MONDAY 5TH FEBRUARY 2024 by THISDAY Newspapers Ltd

S&P Global Affirms Nigeria’s Credit Outlook Remains Stable at ‘B-/B' Projects inflation to hang above 20% in 2024, decline to 15% in 2027 Harps on efficient management of Nigeria’s inflation, FX crisis Emmanuel Addeh in Abuja

S&P, a global credit ratings agency, at the weekend affirmed that Nigeria’s

credit outlook will remain stable in 2024, with short-term foreign and

local currency sovereign credit worthiness at ‘B-/B’, while long

and short-term national scale ratings was pegged at ‘ngBBB+/ngA-2’.

Continued on page 5

Burna Boy, Davido, Tems, Olamide, Asake Fail to Win at 2024 Grammy Awards...

Page 5

Monday, February 5, 2024 Vol 29. No 10526. Price: N400

www.thisdaylive.com TR

UT H

& RE A S O

Wigwe University Says Home Students Will Pay in Naira, Explains Dollar Fees...

Page 9

Atiku: Tinubu’s Economic Policies Uninformed, Creating Pains, Despair Your criticism not grounded in logic, presidency fires back

Chuks Okocha in Abuja Former Vice President Atiku Abubakar

has accused President Bola Tinubu of dashing hopes, creating pains, and causing despair among Nigerians with

his administration’s economic policies. In a statement late Sunday, Atiku said Tinubu’s poor response to the

country's challenges was setting the stage for a prolonged and deeper economic crisis.

But Tinubu pushed back, accusing realities of the moment. Atiku of making groundless allegations and raising issues divorced from the Continued on page 5

Cardoso: $2.4bn FX Claims Not Valid, $2.3bn Settled, $2.2bn Outstanding Puts total loans, advances by apex bank to economy at N40 trillion out of which CBN interventions gulp N10 trillion Dispels rumoured plans to convert domiciliary accounts to naira James Emejo in Abuja Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said about $2.4 billion out of the reported $7 billion outstanding foreign exchange liabilities of the federal government are not valid for settlement. Speaking in an exclusive interview with Arise Television, the broadcast arm of THISDAY, Cardoso disclosed that the bank had settled verified FX requests, which amounted to $2.3 billion. He added that current total outstanding FX obligations stood at $2.2 billion. Cardoso further indicated that part of the headline $7 billion outstanding FX claims were fraudulent, citing the outcome of a forensic audit by Deloitte Management Consultant, which was commissioned by the apex bank. Continued on page 5

OPENING OF STANBIC IBTC PENSION MANAGERS’ NEW GREEN HEAD OFFICE... L-R: Chief Executive, Stanbic IBTC Pension Managers, Olumide Oyetan; founder Stanbic IBTC, Atedo Peterside; and Chief Executive, Stanbic IBTC Holdings, Dr. Demola Sogunle at the grand opening of Stanbic IBTC Pension Managers’ new Green Star-rated head oﬃce in Lagos, on Stanbic IBTC Group’s 35th anniversary in Lagos… recently.

MONDAY FEBRUARY 5, 2024 • T H I S D AY

T H I S D AY • MONDAY, FEBRUARY 5, 2024

PAGE FIVE

Burna Boy, Davido, Tems, Olamide, Asake Fail to Win at 2024 Grammy Awards None of the 10 Nigerian artists nominated in five categories in the 66th edition of the Grammy Awards held yesterday, was considered worthy of the global awards that holds annually in the United States. The Nigerian afrobeats stars that were nominated were Burna Boy, Davido, Tems, Ayra Starr, Olamide and Asake, lost the inaugural ‘Best African Music Performance’ trophy to South-African singer Tyla who earned the prize with her 2023 track, “Water”. Burna Boy and Davido lost to Shakti as the world fusion band won with the album, “This Moment”, ahead of Burna Boy’s “I Told Them”, Davido’s “Timeless” albums, and others. Also,

Burna Boy

Davido

Tems

Olamide

they both were not considered for the Best Global Music Performance category, which was won by Indian composer Zakir Hussain for the track “Pashto” featuring Bela Fleck and Edger Meyer.

Lil Durk’s collaboration with J Cole, “All My Life” dashed Burna Boy’s hopes of winning any trophy out of four nominations by claiming the Grammy for Best Melodic Rap.

Tems who won her first Grammy last year in the Best Melodic Rap category for her collaboration with Future and Drake on the track ‘Wait for You’, lost in the Song Written for Visual Media

category. The Grammy Awards which held once again at Los Angeles saw performances from some of music's biggest stars. Comedian and former

"The Daily Show" host Trevor Noah returned to host the ceremony for the fourth time in a row. SZA earned the most nominations of any artist this year with nine, including nods for album of the year, record of the year and song of the year. Although she had earned 15 Grammy nominations prior to this year's selections, her sole win coming into Sunday was for best pop duo/group performance in 2022 for "Kiss Me More." Competing with SZA in the album of the year category was Taylor Swift and her 2022 album "Midnights." A win in that category would give Swift four career album of the year awards, the most for any artist, the CBS News reported.

ATIKU: TINUBU’S ECONOMIC POLICIES UNINFORMED, CREATING PAINS, DESPAIR Atiku, who was the presidential candidate of Peoples Democratic Party (PDP) in the last general election, said the performance of the economy had in recent weeks and months been the subject of intense discourse among Nigerians at home and abroad. According to Atiku, Tinubu’s economic policies, drawn from the so-called “Renewed Hope Agenda”, are causing more agony in the land. He said the private sector was shrinking by the day, as small businesses were being emasculated and multinational companies were confused and weary of the economy, and leaving Nigeria in droves. Atiku stated, "The intense cost of living pressures have created more misery for the poor in towns and villages. There is hunger in the land, as basic commodities, including bread, are becoming out of reach for average Nigerians. “His 2024 budget is a businessas-usual exercise, bereft of concrete ideas and actions that would support Nigeria's journey toward economic transformation – consisting mainly of wasteful expenditures to cater to a bloated federal government. “Budget 2024 will not facilitate growth and cannot empower our citizens to

earn a living and live a decent life.” Atiku maintained that Tinubu had shown no capacity to deal with the adverse and disastrous effect of the new subsidy regime on the people and businesses, and the new foreign exchange policy, which provides for a free-floating exchange rate. He said regarding Tinubu, “His initiatives are literally uninformed, arbitrary, and chaotic. BAT’s palliatives are too mean, pitiable, and contemptuous of the poor. He seems genuinely lost, bewildered, and overwhelmed." To mask their failures, the former vice president said, Tinubu and his political appointees were busy blaming his predecessor in office, fellow All Progressives Congress (APC) member, ex-President Muhammadu Buhari, for bequeathing a “dead” economy. He said this was a familiar game popularised by Buhari while in office,

arguing that it reinforced what was already known: that the president came into office unprepared. "Tinubu and his economic management team must swallow their pride, admit their missteps and failures, and follow those who know the terrain,” Atiku said. “They must act fast before the economy sinks deeper into the abyss," he added. However, the presidency, in a statement by Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, said the criticism of Tinubu’s policies by Atiku in recent times was fast turning the former number two citizen of the country into opposition-in-chief to the president. The presidency submitted that Nigerians and the international community believed in the ability of the president to deliver progress and prosperity.

The statement said, “Nigerians can easily see through the hypocrisy of Alhaji Atiku, who in accusing President Tinubu of poor response to the nation’s challenges and causing pains and despair, didn’t offer any better policy options in his run for the presidency different from the economic reform agenda being pursued by President Tinubu. “All the major candidates agreed that the fuel subsidy regime, which had become an albatross on the economy, must end. They all agreed that the multiple exchange rates must be fixed. Where President Tinubu and Atiku differed was in selling NNPC Limited and other national assets. “Atiku went for this so he could sell these important national assets to his friends and cronies. “President Tinubu removed the subsidy from day one and announced

enjoy the lowest cost of living in Africa. “Instead of mouthing platitudes every time in a bid to earn cheap political mileage, Alhaji Atiku, who presumes himself as the leader of opposition, should tell Nigerians what he would have done better if he had been elected president.” The presidency urged Atiku to be honest enoug h to admit that Tinubu inherited a weak economy, which, to all intents and purposes, and to ensure the survival of the country, needed a complete overhaul. Confronted with a grim economic reality, the statement said Tinubu faced a difficult choice of balancing the political and economic costs of reforms against the risks of economic recession. It emphasised that his government chose the former, to keep the economy afloat and set it back on the path of growth and prosperity.

S&P GLOBAL AFFIRMS NIGERIA’S CREDIT OUTLOOK REMAINS STABLE AT ‘B-/B' The ratings agency stated that this position is on the back of ongoing monetary, economic and fiscal reforms, including the liberalisation of the naira and the elimination of the fuel subsidy as well as steps to

boost non-oil revenues and increase domestic refining capacity. But the report stated that while S&P believes these policies should benefit Nigeria's creditworthiness over the long run, managing the

current effects on inflation and the exchange rate remains challenging. The stable outlook, it said, balances the government's capacity to continue the reform agenda, which, if delivered, should support

CARDOSO: $2.4BN FX CLAIMS NOT VALID, $2.3BN SETTLED, $2.2BN OUTSTANDING The central bank governor said he was confident that the outstanding FX liabilities would be addressed shortly. He maintained that CBN would not pay for FX requests that were not validly constituted, adding that the bank has written to authorised dealers to explain the disparities identified. “And sadly, quite frankly, I think much of those have not been disputed to our satisfaction,” Cardoso said. Moreover, contrary to speculations, Cardoso stated that he had nothing against the central bank’s interventions in the economy, pointing out that this remains a standard practice globally, especially in times of crisis. However, he said such interventions needed to be well thought out in order not to destabilise the economy. He added that too much liquidity had been injected into the economy in a relatively short space of time, which he said was particularly detrimental to monetary policy. Cardoso explained that loans and advances in the economy were about N40 trillion of which CBN interventions accounted for about 25 per cent. He said such liquidity injections were responsible for the current distortions, including inflation in the economy because they were not properly managed. He pointed out that CBN currently lacked the capacity for direct interventions, and would rather focus on its primary mandate to control inflation, stabilise prices, and ensure a stable economic environment. Cardoso stated that the apex bank would partner with those with the capacity to manage such interventions in a way that they will not mismanage the funds but also

moves to harmonise the exchange rates. Since then, he and his economic team have been working vigorously to harmonise the rates and also end the rampant and criminal arbitrage that the multiple windows allowed.” According to Onanuga, Tinubu has acknowledged on different occasions that the reforms his government is implementing will cause immediate pains, but will usher in an era of prosperity in the medium and long terms. He stated, “Atiku’s claims that the private sector is shrinking and that multinational companies are leaving our country in ‘droves’ are not grounded on facts. “His claim that the government’s policies have created intense cost of living pressures are also not grounded on facts, as recent comparative cost of living indices show that Nigerians still

get the desired outcomes. He denied claims that the federal government planned to convert domiciliary accounts of Nigerians to naira accounts as part of the reforms to stabilise the local currency. Commenting on the outstanding FX obligations, the central bank governor said, “We contracted Deloitte Management Consultant to do a forensic of all these obligations and to actually tell us what was valid and what was not. Of course, we were committed to ensuring that we would pay all valid transactions. “The result that came out of this was startling in a great respect; it was quite startling. We discovered that of the roughly $7 billion, about $2.4 had issues, which we believed had no business being there – and the infractions from that range from so many things. For example, not having valid import documents and in some cases, even entities that did not exist and in some cases, beneficiaries and account parties that asked for FX and got more than they asked for. And those who didn’t even ask for any and got. So, there were a whole load of infractions there, which I said amounted to about $2.4 billion out of the $7 billion headline figure.” The CBN governor added, "We are not paying if you don’t qualify; they are not validly constituted requests. And of the validly constituted ones, we have settled about $2.3 billion and that applies to the airlines and a whole load of different entities spread throughout our economy – we’ve settled that already. “And now what remains is about $2.2 billion to be settled and I am confident that we will shortly be addressing those and be able to move on and make progress. “Now, how are we dealing with

those that are not valid? As they were identified, we wrote to the authorised dealers to come in and explain what the situation was and where the numbers differed. And sadly, quite frankly, I think much of those have not been disputed to our satisfaction.” Reiterating the bank’s commitment to resolving outstanding liabilities, Cardoso said, “Yes, as I said, I think that would be what would be done very shortly. Now, you can imagine that having $2.2 billion outstanding and $7 billion outstanding are not the same figure. “I think we are at the end of this, to be honest, I will put it that way – we will clear all that very shortly and will move on to the next line of action. I am not concerned that the backlog would continue to be on overhang and I think we’ve come to the end of that road.” On why CBN resolved to reduce direct intervention in the economy, Cardoso said, “By way of background, it is important for me to state clearly and unequivocally that I have nothing against interventions. It is done all over the world; in times of crisis, intervention does take place, and so, I am not saying it is necessarily a bad thing. “I am just saying that it needs to be done in a well thought out manner and in a manner that does not destabilise the economy. “If you push in too much liquidity in a relatively short space of time and it is not managed properly, then the distortions that we’ve had are bound to happen; it’s just as simple as that and nobody should be surprised that they are happening.” Cardoso also said, “We all saw the issues of direct interventions from the central bank and quite a bit of those funds really may have

not necessarily had the impact that they were hoping to accomplish and as we have come into government, we’ve had a lot of opportunity to look at the model and test the model. “And there was a concern that an inordinate amount was put in in a relatively short space of time, and especially when you compare this statistics about loans and advances in the economy, which is about N40 trillion, and interventions alone was about 25 per cent of that and that is a huge amount of money in a relatively short space of time, especially when you consider that the loans and advances had been there before independence and gradually grew up to the level it is now. “So, that has grave implications for the monetary policy and for the exchange rate and, of course, inflation. “Our view basically is that we don’t have the capacity to direct interventions and we would rather focus our efforts on doing what we, as a central bank, are meant to do; which is to control inflation, stabilise prices, and ensure that we have a stable economic environment. “And then, where we are able to find those who can do these things, we are happy to partner with them on the understanding, of course, that as I have said earlier, it’s done in a reasoned manner and that they themselves can deliver in a way that whatever interventions you put into the economy are not mismanaged. And that they get to where they are meant to get to because that, to me, is really a concern, that handling such huge sums of money without having the capacity as a central bank to do that directly can create serious distortions in the environment and I think that’s part of the problems we are having today.”

growth and fiscal outcomes, against below-potential oil production and risks to macroeconomic stability and confidence from inflationary pressures as well as a volatile currency. On the downside, the agency stated it could lower the ratings over the next 12 months if it sees increasing risks to Nigeria's capacity to repay commercial obligations. “This could arise, for instance, from significantly reduced usable foreign currency (FX) reserves, much higher fiscal deficits or debt-servicing needs, or because domestic financial markets are unwilling to absorb additional local currency debt issuance,” it said. But on an upside scenario, the ratings agency noted that it could raise its ratings over the next 12 months if Nigeria's economic performance significantly exceeds its forecasts, and fiscal and external imbalances improve significantly. It recalled that in mid-2023, soon after being sworn in, President Bola Tinubu enacted a series of the aforementioned reforms as the federal government now focuses on mobilising non-oil revenue, improving the security environment, increasing oil output, and enacting anti-corruption measures. “Institutional challenges threaten the successful implementation of this policy shift by authorities, given, for instance, the high level of informality in the economy, and the two-tiered federal and state tax system. “Over the past decades, previous governments have attempted to reduce corruption at the state and local government levels with limited success. “While we expect the Tinubu administration's policy changes to support the macroeconomic environment in the medium term, there are risks to their implementation. “These risks include the reversion to previous practices of monetising fiscal deficits and tightening currency controls, without investing sufficiently in productivity and governance improvements in the oil and non-oil sectors,” the report pointed out. It noted that capital flights and currency depreciation will persist

if Nigeria fails to address its high inflation and weak balance of payment position, explaining that interest costs on government debt are high and absorb a large share of government spending, that is, around 20 per cent of revenue last year. At the same time, S&P said government tax revenue collection, as a percentage of Gross Domestic Product (GDP) remains very low compared with peers'. The firm said it expects a quorum of the Monetary Policy Committee (MPC) to be re-established in early 2024 and tighter monetary policy to be enacted, which should reduce inflationary pressures. While gross FX reserves fell to $32.9 billion at end-2023 from $37.1 billion at year-end 2022, it emphasised that at the end-January 2024, gross FX reserves stood at $33.4 billion, explaining that despite short-term inflation-related obstacles, the new government's reform initiatives should support medium-term growth. “Until Nigeria improves its underlying balance of payments position, capital flight will linger, currency depreciation will persist, and inflation will remain elevated. “In the medium term, exchangerate liberalisation could benefit the non-oil sector as domestic goods become more competitive, although domestic supply chains remain underdeveloped and a high dependency on imports is likely to continue,” it added. The elimination of fuel subsidies, the organisation said, saved an estimated 1.3 per cent of GDP during 2023, according to its estimates. Quoting the International Monetary Fund (IMF) data, it said 37 per cent of the labour force works in household enterprises outside the agricultural sector, with just 11 per cent of Nigerian workers engaged in wage employment, primarily in the public sector. “Given the composition of the labour force, and its high informality, increasing tax pressure is a key Continued on page 34

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

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

ROADSHOW ORGANISED BY LEKKI PORT & LFT IN CONJUNCTION WITH CUSTOMS... L-R: Chief Operating Officer, Lekki Freeport Terminal (LFT), Dirk Van Acker; Chief Operating Officer, Lekki Port, Laurence Smith; Customs Area Controller, Lekki Area Command, Mohammed Babandede; Chief Executive Officer, LFT, Christophe Cassang; General Manager, Lagos Free Zone, Oladunni Kareem and President, Association of Nigerian Licensed Customs Agents, Emenike Nwokeoji during the 2024 roadshow organised by Lekki Port & LFT in conjunction with the Nigerian Customs Service in Apapa, Lagos at the weekend SUNDAY ADIGUN

