MONDAY 31TH JANUARY 2022

95 Days after Launch, eNaira Wallets’ Download Near 700,000 Obinna Chima The Central Bank of Nigeria (CBN) digital currency, eNaira, has continued to attract the interest of Nigeria’s banking public at home and across the world, with its total downloads hitting 694,000

exactly 95 days after it was unveiled.

A breakdown of the figures exclusively obtained by THISDAY yesterday showed that as of last Friday, total downloads via iPhone Operating System (iOS) stood at 136,000, while that

of Android was 558,000.

In terms of consumer wallets, the data showed that at 33 per cent, Guaranty Trust Bank was ahead of others, just as Ecobank was presently leading in terms of merchant wallet downloads at 22 per cent.

“Downloads have continued to increase to almost 700,000.

ENaira wallets were downloaded from North America to Australia and all over Africa,” the analysis stated.

Furthermore, it showed that the app was also downloaded

in South America, Europe, Asia, and in almost all the countries in Africa.

President Muhammadu Buhari launched the digital currency on October 25, 2021.

Buhari had said with the eNaira, the country’s Gross Domestic Product (GDP) was

projected to rise by $29 billion in the next 10 years. He had stressed that Nigeria was the first country in Africa and one of the first in the world to introduce digital currency.

The president had stated, Continued on page 10

Again, Nigeria Loses 6.5m Barrels of Oil to Force Majeure, Sabotage in December...Page 6 Monday 31 January, 2022 Vol 27. No 9792. Price: N250

www.thisdaylive.com TR

Runsewe

Omotolani

Nwodo

UT H

& RE A S O

N

Omorogbe

Odufuwa

2022: Nigerian Women in Tech Break New Grounds Nosa Alekhuogie

With the curtain down on 2021, Nigerian women operating in the tech industry have closed mouth-watering deals worth hundreds of millions of dollars, started new ventures and promoted the cause of gender equality.

With just 22 per cent of the total number of engineering and technology university graduates each year in Nigeria, according to the National Bureau of Statistics (NBS), Nigerian women have started to take charge of the critical technology sector.

THISDAY checks reveal that at least 10 individuals top the log of women in Continued on page 20

ICOBA 90TH ANNIVERSARY...

L-R: Chairman, Igbobi College Old Boys' Association (ICOBA) 90th Anniversary Fundraising Committee, Mr Seni Adio SAN; Chairman, Board of Governors, Igbobi College Yaba, Mr. Foluso Phillips; Speaker House of Representatives, RT Hon. Femi Gbajabiamila; President ICOBA, Mr Olumuyiwa Kinoshi; Vice President, Prof. Yemi Osinbajo; Co-chairman, 90th Anniversary Planning Committee, Mr. Femi Olubanwo, and Group Managing Director of CMC Connect BCW, Mr Yomi Badejo-Okusanya, at ICOBA 90th Anniversary Fundraising Gala held at Eko Hotel, Lagos...recently KUNLE OGUNFUYI

Electoral Bill Pegs Presidential Campaign Expenses at N5bn...Page 8

2

MONDAY JANUARY 31, 2022 • T H I S D AY

MONDAY JANUARY 31, 2022 • T H I S D AY

3

4

MONDAY JANUARY 31, 2022 • T H I S D AY

MONDAY JANUARY 31, 2022 • T H I S D AY

5

6

MONDAY, JANUARY 31, 2022 • T H I S D AY

NEWS

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

EVERCARE PRESS BRIEFING...

L-R; Cardiac Lead, Anaesthetic and Critical Care, A3c Consultants, Dr. Seyi Oyesola; Cardiothoracic and Vascular Surgeon, Evercare Hospital, Dr. Augustine Olugbemi; Director Cardiothoracic and Vascular Surgeon, Dr. Harish Vaja; Chief Executive Officer, Rajeev Bhandari; Neurosurgeon, Dr Serge Rasskazoff; Paediatric Surgeon, Dr Arua Igwe Obasi at the Evercare Hospital Press Conference held in Lagos…. yesterday SUNDAY ADIGUN

Again, Nigeria Loses 6.5m Barrels of Oil to Force Majeure, Sabotage in December At $75 average price per barrel, country deprived of about N202.3bn revenue Emmanuel Addeh in Abuja There appears to be no end in sight to the financial and resource haemorrhage in Nigeria's oil and gas industry, with the country once more losing as much as 6.596 million barrels of oil in its December 2021 production.

At an average of $75 per barrel that crude oil sold last month and an official exchange rate of N415/$1, Nigeria failed to take advantage of high international oil prices for the month, losing a whopping $487.5 million (about N202.3 billion).

Latest figures from the Nigerian National Petroleum Company Limited (NNPC) indicated that the losses were due to a combination of factors, including force majeure declared by a Joint Venture (JV) partner.

Other reasons listed by the national oil company included community issues, maintenance work, sabotage, and technical matters, like leakages, pressure build-up, and faulty valves.

But in the month that the company experienced the N202 billion loss, it remitted a meagre N20 billion of its projected N209 billion to the Federation Account. The amount was, however, about 100 per cent higher than the N10.5 billion it contributed in November 2021.

NNPC’s presentation to the Federation Account Allocation Committee (FAAC) indicated that Bonny took the greatest hit, losing 2.712 million barrels in the month due to the force majeure declared on the Nembe Creek Trunk Line (NCTL).

The Urha terminal followed with 1.468 million barrels loss, which curtailed production within the period and hobbled exports. The loss from that particular terminal exceeded the country’s production for the entire month.

Odudu terminal also suffered the same fate due to decrease

in production as a result of maintenance work on the Odudu and Ima terminal.

Furthermore, Forcados shed 456,575 barrels of oil as a result of what NNPC described as community issues, which delayed reinstatement of the facility.

Besides, Yoho dropped 420,000 barrels during the month under review, owing to a faulty valve; Ajapa lost 30,000 barrels due to shut down, while Aje terminal curtailed production within the period to the tune of 62,000 barrels.

Similarly, Brass suffered sabotage around Tebidada and Ogbaibiri flow stations as well as valve issues, pressure build-up, high sand production, leak repairs, resulting in a total loss of roughly 198,200 barrels.

Last week, the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) lamented that with the Organisation of Petroleum Exporting Countries (OPEC) production quota of 1.683 million bpd in January and 1.701 million bpd in February, Nigeria was only able to pump 1.396 million bpd currently.

In all, it stated that this was leading to a loss of at least 115,926 million bpd on a daily basis, put at roughly $300 million monthly.

“We are losing about 115, 926 barrels per day, so that literally translates to roughly $300 million and that’s a huge loss to a nation that actually requires these funds,” the commission’s Chief Executive, Mr Gbenga Komolafe, stated.

Komolafe attributed the underperformance to mostly oil theft, sabotage, vandalism, and technical issues, including ruptures associated with the assets.

In its Monthly Oil Market Report (MOMR) for December, OPEC stated that given a comparison of that month with the previous month of November, a daily underperformance figure of

78,000 barrels per day was recorded by the country in December.

Cumulatively, THISDAY analysis showed that Nigeria lost as much as 2.418 million barrels of crude due to underproduction in that month.

The month also saw Nigeria slump lower than other previous production performances, compared to,

for instance, October, when 1.228 barrels were pumped per day, and November, when 1.275 million barrels were produced per day.

Given a conservative estimate, the inability of Nigeria to pump more oil in that month might have cost the country approximately $205.5 million for the entire month.

Last week, NNPC requested

a total of N3 trillion from the federal government to fund fuel subsidy in 2022 after the current administration suspended its earlier plan to end the policy.

Speaking on Arise Television, THISDAY’s broadcast arm, last week, a former Executive Secretary of the Nigerian Extractive Industries Transparency Initiative (NEITI), Waziri Adio, stressed that since

Nigeria first reported oil losses, the situation had escalated and was taking a heavy toll on the country.

In a period of 10 years, Adio stated, an analysis of losses to oil theft by NEITI revealed an enormous to $41.9 billion, about $4.1 billion per year. He argued that aside its economic implications, the losses also had security ramifications.

Technical Staff Leaving NCAA Due to Poor Salary, Says DG Chinedu Eze Director General of the Nigerian Civil Aviation Authority (NCAA), Captain Musa Nuhu, says the agency is in dire need of highly skilled personnel to efficiently regulate the aviation industry and ensure air safety.

Nuhu regretted that such category of personnel had shunned the authority because of poor remuneration.

The NCAA boss spoke yesterday in Lagos while addressing aviation correspondents. He was reacting to an earlier request by the Airline Operators of Nigeria (AON) that NCAA be removed from the civil service salary structure, in a recent letter to the senate.

Nuhu also explained that such professionals went to airlines where they were paid about four times what they could earn in NCAA and others chose to go overseas for greener pastures. He said the agency was constrained as a government agency operating under public service rules and civil service salary structure.

According to him, currently, the agency has young and retiring technical staff, but needs highly qualified and experienced middle cadre

personnel to expand, sustain, and even surpass the standard of aircraft and airline inspection already attained.

Nuhu stated, “NCAA is a government agency and not an independent body; we operate under public service rules and government salary structure. We have very experienced pilots with minimum of 4,000 flying hours.

“That is the recommendation to be a flying instructor, but our pay is poor when compared to what the industry is paying.

Our pay within the civil service structure seems to be great, but if you compare that to the closest we need from the industry, our pay is poor.

“So, people will rather go and work in the industry as a captain, earn some millions of naira, than to come here and earn less than N1 million.

“The only people that come to work for NCAA as flight operation inspectors are people who have retired from flying.

People who have attained the age of 65 years or more and we employed them on special contracts and even as a special contract staff, when you get to 70 years of age, you are supposed to leave. AON is complaining because of the delay in attending to them because we don’t have

enough personnel.”

He stated that the agency needed to get people who could be employed as regular staff, experts under 50 years old and willing to work and retire at the mandatory age of 60. He said after the retirement, the agency could still engage them as contract staff for another 10 years.

Nuhu said that would help to promote stability in the system.

The director general said, “According to the International Civil Aviation Organisation (ICAO) documents 9737, we are supposed to be a competitive employer, but because we are under the civil service rule, which we must comply with, I cannot compete with the airlines in the hiring of staff and, on the other side, the aviation safety inspectors, they come out of school, we employ them, train them, they are here for six years and when they are about to become very productive for the system, the private sector comes and attracts them with better salaries and take them away.

“We need to find a way of balancing this so that the system gets enough technical personnel to function. We are, however, working on the government to see how things can be addressed.

There is a limit we can pay. We

are working with the ministry through the Minister of Aviation, Head of Service and Salaries and Wages Commission to see how we can address this.”

Meanwhile, Nuhu reacted to the theft of aircraft equipment in an Arik Air leased airplane parked at the domestic terminal of the Murtala Muhammed International Airport (MMIA), Lagos, known as MMA2, attributing the development to insider job. He alleged that persons who knew the aircraft well had accessed it and stolen the equipment.

He stated, “For all I can say, investigations are on-going on the incident, but I won’t say it was a vandalisation. What happened was that somebody who obviously knew where the aircraft was, somebody who knew obviously what he was doing, went to the E and E2 compartments, walked in there and removed a component professionally without damaging anything. So, figure out that for yourself.

“As far as I am concerned, it is an on-going investigation.

So, we will wait for the outcome of the investigation.

It is very clear that I cannot go to the very technical part of the aircraft and remove something there.

MONDAY JANUARY 31, 2022 • T H I S D AY

7

MONDAY, JANUARY 31, 2022 • T H I S D AY

8

NEWS

70TH ANNIVERSARY THANKSGIVING AND AWARD SERVICE...

L-R: Primate, Anglican Church, Nigeria, Most Rev. Henry Ndukuba; his wife, Angela; Diocesan Bishop, Ibadan Anglican Diocese, Most Rev. Joseph Akinfenwa; and his wife, Comfort, presenting an award to the Primate, during the 70th Anniversary Thanksgiving and Award Service of Ibadan Diocese of Anglican Church at the Cathedral of St. James, Oke Bola, Ibadan...yesterday

Electoral Bill Pegs Presidential Campaign Spending at N5bn Limits individual donations to N50m Chuks Okocha in Abuja The 2010 Electoral Act (Amendment) Bill 2022 passed by the two chambers of the National Assembly has increased the limit on the overall amount a presidential candidate can spend during elections to N5 billion. The campaign spending limit in the revised amended bill is a significant increase from the N1 billion previously provided.

The revised bill also states that no individual shall donate more than N50 million

to the campaign funds of a political partly. The amount was previously limited to N10 million.

According to a new Section 91 (1) of the clean copy of the bill, which would be sent to President Muhammadu Buhari for assent, “Election expenses shall not exceed the sum stipulated in subsections (2) (3) (4) (5) (6) and (7). “(2) The maximum election expenses to be incurred by a candidate at a presidential election shall not exceed N5, 000,000,000.00. “(3) The maximum amount

Come and Work with Us, Lawan Begs Emmanuel to Join APC Deji Elumoye and Sunday Aborisade President of the Senate, Ahmad Lawan, yesterday, extended an invitation to the Governor of Akwa Ibom State, Udom Emmanuel, to dump the Peoples Democratic Party (PDP) for the ruling All Progressives Congress (APC).

This was contained in a statement by Lawan's media aide, Ola Awoniyi, titled: "We are waiting for you to come and work with us,” Lawan tells Akwa Ibom Governor.

The President of the Senate, according to the statement, was in Uyo at the instance of his colleague, Senator Bassey Akpan.

Lawan showered encomiums on Emmanuel for being a performing Governor and publicly told him to consider crossing over to the side of the progressives politicians.

Lawan recently extended similar invitation to the Abia State Governor, when he visited Aba in November last year, and told Governor Okezie Ikpeazu that, "the progressives were waiting for him."

Both the Senate President and the Akwa Ibom State governor

attended the Thanksgiving Service and the inauguration of the constituency projects executed by Akpan on Saturday.

Lawan congratulated the people of Akwa Ibom for being lucky to have Udom Emmanuel as their Governor, saying, “You have a Governor who is so focused, intelligent, brilliant and anything that will bring development to Akwa Ibom and this country is his concern.

"Your Excellency, even though we do not share a common platform but the truth must be said: you have transformed Akwa Ibom for the best. We are waiting for you to come and work with us, Your Excellency.

Oh yes! Why not? We want someone like you. And there is no shame in asking.

"We are asking for the development, unity, progress and growth of our country. It doesn't matter, who that person is. When you see something that is so good, you say something that is also good. And we have seen someone that is so good, so brilliant and we are saying that is a very good addition to the leadership quest for Nigeria," Lawan said.

of election expenses to be incurred by a candidate in respect of governorship election shall not exceed N1, 000,000,000.00. “(4) The maximum amount of election expenses to be incurred by a candidate in respect of Senatorial and House of Representatives seat shall not exceed N100, 000,000.00 and N70, 000,000.00, respectively. “(5) In the case of State Assembly election, the maximum amount of election expenses to be incurred by a candidate shall not exceed N30, 000,000.00. “(6) In the case of a chairmanship election to an Area Council, the maximum amount of election expenses

to be incurred by a candidate shall not exceed N30, 000,000.00.”

In the new revised bill, the election expenses for governorship, senatorial, and House of Representatives candidates were increased from N200 million to N1 billion; N40 million to N100 million; and N20 million to N70 million, respectively.

The old Section 91 (1) had stated, “Election expenses shall not exceed the sum stipulated in subsection (2) – (7) of this section. “(2) The maximum election expenses to be incurred by a candidate at a Presidential election shall be N1, 000,000,000.00. “(3) The maximum election

expenses to be incurred by a candidate at a Governorship election shall be N200, 000,000.00. “(4) The maximum amount of election expenses to be incurred by a candidate in respect of Senatorial and House of Representatives seats shall be N40, 000,000.00 and N20, 000,000.00, respectively. “(5) In the case of State Assembly election, the maximum amount of election expenses to be incurred shall be N10, 000,000.00. “(6) In the case of a Chairmanship election to an Area Council, the maximum amount of election expresses to be incurred shall be ten million naira N10, 000,000.00

“(7) In the case of councillorship election to an Area Council, the maximum amount of election expenses to be incurred shall be one million naira (N1, 000, 000.00).”

The National Assembly also increased the amount an individual could donate to a presidential candidate from N1 million to N50 million.

Precisely, Section 91 (9) of the old bill reads, “No individual or other entity shall donate more than N1, 000,000.00 to any candidate.”

On the other hand, Section 91 (9) of the new bill reads: “No individual or other entity shall donate to a candidate more than N50, 000,000.00.”

Report: $9.2trn Annual Investment Needed to Achieve Net-zero By 2050 Emmanuel Addeh in Abuja To meet the 2050 net-zero commitment by the nations across the world, at least $9.2 trillion investment would be required annually, a new report

by McKinsey and Company, has estimated.

The company stated that in all, the transition required for the world to reach net-zero emissions by 2050, would need spending of $275 trillion on physical assets between now and the projected period.

This annual average, it stated included investment in the energy, mobility, industry, buildings, agriculture, and forestry and other land-use sectors. The estimated spending on all those need to be $3.5 trillion per year more than today if the world was to achieve net-zero by 2050, according to the firm.

To put the global funding

requirement in context, McKinsey stated that the increase was equivalent to half of global corporate profits and one-quarter of total tax revenue in 2020.

According to the report, the impact of the energy transition would be uneven across countries and sectors.

“Many of these sectors would also incur cost increases as they decarbonise. For example, steel and cement production costs would rise by about 30 per cent and 45 per cent, respectively, by 2050, compared with today, in the scenario we analyse,” McKinsey said.

It added that spending on the net-zero economy would also be unevenly distributed around the world, stating that developing countries and producers of fossil fuels will have to spend more as a share of their GDP than other countries.

In the case of sub-Saharan Africa, Latin America, India, and other Asian nations, the spending would be about 1.5 times as much as advanced economies, or more, according to McKinsey.

It noted that the developing countries in South-east Asia and Africa, those that cannot afford to splash trillions of US dollars on anything, are also those most exposed to the effects of climate change.

“One of the most immediate risks is that of a disorderly energy transition, if the ramp up of low-emissions activities does not take place fast enough to fill gaps left by the ramping down of high-emissions activities,” McKinsey said.

It explained that soaring energy prices could create a backlash that delays the transition, noting the importance of the careful management of the transition to spare the world

more shocks in energy supply and prices.

“As reliance on renewables grows and investment in fossil fuel-based power generation declines, tight supply for raw material inputs for technologies like solar panels and batteries may compound energy price volatility given long lead times in the capital-intensive mining sector,” McKinsey pointed out.

At the COP26 summit in Glasgow in November last year, President Muhammadu Buhari had pledged that Nigeria would cut its carbon emissions and reach net-zero by 2060, underlining the key role of gas in the country’s energy transition roadmap.

While nations such as the UK, the United States, and the European Union have set targets to achieve net-zero by 2050, Nigeria opted to join Saudi Arabia and Russia in vowing to reach net-zero by 2060.

MONDAY JANUARY 31, 2022 • T H I S D AY

9

10

MONDAY, JANUARY 31, 2022 • T H I S D AY

PAGE TEN

I FEEL YOUR PAIN...

Vice-President, Prof. Yemi Osinbajo (L) while condoling with Alhaji Dahiru Mangal over the demise of his Mother, Hajiya Murja Mangal at his residence in Katsina...yesterday

SSANU Seeks Unbundling of IPPIS for Effective Operation Onyebuchi Ezigbo in Abuja The Senior Staff Association of Nigerian Universities (SSANU) has urged the federal government to decentralise the operations of Integrated Personnel Payroll System (IPPIS) in universities.

While expressing concern

over delays in payment of arrears of the new minimum wage, SSANU asked federal government to ensure its payment on or before the end of February, 2022.

In a communique issued at the end of the 41st National Executive Council (NEC) meeting of the SSANU

held between January, 20 and 22 2022 at the Obafemi Awolowo University (OAU) Ile-ife, Osun State, a copy of which was obtained yesterday, the association urged the government to unbundle IPPIS by decentralising the payment along staff unions to guarantee proper payment

137 MDAs Didn’t Submit Audited Reports to Auditor-General in Three Years Kingsley Nwezeh in Abuja The 2021 Ethics and Integrity Compliance Scorecard compiled by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) has shown that 137 Ministries, Departments and Agencies (MDAs) did not submit their audited accounts to the Office of the Auditor-General of the Federation in the last three years.

The report also showed that 20 MDAs assessed by the commission did not have governing boards in place.

Where boards were in place, 100 of the MDAs did not hold regular meetings even as 164 MDAs did not conduct periodic self-assessment for board members.

The findings, an indication of endemic corruption in MDAs, revealed that 169 of them and 56 per cent of the number assessed did not have policies or codes regarding acceptance of gifts, donations, hospitality and therefore not enforced.

"These lapses are veritable channels for receipts of gratification on pretexts of gifts and hospitality by staff in the identified MDAs," it stated.

The assessment contained in the "Ethics and Integrity Compliance Scorecard of MDAs in Nigeria," further stated that 174 MDAs did

not comply with the Public Procurement Act 2007, while 100 MDAs, procurement planning committee composition were not in compliance with PPA 2007.

Same defect was noticed in 88 MDAs where tender boards composition was in contravention of the PPA 2007.

"This promoted procurement and due process abuse and fraud," it said.

"196 MDAs did not have a training plan and 171 MDAs did not support ethics and compliance initiatives," it stated.

In terms of employment, the report stated that all MDAs assessed denied employing staff during the period under review.

"Although all the MDAs visited said there was no employment in 2020, responses to request on recruitment from the Office of the Head of Service of the Federation vide letter Ref: HCSF/2031/ VolII dated 8th October, 2021, revealed that 14 MDAs out of the 26 MDAs that obtained waiver from the OHCSF to carry out recruitment exercise in 2020 were captured in the deployment exercise," the report added.

"This reflects a total of 1,959 out of 3,309 recruitment approved. However, in this survey, all the MDAs assessed denied employing staff during the period under review.

"Though personnel of these agencies are regularly exiting the system through retirements, resignations, terminations, dismissals, deaths, etc., yet the number of personnel keeps rising and the wage bill keeps increasing", the report said.

The ethics and integrity compliance also depicted the absence of a strategic action plan in 140 MDAs while 187 MDAs did not conduct monitoring and evaluation of their projects in six months before the deployment and assessment exercise.

The ICPC report, therefore, recommended that the Office of the Auditor-General of the Federation direct MDAs to submit audited accounts to OAGF and the public accounts committee.

of salaries according to staff status, capturing all allowances.

SSANU in the communique signed by its president, Mr. Mohammed Ibrahim, gave the federal government on or before the end of February to pay its members all arrears of the new minimum wage.

The association lamented the pains its members were passing through as a result of the implementation of the IPPIS in universities and called on the government to unbundle the mode of payment by decentralising payment along staff unions to guarantee proper payment of salaries according to staff status.

The communique explained that SSANU NEC in session deliberated seriously on some critical issues specifically affecting labour unions, tertiary institutions and state of the nation in general.

While expressing concerns on the pains associated with the implementation of IPPIS, SSANU's NEC stated the implementation of IPPIS had caused agonising pains in federal universities in this country.

It stated: "Salaries are paid in unpredictable manner, where staff cannot envisage what is expected as salary monthly.

This is prompting growing tension in universities.

“NEC therefore urges government to unbundle IPPIS by decentralising the payment along staff unions to guarantee proper payment of salaries according to staff status, capturing all allowances.”

SSANU's NEC frowned at what it described as the endless insincerity and double dealings of the federal government over agreements and memoranda of understanding seamlessly signed with labour unions.

"NEC recalls the several assurances of government to pay the agreed arrears of the new national minimum wage.

Unfortunately, this promise is yet to be met after countless months; the last promise being end of October, 2021.

"Government is enjoined to see to it that they keep to the promise of payment of the arrears of the new national minimum wage, which has already lost its value as at today," it said.

SSANU also urged government to ensure that they pay the overdue arrears of the national minimum wage on or before the end of February, 2022.

On the payment of earned allowance to universities and inter-university centers, the

NEC stated: "The shoddy implementation of earned allowances that has continued to cause untold chaos in Universities is yet to be implemented properly despite promises by the government to resolve all the issues.

"This is made obvious, in addition to other issues by the omission of Inter-university Centres in the payment of arned Allowances. This is considered unfair and SSANU frowns seriously at it. InterUniversity Centres should therefore be considered in the next release of payment of earned allowances."

In its resolution on staff school matters, SSANU noted that: "The issue of the university staff schools that had since been resolved by the National Industrial Court in favour of SSANU is still resurging despite government's several promises to comply with the court's ruling.

“Many universities are yet to re-absorb teachers of the staff schools into their payroll.

NEC received report that the teachers are being migrated to a new salary structure called COMPISS. NEC noted that the COMPISS salary structure for university staff school teachers is a negation of the court ruling.”

95 DAYS AFTER LAUNCH, ENAIRA WALLETS’ DOWNLOAD NEAR 700,000 “Indeed, some estimates indicate that the adoption of Central Bank Digital Currency (CBDC) and its underlying technology, called blockchain, can increase Nigeria’s GDP by US$29 billion over the next 10 years.

“CBDCs can also help increase remittances, foster cross border trade, improve financial inclusion, make monetary policy more effective, and enable the government to send direct payments to citizens eligible for specific welfare

programmes.”

CBN Governor, Mr. Godwin Emefiele, also said the eNaira would support a resilient payment ecosystem, encourage rapid financial inclusion, reduce the cost of processing cash, enable direct and transparent welfare intervention to citizens, and increase revenue and tax collection.

Emefiele had added, “Therefore, the eNaira is Nigeria’s CBDC and it is the digital equivalent of the physical naira. As the tagline simply encapsulates,

the eNaira is the same naira with far more possibilities.

“The eNaira – like the physical naira – is a legal tender in Nigeria and a liability of the CBN. The eNaira and naira will have the same value and will always be exchanged at one naira to one eNaira.”

The International Monetary Fund (IMF) noted recently that the eNaira had been “drawing substantial interest from the outside world” since it was unveiled.

However, IMF pointed out that, like digital currencies

elsewhere, eNaira carried risks for monetary policy implementation, cyber security, operational resilience, and financial integrity and stability.

It noted that although the digital currency was expected to increase financial inclusion and facilitate remittances, CBN should be prepared to manage the potential risk associated with managing a digital currency.

It stated that eNaira was the second central bank-backed digital currency fully open to the public after that of the Bahamas.

MONDAY, JANUARY 31, 2022 • T H I S D AY

11

NEWS

TINUBU WITH APC UK CHAPTER...

All Progressives Congress National Leader, Asiwaju Bola Tinubu, with some officials of APC UK chapter after a meeting yesterday in London

Osinbajo: How Committed, Visionary Leadership Can Impact Generations Deji Elumoye in Abuja The Vice President, Prof.

Yemi Osinbajo has stressed that committed and visionary leadership can impact several generations positively.

Speaking at the weekend in Lagos, during the 90th Anniversary Fundraising Dinner of Igbobi College, organised by the institution's

alumni association, Igbobi College Old Boys Association (ICOBA) of which he is a member, Osinbajo used founders of Igbobi College, Lagos, as example of visionary leaders saying they laid a foundation for the nurturing of leaders who left indelible marks across different fields and impacting many generations.

Ohuabunwa: My Presidency Will End Biafra Agitations Fidelis David in Akure The former President of the Nigerian-American Chamber of Commerce (NACC) and presidential aspirant in the Peoples Democratic Party (PDP), Mr. Sam Ohuabunwa has assured Nigerians that if he emerges victorious in the 2023 election, the nation would be more united than ever.

Contrary to some insinuations that any south-easterner who gets to the presidency would actualise Biafra Republic and might break Nigeria, Ohuabunwa argued that the people of the south-east geo-political zone love a more united Nigeria than any other regions.

Ohuabunwa who was also the former Chairman, Nigerian Economic Summit Group (NESG), stated this at the weekend in Akure, when he paid courtesy visit to the Ondo State chapter of PDP, and to meet members of the New Nigeria Group in the state.

He lamented that the 1967 civil war was a distorted history against the Igbo and those from the south-east, recounting that it was a case of recurring injustice, pogrom and marginalisation against the people of the zone.

He said: "The south-east didn't want to break Nigeria;

the civil war was not because the south-east wanted to break Nigeria. I fought in that war as a young army officer. The persons that wanted Nigeria together more than others were the Igbos.

"If you take all of us here, the person that wants a united Nigeria is the Igbo man; not by word of mouth, but practice.

Most communities in Nigeria, after the indigenous community, the igbos are the next.

"And if they come, they don't come with bags just to do business and go: they buy land, build houses, some get married, train their children in local names. Over time you can't differentiate them, that is their nature.

"They killed them hundred times in Kano State and they are back in Kano; same in Sokoto and they are back. Are these the people who want to break the country? It is not in the interest of the Igbos to break Nigeria; they are global citizens."

Ohuabunwa, however, noted that those clamouring for Biafra Republic, "are just crying against injustice. If your child is unhappy, he will cry and taunt and do whatever to attract your attention. But as a parent you refused to see him and ask what the problem is.

According to him, "when the founders of Igbobi College, all those many years ago, decided to fill a gap they saw in the education of the boys, they not only created an environment that transformed the lives of the first 150 boys that walked into its Yaba campus in 1932, they triggered a legacy of excellence and integrity that has produced a retinue of young men who have gone on to set great examples in almost every sphere of human endeavour.

The notability of our alumni speaks for itself.

"In many ways, Igbobi College is a testament to

what committed and visionary leadership can accomplish.

When people come together to serve a purpose greater than themselves the results are far reaching and long lasting."

Making specific reference to the impact of the College on the society, Osinbajo noted that every generation from Igbobi College, since inception, had produced an array of outstanding leaders.

He said: "Pioneering businessmen and exceptional statesmen who have served at every level of public service and governance; clergymen with national and global influence; thought leaders

and intellectuals with indelible footprints in academia and journalism, and many more in different other fields of endeavor.

"What is sometimes unseen beneath the surface of their individual achievements is the wider societal impact of each of these men: the values transferred within their families and immediate constituencies, the number of jobs created, the forward thinking public policies they have been instrumental to crafting, and the number of people inspired by the laurels they have won in their respective fields.

"If there is anything Igbobi College has taught us, it is the difference a single person can make by taking responsibility for their own little corner of the world, and the duty we owe to pay it forward."

The vice president then called on the alumni to honour the legacy of the founders, saying, "the first set of teachers and administrators whose selfless commitment laid the moral foundation of the school and set it on its path to greatness: Mr. N.A Birthwistle and N.P. Morris, Leslie Murby and Bishop Odutola, Mr. Ogunlesi and Baba Esubiyi."

Benue State Tackles Buhari, Says Nigerians Regretting Voting President George Okoh In Makurdi Benue State government yesterday reiterated that Nigerians were tired and regretting voting in President Muhammadu Buhari.

The state government also stated that Nigerians would be glad to see Buhari leave office next year, “because they are tired of failed politicians.”

The state government said this during a press conference held in Makurdi, by its Commissioner of Information, Culture and Tourism, Michael Inalegwu, in response to an earlier write-up credited to Mallam Garba Shehu, titled ‘The Incongruence of Governor Samuel Ortom,’ some days ago.

The state government also advised Shehu, the Senior Special Assistant to the President on Media, to limit himself to the countdown to

the departure of his principal from office rather than engaging in issues when he has nothing positive to say.

"It will interest Shehu to know that it is not only Governor Ortom that regrets voting Buhari as President.

Majority of Nigerians including his die-hard supporters in 2015 and 2019 do,” he added.

“In the light of the foregoing, it is clear that Governor Ortom, rather than President Buhari, is the true leaders. As Shehu has rightly put it, Nigerians has had enough of failed politicians and would be too glad to see one of them (President Buhari) leave office next year,” the Commissioner said.

According to the Information Commissioner, Shehu had in the said write up classified Nigerian politicians under two

categories: “The first are politicians who are leaders that offer solutions to the challenges facing voters and the country. The second politicians who offer excuses for the challenges voters face.

“In Shehu’s perverted sense of judgement and in a bid to earn his pay, he placed President Muhammadu Buhari in the first category and Governor Samuel Ortom in the other,” Inalegwu said.

While describing the categorisation as an absurdity, the Information Commissioner said most Nigerians knew too well that the reverse was the correct position as, according to him, “Nigerians can hardly wait to see the back of the President leaving Aso Rock Villa next year because of his inept, directionless and failed leadership.”

He said contrary to what the president’s aide wanted

the world to believe, the Ortom’s ranching law has proven to be effective in checking the murderous assault of herdsmen on Benue communities.

Inalegwu said it was not surprising that the law has been recommended by the National Council of States, recommended by Southern Governors and is being adopted by many states of the federation including the President’s home state of Katsina.

While also shedding more light on the issue of salary owed Benue civil servants, the Information Commissioner who noted that in northern Nigeria, Benue pays the highest salary to its workers, added that Ortom has cleared all salary arrears being referred to by Shehu in the said write-up and is now up to date.

12

MONDAY JANUARY 31, 2022 • T H I S D AY

MONDAY JANUARY 31, 2022 • T H I S D AY

13

14

T H I S D AY • MONDAY, JANUARY 31, 2022

COMMENT

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

OIL IS OWNED BY NIGER DELTA

Oil found in the Niger Delta region belongs to the people of the area, argues Michael Owhoko

F

or the record and for posterity, it is imperative to state that oil found in the Niger Delta region belongs to the people of the area. It is not owned by Nigeria. God provided every habitat with natural resources, including agricultural crops for subsistence. Oil, among others, is one of the natural deposits God provided for Niger Delta people for existence.

The region had existed before Nigeria was created, and the oil was never part of sovereignty it ceded to bring about the country. This explains why other regions in the country have control over natural resources in their domain.

Therefore, it is morally wrong for the government to single out the most valuable resource of a particular region for confiscation, while leaving other regions to enjoy their resources exclusively. That the federal government has oppressively expropriated the oil in the Niger Delta region by transferring ownership to itself, and using the law to legitimize the process, does not make it morally right.

The obnoxious Petroleum Act of 1966 which now forms part of Section 44(3) of the 1999 Constitution was used to legitimize this illegality. It confers on the federal government, ownership and control of all petroleum resources found in, under or upon all land or waters in the country.

However, this is at variance with practices in advanced democracies where host communities, states or regions own the resources and pay taxes and royalties to government.

In law, whoever owns the land, owns the resources therein, and this principle is supported by the Ad Coelum Doctrine. Why singling out petroleum resources in a particular region for acquisition? If the intention of government was sincere, the law should have been extended to cover all natural resources, including food and cash crops across the country.

The Niger Delta people believe strongly in their soul, spirit and body, that the oil belongs to them but that the federal government has unjustly used its might to seize it because of their helpless polyethnic minority condition. It is most likely this could not have happened in a monolithic majority group in the country for fear of resistance.

Depriving the Niger Delta region of its oil while leaving other regions or communities to exploit natural resources found in their areas, amounts to injustice. Zamfara and Osun states, for example, are currently enjoying the benefits of gold mining, just as other states or regions in the country are reaping from their agricultural crops.

Yet, the Niger Delta people are not only deprived of their oil resource, they also bear the brunt of oil exploration, including destruction of their ecosystem. Fish, crops, weather, water and other organisms in the region suffer pollution and contamination. Oil has brought miseries to the people to the extent that even basic agricultural and fishery activities which provide succour for the people are no longer generative, due to environmental degradation.

When you complain, those whose only contribution to the economy is their population are quick to remind you that the region is already enjoying 13 percent derivation proceeds, in addition to input from intervention agencies like the Niger Delta Development Commission (NDDC) and Ministry of Niger Delta Affairs, thus, does not deserve further support.

This is population-induced arrogance.

When groundnut, cocoa and palm produce were Nigeria’s economic

ZAMFARA AND OSUN STATES, FOR EXAMPLE, ARE CURRENTLY ENJOYING THE BENEFITS OF GOLD MINING, JUST AS OTHER STATES OR REGIONS IN THE COUNTRY ARE REAPING FROM THEIR AGRICULTURAL CROPS

mainstay, the parts of the country where these produces were derived, namely, the North, West and East separately received 50 percent of the revenue in line with the derivation principle as contained in the 1963 Constitution.

Why then is the government reluctant to raise the derivation revenue that should accrue to the Niger Delta region to 50 percent when the 1999 Constitution has given a window for upward review.

The 13 percent derivation principles as contained in Section 162, Sub-section 2 of the 1999 Constitution (as amended) is intended to adequately compensate the people of the region for confiscation and damages arising from oil exploration and production.

While the region is still contending for an upward review of the 13 percent, about 59 Northern lawmakers in the House of Representatives lately had vexatiously pushed for a bill to expunge the derivation principle under the 1999 Constitution.

Obviously, the intention of the 59 legislators is to deny the Niger Delta region of the 13 percent derivation revenue to enable redistribution of the proceeds to shore up revenues in their region. This motive is not only thoughtless and heartless, it smacks of parliamentary hypocrisy and insincerity, capable of plunging the region into pointless crisis that could worsen the country’s economic woes.

Are these lawmakers bereft of ideas that can shore up revenue pots in the northern states or they are just being mischievous? Rather than channel and expend energy on how natural resources that are spread across the northern states can be explored and harnessed for growth of the region, they are ridiculing the legislature and exposing the limit of their intellectual capacity for good governance.

It was these same northern legislators that contributed to the delay in the passage of the Petroleum Industry Bill (PIB) over their insistence that allocation to host communities from oil companies operating expenditure must be reduced from 10 to 3 percent. They had opposed the initial 10 percent as recommended in the original draft. The PIB was eventually passed into law on August 16, 2021.

Now, they have not only succeeded in this overbearing trajectory; they have introduced 30 percent frontier exploration fund in the Petroleum Industry Act despite previous records of unsuccessful geophysical exploration efforts, including seismic surveying, by international oil companies (IOCs) in the region. Is there any exploration magic they expect the Nigerian Petroleum Development Company (NPDC), a subsidiary of Nigerian National Petroleum Corporation (NNPC) to perform in place where the IOCs could not find oil in commercial quantity?

