. According to the PPPRA pricing framework, the landing cost of PMS should be in the range of N209-N212 per litre, considering the rising spot FOB Rotterdam prices. The FX challenges and the continuation of the NNPC direct sale, direct purchase program (DSDP) means the NNPC through the PPMC remains the sole importer of PMS. As such, Ardova and other downstream players will continue to earn a retailer’s margin for PMS sales. “Recently, the company disclosed its intentions to acquire Enyo. Clearly, the Enyo acquisition fits nicely into Ardova’s expansion drive and would complement its retail base. Ardova currently has a network of about 450 or more stations, Enyo will add to this strong base with about 90 or more retail outlets in 15 Nigerian states. “While we are unable to factor in the potential impact of the acquisition into our model estimates for now due to non-availability of the official data, we expect this to further bolster volumes and improve overall performance due to a potential benefit from economies of scale. “In view of the foregoing, our expectation for the performance of Ardova in 2021 remain moderate as such, we retain our model assumption while awaiting details about the proposed acquisition.”

FGN BONDS, EUROBONDS, OTHERS’ TOTAL TURNOVER ON FMDQ DROP BY 26.24% TO N20.13TRN FMDQ foreign exchange market to scarcity. Commenting on the development recently, the Governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele said the drop in crude oil earnings and the associated reduction in foreign portfolio inflows significantly affected the

supply of foreign exchange into Nigeria. He said, “In order to adjust for the decrease in the supply of foreign exchange, the naira depreciated at the official window from N305/$ to N360/$ and now hovers around N410/$.’’ He added, “Despite the rebound

in economic activities, the fragile recovery will keep the economy operating below full capacity. The emerging food supply shocks associated with the drag in production, due to insecurity situations across the country, combined with the speculations on increase in the price of PMS

and electricity tariff, will continue to have knock-on pressures that will keep headline inflation above desired levels. “Inflation rate is nonetheless expected to continue to decelerate in the short-term. The outlook for the external sector remains stable, albeit susceptible to further

external shocks. This is premised on the expectation of sustained improvement in crude oil prices. The ongoing policy on diaspora remittances is expected to attract foreign exchange inflow. “Despite the optimism, downside risks to the outlook remains. Concerns over the emerging

third wave of the COVID-19 in Europe and Asia could disrupt global supply chain and crude oil demand. In addition, vulnerability to foreign exchange pressure, rising inflation, insecurity across the country, infrastructure gap, and constrained fiscal space, remain a challenge.”

MONDAY, JANUARY 17, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Nasarawa State Inaugurates Construction o f N 3 0 b n Te c h n o l o g y V i l l a g e Igbawase Ukumba in Laﬁa The governor of Nasarawa State, Abudullahi Sule, has inaugurated the construction of a N30 billion Nasarawa Technology Village in Aso Pada, Karu Local Government Area of the state. The Technology Village project, which comprised of 1,962 housing units estate, technology hub and other facilities is being executed in collaboration with an indigenous firm, ABS Blueprint Consortium, under a Public Private Partnership (PPP) arrangement.

When performing the ground breaking for the project, Governor Sule said it was in line with his administration’s development roadmap in the area of housing, technology, employment and industrialisation. He expressed delight with the project being executed by an indigenous consortium, saying it was in line with his administration’s vision of development of the people and the state. The governor, however, explained that the project was fully funded by the private partners in

the consortium. Also speaking, the Managing Director of ABS Blueprint Consortium, Mohammed Yamusa, Managing Director, said the 1,962 units Technology Village would comprise of 668 units of One bedroom flats, 558 units of two bedroom flats, 376 units of two bedroom bungalow as well as 360 units of three bedroom bungalows. According to Yamusa, the village would have a technology hub with offices for local and international IT companies the for training of

more that 2,000 students annually as software engineers, who would be helped to outsource jobs globally that could earn them as high as 3,000 US dollars monthly. Other features of the technology hub, according to the ABS Blueprint Consortium MD, “include ICT campus with shared virtual workspaces and an estate-wide Broadband coverage through fibre optic cabling.” He added that the village would also have 5MW independent gas power plant, primary and secondary school, health

clinic, fire station, police post, shopping centre among other Yamusa continued that the housing component of the project alone was N22 billion, while the other features including the independent power plant would gulp about N8 billion. In his remarks, Managing Director of Nasarawa State Investment Development Agency (NASIDA), Ibrahim Abdullahhi, said that Governor Sule had so far attracted over 500 million US dollar investment to Nasarawa State across different sectors.

Abdullahi said the development of the Nasarawa Technology Village was in furtherance of Sule’s economic development strategy for the state. “The goal is to leverage the proximity of the state to the Federal Capital Territory (FCT) to create different technology clusters and to developing a technology-driven economy. There is a deliberate effort to make Nasarawa State a top investment destination not only in the country but in Africa,” Abdullahi maintained.

Firm Assures of Efﬁcient Structure in Kwara Internal Revenue Service Hammed Shittu in Ilorin The Principal Partner, Mazars Consulting Firm, handling the setting up of Kwara Internal Revenue Service (KWIRS), Dr.. Yemi Sanni has said that, the firm and other professionals has put in place efficient structure, operational system and good automation during the setting up of the state revenue service in 2016. Apparently reacting to the recent interview of the present chairman of KWIRS, Mrs. Shade Ononiyi in one of the National dailies that, she met a system that was unstructured, Sanni however said that, his firm was over 900 workers, strategic and composed when the revenue service was put in place in Kwara. Omoniyi was also quoted to have said, “The structure I met was more like creating jobs for people, rather than it being a strategic structure. There was a lot of lop-sidedness. We have automation already that was the impression that I was given but I came into the service, and apparently there was nothing. There was a system but the system was not working.” But Sanni in an interview with journalists in Ilorin on the allegations raised against the immediate past chairman of KWIRS, Professor Murtala Awodun on the setting up of the revenue service challenged Mrs.. Omoniyi to come out to engage the firm in debate on pre and post KWIRS. He stated that if there were no efficient structure, operational system and good automation, KWIRS would not have gotten ISO certification. Sanni said, “I challenge Mrs Shade Omoniyi to a debate on pre and post KWIRS. Somebody

said there was no structure, yet the internal revenue service, after our reengineering, happened to be the first and uptill now the first internal revenue service to get ISO certification. “For you to get ISO certification, that means that you have processes in place. And why did we go for ISO certification, we did that because when we were putting all these structures in place, we anticipated a situation where you could have people that are incompetent, people who are not even able to handle things being appointed. So we did not want them to rubbish the work that we did”. He added, “We also decided to do Kwara Infrastructure Fund, wherein a certain amount was set aside from the internal revenue generated on a monthly basis by the KWIRS into an account to fund the infrastructural project of the state. That infrastructural project was such that there was a third party who was managing it. “Automation was also in place because when we came on board, we did electronic revenue management. Aside from us, they got some Information and Technology (IT) consultants to help them with automation as well. When we finished our job, everything was in place. There was a whole lot of system. When you are talking of IGR drive, you are talking of the administration of revenue in Nigeria, there is no way you are not going to mention Lagos State. “Then, one of the things we did was that we took some staff of KWIRS to Lagos State Internal Revenue Service to understudy how things were being done there. Of course, Lagos State Internal Revenue Service is still in existence, all these things can be confirmed from them.

WELCOME TO BENING CITY…

L-R: Divisional Head, Emerging Corporates, First City Monument Bank (FCMB), Mrs. Chinyere Muda-Sanusi; Chief Executive Oﬃcer, Duport Midstream Company Limited, Dr. Akintoye Akindele; Managing Director/CEO, FCMB, Mrs. Yemisi Edun and Management Executive, Wholesale Banking, Mr. Obaro Odeghe, during the Bank’s inspection tour of Duport’s modular reﬁnery in Benin, Edo State on Thursday, January 13, 2022

NEPZA Drives Efforts to Reposition Gemstone Industry James Emejo in Abuja The Managing Director/Chief Executive, Nigeria Export Processing Zones Authority (NEPZA), Prof. Adesoji Adesugba, has said that it is working to convince the Ministry of Solid Minerals and the Gemological Institute of Nigeria to jointly adopt the free trade zone model to customise exploration, refining, production and the marketing of a variety of expensive gemstones. He said the move aims to reposition the country’s jewelries and gemological industry. Speaking when he played host to a world-renowned Gemologist and Businessman,

Mr. Tom Cushman, in Abuja, the NEPZA boss, pointed out that the authority had continued to embark on the exploration of the global business space with a view to attracting investors to all sectors of the economy. He said steps were being taken to secure the commitment of critical stakeholders for the lofty initiative in the precious stone sector to come to fruition. Adesugba added that repositioning the industry would boost its contribution to Gross Domestic Product (GDP) as well as create employment opportunities for youths. He said, “No doubt, we foresee

an incredible impact of this initiative on the country’s Gross Domestic Product (GDP) when concretised as fresh jobs will be created and substantial illegal mining of the country’s precious stones will be dislocated. “Let me, therefore, express my profound delight on the visit of Mr. Tom Cushman, an American Gemologist and Businessman who is prepared to assist us popularise the Nigeria’s gemstones’ industry globally.” He added, “In the light of this, the authority is going to open discussion with the ministry of solid minerals, the Gemological Institute of Nigeria and other

experts in the industry to establish the right kind of partnership that can scale-up the efficient and effective management of the sector through training and certification of qualified gemologists.” In his remarks however, Cushman said the country was amazingly endowed with variety of solid mineral, adding that NEPZA’s decision to spearhead the initiative will help to attract huge Investments into the sector. He said, “Nigeria must leveraged on my expertise knowledge in the training, identification, grading, and marketing of jewelries/gems so as to boost the economy more sustainably.”

RECAPITALISATION DEADLINE: PFAS CONSUMMATE MERGERS, ACQUISITION DEALS AS STAKEHOLDERS DIFFER ON ADEQUACY OF NEW CAPITAL REGIME to meet the new capital regime are weighing different survival options. But the Chief Executive Officer of Pension Fund Operators Association, the umbrella body of Pension Fund Administrators, Mr Oguche Aguda, said about 11 PFAs have made the list of the new capital regime. When THISDAY Sampled the views of the pension sector stake holders on the development, the Director, Centre for Pension Rights Advocacy and Consultant, National Institute for policy and Strategic Studies, Kuru Jos, Ivor Takor, said both the new capital requirement and the merger and acquisition talks going on in the industry now is a very good development. He said the development would strengthen the industry and get rid

of unserious operators. The development, he added, would afford the industry the economy of scale benefit. He advised those going for merger to perfect their deals well to ensure smoothness in their operations. Former South East Regional Manager, Premium Pension Managers, Mr Paddy Ezeala said the importance of huge capital for the pension industry can not be overemphasised as it will ensure that all existing PFAs were on sound footing. He however said the new capital regime requirement by the regulator would create the negative impression that the industry was shaky whereas going by the nature and laws guiding management of pension fund under

the Contributory Pension Scheme, nothing can endanger the contributed funds because of the nature of security surrounding the fund. He said it was good to build an all inclusive industry comprising the small, medium and big scale operators but with the new capital level, the regulator was about building a large scale operating industry. He said with level of the new capital, it was obvious the regulator wanted only the huge operators with huge capital to exist. He said in doing this, it needed to explain to the layman how the huge capital would contribute to the security of each company’s asset under management. He said in spelling out the new

capital regime which according to him is bound to send some PFAs and their workforce out of business, “the regulator should have known that if the fear was on the possibility of any PFA going down, it should not have arisen since going down of any PFA has nothing to do with the pension asset because the assets were not with the PFAs but with the Pension Fund Custodians who in turn have invested the funds.” Currently, there are 22 licensed pension Fund Administrators operating in Nigeria. The are AIICO Pension Managers Limited, APT Pension Fund Managers Limited, ARM Pension Managers Limited, CrusaderSterling Pensions Limited, FCMB Pensions Limited

Fidelity Pension Managers, First Guarantee Pension Limited, IEIAnchor Pension Managers Limited, Investment One Pension Managers Limited, Leadway Pensure PFA Limited, Nigerian University Pension Management Company (NUPEMCO), NLPC Pension Fund Administrators Limited, NPF Pensions Limited, OAK Pensions Limited Pensions Alliance Limited, Premium Pension Limited, Radix Pension Managers Limited, Sigma Pensions Limited, Stanbic IBTC Pension Managers Limited, Tangerine Pensions Limited, Trustfund Pensions Limited and Veritas Glanvills Pensions Limited Investments of the pension funds generated by these PFAs

is determined by the following four PFC as stipulated by the laws guiding pension fund investments; First Pension Custodian Nigeria Limited, UBA Pension Custodian Limited, Zenith Pension Custodian Limited, and Access Pension Custodian Limited. They play the role of undertaking the responsibility for keeping safe custody of pension assets on trust on behalf of contributors. The main functions of PFCs are to receive pension contributions on behalf of PFAs; settle transactions and undertake activities relating to the administration of pension fund investments on behalf of PFAs and to notify the PFA within 24 hours of the receipt of pension contributions from employers.

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

BUSINESSWORLD

INTERVIEW

Adebimpe: How Nigerian Banks Survived COVID-9 Turbulence As the global economy gradually recovers from the disruption caused by the covid 19 pandemic, President of the Association of Asset Custodians of Nigeria (AACN), Mr. Abiodun Adebimpe, the umbrella body for Nigerian custodian banks, in an exclusive interview with Eromosele Abiodun, explains how the industry was able to weather storm, the e-Naira, and licensing of payment service banks. Excerpts! For almost two years, the covid 19 pandemic ravaged the world and nearly brought the global economy to its knees. Like most sectors of the economy, portfolio investment was naturally impacted with consequential huge declines in assets under custody (AUC). How would you assess the industry’s performance, both globally and in Nigeria? es, our industry was and is still not insulated from global or local macroeconomic shocks. Remember that we are part of the capital market ecosystem and anything that affects the market will inevitably impact our industry. The big difference is that the custody industry may take the hit much faster and deeper given the dynamics of our business. I don’t have the exact figures offhand, but from our guesstimate, total non pension AUC took a significant hit at the height of the pandemic. We are hopeful that things moderate soon. Now the global economy is on the recovery path and we believe it will be sustainable considering the numerous measures being implemented by governments across the globe to tackle the pandemic once and for all. Stability is returning to the markets and cautious optimism is on the rise. A major expectation associated with a thriving economy is that people will have the confidence to make far-reaching economic decisions. Both at the national and global levels, we are beginning to see an uptick in the patronage of custodial services, and it is a trend we believe will continue. Let us not lose sight of the fact that even during the height of the covid-19-induced turbulence, the financial markets remained open and functioning, which helped maintain relative level of stability and bolster confidence in the economy. This was possible largely because of the regulatory reform measures that strengthened the banks in particular, as well as internal mechanisms taken by the industry to remain competitive and strong footed.

organizations. You don’t need to be a billionaire to buy shares in a company, for instance. Overall, custodianship refers to the whole gamut of activities that take place after a financial security trade has been concluded. This is commonly referred to as post-trading activities. Enlightenment and advocacy underpin the activities of AACN since the group was established 12 years ago. We undertake various forms of awareness campaigns in-country and abroad, with our flagship event being the annual investors’ conference. We remain unrelenting in pursuing this cause. With continuing emphasis on financial literacy by all stakeholders, I believe that the knowledge of custody services will improve and with that would be market expansion.

Have you identiﬁed any new normal in your industry in the ‘aftermath’ of the pandemic? The outbreak of the pandemic undoubtedly triggered unprecedented volatility that heightened operational and business risks for global and sub-custodians and their operating models. Business continuity plans had to be activated so quickly with the attendant need to tweak some of the plans. Nobody had anticipated the widespread social distancing requirements and remote working that suddenly became the new normal. As an industry we were left with little or no option other than to rise to the challenge by adopting various approaches to ensure that assets under custody remain safeguarded and our operations continue unhindered. It was to meet this imperative that agility, innovations, ingenuity, collaboration and technological adoptions became critical drivers. The response levels however differed from one organization to another. To offer a straight answer to your question, I would say that despite finding ourselves in an unprecedented circumstance, the industry responded robustly by deploying all manner of tools to ensure that we continue to deliver to our clients and other key stakeholders. In addition, the pandemic compelled the industry to rethink more broadly about systemic risks, unlike the past where risks were being treated as business or geography specific. I must emphasize that with the invasion of the pandemic, the imperative and benefits of digitisation rapidly switched from hypothetical and nice-to-have, to practical and indispensable. In fact, it has come with its own blessings in

Adebimpe terms of faster adoption of technology and some cost reductions. It is expected that lessons learned from the disruption caused by the COVID-19 would be embedded in operating models of banks moving forward. To someone who feels apprehensive about the recovery of the industry from the pandemic, what would you say? From my personal reading and numerous expert opinions, the threat posed by the pandemic is steadily receding; mortality rates have declined considerably and the vaccine rollout continues apace globally. The cautious lifting of lockdowns, save for the new omicron variant which is pushing some countries to reintroduce selective restrictions, has opened the space for improved connections with clients and major stakeholders. Let us also note that the global economy is recovering and growth projections by such organizations as the International Monetary Fund (IMF)/World Bank present optimistic scenarios in 2022. The world’s two largest economies, the United States and China, have effectively fully recovered. This two superpowers shape the direction and health of the global economy. The global custody services market is experiencing strong growth presently. However, we should also note that there are risks and opportunities in every crisis. Policymakers and market participants have voiced confidence about sustainable recovery. So, we have to put the past behind us and push for a better future. The Central Bank recently launched Nigeria’s Central Bank Digital Currency – the eNaira, coming on the back of growing adoption of cryptocurrencies and digital currencies around the world. Can you situate these developments in the context of its impact on custody services in Nigeria? We must first admit that money and its accompanying institutional foundations have

evolved in line with human development. So, the launch of cryptocurrencies and Central Bank Digital Currencies (CBDCs) is in conformity with this trend, with digital innovation as the bedrock. They have obviously gained increased prominence in recent times. It will be safe to say that CBDCs represent one of the significant innovations in the evolution of money worldwide, as economic management deepens. According to one account, CBDCs are a form of digital money, denominated in the national unit of account, which is a direct liability of the central bank. So, CBDCs have evolved as part of the greater digitalization of money. The usage of CBDCs depends on the objective being pursued by a country’s central bank. Though the IMF reportedly opined that the eNaira may reduce demand for deposits in commercial banks, it is important to note that the eNaira would increase financial inclusion, enhance remittances and reduce informality. This means that there are risks and benefits tied to the policy. A clearer picture will emerge in the days ahead. It will be safe to say that whatever decision impacts on the financial services industry and the capital markets in particular will definitely affect custody services. Issues around cyber security and operational risks, for instance, are inevitable. For a developing and poor country, a lot of people in Nigeria will see custodianship as a service for the rich. How true is this assertion and what is AACN doing to change this narrative? This is an issue that we have advocated on in the past and will continue to address considering that the overall understanding of the concept of custodianship of securities or what some other institutions refer to as securities/investor services remains low in various segments of the society. But to the extent that virtually everyone can acquire assets – in whatever form – then it is a market for everyone, especially corporate

Can you tell us the distinction between a custodian and a broker? In simple terms, the custodian refers to the entity responsible for the clearing, settlement and safekeeping of a client’s assets, while a broker provides trade execution services. In essence, a broker is primarily focused on accessing the financial markets on behalf of the client, while the custodian takes over the subsequent posttrading responsibilities on behalf of a portfolio investor, whether the securities are in physical or electronic form. In securities market parlance, a custodian is legal entity, usually banks, appointed to hold and protect another entity’s funds or investments through either direct or indirect means. The primary goal of a custodian services is to lessen the risk of the theft or loss of clients’ assets as well as take over the post trading activities from the investor. In addition to holding securities for safekeeping, most custodians also offer other services, such as account administration, transaction settlements, collection of dividends, interest payments and maturity proceeds, proxy voting services, tax support, and foreign exchange. Also note that the fees charged by custodians vary, depending on the services that the client desires. Most custodians in Nigeria charge annual custody fees that are based on the aggregate value of a client’s portfolio investments in their custody generally referred to as Assets Under Custody (AUC) and transaction fees. Custody fees are typically payable monthly In the event of collapse of a custody bank, what happens to the assets of a client? A major component of a custodian’s risk management measures is the use of nominees as separate legal entities. The essence of this is the prevention of a custody client’s assets from being taken over by creditors in the event of an insolvency or collapse of the custodian bank. Remember that assets held under custody are rarely physical, meaning that if a custodian bank goes under, the asset ownership records and valid custody agreements are consequently verified independently at the central securities depository (CSD). The CSD is a key market infrastructure that provides the repository of all investors’ positions. With the pace of technology and innovation, clients are constantly monitoring the health of banks with cybersecurity, capital base and reputation as key sentinels. The CSDs have clear operational guidelines for the recovery of custodian clients’ assets in the event of a custodian’s insolvency. The AACN is working actively with the regulators to ensure that our regulatory frameworks contain detailed guidelines to complement the existing operational procedures. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

BUSINESSWORLD

NEWS

Chukwuka Monye Steps Down as Managing Partner of Ciuci Consulting The Founder and Managing Partner of Ciuci Consulting, Chukwuka Monye has stepped down after 15 years of outstanding service and is handing over to Mrs. Charity Ladi Babatunde, a People Experience and Digital Intelligence Quotient Expert,

with over 25 years of eclectic work experience across various sectors including health, banking, and social entrepreneurship. A renowned Social Innovator and Change Management expert, Chukwuka founded Ciuci Consulting

Danbatta Harps on Digital Skills, ICT Adoption among Youths Emma Okonji The Executive Vice Chairman of the Nigerian Communications Commission (NCC), Prof. Umar Garba Danbatta, has appealed to Nigerian youths to take advantage of federal government’s policies on Information and Communications Technology (ICT), and embrace ICT adoption for enhanced digital skills. He said the adoption and utilisation of ICT, would drive youth empowerment, as it transforms processes and efficiently acting as an enabler of effectiveness in operations in every sector of the economy, including commerce, agriculture, health, security and governance. Danbatta made the appeal while delivering the 10th and 11th combined Convocation Lecture of the Fountain University at Osogbo, Osun State, at the weekend. In his paper titled: “Empowering the Nigerian Youth though Information and Communication Technology”, Danbatta recalled the impact of ICT revolution in all parts of human endeavour across countries and continents, insisting that technology will continue to penetrate and foster qualitative and quantifiable changes in all aspects of life. In all continents of the world, people, organisations and countries have continued to witness leaps and bounds in economic, social and political activities through instrumentality of ICT, which, according to Danbatta, had meshed computing, information

and communication technology to catalyse development in ways and manners humans never envisaged decades ago. According to Danbatta, Uber, the world’s largest taxi company, owns no vehicle; Airbnb, the world’s largest accommodation provider, owns no real estate; Facebook, world’s most popular social networking platform, creates little or no content; Alibaba, a leading global retailer, has little or no inventory, yet they have become signposts of prosperity riding wholly on ICT resources. To Danbatta, it would be a failing prophesy decades ago if anyone had said a company with no vehicle, just via an application, will control more than 75 million active commercial drivers in, at least, 80 countries. It would also be contested that through a mere app, a company will provide accommodation to millions of travellers and tourists in more than 100,000 cities of the world. He stated that the foregoing contextual demonstrations of the possibilities of ICT explain the federal government’s policy decisions to strengthen ICT adoption in building a robust digital economy in Nigeria, expressed in the National Digital Economy Policy and Strategy (NDEPS), 2020-2030; the Nigerian National Broadband Plan (NNBP), 2020-2025 and other series of policies, guidelines and regulations derivative of the NDEPS and NNBP.

NSSF Auctions WeNaija Photography Competition’s Top Images Emma Okonji Following the closure of submission of entries for the WeNaija Photography contest and the selection of the top 100 images through public voting, the Nigeria Solidarity Support Fund (NSSF) has announced plans for the auction and exhibition of the selected images. The funds generated through this competition and other activities will be used to upskill the Nigerian youth as a means of enhancing recovery from the Covid-19 pandemic in Nigeria. Chairman, NSSF Board, Tunde Folawiyo, revealed that the photographs are already on Bonham’s website for preview and open bidding ahead of the auction. Bonhams Auction, a leading online auction vendor in the UK, with affiliations in major cities across the world is a partner of NSSF on the WENAIJA Photography contest tagged Visions of Nigeria. The auction/exhibition will be a two-day event; a virtual auction of the top 20 images on January 18, 2022, by 6:30 PM (W.A.T), and a photography exhibition on January 19, 2022 (6:00 PM). According to the Chairman, “The funds raised from the auction would

be channeled into empowering the youths through the upskilling of at least 500 young Nigerians in life-changing vocations for the betterment of the Nigerian society in furtherance of efforts to mitigate the effects of the COVID-19 pandemic. Each photograph tells a COVID-19 story that everyone of us can relate with.” Leading Nigerian Philanthropist and NSSF Board Member, Aigboje Aig-Imokhuede, said the entries had many iconic images of the response to COVID-19 pandemic showing extraordinary courage and strength amid vulnerability, as people across this great country battle to find meaning despite the ravaging pandemic. Commending the participants, he noted that the photographs are images of hope, joy and peace in the midst of despair and death. General Manager, NSSF, Dr. Fejiro Chinye-Nwoko, said the auction would offer a rare opportunity for Nigerians, friends of Nigeria, organisations and institutions in and outside Nigerians to partner with NSSF by acquiring one of these unique photographs which captures significant moments of the COVID-19 pandemic in Nigeria.

in January 2007 and has grown it to be Africa’s leading indigenous consulting firm with presence across the African continent, Europe and America. Ciuci Consulting was established to address the human capital challenges in Nigeria and to provide sustainable solutions to business development across various sectors by combining innovative strategies with consumer intelligence to achieve socio-economic impact and has successfully executed

over 400 projects. It has won several awards including the Stevie’s Award for “Innovative Solutions for Clients” in the Middle East & Africa category and 2020 Corporate Vision UK’s “Best Business Operations Management Consultancy – Africa”; & the MEA Business Awards 2021 “Best Strategy and Consumer Intelligence Company – Africa”. Monye in a statement said: “For 15 years, I have worked with committed individuals to build the company

into what it is today. The hallmark of any sustainably great organization is its ability to thrive and flourish with or without its founder. Ciuci was built with the future in mind. I am grateful for the last 15 years and very excited about the next phase for the organization and for myself. “The new Managing Partner, Mrs Charity Babatunde is a certified Senior Professional in Human Resources (SPHRi) and the pioneer DQ (Digital Intelligence Quotient) Ambassador in

Africa. She continues to champion human capital development and responsible digital citizenship across generations. Mrs. Charity Babatunde will be supported in her role as Managing Partner by Mrs. Ifeoma Monye (Partner, Operations), Mr. Ayodeji Adewale (Partner, Finance) and Mr. OmohImoukhuede (Lead, Consulting Practice). The management team has over 70 years’ of work experience combined with competencies in diverse fields and sectors.”