Shell, NNPC, Others Take FID on 10-year Gas Supply to Dangote Fertiliser Plant Peter Uzoho The Shell Petroleum Development Company of Nigeria Limited (SPDC) and its joint venture partners comprising the Nigerian National Petroleum Company Limited (NNPCL), TotalEnergies EP Nigeria Limited, and Nigerian Agip Oil Company (NAOC) have taken the final investment decision

(FID) to build a dedicated upstream facility to supply 100 million standard cubic feet of gas per day to Dangote Fertiliser and Petrochemical Plant for 10 years. Dangote Fertiliser and Petrochemical Plant is situated at the Lekki Free Trade Zone, Lagos State. Managing Director of SPDC and Country Chair, Shell

Osim Inaugurated 18th President of Nigerian Women Engineering Body Emmanuel Addeh in Abuja Dr Adebisi Osim was at the weekend sworn in as the 18th President of the Association of Professional Women Engineers of Nigeria (APWEN), pledging to ensure that during her tenure, the numerical strength of female engineers is boosted across Nigeria. Speaking at her investiture ceremony in Abuja, the civil engineer pledged to forge a path of innovation, inclusivity, and empowerment of women in the world of engineering. Like her predecessor, Osim said she would reach out to hundreds of children encouraging them to join the engineering family through the organisation’s various projects. As an association, she stated that APWEN has impacted the lives of many young girls, fuelled their dreams and proffered for them a strong support system, stressing that she intends to hit the ground running. As crafted in APWEN’s aims and objectives, Osim reiterated that under her watch, the body will be a catalyst for the advancement of women in the engineering profession towards national and global technological development. According to her, the women engineering group will continuously increase awareness that engineering is a career for girls also, thereby improving their numbers in the profession. A special division of the Nigerian Society of Engineers (NSE), Osim stated that APWEN consists of all disciplines of

engineering and has only one gender, stressing that the motherly instincts in women gives them the needed passion to mentor and guide the young ones to take up science courses. As a young girl drawn to the sciences, the new APWEN president said she was one of just four females in a class of over 40 students in the first year and graduated as the only female in the class. “That experience had such a great impact in my life as a young lady and to this day has influenced my journey through the engineering profession. The need for a strong female engineering community cannot be overemphasised as engineering had been seen as ‘man's work' for years,” she said. According to her, that narrative is now being shattered, with the growing notion that engineering is both for the girl-child as it is for the boy-child. “As an association, we shall not only focus on the girl-child but we shall extend our hands as mothers and hold up our boys as well. By fostering diversity and equality, the practice of providing equal access to opportunities and resources will become integrated into the greater society,” she added. In her remarks, NSE President, Margaret Oguntala, described the occasion as a historic one, stressing that it was a moment for all who had tirelessly worked towards a more inclusive and progressive engineering landscape.

Companies in Nigeria, Mr. Osagie Okunbor, disclosed this at the weekend in Port Harcourt, Rivers State, according to a statement issued yesterday by the company's Media Relations Manager, Abimbola Essien-Nelson. Okunbor described the FID as a significant step in supporting the Nigerian government’s ‘Decade of Gas’ ambition. SPDC is the operator of the

joint venture. “This investment decision is a critical step in pursuing the development of the gas-rich Iseni field, which is part of the Okpokunou Cluster in Oil Mining Lease 35 located in Sagbama Local Government Area of Bayelsa State,” Okunbor said. He added that SPDC and its joint venture partners remained committed to Nigeria’s

‘Decade of Gas’ ambition and, particularly, the domestic gas agenda. According to Okunbor, increasing the delivery of natural gas to the domestic market is key to accelerated industrialisation and economic development of Nigeria. The FID signals a positive step towards the construction of the required infrastructure for the project that is expected to

create jobs through direct and indirect employment. Dangote is reputed to be Africa’s largest granulated urea fertiliser complex and produces around 65 per cent of Nigeria’s domestic fertiliser requirements. The project will supply gas which will enhance the Dangote Fertiliser and Petrochemical Plant’s ability to deliver on its promise to the Nigerian people and government.

NCDMB Parleys Chevron, Recommits to Fast-track Approvals of Oil Industry Projects IOC canvasses competitive oil production costs Emmanuel Addeh in Abuja and Peter Uzoho in Lagos The Nigerian Content Development and Monitoring Board (NCDMB) has restated its commitment to accelerated approvals of requests and documents submitted to it by operating oil and gas companies. The goal, a statement from the board said, is to ensure speedy development of oil and gas projects and contribute to increased oil production and improved national economy. The Executive Secretary NCDMB, Felix Ogbe gave the assurance at the weekend at the Nigerian Content Tower, Yenagoa, Bayelsa State when he received senior officials from Chevron Nigeria Limited led by the Deputy Managing Director, Mr. Cosmas Iwueze. The Executive Secretary conveyed the board’s willingness to improve on the timelines set by the Service Level Agreement (SLA) instituted by the board, Nigerian National Petroleum Company Ltd (NNPC) and international oil companies for shortening the contracting cycle for oil and gas projects. He reiterated his proposal for the setting up of Technical Working Groups (TWGs) between the representatives

of the NCDMB and respective international oil firms. The working groups, he said, could meet monthly or quarterly to evaluate the companies’ expectations from the NCDMB on their projects. The intent, he explained is to resolve contentious issues, close all the gaps and come to an agreement before the official correspondences are received. That, Ogbe said, will ensure quick turn-around and approvals will be dealt with quickly and that will help to cut downtime. Emphasising the need for all oil and gas companies to comply with the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, the executive secretary promised that the board will accede to cogent urgent requests from companies to avoid delays that could cause costs overruns, impact negatively on oil and gas operations and the economy at large. “We want to create the enabling environment that will minimise conflicts with International Oil Companies (IOCs) and attract investments into the sector. We want to create employment opportunities for our youths and help achieve the economic objectives of President Bola Tinubu.

“We want to make international oil companies comfortable and reverse the exit of foreign investors because they create jobs, and we need all hands on the deck,” he said. Ogbe revealed that he had a long and successful career with Chevron Nigeria and remarked that the hallmark of the company is teamwork. He noted that NCDMB operates with the same core value, hence the board is determined to support oil companies to accomplish their operational goals. “We have to make sure that you succeed, otherwise we will not be successful,” he added. The executive secretary confirmed that NCDMB under his watch will not emphasise the use of sanctions, rather will seek to dialogue with companies to achieve win-win situations. “We will be flexible regarding your requests, but we all need to have open minds and look at the critical paths that will ensure that we make progress and produce effectively,” he said. Contributing, the Director, Planning Research and Statistics, NCDMB, Mr. Isaac Yalah, affirmed that the board will continue to collaborate with Chevron on other projects and would address any issues

relating to requests for expatriate quota approvals. Responding, the Deputy Managing Director of Chevron Nigeria, Iwueze, highlighted the importance producing crude oil at competitive costs, noting that the primary aspiration of oil companies and the federal government is to ramp up Nigeria’s crude oil production volumes and shore up the revenue accruing to the national coffers. He emphasised the need to incentivise investments in the oil and gas sector, explaining that international oil and gas companies in Nigeria compete for capital with their sister operations in other oil producing nations. He said: “The capital we need for big oil and gas investments is domiciled with global investors. We need to always present Nigeria as an investor friendly destination where people can come and do business.” He also confirmed that the company was working on some major projects, relating to deepwater and Escravos gas-to liquids (EGTL), explaining that he looked forward to receiving the board’s support and collaboration when the projects come for consideration and approvals.

MONDAY FEBRUARY 5, 2024 • T H I S D AY

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

COURTESY VISIT TO FINANCIAL REPORTING COUNCIL... L–R: Member, Nigeria Integrated Reporting Committee (NIRC) and Co-ordinating Director, Accounting Standards (Public & Public) & Sustainability Reporting Unit, Financial Reporting Council (FRC) of Nigeria, Dr. Iheanyi Anyahara; Chairman, NIRC, Dr. Innocent Okwuosa; Executive Secretary/CEO, FRC, Dr. Rabiu Olowo;Members, NIRC, Mr. Godstime Iwenekhai and Dr. Oduware Uwadiae, during a courtesy visit to the Council in Lagos... recently.

After Partial System Disturbance, National Power Grid Collapses Again Power generation fell from 3,852mw at 6am to as low as 59mw at noon on Sunday TCN says normalcy restored Emmanuel Addeh in Abuja The national electricity power grid collapsed for the first time in 2024 yesterday, again throwing the entire country into total darkness. It was learnt that power generated on the grid slumped significantly at about 11:51am, falling from about 3,852mw at 6am to as low as 59mw at noon on Sunday. However, at about 5pm, it had begun to pick, hitting 736mw, even though many parts of Nigeria, including Abuja, the seat of government remained without power supply. At the time it collapsed, THISDAY checks showed that the grid managed by the Transmission Company of Nigeria (TCN) had 20 power plants completely off, with just Ibom Power online. A nation of over 200 million people, Nigeria still depends on less than 5,000mw to power their homes and businesses on a daily basis, even though individuals self-generate over 40,000mw. At the time of going to press, Distribution Companies (Discos)

were already alerting customers to the situation. For instance, Kaduna Electric confirmed that the loss of bulk power supply left Kaduna, Sokoto, Zamfara, and Kebbi states in darkness. “Power supply shall be restored to our customers as soon as we receive same at load centres across our franchise. We sincerely apologise for the inconvenience,” Head of corporate communication at Kaduna Electric, Abdulazeez Abdullahi, said. The International Monetary Fund (IMF) estimates that Nigeria loses as much as $29 billion, that is 5.8 per cent of its annual Gross Domestic Product (GDP), due to a lack of energy and unreliable power supplies. On its part, the Abuja Electricity Distribution Plc (AEDC) told its customers to be patient , while the problem was being sorted out by the concerned authorities. “The Management of Abuja Electricity Distribution Plc (AEDC) wishes to inform its valued customers that the power outage being experienced is as a result of a system failure from the national grid at 11:21 hours today, 4th February

Kashmir: Pakistani Envoy Appeals for UN Intervention Michael Olugbode in Abuja The High Commissioner of Islamic Republic of Pakistan to Nigeria, Mr Sohail Ahmad Khan has alleged continuous militarisation of disputed state of Jammu and Kashmir, describing it as the world’s most militarised zone and the largest prison on earth. The envoy in a statement on Sunday to commemorate the Kashmir Solidarity Day, called on the United Nations and it’s relevant human rights machinery, civil society organisations, media houses and other defenders of human rights to fulfil their obligations towards besieged Kashmiris by playing their part to end the rule of tyranny and oppression. The statement read: “Kashmir Solidarity Day serves as an annual reminder of the prolonged conflict in Indian illegally occupied Jammu and Kashmir, where the struggle for self-determination has left an indelible mark on the lives of innocent Kashmiris. “Multiple UN resolutions

unambiguously declare that the final disposition of the state of Jammu and Kashmir will be made in accordance with the will of the people expressed through the democratic method of a free and impartial plebiscite conducted under the auspices of the United Nations. “Numerous international, UN organisations as well as UN Special Rapporteurs have reported gross human rights violations in Jammu and Kashmir. “Media and press is under tremendous pressure by Indian Government especially in Indian Illegally Occupied Jammu and Kashmir which is evident from India’s ranking of 161 out of 180 countries as per 2023 World Press Freedom,” he said. According to him, Jammu and Kashmir have been converted into world’s most militarized zone and the largest prison on earth. He added that Pakistan stands firm with Kashmiri brothers and sisters and will continue to provide unwavering diplomatic support.

2024 which has led to a nationwide power outage. “Rest assured that we are working with the relevant stakeholders to restore power as soon as the grid is stabilised. We appeal for your patience,” the company stated. The TCN which is the only segment of the electricity value chain wholly owned and controlled by the federal government, has variously said that

acquiring a Supervisory Control and Data Acquisition (SCADA) system, which is used for controlling, monitoring, and analysing industrial devices and processes, would markedly reduce supply disruptions. Meanwhile, the TCN confirmed last night that the grid experienced a partial disturbance, with Ibom power “islanded”, feeding Eket, Ekim, Itu & Uyo transmission substations, during

the period of partial disturbance. TCN said it initiated immediate restoration of the affected part of the grid, and that presently, the grid is fully restored. “Prior to the incident, total generation on the grid was 3,901.25mw at 08:00 hours, a little over three hours before time of partial collapse. It is important to note that low power generation has persisted since January

2024, to date, exacerbating daily due to the lingering gas constraint. “According to the National Control Centre (NCC), the Internet of Things (IoT) revealed that just before the partial disturbance, which occurred at 11:21 hours today, Sapele Steam and Egbin Substations lost a total of 29.32mw & 343.84mw at 11:20:14 hours & 11:20:17 hours respectively, totalling 373.16mw.

CPPE: 42.5% Upward Review of Exchange Rate Computation for Import Duty is Double Jeopardy for Real Sector Operators Dike Onwuamaeze The Centre for the Promotion of Private Enterprise (CPPE) has described the recent upward review of the exchange rate for the calculation of import duty from N952 to N1,357 as a double jeopardy for investors in the real sector. The CPPE added that the upward review might be the last straw that would culminate to total devastation of businesses across all sectors of the Nigerian economy. The Chief Executive Officer of CPPE, Dr. Muda Yusuf, told THISDAY during the weekend that “the drastic upward review of the exchange rate for the computation of import duty from N952 to N1357 would have a devastating effect on businesses across all sectors. This is a whopping 42.5 per cent

increase. This is like the last straw. “It is double jeopardy for the investors across all sectors, especially those in the real sector. This action will further fuel inflation as production and operating costs get escalated. The vulnerable segments of the population will be further impoverished as cost push inflation gets exacerbated.” Yusuf noted that it is worrisome that this upward review is coming at a period when businesses are yet to recover from the shocks of the new round of currency devaluation resulting from the sudden unification of the exchange rate, which has driven the official exchange rate to about N1400. The CPPE appealed to the CBN to reverse this rate hike in the interest of the already impoverished segments of our society and the numerous

businesses that are already on the verge of collapse. Yusuf argued that the shocks, disruptions and dislocations that would follow the review would be of immense proportions for businesses to bear. He said: “It is even worse that the rates take immediate effect. This is a policy action that is difficult to justify, especially in the context of the multidimensional headwinds that businesses are grappling with. “The CPPE recommends that going forward the determination of the exchange rate for import duty computation should be treated as a fiscal policy matter and located within the remit of the fiscal authorities which is the finance ministry. This is necessary for proper alignment with extant fiscal policies.” He argued that the continuous decision by the CBN to increase

the customs exchange rate would worsen the already prohibitive production and operating costs for businesses in the country. It would also inflict more pains on the citizens, erode profit margins, reduce purchasing power and put the survival of businesses at an elevated risk. According to him, the frequent changes in rates is also creating serious issues of uncertainty for investors and making the international trade process increasingly unpredictable. He recalled that he CBN had severally increased the rate since June 24, 2023, when it adjusted the exchange rate from N422.30/$ to N589/$. On July 6, it was re-adjusted to N770.88/$, and again on November 14, it was re-adjusted to N783.174/$, and it was reviewed to N951.941/$ in December 2023.

Tinubu, Obasanjo Condole with Namibia over President’s Demise Deji Elumoye in Abuja and James Sowole in Abeokuta President Bola Tinubu has extended ‘deep’ condolences to the government and people of Namibia over the passing of President Hage Geingob. The president, in a release issued yesterday by his Media Adviser, Ajuri Ngelale mourned the painful loss of the veteran in the struggle for democracy; proponent of good governance, and advocate of economic, social, and political solidarity among African peoples. Tinubu noted that the tragedy comes at a time when Africa needs more visionary leaders who believe in

the common destiny of the continent, and who can strengthen bonds across borders and spread the tendrils of cooperation across all fields of human endeavour. As Namibia mourns, the president assured the Republic that his thoughts and prayers, and indeed those of Nigerians, are with them. Also, a former President of Nigeria, Chief Olusegun Obasanjo on Sunday condoled with the new President of Namibia, Nangolo Mbumba and people of the country, following the death of immediate past president. Geingob, 82, died early on Sunday while receiving medical treatment at a hospital in the capital, Windhoek.

A statement by Obasanjo’s Media Assistant, Kehinde Akinyemi, stated that the condolence was contained in a letter to the new president of Namibia on Sunday, stressing that the death of the former president was received with shock and sorrow. The former Nigerian leader noted that as a statesman, profound thinker, tactician, and patriot, the late Geingob devoted his time to the service of Namibia in particular and the continent in general. "As a patriot and a veteran of the Namibia’s independence struggle who served in top political positions since independence in 1990, he made sterling contribution to the political

and socio-economic development of Namibia." "In all of his undertakings, he acquitted himself as an African leader of great distinction to his country. Indeed, Africa has lost one of its finest sons. He will be sorely missed by all of us, particularly your good self, who had worked closely with him as his vice president striving to create opportunities for the growth and development of Namibia and Africa,” he stated. Obasanjo prayed God to grant the new president the wisdom, courage and fortitude he will need as he assumed the mantle of leadership to bring his life-long struggle to a continuum for the good of Namibia and the continent.

