MONDAY 29TH JANUARY 2024 by THISDAY Newspapers Ltd

PwC: Collapse of Forex Market into Single Window Led to 98% Devaluation of Naira in 2023 Says capital repatriation challenges hampering FDI Savings to reduce in 2024 as inflation soars How Emefiele warned naira would tumble in floated FX regime in 2019 Bloomberg report

Emmanuel Addeh in Abuja A report by PricewaterhouseCoopers (PwC), a global business advisory

services firm, has said that the value of the Nigerian currency, the naira, has fallen by as much as 98 per cent due to the decision of the

federal government to collapse the foreign exchange market into a single Investors and Exporters (I&E) window in 2023.

In a document, “Nigeria Economic Outlook: Seven Trends that will Shape Nigerian Economy in 2024,” PwC stated that the slump

by almost 100 per cent took place within a period of seven months, spanning May to December 2023. The report also indicated the

much-needed Foreign Direct Investment (FDI), which had taken Continued on page 5

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FCT: Police Arrest Terrorist Who Killed Kidnap Victim, Nabeeha, in Bwari...

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FG: Indian $14bn Pledges on New Investments Already Yielding Fruit Says Tinubu taking steps to confront challenges

Olawale Ajimotokan in Abuja

The federal government has said

Indian businesses that pledged $14 billion in new investments in Nigeria on the side-lines of the G20 Summit

in India, in September 2023, have started making good their pledges. Minister of Information and National

Orientation, Mohammad Idris, stated this yesterday in a statement, titled, "Amidst Challenges, Nigeria Will

Forge Ahead." taking various bold steps to decisively Idris said the federal government under President Bola Tinubu was Continued on page 5

Mali, Burkina Faso, Niger Quit ECOWAS, Say Regional Bloc Under Foreign Control

Allege organisation failed to support their fight against terrorism, insecurity See story on page 5 Declare group has become a threat to member states and populations Commission: No formal letter of membership withdrawal yet Atiku: It's the result of serious diplomatic meltdown

DANGOTE CEMENT DISTRIBUTORS' AWARD 2024...

L-R: Best Overall Winner, Dangote Cement Plc. Distributors Awards, Otunba Kazeem Olayemi Odeyeyiwa of the Kazab Heritage; Dangote Cement Plc. Managing Director, Arvind Pathak; Wife of the Best Overall Winner, Yeye Adesola Mutiat Odeyeyiwa; Chairman Dangote Cement Plc., Aliko Dangote; Second Best Winner, Dangote Cement Plc Distributors Awards, Chief Gilbert Igweka, his wife, Perpetua of Gilbert Igweka Global Concepts; and Third Best Winner, Nwa Ado, of Nwa Ado Resources Nigeria Enterprises at the Dangote Cement Plc. Distributors Awards 2024 in Lagos, last Friday SUNDAY ADIGUN

MONDAY JANUARY 29, 2024 • T H I S D AY

T H I S D AY • MONDAY, JANUARY 29, 2024

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NUPRC Warns Companies against Buying Oil, Gas Assets without Due Diligence Absolves self of liability

Peter Uzoho

The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised prospective buyers of oil and gas assets put on sale during bid rounds to endeavour to carry out proper due diligence checks on the commercial and economic viability of the assets before making

payments. The commission also absolved itself of any responsibility for the commercial decision made by a company to invest in an asset on the basis of the buyer's analysis of the information made available to it before bidding and paying for the asset. NUPRC gave the advice in a letter

sent to THISDAY in response to an enquiry regarding a complaint by Folstaj International Limited, the awardee of the Udibe marginal field. Folstaj had claimed that the actual volume of hydrocarbon in the field allocated to it by the regulator was far below what was in the dataset given to it by the commission. Managing Director of Folstaj, Mr.

Tajudeen Yahaya, had during an interaction with THISDAY, stated that the company was still trying to resolve the discrepancy in the reserve volume quoted in the dataset handed to it by the regulator upon which they paid the signature bonus. But in an email response sent to THISDAY by the Head, Public Affairs and Corporate

Communications, NUPRC, Mrs. Olaide Shonola, the commission insisted that fields on offer in the 2021 Marginal field bid round was offered on the basis of well-known contractual principles. It argued that all prospective bidders were expected to have carried out proper due diligence and commercial analysis of the data

Gbenga Komolafe, Chief Executive of NUPRC

Cote d’Ivoire, saying their impressive run is another case in point and a timely reminder that the things that bind Nigerians together as one are much deeper than the things that separate and divide them. The minister urged Nigerians

to eschew division and hatred, but live and thrive in unity and hope. He assured that a glorious dawn was around the corner, despite the temporary challenges and setbacks that confront the country from time to time.

available before making a decision to buy any of the assets on offer following an award.

FG: INDIAN $14 BN PLEDGES ON NEW INVESTMENTS ALREADY YIELDING FRUITS confront the country’s challenges. He said the country was already seeing global and local businesses demonstrating unshakable belief in the limitless possibilities that Nigeria embodied across oil and gas, agriculture, consumer goods, renewable energy, healthcare, ICT, and many other fields. The minister recalled that in the opening weeks of 2024, the Nigerian Stock Market placed the country on the global map for the impressive returns being delivered, adding that the federal government recognised the fact that the country has continued to enjoy genuine enthusiasm for investment from local and foreign investors. Idris stated, "There is no downplaying the reality of the challenging season that we find ourselves in as a nation: the impact of inflation on personal and household budgets, and the threats to security in parts of the country. “But that is only part of the story. Just as important are the various bold measures that the Federal Government of Nigeria, under the leadership of President Bola Ahmed Tinubu, is taking. We fully acknowledge the duty and the responsibility of care that the federal government owes to every Nigerian, across the lines of age, gender, religion, ethnicity, and social class." He assured that all security threats were being boldly confronted as the security agencies, who had taken the fight to the criminals’ dens, had recorded promising results within the last week, with several bandits,

kidnappers and militants either neutralised or arrested. Idris lamented the recurring crisis in Plateau State, while assuring that all perpetrators of violence in the state and everywhere in the country were being brought to book. He assured that justice will be done and peace would be restored in all affected communities. On the economy, the minister said all relevant ministries and agencies of the federal government were working in coordinated fashion, to bring down inflation, stabilise foreign exchange rates, and create a truly enabling environment for business and investment, saying the president is seeking to build a Nigeria where no one is left behind. Idris stated, "Impactful interventions are being rolled out, including a Students’ Loan Scheme, a Presidential Initiative to deploy lower-cost CNG mass transit buses to provide alternatives to petrol and diesel, and various low-interest loan schemes for businesses. The CNG interventions will bring down the cost of transportation by more than 50 per cent. “We urge Nigerians to take advantage of these opportunities as they emerge, as they have been designed for the benefit of all.” The minister tried to explain some stories that began to make the rounds, especially, online recently. He stated, "Even as we tackle our challenges with urgency and dedication, it is also necessary to remind all Nigerians of the need to resist all forces and narratives of misinformation and division.

"For example, it is not true that the relocation to Lagos of the Headquarters of the Federal Airports Authority of Nigeria (FAAN), and of certain departments of the Central Bank of Nigeria (CBN), are political moves aimed at marginalising a section of the country. These allegations are unfounded. Instead, these are pragmatic administrative steps to improve operational efficiency and reduce operating costs." The statement also urged all Nigerians to be wary of persons and groups at home and abroad, who specialised in making false and inciting claims on radio, television, and social media, as well as in peddling altered videos and images for viral dissemination. It called all compatriots to stand together as one against those forces that constantly sought to test and break the bonds that held the country together, saying the country belongs to all Nigerians, who must work towards building a country of their dream, regardless of religious faith or ethnic group or geopolitical zone. Idris stressed that the fight against corruption would continue and with more intensity as part of the focus on earning the trust of Nigerians, adding that Tinubu is determined to ensure there are no sacred cows, and that public funds are applied wholly for the public good. Idris said Tinubu would provide the anti-corruption agencies with the support required to fulfil their mandate. He said Nigerians would not succeed at building the country of their dream if they focused only

on the challenges and problems, and neglected the abundant opportunities and positive narratives the country was endowed with. He described as heart-warming the exploits of the Super Eagles at the ongoing Africa Cup of Nations in

PWC: COLLAPSE OF FX MARKET INTO SINGLE WINDOW LED TO 98% DEVALUATION OF NAIRA IN 2023 President Bola Tinubu outside the shores of Nigeria several times since he took over power, might continue to be elusive this year, if investors were not able to easily repatriate their capital. The report stated, “Foreign investment may remain subdued in 2024 due to capital repatriation challenges. “Removal of fuel subsidy (which cost $10 billion in 2022), and the collapse of multiple FX windows into a single I&E window , which caused naira to depreciate by 98 per cent between May and December 2023, among other monetary policy efforts, were key programmes executed to spur growth and regain investors’ confidence.” The report said the planned fiscal and monetary policy reforms in 2024 were expected to stimulate economic growth, reduce inflation and address the FX challenges to drive investment. At $85 per barrel prediction in Q1, 2024 due to the Organisation of Petroleum Exporting Countries (OPEC+) production cut, PwC explained that while this could boost

MALI, BURKINA FASO, NIGER QUIT ECOWAS, SAY REGIONAL BLOC UNDER FOREIGN CONTROL Emmanuel Addeh and Michael Olugbode in Abuja In a move that has sent shock waves across the sub-region, Mali, Burkina Faso, and Niger Republic, yesterday, pulled out of the Economic Community of West African States (ECOWAS), alleging that the group’s decisions are being influenced by foreign powers. In a joint statement, the three countries, currently led by military juntas, accused the regional bloc of moving away from the ideals of its founding fathers, after nearly 50 years of its establishment. Before the latest development, the 15 members of ECOWAS were Benin, Burkina Faso, Cabo Verde, Cote d’Ivoire, The Gambia, Ghana, Guinea, Guinea-Bissau, Liberia, Mali, Niger, Nigeria, Senegal, Sierra Leone, and Togo. The main goal of ECOWAS is to promote economic cooperation among member states in order to raise the living standards of their people and promote economic development of member states. ECOWAS has also worked to address some security issues by developing a peacekeeping force for conflicts in the region. But Mali, Burkina Faso, and Niger Republic accused the organisation of failing to assist them in their existential fight against terrorism and growing insecurity. In the joint communiqué read on national television of each of the countries, obtained by THISDAY, the three countries maintained that ECOWAS had become a threat to its founding members by embarking on inhumane and irresponsible sanctions in violation of its own rules. The communiqué read, “Eager to

achieve integration between the States of the sub-region and driven by the ideals of fraternity, solidarity, mutual aid, peace and development, their Excellencies, Gen. Aboubacar Sangoulé Lamizana, Gen. Moussa Traoré, and Lieutenant - Colonel Seyni Kountché, respectively, Heads of State of Upper Volta (current Burkina Faso), Mali and Niger, created with 12 of their peers, on May 28, 1975, in Lagos, the Economic Community of States of West Africa (ECOWAS). “After 49 years of existence, the valiant people of Burkina, Mali and Niger note with great regret, bitterness and great disappointment that their organisation has moved away from the ideals of its founding fathers and from Pan-Africanism. “Furthermore, ECOWAS, under the influence of foreign powers, betraying its founding principles, has become a threat to its member states and its populations, whose happiness it is supposed to ensure.” The military had seized power in the three countries, in part, triggered by frustrations over the failure of the authorities to stem an Islamist insurgency that troubled the Sahel region. But in reaction, at an ECOWAS extraordinary session last year, presided by Nigeria’s President Bola Tinubu, the organisation’s chairperson, in Abuja, a resolution was reached to impose several sanctions on the countries, especially Niger, over the military coups. ECOWAS also issued a one-week ultimatum to the coup plotters in Niger to hand over power to the democratically elected government in that country. Tinubu had strongly condemned the coup, saying ECOWAS would

not tolerate any anti-democratic acts. He assured that the union would do everything to ensure that peace returned to Niger and the region, at large. Part of the ECOWAS’ resolution was to use all measures necessary, including force, to restore constitutional order in the Republic of Niger, if its demands were not met. It, thereafter, closed all land and air borders between member countries and Niger and moved to suspend all commercial and financial transactions between member states and Niger, a development that angered the transitional governments of Burkina Faso and Mali. The statement by the three countries, translated from French to English, said, “Indeed, the organisation did not provide assistance to our states as part of our existential fight against terrorism and worse insecurity. When these states decided to take their destiny into their own hands, it adopted an irrational and unacceptable method by imposing illegal, illegitimate, inhumane and irresponsible sanctions in violation of its own texts. “All these have further weakened populations already bruised by years of violence imposed by exploited terrorist hordes and remotely controlled.” Confronted with the harsh situations, the three countries explained that they would no longer remain in the regional bloc. They said the decision to leave was in tandem with the expectations of the people of Mali, Burkina Faso and Niger. According to the joint communiqué, “Faced with this continuing situation, Their Excellencies, Capt. Ibrahim Traoré, Col. Assimi Goïta and Brig.- Gen. Abdourahamane Tiani, respectively, Heads of State of Burkina Faso, the

Republic of Mali and the Republic of Niger, taking all their responsibilities in the face of history and responding to the expectations, concerns and aspirations of their populations, decide in complete sovereignty on the immediate withdrawal of Burkina Faso, Mali and Niger from the Economic Community of West African States.” But in a reaction, yesterday, the ECOWAS commission said it was yet to receive any formal letter indicating the withdrawal of the countries’ membership from the sub-regional body. ECOWAS Commission stated, “The attention of the Commission of the Economic Community of West African States (ECOWAS Commission) has been drawn to a statement broadcast on the national televisions of Mali and Niger announcing the decision of Burkina Faso, Mali and Niger to withdraw from ECOWAS. “The ECOWAS Commission is yet to receive any direct formal notification from the three Member States about their intention to withdraw from the Community." The commission said it had been working with the three countries to ensure the return of constitutional order. The brief statement said, “The ECOWAS Commission, as directed by the Authority of Heads of State and Government, has been working assiduously with these countries for the restoration of constitutional order. “Burkina Faso, Niger, and Mali remain important members of the Community and the Authority remains committed to finding a negotiated solution to the political impasse. “The ECOWAS Commission remains seized with the development and shall make further pronouncements as the situation evolves.”

revenue from crude oil sales this year, the high oil price and exchange rate devaluation might further raise domestic fuel costs. According to the document, servicing external debt in foreign currency will become challenging due to exchange rate volatility and the devaluation of the naira. It explained that savings might remain subdued in 2024 due to sustained inflationary pressures, currently about 28.9 per cent as of December 2023. The marginal increase to growth and high inflationary levels, it said, signalled a weak macro-environment to investors. PwC explained that the implementation of fiscal and monetary policy reforms was imperative for economic and sectoral growth and development, and a key driver to unlocking much-needed productivity and investments to economic sectors. According to the audit and accounting firm, sectoral reforms, such as the recapitalisation of the banks, electricity act, National Agricultural Growth Scheme and Agropocket (NAGS-AP), the Petroleum Industry Act (PIA), among others, may drive investment to the sectors in 2024. It stated that Nigeria's deficit grew by 370 per cent between 2015 and 2023, leading to a high debt and debt servicing profile. “Though debt stock to GDP is comparatively low at 37.1 per cent, the debt servicing to revenue ratio remains high at 124 per cent as of H1 2023,” PwC stated. On likely risks, the firm stated that oil exports accounted for over 80 per cent of the country’s total exports, making dependence on it unwise. “This makes the commodity and the economy susceptible to price fluctuations in the global oil markets,” it said. With Nigeria's foreign reserves steadily declining over the past five years, hitting a two-year low of $33 billion in December 2023, PwC stated that factors contributing to this decline included increased import bill, which grew by 33 per cent from N6.34 trillion in Q3, 2022 to N8.46 trillion in Q3, 2023. Although the capital market performed well in 2023, gaining 46 per cent, despite sustained inflation and FX liquidity challenges, the report stressed that investors might remain cautious due to fiscal and monetary reforms to address inflation and FX illiquidity. “Governance credibility, policy credibility and institutional credibility of key institutions, especially in communicating and implementing key policy changes, may continue to impact investor confidence,” the outlook stated. On Nigeria’s infrastructural challenges, PwC explained that limited fiscal space for public investment and difficulty attracting

private investments will constrain the ability to make essential infrastructure improvements. It said, “Infrastructure funding may remain insufficient in 2024. The allocated infrastructure spending budget for 2024 is N1.32 trillion, falling short of both the World Bank's suggested 70 per cent infrastructureto-GDP benchmark (currently at 30 per cent) and the yearly $150 billion requirement specified in the National Integrated Infrastructure Master Plan for 2021-2025.” On power, PwC stressed that despite the targeted 30GW supply by 2030, electricity supply had never gone beyond 6GW. It said, “This implies that not much progress has been made since the target was set. This huge gap is due to deteriorating plants/units’ capacities, poor maintenance due to liquidity challenge and access to forex, non-binding contracts and delay payment, inadequate gas supply, transmission constraints, limited distribution network and commercial viability of Discos operation.” While projecting a marginal decline in inflation, the company said the Russia-Ukraine war, among other factors, might fuel an upward swing. Meanwhile, THISDAY stumbled on a report by Bloomberg in 2019, where the ex-governor of the Central Bank of Nigeria (CBN), Mr Godwin Emefiele, warned that floating the naira would lead to a free fall in its value. Titled, “Free Float Would Send Naira Tumbling,” Emefiele had argued at the time that the country’s system of multiple exchange rates had produced the “most optimal results when compared with other emerging markets in recent times”. Under Emefiele, who was appointed in 2014, Nigeria had tightened capital controls and closely managed naira’s value. The then CBN governor had consistently said it was the best way to curb inflation and boost manufacturing by discouraging imports, even though several foreign investors had faulted the policy and said it exacerbated an economic downturn. “We will get even more aggressive,” he had said. “This is because we think the initiative the central bank has to cut imports and diversify the economy is yielding results.” The report said shortages of foreign exchange had eased at the time due to higher crude prices and CBN’s opening of a currency-trading window for portfolio investors that allowed them to buy the naira at a weaker level. The rate in that window had almost converged with the blackmarket rate of around N360 to the dollar at the time. The naira is currently valued at over N900 to the dollar at the official market and N1,400 to the dollar at the parallel market.

T H I S D AY • MONDAY, JANUARY 29, 2024

NEWS

Group News Editor: Goddy Egene Email: Goddy.egene@thisdaylive.com, 0803 350 6821, 08074010580

INSTALLATION OF THE MAIGARI OF LOKOJA...

L -R: Hon. Shettima Agbogun, Alh Rajab Naibi, Mrs Esther Ogbeha, Hajia Maimuna Inuwa, and Senator Tunde Ogbeha at the installation of the Maigari of Lokoja, HRH Alhaji Ibrahim Gambo Kabir Makarfi IV, in Lokoja, Kogi State, at the weekend

NEITI, NNPC to Raise C’ttee to Resolve Transparency Issues in Oil Firm’s Operations Emmanuel Addeh in Abuja To sort out all the grey areas in recent reports by the Nigeria Extractive Industries Transparency Initiative (NEITI), the organisation and the Nigerian National Petroleum Company Limited (NNPC) at the weekend resolved to set up a joint committee for the purpose. Some areas a delegation from the Norway-based Extractive Industries Transparency Initiative (EITI) raised queries at the weekend, were the release of the details of the $3.3 billion loan from AfreximBank, non-disclosure of full text of contracts as well as alleged lack of full disclosure of the NNPC’s stake in the Dangote refinery. NEITI had in its last (2021) report, stated that the NNPC failed to remit as much as $2 billion to the federation account before it was commercialised, an allegation the national oil company clarified as

being deductions for fuel subsidy. Speaking during the rounding off briefing by the EITI delegation in Abuja, NEITI’s Executive Secretary, Dr Ogbonnaya Orji, said the agreement to set up the committee with NNPC was reached during the consultation at the NNPC headquarters, attended by the EITI delegation as well as NEITI officials. According to Orji, NNPC’s Group Chief Executive Officer, Mele Kyari, who was at the event, backed the establishment of a team of experts to resolve the differences in the report. “What we agreed was to have a joint committee between NEITI and NNPC on these specific issues that are of concern in the international validation report. “The NNPC chief executive has accepted that and on our part we will be sending requests to put that committee in place and the committee will be working with experts from both sides.

You Will Account for Unnecessary Deaths, A’Ibom Tells New Nurses, Midwives

Okon Bassey in Uyo

The Akwa Ibom state government has warned newly employed nurses and midwives in the state Primary Healthcare Development Agency (PHDA) that they would be made to account for any unnecessary death of patients in their care. The government also urged them not to avoid posting to rural areas and remain committed to the oath of the nursing profession aimed at rendering service to humanity by saving lives unconditionally. Chairman, Governing Board of the agency , Dr Martins Akpan, gave the warning at a three-day orientation course for newly employed nurses and an eightday training on Basic Emergency Obstetric and Newborn Care (BEmONC) to select midwives. The training, in conjunction with the National Primary Healthcare Development Agency (NPHDA), was carried out under the Basic Health Care Provision Fund (BHCPF) and Human Resources for Health (HRH) Intervention funds. Akpan stressed that the agency would no longer accept excuses and indolence for the death of babies and mothers.

While noting that the programmes were refresher courses, especially, for the retired and serving ones among them, the chairman stated that more was required of healthcare providers at the primary healthcare level. Akpan charged participants in particular and all PHC workers in the state to bring their professionalism to bear, while being diligent, committed and compassionate in the discharge of their duties. The chairman opined that with the provision of quality and affordable health care services at the PHC Centres, the narrative will change, in line with the focus of the Governor Umo Eno-led administration. Executive Secretary, AKSPHCDA, Dr. Eno Attah, while emphasising on diligence to work, however, frowned on officers’ complaints and rejections of postings to health centres they describe as being too rural. "No matter how remote the location of a primary health facility is, so long as people live there, those people still need health care services and it is incumbent on health workers to provide those services," Attah said.

"Where necessary, we will be relying on our international secretariat for guidance to make sure that our next reports for 2022 and 2023 that will be out on September 24 this year, detail this information,” he stated. Orji noted that the simultaneous release of the two reports was to ensure that from now on, data that is made public is largely current, noting that NEITI data had already been globally acknowledged as reliable. Orji added that NEITI was also looking at what can be done to make the transparency initiative less dependent on government for funding. “ We are also looking at windows where our reports that usually lead to recovery of huge revenue, where

we could also be given some soft landing in terms of supporting government funding instead of relying wholly on government,” he stated. The executive secretary said it was also critical to reinforce the need to preserve the NEITI structure, devoid of political interference. “Each time you dissolve the national stakeholders working group, it is a major problem for us,” the executive secretary explained. Speaking earlier, leader of the EITI delegation, who doubles as EITI’s Deputy Executive Director, Bady Baldé, said the Nigerian government must reconstitute the board of NEITI with competent persons and that it must be devoid of undue political

influence. According to him, with the several disruptions in the NEITI board in the last three years, Nigeria is already in breach of the global EITI standards. He explained that there are sanctions for non-adherence to the rules signed on to by member countries. “The urgency of the matter is clear, but it has to be done correctly. For those reasons we did not impose a particular deadline, but our main message remains that this is a matter of urgency. The board has been vacant more often than not in the last three years. “Nigeria is already in breach of the requirement because this is so foundational for EITI. The existence

of the multi-stakeholder group is one of the requirements to join as a member,” Baldé stressed. Speaking on the plan by the Nigerian government to rework the 2007 NEITI Act, the leader of delegation stated that its a purely Nigerian affair, explaining that what is important for now, is to ensure that the existing law is strictly adhered to. On the team’s visit to the Minister of Solid Minerals Development, Mr Dele Alake, Baldé expressed concern over the issue of illegal artisanal mining in Nigeria, but added that he got firm commitment from the minister that the issue was being resolved, while the right environment was being created for foreign and local investment.