DEVON KING’S WINNER…

L-R: Category and Brand Manager for PZ Wilmar Ltd, Oluwatoyin Popoola-Dania; King’s Dorm Season 2 Winners, Odinaka Moemeka and Elizabeth Moemeka of the Moemeka Family; and Head of Marketing, PZ Wilmar Ltd, Chioma PHOTO: SUNDAY ADIGUN Mbanugo; at the grand finale of Devon King’s Dorm Season 2, held in Lagos….. yesterday

Quarantine Service Insists Donkey Hide not Valid for Export James Emejo in Abuja The Director General, Nigeria Agricultural Quarantine Service (NAQS), Dr. Vincent Isegbe, has emphasised that contrary to speculations, donkey hide remains on the country’s export prohibition list. He explained that the resumption of the certification of the commod-

ity for export depended on the rebound of the Nigerian donkey herd which is still classified as an endangered species. The clarification came against the backdrop of misleading reports that NAQS had resumed the certification of donkey skin for export. Isegbe, in a statement issued by the service’s Head of Media, Communication and Strategies,

Chigozie Nwodo said agency had met with all the relevant associations in last year to chart a course toward restocking the donkeys through breeding and ranching in order to put the animals beyond the threat of extinction. He said that the government would consider delisting donkey hide from the contraband category

only after the scale has tilted in favour of the recovery of the Nigerian donkeys. He further explained that the decline of the donkey population in the country was driven by surging demand for the commodity in Asia. He said the product is used in making potions and items presumed to have therapeutic and cosmetic value.

ASTC&M Delves into Diary, Rice Farming, Trains Over 4000 Farmers Seriki Adinoyi in Jos Agric. Services Training Centre and Marketing (ASTC&M) Limited has in recent times made giant strides having trained over 4000 Plateau farmers in modern and better farming methods that have paid off in many ways. Disclosing this to the press in Jos, Managing Director/CEO of ASTC&M, Dr. Susan Bentu added that, “Currently, the Plateau State Government, being the major shareholder, through the effort of the Governor, Barr. Simon Lalong ensured the injection of fund for the repair of some of our tractors and harvesters including the upgrading of the Milky Way Diary Farm in Bokkos. The Dairy Farm is now expanded. New Breed of Frezian Cows have been stocked to increase the number of cows, a new

processing line has been installed and the general environment of the farm and factory is upgraded. The production of Yoghurt and other dairy products leaves the factory for the market daily.” She said the funding also enabled commercial rice farming during the last farming season. “For a start, we covered 1500 hectares of rice farm located in Shimankar, Boa and Gonvel. The harvest from these farms was a huge success and we plan to continue during the next farming season. Arrangements are now at an advance stage to transform the green houses in Vom from demonstration farms, to fully commercial farms.” The General Manager explained that, “ASTC&M Ltd introduced Plateau farmers to modern and better farming methods, through improved seeds and seedlings,

and best farm practices. We offer training and have already trained over 4,000 farmers. We offer services in all aspects of agriculture both to small and large scale farmers. Our impact includes the number of Green Houses evident on the Plateau. Some of our trainees have gone beyond the state building Green Houses for interested farmers.” Calling on farmers to feel free to access the services of ASTC, the General Manager said, “We also want to inform farmers that our doors are always open; interested persons can always approach us to find out what we are doing.” She said that the company, which came into being in 2009, was an initiative of the Plateau state government and an Israeli company, formed purely to provide Agricultural services. The Agreement, according to

Bentu stipulated that ASTC&M was to provide subsidized Agric services, inputs and training to farmers on the Plateau for five years, adding that “the intention was to build capacity of the Plateau farmer and also, introduce him to modern and profitable farming methods. “After the five years capacity building period, the company was to transform to a commercial venture, whereby funding from the state government was to be withdrawn and the company becomes a purely commercial venture, whereby its services are to change to a profit making mode, and farmers made to bear full cost of their services. “The first five years were to be known as a period of technology transfer. The foreign experts are to train farmers and staff who should take over from them at the end of their five year contract.”

MONDAY, JANUARY 17, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Canadian Fintech Lunches in Nigeria, Plans Credit Assessment Infrastructure Emma Okonji Canadian Fintech startup and credit assessment company, Periculum, has launched in Nigeria to tackle the challenge of domestic credit to the underserved markets. Focused on improving financial inclusion in emerging markets through automated credit assessment tools that close the consumer credit gap and help financial institutions provide credit facilities to the financially excluded, Periculum officially

launched its financial service product offerings at a media interaction at weekend. Speaking at the launch, Periculum’s Founder and Chief Executive Officer, said, Michael Temitope Collins, said: “Africa needs domestic credit to stimulate real economic growth. And this is not only bank-to-business credit; it can also be digital lending for short-term credit as well as ‘buy now, pay later’ schemes. The absence of tech-enabled credit assessment infrastructure has limited the quality

and quantity of lending and may be behind the risk premiums borrowers have to pay, and the harassment practiced by predatory lenders in countries like Nigeria. “Periculum will change that. We are a top provider of data analytics and credit assessment services targeted explicitly to underserved markets. We help our customers to reduce their lengthy loan application processing times and loan default rates and offer loans to the underbanked and unbanked consumers as well as micro, small

and medium-scale enterprises. With reliable, tech-enabled, credit assessment services, financial institutions can increase lending to those that need credit.” The company has also announced the appointment of a Managing Director, Damilola Aluede, to accelerate its business in Nigeria. The availability of domestic credit is a key requirement for consistent economic growth in developing countries. The vitality of financial services such as banking, savings,

debt and equity financing, investment management, and point-of-sale lending is largely dependent on the maturity of its domestic credit industry. Nigeria’s domestic credit market pales in comparison to similar countries of the same size. For context, credit to the private sector in Nigeria is about 12 per cent of GDP, lower than South Africa’s 129 per cent and Malaysia’s 134 per cent. High ratios of credit to the private sector in these countries have helped

to ramp up real sector growth, create innovative innovation possibilities for technology-enabled businesses, accelerate financial development, ensure the efficient functioning of the economy and guarantee the prosperity of the private sector. The Central Bank of Nigeria (CBN) and other development partners including the Bank of Industry (BoI), the Bank of Agriculture (BoA), among others have embarked on significant credit injections to support the critical sectors of the economy.

Hero Lager Promotes Igbo Apprenticeship Aura Commences Promo Ahead Valentine’s Day System with N50m Grant Nume Ekeghe

Premium lager, Hero, has announced the Igba Boi Tour, a campaign targeted at Igbo Apprentices who are in their final year of graduation from the Igba Boi scheme with 50-million-naira worth of seed capital, mentorship, and business grants. The campaign, which was announced at a press conference to kick-off activities in Onitsha was attended by Igbo dignitaries and businessmen, community stakeholders, top officials of International Breweries Plc, and pressmen. Igba Boi tour, the company said, will transverse six main markets in the cities of Onitsha, Awka, Enugu, Owerri, Aba, and Lagos. The tour, it added, will see Hero Lager extending a hand of support to Igbo apprentices who are on the verge of attaining independence through mentorship, seed capital

grant, and business advisory. Speaking on the decision to launch the campaign, Marketing Director, International Breweries Plc, Tolulope Adedeji explained that the Igba Boi Campaign Tour is a follow up to current brand campaign, Aha Gi Efula and Hero’s Walk documentary which tells the story of the Igbo apprenticeship system and has now been viewed by over one million people on YouTube. “Through the Aha Gi Efula (May Your Name Never Be Lost) campaign, we inspired consumers of Hero to aspire for success and encouraged them to strive to leave lasting legacies. The campaign also served as a reminder and boost to the courage, resilience, hard work, and persistent nature of Nigeria’s young men and women. With the Igba Boi Campaign, we are going

one step further to entrench the Igbo Apprenticeship culture by beaming the spotlight on the apprentices, “Umu Bois” without whom the culture would cease to exist; by catalysing their journey to independence and entrepreneurship success through mentorship, the award of grants, and business advisory,” Adedeji said. Marketing Manager, Hero Lager, Margaret Igabali noted that the brand will embark on a tour of Ogbaru Main Market, Onitsha, Nkwo Nnewi Market, Awka, Coal Camp Market, Enugu, Alaba International Market, Owerri, Ariaria International Market, Aba, and Alaba International Market, Lagos to invite the apprentices, “Umu Bois” to submit their entries for consideration in conjunction with their Trade Masters.

Online accommodation booking platform, Aura is currently running #TheAuraExperience Promo, a promo to reward a couple with an all expense holiday experience in Nigeria to celebrate valentines day. The firm said a couple stand a chance of winning a free night staycation to celebrate Valentine’s Day when any of them spend up to N100,000 on the platform. The Company, a subsidiary of NGX-listed Transcorp Hotels Plc., disclosed this recently at a media briefing in Lagos. Business Development Director Aura, Ms. Ifeoma Okafor-Obisaid: “Aura is committed to providing people with unique homes and hotels when they are away from home. The platform is also set up to help users order great food at restaurants close to them and find things to do to make every moment memorable. This

promo is our way of encouraging more people to experience Aura as we continue to spread happiness by creating memorable experiences through all our touch points.” Aura provides a great selection of exquisite properties at the best prices, carrying out verification on all listings on the platform to ensure that guests are choosing from the right pool of options, and in keeping with the known high standards of the parent company Transcorp Hotels Plc. “There are carefully selected restaurants as well as personalized chef experiences on demand for corporate meetings and events. We also have an array of refreshing day experiences as well as packages for corporate retreats and strategy sessions,” Okafor-Obi added. Commenting on the significance of Aura by Transcorp Hotels, MD/ CEO, Transcorp Hotels Plc, Mrs. Dupe Olusola explained that the

recently launched business is the piece that completes the puzzle for the company, as it seeks to offer wholesome luxurious experiences to guests beyond its well-known properties in Abuja or Calabar. “Our brands are individually distinctive and collectively powerful. We have consistently delivered world-class guest experience and excellent services across all our touch points, and impressive value to stakeholders. This is what users of Aura by Transcorp Hotels will also continue to enjoy. I encourage people to exploit the ongoing promo by Aura by Transcorp Hotels to have a great experience at a discount, and also stand to win a free staycation on Aura, “Olusola said. “2022 will be a very exciting year for us at Transcorp Hotels Plc., as some of the projects we have been working on will come to life this year”.

MONDAY JANUARY 17, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

HOMES&DESIGN ABUJA MILLENNIUM TOWER:

FCT’s Summit of Attraction

MONDAY, JANUARY 17, 2022 ˾ T H I S D AY

HOMES&DESIGN

A Blend of Culture, Work, Playstation At the turn of the century, the federal government decided it was fitting to have a functional landmark that is aesthetically appealing to drive tourism in Abuja. So, they contacted a globally renowned architect to design it to match the main plan. Bennett Oghifo writes

he Abuja Millennium Tower consists of three cylindrical pillars along Independence Avenue. It is conceived as an indelible signature and tourism booster for Abuja, the nation’s capital city. The Millennium Tower and Cultural Centre is a mixed-use project. The three monolithic structures dominate the city’s skylines. As the tallest prominent icons in the Central Business District, they are an immediate pull for fun-seeking residents and visitors to the city; the same way tourists are attracted to Eiffel Tower in Paris, Tower Bridge in London and Cristo Redentor in Rio de Janeiro, Brazil. At least that was the concept. At night, they are brightened by

the neon bulbs that illuminate the environs and add to the aura of the city. The tallest of the towers stands at 170 metres (560ft). Presently they are regarded as the tallest structures in the city. The columns are surrounded by stainless steel wings, wrapped delicately but protectively around the base of the tower. They gradually open outwards as they extend up the height of the tower. At the summit, accessible by an escalator, visitors can have a conspicuous view of the city. On top of the tower is a revolving restaurant, where diners can also take a panoramic view of the city and feel it pulsate.

The Italian Manfredi Nicoletti designed the tower as part of the integrated National Complex project. The extensive project was initiated in 2005 by the federal government. It incorporates the National Library, the National Square, International Auditorium and the Nigerian Cultural Centre. The Managing Director of Salini, the Italian firm constructing the project, Dr. Piere Capitanio, describes the cultural centre as a city in a city. It is equipped with a museum, indoor swimming pool, galleries, commercial centre, luxury hotel, coffee shops, children’s sports section, and boutiques. The cultural centre is a wide-

shaped steel glass structure containing several multi-storey buildings. It is shaped like a pyramid when viewed from the tower. The art exhibition will make the museum a veritable institute for arts and culture. While the auditorium, surrounded by conference rooms, has a sitting capacity for 1,250 guests and is dedicated to performing arts. The National Square, the Cultural Centre and the Millennium Tower and International Auditorium are linked by an underground basement that houses a parking space for 1,200 vehicles. The measurement of the basement is 7,000 square miles. Three elevators are installed to aid the movement of people and goods on all floors.

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

HOMES&DESIGN

Out with the Old, In with the New

t’s a new year and as with some other facets of life, people may feel the need to make some adjustments to their surroundings. In the spirit of refreshing or renewing their environment and bringing in new energy to go with the flow. Wellness focused designs have been the trend in recent years and it has to summarily do with changing your space to improve your physical and mental health. Our physical surroundings affect us psychologically and can either add to — or detract from — our emotional and mental health. People need some beauty and inspiration in their surroundings, and if this can be obtained from our everyday environment, all the better. A home remodel may provide more benefits aside from making a home more stylish, less cluttered or more energy efficient. Let’s talk about how a renovation can benefit your mental and physical health As we grow in life and career, there may be a need to do away with some items. While we may look back fondly on the early days of marriage with its basic furnitures and design, as the years go by we expect our situation to improve. The home we live in is one measure of this expectation to progress in life.

Some types of home renovations involve the addition of new windows or changing the size and shape of the existing windows in the room. This is especially true for projects involving the living room or bedroom. Getting plenty of sunlight during the morning and having brighter rooms throughout the day can boost the body’s ability to produce vitamin D while also curbing the various symptoms of stress and depression. Without breaking the bank or doing a complete overhaul of your space, there are few ways to change it up to feel or look different and new.

1. REPOSITION YOUR FURNITURE By repositioning your furniture, your change the look of your room and if done right, creates more space. Being intentional about this means there will be creation of flow between the different areas in the house,

2. REDO THE KITCHEN

If you can reorganize and equip your kitchen for maximum utility, you may not need to blow out the walls to gain square footage. Start by replacing space-hogging shelves with cabinet-height pullout drawers.

3. REPAINT THE SPACE Changing the colour of your walls, will almost make the space feel brand new. Paint has an effect on lighting so you may want to consider the best lighting to suit the paint you have chosen.

4. CONSIDER CREATING A MINDFULNESS CORNER Consider creating a mindfulness corner, likely portioned from the usually busy areas of the house such as the living room or kitchen. Having a space such as that allows for a retreat or zen area just to relax and destress.

BRIGHTEN UP

The kitchen most often times DARK SPACES doubles as a storage space, a way brighten up a windowless bath or to reduce the heavy feeling we get hallway, for instance, you can install is to create more storage options. a “light tube,” which slips between

roof rafters and funnels sunshine down into the living space.

6. DESIGN A BEDROOM FOR RELAXATION A good night’s sleep is so important to maintain good health, so make your bedroom a relaxing sanctuary. It is advised to mitigatee any light in the bedroom that can affect sleep. Whether the illumination comes from a streetlight, a floodlight or passing cars, using using blackout shades or blackout-fabric-lined drapes will help ensure a good night’s sleep. Starting out the year by redoing the space you spend the most down time creates positive feelings of revival and freshness.

MONDAY, JANUARY 17, 2022 ˾ T H I S D AY

BUSINESSSPECIAL

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

Providing Lifeline to MSMEs Micro, small and medium size enterprises play a pivotal role in stimulating economic growth, in job creation as well as in poverty alleviation and must be given the necessary support to survive, writes Obinna Chima

icro, small and medium scale enterprises (MSMEs) play a major role in most economies, particularly in developing countries. In fact, they contribute up to 45 per cent of total employment and up to 33 per cent of national income (GDP) in emerging economies, according to a report by the World Bank. According to estimates, 600 million jobs will be needed in the next 15 years to absorb the growing global workforce, mainly in Asia and sub-Saharan Africa. That is why a new survey that showed that the total number of Nano, Micro, Small and Medium scale Enterprises (NMSMEs) operating in the country dropped by about 1.88 million to 39.65 million in 2020, compared to about 41.54 million in 2017, has been a cause of worry. According to the 2020 National NMSME report, authored by the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in collaboration with the National Bureau of Statistics (NBS), the sector also witnessed a 3.5 per cent drop in its contributions to Gross Domestic Product (GDP). The survey, however, stated that the sub-sector’s contribution to employment increased by 3.7 per cent within the review period. The survey findings attributed the decline in total number of enterprises to the impact of the COVID-19 pandemic, the worsening insecurity in the country as well as the negative impact of the open global competitiveness on local enterprises. The situation could have been worse if not for the measures put in place by the Central Bank of Nigeria in 2020, such as the targeted credit facilities as well as its aggressive development finance interventions, to cushion the impact of the pandemic on firms and households. The Director General/Chief Executive of SMEDAN, Dr. Dikko Umaru Radda, stressed the need for more collective and sustained actions aimed at creating the enabling environment for NMSMEs especially in the areas of funding, compliance, infrastructure, technology and markets. He said the new survey was necessitated by the need to provide realistic, robust and useful data to economic planners given that the previous reports in 2010, 2013 and 2017, had been outdated. Radda said, “This is an area that the agency has been assiduously working on to address even in the face of dwindling resources.” He said the absence of data that clearly profile NMSMEs or adequately explain the peculiar challenges they face in their operating environment, had been a major source of worry to SMEDAN. He, however, expressed confidence that the revised

National Policy on MSMEs which was unveiled recently and the 2020 survey on the sub-sector would provide suitable platform for initiating and implementing special interventions for NMSMEs going forward. The SMEDAN boss further explained that in a bid to address some of the factors that have negatively impacted the sub-sector, the revised National Policy on NMSMEs had made provision for a national, regional, state and local government coordination mechanism to ensure that the challenges confronting the operators, particularly access to funds, infrastructure, compliance, skills development among others are properly and effectively tackled. He pointed out that the full impact of the implementation of some of the recommended key strategic actions in the national policy would be evident in the form of increase in the number of enterprises, wealth creation and increased contribution to employment as well as non-oil export earnings. Also, the Statistician-General of the Federation (SGF)/Chief Executive, National Bureau of Statistics (NBS), Dr. Simon Harry, said the concept of nano enterprises which hitherto was considered as micro enterprises was introduced. He said Nano referred to enterprises that have only one or two persons engaged in business operations, while the micro-enterprises now refer to those enterprises with three to nine persons engaged in business operations. He pointed out that while MSMEs remained critical to the economy as evidenced by their contributions to GDP, employment and exports over the years, there are still challenges hindering its rapid growth and development. He listed the dearth of robust, timely and reliable data on MSMEs as one of the key challenges hampering the growth of the sector. Harry said the fourth round of MSMEs survey was necessitated by the need to generate up to date data on the sector with a view to determining the effect of the recent socio-economic development as well as global occurrences including COVID-19. Essentially, he said the NMSMEs sector was composed of Micro Enterprises (ME) which accounted for 38. 41 million or 96.9 percent of total enterprises as well as Small and Medium Enterprises (SMEs) which accounted for 1.24 million or 3.1 per cent. According to the survey, Lagos State accounted for the highest number of enterprises across all the classes.

The SGF said a total of 61.95 million persons were engaged in MSMEs sub-sector in 2020, adding that 16.04 million micro enterprises employments were generated across the informal sectors with agriculture generating 61.1 per cent of the jobs while 7.49 million jobs were generated in the formal sector with manufacturing accounting for 21.6 per cent, the highest employment among SMEs. The Organisation for Economic Co-operation and Development (OECD) noted in a report noted that the primary role of the public sector in supporting venture capital was to reduce the risk and cost of private equity finance, complementing and encouraging the development of the private capital industry. Based on lessons from OECD countries, it advised that taxation should not impose a disproportionately heavy burden on SMEs, adding that the business environment could be improved by systematic and careful scrutiny of new regulations and by implementation of a business impact system to ensure the audit and monitoring of new legislation. Furthermore, it pointed out that the use of information technologies provides opportunities for reducing bureaucratic burdens on all companies, including SMEs. “Technology diffusion programmes should: ensure quality control; promote customer[1] orientation; upgrade the innovative capacity of firms -- including the promotion of general awareness of the value of innovation among management -- and stimulate demand for technical and organisational change; build on existing inter-relationships in national innovation systems and provide greater coherence between programme design (e.g. targets, objectives, modes of support) and service delivery; build on evaluation and assessment. “Technology diffusion programmes should in particular have mechanisms for assessment which can guide and improve their operation and management on a continuing basis. The United States has programmes effectively stimulating quality in diffusion processes, while Germany has sophisticated institutional set-up catalysing interactions between existing actors in the national innovation system. “Several G7 governments have sought to enhance the “quality” of owner/managers of SMEs either by encouraging training and/or by providing access to advisory and consultancy services. The most extensive assistance is provided by Japan which has both a highly developed

system of advisory services and SME colleges. The United Kingdom and Italy have also implemented interesting schemes.” It stated. To the CEO of Global Analytics Ltd, Tope Fasua noted that access to credit for MSMEs has always been very disturbing. Fasua said, “The credit culture in Nigeria has been terrible. However; SMEs must rev up capacity and never allow the big chips to buy them over because we need more than a few business giants to drive the economy. The amount of information and other tools you put into the space would determine how you may embrace myriads of opportunities in the changing world and our human capital must not be left with adequate empowerment to keep fit into financial technology advancement.” However, in order to enable MSMEs survive the difficult operating environment, Abraham Onoja in a report, stressed the need for government and nongovernmental organisations to create Seminars and workshops initiatives and other forums, to establish a platform for their interaction with other operators to help to improve on their management capabilities. Also, he recommended that government should provide the necessary infrastructures in order to ease the burdens and thereby encourage and promote rural industrialization. He advised owners of small businesses to strive to develop effective marketing strategies in order to boost business operations which will become profitable, stating that it was important for such businesses to develop good personnel management policies to avoid crises that could affect their business. “Local business owners should take to proper planning, realising his strengths and weaknesses before diverting into any business to avoid mishandling. Governments should help create a macroeconomic environment that is stable as it will enable these local businesses to make reasonable forecasts on costs, turnover, and return on investment. The government should help in making funds easily accessible to SME owners/ managers, be it short or long term loans that could help to encourage them to execute their business plan. Operators should also develop their competences in managing and sustaining their businesses by constantly engaging in training, research and development,” he added. From the foregoing, MSMEs are the backbone of every economy across the world as they are pivotal in stimulating economic growth, in job creation and for poverty reduction. Therefore, there is need for policymakers in the country to give them all the support and create a conducive environment for their survival.

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

BUSINESS SPECIAL

PERSPECTIVE

Removing Petrol Subsidy: Need for Cautious Handling T Mike Obadan

he issue of petroleum product subsidy has remained a nagging one that has attracted public discourse over the past decades. Against the backdrop of the fiscal challenges of the various tiers of government, the recent indication by government of plans to end the petrol subsidy regime before the end of first half, 2022, has rekindled public interest in the matter. At this point in time, the existence of subsidy and the attendant payments are not in doubt considering the reported landing cost of petrol per litre which far exceeds the pump price per litre. But it appears that some important questions are not being addressed, for example, for an oil producing and exporting country, is the case for subsidy removal strong? If yes, what should be the framework or basis for ending the petrol subsidy regime and allowing market forces to determine the price of petrol per litre? If this is answered satisfactorily, what should be the timing for the elimination of the subsidy so as to minimise the costs in relation to the benefits? In this piece, I argue that there is a strong case for subsidy removal but that the planned framework/ basis for the removal seems inappropriate and that the timing is inauspicious considering the totality of the current macroeconomic and social challenges. It has been argued that Nigeria is a major oil producing and exporting country. Therefore, its citizens and economic agents should not pay market prices for petroleum products. There is some sense in this. Besides, subsidy, if well administered and targeted, can be a good tool for improving welfare, especially of the low income groups. But the problem though is that subsidy on petrol in Nigeria is not targeted. It applies to both the rich and poor consumers and some people have indeed argued that subsidy is elitist and it is the rich that benefit from it disproportionately. Very importantly, the integrity of subsidy payment has been very much doubted; before the NNPC took over the importation of petroleum products under the present government, it was well known how subsidy was paid to importers for fictitious imports. Subsidy on petroleum products had become one of the effortless avenues for privileged people and companies to corruptly appropriate the nation’s resources while the consumers are worse off. The gross inefficiency and corruption in subsidy administration in the past coupled with the current difficult economic situation of the country makes it imperative for a re-consideration of the continued retention of subsidy on petrol but under appropriate framework/basis. Specifically, the subsidy payment has, undoubtedly, become excessive and unsustainable. While the controlled retail price of petrol is N162.5 per litre, the landing cost is said to more than double this amount such that the deregulated price per litre of imported petrol is speculated to be around N340.00. The amount of subsidy payment has tended to be influenced by the international price of crude oil, the prevailing exchange rate and even interest rate. As the country consumes about 60 million litres of fuel per day, the burden of subsidy payment has increased to about N150 billion per month or about N2.0 trillion a year. Should the price of crude oil further increase appreciably in the world market, the daily or monthly subsidy payment would also increase substantially. This is a huge amount of money which the country, at some point, needs to be freed and devoted to capital projects and programmes aimed at the development of the Nigerian economy. Another case for subsidy elimination at the appropriate time is the huge amount of foreign exchange spent monthly/annually on importation of refined petroleum products with continuous pressure being put on the limited foreign exchange reserves and the exchange rate. Because the nation’s four refineries are almost comatose, nearly all the petroleum products consumed in the country are imported with scarce foreign exchange. Considering the competing demands for the scarce foreign exchange from the critical sectors of the economy, continued reliance of the economy on importation of refined petroleum products is inexcusable. The country has a comparative advantage in these products even for export to earn foreign exchange. Deregulation based on local refining of petroleum products will save foreign exchange for the country, create jobs, improve government’s finances and strengthen monetary policy making and implementation. Very importantly, the fiscal crisis which engulfed the country even before the Buhari administration assumed office in May 2015 has intensified due to the largely dependent nature of the economy on the crude oil market for foreign exchange and government naira revenue. In light of this, the economy has

