WEDNESDAY 31TH JANUARY 2024

Minimum Wage Review: FG Urges C'ttee to Be Guided By Social Justice, Timely Completion of Task Tasks governors, ministers to attend committee’s meetings Promises to send recommendations as executive bill to N'Assembly Bago: State govts may seek alternative ways of funding new workers' wage to be recommended Deji Elumoye in Abuja President Bola Tinubu has inaugu-

rated a 37-man Tripartite National Minimum Wage Committee, with a directive to its members to ensure

their decisions are firmly rooted in social justice and equity.

In order to guarantee sustain-

ability by all tiers of government, the President said the committee needs to pay attention to the ability

of all parties to pay the new wage, while also asking the committee members to ensure timely completion

of their assignment.

Continued on page 9

Wednesday 31 January, 2024 Vol 29. No 10521. Price: N400

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Atiku Knocks Tinubu over Insecurity, Says Nigeria Doesn’t Need Tourist-in-Chief... Page 12

Mali, Burkina Faso Send ‘Formal Notice’ of Withdrawal from ECOWAS Emmanuel Addeh in Abuja

Mali and Burkina Faso have announced that they had sent the Economic Community of West

African States (ECOWAS) a "formal notice" of their withdrawal from the regional bloc, with Niger expected to follow.

The military regimes in the three

countries had announced plans to withdraw from the West African bloc, accusing it of posing a threat to their sovereignty.

A report by France 24 said the

foreign affairs ministry in Mali showed AFP a copy of the letter it sent to ECOWAS, while Burkina Faso's official news agency reported it had sent an official notice.

No information emerged from Niger, but the statements from its two neighbours stressed the common character of their move.

ECOWAS said earlier, in a state-

ment, that it was awaiting "formal and direct notification" from the countries. Under the bloc's statutes, Continued on page 9

Official I&E Rate Hits N1,482/$1, Surpasses Parallel Market FX Price at N1,460/$1 CBN completes payment of all verified FX claims due to airlines Office relocation directive takes effect as staff resume at Lagos offices IATA insists Nigeria still owes foreign carriers $700m IMF revises Nigeria's 2024 growth projection marginally to 3%, retains 2025 forecast at 3.1% See story on page 9

Inauguration of Temile's Ultramodern LPG Gas Carrier in South Korea...

L-R: Chairman/CEO, Temile Development Company Ltd, Mr. Alfred Temile; Spouse of Alfred Temile, Mrs. Anita Temile; Group Chief Executive Officer, Nigerian National Petroleum Company Ltd, Mele Kyari; Spouse of Minister of state (Gas) Petroleum Resources, Mrs. Ekpo; Minister of state (Gas) Petroleum Resources, Hon. Ekperikpe Luke Ekpo; MD/CEO, Fidelity Bank Plc, Mrs. Nneka Onyeali-Ikpe; Spouse of the President and CEO, Hyundai MIPO Dockyard, Mrs Kim, and President and CEO Hyundai Mipo Dockyard, Mr. HK Kim, at the inauguration of Temile's Ultramodern LPG Gas Carrier held in South Korea…

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T H I S D AY • WEDNESDAY, JANUARY 31, 2024

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

NEWS

Arrival Ceremony of the CMA CGM SCANDOLA, the largest LNG-Powered Vessel to berth in Nigeria...

L-R: Director, Lekki Port, Alhaji Bode Oyedele; the Chief Executive Officer, Lekki Port, Mr Du Ruogang; the Chairman, Lekki Port, Mr Biodun Dabiri; the Executive Governor of Lagos State, Mr Babajide Olusola SanwoOlu; the Managing Director-Africa, Tolaram, Mr Haresh Aswani; the Chief Executive Officer, Lekki Freeport Terminal, Christophe Cassang; the Managing Director, CMA CGM Nigeria, Hinelder Ferreira and the Managing Director, Nigerian Ports Authority (NPA), Muhammed Bello-Koko, during the arrival ceremony of the CMA CGM SCANDOLA, the largest LNG-Powered Vessel to berth in Nigeria, at Lekki Port in Lagos... yesterday

Clean Sweep in Abuja Disco, CEO, Others Removed NERC says distribution firms collected N100bn revenue in November

Emmanuel Addeh in Abuja There has been a major management shakeup in the Abuja Electricity Distribution Company (AEDC) with the removal of key management staff by the majority owner of the company, Transcorp Power Limited, which holds a 60 per cent stake in the Distribution Company (Disco).

Following the development, the Chief Executive, Christopher Ezeafulukwe and a number of his key lieutenants were relieved of their duties, effective immediately.

In a statement, the AEDC stated that the move was in furtherance of the implementation of the board-approved turnaround plan to reposition AEDC as the clear market leader in the Nigerian electricity distribution space.

In Ezeafulukwe’s place, Victor Ojelabi, who signed the statement has now been appointed as the acting Managing Director/CEO, while the new Chief Technical Officer is Godfrey Abah.

Abah, the statement said, will be responsible for overseeing and managing all aspects of the company’s technical operations to ensure efficient operations and optimal network performance.

It added that the Chief Business Officer role has been restructured to provide the right executive attention and drive AEDC’s districts to ensure end-to-end energy accounting and improve customer experience, with Leticia Ejendu having been ap-

pointed as one of the three Chief Business Officers.

In addition, Ibem Idika has been appointed Head, Human Resources, while Irene Nwankwo has been appointed Chief Internal Auditor, effective immediately.

Branding and Corporate Communication will now be headed

by Mimi Angyu, while Regulatory and Government Relation will be

overseen by Sasi Jaja.

“Their appointments will strengthen our executive management cadre and add significant value to the company’s strategic objectives. Further announcements will be made as we fill up all the critical role,” the AEDC said.

The AEDC began operations in November 2013 and within a 10-year period has had six

managing directors, it was learnt.

Meanwhile, the Nigerian Electricity Regulatory Commission (NERC) in a factsheet, has said that the 11 Discos raked in N99.94 billion from its customers in November 2023.

According to the electricity sector regulator, this amount was out of the total of N133.3 billion worth of electricity billed to customers during the period under consideration.

The presidential candidate of the Labour Party (LP) in the last presidential election, Peter Obi, has described as heartbreaking the killing of Nabeeha Al-Kadriyar.

Obi spoke following a condolence visit to the family of the deceased girl, who was brutally murdered by her abductors in the Federal Capital Territory (FCT).

“I witnessed yet another heart-breaking moment as I

Eko Electric with N20.09 billion, but which received N16.81bn from its customers. This represented an 83.72 per cent collection rate.

AEDC was next with N19.61 billion, out of which N15.34 billion was collected, representing a 78.24 per cent collection rate, while Ibadan Electric followed with N15.69 billion billing and N11 billion collection in November.

NetZero: FG Backs Carbon Emissions Reduction, Seeks Development of Green Hydrogen Supports deployment of new energy source in fertiliser production

Emmanuel Addeh in Abuja The federal government yesterday said that reducing reliance on fossil fuels and minimising greenhouse gas emissions by the deployment of green hydrogen can help safeguard the environment and ensure food security for future generations.

The Minister of Innovation, Science and Technology, Chief Uche Nnaji, who made the remark at the kick-off meeting and stakeholders' interaction on the Nigeria 4H2 project, stated that exploring green hydrogen potential is one of President Bola Tinubu’s agenda.

The workshop was themed: "A Critical Analysis of the Potential,

Infrastructure and Other Enabling Framework Conditions for Green Hydrogen to Fertiliser Production in Nigeria."

Sponsored by the German Federal Ministry of Education and Research, the 4H2 programme has as partners, the West African Science Service Centre on Climate Change and Adapted Land Use (WASCAL) as well as selected universities in Nigeria. The conference was convened by Cognity Advisory.

Stressing that the stakeholders' meeting was to discuss a common pathway to exploiting Nigeria’s well-established potential to produce green hydrogen, Nnaji stated that there had never been a better time than now for the

project to commence.

He explained that green hydrogen results from splitting water molecules into hydrogen and oxygen using electricity generated from renewable sources.

According to the minister, it also offers excellent potential to address the detrimental impacts of climate change occasioned by the release of greenhouse gases from fossil fuels into the environment.

Besides, he noted that it can serve as a viable and sustainable pathway for alternative energy generation, industrial development, environmentally friendly transport fuel, methanol production, fertiliser production, among other economic uses.

Obi Visits Nabeeha’s Family, Says Young Girl’s Death Heart-breaking

Chuks Okocha in Abuja

NERC stated that the average amount paid for a Kilowatt hour (kWh) of electricity consumed during the period was 36.71kWh from the average 59.89kWh approved for the Discos.

In all, Ikeja Electric had the highest billing with N20.94 billion, from which it collected N20.17 billion, to hit 96.3 per cent collection rate. It was followed by

paid a condolence visit to the grieving family of Nabeeha Al-Kadriyar, brutally murdered by her abductors in the nation’s capital, Abuja recently. At the same time, I remembered the family of the late Folashade Ariyo.

“Unfortunate challenges like this raging violence in our society bring out the strength and resilience that lie within us. It is heart-breaking to witness the pain and suffering of different families caused by the senseless

acts of violence that have plagued our nation.

“However, amid this darkness, there is hope. Hope that together, as a nation, we can put an end to this horrifying and deadly insecurity. We must come together, united in our resolve to protect the lives and well-being of every Nigerian,” he said.

Obi urged Nigerian Citizens not be crippled by fear but arise together to stem the tide of insecurity.

“To our citizenry, I implore us

that we should not allow fear to paralyse us. Instead, let’s stand up against this ugly wave of insecurity. May we support one another, lend a helping hand to those in need, and work towards creating a safer and more secure future for all.

“May the memories of Nabeeha and all those who have lost their lives to such violent attacks inspire us, especially we the leaders, to take more decisive action against this ugly monster of insecurity,” he said.

“The global demand for hydrogen will likely climax at about 700 million metric tons (MT) by the year 2050, with annual hydrogen production projected to increase by 9.2 per cent annually until 2030. “ Therefore, there is no better time for Nigeria to plug into this opportunity to avoid playing catch-up with the Western world.

As a country, Nigeria must play a critical and leading role in the global energy transition.

“Nigeria enjoys abundant sunshine, with an average of 11 hours of sun daily. Hence, Nigeria has immense solar radiation potential to power electrolysers for hydrogen production. This potential makes Nigeria a critical stakeholder in the world energy transition.

“The application of green hydrogen in fertiliser production is fast gaining attention globally.

Ammonia, made from hydrogen, is also an input in urea fertiliser.

This opportunity presents a significant step towards sustainable agriculture,” Nnaji emphasised.

Also speaking, the Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, said the pursuit of sustainable energy solutions necessitates an innovative mindset.

Urging participants not to overlook the symbiotic relationship between the new endeavours and the existing oil and gas sector, he explained that Nigeria has embraced its gas resources as transition fuel.

“While we continue to harness our gas resources, we remain open to exploring opportunities in hydrogen. Nigeria, endowed with

rich oil and gas resources, occupies a unique position to leverage its expertise and infrastructure in transitioning towards our hydrogen potential.

“This prospect for synergy between conventional and sustainable energy is vast, and we must seize this opportunity to diversify our energy portfolio,” Ekpo who was represented by the Permanent Secretary, Nicholas Agbo, stated.

He told the stakeholders to explore the delicate balance between maintaining the resilience of Nigeria’s oil and gas sector and fostering the growth of green technologies.

In his remarks, the Executive Director of WASCAL, Prof. Kehinde Ogunjobi, said the mandate of the group is combating climate change, land use and promoting sustainable green hydrogen.

“As we confront the challenges posed by climate change and the need for energy transition, the exploration of alternative and environmentally friendly solutions becomes imperative. And Nigeria, a nation blessed with abundant natural resources, has reached a pivotal juncture in its quest for sustainable development,” he said.

Also, Cognity Advisory’s Chief Executive, Prof Tope Toogun, said the kick-off meeting was proof of commitment to inclusivity and collaboration.

He added that the study will, among others, allow the stakeholders scrutinise the necessary infrastructure to facilitate the transition toward green hydrogen-based fertiliser manufacturing in Nigeria.

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NEWS

Launch of Nigeria Residential Sector Energy Demand-side Survey...

L-R: Deputy Ambassador, European Union delegation to Nigeria and ECOWAS, Mr. Zissimos Vergos; Managing Director, Rural Electrification Agency, Salihijo Ahmed; Minister of Power, Chief Adebayo Adelabu; Statistician General of the Federation, Prince Adewumi Adeniran and Statistics Manager, International Energy Agency, Mrs. Zakia Adam, during the official launching of Nigeria Residential Photo: ENOCK REUBEN Sector Energy Demand-side Survey in Abuja ... yesterday

NBCC to FG: Nigeria Cannot Increase Money Supply from N53.1tn toN78.7tn in 2023 without Corresponding Increase in GDP Says it is ominous that lots of well-run companies struggling to meet obligations

Dike Onwuamaeze

The Nigerian British Chamber of Commerce (NBCC) has urged the federal government to drastically cut down the volume of Naira in circulation and begin to incentivise manufacturers and export oriented non-oil industries in order to improve the economy.

The President of NBCC, Mr. Ray Atelly, delivered this task yesterday, when he addressed a press conference in which he stated that it is ominous that a lot of well-run companies in Nigeria

are beginning to struggle to meet their obligations.

Atelly, also urged the federal government to implement a population policy that would reduce the country’s population growth rate of 2.4 per cent far below the country’s GDP growth of 2.5 per cent.

Atelly said: “It is time to stop printing Naira and worsening money in circulation. Let us instead start mopping up excess cash and start curbing 28.92 per cent inflation. How can money supply grow from N53.1 trillion in January 2023 to N78.7 trillion in

December of same year without a corresponding increase in GDP? “Today, the government is inaugurating a committee to discuss and agree on a new minimum wage.

Whatever conclusions this group of eminently qualified Nigerians will reach at the end may still not be enough to take care of the needs of workers, unless we equally take steps to shore up the value of the Naira.”

He added that if the federal government would, “drastically cut down on the volume of Naira in circulation and then incentivise

manufacturers and export oriented non-oil industries, the pressure on the Naira shall reduce drastically.”

Atelly also emphasised that, “hunger knows no tribe, faith or party” because it cuts across them all and warned that “the only way to save Nigerians from further agony, is by treating with urgency the threat posed by hunger and idleness in our country.

“Let all urgent steps be taken to provide export incentives so that we may start exporting in good numbers and earning foreign exchange.”

NNPC Wants South Korean Investments in Nigeria’s Gas Sector Felicitates Temile on acquisition of LPG carrier

Emmanuel Addeh in Abuja The Nigerian National Petroleum Company Limited (NNPC) has held talks with a South Korean consortium led by Daewoo E&C on the development of gas projects in Nigeria.

The discussions which held in Seoul, South Korea, were aimed at deepening NNPC Ltd.’s drive to tap into the nation’s vast gas resources to be a supplier of clean and affordable energy to the global market.

This information was revealed in a statement by the Chief Corporate Communications Officer of the NNPC, Olufemi Soneye, yesterday.

South Korea is a major destination for Liquefied Natural Gas (LPG) exports and the consortium, in collaboration with the Korean Export-Import bank, has expressed interest in advancing discussions on investing in greenfield and other gas development opportunities, the statement said.

“The talks will pave way for the execution of a Memorandum of Understanding (MoU) that will unlock strategic foreign direct investment in line with the President Bola Tinubu administration’s policy of making Nigeria a prime destination for global investors,” it stated.

Meanwhile, the Group Chief Executive Officer of the NNPC,

Mele Kyari has also congratulated Temile Development Company, an indigenous player in the gas sector, on the commissioning of its 23,000 cubic meters ultra-modern LPG Carrier in Ulsan, South Korea on Tuesday.

According to the GCEO, the vessel named, Alfred Temile 10, represents a significant stride towards deepening the utilisation

of gas in-country and growing gas revenues.

“It is great that Temile Development Company is able to complete the construction 23kt LPG vessel.

This will go a long way in improving access to LPG in the domestic market and provide cleaner fuel in our country.

“Nigeria’s objective is to ensure that everyone has access to clean

energy and particularly walk away from bio-mass as a source of energy.

We know this is good and that is why we will continue to support it,” he added.

He disclosed that NNPC Ltd, alongside its partner West Africa Gas Ltd (WAGL), was building its own vessels which will boost LPG supply in Nigeria with a view to saturating the market in the country.

He added that the time was ripe for Nigeria to implement, “a population policy that can reduce our population growth rate of 2.4 per cent far below our GDP growth of 2.5 per cent. Real development cannot take place under such a static situation. We can achieve 5.0 per cent GDP growth if it becomes a national agenda.”

Atelly said the government must act with urgency like never before to salvage the economy.

“The time to act is now. A lot of well-run companies in Nigeria are beginning to struggle to meet their obligations. This is quite ominous.

Who knows what may happen next?”

The president of the NBCC stressed the need for the country to wake up from the dream that Nigeria was a rich country.

According to him, “we are not rich when we have 100 million citizens living below poverty line. Poverty is everywhere and all around. It is time to live less pretentiously and more realistically.”

Atelly added: “Let us produce with rudimentary tools and upscale as we go along. But produce, all the same. Produce as a national policy and flood our markets with made in Nigeria manufactured goods.”

In addition, “it is time we ended tax Audits and highly publicised tax raids that do more harm than good to the reputation of Nigeria and the Nigerian economy. It is time

we stopped giving the world the impression that Nigerian companies are tax evaders.

“For there are our business associates who might pull out of vital projects, as a result, leading to a loss of investment inflow and employment opportunities.

“It is time to stop fighting corruption while Nigerians starve without seeing the war booty.

‘It is time that we stop handing out cash to individuals as a palliative when we can train them to become more productive.

“It is time to truly invest in our youths and increase their participation in economic activities beyond peripheral roles and borderline oprations.”

He reiterated his view that the economy is the last hope of the common citizen, and echoed that, “as custodians of that last hope, it behooves us to speak up and offer our viewpoints, so that our economy may be nudged unto the path of significant growth and positive expansion or diversification.

“No one group has all the answers. And the business of governance is complex and convoluted. There are lots of contending views even within the corridors of power. But we understand the economy and the pain points of our members, who tirelessly work hard to ensure that our people still have jobs, at great cost.”

Toriola: MTN Will Comply with NCC’s Directive on Interconnect Debt

Emma Okonji

Following the directive from the Nigerian Communications Commission (NCC) to put on hold the planned disconnection of Globacom subscribers from receiving calls generated from the MTN network, Chief Executive Officer of MTN Nigeria, Mr. Karl Toriola, said MTN will abide by the directive of NCC, the telecoms industry regulator.

NCC had on January 8 published a pre-disconnection notice, informing subscribers of the approval granted MTN Nigeria Communications Plc to commence the phased disconnection of Globacom subscribers with effect from January 18, 2024, due to long-standing interconnection

debt dispute between the two telecoms operators.

On January 17, NCC issued a statement putting on hold the initial directive to disconnect Globacom subscribers.

In the statement signed by NCC’s Director, Public Affairs, Mr. Reuben Muoaka, NCC said Globacom’s subscribers would no longer be disconnected by MTN, following agreement reached by both telecoms operators to settle their interconnect indebtedness The statement said, “The commission is pleased to announce that the parties have now reached an agreement to resolve all outstanding issues between them.

For this reason, and in exercise of its regulatory powers in that regard, the commission has put

the phased disconnection on hold for a period of 21 (twenty-one) days from 17 January, 2024.”

NCC said the commission expected MTN and Glo to resolve all outstanding issues within the 21-day period. The commission insisted that interconnect debts must be settled by all operating companies as a necessary component towards compliance with regulatory obligations of all licensees.

Reacting to the NCC directive putting on hold the planned disconnection of Globacom subscribers, Toriola said MTN would abide by the directive.

Toriola, who spoke during a recent interview with ARISE NEWS Channels, the broadcast arm of THISDAY Newspapers,

said, “Suffice it to say that the NCC is the most developed regulatory body. Whatever we do in that dispute or that discourse will be in line with what the NCC dictates.

“The NCC is very competent in addressing such issues and it has come out with authorisation for disconnection and that has been put on hold to give an opportunity to address these issues. But what I can say is that MTN will always act in the most professional, most compliant manner, and we will not do anything that hasn’t been authorised by our licensing conditions or the regulator.”

Toriola reiterated that MTN remained a Nigerian company.

He stated, “We are a Nigerian company, registered in Nigeria,

with Nigerian shareholders. If you look at our leadership cadre, you'll see that the company is 90 per cent led at the very top level by Nigerians, and I don't think we have more than 10 expatriates in the company. We have a very seasoned board of Nigerian directors as well as some international directors. We’ve grown to become the biggest telecoms operator in Nigeria because we’ve done the right things at the right time. You cannot force customers to make their choice with their wallets.”

Toriola added that the ICT company remained committed to integrating digital competencies, prioritising customer satisfaction, whilst operating with the highest levels of compliance to industry standards.

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NEWS

SOLID MINERALS CONFERENCE...

L-R; Director General African Development Bank, Lamin Barrow; President, Geological Society of Nigeria, Malami Uba Sa'idu; Minister of Solid Minerals Development, Dele Alake; National President NACCIMA, Dele Kelvin Oye; with CEO BusinessDAY Media Limited, Frank Aigbogun; during the Solid Minerals Conference themed "Digging Deeper, Diversifying Nigeria's Economy for Wealth Creation" PHOTO: KINGSLEY ADEBOYE in Abuja... yesterday

Ndume Hails Tinubu for Transferring Crude Oil Revenue from NNPCL to CBN Seeks extension of directive to Customs, NPA, NIMASA, others

Sunday Aborisade in Abuja The Chief Whip of the Senate, Ali Ndume, has commended President Bola Tinubu's recent directive to the Nigerian National Petroleum Company Limited (NNPCL) to transfer revenue from crude oil sales to the Central Bank of Nigeria (CBN).

The Senator representing Borno South in the red chamber, said this in a chat with journalists in Abuja, yesterday.

The President under the new arrangement, directed the NNPCL to submit receipts for crude oil sales to CBN for vetting and documentation.

Receipts of payment for the oil sales are to be forwarded to the apex bank with immediate effect.

The NNPCL over the years had maintained sole control over crude oil sales, only rendering accounts to the federal government.

Ndume appealed to Tinubu to extend the initiative to all government agencies that generate revenues.

Some of them he listed included, the Nigeria Customs Service, the Nigeria Ports Limited, the Nigerian Maritime Administration and Safety Agency, among others.

Ndume, said the agencies must not be allowed to keep government funds in commercial banks without proper monitoring, as such would be safer in the confers of the CBN.

He said, “The President has now ordered that all crude oil sales money should be paid into the CBN. That is a very welcome and positive thing that he has done and he should not stop there.

“All agencies of government that are revenue generating should pay their money into the consolidated revenue account.

"As they present their budget, whatever expenditure they are going to incur, let them bring it before the National Assembly. That's what the constitution says. So, what they now want is to make a political issue again out of it.

“This decision that Mr. President took is the right decision, it is constitutional and it should be supported by everybody.

"That way, it should also apply to other agencies of government that are driving revenue. They cannot keep it. NIMASA should pay directly like NNPCL into the CRF. "The Nigeria Ports Authority (NPA) should do the same. The Nigeria Customs Service and all other revenue agencies should pay revenues into the Consolidated Revenue Fund of the Federation and their accounts should remain with CBN because they can do banking.”

Speaking further, he said: “If they want to withdraw money,

they should withdraw through the CBN. They were doing this before. Don't go and keep people's money in commercial banks and do transactions with it. That is it.

“I reiterate my call commending him for asking NNPCL to pay all oil revenue into the Consolidated Revenue account.”

The Senator reiterated his appeal to Tinubu to proclaim an Executive Order on Unexplained Wealth.

He said such law would empower anti-graft agencies to go after Nigerians with questionable riches.

The Senator representing Borno South in the red chamber said if Tinubu was determined to tackle

the menace of corruption, he must proclaim the Executive Order as soon as possible.

He said people, especially the political class, must explain their sources of wealth or forfeit same to the government.

He added, “The next thing now, if President Tinubu wants to fight

Alake: Why We Want Private Sector to Drive Solid Minerals Sector Folalumi Alaran in Abuja

The federal government has said it was working with the legislature to establish a private sector-driven initiative, where citizens would hold 25 per cent through public shares and private investors would hold a maximum of 1 per cent in a N1 billion share capital initiative.

The Minister of Solid Minerals Development, Dele Alake, made this announcement yesterday in Abuja, adding that solid minerals was not just a government business.

Speaking during his keynote address at the inaugural Solid Minerals Conference organised

by Businessday Newspapers, Alake lauded the organisation for its interest in developing the mineral resources in collaboration with the federal government, stressing that the approach was in conformity with the nation’s statutes on mining, which put the sector in the exclusive legislative list.

The minister noted that since the proclamation of the Seven-point Agenda in September 2023, a comprehensive roadmap for the sector's repositioning had been set in motion which was committed to driving change and reforms.

He said, “Central to our efforts to reposition the sector is the

establishment of a private-sector driven, Nigerian Solid Minerals Corporation. Following successful deliberations with the legislative arm, the process of creating the law for this critical institution has begun.

“On February 12 and 13, 2024, the Solid Minerals Committee of the House of Representatives will hold the first policy dialogue on the proposed law to create the corporation.

“In working with the legislature to establish the legal and legitimate foundation for the institution, our resolve to ensure that a share structure in line with a private sector- led strategy in which the

Nigeria Records Steady Rise inVoice, Internet Subscriptions, Drop in Teledesity Emma Okonji Nigeria has witnessed a steady increase in active voice and internet subscriptions, including a drop in teledensity as contained in the latest telecommunications statistical indicators released by the Nigerian Communications Commission (NCC), which have been adjusted to reflect the latest population growth figures and align with international best practices.

The adjustment which is reflected in the telecom industry statistical reports of September, October, and November 2023 published on the Commission’s website, was predicated upon the Nigerian Population Commission (NPC)’s projection of Nigeria’s

population at 216,783,381, as of 2022, replacing the previously used 2017 projection of 190 million people.

With the consequential adjustment, which is in line with the International Telecommunication Union (ITU)’s calculation of teledensity, the nation’s teledensity dropped from 115.63 per cent to 102.30 per cent in September, while Broadband penetration witnessed a similar drop from 45.47 per cent to 40.85 per cent in the same month. However, the active voice subscription statistics witnessed a marginal growth from 220,361,186 to 221,769,883 as of September 2023.

In addition, Internet subscriptions also enjoyed a marginal growth, from 159,034,717 in August 2023

corruption, would be to sign an Executive Order on Unexplained Wealth in this country.

“Let all these people explain where they got their money, including myself. People should stop talking about trivialities or personal issues; they should talk about national issues.”

to 160,171,757 in September 2023.

In October 2023 the industry also experienced a 0.19 per cent growth in Active Voice subscriptions while teledensity stood at 102.49% with Internet subscriptions increasing by 0.60% compared to September 2023.

In November of the same year, the industry also experienced a 0.46 per cent growth in active voice subscriptions. Teledensity stood at 102.97 per cent with a 0.57 per cent increase in Internet subscriptions when compared to October 2023, according NCC statistics.

Teledensity is an index prescribed by the International Telecommunications Union, ITU, for the measurement of telephone penetration in a population by a

factor of one line per 100 individuals in the population.

According to NCC, the adjustment by the commission is consistent with Section 89 Subsection 3(d) of the Nigerian Communications Act 2003 (NCA 2003), in which the Commission is mandated to monitor and report on the state of the Nigerian telecommunications industry, provide statistical analysis and identify industry trends concerning services, tariffs, operators, technology, subscribers, and issues of competition.

Executive Vice Chairman of the NCC, Dr. Aminu Maida, affirmed the nation’s telecom statistical adjustment process as an appropriate step to maintain the integrity of data about the Nigerian telecom

industry as collected, collated, and published by the commission. He noted that this will also ensure the accurate measurement of the commission’s progress towards attaining increased broadband penetration rates, improved quality of service, and increased population coverage, among other targets set out in the Strategic Plan for the Federal Ministry of Communications, Innovation, and Digital Economy.

He also said such data would provide information for both the International Telecommunications Union to which Nigeria belongs, and other development agencies as well as the operators, investors, multilateral agencies, and the public.

federal government will hold not more than 25 per cent, the Nigerian citizens will, by public shares hold 25 percent and private investors, each with a maximum of 10 per cent of the shares of the N1 billion share capital will be achieved.

“We are also determined to learn from the pitfalls of the defunct Nigerian Mining Corporation by ensuring that the new company operates according to the values of the market by reducing unnecessary intervention to the barest minimum and motivating its officials to take decisions solely for profitability and capital formation in the sector.

“The case for the acquisition of massive exploration data to de-risk investment has been successfully articulated.

“The First Nigerian Integrated Mineral Exploration Project succeeded in producing data on the occurrence of seven key minerals – Gold,PGM, Nickel, Chromium, Cobalt,Lead/Zinc, Silver, Copper, Baryte, Iron ore and earth minerals -across the country in specific locations. It led to the creation of special areas in the cartography of our cadastral systems.”

He added: “Considering the adversarial legacy of the Nigerian media forged in the crucibles of anti-colonial struggle, the typical knee-jerk reaction to a new regime has been to draw lines of battle and engage in often atrocious attrition.