It is a clear demonstration of pursuit of sectional interests aimed at commuting the exploration fund into advantage for the North.

In what way has the Niger Delta region offended the Nigerian state and their leaders? Why the show of zero tolerance for development and comfort in the region? Projects meant for development in the area are not only sometimes diverted and moved to other regions, even statutory privileges are occasionally aborted.

•Dr Owhoko, journalist and author, is the publisher of Media Issues, an online newspaper based in Lagos

PANDEMIC ENVIRONMENT AND SMALL BUSINESSES Timi Olubiyi canvasses adequate business structure in small and medium-sized enterprises

S

mall businesses are important for many reasons be it nano, micro, small, or medium-sized enterprises. On one hand, as an important contributor to any economy, and as the lifeblood of many developing and underdeveloped economies. Small businesses can equally provide many essential opportunities that cannot be overlooked because as they scale, they impact innovation, job creation, economic diversification, poverty reduction, wealth creation, and income redistribution within the country. Hence, the core attribute that makes small businesses achieve all these and more is the agility which the founders/ owner-managers provide. This makes this form of business nearly inseparable from the founders.

This inseparability makes the decision-making process and flexibility within the businesses much faster than that of large corporations. More so coupled with the agile management that exists in the small businesses, adaptation to current realities and changing economic circumstances is much easier in small businesses. Research finds have also shown that the agility that exists in small businesses is the direct involvement of the founders, and the business owners. They can provide quick decisions and also react to changes in the environment easily. There is no doubt that the COVID-19 pandemic has added to small business challenges around the world. A lot has happened with the novel coronavirus (COVID-19) pandemic, it has fueled a lot of economic, livelihood, and business disruptions with more grave consequences on developing countries like Nigeria.

Without a doubt, the pandemic has brought about the untimely loss of loved ones, colleagues, associates, neighbours, friends, and prominent Nigerians. While many died as a result of COVID-19 complications, some died due to accidents, age-long sicknesses and

others died as a result of economic pressures. The painful truth is that most of them held key roles in the entertainment industry, sports, politics, and in particular many held key roles in businesses around before they succumbed to death drawing from context observation.

As it stands and relying on worldometer and the World Health Organization (WHO) figures, as of January 2022, coronavirus deaths since the pandemic began, stands at 5,575,367 and 3,116 in Nigeria. The figure seems underreported for Nigeria because the common knowledge is that most deaths go underreported and most times not captured and unrecorded with the necessary authorities. Families do not see reasons to formalize closures by visiting the hospital for proper attestation, getting death certificates, and having the deaths captured.

As a reminder, since small businesses and the founders/owner-managers are inseparable, it is easy then to conclude that we may just be losing businesses as part of the huge consequences of the COVID-19 situations. Agreeably the rate at which obituaries come up in the newspapers these days has been so alarming and disturbing, many are unaware that most of these late individuals are business owners and key decision-makers in these businesses.

Therefore, what happens to the business when a founder dies or is incapacitated? This usually creates leadership vacuum in the businesses, survival and continuity is highly threatened which may lead to liquidation of the business.

In fact, research finds corroborate that many businesses could suffer long-lasting and significant negative impacts if the founders/ owner-managers die untimely. Though no reliable data to substantiate this claim in Nigeria it is evident that a large portion of the population lives on income from small businesses

which account for 96 per cent of businesses around and 84 per cent of jobs in the country. Coupled with the current demography of Nigeria, the prevalence of deaths of founding entrepreneurs or owner-managers may negatively impact many of the businesses and worsen the unemployment situation in the country.

Though small businesses have different forms of incorporation, from a partnership, to sole proprietorship, or Private Limited Company (Ltd) and Private Unlimited Company, the reality is that founders /owner-managers rarely put such business structures in place.

So, upon the owner’s death who has a clear vision and goals for the business, a leadership and decisionmaking vacuum is created almost immediately. A clear recent reference was the November 2021 collapse of a high-rise block of luxury flats under construction in Ikoyi Lagos State. At least 42 people died including the property developer, who also is the MD/CEO and owner-manager of the building. Since the unfortunate incident and the demise of the founder of the company, no detailed communiqué or press release has been issued in respect of the building collapse by the company -an incorporated limited company.

What we have in the public space is the investigations and evaluation of the state of things by the Lagos State Government. Contrarywise the project’s website has been shut down by the company, therefore it is easy to tell that as capital intensive the project is, the company behind it lacks adequate business structure.

Most times this is usually the trend with small businesses in the country, the businesses disappear or experience significant operational decline following the death of the founder or key owner-manager, regardless of the form of business incorporation. Chief Moshood Abiola and Chief Henry Fajemirokun’s stories and a host of others are well known. They had investments in critical sectors of the economy with

business interests from aviation, agriculture, sports, bakery, real estate, publishing, and communications but after their death, the businesses fizzle out gradually. It starts with business struggles, the overall performance of workers and staff dwindles and family of the founder who most times have no knowledge of the business steps in, which further compounds the misfortune of the businesses. Contrary to what the majority thinks is right, a business owner’s spouse is never a co-owner of the business just by virtue of marriage unless it is expressly stated in the incorporation documents.

With the changing economic circumstances of businesses, a non-economic factor such as the deaths of founders, decision-makers, and key entrepreneurs may further impact negatively on the small businesses that are already burdened with challenges. The going concerns of many of these businesses may just be threatened because of the negative impact of the pandemic and any loss of owner-managers.

Consequently, with the silently ravaging pandemic and untimely deaths, family businesses and small businesses may just need to adopt strategies to stem the tides.

On the part of businesses, attention should be paid to the effective implementation of businesses structure, good governance, business risk analysis, succession planning, mentorship, and transitions because these are the most prevalent factors leading to leadership vacuums. Stakeholder management is equally important customers, employees, vendors, and investors contributions, feedback, and initiatives should be honoured and appreciated for different situations at all times.

•Dr. Olubiyi is an Entrepreneurship & Business Management expert

15

T H I S D AY • MONDAYttJANUARY 31tt2022

EDITORIAL THE NEVER-ENDING FUEL SUBSIDY PALAVER G

A

fter approbating and reprobating for several years on the issue, the federal government last week finally announced an 18-month deferment in the removal of fuel subsidy, effectively transferring the implementation to the next administration. By pushing the burden till after the 2023 general election, President Muhammadu Buhari has sent a clear message to every discerning mind that bad politics rather than anything else torpedoed the move to bring a closure to the vexed issue. Bereft of ideas on how to provide the necessary ingredients to make subsidy removal acceptable to most Nigerians, the federal government has merely postponed the evil day.

Unfortunately, it was expected. Few days to the sudden deferment of the subsidy removal timetable, there were discordant tunes among top government officials. First was the Senate President Ahmed Lawan who, after a visit to the president, said that the latter did not send anyone to remove subsidy.

It apparently escaped Lawan’s attention that the Petroleum Industry THE SUBSIDY REMOVAL Bill he and his PROJECT AND ITS colleagues passed IMPLICIT ECONOMIC AND and assented to by SOCIAL DISLOCATIONS the president was REQUIRE MORE SERIOUS predicated on the HOMEWORK ON THE PART removal of fuel subsidy. Passed in OF GOVERNMENT THAN August 2021 by the THE CURRENT USUAL Lawan-led National KNEE JERK MODEL Assembly, the PIA stipulates that the prices of all petroleum products, including PMS, should be deregulated within six months of the enactment of the law.

It is perplexing that the same senate president who presided over the passage of the PIA as well as the 2022 budget with provisions for subsidy only up to June this year was talking about Buhari not authorising anybody to remove fuel subsidy.

Minister of Finance, Budget and National Planning, Zainab Ahmed, who argued last November that

LttttttttttttttttttttEtttttttttt

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

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

subsidies on PMS were no longer sustainable has also changed her tune in the face of opposition from organised labour. “In our 2022 budget, we only factored in subsidies for the first half of the year; the second half of the year, we are looking at complete deregulation of the sector, saving foreign exchange and potentially earning more from the oil and gas industry,” she said before the latest development.

THISDAY holds a strong position on fuel subsidy in the downstream sector of the petroleum sector which has become a racket. However, we have also always argued that its removal is a major economic decision with implications for the social wellbeing of most Nigerians hence should not be handled with levity. This was why we opposed the strange proposal by the federal government to pay a monthly subsistence allowance of N5,000 to each of 40 million poorest Nigerians. By a simple commonsense arithmetic, the money projected to be paid out as subsistence allowance is higher than the net receipt from the subsidy removal.

We find it particularly curious that President Buhari who presented and read the 2022 Appropriation Bill to the National Assembly last October and went ahead to sign the approved 2022 budget in December did not know that the fiscal document made provision for subsidy removal midyear. While we are not opposed to government bowing to wise counsel by suspending subsidy removal ‘because the timing is wrong’, we consider it scandalous that there was no agreement among top echelon of the government on such a policy decision that had been written into the PIA law and the 2022 Appropriation, both of which were assented to by the president.

Overall, the subsidy removal project and its implicit economic and social dislocations require more serious homework on the part of government than the current usual knee jerk model. Now that the implementation of the policy has been pushed to the next administration, we hope it can become a campaign issue in the coming 2023 general election.

TO OUR READERS LttttttttttttttttttttttttttttttttttttttttttttfittttttttttttttttttttttttttttttTHISDAY tttttttttttttttttttttttttttt150tt200 ttttttttttttttttttttttttttttttttttttttttttttttttttttttttItttttttttttttttttt tttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt ttWtttttttttttttttttttttttttttttttttttttttttttttt tttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt950tt 1000 ttttttttttttttTtttttttttttttttttttttttttttttttttt tttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt

Nigeria and the Subsidy Sandstorm

S

ometime towards the end of last year, as if to give Nigerians some twisted end of the year gift, the federal government announced that it was removing fuel subsidy. The news hit Nigerians particularly hard as many feared the cost of transportation across the country would be jerked up and with it a stratospheric rise in the cost of goods and services across the country. To soften the crushing blow, the federal government announced that it would pay up to 40 million poor Nigerians a monthly allowance of N5,000 only to support their transportation costs before things come to some stability.

But almost immediately, the flood of questions was fierce and forceful: With what yardstick would the government determine those who are poor and thus most in need of the N5000 monthly allowance?

Pounded by a hail of questions many of which it had no convincing answers to, the federal government sensing that its homework was poorly done seemingly went back to the drawing board. Only recently, it announced that it was suspending the removal of fuel subsidy for now and leaving the momentous decision to the next government which should be in place by May 2023.

If one needed further evidence of more muddled thinking by a government that has more often than not confused Nigerians with its own confusion, it was here.

The question of fuel subsidy strikes at the root of Nigeria`s

mono-product economy, everything oil has meant to the Giant of Africa since that epic discovery in Oloibiri, Bayelsa in 1956 and plaintive discussions on whether one of the world`s premier natural resources and the lifeline of the Nigerian economy had not become a curse to the country.

The argument against the fuel subsidy regime has always been made along the line that it is too expensive, that it fuels corruption, that it benefits the rich more than it would ever benefit the poor, and that if removed, the humongous amounts plunged into it yearly could go into servicing other areas of the economy with a view to strengthening them.

Even the International Monetary Fund recently reiterated that Nigeria needed to remove the fuel subsidy and instead commit the funds to infrastructural development and social security.

The question of subsidy for petrol has hung over the country for a while now and many Nigerians have no doubt that it is a scheme that has served to corruptly enrich the few who have their fingers in many pies in the oil and gas industry.

However, while the subsidy regime has been prone to corruption, Nigerians also recognize that it is double-edge sword.

Thus, Nigerians are not naïve to know that were subsidy to be removed, the cost of petrol will shoot up, jerking up with it the price of everything else.

The Petroleum Industry Act recently passed after more than a decade of fierce contention provided that subsidy was to be removed after a while. It was on the strength of this that the

federal government mulled the removal. But under pressure from stakeholders including the NLC whose chief argument is that the sudden removal of the subsidy would plunge Nigerians into untold hardship, the federal government has backtracked initially postponing the inevitable till July 2022 before suspending the removal and announcing that it would leave such a momentous decision till May 29,2023. The morality of leaving another administration to confront what has long been a monster will be debated another day.

It is doubtful that Nigeria`s oil has not been more curse than blessing for the country. The devastation oil exploration has wrought in the Niger-Delta continues to defy remediation efforts. The discovering of oil lulled the country into a false sense of security during which it abandoned other viable means of generating income on its way to becoming the painfully limited mono- product economy that it is today. Then there is the hydra of corruption. It remains incredible how much corruption petrodollars have allowed into the country.

Most tellingly, the whole subsidy scandal is such an issue today because the Giant of Africa has simply refused to put in place the structures that would give it full control over its chief export from exploration to export. Refineries in the country have simply refused to work obstinately defying the efforts of successive administrations to fix them.

•Kene Obiezu, Keneobiezu@gmail.com

16

MONDAY JANUARY 31, 2022 • T H I S D AY

MONDAY JANUARY 31, 2022 • T H I S D AY

17

T H I S D AY ˾ MONDAY JANUARY 31, 2022

18

Group Politics Editor NSEOBONG OKON-EKONG

POLITICS

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

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

APC Presidential Ticket and the Early Risers

Some persons in the All Progressives Congress are poised to make an early call before the expected time to present themselves for the party’s presidential ticket, writes Chuks Okocha

Osinbajo

T

he race for the presidential ticket of the ruling All Progressives Congress (APC) has started in earnest and it promises to be hotly contested as more aspirants continue to show interest in the party’s presidential flag.

While some of the aspirants have made known their intents, there are those who are still working through proxies, pending when they will be bold enough to own their campaign.

Those who have indicated interest in the race are Benue-born realtor and business mogul, Moses Chia Ayom who was recently endorsed by the Tiv Traditional Council headed by the Tor Tiv, Prof. James Ayatse; as well as a coalition of South-east and Northern traditional rulers and clerics.

Others are a national leader of the party, Senator Bola Ahmed Tinubu who recently declared his ambition having met with President Muhammadu Buhari; Senate Chief Whip, Orji Uzor Kalu, Governors Yahaya Bello and Dave Umahi of Kogi and Ebonyi states and a youth entrepreneur, Ikechukwu Dallas Chima.

While some youth groups are subtly advocating for Vice President Yemi Osinbajo, Transportation Minister, Chibuike Rotimi Amaechi and Ekiti State Governor, Kayode Fayemi, it does appear that more contestant will spring up in the days to come.

Here are some of the eminent persons who desire to lead the APC in the 2023 presidential race: Senator Bola Ahmed Tinubu The former Lagos State Governor is one of the national leaders of the ruling party.

Since the advent of democracy in 1999, he has consistently held the opposition together up until 2015 when, working with like-minded people, his party, the APC swept the then ruling Peoples Democratic Party ( PDP) out of office.

Many of his supporters say Lagos is progressing tremendously today because of the viable economic blueprint of Tinubu and that he could replicate same at the centre given the opportunity.

They also speak highly of how he has groomed a lot of high fliers in the nation’s political scene, even though there are arguments that those people were already doing well in their various endeavours before Tinubu sought them out to help execute his vision.

His supporters like Senator Kashim Shettima believe that 2023 is payback time for Tinubu, having been very instrumental to the emergence of President Muhammadu Buhari in 2015.

However, many Nigerians continue to question his health status which they feel may not permit him to undertake

Tinubu

Amaechi

the rigours of office.

His opponents also challenge his origin, saying he is from Osun state and not Lagos while a recent article by communication scholar, Prof. Farook Kperogi attempted to trace his origin to Borno state.

In the lead up to the 2019 general election, pictures emerged of bullion vans in his Lagos residence, with many questioning his source of wealth and whether he was not involved in vote buying. But his associates say those were security vehicles and not bullion vans, that the pictures were manipulated by opposition elements to discredit the former Lagos Governor.

For Tinubu, those who love him do so with great passion and those who hate his political sagacity do so with commensurate measure.

Moses Chia Ayom A recent article in one of the national dailies referred to him as the man with deep pockets.

His peers call him Bill Gates while his kinsmen in the Tiv Traditional Council in Benue State recently conferred on him a chieftaincy title , an occasion that witnessed Tor Jemgbah, Chief Afatyo nickname him the “Dangote of Middlebelt.”

He recently concluded a big business venture by partnering with the Federal Housing Authority FHA to build Africa’s first green smart city in Abuja, which spans over 308 hectares of land under the banner of FHA/ Ketti Investments Development Company, FKIDC. The CEO of the company, Ayom, recently corresponded with Elon Musk of Tesla Companies for a partnership to turn Ketti into a world tourist climate city centre in the mould of Dubai.

He also represented Granite and Marble while on the delegation to

China in company of Africa’s richest man, Aliko Dangote where the Federal Government signed a $6 billion currency swap while Dangote signed $2.6 billion mining deal. Granite and Marble signed with SBM China, the largest manufacturer of mining equipment in the world. All these were made possible by the integrity of President Muhammadu Buhari who led the delegation on that trip.

President Buhari also recently lifted a ban on land swap of which the FKIDC is a huge beneficiary.

These among other private initiatives are what Ayom said he would use to take Nigeria up like a rocket “because as a businessman, I know where to start”.

“As president, I will use Innoson vehicles for the Presidential fleet and get all MDAs to follow suit.

“As president, I will wear Nigerian brands and ensure that all the defence, security and paramilitary uniforms as well as school uniforms come from Aba and other parts of Nigeria where we have garment factories. That will be a great patronage to finance our companies. We will hold developmental workshops and not workshops just for the sake of collecting estacodes,” he stated.

His supporters say he could use his international contacts to negotiate debt relief for the country.

They say at 53 and in spite of his billions, he drives himself across Nigerian roads even in recent times.

“I still go to normal hospitals and join the queue like others. I don’t use standby generators even though I have the means. I don’t dig boreholes even though I have the means. It is not that I am stingy, it is that I want to continue to feel the pulse of the average Nigerian because it is very easy for people to forget where they are coming from,” he told our correspondent.

At least three groups have emerged on the political scene to canvass for an Osinbajo Presidency in 2023. However, the Vice President who is seen as an ally of Tinubu has not declared his intent to run for the most exalted office in the land. If and when he eventually declares, his greatest challenger could be his godfather, Tinubu

Bello

Though he has a proficient understanding of European and Asian economics, as a shrewd businessman, he does not thrust his two feet into the ocean. For him, money may not be a challenge, but there are not too many businessmen who are willing to spend their hard earned resources on politics.

Governor Yahaya Bello The Kogi state Governor, Alhaji Yahaya Bello was one of the first to indicate where he would put his political feet in 2023.

Without a formal declaration of intent, his deputy and other foot soldiers were in the field canvassing support for him.

Members of the Kogi House of State Assembly have been meeting their colleagues in different states to seek endorsement for Bello.

While Bello has to some extent tackled insecurity in the state, especially on the Abuja-Lokoja-Okene-Auchi road, the nonpayment of salary especially at the local government level remains his Achilles’s Heel. Many believe that since the local government bosses are his “boys”, he could easily compel them to pay local government staff including primary school teachers and pensioners. Most of these category of civil servants are said to be receiving only about 35 percent of their entitlements. Local government staff who retired more than 10 years ago have also not been paid their gratuity.

Consequently, many Nigerians are wary of what his presidency would portend for workers.

His recent altercation with the Economic and Financial Crimes Commission( EFCC) has also not helped his image. The last may not have been heard on that matter.

Governor Dave Umahi Governor Dave Umahi of Ebonyi State is still seen as a new entrant into the APC having joined the party only last year.

Although, APC says it does not discriminate against anyone on the basis of when they joined the party to the extent that they have met the minimum requirements, some stakeholders feel the Ebonyi Governor should wait and allow those who have “suffered” with the party right from when it was an opposition party to try their luck.

Umahi, in spite of reports of being high handed even against some journalists in the state, is reputed to have performed well, endowing the state with neverseen-before infrastructure.

His supporters say ithat given the chance, he has the capacity to turn the entire country into a huge construction Continued on page 19

19

T H I S D AY ˾ MONDAY JANUARY 31, 2022

MONDAY DISCOURSE

Why is Buhari Unusually Quiet on Promise to Inaugurate NDDC Board?

On June 24, 2021 President Muhammadu Buhari made an unequivocal commitment to inaugurate the Niger Delta Development Commission Board upon receipt of the Commission’s Forensic Audit report, which has been submitted to him siince September 2, 2021. Nseobong Okon-Ekong wonders why the President is silent on this promise

Buhari

O

n June 24, 2021, when the leadership of Ijaw National Congress (INC) led by Professor Benjamin Okaba visited President Buhari in Aso Rock he promised the nation that he will inaugurate the NDDC Board upon receipt of the forensic audit report of the Commission.

That report has since been submitted to him since September 2, 2021 by the Minister of Niger Delta Affairs, Senator Godswill Akpabio.

In a statement issued by Garba Shehu, Senior Special Assistant to President Buhari on Media and Publicity, the President said: “Based on the mismanagement that had previously bedeviled the NDDC, a forensic audit was set up and the result is expected by the end of July, 2021. I want to assure you that as soon as the forensic audit report is submitted and accepted, the NDDC Board will be inaugurated.”

More than five months after submission of the forensic audit report, President Buhari has been unusually quiet, and delaying his promise to inaugurate NDDC board after submission of forensic audit report. There is increasing tension in the Niger Delta region over the delay in inaugurating members of the board of the Commission.

Still on promises, on November 13, 2021, the Conference of Presidents-General of Niger Delta Ethnic Nationalities (CPGNDEN) met in Yenagoa, Bayelsa State and in the communique issued after its meeting reminded President Muhammadu Buhari “to keep his promise and inaugurate a substantive board for NDDC following the submission of the forensic report, and in line with the law establishing the agency,” noting that the Niger Delta was in dire need of development which the absence of the board has so far stalled.

In the communique which was read by its

Akpabio

President, Professor Benjamin Okaba, CPGNDEN also contended that the running of the NDDC by a Sole Administrator was contrary to the law establishing the Commission. Okaba who is also the President of Ijaw National Congress stated that “The general feeling is that the region has been auctioned off to one man to do with it as he pleases.”

Also at a protest march in November 2021, by the Conference of PresidentsGeneral of Niger Delta Ethnic Nationalities (CPGNDEN) in Yenagoa, Professor Chris Akpotu, Secretary of CPGNDEN, and President-General of Isoko Development Union (IDU) restated that what Niger Deltans demand is an NDDC “substantive board that will ensure even and equitable distribution of the development programmes as far as the Niger Delta is concerned.”

Prince Biira, President, Movement for the Survival of the Ogoni People (MOSOP), at the march, remarked that “Interim caretaker-ship of the NDDC is a symbol of corruption, it’s a symbol of misappropriation. The essence of that Commission (NDDC) is to develop the Niger Delta area.”

Another critical stakeholder, the umbrella body of the Ijaw nation, worldwide, Ijaw National Congress (INC) also cautioned in a statement issued on September 10, 2021 that “any further delay in the inauguration of the NDDC board is a clear betrayal of trust and display of State insensitivity on ljaw nation and Niger Delta region.”

Overall, it is in President Buhari’s best interest to keep good legacy by abiding to the law establishing NDDC. An Ijaw

Okaba

group, the Ijaw Interest Advocates (IIA), also known as Izanzan Intellectual Camp, in a statement signed by its leader, Arerebo Salaco Yerinmene Snr had earlier advised that “The Presidency and the President’s family should remember to keep good legacies even after office. The government’s flagrant disobedience of the laws guiding the establishment of an agency created to develop an impoverished region is unacceptable. We are again appealing to President Buhari to save the Niger Delta Development Commission by inaugurating the substantive board.”

In an article published in THISDAY on December 17, 2021, Godspower Tamunosusi, who resides in Port Harcourt, Rivers State capital submitted that “For many people in the Niger Delta, the failure of the President to follow the NDDC Act and inaugurate the board is indicative of his disdain not only for the rule of law but for the Niger Delta people. Many people feel that the trumpeted forensic audit exercise which took over 2 years to be concluded was an invalid excuse used to capture the NDDC, fleece it of its huge monthly receipts, and run it aground so that it cannot be of benefit to the people of Niger Delta unlike the case of the North East Development Commission (NEDC) which is being funded properly and allowed to operate with a legal board and management in place in line with the NEDC Act.” Tamunosusi therefore advised that “as the Buhari administration winds down to its last full year in office, which is 2022, he has so far established a legacy of illegality and disdain for the Niger Delta people

in the manner he has handled the NDDC. He needs to rethink this very grievous act if he is to be remembered for good in the Niger Delta.

Mr President should stop the illegalities and put in place the board of the NDDC now in line with the NDDC Act and for the benefit of the people of the nine constituent states.”

Also, the authentic and true representatives of the Niger Delta people such as Conference of Presidents-General of Niger Delta Ethnic Nationalities (CPGNDEN), Pan Niger Delta Forum (PANDEF), Ijaw National Congress (INC), Isoko Development Union (IDU), Movement for the Survival of the Ogoni people (MOSOP), Urhobo Progressive Union (UPU), Ijaw Youth Council (IYC), Traditional Rulers of Oil Mineral Producing Communities (TROMPCON), amongst others, have been consistent in their unceasing calls on President Buhari in the past two years, to abide by the law establishing NDDC and inaugurate the governing Board of the Commission.

On October 4, 2021 the South-south Governors Forum spoke again when they rose from an emergency meeting in Port Harcourt, Rivers state capital and joined in the call on President Buhari to comply with the law setting up NDDC and inaugurate the Board of the Commission which has, sadly, been arbitrarily run in the past two years by the illegal contraptions of interim management committees/sole administrator.

While receiving Governors of the constituent states that make-up NDDC in Aso Rock on October 17, 2019, President Buhari said that “I try to follow the Act setting up these institutions” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

APC’s PresidentialTicket and the Early Risers Buhari in the days ahead in order to intimate him of his ambition.

Kalu is also an experienced businessman whose ventures are doing well.

Probably because he is still consulting, he hasn’t made so much noise about his ambition.

Ikechukwu Chima Ikechukwu Dallas Chima is a young entrepreneur who is not so much known within the APC. Last year, he declared his intent to vie for the presidency with very ambitious programmes such as making the Naira more valuable than the Dollar and cutting off Aso Rock from any special power line.

He has a lot of networking to do and a lot of learning to embark on to enabpe him properly navigate Nigeria’s political terrain.

Rotimi Amaechi Transportation Minister, Chibuike

Rotimi Amaechi has not officially made his ambition known.

However, his close allies say his ambition is dependent on the disposition of President Buhari - that if the president asks him to contest, he would and if the president declines support for his aspiration, he would also back down.

He is set to receive a chieftaincy title in the next few days from the Daura Emirate where the president hails from. Analysts believe that the kind of interest generated by the event is not unconnected to 2023 presidential permutations.

Governor Kayode Fayemi Governor. Kayode Fayemi is the Chairman of the influential Nigeria Governors’ Forum (NGF).

Fayemi has not also openly declared his ambition, but there are indications that he could have his

eyes set on the Villa.

If he eventually declares, he would among others, have his erstwhile political godfather, Tinubu to contend with.

Prof. Yemi Osinbajo Vice President Yemi Osinbajo is said to be a highly cerebral politician.

At least three groups have emerged on the political scene to canvass for an Osinbajo Presidency in 2023.

However, the Vice President who is seen as an ally of Tinubu has not declared his intent to run for the most exalted office in the land.

If and when he eventually declares, his greatest challenger could be his godfather, Tinubu.

Senator Rochas Okorocha He is a former governor of Imo State and currently a Senator. He contested for the presidential ticket

of APC in 2015. He recently declared for the presidential ticket when he wrote the leadership of Senate.

He has a running battle with his successor in Imo state.it is not certain whether his governor, Hope Uzodimma will support his ambition as the APC governors remain a powerful bloc within the party. They are determined to call the shots Gbenga Olawepo -Hashim He is from Kwara state in the north central geopolitical zone. His biological link to the natural rulers of Kebbi State may work in his favour. Age is also going for him. He recently adopted the FCT as his constituency. Contesting presidential election is not new to him as he was once a presidential candidate of the Peoples Trust before he defected to the APC. He also has a deep pocket to drive home his ambition. However, one snag is whether the APC will zone the presidential ticket to the zone.

MONDAY, JANUARY 31, 2022 • T H I S D AY

20

PERSPECTIVE

2022: Nigerian Women in Tech Break New Grounds Continued from page 1

Nigeria and Africa doing wonders in the tech industry.

In sub-Saharan Africa, women constitute only 30 per cent of professionals in the tech sector. Checks revealed that only 12 per cent of global fintech founders and co-founders were women, and only six per cent of fintechs had female chief executive officers (CEOs).

The industry has experienced a high influx of women breaking grounds and leveraging financial technology (Fintech).

According to the Fintech Association of Nigeria, foreign investors account for some 57 per cent of funding for Fintechs in the country. Furthermore, by increasing smartphone penetration, the association estimates that revenues in the space will reach $543 million this year.

Although not having a fair share in the tech industry, Nigerian women are making genuine impact globally. In this report, THISDAY unveils 10 of these young women who are shattering the proverbial glass ceiling and making their marks in the world of technology and innovation.

Though this list is by no means exhaustive, it provides a guide for an excursion into the fast changing dynamics of women rising.

Runsewe

Omotolani

Nwodo

Omorogbe

SEUN RUNSEWE Chipper Cash Seun Runsewe is a Senior Product Manager at Africa’s newest unicorn, Chipper Cash, which is now worth $2 billion. Before Chipper Cash, Seun was Vice President of Growth at Softcom, where she was leading efforts to deliver growth to Nigerian entrepreneurs through their digital bank, Eyowo.

Prior to Softcom, she was the director of product at Opera-backed payments startup, OPay. She built and beta-launched Switch

by Sterling Bank, a multi-currency digital bank, making her the youngest banking CEO in Africa. Before building Switch, she was an early member and the business lead at Paystack (a Y-Combinator-backed online payments company acquired by Stripe for $200 million).

Seun started her career as a management consultant and the project coordinator of Project Africa, KPMG’s initiative to push the frontiers of financial services in Africa across banking, payments and financial risk management. In 2019 and 2021, she was recognised by The Future Project as an honouree of #YTech100 for being one of the brightest and best Nigerian technocrats.

TOPE OMOTOLANI CrowdyVest Tope Omotolani is the co-founder and CEO of Crowdyvest, an impact-driven community focused on creating interdependence between individuals and businesses. It provides an all-in-one financial solution geared towards achieving financial freedom while facilitating impactful growth in line with the United Nations Sustainable Development Goals. Under Tope’s leadership, Crowdyvest has raised over $35 million through savings and investment for multiple businesses from a community of over 100,000 members in over a year.

She is one of the co-founders of Farmcrowdy, Nigeria’s First Digital Agricultural Platform that launched in November 2016. Her first role was Product Development & Sales, and in four months, she grew to become the VP of operations, and in one year, she became the COO. As Chief Operations Officer (COO) of Farmcrowdy, she coordinated all farm operations across over 14 states with over 25,000 farmers. In 2019, she became the managing director of Crowdyvest, formerly a sister company to Farmcrowdy, before being bought over by investors led by Temitope in March 2021.

Tope is listed as one of the “Top Female Founders in Africa” who raised $2.5 million for Farmcrowdy. She won the “Emerging Fintech CEO of the year” award at the Annual Global Business Outlook Awards 2021.

ADORA NWODO UnStack Adora Nwodo is a software engineer currently building Mixed Reality on the Cloud. In 2018, she created adorahack. com, sharing articles on software engineering, productivity and career growth. The next year, she created a YouTube channel called AdoraHack, where she shares stories on tech and her experience as a software engineer.

She is the co-founder of unStack Africa, an open source-based conference for tech talents in Africa and beyond, focusing on hands-on workshops and world-class talks that empower people to learn by doing. She is also Vice President of the Nigerian chapter for the VRAR Association, where she’s focused on getting people excited about building Mixed Reality technologies

in the region.

In February 2021, Adora won the Young CISO Network Excellence in Disruptive Technology, Cloud and Embedded Device Security Award for her work in building and advocating for Disruptive Technology on the Cloud.

In October 2021, she released her first book, “Cloud Engineering for Beginners,” which introduces people to the concept of cloud computing, viable career paths in cloud engineering, and how to navigate a cloud engineering career. She is also a published author, public speaker, and tech content creator.

YANMO OMOROGBE Bamboo Yanmo Omorogbe is the co-founder and COO of Bamboo. Yanmo leads growth and operations as the COO of Bamboo.

It is a digital investment platform that gives Nigerians real-time access to buy, sell or hold assets traded on the US stock exchange from their mobile phones or computers. According to Omorogbe, the goal is to enable investing across Africa, making it simple and easy for

Africans in the diaspora to invest back home.

Omorogbe is the operational backbone of a business turning ordinary Nigerians into global investors. With Bamboo, the average Nigerian can become a shareholder in the technology companies they use every day like Twitter, Google, Apple, Amazon, Microsoft and Facebook.

She is dedicated to facilitating the continued growth of organisations she has found herself. An alumna of Chemical Engineering from Imperial College, London, she was previously an assistant to the Nigerian Minister of Power, Works and Housing. She then returned to the private sector as part of the Transaction and Asset Management teams at African Infrastructure Investment Managers (AIIM), one of Africa’s largest infrastructure private equity fund managers.

DAMILOLA ODUFUWA Binance Damilola Odufuwa is a tech executive and women’s rights advocate whose work Continued on page 21

MONDAY, JANUARY 31, 2022 • T H I S D AY

21

PERSPECTIVE

2022: Nigerian Women in Tech Break New Grounds intersects cryptocurrency, communications, and women’s rights. She currently leads Public Relations and Communications for Africa at Binance, the world’s largest cryptocurrency exchange.

Odufuwa is the co-founder and CEO of Backdrop, an app and social network that lets people find and share beautiful spaces worldwide. She is also the co-founder of the FeministCoalition, an advocacy group made up of young Nigerian feminists championing equality for women in the Nigerian society, with a core focus on education, financial freedom, and representation of women in public office.

In recognition of her work, Odufuwa has been listed as one of the Bloomberg50, a record of people changing the global business landscape, one of the “12 Women Leaders That Changed The World In 2020”

by Vogue and one of the TIME100 Next 2021.

As a result of her work in the blockchain industry, Odufuwa was also listed as one of “Six Women At The Forefront Of West Africa’s Tech Boom” by Vogue and one of the “Rising Women In Crypto” by Fintech Times and Wirex.

SOLAPE AKINPELU HerVest A certified financial education instructor and a member of the Personal Finance Speakers Association (USA), Solape is the founder and CEO of HerVest, a womenfocused and inclusive fintech platform for the underserved and excluded women in Africa. HerVest enables women to participate in savings, impact investments and credit, particularly for smallholder women farmers in Nigeria.

As a financial feminist, Solape is pro SDG5 and SDG10 who believes in achieving gender equality and reducing inequality through financial literacy, technology, and access to capital.

In September 2021, Solape’s led HerVest was chosen from thousands of applicants to present at the world’s number one startup launch competition at TechCrunch Disrupt.

Besides, HerVest is the only Nigerian startup selected to pitch alongside 19 other global stars.

Solape is the Nigeria chapter director of Women in Tech Global, an international organisation with a double mission: to close the gender gap and help women embrace technology, present in over 100 countries with growing members of over 70,000.

For over 12 years, Solape has worked on Nigerian’s top financial brands, including Skye Bank, Sterling Bank, Wema Bank, Leadway Assurance, and FCMB, before waltzing to the client-side of communications at Meristem, a leading investment firm, as the head of corporate and marketing communications.

IBUKUN AKINOLA PiggyVest Ibukun Akinola is an entrepreneur and finance lead with over seven years of experience in the Nigerian tech space.

She leads the customer finance team at Piggyvest, one of Africa’s foremost financial technology companies. She oversees support, compliance, dispute resolution and processor partnerships.

Ibukun’s entrepreneurial journey started in 2014 when, along with her co-founders, she started PushCV, an online recruitment platform to bridge the gap between job seekers and employers of labour. Other products in their catalogue include 500Dishes, 99Staff and Frontdesk.ng.

In 2016, PiggyBank.ng, an online savings platform aimed at democratising savings, was launched. In 2019, the product morphed into Piggyvest, adding microinvestment options to the platform, making most investment instruments accessible and affordable to over two million users who have savings in millions of naira.

Ibukun is an advocate for advancing gender equality and women’s rights.

DAMILOLA OLOKESUSI Shuttlers Damilola Olokesusi is the co-founder and CEO of Nigeria’s leading transport-driven

Odufuwa

Akinpelu

Akinola

Olokesusi

Agusto

Durosinmi-Etti

transportation startup, Shuttlers. The company is revolutionising how professionals and organisations commute in the ever-busy Lagos and Abuja metropolis.

The Shuttlers platform enables professionals and organisations to share rides in decent buses to and from work. With Shuttlers, users book trips along fixed routes at 60-80 per cent lower rates than other ride-hailing services. Shuttlers operates a “no surge during peak hours or bad weather” pricing, the first of its kind in Africa.

Damilola is a “Forbes30under30 (2019) Recipient for Technology”, and was selected by the UK government for a technology exchange in 2020. She has garnered accolades, such as The Digital & Tech Award at the Women in Africa Contest in Morocco in 2017 and the Award for the Best Idea at the Aso Villa Demo Day. Under her leadership, Shuttlers raised a $1.6 million seed funding, announcing plans to expand into more African metropolitan cities.

In 2020, she launched an initiative called Shemoves Shuttles, an all-female shuttle service (sponsored by Ford Motors Company) that has impacted 600+ female professionals by turning their commute time to learning time.

Damilola is poised to continue to lead innovation in the technology

and transportation sectors and other sectors in Nigeria and around the world.