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

MBAH CHAIRS EDO STATE 3 AD-HOC WARD CONGRESS ELECTORAL COMMITTEE... Edo State Governor, Mr. Godwin Obaseki (right); Enugu State Governor and Chairman, Edo State 3 Ad-hoc Ward Congress Electoral Committee, Mr. Peter Mbah (2nd right), during the Edo State Peoples Democratic Party (PDP) 3 Ad-hoc Ward Congress in Ward 4, Idia College, Benin City, last Sunday

Wigwe University Says Home Students Will Pay in Naira, Explains Dollar Fees Emmanuel Addeh in Abuja Wigwe University yesterday said that its home students will pay their fees in naira, explaining that its decision for select dollar payment was a strategic one which aligns with its vision to attract a diverse and international student body. In a statement issued by the institution, Wigwe university noted that it respects the concerns raised by some members of the public, and was obliged to clear the air on the matter. “The decision to list our fees in USD is a strategic one, aligning with our vision to attract a diverse and international student body. By utilising USD, a universally accepted currency, we aim to provide clarity and transparency for our prospective students from around the world. We want to

assure our home students that they will pay their tuition fees in Naira. “As a hub for intellectual growth, we are not just building individuals, but contributing significantly to the economic development and growth of Nigeria and Africa at large. The presence of international students at Wigwe University has a positive ripple effect on the local economy. “The exposure to the rich cultural and entrepreneurial landscape of Nigeria creates a potential avenue for future investments and business collaborations. Furthermore, the influx of international students will boost our local economy by bringing in USD, this positive impact will gradually reduce capital flight from our economy,” the school explained. Wigwe University said it was

dedicated to fostering a global learning environment with a focus on excellence, innovation, and inclusivity. It stated that the institution’s commitment to providing a world class education is reflected in its distinguished faculty, with over 35 per cent hailing from prestigious international institutions. In addition, Wigwe university said its state-of-the-art infrastructure rivals the best institutions globally, with its campus equipped with modern facilities, smart classrooms, cutting edge laboratories and comprehensive research centres. It stressed that it has spared no expense in creating an environment that nurtures creativity, collaboration, and critical thinking among its students, pointing out that the entire design of the institution is intentional, to nurture

fearless leaders that will one day transform Africa. “We respect the concerns raised by some members of the public, and we are obliged to clarify this subject. Wigwe University operates with the utmost respect for national regulations and guidelines. “Wigwe University views education as a powerful tool for societal transformation. In seeking the best international faculty, we must also prioritise our Nigerian faculty ensuring appropriate and competitive remuneration packages. “We are not only enriching academic experience within our institution but also contributing to the larger narrative of nationbuilding,” it added. Wigwe University said it values the feedback from its community and remains committed to open dialogue.

NCAA Reads Riot Act to Airlines over Flight Disruptions Chinedu Eze The acting Director-General of the Nigeria Civil Aviation Authority (NCAA), Captain Chris Najomo, has condemned the incessant flight disruptions by Nigerian airlines and directed operators to improve their services or face punitive action from the regulatory authority. Najomo, who met with the airlines at the weekend, frowned on the alarming incidence of delays, flight disruptions, and schedule changes without adequate notice to passengers. He threatened that if this continued the operators would face sanctions. He reiterated the need for airlines to improve their services, saying Minister of Aviation and Aerospace Development, Mr. Festus Keyamo, is determined to enforce his five-point agenda as mandated by President Bola Tinubu. Najomo said the current record of flight disruptions, poor customer experience, and poor handling of passengers was unacceptable and must change. He insisted that airlines must rejig their flight schedules to match their number of

serviceable aircraft, saying airlines are aware of the airports which have sunset operations and are expected to reflect that in their schedules. He stated, “Airlines must consider scheduling flights into sunset airports early in the day so as to minimise cancellations as a result of airport closure at sunset. NCAA will ensure that airlines fulfil their obligations to passengers or face sanctions. “Airlines must handle persons with reduced mobility properly, with dignity and without discrimination, as airlines are mandated to provide facilities for the movement of persons with reduced mobility and by virtue of the provisions of Nigeria Civil Aviation Regulations Part 19, airlines are required to provide on their ticket portal a mandatory field for special needs assistance and require their agents to actively ask customers during ticket purchase if they will require assistance.” The acting director general said it was no longer business as usual, as errant airlines will be sanctioned appropriately, noting that NCAA has stepped up its surveillance to monitor airlines’

compliance with regulations with a view to fishing out violators. He emphasised that the authority would not relent in its commitment to ensuring pleasurable travel experience and comfort for air transport passengers, adding that the airlines must be committed to work on all issues raised and make adjustments where necessary. Director, Consumer Protection and Public Affairs, NCAA, Mr. Michael Achimugu, stressed the importance of the meeting with the airlines and said the minister was focused on sanitising the aviation industry. Achimugu stated that sanctions would be applied for any infractions or flight disruptions not managed properly. Concerns raised by some airlines during the meeting included poor airport facilities, the single standby generator at the General Aviation Terminal (GAT) in Lagos, frequent bird strikes, bush burning near Port Harcourt airport, and congested boarding gates. The concerns were addressed by Director of Airport Operations, Federal Airports Authority of Nigeria (FAAN),

Captain Zubair Mamood, who disclosed that FAAN had observed that incidents of bird strikes occurred during grass cutting at the airports. Mamood said FAAN was working to minimise bird strike incidents. He said FAAN was also looking into the issue of airport facilities with a view to finding immediate solutions to ease passenger and baggage flow at the airports. He said the measure adopted by the agency had become evident at some airport terminals. During the meeting, Assistant General Manager, Flight Operations and Adjudication, NCAA, Mrs. Ifueko Abdulmalik, presented a paper on the provisions of the Nigeria Civil Aviation Regulations 2023 Part 19, which focused on airline obligations to passengers in the events of flight delays, cancellations, schedule changes, baggage delays, and loss. Abdulmalik said 53 per cent of total flights operated in Nigeria in 2023 were delayed, and one per cent was cancelled. He added that the session was necessary so as to inform the airlines of the provisions of the regulations and applicable sanctions.

The school encouraged those with concerns to reach out to it directly, as their input is invaluable in shaping the ongoing development and success of the institution. “JAMB registration is ongoing,

please visit our website: www. wigweuniversity.edu.ng or call us @ 08000094493 for more information. We encourage the public to join and support us on this fearless journey of making history,” it noted.

China, Rwanda Pushing for Stronger Bilateral Ties with Nigeria, Say Envoys Michael Olugbode in Abuja The Chinese Ambassador to Nigeria, Cui Jianchun, at the New Year Celebration of China in Abuja at the weekend, said the country was unrelenting in its push for stronger ties with Nigeria. Jianchun while stating that the year is symbolised by the dragon sign, said it would create an opportunity for China and Nigeria to strengthen their relationship through shared ambitions. He said: "I want to use the letters (dragon) to describe the relationship between our countries. 'D' is about development. The two countries are working to develop the nation. We believe that without development, we cannot achieve individual and societal progress. "R is to revitalise, 'A' is for assistance, 'G' is for guidance, 'O' is for opportunity and 'N' is for nationalism," he said. According to him, the two countries would continue to revitalise their economy, as well as open opportunities for development and work toward nationalism. Also speaking at the event, the former Director General of the National Council for Arts and Culture, Olusegun Runsewe, commended China for always projecting its rich culture, saying the country shares many things with Nigeria. He said: Both China and Nigeria are culturally diverse nations. China has 56 official ethnic groups while Nigeria has close to 400 ethnic groups, each with its unique cultural peculiarities.” Runsewe said Nigeria has

a lot of historical and heritage sites that can be upgraded to serve as recreational, religious and commercial sites comparable to the Chinese Temple Fair. He explained that: “This is why we must strengthen our cultural ties with China so as to tap from their cultural expertise.” Chinese New Year 2024 will fall on Saturday, February 10, 2024, starting a year of the Wood Dragon. As a public holiday, Chinese people will get 8 days off from work from February 10 to February 17 in 2024. Meanwhile, the Rwandan High Commissioner to Nigeria, Christophe Bazivamo has expressed his country’s continued commitment to strengthening bilateral relations with Nigeria. Bazivamo said this at the weekend during the celebration of Rwanda's 30th National Heroes Day in Abuja. The envoy said Rwanda and Nigeria have weathered several storms of adversity, adding that both can build a brighter future for its people by shared experiences and expertise. He said: “It is also fitting to restate our appreciation for the strong bonds of friendship and excellent bilateral cooperation marked by fruitful partnerships in various areas, including parliamentary diplomacy, defence and security, aviation, governance, sectoral peer-to-peer exchange, and trade and investment. "As the new High Commissioner of Rwanda to Nigeria, I am committed to further strengthening this vital bilateral relationship. By working together and sharing our experiences and expertise, together we can build a brighter future for our people.”

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

SANWO-OLU AT DALIAN URBAN PLANNING EXHIBITION CENTRE IN XIGANG DISTRICT... Governor Sanwo-Olu, with some Chinese government oﬃcials, during his working visit to the famous Dalian Urban Planning Exhibition Centre in Xigang District, last Saturday.

Oyebanji: Kidnappers of Apostolic Faith School Pupils Won’t Go Unpunished as Kids Regain Freedom, Driver Killed Visits victims in hospital, condoles deceased’s family Thanks Tinubu, security agencies FCT state minister visits home of Abuja’s latest victim, assures residents of security Olawale Ajimotokan in Abuja and Gbenga Sodeinde in Ado Ekiti Ekiti State Governor, Biodun Oyebanji, yesterday, vowed that the kidnappers of some pupils of the Apostolic Faith Nursery and Primary school, Emure Ekiti, who just regained their freedom after about two weeks in their den, would not go unpunished. Oyebanji, who visited the children and their teachers at the Ekiti State University Teaching Hospital, AdoEkiti, however, thanked President Bola Ahmed Tinubu and the security

agencies for the eventual release of the pupils. The children and their teachers, who were released late yesterday, and brought to the Elemure palace around 4am, however, lost the school bus driver, who was reportedly killed in the custody of the kidnappers. In another development, the Minister of State for the FCT, Dr. Mariya Mahmoud, yesterday, paid a sympathy visit to the family of AlKadriyar Mansoor, whose daughters were recently released after being held captive by kidnappers for several days, and promised residents of their

IFC to Onboard Bank of Industry, Others for Long-term, Low Interest Financing James Emejo in Abuja The International Finance Corporation (IFC) is set to onboard the Bank of Industry (BoI) and some Deposit Money Banks (DMBs) and corporates to enable them access long term, low interest funding to support Nigeria’s fragile industries, THISDAY has learnt. This onboarding will reportedly be facilitated during the BoI, IFC joint conference which kicks-off today in Lagos, where the convening chief executives and leaders from the financial and real sectors will discuss the current operating environment and identify synergies between participants to grow the county’s industrial base. A source told THISDAY that the event is particularly unique as it will unfold several initiatives aimed at supporting the economy via revival of industries and creating jobs, adding that the intervention by BoI would also help in reducing pressure on the forex market, moderate inflation and reduce poverty. The Managing Director/Chief Executive, BoI, Dr. Olasupo Olusi and Regional Vice President Africa, IFC, Sergio Pimenta, will address the conference with the theme, “Empowering Futures: A Collaborative Journey in Financing Nigeria's Industrial Sector”. A panel session on “Industrialisation as a Pathway for Economic Diversification” will be moderated by Chief Executive, Nigerian Economic Summit Group (NESG), Dr. Tayo Aduloju, and explores the role of the financial sector in facilitating a vibrant

industrial sector. The organisers see industrialisation as crucial for the country’s growth, providing a pathway for job creation, poverty reduction, improved living standards, innovation, economic growth, and sustainable development. According to them, repositioning Nigeria as an industrial hub could enhance local manufacturing capabilities, integration into regional and global value chains, enabling specialization, competition, and export orientation. Nigeria could further harness the potential to become one of Africa's green manufacturing hubs, capitalising on scaling renewable energy, development of sustainable industrial zones, manufacturing low-carbon construction materials, chemicals and fertilizers while eliminating gas flaring. This will broaden the economic base and lead to a more resilient economy, mitigating the impact of oil price volatility and foreign exchange scarcity. In addition, the commissioner for Insuarnace (CFI)/Chief Executive, National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, will alongside other panellists discuss “Increasing Access to Funding through Risk Mitigation”. The organisers argued that poorly structured projects (with respect to risk mitigation) have been identified as one of the largest barriers to accessing funding for projects, adding that often lenders have the liquidity and headroom to lend but are unable to underwrite the risk as presented.

security. Speaking with journalists shortly after the visit, the Oyenbanji praised the resilience of the children and expressed gratitude to God for their safe return. He assured the people of the state that his administration would not rest on its oars in ensuring that criminal elements were flushed out of the state. The governor said he remained committed to the security of lives and property of citizens of the state and would continue to collaborate with relevant security agencies and the traditional institution in the war against criminals. “We thank God for their safe return. I am excited and I give glory to God. I also thank President Bola Ahmed Tinubu for his swift response and for giving specific directives. “His intervention made the difference and I am thankful to him on behalf of Ekiti people. I am also thankful to the security chiefs for their support. “They all put resources together and mobilised men and materials to ensure we rescue the children. All I can say is that we shall go after the criminals and we shall get

them,” he added. Noting the traumatic experience of the children in the kidnappers’ den, Oyebanji directed the Commissioner for Health and Human Services, Dr Oyebanji Filani, to take the children to the state Teaching Hospital, Ado Ekiti for proper medical treatment and post trauma therapy. The governor, who arrived the hospital a few hours after the kids were released, had brief interaction with each of the students and their teachers at the Accident and Emergency Ward of the hospital. He was received by the Commissioner for Health and Human Services, Dr Filani; Chief Medical Director of the Hospital, Prof Kayode Olabanji; and a member of the House of Assembly representing Emure Constituency, Alhaja Mariam Ogunlade and some government officials. Oyebanji urged the medical team not to be in a hurry to discharge the students, stressing the need for them to be properly managed, given the trauma they went through. The governor, who kept vigil with the Senate Leader, Senator Opeyemi Bamidele, till 3.00am to ensure the release of the children,

acknowledged the solidarity shown by his colleague-governors, former governors of the state as well as religious leaders and traditional rulers. He also thanks members of the Ekiti State Caucus in the National Assembly and members of the state House of Assembly for their support. “And more importantly, we thank God for everything” the governor said. Restating his resolve to stamp out crimes and criminalities from the state by making the environment unbearable for criminals operating under whatever guise, he reiterated that killers of the two Ekiti Obas would be fished out and made to face the maximum weight of the law. Expressing his condolences over the death of the bus driver, Mr Taiwo Olugbaye, the governor said government would not leave any stone unturned in the bid to apprehend the criminals. “It is very sad. My condolences to the family. I have directed the Deputy Governor to pay a visit to the family and to the Elemure to commiserate with them. But what I can assure Ekiti people is that we

will go after the criminals.” A statement by his Special Adviser on Media, Yinka Oyebode, urged the people of the state to remain vigilant and report any suspicious movement in their communities to the authorities. The Commissioner for Health and Human Services, Filani, who confirmed that the the pupils and their teachers were in stable condition, said they were being attended to by a multidisciplinary team of medical personnel. Also, the Ekiti State Police Command said the freedom of the school children was made possible through the combined efforts of the police and other security agencies including the Amotekun Corps, local vigilantes and hunters as well as the family members and the support from the Federal and State governments. A statement signed by the Police PRO, Sunday Abutu, sympathised with the family members of the driver killed by the abductors. The command vowed to continue with the operation and investigation until the perpetrators were arrested and made to face the full wrath of the law.

WHO Predicts over 30% Surge in Cancer Deaths in Africa Says 573,653 deaths recorded in 2022

Onyebuchi Ezigbo in Abuja The World Health Organization (WHO) has expressed concerns that in 20 years, cancer death rates in Africa may overtake the global average of 30 per cent. It said that if urgent measures are not taken, cancer mortality in the region is projected to reach about 1 million deaths per year by 2030. The concerns were contained in the message of the WHO Regional Director for Africa, Dr. Matshidiso Moeti to mark the World Cancer Day 2024. Moeti said the cancer situation in Africa was disheartening, noting that in the year 2022, approximately 882, 882 new cancer cases occurred in the WHO African Region with around 573,653 deaths. She also said that about 50 per

cent of new cancer cases in adults in the region are due to breast, cervical, prostate, colorectal, and liver cancers. "If urgent measures are not taken, cancer mortality in the region is projected to reach about 1 million deaths per year by 2030. "Also, in 20 years, cancer death rates in Africa will overtake the global average of 30 per cent. This is more so because cancer survival rates in the WHO African region currently average 12 per cent, much lower than the average of over 80 per cent in high-income countries," she said. Moeti added that between 2022 and 2024, the focus of World Cancer Day will be to help close the cancer gap in the disease prevalence. "This year marks the third and final year of the campaign. The theme for this year is “Together, we challenge those in power”. This theme

encompasses the global demand for leaders to prioritise and invest in cancer prevention and care and to do more to achieve a just and cancer-free world. "Nevertheless, we commend the progress made in cancer prevention and care in our region. For instance, 17 countries have introduced highperformance-based screening tests in line with the WHO recommendations. Also, 28 of our Member States have introduced nationwide HPV vaccination to reach about 60 per cent of the priority population targeted with HPV vaccination. "This year’s theme is auspicious as it reinforces all persons and groups’ universal right to health. We believe that regardless of socioeconomic status, geographic location, age, and gender, every person must be afforded an equal chance at the prevention,

diagnosis, and treatment of cancer. "We call on the region’s countries, communities, partners, and civil society to unite and foster universal access to cancer prevention and care. "Stakeholders must identify feasible priorities, implement evidence-based population-wide interventions and invest in cancer control," she emphasised. In addition, she advised that countries should use the updated ‘WHO Best Buys’ , the facilitative tool designed to enable governments to select lifesaving policies and interventions for non-communicable diseases. Also, Moeti urged leaders responsible for ensuring cancer prevention and care to deploy technologies and therapies that are available at low cost to affected persons and their families.