“Central to our efforts to reposition the sector is the establishment of a private-sector driven, Nigerian Solid Minerals Corporation. Following successful deliberations with the legislative arm, the process of creating the law for this critical institution has begun.”

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Senate Probes Oil, Gas Infrastructure Fund Boss’ Removal Tinubu asks Upper Chamber to confirm Irukera’s disengagement Ex-FCCPC chief says commission needs to strengthen intelligence mechanism

Sunday Aborisade in Abuja and Ugo Aliogo in Lagos

President of the Senate, Godswill Akpabio, yesterday mandated the Committees on Gas and Petroleum Downstream to look into the circumstances that surrounded the replacement of the Executive Director of the Midstream, Downstream, Gas Infrastructure Fund, (MDGIF), Mansur Kuliya.

The development followed the protest by the Senator representing Kano South Senatorial District, Sumaila Kawu on the floor of the red chamber during plenary.

Kawu had questioned the alleged premature removal of

the Kuliya as the substantive executive director of the oil and gas agency.

According to Kawu, the sacking of Kuliya as executive director of the agency was unlawful, as he was not allowed to complete his five-year term, which began in 2022.

His outburst was in response to President Bola Tinubu's letter asking the Senate to confirm Oluwole Adama as new ED of the MDGIF yesterday at plenary.

After reading the letter, the President of the Senate, Akpabio, mandated the Committees on Gas and Petroleum Downstream to complete Adamu's screening

within one week.

Akpabio also urged the committees to look into Kawu's claims and make recommendations to the Senate for further legislative action.

Meanwhile, Tinubu has written the Senate to confirm the disengagement of Babatunde Irukera as the executive vice chairman, chief executive officer of the Federal Competition and Consumer Protection Commission (FCCPC).

Part of Tinubu's letter read: "I hereby seek the kind confirmation of the Senate in respect of the disengagement from office of Babatunde Irukera as executive

vice chairman, chief Executive officer of the FCCPC. "While I hope that this Senate will consider this request expeditiously, please do accept, Distinguished Senate President and Distinguished senators the assurances of my highest regards.”

Meanwhile, the FCCPC chief, Irukera, has stated that there is need to strengthen intelligence gathering mechanisms to discover illicit products and their sources.

Irukera, who disclosed this yesterday in Lagos, during a welcome reception dinner organised by the Law School Class of 1990, urged the agency to follow through on the technol-

ogy adoption to trace and track legitimate products, and continue to gather intel on illicit products.

He also stated that the agency was watching to see how they can monitor what the Standards Organisation of Nigeria (SON) and National Agency for Food and Drug Administration and Control (NAFDAC) are doing in a bid to ensure that they are introducing technology and mechanisms which would ensure that products are authenticated.

He remarked that the authentication of products prevents consumers from buying adulterated or substandard products, noting that as an agency, when they see

Akpabio fake products in the market, it allows them to know where to go find such products.

The former FCCPC CEO revealed that at the end of 2023, the agency had returned to the federal government N56 billion, noting that in 2024, they are ready to do ready even more.

Minimum Wage Review: FG Urges C'ttee to Be Guided By Social Justice, Timely Completion of Task The President, who was represented by Vice President Kashim Shettima, stated this yesterday, while inaugurating the tripartite committee at the Council Chambers of the State House, Abuja.

Tinubu told the committee members that, “Our objective should be to surpass the basic Social Protection Floor for all Nigerian workers, considering the sustainable payment capacity of each tier of government and other employers or businesses.

“I express this viewpoint because the minimum wage represents the least amount of compensation an employee should receive for their labor and as such, it should be rooted in social justice and equity. I hope that the results of your deliberations will be consensual and acceptable to all parties involved."

In his address before the inauguration of the committee, Tinubu urged members to, “speedily” arrive at a resolution and submit their reports early as the current N30,000 minimum wage would expire at the end of March 2024.

He urged them to take attendance to meeting seriously, adding that the minimum wage must be based on equity and social justice.

He also encouraged them to consult outside the committee and come up with a fair, practical, implementable and sustainable minimum wage.

The President in his address titled: "Social Justice and Equity: Tripartite Agenda for Minimum Wage," said the gathering was a reaffirmation of the promise to improve the welfare of Nigerian workers and by extension, the entire nation.

He said, "The labour force stands as the cornerstone of the progress of every nation, and ours has been the enduring engine of our pursuit of development."

On the importance of the gathering, he added, "Our sense of duty today thrives on both our sensitivity to the conditions of the Nigerian worker and the impending expiration of the last Minimum Wage Instrument in a few months.

"It is in recognition of the need to ensure a fair and decent living wage, and in compliance with the Act, that the federal government has set in motion necessary mechanisms to assemble this tripartite Committee to chart a future that aligns with our collective interests.

"While the decisions we have taken to save the economy are inevitable, we are not unaware of the short-term consequences.

We believe that government is a continuum, and, as such, we have intervened in the systemic delays that undermined our economic growth.

"Since the removal of the subsidy, various committees have been established to examine and make recommendations to the government on measures to cushion the envisaged painful effects of the increase on workers and the Nigerian populace at large.

“I am pleased to share that action has since commenced on the implementation of the outcome of those agreements and initiatives."

Furthermore, Tinubu also said, "We have identified the need for the review of the National Minimum Wage and to consider a minimum wage level that can alleviate the

Mali, Burkina Faso Send ‘Formal Notice’ of Withdrawal from ECOWAS

withdrawal cannot take effect for at least a year after official notification.

Mali, Burkina Faso and Niger Republic had announced their withdrawal from the regional economic bloc, alleging that the group’s decisions are now being influenced by foreign powers.

In a joint statement, the three countries, currently led by military juntas, accused the bloc of moving away from the ideals of the 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 and promote economic development.

Mali, Burkina Faso and Niger were founding members of ECOWAS in 1975, but the regional group had imposed sanctions on them following military coups that overthrew elected civilian governments.

The three countries, which formed Alliance of Sahel States (AES), said in their joint statement, Sunday, “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.”

Regional powerhouse, Nigeria, issued a statement late Monday expressing sadness over the three countries' departure from the bloc, which it hosts.

"Nigeria stands with ECOWAS to emphasise due process and our shared commitment to protect and strengthen the rights and welfare of all citizens of member states," a foreign ministry statement read.

It added that Nigeria had worked "in good faith to reach out to all members of the ECOWAS family to resolve the difficulties we face" but that it was "now clear" that not all members shared "the same good faith".

The statement added, "Instead, unelected leaders engage in a public posturing to deny their people the sovereign right to make fundamental choices over their freedom of movement, freedom to trade and freedom to choose their own leaders."

Nigeria said it remained "open for engagement" with Burkina Faso, Mali and Niger. It also appealed to the international community to continue to extend its support to ECOWAS and its vision of closer regional partnership, cooperation and integration.

nation.

"It gladdens my heart that the recommendation is being acted upon today, and we can all acknowledge that this is in line with our democratic process and adherence to the rule of law.

“I express my gratitude to all those who contributed to that endeavour.

"The issue of a National Minimum Wage for the Federation falls within the Exclusive Legislative List of the 1999 Constitution of the Federal Republic of Nigeria (as amended).

“Therefore, our objective should be to surpass the basic Social Protection Floor for all Nigerian workers, considering the sustainable payment capacity of each tier of government and other employers or businesses.

"I express this viewpoint because the minimum wage represents the least amount of compensation an employee should receive for their labor, and as such, it should be rooted

in social justice and equity. I hope that the results of your deliberations will be consensual and acceptable to all parties involved.

"The government's decision, following the consideration of your final recommendation, will be presented as an Executive Bill to the National Assembly. This bill, enriched by the contributions of state governments and private sector employers, will undergo thorough legislative scrutiny before being passed into law.

"I am hopeful that the Committee will employ the principles of full consultation with Social Partners and their direct participation, considering the core provisions of the International Labour Organization Minimum Wage Fixing Convention No. 131 and Minimum Wage Fixing Machinery Convention No. 26, both of which have been ratified

by Nigeria."

He also advised that the condi-

tions of genuine Social Dialogue should prevail in the spirit of Tripartism and Collective Bargaining Agreements, encouraging them, "to engage in collective bargaining in good faith, recognise each other, and maintain a spirit of give and take.

"Additionally, please continue your consultations outside the Committee as you work towards recommending a new National Minimum Wage.

"The Committee is anticipated to conclude its deliberations promptly and submit its report and recommendations. This timely submission is crucial to initiate the necessary processes for implementing a new National Minimum Wage."

The President reaffirmed his administration’s promise to improve the welfare of Nigerian workers and, by extension, the entire nation, saying, “the labour force stands as the cornerstone of the progress of every nation, and ours has been the

enduring engine of our pursuit of development.”

Underscoring the significance of the assignment as reflected in the composition of the tripartite committee, Tinubu urged committee members to take their new task with all seriousness, even as he directed the committee to employ the principles of full consultation with social partners in all of its deliberations.

Accordingly, he directed that state Governors, Ministers and the Head of the Civil Service of the Federation who are members must personally attend the committee meetings, and in the event they are unavoidably absent, their deputies, commissioners and Permanent Secretaries should represent them.

His words: “Recognising the significance of this initiative and to Continued on page 37

Official I&E Rate Hits N1,482/$1, Surpasses Parallel Market FX Price at N1,460/$1 Ndubuisi Francis, James Emejo in Abuja, Chinedu Eze and Nume Ekeghe in Lagos

In what appeared an unusual occurrence in the foreign exchange market yesterday, the naira hit N1,482/$1 on the Investors and Exporters (I&E) window to close higher than the parallel market rate, which anchored at N1,460/$1.

This means that the parallel market stopped depreciating and sustained the rate it exchanged the previous day at the same N1,460/$1.

Also, the naira at the official I&E window which closed at N1,482.57 compared to N1,348.62 indicated a N133.95 loss or 9.94 per cent decline.

The data on the FMDQ website quoted the daily turnover at $72.33 million compared to the $64.29 million in turnover it recorded on Monday, indicating a 12.50 per cent increase.

However, the highest spot rate recorded yesterday was N1,531/$1 while the lowest spot rate recorded was N789/$1.

In the same vein, the Central Bank of Nigeria (CBN), yesterday announced the payment of an additional $66.44 million to all verified foreign exchange claims by airlines.

But in a swift reaction, the International Air Transport Association (IATA) which welcomed the release of $64.44 million for blocked revenue of foreign airlines by the CBN, insisted that the country was still owing foreign carriers about $700 million.

This was just as the International Monetary Fund (IMF) in its January edition of World Economic Outlook (WEO) slightly lowered its growth projections for the country for 2024 to three per cent, from the 3.1 per cent earlier projected in its WEO released last October.

The IMF growth projection was lower than the 3.76 per cent projection in Nigeria’s 2024 budget.

Furthermore, the CBN noted that the disbursement to the airlines effectively brought to conclusion all outstanding verified settlements to the concerned aviation operators.

In a statement, CBN acting Director, Corporate Communications Department, Mrs. Hakama Sidi- Ali, added that the payments were in fulfillment of its pledge to clear the backlog of FX owed foreign airlines in the country.

She disclosed that the latest amount paid to the airlines brought the central bank’s total verified disbursements to $136.73 million in the sector.

She said, “All the verified airline claims have now been cleared.”

Sidi-Ali pointed out that the CBN Governor, Mr. Olayemi Cardoso, and his team were doubly committed and would stop at nothing to ensure that the verified backlog of payments across all other sectors was cleared.

This, she said, was intended to ensure that confidence was restored in the Nigerian foreign exchange market, adding that CBN was working with stakeholders to ensure liquidity improves within the forex market to douse the current pressure on the Naira.

Sidi-Ali further expressed optimism that the market would favourably respond to the latest injection of over $64 million as she called on actors in the FX market to guard against speculation as such actions could hurt the local currency.

The apex bank, therefore, urged the public to support the current market reforms, adding that the bank would continue to promote orderliness and professional conduct by all participants to ensure market forces determine exchange rates.

Earlier this month, the apex banking industry regulatory body announced it disbursed about $61.64 million to foreign airlines through various Deposit Money Banks (DMBs).

Meanwhile, the central bank’s recent policy initiative to decongest the head office by relocating over 1,500 staff members from Abuja to Lagos has reportedly taken effect.

Notwithstanding the initial protest and controversy that greeted the policy directive, THISDAY learnt that the staff of the affected departments penciled down for relocation would start resuming work in Lagos from Friday.

CBN sources told THISDAY that the resumption of staff to their new locations would be determined by the dates reflected on their respective letters of relocation.

The apex bank, through an internal memo, had 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, and 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.

IATA Insists Airlines’ $700mn Still with Nigerian Banks IATA has welcomed the release of $64.44 million for blocked revenue of foreign airlines by the CBN, even as it insisted that the country still owes the foreign carriers about $700 million.

IATA made this known in a statement yesterday, adding that it was consulting with its airline members to verify the release of the funds.

IATA added, “The International Air Transport Association welcomes the CBN's announcement this afternoon (yesterday) that it has released an additional $64.44 million in blocked airline funds. We are consulting with our airline members to verify the release of their revenues.

“While this development is encouraging it's crucial to recognise that approximately $700 million remains blocked with Nigeria’s commercial banks. As such there's a considerable journey ahead in fully addressing the issue.

“This is exacerbated by the devaluation of the Nigerian Naira, which has dropped significantly against the US Dollar. Airlines should not be unfairly penalised by the lower exchange rate.

“We will continue to monitor the situation closely and work with the government to ensure that the environment remains conducive to ensuring Nigeria’s connectivity to international markets.”

Earlier in January, CBN had paid foreign airlines $61.64 million as part payment for airlines trapped revenue in the country.

IMF Projects 3% Growth Rate for Nigeria in 2024 The IMF has projected a three per cent growth rate for Nigeria in 2024.

The multilateral lender also made a 3.1 per cent forecast for Nigeria in 2025 in its latest WEO released yesterday.

The IMF equally nudged its global growth forecast higher, citing the unexpected strength of the United States economy and fiscal support measures in China.

It predicted a 3.8 per cent growth for Sub-Saharan Africa in 2024, from 3.3 per cent in the preceding year.

The WEO report stated: “In subSaharan Africa, growth is projected to rise from an estimated 3.3 per cent in 2023 to 3.8 per cent in 2024 and 4.1 per cent in 2025, as the negative effects of earlier weather shocks subside, and supply issues gradually improve.

“The downward revision for 2024 of 0.2 percentage point from October 2023 mainly reflects a weaker projection for South Africa on account of increasing logistical constraints, including those in the transportation sector, on economic activity. ""But global growth is projected at 3.1 per cent in 2024 and 3.2 per cent in 2025, with the 2024 forecast 0.2 percentage point higher than that of October 2023 on account of greater-than-expected resilience in the United States and several large emerging market and developing economies, as well as fiscal support in China."

The forecast for 2024–2025 was, however, below the historical (2000–19) average of 3.8 per cent, with elevated central bank policy rates to fight inflation, a withdrawal of fiscal support amid high debt weighing on economic activity, and low underlying productivity growth.

The brighter outlook for the global economy was due largely to the strength of the U.S. economy, which grew 3.1 per cent last year.

China’s economy is also growing faster than previously thought and is projected to grow 4.6 per cent this year.

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NEWS

Nigerian Breweries Distributor Awards ...

L-R: Global Managing Director of the Tony Blair Institute (TBI), Michael McNair; Country Director Nigeria, Joy Dariye; Special Adviser to President Bola Tinubu on Policy and Coordination, Hadiza Bala Usman; and Anglophone West & Central Africa, Ope Adejoro, when the TBI team visited Bala Usman's Central Delivery Coordination Unit (CDCU) office in Abuja to discuss possible areas of collaboration... yesterday

Atiku Knocks Tinubu over Insecurity, Says Nigeria Doesn’t Need Tourist-in-Chief Advises president to step aside if he can’t manage country Presidency chastises ex-vp, insists nation’s leader on top of domestic affairs Senate to grill service chiefs, security heads next week Speaker urges commander-in-chief to take tough security decisions

Chuks Okocha, Olawale Ajimotokan, Sunday Aborisade and Juliet Akoje in Abuja

Former Vice-President Atiku Abubakar, yesterday, slammed President Bola Tinubu for going on a private visit to France while insecurity had taken over the country.

The Peoples Democratic Party (PDP) presidential candidate in the last election, who took to his verified X account, however, asked Tinubu to step aside, if he could not handle the affairs of the country, saying Nigeria “doesn’t need a tourist-in-chief” at this time.

But the Presidency has lambasted him for accusing President Tinubu of fiddling in the face of mounting security and economic challenges

confronting the country, insisting the president was on top of domestic affairs.

This was as the Senate, yesterday, on resumption of plenary after a month New Year break, lamented the spate of insecurity in the country and noted that urgent actions were needed to avoid escalation.

To this end, the red chamber re-invoked its earlier resolution to summon the service chiefs and heads of security agencies in the country to find out efforts being made to address the situation and what had been hampering their works.

At the same time, Speaker of the House of Representatives, Hon. Tajudeen Abbas, has urged President Tinubu to take tough decisions to curtail the rising insecurity in the

country However, lamenting the spate of kidnapping and Banditry, which he claimed had overtaken the country, while the president was in far away France, Atiku said, "Tinubu is playing fiddle while Nigeria is drowning in the ocean of insecurity.”

According to him, "To imagine that the Commander-in-Chief is on a so-called private visit while kidnappers kill a nursing mother and grandmother in Abuja for failing to pay N90m ransom and two monarchs in Ekiti, among other regular tragedies besetting Nigerians.

"If the shoes are too big for Emilokan, he should step aside. Nigeria does not need another tourist-in-chief.

The country needs 24/7 leadership to confront the pervasive insecurity

and collapsing economy."

Reacting, Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement, described the statement by Atiku as "reckless".

Onanuga rebuked Atiku for releasing the statement some days after he heaped allegations against the president on the crude for loan deal for NNPC Limited.

He excoriated the PDP presidential candidate, saying his latest statement fell short of what was expected from an elder statesman.

"We like to believe that Alhaji Atiku is still not nursing hangover of his electoral defeat and now latches on any issue to attack President Tinubu.

"President Tinubu did not travel without informing Nigerians of his

TETFund:VCs Decry Reps’ Encroachment onVarsity Autonomy Say it's infringement on separation of powers

Kuni Tyessi in Abuja

The Committee of Vice Chancellors of Nigerian Universities has accused the House of Representatives of encroachment on university autonomy over its directive to suspend the implementation of Tertiary Education Trust Fund (TETFund) interventions.

The vice chancellors noted that it was also an infringement on the doctrine of the separation of powers which they argued has the potential for conflict among the tiers and branches of government.

The committee reminded the House that the funds disbursed by TETFUND belong to the states and were subject to appropriation and exclusive oversight by the various states' Houses of Assembly.

In a statement signed by the Secretary on behalf of the Chairman, Suleiman Abubakar Mahdi, they stated that the directive, even if valid, should not apply to the state-owned universities.

He added that time was of the essence in executing proposed contracts in the institutions, and with the upward trend in the dollar exchange rate with the resultant inflation, this could ultimately increase costs.

The statement read in part: "The attention of the above Committee has been drawn to a letter from the House of Representatives Committee on TETFUND directing all Nigerian-

owned universities to stay in action on the implementation of the 2024 normal TETFUND intervention.

"The Directive further required all universities to submit drawings, designs and specifications, procurement, etc to the committee.

"It should be noted that the Governing Councils of the various state-owned universities are by Law empowered to award or approve

the award of contracts after due procurement processes and are doing so in exercise of the executive prerogative.

"With the greatest respect to the House Committee, we feel that their action is not only an encroachment on the autonomy of the universities but an infringement on the doctrine of the separation of powers which has the potential for conflict among

the tiers and branches of government.

"The House Committee may wish to be respectfully reminded that the funds disbursed by TETFUND belong to the states and are subject to appropriation and exclusive oversight by the various states' Houses of Assembly.

"Therefore, the directive even if valid, should not apply to the state-owned universities" he said.

whereabouts. He announced a private visit to France and announced a return date," Onanuga said.

He added that while in France, the president had been following developments in the country, including the inauguration of the Tripartite Committee on National Minimum wage yesterday, which he said bore his imprimatur.

Onanuga said, "He is in constant touch with his officials and security chiefs and has directed them to stamp out every form of criminality in the country.

"He has particularly ordered them to apprehend those criminals responsible for the murder of two monarchs in Ekiti State and the kidnapping of some pupils in the state."

In relation to the security situation in the country, Onanuga affirmed that government was already seeing positive results with the arrest of over 139 kidnappers in Abuja, Kaduna and Benue States in the last one week.

He said the police Special Intervention Squad (SIS) and DSS had also rescued 154 abducted persons in the last few days.

"Just last week, President Tinubu approved N50 billion as Special Fund to address some of the lingering security challenges in North-east where Alhaji Atiku hails from.

“To cope with the kidnapping challenges in the FCT, President Tinubu also approved funds for the acquisition of equipment to

track criminals."

He insisted that if Alhaji Atiku was really concerned about security issues and was not playing cheap politics, he should have known that Tinubu was on top of issues and working hard to restore peace to every part of the country.

He applauded the security agencies for working assiduously to bring the security situation under control, saying the president was giving them all the necessary support they required to win the battle against criminal elements and secure every inch of the country.

On its part, the Senate took the decision following a motion sponsored by the entire 109 senators and moved by the Senate Leader, Opeyemi Bamidele.

The federal lawmakers had earlier met behind closed doors for about one and a half hours to discuss the disturbing phenomenon.

The Senate in its joint motion, noted with sadness the rising spate of killings, kidnappings, banditry, and other criminal activities in the nation.

It insisted in the resolution that the recent killings in Agatu local government area of Benue State, which led to lost of lives, including security personnel and destruction of properties as well as the brutal killings of 11 residents of Logo Local Government Area of Benue State.

Continues online

Court Orders Seizure of Senator Umeh's Assets over Alleged N136m Debt Alex Enumah in Abuja

Justice Inyang Ekwo of a Federal High Court in Abuja, has ordered the seizure of assets belonging to Senator Victor Umeh, over his alleged debt of N135,722,303.40k owed the Asset Management Corporation of Nigeria (AMCON).

Justice Ekwo, specifically issued an order directing the forfeiture of Umeh's 5,000,000 units of Skye Bank shares in the records of the Central Securities & Clearing System to AMCON. The judge made the orders, after holding that Umeh, a former Chairman of the All Progressives Grand Alliance (APGA), was actually indebted to AMCON. Justice Ekwo held that the said debt of N135 million be paid with accruing interest.

Delivering judgment in the suit marked: FHC/ABJ/AMC/12/2022, and filed by AMCON), the court also awarded a cost of N2 million in favour of AMCON and against Umeh, who represents Anambra Central Senatorial District at the National Assembly.

Umeh, who is the current chairman of the Senate Committee on Diaspora, was said to have received a loan of N23,250,000.00 from the now defunct Skye Bank in January 2008, "to enable him invest in and purchase shares of a financial institution in Nigeria.

"The tenor of the credit facility granted the defendant was specifically fixed for 356 days.

"The offer letter contained various other explicit terms and conditions which the defendant accepted by duly executing the memorandum

of acceptance.

"The defendant utilised the funds granted to him as credit facility by the bank. However, at the expiration of the tenor of the facility, the defendant failed and neglected to liquidate the credit facility as per the contract."

AMCON stated that it later acquired the unpaid debt when Skye Bank became unsuccessful in making Umeh to repay.

It added that its suit was to recover the debt which stood at N135,722,303.40k as at April 2011.

Delivering judgment on Monday, Ekwo observed that despite being served with court documents in relation to the case, Umeh failed to file any response or make any effort to enter a defence.

"It is to be noted at this point that the defendant, upon being served, failed to enter a defence is this case.

"It is trite law that the net effect of the failure of a defendant to file pleadings is that the assertions of the claimant in his pleadings stands unchallenged and are deemed admitted and established", Ekwo held.

Adding that: “It is also trite that the effect of a defendant's failure to call evidence in defense of the claims against him at the trial is that he is presumed to have admitted the case made against him by the claimant.”

Justice Ekwo however stated that despite Umeh's failure to file a defence, the plaintiff was able to prove its case through the evidence it presented.

He held that by the evidence presented by the plaintiff, "the indebtedness of the defendant has been proved.

"I find that the plaintiff has

established its case by preponderance of evidence as required by law.

"Consequently, judgment is entered per terms as follows: “A declaration is hereby made that the defendant is indebted to the plaintiff, in the sum of N135,722,303.40 representing the principal debt sum plus all the accrued interest and charges, at the rate of 15 per cent per annum drawn up to January 25, 2021, being the sum due and outstanding from the defendant to the plaintiff.

“A declaration is hereby made mandating the defendant to pay to the plaintiff the sum of N135,722,303.40 representing the principal debt sum, plus all the accrued interest and charges, at the rate of 15 percent per annum drawn up to 25th January 2021, in settlement of the debt due and outstanding from the defendant to the plaintiff.

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NEWS

Establishing strategic partnership on promotion of technical, vocational, entrepreneurship education...

L-R: Senior Special Assistant to the President on Technical, Vocational and Entrepreneurship Education, MadamAbiola Arogundade and Governor of Ondo State, Mr Lucky Aiyedatiwa during a meeting to establish a strategic partnership on the promotion of technical, vocational and entrepreneurship education in Ondo State at the Ondo State Governor’s Lodge, Asokoro, Abuja on Thursday

Edu: Tinubu Should Not Succumb to Sponsored Blackmail, Says Public Affairs Commentator Says, no strategic leader will lose a “Betta Edu” in their team It's a plot to distract Tinubu's administration

Wale Igbintade

A public affairs commentator, Mr Mohammed Sanusi has urged President Bola Tinubu not to bow to 'heavily sponsored blackmail' and media trial to sack the suspended Minister of Humanitarian Affairs and Poverty Alleviation, Dr. Betta Edu from his cabinet.

According to him, no strategic leader would lose a selfless and zealous cabinet member of the kind of Betta Edu in response to sponsored blackmail and campaign of calumny.

He described Edu as one of the most active, innovative, responsive, and result-oriented ministers in President Bola Tinubu’s administration.

According to him, “Many Nigerians have watched from the sidelines as she deployed her selfless zeal in bringing succor to those in need.

Highlighting some of her achievements, Sanusi said “In under 140 days, she had visited and successfully initiated various grassroots interventions that had significantly touched the lives of the poor and vulnerable in over 15 Northern states, and some in the southern part of Nigeria as well.

“She has brilliantly represented Nigeria in many National and International fora, successfully attracting donor support to the humanitarian and poverty alleviation Ministry.

“For once, the poor and vulnerable across the country can testify to the fact that they are actually benefiting from the Federal Government’s various programmes.

“In the context of the above, why

would any strategic leader lose a Betta Edu over paid blackmail?”

Sanusi further claimed that the young and passionate Betta Edu had responded swiftly on behalf of the federal government to humanitarian crises in all parts of the country.

“Little wonder that due to her absence from office when the Ibadan explosion occurred, the federal governments’ humanitarian assistance had scarcely been felt by the victims till date. The same goes for the victims of the renewed Plateau crises. God forbid another crisis should occur, without her at her post”, he added.

Sanusi alleged that the suspension of the Minister followed a wellcoordinated week-long negative media campaign, coordinated by several known influencers, and heavily sponsored to the tune of over a million dollars from within and outside Government circles, all in a bid to get Dr Betta Edu suspended and ultimately sacked as punishment for exposing the N44 billion fraud in National Social Investment Programmes Agency (NSIPA).

He further claimed that the names of persons paid, their teams and their sponsors were already known to the public with evidence of payment.

According to him, “Unfortunately, this has become the new trend in this administration, and the opposition is cashing in on it with the belief that once you pay for a media blackmail on anyone in government for one week, the President will suspend or remove the person.

“Presently, payments have been made to blackmail the Chief of Naval

Staff to ensure he is removed, other paid campaigns are ongoing against the Chief of Staff to the President, another Minister (name withheld) and even the CBN on its latest reforms to better position itself by moving some departments to Lagos.

“These negative media campaigns are succeeding in heavily distracting government from achieving Mr President’s Renewed Hope Agenda, by forcing it to constantly react to these paid media blackmails.

“A lot of government ministers have become weary in doing their work for fear of these organized social media hoodlums. The reluctance stemming from uncertainty as to whether their principal will see through the white noise and

protect his “A” team, or give in to the paid propaganda.”

He further stated “These distractions are not actually targeted at the foot soldiers, but rather at the President himself. The game plan is to take down all the President’s best hands, ensure his government has no impact, and ultimately get him voted out for poor performance in 2027.”

Sanusi also stated that three weeks after the suspension of Betta Edu, it had become clear to all that it was one-week paid campaign of calumny against her to ensure she got suspended just because she exposed a 44 Billion Naira transfer in an agency on her watch.

He said “The public now un-

An Ikeja High Court has sentenced one Richard Saviour to life imprisonment for sexually assaulting his wife’s niece and infecting her with the Human Immunodeficiency Virus (HIV).

The victim (name withheld) was aged 14 at the time the act was committed.

During the trial the State Counsel, Mr. Ola Azeez, called three witnesses to prove the prosecution’s case while the convict testified in his own defence.