IFE DUROSINMI-ETTI Herconomy

FOLAYEMI AGUSTO tix.africa

Ifedayo Durosinmi-Etti is the founder and CEO of Herconomy, a female-focused fintech startup dedicated to creating financial resources for women.

Herconomy is Nigeria’s first digital platform of female entrepreneurs and professionals focusing on empowering women and connecting women to each other and opportunities, such as grants, fellowships, scholarships, jobs, and much more. She is also an author, entrepreneur and young global leader with over 10 years of management and leadership experience working in the fashion, marketing and manufacturing, and, most recently, the tech industry.

She was recently appointed as a Youth Advisory Group Member for Solutions for Youth Employment (S4YE), a global coalition formed by the World Bank to provide catalytic support to employment and productive work for 150 million youths by 2030. She was also named a Peace Scholar by the Dutch Ministry of Foreign Affairs.

Durosinmi-Etti has recently broken several glass ceilings by being part of the Africa Startup Initiative (ASIP) Accelerator Programme and becoming the first recruitment partner in Nigeria with Amazon.

In 2019, she was listed as one of the 52 women who made an impact.

Agusto is the CEO and a co-founder of tix.africa, a self-service ticketing platform for event organisers to list, manage, and collect payment for live and virtual events.

The platform makes it easy for organisers to create and monetise live or virtual events, create customisable event pages, and secure payment collection via Paystack. It also gives guests a seamless way to book and attend live occasions.

The team is working on developing a native virtual meeting space for its users.

As part of its new development, it will also enable them to store balances in a digital wallet, which can be transferred between events for payments on the company’s RFID wristbands — a product regular attendees of the EatDrinkLagos festival will be familiar with.

She is a self-taught user interface designer, a passionate event organiser, and co-founder of Eat Drink Lagos.

The endeavour that started as a good blog has grown into the go-to bible for inhabitants and visitors deciding where to eat and drink in Lagos.

22

T H I S D AY ˾ MONDAY JANUARY 31, 2022

FEATURES

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

Illegal Refinery Activities, Gas Flaring and Danger Posed on Rivers Residents Blessing Ibunge writes on the dangers posed by soot on residents of Port Harcourt and other parts of Rivers State, who have suffered years of serious health challenges resulting from gas flaring from multinational oil companies operating in the area, illegal crude oil refining activities and illicit burning of the seized products by government security agencies

Illegal crude oil refineries discovered by the Nigeria Security and Civil Defence Corps (NSCDC), in Obio/Akpor, Port Harcourt environ

R

ecently, during an environmental programme in Port Harcourt, a Public Health Physician and Environmental Advocate, Dr Bieye Briggs, narrated experience of how 'Soot', a fine particulate matter from the incomplete combustion of fossil fuel, attacked his infant baby and two-year-old son, causing serious health challenge.

In his words, Dr Briggs said: "My sixmonth-old daughter breathes through her mouth due to nasal congestion. My twoyear-old son has missed school for over two weeks this term due to respiratory illnesses.

"Out of every 10 children under five years I see in my clinic seven are due to Respiratory Tract Infection. Gas flaring and artisanal refining have been identified as the major sources of soot in Port Harcourt amongst others".

Examining the doctor's experience both in his house and clinic, one will imagine what has become of the health challenge of millions of Rivers residents in the past five to seven years as the environs have been polluted by black soot.

Health is a complete physical, mental or social well being and not merely the absence of disease or infirmity. But the issue remains that perpetrators of these activities linking to health challenges does not regard that they and their families are also suffering the effect of their illicit actions.

A study done in Port Harcourt by Laura et al in 2017, established that major percentage of males in Port Harcourt have different degrees of structural anomalies in their spermatozoa.

While Dr. Briggs, had during the programme "called on government at all levels to tackle the issue of gas flaring accordingly", Dr Giadom Ferdinand, a lecturer with the University of Port Harcourt, also "called on the government not to criminalise artisanal refiners in a bid to tackle the soot, but to establish cellular refineries for them".

Advocacy by Environmentalists In the past years, environmentalists and other concerned groups have advocated against pollution in Rivers State, using the Ogoniland experience as a kick-off, even if there is ongoing remediation the indigenes of the area still suffer effect of the action caused by multinational oil companies and illegal refining activities.

organisation at the end of the programme would map out a manual to educate the public on what their responsibility is in terms of defending and protecting the environment.

“It is the responsibility of every citizen to contribute to the protection of the environment as well as improving the quality of the environment “, Zabbey said.

Causes of Environmental Pollution Experts have identified gas flaring, artisanal refining activities, burning of illegal crude by security agencies, burning of tyres, carbon emissions from cars and generating sets, and burning of waste at dump sites, as major causes of pollution in Rivers State.

Major Diseases/Illnesses Caused by Soot Pollution Research has disclosed that as a result of the soot pandemic in the environment of Rivers State, there has been high rate of stroke, Ischaemic heart disease, Chronic Obstructive Pulmonary Disease, Lung cancer, Liver disease, Kidney disease, infertility, amongst others.

Governor Wike

A renowned environmentalist and Executive Director of Health of Mother Earth Foundation (HOMEF), Nnimmo Bassey, had during his recent visit to a complex polluted community in Ogoniland, stated "You cannot stay here for long and remain healthy because the hydrocarbon is very thick in the atmosphere, in the air that we are breathing".

Hydrocarbon, he said was very thick in the said community he visited, yet people move around the area looking for sources of livelihood.

During a sensitisation programme

held in Port Harcourt, for environmental rights and human rights groups, the Coordinator of Centre for Environment Human Rights and Development (CEHRD) Prof Nenibarini Zabbey, stressed that the Niger Delta region is faced with a serious environmental abuse.

“We are in a region where environmental rights are fundamental by existence because we depend on the environment for virtually everything for our livelihoods and quality lives.

This region is highly degraded."

Prof. Zabbey disclosed that the

You cannot stay here for long and remain healthy because the hydrocarbon is very thick in the atmosphere, in the air that we are breathing

Initial Protest But the environmental hazard didn't start today. In 2018, citizens and civil society organisations organised a walk against soot pollution in Port Harcourt and other areas of the state.

The soot started since 2016 and is believed to have been caused from incomplete combustion of hydrocarbon and related materials as well as pollution from asphalt companies, refineries and illegal artisanal refinery operators.

They also blamed the indiscriminate burning of confiscated vessels of crude oil thieves and destruction of illegal refineries by soldiers in the military Joint Task Force (JTF).

Thus, the protestors called for increased and transparent action by the authorities and IOCs to stop the pollution.

Hashtags such as “#StopTheSoot”, “#StopTheSootNow” were also developed and trended on Twitter, Facebook and other social media platforms to advance the campaign.

Continued on page 23

23

T H I S D AY ˾ MONDAY JANUARY 31, 2022

FEATURES

Protests held by civil society organisations in 2018 did not yield any result

Demands Although the protest took place in 2018, their demands essentially remain the same; "persuade Representatives in the National and State Assemblies to move a motion to compel the Federal Government and its relevant agencies to declare an Environmental Emergency in the state; "That the aforesaid National and State Assembly representatives should urgently move a motion calling for the immediate funding of the Ogoni Clean up in accordance with the recommendations of the UNEP Report; "Provide a supplementary Budget for Ministry of Environment to embark on an immediate Environmental Audit of Rivers State and publish the findings; direct the Ministry of Health to embark on a street to street public health campaign; "Order the ministry to collaborate with the Rivers State branch of the Nigeria Medical Association to collate the average state of health of residents of Rivers State and the identity a trend if any on the cause of death of persons in the last one year; "Make findings the outcomes of its Committees on Health and Environment in exercise of its oversight functions for the past two years public; and insist that the local government chairman ensure the protection of their environment in collaboration with security agencies."

Recommendations Dr. Briggs mentioned that to tackle the issue of air pollution in Port Harcourt and other parts of Rivers state, "government should empower environmental agencies with finance and equipments to implement and enforce environmental laws, better remuneration for officers and men of security agencies, restructuring of the security agencies to being proactive rather than reactive, security agents should return all stolen crude back to refineries instead of setting them ablaze.

"Ensuring IOCs conduct their businesses in line with International best practices. Stop gas flaring and artisanal refining, implement modular refinery as soon as possible".

Also, in tackling the dreaded 'Soot' pollution, Chartered President of Rotary Club of Port Harcourt Eco, Ms Emem Okon, noted that "a lot of people are cooking the oil (Kpofire business), other people are undertaking the marketing of the product. Through the valued shared, a lot of people are involved. So, if people have to leave the kpofire business (Illegal Refining), many people would be displaced from their means of livelihood.

"What we are looking at are those alternative or options, so that people will have something else to fall on if they should quit the kpofire business", Okon opined.

Actions by State Government to End the Menace Tired of waiting for the federal government to take steps to end the illicit actions that have endangered lives of residents of Rivers State, Governor Nyesom Wike lamented the death recorded so far as a result of bad air pollution in the state. But beyond this, the governor has gone to the grassroot to tackle the menace.

Recently, the governor took the bull by

Soot in Port Harcourt

the horn in tackling environmental pollution in Rivers. In his new year message, he declared war on operators of artisanal crude oil refineries in the state.

The governor directed the 23 council chairmen and community leaders to locate, identify and report to his office all those behind all illegal bunkering and crude oil refining sites in their localities for prosecution.

Complicity of Security Agencies On this, Governor Wike said: “As a state government, we have drawn the attention of the federal government to this problem and requested for its intervention to stop the activities of illegal bunkering and artisanal crude oil refiners, which have been identified as

the main sources of the soot pandemic.

“Unfortunately, the federal government has remained inexplicably silent over our request and even complicit to a large extent with the security agencies actively aiding, encouraging and protecting the artisanal refiners to continue with their harmful activities unabated.”

He regretted the failure of the federal government to take any action to end the soot crisis in the oil producing states, assuring that his administration cannot fold its arms and watch some deviant persons destroy the environment and health of the citizens.

The governor equally appealed to persons engaging in the illegal business to consider its negative effects on the economy, environment, public safety

As a state government, we have drawn the attention of the federal government to this problem and requested for its intervention to stop the activities of illegal bunkering and artisanal crude oil refiners, which have been identified as the main sources of the soot pandemic. Unfortunately, the federal government has remained inexplicably silent over our request

and public health and disengage from it.

Again, in a meeting with the traditional rulers, security agencies and LGA Chairmen, Governor Wike noted that illegal oil crude refinery activities constitute environmental hazard capable of causing cancer-related illnesses in the state.

According to him, his primary concern is to ensure that the health of residents of the state is not jeopardised.

Governor Wike berated the Nigerian Police for being complicit in the criminal act of illegal oil bunkering, and also described as embarrassing how officers of the Nigeria Security and Civil Defence Corps (NSCDC) have continued to be complicit in the act and shamelessly be involved in sabotaging the national economy.

“I don't know how I can be a security officer sent to a place to protect people, to protect whatsoever belongs to the Federal Government, at the same time, I'm involved in sabotaging the national economy. I don't understand how I can wear uniform and be involved in that. If they do not want to support us, we have no choice but to expose all the atrocities that is going on in this State.”

Based on the order to the LGA and reward offer by the governor, there has been a tremendous achievements, as many bunkering sites have been located and destroyed.

But with the efforts of the state government in tackling the soot menace in the past weeks, air value in Port Harcourt, the state capital has improved. But the question remains, will the government sustain this battle?

24

MONDAY JANUARY 31, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

25

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

J A N U A R Y

S & P INDEX

2 8 , 2 0 2 2

S & P INDEX

EXCHANGE RATE

OBB

9.00%

CALL

4%

INDEX LEVEL

564.02%

1/4 TO DATE

5.82%

N413.03/ 1 US DOLLAR*

OVERNIGHT

10.75%

1-MONTH

6%

1-DAY

–0.17%

YEAR TO DATE

– 15.85%

*AS AT LAST FRIDAY

3-MONTH

10%

MONTH-TO-DATE

0.19%

Banks, Others’ Borrowing from CBN Drop by 26.5% in January

Kayode Tokede As a result of slow business activities and uncertainty surrounding the nation’s economy, banks and merchant banks borrowing from the Central Bank of Nigeria (CBN) dropped by 26.5 per cent Year-on-Year (YoY) to N313.43billion from N426.7billion in January of 2021.

Banks and merchant banks often access the CBN’s Standing Lending Facility (SLF) window to borrow

funds, subject to certain eligibility requirements, in order to temporarily address their short-term liquidity obligations.

The apex bank lends money to banks and merchant banks through the SLF at interest rate of 100 basis points (bpts) above the Monetary Policy Rate (MPR) of 11.50 per cent.

The CBN also lends money to the banks and merchant banks through Repurchase (Repo) arrangement, which involves the purchase of

banks’ securities with the agreement to sell back at a specific date and at higher price.

Repo, according to the apex bank financial data recorded N952.8billion in January 2022 from N9.5million reported in January 2021.

On the flip side, Banks and merchant banks deposit with the CBN dropped by 47.6 per cent to N271.7billion in January 2022 from N818.7billion recorded by the CBN in January 2021.

Banks and merchant banks through the Standing Deposit Facility (SDF) on daily basis deposit excess funds with the apex bank at an applicable interest rate of 4.5 per cent at an asymmetric corridor of +100/-700 basis points around the 11.5 per cent (MPR).

SDF is a monetary policy operation used by CBN’s around the world to absorb deposits from banks, without involving the use of government securities as collateral

in return.

Analyst maintained that banks and merchant banks in January 2021 had borrowed enough funds from the CBN to meet their daily obligations.

According to analyst at PAC Holdings, Mr. Wole Adeyeye the nation’s economy in 2021 had normalized, giving room for banks and merchant banks not to borrow from the CBN in January 2022.

In his reaction, the Vice President,

Highcap Securities Limited, Mr. David Adnori explained that uncertainty in the nation’s economy forced banks and merchant banks to shun borrowing from CBN. According to him: “Banks and merchant banks have excess liquidity and might not need to borrow from CBN. Besides economy uncertainty has begin to surface following 2023 general elections.”

Continued on page 27

NIMASA Introduces Zero Import Duty on Brand New Vessels, Contributes N37bn to CRF

Oluchi Chibuzor

The Nigerian Maritime Administration and Safety Agency (NIMASA) has announced that the agency has gotten approval from the federal government that would enable indigenous stakeholders to import brand new vessels at zero import duty.

This as the agency contributed a sum of N37.69 billion to the Consolidated Revenue Fund (CRF)

in 2021 and pledged to reduce the amount spent on regional office buildings across the country.

Speaking to journalists in Lagos, the Director-General of NIMASA, Dr Bashir Jamoh noted that the N37.69 billion contribution was higher than N31.83 billion contributed by the agency in 2020.

According to him, “In 2020, the agency contributed to the consolidated revenue account by paying N31.83 billion We went

ahead to increase the amount we paid in 2021 with a total amount of N37.69 billion.”

On the duty waiver, he said, “If you are importing a brand new vessel you will end up paying zero duty, one year to two years has a paying marginal between one to two per cent and we continue to graduate it up to maximum of five per cent against what we are been received.

“We try to introduce zero duty on new vessels so that we can

encourage indigenous shipowners to procure brand new vessels, so that we will no longer be having experience of ready-take vessels in our own waters causing accidents and havoc here and there; many times they are abandoned and turned to be a wreck.”

On illegal fishing activities on the nation’s waters, the NIMASA DG noted that it was a specialized area adding that NIMASA is not in position to issue certification for

fishing operators in the country.

“If for instance now you are allowed to operate as a carbotage operator only NIMASA can come and inspect your vessel and know the papers you have whether it complies with the carbotage requirement or not. So, also in fishing only the Federal Department of Fisheries (FDF) can come and inspect your fishing trawler and documentation of fishing trawlers to ensure that you comply with legal fishing regulations.

“Only the FDF can come and say, ‘no what you are doing there is illegal fishing;’ I made mention in my presentation we have already approached the minister of Agriculture for them to come and join our own team in the event we come to meet fishing trawler they will now be the one to go and inspect. What we have observed, most of these criminals that come and hijack your fishing Continued on page 31

M A R K E T D ATA A S AT F R I D AY, J A N U A R Y 2 8 , 2 0 2 2 FGN BONDS DESCRIPTION 12.75 27-APR2023 14.20 14-MAR2024 13.53 23-MAR2025 12.50 22-JAN2026 16.2884 17MAR-2027

Price

Yield

BILLS Change (%)

MATURITY

OTC FX F U T U R E S

Discount Yield Change (%)

Contract

Current Rate ($/₦)

C Ps MATURITY

Discount Yield

Change (%)

7.40

7.43

0.00

9.87

10.15 0.03

17.05

18.08 0.02

9.70

10.03 0.0

.

.

2

NGUS MAR 30 2022 424.04

3

NGUS APR 27 2022 425.46

4.05 0.00

4

NGUS MAY 25 2022 426.89

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

3.72 0.00

5

NGUS JUN 29 2022 428.32

.

106.34

7.38

-0.01

NTB 10-Feb-22

4.00

4.01 0.00

109.84

9.03

-0.01

NTB 10-Mar-22

2.98

2.99 0.00

107.93

10.51 0.00

NTB 28-Apr-22

4.50

4.55 0.00

103.30

11.45 -0.03

NTB 12-May-22 4.00

115.63

12.11 0.00

NTB 9-Jun-22

3.67

CONTRACT TENOR (MONTH) 1

NGUS FEB 23 2022 422.61

.

26

MONDAY, JANUARY 31, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

CHINA-AFRICA BUSINESS STAKEHOLDERS…

L-R:Vice Chairman, China-Africa Business Council (CABC), Mr.Linus Idahosa; Deputy President, Lagos Chamber of Commerce and Industry (LCCI), Mr. Knut Ulvmoen; President, LCCI, Dr. Michael Olawale-Cole; Chairman, CABC, Chief Diana Chen; Director General, LCCI, Dr. Chinyere Almona and Deputy President, LCCI, Mr. Gabriel Idahosa, during a PHOTO: ETOP UKUTT Memorandum of Understanding between China-Africa Business Council and Lagos Chamber of Commerce and Industry in Lagos… recently

Insecurity, Forex Illiquidity Pose Threat to Nigeria’s Short-term Growth, IoD Warns Gilbert Ekugbe The president and Chairman Governing Council, Institute of Directors (IoD), Mrs. Ije Jidenma, has warned that the rising security, lingering forex illiquidity, low level of vaccination rate and lack of will to follow through critical reforms by the fiscal authorities would constitute the major downside risks to Nigeria’s short-term growth prospect.

At a webinar organised by the Institute tagged; “The Directors’ prospects for 2022: What will change and what you should do,” Jidenma said recovery in 2022 will be impacted by the effective management of the pandemic, the proper management and spread of vaccinations, the direction of the global oil market and the quality of government policies and programmes.

According to her, the 2022 National budget which was tagged the “Budget of Economic Growth and Sustainability,” has a spending plan of N16.39 trillion, which is 25 per cent higher than the N13.6 trillion projected for 2021, stressing that the GDP growth rate projection of 4.2 per cent is considered overtly optimistic compared to the revised projection of 2.5 per cent for 2021 which was hardly achieved.

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

“The Institute of Directors Nigeria (IoD), as parts of its mandate, especially to the Nigerian business community, deemed it necessary to provide this platform aimed at beaming searchlights into the prospects for 2022. We believe that there is a need to foray into what these postulations would mean for businesses and by extension, for directors in various sectors of the economy and also provide insights that should shape Directors’ decisions,” she added.

She noted that the Institute hopes to facilitate robust discussions and deliberations on the performance of the economy in 2021 and projections for 2022, create opportunities and facilitate a conversation between

stakeholders in the business and financial community on the likely impact of the 2022 budget on businesses and the economy.

“We hope to highlight practical issues, opportunities and pitfalls inherent in the 2022 business year,” she stressed.

The IoD boss added: “The Institute also aims to emphasize policies and regulations that are new and emerging on the fiscal and monetary space and to enlighten the participants and provide dynamic strategies which businesses can implement for a better outcome in the current year.”

Also speaking, Chief Executive Officer, Economic Associates, Mr. Ayo Teriba, called for the optimisa-

tion and valuation of Nigeria’s assets to engender budgetary funding for a more liquid, stable and growing socio - political economy.

The economist said that global trends reflected that the country would gain more from valuation particularly of its idle corporate assets, than outright sales.

He said that annual spending must be funded in full to ensure that Nigeria’s medium term plan was actualised.

He stressed that the country’s quality of debt must be tied by securitising payments to some of these assets.

“The surest path to full and effective funding of annual budget and five year plan is to turn to our

portfolio of national assets, and unlock liquidity from them. Nontax revenues are more promising as Nigeria’s plethora of assets that offer huge non-tax revenue potentials remain unexploited.

There is need to know the market value of your corporate assets and there is more to gain from value enhancement of our cities and prime urban land should be exploited as well, “he said.

Responding, the DirectorGeneral, Budget Office of the Federation, Mr Ben Akabueze, said the 2022 revenue projection was not based on taxation but on oil and other revenue generation dynamics.

Akabueze added that the

budget, which was aspirational and realistic was prepared on the premise that petrol subsidy would last up till June, 2022.

He noted that the subsidy reversal would create a N1.3 trillion gap in the revenue projections for the year.

The Fiscal Policy Partner and Africa Tax Leader, Pricewaterhouse Coopers, Mr Taiwo Oyedele, stressed the need to use data and technology to get intelligence to ensure that all tax payers are pull into the tax net.

He also called for the harmonisation of tax bodies to ensure proper remittances to government and address issues of structural tax inequity.

FG: Litigious Business Environment Hurting Economy, Seeks Alternative Dispute Resolution for Contract Violations James Emejo in Abuja The federal government has called for an expanded adoption of Alternative Dispute Resolution (ADR) mechanism in settling various outstanding business and contract disputes in the country.

The government also bemoaned the negative effects of numerous ligations on business growth and called for urgent actions to address the situation.

The Minister of Mines and Steel Development, Mr. Olamilekan Adegbite stated this during a working visit to the Abuja Chamber of

Commerce and Industry (ACCI).

He urged the chamber to take measures to popularise its Dispute Resolution Centre to serve Abuja and other states of the federation.

He said ADR would save the country billions of naira while facilitating the growth of the economy.

The concept refers to a variety of non-judicial processes for resolving conflict including negotiation, mediation, arbitration, conciliation, private judging, neutral expert fact-finding among others.

The 1st Deputy President of ACCI, Chief Emeka Obegolu (SAN) and the ACCI Director General, Victoria

Akai, received the minister.

Obegolu had re-emphasised the support of the chamber towards the growth and development of the jewelry industry adding that the Abuja chamber had continue to support businesses and institutions for growth towards the overall development of the sub- sector.

He said, “The chamber is proud that one of its institutional members, Gemological Institute of Nigeria (GIN) is a major stakeholder in the implementation of this master trainer course in jewellery making.

The BEST Centre being the training and capacity development arm of the

chamber, has in the past few years provided technical and administrative support to the Gemological Institute of Nigeria to enable it carry out its objective of being a foremost institute for Gemological training in Nigeria.”

He said ACCI co-hosted the 2019 African Gems and Jewelry Exhibition and Show (AGJES) with the theme; “Mines to Market,” adding that the show remained one of the biggest Gems and Jewelry exhibitions ever held in the country.

On her part, Akai, in a statement

by ACCI, Media/Strategy Officer, Olayemi John-Mensah, narrated

the contributions of the chamber to the growth and development of the Nigerian economy though its four centres.

She described ACCI as a knowledge house in business promotion and development, calling for greater partnership and synergy with the ministries and agencies of government.

Earlier, the minister had visited the centre for training of master Jewellers, hosted within the ACCI and assured trainees that the federal government was committed to ensuring sustainability of the programme through adequate support.

‘Insurance Will Grow When Government Shows Responsibility to Sector’ Ebere Nwoji A renown Economist and government budget/ economic policy analyst, Dr Biodub Adedipe, has said that Nigerian insurance sector would meet the expected level of growth desired by the sector operators and stakeholders when government at all levels begin to show sense of responsibility to their insurance obligations through proper insurance of their assets and payment of premium.

Adedipe, also urged federal

government to take advantage of continued rise in the price of crude oil in the international market to reduce budget deficit and build infrastructure for Nigerians.

Adedipe who stated this during a chart with the media in Lagos, added, “For the insurance sector to grow, government need also to be responsible to its insurance obligations which talks about paying premium. There also must be need for flexibility and also ensuring that compulsory insurance is enforced because enforcement had always

been an issue.

“If the government is responsible and put a lot of effort into enforcement, then what we have today as compulsory insurance we can actually create more value from. And when insurance sector is vibrant, it will galvanise businesses and individuals to take risk and that is how economies grow.”

According to him, the freedom to take risk is on the back of a vibrant insurance sector, so the conversation should be how do we make that sector vibrant and that

brings us to involve more interactions between government agencies and the insurance sector, so that all the stakeholders constantly are engaging and so whatever is needed to be done to make us deepen insurance, the government will keep making that happen.

Adedipe observed that the price of crude has been favourable to the economy adding, “The price of crude has been favourable to us. It is either you use the gain to reduce the deficit, or alternatively, you use that gain to build infrastructure,

which ultimately will also increase government revenue.”

Adedipe also warned that the forthcoming election could create liquidity pressures in the economy, as there will be too much money in circulation.

He said: “In pre election years, politicians spend a lot of money and that creates liquidity pressure. You have so much money circulating and that stands to put pressure on prices, so it will be expected this year that there will be inflationary pressure.”

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

27

BUSINESSWORLD

STATUS REPORT

MTN Delights Investors With Historic N400bn Profit

Kayode Tokede

H

istorically, MTN Nigeria Plc crossed N400billion mark in profit before tax in audited result and accounts for full year ended December 31, 2021 on the backdrop of improved revenue and effective cost management.

The telecommunication giant sources of revenue are Voice, Data, Digital, FinTech and Other service revenue.

In the period under review, MTN Nigeria grew revenue by 23 per cent to N1.65trillion as against N1.36trillion reported in 2020 financial year.

Service revenue generated from Data continued to lead, supported by voice, Fintech and digital service.

Service revenue grew by 23.3per cent despite the 10.6 per cent decline in subscriber base.

Revenue from Digital gained 61.2 per cent to N18.04billion in 2021 from N11.19billion reported in 2020 as revenue from Data rose by 55.3 per cent to N516.15billion from N332.4billion reported in 2020.

Revenue generated from FinTech closed 2021 at N70.55billion, an increase of 57.3 per cent from N44.85billion in 2020, while revenue from “Other Service” increased by 37.6 per cent to N75.15billion in 2021 from N54.61billion reported in 2020.

In addition to revenue, Voice also gained 8.4 per cent in 2021 to N971.45billion as against N895.97billion reported in 2020.

REVENUE FROM VOICE

Voice revenue grew by 8.4per cent to N971.45billion due to higher usage in MTN Nigeria active SIM base, resulting in a 7.9per cent growth in minutes of use.

This was supported by the success of customer value management (CVM) initiatives, reducing the impact of SIM registration and activation restrictions in first half of 2021 and network restrictions in some locations towards the end of 2021. In addition, the telecommunication continued to ramp up gross connections through rural telephony initiatives while expanding our customer acquisition points, further supporting growth in voice revenue.

LEVERAGING ON 4G

Data revenue rose by 55.3per cent, maintaining an accelerated growth trajectory in Q4 as MTN Nigeria continue to accelerate the expansion of its 4G coverage, enhance the quality and capacity of network to support increasing data traffic, and grow active data users.

Average MB per user rose by 62.7per cent, enabling overall data traffic growth of 85.3per cent.

Also, smartphone penetration on the network grew by 4.0per cent to 50per cent. MTN Nigeria’s 4G network now covers 70.3per cent of the population, up from 60.1 per cent in 2020.

SUSTAINED GROWTH IN REVENUE

Fintech revenue rose by 57.3per cent due to sustained growth in the use of our Xtratime product and broader FinTech services by our customers.

MTN Nigeria expanded its MoMo agent network, through one distribution strategy, with the addition of over 374k registered agents bringing the total number to approximately 770k, up 94.8per cent.

As a result, transaction volume rose by 167.0per cent to 137.5 million from an active user base of 9.4 million, up 102.0per cent.

Additionally, the Approval in Principle recently obtained in relation to MoMo PSB licence application is an important step towards final approval, which will allow the company to expand service offerings and scale FinTech business, thereby achieving more meaningful financial inclusion in the country.

INCREASED CUSTOMER BASE

Digital adoption continues to accelerate as customers use more digital products and services, a trend accelerated by COVID-19.

As a result, digital revenue grew by 61.2per cent as the active user base grew and penetration of its digital products deepened. The active user base rose by 162.1per cent to 7.5 million, led by Ayoba.

However, Cost of Sales by 10.5 per cent to N271.88billion in 2021 from N246.11billion recorded in 2020 as Operating expenses gained 21.9 per cent to N505.3billion in 2021 from N414.6billion in 2020.

Net Finance cost grew by 15.8 per cent to N148.06billion in 2021 from N127.84billion reported in 2020. The telecommunication company reported N138billion tax income in 2021, an increase of N93.66billion reported in 2020.

This positioned its profit after tax to N298.65billion in 2021, an increase of 45.5 per cent from

N205.2billion reported in 2020.

The management of MTN Nigeria has proposed a final dividend of N8.57 kobo per share, brings the total dividend for the year to N13.12 kobo per share, representing an increase of 39.6 per cent. The company in 2020 had declared a final dividend of N5.90 kobo per share, bringing the total dividend for 2020 at N9.40 per share.

ANALYSTS COMMENTS

The Chief Executive Officer, MTN Nigeria, Karl Toriola in a statement said: “2021 was a significant year for our Company. We commemorated our 20thanniversary with a celebration of our customers and all the stakeholder relationships that enabled our journey. In addition, we made good progress towards our Ambition 2025 objectives, demonstrating the strength and resilience of the business. This reflects the firm foundations on which our business is built, the tenacity and commitment of our people, and the support of our stakeholders.

“In line with our objective to share our Company’s success with our various stakeholders, the first phase of a series of transactions to increase Nigerian ownership in MTN Nigeria was conducted during 2021 by way of bookbuild to institutional investors and fixed price offer to retail investors (the Offer). The outcome of the Offer will be announced once regulatory approvals have been obtained.

“Operationally, our mobile subscriber base declined by 10.6per cent and was impacted by the regulatory restrictions on new SIM sales and activations. However, we are pleased to have returned to positive growth in Q4 2021, adding approximately 1 million subscribers as we continued to ramp up the alignment of our SIM registration and activation centres with the regulations.

“Active data subscribers rose by 5.3per cent YoY to 34.3 million as we continued to drive data conversion from our existing subscriber base.

To enable this, we significantly enhanced our connectivity infrastructure with the acquisition of an additional 800MHz spectrum and the accelerated rollout of our 4G network, which now covers more than 70per cent of the population.

“Furthermore, we were successful in our bid to acquire a 100MHz spectrum licence in the 3.5GHz band, on which we will roll out 5G services, at the auction held in December 2021.

“5G provides the foundation on which future network performance will be built. Our successful bid presents an exciting opportunity to be at the forefront of delivering technological advancements to as many Nigerians as possible.

“Our fintech business continued to gain traction with approximately 770k registered mobile money (MoMo) agents and active users more than doubling to 9.4 million. This provides a solid foundation on which to launch the MoMo Payment Service Bank (PSB), for which we have received an Approval in Principle.

“The MoMo PSB will provide a powerful platform to drive digital and financial inclusion in Nigeria.

In recognition of our progress in the fintech space, we received a $500,000 grant from the African Development Bank to fund research on financial inclusion for women.

“Driven by the strong operational performance, we delivered growth across all revenue lines, demonstrating the underlying strength and momentum of the business.

Service revenue grew by 23.3per cent, exceeding our mid-teen target, driven mainly by growth in voice, data and fintech service revenue lines.”

On outlook, he added that: “We are focused on building on the platform of success laid in 2021.

Our return to positive subscriber net additions in Q4 2021 establishes a solid basis for growth in 2022 as we ramp up gross connections through our rural connectivity drive and CVM initiatives. As part of our rural connectivity programme, we plan to connect approximately 2,000 new communities in 2022.

“We are seeing structurally sustained data growth. As a result, we are investing in network and information technology infrastructure, and have secured the relevant frequencies to meet the higher demand. This involves accelerating the expansion of our 4G coverage and providing home broadband to capture a significant share of market growth.

“We will commence the initial rollout of 5G services once the acquisition process is completed to further deepen broadband penetration in Nigeria, enhance customer experience and unlock new revenue streams.

“We will sustain our drive for cost management across the business through our expense efficiency programme and strengthen our operations and financial position to unlock efficiency and support margins.

Although the availability of foreign exchange remains a constraint, we strive to minimise its impact on the business.”

BANKS, OTHERS’ BORROWING FROM CBN DROP BY 26.5% IN JANUARY THISDAY had recently reported that banks and merchant banks deposit dropped to N3.03trillion in 2021 from N7.25trillion in 2020.

The CBN had in July 2019 directed that banks daily deposits placement through its SDF should not exceed N2 billion, stressing that any daily deposits above the stipulated amount will not attract interest payments.

According to THISDAY investigation, as banks’ and merchant banks deposit dropped in the year under review, borrowing significantly appreciated.

THISDAY checks also revealed that banks’ and merchant banks borrowing from the CBN grew by 79.3 per cent to N13trillion in 2021 from N7.25trillion in 2020.

The reflection is increased dependency by banks and merchant banks on the CBN to cope with the intense scarcity of funds, which prevailed in the interbank money market for most part of 2021.

The CBN had noted in its 2019 guidelines that the N2 billion deposit represents 73 per cent reduction from the previous limit of N7.5 billion introduced way back in 2014.

In November 2014, the CBN said it observed that banks and discount houses preferred to keep their idle balances in the SDF with the CBN. Unfortunately, this preference contributed to the restraining of the financial intermediation process, the reason the CBN opted to review the guidelines for the operation of the standing deposit facility.

The review recommended that daily placements by discount houses and banks at the SDF should not exceed N7.5 billion.

Commenting, Head Financial Institutions’ Ratings Agusto & Co,

Mr. Ayokunle Olubunmi, said: “ Because CBN is implementing the discretionary CRR, banks where being careful in terms of sourcing for deposits because it doesn’t make sense for you as your bank to get deposits and then CBN is actually holding them eternal. So, banks are being careful with deposits.

“2022 is going to be much more drastic if the CBN does not change their stance. Because what we have seen last year is that banks are getting a bit more reluctant to lend. If not well managed, it could cause a dysfunction in the

economy.”

Meanwhile the CBN sales at the Primary Market Auction (PMA) gained four per cent YoY to N472.8 billion in January over increase demand by investors.

The total gained, according to the CBN’s financial data in January 2020 was N455.83 billion sales at the PMA. A breakdown revealed that the CBN on January 7, 2022, the CBN sales N77.6billion at the PMA and the following week, January 21, 2022, PMA sales grew to N171.3 billion

Last Wednesday at its bi-weekly PMA, the CBN offered N129.33 billion for sale and recorded the highest demand level Year-till-Date (YtD), with a subscription level of N475.63 billion (Bid-to-offer ratio: 3.7x; previously 1.5x).

Eventually, the CBN allotted N223.75 billion – N2.68 billion of the 91Day, N3.54 billion of the 182Day, and N217.53 billion of the 364-Day bills with respective stop rates of 2.48 per cent (previously 2.49per cent), 3.30per cent previously 3.45per cent), and 5.40per cent (previously 5.50per cent).

28

MONDAY JANUARY 31, 2022 • T H I S D AY

MONDAY JANUARY 31, 2022 • T H I S D AY

29

30

MONDAY, JANUARY 31, 2022 ˾ T H I S D AY

BUSINESSWORLD

INTERVIEW

Majiyagbe: Nigerian Custodial Services in Conformity With Global Best Practice Vice President of the Association of Asset Custodians of Nigeria (AACN), Mr. Babatunde Majiyagbe speaks on a wide range of issues affecting Nigeria’s banking and capital markets, including custody services and the way forward. Eromosele Abiodun presents the excerpts.

Volatility Uncertainty complexity Ambiguity or VUCA environment still persists despite the gradual recovery from the devastating COVID-19 pandemic. What’s your take on the Nigerian outlook? or the global capital markets, the pandemic unarguably left in its trail multipronged turmoil that unleashed widespread anxiety and economic hardship for investors, consumers, businesses, and communities.

Helping customers and businesses to pull through the crisis and emerge stronger became a major task for industries, their leaders, regulators, and governments.

Nonetheless, navigating through the crisis wasn’t an easy task for any individual, business or country; it was a global affliction. At the onset, countries took different measures to contain the pandemic and mitigate collateral damage on their respective countries.

However, as the coronavirus spread across the world, it dawned on everyone that concerted global action was required to contain it. Consequently, remedial measures, including health protocols, lockdowns, vaccine rollouts, etc, were globally administered.

Initially the pandemic seemed largely contained however, the emergence of the Omicron variant and its highly contagious nature has become a cause of worry. The global economy is still on the path of recovery albeit slow and notably, the world’s two largest economies, the US and China are recovering.

This is significant for the rest of the world.

For Nigeria, though there could be unstated apprehension in business circles but practically everyone has adjusted to the new normal and activities are picking up steadily. The inflation rate has been on a steady decline for seven consecutive months, the GDP is growing, and international organizations are projecting modest growth of the economy. Indeed, the International Monetary Fund (IMF) has predicted Nigeria’s economy to grow by 2.7 per cent growth in 2022.

It was based on signs of economic recovery that our trade group, the Association of Asset Custodians of Nigeria (AACN), the umbrella body for Nigerian custodian banks, took the bull by the horn by proceeding to organize its annual Nigerian Investors Day Conference in June 2021. It was a sign of growing confidence in the recovery of the Nigerian economy.

custodians for their investments but rather building their own investment operations teams, which they basically do internally at a very high cost whereas a custodian would do it for them more efficiently and at a far cheaper cost. Has there been any change in this scenario?

