MONDAY 27TH JANUARY 2025

Proof of Brand Strength: Zenith Bank Raises Over N350 Billion Through Combined Offer

Nume Ekeghe

Buhari: THISDAY is a National Monument, Institution

Jonathan: It’s a Leading Voice in Nigerian Journalism

Legendary singer, Diana Ross, arrives Lagos as awards hold today

Emmanuel Addeh in Abuja

Former Presidents Muhammadu Buhari and Goodluck Jonathan, yesterday added their voices to the horde of tributes that have poured in for THISDAY newspapers as it marks its 30th

anniversary on the newsstands. Buhari described the formation of THISDAY newspaper, now 30 since its

as a national monument and one of the most notable landmarks in the growth and development of the press

DHQ: We Lost 22 Soldiers, Killed

Over

70 Terrorists in Deadly Borno

Clash

Military urges media to resist publishing names of casualties until families are formally notified

Linus

The Nigerian military, yesterday, said troops of Operation Hadin Kai killed no fewer than 70 terrorists, including three notorious commanders, in a deadly encounter with the criminals in their fortified enclaves codenamed Timbuktu Triangle.

It identified the commanders as Talha, terrorist special forces commander; Mallam Umar, terrorist operations commander; and Abu Yazeed, terrorist brigade commander.

The military also announced the killing of 22 of its men during the encounter.

A statement by Director, Defence Media Operations, Major General Edward Buba, appealed to the media to resist the temptation of publishing names of troop casualties to

DECORATION OF EJIBUNU AS ACG...

L-R: The Comptroller General of Nigeria Customs Service (NCS), CG Bashir Adewale Adeniyi; Assistant Comptroller General, ACG Hussein Kehinde Ejibunu; his wife, Hajia Jumoke, and the Kogi State governor, Alhaji Ahmed Usman Ododo, at the decoration of Ejibunu as ACG, at the Customs Headquarters, Abuja…recently

Aleke in Abuja

in Nigeria, while Jonathan characterised the newspaper as a leading voice in the country's journalism.

Buhari, in a statement by his spokesman, Garba Shehu, noted

NEITI Seeks Speedy Completion of Petroleum Refineries' Rehabilitation

Says N15.8tn spent on petrol import in 18 years Expresses support for NNPC’s refining expansion plans

Emmanuel Addeh in Abuja

The Nigeria Extractive Industries Transparency Initiative (NEITI) yesterday called for the quick completion of rehabilitation work on the crude oil refineries run by the Nigerian National Petroleum Company Limited (NNPC) nationwide.

Besides, the Ogbonnaya Orjiled organisation congratulated the national oil company on the successful completion of the first phase of the Port Harcourt Refinery rehabilitation project and the gradual resumption of operations at the Warri Refinery.

Stressing that the accomplishments represent significant strides towards addressing Nigeria’s longstanding dependence on imported petroleum products, NEITI recalled that from its recently published reports, Nigeria spent a whopping N15.8 trillion on fuel subsidy between 2006 and 2023.

The operationalisation of the refineries, it said, is a monumental step towards achieving energy self-sufficiency and fostering economic sustainability, a statement by the acting Director, Communication & Stakeholders Management, Director, Communication & Stakeholders Management, Obiageli Onuorah, noted.

By reducing the staggering costs associated with fuel importation, the milestone, according to NEITI, will positively impact Nigeria’s foreign exchange reserves and create a ripple effect across key sectors of the economy.

“NEITI acknowledges that the revitalisation of the Port Harcourt and Warri Refineries has the potential to enhance energy security, create jobs, stimulate local industries, and free up critical funds that can be redirected towards national priorities like health, education, and infrastructure.

“Through its Industry Reports for the Oil and Gas 2023 released recently, between 2006-2023 (in 18 years), a total

of N15.87 trillion was expended as under-recovery through price differentials (subsidy) with 2022 recording the highest sum of

N4.714 trillion.

“2022 also recorded the highest importation of PMS put at 23.54 billion litres, while 2017 recorded the lowest import volumes of 16.88 billion litres.

Furthermore, between 2022 and 2023, importation volumes declined by 3.25 billion litres (14 per cent) from 23.54 billion litres in 2022 to 20.28 billion litres in 2023. This is attributed to the announcement of the removal of fuel subsidy.

“With the current efforts to put the refineries back to work, NEITI is delighted that the huge payments expended on subsidy will henceforth be available to support national development, ongoing rebuilding of the national infrastructure and poverty reduction.

“We request the NNPC to expedite action on the second phase of the Port Harcourt Refinery and the ongoing rehabilitation of the Kaduna refinery. This should be followed

closely with the restoration of the phase 1 of the Port Harcourt refinery to optimal capacity in the ongoing rehabilitation efforts”, NEITI stated. It commended the leadership of the NNPC team for their resilience, dedication, and unwavering determination in executing what it described as the complex and challenging task.

As stakeholders in Nigeria’s energy sector, NEITI said that it remains committed to supporting NNPC’s efforts to ensure the long-term success of the projects and to share the achievements with national and global partners, including the Extractive Industries Transparency Initiative (EITI) community.

“NEITI stands ready to collaborate with NNPC to sustain and expand these gains in the national interest and Nigeria’s energy security,” the statement noted.

Chatham House: Trump May Sideline Africa’s Development, Emphasise Bilateral Deals

Emmanuel Addeh in Abuja

Chatham House, a British international policy thinktank, has predicted that the newly-inaugurated United States President, Donald Trump, may likely sideline Africa as a continent and choose to strike bilateral deals with selected countries on more transactional bases.

In a treatise titled: “Africa in 2025: Economic Growth Despite Persistent Problems”, written by its Research Director, Africa Programme, Dr Alex Vines, the organisation argued that the African Growth and Opportunity Act (AGOA), which grants African nations duty-free access to the US market for specific products, currently faces uncertainty.

However, it said that although the AGOA deal may be renewed this year, yet under Trump, it will be in a more transactional form, potentially narrowing tariff-free access.

“Following the inauguration of Trump as US president on

20 January, expectations point to selective US engagement in Africa. The Trump administration could prioritise US strategic interests, potentially sidelining African economic development, with a greater emphasis on bilateral deals.

“Trump has also threatened to impose 100 per cent tariffs on BRICS members – which now includes Egypt and Ethiopia, in addition to South Africa – if the group pushes forward with the proposal to create a rival currency to the US dollar.

“The African Growth and Opportunity Act, which grants African nations duty-free access to the US market for specific products, faces uncertainty but is likely to be renewed this year in a more transactional form, potentially narrowing tariff-free access,” the group projected.

In addition, Chatham House maintained that this could become more sharply aligned with US geopolitical interests, particularly in countering China’s influence in Africa.

DHQ: WE LOST 22 SOLDIERS, KILLED OVER 70 TERRORISTS IN DEADLY BORNO CLASH

allow them to formally notify their next of kin.

The statement said, "Troops of Operation Hadin Kai in North-east operational theatre conducted clearance operation to renowned terrorist stronghold and enclave known as Timbuktu Triangle.

"The three-pronged operation aimed at dismantling the terrorist presence within the triangle commenced on 16 Jan 25 till date.

"Troops recorded several encounters with terrorists during the course of the clearance operations, which resulted in over 70 terrorist combatants, including three notable terrorist commanders, neutralised.

"The terrorist commanders neutralised include and is not limited to the following: TALHA (Terrorist Special Forces Commander), Mallam UMAR (Terrorist Operations commander) and ⁠ABU YAZEED (Terrorist Brigade Commander)."

Buba revealed that the terrorists deployed Improvised

Explosive Devices( IEDs), Person Borne Improvised Explosive Devices suicide bombers, as well as Vehicle Borne Improvised Explosive Devices suicide bombers in explosive vehicles to try to ward off troops advancement and attacks during the operations.

He said the troops already knew the terrorists’ tactics and thwarted the several attempts, including shooting down the amateur drones used by the terrorists.

The statement added, "Overall, during the course of the operations, troops sadly recorded 22 killed in action casualties with several others wounded in action.

"On this account, the media is enjoined to resist publishing names of troop casualties to allow the formal notification of their next of kin."

Buba stressed that the public would be updated on further developments in the ongoing operation in due course.

Competition with, and containment of, China, the report said, will remain a key priority for Washington. But Beijing’s reduction of its financial commitments to Africa, it argued, has led many African countries to seek new or renewed partnerships elsewhere.

According to the think-

tank, Beijing’s reduction of its financial commitments to Africa has led many African countries to seek new or renewed partnerships elsewhere.

This year, it said, Saudi Arabia and the United Arab Emirates are set to become significant investors in Africa’s mining sector, while Türkiye, and other Gulf States, are also showing

greater appetite to widen their African involvement.

If the Ukraine war subsides, the report stressed that Russia might also aggressively pursue new defence and trade opportunities across Africa.

“As part of its broader strategy on the continent, Russia is expected to host its next Africa summit next year, and

Equatorial Guinea has offered to host the event. Meanwhile, the UK has announced that it is developing a new approach to Africa.

“France, having withdrawn all its troops from Chad by 31 December, will pull most of its military deployments in Côte d’Ivoire and Senegal this year,” Chatham House predicted.

BUHARI: THISDAY IS A NATIONAL MONUMENT, INSTITUTION JONATHAN: IT’S A LEADING VOICE IN NIGERIAN JOURNALISM

that what is important about THISDAY is not only because it re-launched the sustainable printing of the Nigerian newspaper in full colour, and then the rest of papers rushed to follow.

Besides, he stressed that it is not only because the newspaper pays the most attention to business, economy and politics, noting that there's no serious politician in the country that would go to bed without seeing the paper.

Aside from its major objective of promoting free speech, dialogue and a serious preoccupation with nation building, which he said are important, Buhari contended that the most adorable thing about THISDAY is that it doesn’t keep malice against individuals, institutions and governments.

“We may have wronged them as a government. Every government in the countryadvertently and inadvertently

Issue was also 100.18% subscribed with a total 5,232,748,964 ordinary shares allotted.

Lauding the development, the Group Managing Director/ Chief Executive of Zenith Bank Plc, Dame (Dr.) Adaora Umeoji, OON, said: “The success of our combined Rights Issue and Public Offering is a testament to the strong confidence and trust that our shareholders, investors, and stakeholders have in Zenith Bank's vision, strategy, and brand. This landmark transaction underscores our commitment to strengthening our capital base, enhancing our

wrongs the press but with THISDAY, you can never see bitterness in their pages. They report you as well as anyone can, as the professional practice of the media demands that they do. THISDAY is extraordinary,” the former president explained.

According to the former president: “THISDAY is a national monument. It is a national institution whose ownership is beyond its registered shareholders”, stressing that it belongs to all Nigerians and society must protect its existence.”

Also, Jonathan has felicitated the Publisher, Prince Nduka Obaigbena and the entire Board of Editors of THISDAY Newspapers, on the occasion of the 30th anniversary of the newspaper, describing THISDAY as a paper that has greatly enriched Nigeria's media landscape and contributed so much towards strengthening its democracy.

competitive edge, and positioning ourselves for sustainable growth and profitability. We deeply acknowledge the invaluable and strong support of our regulators, the Central Bank of Nigeria and the Securities and Exchange Commission, and are grateful for their guidance in ensuring the integrity and efficacy of the exercise. This successful transaction will enable us to continue delivering value to our stakeholders, while also contributing to the growth and development of the economy.” Proceeds from the Hybrid Offer will be strategically deployed to

In a goodwill message to the publisher, Jonathan noted that within this period of 30 years, THISDAY has established itself as a credible medium well positioned to shape public opinion and foster informed discourse on national and global issues.

"Over the past three decades, THISDAY has grown to become a leading voice in Nigerian journalism, providing readers with insightful news, analysis, and informed commentary.

"As you celebrate, I commend your courage, innovation, and adaptability in navigating the challenges of the ever-evolving media industry. I wish THISDAY many more decades of impactful journalism," Jonathan said in a statement by his spokesman, Ikechukwu Eze.

Meanwhile, the muchawaited THISDAY awards in commemoration of the newspaper’s three decades on the stands takes place today,

solidify the Bank’s position as the leading financial institution in Nigeria. Additionally, the funds will support the Bank’s expansion into other markets in Africa and Europe, investment in technology and other Group-wide growth initiatives.

The Offer, which opened on August 1, 2024 and closed on September 23, 2024 and sought to raise N290 billion through a combination of a Rights Issue and Offer for Subscription, was successfully executed largely as a digital Offer, embracing the power of technology to improve access to the equity capital market

with legendary singer, Diana Ross, arriving in Lagos yesterday. The red carpet for the awards billed to take place at the Eko Hotel and Suites, Victoria Island, is expected to commence at 5pm. This is not the first time Ross will be headlining the THISDAY awards. In 2007, at the Muson Centre, she equally honoured the newspaper’s invitation to headline the 12th edition of the award at the time.

During the awards, THISDAY is expected to honour some of Nigeria's ‘Tough and Resilient’ individuals and institutions in selected fields of endeavours, after earlier inviting nominations for various categories of nominees.

The ceremony aptly tagged: “When the Going Gets Tough... the Tough Gets Rewarded!” will cover several categories, including: ‘Titans of The Year’; ‘Brand of the Year’; ‘Government Agency of the Year’; ‘Investor of the Year’; ‘Young Global Leaders of the Year’, among several others.

as it seamlessly leveraged the Nigerian Exchange Limited’s e-Offer platform.

The results of the Hybrid Offer, which garnered substantial interest from domestic and international investors, has positioned the Bank as one of the few banks in Nigeria to meet and even surpass the CBN’s N500 billion minimum capital requirements for Banks with International Authorization well ahead of the March 2026 regulatory deadline. The Bank’s share capital will now rise to N614.65 billion, which is N114.65 billion above the regulatory minimum requirement.

Dr Ogbonnaya Orji, Executive Secretary, NEITI.

INAUGURAL ECONOMY BUSINESS NETWORK WORKSHOP...

CFG Report: Banks Charge High Lending Rates to Compensate for High Regulatory Reserve Requirements, Levies, Taxes

Impacts productivity, GDP growth, profitability

Dike Onwuamaeze

CFG Advisory says Nigerian banks are charging high interest rates on loans to compensate for the costs of holding high regulatory reserves, which they pass on to their customers via high spreads between lending and deposit rates.

CFG expressed the views in its January 2025 publication, captioned, “Adverse Effects of High-Interest Rate Spreads on The Nigerian Economy,” which was authored by Mr. Mustafa Chike Obi and Mr. Adetilewa Adebajo.

The report defined interest rate spread as the difference between the interest rates charged on loans and the interest rates paid on deposits, and emphasised that the spread had become an area of concern since the Nigerian banking liberalisation regime.

It added that the spread also suggested there were intrinsic and systemic inefficiencies within the Nigerian banking system and distortions in the economy at large.

The report said, “The CBN's regulatory requirements,

especially the high Cash Reserve Ratio (CRR), now at 50 per cent, and the Liquidity Ratio, are impacting the interest rate spread and reducing funds available for lending.

“The AMCON levy, NDIC premiums and the impending windfall tax are also included.

“Banks are charging higher interest rates on loans to compensate for the opportunity cost of holding reserves and passing on all these costs to customers via higher spreads.”

According to the report, “CBN’s monetary policy decisions, such as setting the Monetary Policy Rate (MPR), influences the interest rate spread.

“A higher MPR in the process of taming inflation invariably leads to higher lending rates and a wider spread.”

It added, “In the past years from 2023 to 2025, interest rate spreads for Nigerian banks have on average increased and reached a record high from 6.0 per cent to 19 per cent.

“High-interest rate spreads in Nigerian banks have significant implications for the country’s

economy and various key economic indicators.

“High spreads often indicate structural inefficiencies, higher risks, or restrictive monetary conditions, which can hinder economic performance.

“Low spreads reflect a wellfunctioning, competitive financial system that promotes growth and stability.”

The report stated that high interest rate to deposit spread in Nigeria had significant consequences for GDP growth rates.

It said, “A wide spread is a consequence of high lending rates, relative to low deposit rates, making it more expensive for individuals and businesses to borrow money. This can reduce investment, consumption, and economic growth.

“Furthermore, a high-interest rate spread can also lead to a decrease in deposit rates, making saving less attractive. This can reduce the amount of money available for banks to lend, further exacerbating the problem.”

According to the report, high-interest rate spread has

been shown to have a negative effect on the output gap, which is the difference between the actual and potential output of the economy.

CFG said, “A high-interest rate spread can also lead to a decrease in manufacturing output, as high lending rates make it more expensive for manufacturers to borrow money.

“The negative impact on output gap in Nigeria, has decreased manufacturing output as is it more expensive for manufacturers to borrow money, which in turn affects productivity and reduced GDP growth rates.

“Overall, the high interest rate to deposit spread in Nigeria from our research, shows an inverse correlation with GDP growth making it essential for policymakers to address this issue.”

The report said a combination of regulatory, structural and market-based approaches would be required to lower the spread between lending and deposit rates.

It said, “To start, the CBN can play a crucial role by

Tinubu Arrives Dar Es Salaam to Attend African Leaders Energy Summit

Deji Elumoye in Abuja

President Bola Tinubu on Sunday evening arrived

Dar Es Salaam, Tanzania, to attend the Mission 300 Africa Energy Summit, which begins on Monday, January 27, 2025.

The President, whose presidential jet, NAF1 touched down at Daar Es Salam International Airport at 10.20 p.m. (8.20 p.m. Nigerian time), was received by the Foreign Minister of Tanzania,

Ambassador Mahmoud Thabit Kombo, and Chargé d' Affaires of Nigeria High Commission to Tanzania, Amb.Salisu Suleiman.

The two-day Summit is being hosted by the government of Tanzania in collaboration with the African Union, the African Development Bank Group and the World Bank Group.

On the first day, at the ministerial level, participating countries, including Nigeria, will present their national energy strategies, termed

compacts, detailing their approaches to achieving universal energy access within five years.

On the second day, Heads of State will endorse the Dar es Salaam Energy Declaration, outlining a unified roadmap for Africa’s progress towards the Mission 300 objectives.

President Tinubu will deliver a national statement reaffirming Nigeria’s commitment to achieving universal access to energy and its leadership

role in Africa’s energy sector. He will also highlight Nigeria’s ongoing clean energy initiatives and its strategy to drive integrated energy delivery on the continent.

Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, Minister of Power, Mr Adebayo Adelabu; Special Adviser to the President on Energy, Olu Verheijen and other senior government officials accompanied the President on the trip.

implementing policies that narrow the interest rate spread.

This can be achieved by either decreasing lending rates or increasing deposit rates and a review of levies.

“Another strategy is to improve the overall efficiency of the banking system.

“Additionally, the government can also play a role by implementing policies that promote economic growth and stability like investing in infrastructure, promoting entrepreneurship, and implementing policies that attract foreign investment.”

Senate Leader, 14 Others Confirmed Life Benchers

Sunday Aborisade in Abuja

The Body of Benchers, currently chaired by Chief Adegboyega Awomolo (SAN), has confirmed the Leader of the Senate, Senator Opeyemi Bamidele; human rights lawyer, Chief Mike Ozekhome (SAN), and 13 other prominent legal practitioners as life members of the prestigious body.

The confirmation, according to a statement yesterday by the Directorate of Media and Public Affairs, Office of the Senate Leader, was formally announced on Thursday, January 23, 2025 at the meeting of the body held at its head office in Abuja, the Federal Capital Territory.

The statement explained that the body further confirmed the Director General, Nigerian Law School, Prof. Isa Chiroma; Emir of Lafia, Justice Sidi Bage; retired Justice of the Supreme Court, Justice Ejembi Eko and former United Nations Special Rapporteur on Trafficking persons in Africa, Prof. Joy Ngozi Ezeilo (SAN) life benchers.

Part of the statement read: “With the newly confirmed life benchers, the total number of life benchers in the country has now risen to 170, a cap set for the next five years before new life members would be admitted into the body of practitioners of the highest distinction in the legal profession.

“The elevation of the new life benchers is obviously in recognition of their outstanding contribution to the development of legal profession in the country and for upholding the integrity and excellence of the legal profession.

“Bamidele, Chairman of the Senate Committee on Judiciary, Human Rights and Legal Matters in the Ninth National Assembly, was first appointed into the Body of Benchers as a Bencher in November 2019.

“His tenure as the Chairman of Senate Committee on Judiciary and Legal Matters witnessed remarkable reforms, working closely with the leadership of both the judicial and executive arms of the government.

“Among others, there was greater attention to the welfare and working conditions of judicial officers and staff through increased budgetary provisions to the Judiciary.

“The Bill for the increase in the retirement age of judicial officers from 65 to 70 was also passed by the legislature and assented to by the executive.

“Called to the Nigerian Bar in July 1992, Bamidele actively maintains his membership of the Nigerian Bar Association, American Bar Association, New York State Bar Association and International Bar Association.

“He is also a Fellow, Chartered Institute of Arbitrators (Nigeria); Fellow, Chartered Institute of Management Consultants and Fellow, Chartered Institute of Local Government and Public Administration, Nigeria.

“At different times, Bamidele has distinguished himself in public service having served as the Commissioner for Youth, Sports & Social Development under

administration of Governor

Ahmed

the

Bola

Tinubu.

President of the African Development Bank, Dr. Akinwumi Adesina (left), warmly welcomes President Bola Ahmed Tinubu of Nigeria to Dar es Salaam, Tanzania, ahead of the joint African Development Bank and World Bank Group M300 African Energy Summit...yesterday

TOLANI ALLI

Obasa: Fighting a Lost Battle as Speaker?