Delivering judgment on the case yesterday, Justice Oyindamola Ogala held that the evidences provided by all the prosecution witnesses were corroborated and considered as the

truth.

Ogala said the evidences of the victim were corroborated by the Investigating Police Officer (PW1) and Social Worker from the state Ministry of Youth and Social Welfare (PW3).

According to her, the witnesses established the offence of defilement against the convict.

She said: “The testimony before the court clearly depicts the ‘evil’ perpetrated on this young girl and how she was abused both mentally and physically by the defendant and his wife for years.

“Revealing how she indeed ‘cried out’ for help and was betrayed by those who were supposed to help and support her.

“It is imperative to state at

money disbursed to beneficiaries?

The answer is yes! Did any funds go to Dr Betta Edu's account, or was any funds used by her? The answer is NO! “If these are the facts, why would any strategic government suspend one of its best hands rather than reform its financial regulations if it is not comfortable with any aspect of it? Betta Edu didn’t write the Financial Regulations; she met it there. It is the same practice in all ministries with evidence to show to that effect,” Sanusi posited.

Sanusi expressed worries over sustained plot to distract the Tinubu administration.

Continues online

Edo IGR Grows by N17bn in 2023 to N62bn Adibe Emenyonu in Benin City Despite the challenging economy fueled by the removal of fuel subsidy, Edo State Government said its Internally Generated Revenue (IGR) grew by over 40 per cent in 2023, recording a N17 billion increase from the N45 billion generated in 2022.

The Chairman, Edo Taskforce on IGR, John Osagie Inegbedion, disclosed this at a press briefing after the 2024 EIRS Management Performance Review (MPR), in Benin City, the Edo State capital.

Inegbedion said the 2023 IGR, driven by the State’s formal sector, stood at N62 billion, noting that the

N17 billion growth by the State in 2023 accounted for the combined revenue generation performance for 12 States in 2022.

Describing the growth as unprecedented in the history of the State, the EIR boss linked the feat to the business and economic reforms of the Governor Godwin Obaseki-led administration which has continued to attract investments into the State.

According to him, “In 2022, 12 States did N17b total IGR collection.

Thus, Governor Obaseki’s economic reforms and investment drive has propelled Edo economy to grow by the value of what 12 states struggled to collect.

Man Sentenced to Life Imprisonment for Infecting Wife's Niece with HIV Funke Olaode

derstands clearly that the Federal Government Financial Regulations in Chapter 14 (1402.iii) which talks of advances states clearly that for disbursement of funds for NonPersonal Advances for projects/ special programmes, the leader of the Project/Special Programme shall be the accounting officer and shall approve all payments, while the Accountant of an appropriate grade shall be attached to each project/ special programmes and have responsibility for the disbursement as well as retirement of Non Personal Advances”.

“The question is, was the money paid to the account of a project accountant of an appropriate grade? The answer is yes! Was the

this juncture that the actions of the principal of PW2’s school and the social worker (PW3) are commendable as same eventually brought some succor and relief to PW2, who unfortunately has been permanently ‘scared’.

“Having carefully considered the entirety of facts before the court, it finds that in this instance, the prosecution has satisfactorily proved the one count change the defendant is faced with.”

Ogala, said the defendant was desperate to distant himself from the allegation by denying the offences.

She said PW2 succinctly narrated what had transpired between herself and the defendant which the defendant denied.

“The defendant in his evidence

before the court indeed narrated how PW2 (the survivor) had at one instance, after running from home to avoid a beating from his wife, ran to the station and he was subsequently informed that PW2 accused him of molesting her.

“The court finds that the totality of the testimony of the defendant who testified in his defence calling no additional witness is in essence a denial of the allegation without more.

“He offered no reliable explanations to the charge aside attempts to depict PW2 as a stubborn girl and one who stole from himself and his wife,” she added.

The judge said when the police took the victim to the Mirabel Centre, she was tested and found to be HIV positive.

“The total IGR generated in Edo State for the year 2023 by EIRS, Ministries Departments and Agencies stood at N62,079,123,288.37k.

When compared with the 2022 total revenue collection of N45,062,587,439.92k, indicates a growth of N17,016,535,848:46k which was not associated with the informal sector but from the formal sector which occurred within a year.

“This is the first time in the history of revenue administration in the State that revenue will be grown by forty percent (40%) over the preceding year.”

Giving insights to what led to the increased IGR recorded, the EIRS boss noted, “The Pay-As-You-Earn (PAYE) tax contributed a total of N26.9 billion which indicates N9.44 billion over the previous year from the formal sector.

“Withholding Tax collection for the year 2023 was N4.8 billion with a resulting increase of N1.8 billion over the previous year.

“Other revenues grew by N1.46 billion while Ministries Departments and Agency (MDAs) had a growth of N1.8 billion with a collection of N8.3billion.

“On the contrary, the informal sector wherein most businesses such as the Micro, Small and Medium Scale Enterprise (MSME), traders, artisans and self-employed operators, had a collection of N1.9 billion with a reduction of 312million when compared with 2022 collection of N2.2 billion.”

The implication of the shortfall, according to Inegbedion “is that EIRS was relaxed on taxing self-employed individuals from

the informal sector as individual business owners had some reprieve granted by the Edo State Governor who understands the pains business owners go through as a result of the harsh economic situation and therefore insisted that taxes do not overburdened them”.

He noted that 95 per cent of the increase however came from the formal sector while the informal sector recorded a decline of N312 million.

Inegbedion further noted, “The Governor’s strategic and economic revolution is really having impactful positive growth.

“Whilst States are struggling to grow their IGR due to the current economic crisis occasioned by removal of fuel subsidies, Edo State economy is flying high due to the foresight of the Governor who long before now has been raising alarm about the impending economic disaster we are currently experiencing.

“However, he took the initiative and made the necessary wise economic decisions to position Edo for the challenges ahead.”

He added, “We commend the Governor as his investment and economic reforms are showing results as new investments are now paying their PAYE and WHT taxes which are deducted at source. The revenue space is being expanded by the new investment opportunities, we are growing our revenue figures, and we now have more persons coming into the tax net.

We encourage Mr. Governor to continue in attracting new investors to the State.

15

T H I S D AY • WEDNESDAY, JANUARY 31, 2024

NEWS

LAWMAKERS RESUME WORK...

President of the Senate, Senator Godswill Akpabio (Left) with Leader of the Senate, Senator Opeyemi Bamidele walking into the Senate Chamber following the resumption of the National Assembly after the yuletide break in Abuja... yesterday

Outcry as Fayemi, Bamidele, Alake, Others Condemn Killing of Ekiti Traditional Rulers Sunday Okobi in Lagos, Juliet Akoje, Folalumi Alaran in Abuja and Gbenga Sodeinde in Ado Ekiti

Outrage has continued to attend Monday’s killing of two traditional rulers in Ekiti as the immediate past Governor of the State, Dr. Kayode Fayemi, has expressed deep sadness over the killing of the Obas.

Also, Leader of the Senate, Opeyemi Bamidele, has challenged security agencies to fish out the killers of the Obas.

Minister of Solid Minerals Development, Dele Alake, has equally expressed sadness over the report of the killing of the two traditional rulers.

At the same time, the House of Representatives, yesterday, urged the Inspector General of Police, the Commandant General of the Nigerian Security and Civil Defence Corp, and other security agencies to deploy more men to Ekiti North 1 and ensure that the murderers of two monarchs were made to face the law.

This was as the Yoruba Leaders of Thought (YLT), has condemned the murder of the two traditional rulers.

In a statement, personally signed, Fayemi condemned the act, and described it as sorrowful and heinous.

“It is with profound sadness and

deep sorrow that I condemn the senseless killings of Oba David Ogunsakin, the Elesun of Esun Ekiti, and Oba Olatunde Olusola, the Olumajo of Imole Ekiti, which occurred on January 29.

“I express my deepest condolences to the government and people of Ekiti State over this unfortunate incident. My heart aches for the families, friends, and communities affected by this appalling act of violence, as such acts of violence have no place in our society.”

He lamented that the country had witnessed an upsurge in activities of kidnappers since the start of the New Year, “and Ekiti State, which has been relatively peaceful, also

appears to be experiencing an increase in this heinous criminality.

“It is clear that we need an all-of-society approach to solving this national problem. I stand in solidarity with the government and people of Ekiti State in the efforts to rid the state of this menace, even as I urge all our people to be more vigilant.”

Bamidele, in a statement, demanded unconditional release of other kidnap victims, tasking the security agencies to go after the abductors.

He mourned and condoled with the people of the affected communities and the entire state over the killing of the monarchs,

Fubara Assures Support for Victims of Fire Incident at Bonny-Nembe-Bille Jetty Blessing Ibunge in Port Harcourt

Rivers State Governor, Mr Siminalayi Fubara, has assured support for victims of fire incident at the BonnyNembe-Bille Jetty in the Old Port Harcourt township.

Fubara, who said the incident was unfortunate, expressed sympathy to those who were directly impacted

by the inferno.

He gave the assurance through the Secretary to the State Government (SSG), Dr Tammy Danagogo, who led a delegation to visit the scene of the inferno, yesterday.

Speaking, Fubara expressed his determination to work with the operators of the jetty to streamline measures that would end the oc-

currence of these annual infernos in the area.

Addressing victims of the inferno, Danagogo said, "Governor Fubara would have been here himself but was on another engagement. He has directed us to be here to get a first-hand report from us before he returns.

"We have seen the situation on

APC to Yahaya Bello: No Vacancy in NWC

the ground. We have heard from the maritime workers' chairman; the complaints and of course the recommendations he has made concerning a quick reaction time in terms of fire service response.

"We will assess the situation in terms of what has been damaged; the building that has been completely burnt down, the damaged jetty and other items that were damaged. Be assured he will take every possible step to assuage your feelings and loss."

promising to use the instrumentality of legislation in collaboration with Governor Biodun Oyebanji to ensure security of lives and property in the state.

Also, in a statement, Alake said, “This unfortunate incident underscores the urgent need to address the broader issue of insecurity in our nation, and the President Tinubu-led administration remains committed to surmounting these challenges.

“I strongly condemn this act of violence and urge the security agencies to swiftly apprehend the assailants, ensuring they face the full wrath of the law. Justice must be served for this heinous crime.

“Additionally, I call on the Police high command and the Department of State Security to take immediate action to rescue the kidnapped primary school pupils from Emure-Ekiti.”

On his part, spokesperson of the House of Representatives, Hon. Akin Rotimi, who broke down in tears over the killing of two monarchs in Ekiti, called for a security intervention to stem the tide of criminality ravaging Ekiti State.

He stressed that there has been an increase in criminal activities in Ekiti North 1 (Ikole/Oye) Federal Constituency in recent times resulting in the loss of lives and properties, adding that the escalation in violence had led to the gruesome murder of two monarchs in the state.

He urged the Chief of Army Staff to redeploy the military to the outpost along the Oke-Ako area to enhance security and forestall a repeat of these beastly acts and also urged the Ministry of Works and FERMA to immediately rehabilitate the Ayedun to Irele road, and other roads in the Federal Constituency.

In a related development, the House of Representatives, has also urged the chief of defence staff to establish civilian joint task force in Plateau.

The resolution followed the adoption of an urgent motion on terrorist attack on Mangu local government areas of Plateau moved

by Hon Ishaya Lalu, at plenary yesterday.

Equally reacting, the Yoruba Leaders of Thought (YLT), in a statement by its National Secretary, Mr Bayo Aina, said the killing of the traditional rulers has further revealed that no one was safe in the state.

It called on security agents to arrest the abductors of the school children and return the children to their families While commiserating with Governor Oyebanji, the group said security agents must be up and doing to assure citizens of the safety of their lives and properties It described as unacceptable the recurring incidents of kidnappings in the state, saying citizens could not continue to live under perpetual fear for their lives.

Ruling party to flag off update of membership registration in Niger Ogun Assembly Swears in New Speaker, Elemide

Adedayo Akinwale in Abuja

The All Progressives Congress (APC), has told the immediate past Governor of Kogi State, Yahaya Bello, that there was no vacancy in the National Working Committee (NWC) of the party.

National Publicity Secretary, Felix Morka, stated this yesterday in Abuja, while briefing journalists on the resolutions reached at the 141st meeting of the NWC. Bello had commenced moves to unseat Abdullahi Ganduje as the national chairman of the party after posters promoting him for the position of the chairman were seen at strategic places in the nation's capital on Monday.

According to Morka, "There is no vacancy in the office of the National Chairman. Our National Chairman remains the Chairman.

This is democracy, people do what they want.

“We have total confidence in the leadership of the party. Those who

are posting these papers around should desist from doing so."

Morka revealed that the ruling party would flag off the update of the party's membership register in Niger State.

He said the party would flag off the update of membership registration nationally in Niger State, then flag off in one state in each of the other geo-political zones Morka also denounced the failure or refusal of the Speaker of the Plateau State House of Assembly to swear in 16 APC House Members adjudged by the Court of Appeal as the duly elected members of the Plateau State House of Assembly.

He said the stubbornness of the speaker and the governor of the state in this matter was wrong, undemocratic and violently contemptuous of the authority of the Court of Appeal, the highest court for the determination of election petition matters as it concerns the

House of Assembly.

To this end, the ruling party called on the Speaker of the Plateau State House of Assembly to swear in the members without further delay in the interest of peace in the good State of Plateau.

Morka stressed that even if the speaker has any issue with the decision of the court, he has no choice but to do the right thing.

He further noted that the NWC had adopted in its entirety, report of the NWC’s high level Reconciliation and Intervention Delegation to the United Kingdom’s APC Diaspora Chapter.

The spokesperson noted that the NWC also approved the constitution of an Interim Executive Committee of the Chapter of 24 members to be led by its Chairman, Hon. Tunde Doherty and Secretary, Hon. Joseph Adebola.

He noted that the Interim Executive Committee would have a term of three months, renewable as might be deemed necessary.

James Sowole in Abeokuta

The Ogun House of Assembly, yesterday, ratified the impeachment of Olakunle Oluomo (APC-Ifo1) as the speaker, and sworn in Hon Oludaisi Elemide, representing Odeda Constituency, as the new speaker.

All 22 members present at plenary voted in support of the impeachment.

At the plenary, presided over by the Deputy Speaker, Bolanle Ajayi, (APC-Yewa South), Hon Musefiu Lamidi (APC-Ado Odo Ota 11), read the report of the committee set up by the House on Monday to investigate the allegations leveled against Oluomo.

Lamidi noted that the committee made it clear to the former speaker that it was not on witch-hunting mission but for fair hearing on allegations leveled against him.

"The speaker said some of the committee members does not

have the right to be a member of the committee to investigate him since they were among the 18 members, who originally signed the impeachment notice.

"Having observed that the committee turned down his request, he walked out on the committee to avoid responding to further questions from the committee.

"The committee observed that the attitude of the speaker shows that he has no regards for the committee and by extension the House of Assembly.

"His attitude is a clear admittance of the allegations contained in the impeachment notice served on him which includes financial impropriety, high handedness and lack of focus among others," Lamidi said.

He, however, said the committee found him guilty of all allegations leveled against him and consequently recommended that he should be impeached.

Lamidi, thereafter, moved the

motion for the adoption of the report which was seconded by Oluseun Adesanya (PDP-Ijebu North East).

The deputy speaker threw the resolution back to the house and the 22 members in attendance affirmed the removal of Oluomo as the speaker through the majority vote.

"With the majority vote of 22 members, I hereby confirmed that Oluomo stands Impeached and removed as the speaker of the Ogun House of Assembly," she said.

Mr Adegoke Adeyanju (APCYewa North 1), thereafter, nominated Oludaisi Elemide (APC-Odeda) as new speaker and seconded by Adeniran Ademola (APC-Sagamu11).

Elemide took Oath of Office and officially sworn-in to replace the impeached Speaker.

The new speaker promised all-inclusive leadership, urging the members to see themselves as one and work in unity for the progress of the state.

16

T H I S D AY • WEDNESday JANUARY 31, 2024

FEatures

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

Garlands for Rear Admiral Mohammed Dahiru at NNS WEY

For his conscientious dedication to duty, the Navy Town communities recently honoured the immediate past Commander, Nigerian Navy Ship WEY, Rear Admiral Mohammed Dahiru. Chiemelie Ezeobi writes that from security to environmental sanitation, maintenance works and even medical outreaches, the communities scored him high

Celebrant with NNS WEY officers

Rear Admiral with royal fathers

F

or the Navy Town host communities, Rear Admiral Mohammed Dahiru, the immediate past Commander, Nigerian Navy Ship WEY, was deserving of everything good. Under his leadership, the relationship between the Nigerian Navy and the host communities had soared to an all time high.

Recently, on a certain Saturday, a mammoth crowd converged on the grounds of the Nigerian Navy state-of-the-art stadium in Navy Town to celebrate his recent promotion from a Commodore to the enviable rank of a Rear Admiral as he ended his tour of duty at the unit.

For Nigeria Navy Ship WEY that administers 10 barracks areas, the unit, one of the several in the Nigerian Navy is located inside Navy Town in Satellite Town and operates under the ethos of "Service, Honour and Security".

Named after Vice Admiral Joseph Edet Akinwale Wey, a retired Chief of Naval Staff, the unit has been led gracefully and efficiently

by Rear Admiral Dahiru, a feat that earned him the adoration of host communities.

Traditional rulers that graced the occasion were Chief Babalola Babatunde Shabi, Baba of Kirikiri/Apapa Town; Chief (Mrs.) Maryam, Iyalaje of Amuwo and Iyaloja of Kirikiri Town; Tunleshe Balogun of Kirikiri Town; Waziri Umar Yusuf's senior brother; Chief Aro of Imore; Chief Eletu- Oba of Imore and a host of others.

Others include the Secretary of Oriade LCDA, Hon. Romotalai Akinola Hassan, Mr. Rasaq Akorede Olojede; Commander of the Nigerian Navy Reference Hospital, Surgeon Captain Ikechukwu Chukwuka; Captain Idongesit Udoessien, the CO DB Abuja; other naval officers of the unit; DPO Kirikiri, CSP Olaniran Ismail; Deputy Comptroller, Kirikiri Maximum Custodial Centre, Balogun Sikiru; and DCC Diala of Kirikiri Female Custodial Centre.

Many residents of the host communities in attendance told THISDAY that it wasn't a chore to turn out en mass to celebrate the then commander because he had proven over time that he had their interest at heart.

So on that fateful Saturday, the respective communities thronged the stadium in Navy Town and had fun while celebrating the commander.

The celebrant with his family

Rear Admiral Dahiru with the Taekwondo team

Rear Admiral Mohammed Dahiru From the respective traditional dances to football tournament, taekwondo, the match past by female soldiers as well as prayers for the commander, the mammoth crowd truly showed up and out for the commander.

Fostering CMR through Medical Rhapsodies In this regard, the host communities opined that Rear Admiral Dahiru had done extremely well in fostering and reinforcing its commitment to its host communities.

Citing the two medical outreaches NNS WEY recently conducted for Kirikiri Town and Navy Town residents, both in Oriade Local Council Development Area, LCDA, Lagos, they opined that it went a long way to foster civil-military relations.

The exercises featured a range of medical services starting with public health talks, vital signs check, blood pressure check, blood sugar checks, distribution of treated mosquito nets, eye test, dental checks, and even likelihood of surgery for chronic cases at the Nigerian Navy Reference Hospital inside NNS WEY. According to Dahiru, the initiative was in line with the directives contained in the Chief of Naval Staff (CNS), Vice Admiral Ikechukwu Ogalla, Strategic Directive 2023-6.

Environmental Sanitation Beyond the medical outreaches, NNS WEY had also severally carried out environmental sanitation for its hosts.

According to Rear Admiral Dahiru, the reason was not far-fetched; it was aimed at enhancing the overall health and well-being of the residents, as well as contribute to environmental beautification of the host communities.

Foodbank for Widows in Navy Town Another way through which Rear Admiral Dahiru endeared himself to

The celebrant with the football team

the community was the Foodbank Initiative for Widows. A flagship program of Hands of God Widows Support Initiative (HOGWIN), its annual Widows Foodbank program designed to support indigent widows across communities particularly during the yuletide season.

Through the Foodbank initiative, HOGWIN provides a solution to the challenge of SDG 2- end hunger. Last year, the Foodbank initiative was delivered to widows of the Navy in collaboration with Straight Outta Navy Town with compliments of Rear Admiral MY Dahiru.

The event saw 150 widows in attendance who received food items including rice, oils, eggs and other condiments.

Improved Security Not limited to its provision of accommodation, road maintenance and even providing basic amenities, NNS WEY under Rear Admiral Dahiru had ensured improved security for the unit and its host communities. This he did through increased patrols, adequate perimeter fencing.

Beyond the barracks, the unit had ensured the security of its immediate environment. Its constant patrols on the Mile2/Badagry Expressway and Alakija- Satellite Town corridor tackled the menace of traffic robbers who usually take advantage of the perennial traffic snarls to rob motorists.

About Rear Admiral Mohammed Yakubu Dahiru Rear Admiral Mohammed Yakubu Dahiru was born on July 12, 1972 in Katsina and hails from Katsina Local Government Area of Katsina State.

He enlisted into Nigerian Navy as a member of 43 Regular Course and was commissioned Sub-Lieutenant on September 21, 1996.

The senior officer has attended several academic and military courses. He obtained Bachelor of Science Degree in Mathematics and Masters in International Affairs and Strategic Studies from Nigerian Defence Academy, Kaduna.

He also obtained Masters Degree in Law Enforcement and Criminal Justice from Ahmadu Bello University Zaria as well as Master of Science degree in Strategic Studies from the University of Ibadan.

The military courses attended by the senior

officer include Sub-Technical Course and Officers’ Long Course (Communications) – Nigerian Navy Ship QUORRA, Military Police Officers’ Basic Course – NASMP Basawa Zaria, and the Junior and Senior Staff Courses at the Armed Forces Command and Staff College (AFCSC) Jaji. Rear Admiral Dahiru attended National Defence Course as a member of Course 26.

The senior officer has held several appointments amongst which are Watch Keeping Officer – Nigerian Navy Ship OFIOM and Nigerian Navy Ship ARADU, Security Officer and Staff Officer Grade 2 Provost Naval Headquarters, Assistant Provost Officer – Nigerian Navy Ship BEECROFT, Regulating Officer – Nigerian Navy Engineering College Sapele and Nigerian Navy Ship DELTA, Ships’ Communication Officer – Nigerian Navy, Ship KYANWA, United Nations Military Observer in the Democratic Republic of Congo, Commanding Officer of Burma Battalion – Nigerian Defence Academy, Merchant Vessel AMARYA, Nigerian Navy Ship YOLA, Nigerian Navy Ship BURUTU and Naval Outpost ONITSHA. He was also the Executive Officer – Forward Operating Base BONNY. Additionally, the senior officer served in Naval Headquarters as Staff Officer Grade 1 Records and Assistant Director (Records) respectively.

He was two times Deputy Provost Marshal, and a Directing Staff at the National Defence College Abuja. He was also once the Director of Administration at Nigerian Defence Academy Kaduna before his just concluded appointment as Commander, Nigerian Navy Ship WEY. The senior officer attended the INTERPOL General Assembly in Chile 2019 and participated in the Africa Sea Power Symposium 2021. He also attended the London Policing College Seminar 2022.

He was awarded the Distinguished Service Star for his unblemished service to the Nigerian Navy and the nation in general. He is a distinguished fellow of the National Defence College, associate member Chartered Institute of Shipping and member National Institute of Management and Society for Peace Studies and Practice.

A stickler for perfection and discipline, the senior officer is married and blessed with four children. He enjoys sports and reading.

17

T H I S D AY • WEDNESday JANUARY 31, 2024

politics

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

What is INEC’s Interest in APGA’S Internal Squabbles?

Despite the Supreme and Federal High Courts’ judgements recognizing Chief Edozie Njoku as Chairman of the All Progressives Grand Alliance, Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu, has refused to do same, even at the risk of being sent to jail, writes Alex Enumah

O

nly recently, precisely November, 2023, the Court of Appeal in Abuja, while delivering judgment in an appeal in the Bauchi State House of Assembly election came down heavily on the Independent National Electoral Commissioner (INEC), for being partisan in the same election they conducted.

In the lead judgment delivered by Justice K. I. Amadi, the appellate court described as embarrassing the fact that INEC could appear before it to act in favour of a party in an election dispute, by disowning documents that it not only issued, but also duly certified.

The appellate court lamented that the electoral body has continued to “dance naked in the market,” even though it was meant to assume a neutral stand in election litigations.

“The INEC as an institution should be reminded of its role in an election; to be an unbiased umpire between parties.

“It should stop behaving irresponsibly, having in mind that its duty to conduct election has a direct bearing on peace and well-being of the country.

“The role of INEC in election dispute should be limited to the tendering of all the documents used in an election and explaining what they were used for and how they were obtained.

“INEC should stop dancing naked in the market, pretending that no one is seeing its nakedness and its dancing steps,” the court warned.

As punitive measure, the appellate court then slammed a N500, 000 cost against INEC. Unfortunately, INEC has continued to act as if it is a lord on its own disregarding courts’ decisions and orders, including judgments of the Supreme Court, the final court of the land.

Nothing can be so amusing as to discover that nearly a year after the apex court clarified on who is the chairman of the All Progressives Grand Alliance (APGA), INEC and its Chairman, Prof Mahmood Yakubu, have not only continued to disregard the judgment of the apex court, but is currently at the Court of Appeal, to argue why he should not be sent to prison for disobeying valid orders of courts of competent jurisdiction.

This action of INEC does not only smack disregard for the rule of law and respect for the courts, but portrays INEC as a bad loser, assuming that the commission and Yakubu were a factional leader of the All Progressives Grand Alliance.

As far back as October 14, 2021, the apex court has resolved the issue of the authentic leadership of APGA, but INEC which was supposed to be non-partisan had since “jumped into the arena” taking side against Njoku.

When berated against its refusal to abide by the decision of the apex court, INEC through its then Information and Voter Education Committee Chairman, Mr Festus Okoye, explained that “the suit in question started from the Jigawa State High Court, initiated by one Alhaji Rabiu Garba Aliyu against Chief Jude Okeke and three others. Chief Edozie Njoku was not a party to the suit.

“One of the reliefs sought is a ‘Declaration that the national officers of the All Progressives Grand Alliance, including the Plaintiff, who were elected at its national convention held in Owerri, Imo State on May 31, 2019 shall remain in office and discharge their respective duties for a term of four years commencing from 31st May 2021’.”

Okoye stated further that, “On June 30, 2021, the Jigawa State High Court in suit No: JDU/022/2021 entered judgment in favour of the said Alhaji Rabiu Garba Aliyu. On appeal, the Court of Appeal described the suit as an abuse of the court process.

“Consequently, the entire proceedings of the Jigawa State High Court in suit No. JDU/022/2021, delivered by Musa Ubale J on June 30, 2021 and the judgment delivered thereon were accordingly set aside.

“The Supreme Court in its judgment of October 14, 2021 affirmed the decision of the Court of Appeal”.

Yakubu

But what Okoye and INEC did not say or would not accept was the fact that the October 14, 2021 judgment was to the effect that parties should “maintain status quo” prior to the offending suit filed by Alhaji Rabiu Garba Aliyu.

Also, the electoral umpire, did not say that the apex court, on the decision of who should be the acting chairman upon the alleged suspension of the party’s chairman, Chief Edozie Njoku, held that such matters are within the internal affairs of the parties and as such, the matter is not justiciable.

“Thus, this court is cloaked with the jurisdiction to restore the parties to the

position they ought to have been prior to the offending action”, Justice Ibrahim Saulawa had held.

Like Justice Mohammed Madugu questioned in his judgment of June 6, 2023, “what was the status quo prior to the offending suit instituted at the Jigawa State High Court referred to by the Supreme Court “.

Recall that Aliyu had approached the Jigawa State High Court to be declared acting chairman of APGA instead of Chief Jude Okeke.

INEC progressing further in error claimed that Njoku, who was never a party to any of the suits and the processes filed in the various courts approached the Supreme Court of Nigeria as an interested person/applicant and filed

Nothing can be so amusing as to discover that nearly a year after the apex court clarified on who is the chairman of the All Progressives Grand Alliance (APGA), INEC and its Chairman, Prof Mahmood Yakubu, have not only continued to disregard the judgment of the apex court, but is currently at the Court of Appeal, to argue why he should not be sent to prison for disobeying valid orders of courts of competent jurisdiction. This action of INEC smacks disregard for the rule of law and respect for the courts.

a ‘Motion on Notice’ seeking for an order of the court to correct “typographical errors and accidental slip” in the lead judgement of the Supreme Court.

“This was granted and the correction did not in any way affect the substance of the suit and the orders made by the Supreme Court”. By this INEC is claiming to have a better knowledge and understanding of the law than the justices of the apex court, who accepted and corrected the “typographical errors and accidental slip”.

Little wonder the Commission further declined to obey Justice Madugu’s order restraining it from “accepting, recognizing and dealing with the first respondent (Chief Victor Ike Oye).