Umahi, BudgIT Differ over N8.6bn Payment to Microfinance Bank for Road Contracts, Others State govs to sign off on federal roads before clearance

Emmanuel Addeh in Abuja

The Minister of Works, Senator David Umahi and the Coordinators of Tracka, BudgIT’s service delivery promotion platform, at the weekend disagreed over the payment of N8.6 billion to FIMS Microfinance Bank for some projects by the ministry. Tracka, through its Head, Ayomide Ladipo, said the payments were made between June and December 2023 for 62 projects, including the construction of road across the country. It listed some of the projects, as payment of N1.4 billion in September 2023 for the construction of YabaYangoje Road in Abuja; the payment of N1.2 billion in October 2023 for the rehabilitation of a 2km road from Oriawo-Boroboro-Oke, Oyo state and the payment of N1.2 billion for the rehabilitation of Kosobo-awe junction road in Oyo East. BudgIT's Tracka also mentioned the payment of N1.2 billion between August and November 2023 for the rehabilitation of Ejule-Otukpo Road in Benue State, among others. It argued that as a financial institution, the award of road construction contracts amongst others to the company was a violation of the Public Procurement Act, 2007. Specifically, it stated that s.16 (6) (a) (i), (iii), and (iv) states that: “All bidders in addition to requirements contained in any solicitation

documents shall: (a) possess the necessary: Professional and technical qualifications to carry out particular procurements; financial capability; equipment and other relevant infrastructure; and shall have adequate personnel to perform the obligations of the procurement contracts. “We request that the Honourable Minister of Works, David Umahi, tenders an explanation to Nigerians on how these repeated violations and infractions occurred in his office. “In addition, we call on the Bureau of Public Procurement (BPP) to review the transactions for violating the Public Procurement Act 2007 and serve appropriate sanctions for breaches where identified," the organisation said. BudgIT’s Country Director, Gabriel Okeowo, described it as a gross mismanagement of public funds and blatant disregard for public procurement laws, emphasising that public funds should be treated with the highest level of caution and a sense of responsibility to the collective interest of Nigeria and its people. He called on the anti-graft agencies—the Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC) to question and probe the payments and prosecute the erring officers. But a THISDAY review of the document showed that BudgIT

may have reasoned that the projects were awarded directly to the microfinance bank who built the roads as government contactors, prompting the reference to the extant procurement law which it said had been breached. However, the minister’s response may have also been based on the understanding that the pro-transparency organisation was accusing it of paying monies through a microfinance bank, which reflected in the statement issued in his defence. Umahi in the statement by his Special Adviser, Media, Uchenna Orji, debunked the claim that funds for construction of roads were fraudulently paid into the microfinance bank, contrary to extant regulations. The minister said the statement at the weekend was extracted from his interview with some journalists in Rivers state, during the inspection of the Enugu-Port Harcourt dual carriageway, being reconstructed by Arab Contractors Ltd. Describing it as an “erroneous claim”, the minister stated that in June 2023, he was still in the Senate. “So, if they are correct, it means the contracts would have been awarded while I was still a governor, so (I was) not a minister,” he added. “When a contractor has done his or her work, the money becomes his

money. He can say pay it to any bank of his choice," the minister stated. Umahi described as "very mischievous" the claim by the organisation stating that they should have investigated whether the job was done. “That is the only right they have. But they don't have the right to say where a contractor will say his money will be paid,” he added. He submitted therefore that: “Whether it's paid into a microfinance bank or ‘macrofinance’ bank, what is paramount to establish if the funds were rightly paid for good work done.” The minister averred that it was an attempt to distract his commitment to delivering on President Bola Tinubu’s agenda for road development in Nigeria. “And so, it's just a distraction. And then, some of the bank contractors are using them to fight back. But I refuse to be distracted,” he restated. On his efforts to ensure quality delivery of road projects through partnership with the states, Umahi stated that when projects are completed in their domains, governors should also be part of the team to certify that they are okay. “It’s our policy that the state governors, through their appointed officials, must mark off any project, especially the emergency palliative projects.

MONDAY JANUARY 29, 2024 • T H I S D AY

T H I S D AY • MONDAY, JANUARY 29, 2024

NEWS

MASTERS ENERGY GROUP STRATEGY RETREAT...

L-R: Vice President, Masters Energy Group, Emeka Ogah; Company Secretary /Executive Director, Legal, Barrister (Mrs.), Chinyere Usen; Director, Corporate Services, Ugo Nwofor; Group Managing Director/CEO, Barrister (Mrs.) Patience Dappa; Founder, Masters Energy Group, Dr. Uche Ogah; Executive Director, Finance, Mrs. Ngozi Ogah; Executive Vice Chairman, Vincent Ajala; and the Director of Operation, Felix Eribo at the Masters Energy Group Strategy Retreat 2024 held in Lagos… weekend. SUNDAY ADIGUN

Masters Energy Positions for Growth in Petroleum Products Marketing, Others Gets off-take licence for Dangote Refinery's products

Peter Uzoho Foremost integrated energy marketing company, Masters Energy Group is positioning to expand its business, increase presence in the Nigerian market and ultimately achieve an exponential revenue growth through massive investment, partnerships, and new products. The duo of the Group Managing Director of Masters Energy Group, Mrs Patience Dappa and the company's Group Executive Director, Operations, Mr. Felix Eribo, revealed the current efforts the organisation is taking to scale up its business and consolidate market share. They made the disclosures while speaking to energy reporters on the last day of the Masters Energy Group 2024 Senior Leadership Strategy Retreat, held in Lagos, at the weekend, revealing also that the company had received an off-take licence from Dangote Refinery to be able to lift products from the facility. The theme of the retreat was: "Innovation, Exponential Revenue Growth by Cost Management and New Product Introduction." Dappa, said Masters Energy was considering making new investments, introducing new product lines like households products, as well as looking for new partnerships as part of the expansion strategy.

She explained: "We want to go into a lot of business that we haven't been before, so that is why we are having this retreat for us to come together to discuss, to strategize on how this year will be better than last year. "We all know that subsidy is out of the way, so we need to look at how we can survive and sustain our business without the presence of subsidy. So actually, we are looking at how can we bring in products? "How can we partner with other refineries outside the country to bring in white products like petrol, diesel, so we don't rely on NNPC to supply us with products." She disclosed that the company had gotten an off-take licence from the Dangote Refinery to lift products from the refinery. On the manufacturing side of the business, Dappa further stated that the Uche Ogah-owned conglomerate was also looking to introduce new product lines like household products, and that by the end of this year, Masters Energy products would be in every household in Nigeria. She said the company was also considering exploring opportunities in the export business by exporting their goods outside Nigeria to enable them overcome challenges associated with high exchange rate. Dappa said the company was

Nnaji: NNPC Has Capacity to Become Great Like Its Peers Globally Dike Onwuamaeze A former Minister of Power, Prof Bart Nnaji, has declared that the Nigerian National Petroleum Company Limited (NNPC) has the capacity to compete with its peers globally. Nnaji made the declaration yesterday during a meeting of his company’s executives with KSE Engineers and Investment Partners of Turkey at the Geometric Power Limited’s headquarters in Aba, Abia State. He said: “When the Nigerian National Petroleum Corporation became the NNPCL in July 2022, many people around the globe thought it was a mere rebranding or even a mere change of name. Now, all of us are today astonished at the

professionalism exhibited by the new NNPCL leaders. “The new NNPCL is not working like a state-owned enterprise noted in Nigeria for ineffectiveness and inefficiency. But rather like professionals from Shell, TotalEnergies, ExxonMobil, and the rest. “Going by what we have seen with some NNPCL member organisations such as the NNPC Exploration and Production (NEPL) and the NNPC Upstream Investment and Management Service (NUIMS), the NNPCL can, with time, become a successful globally respected global state-owned enterprise from the developing world like Petrobras of Brazil and Petronas of Malaysia,” he stated.

also expanding its footprint in the Liquefied Petroleum Gas (LPG) business and had last year performed the flag-off of the Masters Energy 40,000 metric tonnes LPG storage facility in Port Harcourt, Rivers. "We are hoping that before the end of next year, we should be able to complete that storage facility. So, that is an additional expansion for us. It's a 40,000 metric tonnes facility, but we are going to have it in phases. So right now, the first phase is going to be 20,000 metric tons of LPG and propane. "We are going to have massive expansion of our retail outlets. We are going to have more than 50 additional

retail outlets between now and end of the year", she added. Dappa, however, explained that the essence of the retreat was to bring all senior management of the company together to strategize on the way forward for the company for this new year. Adding his voice, Group Executive Director, Operations, Masters Energy Group, Eribo, said the company was taking the oil and gas downstream market by storm with its massive investment, new products, and innovation. He said the company's product off-take from NNPC Retail Limited has continued to increase on a daily

basis and that they are spreading their outlets to every part of the country. According to Eribo, the company intends to increase its LPG market this year by bringing additional 19 skid plants into their pool, saying "As I told you, we are massively into the LPG market." On the white products' retail side, he said Masters Energy presently has about 300 retail outlets across major cities in Nigeria, adding that a minimum of 50 more outlets would come on stream before end of this year. Reconfirming receipt of their off-take licence from Dangote Refinery, the Director of Operations

said Masters Energy was able to get the license because of its available infrastructure. Eribo explained: "When Dangote Refinery came, we applied. We didn't have any problem getting an approval. Precisely on Thursday (last week), we got our licence for off-take, a letter appointing us as official off-taker for all products from the refinery. "So we are glad to have that and we appreciate that gesture from Dangote. So we're going to add that as part of our source of products. So, that will ensure that all our outlets are wet continuously."

NAFDAC Warns Licensed Customs Agents Against Stifling Local Firms Onyebuchi Ezigbo in Abuja The National Agency for Food and Drug Administration and Control NAFDAC has cautioned members of the Association of Nigerian Licensed Customs Agents (ANLCA) to desist from illegal importation of medical syringes, saying the illegal act may kill local pharmaceutical industries. The agency however pledged to join forces with the Custom agents to end rejection of Nigerian food exports in European Union (EU), the United States of America and other countries. In a statement signed by NAFDAC's Resident Media Consultant, Sayo Akintola, the agency urged members of ANLCA to think more of the interest of the country over and above personal gains in their activities as clearing agents at the nation’s ports. It said the Director General, Prof. Mojisola Adeyeye gave the advice in Lagos on Thursday during a familiarisation visit by the newly inaugurated executives of the ANLCA, led by its national President, Mr. Emenike Nwokochi, to the NAFDAC Lagos corporate office. Adeyeye narrated how she marvelled at the stupendous investments committed to local production of syringes in Nigeria by a local pharmaceutical company during a recent facility tour.

She said that the standard of the facilities she met on ground was comparable to whatever facility that could be found in the US or any country in Europe, adding that after the facility tour and being led into the warehouse, she was highly disturbed at the sight of huge unsold products. The NAFDAC DG told her guests that over 1.5 billion units of the product were lying untouched in the warehouse due to low sales, exacerbated by the influx of imported syringes into the country, despite the high import duty slammed on the product to protect the local market. Adeyeye however, noted with regrets that intelligence reports reaching her indicated that some compromise are being made at the port of entry in allowing illegal importation of unregistered containers of syringes into the country. She revealed that a publication by US Food and Drug Administration (FDA) stated that some syringes that come from Southeast Asia are of bad quality, adding that those products didn’t fly by night and land in different warehouses in Nigeria. "I understand the challenges of not making sales, especially after investing a significant amount of money. That's why I am particularly meticulous when it comes to

overseeing our export processes,” she said. As licensed customs agents, Adeyeye emphasised their pivotal role in facilitating the legal and safe import and export of goods, ensuring compliance with required standards. She said the aim of the facility tour was to enhance the positioning and promotion of trade in regulated products, both domestically and in the international market. She also noted that the visit and discussion were important, considering the volume of food and agricultural commodities from Nigeria that is currently facing challenges at entry points in some countries in Europe, the United States of America and the United Kingdom, where they have been repeatedly rejected. ‘’Nigeria has lost billions of naira in trade that could have benefitted our people. About 70 per cent of our exports are rejected, food products especially. All these rejected products did not go through NAFDAC regulatory assessment. It disgraces us as a country,’’ she stated. She said that it had also become a great issue of concern the number of substandard products coming into the country. “That's why I attach significant importance to this association because the goods that are either

imported or exported, often play a crucial role in determining the strength of our economy,” he added. Adeyeye further said that international market is competitive in nature and only welcomes products of high quality with relevant certifications and quality packaging that is environmentally friendly and beneficial to trade globally. She noted with dismay that the problem of quality, standard, certification and appropriate packaging for made-in-Nigeria products destined for export had been an issue in the international market. The DG further disclosed that the Agency had analysed the Rapid Alert System for Food and Feed (RASFF) alert from the EU and observed that most rejected products by the EU having failed the relevant tests, were not having the appropriate documentation/ certifications. On his part, the National President of ANLCA, Mr. Emenike Nwokochi lamented: ‘’It’s shameful that when you buy yam abroad they tell you it is from Ghana, or any other country in West Africa when Nigeria is the highest producer of yam. ‘’We can’t do anything to help the Naira other than to increase the level of exports in the country to provide alternative source of raising foreign exchange,’’ he added.

MONDAY JANUARY 29, 2024 • T H I S D AY

T H I S D AY • MONDAY, JANUARY 29, 2024

NEWS

FUBARA SEEKS GOD'S GRACE....

Governor Siminalayi Fubara (R) and the General Overseer of RCCG, Pastor Enoch Adeboye at the Port Harcourt Holy Ghost Rally... yesterday

Utica Capital Projects over N15tn Deficit in FG’s 2024 Budget

Dike Onwuamaeze

A Lagos-based asset management firm, the Utica Capital Limited, has projected that the federal government would borrow more, and even resort to ways and means, to fund the deficit component of its 2024 budget, which it projected to hit N15 trillion due to envisaged shortfall in anticipated revenue. President Bola Tinubu recently signed a budget of N28.78 trillion that comprised N19.52 trillion revenue and N9.18 trillion deficit. But the Utica Capital, which is licensed by the Securities and Exchange Commission (SEC), in its 2024 Economic Outlook titled: “A Slow Ascent to Economic Stability,” projected that the government would record

total revenue of N12.8trillion for 2024 and a higher budget deficit for 2024. It based its projection on the assumption that achieving the projected N19.52 trillion revenue for 2024, particularly the oil revenue’s portion, is a largely optimistic target. It opined that combined effects of challenges in the Niger Delta that had been hampering oil production and the downward review of Nigeria's production quota to 1.50 mbpd by OPEC would deny the government its envisaged N19.6 trillion revenue. The Utica Capital, however, observed that the proposed tax committee's initiative to standardise and broaden the tax base is expected to bolster non-oil revenue.

It also projected that Nigeria's public debt would witness a surge in 2024. “The 2024 fiscal year budget reveals a N9.18 trillion deficit, with fresh borrowings expected at N7.8trillion (77.4 per cent) through domestic borrowings and 22.6 per cent via foreign debt. “Also, going by our expectations for revenue, we expect the government to take on more debt to fund the deficit. In our opinion, this signals an increased reliance on debt, with the potential use of the Central Bank of Nigeria's Ways and Means facility up to N1.8trn (15 per cent) of previous years revenue estimated at N11.5trillion. “We also note the

government's decision to access concessionary loans from organisations like the International Monetary Fund (IMF) and World Bank for additional funding,” Utica Capital stated. It projected that the Nigerian economy would grow by 3.4 per cent year-on-year in 2024. “Given that the persistent challenges faced by subsectors like manufacturing and agriculture that could impact their growth prospects in the near term, we expect modest growth in these sectors in 2024. “However, we are positive about growth prospects in the ICT, financial & insurance, real estate and the mining & quarrying sectors, for 2024. “On a balance of factors, we

NDLEA Declares Ex-beauty Queen Wanted for Allegedly Dealing in Illicit Drugs Brazilian returnee excretes 60 wraps of cocaine Michael Olugbode in Abuja The National Drug Law Enforcement Agency (NDLEA) has declared an ex-beauty queen, Ms. Aderinoye Queen Christmas also known as Ms. Queen Oluwadamilola Aderinoye wanted over allegations of dealing in illicit drugs. The spokesman of the antinarcotics agency, Femi Babafemi in a statement on Sunday said the ex beauty pageant was declared wanted after she escaped from her Lekki, Lagos residence when NDLEA operatives raided her apartment at Oral Estate, Lekki last Wednesday. He said the raid followed credible intelligence that she deals in illicit substances, adding that the suspect was Miss Commonwealth Nigeria Culture 2015/2016 and founder of Queen Christmas Foundation. Babafemi disclosed that recovered from her home during the search witnessed by the estate officials include 606 grams of Canadian Loud, a synthetic strain of cannabis, an electronic

weighing scale, large quantities of drugs packing plastics, a black RAV 4 SUV marked Lagos KSF 872 GQ, and her picture frame among others. In other roll call of clampdowns during the week, Babafemi said operatives of the agency have arrested a Brazil returnee, Udechukwu Theophilus at the Murtala Muhammed International Airport, Lagos for ingesting 60 big wraps of cocaine. According to him, the suspect who was arrested during inward clearance of passengers on Ethiopian Airlines flight from Sao Paulo, Brazil via Addis Ababa, Ethiopia at the D-Arrival Hall of the Lagos airport on Sunday January 21, 2024, initially refused to undergo body scan, raising health concerns in a desperate bid to evade arrest. Babafemi said when the suspect was offered other options, he accepted to be placed on excretion observation and shortly after he was ushered into NDLEA observatory, he excreted the first set of cocaine pellets, after which he expelled a total of 60 wraps of

the class A drug weighing 1.279 kilogrammes in five excretions. Udechukwu, in his statement, claimed he ingested the consignment in Brazil and was to discharge everything at the airport in Addis Ababa but could only excrete 15 pellets which he handed over to another member of his syndicate before his connecting flight to Nigeria was called. The spokesman said in the same vein, NDLEA operatives at the Lagos airport last Tuesday recovered a total of 12 cartons of tramadol 225mg containing 599,900 pills weighing 385.4 kilogrammes from an overstayed cargo at the SAHCO import shed of the Lagos airport after a joint examination with other agencies. He said the tramadol consignment had come into the country in two batches on KLM Royal Dutch Airline flights from Karachi, Pakistan between July 27 and August 1, 2023. They were however placed under watch by NDLEA operatives since then. Babafemi said not less than 822 kilogrammes of cannabis sativa hidden in a fuel station

located at Ashipa community along Badagry-Seme road were recovered by operatives of the Seme Special Area Command of NDLEA, while a suspect Sani Audu, 35, was arrested with 111.3 kilogrammes of same substance at Maigatari town in Jigawa State last Tuesday. Babafemi, also disclosed that two members of an international drug trafficking syndicate: Sunday Owoborode, 52, and Valentine Anene were arrested last Thursday at Edu Orita, Ogun state where Anene was being prepared to travel with some drugs to Qatar, same day on board a Qatar airline flight from Lagos. He said at the time of their arrest, 1.8 kilogrammes cannabis, electronic weighing scale and other illicit substances were found on them. Meanwhile, in another interdiction operation by operatives im Lagos, a 50-year-old Sunday Adediran, was arrested last Wednesday with 20 kilogrammes cannabis sativa found in one of the rooms in his house at Mushin Olosha, Lagos State.

project that Nigeria’s economy will grow by 3.4 per cent Y-o-y in 2024,” it said. The Utica Capital also identified expected drivers of growth in 2024. These included the adoption of 5G network, sustained technological and digital advancement, increased underwriting profitability, FX revaluation gains and wider e-commerce coverage. Others are increasing free and bilateral trade and zones agreements (AFCTA and LFTZ), waning impact of fuel subsidy removal, and encouragement of local manufacturing, Dangote Refinery operations that should positively impact the manufacturing sector. In addition, increased allocation of capital expenditure in the 2024 budget and Pensions Commission (PENCOM) guideline should improve production activities in real estate sector.

Nevertheless, it stated that exchange rate depreciation and challenges with FX sourcing for importation high borrowing cost for manufacturers, increase in non-performing loans, increasing inflationary pressures and limited port access are expected to drag down the growth in 2024. It also projected that inflation rate would hover between 26.1 per cent and 31.6 per cent in 2024. “For 2024, we anticipate a sustained upward trend in inflation due to persistent legacy issues identified. The expectation of food shortage, higher PMS price, poor road infrastructure and continued Naira devaluation will pressure the headline index. “However, we opine that the federal government's measures to boost agricultural output, coupled with the high base effect of 2023, may lead to lower inflation figures in the latter part of 2024,” Utica Capital said.

PDP Zonal Caucus Confirms Ajisafe as South-west PDP Chairman Yinka Kolawole in Osogbo The ruling party in Osun State, the Peoples Democratic Party (PDP), at the weekend congratulated Kamorudeen Ajisafe on his ratification as the South-west PDP Chairman in Ibadan during the PDP Zonal Caucus meeting at the Government House, Agodi, Ibadan. Also the Secretary to the State Government of Osun State, Hon. Teslim Igbalaye, has extended his congratulations to Ajisafe on his appointment. The development came months after the death of the former South-west Chairman, Hon. Soji Adagunodo, who passed on in the month of May 2023. A congratulatory statement released by the media unit of the party and signed by the State Chairman, Sunday Bisi described Ajisafe as an astute politician and an exemplary leader who has all it takes to unify the South-west PDP Caucus and bring the party back to it's glory days in the region. "Your wealth of experience,

commitment as well as deep understanding of the political landscape are enough steads for you to steer the party higher and unify our great party in the South-west. “We believe your ability to foster cooperation and build consensus will undoubtedly contribute to the growth and success of the PDP in our region. We are certain that under your leadership, the PDP will continue to be a formidable force, strong enough as a veritable platform for the welfare and progress of our people," the message read. Also in a statement signed by his media aide, Kehinde Adeoye, the Osun SSG described Ajisafe's emergence as a win. "I strongly share in the belief that your emergence is a testament to your political astuteness over the years. Your antecedent as a political administrator shows that our party has made a great choice. I trust that you will pilot the affairs of our great party in the most suitable way," he said.

MONDAY JANUARY 29, 2024 • T H I S D AY

T H I S D AY • MONday JANUARY 29, 2024

Politics

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

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

Edo APC Guber: Who is Oshiomhole Working For?