Buhari experienced two debilitating recessions since 2016. Domestic revenue mobilisation is weak while the government appears to be struggling to meet recurrent commitments. Debts are being accumulated. Recent data indicate the country’s public debt stock as standing at over N38.0 trillion naira as at September or thereabout. At the sub-national government level, the situation appears to be worse to the extent that public sector workers are being owed salary and/or pension arrears for many months. In the Guardian newspaper of 8th December, 2021, Governor El-Rufai of Kaduna State was reported to have stated the support of the Nigerian Governors’ Forum for subsidy removal so as to enable them to meet the cost of governance. He was reported to have added that “I don’t want to predict what will happen when 35 out of 36 states cannot pay salaries of civil servants or even have any money to run the government. We will not have enough money to pay salaries. Already, some states are building up arrears, even oil producing states are struggling to pay salaries”. But as I have consistently argued, the situation could have been less precarious for them if the governments were not profligate in the past, mostly before 2015. They squandered the reserves in the Excess Crude Account and depleted the foreign exchange reserves that could have served as fiscal buffers in difficult times as the country currently is in. Although there is a good case for petrol subsidy elimination, every interest group seems to argue for it so as to protect its own interests but not of the macro-economy. State governments desire removal of subsidy to be able to run their governments, specifically to pay salaries of workers. The Major Oil Marketers Association of Nigeria (MOMAN) argues for subsidy removal to allow the market to determine the pump price and also create a level playing field for them. To them, ‘everybody should have access to foreign exchange to be able to import and sell petrol at a pump price taking its landing and distribution costs into consideration’. The organisation wants deregulation under which huge quantities of scarce foreign exchange is expended on importation of petrol by its members without bothering on the implications for macroeconomic stability including exchange rate stability. For me, there is a strong case for the eventual deregulation of petrol price and hence eliminating the subsidy in it. But the government needs

to work towards it. To avoid unpleasant macroeconomic and social consequences, it should deregulate on the basis of domestic refining of petroleum products and not importation of such products. Imported refined products are expensive not only because of high crude oil price and international transportation costs but also because of exchange rate changes. Naira depreciation makes importation costly and retail prices higher. Exiting fuel subsidy under a regime of importation of petrol will highly endanger the current fragile macroeconomic stability, especially under the regime of very high oil prices prevailing in the global market. To have a proper framework for deregulation, private investors need to be vigorously encouraged to establish and operate local refineries. In the past, they had been discouraged by the control over petroleum product prices and uncertainty about availability of crude oil for the refineries. I understand that the Department of Petroleum Resources had approved over 70 licenses for new refineries to be developed. But less than ten are at various stages of establishing refineries. Therefore, the government needs to know what the investors that desire to set up refineries or are currently developing refineries need to expedite actions on their projects and consequently support them. At present, the Dangote Group is the known major developer of a large refinery that is capable of producing over 600,000 litres of petroleum products per day. It is expected to commence production, perhaps, before June, 2022. There are a few other modular refineries being developed but even those that had been completed or still being developed are having challenges. Not long ago, an investor that had completed work on his modular refinery somewhere in the South South confided in me the challenge he was having accessing crude oil. I found this strange that a local new refinery was being discouraged by numerous hurdles to crude oil access while the NNPC is exporting crude oil. I then wondered as to what is happening to the 445,000 barrels of crude oil per day dedicated to local refining under the circumstance in which the four old refineries are producing little or no refined products. Are we showing more interest in exporting crude oil than servicing local refineries. The government needs to assist the big Dangote refinery and the small ones in whatever way that is feasible to realise the domestic refining objective and hence provide a proper basis for deregulation of petroleum product

prices which should be cheaper than the imported petrol prices because of absence of international transportation costs including freight and insurance charges, exchange rate adjustment effects and interest rate effects. For me, the fact of relative availability and cheapness of locally refined petrol is one very important reason why the government should not deregulate based on imported petrol prices. Very importantly too, for one key consideration, the government should be wary of deregulating petrol price that is influenced by imported petrol prices before the Dangote refinery comes on stream. Deregulating now will likely result in the pump price of around N340.00 per litre as already speculated. Knowing Nigerian companies’ high appetite for pricing arbitrariness and supernormal profits, when locally refined petrol becomes available for sale to consumers, the refineries will key into the existing high deregulated imported price regime and consumers will be the losers. The primary essence of local refining other than availability will be defeated. When the local refineries come on board, it is important to allow them to determine their deregulated prices based on cost of production and acceptable mark-ups. There is no reason why the locally refined petrol should not be much lower than the deregulated import price. The Anti-Competition Commission must be ready to do its work as expected and prevent local refineries from engaging in monopoly practices to the detriment of consumers. But for the fact that some conservative and market-oriented stakeholders do not want to hear about cost/price support, I would have suggested that in furtherance of macroeconomic stability, the government should sell crude oil to the local refineries (public and private) at prices that are lower than the international prices, that is, at a price that is based on actual cost of production of crude per barrel plus an acceptable mark-up or profit margin. This should further make the prices of locally refined petroleum products to be further affordable, mostly in support of real sector production and pricing. But one argument that had been canvassed against relatively cheap petroleum products in the country is smuggling of the products across the nation’s borders. The issue of smuggling can be addressed in two ways: first, is effective policing of the nation’s borders; the question that comes to mind is why can the security agencies including the Customs personnel not secure the nation’s borders against smuggling if there is the will? The second strategy is official export of refined products to the neighbouring countries by Nigeria. Some of the refineries that will spring up can be targeted as export refineries to supply neighbouring ECOWAS countries, among others. Overall, the quest by the government to do away with the current regime of petrol subsidy, though understandable, needs to be handled cautiously. It requires an appropriate framework as discussed above and political economy considerations. Deregulating on the basis of imported petrol will have serious negative implications for the fragile macro-economy. The plan to ameliorate the impact of subsidy removal with palliatives – conditional transfers to the poorest – is transient, unsustainable and perhaps not cost-effective. In the past, people did not trust the government to use the nation’s resources prudently. And so, when the government talked about using the money to be freed from removing subsidy for development or social purposes, it attracted a contemptuous response from the citizens. The Buhari government has tended to be different. But there is still a lot of scepticism in the air in relation to the current plans. Let us encourage and support the private investors that have braced the trail in developing local refineries so that they can commence product supplies before mid-next year. Those who are still fearing uncertainties about availability of crude oil supply to their refineries and whether petrol prices will actually be deregulated, the government should reassure them. When many of them come on board, there will be competition in the industry, availability of petroleum products at relatively lower prices will be assured; the presence of many private refineries will make industries and businesses competitive, relieve the country of huge subsidy payments, free resources for the development of the economy, improve public finances, create jobs and reduce poverty, and save foreign exchange for the country. When a suitable framework, as sketched above, is established, deregulation of petroleum product prices, in particular, petrol prices, can be undertaken seamlessly. No doubt there will be challenges but the benefits will far outweigh them. t 0CBEBO JT B 1SPGFTTPS PG &DPOPNJDT BOE $IBJSNBO (PMENBSL &EVDBUJPO "DBEFNZ #FOJO $JUZ )F JT BMTP UIF GPSNFS %JSFDUPS (FOFSBM /BUJPOBM $FOUSF GPS &DPOPNJD NBOBHFNFOU BOE "ENJOJTUSBUJPO *CBEBO /JHFSJB & NBJM NJLPCBEBO!HNBJM DPN

T H I S D AY ˾ MONDAY JANUARY 17, 2022

CITYSTRINGS

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

ARMED FORCES REMEMBRANCE DAY... ARMED FORCES REMEMBRANCE DAY... ARMED FORCES REMEMBRANCE DAY

Celebrating Our Fallen Heroes Chiemelie Ezeobi and Sunday Ehigiator report that the annual Armed Forces Remembrance Day is a day set aside to celebrate fallen heroes who died in the line of duty. Always marked on January 15, this year was not different as it reinforced the need to support the military in its quest to protect the territorial integrity of the nation

President Buhari laying the wreath

Chief of Defence Staﬀ, General Lucky Irabor

he Armed Forces Remembrance Day (AFRD) is celebrated annually every January 15. It’s a day set aside to honour our fallen heroes in the military who paid the ultimate price while defending the unity, and sovereignty of the country. How fitting too that the 10th line of Nigeria's National Anthem reads thus; 'the labours of our heroes past, shall never be in vain'. In honour of this line, the AFRD celebrates these heroes, who died in the line of duty while fighting to ensure the territorial integrity of the nation, whether on land, air or water is not breached or tampered with. This year was no different as the different states marked the day across the nation. Background of AFRD According to Wikipedia, in Nigeria, the Armed Forces Day, also known as Remembrance Day, is celebrated every January 15. It was formerly celebrated on November 11 of every year to coincide with the Remembrance Day (Poppy Day) for the World War 11 veterans in the British Commonwealth of Nations, but it was changed to January 15 in Nigeria in commemoration of the surrender of Biafran troops to the federal troops on January 15, 1970, thus concluding the Nigerian Civil War that sought to tear apart the unity of Nigeria. Signiﬁcance The Armed Forces Remembrance Day celebration is an annual event organised to honour members of the Nigerian Armed Forces who fought for the nation, and those who served or are still serving in various peace support operations worldwide, as well as those who fought in the Nigerian civil war, is quite significant. This is because the day is mapped out to celebrate both the dead and the living heroes, including all those who suffered various deprivations as a result of wars. Annually, this national day celebrates military

Vice President Osinbajo laying the wreath

Chief of Army Staﬀ, Lieutenant General Faruk Yahaya

Chief of Naval Staﬀ, Vice Admiral Awwal Gambo

personnel including the Nigerian Army, the Nigerian Navy, the Nigerian Air Force and the Nigerian Legion. They all converge on different centres across the nation to celebrate the day and give honour to the fallen and living heroes who risked and continue to risk their lives for the territorial integrity of the nation. The event is held at the federal, state and local levels where either serving military officers reside or where living ex-service men occupy. Symbolisms In commemorating the day, several military traditions are strictly adhered to. Whether marked at the federal, state or local level, some symbolisms are sacrosanct and they include the release of pigeons to symbolise peace, placing of wreaths, playing of the last post, Remembrance Day parade, shooting of guns. Besides the above listed, the event also witnesses religious services in both mosques and churches nationwide. At the parades, the military personnel are usually kitted in diverse colours typical of their services be it navy, air force, army or ex-service men. Activities As part of activities outlined for the 2022 commemoration, the next line of action is usually the Nigerian Legion Humanitarian Day. This event involves community service by the veterans as well as empowerment of widows and orphans of fallen heroes.

The next move was the emblem launch by the president at the Council Chambers, State House, Abuja last year. The launch set things off in motion as the sale of the emblems begins nationwide and the proceeds of the sale of the remembrance emblem are deposited to the Nigerian Legion, a body of veterans. From then to January, underground preparations remained in full swing, which culminated into the Jumma’at Service at the National Mosque, followed by an inter-denominational service at the National Christian Centre, Abuja. All these events took place simultaneously in all the states. On the AFRD proper, the wreath laying ceremony, which is the peak of the celebration, the president and other dignitaries lay wreath at the National Cenotaph in Abuja amongst other symbolisms. This was also done simultaneously by governors in their respective states. The Nigerian Legion One of the highpoints of each AFRD is the prominence given to the Nigerian Legion, an association of ex-servicemen, i.e former members of the army, navy and air force. The legion was established for the veterans because after retirement, they often discover that there are no jobs for them. Thus, the legion helps them to integrate into society. The law also backs them to operate certain businesses in order to raise money for its members, or serve as security guards at government establishments or raise money

"All of us must take a stand and challenge these evils wherever they rear their heads to prevent them from taking root and breeding conflict. This is how we will ensure that the labours of our heroes will never be in vain"

Photo credit: GOOGLE

Chief of Air Staﬀ, Air Marshal Oladayo Amao through the sale of AFRD emblems. Tribute to Fallen Heroes Meanwhile, several felicitations have been paid to the Nigerian Army, in commemoration of the 2022 Armed Forces Remembrance Day (AFRD), by notable Nigerians. In his goodwill message, Vice President of Nigeria, Yemi Osinbajo, hailed the Armed Forces of Nigeria over their role in sustaining national unity despite the sacrifices made by gallant men and women in arms. He called on Nigerians to be agents of peace and justice in support of the efforts of the Nigerian Armed Forces to keep the nation united. He said the patriotic commitment of the gallant men and women of the Armed Forces was woven into the fabric of the common destiny of a nation populated by people of diverse faiths and ethnicity. According to him, the diversity was reflected within the military, where people from various ethnic and religious backgrounds were united by their nationality with the desire to serve their country hence the reason the armed forces remained a symbol of the national spirit of resilience, unity, and strength in diversity. He noted that the sustainability of Nigeria’s unity from the civil war to the present struggle against terrorists and insurgents was made possible in large part by the dedication to duty of the men and women of the armed forces, often at great cost to themselves. Osinbajo said, “The question of whether and it is still being answered eloquently by the sacrificial courage of the men and women that serve in our armed forces but the real question is, whether we as a people are worthy of their sacrifices. “The only way to truly repay those that pay the supreme sacrifice or price in service of the rest of us is to commit ourselves to live for the ends for which they have given their lives. Continued on page 43

T H I S D AY ˾ MONDAY JANUARY 17, 2022

CRIME&SECURITY ARMED FORCES REMEMBRANCE DAY

CRIME SITUATION REPORTS

CRIMINALITY: TACTICS AND PREVENTION (5) Gbolahan Samuel Moronfolu Take Crime Prevention To Work When you go to work, don't leave your crime prevention sense at home. Almost any crime that can happen at home or in your neighborhood can happen in the workplace. But common-sense prevention skills can help make life "at work" safer for all.

Governor of Ogun State, Dapo Abiodun

Governor of Edo State, Godwin Obaseki

Governor of Lagos State, Babajide SanwoOlu

Governor of Ondo State, Oluwarotimi Akeredolu

“It is for the rest of us to live by our highest values as a people and ensure that we all become BHFOUT PG QFBDF BOE KVTUJDF -POH CFGPSF XBST break out, violence manifests itself as hatred, QSFKVEJDF JOKVTUJDF BOE CJHPUSZ “All of us must take a stand and challenge these evils wherever they rear their heads to prevent UIFN GSPN UBLJOH SPPU BOE CSFFEJOH DPOáJDU This is how we will ensure that the labours of our heroes will never be in vain,” he said. In a goodwill message, the Chief of Army 4UBGG $0"4 -JFVUFOBOU (FOFSBM 'BSVL :BIBZB felicitated with officers, soldiers, and their families, in recognition of the fallen heroes; gallant men and women, who paid the supreme price in the defense of peace, unity, and prosperity of our dear nation, Nigeria and the world at large. In his message, he reiterated that many of the fallen heroes laid down their lives during the 'JSTU BOE 4FDPOE 8PSME 8BST /JHFSJBO $JWJM 8BS 1FBDF 4VQQPSU 0QFSBUJPOT BDSPTT UIF HMPCF BOE WBSJPVT *OUFSOBM 4FDVSJUZ 0QFSBUJPOT JODMVEJOH the ongoing fight against insurgency, terrorism, banditry, and secessionism, amongst other threats to national security. 5IF $0"4 NBJOUBJOFE UIBU UIFJS TBDSJàDFT will never be forgotten even as he prayed for the repose of their souls. )F TBJE UIF "'3% DFMFCSBUJPO BMTP QSFTFOUT BO opportunity to honour veterans who are still alive. )F TUSFTTFE UIBU NBOZ PG UIF WFUFSBOT SFHSFUUBCMZ TVTUBJOFE WBSZJOH EFHSFFT PG JOKVSJFT JO the course of their service to the nation and IVNBOJUZ BEEJOH UIBU DBSF GPS UIF JOKVSFE BOE maimed personnel will remain a cardinal focus under his command. 4JNJMBSMZ UIF (PWFSOPS PG 0HVO 4UBUF %BQP Abiodun, in his goodwill message in commemoration of the day, said the unity of the country was non-negotiable, urging all Nigerians to continue UP XPSL GPS UIF QFBDFGVM DPFYJTUFODF PG UIF QFPQMF Abiodun, who made the call while speaking BU UIF 4QFDJBM $IVSDI 4FSWJDF UP NBSL UIJT ZFBS T "SNFE 'PSDFT 3FNFNCSBODF %BZ $FMFCSBUJPO IFME BU UIF $BUIFESBM $IVSDI PG 4U 1FUFS "LF Abeokuta, reiterated that his administration would DPOUJOVF UP FODPVSBHF QFBDFGVM DP FYJTUFODF BNPOH all Nigerians. The governor, who took a swipe at those who continue to sow the seed of discord in the country, said the best way to support members PG UIF "SNFE 'PSDFT BQBSU GSPN QBZJOH UIFJS entitlements and taking care of the widows and orphans of the fallen heroes, was to ensure that peace prevails in the country. *O IJT HPPEXJMM NFTTBHF UIF (PWFSOPS PG -BHPT 4UBUF #BCBKJEF 4BOXP 0MV VSHFE /JHFSJBOT UP shun acts capable of igniting war as well as stop criticising the country and rather contribute their RVPUB UP OBUJPO CVJMEJOH )F TBJE /JHFSJBOT IBE GPSNFE UIF IBCJU PG DSJUJDJTJOH UIF OBUJPO BOE FWFO UIF "SNFE 'PSDFT

"He called on Nigerians to be agents of peace and justice in support of the efforts of the Nigerian Armed Forces to keep the nation united"

Governor of Kogi State, Yahaya Bello but also contributes to wrongdoings. “All we do is criticise, we even criticise the Nigerian Army that they are not fighting well. We always elevate the bad things about our country. It is important we shun all acts that could lead to an outbreak of war,” he said. i(PE IBT HJWFO FWFSZPOF IJT VOJRVFOFTT IFODF TVDI VOJRVFOFTT TIPVME CF VTFE UP CVJME UIJT DPVOUSZ )PX EP XF KVTUJGZ UIF EFBUI PG UIPTF people that fought for this country to remain? “In memory of the people that even died, let us even be nice to our country. Whether we like it or not, if we don’t build it, all of us will suffer. It’s as simple as that.” "MTP UIF (PWFSOPS PG &EP 4UBUF (PEXJO Obaseki, in his message, said Nigeria cannot be divided because people have paid the price to keep the country together. )F TBJE EJWJEJOH /JHFSJB XJMM CF VOGBJS UP those who have made a sacrifice for the country’s unity, including those in the army. “We should not encourage the kind of rhetoric that we have been parading in this country today about the unity of our great country. Nigeria has come to stay, and Nigeria cannot and will not be divided. “It has to be so, because people have paid a supreme sacrifice to keep this country together, and it will not be right or fair to do anything to make it look as if those people who fought for this country did not know what they were doing. “As a state and a country, we remain very optimistic that despite the threats of insecurity and banditry which we face as a country and a state, that we will overcome. “We are hopeful that we will continue to secure our state and our country because we have courageous people like you, who are ready UP TFSWF BOE TBDSJàDF GPS UIF DPVOUSZ u )F OPUFE *O IJT NFTTBHF 0OEP 4UBUF (PWFSOPS 0MVwarotimi Akeredolu, described the sacrifices of military personnel and other security agencies in UIF DPVOUSZ BT UIF [FOJUI PG QBUSJPUJTN Akeredolu said the security personnel signed away their lives, comfort, and family bond to defend the territorial integrity of the country, and they sometimes pay the supreme price. )F UIFSFGPSF TPMJDJUFE UIF HFOFSPVT TVQQPSU for the widows and dependents of the fallen heroes, as well as those who are still alive but physically challenged. Also in his felicitation message, the Governor of ,PHJ 4UBUF "MIBKJ :BIBZB #FMMP QSFBDIFE UIF SPMF of leadership and sacrifice in every sphere of life. )F PQJOFE UIBU B TPMEJFS JT OPU KVTU B QBUSJPU of the purest order but also the very epitome PG DJUJ[FOTIJQ CFDBVTF PG UIFJS TBDSJàDFT BOE therefore prayed for the repose of the souls of the soldiers who paid the ultimate price.

carrier will try delivering your package at a later date. r 4IJQ ZPVS JUFNT XIFSF ZPV IBWF UIF CFTU chance of receiving them, such as your office or place of work. r 'BNJMZ NFNCFST USVTUFE OFJHICPST PS friends may be home when you are not. Cosider asking them to accept packages on your behalf or hold them until you arrive.

Help Prevent Ofﬁce Theft and Other Crimes r ,FFQ ZPVS QVSTF XBMMFU LFZT PS PUIFS valuable items with you at all times or locked in a drawer or closet. Don't have the key? Check with your office manager to order a key. r $IFDL UIF JEFOUJUZ PG BOZ TUSBOHFST XIP are in your office or in the hallway- ask whom they are visiting and if you can help them find that person. If this makes you uncomfortable, call the security officer and inform them of your suspicions. r 'PPE EFMJWFSZ %)- 'FE &Y 614 and other courier delivery person etc. should always stop at the reception desk so that they can be announced. r *G ZPV CSJOH QFSTPOBM JUFNT UP XPSL TVDI as a coffee pot, a radio, or a calculator, mark them with your name and inform the security personnel at your office. r 4UFQQJOH PVU PG ZPVS PGàDF -PDL ZPVS EPPS FWFO JG ZPVhSF HPJOH OFYU EPPS PS UP UIF restroom for a short time. r 3FQPSU BOZ CSPLFO PS áJDLFSJOH MJHIUT dimly lit corridors, doors that don't lock properly, or broken windows to security or Administration Officer.. Don't wait for someone else to do it. r #F EJTDSFFU %POhU BEWFSUJTF ZPVS TPDJBM life or vacation plans and those of your coworkers to people visiting or calling your place of work. r 8PSLJOH MBUF $BMM TFDVSJUZ QFSTPOOFM GPS an escort to your car or public transportation, r 1$ PS .BD 1IPOF )PNF 1$ MBQUPQ MPTU TUPMFO SFDPWFSZ TPGUXBSF TIPVME CF JOTUBMMFE JO BMM PGàDF DPNQVUFST MBQUPQT $IFDL XJUI ZPVS *5 EFQBSUNFOU CFGPSF JOTUBMMJOH 4PGUXBSF DBO CF EPXO MPBEFE EJSFDUMZ GSPN UIF $6*5 XFCTJUF 4PGUXBSF TIPVME JT BMTP CF BWBJMBCMF GPS personal computers free for students, faculty and staff. Take advantage of public safety's crime prevention training for employees by attending the human resources new employee orientation.

Identity Theft a Growing Epidemic Identity theft occurs when someone wrongfully uses your personal identification to obtain credit, loans, services, even rentals and mortgages in your name. Information can be stolen from a consumer in a variety of ways including: Going through your mail or trash to take pre-approved credit card offers, discarded receipts or other personal information; stealing your purse or wallet; calling you over the phone posing as a solicitor in order to gain personal information or looking over your TIPVMEFS BU BO "5. XIJMF ZPV BSF BDDFTTJOH your account, to steal your password, or pin. Avoid becoming a victim: Only carry the credit cards in your purse or wallet that you OFFE XIFO TIPQQJOH ,FFQ B MJTU PG ZPVS DSFEJU DBSE BDDPVOU OVNCFST XJUI FYQJSBUJPO EBUFT and telephone numbers for all your bank accounts and keep them in a safe location. In an FNFSHFODZ ZPV DBO OPUJGZ ZPVS CBOL RVJDLMZ UP avoid fraudulent charges or purchases. Invest in a shredder and shred discarded papers with ZPVS JOGPSNBUJPO 6TF B NJY PG MFUUFST BOE numbers when creating passwords.

Smart Phone Users BEWARE! 1PMJDF EFQBSUNFOUT OBUJPOXJEF BSF SFQPSUJOH an increase in snatching of electronic devices from individuals who carry their smart phone in their hands NOT paying attention to their TVSSPVOEJOHT MJTUFOJOH UP NVTJD PS FWFO UFYUJOH while walking.

To avoid being a victim: r 1BZ BUUFOUJPO UP ZPVS TVSSPVOEJOHT NJOJNJ[F UIF BNPVOU PG UJNF ZPV UBML PO your cell phone in public places. r *G ZPV TVTQFDU ZPV BSF CFJOH GPMMPXFE HP JOUP BO PQFO TUPSF PS B 1VCMJD 4BGFUZ 4BGF )BWFO BOE IBWF UIF DMFSL DBMM UIF 1PMJDF PS 1VCMJD 4BGFUZ SJHIU BXBZ r ,FFQ BMM FMFDUSPOJD EFWJDFT JO BO JOTJEF KBDLFU QPDLFU "WPJE DMJQQJOH UIFN POUP PVUFS garments or displaying them anywhere visible. r *G ZPVS DFMM QIPOF JT TUPMFO DBMM ZPVS DBSSJFS BOE SFQPSU UIF UIFGU 3FRVFTU UIBU BO BMFSU CF placed on the phone, preventing its use. r .BSL ZPVS EFWJDF CZ FOHSBWJOH 0QFSBUJPO *% PS XJUI JOWJTJCMF JOL 0QFSBUJPO #MVF -JHIU

Police Recommend: r ,FFQ ZPVS TNBSU QIPOF PO ZPVS QFSTPO DPBU PS KBDLFU EPOhU EJTQMBZ XIFO OPU JO VTF FTQFDJBMMZ XIJMF VTJOH NBTT USBOTJU 6TF a hands free device. r $IBOHF UIF DPMPS PG ZPVS FBSQIPOFT GSPN 8)*5& UP BOZ PUIFS DPMPS 5IF 8)*5& FBSQIPOFT JOEJDBUF UIBU ZPV IBWF BO * 1IPOF which thieves are targeting and can see from a distance. r *G ZPV TVTQFDU ZPVhSF CFJOH GPMMPXFE TUBZ away from deserted blocks and head for an area where people are or the nearest open TUPSF 1VCMJD 4BGFUZ 4BGF )BWFO XIFSF ZPV DBO BTL UIF DMFSL UP DBMM UIF 1PMJDF r 1BTTXPSE QSPUFDUT ZPVS EFWJDF %PXOMPBE "11T UP ZPVS EFWJDF UIBU DBO IFMQ UIF QPMJDF MPDBUF ZPVS EFWJDF JO UIF FWFOU PG UIFGU 'JOE NZ J1IPOF 8IFSFhT .Z %SPJE -PPL PVU (PU:B FUD GSPN ZPVS "11 TUPSF 1SFWFOU 5IFGU PG 6OBUUFOEFE 1BDLBHFT BU Your Building There are steps you can take to help prevent theft of unattended packages from happening to you or your neighbors. r 1JDL VQ QBDLBHFT BT RVJDLMZ BT QPTTJCMF -FBWJOH QBDLBHFT JO UIF MPCCZ GPS BO FYtended period of time increases the chances PG UIFGU .PTU NBKPS TIJQQJOH DPNQBOJFT PGGFS online package tracking, and some can even send you a notification when your package BSSJWFT 6UJMJ[F UIFTF BOE PUIFS TFSWJDFT UP avoid leaving your delivery unattended for long periods of time. r %POhU BMMPX CVJMEJOH BDDFTT CMJOEMZ Verify a visitor’s identity over the intercom CFGPSF MFUUJOH UIFN JO ,FFQ BO FZF PVU GPS suspicious activity like loitering and "piggyCBDLJOH 1FPQMF NBZ XBJU PVUTJEF UIF CVJMEJOH for someone to leave or enter, allowing them access to an open door. If you believe someone has entered the building on false pretenses, call the security office immediately. r 3FRVFTU B TJHOBUVSF PS TDIFEVMF B EFMJWFSZ .BOZ TIJQQJOH DPNQBOJFT BMMPX ZPV UP SFRVFTU B TQFDJàD UJNF GSBNF GPS EFMJWFSZ TVDI as an evening or weekend when you know ZPV XJMM CF IPNF :PV DBO BMTP SFRVFTU UIBU the package not be left without a signature. That way, if you are not around to sign, the

Using Electronics - MP3 Player & Cell Phones The snatching of electronic devices is on the rise across many other large cities around the world. This is due to both the increased WBMVF BOE VCJRVJUZ PG UIFTF EFWJDFT " DPNNPO element in these incidents is that the victims are not paying attention to their surroundings, EJTUSBDUFE CZ UIF EFWJDF JO RVFTUJPO 2VJUF often the perpetrator follows the victim from behind and snatches the electronic device right out of his or her hand. In a number of these incidents, the perpetrators were riding bicycles or bikes when they targeted their victim. These events are not limited to the streets and have also occurred at rail stations and in buses. 5IF 1PMJDF BSF DVSSFOUMZ JOWFTUJHBUJOH GFODJOH operations (stores) that are buying these stolen electronic devices.