“Before I wind up, I must make it clear and unequivocal that the 1st Respondent, Chief Victor Ike Oye has no locus to act or parade himself as the Chairman of APGA. This is evident from the judgment of the Supreme Court Exhibited in the plaintiff’s affidavit, delivered on March 24, 2023. The excerpt from page 24 of the said judgment is hereby reproduced in verbatim: “It cannot seriously be disputed that the chairman allegedly suspended at Owerri, Imo State and who the 3rd Respondent sought to replace as Acting Chairman in the suit he filed before the trial court, against the Appellant, Chief Jude Okeke and INEC, was Edozie Njoku; ie. the Applicant. The name of Chief Victor Oye; the 2nd Respondent, was not included or even mentioned in the case that was filed by the 3rd Respondent, either as a person or as the Chairman of the Ist Respondent suspended or replaced at the Owerri Convention of May 31, 2019. This is borne out by the questions raised and the reliefs sought by the 3rd Respondent in the suit before trial court, set out in the judgment of October 14, 2021”.

Although INEC would at the slightest opportunity say, “The Commission is a lawabiding institution and will continue to accord the requisite respect to judicial institutions and obey the orders of court”, but with what the Commission is doing, it is very much in doubt if the electoral umpire and Yakubu are ready to abide by decisions of the courts, including that of the apex court.

Yakubu has remain adamant despite the threat of beong sent to jail. Speaking through his Chief Press Secretary, Mr Rotimi Oyekanmi, the INEC boss said he is not guilty of contempt of court for failure to recognize Njoku as APGA National Chairman. He was reacting to call on Yakubu to obey orders of courts by a former APGA National Chairman, Chief Chekwas Okorie.

“This is a matter involving the leadership of APGA of which Okorie is not involved at all, but for reasons best known to him, he presented a twisted narrative to justify his unwarranted attack on the person of the Chairman of INEC. “Unfamiliar with the facts, he claimed that “neither Yakubu nor INEC has appealed against the judgment that found him guilty of contempt. ”If Okorie had been diligent, he would have availed himself of the record of proceedings of the Court of Appeal (CA/ABJ/CV/724/2023) before making his spurious allegations.

“Nobody can be said to be in contempt of an Order of a lower Court when the matter is before a superior Court and therefore subjudice. Okorie should be cautious in making malicious allegations of this nature,” Oyekanmi had said.

Be that as it may, one begins to wonder and ask; which is easier, to simply recognize Njoku as APGA’s National Chairman or to spend scarce resources of the Commission in needless litigations?

What does Yakubu aim to achieve from his appeal at the appellate court? Why is it so difficult for Yakubu to obey the orders of courts by simply recognizing Njoku, is there a vested interest Yakubu is protecting? Is Yakubu waiting for the apex court to also order him to purge himself of contempt before he would do what is right?

NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

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EMBRACING TECHNOLOGY AND MODERN WARFARE TACTICS

SONNY IROCHE argues the need to leverage technology in addition to conventional means to fight terrorism

See page 21

FORTUNES OF SPORTS IN DELTA

OKESIENA IGHO OGHOGHORIE argues for a sports policy framework

See page 21

EDITORIAL

REMEMBERING NIGERIAN LEPERS

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OSIEGBU AZUKA writes Nigeria needs reputable firms to manage its roads

NIGERIA'S ROAD INFRASTRUCTURE Good roads are a must for any country to develop its economy. A well-articulated and executed road initiative will raise efficiency, and Nigeria's economic and social development Roads are critical for development. They are the basic, most affordable transport investment with the widest reach, especially for a country like Nigeria which has a huge landmass. But, anyone who plies our roads knows that they are in very poor shape. Compared to some of its peers in the developing world, Nigeria’s road network of about 195,000 is grossly limited. According to data from the CIA World Factbook, Brazil had 2,000,000 km of roads as at 2023 and South Africa, 750,000 km.

I have been privileged to drive on most of our roads, whether the Federal Government Trunk A roads or States Trunk B roads that are supposed to be well-paved. Most of them have become seasonal, even some Trunk A roads which are impassable during the rains on account of potholes and gullies. This has an impact obviously on vehicles, travel time and the economy.

Nigeria’s road stock is both inadequate and poor because of the fact that most roads are badly built and maintained on account of poor funding. This is why a typical road project in Nigeria almost takes forever to complete. For instance, the Lagos-Ibadan Expressway has been in construction since 2013 after its concession agreement was revoked, against the initial agreement that it will be ready in three years.

Because road infrastructure is financed largely from the annual budgets in Nigeria there is hardly enough money to build quality roads that are durable. The 2024 budget allocation for the Works Ministry is N657.22 billion (less than a billion dollars).

Of this sum, contractors being owed will also be paid and the rest spread so thinly that it is doubtful that any outstanding road projects will be completed in 2024.

At the budget defence last December, the Minister of Works, Engr Dave Umahi, made a robust plea to raise the budget to N1.5 trillion (just about $2 billion). Even if the ministry gets that amount it is still a drop in our ocean of needs. It is also small in comparison to what many forward-thinking countries are spending. France, for instance, spent about $8.8 billion on roads alone in the year 2020. China’s ambitious Road and Belt initiative spanning three continents will cost between $4-8 trillion dollars when completed.

To sidestep the financing problem, the Federal Government in 2019 introduced the Road Development and Refurbishment Investment Tax Credit Scheme to encourage private-public participation in

the construction and maintenance of key road infrastructure in Nigeria. Under this, corporate players make tax-deductible investments in building and rehabilitating public roads. Dangote and MTN have been enlisted. Though commendable, the money still comes from the federal purse because it is tax revenues spent forward. Focus should be on concession of critical roads to reputable global players in the business, who can mobilise finance and expertise.

Generally, there are three main types of concessions that can be undertaken but the most popular which will not cost the government money is the BOT (Build Operate and Transfer), which applies in many top-tier road projects around the world. If well managed, we can get solid roads that add value to the economy. A typical road that is well constructed lasts between 18 and 25 years, while a typical concession agreement lasts from 15 to 30 years.

Nigeria already has the legal framework to operate concessions with the federal government’s Infrastructure Concession Regulatory Commission Act 2005 for projects of this nature at the federal level.

Some states too have their own laws. Under these legal frameworks we have seen some developments like the Lekki-Victoria Island road corridor undertaken by Lekki Concession Company, which invested in expanding the road and is licensed to toll it for 30 years after which the assets will be transferred to the Lagos State Government.

Though the Lagos-Ibadan concession to Bi Courtney in 2009 failed for a number of reasons, it should not close the door to concession arrangements that can scale up our infrastructure assets. The first step is to get the economics right. Every road is an economic asset. Given the fact that roads are Nigeria’s main mode of travel and movement of goods, most of the major roads have high traffic volumes. For instance, the LagosIbadan highway, which is Nigeria’s busiest highway, is reputed to have an average of 250,000 Passenger Car Units (PCUs) daily, which means a total of a quarter of a million vehicles plying the road! Other roads like

Sagamu-Benin-Onitsha, Aba-Port Harcourt, and Abuja–Kaduna also have significant traffic volumes and will have more in a better shape.

The economic loss from bad roads such as vehicle wear and tear and man-hours lost in traffic make the costs of tolls pale into insignificance. There is also evidence that Nigerians are not really worried about paying for service; our worry is paying and not getting service. Even up to 2003 when toll gates were on federal roads there were no agitations against them; they were removed because of corruption issues as the huge sums collected could not be accounted for as the roads were badly maintained.

Moving to concession therefore is for an efficient private sector-led alternative.

The only challenge is for the government to attract globally-reputable operators in the sector who can bring in the funds to develop our infrastructure. Governments at all levels must avoid the temptation to simply concession roads without doing due diligence on the financial and technical capacity of the concessionaire, a case in point being the announcement in October last year that the Lagos-Abeokuta highway had been handed over to the Ogun State government to rehabilitate and toll.

Pray, what value can a state government that does not have enough funds to provide basic services, bring to such a project?

Government should be looking to reputable global players in this sector.

For instance, Cintra SA is one of the leading private developers of transport infrastructure in the world, managing 26 toll roads and managed-lane concessions over 2,072 kilometres in Canada, the U.S., Spain, the U.K., Portugal, Ireland, Greece, Slovakia, Colombia and Australia. Another concessionaire, Mundys, has a total of 43 concessions covering over 8,680 km of roads in 11 countries in Asia, Europe and America.

There are many more and they bring expertise, finance and new opportunities.

There is nothing against local companies, so long they show a detailed financial plan and construction expertise, else we will be struggling to make progress the way the country is groping in the dark even after privatizing our power sector assets.

Good roads are a must for any country to develop its economy. A well-articulated and executed road initiative will raise efficiency, and Nigeria's economic and social development. Like they say, the best time to start is yesterday, the next best time is now.

Osiegbu Azuka, a Marine Transport and logistics specialist, writes from Concordia University, Montreal, Canada azukaosiegbu@yahoo.co.uk

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SONNY IROCHE argues the need to leverage technology in addition to conventional means to fight terrorism

EMBRACING TECHNOLOGY AND MODERN WARFARE TACTICS The Nigerian Military may have to adopt modern technology and advanced warfare tactics in the fight against Boko Haram and other militant groups operating throughout Nigeria. The proliferation of Small and Light weapons in Nigeria, as a result of the intervention of the USA and its allies in toppling the regimes of Muammar Gaddafi in Libya and Saddam Hussein in Iraq, has made Nigeria and its West African neighbors

Iraq when ISIS deployed drone technology in the battle to capture Mosul, in June 2014 have proven to be effective in warfare. The Russian-Ukrainian war has also witnessed the extensive use of drones by both sides.

Without the utilization of drones, along with the commitment and intelligence network of the Ukrainian military, the war would likely have ended within weeks.

Nigeria's military command must learn

vulnerable to attacks from various militant groups like Boko Haram, ISPWA, and other violent insurgent organizations.

Over the past decade, since the emergence of Boko Haram, the war has continued to rage on, claiming countless lives and causing significant damage to both human lives and property. This ongoing conflict seems to have created a war economy, which is now a harsh reality in the fight against terrorism.

Despite claims by some commentators that Boko Haram has been neutralized or defeated, we are constantly confronted with news of fresh kidnappings, heinous murders, and the maiming of innocent lives and property.

The recent incident in Bokus, Plateau State on Christmas Eve last year serves as a stark reminder of the ongoing threat.

To bring an end to this war, a new strategy and critical thinking are required from both the military hierarchy and the Federal Government of Nigeria, as well as other ECOWAS countries facing the same terrorism dilemma. The traditional military tactics and the Obasanjo administration’s Carrot and Stick approach have proven ineffective over the years, necessitating the need to think outside the box. Without a change in approach, we will continue to witness merely motion without any movement. Therefore, it is imperative to adopt new tactics, specifically by leveraging technology as an additional force in this war, to complement the efforts and sacrifices of our gallant troops at the war front.

Commercial drones, initially introduced by

from these tactics and incorporate the use of Unmanned Aircraft Systems (UAS) for monitoring of movement, intelligence gathering, surveillance, reconnaissance, and attacks on enemy military and tactical positions. Conventional warfare alone has not brought an end to the conflict, therefore, it is time to introduce robotics and Artificial Intelligence to complement our military forces in this ongoing war against terrorism.

On the back of the rapid advancements in Artificial Intelligence and robotics, the face of warfare has changed dramatically, and Nigeria must embrace these technologies in order to expedite the defeat of Boko Haram and other terrorist groups in the country. To achieve this, our military forces require training and orientation on the use of unmanned aircraft systems, such as drones.

It is worth mentioning that the USA Pentagon as recently as October 2023 established the first Academy for Unmanned Aircraft Systems (UAS) and the Joint Counter Small Unmanned Aircraft Systems University (JCU), in Fort Sill Oklahoma, with plans to train approximately 1,000 troops annually.

Nigeria should expedite action towards this development as a long term strategy, to curb the pervasive insecurity in the country, so as to create a long lasting conducive environment for attracting businesses and Foreign Direct Investment into the country Iroche is a financial and infrastructure consultant

KESIENA IGHO OGHOGHORIE argues for a sports policy framework

FORTUNES OF SPORTS IN DELTA One does not need a doctoral thesis on advanced number theory to work out that the present state of sports in Delta State is not exactly an advertisement for sustaining and building on its unrivalled sporting prowess.

Delta State has consistently proven its mettle in the sporting sector in Nigeria. Let us put on the old record. The state’s excellent track record in sports dates back to 1973, when it won the inaugural edition of the National Sports Festival (NSF) under the now defunct Bendel State.

Following the creation of Delta and Edo out of Bendel in 1991, it went on its winning streak of the NSF, culminating in its 7th consecutive triumph at the most recent edition held in Delta State in 2022.

Quite apart from their collective and team success, Delta is also renowned for producing some of the country’s finest athletes. There is Ese Brume, the Ughelli-born Olympic long jump specialist; Blessing Okagbare, the Sapele-born long jump and sprint specialist who has won several laurels for Nigeria; Raymond Ekevwo, the 2019 100m African Games Champion; Usheoritse Itsekiri, a former 100m NSF Champion and Tokyo 2020 Olympian. There is also Efe Ajagba,

another Ughelli-born professional boxer who set a record for the fastest victory in boxing history in 2018, amongst other athletes. Clearly, an ocean of ink and forests of papers may not be enough to list the numerous talents in the state.

Yet, Sports in Delta state has lurched through multiple crisis because of organizational dysfunction and a failure to cope with trauma and change. Several inner contradictions have also led to uncertainty, confusion, loss of confidence, depression and errors in judgment.

A radically different approach to sports would therefore be required, as the current process is not cutting the mustard. Such efforts would include reviewing the long established practice of laying down tracks as the train is speeding down them.

This has always been a short-term strategy. There is now the need to establish a long-term strategy on where the track is headed.

Sports policy, a major component of sports development, defines the government’s vision, strategy, necessary legislation, responsibilities and programmes for the development of sports in a society. It aids in the conceptualization of a clear pathway and sustainable ecosystem to maximize sporting potential.

Yet, Sports Policy or Framework in Delta state has been about exciting as watching paint dry.

Instead of being a challenge or a revelation, it has become a bore. This is the state’s mood which reflects a profound state of uncertainty. Although there is the 2020 National Sports Industry Policy, there is still the need for the formulation of a Delta State Sports Policy taking into consideration the peculiarity and exigencies of the state. Such a policy would incorporate areas such as the obligations of the state, local governments and other stakeholders; sports inclusivity and social development in communities; funding, finance and investments for sports; sports facilities and

infrastructure; sports and health; sports and education, etc.

Secondly, sporting infrastructure is fundamental to sports development globally.

The maximization of sporting potential hinges, largely, on the availability of world class sporting infrastructure. Yet there is still a huge sporting infrastructural gap in Delta State. Whilst there are not many standard facilities to point to, the few ones available are either obsolete, non-functional or below par. This is in addition to the entrenched lack of maintenance culture.

The sporting infrastructure base of the state would therefore need to be strengthened, with a view to bring it in sync with global standards. Such a move would involve the construction of stadiums and sports performance Centre’s in the three senatorial zones of the state. The economic benefits of the facilities would also need to be explored, with a view to ensure that the structures are contributing to the revenue generation drive of the state. Issues of maintenance culture should also be in the mix, with consideration to strategies being deployed in advanced climes.

Thirdly, Delta State, like most states in Nigeria, has a multi-ethnic and multicultural composition. This, as expected, often brings about ethnic disharmony and friction. Sports, as a tool to advance social cohesion, could therefore be used as a vehicle to address such issues. Such a move would involve the organisation of annual Local Government Sports Festivals, InterLocal Government Competitions, InterCommunities Competitions, etc. This will go a long way in stemming the tide of ethnic clashes, as it will build peaceful co-existence between the several ethnic groups in the state.

Also, Delta State is one of the few states endowed with a vast riverine area. This could be leveraged on for the socio-economic development of the state by building capacity in historically European and North American water sports, in line with the evolving trend of Olympic sports. Such a move would involve, as part of the sports development agenda, the inclusion of sports such as sailing, canoeing, rowing, diving, etc.

This approach will help utilize the potential of youths who are talented in water sports and also open the floodgates for foreign investors which will raise the sports visibility of the state a notch higher.

Finally, sports have long moved from a recreational activity into a business enterprise.

The global sports market compromising of infrastructure, events, training, media, sports goods, etc., is estimated to be around $700 to $900 billion per year. Yet Delta has been behind the curve in leveraging on the business component of sports. A sports business model for the state would therefore need to be created, with a view to using sports to generate income for the state. Such a move would involve engaging both local and foreign sports consultants to carry out a feasibility study on the state, with a view to formulating a workable sports business model in line with current global sporting realties.

Oghoghorie is an Abuja-based Lawyer, Sports Policy & Development Expert

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EDITORIAL

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

I

REMEMBERING NIGERIAN LEPERS The authorities could do more to stem the menace

in Nigeria. Not only that there is no register to n choosing ‘Beat Leprosy’ as the theme for show how many citizens are suffering from the this year’s World Leprosy Day which held disease, but there are also at least 1,000 to 2,000 last Sunday, the main concern of stakeholders additional cases recorded every year, according was about the stigma associated with the to the WHO, thereby compounding the burden of disease, while at the same time creating the public health challenge and drawing back the awareness about it. Unfortunately, if there is nation’s push towards SDG. one public health concern that has suffered neglect Last year, the Nigeria Centre for Disease Control in Nigeria, it is leprosy--a century-old disease that (NCDC) raised the alarm that 25 per cent of cases has seen infected persons grouped together and left seen already have irreversible deformities, and that unattended to in various leprosy colonies across so far, there are no figures to indicate how many the country. It therefore came as no surprise that Nigerians are living with the disease. Many of the health authorities at all levels in Nigeria ignored infected and affected have resorted to begging on the Leprosy Day. major traffic stops. Most significant is the sea of Although there are no official records on how many lepers begging along Lagos-Ore expressroad just Nigerians are living with the highly contagious to eat. To many of them, treatment for the disease disease, a World Health is secondary as their Organisation (WHO) primary objective is to report says about 2,500 survive along with their new cases were recorded So far, Nigeria’s Tuberculosis and Leprosy Control Program – an children. in the country in 2019 So far, Nigeria’s intervention group of the federal government - has for years, not alone. More worrisome Tuberculosis and Leprosy is that about six per cent provided any active intervention program to address the situation Control Program – an of those infected were intervention group of the children. This suggests federal government - has a yearly addition of for years, not provided about the same number T H I S D AY any active intervention program to address the of new infections to the already burdened and EDITOR SHAKA MOMODU situation.

It is one thing to group infected people unaddressed cases scattered across abandoned DEPUTY EDITOR WALE OLALEYE and affected families together in colonies, it is MANAGING DIRECTOR ENIOLA BELLO leprosy rehabilitation colonies in the country. another thing to put regiments in place to prevent DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU For context, leprosy is a highly infectious disease CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI further spread, cure the disease among infected that slowly multiplies and incubates over a period EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN persons, and provide new lease of life to families of five years with symptoms occurring within the THE OMBUDSMAN KAYODE KOMOLAFE relocated from their ancestral homes into the first year of infection. It could take as long as 20 various leprosy colonies scattered around the years or even more for symptoms to manifest, country. according to the WHO. It is also a disease that is Just like Algeria, Seychelles and Sao Tome and now 100 per cent curable.

Principe, Nigerian government should activate T H I S D AY N E W S PA P E R S L I M I T E D Globally, advocacy around the disease is gaining EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA leprosy centres and integrate leprosy care into attention with countries in Africa like Algeria, GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, health programs in the 774 local government Sao Tome and Principe, Seychelles and five others ISRAEL IWEGBU, EMMANUEL EFENI areas. Budgets should be made available, down already reporting zero new cases. Between 2013 DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, to primary health centres for active case search, and 2022, prevalence rate of the disease declined ANTHONY OGEDENGBE treatment and management until it, not only DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI from 24.4 to 21.3 cases per million with detection reduce the prevalence, but bring it to zero as it SNR. ASSOCIATE DIRECTOR ERIC OJEH rates also decreasing from 22.5 to 18.5 cases per ASSOCIATE DIRECTOR PATRICK EIMIUHI pushes towards SDG by 2030. If other African million globally. These data are from countries CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI countries can achieve it, there is nothing stopping that have given the WHO charge the priority it DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO Nigeria from achieving same. deserves. Unfortunately, the situation is different TO SEND EMAIL: first name.surname@thisdaylive.com

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

LETTERS NEED FOR NON-RELIGIOUS CHAPLAINS IN MILITARY AND SCHOOLS Chaplaincy is a profession that has existed for centuries.

Chaplains provide emotional/spiritual care, support, comfort, and guidance to individuals facing challenges in various situations and areas of life and duty. They include patients, prison inmates, police/military officers, and students in schools, colleges and universities. Unfortunately, chaplaincy has been understood or better, been misunderstood as strictly a religious profession, as an exclusive preserve of persons who profess a religion, or who belong to a religious tradition. Many people think that chaplains must be believers and persons of faith. Well, this is a grave mistake. Indeed, chaplains used to be exclusively religious leaders who provided support and rendered services to religious believers in the military, in prisons, schools, colleges, and universities. But the situation has been changing because the nonreligious constituency has been growing, the non religious are becoming increasingly visible and assertive. Nonreligious chaplains are emerging to serve the needs of nonreligious communities, especially in the Western world, where the profession of chaplaincy started. And if one understood what chaplaincy was about, it should not be strictly religious. There should be chaplaincy beyond religion, chaplaincy beyond belief, and chap-

laincy for all, believers and nonbelievers. Religious and nonreligious chaplaincies should be available and accessible to all in a religiously pluralistic society like Nigeria. At the moment, the chaplaincy institution in Nigeria is organized to favour and only serve people of faith. It excludes and discriminates against nonreligious Nigerians.

Why do I think so? And what should be done to resolve this problem? First, let us explore the duties of a chaplain. Associated with the military, chaplains offer prayers. They provide comfort to officers on and off the battlefield. Chaplains attend to the spiritual and psychological needs of officers. But as we know it today, not every military officer is religious or, professes a belief in a deity. Not all members of the Nigerian military pray or believe in the efficacy of prayers. Some military officers are atheists, agnostics, or freethinkers. Many officers are nonreligious, and do not take religion seriously. So the Nigerian military needs nonreligious, secular/humanist, chaplains for nonreligious members of the military. They need humanist chaplains to provide nontheistic officers care, hope and meaning, comfort, and support based on reason, and science, not religion and superstition. The Nigerian military should meet the emotional and spiritual needs

of nonreligious officers. Here, spiritual needs means needs related to the search for meaning, solace, and purpose in life, not a reverence for a spirit or some supernatural being. And failure by the military to attend to the needs of nonreligious officers is a disservice to the nation.

In the prisons, chaplains support inmates as they serve their sentences or await trial. Many people in prisons feel hated, hopeless, alienated, and sometimes betrayed. Inmates feel isolated and abandoned by the society. Chaplains work to bring comfort to inmates. They pray and fellowship with them. Chaplains encourage inmates to trust in God for their eventual release or acquittal. Chaplains organize fellowships, and Bible study programs; they provide inmates with faith-based counseling sessions and nonjudgmental support, and help them find meaning and hope. Again, not all prison inmates are persons of faith. Not all inmates believe in God or take religion seriously. Many do not find meaning and comfort in religious injunctions and faithbased programs.

Leo Igwe is a humanist from Nigeria

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BUSINESSWORLD R A T E S MONEY MARKET

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Despite CBN Tightening Measures, Banks’ Loan Portfolio Surged by N20.8tn in 2023

Kayode Tokede Despite the stringent policy measures implemented by the Central Bank of Nigeria (CBN), commercial banks in the country have witnessed a remarkable N20.8trillion Year-on-Year (YoY) growth in their total credit to the private sector, reaching a substantial N62.52 trillion in 2023.

Data from the CBN revealed that the private sector credit extension (PSCE) experienced a robust 49.78 per cent increase YoY, leading up to December 2023 from N41.74 trillion reported in December 2022.

FBNQuest in a new report noted the data by CBN encompasses lending activities across the entire banking system, and encompassing entities banks.

Banks lending to private sustained momentum in first eight months of 2023 but dropped in September to N59.51 trillion from N56.95 trillion in August, when the CBN removed

the N2 billion daily limit on funds placed at the Standing Deposit Facility (SDF) window.

It also dropped in November to N59.74trillion from N63.57trillion in October 2023.

The SSA Banking research analyst, Vetiva Capital Management Limited, Olumide Sole in a chat with THISDAY attributed the decline in credit to private sector to risk management strategies adopted by financial institutions to whether the storm of the current macroeconomic headwinds seen in the economy as a result of the policy reforms implemented by the new administration.

According to him, “another major reason is the removal of the limit in the SDF window, as banks can now dump their excess liquid assets via that window and earn a risk-free return of 15.75per cent compared to giving out credit to the private sector which comes with additional risk.”

The reported N20.8trillion YoY growth in lending to real sector is coming on the backdrop of rising inflationary pressures.

These measures include the reintroduction of Open Market Operation (OMO) auctions, Cash Reserve Requirement (CRR) debits, lifting the N2.0 billion cap on Standing Deposit Facility for Deposit Money Banks (DMBs), and modifying the asymmetric corridor of the Monetary Policy Rate (MPR) to (+100/-300basis points) from the previous (+100/700 basis points).

To effectively curb inflation, the CBN has consistently pursued liquidity tightening through Open Market Operation (OMO) sales.

In the fourth quarter of 2023, the Central Bank conducted three OMO auctions, followed by another in January 2024.

During the most recent auction, the CBN set a one-year tenor with a

stop rate of 17.5 per cent, attracting a substantial oversubscription of N350 billion.

On January 11, 2024, the CBN conducted its first OMO sales of the year, amounting to N357.2 billion.

These measures reflect the central bank’s commitment to employing strategic financial tools to maintain economic stability amidst inflation challenges.

On the impact of banks lending to the private sector, analysts stated that Nigeria’s business environment is facing a lot of macro economic challenges, stressing that its impact not reflecting in terms of jobs creation among others amid foreign exchange challenges and high cost of doing business.

Speaking with THIISDAY, the Director/Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf stated that the distribution of banks credit is towards key sectors such as

oil & gas, with SMEs contribution not up to 1 per cent.

“When you are talking about development, Small and Medium Enterprises (SMEs) segment is a very critical segment. If this sector does not have to credit, it is difficult to see the impact. Over 90 per cent of these funds are going to oil & gas, telecommunication and high-earning sectors which we have the influence of multinationals.

“If you have such distribution of credit, the impact on development and jobs will be very minimal.

Another point is that which sector does this fund go into? I can bet you, not much of this N20.8trilliion private sector lending to the real sector goes into Agriculture, manufacturing and real estate. The distribution of funds matters in macro economy growth and these sectors are seriously behind.

“Let’s talk about the value of money. N1 million in 2022 is not

the same as N1million in 2023.

All these factors are constraining factors to the impact of credit to the private sector on the economy.”

According to the Head, of Financial Institutions Ratings at Agusto & Co, Mr. Ayokunle Olubunmi, “Some will argue that part of the reasons for high inflation rate is high money in circulation.

The high money in circulation has to do with the velocity of the money that has to do with the impact of credit to the private sector.

“For most banks where these funds are flowing from, remember after the election, a lot of them increased lending to the private sector. However, the devaluation increased the working capital of those in the real sector and it shrank the impact of private sector lending to the real sector.”

The story continues online on www.thisdaylive.com

Currency Outside Banks Hit Historic High of N3.4tn, 94% of CIC Nume Ekeghe A report by the Central Bank of Nigeria (CBN) has revealed that currency outside banks at at December 2023 reached a staggering N3.43 trillion, representing a whopping 94 per cent of the N3.65 trillion total currency in circulation (CIC).

This marks a new historical high, surpassing the previous record set in November 92 per cent.

A detailed breakdown of the trends in 2023 illustrates fluctuations in both Currency in Circulation (CIC) and currency held outside banks. For instance, in January 2023, CIC stood at N3.29

trillion, followed by February at N982 billion. It closed March at N1.68 trillion, and stood at N2.38 trillion in April, and May at N2.53 trillion. June witnessed a slight increase to N2.6 trillion, with a marginal dip to N2.59 trillion in July. August saw an uptick to N2.66 trillion, another rise to N2.76 trillion in September, and

an increase to N3.01 trillion in October, culminating in the peak observed in November at N3.35 trillion.

The breakdown of currency held outside banks during the same period showed that it started at a low of N792 billion in January, experiencing a slight increase to N843 billion in February. March

witnessed a reversal in the policy, resulting in an upturn to N1.45 trillion. Subsequent months saw a continuous rise to N2.07 trillion in April, N2.18 trillion in May, N2.26 trillion in June, and N2.21 trillion in July. August maintained stability at N2.22 trillion, followed by an increase to N2.42 trillion in September,

N2.7 trillion in October, and a sustained upward trend to N3.08 trillion in November 2023.

December 2023 marked the pinnacle of both currency in circulation and currency outside banks, with the percentage of money held outside the banks to CIC reaching an all-time high of 94 per cent.