Segun James writes about the move made at the weekend by impeached Speaker of Lagos State House of assembly, Hon Mudashiru Obasa to reclaim the coveted number three seat in the Centre of Excellence.

The adage that those the gods want to kill, they first make mad captures the case of the immediate past Speaker of the Lagos State House of Assembly, Hon Mudashiru Obasa. That adage aptly reflected the action of Obasa when he used the opportunity of the presentation of the state’s 2025 budget to address his supposed gubernatorial ambition ahead of the 2027 poll in the state.

Obasa in his address made it clear that he is entitled to contest for the governorship seat in the state adding that those who had held the post in the past were not better or more qualified than him. This was a direct challenge to the political godfather of the state, President Bola Tinubu, a former governor of the state.

To his enemies, Obasa has not only compared himself with Asiwaju but also said that the lord of the political manor of the state is not better than him.

Barely a few hours after the import of his statement was brought to his attention, Obasa quickly contacted President Tinubu to clarify his statement, but he met a brickwall as he couldn’t get through to the President’s private lines.

With a hint that he may be removed as Speaker on the order of the President, he was advised to travel out of the country to douse the tension generated by his statement.

It was while in the United States of America that he was jolted by the news of his impeachment. He never expected it. The situation was made worse when the new leadership of the House was received by Tinubu at the State House, Abuja.

Alarmed by the turn of events, Obasa returned to Nigeria through Abuja to see the President. He was, however, unable to see Tinubu. Barely 48 hours after returning to the country from the United States of America and being unable to meet with the President, Obasa, was left with no other choice at the weekend but to call a press conference at his official residence in Ikeja, Lagos to emphatically state that he remains the Speaker of the State House of Assembly. The battle for the soul of Lagos thus began. Obasa insisted that his impeachment did not follow due process and that the election of Mrs Mojisola Meranda as new Speaker did not follow the law, hence his removal as Speaker is null and void.

Addressing a large gathering of supporters, Obasa said a fake mace was used to instal Meranda as Speaker and that hundreds of policemen invaded the House on the day of his removal in order to intimidate his loyalists.

He also alleged that some policemen invaded his official residence on the same day and prevented members of his family and every other person in the house from coming out. He described all the action that removed him as Speaker as illegal, vowing to challenge his removal in court.

Obasa also vowed to go back to the House and resume as Speaker. “The speakership is not Obasa’s title, it is like a general when you go to war, you may come out or you may not come back. So, I am not disturbed, perturbed or worried about the purported removal.”

He, however, stressed that things must be done properly.

According to him: “The Lagos State Commissioner of Police led police officers to invade the State Assembly on the day of the removal, while over 200 policemen also invaded my private residence in Agege.

“They also blocked the gate to my official residence, while they prevented members of my family from going out of the house.

“I am not afraid of being removed, I have been a member of the House for almost 22 years and Speaker for almost 10 years and I think I have contributed my quota. But why did they have to break the chamber and use a fake mace to carry out the removal? If they say they don’t want me again, it is fine, but let them follow due procedure. My status in the House is that I believe strongly that I remain

the Speaker of the Assembly until the right procedure to remove me is followed”.

He debunked the allegation that he spent N16 billion to construct a gate at the Assembly complex, describing the allegation as ridiculous.

According to him, it is not only possible to construct any gate with N16 billion, but also impossible, even as he also debunked the allegation that he bought 40 Hilux vans for N40 billion as speaker.

He emphasised that he had not done anything wrong to warrant his removal, adding he had lived up to expectations serving as lawmaker for over two decades, and that he believed so much in the House of Assembly and would never partake in its destruction.

He appreciated members of the Governance Advisory Council (GAC) and Governor Babajide Sanwo-Olu for their love for the party and the state.

Obasa also thanked the First Lady, Senator Oluremi Tinubu for her support, and President Bola Tinubu, who he said would always be his father.

Reacting to Obasa’s submissions, the House of Assembly asked Lagos residents to ignore the statements of the former Speaker, saying that his

rantings amount to nothing.

The House in a statement issued on its behalf by Mr Ogundipe Stephen Olukayode, said “It is imperative to clarify that over 2/3 of the members of the Lagos State House of Assembly are solidly united behind the new Speaker, Rt Hon Mojisola Lasbat Meranda, therefore we stood by the decision taken on the 13th of January where Rt Hon Mudashiru Ajayi Obasa was impeached and we shall defend our positions to the letter. As elected representative of the people of Lagos, we owe them good governance and harmonious relationship with other arms of government.

“The position of the House remains the same and nothing has changed. The position being canvassed by former Speaker, Rt Hon Obasa is uncalled for and unparliamentary. The majority of members elected Rt. Hon Mudashiru Obasa as Speaker for the 10th Assembly and we also at the said plenary took majority decision to remove him and stand by the new Speaker so, nothing has changed. All members were elected from their various constituencies across the state and we all have the inalienable rights under the necessary statutory orders to remove the principal officers, including the Speaker.

“I therefore appeal to the former Speaker to toe the line of peace and harmony as being followed by others, as the current intransigent posture will heat up the polity and not augur well. Any attempt to heat up the polity will

Rebellion appears to be in the air in the Centre of Excellence; and it is threatening to derail the well-ordered system put in place by Tinubu. That the people and politicians think differently is a well known fact. Why they do so is another matter entirely. One possible explanation is that while politicians perfect their political moves, the people remain docile expecting miracles from nowhere. lagos, however, remains an exception to the rule in the political firmament of the country.

be resisted by the majority of distinguished members who unanimously elected Rt Hon Meranda. Peace we want in Lagos and peace we will achieve.”

Road to Obasa’s Fall

A fundamental law of physics says nothing can go faster than light, but this law did not take into cognisance, politics - the Nigerian politics for that matter. The downfall of Obasa was so meteoric. From an all powerful Speaker to an ordinary politician.

Panic shows itself in a lot of ways - none of them really good. When we quit being governed by what we know, and instead, by what we fear. This is what Obasa has been experiencing in the last few days, since his ouster from power as the Speaker.

If it was designed to embarrass Governor Sanwo-Olu, it was spectacularly effective and devastating. The Governor was left red faced as he felt the first challenge to his authority since he took office in 2019. The Lagos State House of Assembly in a surprise move had rejected 17 nominees that Governor SanwoOlu submitted to the House of Assembly for confirmation.

Of the 39 nominees screened, only 22 scaled the hurdle while the others, mainly returning former commissioners were rejected. This had never happened in the history of Lagos especially since the All Progressives Congress (APC) controls both the executive and the legislative arms of government.

To most people, the action of the house shows that there is a political war between the governor and the Assembly. But what really led to this? Before the face-off, there has been no love lost between the Governor and the speaker of the House, Obasa. Following the decision by Tinubu to hand over the political control of the state to Sanwo-Olu, the Governor saw it as an opportunity to exert his authority on the polity, and especially the House of Assembly and its Speaker who saw himself as the alternate governor. So obvious was the arrogance of Obasa that he never attended any function with Governor. He was always delegating someone to stand in for him.

The Governor saw his new position as political leader as an opportunity to “cut the Speaker to size.” In the run to the selection and election of the House of Assembly leadership, he propped up Hon. Abiodun Tobun to challenge Obasa for the leadership of the House. The move created so much tension that President Tinubu was forced to bring both combatants to Aso Villa and mediate peace.

Asiwaju was said to have persuaded the Governor not to humiliate the Speaker but let Obasa retain his position as Speaker even as he insisted to all who attended the meeting that the Governor remains the political leader in the state. While the President’s decision is seen as a mediation, Obasa sees it as a move to exert his pound of flesh and consolidate his hold on the House.

Immediately he was re-elected Speaker, he put his supporters in the House into leadership position even as he alienated the opposition. He also went ahead to start challenging the Governor’s leadership.

The House accused the government of being soft on every issues, and more especially on security. They ordered him to address the House more than once. A move that had never happened in the history of the state.

It was in the middle of his tension that the Governor, in order to meet with constitutional requirement of 60 days deadline to submit his cabinet list, submitted a 39-man commissionernominees list. Most of those whose names were submitted were returning commissioners who were mainly technocrats who were brought in during Sanwo-Olu’s first term.

Obasa

Renewed Commitment to Financial Literacy for Next Generation, Underserved Communities

While marking the International Day of Education, Parthian Partners, a top financial services firm, has reinforced its pledge to empower young Nigerians with essential financial knowledge. Nume Ekeghe writes that through its innovative Smart Money Skills for Tomorrow Project (SMSTP), the company is equipping secondary school students and even those in underserved communities with critical money management skills to help secure a brighter and more sustainable future

In celebration of the International Day of Education, Parthian Partners, a leading financial services firm, has reaffirmed its dedication to empowering the next generation through financial literacy. At the heart of this commitment lies the Smart Money Skills for Tomorrow Project (SMSTP), a groundbreaking Corporate Social Responsibility (CSR) initiative aimed at equipping Nigerian secondary school students with essential financial skills to secure a brighter future.

This initiative, launched in 2024, seeks to bridge critical gaps in financial education, addressing a significant need in Nigeria’s educational and economic landscape. By fostering financial awareness, entrepreneurial thinking, and problem-solving capabilities, Parthian Partners envisions a generation of young Nigerians poised to transform their communities and contribute to the nation’s growth.

Extending Financial Literacy to Underserved Communities

The SMSTP initiative has so far reached five schools strategically located across Lagos State. This year, the firm anticipates expanding its reach to more schools and increasing the number of schools outside Lagos.

A major factor for its selection is that children in Nigerian public schools often grapple with challenges such as limited resources, overcrowded classrooms, and inadequate extracurricular opportunities. Despite these difficulties, they display resilience and determination, embodying the aspirations of families striving for upward mobility through education.

According to Parthian Partners’ MD/ CEO, Mr. Oluseye Olusoga, the company’s commitment to these students stems from a belief in their untapped potential: "At Parthian Partners, we believe that the key to unlocking Nigeria's future lies in equipping our youth with the financial skills and knowledge they need to thrive. The Smart Money Skills for Tomorrow Project isn’t just a CSR initiative; it’s a promise to the next generation a promise to invest in their potential and prepare them for a financially secure future."

By focusing on these underserved schools, Parthian Partners aims to address systemic inequalities and empower young Nigerians with tools to navigate and overcome financial challenges.

A History of Impactful Engagement

Since its inception, the SMSTP initiative has made significant strides in improving financial literacy among students. In its first year, the program reached hundreds of students acrossschools such as Government College Osborne, Idata Community High School, Victoria Island

Secondary School, and Ebute Elefun High School. By expanding its reach to Royal Kriston College this year, Parthian Partners continues to build on its legacy of transformative impact.

The program’s curriculum is designed to cover essential topics, including budgeting, saving, investing, and understanding credit. Through interactive workshops, practical exercises, and real-world case studies, students gain hands-on experience in managing money and making informed financial decisions. This holistic approach ensures that participants not only acquire theoretical knowledge but also develop practical skills that can be applied in their daily lives.

Over the years, Parthian Partners’ commitment to financial literacy has extended beyond the classroom. The company has leveraged its network of industry professionals to provide mentorship and guidance to participating students, fostering a supportive ecosystem that encourages learning and growth.

Addressing Nigeria’s Human Capital Challenges

Nigeria’s human capital development remains a critical area of concern, ranking 161 out of 189 nations in the United Nations Development Index as of 2019. This statistic underscores the urgent need for youth-focused initiatives that prioritise education and skill development. By equipping young minds with financial literacy, Parthian Partners aims

to address this gap, empowering students to become future leaders and contributors to the economy.

Financial literacy is particularly vital in a country where economic instability and limited access to financial resources pose significant challenges. Many Nigerian youths enter adulthood without a clear understanding of money management, leaving them vulnerable to poor financial decisions and economic hardships. The SMSTP initiative seeks to change this narrative by fostering a culture of financial responsibility and innovation among young Nigerians.

As Mr. Olusoga aptly noted: "Financial literacy is not just a skill; it’s an empowerment tool. By teaching young minds how to manage money, solve problems, and think entrepreneurially, we’re giving them the tools to build a brighter future not just for themselves, but for our nation as a whole."

Leveraging Partnerships for Greater Impact

Parthian Partners’ commitment to financial literacy is bolstered by strategic collaborations with stakeholders in the education and financial sectors. The company works closely with school administrators, and government agencies, to ensure the program’s success.

Additionally, Parthian Partners actively engages its employees in the initiative, fostering a culture of volunteerism and community service. Employees serve as facilitators and mentors, sharing their expertise and experiences with students to inspire and guide them. This handson approach not only enhances the program’s impact but also strengthens the company’s bond with the communities it serves.

Envisioning a Brighter Future

The impact of the Smart Money Skills for Tomorrow Project extends far beyond the classroom. By instilling financial literacy in young Nigerians, Parthian Partners aims to create a ripple effect that benefits families, communities, and the nation as a whole.

Empowered students are better equipped to make informed financial decisions, contribute to economic growth, and drive positive change in their communities.

According to Olusoga: "This initiative is about more than teaching numbers—it’s about creating a generation of critical thinkers, problem solvers, and resilient entrepreneurs who will redefine the trajectory of our economy. Our commitment to developing human capital is unwavering, and we’re proud to play a role in shaping Nigeria’s future."

A Legacy of Corporate Social Responsibility

Parthian Partners’ dedication to financial literacy is part of a broader commitment to Corporate Social Responsibility.

The company has a longstanding history of supporting initiatives that promote education, youth empowerment, and community development. Through sponsorships, partnerships, and volunteer efforts, Parthian Partners continues to make a meaningful impact on the lives of young Nigerians.

In addition to the SMSTP initiative, Parthian Partners actively participates in other programs aimed at fostering talent and innovation. These efforts reflect the company’s belief in the power of education and skill development to drive sustainable growth and social progress.

As the Smart Money Skills for Tomorrow Project enters its second year, Parthian Partners remains steadfast in its commitment to expanding the program’s reach and impact. The company plans to introduce the initiative to more schools across Nigeria, ensuring that an even greater number of students benefit from its transformative lessons.

The International Day of Education serves as a poignant reminder of the critical role education plays in shaping the future. For Parthian Partners, it is an opportunity to reaffirm its mission of empowering young Nigerians through financial literacy and to inspire others to join in this important cause.

With initiatives like the SMSTP initiative, Parthian Partners is not only contributing to the development of Nigeria’s human capital but also laying the foundation for a more equitable and prosperous society. Through education, mentorship, and community

company is helping to unlock the potential of

youth,

future for all.

the way for a

engagement, the

Nigeria’s

paving

brighter

R-L: Tobi Olusoga, Chief Operating Officer of i-invest, presents financial literacy and personal development books to the principal of Ebute Elefun High School, Mr. Ogunnaike R.O., following a financial literacy training session for the students in Lagos

L-R: Nonso Nduanya, Head of Brand, Marketing, and Communication, Parthian Partners; senior students at Victoria Island Secondary School; Ndidi Ukaonu, MD, Parthian Capital; junior students at Victoria Island Secondary School; Guidance Counsellor, Victoria Island Secondary School; Jennifer Onyeka, Community Manager, Parthian Partners

L-R: Rebecca Babalola, Finance Associate, Parthian Partners; students of Royal Kriston College; Victor Adetola, HR Business Partner, Parthian Partners; Mrs. Ify Ibeawuchi, Principal, Royal Kriston College; and Feyisola Bassey, Brand Manager, Parthian Partners

Kayode Tokede

Following several Monetary Policy Rate (MPR) increase by the Monetary Policy Committee (MPC) of the of the Central Bank of Nigeria (CBN) in a bid to fight inflation, the average prime lending rate to bank customers in Nigeria closed 2024 at 18.56 per cent, the highest point since 2010.

This is according to the latest ‘money market indicator’ of the CBN, which revealed that average prime lending rate that opened 2024 at 13.82 per cent, went up by 474 basis points to close 2024 at 18.56 per cent amid increase in MPR from 18.75 per cent to 27.50 per cent.

The rate highest peak was 18.74 per cent February 2010 when MPR was at 6 per cent.

The prime lending rate is the interest rate that banks charge

their most creditworthy customers, usually large corporations and it serves as a benchmark for many other loans, including personal and business loans.

In Nigeria, the prime lending rate in the banking sector is influenced by monetary policy, higher inflation, liquidity in the banking system and economic conditions.

A THSIDAY research revealed that Nigeria’s average prime lending rate reached an all-time high of 19.66 per cent in November 2009 and a record low of 11.13 per cent in March 2021.

The steady increase in MPR reflected in the average prime lending rate last year as the CBN intensifies its effort to tackle inflation rate and stable the local currency at the foreign exchange market.

The first hike in MPR was from

18.75 per cent to 22.75 per cent, the second to 24.75 per cent, the third to 26.25 per cent, the fourth to 26.75 per cent and recently 27.25 per cent in the September 2024.

MPR, thus, moved to 27.50 per cent in November 2024 with the average prime lending rate jumping to 18.39 per cent to close last year at 18.56 per cent.

These increases, totalling 875 basis points in MPR since Mr. Olayemi Cardoso’s appointment, have been driven by efforts to tackle the country’s spiralling inflation, which include high core and food inflation.

An investigation by THISDAY showed that the increase in MPR impacted on banks average prime lending to their customers late year.

Take for instance, Wema bank’s manufacturing sector average prime lending rate rose to 32.50 per cent

in 2024 from 27.50 per cent it closed 2023. The reported 32.50 per cent was the highest in the banking sector last year.

Following Wema Bank was Unity Bank and Keystone Bank Limited with average prime lending rate of 32.00 per cent and 30.50 per cent, in 2024, respectively.

Analysts attributed the increase in average prime lending rate to the hike in MPR and severe macro economic challenges.

Investment Banker & Stockbroker, Mr. Tajudeen Olayinka stated that banks review their lending rates on regular basis, subject to their respective cost of funds and the direction of MPR, not necessarily using MPR as a distinct value.

According to him, the MPR signals to them the direction of

interest rate in the market and the price they will pay if they have to borrow from or lend to CBN.

“Therefore, their deposit mix, which includes idle customers’ deposits, determines what their weighted average cost of funds would be. They then factor in the signal from MPR, to enable them arrive at their various prime lending rates which are usually reserved for their prime customers.

“But with all these recent circulars from CBN concerning idle deposits and foreign exchange windfalls, the market should prepare for a prolonged high interest rate regime. CBN doesn’t seem to have a good understanding of its recent destructive policies,” he added.

The Chief Research Officer, InvestData Consulting Limited, Mr. Omordion Ambrose said,

“Businesses need a lot of credit facilities to survive, but in an environment where the lending rate is astronomical, many enterprises, especially small and medium-scale, might find it extremely difficult to survive as their products will remain uncompetitive and the cost of production and the sale prices to consumers will remain high.” He added that, “A hike in interest rate is often considered a manufacturers’ nightmare as it stifles productivity and expansion. A hike in interest rate slows down productivity, as manufacturers struggle to keep machinery in operations and pay salaries. Those who look forward to borrowing for expansion and production will have to shelve such ideas in the face of the high cost of accessing funds.”

The financial strain on households in Nigeria remains suffocating as numbers from the National Bureau of Statistics (NBS), showed the average cost of food in Nigeria increased by 97 per cent between November 2023 and November 2024. The nearly twofold increase in food prices over the past year has significantly strained household budgets, particularly for low and middle-income earners. With wages failing to keep pace with inflation, food insecurity is becoming a growing concern across the country. According to the NBS selected

Food Price Watch report, the nationwide average price of food increased from N1,449.57 in November 2023 to N2,862.14 in November 2024. Month-on-month (MoM), prices also rose by 3.75 per cent, increasing from N2,758.60 in October 2024. This steep rise highlights the mounting financial strain on households as economic pressures continue to grow, exacerbated by inflation, exchange rate fluctuations, and high logistics costs.

The NBS report provides a detailed breakdown of price increases for essential food items:

• Brown Beans (1kg, sold loose): Prices rose by a staggering 224.37

per cent year-on-year, from N838.85 in November 2023 to N2,720.96 in November 2024. However, on a month-to-month basis, prices dropped by 2.77 per cent from N2,798.50 in October 2024.

• Medium-Size Eggs (12 pieces): The average price increased by 135.74 per cent year-on-year, from N1,202.18 in November 2023 to N2,833.97 in November 2024. Month-on-month, prices rose by 6.08 per cent, up from N2,671.60 in October 2024.

• Onion Bulbs (1kg): Prices climbed by 174.65 per cent year-on-year, from N683.78 in November 2023 to N1,878.00 in November 2024.

The NBS sampled prices for 44 food items, including rice, bread, garri, dried fish, frozen chicken, and groundnut oil.

Food price increases were unevenly distributed across Nigeria, with the South-East recording the highest average prices at N3,366.41 in November 2024. This was significantly higher than the North-West, which reported the lowest average price of N2,511.86.

Regional averages for November 2024 were as follows: North-Central: N2,706.24, North-East: N2,638.28, North-West: N2,511.86, South-East: N3,366.41, South-South: N3,121.16, and South-West: N2,997.31

The alarming rise in food

prices is attributed to several challenges, including insecurity in food-producing regions, as conflicts in key agricultural areas, particularly in the North, have disrupted farming activities and supply chains.

Climate change and flooding are also challenges, as adverse weather conditions have reduced crop yields, further limiting the supply of staple foods. There is also rising transportation costs as high fuel prices and poor road infrastructure have driven up the cost of moving goods across the country.

Nigeria’s reliance on imported food items has worsened the

problem, with a weakened naira increasing the cost of imports.

The continuous surge in inflation underscores the urgent need for targeted policy interventions to stabilize food supply, improve distribution systems, and curb rising prices, particularly in critical sectors like agriculture and food production.