Strolling - Day and Night r 1MBO ZPVS SPVUF LOPX XIFSF ZPV BSF going before leaving. r 5SZ UP XBML QMBDFT XJUI ZPVS GSJFOET SBUIFS than alone. r 4UJDL UP XFMM MJHIUFE XFMM USBWFMFE TUSFFUT Avoid shortcuts through wooded areas, parking lots, or alleys. r 5BLF UIF TBGFTU SPVUF UP BOE GSPN TDIPPMT TUPSFT PS ZPVS GSJFOETh IPVTFT ,OPX XIFSF to go for help if you need it. r %POhU EJTQMBZ ZPVS DBTI PS BOZ PUIFS JOWJUing targets like pagers, cell phones, hand-held FMFDUSPOJD HBNFT PS FYQFOTJWF KFXFMSZ BOE clothing. r$BSSZ ZPVS CBDLQBDL PS QVSTF DMPTF UP ZPVS body and keep it closed. Just carrying a wallet? 1VU JU JOTJEF ZPVS DPBU PS GSPOU QBOUT QPDLFU not in your back pocket or in your backpack. r )BWF ZPVS DBS PS IPVTF LFZ JO ZPVS IBOE before you reach the door. r *G ZPV UIJOL TPNFPOF JT GPMMPXJOH ZPV change direction or cross the street. If they're TUJMM UIFSF NPWF RVJDLMZ UPXBSE BO PQFO TUPSF or restaurant or a lighted house. Don't be afraid to yell for help. r )BWF UP XPSL PS TUVEZ MBUF $BMM GPS B 1VCMJD 4BGFUZ &TDPSU 4"'& UP XBML you to your car, the nearest transportation 5SBJO CVT PS UIF 1VCMJD 4BGFUZ 4IVUUMF CVT r #F BMFSU JO UIF OFJHICPSIPPE $BMM UIF QPMJDF UP SFQPSU TVTQJDJPVT QFSTPOT PS suspicious activity. -Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

T H I S D AY ˾ ˜ JANUARY 17, 2022

BUSINESS/MONEYGUIDE

Sigma Pensions,APT Pensions, First Guarantee Pensions Lead PFA Performance in 2021 Nume Ekeghe Sigma Pensions has emerged as one of the top all round performing pension fund administrator (PFA) across the pension industry, recording the highest number of top performance across the various RSA funds. Four out of six Sigma managed RSA funds finished the year 2021 as top-two performers across their respective categories. Unit price data collated from each PFA website and other sources revealed that out of 22 PFAs, Sigma Pensions was the best performing in Fund VI Active and Fund VI Retiree in 2021, 2nd best in Fund II and Fund IV and ranked 4th best in Fund III. The data gathered focused on the unit price growth trajectory from 31st December 2020, which was compared to that of 31st December 2021 in a bid to obtain the best performing funds for

the year 2021. Analysis of the data showed that Sigma outshone its competitors in the newly introduced ethical fund (Fund VI), ranking the best performing growing at 5.55 per cent for active customers followed by FCMB Pensions and Premium Pensions growing at 3.65 per cent and 3.01 per cent respectively. And for retiree base, it grew at 5.39 per cent while Premium and Veritas grew at 2.02 per cent and 1.50 respectively. Fund VI was introduced by the National Pension Commission in June 2021 so this performance covers only six months instead of 12 months for the other RSA funds. Many other PFAs were yet to report unit prices for Fund VI as at 31 December 2021. In the retiree Fund IV, First Guarantee Pensions Limited was ranked above Sigma Pensions who was the 2nd best performing followed by Crusader Pensions in the period under review, grow-

ing on average of 10.42per cent, 10.19per cent, and 9.86 per cent respectively. However, asides from Fund I which Sigma was ranked 14th growing at 5.64 per cent, the firm was ranked second best in Fund II growing at 9.95 percent and 4th best in Fund III growing at 8.90 per cent, concluding an impressive overall performance across the various fund spectrum. Other PFAs that were able to record next best all round performance were First Guarantee Pensions and APT Pensions who each had two top-two performance rankings. First Guarantee had the best ranking in Fund IV and 2nd best in Fund III behind Veritas Glanvills Pensions while APT Pensions was best ranked in Fund II and 2nd best in Fund I behind Stanbic IBTC Pension Managers. No other PFA was able to record more than one top-two ranking across the various Funds.

MARKET INDICATORS

FCMB Leads in Modular Refinery Financing, Backs Duport Energy Park An energy park, consisting of a modular refinery, gas processing facility, compressed natural gas plant, a refined product terminal, a 20 megawatts power plant and data centre constructed by Duport Midstream Company Limited and financed by First City Monument Bank (FCMB) is set for completion and commissioning in March this year. MD/CEO of FCMB, Mrs. Yemisi Edun, announced this during an inspection tour of the management of the Bank to the facility located at Egbokor, Orhionmwon local government area in Edo State on January 13, 2022. Speaking after assessing the project, Mrs. Edun restated the commitment of the Bank to championing and supporting initiatives that would fast-track national development across all sectors of the economy. According to her, “our partnership with Duport Midstream Company Limited is progressive and will positively impact many sectors of the economy. So, we are excited to fund this project and pleased with the progress achieved. It will help meet part of our local petroleum consumption needs, reducing fuel importation and forex loss

when fully operational. Replicating this model will strengthen the value of the naira in the long run and create job opportunities in the petroleum value chain. Also speaking, the Chief Executive Officer of Duport Midstream Company Limited, Dr. Akintoye Akindele, restated that the project would be commissioned in March as soon as the government approves it. He informed that, “the regulator will come for inspection and ensure that all we designed are ready. Then, we will start testing in the next 30 to 45 days for the government to confirm that it meets all standards. However, this will be delivered in modules. Phase one will be going live in the next 30 days. After we get approval from the Department of Petroleum Resource (DPR) to go live, we will start with a 2,500 barrel per day refinery, 40-million-scf gas processing, 5 megawatts power, a data centre and almost 20,000 metric tonnes of storage. Our plan after the initial take-off is to add the other modules to it quarterly and biannually. In that way, we will be able to utilise assets optimally, avoid wastage, look after the environment and create jobs”.

Akindele added that when the energy park finally comes on stream, it would leverage infrastructure to deliver energy to the country, reduce dependence on importation of petroleum products, create jobs and ensure optimal utilisation of the nation’s assets. He further disclosed that the company also has expansion plans for a 10,000 barrel per day refinery, 60-million-scf gas processing plant, 10-million-scf compressed natural gas plant, 50 megawatts power plant, which are part of the facilities to be delivered in the park. First City Monument Bank (FCMB) is a member of FCMB Group Plc, Nigeria’s leading and most diversified financial holding company with subsidiaries that are market leaders in their respective segments. The Bank has built a strong base in various sectors of the nation’s economy by consistently offering cuttingedge solutions to its customers across segments. Having transformed successfully into a retail banking and wealth management-led group, FCMB expects to continue to distinguish itself through innovation and the delivery of exceptional services.

MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

Minimum Rediscount Rate (MRR)

Sterling Bank Partners LASG, FG on Free Wi-Fi at MMIA Nume Ekeghe As part of its continuous support of efforts to tame the spread of Covid-19 in the country, Sterling Bank Plc has collaborated with the Lagos State Port Health Authority and the Federal Ministry of Aviation to upgrade the facilities at the the Murtala Mohammed International Airport (MMIA) arrival terminals D & E with the installation of free Wi-Fi connection and additional air conditioning units for arriving passengers. Divisional Head, Health and Education sectors of Sterling Bank, Mr. Obinna Ukachukwu said in a statement issued by the bank in Lagos at the weekend that, “The installations are to welcome arriving travelers comfortably and allow passengers easily book the necessary COVID-19 tests on arrival from

the comfort of their devices. This is in conjunction with the Lagos State Port Health Authority, Lagos State Ministry of Health and with the blessing of the Federal Ministry of Aviation.” He said the collaboration is another exhibition by the bank as it continues to play a significant part in the nation’s efforts to combat the scourge of the coronavirus pandemic by making it easy for inbound passengers to connect to techfocused solutions needed to book tests upon arrival and also to keep the economy open. According to him, health is the first of the five sectors where the bank is presently concentrating investments under its HEART’s of Sterling programme since 2018. The other sectors are education, agriculture, renewable energy and transportation. The bank is also active in supporting the tourism sector of the country.

Ukachukwu disclosed that multiple projects and investments have been made by the bank at various times in the fight against the coronavirus pandemic because of its commitment to the prioritization of health among its social investment programs. In his comments, Commissioner of Health Lagos State, Professor Akin Abayomi, said the collaboration would go a long way to improve the booking experience for post arrival testing and improve the state’s overall test numbers by simultaneously providing arriving passengers fast connection to book tests and address the delays such passengers used to encounter upon entry at the airport. He called on other private sector operators to collaborate with the federal and state governments in a bid to effectively tame the Covid-19 pandemic.

Monetary Policy Rate (MPR)

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

L D B p

T H I S D AY ˾ ˜ ͯ͵˜ ͰͮͰͰ

C & I Leasing Restates Commitment to Improved Service Delivery, Return on Investment Kayode Tokede C&I Leasing Plc has restated its commitment to explore new business opportunities, deepen marine business, fleet, and outsourcing to boost its revenue base and deliver improved returns investment. The new Group Managing Director/CEO of the Company, Mr. Lenin Ugoji, who stated this over the weekend, disclosed that “C&I Leasing is quite

a diversified business and they will be strengthening the company operation in the area of operational efficiency.” According to him, “as a service business, it is all about delivering better value for the clients. We will be doing a lot in improving our technical proficiency and service delivery and also work on our public interaction, we are in a digital age.” Ugoji said they intend to

P R I C E S MAIN BOARD

F O R

DEALS

grow their core business of fleet management and outsourcing in looking out for opportunities that they have noticed in the market in the past years. “COVID-19 has brought a changing dynamic in the way businesses are run and C&I is set to transit into tapping into that space,” he explained. C & I Leasing recently announced Ugoji as GMD to replace Mr. Andrew

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

Otike - Odibi, who served the organization for over two decades. Ugoji who joined the organization as the Chief Operating Officer and Deputy Group Managing Director in 2021, bringing with him a wealth of over 20 years’ experience in Commercial/ Investment Banking, Leasing, and Asset Management. Meanwhile, Mr. Alexander Mbakogu who was previously

T R A D E D MAIN BOARD

A S

the Group Chief Financial Officer at C & I Leasing Plc, has also been appointed as the new Group Chief Operating Officer and Deputy Group Managing Director, while C&I Leasing confirmed the appointment of Mr. Okechukwu Nnake as the Group Chief Financial Officer of the organisation. Speaking on these developments, the chairman, board of directors at C&I Leasing Plc, Dr. Samuel Maduka Onyishi,

O F

commended the achievements of Andrew, who he described as an exemplary leader. According to him, under Andrew’s leadership, we recorded continuous growth and sometimes exceeded shareholders’ expectations, we also commenced diversification into the non-asset-dependent services for our business units, which we shall continue to nurture and grow to meet the needs of our clients.

1 4 / 1 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, JANUARY 17, 2022

Monday, January 17, 2022 ŽŵĞƐƟĐ ƋƵŝƟĞƐ DĂƌŬĞƚ͗ >ŽĐĂů ŽƵƌƐĞ ǆƚĞŶĚƐ 'ĂŝŶ͙ ^/ ƵƉ ϭ͘ϰй ǁͬǁ

THISDAY AFRINVEST 40 INDEX

>ĂƐƚ ǁĞĞŬ͕ ƚŚĞ ĚŽŵĞƐƟĐ ďŽƵƌƐĞ ĞǆƚĞŶĚĞĚ ŝƚƐ ƉŽƐŝƟǀĞ

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

ƐƚĂƌƚ ŝŶ ƚŚĞ ŶĞǁ ǇĞĂƌ ĂƐ ƚŚĞ E'y ^/ ƌŽƐĞ ϭ͘ϰй ǁͬǁ ƚŽ ϰϰ͕ϰϱϰ͘ϲϳ ƉŽŝŶƚƐ͕ ĚĞƐƉŝƚĞ ůŽƐŝŶŐ ŽŶ ϯ ŽĨ ƚŚĞ ϱ ƚƌĂĚŝŶŐ ƐĞƐƐŝŽŶƐ͘ ĐĐŽƌĚŝŶŐůǇ͕ zd ƌĞƚƵƌŶ ŝŵƉƌŽǀĞĚ ƚŽ ϰ͘ϭй

;ƉƌĞǀŝŽƵƐůǇ͖ Ϯ͘ϳйͿ ǁŚŝůĞ ŵĂƌŬĞƚ ĐĂƉŝƚĂůŝƐĂƟŽŶ ŝŶĐƌĞĂƐĞĚ to േϮϰ͘ϬƚŶ͘ ǀĞƌĂŐĞ ǀŽůƵŵĞ ĂŶĚ ǀĂůƵĞ ƚƌĂĚĞĚ ĚŝƉƉĞĚ ϯϲ͘ϵй ĂŶĚ ϱϱ͘ϳй ƌĞƐƉĞĐƟǀĞůǇ ƚŽ ϰϬϱ͘ϳŵ ƵŶŝƚƐ ĂŶĚ േϵ͘ϴďŶ͘ dŚĞ ƚŽƉ ƚƌĂĚĞĚ ƐƚŽĐŬƐ ďǇ ǀŽůƵŵĞ ǁĞƌĞ dZ E^ KZW ;ϯϬϯ͘Ϯŵ ƵŶŝƚƐͿ͕ h &KK ^ ;ϭϱϰ͘ϳŵ ƵŶŝƚƐͿ͕ ĂŶĚ & E, ;ϲϳ͘ϭŵ ƵŶŝƚƐͿ ǁŚŝůĞ h &KK ^ (േϵ͘ϰďŶͿ͕ ^ W> d (േϮ͘ϱďŶͿ͕ ĂŶĚ E' D (േϭ͘ϵďŶͿ ůĞĚ ƚƌĂĚĞƐ ďǇ ǀĂůƵĞ͘

Price Previous Current Change Price Weighting YTD Change

Price Change Index to Date

Ticker

Current Price

THISDAY AFRINVEST 40

1,835.71

-0.14%

-1.0%

83.6%

15.0%

3.5%

1,050.50

0.0%

35.0%

10.0%

14.7%

5.2%

190.00

0.0%

8.2%

-3.6%

179.2%

14.1%

13.7x

20.8x

68.50

0.0%

7.2%

2.2%

19.1%

11.2%

32.9x

6.2x

25.20

-1.0%

6.6%

-3.1%

24.8%

3.9%

3.8x

1 Airtel Africa PLC 2 MTN Nigeria Communications PLC 3 BUA Cement Plc 4 Guaranty Trust Holding Co PLC 5 Zenith Bank PLC 6 Dangote Cement PLC 7 Nestle Nigeria PLC 8 FBN Holdings Plc 9 Lafarge Africa PLC 10 Access Bank PLC 11 United Bank for Africa PLC 12 Stanbic IBTC Holdings PLC 13 Nigerian Brew eries PLC 14 SEPLAT Energy PLC 15 Ecobank Transnational Inc 16 International Brew eries PLC

ROE

ROA

P/E

5.2x

P/BV

Divindend Earnings Yield Yield

0.8x

5.4%

16.7%

1.8% 5.5%

7.3%

1.0x

11.8%

26.2% 28.9%

3.0%

25.50

0.0%

6.3%

1.4%

20.9%

2.8%

3.5x

0.7x

11.8%

270.00

-1.8%

4.8%

5.1%

40.4%

16.7%

13.4x

5.2x

5.9%

7.5%

1,435.00

0.0%

3.4%

-7.8%

106.8%

15.6%

27.8x

32.8x

4.2%

3.6%

12.00

0.0%

3.7%

5.3%

8.4%

0.8%

7.1x

0.6x

3.7%

14.1%

25.80

0.0%

3.7%

7.7%

11.6%

8.4%

9.6x

1.1x

3.9%

10.4%

9.50

0.0%

2.9%

2.2%

17.0%

1.4%

2.7x

0.4x

8.9%

37.5%

8.25

0.6%

2.3%

2.5%

19.5%

1.8%

2.1x

0.4x

6.7%

48.2%

37.00

0.0%

1.8%

2.8%

15.4%

2.0%

8.5x

1.4x

11.3%

11.8% 2.4%

46.00

1.1%

1.5%

-8.0%

5.3%

1.9%

42.4x

2.2x

2.4%

690.00

0.0%

1.7%

6.2%

3.4%

1.9%

15.8x

0.6x

6.0%

8.60

-0.6%

1.4%

-1.1%

14.8%

0.9%

2.4x

0.3x

6.3% 42.4%

5.15

0.0%

1.2%

4.0%

-10.3%

-3.9%

142.00

0.0%

1.1%

0.0%

38.8%

25.2%

9.7x

3.4x

5.2%

10.3%

28.25

-0.2%

1.0%

-0.4%

16.4%

5.1%

4.4x

0.7x

5.8%

23.0%

2.60

0.8%

0.7%

2.0%

12.0%

1.1%

2.3x

0.3x

8.5%

43.5%

ϯ ŝŶĚŝĐĞƐ ŐĂŝŶĞĚ ǁŚŝůĞ ϯ ůŽƐƚ͘ dŚĞ /ŶĚƵƐƚƌŝĂů 'ŽŽĚƐ

19 Fidelity Bank PLC 20 AXA Mansard Insurance PLC

2.31

0.0%

0.6%

-0.4%

9.7%

3.0%

6.2x

0.7x

9.5%

16.2%

17.00

0.0%

ŝŶĚĞǆ ůĞĚ ŐĂŝŶĞƌƐ͕ ƵƉ ϯ͘ϲй ǁͬǁ ŽŶ ƚŚĞ ďĂĐŬ ŽĨ ŐĂŝŶƐ ŝŶ

21 Dangote Sugar Refinery PLC 22 FCMB Group Plc

0.5%

-2.3%

15.3%

6.3%

11.1x

1.7x

8.8%

9.0%

3.05

0.0%

0.5%

2.0%

10.0%

1.0%

0.3x

4.9%

E' D

23 United Capital PLC 24 Guinness Nigeria PLC

11.10

1.8%

0.4%

12.1%

2.5x

6.3%

42.20

0.0%

0.4%

8.2%

8.1%

3.8%

15.0x

1.2x

1.1%

6.7%

25 Transnational Corp of Nigeria 26 NEM Insurance PLC

1.14

0.9%

0.4%

18.8%

11.1%

2.3%

6.0x

0.6x

0.9%

16.5%

3.96

0.0%

0.3%

-12.0%

35.6%

18.5%

3.9x

1.0x

4.6%

25.3%

27 Presco PLC 28 NASCON Allied Industries PLC 29 AIICO Insurance PLC

87.80

0.0%

0.3%

0.0%

2.1x

1.2%

13.10

0.0%

0.3%

-0.8%

21.3%

6.9%

12.3x

2.5x

3.1%

8.1%

0.79

-1.3%

0.3%

12.9%

7.2%

1.1%

438.9x

0.8x

221.90

0.0%

0.3%

0.0%

46.2%

9.3%

5.0x

2.0x

1.8%

19.8%

^ĞĐƚŽƌ ƉĞƌĨŽƌŵĂŶĐĞ ǁŝƚŚŝŶ ŽƵƌ ĐŽǀĞƌĂŐĞ ǁĂƐ ŵŝǆĞĚ ĂƐ

;нϴ͘ϬйͿ

ǁŚŝĐŚ

ĂŶŶŽƵŶĐĞĚ

ƚŚĞ

ĐŽŵŵĞŶĐĞŵĞŶƚ ĚĂƚĞ ĨŽƌ ƚƌĂŶĐŚĞ // ŽĨ ŝƚƐ ƐŚĂƌĞ ďƵǇďĂĐŬ ƉƌŽŐƌĂŵ͘ dƌĂŝůŝŶŐ͕ ƚŚĞ Kŝů Θ 'ĂƐ ĂŶĚ ĂŶŬŝŶŐ ŝŶĚŝĐĞƐ ĂĚǀĂŶĐĞĚ ϭ͘ϳй ĂŶĚ Ϭ͘ϴй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͕ ĨŽůůŽǁŝŶŐ

17 Okomu Oil Palm PLC 18 Flour Mills of Nigeria PLC

1.0x

-11.1%

0.2%

ďƵǇŝŶŐ ŝŶƚĞƌĞƐƚ ŝŶ ^ W> d ;нϯ͘ϴйͿ͕ d ZE ;нϵ͘ϴйͿ͕

30 TotalEnergies Marketing Nigeri 31 Custodian and Allied Insurance

7.15

0.0%

0.2%

-9.5%

24.7%

7.5%

3.5x

0.8x

7.6%

28.4%

21.00

0.0%

t D E< ;нϰ͘ϳйͿ͕ ĂŶĚ h ;нϯ͘ϭйͿ͘ ŽŶǀĞƌƐĞůǇ͕ ƚŚĞ

32 Vitafoam Nigeria PLC 33 Unilever Nigeria PLC

0.2%

-6.7%

36.8%

14.7%

6.1x

2.1x

7.1%

16.5%

13.20

0.0%

0.2%

-9.0%

-1.3%

-0.8%

ŽŶƐƵŵĞƌ 'ŽŽĚƐ ŝŶĚĞǆ ůĞĚ ůĂŐŐĂƌĚƐ͕ ĚŽǁŶ ϰ͘ϰй ǁͬǁ

34 Julius Berger Nigeria PLC 35 Union Bank of Nigeria PLC

22.80

3.6%

0.2%

2.0%

20.7%

2.5%

4.0x

0.7x

1.7%

25.2%

5.65

1.8%

0.1%

-4.2%

7.1%

0.8%

6.4x

0.6x

4.4%

15.7%

ĚƵĞ ƚŽ ƐĞůů ƉƌĞƐƐƵƌĞ ŽŶ E ^d> ;-ϳ͘ϴйͿ ĂŶĚ hE/> s Z ;-

36 Oando PLC 37 Wema Bank PLC

4.73

0.0%

7.0%

14.5%

2.6%

2.0x

0.3x

0.89

0.0%

0.2%

23.6%

13.7%

0.8%

4.2x

0.5x

4.5%

ϱ͘ϳйͿ͘ >ŝŬĞǁŝƐĞ͕ ůŽƐƐĞƐ ŝŶ DdEE ;-ϯ͘ϲйͿ͕ D E &/d ;-

38 Sterling Bank PLC 39 Notore Chemical Industries Ltd 40 Transcorp Hotels Plc

1.57

3.3%

0.1%

4.0%

10.1%

0.9%

3.4x

0.3x

3.2%

62.50

0.0%

0.1%

0.0%

-41.3%

-9.2%

5.38

0.0%

ϭϮ͘ϵйͿ͕ ĂŶĚ t W/ ;-ϱ͘ϵйͿ ĚƌŽǀĞ ƚŚĞ &Z-/ d ĂŶĚ /ŶƐƵƌĂŶĐĞ ŝŶĚŝĐĞƐ ůŽǁĞƌ ďǇ ϭ͘ϴй ĂŶĚ ϭ͘ϱй ǁͬǁ ƌĞƐƉĞĐƟǀĞůǇ͘

T o p 10 G a i n e r s T ic k er

P ric e

F ID SON

/ŶǀĞƐƚŽƌ ƐĞŶƟŵĞŶƚ ĂƐ ŵĞĂƐƵƌĞĚ ďǇ ŵĂƌŬĞƚ ďƌĞĂĚƚŚ ;ĂĚǀĂŶĐĞͬĚĞĐůŝŶĞ ƌĂƟŽͿ ǁĂŶĞĚ ƚŽ Ϭ͘ϵǆ ĨƌŽŵ ϭ͘ϯǆ

-1.1%

49.1%

2.3x

T o p 10 T r a d e s b y V o lu m e P ric e C hg %

T ic k er

Vo lum e

P ric e C hg %

9.6%

B UA F OOD S

102.6

0.0%

3.6%

T R A N SC OR P

97.2

0.9%

ST ER LN B A N K

1.57

3.3%

A C C ESS

33.2

0.0%

UP D C

1.18

2.6%

FB NH

26.6

0.0%

0.46

2.2%

J A IZ B A N K

25.9

-2.9%

UC A P

11.10

1.8%

GT C O

17.6

-1.0%

ĂŐĂŝŶƐƚ ϯϯ ƐƚŽĐŬƐ ƚŚĂƚ ĚĞĐůŝŶĞĚ͘ dŚĞ ƚŽƉ ŽƵƚƉĞƌĨŽƌŵĞƌƐ

UB N

5.65

1.8%

CHA M S

15.7

0.0%

LIVEST OC K

2.13

1.4%

Z EN IT H B A N K

10.5

0.0%

ĨŽƌ ƚŚĞ ǁĞĞŬ ǁĞƌĞ h &KK ^ ;нϮϰ͘ϭйͿ͕ dZ E^ KZW

H ON YF LOUR

3.36

1.2%

F ID ELIT YB K

8.5

0.8%

46.00

1.1%

ST ER LN B A N K

8.1

3.3%

;нϭϲ͘ϯйͿ͕ ĂŶĚ &/ ^KE ;нϭϯ͘ϲйͿ ǁŚŝůĞ D E &/d (-

ůĂŐŐĂƌĚƐ͘ dŚŝƐ ǁĞĞŬ͕ ǁĞ ĞǆƉĞĐƚ ŵĂƌŬĞƚ ƉĞƌĨŽƌŵĂŶĐĞ ƚŽ ďĞ Ă ŵŝǆ ŽĨ ƉƌŽĮƚ-ƚĂŬŝŶŐ ĂŶĚ ďĂƌŐĂŝŶ ŚƵŶƟŶŐ ĂĐƟǀŝƟĞƐ͘