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

AROGUNDADE ON SITE VISIT TO CORRECTIONAL SERVICE IN KUJE... L-R: Senior Special Assistant to the President on Technical Vocational and Entrepreneurship Education, Madam Abiola Arogundade; Controller, FCT Correctional Centre, John Francis, and Minister of state for Youth Development, Hon. Ayodele Olawande during a site visit to the Nigeria Correctional Centre, Kuje, Abuja ahead of the planned introduction of training programmes to equip inmates with valuable skills and provision of grants to support the establishment of their own businesses by the oﬃce of the SSA TVEE, last Tuesday

Take Fight to Kidnappers, New FCT Boss Orders Area Commanders, DPOs Tasks heads of tactical units, orders clampdown on unregistered vehicles Kingsley Nwezeh in Abuja The new Commissioner of Police, Federal Capital Territory, CP Benneth Igweh, weekend, ordered Area Commanders and Divisional Police Officers (DPOs) to take the fight to kidnappers even as he ordered a clampdown on unregistered vehicles. The new police chief met with the management team, leaders of all tactical units and heads of departments of the FCT Police Command comprising Area Commanders, Divisional Police Officers (DPOs). A statement by the spokesperson of the command and Superintendent

of Police (SP), Josephine Adeh, said the meeting was aimed at revamping the approach of the already existing security framework and to set in motion the plan to ensure the safety of residents in the Federal Capital Territory. The FCT police chief, while addressing the officers, urged them to embrace intelligence-led policing, through constant stop and search duty in the fight against criminality. He emphasised the need to adopt effective community partnership in the discharge of their duties and maintained that he would have zero tolerance for inefficiency. He also tasked the heads of

the tactical units to identify black spots, possible kidnappers' den in the territory and ensure they take the fight to them. He ordered total clampdown of vehicles without number plates or with a single number plate plying the FCT roads. Igweh reiterated his readiness to combat criminality in the territory as he called on residents to collaborate with the police in the fight against crime and to avoid boarding vehicles along the road and unapproved parks. Meanwhile, the National Agency for Science and Engineering Infrastructure (NASENI) has

pledged to collaborate with the Nigeria Police by revamping the Force’s moribund vehicles and operational assets. This was disclosed weekend by the Executive Vice Chairman/CEO, NASENI, Khalil Suleiman Halilu, when he paid a courtesy visit to the Inspector-General of Police, Kayode Egbetokun, at the Force Headquarters, Abuja. Halilu said he was happy to join the IGP to kickstart a vital conversation regarding collaboration between the Nigeria Police and the National Agency for Science and Engineering Infrastructure to revamp the Force’s moribund

Former Yobe Governor, Ibrahim, Dies in Saudi Arabia Tinubu, Barau, Lawan mourn Deji Elumoye, Sunday Aborisade in Abuja and Michael Olugbode in Damaturu Former governor of Yobe State, Bukar Ibrahim, has died. Ibrahim died yesterday in Saudi Arabia at the age of 75. The news of his death was contained on the social media platform of Gujba Emirate Council. It was also confirmed by a source from the emirate. Ibrahim was said to have died at the Medina Hospital in Saudi Arabia after an illness. He was born in October 1950. President Bola Tinubu said he received with grief the news of the passing of Ibrahim. Tinubu, in a release issued on Sunday by his media adviser, Ajuri Ngelale, extended his heartfelt sympathy and condolences to the family, friends, and associates of the late senator and the government and people of Yobe State. The president said in the release, “Former Governor Ibrahim was a personal friend and a consummate leader who served the people of Yobe with dedication during his extensive political career. “As a senator for 12 years, his

wealth of experience was a guiding force in the National Assembly. Generations to come will remember him for always placing the progress and welfare of the people at the heart of his service" Former President Muhammadu Buhari also expressed grief over the death of the founding member of the All Progressives Congress (APC) and first civilian governor of Yobe State. Buhari, in a statement issued on Sunday by former presidential spokesperson, Mallam Garba Shehu, said, “I am deeply saddened by the demise of Senator Bukar Abba Ibrahim. I convey my deepest condolences to the family he left behind and the government and people of Yobe State. “With his death, I have lost a friend whom I knew for decades, a political associate who shared my views on many issues. His insights and nuanced understanding of the people governed had no parallels. “May Allah forgive his shortcomings." Deputy President of the Senate, Senator Jibrin Barau, and the immediate past senate president, Ahmad Lawan, commiserated with the government and people of Yobe State over the death of Ibrahim.

Barau, in a statement by his media aide, Ismail Mudashir, described the deceased as an astute politician and leader who served the state and the country meritoriously. Barau said Ibrahim’s family and all those he left behind should take solace in the fact that he lived a life dedicated to the service of God and humanity. The deputy senate president stated, "Senator Bukar Abba Ibrahim dedicated his life to the service of Allah, humanity, the state and the country as a whole. “As a governor, he worked for the transformation of Yobe State and as a senator, he contributed immensely to law-making and other parliamentary activities throughout his 12 years in the upper chamber.” Similarly, the senator for Yobe North Senatorial District, and immediate past senate president, Ahmad Lawan, described the deceased as a dedicated politician and public servant who recorded significant achievements as governor. Lawan said Ibrahim was also an outstanding legislator and a bridge builder, who worked to promote peace, unity and progress in Nigeria. The former senate president said in a statement, “I received the shocking

news of the death of former governor of Yobe State, Senator Bukar Abba Ibrahim, with a heavy heart. “Senator Ibrahim was a committed leader, and a dedicated politician and public servant who contributed immensely to the development of Yobe State and Nigeria, in general. “During his tenure as governor from 1999 to 2007, Yobe State witnessed significant progress in various sectors, including education, infrastructure, healthcare, and agriculture. “He introduced a free education programme in Yobe State in 2004, which provided free education to primary and secondary school students in the state. This programme helped to increase school enrolment and reduce the illiteracy rate in the state. “He was an outstanding legislator, who represented Yobe East Senatorial District in the National Assembly from 2007 to 2019. He served as Chairman and member of several senate committees. “Senator Ibrahim was a true democrat and a bridge builder, who worked tirelessly to promote unity, peace, and progress in Nigeria. He will be sorely missed for his immense contributions to the development of his senatorial district, our dear state, and Nigeria."

vehicles and operational assets. In his remarks, the IGP promised to work closely with NASENI in line with President

Bola Tinubu’s eight-point Renewed Hope agenda, and thanked the management team for finding time to visit his office.

Obasanjo, Saraki, Ejindu, Others Call for Smoother Trade Ties with Angola Ugo Aliogo and Adeoye Adebayo Former President Olusegun Obasanjo, former Senate President Bukola Saraki, and a notable businesswoman, Fifi Ejindu, yesterday, advocated smoother trade ties between Nigeria and Angola. This happened at a brainstorming session on Saturday,where stakeholders and top business magnates met at Angola-Nigeria Diplomatic-Business Investment organised by the Angola-Nigeria Business Council. The event, which held at the prestigious Radisson Blu, Victoria Island, Lagos, witnessed notable personalities, who shared their views. Others who also spoke at the event included Edem Duke, Segun Awolowo, and the Vice President of the Council, Engineer Antonio dos Santos Domingos, among several others. Obasanjo, who called for increased bilateral relations between Nigeria and Angola, said the meeting focused on the potential for enhanced collaboration between the two countries. According to Obasanjo, who was also a special guest of honour at the event, emphasised the need to boost trade volume within Africa, reflecting a commitment to advancing economic partnerships on the continent. He advised that attention should be on African countries’ benefits from their own products, as it aligns with the goal of promoting intra-African trade and economic self-sufficiency He expressed concerns about infrastructure deficits, particularly in transportation and highlighted the challenges that needed to be

addressed to facilitate seamless trade between nations. Secretary of the National Action Committee of AFCFTA, Nigeria, Olusegun Awolowo, said the lack of Foreign Direct Investment (FDI) between Nigeria and Angola underscored the untapped potential for economic engagement between the two largest oil exporters in Africa. “Sadly, there is no Foreign Direct Investment (FDI) between Nigeria and Angola. This means trade between the two biggest oil exporters is zero, and this is not good enough.” Speaking on the efforts to address trade barriers and streamline visa processes, the President of the Angola-Nigeria Business Council, Ejindu, called for a positive step toward fostering smoother trade ties between Nigeria and Angola. According to her, the support from Angolan government authorities further reinforced the potential for progress in this regard. A former Minister of Finance in Angola, Armando Manuel, said a positive assessment of the recent diplomatic-business investment meeting signalled the fruitful nature of the discussions and the potential for tangible outcomes in the near future. “We are awaiting Nigerian investors to come to Angola because we already have the expertise in various sectors,” he said. Saraki, who was a patron of the council, encouraged that stakeholders of the council in Angola and Nigeria should walk the talk and commence action immediately to encourage investment between the two countries.

MONDAY FEBRUARY 5, 2024 • T H I S D AY

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

GOVERNOR OF THE YEAR (COURAGE IN LEADERSHIP)... L-R: Managing Director/Editor-in-Chief, New Telegraph Newspapers, Ayodele Aminu; chairman of event/former Director-General of Nigerian Maritime Administration and Safety Agency, Hon. Dakuku Peterside; and governor of Enugu State, Dr. Peter Mbah, during the presentation of the New Telegraph Governor of the Year (Courage in Leadership) Award to Governor Mbah in Lagos at the weekend

APC Wins Delta Assembly Seat, Defeats PDP Sylvester Idowu in Warri The Delta State House of Assembly candidate of the All Progressives

Congress (APC) for the Burutu State Constituency 1, Alapala Anthony Ebitonmo, has been declared winner of the rerun election held

on Saturday He defeated the Peoples Democratic Party candidate, Asupa Forteta.

The Independent National Electoral Commission declared Alapala winner of the poll yesterday, ahead of Forteta, in the rerun

PDP Wins 4 Assembly Seats in Bauchi Segun Awofadeji in Bauchi The independent National Electoral Commission (INEC) has declared the Four candidates of the Peoples Democratic Party (PDP) winners of the Bauchi State House of Assembly re-run elections. The rerun elections were held in 42 polling units across Three local government areas of Bauchi, Katagum and Ningi for the state assembly constituencies. INEC announced the results of the polls on yesterday at its

Collation Centres in the three local government areas headquarters. The Returning Officer for Madara/ Chinade Constituency, Prof. Ahmed Abdulkadir of Abubakar Tafawa Balewa University (ATBU) Bauchi, declared Dr Ala Ahmed of PDP the winner with a total vote of 13,920 to defeat his closet rival, Dantali Ali of APC who polled 9,710 votes. In Bauchi Central, the Returning Officer, Prof. Ismail Shehu of ATBU declared, Jamilu Dahiru as the

winner with a total votes of 1, 857 while his closet opponent of APC, Aliyu Abdullahi polled a total of 858 votes. INEC officially declared the immediate former Speaker, Abubakar Y Suleiman as the winner of the Ningi State Central Constituency. The Returning Officer for the constituency, Prof. Ahmed Abdulhamid of ATBU said Suleiman of PDP scored 11785 votes to defeat his opponent from APC Khalid Ningi who polled a

total of 10,339 votes. But the Returning Officer for Zungur/Galambi State Constituency, Prof Adamu Samaila of ATBU declared Yusuf Ahmed of Peoples Democratic Party as the winner with a total of 2,233 votes to defeat his closet opponent, Ibrahim Yuguda of APC who polled a total of 1, 928 votes. The votes polled by each of the candidates at the rerun election was added to the votes scored by the candidates during the March 18, 2023 general elections.

INEC Suspends Electoral Officer in Plateau over Missing Ballots, Protest Rocks Jos Seriki Adinoyi in Jos The Independent National Electoral Commission (INEC) has suspended its Electoral Officer (EO) for Jos North Local Government Area, believed to be complicit in the circumstances surrounding the disappearance of ballot papers in 16 polling units in the local government on Saturday. This was as the supporters of

People’s Redemption Party (PRP) protested against the continuation of election on Sunday in some areas of Jos North LGA. In a letter signed by Head of Department, Electoral Operations of INEC, Isah Abah Idakwo, the commission directed the EO to hand over to the local government supervisor, Elekwa Onyemauche. The letter read: "You are directed to step aside from office to enable the commission

carry out proper investigation on circumstances that led to the missing of Federal House of Representatives ballot papers in 16 polling units in your local government. "You're further directed to hand over to Barr. Elekwa Onyemauche the Local Government Supervisor and the two RA Supervisors in Tudun-wada/Kabong and Naragutta-B (EO Shendam and EO Kanke LGA respectively) to

coordinate and complete the remaining process." Meanwhile, the protesters said by continuing the voting exercise on Sunday after voting had earlier ended on Saturday, they had lost confidence in the credibility of the enter process. Meanwhile, collation of ballots continued on yesterday evening after conclusion of voting in the 16 polling units where voting were postponed.

APC Wins Ebonyi South Senatorial Re-run Benjamin Nworie in Abakaliki

The APC candidate in the Ebonyi South senate rerun, Prof. Anthony Ani, has been declared winner of the bye-election. Announcing the result in

Afikpo Local Government Area of the state, the Returning Officer, Eze Uchechukwu, said, Ani won with 46,270 votes, to defeat his closest rival, Ifeanyi Eleje of APGA who got 3,513 votes.

The PDP candidate, Silas Onu polled 2,783 votes while Mr Linus Okorie of the LP scored 2,710 votes in the election. Governor Francis Nwifuru, has congratulated Ani on his victory in the election.

The governor, in press statement by his Chief Press Secretary, Dr. Monday Uzor, described the victory of Ani as a testament of the people's implicit confidence in the candidate and the All progressive Congress.

In Curious Moves, PDP Uses ADP to Trash APC in Plateau Chuks Okocha in Abuja In what appeared some political masterstroke in the recent Plateau rerun election, the Peoples Democratic Party (PDP), used the Action Democratic Party (ADP) to trash the All Progressives Congress Party (APC). By leading in five of the six local

government areas in the Plateau North Senatorial re-run, the ADP had put the APC to a distant second with the the support of the PDP which was excluded from the contest. Returning Officer for the exercise, Prof. Nestor Chagok, announced that the ADP candidate, Mr Pam Dachungyang, was already leading with 91,184 votes.

The APC Candidate, Mr Chris Giwa, came a distant second with 31,183, while the Labour Party (LP) Candidate, Mr Gyang Zi, trailed behind with 20,395. The results showed that ADP won in all the five LGAs, namely Barkin Ladi, Bassa, Jos South, Jos East and Riyom. A breakdown of the results showed

that in Barkin Ladi, ADP polled 19,663, APC got 4,700 and LP 7,989 In Jos South, ADP got 38,605, APC 11,416 and LP 6,638 and in Jos East, ADP got 7,750, APC 2,817, and LP 2,725. In Riyom, ADP polled I2,130, APC 4,342, LP-1,942, while in Bassa, ADP scored 13,036, APC 7,908 and LP 6,101.

election held in Ayakoromor Unit 8, Oboro Unit 9, Enekorogha Unit 26, and Edegbene Unit 27. According to the INEC scorecard, Alapala beat Asupa, winning all units and scoring more than 50 per cent of the votes cast. The result showed that out of a total of 15,381 votes cast, 14,809 votes were declared valid, with Alapala polling 7,728 votes ahead of Forteta, who scored 6,616 votes, while 578 were voided. Alapala was subsequently presented with his certificate of return by the returning officer,

Prof. Arnold. Meanwhile, the Senator representing Delta South Senatorial District under the APC platform at the National Assembly, Senator Joel-Thomas Onowakpo, has congratulated Alapala. Onowakpo, in a press release posted on his X account, commended the electorate in Burutu “for their participation in the electoral process,” affirming the resilience of democratic institutions and the power of the people in shaping the state’s political landscape.

NNPP Wins Two Assembly Seats in Kano Re-run Ahmad Sorondinki in Kano The New Nigerian People's Party NNPP has won the two State House of Assembly seats in the just concluded rerun elections in the State. The Independent National Electoral Commission (INEC) declared Dr Alhassan Ishaq of the (NNPP) winner of the election in the Kura/Garun Malam Constituency. The returning officer of the election, Prof. Shehu Galadanchi, announced that Ishaq of NNPP polled 37,262 votes to beat Musa Daurawa of the All Progressives

Congress(APC) who scored 30,803 votes. Similarly, the INEC declared Bello Butu-Butu of the NNPP, winner of the re-run election held at Rimin Gado/Tofa State Constituency. According to the returning officer of the election, Prof. Ibrahim Tajo Suraj, Butu-Butu polled 31,135 votes to beat his opponent of the APC who received 25,577 votes. However, INEC has suspended the election in Kunchi /Tsanyawa after suspected political thugs hijacked election materials to an unknown location.

APC Wins Benue Assembly Rerun Poll George Okoh in Makurdi The All Progressives Congress (APC) candidate for the Guma I State Constituency in Benue, Mr Terwase Uche, has been declared winner of the rerun election by the Returning Officer, Professor Julius Ikya, in Daudu, Guma local government collection center. Ikya declared Uche as the winner of the rerun election on Saturday in Dauduby. Declaring the result, the returning officer said Uche polled 5,289 to defeat the PDP candidate, who polled 4,134 while the Labour Party (LP) candidate scored 2,833. The constituency has six council wards namely Mbabai, Mbadwem, Mbawa, Nyiev, Uvir and Mbayev Yandev. The outcome of the election is viewed as a triumph of Akume's men over the governor's men.