The doubling of food prices within a year has heightened food insecurity for many households, particularly as the increase far exceeds wage growth. Lowand middle-income earners are struggling to cope, with the cost of basic staples now out of reach for many.

Arthur Eriye

Prepaid Meters: University Don Alleges Massive Extortion of Customers by DisCos’ Officials

Chinedu Eze

University don and Associate Professor, Faculty of Communication and Media Studies, Lagos State University (LASU), Dr Tunde Akanni, has alleged that the officials of the Ikeja Electric Distribution Company (IKEDC) engage in “rampaging extortion” in the bid to replace old Unistar Prepaid meters with new ones, calling the attention of the company and the general public to this dastardly act.

In a petition addressed to the Lagos State Consumer Protection Agency (LASCOPA) and also extended to the Federal Competition and Consumer Protection Commission (FCCPC), dated December 29, 2024, Dr Akanni called for the urgent

intervention of LASCOPA and FCCPC to stop the excesses of officials of IKEDC that allegedly deactivated the Unistar pre-paid meters serving residents of the Lagos State Government (LASG) quarters at 47 Sobo Arobiodu street, Ikeja GRA despite the warning by FCCPC, that IKEDC should not deactivate the Unistar meters.

In November last year, the Federal Competition and Consumer Protection Commission had warned the Ikeja Electricity Distribution Company (IKEDC) and the Eko Electricity Distribution Company (EKEDC) not to flout its directives on obsolete meters by removing and replacing them with new ones.

The Director, Corporate Affairs, FCCPC, Ondaje Ijagwu, said, “Any attempt by these DisCos to proceed

NIG, 9mobile Backs 50% Tariff Hike, Say it Will Boost Service Quality

Emma Okonji

Despite the widespread rejection of the 50 per cent hike in telecoms tariff that was recently approved by the Nigerian Communications Commission (NCC), the Nigeria Internet Group (NIG), which promotes usage of the internet in Nigeria and 9mobile, a mobile network operator, have acknowledged NCC’s approval for tariff adjustment, allowing telecommunications operators to increase tariffs by 50 per cent with effect from February this year.

In a recent statement issued by NIG, its President, Destiny Amana, said: “While we recognise the economic realities that may have necessitated this decision, it is imperative that this increase translates into a significant and measurable improvement in service delivery.

At present, service levels across all networks have been deplorable—with poor signal quality, frequent call drops, and unreliable data services becoming the norm rather than the exception. If this tariff increase is to be accepted by the public and stakeholders, it must come with a clear commitment from telcos to improve service quality. The NCC, as the industry watchdog, must also ensure strict compliance and transparency, ensuring that no unscrupulous practices are introduced that further burden consumers without corresponding benefits.”

He therefore urged NCC to ensure that telcos prioritize service excellv55nnce and that the funds generated from the adjustment are reinvested into network expansion, quality enhancements, and infrastructure development.

Agnes Ekebuike

In a move to bolster food security and agricultural sustainability, a high-level Nigerian delegation engaged OCP Africa in Casablanca, Morocco, to chart a new direction for the Presidential Fertilizer Initiative (PFI).

The delegation, comprising representatives from the Ministry of Finance Incorporated (MoFI), Nigeria Sovereign Investment Authority (NSIA), National Agricultural Development Fund (NADF), and the Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN), was led by the Managing Director of MoFI, Dr. Armstrong Ume Takang.

The discussions, hosted by OCP Africa’s Chief Operating Officer, Mr.

Mohamed Hettiti, centered on the development of PFI 3.0, which aims to revolutionize Nigeria’s agricultural sector. Building on the successes of PFI 1.0 and PFI 2.0, the initiative seeks to enhance the value chain, integrate advanced technologies, and empower smallholder farmers. Takang emphasised Nigeria’s commitment to achieving food sovereignty through strategic partnerships. “For Nigeria to attain food sovereignty, we must invest in innovative platforms that integrate advanced agricultural practices, ensure fertilizer availability, and empower farmers. PFI 3.0 offers an opportunity to modernise logistics, promote sustainable practices, and deliver tangible benefits to millions of Nigerians,” Takang said.

in contravention of it will attract severe consequences;” insisting that the approval of new meter prices by the Nigerian Electricity Regulatory Commission has no connection with the proposed replacement of Unistar meters by IKEDC and EKEDC. However, Akanni in his detailed petition said, “What they do is await the exhaustion of the running credits on meters, allow customers to recharge their cards but ensure they are not able to reload. Once this happens and you report back with

nn nnn

Alert Group assets grew by over 100 per cent from N10.3 billion in 2023 to N22 billion in 2024, CEO/ President of the company, Olanrewaju Kazeem has said.

Speaking during a media briefing held at the bank’s headquarters in Lagos, he said its deposits also saw a 59 per cent surge, while loans grew by 109 per cent,

your complaints, they would tell you that your meter is bad and due for replacement and that they have new meters in abundance. They would convince you to allow the retrieval of the UNISTAR meter.”

“Once the customer begins to feel that his hope is merely hanging, the customers would be compelled to make desperate request for reconnection and they would deceitfully reconnect you but that would make customers pay through their nose. In the past,

consolidating a period of strong financial performance.

He said loans worth N40 billion were granted to businesses across different sectors of the economy to support business and economic growth.

Kazeem said the company will be expanding further this year, unveiling new subsidiaries and lending N72 billion to business in support of Nigeria’s economic growth.

customers like me whose monthly consumption hardly exceeded N50,000 following the banding regime had been summarily billed as much as N270,000. Fellow residents of government quarters have had to complain to me on their helplessness and their dramatic bankruptcy on account of this arbitrary billing,” he narrated.

Akanni also explained, “In my own case specifically, my meter was retrieved on Dec 27, 2024 after recharging with N25,000 but

“Our mission is to empower Nigerians through accessible financial services,” Dr. Kazeem said. In 2025, we aim to launch several subsidiaries and achieve N72 billion in loan disbursements to support businesses, create jobs, and contribute to the Nigeria’s economic development,” he said.

failing to reload following their treacherous deactivation. Against my stated position that I was aware of the FCCPC directive to them, they insisted that should immediately apply online for a new meter reiterating that they had new meters in abundance but that I would have to pay N120,000. For fear of wasting all the foods stocked up in the house and to also avoid being slapped with any humongous arbitrary bill, I went to their office to follow up.”

to

He added that the group’s expansion will focus on digital solutions, sustainability, auto financing, and microfinance. In addition to its financial success, the bank has made strides in digital transformation, improving its services for both customers and MSMEs. The microfinance bank has also remained committed to its corporate social responsibility initiatives, which include providing eyeglasses to those in need and supporting teachers and local football teams.

Arthur Eriye

The Nasarawa State Government has secured a $370,000 grant from the Alliance for a Green Revolution in Africa (AGRA) to bolster transformation in the agricultural sector.

Speaking at the inaugural meeting of the Nasarawa State Capability for Inclusive Agriculture Transformation project on Friday in Lafia, AGRA’s

Nigerdock has said that it achieved a significant safety landmark of 17 Million Man-Hours without Lost Time Injury (LTI) across its operations.

The achievement it said in a statement, is indicative of its implementation of global safety standards and sustainable business practices.

Remarking on the milestone, Nigerdock Chief Executive

Chinedu Eze

Nigeria’s major handling company, Skyway Aviation Handling Company (SAHCO) Plc, has made history by recording the highest aircraft turnaround time in Nigeria with Ethiopian Cargo airrcaft. The company said it was able to achieve this feat, due to effective coordination and structured

Country Director, Mr. Rufus Idris, highlighted the organization’s commitment to empowering Africans to take charge of transforming their agriculture and food systems.

AGRA has supported agricultural initiatives in Nigeria for 17 years, particularly in Kaduna and Niger States. Idris revealed that over one million smallholder farmers in Nigeria have benefitted from AGRA’s interventions.

Officer, Maher Jarmakani said: “This milestone reflects our prioritisation of workplace safety and our exemplary adherence to best practices in our day-to-day operations. I commend our managerial and operational teams, along with our partners and subcontractors for an unwavering commitment to implementing company-wide world-class safety standards, and policies focused on

teamwork handling, “which can be described as one of the fastest aircraft turnaround in recent times.”

Activity monitoring at the cargo apron of the Murtala Muhammed International Airport, Ikeja, Lahos showed that it took operations staff of the ground handling company about 37 minutes to turn around an Ethiopian B777 cargo aircraft.

Idris noted that Nasarawa State’s partnership with AGRA is significant due to the various initiatives of Governor Abdullahi Sule’s administration and the state’s critical role in advancing Nigeria’s agricultural landscape.

The Permanent Secretary of the Ministry of Agriculture, Mr. Umar Abdullahi, represented by the Managing Director of NASIDA, Mr. Ibrahim Abdullahi, expressed

operational safety, the environment, health, security and emergency readiness.”

A critical Key Performance Indicator (KPI) for Nigerdock’s conformity with industry best practices, LTI is a measure of injury sustained on the job, and it is a benchmark that evaluates adherence to safety and environmental requirements during operations.

It was learnt that the global average for Long-haul flights generally requires between 90 minutes to two hours for a turnaround while short-haul flights range from 25 minutes to 35 minutes, depending on the airline and flight situations.

Although this is not the first time SAHCO has maintained such a fast turnaround time, Ethiopian

gratitude to AGRA for the partnership. He reiterated that agriculture is central to Nasarawa’s economic development, given the state’s agrarian nature. “Nasarawa’s Economic Development Strategy focuses on transitioning the state from subsistence to commercial agriculture, creating jobs, and revitalizing the economy. Agriculture is a major driver of growth for this new trajectory,” Abdullahi said.

Nigerdock General Manager, Operations, Simon Husband added: “Maintaining a safe workplace is a collective effort, and we are grateful for the continuous vigilance of employees towards preventing disruptions due to personnel injury. Our mantra of ‘No one gets hurt at work’ is a shared dedication to a safe and secure work environment that consistently meets international safety requirements.”

airline staff present during the recent operation were full of admiration at the way SAHCO handled their flight, just as the handler has been doing in the past. An insider who witnessed the recent operation while it lasted revealed, that normally it takes 1 hour 30 minutes to turn around a B777 with 37 pallets.

Ewanehi: Nigerian Content Law Has Catalysed Local Capacity Development

Solomon Ewanehi is the Group Managing Director of the award-winning Port Harcourt-based Solewant Group, an African success story with a reputation of 25 years in steel pipe production, provision of advanced coating solutions and pipeline construction for Africa’s oil and gas sector. He speaks to Ejiofor Alike on how the Nigerian Content Law equipped local companies to compete on a global scale

Could you please explain the impacts of Nigerian Content law on your operation?

Certainly, the Nigerian Content Law, particularly the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, has had profound and transformative impacts on our operations at Solewant Group. As a leading indigenous player in the oil and gas sector, we have been both beneficiaries and advocates of this law.

First and foremost, the NOGICD Act has been a catalyst for local capacity development, which aligns perfectly with our mission to promote indigenous participation. The law mandates the prioritisation of local companies for contracts, goods, and services, which has significantly increased the demand for our pipeline coating solutions, fabrication services, and industrial innovations. This has given us the opportunity to showcase our world-class capabilities and establish ourselves as a reliable partner to international oil companies (IOCs) and national oil companies (NOCs).

Secondly, the law has driven investments in infrastructure and technology at Solewant Group. To meet the stringent requirements set forth by the NOGICD Act, we have invested heavily in our state-of-the-art Solewant Industrial Area in Alode, Eleme, Onne, Rivers State. This facility, equipped with advanced pipeline coating technologies and fabrication capabilities, stands as a testament to the value of local content in enhancing industrial capacity.

The act has also had a significant impact on job creation and skills development. Through our Solewant Energy Training Institute (SETI), we are not only equipping Nigerians with the skills to thrive in the energy sector but also contributing to reducing unemployment and brain drain. We are proud to say that our workforce is over 90% Nigerian, a direct result of the enabling environment created by the local content law.

Additionally, the law has fostered a collaborative environment between indigenous companies and foreign partners. For instance, our partnerships with international technology providers for coating materials and solutions are a direct result of the NOGICD Act’s framework for technology transfer. This has allowed us to integrate global best practices while maintaining our commitment to local content.

That said, the law also comes with challenges, particularly the need for constant upgrades in compliance with its evolving requirements. However, we view these challenges as opportunities to innovate and adapt, ensuring that Solewant Group remains at the forefront of the industry.

In summary, the Nigerian Content Law has not only enhanced our operations but has also reinforced our role as a key player in Nigeria’s energy sector. It has provided us with the platform to demonstrate that local companies can compete on a global scale while driving sustainable economic growth and industrial development in the country.

Is your company getting the required support from the NCDMB, NNPC Limited and NUPRC as it should?

Absolutely, we have received significant support from key stakeholders like the Nigerian Content Development and Monitoring Board (NCDMB), NNPC Limited, and the Nigerian

Upstream Petroleum Regulatory Commission (NUPRC). Their backing has been instrumental in our growth and ability to meet industry demands effectively.

Starting with the NCDMB, they have been pivotal in driving local content enforcement, which aligns perfectly with Solewant Group’s mission. We are a product of Nigeria content.

Through their capacity-building initiatives, research and development support, and encouragement for local companies to take on high-value projects, the NCDMB has empowered indigenous businesses like ours. For instance, their support in creating a conducive regulatory environment has allowed us to expand our state-of-the-art industrial facility in Onne and strengthen our local workforce. Their collaborative approach ensures that companies like Solewant are well-positioned to deliver world-class solutions while adhering to local content mandates.

In year 2022, NCDMB declared Solewant Group as champion of local content.

From the NNPC Limited, we’ve seen strong advocacy for partnerships with indigenous companies. Their support for local content suppliers in pipeline coating, fabrication, and maintenance projects has been a game changer. NNPC’s shift towards becoming a commercially driven entity has also opened up new opportunities for partnerships, particularly in areas like gas

“From the NNPC Limited, we’ve seen strong advocacy for partnerships with indigenous companies. Their support for local content suppliers in pipeline coating, fabrication, and maintenance projects has been a game changer. NNPC’s shift towards becoming a commercially driven entity has also opened up new opportunities for partnerships, particularly in areas like gas infrastructure, which is critical for Nigeria’s energy transition. We came into this business through the support of NNPC.”

infrastructure, which is critical for Nigeria’s energy transition. We came into this business through the support of NNPC.

The NUPRC has equally played a significant role, especially in streamlining regulatory compliance processes. They have provided clear frameworks for standards and best practices, ensuring that companies like ours can operate with confidence and clarity. Their focus on creating a level playing field for indigenous businesses has enhanced our ability to participate in upstream projects, enabling us to showcase our expertise in pipeline protection, coating, and fabrication.

However, like any collaborative effort, there’s always room for improvement. We would appreciate further collaboration in areas such as policy simplification, accelerated project approvals, and direct investment in R&D to foster greater innovation. More targeted support in these areas would help companies like Solewant contribute even more significantly to Nigeria’s energy sector.

In summary, the combined support from these institutions has been invaluable in our journey, and we look forward to deepening these partnerships. Together, we can achieve the shared goal of a robust and sustainable energy sector driven by local capacity and innovation.

As a leading pipe and metals fabrication and coating solution company in Africa, you have won numerous awards, including the Indigenous African Oil & Gas Contractor of the Year Award at Offshore Africa Magazine’s Africa Energy Summit in Accra last June. How have these awards encouraged you to improve on your services?

Winning the Indigenous African Oil & Gas Contractor of the Year Award at the Offshore Africa Magazine’s Africa Energy Summit is truly an honor for Solewant Group. However, while the recognition is deeply gratifying, it also represents a significant milestone in our 24-year journey of growth, resilience, and commitment to excellence. It is not just a celebration of what we’ve achieved but a reminder of the path we’ve traveled and the path that still lies ahead.

Over the past two decades, we have faced numerous challenges, from market volatility and geopolitical shifts to the everevolving demands of the oil and gas sector. Yet, through each of these challenges, we

“The NUPRC has equally played a significant role, especially in streamlining regulatory compliance processes. They have provided clear frameworks for standards and best practices, ensuring that companies like ours can operate with confidence and clarity. Their focus on creating a level playing field for indigenous businesses has enhanced our ability to participate in upstream projects, enabling us to showcase our expertise in pipeline protection, coating, and fabrication.”

have remained steadfast in our core mission: to provide innovative and reliable pipe and metals fabrication and coating solutions to our clients across Africa and beyond. These awards have only deepened our resolve to continuously improve our services, because they hold us accountable to the high standards, we’ve set for ourselves and our industry.

We understand that in a highly competitive field, complacency is the enemy of growth. Our commitment to continuous improvement is reflected in the investments we’ve made in state-of-the-art technology, as well as in the training and development of our people. Over the years, we have built a reputation for excellence, not by resting on our laurels, but by constantly assessing and enhancing our service delivery. The awards, therefore, act as both a reward for our past accomplishments and a powerful motivation to do more.

At Solewant Group, our focus is not only on enhancing the quality of our services but also on contributing to the sustainable development of Africa’s energy sector. With these awards, we are more determined than ever to push the boundaries of innovation, adopt cutting-edge technologies, and enhance operational efficiency. We believe that this approach will not only strengthen our position in the market but also allow us to support the ongoing growth of the energy industry on the continent.

In all our endeavors, we remain deeply committed to fostering long-term relationships with our clients, ensuring that they receive the highest value from our solutions. These awards serve as a testament to the trust and confidence that our clients have placed in us over the years, and we aim to repay that trust with continued dedication, transparency, and superior service. Looking ahead, we are excited about the future, particularly as we leverage the knowledge, skills, and experience accumulated over the past 24 years. These accolades have reaffirmed our belief in the power of teamwork, the importance of visionary leadership, and the value of integrity in all our operations. As we continue to lead the way in Africa’s energy sector, we will remain focused on creating a lasting impact that transcends the immediate rewards, for we know that true success is measured by the positive change we bring to the industry and the communities we serve.

Ewanehi

Business Special

Banking Stocks and Recapitalisation Drive

With primary and secondary markets data showing strong enthusiasm for banking shares, Kayode Tokede reports that banks are in prime position to ride the bulls to a successful recapitalisation exercise

n GX Trading Floor

Banking stocks opened to a demand market this year in a trading pattern that highlights investors’ confidence in the ongoing recapitalisation of the banking sector. Banking stocks are leading the activity charts and are major contrarian stocks, playing in the uppermost segment of the bulls market.

The NGX Banking Index- which tracks the banking sector at the Nigerian stock market, closed last week with year-to-date (YTD) return of 7.04 per cent, the highest so far by any sector. After a double-digit capital gain in 2024, banks are showing early signs of a bullish year. With selloffs in the oil and gas and industrial goods sectors dragging the market to the bears, financial services and consumer goods stocks have been moderating the market situation.

The All-Share Index (ASI) - the value-based common index that tracks all share prices at the Nigerian Exchange (NGX) closed weekend with a positive YTD return of 0.65 per cent. The positive performance was driven mainly by gains recorded by the NGX Banking Index and NGX Consumer Goods Index with YTD of 7.04 per cent and 0.44 per cent respectively. Besides banks, the NGX Insurance Index was positive with 1.8 per cent YTD increase.

After banks raised some N1.7 trillion after six months of the commencement of the banking recapitalisation in 2024, the primary market opened last week with the launch of another banking offer. Stanbic IBTC Holdings is headlining the primary issuance market with its N148.7 billion rights issue.

Investment banking experts said there were all indications that banks are in better stead to meet their recapitalisation targets. Compared to the 2004 recapitalisation exercise, there could be less echoes of unwieldy business combinations in the ongoing recapitalisation with banks expected to raise funds to scale through the hurdle.

Securities and Exchange Commission (SEC), the apex capital market regulator, had confirmed that banks raised some N1.7 trillion in new equity funds, in less than one-third of the current recapitalisation timeline.

The Central Bank of Nigeria (CBN) in March 2024 released its circular on review of minimum capital requirement for commercial, merchant and non-interest banks. The apex bank increased the new minimum capital for commercial banks with international affiliations, otherwise known as mega banks, to N500 billion; commercial banks with national authorisation, N200 billion and commercial banks with regional license, N50 billion.

Others included merchant banks, N50 billion; non-interest banks with national license, N20 billion and non-interest banks with regional license will now have N10 billion minimum capital. The 24-month timeline for compliance ends on March 31, 2026. Under the new minimum capital base, CBN uses a distinctive definition of the new minimum capital base for each category of banks as the addition of share capital and share premium, as against the previous use of shareholders’ funds.

While most banks have shareholders’ funds in excess of the new minimum capital base, their share premium and share capital significantly fall short of the new minimum definition. This implies that nearly all banks will need to beef up their capital base to

“To

a very large extent, the market is not expecting any merger and acquisition as it believes that each bank would rise to the occasion and do the needful. Recapitalisation must not necessarily be from rights issues and public offers only. It could be from private placement and other strategic investments.”

meet the new definition of qualified capital.

Investment banking experts said with the strong start and continuing investors’ appetite for banking stocks, banks are on stronger footing to retain their licences.

Experts noted that banks have the advantages of enthusiastic existing shareholders and new investors, including foreign investors, who have shown stronger appetite for Nigerian stocks in recent period.

Already, three banks have met the new minimum capital requirements for their licences.

Seven banks successfully floated offers in 2024, with emerging results showing substantial oversubscription.

Investment experts said they expected increasing foreign participation and upsurge in domestic demand to support recapitalisation of banks across all tiers.

According to analysts, well-managed mid-tier banks such as Polaris Bank should be able to achieve their recapitalisation targets with discerning high networth investors seeking substantial holdings in banks with competitive advantages.