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

T o p 10 L o s e r s

ϭϮ͘ϵйͿ͕ Z' Z (-ϵ͘ϵйͿ͕ ĂŶĚ EE&D (-ϵ͘ϳйͿ ůĞĚ ƚŚĞ T ic k er

P ric e

T ic k er

Value

SUN UA SSUR

0.31

-8.8%

B UA F OOD S

6761.1

0.0%

C UT IX

2.46

-7.2%

M TNN

689.6

0.0%

M B EN EF IT

0.27

-3.6%

GT C O

445.5

-1.0%

J A IZ B A N K

0.68

-2.9%

FB NH

318.6

0.0%

P ric e C hg %

R OYA LEX

0.80

-2.4%

A C C ESS

315.8

0.0%

J A P A ULGOLD

0.42

-2.3%

Z EN IT H B A N K

268.9

0.0%

UN IT YB N K

0.49

-2.0%

D A N GC EM

200.1

-1.8%

LIN KA SSUR E

0.52

-1.9%

122.3

1.1%

270.00

-1.8%

T R A N SC OR P

110.2

0.9%

1.10

-1.8%

SEP LA T

76.3

0.0%

D A N GC EM LA SA C O

29.3%

0.9x

7.50

23.8%

-20.3%

22.80

J B ER GER

R EGA LIN S

ƌĞĐŽƌĚĞĚ ŝŶ ƚŚĞ ƉƌĞǀŝŽƵƐ ǁĞĞŬ ĂƐ ϯϬ ƐƚŽĐŬƐ ŐĂŝŶĞĚ

1.2x

MONDAY, JANUARY 17, 2022 • 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-2022, 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 9.81% AIICO Balanced Fund 3.38 3.45 -4.36% 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 7.31% Anchoria Equity Fund 139.56 141.31 0.16% Anchoria Fixed Income Fund 1.16 1.16 1.36% 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 20.42 21.04 0.69% ARM Discovery Balanced Fund 457.55 471.35 1.42% ARM Ethical Fund 39.37 40.56 1.07% ARM Eurobond Fund ($) 1.07 1.07 -0.91% ARM Fixed Income Fund 1.01 1.02 -0.09% ARM Money Market Fund 1.00 1.00 8.50% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.21 108.21 0.25% AVA GAM Fixed Income Naira Fund 1,071.43 1,071.43 0.35% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund (Formerly: Union Trustees Mixed Fund) N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 9.66% Paramount Equity Fund 16.95 17.26 0.74% Women's Investment Fund 139.80 141.40 0.54% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.32% Cordros Milestone Fund 133.96 134.82 1.33% 110.63 110.63 0.17% Cordros Dollar Fund ($) CORONATION ASSEST 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 100.00 100.00 7.38% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.81% EDC Nigeria Fixed Income Fund 1,151.44 1,152.26 -1.65% 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 8.74% Emerging Africa Bond Fund 1.05 1.05 2.91% Emerging Africa Balanced Diversity Fund 1.12 1.12 0.55% Emerging Africa Eurobond Fund 104.71 104.71 0.10% FBNQUEST ASSET MANAGEMENT LTD 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 1,398.49 11.33% FBN Balanced Fund 176.67 0.11% FBN Halal Fund 116.00 9.35% FBN Money Market Fund 100.00 9.16% FBN Dollar Fund (Retail) FBN Nigeria Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

122.42 149.94

122.42 3.82% 151.68 -0.10% fcmbamhelpdesk@fcmb.com

Bid Price N/A N/A N/A N/A

Offer Price Yield / T-Rtn N/A N/A N/A N/A N/A N/A N/A N/A coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

Yield / T-Rtn N/A N/A N/A

GREENWICH ASSET MANAGEMENT LIMITED assetmanagement@gtlgroup.com Web: www.gtlgroup.com ; Tel: +234 1 4619261-2 Fund Name Bid Price Offer Price Yield / T-Rtn Greenwich Plus Money Market Fund N/A N/A N/A Nigeria Entertainment Fund N/A N/A N/A GROWTH & DEVELOPMENT ASSET MANAGEMENT LIMITED assetmanagement@gdl.com.ng Web: www.gdl.com.ng ; Tel: +234 9055691122 Fund Name Bid Price Offer Price Yield / T-Rtn GDL Money Market Fund N/A N/A N/A INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 8.37% Vantage Balanced Fund 2.87 2.93 0.52% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 142.14 142.19 -8.66% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.33 1.83% Vantage Dollar Fund (VDF) - June Year End 1.08 1.08 5.02% LOTUS CAPITAL LTD ﬁncon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.54 1.56 1.97% Lotus Halal Fixed Income Fund 1,166.59 1,166.59 0.44% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 11.85 11.95 0.58% Meristem Money Market Fund 10.00 10.00 10.25% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) N/A N/A N/A Norrenberger Money Market Fund (NMMF) N/A N/A N/A 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 N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A 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 129.00 131.42 5.85% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.08 1.08 10.03% 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 3,424.49 3,459.26 -0.58% Stanbic IBTC Bond Fund 236.03 236.03 0.13% Stanbic IBTC Ethical Fund 1.27 1.29 -1.54% Stanbic IBTC Guaranteed Investment Fund 313.87 313.87 0.17% Stanbic IBTC Iman Fund 239.07 242.69 -1.24% Stanbic IBTC Money Market Fund 100.00 100.00 7.34% Stanbic IBTC Nigerian Equity Fund 10,950.56 11,105.29 -1.42% Stanbic IBTC Dollar Fund (USD) 1.29 1.29 0.13% Stanbic IBTC Shariah Fixed Income Fund 117.08 117.08 0.09% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 106.74 106.74 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 0.93 0.96 0.68% United Capital Balanced Fund 1.36 1.38 -0.39% United Capital Wealth for Women Fund 1.10 1.11 0.89% United Capital Sukuk Fund 1.08 1.08 0.30% United Capital Fixed Income Fund 1.96 1.96 0.24% United Capital Eurobond Fund 122.56 122.56 0.18% United Capital Money Market Fund 1.00 1.00 8.94% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.21 13.33 0.15% Zenith ESG Impact Fund 14.77 14.93 1.09% Zenith Income Fund 24.93 24.93 0.18% Zenith Money Market Fund 1.00 1.00 7.14% REITS NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

13.82 129.94 103.28 18.45 21.67

13.92 133.19 105.55 18.55 21.77

-1.03% -1.27% -0.33% 0.00% 0.00%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.06 5.53 17.87 1.00 20.97 158.70

4.16 5.63 18.07 1.00 21.17 160.70

7.94% 8.50% 4.00% 8.43% 8.09% 0.58%

NAV Per Share

Yield / T-Rtn

107.28

10.80%

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.

T H I S D AY ˾ MONDAY JANUARY 17, 2022

FEATURES

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

222 Days of Twitter Ban in Nigeria and Matters Arising On January 13, 2022, President Muhammadu Buhari lifted the ban against Twitter operations in Nigeria. This was after 222 days or seven months of the ban. As expected, this lift generated mixed reactions and controversies about the true intentions of the federal government especially with the forthcoming 2023 general elections where several political campaigns are expected to kickstart either physically or on social media, Twitter inclusive. Rebecca Ejifoma, Ayodeji Ake, and Sunday Ehigiator, who chronicled how various stakeholders reacted to the unbanning of Twitter, ponder on whether Nigeria actually won given the billions of naira the nation lost, especially for small businesses

Jack Dorsey, who was Twitter CEO at the time of the ban The Genesis n June 4, 2021, the federal government, through a statement by the Minister of Information and Culture, Lai Mohammed, suspended Twitter after the bird-app temporarily suspended President Muhammadu Buhari’s Twitter account, and removed a tweet by him, where he threatened to punish regional secessionists. President Buhari in the tweet was warning the Southeastern people of Nigeria, predominantly Igbo people, of a potential repeat of the 1967 Biafran Civil War due to the ongoing insurgency in the region. The FG claimed that the deletion of the president’s tweets factored into their decision, but it was ultimately based on “a litany of problems with the social media platform in Nigeria, where misinformation and fake news spread through it have had real-world violent consequences,” citing the persistent use of the platform for activities that are capable of undermining Nigeria's corporate existence. Furthermore, Telecom companies subsequently were directed to block Twitter’s access to users in Nigeria; and this order was executed on June 5, 2021.

Condemnation Trails Ban Immediately, several reactions trailed the ban. It was condemned by Amnesty International, the British, Canadian, and Swedish diplomatic missions to Nigeria, as well as the United States and the European Union in a joint statement. Two domestic organisations, the Socio-Economic Rights and Accountability Project (SERAP) and the Nigerian Bar Association, indicated intent to challenge the ban in court. Twitter itself called the ban “deeply concerning.” Former U.S. President, Donald Trump, who was banned on Twitter months before Nigeria's ban, praised the ban, saying “Congratulations to the country of Nigeria, who just banned Twitter because they banned their President,” and also called on other countries to ban Twitter and Facebook due to “not allowing free and open speech.” Reliance on VPN While the ban lasted, some Nigerians, were still tweeting. They circumvented the process by installing a Virtual Private Network (VPN). VPN is a technology that encrypts your Internet traffic on unsecured networks to protect your online identity and hide your details. Consequently, several Nigerians resorted to accessing Twitter with the aid of VPN Apps, which enables internet privacy, by giving users the leverage of changing their country location (i.e. a user in Nigeria, could change his internet access location to the United States of America).

President Buhari

Lai Mohammed

This way, several Twitter users were still able to access the app from Nigeria, however, it was no longer business as usual, as there were concerns among other Nigerians about the safety of the VPN from hackers, who they fear could access their private information through it. Three days after the ban, it was reported that the ban has cost the country over N6 billion and also contributed to the worsening unemployment in the country. Express VPN reported an over 200 per cent increase in web traffic and searches for VPN spiked across the country. In response, Nigeria's Minister of Justice and Attorney General of the Federation Abubakar Malami at first openly threatened to prosecute citizens who bypass the ban using VPN, but then denied saying so after a screenshot of a Twitter deactivation notification he shared on Facebook showed a VPN logo.

have been met by Twitter, however, on January 12, 2022, the FG lifted the ban after Twitter allegedly agreed to establish “a legal entity in Nigeria during the first quarter of 2022.” On January 11, 2022, the Director-General of the National Information Technology Development Agency (NITDA) said in a statement that President Buhari had approved to lift the suspension of Twitter, effective from midnight on January 13, 2022. The statement says Twitter will create “a legal entity in Nigeria during the first quarter of 2022,” and that the company has “agreed to comply with applicable tax obligations on its operations under Nigerian law.” It further revealed that Twitter will also “enroll Nigeria in its Partner Support and Law Enforcement Portals,” which gives police tools to request and retain data on users.

Conditions to Lift Ban After several calls and protests against the actions of the FG, in reaction, Nigeria's Cultural Minister Lai Mohammed stated that the ban would be lifted once Twitter submitted to local licensing, registration, and conditions. “It will be licensed by the broadcasting commission, and must agree not to allow its platform to be used by those who are promoting activities that are inimical to the corporate existence of Nigeria.” On October 1, 2021, President Muhammadu Buhari in his Independence day broadcast said Twitter must meet the Nigerian government’s five conditions before the suspension of the social media platform will be lifted. The condition includes; Twitter must pay attention to national security and cohesion; Registration, physical presence, and representation in Nigeria; Fair taxation; Dispute resolution, and; Local content.

Twitter Reacts Reacting to this development on January 13, Twitter wrote on its public policy account that it was delighted with the restoration of its services in Nigeria. “We are pleased that Twitter has been restored for everyone in Nigeria. Our mission in Nigeria and around the world is to serve the public conversation. “We are deeply committed to Nigeria, where Twitter is used by people for commerce, cultural engagement, and civic participation. We’re committed to integrating diverse perspectives that make our service better for everyone,” the tweet simply read.

FG Lifts Ban It is not yet clear if all these conditions

Speculations on Inﬂuence of 2023 Elections Following the lifting of the ban, it was greeted with mixed reactions with most Nigerians attributing the decision to lift the ban to the forthcoming general election in 2023 and the government’s intention to use the platform for its campaign. According to a Twitter user, Ugo Ugwoke, “the Nigerian government lifted the ban on

"The Twitter ban ruined lives and destroyed small businesses. It was needless and unproductive. The government did not achieve anything banning Twitter in Nigeria. I honestly hope this never happens again"

Photo credit: GOOGLE

Twitter not because they care about the people but because elections are around the corner and they will need a Twitter platform for their social media campaigns. “Election is around the corner, so they want to act like saints. I hope Nigerians will be wise this time around.” Sani Kadiri asked, “What’s an election campaign without Twitter?” Another user, Idris, said he knew when campaign season is around the corner, the ban will be lifted. Queen Esther Iroanusi tweeted, “Not FG lifting the #TwitterBan 13 months to the election, so they can come back and use this same social media to campaign. Affliction shall not rise a second time.” Akintunde Babatunde wrote, “They had to lift the #Twitterban. The election is near. They need the platform more than ever. Shameless people. #KeepitOn.” Another user, Henry Shield said, “Imagine there was no VPN. This government was ready to keep us in the dark and shut us off from the world because Buhari got angry. “How can any sensible person campaign for this party to remain in power beyond 2023?” While another user, Pamilerin Adegoke wrote, “To those that left Twitter after the suspension, welcome back. Nigerians have been tweeting with VPN throughout the ban.” Another user simply identified as Haven, said, “Election season, about to see rubbish posts from the Nigerian political slave foot soldiers given 200 Naira recharge cards to misbehave. Nobody is as rich as their slave master who cannot justify the source of his wealth either his real age.” Another user with the handle @theeghostguy, simply wrote, “Election is here.” Same as Jeffrey Ikpeze with the handle @jeffreeO9, who also wrote “Elections are around the corner.” A user identified as Jon, through his account @jrhazz, said, “Watch them use it vigorously for their agenda.” While Don Alex via @adon05631 tweeted, “Both brave and intelligent Nigerians have been tweeting, Next news.” A user identified as Salem via his handle, @Salem31268149, noted, “I didn’t even notice the ban.” Harm to Small Businesses While another user identified by Dr. Dipo Awojide, via his handle, @OgbeniDipo, wrote, “The Twitter ban ruined lives and destroyed small businesses. It was needless and unproductive. “The government did not achieve anything banning Twitter in Nigeria. I honestly hope this Continued on page 49

T H I S D AY ˾ MONDAY JANUARY 17, 2022

FEATURES never happens again. The Twitter ban was a needless decision. Glad the FG has now lifted the ban, right in time for the battles on political Twitter per 2023 elections.” Popular comedian, Frank Donga in his reaction said, “My heart and tweet goes out to all the small businesses that lost revenue and opportunities during the #TwitterBan. May you find creative ways to recover speedily.” Anger at Telecommunication Companies Not left out of the fray for obeying government's orders were telecommunication companies who blocked Nigerians from accessing Twitter. On this, a lawyer simply identified as Ridwan, tweeted, “When we are done with @MBuhari, let’s talk about the telecommunication companies that obeyed an illegal order from the Federal Government. Those guys prioritised their business interests over the fundamental rights of millions of Nigerians. “When an illegal order is given to you by a draconian government, the first thing you do is to approach the court to seek protection from such an order. Instead, they obeyed, despite knowing that it has no legal basis.” Towing the same line of thoughts, another user, Adetola Olutosin, while reacting to MTN’s ‘we are back’ tweet wrote, “Fascist enablers, at least you guys dispel the myth that private corps exist to entrench democracy. If fascism is profitable, you won’t hesitate to throw the people under the bus.” Call for Retribution For Inibehe Effiong, the lifting of the ban on Twitter does not call for celebration. It calls for retribution by the sane, conscious, and conscientious electorates during the next elections. “As Nigerians, we must imbibe the culture of punishing parties and officeholders, who inflict pains on us. “A regime/party that stifles free speech, promotes draconian policies, and suffocates citizens should be dealt with at the polls by citizens. That is how we are going to build an accountable and viable democratic country with the rule of law. Buhari’s regime shouldn’t be praised.” Celebrities React Notable Nigerian celebrities also equally took to social media, especially Twitter, to state their opinion over the sudden coincidental lift of the ban. Popular Nigerian Record Producer, Don Jazzy wrote, “Thank God they are lifting the ban. I have loads of goodies incoming for you guys. It’s going to be a year like never before. Be ready.” Ex-Big Brother Naija (BBN) Housemate, Tacha, wrote: “Funny how the government is unbanning Twitter just in time for the elections, all to gain cheap points, funny people.” 2020 BBN Winner, Laycon, in his reaction, enjoined other Nigerians, to get their Permanent Voter Card (PVC) ready. He said, “I beg of you, get your PVC.” Also, Ex-BBN Housemate, Asogwa Alex, in her reaction said, “Good day, if many people haven’t stated it, the Twitter ban was lifted because of elections. You can choose to disagree. Be wise.” Media personality Ebuka Obi-Uchendu wrote: “In time for the election season.” Popular Tv Host, Frank Edoho said, “The Federal Government should just say they have decided to come back to Twitter instead of claiming to lift the ban.” Popular Comedian and Human Rights Activist, Mr. Macaroni in his reaction via a tweet said, “Oh! Oh!! Are they tired? Welcome back. You people banned yourselves, not Twitter. It was you who left! We never left.” Media Personality, Fisayo Soyombo, via his handle @fisayosoyombo, wrote, “Twitter ban that Buhari was supposed to lift on the eve of the 2023 presidential election. This APC does not have liver.” Political Elites Join Fray In his reaction, the Senior Special Assistant, Media and Publicity to the President Muhammadu Buhari, Garba Shehu noted said, “Welcome back! Let me join fellow countrymen and women in welcoming the resolution of the impasse between the Federal Government of Nigeria and Twitter Inc., leading to the laying of a foundation for a mutually beneficial future with endless possibilities. “I join the leaders of government in appreciating all Nigerians, especially the vibrant Nigerian youths who have borne with the long wait to resolve this impasse, and as the government statement clearly says, the gains made from this shared national sacrifice are immeasurable. We hope that this is appreciated by all. The nation

comes first. Once again, welcome back!” Also reacting to the lifting of the ban, former Minister of Aviation, Chief Femi Fani-Kayode, through his Twitter handle, @realFFK, simply wrote, “Welcome back to @Twitter Nigeria!” Also reacting, a Nigerian Senator, Senator Shehu Sani, via his Twitter handle, @ ShehuSan, wrote, “Twitter ban lifted; We can now remove the ‘VPN oxygen mask’ that sustained us through such imposed suffocating and dark moments.” In his reaction to the lifting of the ban, the Minister of State, Labour and Employment, Festus Keyamo, (SAN), via his Twitter, handle, @Fkeyamo, said, “For those who prioritised politics over patriotism and exhibited disingenuous righteousness on Twitter suspension, they can now see that with all the FG conditions to which Twitter agreed, Nigeria is eventually better off for it. Congratulations Nigeria.” Also reacting, the National leader of the All Progressives Congress (APC) and an aspirant in the 2023 presidential race, Bola Tinubu, commended the FG for the lifting of the ban, while also noting that Twitter could be misused by Nigerians. In his first post on the platform after over 222 days, said social media including Twitter enabled the social and economic empowerment of Nigerians stating that he was glad the government recognised this. Tinubu through his handle, @AsiwajuTinubu, tweeted, “Social media – indeed all media – including Twitter, are a means for us to all communicate, report, share and engage with stories and each other; to enable economic and social empowerment for Nigerians. But they can be and sometimes are misused. “I commend the FG for recognising these aspects and most importantly, concluding negotiations for the safe return of access to Twitter to the millions of Nigerians who use it, daily. Welcome back, one and all.” Also reacting, former Vice President of Nigeria, Atiku Abubakar said, “The effects of the #TwitterBan, particularly on small businesses, was evident for all to see. “I am glad that the ban has finally been lifted, and our young people who are already dealing with the challenging business environment can now have a breath of fresh air to thrive.” Similarly, former Senate President of Nigeria, Dr. Abubakar Bukola Saraki said, “After 222 days, I am glad that the FG has finally reconsidered and reversed the #TwitterBan. “With this reversal, the young people who conduct legitimate business on this platform can once again pursue their various endeavours and exercise their right to freedom of speech.” CSO’s React Reacting to the lifting of the ban, Amnesty International described the ban as “illegal in the first place,” and therefore advised the FG to end all acts that violate rights to freedom of expression, access to information, and freedom of the press.

Amnesty International, in a terse statement posted on its verified Twitter handle, @ amnestyInternational, said, “Amnesty International welcomes the lifting of the Twitter ban by Nigerian authorities after seven months of depriving Nigerians of exercising their right to freedom of expression on a social media platform that facilitates dialogue and empowers everyone to communicate, hold useful debates and conversations, and demand accountability from the Nigerian authorities. “The Twitter ban was illegal in the first place and an attack on the right to freedom of expression, including online access to information and media freedom. Nigerian authorities must end all acts that violate rights to freedom of expression, access to information, and freedom of the press.” Also reacting, The Executive Director, Adopt A Goal for Development Initiative (AGDI), Ariyo-Dare Atoye, said, “The ban on Twitter was equally a test of the resilience of Nigerians, especially the youth who saw the federal government’s action as personal to the president, selfish and undemocratic, and so we're able to navigate the ban with the use of several Virtual Private Networks (VPN). “Nothing is cheering or worth celebrating with the lifting of the ban because it was unnecessary, parochial, and self-serving. The federal government did not ban Twitter for the national interest but regime protection. “We do not expect Twitter to succumb to undemocratic conditions because there are minimum global standards and thresholds that Twitter cannot fall below in terms of protecting the rights of users in civic technology spaces. “There is nothing wrong if the government can get Twitter through to register, pay taxes and employ a few Nigerians, but using these conditions to negotiate was an afterthought after drawing criticism for ego-banning Twitter to protect the President. “The ban on Twitter had exposed the regime as intolerant and President Buhari as unrepentant of his dictatorial tendency. We expect some level of monitoring, but it will change nothing because people critical of the Buhari regime are expected to do more as we enter the election season. “Nigerians enjoy the freedom of speech and association as enshrined in the constitution, and nothing can take that away, even though no freedom is absolute.” Also reacting, the Convener, Concerned Nigerians, Prince Deji Adeyanju, said the Federal Government has tarnished Nigeria’s image in the comity of nations whether lifting the Twitter ban or not. Adeyanju said, “The Twitter ban was an anti-democratic act, it has no basis in law because our constitution has made explicit provision, and Nigerians have the right to fully express themselves and receive information. “So the ban is a contravention of the right of Nigerians to receive, hold and share opinions on social media, especially on mobile app Twitter. “The only exceptions; the Freedom of

"$750 million. In case you are wondering, that is exactly what Nigeria lost in 222 days of banning Twitter. So, if anybody is telling you that Nigeria won with the #TwitterBan, ask them to tell you what exactly Nigeria won. Nigeria lost big time"

Expression it has been for public safety and health, order, morality, and the ban did not fall within those exceptions of their omnibus clause of the constitution because the only reason why Twitter was banned because the ego of the President was affected; he made a hate speech against the Igbos and Twitter rightly deleted his tweet, and how does the ego of the President been bruised amount to the exceptions of the omnibus clause put in the constitution? It does not fall within the exception. “I believe that we are supposed to be in a constitutional democracy but this is a totalitarian regime. “The action of the government of course is shrinking the civic space because you can see a majority of the people in the last 222 days were using VPN to tweet. It has affected businesses in the country and several other things and limited the rights of citizens and this cannot be acceptable in a democracy. “Many of us defied the ban because it is the minimum in a democracy that when authoritarian regimes bear their fangs it is the responsibility of the citizens to live up to their responsibility and claim their rights. “No government will ever concede your right to you if you do not lay claim to it, and that was exactly what happened during #ENDSARS that citizens woke up to their responsibility and they said no these barbaric killings, this violation of fundamental human right, extrajudicial killings cannot happen, and this was what many of us did. “We were ready to go to jail as threatened by Malami and we defied them and the government ban. Nigerians must continue to defy the tyrannical acts of their government because in the words of Thomas Jefferson, ‘When the government fears the people there is democracy and when the people fear the government there is tyranny." Similarly, the Founder and Global President, One Love Foundation (OLF), Chief Patrick Eholor, in his reactions, said the Federal Government punishing Nigerians before lifting the Twitter ban was insensitive. According to him, “We receive with joy and mixed feelings that the Twitter ban has been reversed by the federal government but the position of One Love Foundation is that the ban was illegal and unconstitutional. “I, therefore, want to say that if the government fears its citizens, it is freedom, and this steps again to remind our people who have been very docile that power belongs to the people and that without the people there is no government. “It is a mixed feeling to me that is coming at this time to lift the ban of Twitter after he (Buhari) has punished us as citizens, and not just only punished us, we have lost a lot of money because people depend on this and people are making a living out of this.” Economic Losses According to the NetBlocks Cost of Shutdown Tool, Nigeria lost N104.02 million ($250,600) every hour to the ban, bringing the daily losses to N2.46 billion. Going by this calculation, by June 13, it was 5,328 hours in the 222 days since the social networking site was blocked, and about N546.5 billion was already lost by the economy. According to digital report 2021 by Hootsuite, a social media and marketing dashboard, Twitter’s potential advertising audience compared to the total population aged 13 plus in Nigeria is 2.4 per cent, while the quarter-on-quarter change in Twitter’s advertising reach is 17.3 per cent. The implication of this is that Twitter’s penetration in the country is still very low compared to other platforms. Analytically, it equally means that it is unlikely that these 3.05 million adverts' audience would be impacted by the American company. Former Presidential Aide to Former President Goodluck Jonathan, Reno Omokri, in his reaction, posited that the lifting of the Twitter suspension in Nigeria by the federal government was due to the forthcoming 2023 general elections. Omokri, said this via a series of tweets on his page, claiming that Nigeria lost $750 million because of the Twitter ban. He tweeted, “$750 million. In case you are wondering, that is exactly what Nigeria lost in 222 days of banning Twitter. So, if anybody is telling you that Nigeria won with the #TwitterBan, ask them to tell you what exactly Nigeria won. Nigeria lost big time! “The claim that Twitter agreed to allow Buhari’s junta to regulate Twitter users in Nigeria is as fake as Buhari’s integrity. The expectation that Twitter would move from Ghana to Nigeria will never happen. Twitter did not beg. Buhari bulged because elections are here!”

MONDAY, JANUARY 17, 2022 ˾ T H I S D AY

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

Mali’s Ousted President Keita Dies at 76 Former Malian president Ibrahim Boubacar Keita, who was ousted by the military in 2020 after a turbulent seven-year rule, has died, officials said on Sunday. He was 76. Known by his initials IBK, Keita ran the West African country from September 2013 to August 2020, when Islamist insurgents overran large areas, draining his popularity. Disputed legislative elections, rumours of corruption, and a sputtering economy also fueled public anger and drew tens of thousands of people onto the streets of the capital Bamako demanding his resignation in 2020. He was eventually forced out by a military coup, the leaders of which still rule Mali despite strong international objections. “Very saddened to learn of the death of former President Ibrahim Boubacar Keita,” tweeted Mali’s Minister of Foreign Affairs, Abdoulaye Diop. “It is with great emotion that I bow before his memory.” The cause of death was not yet clear. A former advisor said he died at home in Bamako. Keita, who frequently travelled abroad for medical attention, was detained and put under house arrest during the coup, but restrictions were lifted amid pressure from the West African political bloc ECOWAS.