The governor and the SGF had been having a running battle on who controls the soul of the APC in Benue State. The disagreement led to the suspension of the APC Chairman in the state, Mr Augustine Agada, but was reinstated by the National Executive Committee of the party. According to a source, disagreement between the two started after Akume led the APC to victory at the governorship election in 2023 but shortly after, fell out with the governor who was his anointed candidate. He said Akume had demanded for some appointments to his men who contributed to the victory but was turned down by the governor for an unknown reasons. This also led to altercation between the governor and the APC stakeholders led by the National Assembly Benue caucus.

MONDAY FEBRUARY 5, 2024 • T H I S D AY

T H I S D AY ˾ MONDAY FEBRUARY 5, 2024

Acting Group Politics Editor DEJI ELUMOYE

POLITICS

Email: deji.elumoye@thisdaylive.com 08033025611 SMS ONLY

M O N D AY D I S C O U R S E As Aiyedatiwa, 18 Others Jostle for Ondo 2024 Guber Seat... Fidelis David reports that real politicking has started in Ondo state with Governor Lucky Aiyedatiwa and 18 other aspirants jostling for the governorship tickets of the All Progressives Congress and Peoples Democratic Party ahead of the November, 2024 gubernatorial poll in the Sunshine state.

Aiyedatiwa

oliticians in Ondo State including seasoned campaigners and neophytes who are hoping to upset the old order have heightened their tempo and political shuffle to pick the tickets of their parties ahead of the November, 2024 governorship election in the state. On December 27, 2023, Lucky Aiyedatiwa was sworn-in as governor of Ondo state following the death of the former governor, Oluwarotimi Akeredolu and thus, by law, Aiyedatiwa is expected to complete the joint tenure of late Akeredolu and himself by February 2025. Besides, Aiyedatiwa is also eligible to contest the November 16 governorship poll in the state and perhaps, with his ambition, he’s leaving no stone unturned to secure the parties ticket. Aiyedatiwa Dissolves Ondo Cabinet The governor has proven the adage that says the gentility of a lion is not a sign of cowardice, timidity or stupidity by dissolving the State Executive Council, last month. Many people believe that it took him so long to dissolve the cabinet while others believe that he should have waited until the remains of his former principal, Oluwarotimi Akeredolu is buried on February 23. They argued that the aloofness of the state government on the burial arrangements of the late governor shows that the fight between the camp of the former governor and Aiyedatiwa hasn’t ended. Aiyedatiwa’s decision came almost a month after he was inaugurated as the governor of the state, following the death of his principal, Mr Oluwarotimi Akeredolu (SAN) who died on December 27, 2023 after battling with prostate cancer for several months. This also came 15 days after the governor assured the people of the state that he’s not in a hurry to rejig the State Executive Council (SEC) as being rumoured. A statement signed by the Chief Press Secretary to the Governor, Ebenezer Adeniyan said all members of the Cabinet were to immediately hand over to the Permanent Secretaries or the most senior administrative officers in their respective offices, stressing that all Senior Special Assistants (SSAs) and Special Assistants (SAs) are also relieved of their duties, with immediate effect. He subsequently announced the nomination of a former Deputy Clerk to the National Assembly, Olayide Owolabi Adelami as the deputy governor of the State. The nominee was subsequently confirmed as the number two citizen of the state after screening by the State House of Assembly. Adelami is from Owo Local Government Area of the State where the former governor, Akeredolu hailed from and he contested the 2020 governorship election in Ondo State under the platform of the All Progressives Congress. The following day, the governor also announced the appointment of Tayo Oluwatuyi as the Secretary to the State Government (SSG)

Ebisemi and Mr. Abayomi Olasanya as the Chief of Protocol. Oluwatuyi worked briefly as Ondo SSG under Akeredolu’s administration but was later replaced with Mrs Oladunni Odu. Also, last weekend, Governor Aiyedatiwa reappointed four out of the Commissioners sacked from the members of the State Executive Council (SEC) the previous week. They include Barrister Akinwumi Sowore; Mrs. Omowumi Isaac; Engr. Razaq Obe; Mr Emmanuel Igbasan and Mr. Oseni Oyeniyi. He also appointed renowned legal practitioner, Olukayode Ajulo. Others include former member of the State House of Assembly, Hon Olugbenga Omole as Special Adviser on Information and Strategy; Mrs. Olamide Falana, Special Adviser on Gender Affairs and Mr. Alabi Johnson, Special Adviser on Energy. The Electoral Umpire For the electoral body, Chairman of the Independent National Electoral Commission, Prof Mahmood Yakubu last Tuesday re-echoed that Ondo Governorship election will hold on Saturday, 16th November 2024 while party primaries will hold from 6th – 27th April 2024 in line with Section 178 (2) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended). Besides, INEC said the submission

Odu

Akinterinwa

of the list of nominated candidates via the online portal will start at 9.00am on 29th April 2024 and close at 6.00pm on 20th May 2024.

Nigerian Defence Academy, Brigadier-General Olumide Felix Ohunyeye (rtd), business mogul and incumbent Senator representing Ondo South Senatorial District, Jimoh Ibrahim. Others include former Commissioner for the Environment in the state, Mr Sola Ebisemi; two-time governorship candidate in the state (2012 and 2016), Olusola Oke; the Executive Director (Engineering and Technical Services) at Niger Delta Power Holding Company Limited, Engr. Ifeoluwa Olusola Oyedele; APC National Vice Chairman (Southwest), Isaac Kekemeke; former President of the Nigeria Medical Association (NMA), Prof. Adedayo Faduyile; Dr Paul Akintelure, Mr. Olusola Iji, Hon. Jimi Odimayo and Mr. Matthew Oyerinmade.

Battle for District Supremacy However, a major hurdle looms for political parties in the state as, the selection of candidates from the senatorial districts, particularly amid the claim by Ondo South Senatorial district that it is their turn to produce governor. In other words, going by the “unwritten” zoning arrangement in the state, the next governor of the state is expected to emerge from the south senatorial district where Aiyedatiwa hails from. Therefore, the party’s primary might be a battle for district supremacy. Some political pundits propose an open competition for governorship ticket based on competence and capacity but others believe that for fairness, equity, and justice, Ondo South deserves the opportunity, given its significant contribution to the development of the state. But, for now, there are no fewer than 18 aspirants from both the APC and opposition Peoples Democratic Party (PDP) jostling to take over from Aiyedatiwa, whose tenure ends on February 24, 2025. The aspirants are made up of old guards and new entrants. They include former Commissioner for Finance in the State, Mr Wale Akinterinwa; Secretary to the state Government (SSG), Mrs Oladunni Odu; former member of the House of Representatives, Hon Mayowa Akinfolarin; former member who represented the State on the Governing Board of the Niger Delta Development Commission (NDDC), Olugbenga Edema; former Director of Finance at the

For now, there are no fewer than 18 aspirants from both the APC and Peoples Democratic Party (PDP) jostling to take over from Aiyedatiwa, whose tenure ends on February 24, 2025. The aspirants are made up of old guards and new entrants. They include former Commissioner for Finance in the State, Mr Wale Akinterinwa; Secretary to the state Government (SSG), Mrs Oladunni Odu; former member of the House of Representatives, Hon Mayowa Akinfolarin; former member who represented the State on the Governing Board of the Niger Delta Development Commission (NDDC), Olugbenga Edema; former Director of Finance at the Nigerian Defence Academy, Brigadier-General Olumide Felix Ohunyeye (rtd), business mogul and incumbent Senator representing Ondo South Senatorial District, Jimoh Ibrahim. Others include former Commissioner for the Environment in the state, Mr Sola Ebisemi; a two-time governorship candidate in the state (2012 and 2016), Olusola Oke; the Executive Director (Engineering and Technical Services) at Niger Delta Power Holding Company Limited, Engr. Ifeoluwa Olusola Oyedele; APC National Vice Chairman (Southwest), Isaac Kekemeke; former President of the Nigeria Medical Association (NMA), Prof. Adedayo Faduyile; Dr Paul Akintelure, Mr. Olusola Iji, Hon. Jimi Odimayo and Mr. Matthew Oyerinmade.

Akinterinwa Gets Rousing Welcome Apart from Aiyedatiwa, a strong contender for the All Progressives Congress (APC) governorship ticket is a financial expert and former Commissioner for Finance in Ondo State, Mr Wale Akinterinwa. Although, he hasn’t formally declared his interest in the race but recently, he was received by his admirers across the State at the Akure Airport after returning from Abuja. The former commissioner, who hails from Oke-igbo/Ile Oluji Local Government Area of the state was said to be attending the Federal Accounts Allocation Committee in Abuja when the state governor, Mr Lucky Aiyedatiwa, dissolved the State Executive Council. However, Akinterinwa who had worked with Lagos State Development and Property Corporation (LSDPC) as the Special Assistant on Finance, Investment and Strategy to the Managing Director between 1999 and 2002, was welcomed by supporters, APC leaders, and residents who trooped out to catch a glimpse of one of the governorship aspirants. The people of the state from across the 18 local government areas of the state stormed the Akure Airport as early as 9:00 am to welcome the Ile-Oluji-born financial expert in appreciation of his meritorious service to the state. Addressing the mammoth crowd, Akinterinwa appreciated the people for their love for him and promised to reciprocate the love they had for him, saying, “I am humbled by your perseverance. You have been here since morning. I came late due to a delay in my flight as a result of poor weather. A lot of flights were canceled due to the weather. “We had the opportunity to fly when the weather became clear enough and approved by the authority. I know you have been waiting for about eight hours to express your appreciation to me after my meritorious service to our state for about seven years. Your gesture is a testimonial that when you do well, people will appreciate you. This is a manifestation of better things to come.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

THISDAY • MONDAY, FEBRUARY 5 , 2024

PERSPECTIVE A Word on Nigeria’s Deadly Enemies Banji Ojewale

ur leaders are our deadliest enemies. Not given to altruism, these leaders don’t also subscribe to the law of the power of example. This is the golden rule insisting that rulers aren’t graded great until they exhibit selfless, sacrificial and Spartan conduct that sparks same virtues in the citizens. But our leaders, elected, selected or “dictated,” believe in the precept of the example of power. Here, the goal is, as you grab power, you must dig in, you must live in it and flaunt it and extend its frontiers like you’d be in its embrace forever. They invest their all in it, nursing it with a lusty affection that outlaws competition or regard for other existential concerns. They bequeath a depressed economy after fattening their personal bank accounts and acquiring more property than they had at the point of entry. They exploit the led and desecrate their sacred office. They arrange a superannuation that glides them into a lifetime of cloying affluence and luxury. It’s the reason our rulers disengage from public office into private opulence. In retirement, they become epicurean billionaires in a land rated as the global epicenter of poverty. When they drop out of public office, they boast of 50-room palatial mansions, yachts, exotic vehicles, private jets etc., forming oases of their ilk here and there. Yet, the leader humanity would honour must leave office a poorer man than when he comes in, even if he’s bearing the tale of one born with the proverbial golden spoon. When you’re ruling the overwhelmingly poor, you don’t take sumptuous meals while they feed from the trashcan. You’re not to play the dandy in the midst of those in rags, as it were. Whether in your closet or in the open, you must relate (acclimatise) with their indigence, regardless of your aristocratic background or the lifetime harvests from your depthless severance benefits. That’s the price of genuine leadership. But Nigerian leaders don’t see serving the masses in the light of sacrifice, of self-abnegation, of selfabasement. For them it is to gain weight, enlarge harem, add so-called side chicks, cultivate sybaritic habiliment, change wardrobe and eating habits to match new patrician status and gargantuan tastes, wire money abroad in savings and for indulgence homes and, finally, move into the phase of hedonistic hallucinations about life in an idyllic future. These engagements put our leaders in an alien and broken world. They deliver great homilies on nationalism and religion and sacrifice. But alas, they won’t drop their ornate robes to reflect their oration. They copiously quote the Scripture; but they fail to follow its teachings. They read of the abstemious lives of the prophets; but they don’t take after them. They don’t duplicate the noble life

Tinubu of a personality called Nehemiah, a governor in Bible-time Israel. He rejected the legitimate dainties of office because he met a people in the arms of death, the same forlorn conditions in which our current administrators met us last year. He declined the offer of “the bread of the governor” together with daily provision of “one ox and six choice sheep; also fowls were prepared for me, and once in ten days store of all sorts of wine”. Nehemiah said he couldn’t live in such splendor when his compatriots were locked in squalor. He said, “The bondage was heavy upon this people.” His pillaging, parsimonious and parasitic predecessors had pauperised the land with their avarice. It was the suffering masses’ blood-robed toil that provided for the masters’ table. Sadly, the leaders’ conscience didn’t quake as they gobbled the product of the poor! If our leaders don’t read the Scriptures, wouldn’t they have read about a Kwame Nkrumah, Ghana’s first president and foremost Pan-Africanist? After the coup of 1966 displaced him, his traducers turned local and international commercial banks inside out to bring out evidence that Nkrumah was a corrupt leader who deceived

the people with his socialist ideology. They got none, because he didn’t have any. Like Nehemiah, Osagyefo Kwame Nkrumah led a Stoic life, to serve his people. He rejected so-called personal allowances, even if there were legalised or admissible excuses to use them. The revolutionary has been quoted as saying, “I refused to accept, as a political gesture, any of the expense allowances allotted to the President by law…If my Will had been published…, it would have shown that I left nothing even to my own family but bequeathed everything I did possess to the Party and the State.” The money he had after office was royalties from his numerous books, which were paid into a bank in the UK. When he died in exile in April 1972, more of this austere life came to light. His remains were to be interred at his hometown, Nkroful, a small village in southwest Ghana. The military regime of Ignatius Acheampong was horrified to learn that the road to the home of this revered African statesman wasn’t motorable. Worse, what passed for the abode where Nkrumah’s aged mother lived was only a shade above a shed. The junta wouldn’t stand presenting these “eye-sore” scenes to the world leaders who would be attending Osagyefo’s funeral in July 1972. So, hurriedly, within weeks, they “civilised” the access routes to Nkroful and gave Madam Nkrumah’s home a facelift, to enable it face the VIPs coming to honour a greater VIP. Late Gbolabo Ogunsanwo, the remarkable Nigerian Sunday Times editor and columnist, once returned to Lagos from a visit to Tanzanian President Julius Nyerere in Dar es Salaam, with the report that the home of a middle level civil servant in Nigeria had more totems of civilisation and luxury than that of the man who has blazed into history as one of Africa’s greatest leaders. But Nigerian leaders are exemplars of power. This is our chief curse. Our leaders, bereft of the power of example, have poured themselves into the citizens, teaching us to follow their lifestyles of corrupt enrichment, in public or private. We’re all reflecting our leaders’ materialistic penchants: greed, corruption, power-snatching for oppressive rule for keeps and illicit and exhibitionist wealth etc. It’s the reason all the society has gone under. Whichever way you turn, the singsong is, The beautiful ones are not yet born. (Ayi Kwei Armah). The bandits, kidnappers, assassins, yahoo boys and girls, ritual killers, armed robbers, embezzlers, fake prophets, raiders of the national treasures, compromising security personnel and civil servants, are all perfect replicas of those in power.

These leaders, whether in politics, security sector, traditional institutions, judiciary, religion, industry, academia, the professions etc. are Nigeria’s deadliest enemies because they recreate citizens larger than their own image who turn in gratuitous violent vengeance on the people. They entrench a rat-race system that encourages a destructive lust for power and wealth. They make room for those succeeding them in office to seek to outdo them. Therefore, the malcontents of the society in the name of bandits, unknown gunmen, prostitutes, online fraudsters, false prophets, etc., are merely the outcrop of gaudy leaders who give more time to addressing their leviathan tastes than to caring for the majority poor in the land. Meagre funds are released for strategic infrastructural development and welfare of the masses, because a larger chunk is retained exclusively for the leaders, leaving the society impoverished, unsecured and at the mercy of marauders unyielding to reason or patriotism. The wealth of society is headquartered in the rulers through a corrupt wage structure that ensures those in government and their cronies are richer than the creators of wealth. Thus, the state is rich, but the citizens are rendered miserably poor. One way out of this national conundrum is to abolish salaries and allowances altogether for political office holders. Let those coming into office and their families be cared for by the state. They should make use of public schools and government hospitals. Only acute medical conditions would necessitate overseas attention at state expense. There should be no wardrobe or vehicle allowances for them; nor should there be vacation abroad for those who opt to govern us. Public office shouldn’t be where to make money. It’s not where to invest N350 million for a seat in the House of Representatives and seek to gain some billions of naira at the end of four years or so. Public office is where you give to the public, not where you take from it. You leave there a poorer person. Secondly, we must get those who want to lead us to submit to the scales. We must record their weight as they come in. As they exit, we take the stats again. Have they lost weight to suggest they’ve been toiling sleeplessly for the people? Or they’ve put on furbished flesh to tell the tale of tainted integrity and failed leadership? These measures should help sanitise the system in three ways: big money would be freed for more of society as we wouldn’t have a humongous and bottomless wage bill for government; two, only selfless and patriotic citizens would be attracted to the hallowed business of serving the nation; three, we would no longer be having a venal class generationally giving birth to its own small class of preying gourmands. •Ojewale is a writer in Ota, Ogun State.