Polaris Bank was adjudged the best in digital banking, mobile banking, lending and supports to micro, small and medium enterprises (MSMEs) in a garland of honours that marked the bank’s transformative performance in 2024.

Foreign portfolio investors’ (FPIs) participation in the Nigerian stock market more than doubled in 2024, with the stock market riding the bulls of domestic and foreign investors to a historic milestone of all-time highest turnover.

Managing Director, Globalview Capital Limited, Mr. Aruna Kebira, said the expectations in the capital market is that banks would largely be able to meet their capital requirements, citing the enthusiasm shown so far, as indicated by the 2024 offers.

According to him, banks have a lot of positive things going for them, which place them in

better position to substantially outperform the 2004 recapitalisation scenario.

“In 2004, when the same exercise was foisted on the sector, we saw a lot of business combinations in the form of mergers and acquisitions. But after the general market meltdown, regulation has gone to a higher level.

“In 2025, the exact of what happened then is not expected. Quarterly and yearly earnings from the banking sector have been reflecting the true position of operations, which was opposite 21 years ago.

“To a very large extent, the market is not expecting any merger and acquisition as it believes that each bank would rise to the occasion and do the needful.

“Recapitalisation must not necessarily be from rights issues and public offers only. It could be from private placement and other strategic investments,” Kebira said.

He noted that banks’ resilient earnings and ability to optimise shareholders’ value would support the sector’s recapitalisation exercise.

According to him, investors are looking beyond the current share pricing and macroeconomic situation into post-recapitalisation period, when banks would be bigger and in better position to deliver higher returns.

“The market is also looking towards a better outing for the banks after the recapitalisation exercise. It is believed that more investable funds would be at their disposal and for what the sector is known, such funds would be judiciously deployed. At that point, they will generate commensurate earnings to counter the increase in the share capital base and the dilution in the earnings per share (EPS).

“The market has also noted that the banking sector has been paying less than 50 per cent of their EPS as dividends and as such, while the exercise is concluded and the effect of the funds has not fully reflected in their operations, they would still be able to pay commendable dividend,” Kebira added.

Managing Director, APT Securities & Funds, Mallam Kasimu Kurfi, said the banks still have enough time to be able to raise funds and meet their recapitalisation target.

“The period to conclude recapitalisation is still over a year, so it is too early to assume merger. We are hoping other banks will come to the capital market and be able to meet up their capital requirements,” Kurfi said.

Managing Director, Arthur Steven Asset Management, Mr. Olatunde Amolegbe, said banks would ride on the back of strong fundamentals and large investors’ base to a successful recapitalisation.

“I believe most of them will succeed not only because of their strong fundamentals but also because the investor base they will be targeting included both foreign and local investors. Again, the market has sufficiently proven that it has absorptive capacity, so if these issues are wellpackaged and well-priced, then there shouldn’t be any problems,” Amolegbe, a former President of Chartered Institute of Stockbrokers (CIS), said.

He said there are various options for the banks

to meet the recapitalisation deadline.

According to him, banks could also use the opportunity of the recapitalisation exercise to foster their strategic expansion plans as size would have significant influence in the post-recapitalisation period. Banks are also cashing in on their goodwill from existing shareholders. Majority of offers so far have been rights issue, specifically directed at existing shareholders. They have all met with huge success. For instance, Access Holdings raised N351 billion in one swoop from existing shareholders to meet its recapitalisation at the first attempt.

Shareholders said they preferred banking stocks because of their liquidity, dividend history and fundamental performance overtime.

President, Association for the Advancement of Rights of Nigerian Shareholders (AARNS), Dr Faruk Umar said the decision to undertake rights issues underscored the confidence shareholders have in the banks.

He said banks were preferred stocks to investors because of their historical performance and returns. He said shareholders were confident the recapitalisation would further strengthen banks and enhance returns to shareholders.

National Coordinator, Pragmatic Shareholders Association of Nigeria, Mrs. Bisi Bakare, said shareholders were generally positive about the ongoing banking recapitalisation.

“We are picking our rights and we are buying more, we believe that the banks are good stocks to keep. We are sure the recapitalisation exercise would be a huge success,” Bakare said.

Market analysts expected technology to leverage banks’ chances in raising funds. The NGX had in 2024 launched its NGX Invest, an innovative digital share offering platform for the distribution and subscription of public offerings and rights in the Nigerian capital market.

With few clicks, Nigerians and the global investing public can buy into share offerings at the Nigerian capital market under a fully automated share offering process. The paperless primary issuance market bridges geographical and other demographical barriers and opens up the underlying economic assets of the nation to all citizenry.

Banks that had launched offers in 2024 had credited NGX Invest with huge contribution to the success of their offers.

Chairman, Nigerian Exchange Group (NGX Group), Dr Umaru Kwairanga, said the launch of the NGX Invest had seen a double in the number of investors in the Nigerian capital market.

He assured the stakeholders that the NGX would not only support banks in raising funds but also protect investors by ensuring that banks continue to adhere to the best corporate governance.

“After the offers are concluded, the Nigerian Exchange will ensure that the banks meet their disclosure requirements promptly and fully so that investors are kept abreast of how their monies are being used,” Kwairanga said.

Group Managing Director, Cowry Asset Management Limited, Mr. Johnson Chukwu, has however underlined the need for the CBN to deploy available infrastructure technology and Bank Verification Numbers (BVN) to tackle delay in the verification of banks’ offers and ensure speedy conclusion of the process.

www.thisdaylive.com

LESS TALK, MORE ACTION

Delta State government is off to meaningful development, writes FIDELIS EDUVIE

See page 20

WHY IS WORKPLACE POLITICS GROWING?

TIMI OLUBIYI argues the need to reward performance in the workplace

See page 20

opinion@thisdaylive.com

Well-trained leaders set clear expectations, foster collaboration, and navigate challenges with confidence, writes LINUS OKORIE

HOW LEADERSHIP TRAINING BOOSTS TEAM PRODUCTIVITY

In soccer, some teams have star players yet fail to achieve significant wins for year. Take Liverpool FC, for example. Before Jurgen Klopp became the manager in 2015, the club struggled to meet its potential despite having talented players. However, under Klopp's leadership, Liverpool transformed into European powerhouse once again, achieving remarkable results and reclaiming their former glory. The same principle applies in business. Just as a skilled coach can turn a group of talented individuals into a championshipwinning team, trained leaders help unlock their teams' full potential. Whether in sports or business, strong leadership is the catalyst that transforms aspirations into achievements.

Leadership training has become an indispensable strategy for enhancing team productivity in business and drive success. It is no longer reserved for senior executives; leadership development now permeates every level of an organization, transforming ordinary teams into high-performers. But how does leadership training accomplish this?

Maya Angelou famously said "When you know better, you do better". This quote shows that learning and understanding, a principle that applies to every area of life—work, parenting, leadership, and beyond. Angelou believed in the power of education to create opportunities and drive improvement. By gaining new knowledge, individuals adjust their actions, make better decisions, and achieve greater outcomes. This same philosophy underscores the importance of leadership training: by equipping individuals with the right tools and insights, it enables them to lead more effectively and inspire their teams to achieve extraordinary results.

At its core, leadership training is about equipping individuals with the tools to inspire, guide, and empower their teams. According to a 2023 report by the Center for Creative Leadership, companies with robust leadership development programs see a 20% increase in overall team performance. Why? Because well-trained leaders understand how to set clear expectations, foster collaboration, and navigate challenges with confidence.

Leadership development is not a onesize-fits-all solution. Effective programs are tailored to address specific organizational needs, ensuring that leaders possess the skills necessary to drive their teams forward. Whether it’s honing communication strategies or mastering conflict resolution, these skills directly translate to smoother workflows and better outcomes.

Contrary to what many think, leadership training is not an expense but an investment with measurable returns. According to a study by Deloitte, for every dollar spent on leadership development, organizations see an average return of $4.50 in increased productivity. For example, Google invested in “Project Oxygen”, a leadership training tailored to managerial excellence, the tech giant saw a marked improvement in employee satisfaction, retention, and team output. Managers who underwent training reported higher effectiveness, and their teams

consistently outperformed others.

Organizations that prioritize leadership training reap numerous benefits, including lower turnover rates, as employees are 32% more likely to remain with companies that invest in their development. Trained leaders foster an environment of innovation, encouraging teams to experiment, adapt, and embrace new ideas. Additionally, empowered employees under strong leadership deliver exceptional performance, which enhances customer satisfaction, builds loyalty, and drives increased revenue.

Improved employee performance directly enhances team productivity and significantly impacts an organization’s bottom line. This powerful synergy between leadership and productivity drives tangible business outcomes, including revenue growth. A Gallup study shows that organizations with engaged employees outperform competitors by 21% in profitability. Additionally, effective leadership enhances operational efficiency by helping teams focus on strategic priorities and eliminate redundancies. It also strengthens organizational resilience, enabling businesses to adapt more effectively to market shifts and achieve sustained success.

When Satya Nadella became the CEO of Microsoft, he championed leadership training centered on fostering a growth mindset. By encouraging leaders to embrace curiosity, Microsoft’s culture shifted, resulting in increased innovation and a resurgence in market relevance. The company’s valuation soared from $300 billion in 2014 to over $2 trillion by 2023. DHL’s leadership development initiative focused on empowering frontline managers to enhance their decision-making and people-management skills. This program led to a 15% increase in operational efficiency and improved employee satisfaction scores across the board.

One of the primary advantages of leadership training is its ability to identify and bridge skills gaps that can impede team productivity and stifle innovation. These gaps, whether in technical expertise or interpersonal skills, are addressed through effective programs that assess current competencies using tools like performance reviews to highlight areas for improvement. Tailored training modules are then developed to equip leaders with the skills needed to overcome specific challenges. Companies also invest in specialized programs from verified institutions, such as the GOTNI

Leadership Centre, to enhance leadership, communication, and other essential competences.

Furthermore, leadership training encourages cross-functional learning, enabling leaders to collaborate across departments, broaden their perspectives, and foster organizational unity. For example, a manufacturing company struggling with inconsistent project timelines introduced a leadership training program focused on project management and communication. Within six months, the company’s on-time delivery rate improved by 25%.

Choosing an effective leadership training program is essential to achieving meaningful outcomes. Organizations should ensure the program aligns with their specific challenges and strategic objectives, addressing both immediate and long-term goals. Programs that incorporate real-world scenarios resonate more with participants, offering practical, hands-on learning experiences rather than just theoretical concepts.

The training shouldn’t end once a program concludes; sustaining its impact requires cultivating a culture of continuous improvement. Organizations can support ongoing learning through workshops and mentorships to ensure skills remain sharp. Celebrating growth by recognizing and rewarding leaders who effectively apply their training boosts morale and sets a positive example for others, reinforcing the importance of leadership development.

To ensure leadership training delivers measurable results, organizations must track its effectiveness using clear metrics. Employee engagement scores can reveal improvements in leadership practices, while team performance metrics, such as productivity and project completion rates, provide insights into operational efficiency. Retention rates serve as a barometer for job satisfaction and leadership effectiveness, with lower turnover reflecting a healthier work environment. Positive changes in customer feedback also highlight the impact of strong leadership on client interactions. For instance, a financial services firm tracked post-training performance and observed a 30% increase in client satisfaction scores within a year, demonstrating the tangible value of investing in leadership training.

Leadership training is a strategic lever that transforms good organizations to great. Whether you’re a startup or a Fortune 500 company, investing in leadership training is a proven path to higher team productivity and sustained success. As Peter Drucker aptly said, “Leadership is lifting a person’s vision to high sights, the raising of a person’s performance to a higher standard, the building of a personality beyond its normal limitations.” Leadership training does exactly that—and more.

Okorie MFR is a leadership development expert spanning 30 years in the research, teaching and coaching of leadership in Africa and across the world. He is the CEO of the GOTNI Leadership Centre

Delta State government is off to meaningful development, writes FIDELIS EDUVIE

LESS TALK, MORE ACTION

It’s not often that we get sterling administrators in Nigeria. But Delta State is lucky. In fact, the ‘Big Heart’ state is extremely fortunate to have its current governor, Sheriff Oborevwori. As if on steroids, his administration, which came onboard on May 29, 2023, has been doling out projects after projects. A good development for all Deltans. But a sad development for his haters and detractors.

While it is known that haters would hate, only recently, the Delta State Commissioner for Works (Rural Roads) and Public Information, Mr. Charles Aniagwu, however, reiterated how the governor is silencing his critics with the execution and completion of various projects. Speaking while inspecting the storm water project to de-flood Okuokoko, Ugolo-Okpe, Osubi and environs, Aniagwu revealed this.

"The other day when I addressed the media, I mentioned that the governor's preoccupation is to continue to reply critics with more projects," he said.

"What you are seeing here is another fact that he is committed to building very lasting legacies through meaningful development across the length and breadth of the 25 local government areas in the state. This particular project is a storm drainage to control a whole lot of flood water and address the menace of flood in Ugolo-Okpe, Okuokoko, Osubi and environs. Before now, you have a whole lot of flood water, even during little or flash flood or just little rainfall, you see a number of houses submerged.”

Blessed with water, Delta also has to cope with the challenges water brings. Thankfully, the state government is fully ready to conquer the threat of flooding and other water-related happenings, even in Asaba, the state capital.

“Not long ago, you accompanied us to see the storm drainage that is being built across the Ogbeogonogo Market into the River Niger,” continued Aniagwu, in his remarks to the press.

“You also saw his (Oborevwori) effort to open up the waterfront in Asaba. All these are part of those meaningful developments. At this moment, they are already backfilling, having constructed the storm drainage underground. So, in a week's time, you may not see this again. Today, individuals are already eyeing the waterfront in Asaba because Oborevwori is opening it in line with the meaningful development."

The commissioner also used the occasion of the inspection to advise contractors to deliver quality projects and on time too. Referring to the ongoing Esezi Road dualisation and flood control measures at Orerokpe, the Orerokpe - Okuloho - Oviri-Okpe - Aragba Road, he urged the contractors to take advantage of the dry season.

"Not long ago, too, you heard Governor Oborevwori say that he is not going to sacrifice quality projects delivery on the altar of friendship and that means that those who are working for us must do so in line with the specification as clearly spelt out

in our Bill of Engineering Measurement and Evaluation," Aniagwu said.

"We also urge them to ensure that they increase their speed because, any moment from now, the rains will come in heavily and that is why we are in a hurry to be able to tackle particularly this downstream, so that in the event that the rain comes, it does not cause any form of upset in this environment. So, what you are seeing here is Oborevwori answering critics with another very special project which you may want to call Legacy Project."

It is nice that the state is taking its MORE agenda which stands for 'Meaningful Development, Opportunity for All, Realistic Reforms and Enhanced Peace and Security’ seriously. Every facet of life is being touched. However, in the area of roads particularly, Oborevwori has shone. Across the state, many roads have been repaired and constructed. And a few of the ongoing road projects scheduled for delivery before May 2025 include the repairs of the Okirighwre-Benin Road, construction of the Ughelli-Asaba Expressway and the Issele-Azagba-Otulu Road project in Aniocha North local government area. There are also the Ayakoromo bridge and Trans-Warri Roads and bridges.

Already, for 2025, out of the state’s budget of N936bn, it wants to spend N230 billion on road Infrastructure. Now, let’s briefly think of the impact of that figure. By spending nearly a quarter of the budget on roads, it means the Sheriff administration is serious about opening up the state. The importance of roads cannot be overstated. With provision of good roads, access becomes easier, touching on other major aspects of human life.

Agriculture is also witnessing a revolution in the state reputed for its oil and gas industry. Considering that Nigeria is suffering from food inflation, any amount of food contributed to the national food basket would go a long way. Since the inception of the administration, it partnered with Afritropic, an agriculture based service provider, under the Accelerated Agricultural Development Scheme (AADS), a 2020 Central Bank of Nigeria (CBN) loan initiative which sought to engage 370,000 youth in agricultural production of 13 agricultural commodities. Hence, Afritropic established greenhouses in the farm settlements at Mbiri, Ika North East LGA, at Kpakiama, Bomadi LGA and Deghele, Sapele LGA. Focusing on crop production, livestock and aquaculture, the state also invested in Delta Community Action for Resilience and Economic Stimulus, D-CARES and partnered with the Africa Union Development Agency, New Partnership for African Development (AUDA NEPAD) to the tune of N1bn in counterpart funding.

In December 2025, while being hosted by the Urhobo Progress Union (UPU), the governor reeled out some of his successes in that regard. Oborevwori said that a “a total of 203,204 persons have so far been empowered with business support packages" under the D-CARES scheme.

“Another set of 5,426 persons received cash grants under the MORE Grant Scheme for petty traders, artisans, and female entrepreneurs, while 6,000 farmers were empowered with agricultural inputs to boost agricultural production in the state,” Oborevwori said.

“We have also distributed fertilizers to farmers across the 25 Local Government Areas of the state in support of our drive to grow the family economy and ensure food security for our people.” Why won’t Delta farmers smile and be happy?

In the healthcare sector, over two million Deltans have embraced the state's health insurance scheme. With an annual premium of N7000 annually and access to 560 public and private hospitals in the state, it is a win-win for everyone.

Eduvie writes from Asaba

TIMI OLUBIYI argues the need to reward performance in the workplace

WHY IS WORKPLACE POLITICS GROWING?

In your organizational or business, once you have more than just one employee, you run the risk of having politics in your workplace. Workplace politics often carries a negative connotation, but in reality, it is a natural and inevitable aspect of any organizational environment. The workplace in itself is a setup where individuals from diverse backgrounds, different educational qualifications, and varied interests come together to work towards a common goal. Therefore, workplace politics can promote or make individual obtain advantages beyond the usual legitimate authority. Simply put, workplace politics arises when employees tend to misuse their power to gain undue attention, influence, and popularity in the workplace. It mostly happens when staff places self-interests ahead of organizational interests. Unarguably, with the multi-ethnicity nature of our country Nigeria, workplace politics exist in virtually all organizations and business places, be it public or in private corporations. Though politics may be positive (collaborative) if it aligns with the company’s objective or negative (destructive and competitive) if it is full of maligning but the fact is that no organization exists without politics. Workplace politics can hurt a business and its employees when done excessively. Too much politicking can result in lowering morale of staff, higher staff turnover, low job performance, thereby lowering the overall business productivity and profitability. The negative effects of organizational politics are what this piece is looking at which can ultimately undermine the overall goals of any business.

This politics reduces the productivity of staff and eventually, the business will be at a loss. The common element of workplace politics is the disregard of company policies and procedure, which is usually organizational instruments to check it. Often workplace politics often circumvent the formal organizational structure.

The motives for employees to engage in office politics in the workplace are things such as staff aspires to come into the limelight easily without much hard work, job insecurity amongst others. Staff also engage in office politics to reap financial, emotional, and even physical rewards. Politics also arises when employees aspire to achieve something beyond their authority and control in a short period. Lack of supervision and control in the workplace could be another instance of workplace politics. Too much gossip at work can equally lead to politics. Jealous colleagues can indulge in work politics simply to tarnish their colleague’s reputation to obtain advantages and come in the good books of their superiors. Workplace politics can result from the competition employees have with one another and it's a major part of everyone's working life. Favoritism by business owners and subjective standards of performance can also lead to it. People often resort to organizational politics because they do not believe that the organization has an objective and fair way of judging their performance and suitability for promotion. Similarly, when business

owners have no objective way of differentiating effective people from the less effective, they will resort to favoritism.

All the aforementioned political behaviors in the workplace have a lot of potential consequences on business outcomes and can affect company processes such as decision making, promotion, rewards, negatively. To control politics, business leaders must be aware of its causes and methods. Because if it’s not well handled it can create morale issues and low job performance at the workplace. Hence it is necessary that business leaders, especially in Small Medium Enterprises (SMEs), become proficient in establishing and implementing a system of adequate management of this phenomenon.

Various managerial strategies can serve the purpose of diminishing workplace politics and are available to business owners. Some of these are: encouraging open communication in the workplace which can constrain the impact of political behavior. When communication is open, it also makes it more difficult for some people to control information and pass along gossip as a political weapon. More so when business leaders are nonpolitical in their actions, they demonstrate in subtle ways that political behavior is not welcome in the business. Most importantly business leaders and owners should be transparent and generally adopt performance-based criteria in the business. The success of any business relies heavily on the efforts of its employees; therefore, the performance-based criteria should be without bias or favoritism.

Remember, if it is political behaviors that are rewarded, staff will behave politically. Conversely, if it is performance behaviors that are rewarded, employees will perform and be productive. Other managerial strategies known to be effective in reducing business politics include involving employees in decision making, fostering teamwork, building trust and social support, publicly recognize and reward people who get real results, basing personnel and program decisions on objective criteria, demanding accountability from all members of staff and reprimanding political behavior. The starting point of the implementation of these managerial strategies is to have a thorough business structure and institute policies to mitigate potential negative political behaviors in the workplace. Workplace politics is a huge challenge for business owners/managers in that it cannot be depoliticized, but can be consistently addressed for business outcomes to be achieved and maximized.

Dr. Olubiyi is an Entrepreneurship and Business Management expert

Editor, Editorial Page PETER

ISHAKA

Email peter.ishaka@thisdaylive.com

POVERTY AMID STUPENDOUS WEALTH

All the stakeholders should do more to narrow the gap between the rich and the poor

Once again, the reality of the Nigerian condition has been brought home by the 2024 report by Oxfam, an international confederation of NGOs working with partners in over 90 countries to end the injustices that cause poverty. The combined wealth of just four Nigerian billionaires, totalling $23.7 billion (about N35 trillion), according to the report, could cover Lagos city in ₦500 notes. Titled, “Takers Not Makers,” the report reveals that there were 2,769 billionaires worldwide in 2024, an increase of 204 over the previous year, adding that at least four new billionaires were “minted” every week, and three-fifths of their wealth came from inheritance, monopoly power or “crony connections.”