M a r k e t d ata A s at F r i d ay, J a n u a r y 3 0 , 2 0 2 4 BONDS Description Price Yield Change Updated Time (%) ^13.53 23January 101.02 12.51 0.52 29, 2024 MAR-2025 January ^12.50 22100.09 12.44 -0.01 29, 2024 JAN-2026 ^16.2884 17106.91 13.49 0,00 January MAR-2027 29, 2024 ^13.98 23January 100.78 13.71 0,00 FEB-2028 29, 2024 ^14.55 26January 101.40 14.15 0,00 APR-2029 29, 2024

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

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

1.25

1.25

0.00 January 29, 2024

11.54

11.61

4.20

4.22

2.61 January 29, 2024

CRSL CP II 18-FEB-24

13.01

13.16

4.87

4.91

2.84 January 29, 2024

FLOURMILLS CP III 29-FEB-24

10.55

10.70

5.60

5.69

3.26 January 29, 2024

11.67

11.97

6.47

3.67 January 29, 2024

UACN CP VI 19-MAR-24 LFZC CP IV 16-APR-24 MTNN CP VII 14-MAY-24

9.69

9.97

6.33

OTC F X F U T U R E S

CPs Discount Yield

Change (%)

Updated Time

2.43 January 29, 2024 2.53 January 29, 2024 2.71 January 29, 2024 2.97 January 29, 2024 2.44 January 29, 2024

Contract Current Tenor Contract Rate ($/₦) (Month) NGUS JAN 13 – 29 2025 NGUS FEB 14 – 26 2025 NGUS MAR 15 – 26 2025 NGUS APR 16 – 30 2025 NGUS MAY 17 – 28 2025

Updated Time

January 29, 2024 January 29, 2024 January 29, 2024 January 29, 2024 January 29, 2024

26

Wednesday, January 31, 2024 • T H I S D AY

BUSINESSWORLD

Interview

Akande: LIRS Filing Process Now Easy, Fully Automated In this interview, the Special Advisor to the Executive Chairman of the Lagos State Internal Revenue Service (LIRS), Tokunbo Akande emphasised the significance of employers submitting annual tax returns and individuals complying with the filing of tax returns for additional income before the January 31st deadline. He also said that the LIRS filing process has been fully automated, ensuring ease for everyone and helping to prevent penalties. Nume Ekeghe presents excepts: Could you give an overview of the annual tax filing process with the LIRS concerning the P.A.Y.E for business? he overview of tax filing starts from what are the obligations of the taxpayer.

For the campaign that we are running currently, it is not the taxpayer that is filing, what you have are the agents of governments that are filing. Agents of government in the sense that we have employers of labor and employers of services and vendors.

What it means is that those entities that have paid compensation for any form of service to any individual or resident in Lagos that is liable to tax on whose behalf those agents have deducted from the compensation are remitted to the government as provided for by the law. So I’m talking of employers, now, you have employees, you have paid them a salary for the preceding year and you have deducted because the law empowers you to do it some portion of that is as taxes, which you have now remitted to the government as at when due. You are now just giving us a report card, just like if you have an agent that manages your estate for you and collects money and then gives you a statement.

T

What are the benefits of filing your taxes promptly?

The benefits are enormous because we are all partners working in the same economy. All we are trying to do is that the law says you should do it. So you should be law abiding in anywhere you are you find yourself. So the rules that guide us are the constitution and also we have laws.

The law says that you have the obligation to be an agent of the government to do this. Now, for you to do this, it helps with planning because we have comprehensive records of what took place last year. It is important to know your past which would inform your present and then you can project to the future.

So essentially what we are trying to say is, let us have the comprehensive records of all the financial and economic transactions that took place last year so filing can help us to build that database and then also which we will interrogate later on in the year when you and I as individuals who are the taxpayers will also need to file our records. We can do it now. However, we have our own a gap of about 90 days up to the 31st of March. So by the time can get the records of the agents, we can use them to validate the records of the taxpayers.

What is the Deadline for filing PAYE annual tax returns with the LIRS? 31st of January.

What are the consequences of late filing?

The penalty or financial penalty is not the main deterrent. The main deterrent is the fact that government agency has a right to prosecute you and get you convicted. So why do you want to be designated as a convict for something that has been made easy for you to do? It is not your money and it has nothing to do with you. It is the money for the people that you have employed, and you have deducted on behalf of the government and we are just rendering returns. Also, you may have paid the money during the year and you are just filling. We know it can be cumbersome and that’s why all the reforms that we have done in Lagos State, I can speak for other jurisdictions is to make it easier for compliance. Like I always tell people, taxes are things that people don’t want to pay but aside from tax itself, you have the cost of compliance.

As a sub-national in Lagos state, we are operating federal laws. So we can’t even change the rate or change the law. We can make recommendations to various committee setups, but we don’t have direct opportunities to tweak them. But what we can tweak is what we have been doing which is the process of complaint. Initially, we had loads and loads of pages in Lagos, we first shrunk the format by reducing the number of pages that you have to submit but we have gone further to digitise the system.

So aside from now digitising the system that allows people to file we have digitise the process itself whereby you can do it from the comfort of your home, just populate, just copy and paste what you have done and then you upload and we are good and you will get a notification that what you have done is in order. If you get convicted as a corporate entity for not filing at the right time, it is N500,000 but the damage done to your

Akande brand as a convict is more than N500,000.

You mentioned the importance of filing on time and how it helps with planning.

The Federal Government and states have planned to expand the tax brackets, can you share the plans of LIRS on how it plans to expand the net?

To expand the tax net, as it were, you know, at the federal level now we have the Presidential Committee on Tax Reforms working on that. Now at the state level, what LIRS and other states have started to do is we have done a kind of multi-channel approach to the expansion of the tax net. It is basically enumeration. For any tax agency, their goals are just to ensure that every taxable entity is the tax net, and ensuring that all those in the tax net pay adequately.

Those are the only two goals that we want.

So, for us to expand the tax net, we engage in a continuous exercise of enumeration at the state level. We have 39 tax stations, we have over 40 Mini tax stations. Aside from that, we have a whole department that we call the tax education and enlightenment team.

Those are guys that go out every single day, combing every nook and corner of Lagos to sensitise people on the need to be within the tax bracket. We have also the corporate communications unit that uses all the platforms available to it to showcase all the things that the government of Lagos is doing.

We have had instances in the past which I’ve experienced, where people voluntarily come that they want to pay their taxes. Now, what we have also done is we have used the instrumentality of the law to ensure that there are certain things the law provides, we didn’t write the law, It’s a federal law that says you can’t do certain things unless you have tax compliance. But most of those laws are just therein people see it as redundant, they have not been using it but we have activated those laws in Lagos.

Presently, people know that there are certain transactions you can’t do unless you are in the tax net and that has helped us to expand the net. And of course, we mine data, we have a whole unit of what we call intelligence units. All they do is to mine data from all sources and then check the financial footprints of people, check whether those people are in the tax net, and if they are paying right.

If they are not, then we bring them in. So, we are using the opportunities available to us within the ambit of the law.

Are there specific areas of the tax filing process that people tend to overlook?

Generally, people especially people in paid employment tend to assume that the only income that is liable to tax is the one that

they get from their employer. But tax covers all sources of income. It is on that tax that you see we don’t discriminate any income.

There is no bad income under tax, every single income that we can see should be disclosed.

Then the law will tell you specifically those that are exempt from tax then every other one is taxable. So people tend to overlook that aspect. Now for this season that you have, what people tend to overlook is that when they are filing for their employees they don’t tend to disclose what we call unique identification of those employees and that is where the problems is.

The challenge we have is very peculiar to us here. I know someone who is Iniobong, people call the person Ini, and the person filling says Ini however there could be 1001 Ini. So for the system that we have built, the computer is not as versatile as you as a person. We are getting there with artificial intelligence, but a person looking for an Iniobong that is 245 which can complicate matters when we are filing because it won’t the Iniobong that paid the tax. So when employers of labor, are filing it is important for them that they file will the full names of those individuals who are filing for and unique identification for them. The proper thing to do now is to use the NIN because that is the basic validation that we are using in this country.

So for businesses venturing into tax filing for the first time, what advice would you give them?

My advice to them is that filing is as simple as ABC. The mindset is important.

The fact is that we have made filing easy so they should come with the mindset that it is an easy process. Once you have that, it becomes such a major step you have removed. The fear of many is that all the things that is too laborious have now been made as simple as possible.

As long as you keep records of what you have done which I think every single business does you can always refer to your records and if we have challenges, we have more than enough multi-channel assistance models that can help you.

On our e-tax, we have what we call digital assistance. If you can’t use that one, we have our Customer Service Center who will handhold you and take you step-by-step of the process. Also, people can just go to our sites, and read over the FAQ that we have there and we have just one page that tells you what you are supposed to do. That tells you how easy it is. If that does not suffice, then we have our boots on the ground that is

the offices and in each of our offices, we have a dedicated desk to assist people who want to file free of charge.

If anybody has any issues they should please use our whistleblowing platform.

Can you shed light on the verification audit processes that may follow tax filing?

It is just simple triangulation. All we want to do is that all the people that are supposed to be the tax net are in and then all those in the tax net pay adequately. So when you have filled that I paid XY N50,000 last year. XY supposed to file returns before the end of March and when he files, he tells me that from company A he got is N75,000. So I know that the employer has under-disclosed and there is a penalty for when you do that too. If you give us the wrong information, there is a penalty. If you give us false information, there is a penalty.

Note that there is a difference between wrong and false. wrong is not intentional, you just made an error in the process of adding things up and we can see that an error may be a decimal point was missed somewhere.

But when you have someone that has planned to give us false information, there are lots of penalties for it. So, essentially before the end of the year, the law empowers us to conduct audits of our agents. That is the employers of labor to see and check that they have done the right thing in accordance with the law.

Don’t forget also that Nigeria’s tax system is essentially self-assessment. It allows you to say this is how much I think, based on the law I should pay as tax. So when you do that, now it is a tax authority that will now go back and say this is how much you should pay. If you do it right, some of these things are very straightforward like withholding taxes. It Is not as difficult as people tend to look at it, but because of the level of documentation in the past, it has scared people away and has created employment opportunities for people who can act as a tax consultant. The truth is every single literate person in Nigeria can handle his or her tax affairs.

How does LIRS ensure the accuracy of information provided by taxpayers?

We depend on information from agents, individuals and we also have access to information that is available on the net. So it is a triangulation of this information from the taxpayer, from the agent, and then the publicly available information. The three would just combine and then you will see the true position and that’s it.

The Constitution says is that you should with that being prompted by the tax authority, declare truthfully all your sources of income. So if you have not done that, then of course there’s a penalty that you will pay.

27

T H I S D AY • Wednesday, January 31, 2024

BUSINESSWORLD

Insurance

Mitigating Risks Through Insurance Plans Series of disasters hitting Nigerian business community in recent times have called for the need to optimise insurance to lessen to the cost of these losses, writes Ebere Nwoji

T

he twin disasters of Mandilas Lagos fire out break and Ibadan explosion which destroyed goods and properties worth millions of Naira within the month of January 2024 have called for the need for both government and Nigerians to realise the fact that Nigerian environment is not immune from some risks witnessed outside the shores of the country.

Indeed, lessons from these disasters so far witnessed this year teach Nigerians that they are as prone to environmental risks as do their counterparts in other climes where insurance is seen as one of the most important and unavoidable expenses in their day to day scale of preference of needs.

Poor attitude towards insurance Unfortunately, one of the least things an average Nigerian thinks about is risk occurrence let alone making plans on risk mitigation through insurance.

This is so despite the fact that poor security situation in the country has commonised environmental risks such as theft, arson and others. These disasters have in recent times affected major markets in the country as a result of hoodlums’ nefarious activities as well

N

as civil unrest resulting in wanton destruction of properties, which have more than ever exposed Nigerian business communities to high level of risks.

Mandilas, Ibadan explosion Barely two weeks ago, Lagosians woke up to hear the shocking news of the fire outbreak in the

10-storey Mandilas building on broad street Lagos.

According to the Lagos State Fire Continued on page 28

28

Wednesday, January 31, 2024 • T H I S D AY

BUSINESSWORLD

Insurance

Mitigating Risks Through Insurance Plans and Rescue Service (LSFRS), the fire outbreak was as a result of careless welding during the installation of a power generating set on the second floor of the Mandilas building.

The fire reportedly started from the first floor of the building and spread to the fourth floor.

The LSFRS Director, Margaret Adeseye, disclosed that emergency responders from the Ebute Elefun and Sari Iganmu Fire Stations moved to the scene to curb further escalation and put the situation under contro by activities of illegal miners occupying one of the houses in Bodija who were said to have stored explosive devices there which caused the blast.

On Sunday January 21,2024 at Iba Housing Estate, Ojo Lagos, a major explosion that sent the residents panicking happened when used motor vehicle batteries stored by one of the residents in one of his rooms exploded due to excessive heat peeling the skins of the owner and his wife while causing major quake on the houses in the area.

Damages were incurred by the residents while the man and his wife were rushed to the hospital as heat from the explosion roasted them alive beyond recognition.

Fire outbreak in Lagos Checks by THISDAY on major fire out breaks in Lagos in recent times show that between January and June last year, the Lagos State Fire Service recorded 1,642 fire incidents with 42 persons killed.

The Kaduna State Fire Service also recorded 325 fire outbreaks, with 17 persons rescued, 26 injured and 12 deaths. These exclude the havoc often wrecked by flood during rainy season every year.

All these show that on daily basis, Nigerians are surrounded by risks which mitigation needed to be planned for. Unfortunately, they hardly anticipate such occurrences until it is at their door steps.

Rather than planning for mitigation,

Nigerians prefer to call on government’s intervention when the risk occurs but the question has remained to what extent can government help through palliatives to return victims to their former financial position when such unexpected happens which is exactly what insurance does when risk occurs.

Insurance by its simple definition is a legal agreement between an insurer (insurance company) and an insured (individual) , in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstance.

Such financial protection through claims payment is expected to reinstate the insured to his former financial position before the unforeseen happened.

But Nigerians prefer to receive paltry sum from government as palliatives instead of insurance plan that will replace what they have lost.

Reasons they often give for not taking insurance cover is that insurance does not pay claims, an assumption they held since the 70s when much room insurance firms with capital as low as N5 million were in operation.

Claims payment But with the advent of new generation insurance firms with robust capital base, claims payment among Nigerian insurers is seamless. But the problem remains how to convince Nigerians that insurance claims payment is real and that there is reasonable value in insurance.

Looking through account books of insurance firms, it could be seen that every year insurance firms pay substantial amount of premium they collected on claims but this is hardly recognised by Nigerians.

For instance, recent media report said that Nigerian insurers paid N2.2 trillion claims out of N5.05 trillion premium they collected in the past 13 years.

This represents 43 per cent of the

entire premium they collected within the period.

The Director - General of the Nigerian Insurers Association (NIA), Yetunde Ilori was quoted as saying that it goes to show that the insurance companies were living up to their expectations.

According to her, the industry is embarking on a campaign that is likely to increase claims payout in the industry because, “we want to publish companies’ outstanding claims for their owners to come, complete documentation, and be paid.”

She said it was a testament that insurance industry pays claims, which helped to ease the burden of people in the event of loss or when the unexpected happens.

“People are encouraged to keep insuring their properties in case of general insurance and their dependants in case of life, so that when the need arises, they will have something to fall back on,” Ilori said. payment to police Barely two weeks ago,the InspectorGeneral of Police, IGP Kayode Adeolu Egbetokun, distributed over N2 billion to 785 families and Next of Kin of deceased police officers as claims for the insurance policy packaged for the officers for the years 2015/2016, 2017/2018, 2021/2022 under Group Life Insurance Policy and the Inspector – General of Police Family Welfare Insurance Scheme for the year 2022/2023. These were paid by insurance firms in Nigeria.

Cumulatively, the Nigeria Police Force, through the Force Insurance Office, has been able to settle a total number of 2,533 insurance claims of deceased Police personnel amounting to over N6 billion between June 2023 to date. claims payment The commissioner for Insurance, Mr Sunday Olorundare Thomas late last year mandated NIA authority to publish all outstanding claims in the

book of insurance companies inviting the claimants to come up with the necessary documents for the purpose of paying such claims.

On their part, the insurers have in recent times embarked on a number of sensitisation programmes aimed at educating, encouraging Nigerians to embrace insurance but these are yet to yield the desired results.

For instance, the Nigerian Council of Registered Insurance Brokers(NCRIB) has taken it as duty to visit victims of every fire disaster to commiserate with them and encourage them to see the need to seek for insurance protection.

The council recently visited the scene of the Mandilas fire incident, during which the President of the Council, Prince Babatunde Oguntade lamented that the fire incident had further led to the hardship in the country, considering the fact that those who were victims of the fire were Nigerians.

Oguntade noted that the magnitude of the losses could have been mitigated if the victims adequately insured their assets and utilised the services of insurance brokers that are the professional intermediaries in the insurance value chain.

While calling on Nigerians to imbibe the culture of insurance for the mitigation of their exposure to risks, Oguntade opined that government at all levels needed to pay more attention to enforcement of existing laws backing some compulsory insurances, to help the government and the people protect their human and material assets, as well as grow the insurance industry.

He said, “It remains inexpedient for government to continually seek to provide palliatives for victims of calamities. Instead, they could assist encourage or assist them to pay insurance premiums, to enable them make claims that would be consistent with the volume of their losses when they occur.”

The council also visited the scene of Ibadan explosion where he preached the same message of putting in place insurance plan to mitigate losses.

Feature

Rise of Health-conscious Choices in Cooking Oils Oluchi Chibuzor

I

n the vibrant tapestry of Nigerian cuisine, the choice of cooking oil plays a central role, not just for flavor, but also in the overall health impact of traditional dishes.

As health reporters, delving into the nuances of cooking oils used in Nigeria provides an opportunity to unravel the unique aspects, and health considerations associated with these culinary essentials.

In an era where health consciousness is on the rise, examining the considerations associated with cooking oils provides a lens into the evolving culinary landscape and health-conscious choices. From fatty acid profiles to potential benefits, providing a comprehensive view enables consumers to make informed dietary choices.

The first observation is that the traditional narrative around dietary fats has evolved. In place of the blanket notion of avoiding fats, there is now a nuanced

understanding of the different types of fats and their varying effects on health. This shift in perspective is leading consumers to reevaluate their choices of cooking oils.

Esteemed cardiologist, Dr. Monisola Adanijo explain the pivotal role that cooking oil plays in our daily lives.

Adanijo’s expertise in cardiovascular health is invaluable, and her insights will undoubtedly shed light on what individuals should be mindful of when choosing a healthy cooking oil.

According to her, “As a cardiologist, I emphasize the critical role of dietary choices in maintaining cardiovascular health. When selecting cooking oil, consumers should prioritize their understanding of the dietary fat composition. Different cooking oils contain varying proportions of saturated fats, unsaturated fats, and polyunsaturated fats, each with distinct effects on cholesterol levels and overall heart health.”

“Opting for oils rich in heart- strong inclination towards cooking oils healthy polyunsaturated fats, like with healthier fat composition. Golden soybean oil, can contribute to overall Terra Soya Oil contains five (5) times cardiovascular well-being. Soybean more PUFA (Polyunsaturated Fatty oil is particularly noteworthy for its Acids) proven to provide numerous abundance of polyunsaturated fats, health benefits, thereby fast becoming including omega-3 and omega-6 fatty the brand of choice for the discerning acids. These essential nutrients have consumer.”

Analysts said monitoring, understanding, been linked to positive cardiovascular outcomes, making soybean oil a and reporting on the developments will favorable choice for those conscious continue as consumers get more and more astute about choosing their cooking oil. of their heart health,” she said.

In order to get the manufacturer’s perspective, we reached out to the leading brand of Soya Oil in the Nigerian market, Golden This is to inform the General Public Terra from the TGI Group, that Temitope Nursing Clinic & for their views.

Chief Marketing Of- Maternity Home has moved from ficer, TGI Group, Probal Bhattacharya, said, “The No 13, Yisa Street, to - No 45, landscape of cooking Bamigbopa Street, Same Aboru, oil is fast evolving with Iyana Ipaja, Alimosho LG, Lagos consumers showing a

Public Notice

29

T H I S D AY • WEDNESday JANUARY 31, 2024

Property & environment

Diasporan to Sue Landwey for Devaluation Compensation After Receiving N26.45m Refund for Unbuilt Home Bennett Oghifo A diasporan, Mr. Olubukola Akande is seeking compensation from Landwey Investment Limited for the devaluation of the N26.45 million he paid in 2022 for a three bedroom terrace duplex that was never handed over to him.

Landwey completed the refund of Akande’s money

last week, which was done in two installments - N10 million and N16.45 million– but is demanding compensation for the money’s devaluation.

He said, “I hereby acknowledge your refund of N16.45 million. Nevertheless, we must emphasise with you our strong discontent for your unprofessional conduct that led to the refund after over 18 months

of our fund transferred to your company with respect to the property in context.

“The waiting period for the refund had detrimentally devalued the money by well over 50% of its original value.

A legal firm cum recognised (Estate) Valuer Firm are working on this to establish our case.

“May I let you know, that I

will formally bring a closure to this transaction, not only after an adequate litigation process by our legal team is established against you over the extended delay. They shall be demanding for adequate devaluation compensations and for abuse of trust reposed in you that had caused me undue and untold stress.” It was signed

by Olubukola Akande and

Oluyomibo Olaniyan.

Olubukola Akande and Oluyomibo Olaniyan had petitioned the Lagos State Governor Babajide SanwoOlu, through his Special Adviser on Housing, stating his predicament.

Their petition, dated January 8, 2024, and titled, “Petition Against Landwey Investment Limited on Flagrant Breach

of Agreement on Purchase of 3 Bedroom Terrace Duplex: Fraudulent Property Transaction.”

It said, “Olubukola Akande of the above name and address, a law abiding citizen and an Accountant bring to your notice the flagrant Breach of Agreement on purchase of 3 Bedroom Terrace Duplex by the above mentioned company.

Nigeria Requires Regulation to Stem Overpricing of Housing Units, Says AEAN Fadekemi Ajakaiye The Association of Estate Agents in Nigeria, (AEAN), an arm of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) has said the lack of regulation of Real Estate Brokerage in the country has fostered haphazard

practices such as overpricing of housing units, letting of substandard structures and houses amongst others by unqualified agents.

The National Publicity Secretary of the Association, Adeniyi Tinubu, a Global Real Estate Advisor, stated this at a press

conference, adding that NIESV, in a bid to reverse this trend, has “set up the Association of Estate Agents in Nigeria. There is a need for some Legislative Activism in this regard because we require a level of uniformity in Real Estate Brokerage in Nigeria.

L-R: National Publicity Secretary, Association of Estate Agents in Nigeria (AEAN), Adeniyi Tinubu; Asst.

National Publicity Secretary, Mrs Uche Jinwa; and National Secretary, Osagie Odiase, during media chat on the forthcoming conference in Lagos

“As a matter of fact, the poor public perception and image of Real Estate Brokerage and in effect the profession of Estate Surveying and Valuation, is as a result of the activities and incursion of non professionals into the practice of Real Estate Brokerage.

“Many of these do not just affect the professionals who have painstakingly gathered industry knowledge and expertise on Real Estate Brokerage but most importantly it affects the common man who is at the receiving end of these substandard practices.

Shelter or Housing is one of the foremost needs of any man, thus matters regarding it should be treated with utmost meticulousness. We acknowledge the efforts of the constituted Authority in this regard but we urge the Legislature and also the Federal Ministry for Works and Housing to take this into cognisance. We as an association are ready to work with the Government to achieve positive

results regarding the policies on Real Estate Brokerage. We realize that all hands must be on deck to solve the problem and that has reflected in our activities so far. With National development in mind we have been able to create an enduring partnership via a bilateral agreement with the National Association of Realtors in the United States of America (NAR).

This partnership is geared at putting Nigeria on the global map as well as creating an enabling environment for Real Estate Investment in Nigeria.

Together with the NAR , we at the AEAN have worked ceaselessly to lay the foundation for sustainable development in the Real Estate Sector. This partnership has necessitated the AEAN conference 2024 scheduled to be held from the 9th of April - 12th of April 2024 at the prestigious Eko Hotel.

The theme for this year’s conference will be “ Building enduring partnerships for a bet-

ter future”. Over the years, the AEAN conference has proven to be a high level , interactive and problem solving conference , we have however taken it several notches higher this year with the partnership with the NAR. We will be hosting our international partners from the NAR of America on a Trade Mission which promises to be a glass ceiling shattering event , we will also be taking them on facility tours to show them the tremendous investment potential here in Nigeria.This year the conference is going to have a highly specialized training in the Certified International Property Specialist (CIPS) designation facilitated by the NAR. This designation allows Nigerians to become certified international property specialists and gives them access to an international market, international buyers and an opportunity to assist clients overseas to make smart Real Estate Investments all over the world.

Biogas Technology Good for Health, Says Real Estate Consultant Fadekemi Ajakaiye Biogas technology has been described as the future of modern and efficient living and the solution to many environmental challenges in Nigeria.

Real Estate Consultant and Managing Director of Afrihood Development Company, Olufemi Shield, described biogas as a non-hazardous creation of methane through the decomposition of organic matter like agricultural waste, food scraps, manure, and sewage in an anaerobic digester.

While expressing his displeasure at the present state of the

environment, Olufemi stated that the creation of methane had, for a long time, been achieved through the burning of fossil fuel, which caused air and water pollution and also contributed to the build-up of the greenhouse effect, causing global warming and making the ecosystem unhealthier.

He expressed the greenhouse effect of burning fossil fuel; “when fossil fuel is burned,” he said, “greenhouse gases are produced, trapping heat in the atmosphere, which warms the earth’s surface and causes extreme weather events. Continuous greenhouse gas emissions would result in

the creation of new carbon compounds from hydrocarbons, which would be released into the atmosphere. This is ultimately hazardous to the ecosystem.”

Olufemi opined that biogas technology is the key to healthy living, noting that it neither pollutes the air and water nor tampers with the ecosystem because greenhouse gases are not emitted in the creation process. He maintained that biogas eradicates environmental hazards and increases the life expectancy of the average Nigerian.

He also highlighted the additional benefit of the biogas

sewage system, which reduces soil and water pollution, as opposed to the traditional use of soak-away and septic tanks, whose hazardous waste often finds its way back to drinking sources.

“If this technology is very well embraced by all and sundry, you will see that there will be a drastic decline in the spread of diseases like cholera and other air and water-borne ailments,” he stated.

The Real Estate authority also stated that biogas technology transforms organic materials into renewable energy that can be utilized for electricity and as an alternative to cooking

gas. “Anything your fuel can do, biogas can do,” he said.

While highlighting the need for the nation to throw its weight behind biogas technology, Olufemi explained that it would help governments reduce reliance on non-renewable sources, leading to energy security and environmental benefits, and individuals who embrace the use of biogas for cooking, heating, or electricity generation would lower their dependence on traditional energy sources, potentially reducing utility bills.

He also emphasized the need for enlightened Nigerians to sensitize their neighbors who

are yet to embrace biogas technology, noting that if a homeowner has adopted it and his neighbor has not, such a homeowner is still susceptible to environmental hazards.

Shield

Repton Group Emerges 2023 National Largest Distributor of Dangote Cement Fadekemi Ajakaiye Repton Group, a Nigeria-based conglomerate with subsidiaries such as Kazab Heritage Limited, Defrost Ventures Limited, Continental Vision, Kazab Homes and Properties, Ibile Farm and Kazab Oil and Gas, has emerged as 2023 National Largest Distributor of Dangote Cement in Nigeria.

The Group clinched the award through its cement distribution subsidiary, Kazab Heritage Limited at the Dangote Cement Plc’s Annual Awards Ceremony on Friday, January 26 in Lagos.

The latest award by Repton Group came on the heels of the

previous consistent emergence as the National Second Largest Distributor of Dangote Cement in Nigeria for three consecutive years.

According to Otunba Odeyeyiwa Kazeem Olayemi, MD/ CEO of Repton Group, persistent determination, sustenance of operational efficiency, effective teamwork and tenacity of a winner account for the Group’s eventual emergence as the number one distributor of Dangote Cement brand in Nigeria.

In his acceptance speech, Odeyeyiwa expressed appreciation to the entire board of Dangote Group and particularly the management team of Dangote

Cement Plc for offering a veritable business platform for healthy competition and stimulation of peak performance among numerous distributors of Dangote Cement brand.

According to the MD/CEO of Repton Group, “We at Repton Group see this highly-coveted award as a great challenge and motivation for better performance and remoulding of our operational strategy because complacency is counterproductive to persistent achievement of impressive organisational results and surpassing of corporate expectations in the midst of massive competition.”

L-R: MD/CEO, Recepton Group, Otunba Odeyeyiwa Kazeem Olayeni, wife, Yeye Otunba Odeyeyiwa Adesola Mutiat, a director of the group, receiving the plaque of the award of 2023 national largest distributor of Dangote Cement brand, won by their subsidiary, Kazab Heritage Ltd, from aAhaji Aliko Dangote, President/ CEO of Dangote Group, in Lagos... recently

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Education Ewherido: Why Govt Must Ensure Access to Quality Education, Scholarships

Tolulope Ewherido is the chairperson of the I-Scholar Initiative board of trustees, a non-profit organisation that mentors and connects potential African students to fully funded programmes in top global universities. In this interview with Funmi Ogundare, she explained why the government must ensure access to quality education and scholarships for higher education and create a larger pipeline of higher-paying jobs that will address immediate economic concerns, among other issues

F

or five years, the I-Scholar Initiative has supported Africa’s transformation by expanding the pipeline of change agents capable of driving leadership, innovation and overall development within the continent and across the diaspora, bridging the gap by empowering graduates to pursue fully funded master’s and PhD programmes globally.