Custodianship is a globally acclaimed post trade function for asset safety and safekeeping. The bulk of custodian banks in the world are some of the biggest in their countries of origin and in the regions where they operate. They also have impeccable reputation for sound management and trust. What else can anyone ask for?

All key regulators such as the Central Bank of Nigeria, Nigerian Pension Commission, Securities and Exchange Commission, National Insurance Commission, etc, have seen the significant benefit custodians provide to asset safety and independent assurance from a control perspective. Regulators have also begun using custodians to aid and protect investors.

The choice of hiring an independent custodian could be up to the investor. Efficiency and cost effectiveness are imperatives that any business would embrace. Our duty as custodians is to be an agent of the investors, protecting their assets and advocating for an efficient and effective market.

F

We want to believe that with the growing application of digital solutions, the need to safeguard assets in physical form will be in steady decline. Is that assertion correct?

It is correct. In general, the digitalization of securities services had begun way before the advent of the pandemic. However, C19 accelerated the pace. For example, annual General Meetings: a key governance and corporate action event in the calendars of companies and issuers are now being held virtually or in a hybrid version given C19 capacity constraints. The Central Securities Clearing System equally deployed Application Programming Interface (APIs) for detachment of shares, account opening etc. The work-from-home situation, another new normal from the pandemic, has made imperative the digitalization of everyday processes in line with this trend, investors are increasingly keen on seeing a much more efficient market driven by technology to improve Straight Through Processes (STP). It is a leaning we expect to continue for some time. It is now left to key market participants including Financial Market Infrastructures to drive digital imperatives and processes that make this more seamless and sustainable. Inevitably, digitalization has become the major catalyst for the continuous change in the way the entire Capital Market interacts.

The 9th AACN Annual Nigerian Investors Conference had the theme, ‘Nigerian Capital Market: The Road to New Normal’. If you are asked to tweak this theme to reflect the current situation, what would it be? And why?

I would say something like ‘The New Normal: Restoring Nigeria’s Capital Market to Pre-Pandemic Heights’. This is off the cuff and just a pointer based on my personal viewpoint and the need to respond to your question. It does not in any way reflect what our group would be settling for.

I have no doubt that memories of a vibrant capital market still linger in the minds of Investors and operators in the market and there would be a natural craving for its return.

Until the foreseeable future, themes around digitization and collaboration, heightened by the pandemic, will continue to resonate.

Such things as stable power, good transport system, sustainable foreign exchange liquidity and availability, clear and predictable tax regime need to be in place to support growth of the real sector and in turn create opportunities for capital market depth. Are there signs Nigeria is on the road to address such needs?

Whilst there is predictable progress in terms of investments in some of the enablers that drive for economic growth, Nigeria still has a lot to do. Citizens whether private or corporate businesses, as well as the government need to work together in harnessing economic growth driven by innovation, infrastructure, and investments. This collaboration would create products and services people need, provide employment opportunities, promote efficiency, address environmental challenges and create regional economic integration in the sub-region.

Majiyagbe Still on this year’s AACN investors’ conference, can you share any feedback?

Although the two-day event was virtual, it nonetheless attracted wide participation from Foreign and Local participants. We are quite impressed with the outcome. Dr Yuguda Lamido; the Director General of Securities and Exchange Commission gave a keynote speech, there were fireside chats with investors on what they would like to see in the market vis-à-vis what makes Nigeria remain an investment destination of choice. Like in previous editions, the forum showcased the key fundamentals of the Nigerian economy to the world, showing in very clear terms that the economy remains an investment destination of choice in Africa regardless of the turbulence caused by COVID-19.

We remain committed to the development of our market both in terms of breadth and depth and therefore engage in market advocacy and development as well as awareness creation initiatives to unlock economic opportunities in the country.

The capital market regulators have been taking several measures to enhance participation of retail investors in the market, as well attract new investors, especially young investors, which are crucial for market development. How would assess the success of these interventions so far?

Market development is a continuum that takes into account happenings in the macroeconomic environment. Across the globe, investors’ choice of assets to own in view of changing market dynamics is putting operators under immense pressure. Such factors as non-financial investing, political developments, cost and efficiency have brought the original concept of sustainable investing to the crossroads. It was in response to this that PwC undertook a survey that led to the creation of the Investor Alignment Index, which measures the gap between investor expectation and asset managers’ performance.

The survey made far reaching recommendations, including the need to widen the securities market by attracting new players, especially the retail and youth segments. This is an inevitable route for the Nigerian market, given the rising clout of retail investors in shaping market direction.

Armed with the power of new technologies, which has democratized trading processes, the participation of retail investors on the Nigerian Exchange Limited (NGX), is on the increase, with one account saying they contributed 29 percent to equity trading in 2020. This is expected to grow even more.

So, it was in recognition of the rising importance of the retail segment that the Nigerian Exchange Limited, the Securities and Exchange Commission (SEC) and other stakeholder groups have been organizing financial literacy campaigns targeted at the retail base with the intention of more numbers from the current figure of about three million. The gains of these investor education interventions have been contributory in the market recovery and uptick we are currently seeing.

The ideal situation is the one where it is easy for retail investors to find ways to channel their savings into productive investment and returns. In other climes, retail investors provide long-term funding for the economy, which minimizes over-dependence on bank loans.

While there has been some level of progress, market participants must continue to work with regulators on factors that often impact adversely on market development, including such issues as transparency, price manipulation, among others.

When are we likely going to see a reversal of the current situation in which the bulk of assets managed by Nigerian custodians are owned by foreign portfolio investors?

Tough! Attaining such a status is not a tea party. It will result from considerable market development and not wishful thinking. There is a natural tendency for people to seek investment options when an economy is vibrant. This means that the people have something to spare as savings.

At present, we are still way back from that ideal.

We must also take note that asset custodianship is global in nature. So, it is not unusual to have foreign dominance of the Nigerian custody or capital markets. As you go across the West African sub-region, you would also notice that Nigerians are major investors in the other countries in the sub-region.

The insurance sector is rarely using

Have Nigerian custodians faced peculiar challenges in terms of providing a level playing field that meets the requirements of global investors. We have in mind such things as clear and transparent regulations, protecting investors’ interests, fostering a stable foreign exchange regime, and move to shorter settlement cycles.

In terms of the core functions of custodianship, I will not say we are lagging. I think regulation of the industry has largely conformed to our level of development.

Nobody will entrust you with his assets if he does not have confidence in you. But for a country with some gaps in infrastructure and technology, there will always be room for improvement. The solution to effective regulation within the space includes a deep and wider stakeholder consideration to review the impact of any rule, tax modification/inclusion, policy, etc, before the policy is enacted. This ultimately drives the ease of doing business as well as the perception given to Nigeria is the go-to investment destination in Africa Would you consider cybercrime as a major threat to custody services in Nigeria?

Deviance or criminality is from creation a part of human nature. While I do not condone criminality, I only want to say that perfect compliance with standard conduct or expectation is tough and might be almost impossible in some instances. However, being proactive, deploying appropriate risk mitigation structures and staying ahead of the criminal masterminds is very germane in combating these vices.

What has happened is that the invention of the internet has created an alternative universe with almost the same population as the physical world.

So, criminality in that space is only a logical offshoot.

Like in the physical form, we have a natural duty to devise means of countering crime in whatever form it manifests, including the cyber space. I do know that at organizational levels, various measures are being taken to protect businesses from the intrusion of hackers and other criminal elements. Our industry is not an exception.

What ultimately happens is that every organization deploys what it considers as its ideal level of security using firewalls, concepts of demilitarized zones and other tools, one that is not easily breached by cyberattacks, and one that continues to elicit client confidence and trust. In the banking industry, earning a customer’s trust is the numero uno.

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

31

BUSINESSWORLD

NEWS

NACCIMA Urges CBN to Postpone Implementation of e-Invoicing Dike Onwuamaeze The Nigerian Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) has called for the postponement of the implementation of e-Invoicing that was scheduled by the Central Bank of Nigeria (CBN) to commence on February 1.

The National President of NACCIMA, Mr. John Udeagbala called for its postponement yesterday while addressing a press briefing in Lagos, where he acknowledged that effective implementation of the e-Invoicing would encourage Nigerian businessmen to play by the rule.

Udeagbala said: “The NACCIMA

Private Sector Stakeholders to Launch N62.1bn HIV Trust Fund All is set for the launch of the private sector led N62.1 Billion ($150 million) HIV Trust Fund of Nigeria (HTFN). Recommended

by Nigeria’s National Agency for the Control of AIDS (NACA) and driven by the Nigeria Business Coalition Against AIDS (NiBUCAA), the HTFN is a sustainable financing mechanism for the mobilization and deployment of domestic private sector resources to address the Prevention of Mother to Child Transmission (PMTCT) of HIV in Nigeria.

According to the National Agency for the Control of AIDS (NACA), Nigeria has the highest number of HIV new infections among children globally. Today, 1 out of every 7 children born with HIV in the world is born in Nigeria.

In the absence of intervention, the rate of transmission of HIV from a mother living with HIV to her child during pregnancy, labour, delivery or breastfeeding ranges

from 15% to 45%. With the right treatment however, this risk reduces to less than 1%.

The HIV Trust Fund of Nigeria will improve efforts to ensure coverage of high-IMPACT HIV interventions that will provide the requisite treatment for HIV positive mothers, while contributing to closing the funding gap for HIV in Nigeria that currently stands at about U$108 Million per annum.

The Trust Fund’s Managing Director and Chief Executive Officer, Dr. Jekwu Ozoemene, a seasoned banker, administrator, and finance expert opined that by deploying private sector competencies and capital market tools, the HTFN is key to helping Nigeria achieve the UNAIDS 95-95-95 strategy of Ending the AIDS epidemic by 2030; achieving 95% diagnosed among all people living with HIV (PLHIV), 95% on antiretroviral therapy (ART) among diagnosed, and 95% virally suppressed (VS) among treated.

notes the recently introduced e-invoicing and price verification policy of the CBN is set to commence on February 1, 2022. We call on the CBN to postpone the date of commencement of this policy to enable our members get acquainted with the new dispensation. Transition challenges will lead to chaos with immediate implementation. We also request the CBN to make the operation of these policies cost-friendly.”

He also observed with dismay the unbaiting bottlenecks at the country’s seaports, which have been hindering Nigeria’s quest to be a maritime hub in West Africa.

He said: “Our members still encounter man-made delays in processing the clearance of their goods at the ports. We call for the opening of more seaports in the country and the simplification of clearing procedures. In consonance with one of recommendations of the World Customs Organisation, we demand for the establishment of the ‘Customs and Excise Appeal Tribunal’ to act as ombudsman in the resolution of disputes arising from imports and exports at the ports.”

The NACCIMA also stated that the most pragmatic solution

to the problem of Nigeria’s widening infrastructure deficit is to seek a wider collaboration between the public and private sector as is evident in the success stories of the Presidential Executive Order 7 of 2019 on Road Infrastructure Development and Refurbishment Investment Tax Credit Scheme.

It proposed this strategy due to the fact that capital expenditure has fallen short in implementation in recent years.

According to NACCIMA, only 60 per cent of the N2.7 trillion budgeted for capital expenditure

in 2020, and 55 per cent of the N2.1 trillion budgeted in 2019, were actually expended.

“We recommend for the massive expansion of Executive Order 7, which constitutes a non-interest loan by the private sector to the government towards infrastructure development, payable in future, in the form of tax credits,” Udeagbala said.

The NACCIMA also said that the country’s rising debt profile is becoming unsustainable in spite of the pro-debt argument that Nigeria’s public debt is relatively sustainable at 25 per cent of its GDP.

PARTNERSHIP FOR MARITIME SECURITY…

L-R: Special Assistant, Communication and Strategy to the Director General Nigerian Maritime Administration and Safety Agency (NIMASA), Ubong Essien; Attache to the Philippine Embassy, Abdullah Cali; Director General, NIMASA, Dr. Bashir Jamoh; Deputy Chief of Mission and Consul General Philippine Embassy, Roderico Atienza and Coordinator Abuja Zonal Office, NIMASA, Zailani Attah, shortly after a session to discuss Maritime Security issues in the Gulf of Guinea

People Can Make Honest ANLCA Urges FG to Set-aside 3% Compensation for Licensed Agents Money as Professional MCs, Says Talkademy CEO Ugo Aliogo

Peter Uzoho A frontline public speaker and founder, Talkademy, Joyce Daniels, has given insights into the motivation that led to the establishment of the school where over 2,500 Masters of Ceremonies, otherwise known as MCs have been trained in the last few years.

She stated that people can make honest money as professional MCs. Daniels who spoke to a select journalists as part of activities to mark her birthday, said that training others in the art of being Masters of Ceremonies is a tool she deployed to address unemployment and underemployment in the country.

According to her, people can make honest income and build careers and livelihoods by being professional masters of ceremonies.

“In Talkademy, we have trained over 2,500 students. I believe in the philosophy of being fruitful and multiplying. Therefore, within my industry, it was imperative to multiply people who possess the skills that I deploy.

I also wanted to give life to the idea and possibility that there are people

who can make honest income and build careers and livelihoods by being professional masters of ceremonies but will need guidance, handholding and exposure to trade secrets. Training others in the art of being Masters of Ceremonies is a tool I deployed to address the unemployment and underemployment of individuals, including people employed who could afford to engage in another stream of income.

“While training people in speaking and presentations is a need I noticed in the corporate space and among leaders who want to change and improve society by sharing and selling their ideas. They need exposure to best practices to help them sell the ideas in their head,” she said.

According to Daniels, who noted that Talkademy was born to create that standard via educational curriculum to develop capacity of professional Masters of Ceremonies, prospects of public speaking jobs in Nigeria is high and would potentially compete with fintech professions in few years to come.

The National President, Association of Nigeria Licensed Custom Agents (ANLCA), Chief Tony Nwabunike, has urged the federal government set-aside 3 percent compensation for licensed agents based on revenue collected from transactions.

Nwabunike, who disclosed this in Lagos during the Inauguration of ANLCA National Compliance Team, noted that the compensation would not only serve as motivation to compliant brokers, it would also cause better increase in revenue and strengthen best practices.

He hinted that a lot of people have

erroneously thought that compliance is a thing for the private sector alone, and it is not for government.

He remarked further explained that government agencies and their operatives owe the country and trading community the duty of compliance by obeying their own laws and sanctioning their operatives who act with impunity, in disobedience.

Nwabunike stated that Nigeria Customs Service (NCS), Nigeria Police Force (NPF), Standard Organisation of Nigeria (SON), National Drug Law Enforcement Agency (NDLEA) and others through their modes of operation should

consider being more compliant.

The ANLCA President noted that compliance concerns everyone, therefore government agencies and private business operators all have responsibility to be compliant, “let us always be reminded of these trade agreements.”

Nwabunike revealed that as a country, there should not be signing of treaties and agreements that the country would not comply with, adding that there is need to build a culture of national integrity in all fronts both at home and in the eyes of the global trading community.

According to him, “As a country, we have always shown efforts to

improve on systems, infrastructure and severally spell out Standard Operating Procedures (SOPs) in many areas but forgetting to work more on the human element. I dare to say that creating the best workplace environment fitted with state-of-the-art ICT cannot on its own give you efficiency if the human beings to work there are operating in defiance to rules and procedures. From our findings, over 30 percent of revenue collected

by Nigeria Customs Service (NCS) were achieved through interventions such as demand notices (DN), which are, most times, fallouts of non-compliance.”

‘Accident Investigation Institute to Begins Operation in Q3 2022’ Kasim Sumaina in Abuja The Commissioner/CEO, Accident Investigation Bureau, Nigeria (AIB-N) Mr. Akin Olateru has hinted that all is set for the launch of its world-class air accident investigation training institute as the project reaches 92 percent completion.

The launch, he disclosed, will be in the 3rd quarter of the year 2022.

Olateru made the disclosure

in Abuja when the Rector of the Nigerian College of Aviation Technology, Zaria (NCAT), Capt.

Alkali Modibbo and his management team paid a courtesy call on him at the AIB head office.

According to him, AIB is setting up a training school, which is the first of its kind in the history of Africa. “That will be the first and it is a welcomed initiative.”

He further said that AIB-N have been talking to NCAT

among great institutions in the world that teach aircraft accident investigation courses.

He said, “The training institute, located close to the Nnamdi Azikiwe International Airport, Abuja is about 90 per cent completed and should be ready at about the third quarter of 2022.”

Speaking earlier, the NCAT Rector, Capt. Moddibo said AIB-N plan to improve infrastructure,

acquire more equipment and strengthen human capital are endeavours shared by the Nigerian College of Aviation Technology (NCAT).

He added that it is significant that a continuous synergy is maintained among associate agencies, considering the global challenges facing the aviation industry that require tremendous innovation and dedication, qualities which AIB-N has recently exhibited.

NIMASA INTRODUCES ZERO IMPORT DUTY ON BRAND NEW VESSELS, CONTRIBUTES N37BN TO CRF trawlers hide under the umbrella of fishing, watching vessels passing and attack the vessel claiming they are doing fishing, while they snatch the fishing trawler, “he said.

He added, “So in order to ensure we maintain security within this ambit we have to collaborate with the Ministry of Agriculture to ensure we maintain security, safety and at the same time allow people to

earn their own livelihood in terms of fishing.”

On marine pollution claims, the NIMASA boss revealed that the agency has awarded a contract for the development a price index in order to access the International Oil Pollution Compensation (IOPC) marine pollution fund.

“We have produced a manual for the admissibility of claims under the

IOPC fund. The manual contains the price index for determining the quantum of claims for settlement in the case of pollution.

“We have been experiencing pollution and recently we have been battling with a pollution in Niger Delta; many a time what we often experience is that we have to lodge a claim through the International Maritime Organisation (IMO) and

we cannot do that if we do not have a price index. What we are saying is that we have introduced such a price index and have awarded a contract to a contractor to produce that so that Nigeria can benefit from the funds IOPC marine environment pollution, “he said, For the deep blue project, he said the nation has recorded progress never recorded in 28 years in terms

of maritime security.

According to him, “what informed the success was that the agency had introduced industry working group through the International collaboration and local stakeholders in the maritime and shipping sector to entrench coordinated response to piracy and other criminalities in the Nigerian waters and prompt reportage of escalation of maritime

incidents to where action is much expected and to be provided.”

Speaking on the multi-million dollar modular floating dock acquired by NIMASA since June, 2018, Jamoh, emphasized that it would be operational before the end of the first quarter of 2022, noting that “the facility would, however, be subjected to a privatisation process to help lessen the cost burden.”

32

MONDAY, JANUARY 31, 2022 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Interswitch Supports NITDA’s National Privacy Week, Promotes Data Protection Emma Okonji Interswitch, Africa’s payment solutions and digital commerce company, has announced its support for the 2022 National Privacy Week being organised by the National Information Technology Development Agency (NITDA), from January 24th to 28th.

While focused on its goal of building a prosperous Africa through the provision of digital payment solutions, Interswitch is also deliberate about prioritizing data protection standards, and as such, has aligned itself with this program to promote widespread awareness on the importance of data security among Nigerians, taking into cognizance the dangers

present in today’s digital world.

The theme for the week-long activities is ‘Data Economics in a Digital Economy: Charting Nigeria’s Data Strategy’. This year’s event is the second major awareness campaign following the issuance of the Nigeria Data Protection Regulation (NDPR) in 2019, created to ensure Nigerian businesses are consistent with

global standards on data protection and privacy.

Driven by the need to embed data protection standards that keep customers’ data safe, Interswitch’s operations are underpinned by world-class standards and certifications, such as the Payment Card Industry Data Security Standard (PCI DSS), Management System (ISO 27001),

Management System (ISO 9001), among others.

While speaking on the company’s support of the National Privacy Week, Group Chief Risk Officer, Interswitch Group, Griffith Ehebha, said Interswitch would remain committed to applying stringent measures that preserve the safety of customers’ personal information.

He said, “There is no doubt about the existential threat of cyber-attacks across the world.

Indeed,it is reported as one of the top 5 highest rated risks, as the attacks become more frequent, targeted, and complex.

At Interswitch, data protection and regulatory compliance are critical to customer confidence and sustainable business growth.”

Airtel Africa Joins FTSE100 January 31 Emma Okonji The London Stock Exchange has announced that Airtel Africa plc will be joining the FTSE100 on Monday 31 January 2022.

Through its mobile telecoms and mobile money services, Airtel Africa plc is transforming lives of over 122 million people across the 14 African markets in which it operates.

The Group floated on the London Stock Exchange in June 2019, and has since demonstrated significant growth in its customer base, revenues, profits, margins, and cash generation, as well as strengthening its balance sheet through reduced leverage. This has been increasingly recognised by the market.

The Group continues to invest in further execution of its growth strategy to deliver on the significant market potential afforded by the demographics and market dynamics across voice, data and mobile money services.

CEO, Airtel Africa, Segun Ogunsanya, said:We continue to invest in infrastructure and distribution network across the countries where we operate supporting their economies and communities. Sustainability is at the core of our strategy, driven by our guiding purpose of ‘Transforming lives’ across Africa, with people, businesses and governments seeking access to more and better connectivity and improved financial inclusion.

MONSTER ENERGY DRINK…

L-R:, Consumer Services Manager, Nigerian Bottling Company; Oluwole Jayeoba; Monster Energy Brand Ambassadors; Adedamola Adefolahan a.k.a. Fireboy; Divine Ikubor a.k.a. Rema;; and Health & Safety Manager, Nigerian Bottling Company, Akeem Olaosebikan, during a visit to the Nigerian Bottling Company Ikeja Plant for the unveiling of the Monster Energy drink on-pack promo can… recently

FG: No Jetty Should Operate Without NCAA Grants Xejet Airline AOC Authorisation Kasim Sumaina in Abuja In a bid to shore up its revenue base and block leakages, the federal government has directed that no private jetty should operate in the country without authorisation from relevant government agencies.

The Minister of Transportation, Mr. Rotimi Amaechi made this known at the Presentation of a Compendium on Private Jetties in Nigeria by members of the Presidential Standing Committee on Private Jetties (PSCPJ) in Abuja.

Amaechi in a statement by the Director of Press, Ministry of Transportation, Mr. Eric Ojiekwe, applauded the committee for its effort, urging it to do more as its report indicates that illegal Jetties still abound despite government efforts to curb the menace.

Speaking on the next step, Amaechi said: “we will see how we can summarise the report and present it to

the Federal Executive Council (FEC) to look at so that each minister can have a copy.”

In her remarks, the Permanent Secretary, Federal Ministry of Transportation, Dr. Magdalene Ajani stated: “I want to thank you so much for the hard work you have done to present this compendium but at the same time, I will like to request that you give us a copy of the executive summary because it would be impossible to take this report to FEC, so you will complete your job by giving us an executive summary.”

Earlier, the Acting Chairman, Technical Sub-Committee, Presidential Standing Committee on Private Jetties and General Manager, Marine Services, National Inland Waterways (NIWA), Engr. Joseph Ororo, in his speech disclosed that this is the first time the activities and data resulting from the work of the Committee will be compiled since its inauguration 17 years ago.”

Dana Air Reintroduces Early Flights from Abuja Feb 1 Chinedu Eze Dana Air has announced that it would reintroduce its early morning flights from Abuja to Lagos from February 1, 2022.

A statement from the airline said with more of its aircraft back to full service after comprehensive maintenance, it would introduce additional flights but most importantly the early morning flights from Abuja to Lagos and other destinations from February 1, 2022.

It explained that the introduction of this service is a precursor to the airline’s intention and strategic plan to expand further up north while consolidating on its existing route

network.

Meanwhile, Dana Air has announced the retirement of Captain Kolawole Shokunbi. ‘’We are also pleased to announce the retirement of one of our captains on our B737 aircraft - Captain Kolawole Shokunbi after an illustrious 44 -year highflying career abroad and in Nigeria.’’

Speaking at a brief retirement ceremony organised for him, Captain Kolawole Shokunbi said, ‘’This grand welcome on my retirement will linger for a long time in my memory and I have nothing but love for you all at Dana Air. I must state here that in my 44 years of flying, Dana remains the best for me.’’

Chinedu Eze The Nigerian Civil Aviation Authority (NCAA) has issued the Air Operators Certificate (AOC) to Xejet.

The new premium airline after the completion of the certification processes received the document at the NCAA office at the Murtala Muhammed International airport, Lagos.

The Director General of the NCAA, Capt. Musa Nuhu, during the presentation of the AOC said: “I must say, to go through this certification process is not an easy

thing. I am aware that effectively this process took almost one year? Having gone through this process, we are elated and delighted because what that means is that you have brought yourself to compliance in conformity with our regulations. The issuance of this certificate means that you have complied with the requirements.”

Nuhu, who was represented by the General Manager, Air Operators Certification and Surveillance, Godwin Balang emphasised, “This is one of the critical element of the activities we are required to do as an authority which is certification. Now you are

going to go into business. Immediately we give you this certificate, what we expect is that you keep to those standards.”

The Certification Project Manager, Capt. Toyin Lawani also persuaded the new airline to put up good operation going into business.

“To maintain an AOC is not as easy as the acquisition because from the moment you receive the certificate, you are expected to keep improving on your operations and maintenance processes. We are guiding you at Xejet in order for you not to make mistakes in your operations. You must try and

become an exemplary company in the industry, so that even NCAA will refer to you as a good example.”

In response to the remarks, the Accountable Manager and Chief Executive Officer of Xejet, Mr. Emmanuel Iza said: “I really appreciate all the efforts put into this. It has been a learning process for us at Xejet. We have done it only once and I appreciate all the feedback.

It is Seven years, two months and two days from the day I started the journey of Xejet and to the glory of God, today we have come to this milestone.”

Ibom Air Ranked Best Airline in Nigeria by Travellers Awards Chinedu Eze Travellers Awards has ranked Ibom Air Best Airline in Nigeria.

Organisers of the award said this is based on the ranking of Nigerian airlines using the following parameters: average age of aircraft, schedule integrity, spread of services, customer care, inflight services and total number of flights done in 2021.

“This year’s Travellers Award chose to highlight the expectations of travellers in Nigeria. The Organisers listened to the complaints and yearn-

ings of travellers by incorporating these in the selection of the 2022 winners. Delays and cancellations are big issues on the domestic scene, Customer Care and Schedule Integrity ranked high on most social media feedback reports.

With about 65 to 70 aircraft by 10 airlines carried over 12 million passengers to over 20 active airports in Nigeria. Air Peace wins the award of the Best Nigerian International Airline of the year.

These are the Top 5 Airlines in Nigeria for the year 2021: Ibom

Air came out tops with the lowest score of 12 having topped the chart in four of the parameters. It only did badly in the spread as it flies to only six destinations, so it ranked eight out of the 10 airlines that were profiled. It also had the second highest number of flights done despite having only seven aircraft and was flying to only six destinations. It had done more flights than airlines that had more planes and flew to more destinations. This was a very remarkable operation similar to popular low cost carrier

models optimizing the use of aircraft.

Air Peace came in second with a score of 17. It came 1st in National Spread and had more flights than any other airline in Nigeria. It is the big international player in the market. Despite its huge size it still scored very high in average age and customer care. It did well on all parameters, which shows its potential as an emerging global player. It came 4th in Average Fleet age, 4th in on time Performance, 3rd in Inflight Services and 5th in Customer Care.

Cyber Future Academy Partners NAS on ICT Week Emma Okonji The Cyber Future Academy has entered into a partnership with the Committee on ICT, Cybersecurity and Digital Economy of the National Assembly to host ICT week on March 22 and 23.

The Chief Executive Officer of Cyber Future Academy, Collins Nnabugwu, said in a statement that the tech week was aimed at revolutionalising ICT in Nigeria.

Nnabugwu said the theme for

the 2022 ICT Week was “A Nation’s Roadmap to Digital Transformation through ICT and Innovation.”

He said the ICT Week 2022 would hold at the Nigerian Air Force (NAF) Conference Centre Abuja at 9a.m.

Nnabugwu said: “According to the World Economic Forum (WEF), Nigeria is projected to be on the path to digital transformation, with the population of technology adoption for doing business and daily living taking an upward trajectory.

“For this to happen, serious attention must be paid to ICT and Innovation in order for the Nigerian economy to maximise the social impact and development trends in the global tech ecosystem.

“The focus of the ICT week will be to drive a new narrative that would propel creativity in the technology space, to scale innovative ideas and solutions,” He said the conference would further help to leapfrog the economy

and also leverage on a wide range of opportunities in global partnerships.

Nnabugwu noted that there was so much tech, digital skillsets and talent pool in the country to match the growing demand for jobs and careers in tech, to build and sustain the tech ecosystem.

Speaking on the Nigeria ICT Week, the Deputy Chairman, House of Representatives Committee on ICT, Cybersecurity and Digital Economy, Mr Solomon Adaelu, said Nigeria was ripe for a digital revolution.

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

33

BUSINESSWORLD

NEWS

Edo to Set Up Investment Desks in Lagos, Abuja, Nigerian Embassies The Edo State Government has at the Utesi industrial corridor, structures are being created to “We want to create the can advertise the opportunities and get them to come and invest unveiled plans to set up invest- noting that space and support accommodate more. investment desk so that we available in the state to investors in our state,” he added. ment desks in Lagos and Abuja as well as Nigerian embassies overseas to attract investments to the state’s industrial, agriculture, retail, tourism and power sectors.

The governor, who gave the charge for setting up and operating the desks to the Edo State Investment Promotion Office, noted that the state was ready to welcome investors with incentives and business support packages comparable to anywhere else in the world.

According to him, “We have to set up investment desks in Lagos and Abuja. This will increase visibility of the opportunities for investment in our state. We need to get the word out for the incentives we have in the state.

“The state has a 40MW power facility for investors in the industrial park provided by Ossiomo Power. We are providing support for establishment of industries in the state and would like to attract investors from outside the state and the country.”

The governor noted that the reforms undertaken in the state so far were geared towards ensuring a stable business climate that would fit the requirements for big-ticket investments.

He said the state was already L-R: The Accountable Manager and Chief Executive Officer of Xejet, Mr. Emmanuel Iza, the General Manager, Air Operators Certification and Surveillance playing host to foreign businesses of NCAA, Godwin Balang during the presentation of AOC to Xejet in Lagos

NEW AIRLINE BERTHS…

Lafarge Wins 2021 IoD’s Corporate Governance Award Kayode Tokede Lafarge Africa Plc., a global leader in innovative and sustainable building solutions has announced its recent award on Corporate Governance by the prestigious Institute of Directors (IoD) Nigeria.

The award, which reinforces the importance of best practice amongst corporate entities

quoted on the Nigerian Stock Exchange Group, was presented to the company at the 2021 IoD Nigeria Annual Dinner & Award Night held in Lagos recently.

The President and Chairman of the Governing Council, Dr. (Mrs.) Ije Jidenma, F.IoD, in a statement said the award is to recognize performance and to reward corporate

excellence among companies operating in Nigeria, with the ultimate goal of achieving a truly enterprise-wide culture of governance and ethics in organizations.

To be eligible for consideration, companies must have demonstrated a high level of effectiveness across the four pillars of corporate governance – accountability, transparency,

fairness and responsibility as well as the practice of good corporate governance, ethics, compliance with regulatory requirements and adherence to risk management processes across the entire corporation including its subsidiaries.

In addition, companies must prove their ability to integrate a governance structure into its day-to-day business operations

WACOT Rice to Complete Expansion of 120,000-ton Mill in 15 Months WACOT Rice Nigeria Limited, a subsidiary of Tropical General Investments (TGI) Group, has disclosed that the ongoing expansion of its 120,000-ton rice mill in Argungu, Kebbi State, would be completed in the next 15 months.

Chairman of WACOT Rice, Alhaji Farouk Gumel, disclosed this on Monday during a visit to update the Kebbi State Governor, Senator Abubakar Atiku Bagudu, on the ongoing expansion.

WACOT Rice is currently doubling the capacity of the rice mill the Vice President, Prof. Yemi Osinbajo, commissioned in 2017. The construction of the new rice mill is being carried out with support from First Bank Nigeria.

Gumel, who reiterated the company’s commitment to the economic development of Kebbi State and Nigeria said WACOT Rice will recruit and train more Kebbi indigenes to beef up its workforce once the project is completed.

He applauded Governor Bagudu for providing an enabling environment for the company to optimally thrive.

Responding, Governor

Bagudu commended WACOT Rice Limited for transforming the economic landscape of Kebbi State.

He said that the current expansion of the firm from its initial installed capacity of 120,000 metric tonnes to 240,000 metric tonnes was an indication of the tremendous confidence it had in the economy of Kebbi state and of Nigeria.

Governor Bagudu added that the company was also expressing confidence in the policies of President Muhammadu Buhari aimed at bolstering food production, especially rice.

The Governor further noted that the company has been making tremendous contributions to Kebbi state under its corporate social responsibility projects, including assisting over 300 women to participate in its value chain.

“WACOT in addition to doubling capacity have been of tremendous assistance to Kebbi.

They have supported Argungu Fishing Festival, and a lot of our other festivals, they have done a lot of corporate social responsibility. These efforts of WACOT are showing how much Nigeria has and more companies are following suit,”

Bagudu added.

The Governor expressed optimism that the price of rice will stabilize soon and that it would be favourable to both farmers and consumers.

WACOT Rice Limited is a member of the Tropical General Investments (TGI) Group, a global conglomerate with majority of its investments

based in emerging markets.

TGI’s investments focus on driving inclusivity and value addition using locally sourced raw materials, state-of-the-art manufacturing facilities and a highly skilled workforce to produce world class products that are consumed both locally and exported to global markets.

including Board evaluation, Board and Executive compensation, Disclosures, Company Social Responsibility policies and procedure, stakeholder outreach and communication, compliance operations, anti-fraud procedures and an understanding of the rights and need of all stakeholders.

The CCEO, Lafarge Africa Plc, Khaled El Dokani while expressing his appreciation remarked: “We are truly honoured to receive the prestigious Corporate Governance Award from the Institute of Directors, Nigeria. Lafarge prides itself as an organization that acts and operates ethically and responsibly, taking into consideration the rights and interests of all our stakeholders.’

The General Counsel and Company Secretary, Lafarge Africa Plc, Adewunmi Alode said: ‘ At Lafarge Africa, we apply the highest standards of corporate governance, which are aligned with our values and ethics as a busi-

ness and cascaded from our leadership. Our organization is guided by a robust system of corporate governance under the Nigerian Code of Corporate Governance 2018, the Securities and Exchange Commission (SEC) Corporate Governance guidelines and relevant international best practices on corporate governance.”

She continued: “Our Code of Business Conduct is adapted from the Holcim Group’s code of conduct and it reinforces our desire to conduct our business with integrity as well as respect for our local laws. It ensures that all our directors, officers and employees share in Holcim’s commitment to conducting our business with integrity. These are also communicated to our vendors/ suppliers through our Suppliers’ Code of Conduct, which stipulates our commitments to our suppliers and the values and principles which are expected of them and other third-party contractors.”

34

MONDAY JANUARY 31, 2022 • T H I S D AY

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

HOMES&DESIGN Churchgate Towers as Lagos Most Innovative Office

35

36

MONDAY, JANUARY 31, 2022 ˾ T H I S D AY

HOMES&DESIGN

Lagos Twin Towers Topping VI’s Skies Churchgate has two exquisite skyscrapers in Lagos: Tower 1 and Tower 2; purpose-built for corporate operations, particularly blue-chip companies. Bennett Oghifo writes

T

he Churchgate Group deliberately changed Victoria Island’s landscape with elevated buildings, with Towers 1 and 2 strategically located on Afribank Street, Victoria Island, Lagos.

The towers have 24-hour valet parking, concierge and smart technology, secure entry and basement parking. All 16 floors feature spectacular views of the Lagos Lagoon.

The promoters conceived it as an address for multinational Fortune 500 companies demanding the utmost in service, security and value. Tower One has the unique distinction of being the first all-steel and glass office tower constructed in Nigeria.

Solid, secure, it is located in the financial district on Victoria Island, minutes from important financial institutions, energy companies and global consulate offices.

The towers have raised the standard of development of high-rise offices in the Victoria Island axis of Lagos.

Churchgate Tower was conceived to provide a pleasant and luxurious office environment for people to work in and to satisfy the growing demand for world-class office accommodation in Victoria Island in recent times.

With an appealing lagoon view and shimmering curtain wall glass exterior, Churchgate 2 Tower was designed and built with the best of contemporary building technologies and finest materials in conformity to the best international standards. It is equipped with state-of-the-art facilities to meet the requirements of high-profiled corporate organisations, which require a modern and efficient workplace to meet their high profile corporate status.

The building covers 1,786.00 square meters. The new office tower is a structure set to redefine the skyline of the hub of finance and business of Lagos and is built next to the prestigious

Churchgate Tower. The 16-floor office tower, the tallest office building in Victoria Island, is developed by R.B Properties Limited, a subsidiary of Churchgate Group.

The uniqueness of this Tower is embedded in its functional architectural design and State of the art integrated facilities. Externally built with the finest specification of curtain glass wall glass with a blend of Mosiac tiles at the rear, the internal arrangement of the Tower is an opened plan office type finished with exquisite imported marble floors characterised with floor area ranging from 414 square meters to 1,004 square meters in size.

Churchgate 2 Tower is made up of a purpose-built banking space on the ground floor, a mezzanine floor, 10 standard floors and three pent floors with a terrace facility. Heavy-duty chillers provide individual floor type

central air conditioning for all 16 floors. The building’s hi-tech fire alarm system is linked to automatic smoke heat and fire detectors backed with automatic water sprinklers and advanced fire-fighting equipment. Modern communication facilities are also available comprising, satellite and cable television, internet facilities and close-circuit television (CCTV) Other facilities are two levels of underground and upper-level car parks, a hi-tech fire alarm system, four panoramic passenger elevators and one service elevator. There are also integrated security devices, individual section central air-conditioning systems, 24-hours power supply with three standby power generating sets comprising two 1250 KVA and one 380 KVA capacity, uninterrupted water supply, water and sewage treatment plant, well-trained and experienced professional maintenance team, including corporate security personnel.