NEWS

N7bn Terror Funding: Shari’ah Council Demands Full Disclosure by EFCC Onyebuchi Ezigbo in Abuja The Supreme Council for Shariah in Nigeria (SCSN), has urged the Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, to urgently reveal the identity of the religious body allegedly sponsoring terrorism/insurgency with 7billion. The Council also expressed dismay over the composition of security committee set by the Plateau State Governor to investigate the violent attacks and killings in the state, describing it as biased against the Muslim. In a statement by the president of the council, Sheikh AbdurRasheed Hadiyatullah, and the Secretary General, Malam Nafi’u Baba Ahmed, the group said the EFCC should not hesitate to name religious group associated with the criminal act. “Regarding the recent disclosure by the Chairman of the Economic and Financial Crimes Commission (EFCC) about religious groups sponsoring insurgency in Nigeria, the Council demands the Commission to disclose the identity of the religious body allegedly sponsoring terrorism/insurgency with 7billion out of 13 billion traced to its account. “This revelation has sent shockwaves across the nation, raising concerns about potential fund misuse for activities threatening Nigeria’s peace and security,” he said. The Shari’ah Council further said the gravity of

the situation called for immediate public clarification of the group and decisive action to address the disturbing nexus between religious groups and insurgency. “Accordingly, we urgently call upon the EFCC to

publish the list of all sponsors involved in criminal activities. The alleged disclosure of 7 billion linked to a religious group’s account is a matter of grave concern, and citizens demand proper legal action against sponsors and those found complicit in

financing activities undermining the nation’s security. “We further call on the EFCC to expedite the release of the list of sponsors and collaborate with relevant authorities to ensure prompt legal actions are taken,” it said.

Kidnappers of Wife of Murdered Kwara Monarch Reduce Ransom Hammed Shittu in Ilorin Gunmen suspected to be kidnappers, who killed the Olukoro of Koro in Ekiti Local Government Area of Kwara State, Oba Segun Aremu-Cole, who had earlier placed the payment of N100 million for the release of the deceased’s wife and another victim, whisked away during the incident, had reportedly reduced the ransom to N40 million. The late Oba Aremu-Cole was shot dead at his palace in Koro town last Thursday night after his return from a security meeting at Osi, the headquarters of Ekiti council by some suspected kidnappers, who invaded the palace. Since then, the state police command had swung into action in a bid to arrest the suspected kidnappers. The police and other security agencies had also taken over the town to ensure peace while efforts to arrest the culprits were ongoing. THISDAY learnt, weekend, that the suspected

kidnappers had reached out to the family of the late monarch through a beer parlour operator in the community. It was further learnt that, the kidnappers freed one of the abductees, an 87-year-old man on account of old age. A source, who sought anonymity told THISDAY that the kidnappers got the telephone number of the beer parlour operator from his female staff, who was also abducted on the fateful day. However, Chairman of the Transition Implementation Committee (TIC) of the Ekiti council, Mr Kayode Bayode, who spoke with newsmen at the weekend confirmed that the kidnappers had placed N100m ransom on the late monarch’s wife. “Yes, they have contacted the family demanding for N100m ransom before they will release them. “But we are still on the issue for now. That is all what I can say for now. Though there is still panic in the community, the heavy presence of security

men has helped to calm the situation.” Latest reports have showed an alleged reduction in the ransom. Reacting to the development, the immediate past governor of the state, Alhaji Abdulfatah Ahmed has urged the security agencies to fish out those that killed the Oba and kidnapped his wife. In a statement in Ilorin and personally signed, he said he was profoundly shocked and grief-stricken by the tragedy. Also, the state chapter of the Peoples Democratic Party(PDP), weekend, joined stakeholders in the state to call for the arrest of the killers and the immediate release of his wife and others abducted. The PDP, in a statement by its publicity secretary, Mr. Olusegun Adewara, urged the security agencies in the state to brace up for the protection of the residents of the state saying that the insecurity in the state in the past few months have becoming alarming and uncalled for.

T H I S D AY MONDAY FEBRUARY 5, 2024 20 TR

UT H

& RE A S O

Monday February 5, 2024 Vol 27. No 10524

opinion@thisdaylive.com

www.thisdaylive.com

URGENT NEED FOR PRESIDENTIAL ADVISORY COUNCILS SONNY IROCHE argues the need for establishment of a Presidential Economic Advisory Council to advise government on myriad of economic issues

See page 21

WHAT’S DRIVING NGX? Investors should seek advice from stockbrokers on how to make informed decisions, writes SOLA ONI

See page 21 EDITORIAL

ADDRESSING THE CANCER SCOURGE

A leader must display a high sense of integrity and honesty at all times, argues KALU OKORONKWO

NIGERIA'S GOVERNANCE WOES Nigeria as a nation has constantly find itself grappling with a persistent and debilitating issue – the trifecta of lackluster leadership, a legal framework in disarray, and an ethical deficit that permeates its governance structure. The recent unravelling of more corrupt leaders further accentuates the unending woes that have plagued Nigeria's governance system. As each revelation comes to light, it serves as a stark reminder of the pervasive culture of corruption that has permeated the corridors of power, undermined the trust of the citizenry and obstructed the path to progress. The recent Betta Edu scandal for instance is evidence of lackluster leadership, legal vacuum, and ethical deficiency that has shaped the Nigeria’s conundrum. For the record, Edu’s malfeasance was not discovered by any internal anti-corruption mechanism but she was given away by disgruntled insiders who perhaps felt shortchanged by the sharing formula. The APC administration since 2015 has always paraded leaders who typify the struggle between genuine public service and the murky depths of unethical conduct. An effective leader must grapple with the intricate interplay between leadership, law, and morality. This is the moral obligation and responsibility of leaders to make decisions, act and conduct themselves in an ethical and principled manner. This is so because law and obedience to laws are the most important components of life. The distinguishing mark of a good leader is impeccable character because it is character that makes people to trust the leader. No one can buy or demand trust, it is given by the people in response to character. A leader must be fixed, predictable and stable and this results when leaders understand the relationship between leadership, law and ethics. At the core of ethical leadership lies the recognition that leaders bear a profound responsibility towards their followers, organizations, and society as a whole. This ethical imperative entails making decisions that uphold moral principles, respect human dignity, and promote the greater good. Leaders must navigate the complexities of leadership by constantly evaluating the ethical implications of their actions. s a leader, it is essential to align personal values with ethical standards. This alignment creates a moral compass that guides decisionmaking, even in the face of difficult choices. Leaders must have the understanding that ethical leadership not only improves organizational outcomes but also contributes to a just and compassionate world.

A leader must at all times display a high sense of integrity and honesty. While integrity is the unwavering adherence to moral and ethical principles, honesty on the other hand is simply the quality of being truthful, sincere, and straightforward in one's communication and actions. When leaders exhibit a high sense of fairness and equity which refers to the impartiality and consistency in decisionmaking, it ensures that everyone has access to the same opportunities and resources, regardless of their background or circumstances. Ethical leaders treat all individuals with fairness, respect, and equity. They avoid favoritism and ensure that decisions are made based on objective criteria, not personal biases. Nigerian leaders and most of their African counterparts lack the ability to assess the impact of their choices on stakeholders, the community, and the environment, and choose the option that aligns with ethical principles. This is what breeds corruption in the long run. Leaders who desire to make impact in the 21st century must embrace ethical culture which is the collective values, beliefs, behaviors, and norms that shape the moral character and conduct of an organization. As much as possible, leaders must avoid ethical dilemmas which are complex situations or moral conundrums where individuals or groups face conflicting moral principles or values, and any decision or action taken may result in ethical consequences. When ethical dilemmas are encouraged by leaders, there is often no clear-cut right or wrong choices, making the decision-making process challenging and requiring thoughtful consideration of the moral implications. Ethical leaders confront ethical dilemmas head-on and address them with courage and moral clarity. They are not afraid to make difficult decisions when ethics are at stake.

Leaders must also be guided by regulatory compliance which enable them adhere to the laws, regulations, policies, and standards that govern an industry, organization, or specific activities. When this becomes the case, individuals, businesses, and institutions meet the legal requirements and fulfill their obligations as set out by relevant authorities and governing bodies. Ethical leaders ensure that the institutions under their care comply with all applicable laws and regulations. They operate with a commitment to ethical business practices and corporate governance. Leaders should also be able to navigate the ethics and legal boundaries and this involves skillfully maneuvering between the requirements of the law and the principles of morality in decision-making and conduct. It requires individuals and organizations to strike a balance between legal compliance and ethical responsibility, ensuring that actions align with both the letter of the law and the spirit of ethical conduct. Successfully navigating legal and moral boundaries requires a deep understanding of the legal framework and a strong commitment to upholding moral values and ethical principles. While laws establish a framework for acceptable behavior, morality delves into the realm of conscience and principles. Ethical leaders must be cognizant of these distinctions and adept at navigating the fine line between legality and morality. While some actions may be legally permissible, they might not align with ethical principles. In such instances, effective leaders must choose the morally correct path, even if it means going beyond the letters of the law. Conversely, adherence to the law should never justify actions that compromise morality or ethical integrity. Nigeria stands at a critical juncture, where the challenges of lackluster leadership, legal shortcomings, and ethical deficiencies threaten the very fabric of its society. It is only through a concerted effort to address these issues head-on that Nigeria can unlock its true potential and embark on a path of sustainable development. The time for action is now, as the consequences of inaction are too dire to ignore. Only by cultivating visionary leadership, reforming the legal system, and instilling a strong ethical foundation can Nigeria hope to overcome the obstacles that have hindered its progress for too long. Okoronkwo, a leadership and good governance advocate, writes from Lagos and can be reached via kalu.okoronkwo@gmail.com

T H I S D AY

321

MONDAY FEBRUARY 5, 2024

SONNY IROCHE argues the need for establishment of a Presidential Economic Advisory Council to advise government on myriad of economic issues

URGENT NEED FOR PRESIDENTIAL ADVISORY COUNCILS Amidst the numerous security and economic challenges facing Nigeria, including terrorist attacks, kidnappings, and most recently, a shortage of foreign currency, it is imperative that the Tinubu administration takes immediate action to counter these trends. In a previous article, on security, I proposed the use of CCTV cameras, artificial intelligence, a proactive Police Force and drones to monitor areas with high criminal activities, a suggestion that I will not delve into further here. Instead, I believe it is also crucial at this point to address the front-burner economic situation that

unprecedented decline. The now privatized NNPCL, must now wean itself and shake off its old ways of running what ought to be a profitable going concern business. Consequently, I recommend the formation of a Presidential Advisory Council on Energy (PACE), chaired by the Minister of Petroleum Resources and comprising the Special Adviser of the president on Energy, Group Managing Director of the NNPCL, the CEOs of the top three indigenous energy companies, three former reputable top executives of the NNPC and top

our nation is currently grappling with. This task of proffering solutions to the myriad of economic challenges of Nigeria, especially the unprecedented devaluation of the Naira cannot be shouldered solely by government officials; it requires the expertise and knowledge of experienced technocrats and economic experts, working in consonance with government. Therefore, I propose the establishment of a Presidential Economic Advisory Council (PEAC), co-chaired by the Minister of Finance and the Coordinating Minister of the Economy, and the Governor of the Central Bank of Nigeria (who will still maintain his autonomy), that will analyze and align the government's fiscal and monetary policies, similar to the Assets and Liabilities Committee (ALCO) of a well-managed bank. The PEAC should comprise members from both the government and private sector, including the Governor of the Central Bank of Nigeria, Minister of Finance & the Coordinating Minister of the Economy, Minister of Budget and Planning, Minister of Industry, Trade & Investment, Minister of Interior, CEOs of about three of the Tier 1 banks in the country, the Director General of the Manufacturers Association, reputable economists, and a few respected ex-bankers. Furthermore, it is important to diversify the country’s sources of national revenue beyond crude oil. While we work towards this long-term goal, we must also prioritize immediate structural reforms to our economy. It is evident that the Nigerian National Petroleum Company (NNPC) has consistently fallen short of its OPEC quota, severely impacting the amount of dollars accruing to the Federation Account and causing the Naira's

Nigerian executives of the International Oil Companies (IOC). In order to address the seeming free fall of the Naira against all foreign currencies, it is essential for Nigeria to increase its crude oil production, while also conducting a thorough analysis of the benefits and drawbacks of our continued membership in OPEC. We must explore alternative options, such as bilateral cooperation and agreements, to determine if they offer greater advantages, than continued membership of OPEC. To reverse the worsening economic situation, we must think creatively and step outside the confines of conventional approaches. Additionally, the government must seriously consider reducing the size of the bureaucracy and combat the widespread corruption that plagues our country. Existing stringent punishments for corruption must be enforced, and the government must lead by example in implementing a belt-tightening strategy for the nation's economic recovery. We cannot afford to bury our heads in the sand like ostriches, ignoring the suffering of the Nigerian people. The time to act is now, before the dire consequences of an increasingly disgruntled citizenry become a reality. While we acknowledge that the current government inherited a financially depleted nation, the grace period will soon come to an end. As human memory is short, many Nigerians seem to have forgotten the origins of their hardships; all they desire now is economic restoration. Even the wealthy are now feeling the pain. Iroche is a financial and infrastructure consultant

Investors should seek advice from stockbrokers on how to make informed decisions, writes SOLA ONI

WHAT’S DRIVING NGX? $W WKH EDVLF OHYHO VKDUH SULFH RI D TXRWHG a long period of undervalue. According FRPSDQ\ LV GULYHQ E\ WKH FRPSDQ\ V to these market watchers, investors are performance, demand and supply and market also responding positively to the ongoing KHDUVD\ 7KHVH DOVR LQFOXGH WKH FRPSDQ\ V OHYHO HͿRUWV RI WKH 7LQXEX $GPLQLVWUDWLRQ WR RI HDUQLQJV EDVH DQG WKH SHUFHLYHG ULVN DQG reform the comatose economy through a opportunities associated with the company VHULHV RI PDUNHW UHIRUPV 7KHLU SRVLWLRQ LV through external factors such as a change in the further strengthened as investment in stock government policy. is forward looking. A company’s current 7KH ULVLQJ SURÀOH RI RXU SUHPLHU VHFXULWLHV UHVXOW LV KLVWRULFDO 7KHUHIRUH LQYHVWRUV EX\ market, Nigerian Exchange Limited (NGX), into the future of a company. DV WKH EHVW SHUIRUPLQJ ERXUVH LQ WKH ZRUOG +RZHYHU ERWK JURXSV DJUHH WKDW PDQ\ KDV GHÀHG WKH FRQFHSW RI -DQXDU\ (ͿHFW 7KLV stocks on NGX are grossly undervalued. is associated with market upswing at the 7KLV LV D IDFW WKDW VRPH RI XV KDYH DOZD\V EHJLQQLQJ RI WKH \HDU HVSHFLDOO\ LQ -DQXDU\ canvassed over the years. It is the same 7KH -DQXDU\ (ͿHFW LV DVFULEHG WR IDFWRUV VXFK DV reason that has encouraged foreign portfolio FRQVXPHU VHQWLPHQW \HDU HQG ERQXVHV WD[ ORVV investors to take position in our market KDUYHVWLQJ DQG \HDU HQG UHSRUW SHUIRUPDQFHV with their hot money. However, when Against the run of headwinds that impacted they spot a slight concern in the operating WKH JOREDO HFRQRPLHV ODVW \HDU 1*; FORVHG environment, they press their panic ZLWK D UREXVW UHWXUQ RI ZKLOH LQÁDWLRQ EXWWRQV DQG JR $OWKRXJK WKH\ DUH EDVLFDOO\ UDWH ZDV D MXVWLÀFDWLRQ WKDW RQH FDQ VSHFXODWRUV WKH\ FRQWULEXWH WR PDUNHW deploy investment in stocks to hedge against liquidity. Issues such as forex scarcity and LQÁDWLRQ ,W LV H[FLWLQJ DQG KLVWRULF WR QRWH H[FKDQJH UDWH ULVNV KDYH FUHDWHG D ELJ ULYHU WKDW IRU WKH ÀUVW WLPH LQ LWV \HDU WUDGLQJ WKH EHWZHHQ WKHP DQG WKH PDUNHW 7KLV KDV OHG to a paradigm shift in the share ownership of quoted companies on NGX. Indigenous investors are devouring stocks while FRUSRUDWH UDLGHUV DUH KDYLQJ D ÀHOG GD\ $GKHUHQFH WR FRUSRUDWH JRYHUQDQFH E\ the regulators and operators may have also endeared some high net worth investors into the market . Indigenous investors QRZDGD\V FRQWURO DERYH RI VKDUHV of quoted companies on NGX. By this, analysts are of the opinion that market FRUUHFWLRQ ZRXOG QRW KDYH VLJQLÀFDQW impact on share values. Indigenous investors are not agents of hot money and it is not as if they love NGX so much. ([FKDQJH·V $OO 6KDUH ,QGH[ KDV FURVVHG RYHU %XW UDWLRQDO LQYHVWPHQW GHFLVLRQ EDFNHG EDVLV SRLQWV 7KH ÀQDQFLDO SUHVV KDV EHHQ E\ VRXQG DQDO\VLV RI ULVN DQG UHWXUQ WUDGH KDYLQJ D ÀHOG GD\ ZLWK FUHDWLYH KHDGOLQHV RQ RͿ PD\ KDYH FRQYLQFHG WKHP WKDW GXULQJ the strong market performance LQÁDWLRQDU\ SHULRG OLNH WKLV LQYHVWPHQW 7KH EXOO GRPLQDWHG PDUNHW KDV OLWHUDOO\ in stocks is a hedging strategy to generate EURXJKW DERXW WZR GLYHUJHQW JURXSV IURP real return. Due to low interest rate, money WKH WRS PDUNHW DQDO\VWV :KLOH VRPH EHOLHYH LV PRYLQJ IURP WKH EDQNLQJ VHFWRU LQWR WKH WKDW WKH EXOOV UXQ PD\ EHFRPH D UHSOD\ RI WKH stock market. PDUNHW FUDVK RI GXULQJ FRUUHFWLRQ RWKHUV Last week, there were media reports of insist that the anticipated market correction VRPH VWRFNV WKDW RXWSHUIRUPHG LQÁDWLRQ ZRXOG EH QRUPDO 7KRVH ZKR TXHVWLRQHG WKH One of the top analysts said that 2024 rally explained that there was no relationship started with strong interest of Pension EHWZHHQ WKH VWDWH RI HFRQRP\ DQG WKH FXUUHQW Fund Administrators (PFAs), especially PDUNHW XSVZLQJ 7KHLU ORJLF LV WKDW ULVLQJ LQ WKH EDQNV VWRFNV DQG WKLV WULJJHUV UDOO\ LQÁDWLRQ UDWH KLJK H[FKDQJH UDWH IRUH[ VFDUFLW\ 7KH YDOXDWLRQ RI EDQNV LV EHOLHYHG WR ZLWK DWWHQGDQW HͿHFW RQ SURGXFWLRQ FRVW EH VXVWDLQDEOH 7KH VHFWRU LV VDLG WR EH unemployment, and shrinking purchasing XQGHUYDOXHG 7KHUH DUH ZKLVSHUV WKDW EDQNV· power of consumers are all indices of a FDSLWDO EDVH ZRXOG JR XS VLJQLÀFDQWO\ VWUXJJOLQJ HFRQRP\ 7R WKHVH REVHUYHUV ZKDW DQG WKHLU VKDUHV ZRXOG QRW WUDGH EHORZ WKHQ LV GULYLQJ WKH PDUNHW" 7KHLU FRQFHUQV N100 per unit. By this assumption, there FDQQRW EH LJQRUHG VLQFH TXRWHG FRPSDQLHV LV SRVVLELOLW\ RI VXVWDLQHG XSVZLQJ LQ WKH operate in the economy. It is expected that sector. But an analyst was reluctant to say ZKDWHYHU DͿHFWV WKH HFRQRP\ PD\ LPSDFW WKH VDPH DERXW WKH UHDO VHFWRU WKH RSHUDWLRQV RI WKHVH FRPSDQLHV 7R WKLV (YHU\RQH VHHPV WR EHOLHYH WKDW PDUNHW group, speculators have taken over the market. has to respond to the devaluation of the At one point, some of the analysts urged the Naira. But the Central Bank Governor, PDQDJHPHQW RI 1*; WR DSSO\ FLUFXLW EUHDNHU <HPL &DUGRVR KDV UDLVHG D UHG ÁDJ WKDW WKH a regulatory measure that suspends trading 1DLUD LV XQGHUYDOXHG :KR ZLOO EOLQN ÀUVW" RQ DQ H[FKDQJH IRU D EULHI SHULRG ZKHQ WKHUH Curiously, the stocks that are really moving LV H[WUHPH YRODWLOLW\ %\ VHFWLRQ RI WKH WKH PDUNHW DUH MXVW DERXW SHUFHQW RI WKH DPHQGHG 5XOH RI 1*; LI WKH $OO 6KDUH ,QGH[ quoted companies. PRYHV E\ D YDOXH SUHVFULEHG E\ WKH H[FKDQJH EHWZHHQ DP DQG D PLQXWH Oni, WUDGLQJ KDOW VKDOO EH DSSOLHG ,W ZDV IRUPHUO\ an Integrated Communications Strategist, ÀYH SHUFHQW PRYH LQ WKH $OO 6KDUH ,QGH[ Chartered Stockbroker and Commodities 7KH RWKHU JURXS VWURQJO\ EHOLHYHV WKDW %URNHU LV WKH &KLHI ([HFXWLYH 2΀FHU 6RIXQL[ the market is undergoing correction due to Investment and Communications