Former Edo state Governor, Senator Adams Oshiomhole’s suspicious role in the unfolding political events within the All Progressives Congress may be the undoing of the party in Edo State - ahead of the state governorship election. Iyobosa Uwugiaren examines the issues.

here is a story in one of the credible online newspapers recently about the unsuccessful attempt by former Governor of Edo State, Senator Adams Oshiomhole, to convince a highly revered Benin Palace to support the aspiration of the Edo Central to produce the next governor of the state. His argument, according to the report, was that after eight years of the outgoing government of Godwin Obaseki, from Edo South, power should shift to other senatorial districts. However, apparently shocked by Oshiomhole’s ethnic disposition, the Palace was said to have reminded him that there was never a time the people of Edo South met to decide on the candidature of Governor Obaseki in 2017, saying it was the same Oshiomhole, who came to the palace some years ago and insisted that Obaseki was his preferred candidate, and subsequently worked him through the electoral victory. The Palace’s advice: Allow all sons and daughters of Edo State to aspire to the Number One political position in the state; and let the people decide who their next governor is. However, despite the palace’s advice, recent questioning attempt by Senator Oshiomhole to play ‘’godfather’s role’’ in the process leading to the All Progressives Congress’ (APC) primary in Edo State may be an indication that he has not given up in his quest to realize his dream. And many political observers have warned that Oshiomhole’s desperation, if not checked, will be the undoing of the APC in the Edo governorship election slated for next few month. What are the issues? In line with the party’s guidelines in electing its candidate for the election - recently released by the party’s national secretariat, state party’s leaders and stakeholders decided to set up an advice-giving meeting with the aspirants few weeks ago. At the meeting, an insider said the 29 aspirants were urged to unite, talk to themselves and reduce the numbers of those eying the ticket to a manageable size. And the self-styled leader of the party in Edo State, Senator Oshiomhole, was said to have took it upon himself to set up a six-man committee headed by the House of Representatives Leader, Prof Julius Ihonvbere, to have a conversation with the 29 aspirants, and make suggestions on how the numbers could be trimmed down. However, in statement signed by some state party’s leaders: Dr. Atsikidi Leonard, Hon. Engr. Dako Elamai, Barr. Bayo Omo-Igeh, Hon. Besta Ozeoya, Chief Vincent Ifada, Hon. Martins Eromosele and others, they said ‘’Edo people were shocked when the news broke out that this committee had initially recommended 10 names among the aspirants, and on meeting with Comrade Oshiomhole, it was told to further remove some names and reduce it to six.’ ‘’We would like to state for the records that Comrade Adams Oshiomhole does not have the authority to constitute a screening committee as he is neither the National Chairman of the All Progressive Congress nor a member of the NWC. ‘’Furthermore, only aspirants who have completed and submitted their forms can be screened by the committee established by the NWC for this purpose’’, the concerned members of the party added. The argument by the concerned APC members was that members of the committee unlawfully assumed the functions of the NWC of the party and were ‘’unfortunately coerced’’ by Oshiomhole to submit a report in variance of their earlier recommendations, which was already in the public domain. The APC members therefore called on the National Chairman of the APC, Dr Abdullahi Ganduje, President Bola Tinubu, and other well-meaning party leaders across the country, to intervene and restrain Oshiomhole and his co-travelers. Apparently sensing danger that the seeming unlawful act by Oshiomhole was capable of

Oshiomhole

creating unhelpful political tension within the party, the APC’s national leaders quickly issued a statement, advising all the aspirants to ignore the former governor of Edo State. What is clear - ahead of the party primaries in Edo State, is that the self-styled ‘’godfather of Edo State politics’’ has a subjective interest on who becomes the candidate of the party in the coming election. But, political observers in the unfolding political events in the state have argued that while Oshiomhole may be legitimately

interested in who becomes the candidate of the party, all stakeholders should be committed to the ‘’principles of fairness, equity, and justice’’ in the process. And sincerely hope that the primary contest - the intra-party election, would be resolved fairly in the general interest of the APC members in Edo State. From all indications, Oshiomhole appears to be building political structures of ‘’godfatherism’’ in the state and, fast gaining a peculiar name for himself: a prosperous and authoritative political figure, who crassly and unholy exerts political influence behind the scenes. Like a true and definitive ‘’godfather’’, what has

Many political experts have argued that democracy as the ethical and legitimate way through which any society can be administered, has been lacking in the country due to ‘’dirty politics’’ of self-centred politicians. And the danger in the politics of godfatherism script, which Oshiomhole is currently interpreting in the intra APC politics that negates peaceful coexistence, law/ order, and all tenets of democratic process, may finally destroy the party in the state - if not checked.

earned Oshiomhole the tag of political godfather over the years, was his access to Edo State’s wealth as governor of the state for eight years; and he is currently using his largesse in creating suspicious political networks through which he can influence political developments in the state. But, like every other slow-thinking-political godfather - that Oshiomhole is, not many APC stakeholders in the state doubt if he will be able to shape who is nominated as the governorship candidate; or who wins in the coming governorship race in the state. The former President of the Nigerian Labour Congress, may be following the footstep of his colleagues within the political class. But, one lesson the class has refused to learn is that ‘’godfatherism’’ is destructive to Nigeria’s democracy; but, unfortunately, it has endured completely unhelpful since the country returned to democracy in 1999. Check the political space, politics is increasingly being personalized in Nigeria. Many political experts have argued that democracy as the ethical and legitimate way through which any society can be administered, has been lacking in the country due to ‘’dirty politics’’ of self-centred politicians. And the danger in the politics of godfatherism script, which Oshiomhole is currently interpreting in the intra APC politics that negates peaceful coexistence, law/order, and all tenets of democratic process, may finally destroy the party in the state - if not checked. For example, how will the APC – as a ruling party at the federal level, manage a situation where its first-eleven aspirants like Pastor Osagie Ize-Iyamu, Professor Osarieamen Osubor, Engineer Chris Ogiemwonyi, General Charles Airhiavbere (rtd) and others, are excluded from contesting the primaries because of the selfish interest of one man? Ask any rational political actor in Edo State, they will tell you that Ize-Iyamu remains the main issue in the state politics. And when making an allowance for the political benefits of having a strong support base among electoral voters, many political analysts believe Ize-Iyamu stands out, because he is indubitably a well-known name - not only among Edo State residents and electorates, but also among political leaders across the national political space. There are many experienced political actors who have argued consistently in the last few days that Ize-Iyamu’s recognition and influence extend beyond the state, providing him a distinct edge over other contenders within the APC, if the ruling party is genuinely and seriously committed in securing victory in the upcoming Edo election. To be sure, with a massive consistent, loyal political followers, the former Secretary to Edo State Government boasts of a strong local and diaspora support base of thousands of voters in each of his earlier electoral accomplishments, laying a very solid ground for his current governorship aspiration. Alluding to the benefits of the APC having Ize-Iyamu as its candidate in the coming election, a political analyst, Dr. Kelvin Igabo, stated recently that the APC’s consideration of the Senior Pastor in the RCCG should extend beyond political dexterity, touching upon a crucial factor—credibility. According to him, ‘’Pastor Ize-Iyamu brings not only a wealth of spiritual leadership but also a steadfast commitment to ethical governance; his wife, a respected Professor of Medicine in the University of Benin and Senior Pastor at RCCG, adds another layer of credibility to his candidacy.’’ Apart from Ize-Iyamu, Professor Osubor, Engineer Ogiemwonyi, and General Airhiavbere are also shining political stars in the APC. What should matter to the APC is a winning candidate in the coming governorship race in a complex and highly politically conscious state like Edo, and not many people believe Oshiomhole is working towards this goal.

MONDAY JANUARY 29, 2024 • T H I S D AY

T H I S D AY • MONday JANUARY 29, 2024

FEatures

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

WASH: Girls with Disability Suffer, Rejected in Lagos Special Schools Children with disabilities have right to inclusive Water Sanitation and Hygiene, WASH, which is also crucial to quality education. However, due to unavailability of WASH facilities in special schools, they have to contend with lots of dehumanising situations in their quest to be educated. In some cases, girls are even denied admission, thereby dashing their hopes of a promising future, reports Omolabake Fasogbon

0- year old Titi has been visually impaired from birth. Not minding her condition, she is determined to be great in life. She aspires to be an Accountant, hence her raging passion for education. "I was told I can only become an accountant if I go to school”, she said. Along the line, her burning desire for education waned. She said she was discouraged about her school's WASH facilities and environment that was not suiting of her condition. Titi's school, Local Government Primary School in Ipakodo, Ikorodu, is one of the 44 inclusive schools in Lagos. An inclusive school derives from United Nations' (UN) mandate for inclusive education. UN describes inclusive school as one specially set aside to accommodate and cater to all children regardless of their needs, background and abilities. According to Titi, she is always sad anytime she needs to ease herself because of the hurdles on the path to the toilet and inside the toilet, sited not so close to her classroom. She has no cane to guide her to the toilet, yet the school does not have a caregiver to assist her. As a result, she said she often misses her steps and falls on dangerous objects while helping herself to the toilet. "There was a day I hit my left eye on a sharp stone and blood started gushing out. That day, I cried and became disinterested in school but my mother encouraged me", she recounted. By UN guidelines for inclusive schools, Titi’s school should have a guide string or rope stretch to guide her and others in her condition to and from toilet facility, especially for pupils lacking a white cane, like Titi. None was available. Titi later found help in her visually unimpaired male friend, Tunde who had been assisting her through toilet routine, as others were reluctant. This, experts say could make her a potential victim of sexual abuse. Now in primary four, Titi recently got a white cane after four years of frequent falls, she said she will still be needing Tunde around to guide her because of the rough and unsafe path to toilet. Like Titi, 11 and 13 year-old visually impaired siblings, Amina and Bose are not spared of falls, but their greatest obstacle awaits them inside the toilet which lacks running water. Water is significant in schools and a key element of WASH,quite instrumental to the realisation of Sustainable Development Goal, SDG four, five and six. While the school has a central water source, water is not connected to the toilet, making usage difficult for students. Bose said, “Anytime the water drum in the toilet is empty and the cleaner was not available or reluctant to refill it, we are forced to hold our excreta no matter

how much we are pressed. Although painful, we had to do it because we don't want to mess up ourselves and the toilet bowl like others do." Manwhile, medics have warned against holding back excreta which they say it is risky to the body and increases human chance to health issues like hemorrhoid, fecal impaction, incontinence or appendicitis and more severe complications. On how Tobi, another visually impaired pupil copes with lack of water in the toilet, he did not see it as a big deal like the girls. He said he either urinates openly behind toilet building or defecates in the toilet while he cleans himself with any paper found on the ground. Unlike Tobi, Amina and Bose who became disabled later in life said they could not do it in the open, given their biological features, adding that they respect their privacy. Asked Tobi how he cleans his hand, he said, “I don't clean my hand except it got stained with faeces, then I clean it on my uniform”. Tobi somehow found those hands in his mouth while snacking during break time or after school closes". In Nigeria, 1.4 million persons have died to diseases traceable to inadequate hand wash, according to Africa Youth Growth Foundation, AYGR. Inclusive Education defined UN defines Inclusive Education (IE) system as one that accommodates all students whatever their abilities or requirements and at all levels- preschool, primary, secondary, tertiary, vocational and life-long learning. According to Chairman of JONAPWD, Lagos, Dr. Adebukola Adebayo, the idea of IE is ensuring that Children with Disabilities (CWDs) and those without disabilities learn together in same classroom, using the same facilities. Adebayo said the rationale behind IE was to bridge social distance between children with disabilities and children without disabilities. Complying with UN mandate, the Lagos State government in May 26, 2015 endorsed the state's IE Policy. This is with expectations that policy will facilitate the state's Special Peoples’ Law of 2011 and increase enrollment figure of CWDs in school. As part of UN's stipulation for IE is eliminating all forms of discrimination in learning environment, such as providing

disabilities -accessible or inclusive WASH services. WASH gap driving inequality Despite the obstacles to locate WASH facilities in Local Government School, the facilities are still not targeted or inclusive like UN specifies for inclusive schools. The situation is the same and worse off in seven other schools visited by this reporter, Like in Methodist Primary School, Igbogbo, Ikorodu, there is no sight of any WASH facility, including toilet. A borehole sighted by reporter is said to be just donated by a non- government organisation, NGO, but for another regular school sharing premises with Methodist school. A male pupil with paraplegia, dark and short who spoke to this reporter said they either sneak into neighbouring school or hide behind the classroom to ease themselves. Even at that, the pupils still have to wait for someone to help them descend from the raised entrance of the classroom since it has no ramp. The experience of these pupils further corroborates United Nations International Children's Emergency Fund, UNICEF, submission that CWDs are less likely to benefit from WASH in Schools programmes, despite its importance. No wonder, many inclusive schools in Lagos are lacking accessible WASH services, as discovered in this investigation. According to WaterAid, only 36 percent of schools have access to basic WASH service in Lagos, as of 2021. Focal person, School Hygiene, Federal Ministry of Education, Mr Peter Ojonuba recognised the importance of WASH in schools, lack of it which he linked to poor education outcome and illhealth. He mentioned that the effects are more torturous on girls. Government provided inadequate WASH facilities, yet in their flawed and deplorable state are quite burdensome to children without disabilities, they are double woes for those with disabilities, especially girls, like above. Due to WASH inadequacy, UNICEF stated that many girls with disabilities have dropped out of school in Nigeria. But beyond this, this report further discovered that girls with disabilities are also rejected while seeking admission in Lagos schools for reasons linked to WASH deficiency. This is what befell Shade, a supposed daughter of this reporter presented in schools as being visually and or physically impaired. Findings showed that admission preference is given to children with hearing impairment, despite that all CWDs have equal right to education. Country Director of Action Aid Nigeria, Ene Obi stated that 95.5 percent of CWDs are outof-school because of their non-enrolment due to their conditions. Ene who said females are more

affected cited inaccessible learning environment for their non-enrollment. Above suggests how WASH may be widening gap not just education inequality but also gender inequality within Persons with Disabilities (PWDs) community. According to former National President of Joint National Association for Persons with Disabilities (JONAPWD), Mrs Ekaite Umoh, only two percent of PWDs are able to get formal education in Nigeria. Rejected on ground of gender, disability condition It was a few minute past mid -day when this reporter strolled into Oore-ofe inclusive unit (Primary), unquestioned and unchecked. At the slightly busy entrance of the school occupied by confectioners, was a porous unpainted security fence, a portion of the wall painted white and blue bears the school signage, screaming the sketch of a man in wheelchair. Also, an inscription, reading: "come and register your child at Oore-ofe inclusive unit. For children with special needs". That was quite welcoming and reassuring! However, the 'special needs children' note on the signage turned out to be referring to children with hearing impairments, and may be autistic. The wheel chair symbol was just a camouflage. The students probably had one or two more lectures, before they called it a day. This reporter had enquired about enrolling her child with disability, Shade with one of the teachers, who later directed her to Mrs Onifade. Onifade is one of the senior officials in the school. As this reporter headed towards Onifade's office, a putrid smell that seemed from human waste overpowered her. The reporter would have to wait for almost half hour in Onifade's office before she joined her. Waiting in Onifade's office, this reporter, occasionally shielded her nostrils with her hands to avoid inhaling the odious smell that rented the air. Oh! The stench was indescribable. "Sorry I was busy cleaning up a girl who had fouled his body with faeces", Onifade pleaded as she joined reporter. Seeing reporter gaped, she added, "Oh! It is a regular occurrence, don’t be surprised" She smiled as she briskly dries her damp hand on her clothing. -This report was facilitated by Africa Centre for Development Journalism as part of its 2023 inequalities reporting fellowship supported by the MacArthur Foundation through the Wole Soyinka Centre for Investigative Reporting. NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY JANUARY 29, 2024 • T H I S D AY

Text

T H I S D AY • Monday, January 29, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

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

08056356325

J a n u ar y

S & P INDEX

2 6 , 2 0 2 4

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EXCHANGE RATE

OPR

11.25%

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INDEX LEVEL

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N795.28/ 1 US DOLLAR*

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11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Friday, July 21, 2023

3-MONTH

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-0.7%

PFAs Staked N13.4trn on Undervalued Stocks, Long-term FGN Securities in 2023

Kayode Tokede Driven by gains from undervalued stocks and yield on long-term/short Federal Government securities, Pension Fund Administrators (PFAs) increased their exposure in equities and government papers to N13.4trillion in 2023 from N10.55 trillion reported in 2022. This represents an increase of 28 per cent or N2.94 trillion in 2023, as revealed by National Pension Commission (PenCom) in its latest PFAs portfolio report FGN Securities comprises of FG Bonds (HTM), Treasury Bills, Agency Bonds (NMRC), Sukuk Bonds and Green Bonds. According to PenCom, PFAs

exposure in stocks and FGN Securities contributed 73.5 per cent out of the N18.36trillion current net asset value as of December 2023. Also, the PFAs exposure in the stock market impacted on the N13 trillion in market capitalisation and 45.9 per cent growth in Nigerian Exchange Limited All-Share Index (NGX All-Share Index) in 2023. Consequently, NGX Pension Index increased to 3,241.03 basis points in 2023, gaining 90.8 per cent or 1,792.58 basis points from 1,448.45 basis points it closed in 2022. The PFAs drove domestic participation in the stock market in 2023 to N3.17triillion while foreign investors stake stood at

N410.62billion in the year under review. Capital market analysts believe PFAs benefited from the undervalued stocks and renewed investors’ confidence in the stock market. They expressed fthat the pension industry has been recording significant growth in recent years, following several regulatory reforms by PenCom, which has seen the number of PFAs in the industry reduce as a result of some mergers and acquisitions. Responding to PFAs exposure in the stock market, the CEO, Wyoming Capital and Partners, Mr. Tajudeen Olayinka explained that PFAs and investors reacted to low prices of some fundamental

stocks on the exchange. According to him, “Prices had become too low to resist, and this happened because of prolonged repricing of securities across markets and instruments, pushing down stock prices below the levels they should ordinarily be. “It also demonstrates improved earning capacities of some listed companies, as they continue to adjust to variability of costs and cost pressures in the short run, in order to stay afloat. Another factor is the usual positioning and repositioning for year-end rally by investors, as some companies begin to show strong earnings’ prospects ahead of full year results.” On his part, Chief Research

Officer, InvestData Consulting Limited, Mr. Omordion Ambrose told THISDAY that low pricing of some fundamental stocks and portfolio rebalancing contributed to PFAs renewed interest in stocks. He said, “The PFAs do not take trade in the stocks with a speculative report as they trade long-term. Attractive revaluation led to PFAs renewed exposure in the stock market.” Also speaking, the Vice President, Highcap Securities, Mr. David Adonri acknowledged the PFAs’ role in lifting the stock market, stressing that some PFAs opted to invest in the stock market. He noted that, “As long as the

Nigerian economy continues its current trajectory of stability and growth, the pension industry’s assets in the stock market are likely to remain robust. However, it’s essential to remain vigilant and take a cautious approach. Financial markets can be inherently volatile, and it’s crucial for PFAs to maintain a balanced and diversified. The surge in PFAs assets in Nigerian stock market, in tandem with the broader growth of the pension industry, suggests a positive outlook for both pension fund managers and the Nigerian stock market.” The story continues online on www.thisdaylive.com

Analysts Anticipate Continued Pressure on Naira Across FX Segments as CBN Faces Supply Constraints Nume Ekeghe Analysts in the nation’s financial service sector has predicted that the naira will continue to encounter sustained pressure due to the Central Bank of Nigeria’s (CBN) constrained capacity to substantially enhance supply. The naira recorded a 1.2 per cent week-on-week gain against

the dollar last week, settling at N891.90/$1. However, the overall activity level experienced a 3.5 per cent week-on-week decline, culminating in a weekly turnover of $488.2 million. Contrastingly, the parallel market depicted a different narrative as the Naira weakened against the greenback, closing at N1,420.00/$1.00 at the end

of trading. Looking ahead, analysts at Afrinvest said they anticipate the naira to confront on going pressure across FX segments. “This outlook is attributed to the CBN’s limited capacity to substantially enhance supply, introducing an element of uncertainty and volatility to the foreign exchange landscape. Market

participants brace themselves for potential challenges and shifts in the coming week as the intricate dynamics of the FX market continue to unfold. “Across the FX market, the performance of the Naira diverged with mild recovery in the official market. Precisely, the Naira gained 1.2 per cent w/w against the USD to settle at N891.90/$1. Meanwhile,

activity level fell 3.5 pr cent w/w with weekly turnover closing at $488.2m. “At the parallel market, the Naira shed 4.6 per cent w/w against the greenback at N1,405/$1 at the close of trading. Next week, we expect the naira to remain pressured across FX segments due to CBN’s constrained capacity to significantly boost supply, ” they stated:

They stated: “System liquidity plunged 66.6 per cent w/w but remained robust at N210.5bn despite the Treasury bills (T-bills) auction conducted by the CBN. As such, OPR and OVN rate contracted 4.5ppts and 4.4ppts to close at 17.6 per cent and 18.8 per cent respectively.” The story continues online on www.thisdaylive.com

M a r k e t d ata A s at T h u r s d ay, J a n u a r y 2 5 , 2 0 2 4 BONDS Description Price Yield Change Updated Time (%) ^13.53 23January 101.58 11.99 0.00 2024 25, MAR-2025 January 25, ^12.50 220.00 2024 100.09 12.45 JAN-2026 ^16.2884 17January 25, 106.91 13.50 0.00 2024 MAR-2027 ^13.98 23January 25, 100.78 13.71 0.00 2024 FEB-2028 ^14.55 26January 25, 101.40 14.15 0.00 2024 APR-2029

BILLS Maturity

Discount Yield

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

1.25

January 25, 0.00 2024

1.61

January 25, 0.00 2024

2.06

2.07

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2.41

2.43

January 25, 0.00 2024

2.80

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Maturity CRSL CP II 18-FEB-24

Discount Yield 9.14

9.19

FLOURMILLS CP III 29-FEB-24

10.52

10.63

UACN CP VI 19-MAR-24

7.88

7.97

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

8.78

8.96

7.37

7.54

Change (%)

Updated Time

January 25, 0,00 2024 January 25, 0,00 2024 January 25, 0,00 2024 January 25, 0,00 2024 January 25, -0,04 2024

Contract Tenor Contract (Month) 13

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NGUS JAN 29 2025 NGUS FEB 26 2025 NGUS MAR 26 2025 NGUS APR 30 2025 NGUS MAY 28 2025

January 25, 2024 January 25, 2024 January 25, 2024 January 25, 2024 January 25, 2024

Monday, January 29, 2024 • T H I S D AY

BUSINESSWORLD

News

Optiva Capital Faults NiDCOM’s Defamatory Statement, Demands Retraction, Apology Oluchi Chibuzor Leading investment immigration wealth management company, Optiva Capital Partners, has decried what it termed as, “defamatory publication by NiDCOM on 23rd January 2024, published via your verified official “X” handle (@ nidcom_gov) and signed by a certain Abdur-Rahman Balogun, your Director of Media, Public Relations and Protocols Unit, at the Nigerians in Diaspora Commission, Abuja (“NiDCOM”).” This was contained in a letter addressed to the Chairman/CEO of NiDCOM by the law firm of Babalakin & Co., signed by Oyetola Oshobi (SAN), on behalf of Optiva Capital Partners, titled, “Complaint About the Defamatory Publication Made Against Optiva Capital Partners Limited by NiDCOM.” According to the letter, “We hereby state unequivocally that the allegations and imputation against our client in the referenced press statement are false and unjustified. If NiDCOM had conducted basic research and

investigation on the allegations, it would not have published same on its verified official “X” handle (@nidcom_gov) with over 68,500 followers (which broadcast has acquired about 3000 views on X as at 2:00pm on Wednesday 24th January 2024 ).” The protest letter emphasised that, “The publication continues to have a severe adverse effect on our client’s business, reputation and goodwill. Our client’s business operates and thrives on the trust reposed by its clients, customers, partners, stakeholders and members of the public. The said tweet is not only defamatory of our client but also extremely defamatory of its identified directors in their personal capacities. “Optiva Capital Partners has been in operation since 2020 and operates globally, with over twenty one offices spread out across Africa. Our client is also registered with the Securities and Exchange Commission (“SEC”) Nigeria and has been approved to operate as a Corporate Investment

Adviser. (copies of our client’s certificate of incorporation with the Corporate Affairs Commission (“CAC”) and SEC are attached herewith).” The law firm added, “our client’s Chairman (Franklin Nechi) and its Managing Director (Jane Muchiku Kiememia), are highly accomplished and reputable investment professionals and business people. It is important to state that the Managing Director of our client has been in the employment of renowned international financial institutions, including Barclays Bank, where she occupied the esteemed and highly coveted position of the Executive Vice President on Investment for Barclays Bank East African Operations. She subsequently moved to Standard Chartered Bank, where she held the position of Executive Director, Wealth Management, in Nairobi, Kenya. She also held other top managerial positions including serving as Managing Director of two subsidiaries of Standard Chartered Bank.”

NAHCO Moves to Boost Export, Unveils N1bn Cargo Processing Facility

Chinedu Eze

The Nigerian Aviation Handling Company (NAHCO) Plc has demonstrated its commitment towards increasing the volume of goods exported by Nigeria by the unveiling a N1 billion export processing and packaging centre at the Murtala Muhammed International Airport (MMIA), Lagos. The facility will enhance the preservation of farm produce, modernize packaging of perishables in accordance to international standards and also facilitate urgent freighting of the goods to the global market. The center was opened at the weekend by the Minister of Aviation and Aerospace Development, Festus Keyamo who was represented by the Managing Director of the Federal Airports Authority of Nigeria (FAAN), Mrs. Olubunmi Kuku. Keyamo said the facility aims to address concerns related to shelf life, temperature control, packaging, handling, and regulatory compliance. “In a world where revenue growth is key, I want to assure NAHCO that we will continue to support them in this and other ventures. It is my hope that exporters and other stakeholders will take full

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

advantage of this facility to boost Nigeria’s export numbers, which will impact positively on our balance of payment position and strengthen the naira, “he said. In his speech, the Chairman of NAHCO, Seinde Fadeni, expressed appreciation for the government’s support in alleviating business challenges. “We have achieved this and the new task is to set a new goal. Our only request to the government on this occasion would be that; should we need your support in our quest to move aviation forward in Nigeria in our little way, please be there for us, ”he said. The Managing Director and CEO of ABX World, Captain John Okakpu, said the farm produce market for export from Nigeria is potentially

worth $250 billion annualy and called for the full exploitation of the market to increase foreign exchange from the agribusiness subsector. He said if fully exploited foreign exchange from agricultural produce would excel what Nigeria is earning today from oil and gas, so Nigeria needs to get its citizens involved in export but for this to happen there should be drastic reduction in what government agencies charge exporters and the process should be made short; so that the produce would not rot before they are taken out of the country. He also emphasized reduction of government agencies that inspect farm produce because many of these agencies encourage extortion and delays in moving cargo to the foot of aircraft for export.