MONDAY, JANUARY 31, 2022 ˾ T H I S D AY

37

BUSINESSSPECIAL

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

R-L: Kano State Governor, Alhaji Abdullahi Umar Ganduje; Kebbi State Governor, Senator Atiku Bagudu, Abubakar; Chairman BUA Group, Mr. Abdul Samad Rabiu; President Muhammadu Buhari; Sokoto State Governor, Rt. Hon. Aminu Tambuwal, and Sultan of Sokoto, Muhammad Sa’Ad Abubakar, during the unveiling of BUA’s new three million metric PHOTO: SUNDAY AGHAEZE tonnes per annum Sokoto line four cement plant and the groundbreaking for Sokoto Line 5 in Sokoto State…yesterday

As BUA B o o s t s Nig er ia ’s Cement Production Capacity Obinna Chima writes on the significance of BUA Cement Plc’s Sokoto line four factory that was unveiled recently

T

he inauguration of BUA Cement Plc’s ultramodern three million metric tonnes per annum Sokoto line four factory and the groundbreaking of the company’s line five have been described as major investments that would contribute towards lowering the price of cement in the country and also ramp up production capacity.

The unveiling of the new plant and the groundbreaking ceremony were conducted by President Muhammadu Buhari.

The price of the product which presently goes for about N5,000 per bag, remains high in Nigeria because the few producers are not able to meet the country’s huge demand.

But the founder and Chairman of BUA Group, Alhaji Abdul Samad Rabiu, said his company was targeting to ramp up its total production capacity to 17 million metric tonnes of cement per annum next year in order to help lower the price of the product.

In his welcome address during the unveiling of the new plan and groundbreaking of the line five, the industrialist pointed out that in the past six years, BUA Cement has completed four plants – two in Obu, Edo State and two in Sokoto (of which the Sokoto line 4 is the fourth) with BUA’s total production capacity now standing at 11 million tonnes with the completion of this plant.

He disclosed that next year, BUA Group intended to complete the construction of two new plants of three million metric tonnes each, saying construction is already on-going – one in Edo and the other in Sokoto.

“We expect these plants to be completed next year, which will bring our total production capacity to 17million metric tonnes,” he said. “We look forward to Your Excellency coming to commission them by the first quarter of 2023,” he added.

Rabiu pledged that BUA would continue to invest in the cement industry until Nigeria becomes selfsufficient and cement was made available, accessible, and affordable for all Nigerians.

He stated, “Mr. President, there are many reasons one can attribute to the important nature of this plant. The attendant effect of these investments in new factories goes beyond the community and the state. It extends to the region and the entire country.

“From a job creation and economic standpoint, the Sokoto plant continues to be the largest private sector employer of labour in the North-western part of Nigeria.

“Also, by adding value to resources mined in Nigeria, Nigeria is being saved billions of US dollars in foreignxchange that would have been spent on importation, whilst also ensuring product availability.

“In fact, 95 per cent of all the raw materials used in our cement manufacturing process are sourced locally. In addition to this, and our investment in social impact and CSR programmes for the community and Sokoto State at all levels, we are also committed to environmental sustainability.

“We have diversified our energy sources by introducing greener alternatives – in this case, LNG – to power the kiln and 48 megawatts power plant. Our power

plants are now running on 100 per cent LNG, leading to reduced carbon emissions. This is the first of its kind at any cement factory in Nigeria.”

Rabiu said this meant also that as soon as the AKK gas project came on stream, BUA would be ready to be one of the first off-takers.

This would also encourage further industrialisation within the region, open new industries and ensure greater development and prosperity for this region and the country in general.

“Mr. President, all of this will not have been possible without your support and commitment to the development of the Nigerian economy,” Rabiu told Buhari.

He added, “As a proudly Nigerian company, we will do our best to continue to support those efforts. The support of the CBN and its governor in setting up this gigantic project is also worthy of mention.

“So far, we have invested over a billion dollars in the past four years and we urge the CBN to continue to support industries like ours that use locally sourced raw materials to add value because, as mentioned earlier, these industries potentially save the country billions of dollars yearly and also ensure products are readily available across the length and breadth of the country.”

Also speaking at the ceremony, the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, urged manufacturers in the country to urgently control the rising prices of cement and other building materials.

Emefiele noted that manufacturers must first strive to satisfy the local market to help make cement affordable before exporting the product to external markets.

“Indeed, there has recently been calls by construction companies urging our steel and cement manufacturers to do something about the sky-rocketing of these two essential items in the construction industry,” he said.

Emefiele said the cement industry remained key to solving the country’s unemployment challenges as well as boosting growth.

He added, “We are aware that some of our cement manufacturers are producing for both the domestic and export markets, but we urge them to pay more attention to satisfying the domestic needs so as to bring down prices.”

Emefiele reiterated the central bank’s commitment to providing needed support for importation of spares, plants and equipment needed to increase the production capacities of cement plants in the country.

While calling on prospective investors to take advantage of the current incentives provided by government to boost the sector, he said the CBN was ready to provide the needed financing for both current and new investors in the industrial sector for the importation of requisite machinery.

He pointed out that as part of the efforts by the

current administration to drive productivity in the industrial sector and conserve foreign exchange, a decision was taken by the government in 2015 to restrict access to foreign exchange for imports of 43 items, which could be produced in Nigeria, but for which billions of US Dollars were being expended annually on imports.

He said, “Our nation has been able to conserve billions of dollars, as no dollar from our external reserves has been spent on imports of cement into the country in the last seven years.”

He said the investments had saved and created several thousands of jobs across multiple sectors.

Emefiele pointed out that the achievements so far recorded in the cement sector were not a coincidence but a reflection of the success of the backward integration policy of the Buhari administration.

The CBN governor said with significant opportunities in housing, construction and related industries, there were still sufficient room for additional investments in the sector. He urged potential investors to take advantage of these opportunities.

He also assured current and prospective investors in the industrial sector that the apex bank was ready to collaborate with stakeholders to facilitate the development of a viable manufacturing sector in Nigeria.

Emefiele said, “For those who are willing to invest in new Greenfields or existing Brownfield projects, the CBN will provide all the support needed both in naira and dollars to import plant and equipment to actualise your dreams.”

He said the CBN’s stance was in harmony with the apex bank’s resolve to create a professional and people-oriented central bank to act as financial catalyst for job creation and inclusive growth in Nigeria.

Emefiele said, “I am particularly delighted to see that the painstaking efforts and ingenuity of Nigeria’s private sector are yielding bountiful fruits in broad daylight. These efforts, such as the one being displayed here today by the BUA Group, are critical complementary ingredients to reducing unemployment and boosting production activities in our country.

“Not least, also, these investments help to support the CBN’s mandate of promoting stable macro-economic growth in the country. I would, therefore, like to congratulate the BUA Group led by its inspirational and imitable Group CEO, Alhaji Adbul Samad Rabiu, for this investment.”

Emefiele stated further, “The BUA Group’s investment in Sokoto and in other parts of Nigeria reflects their belief in the country, and in the immense opportunities available in the industrial sector, given the abundance of human and natural resources in Nigeria.

“I am aware that this facility, which cost millions of US Dollars, was fully funded by equity

contributions of the BUA Group without resorting to any source of external finance…

“Following implementation of this new directive, I am pleased to note that the production capacity of the cement industry in Nigeria has doubled from 30 million tonnes in 2014 to about 60m tonnes in 2021.”

Also, President Buhari thanked Rabiu and the entire team for the great work they were doing in supporting the government’s economic diversification and job creation agenda.

He noted that the company, which had completed four new cement plants of similar capacity in the last five years in different parts of the country and was set to complete two more plants soon, had shown through these investments that they believed in Nigeria and its potential.

Commending BUA and other entrepreneurs for making Nigeria self-sufficient in cement and a net exporter of the strategic product, the president said, “I am pleased that through these investments, BUA Cement has created employment opportunities for our citizens. Today, BUA is the largest employer of labour in the North-west region.

“I always remind Nigerians that every region, indeed, every state, in Nigeria sits on huge reserves of resources. For example, in this area, Kebbi, Sokoto and Zamfara can boast of rice production, gold and other precious metals development and, of course, heavy industries like cement manufacturing.

“We remain prepared to support serious investors to set up businesses that will take advantage of these opportunities through value addition so as to take advantage of the huge market here, as well as in the greater African region and the world at large.”

He stated, “I want to now call on all entrepreneurs and businesses to emulate what is being done here.

The task of nation building requires all hands to be on deck. The public and private sectors must collaborate if we are to achieve our aim of collective peace and prosperity across the entire nation.”

The Managing Director/Chief Executive Officer, BUA Cement, Alhaji Yusuf Haliru Binji also thanked the federal government for the support given to the company over the years as well as for creating an enabling environment for businesses to thrive.

He stressed that the plant is environmental friendly and does not pose any threat to the society.

Also, the President, Cement Manufacturers Association of Nigeria, Alhaji Mohammed Lawal Bello, described the cement industry as one of the fastest growing sectors in the country.

According to him, from a production capacity of five million metric tonnes in 1989, to about 150 million presently, “one can say that the growth is exponential.”

He attributed the exponential growth to the fact that government policies were achieving the desired results in the sector, while commending President Buhari.

He also hailed the Founder of the BUA Group and staff of the cement company for the achievement.

He also urged new investors in the country to take advantage of the favourable business climate.

38

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

BUSINESS SPECIAL

PERSPECTIVE

Rice Leads the Charge in Agric Revolution Kelvin Gilbert

F

or many a keen observer of the activities in the agriculture sector of the Nigerian economy, it is obvious that a lot is going on that deserves the commendation of the Central Bank of Nigeria (CBN) especially since the coming on board of the Governor, Godwin Emefiele and his management team. The policy to put back agriculture on the nation’s economic schedule, after years of neglect, has proved to be a worthwhile one that has, to all intents and purposes, achieved the expectations of the brains behind it.

Undoubtedly, the agriculture policy of the CBN is taking a pulsating pace in its drive to revolutionise the sector.

The general idea is to restore the sector to its pristine glory of making vital contribution to the expansion of the nation’s economy.

Even the most intemperate critics of the Emefiele messianic trust in the sector, admit that quite a monumental lot has been achieved in so short a time to deserve the celebratory mood in official circles and even among the farmers themselves who acknowledge that they have not had it so good in a long time. The recent unveiling of the rice pyramids in the Federal Capital Territory (FCT) is a pointer to the huge success the policy is recording in the sector. The event was an opportunity for stock-taking, an evaluation of the policy in the last six years. And the result is commendable even by those who initially did not give it a chance.

Like most pacesetters with a mission, when Emefiele assumed office as the Governor of the Central Bank of Nigeria (CBN) after many years as a retail banking guru, he put forward a policy he believed will nudge the nation’s economy in the right direction. The thinking was that the apex bank was immensely positioned to push the economy, broaden and expand its scope to ensure that other sectors, outside oil and gas, played their roles in enhancing its growth potentials.

It is important to note that before his appearance on the scene, the economy was bugged down with a myriad of problems which saw the nation itself sluggish in its effort to keep pace with other economies including in Africa

despite the fact that it was, on the face value, the largest economy in the continent. These problems included a mono-cultural dependence on oil as a major source of foreign exchange to finance development strategies and policies.

Experts confirm that the country was, majorly, import dependent and some of these imports were items that could be conveniently produced locally. The drain on the scarce foreign exchange was inevitable as food imports alone took a huge chunk off the foreign reserve. The import of agricultural products like rice, maize, wheat, palm oil, cotton that before the discovery of oil were produced in the country with excess for export, were piling pressure on the foreign reserve, depleting it and at the same time affecting negatively the value of the nation’s currency, the Naira against other currencies.

It is from this perspective that a dispassionate assessment of the strategic thinking of Emefiele ought to be carried out. His agriculture policy is essentially geared towards diversifying the economy by refocusing attention on agriculture and other non-oil sectors. Prior to his coming, the apex bank was concerned more with monetary policies and

financial systems stability. This was the thrust of the argument of his critics who thought that he was treading on unfamiliar terrain.

But so far, with the massive impact of his policy on the agriculture sector and, in particular, its contribution to the nation’s Gross Domestic Product (GDP), Emefiele has proved his critics wrong. The revolution going on in the agriculture sector through the Anchor Borrowers Programme (ABP) that has returned the glory of farming, not as a way of life, but as strictly business enterprise is commendable. As a critical agricultural policy, the Anchor Borrowers’ Programme is, today, a catalyst that has energised the agricultural productive base of the nation.

It is essentially a major part of an economic plan designed to uplift the economy, create jobs, reduce reliance on imported food and industrial raw materials, and conserve foreign exchange. The initial focus was to encourage small holder farmers who produce to feed the agro-processing plants that were beginning to emerge through a sustained financial intervention by the CBN. The closure of official foreign exchange window

to 43 items demonstrated the commitment of the apex bank to ensuring that businessmen in the agriculture sector had a return on investment healthy enough to sustain them in business and also enhance their contributions to the growth of the nation’s GDP. Has that been achieved? A few statistics will serve to illustrate the positive trajectory of the policy. As at the time the ABP was instituted, the rice farmers, mostly engaged in subsistence farming, were doing it as a way of life. Today, as at the last count, the policy has produced 20 million rice farmers in the 36 states and FCT who are in it to make their own contributions to the economic development of the nation. Before 2015, the country had a mere six rice mills. That has increased exponentially to 50. The unveiling of the 13 pyramids containing 13 million bags of rice is one more proof of the revolution in the sector. It is also one of the many achievements of the CBN-funded Anchored Borrowers’ Programme, From 2015 when the policy was put in place, national output has increased from about 5.4 million metric tonnes to over nine million metric tonnes in 2021. Similarly, the CBN, in collaboration with the rice farmers, has also significantly improved the productivity, per hectare, of the smallholder farmer from about 2.4 metric tons per hectare in 2015 to five metric tonnes per hectare in 2021. As at the end of December 2021, the CBN had financed 4,489,786 farmers that cultivated 5,300,411 hectares across 21 commodities through 23 participating financial institutions in the 36 states of the federation and FCT. The emerging situation of commercial rice farming, in particular will, immeasurably, drive down the price of rice at the local market and discourage demand for foreign rice. It is also expected that local production of the commodity, in the long run, will expand so as to benefit from the African Continental Free Trade Area (AfCFTA), a drive that will register Nigeria as a net rice exporter while at the same boosting the GDP in ways that were thought not possible going by the policy thinking in the sector before this time. t (JMCFSU JT BO FDPOPNJD DPNNFOUBUPS CBTFE JO "CVKB

Economics of Recovery and Recovery of Economics: A Peep into Nigeria Akpan H. Ekpo

I

t is generally agreed that all economies especially those heavily dependent on the market system experience all the phases of a typical business cycle: peak (boom), decline, trough (recession) and recovery. A prolonged recession would result in a depression.

Apart from the Great depression of the 1930s, the global economy in recent times experienced a recession in 2007 – 2008 as a result of the collapse of the mortgage system in the United States of America. Because the recession was global and affected all countries (for some as a client), it is often labelled the Great Recession.

There are often counter-cyclical policies to minimise the adverse effects of each phase or episode of a cycle including the peak (boom) period. These policies are often monetary, fiscal and structural.

It is often argued that in a recession, fiscal policy, (increased government spending) would result in exiting a recession and propel an economy towards a recovery phase.

This is the case if the recession is demand induced.

However, structural policies may be necessary if the recession is supply induced. When an economy is in recession, monetary policy may not be effective.

An economy enters a recession, when GDP growth contracts (negative) in two consecutive quarters. It does not really matter whether the recession is demand and/ or supply induced. Whenever, an economy registers a positive GDP growth, even if, it is after the immediate past quarter, that economy is on a recovery path. The emphasis on the growth of GDP is problematic.

An economy can technically exit a recession yet relevant macroeconomic fundamentals would portray

a system in disarray. The stress of Gross Domestic Product (GDP) growth is misleading when rates of unemployment, underemployment, inflation, lending rates, incidence of poverty, among others are way beyond the acceptable threshold.

When the COVID-19 pandemic shock occurred in 2019, and the unemployment rate in the USA rose above 4 percent, it was announced that the economy had entered a recession.

Though, the labour market is related to GDP, the concern in the USA was unemployment and their experts redefined recession emphasizing the challenges in the labour market than the growth in GDP. Several palliative measures were implemented including increased unemployment benefits to citizens. The developed economies have various welfare programmes to minimise the impact of negative shocks in their economies. In spite of robust monetary (sometimes unconventional), and fiscal policies, these countries experience recessions. Perhaps if any economy was to escape a recessionary phase, it would be that of the USA. The USA economy is better managed but yet experiences recessions periodically because the latter is inherent in capitalist economies due to the nature of investments especially the pile up of inventories arising from any type of shock and /or inherent profit-making motive of the private sector.

In Nigeria, it is not uncommon for bureaucrats, technocrats and policy-makers to stress the growth in GDP during recovery phase of a business cycle when the economy exits a recession. There is often undue excitement on the GDP registering

a positive growth after the recession no matter how negligible and/or insignificant the coefficient.

The obsession with the growth of GDP ignores the major challenges facing the economy.

While not undermining the usefulness of the GDP, its per capita measure being an average concept; is even more challenging. In addition, the various methods of measuring the GDP are fraught with problems thus signaling the need to consider more relevant indicators as an economy exit a recession towards recovery.

Let us provide evidence from Nigeria. In 2016, the Nigerian economy entered a recession as the GDP grew negatively by -1.58 percent; from 2012 – 2015, the real GDP grew averagely by 4.67 percent higher than the growth rate of population (3 percent). However, in the same period, the rate of unemployment stood at 38.4 percent (acceptable threshold is 5 percent or 7 percent for developing countries), while the incidence of poverty was 67 percent.

In 2017, the GDP grew by 0.82 percent and there was excitement that the economy was on a recovery path due to the implementation of the Economic Recovery and Growth Plan (ERGP). Yet in 2017, the misery index was 78.6 percent, unemployment rate 38.2 percent, incidence of poverty 61 percent and inflation 13.4 percent. These indicators clearly show that the performance of the economy was unsatisfactory – the economic performance index was 68 percent.

A score of 80 per cent connotes average performance. Consequently, the evidence pointed to a jobless growth phenomenon. Thereafter, the economy grew by 1.91 percent and 2.27 in 2018 and

2019 respectfully, yet the crucial macroeconomic indicators remained almost unchanged.

The Nigerian economy has been in a stagflation phase since 2000 notwithstanding the impressive growth rates of GDP from 2000 – 2014. These were episodes of non-employment generating growth.

In 2019, the COVID-19 pandemic coupled with the sharp decline in oil prices, the Nigerian economy entered another recession in 2020 based on two consecutive quarters of negative GDP growth in the first and second quarters of that year. The growth of GDP in 2020 was -1.92 percent.

The aggressive implementation of the Economic Sustainability Plan, the GDP against all forecasts grew by 0.11 percent and 5.1 per cent in the first and second quarters of 2021. Again, there was excitement that the economy had exited the recession and was on a recovery path stressing the positive growth of GDP. Yet, more that 80 million Nigerians remained in poverty, rates of unemployment and inflation stood at 33 per cent and 15 per cent while the misery index increased, economic performance index declined, power supply remains epileptic, etc.

As long as the fundamental problems of unemployment, underemployment, poverty, inflation and other social indices are not aggressively addressed and/or reduced substantially, emphasis on the positive growth trajectory of GDP is meaningless.

Perhaps, economics which is an inexact and dismal science needs recovery. t &LQP UIF JNNFEJBUF QBTU %JSFDUPS (FOFSBM PG UIF 8FTU "GSJDBO *OTUJUVUF PG 'JOBODJBM BOE &DPOPNJD .BOBHFNFOU 8"*'&. XSPUF JO GSPN -BHPT

Enterprise Asset Leasing to Boost Fleet Operations for Corporates, SMEs’ Funding

E

nterprise Asset Leasing Limited, a Strategic Business Unit (SBU) of Nosak Group has stated its commitment to providing corporate clients with finance lease for the acquisition of fleet operations to increase their businesses and foster efficiency.

According to the company, the Enterprise Operating Lease is a cost-effective alternative to business loans or equity funding and will allow clients to transfer the value of their fleet off their balance sheet. With this, capital is released into their business, increasing cash flow, and converting their fleet to ongoing operating expenses.

Speaking on the service, the General Manager, Maclean Apiafi stated that the offering would enable

corporate organisations focus their capital cost on other projects while paying monthly rent for their fleet operations.

“With this special product, organizations have the opportunity to channel resources to other projects amid the dwindling disposable income due to rising foreign exchange, requiring more Naira to keep up the current level of disbursement,” he added.

Apiafi added that the product eliminates the concern of depreciating vehicle assets from clients’ businesses.

According to him, as the lease nears its contract expiration date, clients are presented with the options to choose their next step from a range

of end-of-lease options including upgrading to newer models of vehicles, extending their current lease, or returning the vehicles.

“Enterprise Asset Leasing has also made available an Enterprise Personal Loan product that provides a special financing window for qualified employees of reputable organisations to avail themselves of a six to eight-month tenured loan to discharge personal obligations without necessarily providing security.

The companies should be seen to have good business ethics and a well-structured Human Resource department,” he added.

As a measure to help finance businesses and promote Small and Medium-scale Enterprises (SMEs),

Enterprise Business Loan has been developed to enable eligible customers or clients to fund their Local Purchasing Order (LPO), invest in new equipment, or simply borrow for working capital. With this product, Enterprise Asset Leasing Limited will provide funding to give businesses a boost at a flexible tenor and affordable interest rates.

Enterprise Asset Leasing Limited is a financial intermediary and equipment leasing firm with over 10 years of professional experience providing value-added lease financing services (Operating and Finance Lease), Sale & Lease Back, Fleet and Treasury Management services to people and reputable companies across diverse sectors of the economy.

MONDAY JANUARY 31, 2022 • T H I S D AY

39

40

T H I S D AY ˾ MONDAY JANUARY 31, 2022

CITYSTRINGS

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

Rotimi Amaechi as 'The Trusted One of Daura' To reciprocate the hand of fellowship extended to Katsina State and the North in general through rail projects and other infrastructural development, Chiemelie Ezeobi reports that the Minister of Transportation, Rotimi Amaechi, would soon be turbaned as the the 'Dan Amanar Daura', loosely translated to mean the 'Trusted One of Daura'

C

ome Saturday, February 5, 2022, the Minister of Transportation, Rotimi Amaechi would be turbaned as the Dan Amanar Daura. The turbarning ceremony will take place at the palace of the Emir of Daura, Umar Farouq Umar.

His title, Dan Amana Daura which means ‘the trusted one of Daura' was chosen to represent what Amaechi means to Katsina State and by extension, the North in general.

For those in the know, the honour was one well deserved given the level of development the minister had attracted to the state as well as the North, and by extension for the administration of President Muhammadu Buhari.

Some of the infrastructural development that influenced the honour was the monumental railway project that connects the North and most recently, the University of Transport sited at Daura.

Over the years, his love for the North has remained constant as is his staunch support for President Buhari. From being a two-time Director-General of Buhari's Presidential campaign in 2015 and 2019, he was also first elected as Minister of Transportation in 2015 and reappointed in 2019.

For observers, the new title speaks volume on the esteem at which he is held in the president's own state, a move political observers opine speaks volume about Amaechi's place in President Buhari's heart.

University of Transport Touted as the first of its kind in Africa, the University of Transport in Daura is expected to bring rapid development to Nigeria’s transport sector and generate employment opportunities for Nigerians.

The university will, among other things, assist to build the capacity of Nigerian professionals, technicians and human resources in the transportation sector and also to fast-track technology transfer and Nigerian content in contracts, science, engineering and technology.

According to the minister, the project was part of the federal government’s efforts to develop qualified manpower that would manage the many railways facilities across the country and other transportation facilities.

The ground breaking ceremony for the project was performed by President Muhammadu on December 2, 2019 and according to the minister, the N18billion ( US$50million) university was gotten free of charge by the Chinese government as part of its Corporate Social Responsibility.

He further explained that the brain behind the university is to acquire technology needed to operate the railway system currently being built by China Civil Engineering Construction Company (CCECC) when the Chinese withdraw.

Though not in the original plan, the minister also directed the contractors to include a primary and secondary school in the master plan to cater for schooling needs of children of families who will be working there.

Connecting the North Another plus for the minister is how he connected the North through rail. Already, Portuguese construction company Mota-Engil has started working on the $1.8bn railway track that will link Nigeria and Niger in West Africa.

To kick it off, a ground-breaking ceremony was held at the site of a proposed station in Makira in Katsina State. When completed, it is expected that the North will be better off for it.

Also, according to the minister, construction of the 284 kilometres Nigeria-Maradi Standard Gauge Rail line will enable interconnectivity with countries in the West African sub-region for the promotion of trade and commerce.

The plan to begin linking the northern cities of Kano and Kaduna will be funded from the government budget while Chinese financing is awaited to boost it to completion.

Amaechi Life Trajectory To reach the height at which he is at now, his life's trajectory began from his hometown in Ubima, Ikwerre in Rivers State.

According to Wikipedia, Rt. Hon Chibuike Rotimi Amaechi was born on May 27, 1965. He previously served in Rivers State as Governor of Rivers State from 2007 to 2015 and Speaker of the Rivers State House of Assembly from 1999 to 2007.

Amaechi, who holds the national honour of the Commander of the Order of the Niger (CON), belongs to the All Progressives Congress (APC).

He had his early education at St Theresa's Primary School from 1970 to 1976 and earned his West African Senior School Certificate in 1982 after attending Government Secondary School Okolobiri.

Amaechi received a Bachelor of Arts degree (Honours) in English Studies and Literature from the University of

Port Harcourt in 1987, where he was the President of the National Union of Rivers State Students (NURSS).

He completed the mandatory National Youth Service Corps in 1988, and thereafter joined Pamo Clinics and Hospitals Limited owned by Peter Odili, where he worked until 1992. He also a director of several companies, including West Africa Glass Industry Limited and Risonpalm Nigeria Limited.

His incursion into politics began during the transition to the Third Nigerian Republic as he was Secretary of the National Republican Convention in Ikwerre Local Government Area of Rivers State.

Between 1992 and 1994, he was Special Assistant to the Deputy Governor of Rivers State, Peter Odili – his boss believed in Amaechi as a young man with potential in politics, and brought him under his wing.

In 1996, he was the Rivers State's Secretary of the Democratic Party of Nigeria (DPN) caretaker committee during the

"His title, Dan Amana Daura which means ‘the trusted one of Daura' was chosen to represent what Amaechi means to Katsina State and by extension, the North in general"

transition programme of General Sani Abacha.

In 1999, he contested and won a seat to become a member of the Rivers State House of Assembly to represent his constituency.

He was subsequently elected as the Speaker of the House of Assembly. Amaechi was elected the Chairman of Nigeria's Conference of Speakers of State Assemblies. In May 2003, he was re-elected as the Speaker.

In 2007, Amaechi contested and won the People's Democratic Party (PDP) primary for Rivers State Governor in 2007. His name was substituted by the party, an action which he challenged in court. The case eventually got to the Supreme Court. He became governor on October 26, 2007, after the Supreme Court ruled that he was the rightful candidate of the PDP and winner of the April 2007 Governorship election in Rivers State.

He was re-elected for a second term on 26 April 2011.

In 2015, following Muhammadu Buhari's election, Amaechi was appointed to his cabinet as Federal Minister of Transportation. In July 2019, he was re-nominated for ministerial appointment.

With the forthcoming conferment of the royal title by the Daura Emirate as a mark of honour and reward for his outstanding services, the people of Daura through the Emir have spoken loud and clear of their respect and appreciation of Amaechi, the 'Dan Amana of Daura Kingdom'.

41

T H I S D AY ˾ MONDAY JANUARY 31, 2022

CRIME&SECURITY

Navy Foils Attempt by 20 Foreign Nationals to Ship in N120M Worth of Indian Hemp

The recovered illicit drugs

The suspects Chiemelie Ezeobi

A

ttempts by 20 foreign nationals to smuggle in 268 bags of Indian hemp valued at N120 million, were foiled by operatives of Nigerian Navy Ship (NNS), BEECROFT. The suspects who are from one of the ECOWAS countries were arrested along the Lagos Habour by naval officers attached to NNS LANA. The latest arrest is coming barely three weeks after over N100 million worth of Indian hemp was intercepted by naval officers attached to NNS BEECROFT. The Commander, NNS BEECROFT, Rear Admiral Bashir Mohammed, while parading the suspects at NNS parade ground, Apapa, said the illicit substance was being ferried to the east by the waterways when they were intercepted along Lagos habour.

The commander who was represented by the Base Operations Officer (BOO), Lieutenant Commander, Adetayo Yusuf Adesokan recalled that the Nigerian Navy Ship (NNS) BEECROFT during the yuletide arrested some foreigners and a wooden boat laden with 261 bags of cannabis, 413 bags of rice and petroleum products.

He said in a similar development, at about 6.48pm on Friday, January 14, 2022, Nigerian Navy Ship (NNS) LANA while

on patrol, intercepted 20 foreigners and two wooden boats laden with 268 bags of cannabis.

"Further search of the boat revealed that the boat was laden with 268 bags of Cannabis worth over N120 million, three drums of AGO each containing 200 litres and 11 phones.

"The arrest will send strong message to criminals of the Nigerian Navy’s resolve of zero-tolerance to illegalities.

The trend of foreigners from neighbouring countries infiltrating our maritime space with contraband is worrisome.

"In the last four months about 81 foreigners have been arrested for various crimes such as smuggling of cocaine, marijuana, rice and petroleum products" he added.

The commander further said the suspects and the exhibits would be handed over to officials of the National Drug Law Enforcement Agency (NDLEA).

The gang leader, one Adan Goi, 33, said he was contracted by a courier in Ghana to help move the drug to Lagos harbour.

"I was asked to deliver the consignment to someone around Lagos harbour. He promised to pay us after delivering the drugs.

"We were arrested last Thursday around Lagos Anchorage while waiting for the buyers" he added.

CRIME SITUATION REPORTS

FIRE MANAGEMENT: PREVENTION, DETECTION, AND RESPONSE TECHNICS/APPROACHES Gbolahan Samuel Moronfolu

INTRODUCTION Fire incidents have long held an unprecedented position as one of the ferocious threats to human existence. Fire incidents or outbreaks as the case may be, not only destroy homes and property, they can also consume vast expanses of wilderness or entire neighborhoods and take the lives of people within affected areas.

Once initiated, by either malicious acts or human errors, fire can spread rapidly and become extremely hard to control or extinguish with an increasing alarming speed and grievous destructive consequences, affecting both the innocent and the initiator(s), making them both helpless victims.

Fire has often been described by many as the greatest and loyal servant but the worst master, difficult to control when it turns into a conflagration, burning and destroying everything in its path.

In the rage of its fury, fire has no respect for anyone, not even the monarch, educated and highly placed in the society. Buildings and other infrastructures, event centers, religious gatherings, business premises as well as human and domestic lives need protection against fire outbreaks.

Study revealed that most homes where fatal fire incidents occur are rarely protected by smoke detectors.

Fire deaths are reportedly higher for males than females and are also higher for the elderly than younger people.

Record has it that most homes fire incidents attended by the fire fighters are quite small. It is also recorded that in blocks of flats, the most common cause of fire outbreak is cooking appliances, faulty power outlets and negligence in most cases.

Arson is also a common cause of fire incidents in blocks of flats, though arson is most often observed in stairwells and cellars and is rarely directed at living accommodations. Arson no doubt, is the most common cause of fire incidents in public buildings.

Dry weather and harmattan season has also been identified as the major cause and escalation of fire incidents in the Country in recent times. Indiscriminate storage of petroleum products in living houses, shops and market places; careless disposal of cigarette stubs, use of adulterated fuel, faulty power surge, electric sparks and illegal connection of electricity as well as oil pipelines vandalism are all sources of fire outbreaks.

OTHER CAUSES OF FIRE:- Fire can be caused by three major reasons namely (i) CARELESSNESS:- This is the most common form of Fire outbreaks and could manifest via: (1) Overloading of Electrical circuits (ii) Storing of flammable materials, Liquids in homes and offices without adequate protection/marking e.g Highly e.g Highly flammable – No smoking etc. (ii) Handling of flammable gas by children (iv) lighting of Candles without proper protection at the base.

(2) ARSON/WILFUL ACT:- It is an act of setting something on fire intentionally, unlawfully or deliberately.

(3) ACCIDENT /ACT OF GOD:- Unforseen circumstances beyond human control resulting into the fire outbreaks i.e Earthquake, Thunderstorm and Volcanic eruption etc.

On the other hand, many people have faulted the responsiveness of fire services and emergency first responders in the country, who have been reputed to always arrive late and without sufficient firefighting equipment, even when they arrive early to the scene of fire incidents.

There have also been renewed calls

for the federal and state governments to adequately fund the fire department and emergency response agencies. On the other hand, property and business owners have also been blamed for the poor culture of insuring properties to mitigate the damages and misery of the misfortune.

Over time, public buildings have become larger and more complex in design and features. Fire compartments, assemble and muster points in building facilities have increased greatly in size and more people can be taken in than before.

On the other hand, one of the greater dangers with fire in public buildings is when fire gases spread to corridors, stairwells and other open spaces. This makes evacuation more difficult as the fire spreads to other parts of the building.

The rapid rate at which fire develop means that people often fail to realize how quickly they must respond to a fire incident. The division and ability to identify responsibilities by those involved as original occupants, is also a problem, as Visitors rely on those responsible for the day to day activities in the building.

However, personnel in a building often lack proper training on how to deal with and manage fire incidents.

Fire protection in public buildings is largely dependent on organizational factors and technical measures. The fire fighters play more important role in life saving in public buildings than in homes.

Early detection of any fire is clearly vital in public buildings, for easy management. Proper fire education, awareness and prompt information sharing in both public and private premises are also important, to enable personnel deal with a fire timely at the initial stage of development.

It is imperative to note here that incessant fire outbreaks in recent times has cost the national economy about N10 trillion in the last seven years, with major cities like Lagos, Kano, Port Harcourt , Abuja experiencing serious consequences of the scourge.

The economic implications of fire outbreaks to investment and growth of the nation cannot be over emphasized.

The increasing incidents of market fire in particular has a serious economic consequences of depriving traders and homes means of livelihood thereby threatening the survival of several market men and women who expectedly were breadwinners of their respective families not to talk of the huge investment loss caused by industrial fire outbreaks, oil and gas and other national asset are also not spared.

Our best defense is the prevention of fire occurrence before they begin and escalate, because it is more costly to fight or manage incidents.

Indeed, through effective controls and inspections, incorporating safety as an integral organizational structural component, this threat can be significantly reduced or avoided.

In all fire situations, the protection of human lives must be the most important factor, as Property can be replaced, information recompiled, and other materials remade, but the human life irreplaceable. This at all time must be the overriding consideration in every prevention and response plan.

-Moronfolu is a seasoned security consultant with many years of security and policing experience. FELLOW, Fourth Estate Professional Society (FFPS), he has also partaken in peace keeping operations within and outside the country and has flair for general security education.

42

T H I S D AY ˾ ˜ JANUARY 31, 2022

BUSINESS/MONEYGUIDE

FG to Save N120bn from Human Resources Data on IPPIS

Olawale Ajimotokan ÓØ ÌßÔË

The federal government has projected that about N120 billion would be saved from cleaning the human resource data on the Integrated Payroll and Personnel information system (IPPIS) as accruals when the Federal Civil Service Strategy and Implementation Plan 2021 to 2025 is transformed to a world class service.

Head of Service of the Civil Service of the Federation, Dr Folasade Yemi-Esan delivered the expectation at the opening ceremony of the 43rd meeting of the National Council on Establishments (NCE) in Abuja.

She said the benefits will come from the implementation of the six

priority aspects of the new plan.

She added that the overall transparency and the administration of human resources will be improved as the federal government is also expected to save about N4.5 billion yearly from digitizing content in all MDAs as well as improve content sharing.

She also stated that about 64,000 civil servants will be trained through the revamped core modules of Smart P, resulting in improved skills and competencies, while 500 houses yearly will be delivered to civil servants to enhance their living standards.

The various memoranda of the council were being considered at the meeting by all the permanent secretaries from the 36 states of the federation, the council officials, delegates,

directors in the federal and state civil services and chief executives of government agencies that constituted the NCE. Also, the previous resolutions of the council that pertained to the creation of new cadres, enhanced entry points, introduction of new certificates, re-designation of cadres among others under review would be included in the revised schemes of service when finalised.

The council is expected to conclude work on the new schemes of service by the second quarter of this year leading to production of a comprehensive reference document for all cadres in the civil service, as well as reduce the numerous requests for clarifications and interpretations on various establishments’ matters.

10 Customers Win N10m in Fidelity Bank’s GAIM5 Promo Kayode Tokede A total of 10 customers of Fidelity Bank Plc have become N1million richer having received their cash prizes for emerging winners in the January draw of the Bank’s Get Alert in Millions savings promo, season 5 (GAIM 5).

The prizes were presented at an event held in Lagos and several branches across the six geo-political zones of Nigeria.

A visibly elated Stanley Okpoto -one of the winnerssaid, “I am more than happy to receive this cash prize from Fidelity Bank. Being a long-time customer and follower of the bank, I feel special and grateful that as little as 2K earned me so much money. I am looking forward to how this money will further transform my business.

I encourage my friends and family to take advantage of this life-changing opportunity”.

Also speaking at the wellattended event, the promo Chairman and Executive Director in charge of the bank’s Lagos and South-West Directorate, Dr. Ken Opara, said the ceremony marks a special celebration for the bank being the first prize presentation for the year and therefore sets the tone for the remaining prize presentations to be held in the year.