Highlighting the inequality in Nigeria, the Oxfam Country Director, John Makina, said authorities in our country must address social injustices and invest in essential services to lift millions out of poverty.

of the poor in both the public and private sectors. The Oxfam report should therefore be a wake-up call not only for the authorities in Nigeria at a period the plight of the under-privileged is steadily worsening, but also for all critical stakeholders, including in the private sector. Indeed, the more worrisome aspect of the Nigerian condition is that poverty goes beyond shortages of food, clothing, shelter and safe drinking water, all of which determine the quality of life. It is inclusive of educational attainment and gender inequality.

The more worrisome aspect of the Nigerian condition is that poverty goes beyond shortages of food, clothing, shelter and safe drinking water, all of which determine the quality of life. It is inclusive of educational attainment and gender inequality

“Nigeria’s wealth gap is a moral and social crisis. While a few individuals amass immense wealth, over 133 million Nigerians face hunger daily. This extreme inequality is largely unearned, built on inheritance, monopolies, and unfair advantages,” said Makina. “We must act now to create a fairer system—by taxing the richest, addressing injustices, and investing in services that lift millions out of poverty.”

To be fair, inequalities in the distribution of opportunities is not peculiar to Nigeria. According to Oxfam, economic rewards are “increasingly concentrated” at the top. However, the situation in our country is becoming very desperate for most Nigerians despite the denial by some delusional politicians. In the country today, many basic services such as education, health and infrastructure are decrepit or in short supply, while a huge demographic crisis is looming.

The consequences of this situation are not only for the victims but also those who feed fat at the expense

T H I S D AY

EDITOR SHAKA MOMODU

DEPUTY EDITOR WALE OLALEYE

MANAGING DIRECTOR ENIOLA BELLO

DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU

CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI

EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN

THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E

EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA

GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU

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

Letters to the Editor

Today, millions of citizens can hardly eat a good meal a day. Millions are jobless while many of the employed people are not paid living wages and therefore hardly leave any room for savings. Others get their daily living from the streets. But the main problem has been in the growing gap between the rich and the poor. Going by the Commitment to Reducing Inequality (CRI) Index, which ranks governments based on what they are doing to tackle this gap, Nigeria fares badly because its social spending (on health, education and social protection) is abysmally low. The solution to the problem can therefore not be in some tokenist programmes that are neither well thought-out nor enduring. The federal government and authorities in the 36 states must muster the political will to enact policies that will ensure a fair distribution of economic opportunities among all the citizens, regardless of status.

What the totality of the foregoing suggests is that the problems of unemployment, poverty, inequality, decayed infrastructure, insecurity and serious challenges in social services like education and health are already telling. Therefore, the challenge of the moment is for the government, at all levels, to begin to deliver targeted and result-oriented policies that would ensure not only that our potential is maximised but also that the resultant prosperity is shared.

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

133 WOMEN AND GIRLS TOO MANY

As dangerous as Nigeria is for children, many of whom have to navigate complex and disheartening realities of being a Nigerian such as being out of school, facing the dangers of conflict, abuse and hunger, women and girls are even having it worse.

In a country which insists on patriarchy even when it has absolutely nothing to show for it, women have and continue to be treated as expendable fodder.

Between January 1, 2024, and December 31, 2024, according to the 2024 DOHS Cares Foundation femicide reports, 133 women and girls perished st the hands of gender-based violence in 2024 alone. In a country where there is a historical paucity of data expect that figure to be much higher.

The grim reality is that women and girls continue to be victims in a society where they should be partners, builders and crucially, peacemakers.

In a country riven by poverty and insecurity, it is telling that women who are like canaries in the coal mine for serious societal issues, and who may just hold the key to long-term solutions to the problem, have been sucked into it more than any

other demographic.

The question of violence against women in Nigeria, fatal in many instances, has been burning for as long as anyone can remember. That nothing has been done about it is testament to the dizzying depth of the problem and the reluctance of the society to confront what is a staggering problem.

But what does violence against women really look like? For starters, it is physical abuse manifest in acts that violate the body. This is especially rife in homes that have long gone sour, with many women having been turned into punching bags in their homes.

It is sexual abuse with rape being the most serious of it. Women face sexual abuse all day long, all the days of their life. Discrimination because of sex, for granting or withholding sex, really compounds the problem.

It is emotional abuse. Again, marriages many of which have become suffocating cages account for these systematic and systemic marital abuse with many women finding it impossible to escape because of stigma and economic considerations. There is no saying that women need protection. This pro-

tection can only be guaranteed by law. Nigeria has the Violence Against Persons Act, which criminalizes any manner of violence against women. But more than having these laws lying around is the need to critically highlight that they have no teeth. Despite the presence of these laws, women continue to be abused. This simply cannot be allowed to continue.

A crucial mistake stakeholders continue to make in the protection of women is to always dismiss instances of serious abuse as family affairs. This practice has never helped anyone and must clearly stop if Nigeria is to make genuine progress in the protection of women.

That women should be free from violence of any kind is key to gender equality, which is underpinned by the need to promote equality and prevent discrimination of any kind.

Nigeria would be better for it, but certainly cannot do it with so many women dying every year simply because they are women.

Kene Obiezu, keneobiezu@gmail.com

Tax: UBA Hosts Knowledge Series for SMEs, Business Owners

Oluchi Chibuzor

United Bank for Africa (UBA) Plc, is set to host a Knowledge Series webinar specifically dedicated towards informing and educating Small and Medium business owners on the 2024 withholding Tax Regulations recently implemented by the federal government.

This special webinar themed, “2024 Withholding Tax Regulations, Specific Emphasis on How They Affect SMEs,” is scheduled to hold online on Thursday, January 30, 2025, by 12noon prompt.

The bank in a statement said business owners and SMEs who will like to be a part of the eye-opening event can access the session on Zoom via the link:https:// ubagroup.zom.us/webinar/ register/WN6gAJ6SYeQXaaYanXykBuiQ

The knowledge series, it said, is a regular seminar/ workshop organised by the bank as part of its capacitybuilding initiatives, where leading business leaders and professionals share wellresearched insights on relevant

topics and best practices for running successful businesses.

“This edition seeks to educate business owners on the implications of the new tax regulations and how UBA’s offerings can effectively support their growth. Renowned leaders from diverse industries, including, UBA’s Head, SME Banking, Babatunde Ajayi; Financial Analysts with Anderson Consulting, Adeyemi Adediran and Vincent Okoukoni will be on ground to share their rich insights and explain how businesses can thrive in the new tax regime,” said UBA’s Group Head, Retail and Digital Banking, Shamsideen Fashola who spoke ahead of the webinar. Fashola emphasised the importance of this edition, noting that it will provide a platform for businesses, especially SMEs, to learn more about the new tax regime, implications for their business and attendant benefits for them and the economy at large.

He said, “Getting first -hand knowledge from experts on this important subject, as put together by UBA, will be invaluable for any business owner looking to build a lasting

enterprise”

Also speaking on the upcoming workshop, UBA’s Group Head, Marketing & Corporate Communications, Alero Ladipo noted that the sessions frequently organised by the bank, continues to resonate with SME’s and business owners, and has in more ways than one, helped them take major leaps that has helped engender success.

Ladipo said, “At UBA, we remain resolute in our commitment to empowering businesses of all sizes, and that is why we have decided that we will help guide our customers towards making better business decisions and embracing more opportunities in 2025” that will take them to new highs.

“We have assembled an esteemed panel of speakers who will do justice to this topic by sharing their vast wealth of experience and insights on how best to navigate the new tax regime,” she noted, adding that “this is a must-attend event for anyone serious about the long-term success of their enterprise.”

Expert Projects 39% Stock Market Growth in 2025

A capital market expert, who is also the Managing Director Arthur Steven Asset Management Limited (ASAM), Mr. Olatunde Amolegbe, has projected 39 per cent stock market growth this year, stressing that the growth is underpinned by ongoing bank recapitalization efforts, new listings, and anticipated monetary policy easing by the Central Bank of Nigeria (CBN).

Amolegbe, in his presentation at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2024 market review and 2025 projection tagged, “In-Depth Evaluation of the capital market in 2024 and prognosis for 2025,” held in Lagos, highlighted Nigeria’s relative market attractiveness as a key factor in attracting increased foreign portfolio inflows (FPI), provided stable policies are maintained.

He noted that the bank recapitalization process is set to boost investor confidence,

while high-profile listings such as Nigerian National Petroleum Company Limited and Dangote Refinery are expected to enhance market liquidity and broaden investment opportunities.

The projected bullish trend in 2025 comes as investors position themselves ahead of 2024 fiscal year results and dividend declarations, particularly in the banking sector.

However, Amolegbe cautioned that the market’s performance will depend on critical factors such as the country’s economic growth trajectory, monetary policy direction, and corporate earnings results.

The firm, however, anticipated a shift toward equities as fixed-income yields decline, driven by the CBN’s likely adoption of a more accommodative monetary stance.

Despite lingering concerns over exchange rate volatility and inflation, conservative sectors such as banking,

consumer goods, and industrials are expected to perform well, offering steady returns for investors.

In the palm oil industry, robust growth is forecast for key players such as Okomu Oil Palm Company (OKOMUOIL) and Presco Plc. Sustained global demand for palm oil, coupled with rising prices and improved production volumes, are projected to drive growth in the sector, with expected returns ranging between 18 per cent and 25per cent.

Presco’s recent bond issuance to fund its acquisition of Ghana Oil Palm Development Company Limited is seen as a strategic move that further solidifies its growth prospects.

The consumer goods sector is also set for a rebound, recovering from the inflationary challenges of 2024. ASAM’s positive outlook for the sector is based on expectations of lower inflation, a more stable foreign exchange environment, and supportive government policies.

Vento Furniture Rewards Customer with Luxury Car Gift

Aleading Nigerian furniture company, Vento Furniture, presented a lucky customer, Mrs. Toluwani Wabara, with a brand-new Mikano Changan Eado Plus luxury sedan.

According to the Managing Director of Vento Furniture, Mahmood Sadiq, the gesture was part of the company’s recent customer reward campaign.

At the presentation ceremony held at Vento Furniture’s Abuja showroom, officials of the National Lottery Commission described the process as transparent, fulfilling all criteria leading to the selection of the lucky winner.

Officials of Mikano Motors, led by General Manager Op-

erations, Hassan Ghandour, and other dignitaries and partners of Vento Furniture attended the event.

Mahmood Sadiq emphasised the company’s commitment to valuing its customers.

“The significance of this campaign hinges on our commitment to staying true to our value of identifying with customers who have patronized us over the years,” he stated.

“It’s an incredible feeling for us at Vento Furniture to reward customer loyalty. We recognize brand loyalty from our customers and are committed to providing quality products and occasionally introducing campaigns that give back to our customers,”

Sadiq added.

Upon receiving the key to the brand-new car, Mrs. Toluwani Wabara expressed heartfelt gratitude to Vento Furniture for the incredible gift.

She praised the sales team for exceptional customer service. Recounting her experience at the showroom, she said: “I had been searching for the perfect furniture for my home, but to no avail. I even considered traveling abroad to find what I needed. Fortunately, a friend recommended Vento Furniture, and I was blown away by their impressive collection. From negotiation to delivery and installation, the entire process was seamless and left a lasting impression on me.”

Saharan Blend (Algeria), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi

(Gabon), Iran Heavy (Islamic Republic

Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

L-R: Chief Marketing Officer, Sterling Bank, Maurice Igugu; Group Head, Mobility 2, Sterling Bank, Akinwunmi Akingbogun; Brand Manager, Made By Nigerians (MBN), Blessing Onyelobi; CEO, Qoray Mobility and Energies Limited, Olabanjo Alimi and Corporate Sales Manager, StarTimes, Tochukwu Steve Okudo, during a press conference on QORAY GWR Attempt held at Sterling Bank Head office, Marina, Lagos ...recently

Kayode Tokede

Don’t Invest in Risevest, Stecs Cooperative Societies, SEC Warns Investors

Kayode Tokede

The Securities and Exchange Commission (SEC) has issued a warning to the public, advising against engaging in any investment-related transactions with Risevest (Victoria Island) Cooperative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society, commonly known as Stecs.

According to the SEC,

neither entity is registered or authorized to operate in the capital market.

The Commission stated this in a circular issued at the weekend in Abuja.

The Commission stated:

“The attention of the Securities and Exchange Commission has been drawn to the activities of Risevest (Victoria Island) Cooperative Multipurpose Society Limited, which is engaging in capital market activities by inviting

the public to invest in its various investment schemes.

“Similarly, our attention has been drawn to Stecs (Alausa) Multipurpose Cooperative Society (popularly known as Stecs), which is engaging in capital market activities by inviting the public to invest in its Stecs Commodity Mudarabah Investment Series I.

“The Commission hereby notifies the public that Risevest (Victoria Island) Coop-

erative Multipurpose Society Limited and Stecs (Alausa) Multipurpose Cooperative Society are not registered to operate in any capacity in the Nigerian capital market. Similarly, the investment schemes promoted by them have not been authorized by the Commission.

“Accordingly, the SEC advised the public to refrain from engaging with Risevest (Victoria Island) Cooperative Multipurpose Society Limited

and Stecs (Alausa) Multipurpose Cooperative Society in respect of any business pertaining or relating to the Nigerian capital market”.

SEC further reiterated that transacting in the Nigerian capital market with unregistered and unregulated entities exposes investors to the risk of fraud and potential loss of investment.

“The SEC remains committed to the protection of investors in the Nigerian

capital market and is working diligently to combat the activities of illegal/unregistered entities.

“For inquiries or to verify the registration status of entities offering investment opportunities in the Nigerian capital market, please contact the Commission through the following channels:Phone: +2342094621168-9, Email: registration@sec.gov.ng and Website: https://sec.gov.ng/ cmos/ “, the SEC added.

MEDIA PARLEY AND INFORMATION SESSION ON NIMC GENERAL MULTI-PURPOSE CARD...

Nine Banks Avert USSD Disconnection

Today, Clear N160 Billion Debts

Emma

Okonji

Nine Deposit Money Banks (DMBs) earlier pencilled down for disconnection today from the Unstructured Supplementary Service Data (USSD) service will no longer be disconnected from the financial service, following a last-minute payment of their accumulated debts, which reached N160 billion in November last year, THISDAY has learnt.

Before November last year, 18 DMBs owed telecoms operators over N200 billion from USSD debt accumulation, which the banks had refused to remit since 2019. But between October and November last year, some of the banks cleared their outstanding debts, except nine that failed to make payment as at November last year.

The development reduced the outstanding USSD debt from over N200 billion to N160 billion.

Worried about the humungous debt, Nigerian Communications Commission (NCC), penultimate week, gave approval to telecoms operators to disconnect the remaining nine banks that were yet to pay the USSD debt.

Although the approval for disconnection was to take effect from today (January 27, 2025), THISDAY learnt that the remaining nine banks cleared their outstanding USSD debt before the close of work on

Friday last week, a move that restrained the telcos from disconnecting the banks from the USSD service today as earlier planned.

THISDAY also learnt that the nine banks, while clearing their outstanding debts, decided to withhold part of the debt, which according to them, was the summation of the 10 seconds USSD billing time approved by NCC and Central Bank of Nigeria (CBN) for all USSD transactions.

The 10 seconds USSD billing time, which is now a bone of contention between telecoms operators and the banks, is expected to be addressed by the telcos and the banks anytime soon.

NCC and CBN had earlier shifted the USSD billing time from five seconds to 10 seconds. It stipulates that banks should start billing customers using the USSD code, after 10 seconds of the commencement of the transaction time.

The USSD code transaction begins from the time the bank customer dials the USSD code of a particular telecoms operator, and follows the instructions to select bank, impute PIN and confirm PIN, till the transaction is completed as successful. At the end of a successful USSD transaction, the banks debit the customer and they are expected to remit the sum of N6.98k for every successful

Lagos Commences Registration of 2025 UBE, Placement Test

The Ministry of Basic and Secondary Education, through the Lagos State Examinations Board, has announced commencement of registration for year 2025 Universal Basic Education by Continuous Assessment Scores (UBE BY CAS) and placement test from Monday, January 27 to April, 18, 2025.

The Director, Lagos State Examinations Board, Mr. Orunsolu Adebayo, disclosed this in a circular, notifying parents/guardians, head teachers, proprietors and proprietress of primary six pupils transiting into junior secondary schools (JSS).

He explained that only primary 6 pupils in public and approved private primary schools in the state are eligible to participate in the UBE by CAS and placement test.

"Registration is free for public primary schools, while pupils of approved private primary schools are expected to pay the sum of N5,000 per candidate, through the Lagos State Central Billing System (CBS)," he said. The statement also contained approval of Yoruba language as one of the subjects for testing the knowledge and thinking ability of pupils sitting for the test in the state. He enjoined authorities of public and approved private primary schools in the state to take note of the date and ensure that parents/guardians are duly informed. The director assured stakeholders and parents that no child would be left unattended to, stressing that machinery is on hand to ensure seamless and hitch-free registration.

USSD transaction, to the telecoms operator whose code was used for the USSD transaction, but the banks will not remit to the telecoms operators.

The USSD debt controversy

started since 2019, when telcos developed their different USSD codes as platforms for financial transactions, and NCC, which regulates the telecoms sector, assigned the different codes to banks with

the agreement that banks will remit N6.98k to each telecoms operator, whenever the bank customer uses the USSD code for financial transaction that is successful. But the non-remittance led to accumulation of USSD debt, which reached over N200 billion as at October 2024, but dropped to N160 billion in November 2024, before the debt was gradually cleared off on Friday.

NIMC, NIBSS, AfriGo to Roll Out MultiPurpose Digital Cards to Boost Nigeria’s GDP

Michael Olugbode in Abuja

The National Identity Management Commission (NIMC), Nigeria Interbank Settlement System (NIBSS), AfriGO, and other stakeholders are set to roll out digital cards with multiple wallets to drive financial inclusion and improve Nigeria's Gross Domestic Product (GDP).

The digital cards with multiple wallets, when unveiled, would allow Nigerians have access to government services in all Ministries, Departments and Agencies (MDAs) of government, and also provide platforms for students to access government loans.

Nigerian farmers, who have already been captured under the Federal Ministry of Agriculture and Food Security (FMAFS), have embraced the digital cards for government services in areas of provision of agric loans, seedlings and other inputs that would improve food production and security.

Addressing a press briefing at the weekend in Abuja, Director General/ Chief Executive Officer of NIMC, Engr. Abisoye Coker-Odusote, said the biometric NIMC-enabled cards had multiple features to address the socio-economic needs of Nigerians in line with the eight-point agenda of President Bola Tinubu.

Coker-Odusote, who was flanked at the press conference by Managing

Director/CEO of NIBSS, Mr. Premier Oiwoh; Managing Director/CEO of AfriGO, Mrs. Ebehije Momoh; and Managing Director of Data Mining Company, Mr. Femi Akande, said the stakeholders were brought together to explain the different benefits associated with the digital cards to Nigerians and the general impact it would have on the economy in line with Tinubu’s welfare drive using digital identity verification as a major platform.

The NIMC boss said the multiple purpose cards would be available to citizens, home and abroad, and legitimate residents who could use the cards for various transactions, especially payments of water and electricity bills, transportation services, and shopping, among others.

She explained that the card could be used off line and online to provide services for unbanked citizens in rural areas and bring on board those whose businesses required government support for survival, stating that with such opportunities, Nigerians would need no godfather to access government services and support.

Coker-Odusote said the digital cards, which come with various security features, could not be forged as the biometric information of owners were embedded in them, emphasising that they are made to address current needs of government to ensure that

there are no ghost beneficiaries of government palliatives, loans and other benefits.

She assured Nigerians that the cards would turn around the nation’s economy by improving revenue generation and the country’s GDP as states governments and the private sector would be part and parcel of it.

Speaking on behalf of other stakeholders, the CEO of AfriGO, Mrs. Ebehije Momoh, said the launch of the cards would change the narrative for the country’s economy as it would ensure that the flow of money remained within the economy.

Momoh added, "The digital card is a domestic solution to drive financial inclusion and provide cost effectiveness and transparency within the systems. It would ensure data sovereignty and autonomy, and we all know that data is significant to improve our economy.”

She said, “This card will help reduce cost, especially dollar given to banks. Domestic payments are important to support welfare and social interventions services of government, so it will help drive cashless policy and ensure that our monies remain within the economy.

"We have about 26 banks already issuing the cards and it is hoped that more would come on board. Nigeria is the first country to come up with

this innovation, and surely it would enhance micro-medium enterprises across the country.

"

On the roll out plan, Momoh described the improved ID as phenomenal coming to revolutionise the Nigerian Identify System.

She said, "We are enabling the G2P ecosystem where different NDAs and even state governments are partnering with us and NIMC and other partners to issue this G2P card to the otherwise excluded and vulnerable segments of the population so that they can participate effectively.

“With this new card, the government can identify them and support them more efficiently.

"We are activating the national ID card to meet the needs of the middle and top who will require a bit more sophistication in terms of the card.”

She also stated, “And these are people who will make requests for it because they have a need for it and then we can provide them for them. We are also going to do virtual cards.

“These virtual cards are digital versions of the card which people can download into their smart devices. Those who don't want to carry a physical card can download into their devices and continue to use them for their authentication, whatever they want to do with it."