Microsoft: AI Tools Will Help Manage Time, Boost Cognitive Work Emma Okonji Microsoft has demonstrated how leveraging Artificial Intelligence (AI) tools like Generative AI, Responsible AI, Copilots among others, can help content developers and chief executive officers to organise their work in a better and faster way that will enable them save ample time for creative and fulfilling cognitive work. Microsoft demonstrated the power of AI during the first phase of the Microsoft Africa AI Journalist Academy, which held virtually across select African countries, Nigeria inclusive. The Director, Data and AI, Microsoft South Africa, Ayanda Ngcebetsha and Business Program Manager, Microsoft South Africa, Trusha Vanmali, who spoke at the AI Journalist Academy, organised by Microsoft, stressed the importance of AI tools in summarising reports, carrying out accurate research, imputing language translation and coordinating several meetings in one day, while making the best use of the available time. They said although 2023 was the year AI went mainstream, 2024 would be the year in which AI tools would help free up time for more creative and fulfilling cognitive work. Speaking at the recent virtual meeting, Ngcebetsha said copilot,

which is an AI tool, could help content developers in writing, coding, summarising and searching for specific information like charts and tables that would help them develop good reports in less time. According to her, copilot is like a personal assistant that works alongside the user in all sorts of digital applications, helping with things like writing, coding, summarising and searching. It can also help the user to make decisions and understand lots of data. The recent development of large language models made copilots possible, allowing them to comprehend natural human language and provide answers, create content or take action as people work within different computer programs. “Copilots are built with Responsible AI guardrails to make sure they are safe and secure and are used in a good way. Just like a copilot in an airplane, it’s not in charge, but it’s a tool that can help you be more productive and efficient,” Ngcebetsha said. She further explained that in searching for specific information, the researcher must input key words that would pop up specific information within few seconds, adding that chief executive officers can leverage on AI tools to arrange and attend several meetings, even if unprepared.

PenCom: No Access to RSA Without Data Recapture The National Pension Commission (PenCom) has directed Retirement Savings Account (RSA) holders enrolled in the Contributory Pension Scheme (CPS) on or before July 1, 2019, to participate in the ongoing Data Recapture Exercise (DRE). This exercise, which is conducted by PFAs, and aligns with the Pension Industry’s commitment to enhancing the database of registered pension contributors and retirees. In 2023, a total of 218,953 RSA holders were recaptured by the PFAs. This exercise is important for maintaining PENCOM DG, Aisha Dahir-Umar up-to-date, comprehensive, and accurate data of RSA RSA balance towards payment of equity holders. However, there are still many eligible RSA holders contribution for residential mortgage are who are yet to be recaptured and are exclusively available to RSA holders who required to undergo the Exercise. It is have completed the data recapture. RSA holders with multiple PINs noteworthy that employees who opened RSAs from July 1, 2019 onwards are who fail to recapture their data will experience delays in resolving their not required to be recaptured. situations, potentially resulting in incorrect remittances by employers. This could also Necessity of Data result in delayed payment of retirement Recapture Introduced in July 2019, the Enhanced benefits. Hence, it is in the best interest Contribution Registration System (ECRS) of RSA holders to participate in the replaced the old Contributor Registration recapture to ensure seamless access to System (CRS), providing a seamless services from PFAs. integration with the National Identity Management Commission’s (NIMC) Requirements An RSA holder must possess a NIN in database. It enables the verification of the uniqueness of individuals registered by order to be recaptured, in line with the PFAs under the CPS. A major challenge Federal Government’s National Identity hitherto experienced with the CRS policy. Active contributors must visit their was that at the commencement of the PFAs and provide their Staff Identity Card CPS, biometrics of contributors were or any valid means of identification, such not captured during RSA registrations as a National Driver’s License, Permanent due to technological limitations. This Voter’s Card, or International Passport. challenge has been surmounted with Additionally, they should present their the deployment of the ECRS, which Enrolment Slip issued by NIMC and is an in-house computer application Birth Certificate or Sworn Affidavit of Age Declaration for the recapture. developed exclusively by PenCom. Retirees under programmed withdrawal or annuity should provide any valid Who Should means of identification, the Enrolment Participate? Participation in the recapture is Slip issued by NIMC, and the Letter of mandatory for active employees and Retirement issued by their employer for retirees, who opened their RSAs on the recapture. For RSA holders who have changed or before July 1, 2019. Furthermore, RSA holders with multiple Personal their surnames or first names, or Identification Numbers (PINs) must both, after registration, the following present all their PINs during the documents must be presented to their recapture process. Changes in name PFA for recapture: Marriage Certificate due to marriage, employer changes, (if applicable), Newspaper publication or Next of Kin (NOK) alterations for the change of name, and Sworn require completion of the data recapture Affidavit and Confirmation Letter for process. It is crucial to note that failure change of name from the employer (if to participate in the DRE affects RSA still employed). PFAs will issue acknowledgment slips holders’ ability to update registration to RSA holders upon submission of records in the future. complete documentation, and notification Implications for Non- of the status of their recapture will be sent via text messages within five Participation Not participating in the DRE carries working days. significant implications for accessing pension services from PFAs. For instance, Conclusion Eligible RSA holders, both active only RSA holders who have completed their data recapture can transfer their RSAs and retired, are hereby advised to from one Pension Fund Administrator immediately approach their PFAs to (PFA) to another. Additionally, contributors provide their NINs, as well as other who have not been recaptured will not mandatory biodata information to be be able to access retirement benefits recaptured. PenCom remains committed upon retirement. Furthermore, access to regulating and supervising the pension to 25 per cent of the RSA balance in industry to ensure timely payment of cases of temporary job loss and access to retirement benefits.

Monday, January 29, 2024 • T H I S D AY

BUSINESSWORLD

Guinness Reports Strong Performance with 20% Increase in Revenue Raheem Akingbolu

Guinness Nigeria, a leading beverage alcohol company in Nigeria continues to show resilience in the face of a challenging macro-economic environment, characterised by a marked decline in consumer spending due to escalating inflation, continuous naira devaluation and, reduced cash in circulation. The Company has posted a revenue of N142.59 billion for its half-year ended 31 December 2023, a growth of 20 per cent over previous year. The unaudited result released to the Nigerian Exchange Group (NGX) showed a 31 per cent increase in operating profit in

the period under review, while its reported revenue growth was primarily fueled by sound pricing strategies and a carefully optimized product mix, emphasizing the premium categories. The Company further bolstered sales by increasing trade and consumer engagement initiatives, optimizing its route-to-consumer strategy to broaden its outlet coverage, and leveraging its digital capabilities. Impressively, operating profit increased by 31 per cent and the operating margin expanded by 90bps, fueled by 9 per cent increase in gross profit, gains from other income (Export Expansion Grant), and reduced operating costs, even as brand investment increased by 15 per cent.

NeuRaL AI Introduces BionicBox for Enterprises Emma Okonji NeuRaL AI, a Lagos-based provider of essential support to organisations intending to build and deploy Large Language Models (LLMs) for generative text, has announced the launch of BionicBox that supports language modeling. BionicBox represents a significant step forward, making large language models more accessible, adaptable, secure, and fast. Citing the Artificial Intelligence (AI) Readiness Report 2023, which highlighted a surge in demand for generative AI technologies, similar to Chat GPT across various sectors, the founder of NeuRaL AI, Oluseyi Akindeinde, said despite the expected surge in demand for generative AI technologies, challenges like specialised expertise, domainspecific requirements, and security concerns often hold companies back.

Speaking about the unique roles that BionicBox will play in language modeling, Akindeinde said: “BionicBox stands for enhanced customer experience. Our on-premise RAG system personalises customer interactions, boosting satisfaction and loyalty, leading to increased goodwill and profitability.” Addressing the operational efficiency of the solution, he said: “Our solution, featuring Chat GPTlike capabilities, facilitates quick interactions with live documents, enhancing decision-making and productivity, thereby boosting profitability. “It enables increased profitability, because our AI models enhance operational efficiency, unlocking new profitability levels. The secure on-premise deployment ensures data privacy, overcoming limitations of traditional models.”

News

Access Holdings Acquires Majority Stake in ARM Pension Managers

Ebere Nwoji

Access Holdings Plc, the parent body for Access Pensions Limited has announced the acquisition of majority equity stake in ARM Pensions Managers (PFA) Limited. Access Holdings said the development was part of its ongoing growth strategy. Access Golf Nigeria Limited (‘Access Golf’), is a majority shareholder of Access Pensions Limited (‘Access Pensions’) which is a subsidiary of Access Holdings. The organisation said it has received the ‘no-objection’ of the National Pension Commission and the approval of the Federal

Competition and Consumer Protection Commission for its proposed acquisition of a majority equity stake in ARM Pensions Managers (PFA) Limited (‘ARM’). It however said the deal is subject to the receipt of relevant regulatory approvals, adding that it was intended that following the acquisition, the operations of ARM and Access Pensions would be merged. Commenting on this transaction, the Group Chief Executive, Access Holdings, Dr. Herbert Wigwe said: “We are pleased to have reached this transformative milestone in our pension fund administration journey. The proposed combination of ARM Pension with Access Pensions

will not only create sustainable stakeholder value but will also contribute positively to the growth and development of the pension industry. We anticipate an exciting future for the combined entity.” Speaking on the transaction, the Group CEO of ARM Holding Company Limited, Jumoke Ogundare, said:” the market in which we operate is ripe for consolidation and I am confident that the proposed combination will create a formidable pension funds administration business leveraging Access Group’s expansive distribution network and innovation culture to deliver sustainable value to stakeholders.”

The firms however said the completion of the transaction was contingent upon obtaining all requisite regulatory approvals. Access Holdings said it would remains committed to keeping the market informed in line with its disclosure obligations. Access Holdings Plc is a leading multinational financial services group that offers commercial banking, lending, payment, insurance, and asset management services. With headquarter in Lagos, Access Holdings operates through a network of more than 700 branches and service outlets, spanning three continents, 20 countries, and 60+ million customers.

MSL Set to Empower African SMEs with Free E-commerce Platform Emma Okonji

MyShopLauncher (MSL) has launched its revolutionary e-commerce platform designed to redefine the landscape for small and medium-sized enterprises (SMEs) in Africa.

Speaking at the launch, Head of Product at MyShopLauncher, Akintunde Opawole, said the e-commerce platform would allow merchants to upload their stores on the MSL platform to connect to millions of customers online. “At MSL, we believe that the

success of SMEs is not just about transactions, it’s about building relationships, understanding aspirations, and providing unwavering support. Our platform is not just a tool, it’s an extension of our commitment to the dreams and growth of African business owners.”

Opawole said. Speaking about MSL’s unique selling propositions, Head, Marketing at MyShopLauncher, Suzan Agor said: “With No-Cost Storefront, MSL offers a no-code e-commerce storefront, empowering merchants without any upfront charges.

To Mark Data PrivacyWeek,DataPro Makes Case for User Privacy DataPro Limited, one of the licensed data protection organisations in Nigeria has called for enhanced transparency and accountability in data practices to encourage organisations to clearly communicate their data collection and processing activities and be accountable for upholding user privacy. Already, the Nigeria Data Protection Commission (NDPC) has declared the theme for the 2024 edition of the privacy week, as Reshaping Tomorrow’s Privacy Landscape.

In a press statement issued at the weekend by DataPro’s Team Lead, Data Protection Compliance, Ms Ademikun Adeseyoju, the company outlined an agenda for the implementation of a heightened privacy landscape, arguing that individuals have the personal responsibility to ensure that they effectively safeguard and manage their personal data. The statement pointed out, among others that Nigerians must enforce their rights to determine how their personal information is collected, used, and shared.

It stressed the fact that transparency is crucial in establishing trust between individuals and businesses that handle their data. “Organisations must adopt the practice of ethical data use and prioritise the implementation of security measures. This includes minimising data collection to what is strictly necessary and regularly auditing data protection compliance to identify and address potential vulnerabilities,” the statement said.

Adeseyoju said that DataPro seeks to collaborate with government bodies, businesses, and not-for-profit organisations to collectively address emerging challenges in data protection and privacy. She said, “DataPro Limited reaffirms its dedication to promoting a privacy-conscious environment, empowering organisations with state-ofthe-art compliance solutions, and fostering a collective commitment to safeguarding personal information in the digital age.”

T H I S D AY • Monday, January 29, 2024

BUSINESSWORLD

Interview

Sunil Natraj: My Mission is to Simplify E-commerce Experience, Enhance Accessibility Sunil Natraj is the Chief Executive Officer (CEO) of Jumia Nigeria. Sunil came to Jumia in 2022 with extensive experience in Sub-saharan Africa. In Jumia, he handled the Jumia Express logistics business as VP of Sales and Marketing based in Lagos, Nigeria before becoming the CEO of Jumia Ghana. In this interview, he revealed his plans for the company and topical issues in the e-commerce space and payment industry in Nigeria. Excerpts Having been with Jumia since 2022 and now assuming the role of CEO at Jumia Nigeria, could you elaborate on your mission, vision, and strategies for the company? y mission is to simplify the E-commerce experience and enhance accessibility. This encompasses expanding product reach, extending sales to a broader consumer base, and extending the advantages of online shopping to rural communities. To achieve this, our strategies revolve around improving logistics for quicker deliveries, particularly for consumers in secondary cities and rural areas. Additionally, I aim to diversify our product offerings and forge partnerships with renowned brands to ensure top-notch quality. Moreover, I am committed to fostering a thriving ecosystem for sellers and merchants, supporting their growth by providing comprehensive tools and resources.

only in Nigeria but across Africa. They have become ingrained in our culture as pivotal shopping events, and their success resonates with consumers in the country. The success we’ve witnessed so far has fueled our enthusiasm to explore new avenues and enhance the overall shopping experience for our consumers. Our goal is to amplify the impact of our campaigns, providing even more exciting opportunities for our customers to enjoy exclusive deals and savings. I would also like to restate that we do not focus on market share. Our goal is to prioritise customer satisfaction and loyalty over market share metrics. Instead of focusing solely on expanding our market share, we are committed to delivering exceptional value and service, fostering long-term relationships with our customers.

How do you see the Nigerian market in comparison to other markets you have worked in within Sub-Saharan Africa? Having had the privilege of working across various markets in Sub-Saharan Africa, I find the Nigerian market to be both dynamic and full of potential. Nigeria, being the most populous country on the continent, presents unique challenges and opportunities. One key aspect is the diversity in consumer preferences and behaviours across different regions. I must also acknowledge the resilience of the Nigerian market in the face of economic challenges. There is a spirit of entrepreneurship and a willingness to embrace new technologies, which bodes well for e-commerce growth. Overall, my vision for Jumia Nigeria is to build on its existing strengths and propel the company to new heights of success. With a customer-centric approach, innovative solutions, and a commitment to local partnerships, I am confident that Jumia Nigeria can continue and will continue to play a pivotal role in shaping the e-commerce landscape in Nigeria. A crucial aspect of your role involves enhancing Jumia’s market presence in the Nigerian E-commerce sector, surpassing its current standing. How do you plan to accomplish this? At Jumia, our strategic focus transcends the pursuit of market share, as we are already the industry leader. Market share, for us, symbolises market ambition. We live in a world where we are defined by our own objectives and ambition. Our ambition is centred around delivering unparalleled value to our customers and fostering sustainable growth. To achieve this, our strategy involves continuous innovation, enhancing customer experience, and expanding our product offerings.

Natraj Statistically, Jumia has demonstrated a higher volume of sales in the mobile phone category. How do you plan to sustain this momentum and foster growth in additional product categories? Our strategic focus revolves around key categories such as mobile phones, electronics, home products, and appliances, where we have observed significant sales traction. We also recognize that continuing this momentum and extending growth into additional product categories is essential for long-term success. We are committed to enhancing consumer satisfaction by implementing robust strategies and fostering collaboration within the industry. By doing so, we aim not only to maintain success but also to cultivate growth in diverse product categories, ensuring a comprehensive and sustainable expansion for Jumia. Customer satisfaction is key in any industry, especially in the E-commerce industry. How do you plan to push the customer experience and retain loyal customers? Absolutely, customer satisfaction is at the core of our strategy for enhancing the E-commerce experience. The first method we employ is a commitment to Honesty.

“We also recognize that continuing this momentum and extending growth into additional product categories is essential for long-term success. We are committed to enhancing consumer satisfaction by implementing robust strategies and fostering collaboration within the industry. By doing so, we aim not only to maintain success but also to cultivate growth in diverse product categories, ensuring a comprehensive and sustainable expansion for Jumia.”

We firmly believe in promising only what we can deliver as well as ensuring clear and honest communication at every step. Our approach is to set realistic expectations, and more importantly, to surpass them. Secondly, trust is the foundation of our ecommerce service. We recognize that we can’t afford to compromise on the trust our customers place in us. This principle is woven into every aspect of our business, starting from the moment a customer makes a purchase, throughout the journey, and even during the return process. We go the extra mile to instil confidence in our customers, ensuring that their experiences with us are not only seamless but also exceed their expectations. What CSR projects is Jumia embarking on to improve community development? We are currently in the planning stages of a significant CSR project geared towards enhancing the overall ecosystem. Unfortunately, we are unable to disclose specific details at this moment. However, I can assure you that our commitment to community development remains unwavering. As a company, we consistently invest in the well-being and growth of the communities that contribute to our success, whether they are located in upcountry regions or among our valued network of agents. Our approach to Corporate Social Responsibility is grounded in a dedication to making a positive impact on the communities we serve, and we look forward to sharing more details about our upcoming project once it reaches a stage where we can unveil the specifics. Given the significant impact of marketing campaigns on consumer engagement, can you share insights into any strategic plans or further plans to expand market share of this key shopping event? Jumia’s Tier 1 marketing campaigns hold immense significance for consumers not

Drawing on your extensive experience in the ecommerce sector, could you shed light on the challenges specific to the Nigerian ecommerce landscape, and what strategies do you envision implementing to navigate and overcome these hurdles? Undoubtedly, challenges are inherent in various industries, and the ecommerce sector is no exception. Specifically, in the Nigerian market, two prominent challenges stand out: infrastructure issues and payment processes. However, at Jumia, our approach is rooted in transforming challenges into opportunities. Rather than viewing these obstacles as roadblocks, we see them as chances to innovate and enhance our operations. To address infrastructure issues, we are dedicated to simplifying our networks and operations, ensuring a seamless experience for both sellers and consumers. One noteworthy success story in this regard is our implementation of efficient pickup stations in Ivory Coast and Ghana. This initiative has proven highly successful, streamlining processes and improving convenience for our customers. We aspire to replicate this success across Nigeria, making it easy for consumers to engage with our platform. With the increasing prominence of payment and financial transactions in Nigeria, could you provide insights into Jumia’s activities and initiatives in this domain? We have the necessary licences to operate payment routes with JumiaPay, our dedicated payment platform. This empowers us to seamlessly process all payments received, ensuring a smooth and reliable transaction experience. Notably, all prepaid orders conducted on the Jumia platform exclusively utilise our JumiaPay service, which stands out for its reliability, efficiency, and speed. Furthermore, customers have the convenience of using JumiaPay not only during the online purchase process but also at the time of delivery, underscoring our commitment to providing a comprehensive and user-friendly payment solution. Lastly, what message do you have for your stakeholders and where do you see Jumia in the next five years? In the next five years, we aim to solidify our standing as the leading e-commerce platform in Africa and we hope to be the most trusted brand in Nigeria. Our strategic focus is on consolidation, innovation, and fostering consumer satisfaction. To our stakeholders, we express gratitude for their continued support and confidence in Jumia’s journey. We are committed to delivering long-term value and believe that the next five years will witness significant growth and success for Jumia.

MONDAY, JANUARY 29, 2024 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 25Jan-2024, unless otherwise stated.

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

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund N/A N/A N/A AIICO Balanced Fund N/A N/A N/A ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.00% Anchoria Equity Fund 249.50 252.40 28.87% Anchoria Fixed Income Fund 1.32 1.32 2.69% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 39.54 40.73 29.41% ARM Discovery Balanced Fund 788.75 812.54 19.06% ARM Ethical Fund 63.90 65.83 17.19% ARM Eurobond Fund ($) 1.11 1.11 2.99% ARM Fixed Income Fund 1.10 1.10 21.79% ARM Money Market Fund 1.00 1.00 10.69% ARM Short Term Bond Fund 1.01 1.01 8.97% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 106.71 106.71 752.00% AVA GAM Fixed Income Naira Fund 1,171.08 1,171.08 990.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.02 1.02 8.48% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.99% Cordros Milestone Fund 186.04 187.47 7.59% Cordros Fixed Income Fund 108.27 108.27 7.68% Cordros Halal Fixed Income Fund 109.99 109.99 8.06% Cordros Dollar Fund ($) 114.89 114.89 6.16% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 9.47% Coronation Balanced Fund 1.74 1.75 13.49% Coronation Fixed Income Fund 1.42 1.42 -209.14% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 12.69% Emerging Africa Bond Fund 1.11 1.11 2.72% Emerging Africa Balanced Diversity Fund 1.52 1.54 16.48% Emerging Africa Eurobond Fund 107.88 107.88 1.52% FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund N/A N/A N/A FBN Balanced Fund N/A N/A N/A FBN Halal Fund N/A N/A N/A FBN Money Market Fund N/A N/A N/A FBN Dollar Fund N/A N/A N/A FBN Smart Beta Equity Fund N/A N/A N/A FBN Specialized Dollar Fund N/A N/A N/A FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.04% Legacy Debt Fund 3.59 3.59 3.48% Legacy Equity Fund 3.59 3.67 29.60% Legacy USD Bond Fund 1.33 1.33 4.54% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund 6,429.60 6,480.04 162.43% Coral Income Fund 4,020.76 4,020.76 8.08% Coral Money Market Fund 100.00 100.00 11.83% FSDH Dollar Fund 1.20 1.20 0.00%

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 21.60 21.77 17.58% Meristem Money Market Fund 10.00 10.00 11.87% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 102.92 102.92 11.32% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.59% Norrenberger Dollar Fund (NDF) ($) 103.01 103.01 9.71% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.55 2.59 9.54% PACAM Fixed Income Fund 12.22 12.47 7.78% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.74 2.77 27.10% PACAM EuroBond Fund 132.66 135.93 0.58% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund 180.49 185.77 7.98% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 5,757.70 5,807.52 15.64% Stanbic IBTC Bond Fund 256.62 256.62 4.35% Stanbic IBTC Ethical Fund 2.46 2.49 19.57% Stanbic IBTC Guaranteed Investment Fund 355.78 356.03 0.73% Stanbic IBTC Iman Fund 479.82 485.53 27.17% Stanbic IBTC Money Market Fund 1.00 1.00 11.19% Stanbic IBTC Nigerian Equity Fund 21,770.34 22,037.43 20.02% Stanbic IBTC Dollar Fund (USD) 1.47 1.47 7.10% Stanbic IBTC Shariah Fixed Income Fund 128.86 128.86 6.16% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 126.77 126.77 9.41% Stanbic IBTC Absolute Fund 5,044.21 5,044.21 9.07% Stanbic IBTC Aggressive Fund 6,491.98 6,572.55 20.65% Stanbic IBTC Conservative Fund 5,745.84 5,776.31 8.75% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.73 1.75 27.55% United Capital Balanced Fund 2.12 2.14 14.79% United Capital Wealth for Women Fund 1.73 1.74 21.33% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.96 1.96 7.13% United Capital Eurobond Fund 124.78 124.78 5.30% United Capital Global Fixed Income Fund 1.09 1.09 9.85% United Capital Money Market Fund 1.00 1.00 10.47% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 21.51 21.79 16.69% Zenith ESG Impact Fund 24.00 24.23 10.16% Zenith Income Fund 25.48 25.48 0.60% Zenith Money Market Fund 1.00 1.00 11.61% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 9.88 9.98 -0.50% Vetiva Consumer Goods Exchange Traded Fund 14.45 14.55 4.09% Vetiva Griffin 30 Exchange Traded Fund 37.65 37.85 3.17% Vetiva Money Market Fund 1.00 1.00 9.56% Vetiva Industrial Goods Exchange Traded Fund 53.24 53.44 7.65% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 0.00%

REITS

NAV Per Share

Yield / T-Rtn

N/A 59.99 101.79 11.31

N/A 0.27%

Bid Price

Offer Price

Yield / T-Rtn

N/A 825.00 966.98 25.40 43.96

N/A 825.00 966.98 25.80 44.43

N/A 65.00% 34.86% 8.09% 16.67%

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

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

EXCHANGE TRADED FUNDS

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

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

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

0.00%

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

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T H I SDAY • Monday, January 29, 2024

Leadway Marble House:

The Marvel at Falomo Roundabout Leadway Marble House (formerly Union Marble House) is an office development strategically located by Falomo Roundabout in Ikoyi, Lagos. It is arguably the first purpose-built office highrise clad in all marble. It is getting even trendier with its new owners. Bennett Oghifo writes

he high-rise, which used to be called Union Marble House, was developed by Union Bank, but now that its current owner is Leadway Pensure PFA Limited, it is now known as Leadway Marble House. This exquisite building clad in polished white marble is situated on Alfred Rewane Road (former Kingsway Road), next to the Falomo roundabout. The building has all the trimmings of a future building, showing no signs that it was constructed in the 1960s. It has remained a distinctive landmark in the Ikoyi area, among other equally

sturdy facilities. The building has nine floors and a gross leasable area of 10,000sqm, and with the change in ownership, the building is presently being given a facelift, complete with futuristic finishing. Marble has represented excellence since time immemorial. It is not by chance that the buildings of the Acropolis of Athens, the Roman Coliseum, Michelangelo’s David or the Taj Mahal are made of marble. That which man has wanted to ennoble, he has covered with marble. Today, architects and interior designers apply marble cladding to luxury villas,

premium hotels, institutional buildings, or buildings seeking distinction. Marble is a stone appreciated for its resistance, ability to reflect light and because it does not lose its beauty over time. According to industry experts, it increases the property’s value due to its characteristic combination of the beautiful, the natural and the imperishable. Moreover, in the event of damage or bad condition of the stone due to improper use or an accident, it is possible to carry out a large number of

restorations or renovations on site without the need for relocation. For this reason, it is an excellent decision to cover new spaces with this material and recover the marble from those spaces that are being remodelled. This natural stone is so versatile that it works in exteriors and interiors. There are spectacular ventilated facades in exteriors like the Leadway Marble House’s, delivering significant energy saving and optimal thermal isolation to the building. The builders can also cover the terrace, garden areas, swimming pool, etc.