“It gives me great pleasure to announce the presentation of the sum of N1million to Ajoma Rachael Iyowo and Stanley Sunday Okpoto who emerged winners in the second GAIM 5 monthly draw which held last week. Asides Stanley and Ajoma, eight other customers of Fidelity Bank will receive cash prizes at similar events holding simultaneously at some of our branches across Nigeria.

These customers only had to maintain a minimum of N2,000 in their Fidelity Bank accounts

to emerge winners. That is the beauty of the GAIM 5 savings promo.

“As a bank, we remain committed to empowering our customers with the resources, expertise and solutions they need to meet their strategic business goals. Whether it is the right loan product, appropriate payment channel or in this case, the benefits for saving their money with us, we are all about providing platforms and solutions to help our customers grow,” explained Dr. Ken Opara, who was represented by the Bank’s Chief Digital Officer, Lanre Showunmi.

The Get Alert in Millions Promo, season 5, is an 8-month long scheme that was launched in November 2021. So far, Fidelity Bank has enriched the lives of over 520 customers with cash prizes ranging from N10,000 to N1million in weekly consolation draws and monthly draws respectively.

TROM Foundation Holds Inaugural Annual Lecture, Launches Maiden Science Teachers Award The Royal Obi Malize (TROM) Foundation has launched one of its maiden innovative initiatives, The Science Teachers Award & Recognition (STAR Awards) aimed at rewarding exceptional science teachers in secondary schools in Ukpor, Nnewi South LGA. The award presentation event was preceded by the official launch of the foundation, and inaugural lecture with the theme,“Accelerating Growth and Development: The Role of Education,” held in Ukpor, Anambra State.

In his opening remarks, the Founder/Chairman, TROM Foundation, Prince CY Malize

noted that the initiative hinged on the fact that great teachers are the backbone of every progressive society and provides a unique platform to appreciate their onerous tasks would help orchestrate the nexus of academic excellence.

“The award aims to recognize, encourage, inspire, and reward these exceptional teachers who have gone beyond the ordinary and worked excellently with their students, by imparting them with knowledge, inspiring and nurturing them to learn, to dream, and to achieve, ”Malize noted.

In his welcome address the Executive Secretary of TROM Foundation, Prince Greg Malize II noted that the vision of the

STAR Awards initiative is to impact the future of the Ukpor community through the promotion of scientific innovation and promotion of academic excellence.

“This initiative is driven by the belief that teachers play a unique role in the development of the children of the Ukpor community, as they devote their time to helping children achieve their highest level of competence, moulding them to become future leaders in the national and global stages.

By fostering and celebrating the works of our dedicated teachers, we inspire other teachers to follow in their exemplary footsteps, and to continuously build on their excellent foundation” Greg stated.

Stephen Akintayo Foundation Organises Upgrade Conference Business entrepreneurs and start - ups have been enjoined not to get weary but upgrade and rise above the present economic loom caused by the global Covid-19 pandemic disease.

Executive Chairman, GText Homes Limited, Dr Stephen Akintayo stated this during the Upgrade Conference and launching of Stephen Akintayo Foundation and Book Presentation. According to Akintayo, “ most business owners get weary within three years space of

running their enterprise and is one of the reasons most startups and SMEs dont rise above a particular level, because they have not been able to carve a niche for themselves” “Majority of these entrepreneurs want to do almost everything that can bring in fast income for them. The solution is upgrading of skills, proper system, branding and mentoring, among other panacea.”

The Managing Director GText Global Homes Limited, Mr Flemmming Rontveld in

his contribution added that, “budding entrepreneurs need to network with other great minds and be offered mentorship that offer capacity to them to move from their present position to where they want to be.

“Most dynamic societies in the world are the ones that have the most entrepreneurs, plus the economy and legal structures to encourage businessmen to achieve greater activities. A nation is prosperous only to the degree to which it encourages entrepreneurial activities in the society.”

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

JANUARY 2021 Money Supply (M3)

38,779,455.43

-- CBN Bills Held by Money Holding Sectors

1,039,129.55

Money Supply (M2)

37,740,325.88

-- Quasi Money

21,779,302.69

-- Narrow Money (M1)

15,961,023.19

---- Currency Outside Banks

2,364,871.13

---- Demand Deposits

13,596,152.06

Net Foreign Assets (NFA)

7,414,275.50

Net Domestic Assets(NDA)

31,365,179.93

-- Net Domestic Credit (NDC)

42,916,586.63

---- Credit to Government (Net)

12,304,773.44

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

30,611,813.19

--Other Assets Net

3,892,112.74

Reserve Money (Base Money

13,264,585.14

--Currency in Circulation

2,831,167.19

--Banks Reserves --Special Intervention Reserves

10,433,417.96 317,234.17

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

March 2018

Inter-Bank Call Rate

15.16

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

14.00

Treasury Bill Rate

11.84

Savings Deposit Rate

4.07

1 Month Deposit Rate

8.82

3 Months Deposit Rate

9.72

6 Months Deposit Rate

10.93

12 Months Deposit Rate

10.21

Prime Lending rate

17.35

Maximum Lending Rate

31.55

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT THURSDAY, OCTOBER 7

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

43

T H I S D AY ˾ ˜ ͱͯ˜ ͰͮͰͰ

Notore Sustains Growth Trajectory, Grow Revenue by 43% to N27bn Kayode Tokede

Leading chemical and agro-allied company in Africa, Notore Chemical Industries Plc has announced a group revenue growth of 43% to N27.02 billion for the fifteen months period ended 31st December 2021.

In a statement, Group Managing Director and Chief Executive Officer (CEO), Mr. Ohis Ohiwerei said the company in the year 2021 changed its accounting date from

30th September to 31st December as part of the measures taken to strategically reposition the company for revenue growth and profitability.

According to him, “During the 15 months period ended 31st December 2021, Notore recorded group revenues of N27.02 billion, an increase of 43 per cent over the prior financial year (N18.79 billion for FY 30th September 2020). “2021 was a year of rebuilding and repositioning

P R I C E S MAIN BOARD

F O R DEALS

Notore to further deliver on its promise to Champion the African Green Revolution. During this period, the Company carried out a Turnaround Maintenance programme (TAM), which led to a 102-day plant shut down. The 15 months prior to 31st December 2021 was a challenging period for the Company occasioned by the negative global impact of Covid-19 disruptions.”

He continued: “This caused TAM to extend over a prolonged

S E C U R I T I E S

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N )

period with consequential effect on production output. Nevertheless, Notore has improved its facilities’ reliability, and is well positioned for growth in 2022.”

He stated that the company is optimizing its operations and expects a major upturn in its production output in the on-going financial year.

He noted that achieving upturn in its operations will not only lead to significant increases in the Company’s cash flows from

T R A D E D MAIN BOARD

A S

operations, but also substantial increases in revenues, which is major key to returning the Company to profitability, adding, “The production and sale of Notore NPK fertilizer into the domestic market is also expected to contribute significantly to the Company’s revenue growth and profitability going forward.”

He stressed that as part of the company’s efforts to further diversify the it’s revenue stream, boost profitability and consolidate

O F

2 8

customers’ loyalty, Notore is expanding its product offering by going into rice production and that two rice pilot programs carried out recently are a prelude to its planned launch of the rice product line.

On the outlook for the year, Ohiwerei said the demand for urea and compound fertilizers in Nigeria and the West African sub-regional markets remains robust and is expected to continue to grow.

/ 1 / 2 0 2 2 DEALS

MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

44

MONDAY, JANUARY 31, 2022 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 27Jan-2022, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 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 6.77% Anchoria Equity Fund 140.61 142.38 0.80% Anchoria Fixed Income Fund 1.18 1.18 2.97% info@anchoriaam.com ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 20.42 21.04 0.68% ARM Discovery Balanced Fund 463.73 477.71 2.78% ARM Ethical Fund 39.16 40.35 0.53% ARM Eurobond Fund ($) 1.08 1.08 -0.29% ARM Fixed Income Fund 1.01 1.02 0.17% ARM Money Market Fund 1.00 1.00 8.43% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel: 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 108.45 108.45 0.47% AVA GAM Fixed Income Naira Fund 1,076.02 1,076.02 0.78% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.07 2.07 13.90% Capital Express Balanced Fund (Formerly: Union Trustees Mixed Fund) 2.23 2.27 18.85% CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com ; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund 1.05 1.05 0.75% CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 9.24% Cordros Milestone Fund 135.22 136.08 2.28% 110.80 110.80 0.33% Cordros Dollar Fund ($) CORONATION ASSEST MANAGEMENT investment@coronationam.com Web:www.coronationam.com , Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund 1.00 1.00 8.07% Coronation Balanced Fund 1.28 1.30 2.69% Coronation Fixed Income Fund 1.43 1.43 0.60% EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A 100.00 100.00 7.17% EDC Nigeria Money Market Fund Class B 1,000,000.00 1,000,000.00 7.49% EDC Nigeria Fixed Income Fund 1,148.62 1,151.23 -1.81% assetmanagement@emergingafricafroup.com EMERGING AFRICA ASSET MANAGEMENT LIMITED Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund 1.00 1.00 8.67% Emerging Africa Bond Fund 1.01 1.01 -0.77% Emerging Africa Balanced Diversity Fund 1.01 1.01 -9.11% Emerging Africa Eurobond Fund 104.87 104.87 0.25% FBNQUEST ASSET MANAGEMENT LTD invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn 1,406.20 FBN Bond Fund 1,406.20 11.11% 176.41 FBN Balanced Fund 177.63 0.66% 116.46 FBN Halal Fund 116.46 9.16% 100.00 FBN Money Market Fund 100.00 9.20% FBN Dollar Fund (Retail) FBN Nigeria Smart Beta Equity Fund FCMB ASSET MANAGEMENT LIMITED Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Legacy Money Market Fund Legacy Debt Fund Legacy Equity Fund Legacy USD Bond Fund FSDH ASSET MANAGEMENT LTD Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

122.56 149.72

122.56 3.86% 151.54 -0.23% fcmbamhelpdesk@fcmb.com

Bid Price 1.00 3.99 1.77 1.21

Offer Price Yield / T-Rtn 1.00 7.68% 3.99 -0.33% 1.81 2.01% 1.21 0.33% coralfunds@fsdhgroup.com

Bid Price N/A N/A N/A

Offer Price N/A N/A N/A

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

INVESTMENT ONE FUNDS MANAGEMENT LTD enquiries@investment-one.com Web: www.investment-one.com; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 7.65% Vantage Balanced Fund 2.85 2.92 -0.11% Vantage Guaranteed Income Fund 1.00 1.00 4.50% Kedari Investment Fund (KIF) 142.21 142.26 -8.61% Vantage Equity Income Fund (VEIF) - June Year End 1.26 1.30 0.12% Vantage Dollar Fund (VDF) - June Year End 1.07 1.07 4.49% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.54 1.56 1.97% Lotus Halal Fixed Income Fund 1,145.27 1,145.27 0.76% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: http://www.meristemwealth.com/funds/ ; Tel: +234 1-4488260 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund N/A N/A N/A Meristem Money Market Fund N/A N/A N/A NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 100.61 100.62 8.28% Norrenberger Money Market Fund (NMMF) 100.00 100.00 8.89% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 1.59 1.61 PACAM Fixed Income Fund 11.71 11.69 4.53% PACAM Money Market Fund 10.00 10.00 7.21% PACAM Equity Fund 1.45 1.46 0.46% PACAM EuroBond Fund 114.66 116.98 -0.54% SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 129.33 131.76 6.73% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.08 1.08 10.03% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,465.51 3,460.29 0.03% Stanbic IBTC Bond Fund 236.34 236.34 0.26% Stanbic IBTC Ethical Fund 1.27 1.29 -1.54% Stanbic IBTC Guaranteed Investment Fund 314.44 314.44 0.35% Stanbic IBTC Iman Fund 238.29 241.78 -1.58% Stanbic IBTC Money Market Fund 100.00 100.00 7.35% Stanbic IBTC Nigerian Equity Fund 10,961.69 11,115.74 -1.33% Stanbic IBTC Dollar Fund (USD) 1.30 1.30 0.31% Stanbic IBTC Shariah Fixed Income Fund 117.22 117.22 0.21% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 107.09 107.09 UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 0.93 0.95 0.19% United Capital Balanced Fund 1.38 1.40 0.18% United Capital Wealth for Women Fund 1.11 1.1238 1.76% United Capital Sukuk Fund 1.08 1.08 0.56% United Capital Fixed Income Fund 1.9667 1.9667 0.50% United Capital Eurobond Fund 122.80 122.80 0.38% United Capital Money Market Fund 1.00 1.00 8.81% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 13.18 13.30 -0.08% Zenith ESG Impact Fund 14.76 14.92 1.04% Zenith Income Fund 22.15 22.15 0.81% Zenith Money Market Fund 1.00 1.00 7.24%

REITS

NAV Per Share

Yield / T-Rtn

124.98 54.65

10.62% 8.10%

Bid Price

Offer Price

Yield / T-Rtn

13.70 130.66 103.22 18.93 21.76

13.80 133.93 105.49 19.03 21.86

-1.87% -0.72% -0.39% 0.00% 0.00%

Fund Name SFS REIT Union Homes REIT

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

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

funds@vetiva.com Bid Price

Offer Price

Yield / T-Rtn

4.25 5.66 17.89 1.00 20.57 160.24

4.35 5.76 18.09 1.00 20.77 162.24

12.74% 11.16% 4.08% 7.93% 6.04% 1.56%

NAV Per Share

Yield / T-Rtn

107.28

10.80%

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY, JANUARY 31, 2022 ˾ T H I S D AY

45

FOREIGN DESK

COMPILED BY BAYO AKINLOYE

NATO Rules out Sending Troops to Ukraine NATO Secretary-General Jens Stoltenberg said Sunday the Western military alliance has no intention of sending troops to Ukraine if Russia invades its former Soviet republic, but Moscow said it wants more clarity on exactly what security measures NATO does plan to implement in eastern Europe.

“We have no plans to deploy NATO combat troops to Ukraine...we are focusing on providing support,” Stoltenberg told the BBC. “There is a difference between being a NATO member and being a strong and highly valued partner as Ukraine.”

NATO has ramped up its military presence in member countries bordering Russia in fear of an imminent Russian invasion of Ukraine with Moscow’s massing of more than 100,000 troops and weaponry along Ukraine’s eastern border.

In the United States, Pentagon spokesman John Kirby told the “Fox News Sunday” show that a Russian invasion “could happen, really, at any time.” Kirby said Russian President Vladimir Putin “continues to add troops” just across the border from Ukraine.

U.S. President Joe Biden and other Western leaders have repeatedly warned they will impose swift and severe economic sanctions against Moscow in the event of an invasion.

Kirby rejected imposing sanctions ahead of a possible Russian invasion or naming which Russian financial institutions the West would target.

Ukraine Crisis: Britain Considering Major NATO Deployment Britain is considering making a major NATO deployment as part of a plan to strengthen Europe’s borders in response to Russia massing troops on the border with Ukraine, the government said Saturday.

Britain has said that any Russian incursion into Ukraine would be met with swift sanctions and would be devastating for both sides.

Prime Minister Boris Johnson is due to visit the region next week, and also will speak to Vladimir Putin by phone.

Johnson is considering the biggest possible offer to members of the NATO defense pact in the Nordics and Baltics, which would double troop numbers and send defensive weapons to Estonia, his office said.

“This package would send a clear message to the Kremlin “we will not tolerate their destabilizing activity, and we will always stand with our NATO allies in the face of Russian hostility,” Johnson said in a statement.

“I have ordered our Armed Forces to prepare to deploy across Europe next week, ensuring we are able to support our NATO allies.”

Officials will finalize the details of the offer in Brussels next week, with ministers discussing the military options Monday.

Stepping up diplomatic efforts after facing criticism for not doing enough, Johnson will make a second trip to meet NATO counterparts early next month, his office said.

Britain’s foreign and defense ministers

will also both go to Moscow for talks with their Russian counterparts in coming days, with the aim of improving relations and de-escalating tensions.

Indian Troops Kill Several Militants in Kashmir Indian troops on Sunday killed five militants, including a top commander from the Jaish-e-Mohammad (JeM) group, in stepped-up anti-militancy operations in Kashmir, police said.

The militants were killed in two separate overnight operations by Indian troops south of Srinagar, Kashmir Police chief Vijay Kumar told Reuters.

“We had launched two separate operations on the basis of inputs about the presence of militants in these areas last night. Five militants, including JeM commander, Zahid Wani, and a Pakistani national, Kafeel, were killed in these two operations,” Kumar said.

A police officer was shot to death by militants outside his residence Saturday evening in the south of Srinagar, Kumar said.

In January, 21 militants, including eight Pakistan nationals, have been killed across Indian Kashmir, according to police.

Last year, the disputed region witnessed a wave of civilian killings, with militants seemingly targeting nonKashmiris, including migrant workers, and members of the minority Hindu and Sikh communities in the Muslim-majority Kashmir valley.

Indian forces in the heavily militarized region responded with a widespread crackdown. More than 189 militants were killed in Kashmir last year, a police official said.

‘No justice’: Northern Ireland Marks ‘Bloody Sunday’ The Northern Irish city of Londonderry began commemorations Sunday of one of the darkest days in modern UK history when, 50 years ago, British troops without provocation killed 13

T H I S D AY ˾ MONDAY, JANUARY 31, 2022

46

FOREIGN DESK unarmed civil rights protesters.

The anniversary of “Bloody Sunday” comes with Northern Ireland’s fragile peace destabilized by Brexit, and with families of the victims despondent over whether the soldiers involved will ever face trial.

Charlie Nash saw his 19-year-old cousin William Nash killed as members of the British Parachute Regiment fired more than 100 high-velocity rounds on January 30, 1972, at the demonstrators in Londonderry, known as Derry to pro-Irish nationalists.

“We thought there might be rioting, but nothing, nothing like what happened. We thought at first they were rubber bullets,” Nash, now 73, told AFP. “But then we saw Hugh Gilmour [one of six 17-year-old victims] lying dead. We couldn’t take it in. Everyone was running,” he said.

“It’s important for the rest of the world to see what they done to us that day. But will we ever see justice? Never, especially not from Boris Johnson.”

Unknown Gunmen Assassinate Christian Priest in Pakistan Unknown gunmen have shot dead a Christian priest and wounded another in an attack in Pakistan’s northwestern city of Peshawar.

Police and local leaders of the minority community said the victims were leaving a city church following Sunday Mass when two men riding a motorcycle ambushed and opened fire on the priests’ vehicle.

Police identified the slain priest as Father William Siraj, who was 75.

Doctors said the wounded priest, Father Patrick Naeem, was being treated in a Peshawar hospital and described his condition as stable.

No one immediately took responsibility for the shooting.

Police officials said an operation to find and arrest the assailants was underway.

Christian leaders condemned the attack.

“We demand justice and protection of Christians from the Government of Pakistan,” tweeted educator and Bishop Azad Marshall, from the Church of Pakistan.

Members of the Christian community have previously been targeted in Peshawar.

The deadliest attack occurred in 2013 when two suicide bombers blew themselves up at a city church as hundreds of worshippers were leaving Sunday Mass. The assault killed at least 80 people and wounded 120 others.

Supreme Leader: Wrong Decisions Have Hurt Iran’s Economy Iran’s Supreme Leader Ali Khamenei said Sunday that the country’s poor economic situation was not only due to international sanctions but also to government mismanagement.

“Wrong decisions and shortcomings” were part of the reason for the Islamic republic’s “unsatisfactory” economic data, he said about the decade from March 2011 to last year.

Indicators such as “GDP growth, capital formation, inflation, housing and liquidity growth were not satisfactory,” Khamenei said.

“The main cause of these problems is not only sanctions, but also wrong decisions and shortcomings,” he told a meeting with economic officials.

“If the authorities had cooperated more with the producers in these 10 years, the damage would have been less, and the successes would have been greater,” he added in an implicit attack on former president Hassan Rouhani’s governments from 2013 to 2021.

Iran, which last year elected President Ebrahim Raisi, has been hit by severe economic sanctions imposed in 2018 by the United States, and has seen its inflation rate surge to close to 60 per cent.

Khamenei criticized the high prices and low quality of some home-made products,

Thousands of Sudanese Stage Another Anti-Coup Protests Thousands of protesters took to the streets of Sudan’s capital and other cities across the country Sunday for the latest in a months-long string of demonstrations denouncing an October military coup that plunged the country into turmoil.

Protesters, mostly young men and women, marched in the streets of Khartoum and other cities, demanding an end to the military’s takeover.

They called for a fully civilian government to lead the country’s now-stalled transition to democracy.

The coup has upended Sudan’s transition to democratic rule after three decades of repression and international isolation under autocratic President Omar al-Bashir. The African nation has been on a especially cars.

He also charged that “despite the government’s support,” the price of some domestically-produced home appliances had doubled.

Iran has witnessed a number of protest rallies in the past few weeks by civil servants, including from the judiciary, against tough economic conditions.

Violent Protests Highlight India’s Grim Unemployment Situation Violent protests by job seekers that gripped two Indian states this week have turned the spotlight on India’s unemployment crisis, especially among young and educated people, economists say.

Angry mobs burned train cars and tires, and blocked rail traffic in Bihar and Uttar Pradesh, two of India’s most populous states, over alleged flaws in the recruitment process for jobs in the government-run rail sector.

They complained of lack of transparency and said that the process unfairly gives an advantage to graduates applying for low-skilled jobs.

There were more than 12 million

fragile path to democracy since a popular uprising forced the military to remove al-Bashir and his Islamist government in April 2019.

The protests are called by the Sudanese Professionals Association and the Resistance Committees, which were the backbone of the uprising against al-Bashir and relentless anti-coup protests in the past three months.

Footage circulated online showed people beating drums and chanting anti-coup slogans in the streets of Khartoum and its twin city Omdurman. Protesters were also seen carrying Sudanese flags and other flags with photos of protesters reportedly slain by security forces printed on them.

applicants for the 35,000 openings, reflecting the acute job scarcity. Even before the pandemic battered the economy, unemployment was running at a four-decade high, reflecting the inability of the job market to cater to the more than 10 million new applicants every year.

The situation has worsened in the last two years even though the economy is recovering. It is most stark in states such as Bihar, where the unemployment rate is double the national average.

One of India’s least developed states, it has very few avenues for private sector employment, which is why government jobs that are better paid and offer security are highly prized.

Among the applicants for a rail sector job is Guddu Kumar Singh, a 32-year-old resident of Bihar, who has spent nearly 15 years applying unsuccessfully for government jobs.

district after two cases of COVID-19 were found.

Residents in the Anzhenli neighborhood in Chaoyang district were sealed off on Saturday, and will not be allowed to leave their compound.

Beijing is on high alert as it prepares to host the Olympic Games opening on Friday.

While the cases are low compared to other countries in the region, China has double down on its “zero-tolerance” policy, which includes breaking the chain of transmission as soon as it is found.

The city is also setting up 19 points in the area to test residents every day until Friday, officials said at a briefing on the pandemic, according to state-backed Beijing News.

The Chinese capital reported a total of 12 cases of COVID-19 between 4 p.m. Saturday and 4 p.m. Sunday, Beijing Seals Off More said Pang Xinghuo, the vice head Residential Areas, Reports 12 of the Beijing Center for Disease Cases Prevention and Control. All those Beijing officials said Sunday cases came from people who were they sealed off several residential already under some kind of pandemic communities in the city’s northern control measures.

MONDAY, JANUARY 31, 2022 • T H I S D AY

47

NEWSXTRA

INAUGURATING CONSTITUENCY PROJECT IN AKWA-IBOM...

L - R: Senator Akon Eyakenyin; Senator Philip Aduda; Senate President, Ahmad Lawan; Governor Emmanuel Udom and Senator Albert Bassey Akpan, during the inaugurations of constituency projects in Akwa-Ibom North East district … recently

Bandits Kill 10, Burn Houses in Attack on Kaduna Community 12 special taskforce men killed, others injured by ISWAP in Niger LG

John Shiklam in Kaduna and Laleye Dipo in Minna Ten people have been, reportedly, killed by bandits in an attack on Atak Mawai village, Zaman Dabo ward, in Zangon Kataf Local Government Area of Kaduna State.

The bandits also burned several houses during the attack said to have occurred in the early hours of Sunday.

A resident of the community, who pleaded anonymity for fear of being attacked, said the bandits invaded the community about 3am when the villagers were asleep.

He said the villagers were woken up by the sound of gunshots and started running helter-skelter, adding that those killed were burnt in their houses.

He said, “The bandits came around 3am when the people were asleep. They were shooting sporadically as they went from house to house setting houses

ablaze.

“We are yet to ascertain the exact number of people killed because many people ran to the bushes, but I can confirm that 10 people were burnt to death in their homes.”

He said by the time security personnel arrived the community the bandits had fled.

Spokesman of the Kaduna State Police Command, Mohammed Jalige, could not be reached for comments, as his mobile telephone was switched off when contacted.

Meanwhile, in Niger State, not less than 12 members of the special task force deployed to repel insurgents in Galadima Kogo town in the Shiroro local government were killed last Saturday, when the Islamic State of West Africa (ISWAP) invaded the village.

More than a dozen of the special task force personnel also suffered varying degrees of injury following the attack. It was the first time

Moderna Launches Clinical Trials for HIV Vaccine Human clinical trials have started for an experimental HIV vaccine that uses the same kind of mRNA technology found in Moderna’s successful COVID-19 vaccine, the drug company has announced.

The company was quoted in a statement to have said the first vaccinations were given last Thursday, at George Washington University School of Medicine and Health Sciences in Washington, DC. Phase I trials would also be run at the Hope Clinic of Emory Vaccine Center in Atlanta, the Fred Hutchinson Cancer Research Center in Seattle, and the University of Texas Health Science Center at San Antonio.

The vaccine was designed to prompt white blood cells turn into antibodies that could neutralise HIV, it quoted ABC News to have reported. A booster shot to work with the HIV vaccine was also being studied.

“For four decades, the human immunodeficiency virus (HIV) has managed to dodge the immune system’s attempts to destroy it.

“Scientists have not been able to develop a vaccine, though

they have made advancements in treatments, such as long-acting injectables for pre- and postexposure prevention and treatment.

HIV can lead to AIDS, which can be fatal,” it added.

The release stated that 56 healthy HIV-negative adults took part in the clinical trial, with 48 getting one or two doses of the mRNA vaccine and 32 also getting the booster.

Eight people would just get the booster. All of them would be monitored for up to six months after receiving a final dose, it stated.

“The immunogens - antigens that elicit an immune response - that are being tested were developed by the International AIDS Vaccine Initiative (IAVI) and Scripps Research. They will be delivered using the same messenger RNA (mRNA) technology in Moderna’s successful COVID-19 vaccine,” it explained.

About 1.2 million people in the United States had HIV at the end of 2019, according to the CDC, with more than 36,000 people being diagnosed in 2019.

ISWAP members would be accused of being behind the attacks on communities in the Shiroro and Munya local governments, where previous invasions had been blamed on gunmen or bandits.

According to reports from the area, which were confirmed by Co-convener of the Concerned Shiroro Youths, Yussuf Abubakar Kokki, several villagers were either seriously injured or killed by the rampaging ISWAP members while

herds of cattle earlier recovered from rustlers were again rustled by the invaders.

It was gathered that the ISWAP members stormed the community in broad daylight with over 50 of them riding on motorcycles and carrying AK47 rifles.

After invading the camps of the Special Task Force it was learnt that the marauders set several houses and bans on fire before escaping.

Kokki, who confirmed the

incident to THISDAY yesterday, blamed the ability of the ISWAP men to easily raid the community on the closure of the military camp in the area and the redeployment of the security personnel to Kontagora axis, where insurgency had been on the rise in recent times.

He stated, "The Concerned Shiroro Youths of Niger State totally and unequivocally frown and condemn in strongest term the outright withdrawal

of security personnel from Galadima Kogo, Shiroro Local Government Area, Niger State, and subsequent deployment of same to Kontagora."

Kokki added, “This decision taken by government, notwithstanding the accompanying reasons, is reckless and insensitive in its entirety, especially to the plights of innocent and unarmed law abiding citizens already ravaged by incessant insecurity."

Presidency to PDP: Don't Trivialise Buhari's Aborted Visit to Zamfara Says opposition's statement shameful, disgraceful Insists inclement weather caused postponed visit

Deji Elumoye in Abuja The Presidency has told the opposition Peoples Democratic Party (PDP) not to trivialise last Thursday's aborted visit of President Muhammadu Buhari to Gusau, Zamfara State capital.

It also insisted that inclement weather was the reason why the Presidential jet could not fly from Sokoto to Gusau on the said day, maintaining that the weather was fluctuating between 300 and 400 metres instead of the minimum 1,000 metres in Gusau.

Presidential spokesman, Mallam Garba Shehu, in a statement titled: "Elaboration of the reason the Presidential visit to Gusau was postponed," yesterday, stressed that the criticism by the PDP over why the president did not proceed on the trip by road smacks of mischief.

The statement while emphasising that there should be limit to trivialisation of issues by the PDP that had held sway at the centre for 16 years, further stated that presidential movements by road globally are usually planned ahead taking into consideration interest of other road users.

According to the statement:

"Criticism of the President, in particular the one by the opposition PDP for not proceeding with the journey, Sokoto to Gusau by road, a distance of about 200 kilometres shows, either a lack of understanding of presidential movements especially for a party that held that office for sixteen years, or an act that smacks of mischief. Whatever be the case, there must be a limit to trivialisation.

"All over the world, Commanders-in-Chief, serving or even those that have left office cannot hop into a car and go anywhere they want, at any time of the day. In the United States for instance, a law going as far back as 1958 prevents past Presidents from traveling on public roads without assured security (how much more of serving Presidents).

"When roads are closed for presidential movements here and elsewhere, consideration is also given to the safety of other road users, not just that of the President or even Governor.

"The statement on the issue by the PDP attacking the President for not making it to Gusau without this being planned ahead of the journey is shameful and disgraceful for

a party that held the presidency of the country in the past. What is their own record?"

While insisting that bad weather aborted the president's visit, it stated that there was nothing unusual about flights being cancelled due to inclement weather.

"The Presidency wishes to give a further clarification on the circumstances of bad weather which forced the cancellation of the visit to Zamfara State on Thursday of President Muhammadu Buhari in spite of the great interest generated nationwide on the planned visit.

"As briefly explained by the President in a special broadcast to the people of the state, the sudden deterioration of the weather was the sole and only reason for the cancellation of the visit.

"It is not unusual for flights to get cancelled when there is bad weather, whether this is arising from wind or rainstorm, fog or haze as we had it on Thursday over much of the northern towns including Gusau, capital of Zamfara State. Many of these cities are known to suffer from low visibility during the harmattan season as we are now in.

"A kilometre of visibility is

usually a standard landing minimum requirement but in the case of Gusau on the day in question, this minimum requirement of 1,000 meter was down, fluctuating between 300-400 meters. Clearly, this was unsafe in the absence of precise instrument approaches that provide guidance for the pilots. The flights into Gusau were, in view of this, cancelled".

The Presidency further stated: "It is sad for the country that the bankruptcy of issues has forced the PDP, so-called leading opposition party, to hang on to life by only telling lies. And their caravan of falsehood has moved even more speedily following the inauguration of their not-so-new national executive at the end of last year.

"It is equally important that local political actors who have seized upon the cancellation of the visit to describe it as a victory for this or that faction of the party, accompanied by songs, lyrics and videos to know that their joy is a short lived one. "As he promised in that broadcast, the visit to Gusau by the President is only a matter of time.

Given the right conditions of the weather and all other things, he will return, and in time to accomplish his mission".

MONDAY, JANUARY 31, 2022 • T H I S D AY

48

NEWSXTRA

OPERATION READY TO FEED THE NATION ...

L-R: President African Development Bank (AFDB), Mr. Akinwumi Adesina; President, Dangote Oil Refinery, Alhaji Aliko Dangote; Group Executive Director, Strategy, Portfolio Development & Capital Projects Dangote, Devakumar V. G. Edwin; and Chairman, Geregu Power Plc, Mr. Femi Otedola, during the visit of Akinwumi to Dangote Petrochemical fertiliser Plant at Lekki free zone in Lagos...recently

Marafa: Nobody Can Send Yari and I Out of APC Denies meeting with Atiku, others Says inauguration of state executive is illegal Adedayo Akinwale in Abuja A chieftain of the All Progressives Congress (APC) and one of the current actors in Zamfara State, Senator Kabiru Marafa, yesterday, sent a strong warning to his traducers and stressed that no one, no matter how highly placed, had the capacity to send either him or a former governor of the state, Abdul-Azeez Yari, out of the party.

Marafa, who also denied meeting with a former Vice President, Atiku Abubakar and aformer Senate President, Bukola Saraki, a development that had since sparked defection rumours, however, described the inauguration of party’s executive in the state as illegal.

Reports, at the weekend, had it that Marafa and Yari met with Atiku and Saraki last Thursday.

The meeting allegedly took place at Saraki’s residence in Maitama, Abuja.

The agenda of the meeting was not made public, but sources claimed it was not unconnected to the alleged planned defection of the two APC chieftains to the opposition PDP. Yari and Marafa has since had it rough in the party in the state over the struggle to control the soul of APC in Zamfara State, after first tearing down the party over their differing interests.

Their challenge was further compounded, when the governor, Bello Matawalle, who reaped heavily from the party’s 2019 misfortune, also joined the APC and effectively seized the leadership of the party

with the help of the Caretaker Committee Chairman and Yobe State Governor, Mai Mala Buni.

But in a telephone interview with THISDAY, Marafa said while it was true that Atiku, Saraki and himself went to Yari's house, they all went at different times due to the mishap he had.

He asked: "Do you have any evidence of that meeting? There has never been any meeting between the four of us. All these things are being orchestrated by some people that think God can no longer support them to actualise their ambition like he did before. They have abandoned God and now pitch their tent with human being in the name of ruling party.

"I think I have grown bigger than that kind of nonsense.

They are too eager; they feel they cannot prosper in APC if we are still there. We made APC, APC didn't make us. So, I can see beyond APC and I am in APC by choice, it is not that APC can make me anything.

"Like I have said times without number, I made APC, APC didn't make me anything.

So, I live in APC today, because I want to stay in APC; because I feel APC is my house and like I said. I was a senior engineer, when APC was constructed or in the construction team that built APC." Marafa, who also said himself and Yari occupy an executive floor in APC and could not be thrown out by anybody, added that if he decided to leave the party, he would announce his decision to leave, but until then, he remained in APC.

His words: "Nobody can send me out of APC and I can leave APC, when I want to leave APC. And when the time comes, I will go to Eagle Square and announce to everybody that I have left APC. It's nothing. Before that happens, people should not put words into my mouth. Let them that are renegade continue to stay in APC and do whatever they want to do in APC. "But take one thing away

from this our discussion with you now, like I said in my previous interview, Oba or Emir doesn't go on transfer. So, I am an Emir in APC, I don't go on transfer, unless if I intend to do so willingly and the day I want to go, I will announce to the whole world that I am living."

While challenging anybody who felt APC belonged to him to expel him if they could, Marafa added: "So, don't join the

bandwagon of those propagating lies. There have never been any meetings like that and if there is any, come up with the pictures.

I have seen the picture of Yari and Atiku. Yari had a small injury on his head and Atiku went to his house to see him, which is normal.

"The fact that Atiku is in PDP and Yari is in APC does not mean that if there is any mishap to any one of them, they cannot

visit one another. And I learnt Bukola Saraki also went to see him but at different times. And I went to see him at different times, but there has never been such meeting."

Marafa noted that those behind the rumours were "little people" that joined the party lately and felt they could not actualise their ambition with the presence of Yari and Marafa in APC.

Ekiti PDP Primary: Oni Accuses Ayu's NWC, Fayose of Sellout Victor Ogunje in Ado Ekiti Peoples Democratic Party (PDP) governorship aspirant in Ekiti State, in the just concluded primary election, Segun Oni, has accused the Dr. Iyorchia Ayu-led National Working Committee (NWC) of the Peoples Democratic Party (PDP) and former governor Ayodele Fayose of selling out party's candidacy to the ruling All Progressives Congress (APC), with the shoddy and abysmal way the election was conducted.

Oni, who alleged that with the wobbling and bleak future awaiting the PDP in Ekiti in the coming poll, its candidate and Fayose's protege, Hon. Bisi Kolawole, could be best described as a duplicate copy of the APC candidate in the June 18 governorship election.

In a statement by the Director General of his campaign organisation, Hon. Yemi

Arokodare, on Sunday, Oni maintained that the outcome of the allegedly "flawed" PDP governorship primary in the state was orchestrated by Fayose to sell the party to the ruling APC. Oni posited that it was an open secret in Ekiti political circle that the PDP ticket handed over to Kolawole, was a duplicate copy of the APC ticket, which he predicted won't produce any useful result for the party "It is a big shame that the National Working Committee of the PDP could not see through this deception but deliberately connived with Fayose to force Governor Udom Emmanuel on the Ekiti process to achieve a predetermined hatchet job.

"The National Chairman of the PDP, Senator Iyorchia Ayu, should explain to party members nationwide the import of Section 45 (a) Part VI under the General Provisions of the

Electoral Guidelines for Primary after the ad-hoc election was nullified," he said.

Section 45 (a), according to Oni, stated that, “Any officer or member of the party who fails, refuses or neglects to carry out his duties about these guidelines on the general conduct of the primary elections or who obstructs, defies, or in any manner, hinders, impedes or subverts the implementation or success of these guidelines, is guilty of gross misconduct and shall be brought before the National Disciplinary Committee of the party for disciplinary action.”

In view of the foregoing provision, Oni challenged Ayu to explain why he allowed Emmanuel to come for the second exercise in Ekiti after midwifing the process for the botched ad-hoc delegates election that was nullified.