22 4

T H I S D AY

MONDAY FEBRUARY 5, 2024

EDITORIAL

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

ADDRESSING THE CANCER SCOURGE Government should create the enabling environment for tackling the disease

s in recent years, the 2024 World Cancer Day, commemorated yesterday was muted in Nigeria even though the disease is ravaging the country. While nobody knows what has happened to the cancer fund established in 2019 by the federal government, Nigeria recorded 124,815 new cases of cancer in 2020. The economic crisis in the country has further worsened the plight of cancer patients, according to the President and Chief ([HFXWLYH 2΀FHU RI WKH 1LJHULDQ &DQFHU 6RFLHW\ Adamu Umar. Although incidence of cancer has been on the increase in many regions of the world, mortality is relatively higher in countries like Nigeria due to the lack of access to treatment facilities, and late diagnosis, among others. According to the World Health Organisation (WHO), estimated incidences for the top ÀYH FRPPRQHVW W\SHV RI cancers in Nigeria are: breast cancer, cervical cancer, prostate cancer, non-Hodgkin lymphoma and liver cancer in that order. These cancer types and the other less common kill about 80,000 Nigerians every year. While the alarming rate of deaths from cancer points to the state of medical institutions, it is important for critical stakeholders to understand the danger the disease poses to the future of the country. It is bad enough that cancer is a terminal disease, it is worse when most Nigerian medical centres lack the diagnostic capacity to quickly detect and treat infections. That should encourage discussions on how to fashion both preventive and curative solutions at all levels of the society. With data showing that the cost of cancer treatment and management is not in sync with the income RI PRVW 1LJHULDQV VXͿHULQJ IURP DQ\ W\SH RI WKH disease, government and other stakeholders must put a framework in place to encourage early diagnosis DQG DFFHVV WR DͿRUGDEOH WUHDWPHQW DQG PDQDJHPHQW This would prevent late-stage diagnosis as well as

KHOS WKRVH VXͿHULQJ IURP WKH VFRXUJH WR JHW SURSHU treatment without them worrying over who pays the bill. Available statistics reveal that about 72 per cent of cancer patients in Nigeria pay out of pocket for their care. Fortunately, the country’s healthcare system is tilting towards Universal Health Coverage (UCH) with the establishment of the Basic Health Care Provisions Fund (BHCPF) and health insurance schemes at both the national and state levels. There is a need to inculcate cancer care into all UHC programmes since poor Nigerians cannot pay out of pocket. This framework must ensure Nigerians, irrespective of location, can access diagnosis, treatment and management of cancer, while government sets aside from the insurance pool, funding to tackle their challenges. Cancer is preventable and treatable during its early stage, and Nigerians deserve this. The most common cancers in adults include breast (16.5%), cervical (13.1%), prostate (9.4%), Colorectal (6%), and liver (4.6%), contributing to nearly half of the new FDQFHU FDVHV ´:LWK VLJQLÀFDQW GDWD FKDOOHQJHV FKLOGKRRG FDQFHU LQFLGHQFH LQ VXE 6DKDUDQ $IULFD LV estimated at 56.3 per million population” reveals the WHO. “Current projections indicate that Africa will account for nearly 50% of the global childhood cancer burden by 2050”. We believe that the task of saving its citizens from the cancer scourge remains essentially with government which must provide both the basic facilities to combat the disease and to create the enabling environment that can facilitate the collaboration of the private sector in tackling the menace. Increased awareness campaigns, improvements in public health and increased funding for health care initiatives - by government, donor agencies, and development partners - are all likely to lead to a decrease in the incidence of this killer disease. Nigerians themselves must also begin to imbibe the culture of regular medical check-ups so they can commence treatment of any diagnosed ailment promptly before it gets too late.

Cancer is preventable and treatable during its early stage, and Nigerians deserve this

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

T H I S D AY N E 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, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO TO SEND EMAIL: ﬁrst name.surname@thisdaylive.com

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

LETTERS INTERCONNECTION CHARGE SETTLEMENT IN THE TELECOM SECTOR The Nigerian telecommunications sector, a dynamic landscape driven by innovation and increasing connectivity, stands out as a high-performing industry within the country. It is, however, not without its share of challenges. The perennial issues around 'right of way', multiple taxation and absence of power persist. A new one is emerging in the realm of interconnection agreement settlements. An interconnect agreement, according to Wikipedia, is a business contract between telecommunications organisations to interconnect their networks DQG H[FKDQJH WHOHFRPPXQLFDWLRQV WUD΀F ,W LQYDULDEO\ LQYROYHV VHWWOHPHQW fees based on call source and destination, connection times and duration, when these fees do not cancel out between operators. Typically, interconnection agreements and the settlement are business-to-business (B2B) issue that would have little or nothing to do with the subscribers. But in extraordinary circumstances, it can involve the subscriber. The recent threat by the Nigeria Communications Commission (NCC) to permit one telecom operator to disconnect subscribers from another player brought the issue home to the subscribers. Thankfully it did NOT happen. But it is important, in light of recent events, to shed light on regulatory LQWULFDFLHV ÀQDQFLDO XQFHUWDLQWLHV DQG WHFKQLFDO KXUGOHV WKDW HQFXPEHU RU else aid the interconnection agreement settlement.

The challenges in settling interconnection charges stem from many things including the complex regulatory frameworks that oversee the Nigerian telecommunications sector. Despite the progress made in creating regulations to support interconnection agreements, enforcing these agreePHQWV IDFHV REVWDFOHV 6WDNHKROGHUV DUH FRQWHQGLQJ ZLWK FKDOOHQJHV UHODWHG WR FRPSOLDQFH LQWHUSUHWDWLRQ DQG WKH H΀FDF\ RI WKH UHJXODWRU\ ERG\ LQ HQsuring adherence to established guidelines. The NCC harps constantly on the importance of adhering to the terms and conditions outlined in interconnection agreements, urging Mobile Network Operators (MNOs) and telecom industry licensees to uphold these standards. Whether the operators listen is another matter entirely. Interconnection agreements, while crucial for fostering collaboration among telecom operators, can become breeding grounds for disputes. DisDJUHHPHQWV RYHU WDULͿ VWUXFWXUHV WUD΀F YROXPHV DQG RWKHU WHUPV RIWHQ lead to protracted negotiations. Resolving these disputes promptly is imperative for maintaining a healthy telecommunications ecosystem, yet the complexities involved can impede swift settlements. Elvis Eromosele, elviseroms@gmail.com

PRICE VERSUS VALUE 6L[ 0LFKDHO -RUGDQ VQHDNHUV KDYH VROG IRU 86 PLOOLRQ PLOOLRQ LQ $XVWUDOLD It does raise a question of value versus price. There is no value in them as shoes to wear as only one of each pair is being sold. Many objects have a price but lose value quickly, think of an icecream's value ÀYH PLQXWHV DIWHU LW ZDV ERXJKW Of course, anyone can buy whatever they want, at any cost, if they have the money although the wiser ones will think long term. In terms of value the six sneakers could SD\ WKH ÀUVW \HDU V VDODU\ RI EHJLQQLQJ teachers, if they can be found. As to which provides more value I, as an ex-teacher, think the 160 new teachers would be the better choice. Dennis Fitzgerald, Melbourne, Australia

MONDAY FEBRUARY 5, 2024 • T H I S D AY

T H I S D AY ˾ DAY FEBRUARY 5, 2024

CITYSTRINGS

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

Police Enforcement of Electronic Central Motor Registry and Its Many Controversies Following the ongoing enforcement of the Electronic Central Motor Registry, E-CMR, Information System certificates by the Nigeria Police Force, NPF, there have been several kickbacks from a few stakeholders in the country, the latest being from the Nigerian Bar Association Section on Public Interest and Development Law, NBA-SPIDEL, requesting for the Inspector General of Police, Kayode Egbetokun, to issue a directive, immediately stopping the issuance nationwide. Sunday Ehigiator writes that the crux of the matter for those opposing the enforcement was not just that it has become a cash cow at police checkpoints but also the hijack of the major function of the Vehicles Inspectorate Office as backed by law

he Central Motor Registry (CMR) was founded more than 60 years ago as a key instrument for maintaining data about motor vehicles. However, the way car crimes are evolving in the internet era necessitates a more expansive and sophisticated strategy. Introduction of the Electronic Central Motor Registry To bring the Central Motor Registry up to date with the reality of modern policing, the Nigeria Police digitalised it on January 1, 2023. In a statement, the force Spokesperson, Olumuyiwa Adejobi stated that the E-CMR was introduced as the sequel to the inauguration of the rejuvenated Central Motor Registry (CMR) Unit and flag-off of the first phase of the Stolen Vehicle Report Portal. He explained that the mandatory registration of vehicle information by the CMR introduced about seven decades ago and done manually was fraught with challenges which the CMRIS would now address. He added that the digitalised CMRIS would effectively serve the purpose of obtaining additional information from members of the public about stolen vehicles and populating the stolen vehicle database. “This is to ensure that vehicles to be registered by the CMR are not stolen and would aid investigation of stolen vehicles and vehicleassociated incidents. “Owners of motor vehicles and members of the public are hereby notified that the new procedure for requesting the NPF CMR service is to create a profile on the E-CMR portal via https://cmris.npf.gov.ng/ “Such services include Motor Vehicle Information, Change of Ownership, Change of Engine/Chassis/Body, Change of Colour, International Motor Vehicle Certificate and International Drivers’ Permit, among others. “The Inspector-General of Police (IGP) has directed the discontinuation of manual processing and issuance of all CMR documents/certificates and a migration to the digitalised NPF CMR platform. “Consequently, all CMR certificates hitherto issued by the Nigeria Police Force are no longer valid and are no longer recognised forthwith. “The IGP urges members of the public to cooperate with the police as the digitalised CMR platform will provide motor vehicle information for robust and proactive actions. This is particularly in crime prevention, detection, investigation, prosecution, and efforts made at enhancing national security,” he stated. Alleged Compliance Enforcement With that circular, the police kicked off enforcement nationwide. But soon, complaints began to spring up from motorists who claimed they had been extorted by the police over their non-compliance concerning the certificate. In fact, sometime in December 2023, the following message circulated online, “Nigerian police is at it again. This time around, it is what they call the Police Electronic Central Motor Registry (E-CMR) Information System. “It costs N5,000 and it is a yearly thing....A friend and colleague of mine parted with N40,000 for not having it when he was stopped at a police checkpoint on a highway somewhere in the Southeast. “They collected N40,000 with begging, something that would have been done with not more than N6,000. If you have not done yours, it takes about 20 minutes to do it online with the following information, your NIN, email address, phone number, vehicle registration number, chassis number, engine number,

The Inspector General of Police (IGP), Kayode Egbetokun vehicle colour, year of manufacture, model, make of the vehicle etc. “Just go to the NPF E-CMR website https://cmris.npf.gov.ng and follow the instructions to create a profile and make payment. The certificate will be sent to the email you provided. Then go to a business centre and print out a copy of shikena. “The breakdown of the cost is as follows: Fee N5,000.00, VAT N375.00, bank charges N190.00, printing, about N200, total cost about N6,000.00. The beauty of it is that you can do it in the comfort of your home any time any day. Don’t fall victim and spend unnecessarily, begging. “Do it now or meet someone who can do it to help you out. If you go to licensing offices or police stations to do it, they collect as much as between N15,000 to N20,000. “Where Police demand this is where they know that you do not have a choice (very lonely place and they know that you are at their mercy) other than to part with your hard-earned money. “If you claim ignorance, they have a copy to show you there. They don’t smile. Tell others, because information is power and many people are not aware of this and are falling victim every day.” Just this January, the National President, Committee For Defence of

Human Rights (CDHR), Dr. Kehinde Prince Taiga, also expressed concern over the manner in which policemen attached to some divisions in Delta state have taken advantage of the new electronic Central Motor Registry (e-CMR), to extort members of the public. He therefore appealed to the IGP to extend the time of its enforcement and embark on more sensitisation campaigns to enlighten the public on this online application process, as most drivers, especially those in remote areas are not smart phone friendly and do not have social media exposure to be well informed. NBA-SPIDEL's Position Reacting to the development through a letter directed to the IGP, Kayode Egbetokun, signed by NBA-SPIDEL Chairman, John AikpokpoMartins, and Secretary Funmi Adeogun, the group asked the IGP to issue an immediate directive requesting the discontinuation of the E-CMR registration and certificate issuance by the police across the country. They also demanded that the registration website and every other physical registration centre be shut down, and every money already collected from Nigerians be refunded to them within three days of receiving its notice. The group described the action as illegal, warning that failure, neglect or refusal to comply with the demand within seven days of the receipt of their letter would compel NBA-SPIDEL to seek appropriate sanctions in court against the IGP and the police.

In the coming days, we may consult other sister NGOs to bring up class litigation to quash this criminality by the police. We in HURIWA will be happy and willing to collaborate with the NBA-SPIDEL to challenge this illegality by the police in the court of competent jurisdiction

The letter reads: “The attention of NBA-SPIDEL has been recently drawn to reports all around the country that vehicle owners are mandated to register and obtain a CMRIS Certificate from the Nigeria Police for a cost of not less than N6,000. “NBA-SPIDEL also has it on good authority that the men of the Nigeria Police have since started enforcing compliance wherein purported defaulters have been made to part with their hard-earned money in thousands of naira. “In the light of these developments, the NBA-SPIDEL questions the legal propriety, which enables the Nigeria Police to issue CMRIS Certificates to vehicle owners, particularly when it is not clearly stated in any laws (at least to our knowledge) that the Nigeria Police has any authority to issue car licenses or certificates of any nature to vehicle owners after due registration of vehicles in the appropriate office. u “NBA-SPIDEL, therefore, stated that any such certificate being issued by the Police without any legal backing is outright illegal, null and void and, therefore, of no consequence. “The body of lawyers reiterated that the duty of the police in protecting the citizens and enforcing the law does not extend to collecting money and/or issuing certificates to vehicle owners. “The letter further noted: “Regrettably, the men of the Nigerian Police have since taken advantage of the ignorance of unsuspecting Nigerians by extorting large sums of money from them for failure to present the CMRIS certificate on demand during road search. This illegality has to stop immediately. “Consequently, the NBA-SPIDEL states that these acts of illegality must not continue unabated and therefore unequivocally demand that the Nigeria Police immediately stop the issuance and/or demand for the (CMRIS) Certificate.” CSO’s Reacts Reacting to the development, the National Coordinator, of the Human Rights Writers Association of Nigeria, HURIWA, Comrade Emmanuel Onwubiko, said, “We in the Human Rights Writers Association of Nigeria (HURIWA) see this as an unmitigated thievery and a brazen attempt by the police to hijack the major function of the Vehicles Inspectorate Office in the states of the Federation and the Federal Capital Territory. “Also, it is distressing that the police rather than focus on its main mandate which is law enforcement, prevention and detection of crimes and criminality, has deviated from these noble mandates and are now chasing shadows and window shopping for other ways of generating revenues for some contractors, consultants and top police officers who designed this unfortunate and illegal contraption they call vehicle registration. “Also, we need to realise that for cars that are imported into Nigeria through the ports, the owners are obliged to register with the Nigerian Customs Service and then further register with the VIO. “So, this duplication of payments imposed on motorists by the police is unacceptable, and we are asking Nigerians to reject this criminal policy whose intent is to extort motorists and car owners. “The Nigeria Police Force should be compelled to jettison this illegality and focus on fighting crimes and catching kidnappers who are making life unbearable for citizens. “In the coming days, we may consult other sister NGOs to bring up class litigation to quash this criminality by the police. We in HURIWA will be happy and willing to collaborate with the NBA-SPIDEL to challenge this illegality by the police in the court of competent jurisdiction.”