Monday, January 29, 2024 • T H I S D AY

BusinessSpecial

29 Editor: Goddy Egene goddy.egene@thisdaylive.com 0803 350 6821

Merits and Merits of CBN’s Decongestion Policy James Emejo examines the planned decongestion of the Central Bank of Nigeria (CBN)’s headquarters and concludes that beyond sentiments and politics, the policy has mutual benefits for all

CBN, Lagos office

ecently the Central Bank of Nigeria (CBN), through an internal memo, notified all staff of its plan to relocate some of its departments from the head office in Abuja to Lagos State. The bank said the decongestion plan was to optimise the operational environment in the bank and ensure compliance with building safety standards as well as enhance the efficient utilisation of office space. Specifically, the central bank, in the memo, further explained that the action was necessitated by several factors, including the need to align the bank’s structure with its functions and objectives, redistribute skills to ensure a more even geographical spread of talent. The apex bank also stressed that the decision is to comply with building regulations as indicated by repeated warnings from the facility manager, and the findings and recommendations of the Committee on Decongestion of the CBN Head Office Building. Essentially, the plan focuses on optimising the utilisation of other bank’s premises. The proposed decongestion would affect 1,533 staff members who would be moved to other CBN facilities within Abuja, Lagos, and understaffed branches. The CBN management explained that “Our current occupancy level of 4,233 significantly exceeds the optimal capacity of 2,700 designed for the Head Office building.”

MUTUAL BENEFITS

The bank also assured stakeholders that the implementation of the plan would help to improve the health and safety of all staff; enhance productivity and collaboration; extend the lifespan of the head office building; optimise resources and reduce costs as well as create a more comfortable and enjoyable work environment for everyone. The apex bank insisted that the overcrowding posed several critical challenges including safety concerns as the headquarters building’s infrastructure was designed for a specific number of occupants, pointing out that exceeding the capacity had raised safety concerns, increased health and accident risks, and hindered efficient emergency evacuation. The bank argued that the space constraint further reduces efficiency as crowded workspaces are negatively impacting productivity and collaboration, adding that overstretched facilities have led to increased maintenance costs. The relocation initiative was further necessitated by the need for skill distribution within the institution. The bank stated: “The concentration of technical skills in the Abuja Head Office has led to a shortage at the branch level. Recognising the importance of diverse and specialised talents across all branches, the reorganisation seeks to redistribute technical skills to ensure that each branch has the necessary expertise for its specific operational needs.” However, an official of the CBN who spoke on condition of anonymity, stressed that the transfer of some departments to Lagos was for the safety of the members of staff and their increased productivity. He said: “If a company with over 500 members of

staff in its head office normally sends about 200 of them to go and work in other states and return to the head office, it will be more economical for the company and safer for the affected members of staff for the company to relocate them fully to go and work in those states. It will also enhance their productivity.”

RESISTANCE

Nonetheless, the reasons offered by the bank to staff over the decongestion drive had failed to appeal to the ears of the affected staff, partly given that humans are naturally resistant to change -given its initial tendency to cause disruptions. Some of the staff members, in the departments penciled down for relocation including Banking Supervision; Other Financial Institutions Supervision; Consumer Protection; Payment System Management, and Financial Policy Regulations – immediately resisted the transfer, claiming that it was motivated by sectional bias. Also, there were unfounded allegations that the federal government planned to relocate the apex bank’s headquarters to Lagos under the guise of decongestion. But the CBN has clarified that only a few departments of the bank were affected by the transfer, stressing that the move was also part of cost-cutting and safety initiatives which is rewarding to both the staff and bank. Some groups have also picked up the gauntlet, questioning the rationale for the planned relocation. For instance, the Northern Elders Forum (NEF) faulted the move and expressed worry about the potential negative impact of relocating these essential departments on both the institution itself and the nation as a whole. The forum argued that the move would further result in increased costs, loss of talent, disruption in operations, reduced coordination, regional economic disparities, impaired economic development in northern Nigeria, and decreased investor confidence in the nation’s economy. NEF’s spokesperson, Abdul-Azeez Suleiman, said; “It would require significant financial investment as the CBN would need to allocate funds for setting up new offices, purchasing or leasing properties, relocating employees, and other infrastructural requirements. This would strain the CBN’s budget and divert resources away from other essential functions and initiatives.” Also, the Chief Whip of the Senate, Senator Ali Ndume, warned President Bola Tinubu that the planned relocation of the CBN would have political consequences – a comment which does not represent the position of the upper chamber. However, Ndume was cautioned over the utterance which was deemed inflammable.

ENDORSEMENTS

Nevertheless, the CBN’s relocation programme has received commendations from reputable

individuals, especially from the banking sector, who believed the push was purely on a merit basis. Furthermore, financial analysts who spoke separately to THISDAY on the development agreed that the CBN’s relocation plan was a necessity as well as a move long overdue. They noted that from an administrative point of view, the relocation will drastically cut down travel expenses for the CBN. The analysts said the planned relocation of certain departments of CBN to Lagos was both strategic and cost-efficient as the bank has oversight on all Deposit Money Banks and Other Financial Institutions, pointing out that most of the headquarters of these financial institutions are domiciled in Lagos. They argued that the move was meritorious as the CBN headquarters must not necessarily contain all the departments for it to function. Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said: “If we are looking at it purely from an administrative point of view, of course, it is a no-brainer. “Given that the majority of financial institutions are headquartered in Lagos, this will drastically cut down travel expenses for the CBN. Indeed, the departments that are being moved to Lagos are largely units that interface with market operators. Currently, staff in Abuja that go to Lagos for monitoring and evaluation are paid both travel costs and out-of-station allowances, which may even be more than their salaries.” Shelleng added: “However, there is always a sociopolitical angle in Nigeria, and the CBN Governor’s critics may jump on this as a weapon to suggest that the move may be tribally motivated or as a witch-hunt against his predecessor’s employments. I don’t think that will have any bearing on the governor’s decision but could cause dissent amongst employees.” Also, Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said: “The relocation of certain departments of CBN to Lagos is both strategic and cost-efficient. CBN has oversight on all Deposit Money Banks and Other Financial Institutions. Most of the headquarters of these financial institutions are domiciled in Lagos. “It will therefore, save the CBN a lot of money if the Banking Supervision Directorate moves to Lagos, where the headquarters of the institutions they are supervising are. It saves them constant flight costs, hotel costs, and other ancillary allowances to be paid to staff. “Lagos is also the commercial nerve centre of our country. Dealing with Letters of Credit for importation and exportation will also be easily done nearer the location of the businesses.” He said: “Instead of congesting their Abuja headquarters, it is necessary to put into use, the underutilised Lagos office of the CBN. We should,

therefore, reduce the politics and orchestration of the said movement and allow CBN to concentrate on their functions.” On his part, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, pointed out that “the move by the apex banking regulator has its merit in the fact that the CBN Headquarters must not contain all the departments for it to function. “The move becomes imperative according to the needs assessment. The Department of Banking Supervision for example needs not be in Abuja when 95 per cent of the Headquarters of Commercial banks are in Lagos. The Management team of the CBN has the authority to properly position its departments for effective service.” He said: “The CBN headquarters used to be in Lagos before it was moved to Abuja so I believe that there will be adequate provision of conducive working environment for the relocated employees. The main appeal to management of the CBN is to ensure that adequate considerations are made for women and nursing mothers in these departments to be relocated. The politicisation of the CBN by the past management team lead to their dismal performance and unimpressive results. The 14th Emir of Kano, Sanusi Lamido, welcomed the decongestion drive and urged the apex bank not to back down. In a statement, the former CBN governor said the move was “eminently sensible,” citing the larger infrastructure capacity in the Lagos office. Sanusi said: “My advice to the governor is to go ahead with his policy. Once the CBN starts bending to political pressure on one thing, it will continue doing so. “Northern politicians will shout that this is moving from Abuja to Lagos. Abuja is a federal capital, not a northern issue. So long as this is a principled decision the noise should be ignored.” Similarly, a former Deputy Governor of the CBN, Dr. Kingsley Moghalu, further threw his weight behind the central bank’s move, adding that the Lagos office, inaugurated during his tenure 12 years ago, remained underutilised. Furthermore, the seeming politicisation of the issue had drawn a response from the presidency to calm frayed nerves. The presidency in a statement said: “We have noticed how mischief-makers, bent on fueling needless ethnic mistrust, have deliberately misinterpreted the decision of the CBN to relocate its Department of Banking Supervision to Lagos and the directive of the Ministry of Aviation and Aerospace Development that the Federal Airport Authority of Nigeria (FAAN) should relocate its head office back to Lagos. “We consider it necessary to inform Nigerians that there is no iota of truth in the interpretations given to the directives in some quarters and the unfounded claims and rumours that President Bola Tinubu is planning to relocate the Federal Capital back to Lagos.”

MONday, JANUARY 29, 2024 T H I S D AY

business/MOnEYGUIDE

TAJBank, NIPOST Collaborate on Public-private Partnership Initiatives Oluchi Chibuzor

TAJBank Limited and Nigerian Postal Service (NIPOST) have formalized a new publicprivate partnership (PPP) initiative with a view to working together for mutual and the nation’s socioeconomic benefits. The partnership between the non-interest lender and the postal services agency was formalised at the NIPOST Head Office in Abuja, where both parties met for collaborative discussions on how they can push further on initiatives targeted at public-private endeavours with the aim of adding value to the nation’s financial inclusion drive and enhancement of postal services in the country. Speaking during the event, TAJBank’s Manag-

ing Director/CEO, Mr. Hamid Joda, thanked the Postmaster General/CEO of NIPOST, Ms. Tola Odeyemi, for the opportunity given the bank to partner the Service in the management’s efforts to work hand in hand with the firm, riding primarily on branch expansion with NIPOST offices thus expanding the innovative products and services of the non-interest lender. He told reporters that the collaboration with NIPOST hinges on 3Rs – rent, refurbish and rebrand, while also commenting on the latest network expansion of TAJBank’s services into the Lagos axis. “Indeed, the point here is that at TAJBank, we are about a strategy of cost-saving, in addition to leveraging our services on world-class ICT

infrastructure and solutions nationwide, determined to promote inclusion at the grassroots not through POS or other channels alone but through human interface with prospective customers”, Joda assured. Commenting on the collaboration with TAJBank, the Postmaster General/CEO of NIPOST Tola Odeyemi commended the non-interest lender’s collaboration strategy and expressed optimism that working together would be mutually beneficial to NIPOST and TAJBank. Odeyemi enthused: ‘TAJBank needs no introduction and as soon as I had the opportunity to be a part to this initiative, it was a resounding yes. The brand speaks for itself and is here to provide cost-efficient and interest-free banking services to everyone.”

Intervention Funds: Analysts Task FG on MFBs’ Disbursement Roles Miffed by the recent alleged abuses in the disbursement of poverty alleviation funds by the Ministry of Humanitarian Affairs, some leading banking and development experts have called on the federal government to begin to use of Microfinance Banks (MFBs) in the disbursement of such funds in order to achieve the objectives of the poverty alleviation programmes. Reacting to the reported public finance abuses in the ministry and its implications for the poverty alleviation drive of the government, a seasoned banker and National Chairman of Bank Customers Association of Nigeria (BCAN), Dr. Uju Ogubunka, told journalists while sharing his views on the need to involve MFBs in the social intervention funds’

disbursement that “there shouldn’t be any doubt that MFBs will best serve the purpose of disbursing the funds to the poor in the country. Ogubunka, a former Registrar of the Chartered Institute of Bankers of Nigeria (CIBN), justified his stance based on the ‘Micro Finance Policy, Regulatory and Supervisory Framework for Nigeria’ issued by the CBN in 2005, stressing that, “MFBs stand shoulder higher among all the other types of banks/other financial institutions to be given the opportunity to handle financial services/affairs of poor people especially, at the rural areas of the country.” Similarly, the President of the National Association of Nigerian Traders (NANTS), Dr. Ken Ukaoha, said the saga

demonstrated the existence of deep-rooted corruption in the public service that should be frontally tackled by the present administration in order to alleviate the prevalent multidimensional poverty in the country. Specifically, Ukaoha, who is also a legal expert and smallholder farmers’ capacity building proponent, pointed out that channeling social intervention funds through the MFBs will ensure transparency and accountability in the disbursements “as these MFBs are guided by monetary principles in all areas of their operations. More so, accessibility of the funds at the local level where small-scale farmers predominantly operate will be more guaranteed.

Alternative Bank Expands to Kano, Gets Emir’s Endorsement Nume Ekeghe

In a significant stride towards expanding its footprint, The Alternative Bank proudly opens its maiden stand-alone branch in the historical city of Kano, garnering an official endorsement from the Emir of Kano, Alhaji Aminu Ado Bayero. The Emir, in his address hailed The Alternative Bank as

a transformative force poised to make a substantial impact on both individuals and businesses within the state. He emphasised the vital role financial institutions play in shaping the dynamics of contemporary society. He acknowledged The Alternative Bank’s commitment to ethical practices, transparency, and fostering substantial and

enduring economic growth in the region. Also speaking at the branch launch, The Alternative Bank’s Executive Director, Garba Mohammed, described the bank as ethical. Mohammed said,” We are proud to be part of this remarkable event to flag off the commencement of this bank, which will no doubt be of great service to our people.”

Plateau Partners COPASC on 4000-Hectare Palm Plantation Seriki Adinoyi in Jos Plateau State Government has partnered with Continental Oil Palm and Agric Services Consortium (COPASC) to lead the establishment of a 4000-hectare oil palm plantation in the state. State Commissioner of Agriculture, Hon. Bugama Samson Ishaku, represented by Hon. Ishaku Samalia Jilemsam, the Program Manager of the Plateau Agricultural Development Programme, who disclosed this, highlighted the long-term benefits of oil palm

production, stating that these trees can thrive for more than 50 years, providing sustainable advantages for decades. He said, “In oil palm production when you plant these trees, they can survive for more than 50 years. So, it’s an investment of 2-3 years of effort that yields benefits for over 40 years.” Samalia emphasized the environmental advantages, noting that cultivating these crops contributes to carbon sequestration and aligns with the Sustainable Development Goals (SDGs)

aimed at addressing climate change. “We are contributing to carbon credits in the environment because these plants sequester carbon. Therefore, we are also meeting SDG targets with this initiative. The government’s approach involves thorough sensitization to generate interest from farmers before providing seedlings”, Samalia explained. He stressed the importance of securing markets for the produced goods to ensure economic viability and eliminate concerns regarding market availability

L-R: Managing Director/CEO of TAJBank Limited, Mr. Hamid Joda; Postmaster General/CEO of Nigeria Postal Service (NIPOST), Ms. Tola Odeyemi; and TAJBank’s Co-Founder/Executive Director, Mr. Sherif Idi, during the Public-Private Partnership (PPP) initiative meeting held at the NIPOST’s headquarters, Garki-Abuja...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) August, 2023

Money Supply (M3)

65,445,154.2

-- CBN Bills Held by Money Holding Sectors

552,553.58

Money Supply (M2)

64,892,600.61

-- Quasi Money

40,870,301.28

-- Narrow Money (M1)

24,022,299.33

---- Currency Outside Banks

2,295,309.10

---- Demand Deposits

21,726,990.23

Net Foreign Assets (NFA)

7,144,158.92

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

87,273,966.81

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

54,762,633.63

--Other Assets Net

13,347,376.27

Reserve Money (Base Money

19,429,603.25

--Currency in Circulation

2,660,138.92

--Banks Reserves --Special Intervention Reserves

16,769,464.34 428,519.21

• Source - CBN

Money Market Indicators (in Percentage) Month

August 2023

Inter-Bank Call Rate

3.89

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

18.75

Treasury Bill Rate

5.13

Savings Deposit Rate

5.26

1 Month Deposit Rate

7.31

3 Months Deposit Rate

7.55

6 Months Deposit Rate

8.30

12 Months Deposit Rate

8.13

Prime Lending rate

13.99

Maximum Lending Rate

27.59

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 29th September , 2023

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

T H I S D AY •MONday, JANUARY 29, 2024

mARKET NEWS

Stock Market Gains N4.30trn WoW as ASI Crosses 102,000 Basis Points Kayode Tokede The local bourse ended last week on a positive note, as stock market investors accumulated a substantial N4.30 trillion over the five trading sessions of the week. The market performance was positive for another week as the all-share index rose by 8.32 per cent week on week (W-o-W), surpassing

the 100,000 mark to a historic high of 102,401.88 points. As a result, market capitalisation increased N4.30 trillion to close the week at N56.038 trillion. Across the sectoral front, it was largely bullish. The NGX Industrial index outperformed, gaining 23.20 per cent week-onweek. This was trailed by the positive performances of NGX Oil & Gas, and NGX Consumer Goods indices which closed

P R I C E S MaiN Board

F O R DEALS

the week on a bullish note, rising by 11.57 per cent and 5.29 per cent respectively. In contrast, the NGX Banking and NGX Insurance indices retreated by 1.63 per cent and 4.10 per cent week-on-week. However, the market breadth for the week was negative as 35 equities appreciated in price, 17 equities depreciated in price, while 55 equities remained unchanged. Tripple Gee &

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

quantity traded

Company led the gainers table by 32.24 per cent to close at N2.83, per share. Dangote Cement followed with a gain of 28.82 per cent to close at N694.10, while SUNU Assurance went up by 25.00 per cent to close to N2.25, per share. On the other side, Veritas Kapital Assurance led the decliners table by 23.38 per cent to close at 59 kobo,

T R A D E D

value traded ( N )

MaiN Board

A S O F

per share. The Initiates Plc (TIP) followed with a loss of 21.77 per cent to close at N2.30, while Cadbury Nigeria declined by 20.86 per cent to close at N22.95, per share. Overall, a total turnover of 2.981 billion shares worth N57.873 billion in 67,962 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 5.179 billion shares

J A N UA RY DEALS

valued at N77.797 billion that exchanged hands last week in 79,012 deals. For this week, the Nigerian stock market is expected to sustain positive sentiment this week to close trading for the month of January. Analysts said the Nigerian stock market is expected to close positive as investors continue to seek bargain hunting opportunities.

/ 2 6 / 2 4 Market Price

quantity traded

value traded ( N)

MONDAY, JANUARY 29, 2024 • T H I S D AY

This Week In Tech Tech Top 5 News 08097710984 (WhatsApp only)

NIMC REVOLUTIONISES DIASPORA ACCESS WITH SELF-SERVICE IDENTITY APP he National Identity Management Commission (NIMC) is set to revolutionise identity enrollment for Nigerians living abroad by introducing a user-friendly self-service application for National Identity Number (NIN) registration. Scheduled for launch in February, the application promises a seamless and contactless experience for Diaspora Nigerians seeking their NINs. In a recent statement by Ayodele Babalola, NIMC’s spokesman, the initiative aims to streamline enrollment and enhance accessibility for Nigerians outside the country. The announcement came during a strategic meeting between NIMC Director-General Engr Abisoye Coker-Odusote and the CEO of the Nigerians in Diaspora Commission (NIDCOM), Hon Abike Dabiri-Erewa, signalling a commitment to cater to the needs of Nigerians abroad. As part of the initiative, a dedicated Diaspora Focal Point Desk will be established at the NIMC Office to address issues promptly, ensuring a turnaround time of 24 hours for issue resolution. This customer-centric approach underscores NIMC’s commitment to delivering quality services and supporting the Nigerian Diaspora community. The collaboration between NIMC and NIDCOM represents a significant milestone in leveraging technology to enhance the accessibility of critical identity services for Nigerians in the Diaspora, marking a positive step towards ensuring that every Nigerian, regardless of location, has access to essential government services.

META ENHANCES TEEN SAFETY WITH INSTAGRAM, FACEBOOK STRICTER MESSAGE SETTINGS Meta, the parent company of Instagram and Facebook, has rolled out stricter message settings for young users to bolster online safety for teenagers. Under the new policy, teenagers aged 16 or under 18 in specific regions will find direct messages from individuals they don’t follow or are not connected to turned off by default. Supervised accounts, a feature aimed at parental oversight, will require parental consent to modify these settings, reinforcing parental involvement in their teens’ online activities. This proactive step underscores Meta’s commitment to recognising the crucial role of parental supervision in guiding teens’ online behaviour. Parents utilising supervision features will now receive prompts to either approve or deny their teens’ requests to adjust default safety and privacy settings, ensuring a balance between privacy and safety online. The initiative seeks to foster meaningful offline discussions between parents and teenagers, empowering families to navigate online experiences while respecting teens’ privacy and communication preferences. Meta’s dedication to supporting teens and families extends beyond this update, with over 30 tools and features dedicated to promoting online safety and well-being. The Family Center serves as a resource hub, offering expert insights to assist parents in navigating their teens’ digital journeys. As Meta continues to prioritise safety and well-being on its platforms, these latest measures represent a proactive approach to addressing the multifaceted challenges teenagers face in the digital age. AI-POWERED THREATS PROPEL $12TN CYBERSECURITY CRISIS, REPORT WARNS According to the latest report from the Computer Crime Research Center (CCRC), the global cost of cybercrime is set to skyrocket to a staggering $12 trillion in the upcoming year. This forecast, supported by data from CheckPoint and Orange Cyderdefense, signals a concerning surge in cyberattacks and ransomware incidents. Notably, the rise is fuelled by an uptick in AI-powered attacks and a remarkable 910 per cent increase in domain registrations linked to ChatGPT, a

Nosa

Alekhuogie

alekhuogien@yahoo.com

TECH PERSONALITY OF THE WEEK

Olusola Amusan: Revolutionising I m m i g r a t i o n T h r o u g h Ve s t i

his week’s tech luminary is Olusola Amusan, the Co-founder and CEO of Vesti. He spearheads the development of Artificial Intelligence Copilots aimed at securing the financial futures of immigrants. Vesti’s innovative software simplifies the migration process for individuals from 131 countries to North America and Europe, particularly for education and employment opportunities. Within a mere two years, Vesti has garnered a staggering 150,000 users. Positioned as the premier AI-powered platform for legal migration and financial services, Vesti represents a groundbreaking step towards catering to the needs of the next billion NeoHumans on the internet. Olusola envisions his automated migration software and financial products as crucial to humanity’s future. Vesti’s rapid adoption, with over 100,000 users, can be attributed to its streamlined immigration processes and comprehensive financial services, including access to credit and debit cards, virtual accounts, and other essential banking features tailored for marginalised populations. As a seasoned entrepreneur, Olu’s journey began with his relocation to the US to establish a software talent marketplace focused on AI expertise. Through this experience, he witnessed firsthand the challenges immigrants encounter when settling in a new country, especially the barriers to legal and financial inclusion. Prior to Vesti, Olu undertook notable projects for prominent organisations such as Microsoft, Amazon Web Services, the World Bank, and various financial institutions in Nigeria. His educational background includes a master ’s degree in Computer Science with a specialisation in cybersecurity and AI, complementing his expertise as a software engineer.

platform often targeted for mimicry. CCRC underscores the pivotal role of AI in the evolution of cyber threats, citing the use of advanced linguistic techniques and the emergence of deepfake technologies. The report warns of the imminent adoption of AI by threat actors to swiftly develop new strains of malware and ransomware, further exacerbating the cybersecurity landscape. In parallel, cyber extortion is poised to witness a significant surge, with projected increases of 30 to 50 per cent, particularly impacting corporations, SMBs, and governmental bodies. Economies experiencing rapid growth, such as South Asia, Oceania, and Africa, are expected to bear the brunt of these attacks. Vulnerable sectors, including manufacturing, retail, professional services, finance, and utilities, face heightened risks due to inherent vulnerabilities within their legacy network infrastructures. Additionally, the report anticipates a resurgence in hacktivism targeting corporations and politically affiliated entities. Distributed denial-of-service (DDoS) attacks, a preferred tactic among hacktivists, pose substantial threats to business continuity and government operations. As cyber threats continue to evolve in sophistication and scope, organisations must remain vigilant and adopt proactive measures to safeguard their digital assets and mitigate potential risks. ANAMBRA IGNITES TECH TRANSFORMATION WITH US HIGH-TECH PARTNERSHIPS The Anambra government has embarked on a transformative journey in the realm of technology

with the announcement of a strategic partnership with 26 distinguished high-tech companies based in the United States. Angela Nwanodu, the Anambra government’s spokeswoman, disclosed this groundbreaking initiative, emphasising the involvement of industry giants like Google, Meta, Amazon Web Services, Dell, and others. The official formalisation of this strategic alliance unfolded during a weekend meeting held at the US Consulate General in Lagos. Governor Charles Soludo led the Anambra delegation in strategic deliberations with William Stevens, the U.S. Consul General, and the high-tech companies’ officials. The core objective of the meeting revolved around exploring collaborative opportunities, forging corporate alliances, and nurturing technological partnerships to propel Anambra’s growth trajectory. It served as a pivotal platform for enhancing strategic partnerships geared towards economic development and technology exchange, fostering mutual prosperity between Anambra and its tech counterparts in the United States. The participating companies expressed keen interest in supporting Anambra across various domains. Amazon Web Services, for instance, pledged robust backing for the state’s digital health and education transformation initiatives, while Dell and HP offered technical assistance and substantial discounts on future device purchases. Soludo, in his address, conveyed profound appreciation for the commitment demonstrated by the US

companies towards advancing Anambra’s technological agenda. LASG LAUNCHES E-GIS PLATFORM FOR ONLINE LAND TITLE VERIFICATION The Lagos government has launched the electronic Geographic Information System (e-GIS) platform, enabling residents to apply, search, and verify land titles online before purchasing. Governor Babajide Sanwo-Olu announced this development via his verified X handle, highlighting the platform’s digitised access to all land-related matters. The e-GIS platform marks a significant shift from manual to digital methods for land title applications, eliminating the need for middlemen and agents. Sanwo-Olu emphasised the portal’s role in revolutionising the land acquisition process, making it more accessible and cost-effective for applicants. The system consolidates land data dating back to the 19th century, including titles and transaction details, facilitating easy verification and application for land titles, including Governor’s Consent. This digital transformation streamlines the land acquisition process, empowering residents to access land-related services conveniently from their homes with just a click. He stated, “With this innovative system, individuals can now conveniently verify, search, and apply for land titles, including Governor’s Consent, from the comfort of their homes with just a click of a computer button. The platform has effectively organised all archived land records dating back to the 19th century and seamlessly integrated them with current land titles, preserving historical transactional data.