Australian Open: Djokovic Deported Amid COVID-19 Rules Serbian tennis champion Novak Djokovic has been deported from Australia after losing an appeal to stay in the country. Australia cancelled the visa of the world No. 1 tennis player on health and public order grounds. Novak Djokovic’s supporters believe Australia has unfairly treated him after arriving in Melbourne last week. They said his deportation was “inhumane” and “outrageous” after the chief justice of the Federal Court of Australia, James Allsop, rejected Djokovic’s

last-ditch attempt to remain in the country. “The orders of the court are, one, the amended application be dismissed with costs; two, reasons to be published at a later date. Those are the orders of the court,” said Allsop. The Serbian tennis player was granted a medical waiver from Australia’s COVID-19 vaccination rules by two independent health panels set up by the Victoria state government and Australian tennis authorities. Djokovic had been infected with the virus in December. However, his visa was cancelled when he arrived at Melbourne airport on January 5 by Border Force officials, who said he had flouted immigration rules.

Microsoft Discloses Malware Attack on Ukraine Government Networks Kyiv believes a hacker group linked to Belarusian intelligence carried out a cyberattack that hit Ukrainian government websites this week and used malware similar to that used by a group tied to Russian intelligence, a senior Ukrainian security official said. Serhiy Demedyuk, deputy secretary of the national security and defence council, told Reuters that Ukraine blamed Friday’s attack - which defaced government websites with threatening messages - on a group known as UNC1151 and that it was cover for more destructive actions behind the scenes.

His comments offer the first detailed analysis by Kyiv on the suspected culprits behind the cyberattack on dozens of websites. Officials on Friday said Russia was probably involved but gave no details. Belarus is a close ally of Russia. The cyberattack splashed websites with a warning to “be afraid and expect the worst” at a time when Russia has massed troops near Ukraine’s borders, and Kyiv and Washington fear Moscow is planning a new military assault on Ukraine. Russia has dismissed such fears as “unfounded.” The office of Belarusian President Alexander Lukashenko did not immediately respond to a request for comment about Demedyuk’s remarks. Russia’s foreign ministry also did not immediately respond to a request for comment on his remarks. It has previously denied involvement in cyberattacks, including against Ukraine. “The defacement of the sites was just a cover for more destructive actions that were taking place behind the scenes and the consequences of which we will feel in the near future,” Demedyuk said in written comments. In reference to UNC1151, he said: “This is a cyber-espionage group affiliated with the special services of the Republic of Belarus.”

Iran Re-incarcerates FrenchIranian Academic Iranian authorities confirmed that they have re-incarcerated FrenchIranian academic Fariba Adelkhah for breaking house arrest restrictions. The judiciary news website Mizan. news on January 16 quoted the deputy head of the judiciary, Kazem Gharibabadi, as saying Adelkhah, who had been furloughed with an electronic-monitoring bracelet, violated

T H I S D AY ˾ MONDAY, JANUARY 17, 2022

FOREIGN DESK judicial restrictions “dozens of times.” The official claimed that Adelkhah, 62, violated the limits of her house arrest “despite repeated warnings from judicial authorities.” On January 12, the French Foreign Ministry condemned Adelkhah’s new imprisonment and demanded her immediate release, saying her case had negative consequences on the relationship between Paris and Tehran. She holds both Iranian and French passports, but Iran doesn’t recognise dual nationality. Iranian officials insist that Adelkhah is an Iranian citizen and have denied French consular staff access to her. Adelkhah, an expert on Iran and Shi’a Islam at France’s prestigious Paris Institute of Political Studies, was arrested at Tehran airport on June 5, 2019. Adelkhah was given a five-year sentence for conspiring against national security. Iranian authorities have not provided any solid evidence to back the charges. In October 2020, she was allowed to live under house arrest at her sister ’s home in Tehran, wearing an electronic monitoring bracelet. Adelkhah is one of at least a dozen Western nationals believed to be held in Iran. Rights groups accuse Iran of using foreign detainees as bargaining chips for money or influence in negotiations with the West. Iran denies it, though there have been such prisoner exchanges in the past. In March 2020, Iran released Adelkhah’s French colleague and partner, Roland Marchal, in a prisoner exchange with France. Marchal, who was arrested in June 2019 alongside Adelkhah, was swapped for Iranian engineer Jalal Ruhollahnejad.

UN Grants $150m in Aid for 13 Underfunded Crises The United Nations is allocating $150 million from its Central Emergency Response Fund to support seriously underfunded humanitarian operations in 13 countries in Africa, the Americas, Asia and the Middle East. Topping the list of underfunded crises are Syria, the Democratic Republic of the Congo and Sudan. These countries will receive between $20 million and $25 million each to help them implement life-saving humanitarian operations. International support for Syria has all but dissipated after more than a decade of conflict. Some 13 million refugees and internally displaced Syrians are living in a state of destitution, with little recourse to basic relief. The DRC is one of the longest and most complex humanitarian crises. Millions of people are suffering from conflict, displacement, epidemics, and acute hunger. The United Nations warns the humanitarian crisis in Sudan is deepening as political instability grows and the country contends with flooding, rising food prices and disease outbreaks. Jens Laerke, the spokesman for the Office for the Coordination of Humanitarian Affairs, says the distribution of funds made by Emergency Relief Coordinator Martin Griffiths is the largest ever. He says it beats last year ’s $135 million by $15 million.

Texas Hostage-taking Draws Attention to Pakistani Woman Imprisoned in US Aafia Siddiqui, a US-educated-Pakistani neuroscientist serving an 86-year sentence in the United States for trying to kill Americans in Afghanistan, is the person whose release was sought by the hostagetaker at a Texas synagogue on Saturday.

Netanyahu Negotiating Plea D e a l i n C o r r u p t i o n Tr i a l Former Israeli Prime Minister Benjamin Netanyahu is negotiating a plea deal in his corruption case, a person involved in the talks said Sunday. The deal, which could be signed as early as this week, could usher Netanyahu off the Israeli political stage for years, paving the way for a leadership race in his Likud party and shaking up Israel’s political map. Any deal would also absolve Netanyahu of an embarrassing and protracted trial that has gripped the nation and risks tarnishing his legacy. A spokesman for Netanyahu declined to comment. Netanyahu is on trial for fraud, breach of trust and accepting bribes in three separate cases. The former premier, now opposition leader, denies wrongdoing. The person involved in the negotiations said the plea deal would drop the bribery and fraud charges US authorities said the hours-long standoff ended with all captives safe and the man holding them dead. Siddiqui, the Pakistani neuroscientist, is held at a Texas federal prison. Marwa Elbially, her attorney, issued a statement condemning the hostagetaking. “Whoever the assailant is, we want him to know that his actions are condemned by Dr. Siddiqui and her family,” Elbially told CNN.

Roman Villa Housing Caravaggio up for Auction Amid Legal Dispute A Roman villa housing the only mural by Caravaggio and at the centre of a legal battle between a former Playboy model and the sons of her late husband, an Italian prince, will go up for auction Tuesday. The sprawling property, valued at 471 million euros (almost $540 million), is a Baroque jewel with gorgeous gardens and a valuable art collection that also includes frescoes by Guercino. Art lovers are demanding the Italian state step in to buy the

and scrap one case entirely. The person asked for anonymity because he wasn’t authorized to discuss the details of the talks. He said a plea deal would likely be announced in the coming days. The person said several elements remained unresolved, including the inclusion of the charge of “moral turpitude,’’ which under Israeli law would ban Netanyahu from politics for seven years. They were also deliberating whether Netanyahu would be forced to do community service under the deal. Including ``moral turpitude’’ would challenge Netanyahu’s vows to return to lead the country after his 12-year reign was ended last year by a coalition of ideologically disparate parties with little in common other than its opposition to his leadership.

spectacular property, arguing that artistic treasures should be protected and available for public viewing. But the government might not have enough to pay for it -- the auction is only open to those who can put up 10 per cent of the starting price of €353 million -- and rumoured buyers include Bill Gates and the Sultan of Brunei. A Rome court ordered the auction following a dispute among the heirs of Prince Nicolo Ludovisi Boncompagni, the head of the family who died in 2018. The dispute is between the prince’s third and final wife, Rita Jenrette Boncompagni Ludovisi, a 72-yearold American former real estate broker and actor who once posed for Playboy, and the children from his first marriage.

Lockdown: North Korea Train Makes First Crossing into China A North Korean cargo train pulled into a Chinese border town on Sunday, in what would be the first confirmed crossing since anti-

coronavirus border lockdowns began, media reports said. North Korea has not officially reported any COVID-19 cases and has imposed strict anti-virus measures, including border closures and domestic travel curbs, since the pandemic began early 2020. A North Korean freight train crossed the Yalu River railway bridge to arrive in the Chinese town of Dandong on Sunday, Yonhap said, citing multiple unnamed sources. Yonhap said it marks the first time that North Korea has formally opened its land border with China. It was unclear whether the train was carrying any cargo into China but was likely to return to North Korea on Monday with a load of “emergency materials,” the sources told Yonhap, without elaborating. Japan’s Kyodo news agency also reported the train’s arrival, citing an informed source. While Chinese data show some limited trade has continued, most shipments appear to be using North Korean seaports, not trains across its land borders.

IMAGES

T H I S D AY ˾ MONDAY JANUARY 17, 2022

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

Chairman of the 2021 Judges’ Board of Wole Soyinka Award for Investigative Reporting, Ayo Obe (left), presenting a prize of N100,000, a smart phone, and a certiﬁcate of honour to the runner-up in the print category, Omolabake Fasogbon of THISDAY Newspapers, at the 16th Wole Soyinka Award for Investigative Reporting held in Lagos...recently PHOTO: ETOP UKUTT

L-R: Former Nigerian Bar Association (NBA) Financial Secretary, Mr. Eddy Aibangbe; President of NBA, Mr. Olumide Akpata; a lawyer, Mr. Nosa Edo-Osagie; and Senior Advocate of Nigeria (SAN), Ben-Olu Adegboruwa, at the ongoing 61st Annual General Conference of the NBA with the theme: ‘Taking the Lead’, which is taking place in Port Harcourt, Rivers State...recently

L-R: Executive Head, Studio and OB Production, SuperSport, Felix Awogu; and Chief Executive Oﬃcer of the Nigeria Professional Football League (NPFL), Davidson Owumi, during the NPFL courtesy visit to SuperSport oﬃce in Lagos...recently

Imo State Governor, Hope Uzodimma (right), being decorated with the 2022 Armed Forces Remembrance Day Emblem by the state Chairman of the Nigerian Legion South-east zone, Alphonsus Anyanwu (left), at the Government House in Owerri during the launch of the Emblem...recently

Ekiti State Governor, Dr. Kayode Fayemi; with the state Project Coordinator of Nigeria Erosion and Watershed Management Project (NEW-MAP), Dr. Akinyemi Akinyugba; and other state oﬃcials during the governor’s inspection of the ongoing channelisation of Aiya I and II Gully Erosion Control Work in Ikere-Ekiti…recently

L-R: Member, Ekiti State House of Assembly, Hon. Churchill Adedikpe; wife of the aspirant, Mrs. Jaiye Bamisile; member, House of Representatives and Ekiti State governorship aspirant, Richard Olufemi Bamisile; and Ambassador Fatima Goni, after the aspirant submitted his nomination and Expression of Interest forms at the All Progressives Congress (APC) National Secretariat in Abuja…recently PHOTO: ENOCK REUBEN

Friends of Osun State governor led by Senator Ajibola Bashir (middle) addressing journalists after obtaining the state governorship nomination and Expression of Interest forms for his reelection at the All Progressives Congress (APC) National Secretariat in Abuja...recently PHOTO: ENOCK REUBEN

MONDAY JANUARY 17, 2022 • T H I S D AY

MONDAY, JANUARY 17, 2022 • T H I S D AY

NEWSXTRA

UNILAG 52ND CONVOCATION/MATRICULATION CHURCH SERVICE... L-R: Deputy Vice-Chancellor (Academics & Research), UNILAG, Prof. Oluwole Familoni; Chaplain Chapel of Christ Our Light, UNILAG, Dr Azuka Ogbolumani; Vice-Chancellor, Prof. Oluwatoyin Ogundipe, his wife Mrs. Oluwaseun, and others during a thanksgiving service to celebrate the 52nd Convocation/Matriculation of new students held at Chapel of Christ Our Light, UNILAG…yesterday

It’s Time to Use Force to Tackle Terrorists, Buhari Tells Military Troops kill ISWAP, B’Haram fighters in Borno as bandits extend operations to Niger Deji Elumoye, Kingsley Nwezeh in Abuja and Laleye Dipo in Minna President Muhammadu Buhari, for the umpteenth time, moved against criminal elements in the country, when he instructed the military to go after terrorists and kidnappers with force. At the same time, the military authorities, at the weekend, said troops killed fighters of the Islamic State for West African Province (ISWAP) and Boko Haram during a fire-fight in Biu, Borno State. This, however, is as bandits have reportedly shifted base to Niger north district, invading parts of Kontagora and Mashegu Local Governments, after allegedly wreaking havoc in Niger east for some months. But the president, who bared its fang against the recurring incidents of security lapses in some parts of the country, ordered immediate major military operation in Niger State, which has, for instance, faced continued attacks on its communities by bandits and remnants of Boko Haram terrorists, fleeing theaters of war in the Northwestern and Northeastern parts of the country. Exercising his power as Commander-in-Chief of the nation’s Armed Forces, Buhari, in a release, yesterday, by his spokesman, Garba Shehu, directed the Defence Headquarters a few days ago, to respond robustly to the cases of killings and kidnappings in the Niger State and to give effect to the strategic objectives through the use of force. “I would like to express sincere sympathies to the government and people of the state following recent security incidents,” Buhari said, reiterating that security was a responsibility of every member of the community and only through solidarity and cooperation with law enforcement agencies could the

problems be finally defeated. According to him, “The federal government is willing to strengthen support and cooperation with all the states. I believe that with the full cooperation of the citizens, we will surely overcome this problem". But the military authorities, at the weekend, while claiming to have killed ISWAP fighters and their Boko Haram counterparts during a fire-fight in Biu, Borno State, said troops of Sector 2 Joint Task Force(JTF) North East (NE) Operation HADIN KAI(OPHK) dealt decisively with Boko Haram and Islamic State West Africa Province (ISWAP) terrorists, who made frantic efforts to infiltrate the ancient town of Biu, Borno State. A statement by Army spokesman, Brig Gen Onyema Nwachukwu, who claimed that the troops had pursued the fleeing terrorists, responded to a video of the insurgents opening fire on what appeared to be the Nigerian Army University, Biu, had gone viral a few days ago. The military, however, said, "The criminal elements met their waterloo, when the gallant troops of 231 Battalion and 331 Artillery Regiment swiftly routed them in a failed incursion at Maina Hari village in Biu on Saturday, January 15, 2022. "In the intense battle, troops unleashed superior fire power on the terrorists, neutralising five BH/ISWAP terrorists, compelling others to withdraw in disarray," it said. The war update issued by the army said troops also captured from the terrorists, one gun truck, one Deshka M anti aircraft gun, one HK 21 Machine Gun, one Rocket Propelled Grenade Bomb, 137 rounds of 12.7mm anti-aircraft rounds among others. This, notwithstanding, the recent terrorists attacks on communities in the two Niger

councils had left no fewer than three people dead and at least, 28 others abducted. The latest incident came just days after bandits embarked on the killing of innocent villagers in two communities of Shuroro local government. leaving scores of people dead and houses in an entire village burnt, resulting in villagers seeking protection in Kuta, the headquarters of the local government. The incident occurred a few days after Governor Abubakar Sani Bello, made a call for a total war to be waged against the bandits, "now that they have been declared terrorists" following the massacre in Shiroro communities. The assault on FarinShinge in Kontagora Local Government, the home council of Governor Bello and Kulho, Jigawa, Dogo Fadama communities in Mashegu Local Government area of the state, reportedly took place between Friday night and Saturday morning last week. In Kulho village alone, one person was reportedly killed, while 18 others were abducted. The incident in Farin-Shinge

near Kontagora took place in broad day light as the villagers were preparing for the 1.00pm prayers on Friday. "The gun men came on about 18 motorcycles. There were three of them on each of the motorcycles. They were shooting anyhow, making the villagers to scamper to the forest. The unlucky ones were kidnapped, but one person was killed," an eyewitness said. Vice-Chairman of Kontagora Local Government Council, Alhaji Aliyu Makiga, confirmed the attack on Farin-Shinge village, saying, "The gunmen came through the Tegina route in their large number", pointing out that the security operatives tried to foil the attack but met "stiff resistance from the wellequipped gunmen. :"They kidnapped a lot of people but some were set free when their motorcycles could not carry all of them and others are still with them. "They (gunmen) are demanding for a ransom of seven 50 litres jerrican of petrol, Viju Milk and other drinks,” Makiga said, even as the Police have not confirmed

the incidents. Meanwhile, in commemoration of the Armed Forces Remembrance Day Celebration (AFRDC) 2022, the Chief of Army Staff (COAS), Lt Gen Faruk Yahaya, weekend, presented brand new Hilux vehicles to 14 living heroes of the Nigerian Army, who served the nation, when their services were mostly needed. The COAS added that the presentation was in honour and recognition of the sacrifices of both the fallen heroes and veterans, who were still alive for their services to the Nigerian Army, the nation and humanity. The presentation was done nationwide, across all formations of the Nigerian Army, to signpost the significance of the celebration. Presenting the vehicles on behalf of the COAS to one of the beneficiaries, the Provost Marshal (PM), Army, Maj Gen Robert Aiyenigba, stated that Armed Forces Remembrance Day celebration, provided an opportunity for retrospection and appreciation of the patriotism and sacrifices

demonstrated by both veterans and fallen heroes. "It is in appreciation of their services that the COAS presents these vehicles to the retirees" he stated. Aiyenigba further pointed out that the gesture was an affirmation of the high premium, the COAS placed on welfare of personnel. The provost marshal symbolically handed over the keys and official documents of a brand new Hilux vehicle to the former Regimental Sergeant Major, Headquarters Nigerian Army Corps of Military Police (NACMP), Ex-Army Warrant Officer, Akinyokun Felix, on the occasion of his retirement after 35 years of meritorious service to the nation. In his response for the kind gesture, Ex-MWO Akinyokun Felix, thanked the COAS for finding them worthy of the award, describing it as a morale booster to them and those they left in service. He added that they would continue to support the Nigerian Army to succeed in her constitutional mandate even in retirement.

Buni Commends Buhari for Improved Security in North East Deji Elumoye in Abuja The Yobe State Governor, Mai Mala Buni, has hailed President Muhammadu Buhari for his untiring efforts at restoring peace and normalcy particularly, to the troubled North Eastern part of the country. Buni, who is also the Chairman of the National Caretaker committee of the ruling All Progressives Congress (APC), spoke yesterday at the end of the week long 2022 Annual Cultural Festival in Michina, Yobe. He acknowledged the fact that there was a significant improvement in the security situation in the Northeast, particularly, Yobe, adding

that the large and peaceful congregation that witnessed the cultural festival was an evidence that the security situation had improved. The governor further thanked Buhari for providing the security personnel as well as the required resources to secure lives and property in the country. "As a result of this, the people in the north eastern part of the country can now sleep with their two eyes closed. In case there is still anybody in doubt, this large congregation at this event is enough proof that the security situation has improved," he said, even as he thanked the traditional rulers, other community leaders and Imams for their prayers which,

he claimed had been answered by God. Buni also commended the Senate President, Dr Ahmad Lawan, for providing the right leadership at the National Assembly and for providing the much needed support and cooperation to enable the executive arm of government perform. He thanked the Senate President for leading a legislative arm, which provided cooperation and support needed for the executive arm to deliver on its mandate to the people. Buni said the various projects that the government had executed or being implemented were the results of the cooperation and support,

which once eluded the Buhari administration the first four years but were being provided by the current Assembly. According to him, "I have earlier acknowledged Ahmad Lawan as Sardaunan Bade. He is not Sardaunan Bade alone but Sardaunan of Northern Nigeria. He was voted here as a Senator, because this is his constituency. But God has made him Senate President of the Federal Republic of Nigeria. "Since he assumed office as Senate President, the support and cooperation that he gives the executive arm of government led by President Muhammadu Buhari, has brought about the development in the country that we are witnessing today.

MONDAY, JANUARY 17, 2022 • T H I S D AY

NEWSXTRA

ABDULRAZAQ MARKS ARMED FORCES’ DAY... L-R: Kwara State Governor, AbdulRahman AbdulRazaq; Deputy Governor, Kayode Alabi; State Chief Judge, Justice Suleiman Durosinolohun Kawu; Brigadier General Abdulsalam Abubakar; and Brigadier General A. P. Oguntola; during the Armed Forces remembrance day, in Ilorin...recently

Finance Act: FG Limits Tax Incentives on Oil, Gas, Others’ Operations FIRS now sole tax administrator

James Emejo in Abuja

In its renewed drive to boost domestic resource mobilisation, the federal government has limited companies involved in the trade or business of gas utilisation in downstream operations in the country to a, "once in a lifetime" tax-free regime, according to the latest changes effected in the Finance Act, 2021. The new law states that additional investment, reorganisation or other forms of corporate restructuring shall not qualify for a further tax incentive under the gas investment programme. Such companies are further barred from similar incentive under any other sections of the Companies Income Tax Act (CITA) or other law. Moreover, companies engaged in upstream petroleum operations would continue to have obligation to withhold VAT, even when they have not commenced commercial operations or have not reached N25 million turnover. However, profits of companies engaged in educational activities in the country are now liable to tax due to the removal of educational activities from the exempt provisions of Section 23(1)(c) of CITA. Also, the rate of tertiary education tax has been increased from two per cent of assessable

profits to 2.5 per cent. According to the Federal Inland Revenue Service (FIRS), the new tax law further stipulates that capital gains from the disposal of stocks and shares in Nigerian companies, for aggregate proceed amounting to N100 million or more in any period of 12 consecutive months, is liable to Capital Gains Tax (CGT) at 10 per cent where the proceeds have not been reinvested within the same year of assessment in the acquisition of shares in the same or other Nigerian companies Also, profits of companies from the exports of goods produced in upstream, midstream and downstream petroleum operations are also liable to tax as clarified in section 23(1)(q) of CITA. Additionally, it reiterated that non-resident companies liable to tax on profits arising from providing digital goods or services to Nigerian customers under the Significant Economic Presence (SEP) Rule may be assessed on fair and reasonable percentage of their turnover in the event that there is no assessable profit, the assessable profit is less than what is to be expected from that type of trade or business, or the assessable profit cannot be ascertained. Furthermore, the new amendments to the Finance Act states that capital allowance on qualifying capital expenditure

PDP Governors Meet in Port Harcourt over 2023 Elections Blessing Ibunge in Port Harcourt The Peoples Democratic Party (PDP) Governors Forum will hold a special meeting today at the Rivers State Government House, Port Harcourt. The Director General of the PDP Governors Forum, Hon. Cyril I.D. Maduabum, who disclosed this, said the meeting would review the state of the states, the state of the nation and readiness of the party to provide the necessary leadership to rescue and rebuild Nigeria. "All the elected PDP Governors are expected to attend the meeting to be presided over by the Chairman of the

Forum, Rt Hon Aminu Waziri Tambuwal.. "The meeting will be preceded by a Gala night to be hosted by the Chief Host, Governor Nyesom Ezenwo Wike. "The PDP governors are working in concert and consultations with other leaders of the party and in particular the Senator Dr Iyorchia Ayu led National Executive Committee of PDP to craft a credible process and programme for Nigeria's positive rebirth." He explained that Ayu was invited to attend the meeting to hold consultations with the governors on strategies for executing the rescue and rebuild Nigeria project.

incurred in generating tax-exempt income was not deductible from the assessable profits arising from income not exempt from tax under CITA. In addition, it stated that capital allowances accruing in respect of QCE employed for both taxable and tax-exempt income shall be pro-rated where the tax-exempt income constitutes more than 20 per cent of the total income of the company. Capital allowance on qualifying capital expenditure incurred by small companies are deemed utilised during the periods such companies are tax-exempt in accordance with Section 31(1C) of CITA. However, minimum tax rate was reduced from 0.5 per cent to 0.25 per cent for any two consecutive accounting periods falling on 1 January 2019 to 31 December 2021, as may be elected by the taxpayer. The Finance Act also states that any company that claims the reduced 0.25 per cent rate under the minimum tax rule in section 33 of CITA but filed its

tax returns late would be liable to penalty equal to the benefits or reduction claimed. The FIRS also stated that taxpayers may pay tax due in instalments provided that the final instalment shall be paid on or before the due date of payment. Under the current regime, Withholding Tax (WHT) deducted from payments to a Unit Trust shall be the final tax on such income provided the said deduction is fully remitted to FIRS. Moreover, companies engaged in the business of banking, mobile telecommunication, ICT, aviation, maritime and oil and gas with turnover of N100 million and above, are liable to pay NASENI Levy at 0.25 per cent of their profits before tax and the tax is to be administered by FIRS. The Finance Act also vested the FIRS with the duty to assess, collect, account and enforce the payment of the Nigeria Police Trust Fund Levy. The levy is 0.005 per cent of the net profit of companies operating business in Nigeria as provided under Section 4 of

the Nigeria Police Trust Fund (Establishment) Act. While also strengthening the service, the Act stipulated that any person who fails to grant FIRS access to its information processing systems to deploy its automated tax administration technology after a 30 days’ notice, or such extension granted by the service, is liable to a penalty of N25, 000 for each day it continues to fail to grant the access. Also, any bank that fails to prepare and submit quarterly returns of new accounts or any information requested by the relevant tax authority, or submit incorrect returns or information, under section 28 of FIRSEA or sections 47 and 49 of PITA, is liable to a penalty of N1 million for each quarterly return or information not provided or incorrect returns or information provided. The law further provided that, "Any person employed in the service or otherwise that has access to taxpayer information is under a strict legal obligation to keep such information

confidential. "Leakages of taxpayer information by such person is liable to fine, imprisonment or both fine and imprisonment." The FIRS said, "It is an offence, punishable by a fine of N10 million imprisonment or both, for any agency of the federal government (other than FIRS) or any of their staff or consultant, to demand for books or returns for the purposes of tax, or carry out the function of assessment, collection or enforcement of tax, or pay any portion of tax revenue to any person or into any account, other than the relevant accounts designated by the constitution or relevant laws of the National Assembly." Meanwhile, other agencies of the federal government are under statutory obligation to report cases requiring tax investigation, enforcement or compliance, encountered in the course of performing their function, to the service for necessary action; they are forbidden from carrying out tax monitoring, audit or investigation.

Court Rejects Petro Union’s Application to Enforce $15bn Judgment Wale Igbintade A Federal High Court sitting in Lagos has dismissed an application by Petro Union Oil and Gas Company to enforce a £2.550 billion judgment delivered on March 11, 2014, against the Central Bank of Nigeria, Union Bank, the Ministry of Finance, and the Attorney-General of the Federation jointly and severally. Justice Daniel Osiagor held that the Court cannot prevent a shareholder from selling its shares. The application was brought by Petro Union and its officials seeking to enforce the erstwhile judgment against Union Bank even as the appeals of Union Bank, CBN and the AttorneyGeneral of the Federation remained pending at the Supreme Court and the Court of Appeal respectively. Also, the criminal trial of Petro Union and its directors at the Federal High Court for sundry criminal offences including fraud, forgery, and uttering was also ongoing.