The initiative’s board of trustees chairperson, Mrs Tolulope Ewherido, explained that since 2019, it had focused primarily on Nigeria and invested about $160,000, sponsored over 255 talented scholars, accessing scholarships totalling over $25 million, and helping individuals, especially from a less privileged background to achieve their dreams.

“Nigeria has an abundance of talent with the potential to drive economic innovation and transformation. A testament to this is the significant impact Nigerians are making in academia, industries, and businesses in Nigeria, Africa and across the globe,” said Ewherido.

She added, “However, a notable challenge exists; access to global education that can further drive innovation and higher economic outcomes has narrowed over time to mostly individuals who are financially privileged. iSI is creating a bridge. We are catalysts that say our scholars’ dreams of higher education and better economic attainment are as valid as those of individuals who come from more privileged backgrounds, and we are dedicated to helping them realise these dreams.”

She explained how its network of partners and donors had taken steps towards ensuring that students from less privileged backgrounds get scholarships by volunteering their time and supporting financially to cover multiple tests and application fees, offering loans for flights and initial settling expenses for each scholar, and mentorship.

“These dedicated individuals volunteer their expertise in reviewing applications, participating in scholar selection, hosting webinars, and providing valuable assistance in interview preparation for visas and universities,” she stressed.

Ewherido stressed the importance of mentorship to the scholars, saying that the mentors serve as more than just guides but as a reliable sounding

Ewherido board, a potent source of motivation, and trusted advisors throughout the entire trajectory before, during, and after their graduate studies.

Ewherido highlighted the substantial contribution of Nigerians, both within and outside the country, to national growth.

“Nigeria has the largest population of youth in the world. About 70 per cent of the population of greater than 200 million people is under 30 years, and 42 per cent is under the age of 15,” she pointed out. “In 2022, remittances from Nigerians living abroad amounted

to approximately $20 billion, constituting about four per cent of Nigeria’s GDP. To put this in perspective, the oil sector, a significant contributor to GDP, accounted for approximately six per cent in the same year. “ The first female Geoscience General Manager of the Deep Water Projects team stated that its scholars are actively managing key operations within iSI, sharing valuable resources like ‘The i-Scholar Guide: Your Grad School Journey Compass’ for free to assist others, thereby making meaningful financial contributions to their families and enhancing access to education within their communities at home.

She, however, said the responsibility to foster

the economy lies with the government, private enterprises, and public entities, adding that national development also necessitates a segment of the population equipped with the right knowledge and higher education both at home and abroad to drive innovation and transformation.

“Our vision at iSI is crystal clear: through education and opportunities, we aim to be a catalyst for positive change, nurturing a more prosperous and vibrant Nigeria,” stated Ewherido.

“Every iSI scholar intimately understands and embraces this vision. They recognise that their success is intricately linked to Nigeria’s success.”

Asked about her expectations for the year in terms of getting more students on board to study STEM-related courses, she noted that iSI “has remained steadfast” in its commitment to growing the STEM pipeline.

In iSI’s initial stages, over 90 per cent of its scholars were dedicated to STEM disciplines.

However, Ewherido said there was a profound acknowledgement that sustainable development demands a holistic approach beyond STEM skills.

It necessitates a diverse pool of individuals skilled in humanities, arts, and business.

In alignment with this, she added that iSI strategically diversified its current scholar pool to encompass a broader range of disciplines.

By doing so, iSI aims to create a well-rounded and versatile group of individuals who can contribute to technological advancements and the multifaceted aspects of sustainable development. This inclusive approach ensures that iSI scholars, equipped with a spectrum of skills and expertise, are prepared to address the complex challenges and opportunities in various fields, fostering a more comprehensive and impactful contribution to the development of Nigeria and beyond.

Ewherido advised the government to ensure access to quality education and scholarships for higher education and create a larger pipeline of higher-paying jobs that will address immediate economic concerns, providing a crucial stepping stone for youth to achieve improved economic and leadership outcomes.

She added that barriers that currently hinder talented individuals from underprivileged backgrounds could be broken by allocating more funding to this critical area.

Bamidele Rallies Lawmakers’ Support for ICT Education in Ekiti Gbenga Sodeinde in Ado Ekiti

Senate Leader Opeyemi Bamidele has appealed to all Ekiti State National Assembly Caucus members to promote information and communications technology (ICT) education across the state.

Bamidele, currently representing Ekiti Central in the senate, also asked the federal lawmakers to support the education policy initiated by Governor Biodun Oyebanji to boost the performance of the state’s students in all external and public examinations.

He made the remarks at the training and empowerment programme held in Ado Ekiti recently, describing education as a potent weapon to combat poverty, which made it imperative for all stakeholders to support the sector.

Bamidele, the leader of the Ekiti National Assembly Caucus, donated desktop computers to six secondary schools in Ekiti Central to complement the efforts of the state government and bolster their competence in ICT. Bamidele facilitated copyright sensitisation training for 500 students drawn from the six schools to expose them to the culture of ingenuity, innovation and independent thinking.

Bamidele, represented by his Senior Legislative Assistant, Hon. Gbenga Banji, appealed to the schools’ authorities who benefitted from the programme to apply the equipment judiciously.

He underscored the significance of ICT education at the basic and

secondary levels, saying it would help prepare the students for computer-based tests, which the West African Examinations Council had decided to embrace.

He said, “I am determined to partner the state government to make education thrive in Ekiti State. For decades, education has been the only thriving industry in our dear state.

It has become our heritage that needs to be protected and preserved. I will also rally other members of the National Assembly Caucus from Ekiti State to collaborate with the state government to make the dream of making the state an epicentre of academic advancement in our country realistic.”

He commended Oyebanji’s strides to overhaul the education sector through increased budgetary provision in the 2024 budget.

Bamidele lauded other initiatives like building more model schools, distributing laptops to teachers, employing over 2,000 teachers in primary and secondary schools and sustaining the free education policy.

One of the beneficiaries and a participant in the training, Olalekan Nelson Doherty of Memorial Grammar School, Ijero-Ekiti, appreciated Senator Bamidele for facilitating the training programme and donating computers for schools in Ekiti Central.

Olalekan added that the training programme would help the students hone their computer skills and broaden their knowledge of information and communication technology.

He appealed to the senate leader to make the training a continuous programme so that other schools could benefit from the scholastic drive.

Founders’ Day: IDGS Old Students Earmark N100m for Projects Kemi Olaitan in Ibadan

The Old Students of Iseyin District Grammar School (IDGS) have organised a N100 million fundraising campaign to construct the school’s road and redesign its main entrance gate.

The event, which was part of the 60th anniversary of the school, also witnessed the inauguration of the new national execu-

tive committee that will pilot the association’s affairs for the next three years.

The chairman of the occasion and alumnus, Senator Gbenga Babalola, charged all alumni of IDGS at home and in diaspora to rededicate themselves to the development of the school’s infrastructure, students and members of staff’s welfare.

He lauded the efforts of Governor Seyi Makinde on his dedication to changing the fortune of the education sector for the better in Oyo. He urged the state government to do more in the physical infrastructure of public schools.

“We are happy to celebrate IDGS at 60 and we have seen wonderful jobs that have been done by every set among the alumni to give the school its present enviable condition.

We are rededicating ourselves to serve the school more as it has served us in the past.

“While appreciating the executive governor of Oyo State for his efforts to make education affordable and effective through policies and proper funding, we appeal for more.

Like Oliver Twist, we also call on the old and new sets of alumni at home and in the diaspora to continue to support the school.

This we shall achieve, God willing,” he said.

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education

NGO Trains 60 ICT Varsity Don Advocates Historical, Cultural Educators on E-STEM, Research Centre in Lagos Robotics Education in Funmi Ogundare AbdulRasheed Lawal (May government should follow deterred this distortion.”

He stated that among many 1959- December 25, 2013)’, the example of the Arewa Kwara A professor of History at in honour of Prof. Olakunle House in the Ahmadu Bello other factors, an obvious Osun State University, Siyan Rasheed Lawal, former Head, University, Zaria, adding that weakness of the bureau “is its Hammed Shittu in Ilorin​

A non-governmental organisation, Webfala Digital Skills for all Initiative (WDSFaI), has trained 60 ICT-inclined educators from various schools in Kwara on E-STEM (Environment, Science, Technology, Engineering, and Mathematics) and robotics education.

The training was organised to expose the participants to practical insights into E-STEM and robotics education.

Speaking at the event in Ilorin, the organisation’s executive director, Mrs. Bakare Nafisat, said the training programme was targeted at educators with limited knowledge of E-STEM and robotics education.

She said it was also designed to provide them with the basic technical and practical knowledge required to integrate E-STEM and robotics into their classroom teaching.

Bakare explained that after the training, the teachers are expected to share the knowledge and skills they’ve acquired with their students.

As part of efforts to support

the growth of robotics education in Kwara, her organisation selected 17 schools in Kwara that would be presented with free robotic kits accompanied by specialised training sessions for their students at no cost.

It also planned robotics training for children between nine and 14, supported by Pratt and Whitney and North American Association for Environmental Education.

Since its establishment in 2028, the NGO has trained thousands of teachers, students and women in environment, science, technology, engineering, and mathematics (E-STEM) to prepare them for future opportunities.

In his remarks, a robotics specialist, Mr. Michael Joseph, stressed the need to introduce robotics into STEM education.

He said that technology skills like coding and robotics have the power to change the world.

He added that it was important to instil curiosity, creativity, and problem-solving skills in young students that will prepare them for the future of work.

8,285 Private Candidates for WAEC’s Maiden Computer Based WASSCE Funmi Ogundare

As the West African Examinations Council (WAEC) commences the maiden Computer Based West African Senior School Certificate Examination (CB-WASSCE) for private candidates 2024 - first series today, the Head of National Office (HNO), Dr. Amos Dangut, stated that 8,285 candidates from across the country have so far registered for it.

He said the examination which will be conducted between January 31 and February 17, will be delivered in hybrid mode.

In his maiden briefing with journalists in Lagos, Dangut explained that the hybrid mode which entails the objective or multiple choice questions will be rendered on-screen and candidates are required to give their responses on the screen.

“The essay and practical questions will be rendered onscreen, likewise, but candidates will be required to give their responses using the answer booklets provided,” he stated.

He said that the council has taken the bold step to offer candidates a viable alternative to the pen and paper model of examinations, while giving its stakeholders and publics, a view of the great potential that exist in computer-based approach to assessments.

The HNO stated that the candidates would be examined in 19 subjects, made up of 26 papers, adding that to ensure the successful conduct of the examination and curb examination malpractices, carefully selected examination officials have been trained by the council to serve as proctors during the conduct.

He said that the results of the candidates will be released 45 days after the last paper, while duly awarded certificates will be available on request via centrequest.waec.org.ng.

“Similarly, candidates can access digital copies of their certificates via the WAEC digital certificate portal by logging on to www.waec.org.”

He recalled that the council is aware that the news of this innovation was initially greeted with some level of resistance, saying this only served as fuel for the council to forge ahead on its course to conduct the CB-WASSCE. “WAEC as an organisation with the core values of excellence, integrity and professionalism undergurding its processes, analysed its plans, identified possible hiccups and provided solutions thereto. The CBT centres where the examination would be hosted across the nation were inspected with checklists and equipped with servers for the duration of the conduct of the examination.

“Trial tests were conducted across the federation and a free mock examination was also conducted for registered candidates on January 23 and 24.

The final international timetable for the conduct of the examination has been made available for proper and necessary guidance to prospective candidates,” he said.

While calling on the public to collaborate with the council and security forces in the country to ensure the successful conduct of the examination, the HNO said the council has made available its e-learning portal with materials that will demonstrate to candidates, the requirements for the conduct of the CB-WASSCE.

Oyeweso, has called on the Lagos State Government to establish, as a matter of urgency, a centre for historical and cultural research that will be saddled with the responsibility of researching the history, culture, economy, politics and social aspects of the state across space and times.

Oyeweso said this in Lagos at the 10th-year memorial lecture titled, ‘The Debt we owe Lagos State University and the Peoples of Lagos State: Reflections on the Life and Times of Professor Olakunle

Department of History and International Studies, LASU, who was responsible for restructuring the academic structure of the department’s curriculum.

Oyeweso explained that when the centre is established, It will organise intellectual forums, such as symposia, colloquiums, seminars, workshops, roundtables and conferences, where experts across various fields in the humanities can brainstorm on various issues affecting Lagos.

He said the Lagos

this has become a popular practice in most important states and cities in Nigeria.

“Today, there are the Centre for Ilorin Studies (located in the University of Ilorin), Centre for Ile-Ife Studies (in the palace of the Ooni of Ile-Ife) and Centre for Benin Studies,” Oyeweso stated.

He emphasised the importance of documenting the people’s history of Lagos while expressing concern that it is constantly distorted, noting that “even the presence of the Lagos State Research and Archive Bureau has not

inability to establish synergy with other stakeholders in the history and culture sector of Lagos.”

He also stressed the need for the immortalisation of LASU’s past heroes and heroines, such as the founder of the university, the late Alhaji Lateef Jakande, its first Vice-Chancellor, Prof. Afolabi Olumide, the first female Vice-Chancellor and one of the first female lawyers in Africa, Prof Jadesola Akande, who laboured so hard to put the university on the path of glory.

L-R: Vice-Chancellor, Federal University Oye Ekiti (FUOYE), Prof. Abayomi Fasina; Executive Director, UN Space Agency at Ile Ife, Prof. Babatunde Rabiu; and former Vice-Chancellor, Bowen University, Iwo, Prof. Joshua Ogunwole, when the UN agency presented an award to Ogunwole at FUOYE, for attracting space research centre to Bowen... recently

Alumni Hold Remembrance Service for Late Members Oluchi Chibuzor

The Baptist Academy Old Students Association (BAOSA) recently held its fourth thanksgiving and remembrance service in memory of 19 old boys who passed away in 2023.

The event, with the theme, ‘Blest Be the Ties That Binds’, provided an opportunity for old boys to share fond memories they cherished

Daniel Prince

together with the departed.

Speaking at the event in Lagos recently, the President of BAOSA, Akin Fatunke, admonished participants that every moment they have together should be cherished and seen as an opportunity to leave positive marks on the sands of time.

“We pray for the repose of their souls. We take solace in the memorable moments we had together, the impact they

made on us, and the legacies they left behind,” said Fatunke.

Among the late members and their class set are Prof. Ayo Olukotun (1970), Mr. Tunde Oluwole (HSC 1976/1978), Barr. Augustus Oladele Koku (1958), Mr. Ayodeji Olayinka Aina (2006), Engr. Babatunde Adeyeye (1970/72) Arch/Barr.

Gbenga Oyefule (1975), Mr. Sunday Ogunbameru (HSC 1978 to 1980), Dr. Ndubisi Unegwu (1976), Mr. Umoh

Ekong (1977), Engr. Charles Olatunji Idowu (1946).

Others include Dr. Bolaji Ajenifuja (1950), Dr. Samuel Kunle Emdin (1968), Barr.

Ibukunle Alao Babajide (1977), Dr. John Olajide Ope (1991), Dr. Ayotunde Bamgbose (1973), Mr. Taiwo Dahunsi (1978), Mr. Lanre Adewusi (1967), Olaseni Olurotimi Sanyaolu (1980), Rtd. Maj. Gen. Ekundayo Babakayode Opaleye (1964).

Climate Change in 2024

In 2024, the global climate continues to undergo significant changes, with both natural variability and anthropogenic influences contributing to the evolving environmental landscape. Rising temperatures, extreme weather events, and shifting ecosystems remain key indicators of the ongoing climate transformation.

One of the notable trends is the continuous increase in global temperatures. Scientific data indicates that 2024 is one of the warmest years on record, with the Earth’s average temperature surpassing previous benchmarks. This upward trajectory alignes with the long-term climate change patterns attributed to the accumulation of greenhouse gases, primarily carbon dioxide, in the atmosphere. The consequences of these rising temperatures are widespread and impactful.

Extreme weather events are

more frequent and severe in 2024. Regions around the world experience intensified hurricanes, heatwaves, droughts, and heavy rainfall, disrupting ecosystems, agriculture, and human settlements. Coastal areas face an increased risk of storm surges and flooding, posing significant challenges for vulnerable communities.

The heightened frequency and intensity of extreme weather events raise concerns about the resilience of infrastructure and the ability of societies to adapt to these changing conditions.

Melting ice caps and glaciers continue to contribute to rising sea levels, posing threats to low-lying coastal areas. The Arctic and Antarctic regions experience accelerated ice loss, impacting global sea level rise.

As a result, coastal cities face an elevated risk of inundation, prompting discussions on the need for robust adaptation strategies and sustainable urban planning.

Ecosystems underwent transformations in response to the changing climate. Shifts in temperature and precipitation patterns are affecting the distribution of plant and animal species, leading to changes in biodiversity and ecosystem dynamics. Some species struggle to adapt to the rapidly changing conditions, facing challenges in finding suitable habitats and food sources. Conservation efforts focused on identifying and protecting critical habitats and establishing corridors to facilitate the movement of species in response to these shifts.

Efforts to address climate change gain momentum in 2024, with increased emphasis on international collaboration and sustainable practices.

The urgency of the situation has prompted governments, businesses, and communities to implement mitigation measures, such as transitioning to renewable energy sources, enhancing

energy efficiency, and adopting sustainable land-use practices.

Despite these efforts, challenges remain, including geopolitical differences, economic considerations, and the need for technological innovations. The urgency to limit global temperature increase and adapt to the changing climate underscore the importance of collective action to address one of the most pressing issues of our time.

In conclusion, 2024 is witnessing an ongoing and escalating change in the global climate, with rising temperatures, extreme weather events, and ecosystem shifts shaping the environmental landscape. The year reinforces the critical need for concerted efforts to mitigate the impact of climate change and adapt to the challenges posed by a warming planet.

-Prince is a student of Providence Height Secondary School

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CITYSTRINGS

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

How FG is Reinforcing Investment in the Youth through Innovative Build-A-Thon

The Build-A-Thon initiative, championed by the Federal Ministry of Communications, Innovation & Digital Economy was designed to reinforce belief that investing in the youth today will pave the way for a more technologically advanced and innovative Nigeria tomorrow. Esther Oluku reports that the tech-learning initiative was recently concluded with success in Owerri, Maiduguri, and Abeokuta

T

he Federal Ministry of Communications, Innovation & Digital Economy has concluded its first-of-its-kind Build-A-Thon initiative, which is aimed at introducing senior secondary school students to embedded systems and maker culture.

The event which was held across three Nigerian cities – Owerri, Maiduguri, and Abeokuta, marked a significant step forward in the Federal Government's commitment to digital literacy and skill development.

Organised in partnership with the UK-based NGO Raspberry Pi Foundation and supported by the Nigerian Communications Commission (NCC), the initiative aims to equip 1,500 students with skills needed to stimulate critical thinking and promote teamwork through dynamic technology collaboration.

During the four-day event which kicked-off on January 22, 2024, students engaged in handson learning experiences while learning skills such as the use of Raspberry Pi, embedded systems, Artificial Intelligence, and the Internet of Things (IoT).

Beyond theoretical knowledge, the Build-AThon also provided a diverse learning ecosystem comprising technology labs, DIY boxes, and workshops. This multifaceted approach endowed students with practical insights and real-world applications of the skills they acquired during the program.

Kicking off the opening day in each state were dignitaries such as Professor John-Cliff Nwadike, the immediate past Commissioner for Education in Imo state; Dr. Chimezie Amadi, the immediate past Commissioner for Digital Economy and E-governance in Imo State; Professor Abayomi Arigbabu, the Commissioner for Education, Science & Technology in Ogun state, and Engineer Lawan Abba Wakilbe, the Borno state Commissioner for Education.

The Commissioners spoke highly of the initiative and commended the Federal Ministry of Communications, Innovation & Digital Economy for driving this initiative. They also wished the participants well and admonished them to use the new skills they had learnt.

Speaking on the successful completion of the Build-A-Thon program, the Honourable Minister of Communications, Innovation & Digital Economy, Dr. Bosun Tijani said: "We are very proud of the outcome of the BuildA-Thon which is the largest known Raspberry Pi makerthon.

The innovative prototype projects created

Some of the youths that participated in the Build-A-Thon within four days by the participating schools serves to reinforce our belief that investing in the youth today will pave the way for a more technologically advanced and innovative Nigeria tomorrow."

Dr. Tijani further highlighted the broader impact of such initiatives, stating, "This Build-A-Thon not only nurtures innovation but also aligns with our commitment to digital education.

"I am delighted to announce that this initiative seamlessly connects with our ongoing Code Clubs, a collaborative effort with the Raspberry Pi Foundation.

"These Code Clubs, spanning 17 locations in Nigeria, are part of a global movement dedicated to putting the power of computing and digital making into the hands of young minds worldwide."

Some of the programmed prototypes built by the students were smart homes, speedboats, automated parking lot, heartbeat monitor, robotic hands designed for the disabled, digital timer alarm systems, coin bank, electric car, smart doors, machines designed to alert the blind, deaf and mute when in danger, aircraft, Bluetooth speakers, and various other innovative prototypes.

On the Demo Day, each contesting school presented their product prototypes for assessment and outstanding students and teams were presented with awards for their efforts.

The results across the three states were as follows; in Owerri, Comprehensive Secondary School, Avu won the 'Best Overall Project' for their prototype of a functional speedboat for recreational water activities and a rechargeable fan and light, serving as a dual-purpose solution for students studying at night.

In Abeokuta, the United Comprehensive High

School won the 'Best Overall Project' for their prototype of a smart home, targeted at solving a problem for people with disabilities, giving them remote access to control their homes with adequate security measures in place.

While in Maiduguri, Government Day Secondary School, Lamisula won the ‘Best Overall Project’ for a prototype of a Smart Home suitable for internally displaced persons who have left their ancestral homes and implored government assistance to make it a reality.

In the same vein, they also remodelled the newly constructed main flyover in Maiduguri Borno Express for easy movements of road users and commuters.

The success of the Build-A-Thon reinforces the Federal Ministry of Communications, Innovation & Digital Economy's dedication to the growth and development of Nigeria's digital economy in line with President Bola Ahmed Tinubu's Renewed Hope Agenda.

Ogun First Lady Set to Rehabilitate, Reintegrate Sickle Cell Warrior Amputee Precious Ugwuzor

T

he Wife of the Ogun State Governor, Mrs. Bamidele Abiodun has visited a young girl of 24, Bilikis Salami, whose story was published by Punch Newspapers on Saturday, January 20 2024.

Balikis's arm has been amputated due to sickle cell anemia. This reported development caught the attention of Nigeria's first lady, Senator Oluremi Tinubu, who then drew the attention of Mrs. Abiodun to the plight of the young lady.

Her team swung into action and located the family house of Balikis in Irolu town, Ikenne Local Government Area of Ogun State.

Mrs. Abiodun donated food and other items to Balikis and her family pledging to give the needed support in rehabilitating and integrating her into the society.

Mrs. Abiodun promised to also support her clothing business by giving her cash grant while offering to train and educate her on her chosen trade.

Ogun First Lady to Rehabilitate....

The wife of the Governor said she was so touched by the story that she had to head to Irolu to see Ms. Salami at the earliest opportunity.

"Two days ago, our first lady,

Senator Oluremi Tinubu drew my attention to the story of Bilikis in the Punch Newspapers. She also asked that I immediately intervene in the young lady's situation. " On reading the story, I was deeply

moved by her plight, because not only has she had to deal with the sickle cell disease, she now has to face the social stigma from society because the amputation of her arm," she surmised.

She added that she wasted no time in getting her aides to locate Balikis as soon as possible, noting that they were able to within a few hours.

"I was both happy and relieved that we will be able to intervene in her situation and work with her to turn her life around for good." She added.

Mrs. Abiodun thanked Punch Newspapers and the writer of the story, Victoria Edeme for highlighting her story, despite the many competing priorities in the news.

"I am happy that journalists continue to shine light on issues that people are facing, so that those who are able to intervene, can get a chance too. I encourage others to do the same," she advised.

Balikis and her family welcomed Mrs. Abiodun's support, appreciating the direct and practical approach to addressing their needs.

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WEDNESDAY, JANUARY 31, 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 29Jan-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 372.52 372.52 20.21% Afrinvest Plutus Fund 100.00 100.00 9.26% Nigeria International Debt Fund 331.89 331.89 1.56% Afrinvest Dollar Fund 108.32 108.32 0.53% 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 254.85 257.86 31.64% Anchoria Fixed Income Fund 1.31 1.31 2.33% 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 40.46 41.68 32.44% ARM Discovery Balanced Fund 800.55 824.69 20.84% ARM Ethical Fund 64.65 66.60 18.57% ARM Eurobond Fund ($) 1.11 1.11 3.11% ARM Fixed Income Fund 1.11 1.11 21.17% ARM Money Market Fund 1.00 1.00 10.17% ARM Short Term Bond Fund 1.01 1.01 8.79% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.01 108.01 877.00% AVA GAM Fixed Income Naira Fund 1,171.59 1,171.59 995.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.02 1.02 8.30% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.47% Cordros Milestone Fund 185.74 187.03 7.38% Cordros Fixed Income Fund 108.37 108.37 7.79% Cordros Halal Fixed Income Fund 110.10 110.10 8.21% Cordros Dollar Fund ($) 114.97 114.97 6.19% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 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 8.08% Legacy Debt Fund 3.59 3.59 3.77% Legacy Equity Fund 3.69 3.77 33.11% Legacy USD Bond Fund 1.33 1.33 4.48% 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 6,416.01 6,465.30 137.06% Coral Income Fund 4,024.28 4,024.28 8.08% Coral Money Market Fund 100.00 100.00 11.80% 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 21.46 21.63 16.81% Meristem Money Market Fund 10.00 10.00 11.94% 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) 103.04 103.04 11.32% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.49% Norrenberger Dollar Fund (NDF) ($) 103.12 103.12 9.73% 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 2.73 2.77 17.38% PACAM Fixed Income Fund 12.23 12.49 23.34% PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.79 2.82 29.27% PACAM EuroBond Fund 132.75 136.03 0.65% 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 N/A N/A N/A 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 5,814.78 5,864.94 16.79% Stanbic IBTC Bond Fund 256.71 256.71 4.19% Stanbic IBTC Ethical Fund 2.49 2.52 21.01% Stanbic IBTC Guaranteed Investment Fund 355.82 356.09 0.74% Stanbic IBTC Iman Fund 489.78 495.53 29.80% Stanbic IBTC Money Market Fund 1.00 1.00 11.23% Stanbic IBTC Nigerian Equity Fund 22,109.27 22,376.14 21.88% Stanbic IBTC Dollar Fund (USD) 1.47 1.47 7.15% Stanbic IBTC Shariah Fixed Income Fund 128.96 128.96 6.29% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 126.91 126.91 9.52% Stanbic IBTC Absolute Fund 5,050.04 5,050.04 9.29% Stanbic IBTC Aggressive Fund 6,581.99 6,661.81 22.31% Stanbic IBTC Conservative Fund 5,794.97 5,826.21 9.68% 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 1.77 1.79 30.40% United Capital Balanced Fund 2.12 2.14 14.79% United Capital Wealth for Women Fund 1.75 1.76 22.75% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.96 1.96 7.18% United Capital Eurobond Fund 124.85 124.85 5.30% United Capital Global Fixed Income Fund 1.09 1.09 9.42% United Capital Money Market Fund 1.00 1.00 10.06% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 21.82 22.10 18.37% Zenith ESG Impact Fund 24.03 24.26 10.30% Zenith Income Fund 25.51 25.51 0.70% Zenith Money Market Fund 1.00 1.00 11.16% 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 10.13 10.23 1.09% Vetiva Consumer Goods Exchange Traded Fund 14.57 14.67 0.76% Vetiva Griffin 30 Exchange Traded Fund 37.91 38.11 0.11% Vetiva Money Market Fund 1.00 1.00 10.23% Vetiva Industrial Goods Exchange Traded Fund 53.18 53.38 0.00% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS

NAV Per Share

Yield / T-Rtn

N/A 59.99 101.79 11.31

N/A 0.27%

Bid Price

Offer Price

Yield / T-Rtn

N/A 989.99 950.00 25.11 44.07

N/A 989.99 950.00 25.51 44.55

N/A 98.00% 32.50% 6.87% 16.97%

NAV Per Share

Yield / T-Rtn

N/A

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.

34

WEDNESday, JANUARY 31, 2024 T H I S D AY

business/MOnEYGUIDE

Haastrup Receives NSC Boss, Says Maritime Sector Revenue Can Surpass Oil Gilbert Ekwugbe The Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Vicky Haastrup has said that the nation’s maritime sector has the potential to surpass the oil and gas industry in terms of revenue generation for the country, if given priority attention.

Haastrup said this when the Executive Secretary/ CEO of Nigerian Shippers’ Council (NSC), Mr. Akutah Pius Ukeyima, paid a courtesy visit to her.

While reiterating support for the establishment of the Federal Ministry of Marine and Blue Economy, she said the federal government’s desire to realise more revenue from the maritime sector can only be attained though “careful and strategic long-term planning”.

The STOAN Chairman also made a case for the passage of the National Transport

Commission (NTC) Bill.