T H I S D AY • MONDAY, JANUARY 29, 2024

NEWS

BELLO HANDS OVER TO ODODO...

The new Governor of Kogi State , Usman Ododo(left) receiving handover notes from his predecessor, Yahaya Bello at the governor's swearing-in in Lokoja on Saturday. Corrigendum: We erroneously captioned the picture on the cover of Sunday as the newly sworn in Kogi State Governor, Usman Ododo. The picture is actually that of the newly sworn in Deputy Governor of Kogi State. The mix-up is regretted

N’Delta Group Wants Shell’s Oil Assets Sale Halted, Seeks Compensation IOC defends self against contempt allegation, says it’s not quitting Nigeria

Emmanuel Addeh and Alex Enumah in Abuja A Niger Delta group, the Alliance for the Defence of Eleme, has kicked against the recently announced deal by Shell to exit its onshore operations and sell its oil and gas assets to a consortium of five firms. Leader of the alliance, Johnson MbaNgei, in a statement at the weekend condemned the move, insisting that the international oil company must fully discharge its responsibilities to highly impacted communities before its planned withdrawal. According to the Niger Delta group, Shell must compensate all communities affected by its activities in the region, especially in cases like Egbalor and the recent spill in Eleme Local Government Area on June 11, 2023. Describing the alleged damage caused by Shell's decades of operations in the Niger Delta as immense, the group explained that this has resulted in environmental degradation, loss of livelihoods, and adverse health effects for countless members of the communities. “We, the Alliance for the Defence of Eleme, stand before you today with heavy hearts and unwavering resolve as we address a matter of grave concern: Shell's decision to sell its onshore assets in the Niger Delta region. “Shell's announcement of its intention to divest its onshore assets, particularly in the Niger Delta region, has sent shockwaves throughout our communities. This move, if approved, will have far-reaching consequences not only for the affected communities but also for the entire region's ecological, socio-economic, and cultural wellbeing. “As representatives of the people, we vehemently condemn Shell's

decision and urge the federal government of Nigeria not to approve this detrimental move. We stand firm in our demand that Shell be held accountable for its actions and that justice be served for the communities it has impacted,” the coalition added. The reasons provided by Shell for its divestment, namely: To compensate communities affected by its activities, remediate the Niger Delta region and re-evaluate its assets, the group said, are wholly inadequate and fail to address the gravity of the situation. “First and foremost, Shell must compensate all communities affected by its activities in the Niger Delta region, especially in cases like Egbalor and the recent spill in Eleme Local Government Area on the 11th of June, 2023. “The damage caused by Shell's operations has been immense, resulting in environmental degradation, loss of livelihoods, and adverse health effects for countless individuals. Any attempt to divest without fulfilling this crucial obligation would be an egregious betrayal of justice and humanity,” the alliance stated. Furthermore, it demanded that Shell must commit to a comprehensive remediation effort for the entire Niger Delta region before even considering leaving. Decades of oil spills, gas flaring, and other environmental abuses, it maintained, have left the region's ecosystem in ruins, threatening the health and well-being of its inhabitants. Besides, it pointed out that Shell cannot simply wash its hands of its responsibility and walk away, insisting that it must take concrete actions to undo the damage it has caused and restore the region to its former glory. Moreover, the Eleme group noted that Shell must conduct a thorough re-evaluation of its entire asset portfolio to ensure that dysfunctional assets

are not sold to investors. “It is imperative that Shell does not pass on its liabilities to unsuspecting parties, knowing full well the imminent catastrophe that could unfold in the short term. “Any attempt to offload problematic assets without proper disclosure and accountability would be nothing short of a betrayal of trust and a disregard for human life and the environment.

“In conclusion, we call upon the federal government of Nigeria to reject Shell's proposal to sell its onshore assets in the Niger Delta region. We implore Shell international to reconsider its stance and take meaningful steps to address the grievances of the affected communities and the wider region,” the group said. The coalition maintained that justice, accountability, and environmental stewardship must

prevail, stressing that it will not rest until the aforementioned principles are upheld. Meanwhile, Shell has said it has no plan of quitting Nigeria, nor disposing of all of its assets in the country. Shell's clarification is coming on the heels of a committal to prison proceedings initiated last week against four of its officials by an oil producing community in Ondo State.

The community last Wednesday filed the "Form 48" against shell and four of his official, for allegedly violating the orders of court. Recall that Justice T. B. Adegoke of a Federal High Court in Akure, had last year, made an "Order of Mareva injunction, restraining shell from disposing off any of their assets in any part of Nigeria, pending the hearing and determination of the suit of the plaintiffs.

FG Seeks Transparent Distribution of Agro-inputs to Genuine Farmers Insecurity remains major threat to food security, says Sokoto, Bago promises to make Niger top agrarian state

James Emejo in Abuja

The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has said the ministry would implement stringent measures to ensure transparent distribution of agro-inputs as well as target genuine farmers in the forthcoming dry/wet season farming for rice, maize, and cassava. The minister said the President was concerned about the capacity of farmers to access agro-inputs even at the current subsidised rate as observed during the last intervention for dry season wheat programme. Speaking at separate meetings with the Governor of Niger State, Mohammed Umaru Bago, and his Sokoto State counterpart, Ahmad Aliyu Sokoto, over the weekend in Abuja, he said further support was underway for farmers to ameliorate

their plight of access. He said collaboration with states, local governments, traditional rulers, NGOs, and relevant MDAs will be crucial in achieving this objective. The minister said the federal government remained committed to ramping up massive production of staple crops using technology and mechanisation to boost food security in the country. Kyari pointed out that the Expression of Interest for the dry season production of the three staples which he sent to all the 36 states and FCT, had elicited a great deal of enthusiasm. According to him, the letter captured a design structure that speaks to farmers’ data integrity, inventory of available irrigable lands as well as functional irrigation infrastructure with the primary aim of determining the readiness of participating states.

He said the governors’ visit was an “attestation to the strong alliance and synergy we are motivated to build between the federal and state governments in our shared efforts to ensure food security and agricultural growth in Nigeria.” He said the endowments of Niger with the largest landmass in the country, abundant water resources and vast arable land, were not in doubt, as it easily offers itself for massive agricultural production. He said, “We recognise that fundamental governance issues as elsewhere is to translate these agricultural potentials into sustainable reality, against the backdrop of President Bola Ahmed Tinubu’s Renewed Hope agenda with great expectation for food security and related matters. “We believe that a firm handshake between the two tiers of government at the minimum

should produce salutary results in our collective quest for food security and attendant value chain benefits.” Kyari further affirmed that the agricultural sector in Niger had witnessed outstanding accomplishments since the inception of Bago’s administration. He said, “I am confident that through our continued collaboration and dedication, we will overcome current challenges we face and achieve our collective goals for a more prosperous agricultural sector in Nigeria.” Similarly, the minister said Sokoto’s visit was a substantiation of the strong partnership and collaboration that the federal government was striving to build between the states and the federal government in its collective efforts to ensure food security and agricultural development in the country.

T H I S D AY • MONDAY, JANUARY 29, 2024

NEWS

NUJ LEADERSHIP VISITS TOMPOLO...

L-R: Former Member, Bayelsa State House of Assembly, that represented Southern Ijaw Constituency 4, Chief MacDonald Igbadiwei; National President of NUJ, Chief Chris Isiguzo, Isiguzo; former MEND Leader and Head of Tantita Security Services Limited (TSSL) High Chief Government Ekpemupolo alias Tompolo; National Secretary of NUJ, Malam Shuaibu Usman Liman and Media aide to Tompolo, Dr. Paul Bebenimibo during the visit, weekend. SYLVESTER IDOWU

FCT: Police Arrest Terrorist Who Killed Kidnap Victim, Nabeeha, in Bwari Say 139 crime suspects arrested, 154 abductees rescued Increasing kidnap cases have insiders’ hands in them, declares Afenifere Urges Tinubu to convene stakeholders’ parley

Kingsley Nwezeh and Adedayo Akinwale in Abuj The police high command, weekend, said it had arrested one Bello Mohammed, 28, the terrorist, who killed one of the Bwari kidnap victims, Nabeeha Ariyo. The police which announced arresting some 139 crime suspects and rescuing 154 kidnap victims in the last two weeks, said it had destroyed the camps of the bandits in the Federal Capital Territory. Noting that said 17 arms and 604 ammunitions were recovered within the same period, the police said Mohammed, who hailed from Zamfara State, was arrested in Kaduna. This was as Afenifere, a panYoruba socio-cultural and political organisation, has said the tenor of the nation’s increasing insecurity, especially the pace of kidnapping suggested there was always an insider’s hand in it. Afenifere, therefore, called on President Bola Tinubu to urgently convene a community/stakeholders' meeting to tackle the increasing insecurity in the country, adding also

that the continuous Fulani herders’ attacks in some parts of the country were informed by hegemony and territorial take-over of lands. However, during interrogation, Nabeeha’s self-confessed killer owned up to being part of the gang that kidnapped the family members of Barrister Ariyo in Bwari, FCT, on January 2, 2024, and killed some kidnapped victims, including Nabeeha, daughter of the legal practitioner, on January 13, 2024, in a kidnappers' camp in Kaduna State. Speaking in Abuja, Force Public Relations Officer and Assistant Commissioner of Police (ACP), Olumuyiwa Adejobi, said the recent launch of the Special Intervention Squad (SIS) in the Federal Capital Territory (FCT) by the InspectorGeneral of Police, IGP Kayode Egbetokun, further bolstered the security architecture of the FCT. This, he said, had led to the arrest of 139 suspects, recovery of three GPR Chargers, two AK-47 rifles, one Type-06, four locally fabricated guns, one Berretta pistol, two Makarov pistols, four locally fabricated pump action guns,

504 pieces of AK-47 ammunition, 100 pieces of AA ammunition, as well as the rescue of 154 kidnapped victims unhurt. Reviewing the operations of the police in the past two weeks, he said prominent among the recent successes recorded was the interception of a group of persons along the AbujaKaduna expressway, who were major suppliers of arms and ammunition to bandits operating in Niger, Zamfara, and Kaduna States. A Divisional Police Officer, Tafa Division, acting on intelligence, raided one hotel in Tafa Area, Kaduna, where he arrested Bello, with the sum of N2.25m suspected to be proceeds of ransoms collected from kidnapped victims within the area. He said the suspect, in a dramatic situation, offered N1,000,000 to induce the DPO, who rejected the offer and carried out his duty diligently. "The Inspector-General of Police, Kayode Egbetokun, ordered that the suspect, who also confessed to the involvement of the five neutralised bandits in Kaduna by the IRT, headed by one Mai Gemu (aka Godara), whose deadly camp had also been destroyed, be handed over to the

DFI-IRT in Abuja for discreet investigations into the matter and arrest of all other culprits responsible for the dastardly act. "The suspect is currently helping the police in their investigations," he said. While commending the DPO Tafa, SP Idris Ibrahim, for the commitment and professionalism displayed in the case, he further assured the people that the police would leave no stone unturned in decimating criminallyminded individuals and bequeathing to Nigerians a more secure society for all and sundry in Nigeria. Afenifere: Increasing Kidnap Cases Have Insiders’ Hands in Them A pan-Yoruba socio-cultural and political organisation, Afenifere, has said the tenor of the nation’s increasing insecurity, especially the pace of kidnapping suggested there was always an insider’s hand in it. It, therefore, called on President Bola Tinubu to urgently convene a community/stakeholders' meeting to tackle the increasing insecurity in the country, adding that the continuous Fulani herders’ attacks in some parts of the country were informed by hegemony and territorial take-over

Diri: Arming Non-state Actors for Election Purposes Portends Grave Danger

Olusegun Samuel in Yenagoa

Bayelsa State Governor, Senator Douye Diri, has expressed concern over the arming of civilians by politicians during elections, with the intention of manipulating the electoral process. Diri said the development portended grave danger to the country's electoral system, noting that as a result of the trend, there was a general notion that the game of politics was synonymous with violence, corruption and dishonesty. He spoke yesterday during a special retirement thanksgiving service in honour of Air Vice Marshal Nelson Calmday at the Living Faith Church of God at Akenfa-Epie, Yenagoa. The governor, who said most

decent people dreaded politics because of such notion, however, dismissed the perception and rather encouraged such people, particularly Christians, to get actively involved in politics towards sanitising the electoral system. The governor stressed the need for all stakeholders to join hands to work together to change the narrative for the sake of posterity. “Politics actually should be played by decent and honest people, who are ready to serve and protect the interest of the people. "How long will Africans continue to play politics of violence, brigandage and impunity as if we are in the stone age? We should learn to rise above such antics

in our electoral system. “In sane climes, elections take place peacefully without violence. Should we hand over this state to a group of gangsters; people who think the state belongs to them?” Diri, who also condemned the incidence of vote-buying during elections, added: "There is what we call poverty of the mind apart from poverty of the pocket. There is also integrity in poverty. When your mind is intact, nobody will influence you with little money. "You have tested our government, which says we will not use any organ to kill anybody. We want our state to be peaceful; we want our state to develop. “You are seeing it, but on the day of election, you collect money to vote for those who do not mean

well for the state. Those you do not see until election season and afterwards they disappear." In his remarks, Hon. Oforji Oboku, revealed that he had a cordial relationship with the governor and had supported him from when he contested election into the House of Representatives, Senate and the governorship. Speaking during the unveiling of his hospitality facility, AVM Calmday thanked the governor for the relative peace in the state, saying Bayelsa was one of the safest states to invest in the country. The retired Air Force officer attributed his successful completion of 38 years of service and the facility to God, whom he said saw him through several difficult moments.

of lands. National Publicity Secretary of the group, Jare Ajayi, in a statement, yesterday, said the tenor of the phenomenon “suggests that insiders have a hand in it.” He said by insiders, the group meant people who have a relationship one way or the other with kidnap victims. Afenifere noted that in other words, masterminds of this dastardly act, or their collaborators, could be family members, business associates or those with whom the victim has a social relationship. Citing the recent kidnap incidents in Otu, Saki and Okaka in Oke-ogun area of Oyo State, incessant abductions in the Federal Capital Territory, Abuja, sacking of communities in Niger State, Afenifere asserted that there were indications that some of these incidents had signatures of insiders as conspirators or collaborators, if not masterminds.

“Also in places, where Fulani herders wreaked havoc, it had been ascertained, through some dwellers in these communities, that such a thing was done by those who were having or intend to have access to the land of those who innocently harboured them. In other words, hegemony and territorial taking-over were the motives. "Nigerians are surely anxious to see a positive turnaround to the hardships currently in the land. It is however very important that their lives and property be secured even now, because it is a person who is alive and hearty that will enjoy whatever largesse that comes in ‘the near future’ to quote the president’s speech. "This is where tackling the issue of insecurity now ravaging the land becomes very imperative and critical," Afenifere stressed, saying reports in the last few days painted a gory picture of the situation.

Tinubu has Tasked N'Assembly on Public Service Automation, Says Lawmaker

Oghenevwede Ohwovoriole in Abuja

President Bola Tinubu, has tasked the National Assembly on the automation of the nation’s public service, including the parliament. Chairman, House Committee on Information Communication Technology (ICT) and Cybersecurity, Hon. Stanley Olajide, made the disclosure at the global data privacy day organised by the National Data Protection Commission (NDPC), yesterday, in Abuja to commence the third National Data Privacy Week. Olajide said, the president had given the lawmakers the mandate to transform the public service with technology. "Now that President Bola Tinubu is giving us the mandate to transform public service with technology, it means a lot more of the things we do in public service will be digitalised, a lot of the services that citizens consume in the coming months, years will also be digitalised. "There may be dangers as well that

as we collate data and share data, there is need for us as government agencies we can protect the data appropriately and NDPC will be able to provide that role while Galaxy Backbone (GBB) will help manage the data exchange system and ensure that the exchange system follow the guidelines set out by NDPC," he said The Minister of Communications, Innovation and Digital Economy, Bosun Tijani, urged both public and private sector players to protect citizens' personal data. "There is literally nothing we do without technology. A lot of gadgets we use today are interconnected which means the data we are producing daily must be protected and the people producing it must be enlightened, but I think most importantly is the role of companies. "As we build new digital products, it is important we ensure those products don’t collate data and process the data in a way that does not compromise people’s privacy because it is extremely important," the minister said.

T H I S D AY • MONDAY, JANUARY 29, 2024

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FITC VISITS NPF MICROFINANCE BANK...

L-R:Executive Director, Operations, NPF Microfinance Bank Plc, Mr. John Tizhe ; Company Secretary, Financial Institutions Training Centre (FITC), Mr. Alaba Ekundayo; Managing Director/CEO, NPF Microfinance Bank Plc, Mr. Akinwunmi Lawal; Managing Director/CEO, FITC, Mrs. Chizor Malize; Executive Director, Finance and Admin NPF Microfinance Bank Plc, Mr. Francis Nelson, and Company Secretary, NPF Microfinance Bank Plc, Mrs. Osaro Idemudia, during a courtesy visit by FITC to NPF Microfinance Bank in Lagos.

Ganduje Determined to End Politics of Bitterness, Says Aide Declares rapprochement genuine

Chuks Okocha, Adedayo Akinwale and Sunday Aborisade in Abuja The National Chairman of the All Progressives Congress (APC), Abdullahi Ganduje, has vowed to ensure complete existence of political sanity and decorum in the country and also put an end to the politics of rancour and bitterness. Ganduje, who stated this in a statement yesterday by his Senior Special Assistant on Public Enlightenment, Oliver Okpala, after his call on the leaders of New Nigeria Peoples Party (NNPP) to

join the ruling APC was rejected, added that his recent rapprochement was genuine. Ganduje had called on the Kano State Governor, Abba Yusuf Kabir, the national leader of the NNPP, Senator Rabiu Kwankwaso, and a former governor of the state, Senator Ibrahim Shekarau, to join the ruling party in building the nation. "This is courageous and exemplary as Dr. Ganduje called on them to toe the path of reconciliation irrespective of political differences. "Even though the Kano State Governor, Abba Kabir Yusuf, has

dismissed the invitation from Ganduje, the move should be appreciated and encouraged, given our national trajectory of bad politics, which has left our country prostate in the past. "This is the first time the chairman of a ruling political party in the country has exhibited such maturity, taking such approach and calling for a united front. "It is a call to avoid bitterness and rancour, it is a call for politicians to work together as Nigerians and to see each other as brothers and sisters," he said.

He therefore, said the invitation extended by to Kano’s top politicians to join the APC, was done in good faith, and not an agenda of the ruling party to turn Nigeria to a one-patty state as being speculated in some quarters. "Abdullahi Ganduje will not rest until he ensures complete existence of political sanity and decorum in the country and puts an end to the politics of rancour and bitterness. "From his comments, it is important that the intention of his call should not be misconstrued.

Mining: FG, RMAFC to Deepen Collaboration on Revenue Leakages Folalumi Alaran in Abuja The federal government through the Ministry of Solid Minerals Development and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have resolved to strengthen collaboration to block revenue leakages in the mining sector. Speaking while welcoming the RMAFC chairman, Mohammed Bello, and his team to his office recently, the Minister of Solid Minerals Development, Dele Alake, commended efforts of the commission to boost revenue accruing to government coffers through mining operations. Bello, in his remarks stated that the commission's visit was hinged on pledging support for efforts of the minister to transform the mining sector since assumption of office and also extract commitment that the commission would get

his cooperation to carry out its statutory monitoring activities. "The commission was instrumental to getting the 10% monthly payment from the Natural Resources Development Fund to the Solid Minerals Development Fund (SMDF), and we know we can do much more together under your guidance and leadership to sanitise the sector, plug all loopholes and ensure the mining industry becomes a big chunk of our nation's Gross Domestic Product (GDP)," he said. In his submission, the commission's chairman of solid minerals committee and commissioner representing Zamfara State, Abubakar Sadiq, lauded the minister for his reforms and leadership that has given visibility to the mining sector, stressing the need for improved collaboration with the RMAFC to address shortfall in revenue

remittance by mining operators. "Our evaluation of mining operations across the country, has shown a shortfall in revenue to government. There is a monitoring gap. Government and RMAFC should strengthen collaboration to seal this gap and plug leakages in the system. "We are also making a case for proper supervision and documentation of minerals exported through our borders whilst also urging that the environmental impact of mining operations should be looked into and minimized," Sadiq added. Alake, in his response, revealed that the federal government has put in place measures like engaging consultants to block leakages and recover funds owed by licensed operators, which he put at several trillions of naira. "From our efforts, so far, we have discovered to our chagrin

that we are owed trillions of naira in unpaid royalties and taxes by legalised operators. “We are committed to recovering these funds and also in the process of engaging internationally certified auditors to look at the system and automate the whole gamut of the revenue collection processes, "the minister asserted. Alake restated the resolve of government to sanitise the mining environment, ensure it contributes substantially to the nation's revenue, and ultimately makes the sector rival oil in contribution to Nigeria's GDP. "We are ready to collaborate with you, states, and host communities to maximise the potential of the mining sector for the benefit of all Nigerians. Our focus is to ensure that the industry translates to greater good for the greatest number of our people, "Alake said.

"It should be seen as what it is, an invitation from a matured politician without guile, aimed at building the much needed synergy that Nigeria needs to surmount it's multifaceted challenges."