Together with interest, the judgment which Petro Union attempted to enforce before their efforts were frustrated amounted to over $15 billion – which was almost half of Nigeria’s current foreign reserves. Petro Union had on June 18, 2021, approached the Federal High Court through a Motion Ex-Parte seeking an Order of Interim injunction to restrain Union Bank from accepting, or offering for sale its assets, in any manner - pending the determination of the Motion on Notice filed in the suit and an Order directing maintenance of status quo and suspension of all actions, proceedings and processes relating to the intended sale of Union Bank’s assets - pending the hearing and determination of the Motion on Notice already filed in the suit of which the Court granted the Motion Ex Parte. Upon being served the Order Ex-Parte, Union Bank, through its lawyer, Olaniwun Ajayi, filed an application to set aside the Order Ex-Parte and also filed

other processes in opposition to the Motion on Notice filed by Petro Union asking the Court to make the interim order permanent. Union Bank argued that a litigant cannot prevent a shareholder of a company with which it is involved in litigation from selling its shares, and that such an action by a shareholder cannot be imputed to the company. It was further argued that the judgment, which formed the basis of the suit was obtained by fraud, as an appeal against the judgment was pending at the Supreme Court where an application for stay of execution was also pending and that Petro Union and its directors were standing trial for fraud-related offences before the Federal high court. In its judgment, the Federal High Court, presided over by Justice Daniel Osiagor, quoted paragraph 2 of the publication by Bloomberg which read: “Bloomberg, which quoted sources familiar with the

matter disclosed that Atlas Mara Limited, the London Stock Exchange-listed pan-African banking group started by Mr. Bob Diamond has received a number of approaches for its 49.97 per cent holding in Lagosbased Union Bank of Nigeria.” The judge held that the quoted paragraph shows that it is Atlas Mara Limited that has received offers for the sale of its shares in Union Bank. The Court further held that shares belonging to shareholders is not the same as the assets of a company, hence the Court cannot prevent a shareholder from selling its shares. The Court also held that because of the appeal pending at the Supreme Court, it would not make any preservatory order on a matter which is currently before the Supreme Court. Justice Osiagor stated further that there was no threat to the 'res' to necessitate a preservatory order of the Court thus dismissing the Originating Summons filed by Petro Union.

MONDAY JANUARY 17, 2022 • T H I S D AY

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NDLEA Intercepts US, UK-bound 62.3kg Cannabis Michael Olugbode in Abuja The National Drug Law Enforcement Agency (NDLEA) has intercepted 62.3 kilogrammes of cannabis sativa at the Lagos Airport that was about being transported to United Kingdom (UK) and the United States (US). Also, an attempt to smuggle illicit drugs into the country through the Lagos seaport was foiled. These were among the successes recorded by the anti-narcotics agency in the last one week, according to the spokesman of the NDLEA, Femi Babafemi. In a statement yesterday, Babafemi said attempts by drug traffickers to export 73 parcels of cannabis (34.05 kilogrammes) concealed in foodstuff plastic containers to the UK through the NAHCO export shed of the Murtala Mohammed International Airport (MMIA) Ikeja, were frustrated by operatives on January 8, same way another 50 parcels of cannabis consignment (27.25 kilogrammes) meant for the United States was also intercepted at the export shed of the airport on Tuesday, January 11, adding that at least three suspects have so far been arrested.

He also said moves by illicit drug merchants to bring into Nigeria 94 parcels of cannabis indica (Colorado) weighing 43.4 kilogrammes through the Tincan Island seaport in Lagos were

crushed on January 13, when operatives intercepted the drug inside a 40ft container from Canada. He disclosed that the exhibit was concealed inside a Toyota

Camry car. This came on the heels of a similar seizure on January 11, of 59 parcels of Colorado (17.3 kilogrammes) concealed in a Mercedes Benz vehicle imported

from Canada. In terms of interceptions within the country, Babafemi disclosed that about 1.5 million tablets and capsules of pharmaceutical opioids such as Tramadol, Exol-5 and Diazepam

loaded in Onitsha, Anambra State and heading to Yauri, Kebbi State, were intercepted in Edo State by operatives last Friday, same day 425,000 Diazepam tablets were recovered at Segemu, Kano.

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Group Wants Fayose Amnesty Programme Boss Backs Wike's Suspended from PDP over War against Illegal Refineries Interference in Congress Blessing Ibunge in Port Harcourt

Victor Ogunje in Ado Ekiti A group in the Ekiti State Peoples Democratic Party (PDP) under the auspices of Ekiti Political Intervention Coalition(EPIC), has called on the National Working Committee to suspend former Governor Ayodele Fayose for allegedly stage-managing the rigging of the last Saturday's ad hoc delegate congress in the state. The group stated that the congress was roundly rejected by stakeholders, because it was allegedly conducted by those he described as impostors. The group posited that the congress, which was expected to have been conducted by a National Committee

chaired by the Governor of Akwa Ibom State, Mr. Udom Emmanuel, was supervised by one Emmanuel Enoidem, this he said accounted for why the process ended in fiasco . Top leaders of the party and governorship aspirants, including former governor Segun Oni, Senator Biodun Olujimi, Hon Wale Aribisala, former Deputy Governor Kolapo Eleka and Lateef Ajijola, had Saturday accused the congress committee of bias , alleging that it allowed Fayose to hijack the process to his own advantage. The PDP leaders urged the National Chairman of the party, Dr. Iyorchia Ayu, to cancel the congress to prevent the PDP from losing the June 18 governorship poll.

The Interim Administrator of the Presidential Amnesty Programme (PAP), Col. Milland Dikio (rtd), has declared his support on the war against illegal refineries by the Rivers State Governor, Nyesom Wike. Dikio, said Wike's effort should be complemented by all stakeholders in the Niger

Delta region. The PAP boss spoke in Port Harcourt, during the 50th anniversary and award night of the Port Harcourt Polo Club. He said illegal refineries were not the only cause of the environmental devastation in the region, insisting that other harmful practices were also responsible polluting the environment. Dikio said: "I commend the

Rivers State Governor, Wike, for taking on the issue of illegal oil refineries also known as kpofire head on. But a lot of work still needs to be done. Kpofire is not the only pollutant and so individually and collectively what are we doing, especially corporate organizations to reduce unwanted emissions into our environment"? Dikio, also urged people of

the Niger Delta to stop bickering over the alloted percentage in the Petroleum Industry Act (PIA), saying opportunity would be created for future negotiation. "I will say that instead of quarreling about the percentage, we should be talking about what to do with the percentage we got, build on it and we can have another discussion after that", Dikio said.

Tinubu Tasks Buhari to Eliminate Terrorists Francis Sardauna in Katsina

The former Governor of Lagos State and the All Progressives Congress (APC) stalwart, Ahmed Bola Tinubu, has challenged President Muhammadu Buhari to use all means necessary to eliminate terrorists in the country. The APC chieftain spoke in Katsina while condoling the government and people of Katsina

state over the demise of the state Commissioner for Science, Technology and Innovations, Dr. Rabe Nasir. Nasir was assassinated by unknown gunmen at his residence in Fatima Shema's Estate located within the Katsina metropolitan area in December, 2021. Tinubu said: "I urged the federal government of President Muhammadu Buhari as the

Commander-in-chief of the Armed Forces to use all means necessary to eliminate these people. "We will continue to pray with you to conquer the evil of kidnapping and killing of innocent lives. It is not tolerable. Nigeria will win the war, evil will not thrive. "What they don't understand is that this country is larger and

greater than any of them. Let us be more vigilant and pay more attention to whatever is happening within our surroundings". He appealed to the public to give information to the government for suspicious movements and those they felt might be planning evil in order to ward off terrorism and other criminalities in the country.

Otti Explains High Costs of Nwosu Wants Persons Indicted in His Abduction Arrested Government House during the outrage following the manner has been roundly condemned Emmanuel AddehinAbuja outing service in honour of his they invaded the church and by Nigerians, was allegedly Projects in Abia coordinated by the Chief Principal A former governorship candidate late mother, Jamaimah, at the St. whisked the politician away. Emmanuel Ugwu-Nwogo in Umuahia

Renowned economist and frontline opposition politician, Mr. Alex Otti has decried the outrageous amount of money that the Abia State Government claims it spends on road projects. He said that lack of transparency in contract awards was responsible for the high cost of projects being executed by the administration of Governor Okezie Ikpeazu. Otti expressed his concerns in a statement, pointing out that the handling of the Faulks road project in Aba, stands out as a classic example of a drain pipe for Abia resources. He noted that during a recent radio interview, Governor Ikpeazu "admitted

releasing extra N2.5 billion to the contractors handling Faulks Road" thereby confirming public perception that there was more to the project than meets the eye. "If this sum is added to the N6.8 billion which (Ikpeazu) government previously claimed was spent on the construction of the road, we would be talking of N9.3 billion spent on the construction of a road of less than six kilometers. "Whichever way you look at it, the Faulks road project has not only become an embarrassment to (Ikpeazu) government, but has obviously gulped very questionable amount of resources, while still remaining a nightmare to road users," Otti said.

in Imo State, Uche Nwosu, yesterday called on the Inspector General of Police, Mr. Usman Alkali Baba, to fish out and arrest three aides of the Imo state governor indicted in his alleged abduction. Nwosu was forcibly taken away by hooded policemen allegedly attached to the Imo State

Peter's Anglican Church last month. In a statement in Abuja, Nwosu, disclosed that the indicted aides were inside one black Ford Hilux vehicle while the hooded policemen attacked the church on December 26 last year. The action of the policemen, who were earlier mistaken for kidnappers, aroused public

Videos, which emanated from the scene further showed the invaders disperse worshippers after shooting intermittently in the church before dragging Nwosu out of the church and bundling him into the trunk of one of the cars. According to the in-law to former Governor Rochas Okorocha, the operation which

Security Officer to the governor, Shaba Adamu, a superintendent of police(SP). In addition, Nwosu alleged that the governor's aides were implicated in the invasion of the church and his “abduction”, demanding that all those who conspired to carry out the act must be prosecuted.

Varsity Don Decries Poor Reading Culture in Nigeria

Seriki Adinoyi in Jos

Head of Department of English, University of Jos, Professor Jeff Godwin Doki has lamented poor reading culture among Nigerians, calling on the federal and state governments to invest in schools by properly funding them to make reading texts and materials available to children right from primary

and secondary levels of education. Doki made the call during a community engagement with Anaguta, host community of the university, when his department also donated volumes of books to schools in the community through the traditional ruler, the Ujah of Anaguta. He had identified causes

of poor reading culture in the country to include parents factor, adding that parents no longer encourage reading at home. “Some parents could buy a car for the child on his/ her birthday but not a book.” The don also observed that the advent of science and modernity, especially the television, the internet and the telephone has thrown all the

books into a dingy corner, even as leaders in power and the rich will build hotels, pubs and bars rather than building libraries and schools. The consequences of these, Doki said are the social crimes like prostitution, drug addiction, examination malpractice, alcoholism, cultism and other vices now staring Nigeria in the face.

MONDAY JANUARY 17, 2022 • T H I S D AY

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2023: Don't Vote Drug Addicted Politicians, Masari's Wife Tells Nigerians

Francis Sardauna in Katsina

As 2023 general elections gathered momentum, the Wife of the Katsina State Governor, Dr. Hadiza Bello Masari has admonished Nigerians, particularly youths, not to vote drug addicted politicians during the polls. She said the menace of drug addiction had pervaded all segments of the society and only drug integrity tests on people in critical service sectors can sanitise the system. Mrs. Masari spoke yesterday while inaugurating Drugs and Substance Abuse Advisory and Counselling Centre in Musawa, built by a community philanthropist, Abdullahi Aliyu, in collaboration with her pet project 'Centre for the Advancement of Mothers and Children in Katsina'. She said: "It is pertinent for us to check whoever is contesting for any political position or office to ascertain whether he or she is not a drug addict before we can vote him. We should make sure that the person is not a drug addicted politician irrespective

of whoever he is." The governor's wife lamented that the misbehaviour of some political office holders as well as most of the crimes committed in the society is drug-induced. While describing drug addiction as a public health issue with grave concern and increased crimes, she said it could destroy life and create more impediments and dysfunction within matrimonial homes and the society. She, however, said the newly inaugurated centre will provide counselling, rehabilitation and treatment to drug users in order to stem the tide of drug addiction among youths and married women in the state. Speaking earlier, the State Chief Judge and Chairman, Board of Trustees, Centre for the Advancement of Mothers and Children, Justice Musa Danladi Abubakar, said the centre has stemmed the menace of drug abuse among youths in the state. He added that the issue of banditry and gun-running can only thrive in the country when drugs are available, calling on regious and traditional leaders

to support the ongoing war against drug abuse in order to eliminate the scourge. In his remarks, Abdullahi Aliyu, said the drug

rehabilitation centre would focus on patients’ detoxification and social reintegration by assessing their physical and mental health, vowing to build

another centre in Matazu local government area of the state. On his part, the State Commandant of the National Drug Law Enforcement Agency

(NDLEA), Muhammed Bashir Ibrahim, noted that 90 per cent of those who abuse drugs in the state were between the ages of 14 and 15 respectfully.

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Basic Education, Weapon Ex-PDP Legal Adviser Berates APC over Delayed against Poverty, Illiteracy, Appointment of Economic Adviser Terrorism, Says Don Okon Bassey in Uyo

Victor Ogunje in Ado Ekiti

A university lecturer and Professor of Educational Management at the Ekiti State University (EKSU), Ado-Ekiti, Dr. Babatola Ayodele, has urged Nigerian governments to make basic education affordable to all Nigerians, describing it as a good weapon against poverty, illiteracy and terrorism. The University lecturer said with basic education, Nigerians would be conscious of evil inherent in kidnapping, terrorism and killings, while being knowledgeable enough to deploy their skills acquired to make themselves relevant economically, thereby reducing poverty in the system. Ayodele spoke in Ado-Ekiti during the 62nd inaugural lecture of the institution at the weekend. Speaking on the topical issue

entitled, "The Basis And The Basic Education For Sustainable Development in Nigeria", the don appealed to stakeholders in the education sector, especially school administrators, to imbibe the culture of maintenance in various institutions of learning. "Basic education is a tool to reduce and eradicate illiteracy, poverty and criminalities in Nigeria and means to guarantee the rights of the Nigerian child to education. The quest to making basic education accessible had enabled the Federal Government of Nigeria to establish and reinforce the 6-3-3-4 education policy 1986 with a view to rectifying distortions in basic education delivery in Nigeria. Let me stress the need for government at all levels to ensure equity in the distributions of educational resources to schools.

The immediate past National Legal Adviser to the Peoples’ Democratic Party (PDP), Mr. Emmanuel Enoidem, has carpeted the Presidency and the All Progressive Congress (APC) for not having an Economic Adviser to oversee the economic need of the country for over four years. He described the recent

appointment of Dr. Doyin Salami as the Chief Economic Adviser to President Muhammadu Buhari, as a clear case of cluelessness on the part of the APC-led administration. Salami's appointment was announced last week by the Adviser to the President on Media and Publicity, Mr. Femi Adesina, for the first time since the inception of Buhari's administration in 2015.

Speaking with journalists during the weekend in Uyo, Akwa Ibom State’s capital, the former PDP’s legal adviser said that it is only a clueless government that would run its administration for four years without an economic adviser. Enoidem said: "It is unimaginable that somebody would run a government for four years without an economic team or adviser.

"The first time the president has bothered to appoint an economic adviser was last week, in six and half years of his government? "It is laughable that you are not an economist, your educational background is even challenging, yet you don't want to bring in people that know to work with you, that is why we fail as a country under the leadership of President Buhari."

Youths Empowerment, Gender Inclusion, Our Major Focus, Says Kwara Gov Hammed Shittu in Ilorin Kwara State Governor, Alhaji AbdulRahman AbdulRazaq has said that youths empowerment and women inclusion remain top priority of his administration, promising to consolidate on youth-focused programmes to accelerate sustainable growth and development of the state. AbdulRazaq made this

remark during a visit to the Government House, Ilorin by the Kwara representatives in the Nigerian Youth Parliament (NYP) 5th Assembly, seeking collaboration of the young parliamentarians in fostering peace, growth and development of the young people in Kwara. The three-man delegation, comprising Adefila Ifeoluwa (Kwara South), Abubakar

Sadiqq Buhari (Kwara North), was led by Ibraheem Abdullateef (Kwara Central) to the Government House. AbdulRazaq, while congratulating the young parliamentarians on their inaugura-tion, said his administration would continue to prioritise the welfare of all categories of youths in the state, to deepen participation and inclusion.

"We congratulate you on your appointment to represent Kwara State from each of the senatorial districts. From what we have heard so far, you are good ambassadors of the state. "We want to strengthen the bond between the state and the Nigerian Youth Parliament so that there will be effective communication and feedback," the governor said.

Four abducted students of the Federal University of Lafia, Nasarawa State have regained their freedom, the school authorities said yesterday. The students were kidnapped last Thursday night by gunmen around the university’s campus. In a statement, the institution’s Head, Information and Public Relations Unit,

Abubakar Ibrahim, said the students who were kidnapped outside the university premises were released on Saturday. “The management of the Federal University of Lafia wishes to happily announce that the students of the university who were kidnapped by unknown gunmen on Thursday, January 13, 2022, have been released by their

abductor,” the statement read. Ibrahim extended the appreciation of the university’s Vice-Chancellor, Professor Shehu AbdulRahman, to the Nasarawa State Government and the general public for their concern and support during the period. He said the students have undergone medical checks and are found to be in good

condition to resume their studies. While reiterating the commitment of the university to safeguarding the interests of the students to forestall a reoccurrence in the future, Ibrahim added that the ViceChancellor has called on staff and students to remain calm and to go about their normal duties.

ACJMC Commences Free Legal Services for Police Detainees Four Nasarawa Varsity Students Regain Freedom Alex Enumah in Abuja With the formal launch of the Police Duty Solicitors Scheme (PDSS), succour may have come the way of many indigent citizens, who spend days languishing in police detention cells due to their inability to afford the services of legal practitioners. The launch by the Administration of Criminal Justice Monitoring Committee (ACJMC), over the weekend, was aimed at ensuring an effective justice system in the country. Secretary of ACJMC, Mr. Sulayman Dawodu, in his remarks, stated that events leading to the prosecution of any suspect must be well managed and devoid of any arbitrariness such as torture and other illegal means of extracting information

from alleged criminals. To make investigation and subsequent prosecution more transparent, he disclosed that the Administration of Criminal Justice Act (ACJA), 2015, provided among others, that statement should only be taken from a suspect in the presence of his or her lawyer. Sulayman observed that while some persons arrested and detained by the police were not aware of their rights and how to protect them, others could not afford the services of legal practitioners. "It is simply a scheme developed to render immediate free legal services to vulnerable and indigent persons arrested and detained in Police stations pending the completion of police investigations and their arraignment before a court of law," he said.

2023: PDP’ll Return to Power in Kwara, Say Guber Hopefuls Hammed Shittu in Ilorin About 10 governorship aspirants of the Peoples Democratic Party (PDP) in Kwara State, at the weekend, said they had been working together as a team to ensure that they return the party to power come 2023 elections. The governorship hopefuls

also said any one of them that emerged as the candidate of the party would be jointly supported so as to oust the ruling All Progressives Congress (APC)-led government in the state. A former Minister of Transportation during the government of former president Goodluck Jonathan and

governorship hopeful, Hon Issa Bio, who spoke in Ilorin, the state capital, while addressing journalists, said the mission was to rescue the state. Bio spoke on the sideline of a "Thank You" event organised by the Kwara North Consultative Forum, championing the northern governorship candidate to

thank the leadership of the PDP for zoning the governorship ticket to the northern part of the state in the next elections. According to him, "Our mission is to rescue Kwara State from the ruling APC and we are working round the clock to speak as a united front without confrontations but through the ballot".

T H I S D AY • MONDAY JANUARY 17, 2022

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Nigeria is Not for Sale, Says Osinbajo Support Group Ibrahim Shuaibu in Kano The Vice President Yemi Osibanjo Support Group has declared that Nigeria is not for sale and urged him to answer the call of Nigerians to run for 2023 presidential elections. The support group tagged Nigerian Tribe, rose from a two-day meeting in Kano, dissociated itself from any agreement from any secret quarter that might secretly favor other candidates than Osinbajo. The House of Representatives member from Kaltungo Federal Constituency in Gombe State, Mr. Karu Simon Elisha, told reporters in Kano on behalf of the group that “on the issue of negotiation, it could a previous practice but presently Nigeria is not for sale” Elisha said: “We say no to any agreement prior to this generation. This generation must decide who leads them and not those who decide their future behind them. “Professor Osinbajo to yield our call to vie for the Presidency. We know his competence and capability and we are waiting for him to decide.” According to him, "Osinbajo is very brilliant and humble. He always acts intelligently."

Asked on who is bankrolling the support group, Elisha reaffirmed that "we don't mind who is bankrolling the movement but we are after quality and continuity in governance."

Earlier, Professor David T. Eyenobo of Osinbajo Grassroots Support, read the communiqué and declared their total support for Professor Yemi Osinbajo to run for the office of the President of

Federal Republic of Nigeria." "We enjoined all Nigerians, civil society organisations, professional bodies, market men and women, students and our teaming youths to lend their voices to

the command of history by ensuring the seamless emergence of Professor Osinbajo as President of Nigeria come 2023. "The conference of Nigerians under Tribes urges the party,

All Progressives Congress (APC) to make the best choice and nominate Professor Yemi Osinbajo as its presidential candidate for 2023 elections for consolidation and continuity of the APC overall stability.

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Alleged N75m Fraud: Adams: Restructuring will Ease Nigeria's Lawyer Accuses Police Socio-economic, Security Challenges of Cover-up Oluchi Chibuzor

Wale Igbintade

Counsel to Ezekwere Don and Mrs. Mopelola Domingos, who were arraigned before Tinubu Magistrate’s Court over alleged N75 million fraud, has accused the police at the Zone 2 Command at Onikan, Lagos of cover-up and low level of professionalism. According to the lawyer, Chief Bolanle Olugbani, the police at the Zone 2 Command are allegedly being economical with the truth in order to protect one Alhaji Moruff Oyejide (aka Al Maroof). Olugbani stated that the complainant in the charge, Ifeoma Obi, does not exist, adding that it was a fictitious name allegedly invented by the police. Don and Domingos were alleged to have collected the sum of N75 million from a

complainant, Obi, under a false pretence of selling five plots of land to her. According to the charge, the defendants allegedly collected the money from the complainant with a promise to sell five plots of land to her in Ibeju-Lekki, Lagos, since July 2017, but they failed to provide the land for the complainant, and instead converted the money to their use. However, their lawyer explained that the arraignment was sequel to a petition over an allegation of threat to life and malicious damage of property written by Alhaji Moruff Oyejide (aka Al Maroof) to the Zone 2 Police Command at Onikan. He accused the Officer in Charge of Anti-Crime Unit of the Command of scheming to ensure that Al Maroof acquire five plots of land which have been in dispute.

The Aare Ona Kakanfo of Yorubaland, Iba Gani Adams, has stressed the need for the country to be restructured into different regional governments in order to ease the socio-economic and security challenges affecting the country. In view of this, according to him, this would reduce all the agitation for secession from

various ethnic groups in the country and also allow for a favourable competition and true cohesion among regional areas. He stated this in Lagos at a press conference as part of activities to mark his 4th installation anniversary as the 15th Aare Ona Kakanfo of Yorubaland, adding that on their demands on regionalism, the federal government and political players would pick

either regionalism or secession. Answering questions on security issues that the government has been working hard to ensure stability, Adams noted that the issue can only be sorted out by proper true federalism as stated in the 1960 Constitution. According to him, “They have to pick one. If you do not want the country to break up, you have to restructure

this country into different regions. The agreement that brought us together as a country in 1960 is true federalism-that every region would develop at their own pace. “There is no way you can have effective security without restructuring if the Nigerian police say they will recruit millions of policemen, we are just deceiving ourselves."

Human Rights Commission Insists on Provision of Health Care Services to Children Michael Olugbode in Abuja The Executive Secretary National Human Rights Commission (NHRC), Tony Ojukwu, has said to ensure adequate enjoyment of children rights to health, health care services have to be provided for them by government and relevant stakeholders. Ojukwu, in a statement

yesterday to commemorate the 2022 Economic Community of West African States (ECOWAS) Human Rights Day, however, called on government and relevant stakeholders to do more in providing healthcare services for children in order to ensure adequate enjoyment of their rights to health. The Executive Secretary,

who made this call in Abuja, said although the Nigerian government has put many policies in place for the advancement of the child’s rights to health, there is still more to be done. He said children like adults are entitled to the enjoyment of the highest attainable standard of health as well as facilities for the treatment

of illness and rehabilitation of health as specified by most local and international laws. He said the theme for this year’s celebration, “Guaranteeing Child Rights to Health for Inclusive Community Development” is apt, considering the challenges faced by children which infringe on the enjoyment of their rights to health."

FCTA Threatens Chiefs Ekiti 2022: Zoning Can't Abridge My Right to Contest, Says Ex-SSG the coveted seat without Ekiti in a statement issued by listening to their programmes over Land Allocation Victor Ogunje in Ado Ekiti hindrance. his media office yesterday and and projections to further lift

Olawale Ajimotokan in Abuja

The FCT Administration has threatened to prosecute any traditional ruler, chief and district head within the territory caught allocating lands to unsuspecting individuals. The Secretary, Area Council Services Secretariat, Mr. Ibrahim Dantsoho, re-echoed the position of the administration when he paid a courtesy visit on the palace of the Sakaruyi of Karu, Emmanuel Kyauta Yepwi. Dantsoho said the role of traditional rulers was becoming worrisome in the deliberate distortion of the Abuja Master Plan, which has led to illegal development of settlements in the territory. He conveyed the message of

the FCT Minister Mohammed Musa Bello and the FCT Minister of State Dr. Ramatu Tijani Aliyu, to all traditional rulers within the FCT to inform their chiefs, village heads and district heads that anyone still in the habit of allocating plots of land to individuals should desist from such act or be ready to face the law. "It is only the FCT Minister that can allocate land in the Federal Capital Territory and that is a role he performs on behalf of the President who happens to be the Governor General of the FCT," he said. He also urged the royal fathers to ensure that there is no breakdown of law and order during the forthcoming area council’s elections in the FCT.

A governorship aspirant of the All Progressives Congress (APC) in Ekiti State and former Secretary to State Government, Hon. Biodun Oyebanji, has appealed to aspirants angling for the party's ticket to respect the right of others to contest for

Tactically referring to agitation being made by politicians for the zoning of the ticket to the South, Oyebanji stated that every Ekiti indigene must be given the unfettered rights to contest without any constraint. Oyebanji said this in Ado

signed by the former SSG. He said: "I sued for peace in our primary and reiterated the need for our people to respect the right of individuals to aspire. I made it known to our leaders that they can only get the best after respecting other people's right to contest and

the state." He showered encomiums on leaders and members of the party in the state for their steadfastness and the warm reception accorded him and his team during his recently concluded tour of the local governments in the state.