His words: "Chairman Ayu

must tell the world why he cannot trust any other PDP Governor except Governor Udom Emmanuel to conduct the two exercises in Ekiti State, when it is evident that Fayose had conducted Udom’s 2019 Primaries.

It is now crystal clear that the plot ab initio was for the two buddies of Fayose from Akwa Ibom State, Emmanuel Enoidem (former Legal Adviser of the PDP) and Gov Udom Emmanuel, to conduct the two exercises in favour of Fayose and the NWC fell for it.

"Chairman Ayu deliberately indulged Fayose, who attempted to truncate the national convention that produce the current NWC and never asked him how he intended to win Ekiti for the PDP with the weakest of the aspirants, even when he could not do so as a sitting governor with his deputy in 2018.

Merchants of Hate Selling Purported Plan to Replace Sanwo-Olu, Declares GAC Says it’s beyond its powers to select governor Acknowledges current governor doing a great job The apex leadership body in the Lagos State chapter of the All Progressives Congress (APC), Governor’s Advisory Council (GAC), has debunked reports that it had resolved to replace Governor Babajide Sanwo-Olu of the state, saying the report was being sold by merchants of hate, confusion and discord.

GAC, in a statement by its Secretary, Alhaji Mutiu Aare, however, said the powers

to decide who becomes the governor of the state was beyond adding him, adding also that the incumbent, Sanwo-Olu was doing a good job, delivering on his mandate to the people of Lagos State.

A certain report that was widely circulated on social media, had claimed that the GAC, party leaders and other stakeholders of the APC in the state, had settled for the current Head of Service,

Hakeem Muri-Okunola, as replacement to Sanwo-Olu. But in the GAC statement, the council also noted that, Sanwo-Olu was elected for a four-year term, which was still ongoing and therefore, the matter of replacement of the governor did not arise and was patently subjudice, absolutely false and preposterous for anyone to suggest so.

While advising those

behind “this dangerous, dysfunctional and misguided post to desist forthwith”, the council reiterated that, “The GAC has not settled for any person to replace Mr. Babajide Sanwo-Olu as governor.

Therefore, it is absolutely false and preposterous for anyone to suggest so.

“The process of picking a governor is clearly stated in the constitution. And contrary to the false impression the

merchant of hate, confusion, discord and disharmony wanted to create with the post, there is no discussion of second term ticket by the GAC. “It should also be pointed out that it is not within the realm of GAC to engage in picking replacements for a governor. Importantly, the Independent National Electoral Commission, has not signaled the commencement of the

process for governorship election in Lagos State.

“Governor Sanwo-Olu was elected for a four-year tenure, which is still ongoing.

The matter of replacement of the governor does not arise and is patently sub-judice.

Governor Sanwo-Olu is doing a wonderful job delivering infrastructure projects for Lagos and working daily on making the state better for all its residents.”

MONDAY, JANUARY 31, 2022 • T H I S D AY

49

NEWSXTRA

LCCI VISIT LAGOS FREE ZONE...

L-R: Business Development & Marketing Manager, Lagos Free Zone (LFZ), Mrs. Chinju Nwankwo Udora; President, Lagos Chamber of Commerce and Industry (LCCI),, Dr. Michael Olawale-Cole; SUNDAY ADIGUN Director General, LCCI, Dr. Chinyere Almona; and Chief Executive Officer, Lagos Free Zone , Mr. Dinesh Rathi. during LCCI's visit to the Lagos Free Zone on Friday

Bamidele: I’ll Challenge Ekiti APC Governorship Primary Victor Ogunje in Ado Ekiti The Chairman, Southern Senators' Forum and one of the All Progressives Congress (APC) governorship aspirants in Ekiti State, Senator Opeyemi Bamidele, has said he would take all necessary legal steps to test the viability of the results declared by the party in the January 27 primary in the state.

Bamidele, who is also the Chairman, Senate Committee on Judiciary, Human Rights and Legal Matters, posited that the alleged abrasion of democracy and brazen abridgement of the Electoral Act in the election would be subjected to legal scrutiny via the party's constitution and the 1999 constitution of the Federal Republic of Nigeria.

Though Bamidele and six others had withdrawn from the race, going by the results declared by Governor Abubakar

Mohammed Badaru-led APC Primary Election Committee, he garnered a total of 706 to emerge third, while the former Secretary to the State Government, Biodun Oyebanji got 101,703, to become the party's candidate.

In a statement in Ado Ekiti, on Sunday, the protesting Bamidele said he would take all the necessary actions to correct the alleged electoral perfidy perpetrated during the primary to deepen democracy and entrench the rule of law in the system.

Bamidele insisted that no election was held on January 27, saying figures reeled off by the committee were allegedly fabricated to suit a certain sinister purpose.

"We are, of course, taking immediate steps within the confines of our party constitution and the law to seek redress for this blatant abuse

Bayelsa to Inaugurate over 20 Projects to Mark Diri's Second Anniversary Olusegun Samuel in Yenagoa No fewer than 20 roads, educational, health, media and agricultural projects would be inaugurated during the second anniversary in office of the Bayelsa State Governor, Senator Douye Diri, on February 14.

The projects included those inherited from the past administration and completed in the last one year and others initiated by the Diri’s government during same period.

A statement explained that the anniversary activities would commence a week before February 14 and expected to continue till the end of the month due to the number of projects lined up for inauguration.

The Vice President, Prof.

Yemi Osinbajo was expected to flag-off a bridge project across River Nun at Angiama

linking Oporoma, headquarters of the Southern Ijaw Local Government Area.

Diri, at the weekend, inspected some of the projects at various stages of completion.

They included the YenagoaOporoma road, Bayelsa State Mega Media Complex for Radio Bayelsa, Niger Delta Television and the Bayelsa Newspaper Corporation.

Others were the Igbedi road, Glory Drive road, Bayelsa Transport Terminal at Igbogene, Phase One of the Igbogene/ AIT Ring Road, the Elebele bridge, the Onopa bridge and its access roads.

The statement by the Chief Press Secretary, Daniel Alabrah, explained that the Commissioner for Works and Infrastructure, Moses Teibowei, disclosed that between 20 and 30 projects in various sectors would be ready for commissioning.

of trust and due process by the state actors. So,whilst on this quest to seek an amicable resolution to this impasse, I urge all to remain calm and prayerful that justice and truth will prevail for the benefit of the people of Ekiti," he said..

Meanwhile, An Americanbased Public Health Practitioner and Business Tycoon, Prince Adeolu Tinubu, has said

continuity in governance was the only way Ekiti could experience rapid socio-economic transformation Tinubu said ensuring victory for the APC candidate in the June 18 governorship election, would be a vote for continuity of the Kayode Fayemi transformation agenda for Ekiti.

Tinubu, who is the Chairman, Alumni Association of the Ekiti

State University EKSU, USA Chapter affirmed that, he would use his personal influence, resources and Diaspora-based support to deliver Emure, Ise-Orun and Ikere Local Governments for Oyebanji.

"My parents are from Emure and Ise. My wife is from the Oluyede family in Ikere Ekiti, having travelled around the world, I have discovered that

continuity remains a better way to attract rapid growth and development to any society.

"My support for BAO is not out of sentiment but for the love of Ekiti, I have the confidence that Oyebanji, being a seasoned administrator, will consolidate on the great work already done

by Governor Kayode Fayemi and we will all smile at the end.”

Umahi Unleashing Terror on Opposition, PDP Alleges Chuks Okocha in Abuja The Peoples Democratic Party (PDP), yesterday, accused the Ebonyi State Governor, Dave Umahi, of unleashing terror on innocent Nigerians, particularly opposition PDP members and other dissenting voices in the state.

In a statement by the National Publicity Secretary of PDP, Debo Ologunagba, the party said the PDP was alarmed by reports that Umahi kept a group of non-state

actors, disguising as Ebube Agu security outfit, to arrest, attack and inflict grievous bodily harm on Nigerians and particularly PDP members in Ebonyi State.

The party said since Umahi made the error in his devastating adventure of moving from the PDP to the All Progressives Congress (APC), where he was unrecognised and frustrated, he has allegedly resorted to terrorising innocent Nigerians, especially, PDP members in a desperate bid

to create fear, panic and siege mentality on citizens of the state as a prelude to rigging the 2023 general election.

The PDP urged Nigerians to note how Umahi instigated the illegal arrest of the Ebonyi State Publicity Secretary of the opposition party, Nwoba Chika Nwoba, and kept him in detention without justification on the strength of a draconian law that did not pass through the established due process of lawmaking.

"A prominent member of

the PDP and former member the House of Representatives, Rt. Hon. Linus Abaa Okorie, was declared wanted by Governor Umahi without any accusation or charges levelled against him.

"Our Party vehemently rejects such violation of Fundamental Human Rights going on in Ebonyi State and calls on Nigerians to hold Governor Umahi and the APC responsible for acts of violence and terrorism in Ebony State," the PDP states.

Jonathan Eulogies NNPC/Belemaoil’s Commitment to Community Development Blessing Ibunge in Port Harcourt Former President Goodluck Jonathan has hailed the commitment by the Nigerian National Petroleum Company Limited (NNPC)/ Belemaoil Joint Venture's (JV) commitment in the development of its host communities in the country.

The former President eulogised the operator of Oil Mining Lease (OML) 55 for creating enabling and conducive environment for residents of their operational communities.

Represented by Ambassador Godknows Igali, Jonathan made the commendation at the weekend, during the

inauguration of 350, 000 Litres Portable Water Facility and 1, 250 KVA Power Generating Set in Idama community, AkukuToru Local Government Area of Rivers State.

Speaking further, the former president, appreciated the president of Belemaoil and the NNPC for considering it necessary to make such an impact in the community.

"There is a vital point that the enterprise of Belemaoil is an example of the dynamism of the youth of Nigeria and that he will continue to support the Belemaoil particularly yourself (Tein Jackrich) in the various developmental projects and ideas which you have," he added.

Jonathan also lauded the

Idama community for their exhibition of peace and corporation during the building of the projects which he said would ease a lot of challenges for them.

Igali added: "The former President has indicated strongly that this is a great model for all other companies in communities that are impacted not necessarily adversely.

"Although it is very adverse but the companies operating in the area should continue to show more footprints and work with the local communities to bring more succour to their lives and to join in what government at various levels are doing,” he added.

“The former president has also asked me to appreciate the Idama Community for creating the right environment for such intervention and we hope that this will attract more projects to this community.

"Former President Jonathan has asked me to inform you, the royal majesty and the people that this community is dear to him and if there is anything the community considers that his personal efforts can bring about better living standards and better existence of the people, that you should please be at liberty to contact him, that he is ready to work with you to improve the living standards of people in this community", Jonathan assured.

50

MONDAY JANUARY 31, 2022 • T H I S D AY

NEWS

Gunmen Kill One Soldier, Injure Two Others in Rivers Blessing Ibunge in Port Harcourt

Unknown gunmen have attacked soldiers reportedly to be on duty on Kalabari axis of Rivers State, killed one and injured two soldiers who were said to be in critical condition.

Informed sources told THISDAY that the incident occurred early hours of yesterday at the boundary bridge between the Asari-Toru in the Kalabari area and the Emohua Local Government Areas of the state.

It was learned that the gunmen ambushed the victims on the aforementioned point and released bullets on them.

It was further gathered that the perpetrators escaped after commiting the crime, while the soldiers that sustained injuries were reportedly rushed to the Military Hospital, Port Harcourt, for medical treatment.

Confirming the incident, Chairman of Akuku-Toru LGA, Rowland Sekibo, said the two soldiers injured were in critical condition and have been moved out for treatment.

Also confirming the incident, Chairman of Asari-Toru Local Government Area, Onengiyeofori George, disclosed that the attack

occurred around 5:30am.

He narrated that the soldiers were on their way to their duty post before they were attacked,

he noted noting that he and his team have been on patrol of the road to ensure calm.

He narrated, "The incident

happened on the wee hours of this morning, around 5:30 and 6:00am. The soldiers were on the way to their duty post.

Between Emohua and Asari-Toru Local Government there is a river demarcation, the criminals ambushed them on

the bridge.

"They came on speed boat.

I was not there, but this was according to their (soldiers) story.

PROMOTING INNOVATIONS……

L-R: Group Managing Director, Flour Mills of Nigeria Plc (FMN), Omoboyede Olusanya; winners of FMN’s Prize for Innovation Competition, Chukwunonyereem Ogbonna and Amadi Omezilem; first runner up, Samson Ogbole, and Director, Group Strategy & Stakeholder Relations, FMN, Sadiq Usman at the prize presentation ceremony to the winners in Lagos…recently

Ugwuanyi Reiterates NDLEA Arrests Nigeria-Cameroon Trans-border Drug Traffickers Continuous Support for Security Agencies Michael Olugbode in Abuja

Governor Ifeanyi Ugwuanyi of Enugu State has reiterated that his administration will continue to support the Nigerian Army and other security agencies in the state to ensure that they effectively discharge their duties.

Gov. Ugwuanyi gave the assurance during the 82 Division Nigerian Army West African Social Activities (WASA) 2021, held yesterday at the 82 Division Garrison Parade Ground, Abakpa Cantonment, Enugu.

The governor expressed delight at WASA, noting that the annual event was a platform for officers, soldiers, their families, friends and the host community to gather in a joyous and relaxed mood to appreciate God for the successful completion of training activities and operations for the past year while heralding the beginning of the New Year.

Ugwuanyi said that the occasion offered him the opportunity to celebrate the Nigerian soldiers for their gallantry in battling insurgency, banditry, kidnapping and terrorism in the past year.

“The events of the past year really put your courage and patriotism to test but your successes were cheering and reassuring to Nigerians that we have a dependable, disciplined and committed Army”, the governor said.

Acknowledging, with deep sense of patriotism, the anxiety and emotional challenges the soldiers’ families and friends have to contend with as the officers and soldiers strive for the peace and unity of Nigeria, Ugwuanyi thanked them for “all your unsung sacrifices for our great nation, Nigeria”.

SMEDAN Boss Laments Poor Reading Culture among Students Francis Sardauna in Katsina The Managing-Director of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Dr. Umar Dikko Radda, has lamented the declining rate of reading culture among Nigerian students.

Radda, who spoke in Katsina yesterday while donating 5,000 textbooks to public and private secondary schools in Batagarawa Local Government Area of the state, said reading culture among youth was abysmally low in the country.

The textbooks donated were Basic technology, Comprehensive mathematics and English, National values, Comprehensive Economics, Islamic studies, Agricultural science, Brilliant English, Biology, Business studies, Food

and Nutrition, Fundamental of cultural and creative art, Physics, among others.

He said the trend no doubt poses a potent catalyst for the distortion of societal norms and values, as the youth are the heart of development in any human society.

"The problem fencing the education sector is because of a lack of reading culture among Nigerian students.

If we want to succeed in education, we must improve the reading culture among our children.This is my Foundation, Gwagware Foundation, deems it worthy to donate 5,000 textbooks to public and private secondary schools in Batagarawa Local Government Area. This is part of our effort to support the state government in boosting education,"he said.

Operatives of the National Drug Law Enforcement Agency (NDLEA) have arrested three trans-border drug traffickers while trying to smuggle 48,000 tablets of 225mg Tramadol through Mubi, Adamawa state to neighbouring Cameroon.

Also intercepted is over 1,500 kilogrammes of imported Loud and other illicit substances in raids across Lagos and Edo states.

A statement yesterday by the spokesman of the NDLEA, Femi Babafemi said arrested at Tsamiya Junction, Madanya

Road, Mubi, in Mubi North Local Government Area of Adamawa State trying to smuggle the drugs into Cameroon last Friday are Mohammed Hussaini, 32; Adamu Bella, 18, and Mohammed Umar, 18.

He said they were arrested with the exhibits concealed in the packets of another drug and during interrogation they claimed the drugs were being taken to Bagira town along Nigeria-Cameroon border to be delivered to some Cameroonians for onward delivery to Maroa in Cameroon.

He said a similar interdiction

operation was carried out at Alaba Rago area of Lagos, where operatives of the state command of the agency intercepted 1,200 parcels of imported Loud, a strong variant of cannabis suspected to have been smuggled into the state from a neighbouring country with a total weight of 1,229 kilogrammes.

He said in another raid last Wednesday at Suru Alaba, Ajeromi-Ifelodun local government area of Lagos State, operatives arrested one Ibrahim Musa, 25, with 18,530 tablets of Tramadol, Rohynol,

Diazepam, Exol-5, and 138 bottles of Codeine.

Babafemi also revealed that at the Murtala Muhammed International Airport, Lagos, operatives at the SAHCO export shed of the airport during their routine cargo search intercepted a consignment of 22 international passports of six different countries concealed in a bag of garri among other food items.

He disclosed that nine of the passports were three each of UK, France and Portugal, while the rest were: Nigeria -8; Ghana -4 and Cameroon -1.

2023: PDP Positioned to Win Ogun, Says Party Chieftain James Sowole in Abeokuta A chieftain of the Peoples Democratic Party (PDP), Ogun State and the Special Adviser (Media) to the Bayelsa State Governor, Dr Kola Oredipe, has said that the main opposition party, has what it takes to win the 2023 Election in the state.

Oredipe stated this during an interaction with journalists in Abeokuta, saying that Nigerians have lost confidence in rhe ruling All Progressives Congress (APC) right from the centre to the local government

level.

He said:"The APC has not justified the confidence that Nigerians gave to them. When they came on board in 2015, their campaign mantra was that they want to fight terrorism, the Boko Haram, to fight corruption, and want to revive our economy but where are we today?

"The economy is in comatose. So Nigerians are waiting for the party to rescue them. The only alternative that we have now is the PDP. And like you know that from the centre, all the bad policies

trickle down to the state. What have we got?

"I have read so many commentaries about what is happening in Ogun State There are internal wranglings in the other party.

"There are different factions Everybody knows that there are Internal crisis in the party.

"But for us in the PDP, everybody knows that we are more organised and more united having a common front to win back Ogun State.

Left for the internal wrangling that befell the party in 2019, with the implosion that

the APC had in 2019,that was the best opportunity for the PDP to win back Ogun State.

"But it happened the way it went,some of them went to the APM, even though they were in the APC doing APM. When the APM managed to win the House of Reps and House of Assembly in Yewa side. You can just imagine how factionalised it was.

"The problem still remain with the party. But for us, we are projecting a common front going into 2023 election .It is looking very good and very positive, I can tell you."

Ex-Bayelsa Commissioner Urges Kinsmen to Shun Criminality

Olusegun Samuel in Yenagoa

The immediate past Commissioner for Information and Orientation in Bayelsa State, Daniel Iworiso-Markson, has appealed to his kinsmen in Ogbia Local Government Area to unite against criminality in the council.

Iworiso-Markson, who served under the former administration of Governor Seriake Dickson decried kidnapping of high profile Ogbia prople in the area.

He called on youths of the area to stop indulging in kidnapping as a means of survival, stressing that they were only demarketing

Ogbia and Bayelsa state in general.

Iworiso-Markson spoke at the weekend when he visited the state Commissioner for Industry, Trade and Investment, Federal Otokito, who was recently kidnapped in the area by gunmen.

The abductors of Otokito inflicted high degree of injuries on his body but he was fortunate to have survived before he was rescued by security operatives.

Iworiso-Markson said it was sad that the unfortunate incident had been allegedly traced to some people close to the victim, insisting that there

was no justification for such a heinous crime.

He thanked God for sparing the life of the commissioner and commended the state Governor, Senator Douye Diri and security agencies for going after all persons complicit in the act.

He further appealed to people of Ogbia not to allow politics to divide them advising them to prioritise the development of Ogbia ahead of the 2023 general elections.

He said: "I came here today to visit my friend and brother, Hon. Federal Otokito. I heard the sad news of his kidnap and I was pained. Otokito is a peaceful

man who is doing his job as Commissioner for Trade and Investment.

'He doesn't deserve this wicked action against him. Seeing his bruised body alone makes me emotional. I can imagine what he went through and the pain he is going through now.

"I'm happy he was rescued alive. I thank the state government and security agencies for that and I also urge them to bring those behind this to book. A lot of these things are carried out by our youths and it has to stop. This is not a legitimate venture for whatever reason it was done.

51

MONDAY JANUARY 31, 2022 • T H I S D AY

NEWS XTRA

Osinbajo: Masses, Not Legal Profession Own Nigeria's Justice System Deji Elumoye in Abuja The Vice President, Prof. Yemi Osinbajo has declared that the nation’s justice system belongs not to the legal profession but to Nigerians generally.

Osinbajo disclosed this in Lagos at the weekend, at the Body of Senior Advocates of Nigeria (BOSAN) Annual Dinner and Scholarship Awards. He stressed the impact of the legal profession in fixing societal ills and building a just society.

According to him, “our system of justice is a public resource, it does not belong to the legal profession, it does not belong to the bar or to the bench, it belongs to the people.

"We are paid operators of a service that our constitution created to resolve their disputes and give justice. We are custodians, not owners.

When this public resource is not working effectively on account of delays, or it is being discredited by corruption, we the operators have a moral, legal and civic obligation to fix it.”

According to him, as custodians of justice and

fairness in society, the role of the Nigerian Bar goes beyond the development of an effective and efficient justice sector, it must also be at the forefront of championing reforms and deepening discourse that

will continually uphold its excellence and prestige, and the rule of law.

Quoting from the Bible, the vice president told his fellow Senior Advocates that, “we must not become defensive

or thin-skinned. If we do not fix it, we would have failed in our most important task; we would have failed to speak up for the voiceless and vulnerable.

“Every one of us seated here today knows that there is a

lot wrong with our system of justice today, history beckons us to fix it.”

On the need for the legal profession to continually uplift its prominence and prestige, Osinbajo noted that, “some

of the reputational damage suffered in recent times by the profession and nation's system of justice is one that could have been avoided with rigorous and sustained introspection on our part.”

STEPHEN AKINTAYO FOUNDATION UNVEILED …

L-R: Managing Director, UfitFly, Ajibola Ogunkeyede; Chief Marketing Officer, Gtext Global, Flemming Røntved; wife of Group Managing Director(GMD)/Chief Executive Officer (CEO), Gtext Global, Mrs. Bisi Akintayo; GMD/CEO, Gtext Global, Stephen Akintayo, and CEO, Hexavia Consulting, Eizu Uwaoma, during the eight edition of upgrade conference and Steven Akintayo Foundation/ Book Launch in Lagos… recently

US Consulate, Religious 2023: Obaseki’s Ex-Chief of Staff, Akerele, Leaders Launch Antito Contest for House’s Seat corruption Website in Nigeria Adibe Emenyonu inBeninCity

Segun James As part of its commitment towards zero tolerance of corruption, the United States government has committed to supporting anti-corruption initiatives and collaborative efforts that prevent graft.

It was based on this that the US Consulate General in collaboration with the InterReligious Coalition Against Corruption in Nigeria launched the ReportMagoMago.com, a web-based portal that leverages citizens’ engagement to fight corruption.

Led by Bishop Emmanuel Gospel Isong and Imam Shefiu Abdulkareem Majemu, the Inter-Religious Coalition Against Corruption in Nigeria was formed in 2016, by Muslim and Christian religious leaders with the primary goal of addressing how faith communities could

take a leading role in anticorruption advocacy in Nigeria.

During the event, participants received a guided demonstration of the ReportMagoMago.com platform. In addition, political, traditional and religious leaders, members of law enforcement, judicial officers and civil society representatives renewed their commitment to the fight against corruption.

Speaking during the launch of the website in Lagos, US Consul General, Claire Pierangelo, explained that ReportMagoMago. com puts the power to report corruption in the hands of the Nigerian people.

Pierangelo urged Nigerians to demonstrate their commitment to the fight against corruption by making use of the innovative online platform which seeks to address the daily instances of corruption faced by millions of Nigerians.

The former Chief of Staff to Governor Godwin Obaseki of Edo State and a chieftain of the All Progressives Congress (APC), Mr. Taiwo Akerele, has declared his intention to contest for the ticket of the party to represent the people of Akoko-Edo federal constituency in the House of Representatives.

The Akoko-Edo federal constituency is currently occupied

by the Deputy House Leader of the House of Representatives, Mr. Peter Akpatason.

Akerele, who made his intention known in a chat with Journalists at the Weekend in Igarra, headquarters of Akoko-Edo Local Government Area of the state, said he has been privileged to work closely with key policy makers which has given him the vision and quality to represent his people.

He said Nigeria is ripe for accelerated development and that people like him possess the capacity to contribute their part towards this speedy development.

Akerele, who used the opportunity to congratulate the Minister of State for Budget and National Planning, Prince Clem Agba, for the conferment of chieftaincy title as the Oduma (lion) of Auchi by the Otaru of Auchi, said Nigeria should be in

a hurry to recruit its best brains into the governance process and that he is one of the best Nigeria has at the moment.

He said: "Akoko-Edo is blessed and working with the state government and other key government actors, my focus will be more on encouraging private sector investments in our divine factor endowments which is solid minerals to enable us engage our youths productively.

Kogi Gov Restates Commitment to Education David-Chyddy Eleke in Awka Anambra State chapter of the All Progressives Congress (APC) has held its state congress and elected Mr. Basil Ejidike as the new state chairman of the party.

Also elected alongside Ejidike are Ifeanyi Osegbue as deputy chairman; Chidi Orji as secretary; Calista Nwachukwu as treasurer, and

Chukwunonso Chinwuba as legal adviser, among others.

The newly proclaimed leader of the party in the state, Senator Andy Uba, was also lauded for his leadership of the party in the state, was lauded for repositioning the party for the future.

The congress, which was witnessed by a committee set up by the national leadership of the party led by Hon Friday

Nwanozie Nwosu, conducted the election through a voice vote, affirming Ejidike and members of his immediate-past executive.

Nwosu said: "The national leadership of the APC sent to come and conduct the APC congress today. We have a seven-member committee sent here to conduct this exercise, and the assurance is that the congress will be of

your will and we will conduct the congress according to your will.

"This is the authentic congress mandated by the national leadership of APC for this exercise. If you hear of any other gathering other than this one for the same purpose, it is because they have a right to meet, but they do not have the consent of the party."

Residents Urge IG to Fish Out Senator Akpan Hailed on Quality Representation North East Senatorial District. medical facility, shopping mall mark on the sands of history. He Okon Bassey in Uyo Killers of Two Teenagers in Lawan poured the and other indoor sports facilities. is not interested in party politics in Uyo, Lawan said: “We thank God when the development of the The Senate President, Senator commendation Ahmed Lawan, during the Akwa Ibom State capital, at for what Senator Akpan has country is involved."

Kwara Community He noted the developmental weekend commended his a thanksgiving service and done today for his people. This

Hammed Shittu in Ilorin

Residents of Lajolo community in Ilorin East Local Government Area Kwara State have accused the police of extra-judicially killing of two teenagers while carrying out an operation in the community.

The residents, however, appealed to the Inspector General of Police (IG) to set up an independent panel of inquiry into the dastardly act to unravel the killers of the teenagers.

The residents of the town last Saturday woke up to the invasion of the men of the Special Tactical Squad (STS)

from the Nigeria Police Force, Abuja, who they alleged started shooting sporadically in the community leading to the death of innocent residents of the community.

The operatives of the STS of the Nigeria Police Force were said to be in the community to arrest some cultists that went on rampage at the Kwara State University, Malete last Friday.

The victims, Jamiu Fatai and Shaobana Abdulrasheed, both 18 years old, were indigenes of Lajolo community, a student populated area because of its proximity to the Kwara State Polytechnic.

colleague, Senator Bassey Albert Akpan, for educational, skill acquisition and sports projects he executed across his constituency for the benefit of the constituents of Akwa Ibom

inauguration of multipurpose sports/civic center that was built by Senator Akpan.

The multipurpose sport/civic center on 1.5 hectares of land has a mini stadium, ICT center,

multipurpose facility, which is not only for sports but for educational purposes, shows that members of the National Assembly take care of their constituents.

"Akpan has made an indelible

strides of the Governor of Akwa Ibom State, Mr. Udom Emmanuel, and persuaded the governor to decamp to the All Progressives Congress (APC) in furtherance of his political career.

Discountenance Viral Post of Religious Crisis in Yobe, Public Warned Michael Olugbode in Damaturu Members of the public have been advised not to take into account a viral post claiming that Yobe State is boiling with churches burnt and Christians killed.

They were also warned that the state has not been under any security breach, and that the article was the handiwork of mischief makers.

The advice was given by the state Police Command and spokesman to the state Governor, Mai Mala Buni, Mallam Mamman Mohammed, in separate statements.

The statement issued by the Police titled: ‘A Trending Fake News’, signed by the state Police Public Relations Officer (PPRO), ASP Dungus AbdulKarim, read: “The attention of Yobe State Police

Command has been drawn to an information making the round on social media to the effect that: “Re: Yobe State is boiling now. Churches are being burnt, many Christians killed. Please pray even if it’s five mins (sic) and forward to other people of faith for intercession.

Don’t ignore. Cry to our God against those Islamic terrorists.

He’ll hear and heal our land, Nigeria! From CAN Abuja.”

Abdulkarim said: “However, in view of this sensitive information, the Yobe State Police Command writes to call on all indigenes of Yobe State, and by extension all Nigerians, to disregard the information because it is an outright fabrication, false and misleading as Yobe State is calm, and all religious faiths (both Christians and Muslims) are living in peace and harmony.

52

T H I S D AY • MONDAY JANUARY 31, 2022

NEWS XTRA

Replicate Operation Amotekun in Kogi, Gani Adams Urges Gov Bello Segun James

The Aare Ona Kakanfo of Yoruba land, Chief Gani Adams Ige Adams has urged Kogi State Governor, Mr. Yahaya Bello, to replicate the Amotekun initiative in the state, saying the initiative would help in reducing the spate of insecurity.

Adams made the charge in Kabba, Kogi State, at the 8th edition of Oodua Progressive Union (OPU) tagged Kabba 2022.

The leader of the OPC, who is the global convener of the Diaspora group, noted that though the state is relatively peaceful, there is need to beef up the security across the state.

"I urge our amiable governor to replicate the idea of Amotekun in Kogi state. The governor can give the state security outfit any name that suits its purpose. This will help in complementing the efforts of the federal government in securing the state," he said.

He also applauded the efforts of the governor in driving the economic fortunes of the state, adding that the OPU congress in Kabba had really helped Nigerians in diaspora to know more about the state.

Speaking at the event, the

Secretary to the Kogi State Government, Mrs. Folashade Arike Ayoade, who represented the Kogi State Governor, expressed appreciation to Adams

for using the OPU platform to create a new bond between Kogi State and the people of the Diaspora.

She added that the Kogi State

Government would continue to bridge the gap between the north and the South-west.

"Our amiable governor is a bridge builder and I am sure

His Excellency will continue to bridge the gap between the north and the south-west.

"I urged all members of the OPU to be committed to the ideals

of the organisation and I know our government is always ready to sustain the relationship between the convener, the Aareonakafo and Governor Yahaya Bello."

NIGERIAN ARMY WEST AFRICAN SOCIAL ACTIVITIES …

L-R: The General Officer Commanding 82 Division Nigerian Army, Major General T. A. Lagbaja; Governor Ifeanyi Ugwuanyi of Enugu State, and the Air Officer Commanding Ground Training Command, Enugu, Air Vice Marshal I.O. Daramola, during the 82 Division Nigerian Army West African Social Activities (WASA) 2021, held at the 82 Div. Garrison Parade Ground, Abakpa Cantonment, Enugu... yesterday

Obaseki Commended Lukman: Any Leader Working to Undermine February for Extending Light-up 26 Convention Should be Sanctioned Project to Edo North Adedayo Akinwale in Abuja

Sunday Okobi Residents of Jattu, Auchi and neighboring towns in Edo State have commended Governor Godwin Obaseki, for the Lightup Edo Project (Phase I), as the towns now wear a new look following the installation of 283 solar street lights at strategic locations on the major roads linking the towns in the northern part of state.

The Permanent Secretary in the state Ministry of Energy and Electricity, Stephen Uyiekpen, at the weekend said: “The light-up Edo project is part of Obaseki’s ‘Making Edo Great Again’ manifesto to transform the state into the preferred business destination in Nigeria, improve security and raise the standards of living of the people.”

He explained that “the solar street light project covers the ever-busy Auchi-Jattu road and

the Jattu-Otaru Polytechnic road.

The Jattu-Otaru Polytechnic road has 105 solar street lights installed (about 3.3km) starting from the polytechnic gate, while the Auchi-Jattu Township road (about 4.9km) has a total of 178 solar street lights installed."

Speaking on the features of the solar lights, Uyiekpen noted that the LED lamps have a minimum life span of over five years (50,000 hours) and 120 Watts capacity, stated that the suppliers of the street lights gave two years warranty for the lights which covers maintenance, thereby guaranteeing the efficient performance of the solar street lights.

Residents of Jattu metropolis, who shared their experiences with journalists, commended the governor for prioritising their safety and security and for restoring a night economy in the area.

Former Director-General of the Progressives Governors Forum (PGF), Dr. Salihu Lukman, has stated that any leader working to undermine the national convention of the All Progressives Congress (APC) slated for February 26, 2022, should be sanctioned.

Lukman stated this in an open letter written to APC leaders,

which was titled: 'Politics of Change: APC on the Brink', and was made available to journalists yesterday.

He noted that unlike in the buildup to the 2015 elections, where there was a relatively fair contest in APC which strengthened the confidence of Nigerians in APC’s commitment to change Nigerian politics, mismanagement of internal contests in APC was rampant

prior to 2019 elections.

The APC chieftain stressed that unlike in the case of the Peoples Democratic Party (PDP), whereby overbearing behaviour of the president was the source of the problem, it was imperial conduct of national leaders of APC, especially the national chairman, that was the challenge.

Lukman noted that over time, this has damaged the profile of the APC to the point whereby,

based on the conduct of leaders and some elected representatives of the party, it was difficult to associate the APC with its founding vision of change.

He said: "Problems of intolerance, disagreements and criticisms, with some leaders expecting members to be blindly loyal are becoming a common attribute. Views of party leaders have become dominantly the decisions of party organs.

Akeredolu has Failed the People of Ondo, Says Lawmaker Fidelis David inAkure The Senator representing the Southern senatorial district in Ondo State, Nicholas Tofowomo, has said Governor Oluwarotimi Akeredolu of Ondo State has failed the people of the state, saying unemployment rate is growing geometrically.

He stated this at Ile-Oluji, in Ondo State, where he presented laptops to members of his constituents after a training programme on Information

and Communication Technology.

Tofowomo, while assessing the performance of governor Oluwarotimi Akeredolu's All Progressives Congress (APC) led-administration in the last five years, said: "There are some area they have done well and there are some area too they have failed. In terms of employment they have failed, because there are no jobs.

In the areas of road construction they are trying their best. But in

total submission, Akeredolu's led administration has failed the good people of Ondo state. I will only give them 25 per cent."

Tofowomo, however, said that he would rather quit politics than leave the Peoples Democratic Party (PDP) to join the ruling All Progressives Congress (APC).

"I will remain in PDP than to go to APC. I will rather leave politics because APC is a dead party in Nigeria. They have wrecked the

economy of this country. So, it is over my dead body, I can never decamp to APC. It is PDP in the morning, afternoon and in the evening. If I leave PDP now, I'm going back home. If you look at the APC what have they done to improve economy? When I was in the University, 70 kobo will give you one dollar now N580 is to one dollar, it shows that they have wrecked the economy. So, it is not a party to go to at all.

WASA 2021: Tambuwal Alleged Fraud: Court Grants Canadian-based Lauds Army's Efforts to Fight Nigerian Businessman N85m Bail in suit number FHC/L/ alongside Mr. G. U. Okoli, and months without trial.

Wale Igbintade Insurgency, Other Crimes CS/1742/2021, Justice Daniel moved in terms of the bail According to his lawyers, the Onuminya Innocent in Sokoto

The Sokoto State Governor, Aminu Waziri Tambuwal, has commended the efforts of the Nigeria Army in fighting insurgency and other crimes in the country.

Tambuwal made the commendation at the West Africa Social Activities (WASA) 2021 of Nigerian Army at parade ground of 26 battalion, Ginginya Barack, Sokoto.

Represented by the Secretary to the State Government, Sa'aidu Umar, Tambuwal saluted the courage and gallantly of Nigerian Army in combating insurgency and banditry in the country.

He noted that despite the

commitment and engagement of the army, it still organised WASA, which allowed the people to showcase their cultural diversity.

He further added that the coming together shows that Nigeria is one that is united in diversity.

Tambuwal disclosed that his administration would give full support to Nigerian Army in all its operations in the state.

In his welcome address, the General Officer Commanding 8th Division of the Nigeria army headquarters in Sokoto, Major General Uwem Bassey, said the Nigeria army would continue to remain responsive and committed to the task of defending the country's territorial integrity.

A Federal High Court in Lagos has granted bail to a NigerianCanadian businessman, Edrian Ididia Osagie, held by the Economic and Financial Crimes Commission (EFCC) over alleged N84 million fraud.

Ruling on his bail application

Osiagor held that the surety is to either provide a house which value is not less than N85 million or provide a bank guarantee of not less than N85 million.

Justice Osiagor granted him bail after hearing the applicant’s counsel, Mr. Osasu Isibor,

application.

The Judge held on December 31, 2021, that: “The applicant's travel documents are to be deposited in the Court Registry pending his proper arraignment,” as he reprimanded the EFCC for detaining him for over two

applicant, a Canadian resident, was held by the EFCC following his arrival in Nigeria for a function based on a petition written against him by his business partners, although they were on the verge of resolving the conflict amicably as friends and business partners.

2023: APC Youths Promise Better Deal for Young Nigerians Progressives Youths within the governing All Progressives Congress (APC) met in Lagos at the weekend at a parley which had in attendance young business stakeholders, political aspirants, and other young stakeholders within the government and party system. The conference, tagged the "Pre-festival business meet", was organised with a view to ensuring

adequate representation of young people in the new leadership of the party, set to emerge at the upcoming national convention.