Okpala maintained that Ganduje now represented a new kind of politics devoid of bitterness, which he has continued to promote since he took over the leadership of the party.

Zulum Secures 8 Projects for Borno from Qatar Foundation Michael Olugbode in Maiduguri Borno State Governor, Babagana Zulum, has facilitated the execution of eight projects including a school, orphanage, clinic, shops, staff quarters, sports ground, charity office and a Juma'at mosque by the Qatar Charity Foundation in Maiduguri. Laying the foundation for the construction of the projects cited in Bolori, yesterday, Zulum said, "It gives me pleasure to stand here today to lay the foundation for the construction of an integrated school, orphanage, clinic, and many other projects by the Qatar Charity Foundation in Maiduguri. I have been working towards this since 2015, and today we have seen the light at the end of the tunnel." The governor recounted the devastation caused by over a decade of Boko Haram insurgency when several people were killed and many properties destroyed. "We have identified a total of over 100,000 orphans resulting from Boko Haram crisis. These figures are the official ones; the unofficial figures are even higher than this. “In the past seven years, we had about 3.2 million displacements, with about 50% being resettled and about 1.2 million still in the IDP camps. 432 health centres were destroyed, 900,000 houses were destroyed and over 5,000

classrooms were destroyed." Zulum expressed gratitude to the Qatar Charity Foundation for choosing Borno State to execute numerous projects that would have a direct impact on the lives of the people. He said, “What you are doing today will, In sha Allah, have a positive impact on our society. On behalf of the people and government of Borno State, I want to express my deep appreciation to the Qatari Foundation for this giant initiative. “Be assured that the government of Borno State, under my leadership, will collaborate with you to ensure the success of this project.” Earlier, Nigeria's representative for Qatar Charity, Sheikh Hamdin Bin Abdul, said the project would expand to all 27 Local Government Areas of Borno. “It gives us great pleasure to execute projects here in Borno. We thank the governor for all the support. Insha Allah, we will use this centre to cover all the local governments in Borno State,” he said. The Qatar Charity's Nigerian representative also stressed that the foundation will work in several sectors including water resources, social housing, economic empowerment, health, education, and social services for widows and orphans.

T H I S D AY • MONDAY, JANUARY 29, 2024

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INSPECTION TOUR TO IJORA CAUSEWAY UNDER BRIDGE...

L-R: Managing Director, Lagos Waste Management Authority (LAWMA), Dr. Muyiwa Gbadegesin; Chairman Special Intervention Squad on Lagos Badagry Rail Corridor Clean up, Assistant Commissioner of Police (ACP) Bayo Sulaiman; Special Adviser on Environment, Mr. Olakunle Rotimi-Akodu; Hon. Commissioner for The Environment and Water Resources, Mr.Tokubo Wahab, Permanent Secretary, Office of Enviromental Services, Gaji Omobolaji and his Counterpart in Office of Drainage Services, Engr. Lekan Shodeinde, during an inspection to Ijora Causeway under bridge, Lagos State, to dislodge all illegal occupants in the axis. ... yesterday

Resident Doctors in Enugu Commend Gov Mbah for Employment of 100 Doctors, Other Milestones

he Nigerian Association of Resident Doctors (NARD), Enugu State University of Science and Technology (ESUT) Teaching Hospital, has commended Governor Peter Mbah for the employment of 100 resident doctors, consultants, and other support staff to address manpower shortage in the state's health sector. The medical body also commended Mbah for the promotion of its members, infrastructural upgrade, improved security, digitalisation of medical records, introduction of cashless payment policy for medical services to check revenue leakages, among others, in the state's health sector. The commendation was contained in a press release signed by the President of NARD, ESUT Teaching Hospital, Park Lane, Enugu, Dr. Ofonere Chukwunonso and the Secretary, Dr. Nnamani Ikemefuna. "The Association of Resident Doctors, ESUT University Teaching Hospital, highly commends the Governor of Enugu State, His Excellency, Dr. Peter Mbah, for the giant strides his government has made in the several sectors of the state, especially the health sector. "These include the promotion of our members from senior registrars to consultants; recruitment of over 100 new resident doctors, consultants and other support staff

for quality healthcare delivery; upgrade of the security and surveillance architecture in and around the state teaching hospital; support for accreditation of several departments to promote training of resident doctors and medical students; cashless payment policy and digitalisation of patient care through electronic medical records system; upgrade of schools of nursing to college status to train more nurses and paramedics in the state. “We also commend the administration for the delivery of new ambulances and upgrade of the accident and emergency complex to better align with international best practices; implementation of a policy system to reward productivity among hospital staff; payment of improved hazard allowance; recent approval to renovate all the toilets and bathrooms in the wards of the hospital to ensure safety and comfort of patients and staff; and the flag-off of construction of hundreds of model type-2 primary health facilities across the state," the doctors said in a press release made available to newsmen on Sunday. The resident doctors also commended the Chief Medical Director of the state teaching hospital, Prof. Bethrand Ngwu, for imbibing the governance philosophy of Governor Mbah and thereby positively turning around the hospital in a very short period of time since his appointment by

the new administration. The CMD was also commended for his commitment to ensuring the full accreditation of all departments in the hospital as well as efforts towards thebmassive infrastructural upgrade aimed to reposition the Teaching Hospital as one of the top ten tertiary health centers in Nigeria in line with the governor's vision. They, however, tasked the governor to accelerate the process

of payment of the 2023 Medical Residency Training Fund (MRTF) to Resident doctors in the State Teaching Hospital, as is obtainable in several other states. They also called on the Mbah administration to commence an upward review of the salaries of medical doctors in the state, to reduce the hardship occasioned by the worsening economic downturn, and thereby reduce the brain drain of medical doctors,

which the body described as "alarming." They further requested for employment of more House Officers in line with the recent upgrade of quota by the Medical and Dental Council of Nigeria. The resident doctors said they were poised to ensure industrial harmony and smooth running of the state teaching hospital, pledging to support the administration in making Enugu

State "a center for excellence in healthcare and a prime destination for local and international medical tourism." “We equally urge the good people of Enugu State to support the government in its efforts and vision to change the face of Enugu State and position it as one of the top states in Nigeria and Africa, in terms of human and capital development," the statement concluded.

Edo Guber: Ighodalo, Shaibu, Onaiwu, Others Face PDP Screening C’ttee Today Mutfwang heads Panel

Chuks Okocha in Abuja

The Deputy Governor of Edo State, Philip Shaibu, Mr. Asue Igbodalo, Mr. Osaro Onaiwu, Blessing Igbinedion and others will today face the Peoples Democratic Party (PDP) screening committee to determine those qualified for the February 22 primary election for governorship election. Others expected to take place at the screening are Anselm Usiose Ojezua, Omoregie Ihama, Umoru Hadizat, Felix Akhabue, and

Martin Uhomoibhi. The National Working Committee (NWC) of the party has fixed January 29 for the screening of its Edo State governorship aspirants. In a statement, the party’s National Organising Secretary, Umar Bature, also disclosed that a seven-man committee, has been approved to oversee the screening. The Plateau State Governor, Caleb Mutfwang, is the head of the panel, while former Osun State deputy governor, Olusola Obada, is among the team. “The National Working

Committee of our great party, the PDP, has approved your nomination to serve on the Screening Committee. “The committee will screen all the gubernatorial aspirants for the upcoming governorship primary election in Edo State. “The screening exercise is scheduled to be held on Monday, January 29, 2024, at the NWC Hall, Wadata Plaza, National Secretariat, Abuja, FCT, by 9am prompt. “Members of the committee are Caleb Mutfwang as the Chairman; Erelu Olusola Obada (Member); Aminu

Shagari (Member); Afolabi Alimi (Member); and Hassan Saleh (Member),” the statement stated. The cost of the nomination forms is N30 million each, while the expression of interest is five million. Females and disabled persons were exempted from paying the nomination fee, but they were expected to pay the five million expression of interest fees. Meanwhile, Onaiwu, has submitted his nomination form. The form was purchased Friday by Onaiwu's friends, including some former PDP governors.

NUJ to Honour Tompolo over His Contribution to War against Oil Theft The Nigeria Union of Journalists (NUJ) yesterday said it is set to confer a national merit award on a former militant commander in the Niger Delta, Chief Government Ekpemupolo, alias Tompolo. The honour, according to the national leadership of the NUJ, would be in recognition of Tompolo's contributions to the prevailing peace in the Niger Delta and the success recorded in the war against crude oil theft and pipelines vandalism. According to a statement , the National President of NUJ, Chief Chris

Isiguzo, said this during a visit to Tompolo at Oporoza Community, Warri South West LGA, Delta State, during the weekend. He said the formal presentation of the award to Tompolo would take place during the forthcoming annual conference of the association in Abuja, in February. Isiguzo led some national leaders of the association, including National Secretary, Mr. Shuaibu Leman, as well as state and local chapter leaders of NUJ to the meeting. Isiguzo, while briefing Tompolo

and his aides, said in arriving at the decision, the NUJ profiled the activities of the former militant, especially his involvement in the restoration of a lasting peace in the region. The NUJ leader said Tompolo contributed largely to the relative peace in the hitherto war-ravaged oil-rich region. Also, Isiguzo hailed Tompolo for his relentless commitment to put an end to the menace of crude oil theft, pipeline vandalism and other sharp practices associated with exploration of crude oil and production as well as

transportation of petroleum products. According to the NUJ president, Tompolo, through the instrumentality of his pipelines surveillance company, Tantita Security Services Limited (TSSL), the nation's waterways have become a nightmare for criminal elements and economic saboteurs. Isiguzo recalled some giant strides recorded by TSSL under the leadership of Tompolo in the manhunt for the oil buccaneers and illicit oil barons along the nation's waterways, especially the recent arrest of MT Kali, illegally

siphoning crude oil from Pennington Oil field of the Anglo-Dutch energy giant, Shell Petroleum Development Company (SPDC) in Bayelsa State. He said the NUJ aligned with other stakeholders within and outside the country, who have poured encomiums and accolades on TSSL and its operators for satisfactorily performing its oversight functions over the surveillance and protection of the nation's economic assets. "The NUJ also acknowledges the prevailing peace in the Niger Delta for which you have played

pivotal roles. For these significant contributions you have made towards the nation's growth and development, the NUJ has decided to honour you with one of our prestigious awards," he said. Responding, Tompolo, who was joined to receive the NUJ delegation by a former member of Bayelsa State House Assembly, representing Southern Ijaw Constituency 4, Chief Macdonald Igbadiwei and his Media Adviser, Mr. Paul Bebenimibo, expressed gratitude to the NUJ for the honour accorded.

monday january 29, 2024• T H I S D AY

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AWARDS WELL-DESERVED…

Delta State Commissioner for Oil and Gas, Chief Vincent Oyibode (left),and Bauchi State Commissioner for Solid Minerals, Maiwada Bello, during the Nigeria Oil & Gas Forum and Awards Night where Delta State won the ‘Safest State for Oil and Gas Investment Award’ in Abuja…recently

FG to Inaugurate Tripartite Committee on National Minimum Wage Olawale Ajimotokan in Abuja

The federal government has announced that it will inaugurate a 37-man Tripartite Committee on national minimum wage with a mandate to recommend a new national minimum wage for the country. The Director of Information, Office of the Secretary to the Government of the Federation

(SGF), Segun Imohiosen, said in a statement yesterday that the planned inauguration of the committee was sequel to the approval of President Bola Ahmed Tinubu. The inauguration is scheduled to hold tomorrow by 12 noon at the Council Chamber, Presidential Villa, State House in Abuja. The committee is chaired by a former Head of the Civil

Lagos Gives Squatters of Under Ijora Bridge Five Days to Quit Segun James

Lagos State Government has given a five-day quit notice to traders and squatters under the Ijora Causeway Bridge and Lagos Blue rail Line overhead bridge in Ijora, to remove all their shanties or face the wrought of the government. The government made it clear that their activities is constituting danger to the Lagos Blue Line corridor. The order to vacate was given

by the state Commissioner for the Environment and Water Resources, Tokunbo Wahab, when he paid an unscheduled visit to the area yesterday. Wahab lamented the security risk that the occupation of the underneath of the blue rail line bridge by mini buses, block molders, fuel sellers and miscreants posed to the safe operation of the blue rail line service, saying the government will not allow such to continue.

Service of the Federation, Alhaji Bukar Goni Aji, as its membership cuts across federal government, state government, private sector and the organised labour.

The members include Minister of State, Labour and Employment (representing Minister of Labour and Employment), Hon. Nkeiruka Onyejeocha; Minister of

Finance and Coordinating Minister of the Economy, Mr. Wale Edun; Minister of Budget and Economic Planning, Alhaji Atiku Bagudu; Head of Civil Service of the Federation,

Dr. Yemi Esan; Permanent Secretary, GSO, OSGF, Dr. Nnamdi Maurice Mbaeri, and Chairman, NSIWC, Ekpo Nta, as the member/secretary of the committee.

Police Arrest 79 Suspected Criminals in January in A’Ibom Okon Bassey in Uyo

The Police operatives in Akwa Ibom have arrested 79 suspects for various offences in the month of January 2024. The Akwa Ibom State Commissioner of Police (CP), Olatoye Dùròsinmi, disclosed this at a news conference held

at the Police headquarters, Uyo. Durosinmi said that the operatives of the state police command arrested the suspects for various crimes ranging from murder, kidnapping, armed robbery and cultism. According to him, the greatest achievement within the month of January is the

arrest of 10 kidnappers, who were planning to unleash mayhem on the state. The police commissioner said the operatives of Ibiono Ibom Division recovered four AK 47 rifles during the operations. “As we strive daily to keep the state safe, criminal elements too have continued to try to

penetrate their nefarious acts. “This January alone, 79 criminal elements have been arrested for various crimes. “The greatest achievement within the last one month is the arrest of 10 confessed kidnappers, who were planning to unleash mayhem on the state and recovery of four AK Riffles.

Rivers Community Risks Fire Explosion over Incessant Gas Leakages

Blessing Ibunge in PortHarcourt

Residents of Tombia community in Degema Local Government Area of Rivers State have expressed fear that their community would be consumed in fire explosion if nothing is done to stop the incessant gas leakages in the

area from facilities of oil and gas multinationals. Some leaders in the community, who spoke to journalists, said the gas leakage, which started on January 20, 2024, had within the past days caused great harm to residents and the environment. They called on relevant bodies,

especially Nigeria Liquefied Natural Gas (NLNG), Nigeria Agip Oil Company (NAOC) and government to fix the gas leakage in the community. The Secretary of Tombia Council of Chiefs, Mr. Alabo Onimite Abbey, revealed that the gas leakage has negatively

impacted on their environment, most especially the local sources of livelihood. Abbey explained that: “Last Saturday, about 7:30p.m., I was called by the DSS boss in Degema LGA of Rivers State that there was a gas explosion in my community, I told him I wasn’t aware.”

Abducted Unilorin Student Regains Consciousness in Bush, Say Police

incident, Moyosore Bright that the student had boarded However, in a statement Customers, Distributors Hail Hammed Shittu in Ilorin of the Zoology Department, a mini bus popularly called issued by the state Police kidnappers and was abducted at about 2 Korope’, at the school terminus Public Relations Officer Dangote’s Support, Encouragement Suspected armed robbers at the weekend p.m. last Friday and has on the main campus alongside (PPRO), Toun Ejire-Adeyemi, Ayodeji Ake

Customers and distributors of Dangote Cement Plc, have hailed the magnanimity of the Founder and Chairman of the company and Africa’s largest conglomerate, Aliko Dangote. The customers described Dangote’s humaneness and philanthropy as unrivalled among his peers in the business community in Nigeria and Africa. Speaking on the sidelines of the 2023 Dangote Cement Customers Award and gala night held in Lagos at weekend, the customers, who

came from various regions across the country, described their business relationship with Dangote Cement Plc as the ‘best alliance’ with a partner, “who provides great opportunities for the growth of its partners.” At the glittery event, the distributors carted away handsome rewards for keeping faith with Dangote Cement and patronising its products. While both Kizz Daniel and Tuface Idibia thrilled and entertained the customers, as prominent Nigerians were also in attendance to felicitate Aliko Dangote and the customers.

Imperial College London Alumni Association of Nigeria (ICAAN) has honoured Technical Assistant to the Minister of State Petroleum Resources (Gas), Mr. Odiong Ekanem,with an award of recognition for exemplary leadership in public service. At the event, which was held in Lagos, Ekanem, who has served in various capacities with the Nigerian National Petroleum Corporation Limited (NNPCL) before being seconded to the Office of the Minister of State Petroleum Resources (Gas) as Technical Assistant, thanked the association for finding him worthy

of the honour, saying it will spur him to doing more. “I am deeply humbled by this recognition and award. I never knew my modest contributions were being observed and it challenges me to do more for my organisation and this country that has invested so much in me,” he said. While delivering his opening remarks at the event, Chairman ICAAN Board of Trustees (BoT), Dr. Edet Amana, thanked Alumni of the Imperial College for remaining great Ambassadors of the school.

abducted a female 100 level student of the University of Ilorin, Kwara State, within the school premises. The victim of the kidnap

regained consciousness in a bush, several kilometres away from the Ilorin metropolis, at about 7 p.m. of the same day. THISDAY checks revealed

other students with the intent of heading to her hostel at Tanke area, very close to the institution, before the incident happened.

yesterday said the female student had to find her way back to Ilorin metropolis when she regained consciousness in the bush.

US Professor Accidentally Shot Dead by Security Guard in Osun SundayOkobiwithagencyreport

A United States Professor and politician, Richard Adeoriokin, has been accidentally shot dead by a local security guard in Ejigbo, Osun State. The incident occurred around 8:30 p.m. last Saturday. According to report, it was in the

aftermath of a public function on Inisha Road of Ejigbo, which was attended by Professor Adeoriokin, his political associates, and Oyeyode Oyesosin, the son of the Ogiyan of Ejigbo. wIt was learnt that after the event at the king’s residence, Oyeyode Oyesosin invited his friends to his house for a brief meeting.

As the guests prepared to leave, he ordered the security guard to fire gunshots into the air as a farewell gesture. Tragically, one of the security guard’s guns was mistakenly aimed downward, and the bullet struck Professor Adeoriokin in the leg. Despite efforts to save him, he

bled to death at the Baptist Hospital in Ejigbo. Afeez Lawal, the professor’s personal assistant, who witnessed the incident, said his boss was a lecturer at Prairie View A&M University in Houston, Texas,the United States, and a chieftain of the Peoples Democratic Party (PDP).

to 36 Govs, Wike: Account for over N40tn LGA Allocations Ekanem Bags Imperial SERAP federal allocations meant for local the return of democracy in 1999. government areas. Chuks Okocha inAbuja in their respective He said: “This to promptly invite “States and the FCT should College Alumni Award Socio-Economic Rights and governments state, including the FCT. Independent Corrupt Practices and be guided by transparency and Accountability Project (SERAP) has demanded that the 36 state governors in the country and the Minister of the Federal Capital Territory (FCT), Mr. Nyesom Wike, give account of the

In a requests dated January 27, 2024, by SERAP Deputy Director, Kolawole Oluwadare, the group also demanded the disclosure of the actual disbursement of the allocations to the local government areas since

Other Related Offences Commission (ICPC), and the Economic and Financial Crimes Commission (EFCC) to investigate the actual disbursement and spending of federal allocations meant for local

accountability principles and proactively publish information pertaining to their actual disbursement and spending of federal allocations meant for local government authorities.

Ododo to Present Commissioner Nominees List to KogI Assembly for Screening Ibrahim Oyewale in Lokoja

KogI State Governor, Usman Ododo, has announced 16 commissioner-nominees to be screened by the state House of Assembly as members of

his cabinet. Ododo made this announcement at the weekend shortly after he took the oath of office in Lokoja, state capital. Earlier, after he took over

from former Governor Yahaya Bello, he said: “I will be presenting the names of the following nominees today to the state House of Assembly for screening and confirmation as members

of the Kogi State Executive Council.” Many of the nominees were those who served as commissioners in the administration of Governor Bello.

T H I S D AY • MONDAY, JANUARY 29, 2024

BACKPAGE CONTINUATION ANOTHER FOREIGN POWER/AFRICA SUMMIT? African leaders, are you not tired of attending these neo-colonial jamborees? A country living on past colonial glory will summon all of you for a monologue, including by a prime minister whose ideology resembles her political ancestor Benito Mussolini’s? Is she going to apologise for what Italy did to Libya and Ethiopia in the 1930s and 1940s? It was the British that first invented the art of summoning African and other leaders to a “British Commonwealth” meeting in 1926. Maybe because Malam Aminu Kano once asked, “Whose wealth is common?”, they renamed it Commonwealth of Nations with their Queen/King as the Head. During a 2018 Commonwealth Summit in London when Queen Elizabeth was aged, the Brits tricked other member states and made them to designate Prince Charles to succeed the Queen as head of the Commonwealth, even though the position is not hereditary. The French followed suit by convening Franco-Africa Summit in 1973. Ten countries attended that first meeting but 40 countries attended the 25th Summit in Nice, France in 2018, including co-opted Anglophone leaders of Gambia, Sierra Leone and South Africa. European Union leaders too summoned African leaders to EU/Africa Summits, which took place alternately in Europe and Africa. The Germans are to yet summon African leaders to a summit near the Brandenburg gate. Maybe they are still smarting from their loss of African colonies Togo, Kameron, Tanganyika, Rwanda, Burundi and Namibia in 1919 due to their defeat in the First World War. Americans copied the European trick when President Barack Obama convened a USAAfrica Summit in 2014. Fifty African leaders attended that meeting; Obama was alarmed that US trade with Africa was $85 billion compared to China’s $200 billion. Imagine Canada, with its 38 million people [slightly more than Angola] summoning leaders of Africa’s 1.4 billion people to a Canada-Africa Business Summit in Vancouver last July.

It became more interesting because India, too, invited African leaders to a summit. Despite its fast-growing economy, India is still a Third World country with many problems similar to Africa’s, yet it invited a few African leaders to meet with its prime minister in Addis Ababa in 2011. A second one followed in New Delhi in 2015, attended by 50 African leaders, some of whom probably wanted to see Bollywood actresses. At the next summit, Prime Minister Narendra Modi will probably take them to visit the Hindu temple he built on the ruins of the demolished Ayodhya mosque. Even though most of the glory of the Ottoman Empire ended after it sided with Germany in World War One, Turkey invited African leaders to Istanbul for the first Turkey-Africa Cooperation Summit. Fifty African countries sent delegations, many headed by presidents and prime ministers. African leaders were summoned to Turkey again for the 3rd Turkey-Africa Summit in 2020. Since current, former, pretending and aspiring world powers had already summoned African leaders to summit meetings, emergent super power China followed suit in 2009 by convening the Forum on China-Africa Cooperation at the Egyptian Red Sea resort of Sham-el-Sheikh. At the event, then Chinese Premier Wen Jiabao splashed gifts on the leaders reminiscent of a traditional African wedding. He gave African countries 10 billion dollars in concessional loans, on top of the 5 billion dollars that China pledged at the Forum’s previous meeting in Beijing in 2006. Wen also pledged to cancel the debts of 31 African countries and to build 100 clean energy projects across Africa. No wonder that at the forum’s 2018 summit in Beijing, all 54 African nations attended, most of them represented by their heads of state. Not to be outdone, the Japanese followed suit by inviting African leaders to the International Conference for African Development [TICAD] summit in Yokohama in 2018. 26 African

heads of state and another six vice presidents and prime ministers attended. The annoying thing is that African leaders have a short memory. From the mid-1950s right until the 1980s when Japan’s economy was the world’s second largest, its economic growth rate was best described as a miracle and it was the top exporter of consumer goods to Africa, Japan did not call you guys to a summit and splash yens on you. Now that Nippon itself has been struggling with sluggish economic growth for three decades, who wants a basketful of yens? In 2018, 54 African leaders scrambled to the Black Sea resort of Sochi for the Russia/Africa Summit. Sochi was venue of the 2014 Winter Olympics which many Western nations boycotted, allegedly due to Russian annexation of Crimea. Vladimir Putin took African leaders there so that the facilities will not go waste. Nigeria got a bagful of promises at Sochi, including Russian promises to complete Ajaokuta steel plant, build our coastal rail, revive the Aluminum Smelter [Alscon] at Ikot Abasi and give us helicopter gunships to blast Boko Haram out of Lake Chad islands. Unlike the double-faced Westerners, Putin knew better than to attach human rights clauses to arms deals. None of those promises has materialised yet. In July last year, he again hosted the second Russia–Africa Summit at the Expo Forum in St. Petersburg. Forty-nine African delegations but only 17 heads of state attended, probably for fear of Western punishment due to the ongoing Russia-Ukraine war. The way things are going, Sweden, Spain, Brazil, Ukraine and Mongolia will soon summon African leaders to summit meetings. As soon as Israel finishes its genocide in Gaza, it will also arrange a summit with all African leaders at its Red Sea port of Eilat, Houthi missiles permitting. It will not invite South Africa. Pakistan, Indonesia and Mexico will quickly follow suit with Africa summits. Thereafter, an Australia/

Africa Summit will hold at a location in the Outback so that African leaders will see kangaroos and saltwater crocodiles. Soon afterwards, North Korean leader Kim Jong Un will host a DPRK/Africa Summit at the Yongbyon Nuclear Science and Weapons Research Centre. Once the world powers are done, international organisations will invite African leaders to summits. Food and Agriculture Organization will convene an FAO/Africa Summit, not in Rome where it is based, but on the Italian island of Lampedusa so that African leaders will see boats full of starving African migrants rescued from the Mediterranean. UNESCO will soon organize a UNESCO/Africa Summit, not in Paris but on Corsica Island, birthplace of Napoleon. The UN’s World Food Program will soon convene a WFP/Africa Summit to complain that African IDPs are depleting its food stocks, even though rich Europeans and North Americans throw away millions of tonnes of food every year. Amnesty International will follow suit with an AI/Africa Summit. My favourite NGO, World Wildlife Fund for Nature, could soon summon African leaders to a WWF/ Africa Summit to discuss the future of lions, elephants and rhinos. It however won’t raise the issue of North American bison, which the Whiteman reduced from 60 million in 1700 to about 500,000 today. International Whaling Commission too would convene an IWC/Africa Summit to discuss the fate of whales, sharks and barracuda. For a change, why can’t we convene a Nigeria/Europe Summit at Yankari Game Reserve, followed by a Nigeria/Asia Summit at Ikogosi Warm Springs, a Nigeria/North America Summit at Obudu Cattle Ranch and a Nigeria/Arab Summit at Kajuru Castle? We too have castles, springs, mountains, ranches and beaches. If any African leader’s desire for going to Italy is to ride a gondola in Venice, we have them in Bayelsa.