Zulum Inaugurates Borno’s Advisory Committee on Governance and Devt Michael Olugbode in Maiduguri Borno State Governor, Prof. Babagana Zulum, has inaugurated the Borno State Advisory Committee on Governance and Development. This, according to a statement issued yesterday by the governor’s spokesman, Mallam Isa Gusau, is aimed at

creating people’s inclusiveness and opportunity of control over their affairs. The committee is headed by Usman Sarki as the chairman. Others are: Alhaji Muhammad Mustapha Bintube, Hajja Kaka Suleiman Gumsuri, Alhaji Musa Kida, Prof. Isa Hussaini Marte, Joerg Kuehnel, Prof. Ali Mburza, Prof. Iqbal Asaria, Hon. Bukar

Tijjani, Dr. Mairo Mandara as members, and Muhammad Bukar Badiya as the secretary. The governor, while inaugurating the 10-man Advisory Committee at the Council Chambers of the Government House in Maiduguri, said his administration is committed to making Borno State a favoured

destination for businesses, investors, and partnership, and will ensure that the supremacy of the rule of law is of critical importance in the system. Zulum noted that his administration would continue to ensure that peace and security are sustained, which he said is critical to attain development in any society.

MONDAY JANUARY 17, 2022 • T H I S D AY

MONDAY, ͹Ϳ˜ ͺ͸ͺͺ ˾ T H I S D AY

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Nigeria, Tunisia Round of 16 Clash Looms

Femi Solaja

With Super Eagles of Nigeria already assured of next round qualification and topping Group D in Garoua, there are strong indications that the team’s likely opponents in the Round of 16 stage of the tournament are likely going to be the Carthage Eagles of Tunisia. After another brilliant Super Eagles win against Sudan on Saturday night and a possible steamroll of Guinea-Bissau in Nigeria’s last game of Group

RESULTS Gambia 1-1 Mali Ivory Coast 2-2 S’Leone Tunisia 4-0 Mauritania Algeria 0 -1 E’Guinea

(Mon Jan 17) B’Faso v Ethiopia (5pm) C’Verde v Cameroon (5pm)

D game on on Wednesday, the possibility of the three-time African champions to remain in the northern Cameroonian city to play Tunisia has become imminent. THISDAY checks on the fixture last night showed that Nigeria, based on current standing in Group D, will be up against the third best finisher from either Group, B, C or F where Malawi, Sierra Leone and Tunisia are current standing as third teams. The knockout phase is expected to start on January 23rd with Group A in Yaoundé and Group D in Garoua. As at yesterday evening after two round of matches in the relevant Groups, Leone Stars of Sierra Leone who rallied to another draw against Elephants of Cote d Ivoire are placed third on the log with two points off the draw against Algeria too in the opening match. In Group B, Malawi who secured a 2-1 win against Zimbabwe on Friday are pushed to third position with three points

A F R I CA C U P O F N AT I O N S

as well. Tunisia also revived their hopes of qualification after the controversial lone goal loss to Mali with an emphatic 4-0 win against hapless Mauritania yesterday. With three points, they are on same level with Malawi but a win in their last Group F match could jolly well make them retain the best third spot among the trio. They can still move further up to the runner up place and change

their path in the knockout phase. That depends on the scores from the group’s other game. However, following the defeat of defending champions Algeria last night by Equatorial Guinea that condemned the North Africans to the bottom of Group E on just one point, the possibility of the Riyad Mahrez led squad finishing third is also possible. The Algerians will need to beat Ivory Coast by two goals in their last group match

to finish on four points to stand a chance of qualifying. If Equatorial Guinea beat Sierra Leone, they will go top with five points from second position The Elephants from Abidjan need to draw with Algeria to stay top of the log with five points. Both Super Eagles and Tunisia are not new to each other should fate pit them against each other. Nigeria edged out Tunisia at same stage of the tournament at the 2006 event in Egypt. Both sides had played 1-1 draw but the Super Eagles

Revamped TBS Cricket Oval Commisioned in Lagos Former Governor of Lagos State, Akinwunmi Ambode joined Professor Giwa Bello-Osagie yesterday to commission the turf wicket of the Tafawa Balewa Square Cricket Oval in Lagos. The TBS Oval, the nation’s traditional home of cricket has been shut for 18 months for upgrade from concrete bowling strips to grass turf which has been one of the challenges for the development of the sport in the country. Professor Osato Giwa-Osagie, while commissioning the turf wickets, challenged cricketers and stakeholders to pull resources together to further the growth of the game in the country. “I am glad at the level of development that this ground has undergone. This ground holds a lot of memories and mean much to the history of Nigeria and cricket.” Also speaking, Governor Ambode said the game of cricket is capable of helping instil discipline and critical life skills in the youth. “I think critical to success in any endeavor in life are the soft skills that the game of cricket teaches and we are very happy at the recent

uptick in the development of the game. This turf wicket compliments all the effort of the administration in growing the game and I believe we would in no time feel its impact,” observed the former Lagos governor who is a cricket stakeholder having played the game at college level. President of the Nigeria Cricket Federation (NCF), Uyi Akpata, stressed that the facility upgrade has helped increased the number of topflight cricket grounds in the country to seven in just one year that the NCF commenced the project. “Facility upgrade scores very high on our agenda and the TBS is very critical in that sphere as it is Nigeria’s frontline facility.” Akpata said that this easily puts Lagos on the map as city with two top facilities capable of hosting world-class events. He listed the other facility to include the University of Lagos cricket grounds in Akoka. Meanwhile, Nigeria’s biggest cricket League, the CCC (Club Cricket Committee) League, will have its elite division games on the grass wickets.

NFF, Pamodzi Warn Businesses to Desist from AFCON ‘Ambush’ Marketing The Nigeria Football Federation and its marketing consultants, Pamodzi Sports Marketing Limited on Sunday issued a stern warning to all businesses and corporates engaging or planning to engage in ambush marketing and intentionally deceptive advertising around the Super Eagles’ campaign at the 33rd Africa Cup of Nations in Cameroon to desist or face legal battles. Chairman/Chief Executive of Pamodzi Sports Marketing Limited, Chief Mike Itemuagbor said the NFF and his company are irked by the activities of some corporates who have opted to surreptitiously reap where they did not sow by identifying with the Super Eagles’ brand in an illegitimate and contemptible manner. “We have seen one company calling itself ‘PopCola’ and

intentionally using the Super Eagles’ group photo for newspaper advertisement, and relating it to the Africa Cup of Nations in Cameroon. “It is a dastard move and they should be ready to face a legal battle if they do not tender public apology within the next 48 hours and desist from such chicanery. Another company calls itself ‘Trophy’ and did a similar ambush and deceptive advertising intentionally. “For the avoidance of doubt, Coca-Colais the official soft drinks partner of the NFF and the Super Eagles and the company and brand with the legitimate right to identify with the team. This is the company that has kept faith with the NFF and the Super Eagles during good and tough times and should reap where they have sowed.

were better in the lottery of penalty shootouts. At the last edition held in Egypt, Nigeria triumphed again to pick the third placed bronze medal in the classification match in Cairo.

TIT BITS (MATCH DAY 9) t&BSMZ (PBM GPS 4VQFS &BHMFT

Early goals at AFCON are not a common feature for Nigeria but when Samuel Chukwueze got the opener for Super Eagles in the 3rd minute against Sudan on Saturday, it brought back memories of previous early goals scored by Nigerians stars of the past. In the 1980 tournament which Nigeria won as host, Segun Odegbami scored one of his two goals in the 2nd minute in the 3-0 final match win against Algeria. The late Samuel Okwaraji also scored a first minute goal against Cameroon at Maroc ‘88 in the 1-1 Group B draw in Rabat. In the third placed match of the 2019 tournament against Tunisia, Odion Ighalo’s lone goal in the 3rd minute secured Super Eagles’ bronze medal.

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Ever since Nigeria defeated Egypt 3-2 to win the bronze at the 1976 tournament, Super Eagles have maintained a tradition of qualification into the knockout phase. The only exception was at Libya ‘82 when Zambia defeated Nigeria 3-0 to stop Eagles from progressing from the group stage.

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Tunisia s Wahbi Khazri (right) , vies for the ball with Mauritania’s El Hassen Houbeibib during their Africa Cup of Nations 2021 Group F clash in Limbe...yesterday. Tunisia won 4-0 revive PHOTO: AP their campaign.

Iwobi’s Manager, Benitez, Sacked Super Eagles’ Alex Iwobi will return from the Africa Cup of Nations campaign with Nigeria in Cameroon to meet a new manager in place at his English Premier League club Everton as Rafael Benitez was fired from the post on Sunday less than seven months in charge. The Toffees appointed the former Liverpool manager, 61, as Carlo Ancelotti's successor in June. Everton, who lost 2-1 to Norwich City on Saturday, have won only one of their last 13 Premier League games and sit 16th in the table, six points above the relegation places. The club said an update on a permanent replacement will be made in due course. Former Everton striker Wayne Rooney, now manager at Derby County, has already been linked with the job. Another potential candidate is Belgium coach Roberto Martinez. He was the first Everton manager sacked by owner Farhad Moshiri in 2016 but BBC Sport understands he still has admirers among the club's hierarchy. Everton held an emergency board meeting on Saturday to discuss Benitez's future following the defeat at Carrow Road, which was a ninth loss in the club's past

12 league games. Everton's travelling contingent demanded Benitez "get out of our club", while a supporter invaded the pitch in an attempt to confront the Spaniard. Benitez, whose previous job in the Premier League was at Newcastle United, leaves Everton

with an overall win percentage of 31.8% - his lowest record in charge of an English club. Everton have 19 points after 19 games and only twice previously have the Toffees had fewer points at this stage of a Premier League campaign (17 in 1997-98 and 2005-06).

MTN Nigeria Hails Super Eagles’ Second Round Progression The official communications partner of the Nigeria Football Federation has congratulated the Super Eagles on their progression into the knockout round of the AFCON 2021 tournament. Leading the praises is the Chief Executive Officer MTN Nigeria, Karl Toriola. “We are backing the boys to make us proud in Cameroon. This team can go all the way and win the trophy. They have a proud nation brimming with passion behind them, and we are also behind them all the way. At the last tournament, we finished third, and we should be pushing on from there. The team is filled with talented boys with an opportunity to make history, and we want them to grab it”

Mercurial winger, Samuel Chuwkueze, gave the Super Eagles the lead in the third minute after scoring a fine volley. FC Union Berlin striker, Taiwo Awoniyi, scored the second goal of the game through a well-placed header on the stroke of halftime. Nigeria took a well-deserved two goal lead into the halftime. The Super Eagles began the second half how they ended the first, Moses Simon made it three for the Eagles after placing a well shot past the Sudanese goalie. The Sudanese Falcons scored a consolation goal through a penalty after Ola Aina made a rash tackle in the box. Walieldin Khedr slotted the spot kick past Maduka Okoye.

Top side Pharaohs of Egypt finally regained their form after the sloppy start against Nigeria in the opening Group D match in Garoua. Inspirational captain and Liverpool forward, Mohamed Salah, scored the only goal against Guinea-Bissau to kick-start Egypt's Africa Cup of Nations push to reach the knockout phase. Salah’s goal in Guinea Bissau’s defeat is his first international goal in 10 months!

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Eagles of Mali still lay claim to the leadership of Group F alongside The Gambia whom many would not have reckoned with for a push into the next round. But for 2013 semi-finalist Mali, they have only scored two goals so far in the on-going tournament and both by Ibrahim Kone. He scored against Tunisia in the opening Group match in the 48th and yesterday’s 78th minute against The Gambia. Gambia equalised late in the match via penalty too to leave the scoreline at 1-1.

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Away from the tournament, CAF President, Dr Patrice Motsepe, attended church service yesterday at the St Joseph’s Catholic Church in Yaoundé, Cameroon and donated US$200 000 to the Catholic Church of Cameroon on behalf of the Motsepe Foundation. He was accompanied by the CAF Secretary General, Mr Veron Mosengo-Omba who also attended the church service. -Compiled by Femi Solaja

MONDAY, ͹Ϳ˜ ͺ͸ͺͺ ˾ T H I S D AY

SPORTS

S’Leone Share Points with Ivory Coast in Dramatic Equaliser Sierra Leone scored a dramatic injury-time equaliser to grab a 2-2 draw against Ivory Coast at the Africa Cup of Nations in Douala, Cameroon yesterday. The Elephants had been coasting but an astonishing mistake from Badra Sangare allowed Alhadji Kamara to tap in.

Keeper Sangare fumbled a back-header and could only watch helplessly as Kamara secured a second successive draw for the Leone Stars in Group E. It means they have every hope of going through to the last 16. Sierra Leone have two points from two games, while the Ivorians

AFRICA CUP OF NATIONS top the group with four points to their name. However, the Elephants still have work to do when they face defending champions Algeria at 5pm on Thursday.

Both sides played their part in an enthralling match, which saw Ivory Coast miss an early penalty but then lead twice before Sierra Leone hit back in dramatic fashion. The Ivorians should have

already been in front in the 12th minute after Wilfried Zaha was brought down in the box by Sierra Leone captain Umaru Bangura's clumsy challenge. But keeper Mohamed Nbalie

Kamara, who was man of the match in the Leone Stars' opening game against Algeria,produced another great save to deny AC Milan's Franck Kessie's from the spot.

NGF Unveils 95-yearold Nigerian Golfer Runsewe says age no barrier to golfing Olawale Ajimotokanin Abuja

Sierra Leone’s Kei Ansu Kamara (left) in aerial battle with Eric Bailly of Ivory Coast during their AFCON Group E clash in PHOTO: BackpagePix Yaounde, Cameroon...yesterday

Djokovic Disappointed with His Deportation from Australia Novak Djokovic said on Sunday he is "extremely disappointed" with a court decision to deport him from Australia and prevent his defence of the Australian Open. "I am extremely disappointed with the ruling to dismiss my application for judicial review of the decision to cancel my visa, which means I cannot stay in Australia and participate in the Australian Open. "I respect the court's ruling and I'll cooperate with the relevant authorities in relation to my departure from Australia. Serb Djokovic, who is unvaccinated against Covid-19, failed to overturn a decision from the government to cancel his visa on public health grounds.

The world number one, 34, boarded a flight bound for Dubai from Melbourne on Sunday. "I will now be taking some time to rest and to recuperate," he said. Djokovic was bidding to have the chance to win a record 21st men's Grand Slam title, moving him clear of Spain's Rafael Nadal and Switzerland's Roger Federer for the first time. Djokovic's deportation means 35-year-old Nadal is the only one of the trio playing at Melbourne Park. Federer, 40, is out with a long-term knee injury. The decision ends an 11-day legal dispute over whether Djokovic would be able to play. He had his visa cancelled when he landed in Melbourne on 5

January and was then detained in an immigration hotel. Although that decision was overturned on procedural grounds, Australia immigration minister Alex Hawke cancelled his visa again on Friday. Britain's Andy Murray told the BBC he hoped the sport could move on from the saga and learn lessons for the future.

15 other content affiliate state broadcasters. “The channel also achieved over 65,000 free streams on its Vidivu OTT platform with viewers from Nigeria”. Sharing this debut record viewership numbers recently, the Principal Consultant AfroSport TV, Mr. Rotimi Pedro, said this milestone was made possible through AfroSport’s tripod of Free-ToAir TV Networks partnerships that includes the National Broadcaster’s NTA Network Service, a network of private and state/regional broadcasters

The Association of Tennis Professionals (ATP) - the men's governing body - said Sunday's court decision marked the end of "a deeply regrettable series of events". It wished Djokovic well and added it continued to "strongly recommend" all players were vaccinated.

Odegbami, Izamoje, Okegbenro Salute Adenuga @ 80 A former Green Eagles skipper and sports administrator, Chief Segun Odegbami, Chairman Brila Media Group, Dr. Larry Izamoje and ace sports journalist and

AfroSport TV Live AFCON Viewership Hits Estimated 65m on Free-to-Air Nigeria’s pioneer 24-hour FreeTo-Air (FTA) national sports channel, and official broadcaster of the AFCON 2021, AfroSport TV, hits over 18 million TV sets across Nigeria. The Broadcast outfit said this was achieved through a transmission collaboration with three of the nation’s terrestrial TV networks, NTA, STV and AIT with coverage in all 36 states and the Federal Capital Territory, Abuja; the AfroSport TV Channel 730 on the digital TV platform, Free TV, that currently reaches 9 states and 1.2 million homes, as well as

The Nigeria Golf Federation (NGF) has unveiled the oldest Nigerian to be playing the game of golf. London-based Pa James Olujobi Omolaso was presented by the NGF led by Otunba Olusegun Runsewe, when he was playing a few holes at IBB International Golf and Country, Club, Abuja. Pa Omolaso, who turns 95 next month, was a foundation student of Molusi College, Ijebu-Igbo and regularly plays at Greenwich Estuary Golf course near 02 Arena, London. He plays golf off Handicap 28 and has been playing the game for the past 35 years. Speaking on why he plays golf, Pa Omolaso said that he feels stronger each time he plays the game, adding the game is unlike other sport because it can be played continuously. “Normally, I do exercises, play and watch television and do pep talk with my children. I also watch Formula 1 as well as flip to nearly all sports channels. Generally, I am interested in sports, because I was a sports person in my college in those days at Molusi College Ijebu Igbo. I was one of the foundation members of the school,” Pa Omolaso recalled. He advised people seeking to live longer to eschew excessive drinking, drugs and philandering,

adding they must also exercise as well as do basic things like caring for others. Pa Omolaso, whose least handicap attained was 27, said that whenever he visited Nigeria with his son, he usually liked to come and watch golf at the challenging Abeokuta layout, Abuja and the flat terrain of Ikoyi Club 1938. He tasked Nigerian professional golfers to work hard and exhibit confidence, noting they will become international items like Tiger Woods if they inculcate those attributes. The President of NGF, Otunba Runsewe, who discovered the nonagenarian, urged Nigerians to key into the game of golf as it can be played at any age. “Pa Omolaso is 95 and still comes to the course to play some few holes and make some putts. The fact that Baba has mental alertness and understands what golf is tells us that golf is an ageless game. Today, he has demonstrated something: that when you hit a good golf shot, your entire body chemistry communicates. “I appeal to all Nigerians to disabuse their minds from that notion that golf is for the elite. Golf is for the living mind—anyone that is alive, golf is the right game to tap into. I screamed when I saw Baba and I resolved that what we needed to do was bring him to the golf course,” Runsewe said.

and the National Broadcasting Commission’s (NBC) digital platform – Free TV. Pedro said given the tendency to view and enjoy football content in groups, it is estimated that over 55 million people would have watched the Egypt vs Nigeria AFCON 2021 match on AfroSport TV enabled networks and streaming platforms. He expressed excitement at providing free access to over 65 million sports fans who may have been denied the thrill and entertainment of the AFCON 2021.

CEO Peachtree Communications, Gboyega Okegbenro have showered praises on Segun Adenuga as the veteran sports journalist clocks 80 years today, January 17. Odegami said the memories of Adenuga’s works in the 1970s and early 1980s were still fresh in his mind. “He was so dedicated to football coverage at the time and till date he is still a very big fan of the sport. It’s not easy to attain 80 and that is a sign of discipline in many areas of life, “observed the Odegbami fondly called ‘Mathematical.’ Izamoje noted that Adenuga, popularly called West Coast, played a good role in the development of football and journalism in Nigeria. “He has all information at his finger tips and his dedication is an inspiration to many younger ones in the media till today,” Izamoje said.

PLAYING GOLF AT 95...

NGF President, Otunba Olusegun Runsewe who discovered the oldest golfer in Africa, here welcoming 95-year-old Pa Omolaso to IBB Club...recently

Monday January 17, 2022

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& RE A SO

Price: N250

MISSILE Gov Umahi to Biafra Agitators “If anybody tells you about Biafra, Ebonyi State will never be part of Biafra. We are better in a fair and equitable Nigeria. And we are not going anywhere. Some enemies of the South-East say if we become president, we will divide the country. How would we divide the country? We have investments everywhere” – Ebonyi State Governor, David Umahi, declaring his stand against Biafra, says Igbo have investments everywhere.

MAHMUDJEGA VIEW FROM THE GALLERY

On Losing Money by Eating Beef

f you pluck money out of your pocket, hand it over to a butcher in exchange for a kilo of beef, with which you thoroughly enrich your soup, will you later on count the money as lost? That was precisely what Ondo State Governor Rotimi Akeredolu implied last week when he said Nigeria’s Southwest region loses N2.5 billion everyday to beef consumption. He didn’t say so, but implied that all that money flees to the North, ancestral home of the pastoralists. Akeredolu described beef consumption as the “bedrock of poverty” in the Southwest, never mind that the region has the lowest poverty indices in Nigeria. Let us begin with this word “lose.” If money vanishes from your pocket without your getting anything worthwhile in return, that is obviously a loss. But if on your own you give out your money in exchange for something that you obviously think is worth it, how does that amount to a loss? For many years, Nigerian leaders promoted this notion of a “loss” for monies consciously spent on valuable items. “Nigeria loses billions to rice imports,” “Nigeria loses billions to milk imports,” “Nigeria loses billions to fuel imports,” “Nigeria loses billions to medical tourism.” I wonder: if you pack your money and give it out to a Japanese engineer, and he in turn sends a bus over to you with which you ply a route in return for passengers’ money, how does that amount to losing your money to Nippon? The Japanese engineer who got your money in exchange for the bus is also going to lose it, variously to Arabian oil exporters, Argentine wheat farmers, Australian cattle ranchers, Chinese prawn fishermen, Korean whale catchers, French wine makers, American fashion designers, Cuban cigar makers, Siberian beluga farmers and Spanish seaside hotel owners. All money circulates and revolves. Money in itself has no value until it is exchanged for something valuable. Just make sure that you make a certain good or service so that some of the money revolves back to you. To be fair, Nigerian leaders talk about “losing money” in relation to buying something from abroad that we could otherwise make here at home or at least, that we have a ready substitute for. I agree that importing refined fuel is a colossal loss of money since we can refine crude oil here at home, as we used to. Importing ship loads of Thai parboiled rice could count as a loss when you have millions of acres of suitable paddy fields lying fallow. Governor Akeredolu is the first person I know who spoke about loss in relation to other parts of the country. Since he is chairman of the Southern Governors Forum, his call for an end to beef consumption in the Southwest was probably an extension of the campaign to chase pastoralists out of the South and if possible, off the face of the earth as well.

Akeredolu

The criminal behaviour of some pastoral youths notwithstanding, beef is an extremely important food, a protein source almost without equal in this and many other parts of the world. A good part of the health and vigour of the people of the Southwest could be attributed to beef consumption. All the hardworking mechanics, bus drivers, construction workers and market women, not to mention bankers, lawyers and engineers, take a break every afternoon to eat swallow with a lot of beef and ponmo. If people only eat cassava in order to preserve their money, very soon they may not be able to stand up inside a molue.

Did it ever occur to you why India, with 1.3 billion people, is almost totally bereft of world-class athletes in anything other than cricket? At one Olympic Games after another, India manages to grab one or two bronze medals. During the country’s 50th Independence Anniversary in 1997, one Indian professor mulled over this question and attributed it to the country’s beef-free vegetarian diet. If that is true, then Southwestern states will soon fall to the bottom of the medals table at the National Sports Festival once Akeredolu’s idea is widely implemented. My fear for Governor Akeredolu’s unguarded remark is that it could precipitate other regional leaders to undertake a soul search about money they may be “losing” by “importing” products from other parts of the country. I can imagine the Governor of Kano State, for example, having a soul search about kolanut. Kola is not grown anywhere in the North but every day, merchants bring it in hundreds of trucks from the Southwest. They have been doing so for hundreds of years; in the olden days they went as far as Gonja to bring kola nuts on donkeys. That is because kola nut occupies a pride of place in Hausa marriages, naming ceremonies, turbanning of emirs and just plain welcome for visitors. If Kano State were to compute the losses it suffers due to kolanut imports from Ondo State, it could amount to billions. Product for product, kolanut is much less valuable than beef. During my undergraduate course in food and nutrition, my teacher Dr. Roman Tertil, from Poland, was discussing hard-to-digest food material. He frowned darkly when he mentioned kolanut, which he said is less than 10% digestible! I wondered that day: you go to Ondo State, pay money and expensively transport a product that

Beef is one of the single biggest sources of protein, which helps to improve muscle mass, is very satiating, discourages food cravings, is packed with amino acids and is extremely rich in minerals. Beef is one of the highest sources of carnosine. Carnosine helps prevent iron deﬁciency anemia, which WHO says afﬂicts 1.62 billion people throughout the world. Beef also contains the performance enhancer creatine, which improves exercise performance, assists in muscle growth and development, provides muscles with greater energy supply and improves endurance

is only 10% digestible? Beef, on the other hand, is mostly digestible and within hours, ends up building body tissues and organs and repairing damage and injury to the body. I have other news for Governor Akeredolu, who proposed that the people of Southwest should stop eating beef and instead eat chicken, which can be reared in the region. Well, I tried that ten years ago. Not as a political or economic statement but because a doctor at the National Hospital ordered me to cut consumption of red meat in order to control my blood cholesterol levels. A dietician then recommended that I eat fish and chicken instead. I happily went to the market and bought 30 fowls at a go. Apart from the much higher cost, I discovered within a week that I could not eat either fish or chicken two or three times a day without getting very fed up. I asked two colleagues at the office and they said they had the same experience. Maybe it does not apply to everybody. That Ondo people, and many other people as well, made cows and their meat the center of ceremonies over many generations must be for a good reason. Beef is one of the single biggest sources of protein, which helps to improve muscle mass, is very satiating, discourages food cravings, is packed with amino acids and is extremely rich in minerals. Beef is one of the highest sources of carnosine. Carnosine helps prevent iron deficiency anemia, which WHO says afflicts 1.62 billion people throughout the world. Beef also contains the performance enhancer creatine, which improves exercise performance, assists in muscle growth and development, provides muscles with greater energy supply and improves endurance. Apart from its great taste and relatively cheap price, tying a cow in your yard days before a ceremony is the best way to advertise the event. It is a much better advert than printed invitation cards. Many people will turn up at the ceremony uninvited because they heard the mooing of the cow at night. I wonder if the clucking of chicken or the splashing about of fish in a bowl with achieve as much impact. Anyway, Governor Akeredolu hit on the idea of banishing beef consumption in the Southwest because his campaign to legalise marijuana cultivation failed to get national traction. Imagine what will happen if people of the Southwest stop eating beef and smoke marijuana instead. How can a man who saw nothing wrong with smoking Indian hemp, take exception to eating beef? If it is to prevent loss of money, is there a faster way to lose money than for it to go out in a puff of Indian hemp smoke? Indian hemp makes its smokers very hungry, so legalizing it will double the Southwest’s food import bill, not to mention its medical bills. If someone one day sues Governor Akeredolu for igniting the mayhem, no amount of legal jargon will extricate this SAN from the tight spot.

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