She said the proposed NTC will serve as an independent economic regulator in the transport industry including maritime, rail, aviation and land transport.

“It is expected to promote competitive market conduct and ensure that the misuse of monopoly or non-transitory market power is prevented in the provision of transport services.

“It will also promote private sector participation in the provision of transport services; ensure that operators and users have equitable access to the use of transport facilities, services, channels and routes,” she said.

She assured the Nigerian Shippers’ Council of her support for its transmutation into the NTC when the NTC Bill is passed into law.

“We support the NTC and support the Nigerian Shippers’ Council’s transmutation into the NTC to enable the Council

effectively protect the rights and interests of operators and consumers,” she said.

The STOAN Chairman said terminal operators at the nation’s seaports have addressed multiple challenges associated with cargo-handling operation through substantial private sector investments made at the various terminals.

“Terminal operators in collaboration with the Nigerian Ports Authority have improved the state of the ports in terms of security, quay and yard infrastructure, productivity and efficiency.

“The efficiency of our ports has improved multiple folds.

Vessel waiting time has since been eliminated resulting in significant savings for importers and exporters. Government now generates revenue in trillions of Naira through the tax authorities, Customs, NPA and NIMASA as against the few billions generated before the concession,” she said.

Weman Bank Disburses N8m Cash Price in First 2024 Promo Draw In a resounding commencement of the year 2024, Wema Bank, Nigeria’s foremost innovative bank and pioneer of Africa’s first fully digital bank, ALAT has disbursed a total of N8,000,000 in cash rewards to 116 fortunate customers in the 6th monthly draw of the Wema Bank 5 for 5 Promo Season 3.

The live draw, which held at the Oba Adesida branch of the bank in Akure, Ondo State, on Friday, 19th January 2024, showcased an exciting

event featuring over 70 customers. The draw included captivating competitions and the revelation of 116 winners for the month.

Wema Bank’s Divisional Head of Retail and SME, Ayodele Olojede, congratulated the winners and underscored the significant impact of the 5 for 5 Promo in transforming lives and businesses. She expressed the bank’s commitment to making a positive difference in the lives of Nigerians,

emphasizing that the quest for impact remains a driving force for Wema Bank.

“Being Nigeria’s most innovative bank means constantly reinventing, developing new ways to help our customers thrive and remain financially secure, so you can rest assured that this is a lifelong journey for us.

Our mission is to empower lives through innovation, and Financial Inclusion is a huge arm of this mission,” stated Olojede.

Firm Organises Discourse on Insurance Expenses Allocation, Risks in IFR17 Reporting Ebere Nwoji Issues bothering on insurance expense allocation and associated risks of how best to model the recognition, measurement, presentation and disclosure of insurance service expenses and other operating expenses, and still achieve fairness, transparency, comparability and consistency in financial reporting by insurers and reinsurers in Nigeria formed the thrust of roundtable discussion organised by the Mettlehouse Consulting limited (MHCL) in Lagos.

The discourse which has the theme, “Resolving IFRS 17 Insurance Service Expense Al-

location Challenges in Financial Reporting,” engaged industry stakeholders’; IFRS 17 steering committee members, implementation advisors, actuaries, IT experts, auditors, and executives of insurers and reinsurers in robust discuss on the apparent challenges of expense allocation and data capture, against the significant variation of IFRS 17 requirements.

In his welcome address at the round table discussion, the chief Executive Officer of Mettlehouse Consulting, Barineka Thompson, highlighted some of the key objectives of the discussion as appraisal of IFRS 4 and IFRS 17 requirements on expense modelling, identifying

IT and data capture format, and recommending best practices for harmonisation, comparability and consistency of expense allocation across underwriting companies in the insurance industry.

Speaking during his keynote address, the commissioner for Insurance, Sunday Olorundare Thomas said, “The topic for discussion was of utmost significant in the realm of insurance accounting and financial reporting as the adoption of IFRS 17 represents a paradigm shift in the accounting standards for insurance contracts, and its implementation has presented the industry with formidable challenges, particularly in relation to the allocation of insurance service expenses.“

AXA Mansard Extends Motor Insurance Campaign

Ebere Nwoji

AXA Mansard Insurance, a member of AXA, a global leader in insurance and asset management, has extended its two promotional campaign schemes, AXA Mansard Awoof Xtra and Double-Double Promo, till June 2024.

The underwriting firm said the decision is to allow more Nigerians and its customers whose policies were still active last year to also benefit from the promo offerings.

The AXA Mansard Awoof

Xtra and Double-Double are designed for the 3rd Party and Comprehensive motor insurance categories.

According to the company, when customers buy or renew their comprehensive insurance policy under the Double-Double scheme, such customers will get Free Fire Insurance for their homes to the tune of the vehicle sum assured.

That is, if a customer insures his/her car with AXA Mansard for two millionairesa, for example, he/she will get free fire insurance for his home too.

The underwriting firm said on the other hand, under the Awoof Xtra promo scheme, customers who buy or renew their 3rd Party Motor Insurance from AXA Mansard would also get gifts ranging from vouchers to phones, airtime, and other amazing prizes.

Speaking on the promo extension, the Chief Client Officer, AXA Mansard, Rashidat Adebisi, said she the objective of the promotions is to get more Nigerians to protect themselves and build resilience against uncertainties.

Chairman, Seaport Terminal Operators Association of Nigeria (STOAN), Princess Vicky Haastrup (2nd left); Executive Secretary/CEO of Nigerian Shippers’ Council (NSC), Mr. Akutah Pius Ukeyima (2nd left); Director, Consumer Affairs, Nigerian Shippers’ Council (NSC), Chief Cajetan Agu (left) and Executive Director, ENL Consortium, Mark Walsh when the NSC Executive Secretary visited Haastrup in Lagos… recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) November, 24

Money Supply (M3)

72,014,274.74

-- CBN Bills Held by Money Holding Sectors

1,245,804.25

Money Supply (M2)

71,331,641.40

-- Quasi Money

45,146,611.59

-- Narrow Money (M1)

26,185,029.81

---- Currency Outside Banks

3,081,255.46

---- Demand Deposits

23,103,774.40

Net Foreign Assets (NFA)

32,212,549.50

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

39,801,725.20

---- 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)

59,737,156.08

--Other Assets Net

4,720,308.20

Reserve Money (Base Money

22,908,392.34

--Currency in Circulation --Banks Reserves --Special Intervention Reserves

3,347,716.33 19,560,676.02 0.00

• Source - CBN

Money Market Indicators (in Percentage) Month

December 2024

Inter-Bank Call Rate

16.99

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

18.75

Treasury Bill Rate

8.93

Savings Deposit Rate

5.28

1 Month Deposit Rate

7.24

3 Months Deposit Rate

7.56

6 Months Deposit Rate

8.42

12 Months Deposit Rate

9.75

Prime Lending rate

14.17

Maximum Lending Rate

26.62

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 24th JANUARY , 2024

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), 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 •WEDNESday, JANUARY 31, 2024

35

mARKET NEWS

Stock Market Down N856.17bn on Profit--taking in DSR, 60 others Kayode Tokede The stock market, yesterday broke its numerous days gaining momentum as the overall capitalisation fell by N856.17 billion on investors’ profit-taking in Dangote Sugar Refinery Plc and 60 others.

Consequently, the Nigerian Exchange Limited All Share Index (ASI) dipped by 1,564.52 basis points, or 1.49 per cent to

close at 103,110.15 basis points from 104,674.67 basis points it opened for trading.

Also, market capitalisation depreciated by N856 billion to close at N56.426 trillion from N57.282 trillion it opened for trading.

As revealed by the NGX data, investors’ profit-taking in Tier-1 banks namely, Zenith Bank Plc dipped by 7.14per cent, Guaranty Trust Company Plc (GTCO)

P R I C E S MaiN Board

F O R DEALS

depreciated by 6.29per cent and United Bank for Africa dropped by 9.67per cent offset the gains in Geregu Power Plc that rose by 4.61per cent, dragging down the stock market.

From a sectoral perspective, losses in NGX Banking dipped by 6.7per cent, NGX Insurance was down by 6.4per cent, NGX Consumer Goods depreciated by 2.6per cent, NGX Oil & Gas tumbled by 0.6per cent,

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

quantity traded

and NGX Industrial Goods declined by 0.4per cent to reflect the overall stock market performance. Investor sentiment, as measured by market breadth closed negative as seven stocks advanced, while 61 declined.

UPDC recorded the highest price gain of 8.11 per cent to close at N2.00, per share.

Geregu Power followed with a gain of 4.61 per cent to close at N517.80, while Wema Bank

T R A D E D

value traded ( N )

MaiN Board

A S O F

rose by 1.21 per cent to close at N10.90, per share.

Ellah Lakes up by 0.99 per cent to close at N3.05, while UPDC Real Estate Investment Trust (UPDCREIT) appreciated by 0.81 per cent to close at N6.25, per share.

On the other hand, Access Holdings, Guinea Insurance, Linkage Assurance, AXA Mansard Insurance, NASCON Allied Industries, Caverton Offshore

J A N UA RY DEALS

Support Group and Sterling Financial Holdings Company led the losers’ chart by 10 per cent each to close at N25.20, 54 kobo, N1.17, N5.85, N68.40, N1.80 and N6.30 respectively, per share.

Guinness Nigeria followed with a decline of 9.96 per cent to close at N63.70 and Transnational Corporation (Transcorp) shed 9.94 per cent to close at N14.40, per share.

/ 3 0 / 2 4 Market Price

quantity traded

value traded ( N)

36

WEDNESDAY, JANUARY 31, 2024 • T H I S D AY

Wednesday, January 31, 2024

Thisday

Afrinvest Index down 36bps Thisday Afrinvest 40 index declined by 4.27% to close at

THISDAY AFRINVEST 40 INDEX

4478.22 index points following price decline in GTCO (Ͳ6.3%), ZENITH (Ͳ7.1%), and ACCESS (Ͳ10.0%). Cumulatively, these

Fundamental Performance Metrics for THISDAY AFRINVEST 40 Index

stocks account for 19.4% of the index.

Bearish Outing on Customs Street… ASI down 1.5%

Ticker

Current Price

Previous Price Change

THISDAY AFRINVEST 40

4478.22

-4.27%

Current Price Change Weighting YTD

Price Change Index to Date

ROE

ROA

P/E

P/BV

3.2%

6.2x

Divindend Earnings Yield Yield

89.6%

347.8%

13.7%

1.5x

3.6%

0.0%

12.0%

6.0%

6.0%

10.0%

3.1% #N/A Field Not Applicable

2.0%

293.90

0.0%

8.9%

11.3%

11.3%

85.8%

8.6%

25.3x

19.9x

5.6%

3.9%

41.00

-6.3%

7.3%

1.2%

1.2%

38.3%

5.6%

2.9x

1.0x

7.9%

35.1%

39.00

-7.1%

6.6%

0.9%

0.9%

27.6%

3.0%

2.8x

0.6x

8.4%

36.3%

25.20

-10.0%

5.5%

8.9%

8.9%

20.5%

1.5%

3.3x

0.6x

6.2%

30.2%

United Bank for Africa PLC

27.10

-9.7%

5.2%

5.7%

5.7%

39.5%

3.9%

1.9x

0.5x

4.8%

53.3%

7

Dangote Cement PLC

763.00

0.0%

9.3%

138.5%

138.5%

40.4%

15.3%

29.6x

9.8x

2.9%

3.4%

8

SEPLAT Energy PLC

3,074.60

0.0%

4.4%

33.1%

33.1%

1.5%

0.8%

71.9x

1.2x

2.4%

1.4%

9

Lafarge Africa PLC

40.00

-9.1%

3.9%

27.0%

27.0%

11.6%

7.9%

13.4x

1.5x

5.0%

7.5%

₦56.4tn. Also, activity level declined as both volume and val-

10

Ecobank Transnational Inc

26.60

0.4%

3.1%

27.3%

27.3%

26.9%

1.2%

2.3x

0.6x

1.9%

44.2%

11

Transnational Corp of Nigeria

14.40

-9.9%

3.5%

66.3%

66.3%

11.9%

3.0%

39.8x

4.7x

0.3%

2.5%

ue traded waned 5.9% and 57.3% to 649.0m units and

12

FBN Holdings Plc

24.10

-9.4%

4.9%

2.3%

159.1%

24.9%

2.3%

3.1x

0.6x

2.1%

32.3%

13

Fidelity Bank PLC

11.80

-5.6%

2.1%

8.8%

8.8%

26.2%

2.1%

3.7x

26.9%

1,090.00

0.0%

1.8%

-0.9%

-0.9%

Yesterday, the local bourse closed on a negative note as the NGXͲASI shed 1.5% to 103,106.85 points, following sellͲoffs on ACCESSCORP (Ͳ10.0%), UBA (Ͳ9.7%) and DANGSUGAR (Ͳ 9.7%). Consequently, YTD return fell to 37.9% (previously 40.0%) while market capitalization declined ₦856.2bn to

₦11.1bn, respectively.

Bearish Sector Performance The bears hold sway across our coverage sectors, as all six indices closed for today in red. Leading the laggards, the Banking and Insurance indices declined 6.7% and 6.4% respectively due to sell pressure in UBA (Ͳ9.7%), ZENITH (Ͳ7.1%), AIICO (Ͳ8.5%), and LINKASSURE (Ͳ10.0%). Trailing, the Consumer Goods and Oil & Gas indices shed 2.6% and 0.7% respectively due to selling profitͲtaking on DANGSUGA (Ͳ9.7%),

1

Airtel Africa PLC

2,000.00

2

MTN Nigeria Communications PLC

3

Guaranty Trust Holding Co PLC

4

Zenith Bank PLC

5

Access Holdings PLC

6

14

Nestle Nigeria PLC

15

Stanbic IBTC Holdings PLC

65.00

0.0%

1.6%

-6.7%

-6.7%

31.5%

3.4%

16

BUA Foods PLC

271.80

0.0%

2.2%

40.5%

40.5%

54.0%

18.0%

1.6%

3.8%

3.8%

47.0%

24.2%

8.4%

0.9x

4.2%

#N/A N/A

3.4%

-3.1%

6.1x

1.8x

5.4%

16.3%

39.2x

19.1x

1.7%

2.5%

5.9x

1.7%

-0.2%

7.2x

1.9%

0.3%

2.9x

2.7%

-18.3%

-6.1%

17

Okomu Oil Palm PLC

270.00

0.0%

18

Dangote Sugar Refinery PLC

74.60

-9.7%

1.5%

30.9%

30.9%

2.2%

0.5%

19

Nigerian Brew eries PLC

38.70

0.0%

1.1%

7.5%

7.5%

-39.6%

-9.3%

20

AXA Mansard Insurance PLC

5.85

-10.0%

1.0%

6.4%

6.4%

40.8%

11.2%

3.9x

1.4x

2.1%

25.4%

21

NASCON Allied Industries PLC

68.40

-10.0%

1.1%

27.3%

27.3%

60.2%

19.8%

6.6x

6.6x

1.4%

15.2%

22

FCMB Group Plc

9.90

-7.5%

1.1%

33.8%

33.8%

18.0%

1.7%

3.4x

0.5x

2.5%

29.2%

23

Flour Mills of Nigeria PLC

40.00

-9.0%

1.0%

21.0%

21.0%

6.0%

1.0%

8.7x

0.8x

5.6%

24

International Brew eries PLC

5.45

-5.2%

0.9%

13.5%

13.5%

-37.7%

-9.3%

25

Geregu Pow er PLC

517.80

4.6%

1.0%

29.8%

29.8%

31.9x

1.6%

26

Sterling Financial Holdings Co

6.30

-10.0%

1.1%

46.9%

46.9%

#N/A N/A

2.4%

27

PZ Cussons Nigeria PLC

30.10

-9.7%

0.7%

12.7%

12.7%

-106.3%

-14.9%

28

United Capital PLC

22.20

-1.3%

0.6%

-3.5%

-3.5%

22.9%

1.6%

29

Chapel Hill Denham Management

114.00

0.0%

0.6%

0.0%

0.0%

318.9x

1.3x

14.4x 12.8x

11.5% -32.3%

-22.3%

2.2x

6.8%

#N/A Field Not Applicable

13.9%

7.8%

30

Transcorp Hotels Plc

97.40

-1.4%

0.8%

38.8%

38.8%

6.9%

3.7%

218.6x

14.9x

0.1%

31

Presco PLC

259.00

0.0%

0.6%

34.2%

34.2%

45.9%

13.7%

12.6x

5.1x

3.7%

8.0%

32

Multiverse Mining and Explorat

17.00

0.0%

0.4%

-8.5%

-8.5%

42.2%

5.9%

186.3x

5.2x

0.3%

0.5%

0.5%

33

Guinness Nigeria PLC

63.70

-10.0%

0.4%

-3.5%

-3.5%

-42.1%

-11.2%

34

BUA Cement Plc

185.00

0.0%

0.7%

90.7%

90.7%

25.0%

12.6%

62.1x

15.2x

1.6%

1.6%

CO (Ͳ9.1%) and OMATEK (Ͳ9.9%) pulled the Industrial Goods

35

TotalEnergies Marketing Nigeri

346.50

0.0%

0.3%

-10.0%

-10.0%

28.3%

3.9%

8.2x

2.2x

6.1%

12.3%

36

Oando PLC

12.45

-9.8%

0.2%

18.6%

18.6%

3.2%

4.1x

#N/A N/A

and AFRͲICT indices lower by 39bps and 1bp, respectively.

37

Wema Bank PLC

10.90

1.2%

0.4%

94.6%

94.6%

1.3%

6.3x

1.2x

3.0%

16.0%

38

Julius Berger Nigeria PLC

57.95

0.0%

0.3%

34.8%

34.8%

14.5%

1.7%

9.3x

1.1x

4.8%

10.7%

0.2%

26.0%

26.0%

12.0%

6.9%

10.7x

1.4x

1.3%

0.0%

0.0%

0.0%

-140.7%

-24.8%

NASCON (Ͳ10.0%), and OANDO (Ͳ9.8%). Price decline in WAP-

39

Unilever Nigeria PLC

18.65

-6.8%

40

Notore Chemical Industries Ltd

62.50

0.0%

-19.6%

24.4%

2.0x

T ic k er

Vo lum e

P ric e C hg %

T ic k er

P ric e

P ric e C hg %

UP D C

2.00

8.1%

J A P A ULGOLD

59.8

-9.1%

GER EGU

517.80

4.6%

T R A N SC OR P

52.1

-9.9%

WEM A B A N K

10.90

1.2%

A C C ESSC OR P

46.8

-10.0%

ELLA H LA KES

3.05

1.0%

UB A

44.6

-9.7%

UP D C R EIT

6.25

0.8%

OA N D O

35.0

-9.8%

ET I

26.60

0.4%

J A IZ B A N K

27.9

-2.4%

R ED ST A R EX

3.84

0.3%

Z EN IT H B A N K

27.7

-7.1%

next trading session.

IN F IN IT Y

7.98

0.0%

FCM B

23.7

-7.5%

NP FM CRFB K

1.95

0.0%

ST ER LIN GN G

21.9

-10.0%

C H A M P ION

3.80

0.0%

F ID ELIT YB K

20.1

-5.6%

Investor sentiment, as measured by market breadth, weakened to Ͳ1.02x (previously 0.08x) as 9 stocks advanced, 62 declined, while 52 closed flat. We expect the weak investor sentiment to fuel a bearish outing on the bourse in the

Today, Geregu Power Plc announced a final dividend of ₦8.00per ordinary shares for its 2023 financial year. Shareholders Whose name appeared on the company’s register at the close of business on 27th February 2024 and has completed eͲdividend registration form would be credited on 28th March 2024.

Afrinvest West Africa Limited

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

T o p 10 L o s e r s

Corporate Action

9.3% -71.9%

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

T o p 10 G a i n e r s

Outlook

23.1%

2.7x

T ic k er

P ric e

P ric e C hg %

T ic k er

Value

A C C ESSC OR P

25.20

-10.0%

UB A

1233.2

P ric e C hg % -9.7%

LIN KA SSUR E

1.17

-10.0%

A C C ESSC OR P

1209.4

-10.0%

GUIN EA IN S

0.54

-10.0%

Z EN IT H B A N K

1090.2

-7.1%

779.6

-6.3%

C A VER T ON

1.80

-10.0%

GT C O

N A SC ON

68.40

-10.0%

T R A N SC OR P

763.2

-9.9%

M A N SA R D

5.85

-10.0%

WA P C O

518.8

-9.1%

ST ER LIN GN G

6.30

-10.0%

M TNN

504.1

0.0%

GUIN N ESS

63.70

-10.0%

OA N D O

496.7

-9.8%

T R A N SC OR P

14.40

-9.9%

N A SC ON

472.9

-10.0%

CHA M S

2.63

-9.9%

D A N GSUGA R

380.6

-9.7%

Brokerage

Asset Management

Investment Research

Adedoyin Allen | aallen@afrinvest.com

Robert Omotunde | romotunde@afrinvest.com

Abiodun Keripe | AKeripe@afrinvest.com

Taiwo Ogundipe | togundipe@afrinvest.com

Christopher Omoh | comoh@afrinvest.com

Damilare Asimiyu | dasimiyu@afrinvest.com

37

T H I S D AY • WEDNESDAY, JANUARY 31, 2024

NEWS

ADVOCACY ON THE DANGERS OF USE OF STYROFOAM....

L-R: Permanent Secretary, Office of Environmental Services, Gaji Omobolaji; Hon.Commissioner for The Environment and Water Resources, Mr. Tokunbo Wahab; Special Adviser on Environment, Mr. Olakunle Rotimi-Akodu Permanent Secretary Office of Drainage Services, Engr. Lekan Shodeinde and Managing Director, Lagos Waste Management Authority (LAWMA) Dr. Muyiwa Gbadegesin, during a meeting held with National Association of Supermarkets and Operators of Nigeria, on the total ban of the use of styrofoam in Lagos State, at the Ministry of The Environment and Water Resources, Ikaja, .... yesterday

TI to FG: Don't Celebrate Your One-point Improvement in Corruption Perception Index Nigeria records below sub-saharan Africa average of 33 points

Kasim Sumaina in Abuja Transparency International (TI), yesterday in Abuja told the Nigerian government not to celebrate the latest 2023 Corruption Perception Index (CPI), results where it gained one point, scoring 25 points out of the 100 maximum points.

The slight improvement in points TI noted, was below the Sub-Saharan African average of 33 points, noting that Nigeria had not made any progress.

The country recorded a slight improvement in the CPI ranking, by moving five places up to rank 145 out of 180 countries assessed.

The Executive Director, Civil Society Legislative Advocacy/Head, TI Nigeria, Auwal Rafsanjani, while speaking shortly after announcing the results, said: "When you look

at the benchmark, you would have seen that we are still below the sub-ratings.

"We have not made any progress and other countries like Senegal and Ghana have made progress even more than Nigeria. Nigeria’s one-point shift came as a result of countries stagnation in the rankings.

"We cannot use that as a basis to go about celebrating because the issues are still there. The issues of electoral, judicial, security sector and service delivery corruption are still imbedded in the country.

“If we do not defeat those things and bring about ways they can be prevented, there is no way we can celebrate because of one point shift," he added.

He added: "We also saw efforts to arrest or recover assets, efforts by the anti-corruption agencies to

continue to do their work despite the challenges and difficulties.

“These are some of the reasons why Nigeria was even able to improve by one point. This means Nigeria needs to do more and better

its ratings."

The CPI, arguably the most widely used global corruption ranking in the world, measures how corrupt each country’s public sector is perceived.

It uses a scale of zero to 100, where

zero means “highly corrupt”, and 100 means very clean.

Seychelles’ CPI score of 71 remained the top scorer in the region, followed by Cabo Verde (64) and Botswana (59). Equatorial Guinea

(17), South Sudan (13) and Somalia (11) performed the lowest with no sign of improvement.

Nigeria, however shared its 145th position in the 2023 CPI with Liberia, Madagascar and Mozambique.

20 New Film,TV Students Begin 12-month Training with MultiChoice MultiChoice has welcomed the latest cohort of 20 young filmmakers to its MultiChoice Talent Factory (MTF) West Africa Academy in Lagos, with the class of 2024 starting its fully funded, year-long course of training in film and television.

The students consisting of a diverse group of male and females from Nigeria and Ghana, were chosen after a rigorous six-week selection process of interviews and adjudication by film and television experts, as well

as regional academy directors, the company said.

“The MTF West Africa Academy is one of three on the continent, where students spend 12 months in workshops, lectures and masterclasses, gaining skills in screenwriting, editing, various elements of production, directing and the business of film, amongst others. “These are done through rich theoretical trainings and immersive experience working on TV and film productions, all geared

to broadening their skillsets and empowering them to work in various creative disciplines – not only the film industry,” the company added.

Speaking at the welcome session held for the 2024 cohort, Chief Executive of West Africa, MultiChoice, John Ugbe, encouraged the new intakes to take a firm hold of the opportunities open to them. “Start this journey with an open mind ready to unlearn old ways and learn the value that the structure of the MTF provides. The

MTF Academy presents you with priceless opportunities for access and resources with which you can grow and expand the horizons of your careers,” he said.

Also speaking at the session, MTF West Africa Academy Director, Atinuke Babatunde said: “Every year, a new set of MTF graduates are released into the West African film and television industry, and they inject fresh ideas, energy and enthusiasm into the local creative sector.”

Minimum Wage Review: FG Urges C'ttee to Be Guided By Social Justice, Timely Completion of Task ensure a substantial engagement, I hereby direct that Ministers and the Head of the Civil Service of the Federation should personally attend the meeting.

“In their unavoidable absence, their Permanent Secretaries should represent them.

“Similarly, Governors are expected to attend in person or be represented by their deputies or commissioners where necessary.

I urge you to consider the issue of a National Minimum Wage and all related matters with thoroughness and concern, keeping in mind not only the welfare of our workforce but also the impact on the country's economy."

Speaking on the need for prompt completion of their assignment, the President noted that, “timely submission is crucial to initiate the necessary processes for implementing a new National Minimum Wage.”

He further stressed that, “government's decision, following the consideration of your final recommendation, will be presented as an Executive Bill to the National Assembly.

"This bill, enriched by the contributions of state governments and private sector employers, will undergo thorough legislative scrutiny before being passed into law,” Earlier in his opening remarks, Secretary to Government of the Federation, Senator George Akume, urged the committee to give its best, noting that the task before it carries the hopes and aspirations of millions of Nigerian workers.

According to him, the inauguration of the committee to come up with a new national minimum wage was in fulfilment of the promise of

the Tinubu administration to embark on a comprehensive review of the minimum wage for the average Nigerian worker.

He said, "The past year in the life of our nation has been marked by significant economic challenges.

The removal of fuel subsidy, while a necessary step towards long-term fiscal sustainability, has undoubtedly imposed temporary hardships on many. In recognition of these challenges, the government made a commitment to cushion the effects on workers through a wage award, being implemented currently.

"Today, we take another crucial step in fulfilling that promise by embarking on a comprehensive review of the national minimum wage.

"The Minimum Wage Act of 2019 empowers this Tripartite Committee, composed of representatives of government, organised labour, and employers, to engage in open and constructive dialogue to arrive at a fair and sustainable minimum wage.

"This process is not merely about numbers, it is about recognising the dignity of work and ensuring that all Nigerians have the opportunity to earn a living wage that allows them to meet their basic needs and participate meaningfully in our society.

“In return, the workforce, whether public or private must of necessity, ramp up productivity, in order to sustain whatever would be the outcome of future engagements.

"I urge you to approach this task with the spirit of commitment, collaboration, flexibility and patriotism.

Please eschew individual interests and focus on the common good

for our dear nation."

Also speaking, the Chairman of the Tripartite Committee and a former Head of Service of the Federation, Alhaji Bukar Goni Aji, assured the president that the committee would do justice to the task assigned to it.

He said: “We shall, by God’s grace, carry out extensive consultations with key stakeholders to arrive at a new minimum wage that is fair, practical and implementable."

Speaking with newsmen after the inauguration, Governor Mohammed Umar Bago of Niger State ruled out any challenges by the sub-nationals, saying they were already carried along by the government at the centre.

According to him: "We don't want to preempt the outcome of this meeting, but you need to understand that the sub-nationals also have challenges and that the federal government, in its own wisdom, has brought the sub-nationals into perspective and this discussion will be done together with the sub-national, so I'm not sure we're going to foresee any challenge."

He added that state governors would not rule out the possibility of sourcing for other means to pay the new minimum wage saying, "we are looking for alternative ways of funding and we're assured that with the backward integration in the economy, a lot of us will be able to stand tall to this challenge."

On his part, the Life Vice President of Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Mr. Humphrey Ngonadi, said proposed new minimum wage would be meaningless if government

refuses to address the rising cost of commodities in the market.

His words: "I thank God for this initiative that government is taking at this particular place, but I'm still being worried.

“We may remember some time long ago there was an Udoji Award and that was the first time salaries of workers were increased and immediately after the increment the commodity in the market ran up to meet.

"So while we are talking about minimum wage, I think the government, on its own side, has to think on how to bring down the prices of commodities in the market.

"If a worker is paid N1 million as the minimum wage and a bag of rice is N900,000, the N1 million still has no meaning. So what I think is while we are thinking of minimum wage, to hike the salary of the worker, the government, on its own side, has to think of how that money will have value.