Gov Aliyu Begins Minimum Wage Payment Monday

Onuminya Innocent in Sokoto

Governor Ahmed Aliyu of Sokoto State has approved commencement of the payment of N70,000 new minimum wage to civil servants on Monday, January 27.

With the approval, civil servants in Sokoto State will enjoy the new minimum wage with their January salaries.

A statement signed by Mr. Abubakar Bawa, the Chief Press Secretary to Governor Aliyu, quoted the governor as approving that the payment will

cover the state civil servants and local government staff across the state.

The payment of the new national minimum wage, which is in compliance with the new national minimum wage policy as approved by the federal government.

It is also in fulfilment of an earlier promise made by the governor to that effect.

Governor Aliyu therefore urged civil servants in the state to reciprocate the good gesture of government by being alive to their responsibilities.

"With commencement of the

payment of this new national minimum wage, we expect a renewed commitment, hard work, punctuality and above all, seriousness from our civil servants," he said.

The governor also vowed to sustain the prompt payment of salaries between the 19th and the 22nd day of every month, saying that his administration will remain workers-friendly.

It would be recalled that prior to the coming of the present administration in the state, workers were not sure of when to get their salaries, as salaries

were paid after 50 days as against the usual 25-30 days. With the coming of the Governor Ahmed Aliyu-led administration, workers in the state now receive their salaries between the 19th and 22nd of every month, while the backlog of unpaid gratuity of retirees is being

L-R: Managing Director/CEO, NIBSS, Mr. Premier Oiwoh; Director General/CEO NIMC, Engr. Abisoye Coker-Odusote; Managing Director, Afrigopay Financial Limited, Mrs. Ebehijie Momoh; and Mr. Femi Akande, MD DMC, at the Media Parley and Information Session on the NIMC General Multi-Purpose Card held in Abuja, last Friday

Funmi Ogundare

BOOSTING ECONOMIC TIES BETWEEN SUB-NATIONALS IN AFRICA...

Wale Tinubu: Oando Has Over a Billion Barrels of Oil Reserves

Emmanuel Addeh in Abuja and Peter Uzoho in Lagos

Group Chief Executive, Oando Plc, Mr Wale Tinubu, has argued that onshore oil and gas assets are best managed by indigenous players due to their closeness to host communities and better handling of security challenges.

Tinubu disclosed this to CNBC Africa on the sidelines of the World Economic Forum (WEF) 2025 in Davos, Switzerland, a statement from the company said yesterday, arguing that local operators will engage host communities and regulators better.

The Oando chief executive also highlighted that Oando currently has over 1 billion in oil reserves, 300,000 barrels a day of oil processing capacity, 2 billion cubic feet a day of gas capacity, with net present value of the oil in its facilities put at over $10 billion.

He added that Nigerians have the skills and the capability to secure funding to thrive in onshore operations.

“The onshore assets in Nigeria are best in the hands of local players. The level of technology that is required to drill them is something that is commonplace. Nigerians have the skill, and the capacity, and we can

also secure the funding.

“And the next step is to explore those resources, and we can do that by being closer to the community, having a better handle of security, and also having a better handle at dealing with the regulations and regulators. This is because at the end of the day, regulation needs to be collaborative as we are trying to secure the best for our nation," he stated.

In a country like Nigeria, coupled with the country's current state of economic challenges, the Oando chief executive pointed out that the country needs to improve exports as well as its balance of trade.

In addition , he stated that Nigeria must ensure it secures as much foreign exchange as it can, to reduce the exchange rate and help diversify the economy, explaining that the fastest way to do this is through the oil industry.

Several international oil companies (IOCs) have exited their onshore operations in the last two years, selling their assets to indigenous oil companies.

For instance, Italian energy giant, Eni, quit onshore operations in Nigeria and sold its assets to Oando Plc.

The Davos, Switzerland, event was attended by world leaders, top executives of the 1,000 foremost global

Nigeria, Singapore to Partner on Joint Civil Service Training and Innovative Solutions

The federal government has announced that the recent visit of the Nigerian delegation to the United Nations Development Programme (UNDP) Global Centre for Technology, Innovation, and Sustainable Development in Singapore aims to solidify a partnership focused on joint training initiatives for civil service, collaborative research, and the exchange of innovative solutions.

The Head of the Civil Service of the Federation, Mrs. Didi Esther Walson-Jack, reaffirmed this during a recent visit by the Nigerian delegation to Singapore.

She emphasized the intention of Nigeria and Singapore to foster a partnership between the Global Centre for Technology, Innovation, and Sustainable Development and the Public Service Institute of Nigeria (PSIN).

Walson-Jack, who was accompanied by 20 heads of service, reiterated Nigeria’s steadfast commitment to achieving excellence in global public service, asserting that the visit would enhance the relationship between the

Civil Service of Nigeria and that of Singapore.

She characterized the visit as a pivotal opportunity for the delegation to gain insights and adopt best practices aimed at transforming civil service operations.

Furthermore, she underscored the vital role of collaboration in promoting public service advancement in Nigeria, expressing a strong desire to learn from Singapore’s exemplary civil service, which is globally recognised for its efficiency, transparency, and innovation.

Mrs. Walson-Jack described the collaboration as a promising avenue for reforming Nigeria’s civil service into a benchmark of professionalism, efficiency, and responsiveness.

“We look forward to joint training programmes, collaborative research, and sharing of innovative solutions that will empower our civil servants with the knowledge and tools they need to excel.

“By working together, we can build a public service that is responsive, accountable, and dedicated to the welfare of our people and serves as a model for the continent,” she stated.

companies, leaders of international organisations and relevant nongovernmental organisations. Participants deliberated on ways to move the planet forward at the prestigious World Economic Forum.

Since the founding of the Forum, its objective has been consistent: to be the world’s foremost platform to shape global, regional and industry agendas through multi-stakeholder engagement.

Themed 'Collaboration for the Intelligent Age,' the 2025 annual convening of investors, business leaders, political leaders, and economists focused on driving conversations that addressed geopolitical shocks, stimulating growth to improve living standards, and fostering a just and inclusive energy transition.

The event saw a Nigerian delegation, including government

officials such as Kashim Shettima, Vice President of Nigeria; Wale Edun, Minister of Finance, Nigeria and Jumoke Oduwole, Minister of Industry, Trade, and Investment, Nigeria as well as CEOs such as Adewale Tinubu, Group Chief Executive, Oando PLC, among others.

Still on the Nigerian Energy sector, Wale Tinubu highlighted the immense prospects of indigenous energy companies taking over the divested assets by International Oil Companies (IOCs) in Nigeria.

He emphasised that by combining robust working capital, advanced technologies, and the unique skills, capacity, and local acumen of these indigenous players, who now significantly control Nigeria's onshore assets, the industry can unlock previously untapped potential.

As one of the first indigenous

companies that successfully acquired an IOCs’ onshore assets, AGIP, Tinubu highlighted the importance of partnership and critical financing to not only extract value from these material reserves but also accelerate the rate of extraction.

“As a company, we have over a billion barrels of reserves, 300,000 barrels a day of oil processing capacity, and over 2 billion cubic feet a day of gas capacity. Effectively, the net present value of the oil we have in our facilities is well over $10 billion,” remarked Tinubu.

He stressed the critical role of governments and regulators in maximising value from the industry to address economic challenges, improve the balance of trade, and attract greater foreign investment to Nigeria.

“We need to increase our exports

significantly to improve our balance of trade and strengthen the Naira. The oil and gas industry offers the fastest path to achieving this, given our substantial reserves and existing infrastructure” he added. The Oando chief also unveiled plans of how the company was set to adopt artificial intelligence, among other technologies, in its next drilling campaign to explore its over 1 billion barrels of oil reserves to strengthen decision-making and optimize costs in oil exploration.

"In a drilling operation, we have to make crucial decisions which have a high impact on costs," Tinubu stated. "AI will allow us to analyse vast amounts of data, including decades of seismic technology and drilling experience, to identify the most optimal solutions,” he added.

Diri Proposes Economic Ties Between Africa’s Subnationals

Bayelsa, Angolan province to partner on fisheries, agriculture

Governor of Bayelsa State, Senator Douye Diri, has advocated economic cooperation between states in Africa.

Governor Diri said such cooperation would promote African unity, boost the economies of the subnationals as well as reduce the economic dependence on the Western World.

The Bayelsa governor stated this at the weekend during a meeting with the governor of the Province of Namibe in Angola, Mr. Archer Mangueira.

He said Bayelsa and Namibe shared similarities as coastal states bordering the Atlantic Ocean and that both states could benefit from areas that they had comparative advantage.

Namibe has developed its marine economy to become the fishery hub of Angola and the Southern African sub-region, with discussions between both leaders centred around exploring the opportunities of collaboration in

this sector.

Diri said: “We have discovered that relationship between governments has not been very cordial across the continent of Africa. We rather prefer to value our relationship with Europe and Asia.

“Among presidents and governors, we have not related so well and I think that this kind of visit will address such relationship within us in Africa, particularly between states and countries.

“Bayelsa has a whole lot of similarities with Namibe. Like your province, Bayelsa borders the Atlantic Ocean except that Namibe has low lands with a dual advantage of the Atlantic Ocean and the desert.

“Bayelsa is at the heart of the Niger Delta, which is the oil-producing region of Nigeria, and like Namibe, it is also in the southern flank of our country. The state is very rich in oil

and gas, and, in fact, it is richer in gas than oil.

“Like Namibe, we are also interested in fisheries because of our aquatic location and having the longest coastline in Nigeria, which has remained largely untapped and undeveloped.

“So, as we speak, our government is constructing roads to hit the Atlantic Ocean on three fronts in order for us to actually explore the ocean as you have done in Namibe. From what we have seen, we can collaborate in fisheries, which is one area you can explore beyond Bayelsa.

“I have also seen that there is a developed and functional seaport here. We are trying to develop a deep seaport at a place called Agge, and we are looking out for investors that have the potential and resources to actualise this. So, we are interested in collaborating with you on that.

“Also in agriculture, our land is very fertile for the cultivation of rice, plantain, cassava, bananas, potatoes and vegetables. We recently established a relationship with the South Korean Government, which has donated equipment to our state for mechanised farming.

“I believe there many areas we can collaborate. Where you have comparative advantage, you produce, and where we have comparative advantage, we also produce.

“From our meeting, I'm aware that Namibe is also a potentially oil producing state. So, areas of collaboration include fisheries, agriculture, culture, tourism and potentially oil and gas.

“This meeting should be an eye opener for African countries and states. There is need to have this kind of bilateral relationship between states in Africa.”

Departing Spanish Ambassador Says Nigeria Owns the Future

Michael Olugbode in Abuja

Departing Spanish Ambassador to Nigeria, Juan Sell, has said Nigeria is a country of great potential that owns the future.

Sell gave this description during his sent-forth party at the Embassy of Spain in Abuja. The envoy said “Nigeria, what a potential! You own the future. It is only a matter of bringing that future

to the present. Of course there are challenges. I have not met in these years a single Nigerian that would not come with his or her own list of proposals. And this is very good. My admiration always goes to nations that are never satisfied with their state of affairs (we Spaniards have become very good at that, perhaps too good).

“All you need is to transform your well-known resilience into a

commitment to build together the country you all want. Let me assure you (dear Ministers) that you can count on Spain in that endeavour.”

Sell added that: “It is time for me to go home. I have powerful reasons to do so. Primarily, the arrival of my first grandson, Íñigo. But I will also be pursuing a brand-new professional career for some time (not bad for an old hand as me).

“Nostalgia will now change

places. If I have longed for Spain and my people, I will now miss Nigeria and all of you. It is always encouraging to say “until we meet again” (and it will be a real pleasure when it is the case). But the most helpful weapon to navigate this life of permanent change is memory.

“And I can assure you that I will treasure my memories with each and every one of you.”

L-R: Vice-Governor, Province of Namibe in Angola, Abel do Rosário Kapitango; Governor of Bayelsa State, Senator Douye Diri; Governor of Namibe, Archer Mangueira; and Vice-Governor, Ema Samali Henriques da Silva, during Diri’s visit to his Namibe counterpart at the weekend

Olawale Ajimotokan in Abuja

GALAXY UNPACKED...

L-R: Business Manager, Mobile eXperience, Nathan Lee; Head of Marketing, Samsung Electronics West Africa, Oge Maduagwu; Chief Executive Officer, Samsung Electronics

eXperience, Joy Tim Ayoola; and Head, Product Management, Mobile eXperience, Stephen Okwara, during the Galaxy Unpacked held in Lagos…recently

Enugu Approves Climate Policy, Off-grid

Electricity Strategy, Targets 792,000 New Jobs

Governor Peter Mbah has approved the Enugu State Climate Policy and Action Plan (ESCPAP), making it the first sub-national government in Nigeria to adopt a long-term climate strategy that incorporates emissions modeling, microenergy audits, and extensive stakeholder engagement.

Also, the State Executive Council has also approved the Enugu State Off-Grid Electrification (OGE) Policy Strategy Plan to expand electricity access to unserved and underserved communities, leveraging distributed renewable energy solutions to drive

economic growth and improve public service delivery.

The approvals were announced by the Secretary to State Government (SSG), Prof. Chidiebere Onyia, at the end of the State Executive Council meeting at the weekend, according to a statement sent to THISDAY.

Onyia spoke alongside the Commissioner for Environment and Climate Change, Prof. Sam Ugwu and the Commissioner for Finance and Economic Development, Dr. Nathaniel Uramah.

The SSG said the programme underscored the Mbah administration’s commitment to balancing economic transformation,

environmental sustainability, innovation, inclusiveness, and climate resilience, ensuring that key sectors such as agriculture, energy, and natural resources were climate-resilient and future-proofed against environmental challenges.

The ESCPAP, according to the government, represents a pioneering effort to facilitate clean energy development, stimulate job creation, and foster green technology advancements.

"Enugu State had started this policy design in the past eight months, and finally, after the surveys and after crunching the numbers from various instruments we used,

we have come up with a policy and action plan.

“This action plan will help us enhance economic growth. This is very important for us in job creation, and we are looking at a situation where we facilitate the creation of 792,000 jobs in renewable energy, waste management, and reforestation by 2060,” he said.

In terms of sustainable economic growth, the plan, he said, is projected to drive a 25-fold increase in the state’s Gross Domestic Product (GDP) by 2060 through investments in renewable energy, sustainable agriculture, and green technology.

In terms of energy transition, the

Emekah Takes Over as New 6 Division Army GOC

Troops destroy 13 illegal oil refining sites in N'Delta

Blessing Ibunge in Port Harcourt

Maj.-Gen. Eric Emekah, has assumed office as the new General Officer Commanding 6 Division, Nigerian army, warning criminals within the area of operation to steer clear.

The new GOC who took over from Maj.-Gen. Jamal Abdussalam, has pledged to surpass the target set by the federal government in the oil sector.

This is as troops of 6 Division, dismantled 13 illegal bunkering sites and arrested 15 oil thieves in the Niger Delta region.

A statement yesterday by Lt.- Col. Jonah Danjuma, Acting Deputy Director, 6 Division Army Public Relations, revealed that

over 150 locally made ovens were deactivated, while over 300,000 litres of stolen products were recovered.

Danjuma disclosed that the operations that led to the recorded success were conducted closely with other sister services from January 20 to 26, 2025.

"While on routine anti-illegal bunkering operations, troops swooped on a vandalised point, with a large pool stocked with 252,000 litres of stolen crude oil at Ugo Community in Orhiomwon Local Government Area LGA of Edo State.

"The products were suspected to have been stolen from a vandalised point. Further exploitation in the area led to the recovery of pumping machine, hose and pipes.

Prof Lemchi

"At Asade Community in

Ethiope West LGA of Delta State, troops intercepted a red 30,000 litres capacity DAF Tanker Truck without Plate Number, siphoning crude from PAN Ocean Nigeria Limited Pipeline located in the bush in Ovade general area. It was discovered that over 15,000 litres of stolen crude was already siphoned before the truck was intercepted," Danjuma said.

Danjuma also disclosed that in Rivers State, particularly along the Imo River corridor, the operations led to the confiscation of over 10,000 litres of stolen products.

These products, he said , were recovered around Lekuma, Abiama and Oyigbo.

Relatedly, an illegal refining site was discovered along Odagwa along the Imo River waterways. On

arrival at a camp at Owaza general area, it was noted to be fully active. The criminals deserted the area on sighting troops. In a follow-up operations conducted, one pump action gun was recovered.

At Obiafu Oil field in Ogba/ Egbema/Ndoni LGA (ONELGA), it was learnt that troops dismantled three illegal refining sites in a cluster, with 10 cooking drums, two rolls of hose and eight reservoirs.

The feat, it was gathered, was replicated around Abalama Community in Asari-Toru LGA, where troops discovered some carefully concealed jerricans filled with illegally refined Automotive Gas Oil (AGO) and Dual Purpose Kerosene (DPK) estimated to be over 1,500 litres.

Appointed First Substantive VC, Alvan Ikoku Fed University of Education, Owerri

Tony Icheku in Owerri

Professor Stella Ngozi Lemchi has been appointed the first substantive Vice-Chancellor of Federal University of Education, (AIFUE), Owerri, AIFUE's Governing Council under the Chairmanship of Senator Joy Emodi, CON, which approved the appointment made the announcement during the 3rd Regular Meeting of the Council on Thursday, January 23, 2025.

The appointment takes effect from January 23, 2025, and is for a non-renewable tenure of five years.

Lemchi emerged the best among the five shortlisted candidates interviewed by the Joint Council and Senate Selection Committee of the university, in line with the extant regulations governing the process.

Before her appointment as the substantive vice-chancellor, Prof.

Lemchi served in an acting capacity from July 25, 2024. During this period, she worked closely with the Governing Council to complete the transition of the institution from a College of Education to a University of Education, displaying remarkable leadership, vision and commitment.

Born on September 11, 1969, in Imo State, Prof. Lemchi is a distinguished scholar and Professor

of Home Economics Education at the Alvan Ikoku Federal University of Education, Owerri.

Her educational journey began at Premier Primary School, Amaifeke, Orlu, where she obtained her First School Leaving Certificate (FSLC, Credit) in 1980. She proceeded to the Federal Government College, Okigwe, where she passed her West African School Certificate (WASC) in 1986.

state, going by the policy, he added, targets 80 per cent renewable energy usage by 2060, with a 60 per cent emissions reduction in the transport sector and a robust afforestation plan to enhance carbon sequestration.

The comprehensive policy and action plan includes the setting up of an ESCPAP Implementation Committee, comprising representatives from the government, private sector, civil society, and international donor organisations.

This is to ensure effective execution of the policy’s goals as well as the introduction of a climate change curriculum in Enugu’s Smart Green Schools to equip the future generations with knowledge and skills in green innovation.

The Climate Policy and Action Plan, he said, aligned with Nigeria’s Nationally Determined Contributions (NDCs) and global

climate agreements, thus positioning the state as a key player in the nation’s journey toward a low-carbon, sustainable future.

Also, highlighting the state's off-grid policy, Onyia said: “This policy is designed to complement the Enugu State Electrification Policy that was passed in 2023 Enugu Electricity Law. This provides a framework that would catalyse private sector investment, enhance socio-economic growth, and improve the overall quality of life of Enugu people. "This policy also recognises the importance of distributed renewable energy solutions such as solar, wind, hydro, and biomass. These will be the key drivers for electrification in the rural and peri-urban areas.” He added that all these were in sync with the Mbah administration’s drive to grow Enugu’s economy to a $30 billion economy by 2031.

Host Community Seeks Scholarship, More Developmental Support from Lekoil

Blessing Ibunge in Port Harcourt

Host Communities of Lekoil Oil and Gas Investment Limited in Ikuru Town, Andoni Local Government Area of Rivers State has urged the firm to promote sponsorship of scholarship for youths of the area, and infrastructure development, especially construction of internal roads.

The demands were made yesterday, when a group, Lekan and Tomi Akinyanmi Foundation (LATAF), handed over musical instruments to the community representatives, fulfilling a request from the community.

The instruments donated by the Founder of LATAF, Lekan, who incidentally is the Chief Executive Officer of Lekoil, includes, Upright Piano, Trumpets, Trombones, Clarinets, Flutes, Saxophones and Drum Set.

In a statement signed by Tomi Akinyanmi, noted that music is a core component of a well-rounded educational foundation.

Mrs. Tomi said: "The concept of a music library embodies that thinking, highlighting the fact that the development of music skills enhances and complements other

forms of education".

She stated: "We are pleased and honored at the opportunity to provide these gifts of musical instruments to Ikuru town and look forward to hearing beautiful melodies and harmonies in the future".

Presenting the instruments to Prof. Lysias Gilbert, Chairman, Ikuru Town Host Community Development Trust (HCDT), the General Manager of Lekoil, Godwin Okeke, said the essence of the instruments is to educate, to allow the people of the community the opportunity to learn and play music.

Okeke explained that both youths and elderly people in the community can make a lot of living from music using the instruments, adding that it completes the totality of education. His words: "And if there's need to train, the foundation is also thinking about those options. Again, we know that even in the community, there are those who may have learnt in one way or the other to play the equipment the musical set, but they don't have it. So, this provides them that opportunity as well."

Mr. Okeke further explained that the instruments were bought and presented to the community by Lekan and Tomi Akinyanmi Foundation.

Emmanuel Addeh in Abuja

West Africa, Tae Sun Lee; Group Head, Mobile

GROUNDBREAKING OF CIBN BANKERS HALL...