GROWING HELPLESSNESS OF NIGERIANS OVER INSECURITY call to ramp up intelligence and operational efficiency by the security agencies, but the agencies are not shooting for the sky . It was immediately followed by a series of successful kidnap cases in Abuja, the Federal Capital Territory. This January 2024 alone, cases of kidnappings escalated, raising concern among citizens and residents. To confirm the fears of citizens about the seeming helplessness of security agencies , at least 30 people were killed and several others injured around Mangu Town in Plateau State last week. On Saturday , soldiers and gunmen clashed in two villages of Mangu Town, leaving at least 30 dead . This is after the Governor imposed curfew in the area. There are many other undocumented kidnap cases around the country. All these are happening at a time when the federal government has given red alert order to the military in all 36 States of the Federation and Abuja. Sadly, involving the military in internal security to complement the Nigeria Police and other security forces has not led to much desired security of lives and property. The necessary inference to draw is, either the State is overwhelmed or adopting the wrong strategies to handle insecurity. The general impression of a State losing grip of its sovereign obligation and status with the failure of security agencies and the government to stem a descent into anarchy in spite of the efforts must be curtailed. Nigeria cannot continue to present symptoms of State security apparatus proving incompetent or overpowered by a vested interest. When the apparatus of the State repeatedly fails the people, it is a path to a failed State. The consequence of a failed State is better imagined than experienced. When the State is overwhelmed by kidnappers, bandits and terrorists, supporting structures of growth will begin to give way. Children of school age will either not be able to attend or withdraw from school. Farmers cannot go to farms amidst

escalating hunger and food inflation. Citizens' movement within the country will be restricted out of fear and people in business cannot honour engagements. In the circumstance, poverty will quadruple and it is only a matter of time before the economy completely crumbles. Citizens would then be forced to resort to self-help and anarchy ensues. The more considerable consequence of insecurity is that public confidence is waning. The economy is worsening as foreign investors and local operators fear for their investments. To the international community, Nigeria's reputation as an unsafe destination erodes tourism, pushing investments to other jurisdictions and forcing citizens out. Unfortunately, the overall conduct of the State in this perilous times is still one of denial and a pretension to normalcy. The State cannot continue to confront insecurity with the same level of thinking that created and is sustaining it. Addressing the insecurity and helplessness of Nigerian citizens requires a holistic and sustained effort from the government, civil society and the international community. It would involve immediate security measures and long-term strategies to address the root causes by building resilience within communities. The insecurity and the sense of helplessness among Nigerian citizens is a serious concern that has far-reaching implications for the well-being of the people and national stability. For any meaningful improvement to be seen, we need a total revision of security strategies and architecture from the present state. In dealing with insecurity, governments at all levels in Nigeria must realize that is time for citizen mobilisation and greater community engagement. Engaging local communities is very crucial in addressing insecurity. Community policing, collaboration with local leaders and fostering trust between security forces and citizens will contribute to better intelligence gathering thereby improving

security. Adequate funding, equipping, training and retraining of security forces are essential tools if Nigeria must respond to security threats effectively. There must also be deterrence to pilfering of defence or security fiscal allocations. No crime against humanity can be worse than misappropriation, diversion or misuse of funds designated for security. Collaborating with neighbouring countries and the international community to address cross-border security threats is also essential. Countries faced with peculiar and complex challenges often seek external help. Conventional wisdom is to tap into the global reservoir of expertise and intelligence to confront debilitating internal insecurity. Shared intelligence and coordinated efforts can enhance the effectiveness of security measures. There is therefore need for continuous collaboration among countries within the region affected by insecurity and effect a more regional, strategic approach to tackling the menace of insecurity within and outside national borders. Terrorist activities and attacks in Europe and other developed climes have receded recently due to the application of comprehensive and continent-wide approach to tackling the problem. Terrorists' cells across Europe were found and dismantled. The governments of European States took the war to the terrorists and were not playing catch-up with them. A preventive approach is more rewarding than a reactive approach to insecurity. Open communication and transparency from the government regarding security is key. Citizens should be informed about measures to address insecurity, fostering a sense of participation and shared responsibility. Knowledge gives power. The more citizens are knowledgeable about the security situation and what the government is doing, the more they build trust in the government and its ability to solve security problems. The caveat

is that security information should be open if it does not compromise the efforts of security agencies to deal with perpetrators of these heinous crimes. Addressing the root causes of insecurity such as poverty, unemployment and social inequality, is very crucial. Sustainable development initiatives can help create conditions less conducive to extremist ideologies and criminal activities. The reality is that the more the economic situation in Nigeria bites, the more people are susceptible to engaging in illegal activities. Although not an excuse for crime, this fact of life makes it very expedient that all stakeholders in the Nigerian State must strive to improve the country's economic conditions to alleviate the suffering of the majority in the interest of all. The mutual coexistence of "little beautiful roses amidst a forest of thorns"– stupendous riches of the few amidst the squalor and deprivations of the many, has been the bane of Nigeria. Both the criminals perpetuating insecurity and their victims seem to be victims and casualties of the Nigerian situation. What we need now is for our political leaders to demonstrate strong political will to tackle insecurity. They must take tough decisions, allocate resources appropriately and hold those responsible for security lapses accountable. The time for excuses is over. The sovereign State of Nigeria must take back Nigeria and provide the most basic of State functions in the Constitution ;protecting the lives and property of its citizens. This menace of insecurity must be reduced to the barest minimum if not eradicated. I stand with the victims of insecurity in Plateau and other States in Nigeria. No one is safe until everyone is safe . It is important that the government continues to provide psychosocial support, including counselling services and community-based programmes, to help them cope with the trauma and stress caused by this unwarranted violence.

BEYOND DAVOS: AN AFRICA PERSPECTIVE IN THE GLOBAL ENERGY DEBATE The IEA forecasts global oil and gas demand to peak by 2030. In the near-term, fossil fuels remain an essential part of the energy mix, offering security and grid stability. Despite this estimation, for as long as demand outpaces renewable generation, the hard reality is that hydrocarbons will continue to play a vital role. Acknowledging Africa’s wealth of renewable resources, including vast solar, hydro, and wind potential, is equally crucial. Modelling by McKinsey suggests that achieving a 45%

reduction in Africa’s carbon emissions by 2050, would require $2.9 trillion in cumulative capital – just short of its entire combined GDP. The question arises: Who will finance this transition? Can developed nations, still navigating their own transitions, be relied upon, or should Africa, grappling with increasing income disparity and energy insecurity, foot the bill? To facilitate a permanent and just transition, I argue that Africa must be allowed to undergo development and industrialisation on its own

terms. This unique path will require oil and gas, and the gradual building of renewable infrastructure to create an optimal energy mix conducive to Africa’s long-term growth and development. Africa’s trajectory holds global implications. With a current population of 1.4bn and UN projections for that to reach 2.5bn by 2050, the continent is set to be home to over 25% of the world’s population in the next three decades. This marks the beginning of the African

Century - a demographic transformation that will reshape the global energy landscape. This surge in human strength must be nurtured and allowed to flourish. Innovation and enterprise must be powered by the resources which our continent has in abundance. •Ahonsi Unuigbe is an investment-banker by training and is the Founder & CEO of Petralon Energy. He is also Chairman of the Board of Nigeria Exchange Ltd.

T H I S D AY • MONDAY, JANUARY 29, 2024

MONdaysports

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

0811 181 3083 SMS ONLY

AFCON 2023...AFCON 2023...AFCON 2023...AFCON 2023...AFCON 2023...

Ademola Lookman celebrating after netting the second of his two goals against Cameroon...last Saturday

Guinea’s Mohamed Bayo reacts after scoring the winning lone goal during the PHOTO: AP Africa Cup of Nations match against Equatorial Guinea...yesterday.

Ice the Champagne, Not Yet Time to Celebrate, Peseiro Tells Nigerians Lookman attributes brace to collective efforts of his Super Eagles teammates

Duro Ikhazuagbe Head Coach of Super Eagles, Jose Peseiro, has warned that it is not yet time for celebration despite overcoming Cameroon’s Indomitable

Lions 2-0 for Nigeria to reach the quarter finals of the ongoing Africa Cup of Nations in Côte d’Ivoire. Two goals by Ademola Lookman gave Super Eagles the sweet victory over their rival, Cameroon.

In the frenzy of celebrations that followed the victory, the Portuguese gaffer cautioned his ward, tressing that time has really not come for merriments. He intends to focus now on

Senegal’s Cup Defence on the Line Against Hosts Côte d’Ivoire Defending champion, Senegal, will renew their rivalry with hosts, Cote d’Ivoire today at the ongoing AFCON 2023 at the Charles Konan Banny Stadium in Yamoussoukro for a quarter-final berth. The Lions of Teranga booked their spot in this round of the tournament as the only side with a perfect score in the group stage and ranked top as the favorite to retain the cup but they must fly past underperforming Elephants of Cote d’Ivoire this evening to get close the dream of an encore. Senegal are enjoying a seven-match unbeaten run across all competitions with the reigning AFCON champions having recorded six victories and one draw. The host nation suffered a 4-0 loss to Equatorial Guinea in their final

group A match on 22 January, but still advanced to the Round of 16 as one of the four best third-placed teams. Their heavy defeat by Equatorial Guinea extended the Elephants' winless run to two matches across all competitions, having registered two consecutive defeats. Senegal could be without Pape Gueye who left the field of play due to injury in the game against Guinea. His teammate Abdallah Sima has been ruled out for the remainder of the AFCON finals due to a thigh injury. “I am very satisfied with our players. We had good preparations since camping in December," Aliou Cisse said. "We were in a tough group of

Anambra Offers to Take Former Tennis Star, Tanya Okpalla, Off the Street

Duro Ikhazuagbe

Following the video of former Nigerian tennis star, Tanya Okpalla, which surfaced on social media at the weekend, Anambra State has offered to set in motion means to treat and rehabilitate her. The half-caste former tennis star with an Igbo father and a Belarusian mother was shown in the video to be of unstable mind, roaming the streets of Awka aimlessly. But in her swift reaction to the video, Anambra State Commissioner for Women Affairs, Hon. Ify Obinabo, sent out teams to try and track her. Hon. Obinabo hinted that her officials have received valuable information of her movement and favourites joints she visits around Awka. “Subsequently, I have sent out recce to some of the spots to see if they can track and take her in for treatments and rehabilitation,” hinted the Commissioner.

In her conversation with an unidentified man in the video, Tanya spoke eloquently and even recalled that she and the like of Jacqueline Okwueze were the star female players in the early 1990s and represented Nigeria and Africa in several tournament. With a wound on her left leg, Tanya claimed to have been abandoned and labeled a prostitute by people in the areas she roam freely. She also stated that some make snide remarks about her being a half-caste and that she should return to her country. Tanya however considers herself an Igbo lady. In conclusion of the conversation, she appealed for help saying that she is planning to return to her village the next day to care for her daughter. Asked if she was on any form of treatment for her condition, she declined to answer, instead asking to be given a soda drink as she had only eaten donuts that day.

death with strong opposition and won all three, which makes me satisfied. When we lost the final in 2019 to Algeria we learned a lot from that defeat, which allowed us to win the title two years later in Cameroon,” Senegal head coach Cisse concluded.

the potentially dicey clash with Angola in the quarter-finals of the on-going Africa Cup of Nations in Cote d’Ivoire. He remarked at the post match conference that he had to start planning for the next assignment. “We will now focus on our next match against Angola, which is having an excellent tournament. We must take this opponent seriously, so we will continue to sleep early and eat pasta (laughs). Jokes aside, all the teams at this stage are capable of winning the tournament,” concludes Peseiro. Scorer of the two goals in the 2-0 Ademola Lookman, however attributed the victory to his teammates’ collective effort in qualifying Nigeria for the quarter finals. The Atalanta man who was

named Man of the Match, said shortly he was presented with his award: “Wow, we’re so happy to qualify for the quarter-finals. “The more we play together, the more fluid we become. I’m standing here now but this award reflects the whole team’s performance,” gushed Lookman in excitement. The 26-year-old is relishing his first AFCON experience: “I love this atmosphere, it’s incredible. Tonight our fans pushed us to the end because this was Cameroon, and when you wear the Super Eagles shirt, some games resonate more than others.” On Friday, Nigeria will face Angola in the quarters after they beat Namibia 3-0 earlier on Saturday. Lookman added: “Angola are a good team. We’ll analyze them

and prepare. The further you go, the tougher it gets so we’ll take it game by game,” concludes Lookman. Nigeria’s Super Eagles are searching for their fourth title. They last won the trophy at South Africa 2013. Lookman’s brace brings them one step closer to ending that drought.

AFCON RESULTS E’Guinea 0-1 Guinea Egypt 1-1 DR Congo *(DR Congo through 8-7 penalties)

Today C’Verde v Senegal v

Mauritania Côte d’Ivoire

Fans Fly High with Goldberg, Life & Zagg as Eagles Clinch Q’final Spot There were wild jubilations across Nigeria and beyond as the Super Eagles secured a thrilling 2-0 victory over Cameroon in their Round of 16 clash at the ongoing AFCON 2023 tournament last Saturday. Fans who joined Goldberg, Life Beer, and Zagg's activations were treated to not only nail-biting match but also the chance to win big. Shortly after Ademola Lookman’s brace did the magic for Nigeria as they reached the quarter-final, Goldberg's #NaijaGameOn took centre stage, drawing predictions from eager supporters across the nation.

Among winners was Ugochukwu Okafor from Enugu, whose eagleeyed pre-match prediction of a 2-0 Nigerian win earned him a mouthwatering prize from the Omoluabi beer: "I knew the boys had it in them," Ugochukwu declared, "and Goldberg made the victory even sweeter!" Zagg's guess game also rewarded eagle-eyed fans. Temitope Alao from Oyo flawlessly predicted the final score of 2-0, winning a stylish Eagles jersey she can don all through the AFCON tournament and beyond. "It's a dream come true!" Alao exclaimed, clutching the jersey. "Zagg

made the match even more fun and now I have a memento to cherish forever!" Life Beer's live viewing experiences in Onitsha and Port Harcourt brought the energy of Abidjan right to Nigeria's heartland. Fans like Chioma Nwokolo from Onitsha reveled in the electrifying atmosphere. "It felt like we were right there in the stadium," Chioma claimed with excitement. “Thanks, Life Beer, for bringing the AFCON spirit home to us.” The Super Eagles' victory wasn't just a win on the pitch; it was a celebration of Nigerian unity, fuelled by the passion and activations of

Goldberg, Life Beer, and Zagg who have remained quite solid behind the Super Eagles. “We are very glad to be part of the success story of the Super Eagles at the 2023 AFCON, as we have always promised, we are going all the way with the team and we are positive about bringing the trophy back to Nigeria” the excited Portfolio Manager – Beyond Beer, Nigerian Breweries Plc, Sampson Oloche declared after Saturday’s victory. He revealed that exciting prizes await fans and consumers ahead of the quarter-final duel against Palancas Negras of Angola on Friday night.

Acutech Pro-Am Launches 2024 Professional Golf Season

The second edition of the Acutech Pro-Am Golf Championship will tee off at Ikeja Golf Club in Lagos today, January 29, 2024, and simultaneously kickstart the professional golf season in the country. With a total purse of N15million at stake, Nigeria’s topmost professionals assembled at the host course over the weekend to make an early impression on the 2024 ranking and a sizeable chunk of the winning purse. Chairman of Acutech Support Systems Limited, Zed Jituboh, said the event is part of the company’s attempt at investing in its operat-

ing environment through sports development. “The Acutech Pro-Am Golf Championship is the platform we have created to help drive the development of the game of golf. We have other initiatives around golf too, but this event is solely to expose and reward our talents in professional golf.” Jituboh says Acutech is partnering professional golf to run the championship and looks forward to expand its deliverables. Ghana’s Emos Korblah, the winner of the inaugural edition of the

event, said after his practice round on Sunday that he looks forward to defending the championship. “Ikeja Golf Club is one golf course that is highly underrated. The course challenges every bit of your golfing skill. The fairway design and several factors will be at play this week. I always look forward to playing it, and I hope they defend this title this week.” Korblah said. Former Nigeria’s number one players, Francis Epe, Oche Odoh, and Mike Ubi, would be headlining the playing rounds when the 56-hole hostilities get off.

Professional Golfers’ Associotion’s Operation’s Director, Uche Ezebuiro said that the body is continually working with willing corporates to develop the game and showcase the best of Nigeria’s golf talents. “This year, in the bid to align our body and operations to global best practices, we are making some tweaks here and there to afford our members a better professional golf experience. Acutech is one of our topmost development partners, and we look forward to onboard more this season,” he concluded.

Monday, January 29, 2024

UT H

& RE A SO

Price: N400

MISSILE COAS to Terrorists

“The COAS ordered troops of the 3 Division Nigerian Army and the Joint Task Force Operation Safe Haven to adopt a more aggressive posture and decisively stamp out terrorists causing mayhem in Plateau and contiguous states. The Army Chief also ordered troops to go hard on those disturbing the peace of the Plateau and neutralise any terrorist annihilating people and burning or destroying properties and other economic valuables" –Chief of Army Staff, Ltd. Gen. Taoreed Lagbaja, orders troops to go berserk and snuff out the terrorists.

MAHMUDJEGA VIEW FROM THE GALLERY

Another Foreign Power/Africa Summit?

asked this question four years ago and it bears repeating now: While the unpleasant living conditions of African youths who seek escape to Europe through the Sahara Desert and Mediterranean Sea is well known, are living conditions of African heads of state and government so dire that they have their bags packed, waiting for any super power, former super power, upcoming super power, pretentious super power, not-so-super power, medium power and genocidal power anywhere around the world to invite them to a “Summit,” and many or sometimes all of them will depart at short notice? Just because it is taking place at a seaside resort, a mountain retreat, a hunting lodge or an old castle, must African leaders scramble and attend? As you read this, delegations from fifty

Meloni

African nations, many of them led by Heads of State, are in Rome for a two day “Italy/Africa Summit,” holding today and tomorrow. It is hosted by Italy’s right-wing, anti-immigrant Prime Minister, Ms. Giorgia Meloni. Aware of her country’s sordid colonial past in Africa, Meloni said she will present to African leaders a “non-predatory” approach aimed at fostering cooperation, a so-called “Mattei Plan”, named after a 1950s Italian public administrator. It is not clear if the African leaders will ask to visit African migrants who escaped drowning in the Mediterranean Sea and now live in squalid camps on Lampedusa Island. It was less than three months ago that 50 African leaders returned home from Riyadh after attending the maiden Saudi-Africa Summit, on November 10, last year. Fifteen African Heads of State personally attended,

DAKUKUPETERSIDE

including President Azali Assoumani of the Comoros, who is the African Union [AU] Chairperson, as well Moussa Faki Mahamat, Chairman of the AU Commission. African leaders who attended sat side by side with the military rulers of Niger, Sudan and Gabon, all of them since suspended by the AU but who the Saudis invited anyway. Saudi rulers said they were dealing with Africa, not African Union. What Arabs can do, Persians can do better. In September 2010, then Iranian President Mahmoud Ahmadinejad hosted the Iran-Africa summit in Tehran, at which he said Iran and Africa share a similar “rich culture, a history full of ups and downs, and an aspiration for a bright future for human kind.” 40 African nations including the presidents of Senegal and Malawi attended the summit. Continued on page 38

BENEATH THE SURFACE

Growing Helplessness of Nigerians over Insecurity

he impact of insecurity in Nigeria is significant, encompassing substantial losses in terms of lives, economic setbacks ,and the emergence of humanitarian crises. Many citizens find themselves in precarious situations with limited access to basic needs. While this is the case, the effectiveness of government's response to insecurity is debatable. Some citizens feel that there is need for decisive, prompt and coordinated action to address the root causes of insecurity and to protect

communities. Many citizens are expressing a feeling of helplessness in the face of the prevailing insecurity. The inability to go about daily activities without fear and the perception of inadequate State protection contribute to the despair. Are the institutions armed with the coercive powers of the State and charged with the maintenance of law and order failing? Are the top officials of State running out of ideas, helpless and frustrated? This is the frightening picture the Nigerian

State inadvertently painted with the infinite loop of insecurity. Now and then, the unending circle of insurgency, banditry, kidnapping and other forms of insecurity resurfaces with greater vigour. Clearly, no challenge since Nigeria's independence has persisted for so long like our current insecurity. The cyclic pattern seems the same. Every new government raises hope of finding a lasting solution to the challenge but, suddenly, ends in pure rhetoric or appearance of helplessness.

The 2023 Christmas Eve massacre in Plateau State with unidentified gunmen overrunning about 23 local communities in Bokkos and Barkin Ladi local government areas, leaving a death toll that authorities estimated to be over 200 with more than 10,000 displaced exposed the grave vulnerability of the Nigerian State and questions her security apparatus. Ideally, the Plateau State incident was a wake-up Continued on page 38

AHONSIUNUIGBE GUEST COLUMNIST

Beyond Davos: An Africa Perspective In the Global Energy Debate

wo weeks ago, global leaders convened at Davos to discuss the biggest global challenges of our time. The state of oil and gas continued to be a focal point of

debate. Unsurprisingly, leaders emphasised the need to intensify the shift toward renewable sources and sustainable practices. On global stages, like Davos, leaders all too often represent the interest of the world’s most developed nations, neglecting the true

implications for Africa. We need to ensure that Africa’s voice is heard. Introducing a balanced and fact-based approach by those who possess a deep understanding of Africa is crucial to ensure that we develop tailored solutions, which not only seek to advance a global agenda, but also ensures that Africa’s unique and significant challenges are accounted for. In adopting a balanced approach, we should keep in mind that Africa contributes 4% to global carbon emissions despite having 18%

of the global population, whereas the United States, ranking as the second-largest emitter, is responsible for 11% of emissions with only a 4.68% share of the global population. The Energy Trilemma presents energy security, affordability, and sustainability as global challenges to be addressed. Africa stands at the centre of all facets of this Trilemma with the most significant need for energy security at an affordable rate, coupled with the available resources to contribute to global energy sustainability. Africa accounted for 40%

of natural gas discoveries worldwide between 2010 and 2020. Its proven oil, representing 7.8% of global reserves, has grown by 150% since 1980. These discoveries have not only brought a wealth of domestic opportunities, but has seen the world (led by Asia), turn increasingly towards the continent. As nations continue their search for an energy security hedge against global crises, the future of oil and gas will centre in Africa. Continued on page 38

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