Participants were drafted from the six South-western states and Kwara. According to speakers at the conference, the Progressives youth vision is to have young people better represented in decision-making structures, both

within the leadership of the party and in government. The youths also deliberated on ways to ensure a better deal for young people, regardless of whoever emerges as the presidential candidate.

Speaking at the conference, businessman and serving lawmaker, Shina Peller stated that Nigerian youths must look beyond sentiment and divisive

factors, and build a strong alliance beyond religion and ethnicity.

"The unity of Nigeria and its peace being of greater consequence should guide the actions and decisions of the younger generation towards the achievement of our collective vision. This will strengthen our resolve and make our voices heard.

MONDAY, JANUARY 31, 2022 • T H I S D AY

53

BACKPAGE CONTINUATION BARKINDO: THE LAST WISEMAN STANDING IN OPEC suites to accept some proposed agreements.

The strategy worked and reduced a lot of tensions at OPEC conferences.

To many wachers of OPEC affairs and the International oil market, it was no surprise that Barkindo, a member of the League or Faculty of OPEC Wisemen, was, decades later, appointed the Secretary-General of the all-important and purposeful OPEC. The SG is the CEO of the over 60-year old International organisation headquartered in Vienna, Austria. He runs its day- to - day affairs especially, liaising with member countries and other non - member nations.

What makes the appointment of an SG more serious, sensitive, volatile and complicated is that it is by a consensus, and no dissenting voice or vote.

Should there be a dissenting voice from a member country, some defintive options are left for OPEC on the position: ask an incumbent to be acting ( extension of tenure) or members taking their turns to act in the position for a short period.

A Secretary-General is usually appointed for a period of three years and - rarelyrenewable for another three years. Simply put, a maximum of two terms.

In 2016, the coveted position of OPEC SG became vacant. Qualified candidates from the Organisation’s member countries were invited to apply. Expectedly, a lot of countries showed interest.

For Nigeria, like other member countries in Asia, South America and Africa- the selection processes and procedures were highly competitive. Then inspiring and result-oriented Nigeria’s Minister of State, Petroleum, Dr. Ibe Kachikwu, supported by other technocrats handled the Country’s headhunt exercise for the job. Several candidates with intimidating and tested credentials were short listed. The list included some former ministers of different ministries petroleum inclusive.

After weeks of painstaking screenings, Mohammad Sanusi Barkindo, a former NNPC Group Managing Director, ex-Nigeria’s official government delegate to OPEC and Country’s Representative, Nigeria’s Governor for the Organisation and one time Acting Secretary General of OPEC was shortlisted as the Nigeria’s Candidate for the position.

Accordingly, his name was forwarded to the OPEC headquarters for the race.

Going by antecedents, countries do raise lobby teams to canvass support for their candidates.

In the case of Nigeria for Barkindo, little of such was done. For a reason, the name Barkindo was a brand in member countries- he had, before the job, visited all member countries, severally, and was friendly with heads of government of member countries, their ministers and other oil technocrats. In the end, Barkindo was, in 2016, unanimously, appointed the SG of OPEC. With an impressive performance in office at his first term, he was reappointed for a second and last term in 2019.

A man of great principles, Barkindo, who is the Wali of Adamawa (Nigeria) does not believe in staying in any office an hour longer than is necessary. He was quoted, “ God has been kind to me granting me about 30 years services to OPEC and the gobal communities including the United Nations.”

ACHIEVEMENTS Barkindo has seen it all in OPEC and the international oil market. He has witnessed eras

Barkindo of oil boom, oil plunge, oil competitiveness, alternatives to fossil fuels- the renewable, politics of appointments and elections in OPEC, the increased role of America, Russia and several non-OPEC countries in the global oil market, geopolitical factors in OPEC and oil market, among others.

He assumed office as OPEC Chief Scribe at a time many member countries had exited the Organisation. With concerted efforts using instruments of shuttle diplomacy and persuasive communication some of these countries were brought back to the fold. Equally important, membership of the Organisation grew from 11 to 14 until recently when Qatar left mainly to focus more on gas than oil.

Besides, under Barkindo, Africa is having a louder and stronger voice in OPEC in addition to increase in the number of African countries presently in OPEC. As SG of OPEC, Barkindo was not shy identifying with the Continent. Arguably, he” domesticated “ OPEC, as a brand in Africa. The awareness he created about the Organisation on the Continent is unprecedented. He presented papers at several engagements on energy, environment, economy held in Africa . These include the African Energy Week, African Oil Week, Nigeria International Petroleum/Energy Summit, Nigeria Oil and Gas Conference and Exhibitions, African Refiners and Distributors Association (ARDA),

among others. Not done, he embarked on several official visits to African countries for bilateral meetings with their heads of government-Gabon, Congo Brazzaville, Equatorial Guinea, Nigeria, etc.

The Wali of Adamawa is consistent and unapologetic in asking advanced economies to factor the energy poverty ravaging Africa in many International policy decisions. For him, energy poverty in Africa poses a danger and calls for the urgent assistance of advanced economies arguing that this issue should be addressed along with the climate change.

The OPEC SG is of the contention that many African countries are endowed with crude oil resources and the revenue accruing from the sale is needed to develop these economies. Thus, oil in the fossil fuel mix, should play a key role in the energy transition.

The former Chief Executive Officer of Nigeria’s State Oil Corporation is a respected voice on the international arena.

He participated actively at the World Petroleum Congress ( WPC) , World Energy Congress (WEC), CERA WEEK (Cambridge Energy Research Associates) Houston, OTC (Offshore Technology Conference) Houston, Moscow Energy Week, ADIPEC ( Abu Dhabi International Petroleum Exhibition and Conference, among others.

It is to the credit of Barkindo, an astute mediator, that after over 35 years, an OPEC Secretary-General Designate to run a statutory

during the energy crisis of the 1970s: “Let the Eastern bastards freeze in the dark.”

By now some of my own compatriots in Nigeria will be saying, “You this Mahmud, what is your own if Westerners and Russians shoot each other in Ukraine and beyond?

India is still there to buy Nigeria’s oil and China is still there to supply all our needs for manufactured goods. Our Anchor Borrower’s rice fields are still there to feed us, so what is your own?”

My concern is that Big Power grandstanding could easily spin out of control. Once this kind of confrontation starts, no side will want to back down. Biden especially, because after the debacle in Afghanistan, one more debacle in Ukraine and he should kiss his 2024 re-election chances goodbye.

As for Vladimir Putin, he must be making some hard calculations. Russia swallowed Crimea from Ukraine eight years ago and the Westerners only huffed, puffed and imposed feeble sanctions. If it comes to a shooting war, will the Europeans really put their troops

in harm’s way? Many Europeans will say, damn it, Ukraine was part of Russian Empire for 150 years before the Bolsheviks came along in 1917, so what’s the big deal there?

We must be afraid that a war involving the Big Powers could start as a conventional war but if one side suffers major losses, it could resort to “strategic” weapons, i.e. nukes. Most of us in Nigeria probably have no inkling what a nuke can do. Our youngsters are busy with “Not too young to run.” Do we know that with a nuke, you are “Not too young to die”?

Let me lift a passage from David Bergamini’s 1971book Japan’s Imperial Conspiracy about what the first ever nuclear bomb “Thin Boy”, dropped by a US Air Force plane, did to the Japanese city of Hiroshima on August 6, 1945.

“The atomic bomb exploded 1500 feet above the city of 245,000 people. A ball of fire 250 feet in diameter hung over Hiroshima.

In an instant, 64,000 people were set ablaze or crushed by crumbling buildings. Light

full-term of three years, was appointed from the Gulf Region. He is Haitham Al- Ghais of Kuwait. The last time was in 1983 (by mandatory rotation and compulsory acting capacity, 2005). Barkindo, according to informed sources, prevailed on member countries to adopt the consensus clause and discard any veto power in the Al-Ghais appointment.

The outgoing SG introduced a lot of positive internal restructuring in the Organisation which have manifested in improved quality and new-look of some of its flagship publications. These publications are cerebrated internationally with fanfare at the public presentations. An example is the World Oil Outlook that was given a unique space and mention at the last ADIPEC, Abu Dhabi. In fact, a special panel discussed the Publication.

Besides, under Barkindo, the yearly OPEC International Seminar became a cynosure of all eyes attracting global investors and students to learn. Also, he introduced a pragmatic CSR Programme in OPEC liaising with the government of Austria, City of Vienna in particular, to award scholarships to students interested in studying petroleum- related courses at higher educational institutions.

Furthermore, the Wali of Adamawa developed strong, positive and dynamic relations with many international organisations: IEA, World Bank, IMF, WEF, OPEC Fund, UN, COP, G8, G 20, among others.

The outgoing SG, who visited almost all member countries of OPEC and OPEC+, stood tall before America, Russia and other world powers. He constructively engaged the US on shale production and its implications for the oil market. He succeeded!

These countries appreciated his efforts in stabilising the volatile oil market.

History of OPEC +, an alliance of 23 major oil producing countries, would not be exhausted without Barkindo. He was the first Chief Coordinator of the Alliance which has made gargantuan contributions in stabilising the world oil market. He introduced monthly meetings, via webinar, in both OPEC and OPEC + prompted by challenges in the oil market as a result of the COVID-19. Relevant committees of the the two bodies also brainstorm monthly.

With all these noble achievements, it is no surprise that recently, the authoritative Iranian state-owned news agency described Barkindo as” a respected world leader”.

The Nigerian-born diplomat is a shrewd and persuasive negotiator who has excelled in OPEC and OPEC + engagements. With his fine skilful engagement attributes, he played significant role in upward trends in oil prices which the futures prices, for example, dropped to minus zero dollar per barrel on a particular day early last year. The long-awaited 60th Anniversary of OPEC fell under Barkindo’s tenure. He had prepared and consulted extensively for its celebration in September 2020 in Baghdad, Iraq, but for the rampaging COVID-19.

As Barkindo, the Wali of Adamawa, completes his tenure July 2022 in the Organisation of Petroleum Exporting Countries, unarguably, it will be the exit of the last Wiseman standing in the Organisation and, indeed , the end of a golden era in the Institution. *Ndu Ughamadu, a former Chief Editor of the old Daily Times, Business Times of Nigeria, covered OPEC events for several years.

WE WON’T LIVE TO REGRET IT station troops and nukes in Ukraine, right on Russia’s border.

Western leaders are threatening “grave consequences” against Russia if Putin’s troops cross the border into Ukraine. What are they talking about? Right now the US is rushing arms to Ukraine, but it says they are “defensive weapons.” Pray, which weapon is defensive? The same machine gun, tank or APC that can defend you can quite as easily go on the offensive against your enemy, even though Ukraine admittedly has no desire to start a war against Russia.

In another breath, Western leaders say that their threat against Russia is economic and financial, including to shut Russia’s entire banking system out of the world financial order called SWIFT. Of course Russia could also switch off its crude oil and gas supplies to the world. International oil prices would shoot through the roof. As for gas supplies, it recalls to mind a car sticker that citizens of oil-producing western Canada once spotted against their eastern Canadian compatriots

from the blast was seen 100 miles away.

The accompanying thunder levelled 6,820 buildings. The entire city center caught fire at once and a spout of ash [mushroom cloud] shot into the atmosphere…Power supply was knocked out and Hiroshima’s water pipes ruptured in 70,000 places. Of the 45 hospitals in Hiroshima that day, only three were left standing. Of the 290 doctors living in Hiroshima that day, 26 survived the blast. Of the city’s 1780 nurses, only 120 were uninjured. Six months after the attack, the death toll stood at 90,000 civilians and 10,000 soldiers. Since then, many more people have died from radiation diseases.”

The American nuke “Fat Boy,” dropped on Nagasaki three days later, was three times more powerful than Thin Boy. Today’s nukes are known to be 1,000 times more powerful than “Fat Boy,” so make your own calculations. Anyway, we can take solace in the label once pasted on a bottle of hot, concentrated sulphuric acid. It stated, “If you drink this, you will not live to regret it.”

MONDAY, ͻ͹˜ ͺ͸ͺͺ ˾ T H I S D AY

54

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Ighalo Dumps Saudi’s Al Shabab for City Rivals Al Hilal Duro Ikhazuagbe with agency report Nigerian international Odion Ighalo has switched from Saudi Arabian side Al Shabab for city rivals Al Hilal on an 18-month deal.

Al Hilal who are the reigning Asian champions announced the deal yesterday on the club’s official twitter handle.

The 32-year-old former Manchester United’s forward, who is currently the leading goalscorer in the Saudi Pro League season with 12 goals, joined Al Shabab last February.

Ighalo, top scorer at the last Africa Cup of Nations in 2019, returned from international retirement late last year and was named in the Nigeria squad for this year's ongoing AFCON tournament in Cameroon, but Al Shabab refused to release him.

"I had a great time with Al Shabab and I thank the club management and fans for the love and support," Ighalo, who is a replacement for departed French striker Bafetimbi Gomis, told BBC Sport Africa.

"It's a big honour to get a chance to play for the country's most successful club in Al Hilal.

"To play in the Asian Champions League against some of the

TRANSFER continent's finest teams is also a huge attraction and I really can't wait."

Saudi Arabia's most successful club with 17 league titles, Al Hilal are the current domestic champions and the holders of the Asian Champions League title.

Ighalo, whose career has taken him to Norway, Italy, Spain, England and China, is keen to add to the club's silverware.

"The ambition remains the same, which is to help the club to success in every competition we compete in," he added.

"I have enjoyed moving to Saudi and every day here I realised that the league is at a competitive level."

Ighalo captained Nigeria’s youth side at the Under-20 World Cup in 2009 but then had a six-year wait for his senior debut, which came in an international friendly at home to Uganda in Uyo. He endured death threats aimed at his family after failing to score at the 2018 World Cup But Ighalo produced seven goals to finish top scorer in qualifying for the 2019 Nations Cup, and his five goals and one assist helped Nigeria finish third at the tournament in Egypt.

NPFL: Remo Stars, Rivers Utd Share Points, Retain Top Spots Femi Solaja The highly anticipated top-ofthe-table Nigerian Professional Football League (NPFL) clash between hosts Remo Stars and Rivers United in Ikenne ended one-all as both teams preserved their unbeaten start to the season.

Barely 10 minutes into the game, Andy Okpe fired hosts Remo into the lead but Rivers United levelled scores two minutes before the break.

But with first stanza approaching, disaster struck due to poor timing of Goalkeeper Kayode Bankole who failed to hold firmly a back pass and allowed Akuneto Chijioke to snatch the ball and tapped into an empty net for Rivers United equaliser.

Play was held for about five minutes as home side protested handball but there was no VAR to help the referee check if indeed it was hand ball. When play resumed, the hosts were on front foot again but failed to get the needed goal till the end of the stanza.

The second half was more predictable as the Rivers United held tight to the score-line but were lucky not to have conceded the second goal when Dayo Ojo’s long range free kick struck the bar while another attempt in the 81st minute by Okpe failed to beat the goalkeeper.

The draw means both teams remain on 19 points from nine matches and in the top two positions in the league. Rivers United maintained the top spot with better goal difference They are three points above third placed Enyimba who beat Katsina United 2-1 in Aba on Saturday.

Elsewhere, reigning champions

Akwa United returned to winning ways with a resolute performance in Abuja against hosts Niger Tornadoes.

In a game that witnessed plenty of missed chances, new signing Leo Ezekiel scored the only goal in the 69th minute to give Kennedy Boboye some respite.

Shooting Stars Sports Club (3SC) of Ibadan were another side that enjoyed away success on MatchDay 9 as they compounded the woes of MFM FC, inflicting a 0-1 defeat on the Lagos based side.

Midfielder Dare Olatunji scored what turned out to be the only goal of the game in the sixth minute with MFM failing to provide a response at the Teslim Balogun Stadium. It was MFM's third home loss of the season and 3SC's first away win in the NPFL in six years.

Former league topscorer Junior Lokosa scored for Kwara United in their 2-0 triumph over Gombe United in Ilorin. Lokosa's strike in the 36th minute was the first of two by Kwara within three minutes as Alao Danbani added a second two minutes later. The win returns Kwara to the top half half of the table.

MATCH DAY 9 Enyimba 2-1 Katsina Utd Sunshine 3-0 Lobi Stars Heartland 0-1 Kano Pillars Tornadoes 0-1 Akwa Utd Kwara Utd 2-0 Gombe Utd MFM FC 0-1 Shooting Stars Remo Stars 1-1 Rivers Utd Dakkada 0-0 Rangers Int'l Plateau Utd 1-0 Abia Warriors Wikki Tourists 2-0 Nasarawa

Odion Ighalo (left) ...at his unveiling in Al Hilal at the weekend

GUILD OF SPORTS EDITORS TO NFF:

Empower Eguavoen Now for Eagles’ World Cup Playoffs with Ghana With barely two months to Nigeria’s crucial 2022 World Cup playoff against Ghana in March, the Guild of Sports Editors (GSE) has urged the Nigeria Football Federation (NFF) to, without delay, empower Super Eagles Interim Coach, Augustine Eguavoen so that he can get the job done.

In a statement issued at the weekend, the Guild noted that the time is too short for the NFF to start talking of picking a foreign coach for the task of qualifying Nigeria for Qatar 2022.

The Guild insisted that Eguavoen has shown that given adequate support, he can return the Super Eagles to the summit of world football.

Rising from a meeting in Lagos at the weekend, the body, which is the umbrella association of managers of sports in the country’s major media houses, said, “Nigerians will not forgive the NFF if it bungles the country’s bid to qualify for the World Cup.” Speaking through its president, Mr. Tony Ubani, the Guild said:

“The whole world saw in Cameroon that Nigeria’s problem is not hinged on lack of quality players. Rather, the country was held down by a lethargic system, which did not allow the players opportunity to express their talents.

“Within a few weeks of taking over the team, Eguavoen unleashed the potential in the Super Eagles such that he was voted as the best coach of the first round at the Africa Cup of Nations in Cameroon.

“Although we Augustine Eguavoen...calls for him to lead lost, unfortunately, Super Eagles against Ghana in the World Cup in the Round of 16, playoffs Eguavoen has created a plank on which the “Qualifying for the Qatar 2022 World Super Eagles can thread to success Cup is the most important task given the necessary support. before managers of the country’s “We, therefore, call on the NFF football. They must ensure that to, as a matter of urgency, name nothing goes wrong. and empower Eguavoen to start

preparing the Super Eagles for the matches against Ghana. Time is of essence.”

Warning that Nigerians will not forgive the NFF if the Eagles failed to pick one of the five Qatar 2022 tickets, the Guild of Sports Editors told members of the federation’s board to be ready to resign en mass should the country fail to qualify for the World Cup. The body also reminded Sports Minister, Chief Sunday Dare, that qualifying and performing creditably at the 2022 World Cup is the biggest sports assignment facing the Federal Government this year.

“The minister should, therefore, provide the enabling environment for the NFF to prepare the Super Eagles for the games against Ghana.

“Fortunately, the Federal Government has brought the Moshood Abiola Stadium in Abuja back to life. There are also other quality stadiums to host the Nigerian leg of the matches, so, the focus should now be solely on preparing the national team for the matches,” the body concluded.

...Runsewe Urges Nigerians to Rally Round Super Eagles As Super Eagles look forward to playing Ghana’s Black Stars in a two-legged 2022 World Cup playoff in March, Nigerians have been urged to rally round the Ahmed Musa led squad to make the task easier.

Director General of the National Council for Arts and Culture, Otunba Olusegun Runsewe urged Nigerians at the weekend to put the disappointment of the early exit of the Super Eagles from the AFCON in Cameroon behind them.

“It is time that we put the early exit from the Africa Cup of Nations behind us and stay focused on Nigeria qualifying for the 2022 World Cup in Qatar. We cannot continue to talk about Eagles

not going far in the tournament after showing so much promise at the group stage,” observed the NCAC DG who also doubles as the president of the Nigerian Golf Federation.

Otunba Runsewe stressed that a positive attitude towards the Super Eagles with lots of encouragement from Nigerians will help the players feel loved and go all out to ensure they beat Ghana to the World Cup ticket.

“The players need our support.

They equally feel the weight of not going far in the tournament in Cameroon but we cannot be dwelling on the past now when we have a bigger task ahead of

us. This is why Nigerians should rally round Eagles with support and prayers,” he noted.

He commended the Sports Minister, Chief Sunday Dare and the Federal Government for the massive support given to the team.

“Now that the stakes are higher, the government will not spare any expenses for Super Eagles to have the best of conditions to excel in the two legs.

The NCAC boss who mobilized 10million virtual support for the Super Eagles during the AFCON further called on all Nigerians whether at home or in the diaspora to sustain the culture of supporting the country.

Otunba Runsewe believes the Black Stars are beatable.

“The Black Stars we saw during the tournament in Cameroon look beatable if we do our homework well,” stressed Otunba Runsewe.

The Ghanaians are to host the first leg of the playoffs before the second leg in Nigeria few days after.

No venues have been fixed for both games yet even as the Moshood Abiola National Stadium in Abuja is speculated to be the choice of the sports minister.

Super Eagles forward, Victor Osimhen who was not available for the AFCON has declared his readiness to be part of the World Cup playoff against Ghana.

55

MONDAY, ͻ͹˜ ͺ͸ͺͺ ˾ T H I S D AY

SPORTS

Mo Salah Powers Egyptian Pharaohs into S’final to Face Cameroon Senegal defeat E’Guinea 3-1 to set up s’final clash with B’Faso Mohamed Salah scored one goal and set up the other as Egypt beat Morocco 2-1 in extra time in the Africa Cup of Nations quarter-finals.

Sofiane Boufal gave Morocco an early lead with a penalty after Ayman Ashraf caught Achraf

Hakimi, a decision given by the Video Assistant Referee (VAR) But Salah tapped in an equaliser after Yassine Bounou parried a header and the game went to extra time.

Liverpool's Salah squared for

AFRICA CUP OF NATIONS Aston Villa's Trezeguet to tap in a winner.

Carlos Queiroz's side will face hosts Cameroon in Thursday's

semi-final.

The seven-time champions may need to play that game with thirdchoice keeper Mohamed Sobhi,

who came on for his international debut after Gabaski hurt himself while tipping Nayef Aguerd's header on to the bar near the end of normal time.

Without that save there would have been no semi-final to worry about - and Salah would have been on the next flight back to England.

Boufal's penalty was the only chance of note for either side in the first half - with most other efforts from long range.

Morocco were starting to dream of only their second semi-final since 1988 but Salah had other ideas, forcing extra time and then helping settle it by setting up half-time substitute Trezeguet.

Salah has been involved in 64% of Egypt's goals at the Africa Cup of Nations - nine of 14 - since he made his competition debut in 2017.

Egypt should have scored a third right at the end after Morocco keeper Bounou came up

for a free-kick. Morocco played it short but Egypt made a mess of their counter-attack and Salah shot into the side-netting.

Elsewhere, Senegal overcame Equatorial Guinea 3-1 to set up an Africa Cup of Nations semi-final against Burkina Faso.

Ex-Bristol City forward Famara Diedhiou put Senegal ahead with a first-time strike following Sadio Mane's pass.

Equatorial Guinea were awarded a penalty before the decision was overturned, but then equalised soon after through Jannick Buyla's low shot.

But substitute Cheikhou Kouyate volleyed Senegal ahead, with Watford's Ismaila Sarr side-footing a late third.

RESULTS Egypt 2-1 Morocco Senegal 3-1 E’Guinea

Nadal Claims Record-breaking 21st Grand Slam Title

Mohamed Salah (second right) scored a goal and contributed an assist as Egypt defeated Morocco 2-1 to qualify for the semi PHOTO: AP final of the 2021 AFCON in Cameroon...yesterday evening.

Newcastle Sign Brazilian Guimaraes from Lyon Newcastle United have signed Brazil midfielder Bruno Guimaraes from Lyon.

The 24-year-old defensive midfielder has signed a fourand-a-half-year contract at St James' Park.

He is Newcastle's third signing of the window following Kieran Trippier'smove from Atletico Madrid and Chris Wood's arrival from Burnley.

Newcastle have also agreed a £13m dealwith Brighton for central defender Dan Burn to return to his native North East.

Guimaraes adds protection to a backline that has kept only two clean sheets in the Premier League this season and are currently 18th in the table.

The fee for the deal is £35m with £6.6m in add-ons. Part of the extras include Newcastle staying in Premier League and 20% of his initial transfer fee will go to his former club Athletico Paranaense.

The Brazilian passed a medical while on international duty in South America as the two clubs finalised details in the last few days.

Colombia Winger, Diaz, Joins Liverpool from Porto

Liverpool have signed Colombia winger Luis Diaz from Porto in a deal worth 45m euros (£37.5m), with a further 15m euros (£12.5m) in potential bonuses.

Diaz has signed a contract until

Rafael Nadal won a record 21st Grand Slam men's title in the most stunning fashion on Sunday, fighting back from two sets down to beat Russia's Daniil Medvedev in a classic Australian Open final.

Backed by a loud Melbourne crowd, sixth seed Nadal rallied to win 2-6 6-7 (5-7) 6-4 6-4 7-5 on Rod Laver Arena.

US Open champion Medvedev was going for his second successive major title.

Medvedev, 25, was in command before Nadal showed all of his renowned grit and fight to earn an extraordinary win.

The 35-year-old Spaniard has been at the centre of some of the sport's most incredible triumphs - but this surely goes down as the most amazing Grand Slam victory of his illustrious career.

In the absence of the deported Novak Djokovic and the injured Roger Federer in Melbourne, Nadal has moved one ahead of his great rivals in the race to finish with most major men's singles titles.

Nadal's achievement comes only a few months after he thought he would never be able

AUSTRALIA OPEN to return to the tour because of a foot injury.

"Without a doubt it is one of the most emotional wins of my career," he said after the trophy presentation.

The issue restricted him to only one tournament in the final seven months of 2021, while a bout of coronavirus in mid-December also left him "very sick with fever".

Those setbacks meant the Australian Open was just Nadal's second competitive event in five months, having won a warm-up tournament at Melbourne Park earlier in January.

Nadal sealed victory after five hours 24 minutes - and at 01:11 local time in Melbourne - when Medvedev could not return a net volley on the first of the Spaniard's three match points.

Dropping his racquet to the floor, Nadal stood motionless with his hands on his hips and his jaw dropped. After a warm embrace with Medvedev, he walked towards his support team and exploded with emotion.

Aruna Sets New African Record, Hits Top 11 Luis Diaz...joins Liverpool

TRANSFER NEWS 2027 with the Merseyside club.

The 25-year-old had previously been linked with a move to Tottenham, who reportedly had a bid of around £38m rejected.

"I'm very happy to sign for Liverpool," the international said on Sunday via the club's official Twitter account.

Diaz requires a work permit and is unlikely to arrive in Liverpool until the end of next week at the earliest.

He has scored 14 goals and provided five assists in 18 league appearances this season for Porto, who are top of Portugal's Primeira Liga.

Diaz was Liverpool boss Jurgen Klopp's main target for

Guimaraes...lands in Newcastle

De Beek...Set to join Everton on loan

the summer transfer window, when the asking price would have been closer to £50m but the Reds changed their stance when it became clear the winger could move elsewhere if they did not act.

manager.

The former Chelsea boss has been offered the job on Merseyside after Rafael Benitez was fired in January.

Van de Beek is targeting more minutes after only being given four Premier League starts since joining United from Ajax for £35m in 2020.

He has not made any league starts this season, with eight substitute appearances. Dutch manager Louis van Gaal has told him he needs regular game time to be considered for the squad for the World Cup, which begins in November.

Van de Beek will bolster the midfield in Everton's injurystricken squad, with Tom Davies, Abdoulaye Doucoure and Fabian Delph all sidelined until March.

De Beek Set to Join Everton on Loan

Manchester United midfielder Donny van de Beek is set to join Everton on loan.

Van de Beek has been told by Ralf Rangnick he can leave Old Trafford until the end of the season after a lack of game time.

Crystal Palace were also interested in the Dutchman, while there were enquiries from abroad.

However, Van de Beek has decided to link up with Frank Lampard, who is expected to be confirmed as Everton's new

Quadri Aruna has broken his own record to achieve a new feat in the world ranking after the Nigerian yesterday hit 11th spot in the February 2022 ITTF world rating.

After his quarterfinal finish at the 2021 World Championships in Houston, United States, Aruna rose to 14th in the world to become the first African in history to reach that height.

However, the former African champion raised the bar for players from the continent with the new ranking as the first athlete to hit 11th spot in the world.

According to the new rating, Aruna’s feat was made possible following his exploits in 2021 as the latest ranking made use of performance in 2021.

An excited Aruna admitted that the feat means more hard work for him on the table. “This is indeed a big challenge for me, and

ITTF RANKING I hope this new year will bring good tidings as I will have to redouble my efforts to remain on top in the ranking and hopefully make it to the top 10.

“I also hope this will motivate more Africans to aim high as nothing is impossible in the sport,” Aruna said.

Also, 2021 African champion Omar Assar of Egypt moved five places up to occupy 25th place in the world ranking while Assar’s compatriot – Ahmed Saleh occupied 51st place.

Senegal’s Ibrahima Diaw gained eight places in the ranking to be ranked 55th in the world, while 2019 African Games champion Olajide Omotayo also moved up to 86th place in the rating.

TR

Monday January 31, 2022

UT H

& RE A SO

N

Price: N250

MISSILE PDP to President Buhari “’We ask, did Mr. President cancel the trip to Zamfara State out of fear of terrorists?

From Sokoto to Gusau, the Zamfara State capital is about 206 kilometers, a journey a leader who has the interest of the people at heart and who is sure of his security could have undertaken by road… the President leading from behind against his own promise to lead from the front in the fight against terrorism” – PDP National Publicity Secretary, Debo Ologunagba, doubting the bad weather claim, for aborting the visit.

MAHMUDJEGA VIEW FROM THE GALLERY

We Won’t Live to Regret It I

magine, just imagine, that 100,000 troops of a powerful enemy country mass on one corner of Nigeria’s border for several weeks. Maybe they will invade, or maybe they won’t, as their country’s leaders repeatedly insist. Their presence is however enough to cause panic all around.

Civilians will run away from that border area.

Our troops will be busy digging trenches and erecting barricades. Foreign investors will run away. Commerce will come to a screeching halt. Children will stop going to school. Workers will find reasons to dodge going to work. Mass and social media will talk about nothing else. I am putting Nigeria in the shoes of Ukraine.

During our school days when it was part of the Soviet Union, it was called The Ukraine on all world maps. I don’t know at what stage they decided to drop the “The”. We read a lot about Ukraine in Economic Geography.

It is the gateway to the Caucasus, “bread basket of the Soviet Union,” as well as home of Donetz industrial basin, known in the textbooks as Donbas.

Ukraine was so rich that when Adolf Hitler invaded USSR in 1941, he ordered his Generals to direct their main push towards it in order for Germany’s war machine to get hold of Ukraine’s food and oil. German Generals advised otherwise. They said in war, you go for the enemy’s strongest troop concentrations, which in that case was

Buhari Moscow. If you defeat an enemy’s strongest troop concentrations, then you can pretty much do what you like with the country.

But Hitler, who attained his highest military rank of Corporal in World War I, insisted

on having his way. The result was military disaster at many points.

Seventy-six years after World War II ended, here we are again, with the world’s superpowers poised to fight over Ukraine.

What we have ongoing is the most serious threat of a major war since the Cold War ended in 1989. US President Joe Biden is whipping the North Atlantic Treaty Organization [NATO] back to life, from its comatose state during the Trump years.

He is also trying to whip America’s West European allies back in line, after they were shunned during the Trump years. Any “ally” would be foolish to want to deploy forces to support US-conceived crises situations after what happened in Iraq, Libya, Syria and Afghanistan where, respectively, WMDs turned out to be a hoax, chaos ensued, ISIS sprung up, US troops escaped and Taliban is back in power.

Russian President Vladimir Putin is a master gambler who must be relishing the current situation. Western leaders are scratching their heads to guess his intentions. Will he or won’t he invade Ukraine? Before his election in 2019, Ukrainian President Volodymyr Zelensky was a television comedian. Still, what he said at a press conference last Thursday cast Western leaders as the comedians and himself as a real-life actor. He told them not to create undue panic; he does not seem to believe that Russia will invade his country.

His Foreign Minister earlier said that Russian troops massed on Ukraine’s border, 100,000 of them, are not enough to carry out a full scale invasion.

Zelensky said something equally important, that Putin can achieve his aim without an invasion. Keeping such a large number of troops on the border, for American spy satellites to take pictures of them every minute, is enough to destabilize Ukraine and cause panic in the West. Putin’s main demand is that Ukraine should never join NATO, which has been expanding eastwards since the Cold War ended. It has already brought into its fold many former East Bloc countries. If Ukraine joins NATO, that means troops and missiles from NATO nations could be stationed on its soil, which Putin sees as a direct and immediate threat to Russia.

That Western, especially American, leaders refuse to see his point of view is the highest historical duplicity. Remember the Cuban missile crisis of 1961? President John Kennedy blockaded Cuba and risked an all-out nuclear war with USSR in order to stop Nikita Khrushchev from stationing nukes in Cuba, only 90 miles from Florida.

There is a Hausa adage that the local barber does not like the sharp feel of the blade on his own scalp. The US will tolerate no hostile nukes in Cuba, but it could potentially Continued on page 53

NDU UGHAMADU GUEST COLUMNIST

Barkindo: The Last Wiseman Standing in OPEC

T

he indelible imprints of Dr Mohammad Sanusi Barkindo, outgoing Secretary-General of OPEC, have been on the Organisation since June 1986.

Cumulatively, Barkindo, a brilliant technocrat cum savvy negotiator endowed with lots of native Intelligence, has served - still serving- OPEC in different capacities: first, as Nigeria’s official government delegate( in his twenties) to the Conference; second, Nigeria’s OPEC Representative and Member of the Organization’s Economic Commission Board; third, Nigeria’s OPEC Governor; fourth, Acting OPEC SG and lastly, current OPEC SG. Interestingly, Barkindo’s first official outing to OPEC, June 1986, was on the Island of Brioni, then Yugoslavia (Croatia, presently) when he was Special Adviser to Nigeria’s Petroleum Minister, Dr Rilwanu Lukman.

It was at the Brioni Conference that Dr. Lukman was first elected OPEC President, an election that was vividly celebrated in Nigeria. He was later, re-elected Conference President than five times, the highest in

the history of OPEC. At that time, OPEC was shifting venues of its conferences, which explains why that of June 1986was held on the Brioni Island- a spectacular tourist attraction developed by the legendary Dr Josip Broz Tito, late President of the Socialist Republic of Yugoslavia.

Access to the Island was by boat.

I was in the defunct Yugoslavia to cover that Brioni historic OPEC Conference for the old Daily Times group of newspapers under the leadership of Prince Tony Momoh. It was an insightful and memorable experience.

Coverage of events at OPEC in the 80s and 90s by energy news reporters, was lavishly characterised by a farrago of uncertainties, humour/glamour and high outcome expectations.

Humour because reporters had nicknames for most of the oil ministers and cracked jokes with them. Uncertainties, yes, because date for a meeting or conference would be obvious but when it could end was an unknown variable. For example, there was an OPEC Conference in Geneva that lasted about two weeks, yet, tentatively, it

was programmed for two days. This was when production sharing or quota started in the Organisation. Usually, a slippery and controversial issue to manage among the member countries’ oil ministers. Of course, high expectations on the outcome of the conferences because such would shape and reshape the global oil market, its vagaries and nations’ macroeconomic fundamentals.

As part of the conference humour, reporters labelled a few ministers “the OPEC Wisemen” to some, “OPEC League of Wisemen” while others called it “ OPEC Faculty of Wisemen”.

The “Wisemen” ministers were: Dr Rilwanu Lukman, Nigeria’s Oil Minister and OPEC President; Dr Subroto- one word name- Oil Minister of Indonesia and Dr Arturo Grisanti, Oil Minister of Venezuela. The Wisemen cut across the three continents in OPEC: Africa, Asia and South America. These Wisemen later became Secretaries- General of OPEC- Subroto, Lukman and Grisanti.

The electrifying and charismatic Saudi Arabian Oil Minister, Sheikh Ahmad Zaki Yamani – then one of the most popular oil ministers in the world- was referred

to, by reporters, as Technical Consultant to the Wisemen while reporters called young Barkindo an “Associate Wiseman”.

Though a Special Adviser, Barkindo was equally known as “Superlative Adviser”.

He had positive input in the decisions of the Wisemen.

The Wisemen were greatly influential in OPEC. OPEC, in turn, was preponderantly strong in the global oil market commanding sizeable market shares and weighty economic influence. Infact, whenever OPEC sneezed the International oil market caught contagious cold.

This impacful role of the Organisation arose from the various oil crises, particularly that instigated by OPEC Arab members , that shook the world.

The Wisemen in OPEC, therefore, conscious of the significant place of the Organization in world polity ensured that conferences were managed to yield far- reaching outcomes.

These Wisemen moved in a group lobbying members in their cozy hotels’ oily presidential Continued on page 53

Printed and Published in Lagos by THISDAY Newspapers Limited. Lagos: 35 Creek Road, Apapa, Lagos. Abuja: Plot 1, Sector Centre B, Jabi Business District, Solomon Lar Way, Jabi North East, Abuja .

All Correspondence to POBox 54749, Ikoyi, Lagos. EMAIL: editor@thisdaylive.com, info@thisdaylive.com. TELEPHONE Lagos: 0802 2924721-2, 08022924485. Abuja: Tel: 08155555292, 08155555929 24/7 ADVERTISING HOT LINES: 0811 181 3085 0811 181 3086, 0811 181 3087, 0811 181 3088, 0811 181 3089, 0811 181 3090. ENQUIRIES & BOOKING: adsbooking@thisdaylive.com