SERAP Asks Court to Halt 50% Telecoms Tariff Hike

Chuks Okocha in Abuja

Socio-Economic Rights and Accountability Project (SERAP) has filed a lawsuit against President Bola Tinubu over “the arbitrary, unconstitutional, unlawful, unfair, and unreasonable 50 per cent telecom tariff hike by the Nigerian Communications Commission (NCC)”. Joined in the suit as defendant was Nigerian Communications Commission (NCC), which had recently approved a 50 per cent

hike in telecom tariffs. By the increase, the average price of calls will rise to N16.5 per minute from N1; the cost of 1GB of data will rise to N431.25, from N287.5/GB; and SMS prices will increase to N6, from N4.

SERAP was asking the court to determine “whether the unilateral decision by the NCC to authorise telcos to hike telecom tariffs by 50 percent is not arbitrary, unconstitutional, unlawful, unfair, unreasonable and inconsistent with citizens’ freedom of expression and

access to information”.

The organisation also asked the court for “a declaration that the unilateral decision by the NCC to authorise telcos to hike telecom tariff by 50 per cent is arbitrary, unfair, unreasonable and inconsistent and incompatible with citizens’ freedom of expression and access to information, and therefore unconstitutional and unlawful”.

SERAP was also sought “an order of interim injunction restraining the NCC, its officers, agents, privies, assigns, or any

other person or persons acting on its instructions from further implementing, enforcing and doing any act to give effect to the decision of the NCC authorizing telecom tariff hike by 50 percent”.

SERAP argued, “The legal and constitutional provisions as well as international standards on freedom of expression and access to information constitute the repository of legality. The requirements of legality constrain the exercise of statutory powers by the NCC to authorise any increase

NDLEA Intercepts UK-bound Illicit Drug Consignment in Duvet at Lagos Airport

Operatives of the National Drug Law Enforcement Agency (NDLEA), have intercepted a consignment of Loud, a synthetic strain of cannabis, concealed in duvet, packaged for export to the United Kingdom through the cargo shed of the Murtala Muhammed International Airport, MMIA, Lagos.

The spokesman of the antinarcotics agency, Femi Babafemi, in a statement on Sunday said two suspects: Adakole Sunday and Austin Balogun linked to the bid to export the consignment to the UK were promptly arrested following the discovery by NDLEA officers last Tuesday, adding that six parcels of the psychoactive substance with a gross weight of 3.5 kilogrammes were concealed inside the duvet.

Babafemi said Austin Balogun who is the main agent who hired Adakole, in his statement, claimed he was paid N700,000 to cargo the

consignment to UK but spent a fraction of the money on export handling charges and the bulk to pay for an apartment.

In another clampdown, at least two suspects: Joseph Adewale and Biodun Adelakun were arrested at Igbo Olumo, Ikorodu area of Lagos when NDLEA operatives raided their hideout in the community where seven litres of skuchies, a new psychoactive substance produced with black currant, cannabis and opioids, were recovered.

Other exhibits seized from the duo include: three locally made double barrel riffles; one locally made double barrel pistol; one English made pistol; one locally made single barrel riffle; three cartridges and one empty 9mm cartridge as well as an iron-head axe.

Babafemi said in another raid in Lagos on Sunday 19th January, the agency seized 47 kilogrammes of skunk, a strain of cannabis, and

25.46 kilogrammes Nitrous Oxide popularly known as laughing gas at the notorious Akala area of Mushin.

In Ekiti, a 26-year-old suspect Adepoju Taiwo was arrested by NDLEA officers last Thursday with 1.95 kilogrammes Canadian Loud at Iworoko road, Ilokun, Ado-Ekiti, the Ekiti State capital, while Auwal Sani was nabbed by operatives last Monday at Bode Saadu in Moro Local Government Area of Kwara State. A total of 50,000 pills of tramadol 225mg weighing 36.56 kilogrammes were recovered from him.

Babafemi said a Nigerien, Abubakar Lami, 45, with two others: Abba Sani, 35, and Auwal Aliyu, 32, were arrested by NDLEA operatives at Gadar Tamburawa, Kano, while 13.1 kilogrammes skunk and 125 litres of ‘suck and die’, a new psychoactive substance were recovered from them.

In Gefen Kasa, Dawakin Kudu

Council Area of Kano State, a cannabis plantation was discovered and destroyed by a team of NDLEA officers who arrested a suspect, Sabo Muhammad, 45, linked to the farm.

He said across the country, NDLEA Commands continued their War Against Drug Abuse (WADA) sensitization lectures and advocacy visits to worship centres, schools, workplaces, palaces of traditional rulers and communities all through the past week.

Meanwhile, the Chairman/Chief Executive Officer of NDLEA, Brig. Gen. Buba Marwa (Rtd), while commending the officers and men of MMIA, Lagos, Kano, Kwara, and Ekiti commands of the agency for the arrests and seizures of the past week, also applauded their compatriots in all the commands across the country for intensifying the WADA social advocacy lectures and sensitization activities in every part of their areas of responsibility.

in telecom tariffs.”

The suit filed on behalf of SERAP by its lawyer, Ebun-Olu Adegboruwa, SAN, read in part, “The demands of legality impose clear duties of fairness and reasonableness on the NCC in the exercise of its powers to authorize the telecom tariff hike by 50 per cent, which is the subject-matter of this suit.

Governor AbdulRahman AbdulRazaq

a

A government house statement issued in Ilorin signed by the Chief Press Secretary to Governor AbdulRazaq, Mr. Rafiu Ajakaye, stated: “The committee is led by the deputy chief of staff to the governor, Princess Bukola Babalola.

by the Commissioners for Agriculture, Water Resources, Environment; Special Adviser on Special Duties; SSA Security to the Governor Alhaji Muhyideen Aliu; Kwara State Emergency Management Agency; a director in the Office of the Secretary to the State Government (Secretary); and Kwara State Social Investment Programme.

The statement added: “The committee is to visit the affected areas on a fact-finding mission,

“The NCC is required under the legal provisions on consumers’ rights and constitutional and international standards on freedom of expression and access to information to base its decision on reasonable interpretations of its enabling statutes and guidelines and other relevant legal frameworks, and to follow due process.”

World Education Day: UNILORIN VC Recommits to Equipping Students with Skills to Exploit AI’s Potentials

Hammed Shittu in Ilorin

The Vice Chancellor of the University of Ilorin, Prof. Wahab Olasupo Egbewole (SAN), has reiterated the commitment of the management of the institution to equip students with the knowledge and skills needed to harness the potentials of Artificial Intelligence (AI) for societal progress.

Egbewole therefore described the theme of this year's International Day of Education that centred on the usefulness of Artificial Intelligence in the education sector as appropriate and forward-looking.

In another development, UNILORIN’s Senate elected Prof. Taibat Odunola-Bakare of the Faculty of Pharmaceutical Sciences and Prof. Mukhtar Adeiza Etudaiye of the Faculty of Law as deputy vice-chancellors.

The duo will succeed Prof. Olubunmi Abayomi Omotesho and Prof. Sulaiman Folorunsho Ambali, whose tenures as deputy vice-chancellors expired on December 20, 2024.

Meanwhile, the International Day of Education is marked every January 24, and this year's theme is 'AI and Education: Preserving Human Agency in a World of Automation'.

In a statement issued at the weekend by the university's Director of Corporate Affairs, Mr. Kunle Akogun, the Vice Chancellor said the institution recognised the critical role education plays in preparing future leaders to navigate the evolving landscape through the AI strategy.

The vice chancellor disclosed that the university recently trained 21 of

its students on the use of AI with plans to sponsor 500 more in due course, He said the trainings were aimed at encouraging the beneficiaries to acquire and expand needed skills in the exploration and deployment of AI for innovations and future career progression.

Egbewole added that the University of Ilorin has been at the forefront of promoting excellence in education and community development.

According to him, "the University currently runs a SMART Agenda, which emphasises the use of technology to enhance teaching, learning, and research."

He added: "We have made significant strides in the area of Artificial Intelligence and have also invested heavily in digital infrastructure, including a state-ofthe-arts data centre and a robust network that supports online learning.

"With plans to establish a Centre for Artificial Intelligence already in advanced stage, the Centre for Cybersecurity and COMSIT are currently coordinating the AI endeavours of the university".

He however said the theme aligned perfectly with the giant strides of the university in the area of AI.

On the new deputy vicechancellors of the varsity, a statement issued in Ilorin over the weekend by the University’s Director of Corporate Affairs, Mr. Kunle Akogun said: “The two new deputy vice chancellors would formally assume office once the university governing council, led by Mr. Abiodun Aluko, approves the decision of the senate.

Michael Olugbode in Abuja

Hammed Shittu in Ilorin

of Kwara State at the weekend set up

committee to investigate the unusual flooding of several rice farmlands in Shonga, Edu Local Government Area of the state.

L-R: 2nd Vice President, Chartered Institute of Banker Nigeria (CIBN), Mrs. Mojisola Bakare-Asieru, FCIB; President Chairman of Council CIBN, Prof Pius Deji Olanrewaju, FCIB; Vice Chancellor, Babcock University, Prof. Ademola.S Tayo; Past President CIBN, Prof Wole Adewunmi, FCIB; Registrar Chief Executive Officer, CIBN, Mr. Akin Morakinyo, HCIB, at the Groundbreaking Ceremony of CIBN Bankers Hall at Babcock University, Ogun State .... yesterday

CONFERMENT OF PROFESSIONAL AWARD...

Buhari: I Feed Now as Ex-president from Renting Out One of My Houses in Kaduna

Insists he didn’t corruptly enrich himself Says Nigeria is difficult country to rule Tasks leaders on transparency, accountability

Francis Sardauna in Katsina

Former President Muhammadu Buhari, yesterday, disclosed that he now lived on money he earned from renting out one of his two houses in Kaduna State, insisting he did not corruptly enrich himself as president.

Buhari said Nigeria was a difficult country to govern because

of its complexities, and tasked the leaders on transparency and accountability.

He made the revelations while addressing the All Progressives Congress (APC) caucus in Katsina State, at Government House, Katsina, ahead of the state’s local council election, scheduled for February 15. The former president said

most Nigerians were unaware of the administrative challenges involved in governing the country, but simply blamed their leaders during and after their tenures.

Buhari said, in Hausa, “Nigeria is a difficult country to govern, but most Nigerians are unaware. Until you find yourself in the administrative position of the country, if not, you will not

understand the complexities.

“I look much better and healthier now than when I was the president of the country. Anybody that sees me now acknowledges that I look better than before.”

He explained that did not corruptly enrich himself with the country's wealth during his eight years as president.

Buhari, who was visibly excited,

Dele Momodu: Nigeria Heading in One-party State Direction

Chuks Okocha

in Abuja

A chieftain of Peoples Democratic Party (PDP) and former presidential hopeful, Chief Dele Momodu, has warned that Nigeria was heading in the direction of a one-party state.

Momodu also said the ruling All Progressives Congress (APC) was so fearful of opposition that it was actively engineering crises across major opposition political parties. He stressed that it was evident that there was a coordinated effort to destroy any meaningful resistance.

Momodu made the assertions during

an interview with Arise News.

He expressed unease about the uncertain future of Nigeria’s political landscape, saying everyone can see what is happening, and how the situation would unfold is beyond prediction.

“For now, all we can do is observe and hope for a resolution. The ruling All Progressives Congress (APC) is deliberately orchestrating chaos within opposition parties to weaken them and steer Nigeria towards becoming a one-party state,” he said.

Momodu stated that APC was leveraging its control of state power

to destabilise key opposition parties, such as the PDP, Labour Party (LP), and New Nigeria Peoples Party (NNPP)”

He said the tactic was designed to prevent opposition parties from functioning effectively, thereby consolidating the ruling party’s dominance.

Momodu also spoke about the internal issues within PDP, saying the party is its own worst enemy. He attributed most of the crisis in PDP to unresolved conflicts stemming from the 2022 primary elections, which APC took advantage of to further weaken the party.

Momodu expressed concern over the deteriorating state of PDP, stressing that some members who lost nomination during the 2022 primaries are still nursing grievances and have yet to fully recover from their defeat.

According to him, “The unresolved bitterness has left the party vulnerable to external interference. There are individuals who lost during the PDP primaries in 2022 who are still deeply resentful.

“Many have unofficially aligned with other parties, yet they remain connected to the PDP, whether out of love, hatred, or indecision.”

Ezekwesili Tasks Youths on Market Skills’ Future as Nexford Varsity Graduates 1,200

Chuks Okocha in Abuja and Funmi Ogundare in Lagos Nexford University (NXU), a next-generation online university, weekend, graduated a total of 1,200 students, just as a former Minister of Education, Dr. Obiageli Ezekwesili, has called on Nigerian

youths to embrace the acquisition of skills set for the modern-day job market.

Speaking at 2024 graduation ceremony held in Lagos, Ezekwesili, a board member of NXU, explained that the job market was fastchanging and Artificial Intelligence would further revolutionise how

work would be done globally.

"Whosoever you are, we want to see an objective solution that has come from you, because you got the best of skilled education. That’s what we pride ourselves for. The skilled education that you’ve achieved, is the 21st century skilled education," she said.

She advised the graduands to "solve a problem and let your name be attached to that solution. It will be important. The fact is that when you go before board rooms these days, people don’t care about the certificates you’ve brought. They care about the complex situations that you can fix.”

added that nobody could blackmail him for illicit enrichment while in office.

He disclosed that he had only three houses in his native Daura, Katsina State, and Kaduna State.

He said, “After my eight years as a civil president, I have only three houses; one in Daura and two in Kaduna. I have given one out for renting where I get money for feeding.”

Buhari urged Nigerian leaders to adopt transparency and accountability as guiding principles while in office.

In his remarks, Governor Dikko Radda of Katsina State

urged APC stakeholders to mobilise electoral support across the state in preparation for the forthcoming local government elections.

Radda said APC chieftains should canvass for support in their respective local government areas. He stressed the importance of achieving total victory through popular votes while ensuring transparent electoral processes. The governor, in a statement by his Chief Press Secretary, Ibrahim Mohammed, said, "We are committed to conducting elections that reflect the true will of the people.”

Arthur Jarvis Varsity VC Seeks Diligence, Professionalism from Newly Inducted Optometrists

Acting Vice Chancellor of Arthur Jarvis University in Calabar, Cross River State, Dr. Joesph Ekpe Edet, has urged the university’s newly inducted optometrists to serve the society with utmost dedication, diligence and professionalism.

Edet, who led the university’s maiden induction ceremony, charged them to understand the importance of their roles in the society.

He emphasized that their achievement was not just academic but also a testament to the transformative power of education and the responsibility they now bear as healthcare professionals in the field of optometry.

His words: “The responsibility you take on today goes far beyond the classroom or clinic. It is a responsibility to serve your communities with care and compassion, to stay curious, and to continue learning in an everevolving field.

“The future of optometry is in your hands, and we have every confidence that you will rise to meet the challenges and opportunities that lie ahead.” While lauding the staff and faculty for their instrumental role in guiding and mentoring the students to success, the vice-chancellor highlighted the collaborative efforts of families and loved ones, recognizing their crucial role in supporting the students throughout their academic journey. The highlight of the ceremony was the award of a cash prize of N100,000 to the best graduating student, Emediong Moses Udoette. In addition to the prize money, Udoette was also granted automatic employment at the university, which in the vice chancellor’s words, was “a testament to his outstanding academic performance and the university’s commitment to rewarding excellence.”

L-R: Chairman, Police Advisory Committee, Divisional Headquarters, FCT/ Director General, Bond of Justice Intervention Mission, Barr. Francis Urochukwu; Awardee, Chairman/ Chief Executive Officer, Larry Geo Films Industries Limited, Dr. Eze Hillary Kenechukwu and Country Director, Chartered Institute of Business Managers and Administrators, USA (CIBMA), Dr. Christopher Ike, during the conferment of Professional honoural Doctorate Degree by CIBMA on Hillary in Abuja at the weekend ENOCK REUBEN

BANK OF INDUSTRY ENGAGEMENT SESSION...

Tinubu Mourns as Another Fuel Tanker Explodes in Enugu, Orders Agencies to Help

Sympathises with state govt, victims, families Again, explosion claims five, destroys property in Niger community, leaders mourn

Dipo in Minna

President Bola Tinubu has condoled with the government and the people of Enugu State over the fuel tanker explosion, which resulted in the loss of lives on Saturday, coming a few after a similar incident in Dikko, Niger State.

The fuel tanker reportedly spiralled out of control and burst into flames while navigating the Ugwu-Onyeama section of the Enugu-Onitsha Expressway.

The President, in a statement issued by his Adviser on Information and Strategy, Bayo Onanuga, commiserated with the families of the deceased and

the injured.

He also prayed for the repose of the souls of the departed and the quick recovery for those receiving medical treatment.

President Tinubu had immediately called for caution and adherence to safety measures among road users, particularly fuel tanker operators.

He further directed agencies in charge of enforcing traffic rules to implement measures to prevent recurring fuel tanker explosions nationwide.

In a related development, another explosion took place, in a Niger State community, claiming not less than five lives and destroying valuable properties worth several millions of naira.

The explosion was said to have

taken place at a mining site in Sabon-pegi in the Mashegu Local Government Area of the state.

The incident came barely a week after a tanker laden with fuel overturned in Dikko town leading to an explosion and resulting in the loss of one hundred lives, 60 injured and property valued at millions of Naira destroyed.

THISDAY could not immediately ascertain how the explosion happened, a source however said it could have been as a result of poor handling of explosives at a mining site in the community.

The incident has led to panic among the people who ran Helter-skelter to the safety for their lives.

Chairman of neighbouring Borgu Local Government, Alhaji Sulaiman

Kilishi Yerima, when contacted confirmed the incident but could not say the number of people that died as a result of the explosion.

Yerima also confirmed that the explosion took place at a mining site but did not have the details.

Police Command Public Relations Officer, a Superintendent of Police, Wasiu Abiodun, when contacted also confirmed the story but said only one person, Fatima Sadauki, was killed in the incident, while six others were injured and taken to the New Bussa General Hospital for treatment.

"On January 26th, 2025 at about 7.30am, there was an explosion of some suspected dynamites at Sabon-pegi, Mashegu LGA which was reportedly kept in a residential area by one Yushau for a purported

Bala-Wike Tackle Each Other over Crises in PDP

Bala: FCT minister should go bury his face in shame Wike: But you left the senatorial mandate you got as ANPP member to become minister under a PDP govt

Segun Awofadeji in Bauchi and Olawale Ajimotokan in Abuja

The Bauchi State Governor, Senator Bala Abdukadir Mohammed, yesterday, took huis feud with the Minister of the Federal Capital Territory (FCT), Nyesom Wike, to another level, when he described him as transactional and bat-like politician.

But Wike, in an instant response, said he was not the first and not going to be the last member of the opposition parties to serve in the government of another party.

Mohammed, who is also the chairman of the PDP Governors’ Forum, added that, "His (Wike’s) conducts are littered by treachery, betrayal and lack of respect to those who have elevated him in life and helped in advancing his social and political career."

He also advised the minister to go and hide his face in shame because his betrayal of the PDP and erratic governance style as well as his history of treachery have made him unfit to criticise other leaders.

Special Adviser on Media and Publicity to Bauchi State Governor, Comrade Mukhtar Gidado, in a statement, stated that the state’s media team was compelled to respond to the ‘puerile and reckless’ statement issued by the Senior Special Assistant on Public Communications and Social Media to Wike.

Gidado, who is the head of the Media Team said, "The statement put out on behalf of Chief Wike marked even a new low for a man given to unbridled excesses, and is indicative of the descent of governance in today’s APC-led Nigeria into moral infamy and intolerable putrescence.

"As repugnant and loathsome as Wike’s empty press release is, we will still endeavour to respond to his catalogue of falsehoods and glaring deceits for the sole reason that we want the facts deposited as public records.

"Our response is not for the benefit of the morally bankrupt actor whose tantrums have become an embarrassing spectacle, but to set the record straight for Nigerians who deserve facts, clarity, and the truth.

"For starters, it is on record that Sen. Bala Mohammed started his distinguished career as a journalist and a public servant, who rose to become a Director in the Public Service of the Federal Republic of Nigeria before retiring and being elected a Senator of the Federal Republic in 2007.

"Nyesom Wike, on the other hand, appeared from the blue, virtually from nowhere except perhaps for the rumours that he operated out of the transport sector in Port Harcourt before Sen John Azuta Mbata- who he eventually betrayed and is currently bad mouthing - hauled him out of total

obscurity and made him the Chairman of Obio Akpor LGA.

“Indeed, it must be noted that a world of difference exists between a Directorthe highest earned position in the Public Service and a man of indeterminate background who benevolent spirits cracked his undeserving palm kernels," he added.

Wike, in a statement by his Senior Special Assistant on Public Communications and Social Media, Lere Olayinka, lambasted said his appointment as a minister has remained the only excuse available for the Governor of Bauchi State to defend his glaring lack of capacity to lead the PDP as Chairman of the PDP Governors’ Forum.

He listed the late Chief Bola Ige and Dr Olu Agunloye, both members of Alliance for Democracy (AD), who served as ministers under the PDP government of President Olusegun Obasanjo.

He also cited other examples of Mrs Modupe Adesanya, daughter of the late Afenifere leader, Senator Abraham and a member of AD, who was a Special Adviser under the PDP government of Obasanjo as well Ibrahim Dasuki Nakande, a member of ANPP then, who was a minister under the PDP government of late President Umar Yar'Adua.

He said: "Present Governor of Bauchi, Bala Mohammed, who was a Senator

under ANPP, resigned from the Senate to accept Ministerial appointment under the PDP government of Jonathan.

"Barrister Nyesom Wike, a member of the PDP is currently serving as a minister under the APC government of Tinubu. Bianca Ojukwu, a member of APGA, is currently serving as a minister under the APC government of Tinubu.