"Having value is if a bag of rice that was N8000 yesterday is now N50,000 and you increase the salary of the workers and the price or price will be N200,000, the salary increase has no value.

"So I think the government is now going in the right direction, also, while we increase the salary of the workers, let government work on the prices of commodities to come down.

If the dollar will step down now, the prices of commodities will step down. My mind is going that way."

On her part, Minister of state for Labour, Hon. Nkeiruka Onyejocha said everything the committee would be doing must end before 1st of April, adding that there would be

no delay.

"So, there’s no delay because it is something that is backed by the law and we must obey the law. Of course, we're hopeful that we're going to speed up the process because all of us know what the issues are.

"Nobody is new in this, we’ve been talking about since last year.

So I think I'm sure that we're going to deliver based on speed and the expectations of Nigerians."

Responding to questions from reporters on whether the organised labour would insist on N200,000 minimum wage, the President of the Trade Union Congress (TUC), Festus Osofo, said as at the time the N200,000 was proposed, the economy had not deteriorated to the level it was presently.

He said, "You could remember that, as at that time when we proposed that N200,000 minimum wage, if you can recall, that even inflation had not gotten to where it is today.

“If you also recall as at when we were doing that proposal, the official exchange rate was somewhere around N450 to $1.

"You could also recall as well that the parallel market rate as then was somewhere around 700 Naira to $1. But today, all these have been shattered. What that means is that we’ll go back to the drawing board because Nigerian workers are battered as we speak.

“I mean the pay today literally is nothing. So the Nigeria workers as we speak now are facing through excruciating period.

"In fact, we've had lots of minimum wage negotiations over the years, but this one will stand out. It will stand out because we

have never seen a time like this in Nigeria. So this is a period where people are passing through pains.

"In fact, the purchasing power of an average Nigerian worker and indeed the entire Nigeria masses has been eroded. So we are going to put on our thinking cap we are going to press to get the best for the working people of Nigeria."

Also speaking, the Deputy President of the NLC, Prince Adeyanju Adewale, said what was expected was commitment from the government and the negotiators.

According to him, "If the workers today are expectant, they want a robust minimum wage, I believe there won’t be any rigidity coming from the angle of the government.

So I’m in line with what my TUC President said."

The 37-man tripartite committee has six Governors, some cabinet Ministers, representatives of the organised labour and the private sector among its members.

The Governors include Bago of Niger State, representing the North Central; Bala Mohammed of Bauchi State, representing the North East; Dikko Radda of Katsina State, representing the North West; Charles Soludo of Anambra State, representing the South East who joined the inauguration ceremony virtually; Ademola Adeleke of Osun State, representing the South-West, and Otu Bassey of Cross River State, representing the South-South.

The Ministers are those of Finance and Coordinating Minister of the Economy, Wale Edun; Budget and Economic Planning, Atiku Bagudu; the Head of the Civil Service of the Federation, Mrs. Yemi Esan, and Onyejeocha.

wednESday JANUARY 31, 2024• T H I S D AY

38

NEWS

70TH BIRTH CELEBRATION OF JULIUS ADENIJI…

L-R: Former Chairman, Nigerian Baptist Convention, Rev (Dr) Michael Abodunrin; celebrant, Rev (Dr) Julius Adeniji; his wife, Mrs. Mary Adeniji, and former President, Christian Association of Nigeria (CAN), Rev (Dr) Olasupo Ayokunle, at the 70th Birthday Celebration of Adeniji in Lagos... yesterday A BAYOMI AKINYELE

Plateau Attacks: 230 Killed in One Month, Says Group Seriki AdinoyiinJos

Equity International (EI), a nongovernmental organisation, has disclosed that available statistics have revealed that at least 230 persons have been killed in the past month

in Plateau State, calling on the federal government to intensify efforts to return persons displaced by the attacks to their ancestral homes.

Addressing a press conference in Jos, the spokesman of Equity International, Chris Iyama, said:

Four Women Killed in Bauchi Mining Site Segun Awofadeji in Bauchi

Residents of Gudum Sayawa community, a suburb in Bauchi metropolis, were thrown into mourning following the death of four women who lost their lives when a mining site in the area caved in.

THISDAY checks revealed that the cave collapsed and killed three of the women instantly, while one died a week after at the hospital where she was receiving treatment for the injury.

Our correspondent also reported that residents of Gudum Sayawa are mostly agrarian

people who engage in all season farming though not in a large scale but subsistence farming.

The community only recently ventured into mining activities in order to complement what comes from the farming.

However, because of poor harvest in the recent years, mining activities have increased with women and children mostly involved as they can be seen moving from one site to the order engaged in the activities.

According to an eyewitness, the women were unable to escape on time and were crushed by the falling earth.

“We are calling on the federal government and security agencies to immediately reclaim and secure all abandoned farmlands, and abandoned homes so that all the farmers who left their ancestral

lands can feel safe to return to their communities and their farmlands.

“We are also calling on the National Emergency Management Agency (NEMA) to intensify humanitarian support to all the

affected communities.

“What is most painful about these unfortunate killings is that people were preparing to celebrate the Christmas and in the dead of the night, they were slaughtered. The

enemies of humanity slaughtered women, children, and weeks-old newborn babies. These attacks went on unabated for hours without restraint from security agencies or anyone else.

Tinubu Urged to Send Reports of 2014 National Conference for Legislative Action Chuks Okocha inAbuja

Former Special Adviser to former Vice President, Alhaji Atiku Abubakar, and the Social Democratic Party (SDP) governorship candidate in the last general election in Adamawa State, Dr. Umar Ardo, and the Adamawa

Concerned Group have called on President Bola Tinubu to take the recommendations of 2014 National Conference report to the National Assembly for legislative action.

The former SDP governorship candidate, who wrote on behalf of concerned groups in Adamawa State, also called for a convocation

of an apolitical national conference to address the rising tide of insecurity, including kidnapping, banditry as well as the decking economy In a statement he signed, Ardo said: “The recommendations of the National Conference/Dialogue be sent to the president, and the

president in turn to subject them to legislative approval in the same way he gets his nominees or budgets approved.”

He also suggested a constitutional amendments to the 1999 Constitution that would enable appointments of capable Nigerians into public offices.

The governor said this yesterday while inaugurating the SpecialAdviser and Special Assistants on Federal Constituencies at the Executive Chamber of the Governor’s Office, Secretariat, Agodi, Ibadan.

He tasked them to work hard with him to extend dividends of democracy to the people at the federal

constituency level, stating that there is a lot of work to be done. He said: “I want to congratulate Hon. Dare Adeleke and his team. It is a lot of work absolutely and I will tell you why. During the last election, out of the 14 federal constituencies, as a government, we lost nine and we had only five constituencies that are

represented by PDP. “WehadIbadanNorth-west/Southwest, Ibadan North-east/South-east, Ogooluwa/Surulere, Iseyin/Itesiwaju, Iwajowa/Kajola and Ibarapa Central/ Ibarapa North. We have to ensure that, at the federal constituency level, we are able to extend dividends of democracy to the people.

LG Polls: Deliver PDP Candidates in Your Areas, Makinde Tells Aides

KemiOlaitaninIbadan

Oyo State governor, ‘Seyi Makinde, yesterday, directed his Special Assistants on Federal Constituencies to deliver the Peoples Democratic Party (PDP) candidates in their areas in the April 2024 local government elections.

President Urged to Apologise to Akwa Ibom People, Obong Attah over Comment Court Bars Anambra from Imposing Senate of the state for what he described Addressing a press conference in recent stakeholders’ meeting of the Okon Bassey inUyo as “unguarded statement” aimed at Uyo, the Akwa Ibom elder noted All Progressives Congress (APC) Leaders on Community The Deputy Leader, Akwa Ibom inciting and misleading the people. with displeasure the remarks by the in all the three senatorial districts Akpan, a former member Senate president that there was no of the state said though the state is North East (Uyo) Consultative David-Chyddy Eleke in Awka

A High Court in Ogidi Judicial Division in Anabra State has barred the state government from interfering in the leadership of Nawfia community in Njikoka Local Government Area of the state.

The court presided over

by Hon Justice E.I Ndigwe in a judgment yesterday in Ogidi, Idemili North Local Government Area, condemned the Anambra State Government for interfering in the leadership

of the community, by removing an elected executive and inaugurating a caretaker executive.

The Judge, while delivering judgment on the matter, also awarded a cost of N5million against the Anambra State Government for arbitrary action.

The elected executive of Nawfia Progressive Union had dragged the Anambra State governor to court for dissolving the executive in 2021, before the expiration of their three years tenure.

Forum, Òtuekong Thomas Akpan, has advised the Senate President, Godswill Akpabio, to tender an unreserved apology to former Governor of Akwa Ibom State, Obong Victor Attah, and the people

of Cross River State House of Assembly, also advised Akpabio to concentrate on his work as the Senate president and be wary of causing political crises in Akwa Ibom State.

development in Akwa Ibom State until he became the governor in 2007, and his boast as the APC leader in the state to reclaim the state in 2027 elections.

Senator Akpabio had during the

christened the ‘Land of Promise’, “ such promises were never fulfilled by successive governments until during his time as governor, adding that he came and blazed the trail of development before others followed.

Osun Speaker Calls for Legislative Collaboration to Boost Rapid Devt Yinka Kolawole in Osogbo

The Speaker of the Osun State House of Assembly, Rt. Hon. Adewale Egbedun, has called for enhanced legislative collaboration in the South-west region to foster rapid development in the region.

In a statement issued by his

Chief Press Secretary, Mr. Olamide Tiamiyu, the speaker while playing host to the duo of the Ekiti State House of Assembly Speaker, Rt. Hon. Adeoye Aribasoye and the Ondo State House of Assembly Speaker, Rt. Hon. Olamide Oladiji, who were on a courtesy visit to Osogbo, said that the cooperation

of the region’s legislative bodies is crucial for its development.

According to him, Southwest has a proud history of democracy, and it is the collective responsibility of its leaders to ensure that this tradition is upheld, adding that the challenges of insecurity, economic stagnation,

and social inequality that are currently plaguing the country, can be tackled through legislative collaboration.

He said: “By working together as legislative arms of government, we can make a real difference in the lives of our people,” the speaker reiterated.

and civil service.

Speaking yesterday at the Government House in Kaduna while swearing in Mohammed Aminu Danjuma as the newly appointed Grand Khadi of the state, he said complaints about untoward activities of

Judges at the lower courts are unacceptable.

The governor urged the new Grand Khadi to work assiduously to ensure discipline of the staff of the Sharia Court of Appeal, particularly those of the lower courts who are the

closest Judges to the masses.

Sani thanked the National Judicial Council (NJC) for recommending a highly experienced legal practitioner and distinguished scholar of Islamic law for appointment as the Grand Khadi.

Man Rapes 55-year-Old Woman to Death in Ondo Kaduna to Partner Anti-graft Agencies to Fight Corruption in State Judiciary, Civil Service FidelisDavidinAkure

A Chief Magistrate Court sitting in Oke-eda in Akure, Ondo State’s capital, has remanded a 35-year-old man, Mr. James Emmanuel, for allegedly raping a 55-year-old woman, Mrs. Deborah Abiodun, to death.

THISDAY gathered that the defendant, who is a co-worker of the deceased, committed the alleged offence at a poultry firm located at Oke-Odu area, off Ilere, on Ijare Road, Akure. James, after raping her to death, hit her with stone on her head and dumped her corpse inside a waste pit.

However, the suspect was arraigned on two counts bordering on murder and rape before Magistrate

F.A. Aduroja.

Police Prosecutor, Inspector Anwana Josephine, told the court that the suspect committed the offence on January 17, 2024, at about 11.00 p.m., contrary to Section 357 and punishable under Section 358 of the Criminal Code, Cap. 37, Vol. 1 Laws of Ondo State of Nigeria, 2006.

The charge sheet read: “That you James Emmanuel ‘m’ on January 17, 2024 at about 11.00p.m. at Ilere, on Ijare Road, Akure in the Akure Magisterial District, did rape Deborah Abiodun ‘f’ aged 55 years old and thereby committed an offence, contrary to Section 357 and punishable under Section 358 of the Criminal Code, Cap. 37, Vol. 1 Laws of Ondo State of Nigeria, 2006.

John Shiklam in Kaduna

Kaduna State Governor, Senator Uba Sani, has said his administration will partner and strengthen its cooperation with the anti-graft agencies to fight corruption in the state judiciary

Alleged N48bn Ibeto Fraud: Judge Returns Case File to Lagos CJ

The N4.8 billion alleged fraud arraignment of the Chairman of Ibeto Energy Development Company, Chief Cletus Ibeto, at a Lagos High Court, Ikeja has been stalled due to the return of the case file by Justice Ismail Ijelu to the Chief Judge, Justice

Kazeem Alogba.

At the resumed hearing on Monday, Justice Ijelu had informed all counsel in the matter that the case could not proceed until the Chief Judge decides on the various petitions written by the defendant, challenging the

jurisdiction of the court to hear the case and accusing him of bias.

The Economic and Financial Crimes Commission (EFCC) had filed a 10-count charge against Chief Ibeto alongside his companies, Ibeto Energy Development Company and

Odoh Holdings Limited over alleged fraud.

The anti- corruption agency had levelled offences bordering on allegations of conspiracy, fraud, forgery, and fraudulent use of documents against Chief Ibeto and his companies.

39

T H I S D AY • WEDNESDAY, JANUARY 31, 2024

WEDNESdaysports

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

0811 181 3083 SMS ONLY

Omeruo Talks Tough Ahead Q’Final Clash with Angola

2013 Africa Cup of Nations winner, Kenneth Omeruo, has said that the Super Eagles have little or no time for confabulation and will prefer to do the talking on the turf of the Stade Félix Houphouët-Boigny against Angola in the quarter-final of the 34th edition in Abidjan on Friday.

The experienced defender came in

to help stabilise the rearguard in the closing stages of Saturday’s Round of 16 defeat of five-time champions Cameroon at the same venue and is confident that the Palancas Negraswill bite the dust by the final blast of the referee’s whistle.

“We do not need to go into back-and-forth chatter with any team. The Super Eagles are in Cote

d’Ivoire for serious business. We have not played Angola for a long time but I remember we played them in 2012 in a friendly and it ended in a draw. I have also read of how previous encounters between the two countries have been quite close.

“There is no possibility of Friday’s match ending in a draw,” concludes Omeruo.

Meanwhile, Nigeria’s new number one goalkeeper, Stanley Nwabali, may still be available for selection for the quarter-final duel with Palancas Negras of Angola if he passes a late fitness test set for today.

He was involved a light training with the rest of the team yesterday as Super Eagles continue putting

finishing touches to game-plan to go past the Angolans.

According to team medics, the 27-year-old copped a mild ligament injury during the Round of 16 battle with the Indomitable Lions on Saturday, and the doctors have been working on him to see if he will come good in a late fitness test 48 hours before the cracker with

the southern Africans.

“Fingers crossed. If all goes well, he might be available for selection.”

The Chippa United goal-tender has won the hearts of Nigerians with his self-assured posture between the sticks and his penchant for launching onslaughts with long kicks that have been unsettling the opposition at this tournament.

Drama Ends With Cup Favorites Morocco’s Exit from AFCON 2023 South Africa’s Bafana Bafana subdue the World Cup semi finalists

Femi Solaja with agency report All the teams tipped as favourites to lift the 2023 Africa Cup of Nations in Côte d’Ivoire have now exited the tournament with South Africa’s 2-0 defeat of Morocco last night another shock result.

Defending champions Senegal fell Monday night to host Côte d’Ivoire while seven-time champions Egypt also bowed out to DR Congo. The other North African oppositions like Algeria, Tunisia and Algeria have all exited the tournament, leaving Nigeria’s Super Eagles as the new favourites to lift the trophy come February 11.

Evidence Makgopa and Teboho Mokoena scored second-half goals as South Africa shocked Morocco with a 2-0 victory at the last-16 stage on Tuesday night.

Morocco, who had Sofyan Amrabat sent off late on, were among the favourites at the tournament in Côte d’Ivoire, but their continental curse continues and they remain without a Cup of Nations title since 1976, this time undone in the muggy heat of the Laurent Pokou Stadium in San Pedro.

South Africa led in the 57th minute when midfielder Themba Zwane, so often the creative fulcrum of the side, slipped a pass through to tall striker Makgopa and he calmly slid the ball past goalkeeper Yassine Bounou, before Mokoena fired in a superb late free kick.

Morocco had a chance to level with the score at 1-0 when they

were awarded a Late penalty, but Achraf Hakimi hit the crossbar to finally dim their chances of recovery.

In an earlier quarter final fixture, Mali booked a quarter-final meeting with hosts Côte d’Ivoire by holding on to beat Burkina Faso 2-1.

An own goal from Edmond Tapsoba gave Mali’s Eagles a third-

minute lead, and then had several chances to add to their advantage before half-time.

Lassine Sinayoko did make it 2-0 early in the second half with a finish through the legs of goalkeeper Herve Koffi, but Bertrand Traore pulled a goal back for the Stallions of Burkina Faso from the penalty spot just before

the hour mark.

Issoufou Dayo thought he had equalised for the Burkinabe in the final minute, but his header from a free-kick was ruled out for offside and Mali saw out eight minutes of added time.

The Eagles have reached the last eight for the first time since 2013, and

Eric Chelle's side will now face the Ivorians on Saturday (17:00 GMT) for a place in the semi-finals.

All the remaining matches of the AFCON 2023 in Côte d’Ivoire will be aired live and in HD on Sports Premium, Sports Life and Beta Sports channels on StarTimes, as well as StarTimes-ON mobile app.

AFCON RESULTS Mali 2-1 B’Faso Morocco 0-2 S’Africa

Q’FINALS FIXTURES (Friday) Nigeria v Angola (6pm) DR Congo v Guinea (9pm)

(Saturday) Mali v Côte d’Ivoire (6pm) C’Verde v S’Africa (9pm)

Morocco’s central defender, Romain Saiss (left), and goalkeeper, Bono, watched in disbelief as Bafana Bafana’s Evidence Makgopa first goal PHOTO: Reuters rolls into net during their AFCON 2023 Round of 16 clash in San Pedro, Côte d’Ivoire...last night

Awoniyi’s Goal Fails to Stop Arsenal’s Push to Art Hotel Shoreline Team Eyes Majekodunmi Cup Victory Regain EPL Top Spot 1 2 0 t h N PA / GTC O L AG O S P O LO Forest substitute Taiwo Awoniyi grabbed one goal back with a close-range finish in the dying moments and almost levelled from a similar position just moments after, but Arsenal keeper David Raya was equal to it for the Gunners to pick all three points.

Arsenal have now closed the gap on Premier League leaders Liverpool to two points after an impressive second-half show broke Nottingham Forest's resistance at the City Ground.

The Gunners struggled to break

down Forest's well-organised rearguard but took the lead after 65 minutes when home keeper Matt Turner allowed Gabriel Jesus' low shot to deflect in as it slipped through his legs at the near post.

Arsenal doubled their lead seven minutes later, cashing in ruthlessly on another Forest error after Gonzalo Montiel gifted possession to Martin Odegaard, his pass setting up Jesus to play in Bukayo Saka for a confident finish across Turner.

Players of Art Hotel Shoreline polo team have stake a huge claim to winning the ongoing 120th NPA/ GTCO Lagos International Polo Tournament which enters its second week today with games of the Majekodunmi Cup taking centre stage.

Art Hotel team that had an impressive run in the Open Cup series last year, is stepping up to the event’s biggest prize with a newly assembled team made up of Bashir Dantata (Jnr.), Tunde Karim, Manuel Crespo from Argentina and South Africa’s Chris Makenzie, The star-studded side loaded with

Olabisi Joseph Returns as NSSF President Olabisi Joseph has been returned for a second term in office as the President of the Nigeria School Sport Federation (NSSF).

Joseph, who is the first female President of NSSF was unanimously re-elected by the delegates from 27 states and FCT Abuja at the 2024 Annual General Assembly of the federation held on Tuesday January 30 at the Gymnasium Complex of the National Institute of Sports (NIS) in Lagos.

At the well-attended assembly, the delegates described the first

term of Joseph as the full return of NSSF to the international scene while Nigeria took part in several International School Sports Federation (ISF) events in France, Mexico, Morocco among others.

In her acceptance speech, Joseph thanked the delegates for their trust and confidence in her executive while pledging to work harder to make NSSF a rallying point for talent discovery in sports.

In her acceptance speech, Joseph promised to continue to work harder with the new executives

to change the story of school sports that would eventually rub off on the fortunes of sports in Nigeria.

Other executives elected at the assembly include Dickson Monday Tinism (VP 1); Emmanuel Ebong (VP 2); Ifeoma Onuchukwu (VP 3); Aminu Fada (VP 4); Dr Oba Funsho Usman (Secretary General); Adagbo Godwin Abari (Treasurer); Fawolu Robertson Olajide (Financial Secretary); Aka Ikechukwu (Assistant Secretary); Hassan Dauda (Auditor 1), David Bot Danbuyi (Auditor 2) and Sagiru Sani Dandano (PRO).

three Majekodunmi Cup champions, Dantata, Makenzie and Crespo, will do battle with visiting Abuja Rubicon and defending champions, Lagos Leighton King to decide who wins the 120th edition of Africa’s biggest polo festival.

Dantata, Karim and other players of the team who spoke to the media during the team’s unveiling at the Art Hotel in Victoria Island on Monday expressed confidence that they are ready to go for the gold and thanked their sponsors for having confidence in them to deliver.

“It’s not going to be an easy ride

but we are ready to go all the way to victory. We are lucky to have the mount and the players who have the required exposure and experience to clinch the Majek Cup this year,” declared Bashir Dantata who won the cup with his Lintex team two years ago.

The trio of Tunde Karim, Chris and Manuel who were all part of the opening week of the tournament, have promised their teeming supporter across the world to stand by the team throughout the campaign General Manager, Art Hotel, Rodriguez Park, expressed delight at

the preparation of the team for the high-goal contest at the 2024 Lagos polo event. “At the Art Hotel, we believe that an active participation in our community is vital and as such we are delighted to have the opportunity to sponsor the Art Hotel Polo/Shoreline team in the 2024 NPA Lagos International Polo Tournament.”

Managing Director of GCR Rating, Akin Majekodunmi, the co-sponsor of the team, wished the players the best of luck and expressed confidence that the team would make their benefactors and their teeming fans proud at the end by carting home the most wanted Lagos polo prize.

L-R: Bashir Dantata (Jnr.) Chris Makenzie, Tunde Karim and Manuel Crespo at the unveiling ceremony of the Art Hotel/ Shoreline polo team in Victoria Island, Lagos...on Monday

Wednesday, January 31, 2024

TR

UT H

& RE A SO

Price: N400

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MISSILE Meter Manufacturers to FG

“As the demand for meters continues to grow, the Association of Meter Manufacturers of Nigeria (AMMON) emphasises the urgent need for regulatory measures to address the issue of a fixed meter price when all imput costs are affected by increasing inflation and foreign exchange movements. This attention is urgently required to ensure the seamless provision of meters across the nation” --AMMON, urges the Federal Government to address FX fluctuations impacting availability of meters in the country.

KayodeKomolafe The Horizon

kayode.komolafe@thisdaylive.com

0805 500 1974

Again, Insecurity is the Issue T he mood at the National Assembly yesterday was quite reflective of the rising anxiety about the worsening insecurity in the land.

Expectedly, federal legislators related the stories of anguish and helplessness being told in many communities in the country. These are tragic stories of kidnappings, banditry, terrorism and wanton killings. The map of insecurity looks scarier by the day. No part of Nigeria is immune to this climate of danger.

The vulnerability of the people is so obvious. The risks faced by rural and urban communities alike are glaring.

The word in the mouths of the old and the young around the country is insecurity.

This fact was evident in the yesterday contributions from senators and members of the House of Representatives.

Samples could be taken from the tragic stories of what happened in parts of the country just in the last one week.

A member of the House broke down as he moved a motion on the killings of two traditional rulers in Ekiti State.

Another member reported that about 50 people were killed in the latest round of bloodletting in the extremely troubled Mangu Local Government Area of Plateau state. A senator told the story of the Agatu area of Benue state being overrun by invaders.

At the end of a sombre survey of the national security landscape, Senate President Godswill Akpabio announced the resolution of the chamber that security and defence chiefs should be invited to answer questions on the state of things in the security sector. Speaker of the House of Representatives Tajudeen Abass’ summation of the proceedings in the House was that President Bola Tinubu should “take tough decisions.”

So, as Lenin puts in the title of his famous political pamphlet in a markedly different context, the question of the moment is this: What is to be done?

The focus should be on this question as we commiserate with those who have lost their loved ones while wishing the injured quick recovery and sustaining the call for the freedom of those still suffering in captivity. This question has been asked as the various typologies of violent crimes were confronted in more than 20 years. Answers have also been generated as many as times as the question has been posed by the manifestations of insecurity all these years. These answers could be found in the various reports of commissions and committees which looked into the various tragic events at different periods as well

Tinubu

as government’s white papers. Pundits have also espoused perspectives on the insecurity. Books have been written from divergent standpoints on the problem.

Implicit in these various views are some answers to the question. Only yesterday a fellow columnist , Dr. Reuben Abati, in an extensive discussion of the problem on this page actually wrote pointedly : “Let the federal government declare a national emergency on insecurity.”

Besides, insecurity in Nigeria also has an international dimension which could be compounded by the recent unsettling political developments in the Sahel region.

It may, therefore, be useful in the circumstance that as pressure mounts on security agencies and defence forces to keep Nigeria secure the grim moment should be used for a strategic review in the security sector. This is often done by some countries facing challenges of insecurity in varied forms and degrees.

The gravity of the violent crimes plaguing the land demands such a systematic response. Members of the public who have inputs to make usually participate in the process of such periodic reviews.

A lot of lessons could be learnt from

elsewhere despite Nigeria’s unique situation. For instance, over a decade ago, the United Kingdom had an important examination of its defence, security and intelligence in a report entitled “Securing Britain in an Age of Uncertainty: The Strategic Defence and Security Review.”

Embodied in the British report is an observation that could be interest to Nigeria: “All too often, we focus on military hardware. But we know from our many visits to Afghanistan and to military units around our country, that ultimately it is our people that really make the difference. As a country, we have failed to give them the support they deserve. We are putting that right, even in the very difficult economic circumstances we face. We will renew the military covenant, that vital contract between the Armed Forces, their families, our veterans and the country they sacrifice so much to keep safe. Each and every one of us has a responsibility to do more to support the men and women of our Armed Forces. We must never send our soldiers, sailors and airmen into battle without the right equipment, the right training or the right support. That objective has been a fundamental guiding principle of this Review, and it is one to which this Government will remain absolutely committed.”

A few things could be shared from the British experience.

First, the sacrifices of soldiers, policemen, security agents and other operatives on the field should be better appreciated. Security and defence personnel have also been killed and maimed in cases of kidnaps, banditry and terror attacks. The talk about funding security often focuses on acquiring equipment and technology. A greater emphasis should also be put on the welfare, training and motivation of the men and women who actually carry out field operations to keep the nation secure. Even drones have to be deployed by human beings to hit the right targets. The compensation of the fallen heroes should be paid promptly while their survivors

“A greater emphasis should be put on the welfare, training and motivation of the men and women who actually carry out the field operations to keep the nation secure. Even drones have to be deployed by human beings to hit the right targets”

are humanely treated. Those who are in retirement should be paid their pensions decently. The nation should demonstrate empathy and respect for those who are put in harm’s way in order to keep the rest of the society secure. Their duty is highly honourable regardless of the acts of bad eggs in their organisations. In any case, is there any organisation without its own bad eggs? Soldiers, policemen and intelligence operatives should be applauded when victims of kidnapping are rescued or bandits are vanquished.

The human factor still remains the pivot of any security strategy even in the era of Artificial Intelligence. So the security and defence authorities should make this a central component of any review.

Secondly, the intersection between physical security and social security as well as economic progress is an obvious one. This makes the involvement of other sectors an imperative for a meaningful review.

Beyond the usual official exhortation that security is a “collective responsibility” the society at large should be rigorously mobilised to support the gallant efforts of the professionals who are on the field to ward off all risks to peaceful existence. In addition, the experience of a large community of retired officers of the various forces and agencies could also be useful. This reservoir of knowledge and experience constitutes a national asset. Yet, it is hardly utilised. Maybe, if some past leaders of the security sector confidentially share with the current ones their stories of mistakes the system would be spared of a repeat of such mistakes. The fora for such exchanges of views do not have to be formalised with any bureaucracy. The products of the thinking that goes on in the various think tanks should not be ignored by those who are currently in command in the security sector.

The corollary to the foregoing, of course, is that security agencies and defence institutions should not only be subordinated to civil authorities as compelled by the constitution, they should also develop a culture of accountability. The accountability being suggested here goes beyond naira and kobo. It is not enough to increase defence and security budgets. It is also important that the expectations of the public are met. This can be measured by the level of security.

It is in this light that the meeting of the service chiefs and heads of security agencies with senators scheduled for next week should not be just another talking shop. The important dialogue between lawmakers and the leaders of the security sector should be a turning point in the chilling story of insecurity.

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