"Now, the same Bala Mohammed, who left the Senatorial mandate he got as ANPP member to become minister under a PDP government is running his mouth like a faulty tap.

“He said he resigned after becoming a minister. It’s all right. But the question is, as a Senator elected under the platform of ANPP, should he have accepted to be minister under a PDP government?"

He rebuked further Mohammed, saying the mere fact that he defected to the PDP a few months after becoming a minister was a further demonstration of his anywhere-belle-face politics.

Wike added that, if Mohammed was offered even a Special Assistant position by the APC administration of Buhari in 2015, he would have accepted it and defected to the APC.

"As for us, we are done with any object by the name Bala Mohammed. Reason is, we have better things to do and we won't be available to be used by any ineffectual being to lunch a deadon-arrival 2027 presidential ambition," Olayinka concluded.

mining activity

"The explosion led to the unfortunate death of one Fatima Sadauki, while six others were injured and taken to general hospital Kainji for medical attention

"The incident affected about twelve houses in the area and the Commissioner of Police, Niger State Command CP Shawulu Ebenezer Danmamman has ordered for an investigation into the incident," he said in response to an inquiry by THISDAY.

Abiodun added that the Commissioner of Police, has dispatched EOD-CBRN unit to the scene for assessment, adding that Yushau in whose hose the explosives were kept "is currently at large," stressing also that, "normalcy has been restored in the area while monitoring continues."

Meanwhile, more and more people have started to react to the Enugu incident, coming a few days after the Niger State experience.

Former Senate President, Dr Bukola

Saraki, has lamented the fuel tanker explosion in Enugu State over the weekend.

Saraki, who is also a former governor of Kwara State, described the Fuel Tanker Explosion as disturbing, stating that the frequency of the fuel tanker explosion raise the question of road safety standards in the Nigerian roads.

He raised questions on the drivers training, vehicle maintenance and the government over sight, and asked: ''Are ageing infrastructures, insufficient regulations, or human error contributing to these tragedies? Understanding these underlying causes is essential if we are to prevent more unnecessary loss of life.''

The former senate President who took to his verified X account said, "The news from Ugwu Onyeama, Enugu State, is absolutely heartbreaking. Hearing of a fuel tanker explosion that claimed many lives just a few kilometres from the Enugu metropolis is deeply disturbing.

Minister of Marine, Blue Economy Empowers 150 Women with Business Grants

Yinka Kolawole in Osogbo

The Minister of Marine and Blue Economy, Adegboyega Oyetola, at the weekend empowered over 150 women of the Irepodun Local Government Area of Osun State with over N3million business grants from the empowerment programme.

It would be recalled that over 3,000 residents of Osun State have benefitted from the initiative of Oyetola under the auspices of Ilerioluwa Empowerment Initiative, within one year.

Speaking at the programme held at Ilobu, the sponsor of the programme, Executive Director, Marine and Operations, Nigerian Ports Authority (NPA), Engr, Olalekan Badmus, noted the gesture is to contribute to Renewed Hope Agenda.

According to him, “Our aim is to lift about 4,000 residents of the state through several empowerment from scholarship, youth orientation programmes, grant to traders and many more.

“The reason for the grant for

women is to ensure we strengthen our micro economy. When this is done, we are indirectly tackling poverty level. Within one year, 3,000 residents have benefited from our programme and we will not stop.” Badmus who was represented by Dr. Dare Adeyemi disclosed that “For this local government, 150 will benefit and we are moving to other local government areas.

“This is one of our contributions to Renewed Hope Agenda by the mentorship of Oyetola. We will not stop until all Nigerians feel the impact of President Bola Tinubu.”

The Olobu of Ilobu, Oba Ashiru Olaniyan admonished the beneficiaries to make judicious use of the grant and not start frivolous spending.

Oba Olaniyan who was represented by Chief Tunji Laoye, said: “In this hard time, getting this kind of grant is a big sacrifice from the sponsor. I pray that God will continue to uphold Oyetola for extending this gesture to my domain.”

L-R: President, Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture NACCIMA, Dele Kevin Oye; Managing Director, Bank of Industry, Dr Oladipo Olusi; and 1st Deputy Vice President, NACCIMA, Engr. Jani

Ibrahim, during the Bank of Industry’s engagement session with NACCIMA in Abuja... recently KINGSLEY ADEBOYE

Deji Elumoye, Chuks Okocha, Adedayo Akinwale, Sunday Aborisade in Abuja and Laleye

A BOYCOTT OF TELECOMS?

are no telecom services? He or she will probably have to spend ten times as much on transport in order to carry out office assignments, check the price of items, check about the health of a sick relative, or go to a friend’s house several times, only to find that he or she is not there, what in Nigeria we call, “I met your absence.” Mail order delivery will collapse and tens of thousands of POS operators will go hungry that day.

Age has to do with some of this perception. Mobile phones arrived in Lagos and Abuja in August 2001, and then slowly spread to other areas. Internet service arrived here only a few years earlier. To take only two pre-telecom age examples, I know a person who was sent from Sokoto to Kaduna to inform a man that his wife had delivered. These days, within minutes of a child’s delivery, we see a video of him or her on WhatsApp. In the pre-mobile telecom age, one could only withdraw money from the very bank branch where he opened the account. No wonder armed robbery has nearly died out in Nigeria because people don’t carry so much money around anymore. And also because armed robbers can hardly lay siege on a house for many hours these days, because all the neighbours have mobile phones and will quickly call for help. The flip side of it is that mobile phones enabled kidnapping. Without them, how can you kidnap a person on the highway, contact the family, negotiate for ransom payment and arrange a precise drop point? Nigeria’s N2.2 trillion kidnap industry will be hit hard by Ajaero’s telecom boycott threat. Telcom’s “corporate fat cats,” as Ajaero called them, must be wondering why

NLC did not organize a boycott of food stores and of stalls selling consumables, vegetables, meat, fish and eggs when, in the past year, they increased their prices three or four-fold. Is it because telecom is more essential than rice, Milo, sugar, milk or meat? I don’t think so because one will not die because he didn’t make a phone call, but he will perish within days if he does not eat food. So, when traders of food products were hiking prices, why didn’t we boycott them and their products? Afterall, their hikes were much more than the 50% telecom tariff hike and their products are more essential to our survival than telecom. The simple answer must be, no one can control all traders. Although the government is supposed to have a price control agency, it cannot really tell traders not to increase their prices, since they too were responding to increases in fuel and dollar prices for which the government is more responsible than they are. Why haven’t we boycotted rented apartments, since landlords all over Nigeria hiked their rents in the past 18 months for even the most decrepit houses, saying it is their own source of income and they must adjust rates in order to cope with hikes in nearly all other spheres of life?

Ok, maybe NLC does not worry itself about private schools, which have also increased their fees phenomenally in the current academic session. NLC’s view could be that anyone who sends his children to a private school must be a corporate, public service, business or criminal fat cat who does not deserve its sympathy. As far as the average citizen sees it, the people who send their children to private schools are the very ones who conspired,

AI, NIGERIA AND TRUMP 2.0

Second, the energy implications are equally significant. AI infrastructure is energyintensive, and the US has adopted policies to achieve energy sufficiency and increase fossil fuel exports. This shift could reduce global demand for Nigerian oil, resulting in lower prices and economic instability for the oil-dependent nation.

Third, the employment landscape is set to change drastically. AI is automating jobs across industries, creating a demand for AI-ready skills. According to the World Economic Forum, 85 million jobs globally could be displaced by AI by 2025, while 97 million new roles may emerge that require advanced digital skills. Unfortunately, Nigeria’s workforce is largely unprepared for this shift, increasing the risk of widespread unemployment and economic displacement. For example, only 22% of Nigerian graduates in 2022 pursued degrees in STEM fields, a critical area for AI readiness.

Nigeria’s inability to adapt to the global AI revolution stems from several systemic issues. The absence of a national AI strategy is a glaring gap. Unlike other nations that have developed coordinated policies to guide AI development, Nigeria has yet to articulate a vision for integrating AI into its economy. This lack of direction is a critical issue that needs to be addressed, as it has resulted in missed opportunities to collaborate with global AI leaders or participate in AI-driven economic initiatives.

Investing in STEM education and digital literacy is crucial to prepare Nigeria's workforce for the AI-driven future. However, the poor integration of STEM (Science, Technology, Engineering, Mathematics) education into Nigeria’s curriculum limits the country’s ability to prepare a tech-savvy workforce. Addressing these educational deficits is key to ensuring Nigeria's readiness for the AI revolution.

However, there are glimmers of hope. Enugu State’s Smart School Project, launched by Governor Peter Mbah in June 2024, aims to revolutionise education and prepare young people for a tech-driven economy. This initiative, planned to equip 260 schools with digital classrooms and AI-driven learning platforms, is a step in the right direction, demonstrating that subnational governments can take proactive measures. Already, 50 schools have been equipped. Yet, such efforts are insufficient without scaling similar programmes nationwide. Leadership challenges also play a significant role. Many of Nigeria’s policymakers do not

through neglect and corruption, to destroy the public school system, and then send their children to privileged schools in order to give them a head start over the kids of poor citizens in the next generation. Hence, NLC will never call for a boycott of private schools even if they hike their fees by 10,000 percent and introduce as many extra levies as they can think of.

Probably the same thinking applies to private clinics. They, too, have been hiking their fees by leaps and bounds, claiming that they are trying to cope with rising prices of their inputs. Actually, pharmacies have hiked their drug prices much more than private clinics. Imagine, a month’s supply of a diabetic drug that I used to buy for N9,000 less than two years ago now costs N55,000. No one organized a boycott of the pharmacies. They too brought the drugs in from India, China and elsewhere. Since the dollar exchange rate is beyond their control, we hapless diabetics must be the ones to bear the cost.

The fact that NCC has to approve a telecom tariff hike is one of the problematic aspects of the telecom sector reform laws. It is true that all over the world, critical utility tariffs are subject to some regulation. In Nigeria however we tend to overdo it, which was how we killed the old public corporations such as NEPA, Post Office, P&T and the water corporations. I remember an NTA Network News story one day in the 1980s, saying Federal Executive Council did not approve a Post Office request to increase the cost of postage stamps. The Postmaster General complained that the cost had not increased in ten years despite rising costs of distribution vehicles and fuel. May be that was ok because government

understand AI’s importance, focusing instead on short-term political gains and outdated economic models. This ignorance hampers the nation’s ability to make informed decisions about its technological future. Furthermore, the private sector’s limited involvement in AI research and development reduces Nigeria’s global competitiveness. For instance, while India has over 400 AI startups, Nigeria has fewer than 50, reflecting the stark difference in private-sector engagement.

AI is transforming the global economy, with industries ranging from healthcare and agriculture to finance and transportation leveraging its capabilities. Countries that have invested in AI are already reaping its economic benefits, further widening the gap between technological leaders and laggards. In agriculture, for example, AI-powered tools have increased crop yields by up to 20% in countries like India and Brazil, demonstrating its transformative potential for developing economies.

The energy equation is also being redefined. As nations prioritise renewable energy to sustain their AI infrastructure, fossil fuel-exporting countries like Nigeria face declining demand and revenue. This shift

gave subventions to the Post Office and other utilities. But since government obviously gives no subventions now to MTN, Glo, Airtel and 9Mobile, holding them down like it used to do to the old service providers is ruinous. Federal Competition and Consumer Protection Commission’s [FCCPC] take on this matter however appeared to me to be the sensible one, everything considered. It said given the recent tariff hike, telcos should improve their service quality delivery so that “Issues such as network congestion, dropped calls, inconsistent internet speeds, unusual data depletion and poor customer service” should be a General Buratai-style “thing of the past.” This is the old chicken and egg problem. Nigerian telecom customers regularly complain about network congestion, poor interconnectivity, dropped calls and slow internet speed. The telecom giants’ view is that they can ameliorate these problems if they have enough money to procure and install the latest tech tools, expand their base stations and maintain them profitably, but consumers might not want to pay for that. Which one should come first, improving telecom services or paying for it to get the right tools? It is the same problem in the power industry. Citizens complain about Discos’ bills but far too many citizens, and even private and public institutions, are reluctant to pay their bills for power supply. You often hear people saying, “We will pay if there is improved power supply.” If you didn’t pay for poor supply, what is the guarantee that you will be willing to pay for an improved supply, which will cost much more?

Third, overhauling the education system to prioritise technology-driven learning is imperative. Enugu’s Smart School Project should serve as a model, with similar programmes scaled nationwide. Schools and universities must integrate AI and coding into their curricula to prepare students for the jobs of the future. Fourth, increased funding for AI research and partnerships with global tech leaders are essential to drive innovation. Nigeria must incentivise local tech companies and startups to focus on AI applications tailored to local challenges. And finally, implementing policies to guide AI ethics, usage, and innovation is necessary for sustainable growth. Regulatory bodies must ensure that AI technologies are deployed responsibly and inclusively.

underscores the urgent need for Nigeria to diversify its economy and reduce its reliance on oil exports.

Technological disparities between AI leaders and nations like Nigeria are becoming increasingly apparent. Without proactive measures, Nigeria risks being relegated to the periphery of the global economy, exacerbating inequality and economic dependency. The lack of a competitive technological ecosystem will further isolate Nigeria from the industries of the future, making it difficult to attract foreign investment or participate meaningfully in global trade networks.

To avoid being left behind in the AI revolution, Nigeria must take decisive action to build its AI readiness. Five key prerequisites are essential: First, massive investment in reliable, affordable, and sustainable energy sources is critical to supporting AI infrastructure. We should prioritise renewable energy projects and modernise the national grid. Second, developing data centres, cloud storage, and high-speed internet access is crucial for fostering AI development. Public-private partnerships can accelerate the creation of these infrastructures.

Nigeria’s readiness scorecard is dismal, with significant gaps in all these areas. Nigerian federal and state leadership must think outside the box and rise to America's $500 billion stargate challenge because it would pressure Nigeria's economic calculations. AI is essential to Nigeria's economy since it presents game-changing possibilities in several industries. It can boost healthcare, education, and agricultural productivity, diversifying the economy and creating jobs. To address the AI rookie status, the federal and state governments must establish a national AI council, partner with international organisations and tech firms, and launch initiatives to educate and train the workforce in AI technologies. The private sector and academia must also invest in AI research and foster public-private partnerships to accelerate development.

The world is entering a new industrial era driven by AI, and nations that fail to adapt risk being left behind. For Nigeria, the stakes are high: economic marginalisation, job losses, and dwindling relevance on the global stage. The time to act is now. Nigeria can position itself as a competitive player in the AI economy by investing in energy, education, and infrastructure and developing a cohesive national AI strategy. Without these efforts, the country’s future in the global technological landscape remains uncertain. However, with visionary leadership, strategic investments, and collective efforts, Nigeria can overcome its challenges and secure a place in the age of artificial intelligence. AI holds the potential to redefine Nigeria’s trajectory, turning obstacles into opportunities and propelling the nation into a future where innovation and progress lead the way.

Trump

MISSILE

Senate to Retired Military Generals

“The ongoing illegal mining across the country is being carried out by Retired Generals and we know them. Yes, we know them. Nobody in Africa doesn't know them. I wrote a letter to former President Muhammadu Buhari on the matter when he was in office... those illegal miners procure arms exactly the same way the military is doing in South Sudan" –Chairman, SenateCommitteeonInterior,SenatorAdamsOshiomhole,alleges thatsomeRetiredMilitaryGeneralsbehindtheillegalminingactivities in the country.

MAHMUDJEGA

VIEW FROM THE GALLERY

LA Boycott of Telecoms?

ike nearly everyone else in Nigeria, I am not excited at having to pay 50% more to make phone calls, send text messages or use data to browse the net, receive and send emails or chat on WhatsApp, any more than I was happy in the past year to pay more for yams, potatoes, rice, meat, milk, NEPA Band B rates, school fees and hospital charges. Luckily with respect to telecoms, I make scant use of Facebook; I have never been on Instagram, TikTok, Snapchat or LinkedIn; I rarely go on YouTube; my Twitter account is dormant; I check my Telegram account about once a month, and I have not opened my WeChat account for five years. According to my phone’s data, I receive more phone calls than I make and I receive more text messages than I send, so other people mostly pay for my communication.

In the wake of the announcement by the Nigeria Communications Commission [NCC] last Monday that it had approved a cap of 50% hike in telecom tariffs, I read about many howls of protest. National Association of Nigerian Students [NANS]

called the tariff hikes “inconsiderate and unjustifiable” and threatened mass protests. National Association of Telecoms Subscribers [NATCOMS] also rejected the hike, saying, “It is too much for subscribers to bear. Already, we are grappling with a

lot of challenges in the current business climate—fuel costs, electricity costs and more.” Socio-Economic Rights and Accountability Project [SERAP] filed a lawsuit, saying the tariff hike violated the Federal Competition and Consumer Protection Act 2018, the 1999 Constitution and the African Charter on Human and Peoples’ Rights, “which guarantee equal access to communication services.”

Nigeria Labour Congress President Joe Ajaero described the hike as “an unjust burden on citizens already grappling with economic challenges.” He condemned the timing of the hike, saying it coincides with rising inflation and declining purchasing power of citizens. Nigerians, he said, should reject the tariff hike and prepare for collective action, including the possibility of a mass boycott of telecom services, to compel a reversal of the increase.

Boycott telecom services? If ever there is such a thing as counterproductive, I think this suggestion is it. Ok, if I refuse to make a phone call, send a text message or chat on WhatsApp even for one day, imagine what it will cost me. Instead of sending a N6 text message to pass a message to a

DAKUKU PETERSIDE

BENEATH THE SURFACE

Tcolleague, I must hop into a car and go looking for him, at current fuel prices. I will not be able to call any clients, customers or news sources but must go looking for them wherever they are, which will cost me much more than this tariff hike. I cannot send or receive money from my arm chair; I must lift myself up and go to a bank, a very stressful prospect. Oga Ajaero knows this, because he said, “Telecommunication services are essential for daily communication, work and access to information.” How can such a thing come cheap? Even things that are much less essential than that, have undergone steep price hikes in the past year and a half. Ajaero’s main reason is that “an average Nigerian worker already spends approximately 10 percent of their wages on telecom charges. For a worker earning the current minimum wage of N70,000, this means an increase from N7,000 to a staggering N10,500 per month or 15 percent of his salary, a cost that is unsustainable.” Another way to look at it is, how much will such a worker be spending if there

Continued on page 71

AI, Nigeria and Trump 2.0

he global race for artificial intelligence (AI) supremacy is swiftly redrawing the contours of economic and technological power, ushering in a new era that rivals the Industrial Revolution in its transformative potential. At the forefront of this seismic shift are nations like the United States and China, harnessing the boundless possibilities of AI to reshape industries, redefine societies, and propel their economies into uncharted realms of innovation. Projections by PwC forecast AI’s contribution to the global economy to soar to an astounding $4.4 trillion by 2030—a testament to its role as the cornerstone of future prosperity. Yet, as the world hurtles toward this brave new frontier, Nigeria stands at a perilous crossroads. Ill-prepared, burdened by insufficient infrastructure, and hindered by a tepid political commitment to technological advancement, the nation risks being left adrift in this age of digital transformation. The urgency is palpable; the call to action resounds not in some distant horizon, but in the

present moment. To secure its place in the unfolding narrative of AI-driven progress, Nigeria must rise now, embracing bold policies, fostering innovation, and building the foundations for a future that refuses to be defined by obsolescence.

With over 60% of Nigeria's population under 25 years old, the potential for technological advancement is immense. These young minds, if nurtured and guided, could be the driving force that propels Nigeria into the AI era. However, the nation could miss opportunities for an AI-driven future without strategic action. We must examine the implications of America’s AI revolution for Nigeria, the nation's current deficiencies in the AI economy, and the urgent steps needed to build a future-ready, tech-driven economy. There is hope in Nigeria's youth and their potential to lead the country into the AI era.

The United States has positioned itself as a global leader in AI, partly driven by competition with China. The fear of China’s rapid advancements in AI technology has catalysed America’s efforts to solidify its dominance in this field. AI is not only seen

as an economic tool but also as a matter of national security and global influence.

Donald Trump’s administration recognised the importance of AI early on. On his first day in office during his second term, Trump announced the $500 billion Stargate Project, a monumental investment in AI infrastructure, research, and education. This project, named after the science fiction device that enables instantaneous travel across the galaxy, aimed to catapult the US into a leading position in AI. His administration also repealed restrictive ethical AI policies to accelerate innovation and supported using public lands to construct AI data centres. These measures underscored the critical role of AI infrastructure and its reliance on energy, prompting the US to adopt ambitious energy policies to support its AI capabilities. For example, US energy consumption attributed to data centres alone accounts for nearly 2% of the country’s total electricity usage, a figure projected to grow as AI adoption expands.

AI’s impact is not confined to technology alone; it has implications for military power, healthcare, finance, and governance. For

instance, the US Department of Defence invested $1.7 billion in AI-focused initiatives between 2020 and 2023 to maintain a strategic edge. Similarly, AI applications in healthcare, such as IBM’s Watson, have demonstrated capabilities to analyse patient data and recommend personalised treatments, potentially reducing diagnostic errors by up to 30%. By harnessing these technologies, the US aims to lead economically and shape the global norms of AI development and usage.

America’s ambitious AI agenda has far-reaching implications for countries like Nigeria. First, the economic implications are profound. AI is projected to add trillions of Dollars to the global economy by 2030, but Nigeria risks being excluded from these benefits due to its lack of technological readiness and economic diversification. The country’s overreliance on oil exports—which accounted for 90% of export revenue in 2022—further compounds this vulnerability.

NCC CEO, Aminu Maida