MONDAY FEBRUARY 5, 2024 • T H I S D AY

MONDAY, FEBRUARY 5, 2024 • T H I S D AY

This Week In Tech 08097710984 (WhatsApp only)

alekhuogien@yahoo.com

Nosa

Alekhuogie

Solebo: Africa Must Align with AI Revolution to Reduce Digital Gap with Other Continents In this interview with Nosa Alekhuogie, the Managing Director of Techstars ARM Labs, Oyin Solebo, talks about Africa’s growing tech potential and investment trends amid the current economic climate. Excerpts: Democratic Republic of Congo and Benin.

How does Techstars identify potential startups for investment? echstars, renowned as the most active preseed investor globally with investments in over 4,000 companies through its accelerators, employs a multifaceted approach to identify potential startups for investment. Leveraging its extensive global network and local community presence, Techstars encourages startups to apply for one of its 54 accelerator programs. Following a stringent selection process and thorough legal and due diligence, investments are made in selected startups. To engage early-stage startups worldwide, Techstars employs a dedicated pipeline team that utilises social media channels, startup-centric content, and online events. Additionally, Techstars fosters vibrant startup ecosystems by organising community events such as “Startup Weekend,” which has attracted over 1,000,000 participants globally. Furthermore, each accelerator program adheres to its unique investment thesis, prompting Techstars to leverage local networks for identification purposes. For instance, at ARM Labs Lagos Techstars in Lagos, Africa, Techstars utilises technology, data, and intelligence to identify African startups that cater to a growing population with increasing youth, income, and digital access. This involves hosting and recruiting events and office hours and collaborating with local ecosystem partners such as venture capitalists, incubators, educators, event organisers, and governmental bodies for referrals. Additionally, Techstars engages with local press to augment its startup identification efforts. Techstars emphasises collaboration as a catalyst for innovation, encouraging aspiring entrepreneurs and community members with strong startup ideas or networks to reach out for potential collaboration opportunities.

What challenges have you encountered in the African tech investment landscape, and how does your company navigate them? In acknowledging the universal distribution of talent juxtaposed with the uneven distribution of opportunities, the disparity is starkly evident, particularly within the African continent. The African tech landscape remains significantly underfunded despite projections indicating that by 2050, a quarter of the global population will be African. This demographic shift will profoundly impact various facets of life, ranging from global labour dynamics and trade patterns to geopolitical considerations. However, despite these projections, Africa currently only attracts a mere two per cent of the global venture capital funding pool. Consequently, local entrepreneurs often find themselves without adequate resources to launch and scale their innovative solutions aimed at addressing Africa’s most pressing challenges. Recognising that successful entrepreneurship requires more than just financial backing, Techstars goes beyond mere capital injection. Through our comprehensive 13-week programme, startups gain access to structured learning modules and invaluable mentorship opportunities. This support empowers founders to articulate their vision effectively, devise robust expansion strategies, enhance operational efficiency, craft fundraising strategies, and prepare for pivotal interactions with investors, partners, and other stakeholders crucial to their success. Moreover, our extensive network, comprising nearly 4,500 active mentors and over 9,000 alumni founders, serves as an invaluable resource accessible to all our founders. What is Techstar’s long-term vision for its role in the African tech ecosystem? At Techstars, we uphold three fundamental beliefs: that entrepreneurs are architects of a brighter future for all, that collaboration fuels innovation, and that groundbreaking ideas can originate from any corner of the globe. Nowhere are these principles more evident than on the African continent. With a staggering 22 per cent of Africa’s working-age population initiating new ventures, the continent boasts the highest density of entrepreneurs globally, as reported by the African Development Bank. Macroeconomic indicators underscore vast opportunities within the tech

Solebo sector, with projections indicating that by 2050, a quarter of the world’s workforce will reside in Africa. Moreover, the exponential growth in internet penetration, doubling over the past five years, coupled with the anticipated surge in smartphone adoption reaching 90 per cent by 2030, paints a compelling picture of Africa’s tech potential. Despite these promising prospects and Techstars’ position as a leading investor in African startups, the continent receives a mere two per cent share of global venture capital funding. Our mission is clear: to challenge this status quo. Are there speciﬁc technology sectors you believe will be particularly promising for venture capital in the coming years? I am firm in my belief that Africa’s tech ecosystem’s sustained growth and impact hinge on our adeptness in harnessing key macroeconomic trends shaping the continent’s trajectory. I am particularly enthused by sectors that wield technology, data, and intelligence to cater to a burgeoning population marked by youthfulness, expanding income levels, and increasing digital connectivity. Fintech remains a beacon of promise. Despite Africa hosting half of the world’s digital financial services users, a staggering 90 per cent of transactions still rely on cash, and approximately 66 per cent of adults remain unbanked. Yet, fintech extends beyond mere financial inclusion; it serves as a gateway to accessing other vital products and services such as healthcare, education, logistics, and energy through innovative offerings like embedded finance, pay-as-you-go models, lending, and asset finance. Healthtech emerges as another promising frontier. The recent State of Innovation Report by Techstars underscores entrepreneurs’ conviction in this sector’s enduring innovativeness. Consider that 1.5 billion individuals in Africa lack access to emergency and urgent care; the surge in smartphone adoption presents an opportunity for

them to access potentially life-saving resources with unprecedented ease. Cleantech garners increasing attention, propelled by the ambitious goals outlined in the UN Climate Change conferences (COP) to combat the climate crisis, enhance resilience in vulnerable communities, and achieve net-zero emissions by 2050. The establishment of climate-specific venture capital funds signals a growing influx of investment into this sector. Lastly, while AI remains a ubiquitous buzzword in global tech discourse, its potential in Africa lies not solely as a standalone sector but as a transformative force enabling businesses to enhance operational efficiency akin to the transformative impact of technology and data. Are there any emerging regions or countries you see as hotbeds for venture capital investment? Over the past decade, we have witnessed a remarkable surge in venture capital investment across Africa, soaring from virtually nil to over $4 billion in 2023. Notably, four countries have emerged as focal points for VC activity: Nigeria, Kenya, South Africa, and Egypt. However, there is a noticeable trend towards diversification in investment patterns. Rwanda is swiftly gaining prominence, propelled in part by the establishment of Kigali Innovation City—a visionary project aimed at hosting top-tier universities, research and development centres, and startups. Similarly, Tunisia’s stature is rising following the acquisition of Tunisian AI firm InstaDeep by German biotechnology powerhouse BioNTech. In Anglophone Africa, Ghana, Uganda, and Tanzania are also ascending as burgeoning hubs for investment. Concurrently, French-speaking nations are witnessing heightened investor interest. Notably, with global investment firm Partech securing the initial close of the largest Africa-focused fund at €245 million, headquartered in Senegal, we anticipate greater involvement from French-speaking countries such as the

How do you perceive the current state of the tech landscape in 2024, and what strategies do you believe will be pivotal in navigating and potentially thriving within this environment? Amidst a backdrop of macroeconomic and political volatility, the past year posed significant challenges for the tech sector in Africa and globally. Nonetheless, my outlook remains optimistic. In 2023, while investment in Africa’s tech startups saw a decline of 21 per cent to $4.1 billion (according to Briter Bridges), the number of deals surged by 11 per cent, surpassing 1080 plus. This trend suggests a burgeoning array of promising innovations emerging from the continent, albeit facing hurdles in sustaining growth and scale. Crucial to navigating these challenges is firstly, seeking mentorship. At Techstars, we tap into a vast network of over 4,000 mentors to empower visionary entrepreneurs in expanding their businesses and forging invaluable connections with mentors, fellow founders, investors, and industry luminaries. Secondly, startups must prioritise customercentricity. Previously, startups pursued aggressive customer acquisition strategies at any cost. However, enduring success lies in developing solutions that meet genuine customer needs and garner repeat business. Moreover, a keen focus on financial management and sustainable growth is imperative. Many startups falter due to cash flow mismanagement, overly reliant on securing additional funding rather than fostering a solid customer base. Hence, startups must streamline expenses and chart a viable path to profitability. Partnerships and collaboration serve as potent assets for startups. Our corporate partner in Nigeria, ARM, exemplifies the transformative potential of collaborative endeavours for mutual advantage. Lastly, startups must prioritise operational efficiency. Harnessing technology, data, and AI underpins this endeavour, empowering informed decision-making and cost-effective customer service delivery. How are emerging technologies like artiﬁcial intelligence, blockchain, or quantum computing inﬂuencing venture capital and investing strategies? AI is swiftly revolutionising global dynamics, and it is imperative that Africa remains at the forefront of this transformation to avoid widening the digital gap between the continent and the rest of the world. Illustratively, Nigeria is demonstrating a strong commitment to AI advancement. Recently, we had the honour of hosting Sam Altman, Chief Executive Officer of Open AI, in Lagos during his global tour, marking the sole African stop. Minister Bosun Tijani has also underscored the significance of artificial intelligence, with reports indicating the identification of over 6,000 Nigerian AI researchers—a move aimed at positioning Nigeria as a global leader in AI. Notably, certain investors are specifically targeting AI ventures in the region. I believe that these innovative technologies in Africa should be perceived as catalysts for enhancing operational efficiency in traditional business models and as formidable tools for addressing the continent’s most pressing challenges. At ARM Labs Lagos Techstars, we witness founders harnessing these technologies across various sectors, including fintech, healthtech, cleantech, B2B tech, logistics, and commerce. Last year, Techstars invested in 12 additional African startups. What should we look forward to in this new year? In the past year, our Lagos-based accelerator, ARM Labs Lagos Techstars, funded 12 African startups. Additionally, numerous African startups received investment through our other 53 accelerator programs worldwide, solidifying Techstars as the foremost investor in African startups. Looking ahead to 2024, we plan to invest in another 12 startups via the ARM Labs Lagos Techstars Accelerator, with applications opening in May. As we move forward, we anticipate Techstars will maintain its prominent role in the African tech ecosystem.

T H I S D AY ˾ MONDAY, FEBRUARY 5, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F E B R U A R Y

S & P INDEX

2 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 TO DATE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT FRIDAY, JULY 21, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Market Value of Seven Banks Plummet by N406.27bn on Profit-taking Activities

Kayode Tokede After several months of massive gains, the market value of Zenith Bank Plc, Guaranty Trust Holding Company (GTCO) Plc, and five others depreciated by N406.27billion in January 2024, following profittaking activities by investors, The other banks are: Access Holdings Plc, United Bank for Africa Plc, Stanbic IBTC Holdings Plc, and Fidelity bank Plc. Consequently, the Nigerian Exchange Limited Banking Index (NGX Banking) emerged as the worst performing index in January, dropping by 3.4 per cent Month-Till-Date (MtD) to 866.93 basis points the stock market closed

in January 2024 from 897.20 basis points it opened this year. Analysis of trading numbers showed that the stock price of Zenith bank recorded the highest decline in January 2024. The stock price of Zenith bank dropped by 9.18 per cent or N3.55 per share to close at N35.10 per share as of January 31, 2024 from N38.65 per share it closed for trading in 2023. Following Zenith Bank was GTCO that record second highest decline in market value in January 2024, dropping by N103.01 billion. GTCO’s stock price dropped by 8.6 per cent or N3.50 per share to N37.00 per share from N40.50 per share it opened for trading

this year. As FBN Holdings dropped by 7.86 per cent or N1.85 per share to N21.70 per share as of January 31, 2024, its market value was down by N66.41billion in January 2024, to join the top three losers in NGX Banking stocks on the Exchange. Further finding revealed that: Stanbic IBTC market value was down by N60.25billion; United Bank for Africa Plc (UBA) depreciated by N42.75billion, Access Holdings, N15.99billiion and Fidelity Bank declined by N6.4billion in market value as of January 2024. On the flip side, Ecobank Transnational Incorporated

(ETI) added N104.59billion in market value when its stock price appreciated by 27.27 per cent or N5.70 per share to close at N26.6 per share as of January 31, 2024 from N20.90 per share Reacting to NGX Banking index worst performance in January, the Vice president, Highcap Securities Limited, Mr. David Adnori stated that investors profit-taking activities impacted negatively on listed banking stocks on the bourse. “The banking stocks had propelled trading volumes that has trigged thee market. The listed banking stocks are always the most traded sector on NGX. GTCO, Zenith Bank, among others are larger movers in the market.

“A lot of investors bought these stocks early 2023 at lower prices. GTCO early 2023 was trading below N20.00 per share and Zenith Bank between N21-N22 per share. “When the stock price of these banks gradually appreciated, investors’ are of decision to take profit-taking while some opted to stay because of their 2023 earnings. “The CBN’s warning to banks to not utilise the foreign exchange (FX) revaluation gains realised from the 60 per cent devaluation of the naira to pay dividends or for other operational expenses and capital bank hike weaken investors holdings in banking stocks. “Nigerian banks command best fundamental of companies in the

stock market and the action of investors not connected to the fundamentals of listed banks. The decline in market value last month is connected to profit-taking by investors.” At the 58th annual Bankers’ Dinner in 2023, CBN Governor, Mr. Olayemi Cardoso, had said a stress test performed on Nigerian banks revealed that while they would withstand mild to moderate stress, they would be unable to service a $1trillion economy projected by President Bola Tinubu in seven years, hence the need for recapitalisation. The story continues online on www.thisdaylive.com

FX Revaluation, Interest Income Lift FBN Holdings, Stanbic IBTC, Five Others’ Profit to N703.3bn Kayode Tokede

Despite economic headwinds fuelled removal of petroleum subsidy, leading Nigerian banksFBN Holdings Plc, Stanbic IBTC Holdings and five others reported N703.3billion profit in the full year ended December 31, 2023. This represents a growth of 111.56 per cent from N332.43 billion profit reported in full year ended

December 31, 2022. Others are: Fidelity Bank Plc, Wema Bank Plc, Sterling Financial Holdings Company Plc, FCMB Group Plc and Jaiz Bank Plc. The impressive increase in profit declared by these seven banks is on the backdrop of significant increase in interest income on loans to customers, revenue from non-interest income and foreign exchange revaluation gain.

The 2023 financial year witnessed one of the highest inflation rate in Nigeria as the Central Bank of Nigeria (CBN) increased its Monetary Policy Rate to 18.75 per cent from 16.5 per cent amid tackling inflationary pressure. The CBN, Mr. Olayemi Cardoso had expressed that the assessment of the economy reveals significant challenges, including high and rising inflation, inadequate foreign

exchange supply, depreciation of the exchange rate, limited external reserves, weakened output, and high unemployment. “These challenges have led to increased interest rates, discouraging investments in productive activities. Within the banking system, high inflation has affected asset quality and solvency ratios. Additionally, the persistent depreciation of the naira poses a

significant risk for domestic banks with foreign exchange exposures, ”he said. The new administration led by President Bola Tinubu in its moves to unify the local currency saw naira closing 2023 at N899.39 against dollar from N448.55 against the dollar it opened for the year, as most leading banks in Nigeria benefited tremendously. Analysis of the banks’

unaudited results showed that FBN Holdings reported N310.01 billion profit in 2023, an increase of 127.43 per cent from N136.3 billion in 2022, while Stanbic IBTC Holdings declared N140.62billion profit in 2023, representing an increase of 74.2 per cent from N80.73 billion in 2022. The story continues online on www.thisdaylive.com

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 2 , 2 0 2 4 BONDS Change Updated Time DESCRIPTION Price Yield (%) February 2, ^13.53 230.00 2024 101.02 12.50 MAR-2025 ^12.50 22February 2, 98.47 13.40 0.96 2024 JAN-2026 ^16.2884 17February 2, 101.73 15.54 0.68 2024 MAR-2027 ^13.98 23February 2, 97.50 14.81 0.00 2024 FEB-2028 ^14.55 26February 2, 96.67 15.48 0.00 2024 APR-2029

BILLS MATURITY

Discount Yield

NTB 7-Mar24 NTB 11-Apr24 NTB 9-May24 NTB 6-Jun24 NTB 11-Jul24

5.50

5.53

February 2, 1.62 2024

6.44

6.52

February 2, 1.37 2024

7.20

7.34

February 2, 1.08 2024

7.95

8.17

February 2, 0.78 2024

9.25

February 2, 0.39 2024

8.89

OTC F X F U T U R E S

CPS

Change (%) Updated Time

MATURITY

Discount Yield

CRSL CP II 18-FEB-24

12.62

12.69

FLOURMILLS CP III 29-FEB-24

14.18

14.33

UACN CP VI 19-MAR-24

11.86

12.04

13.17

13.53

11.35

11.72

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

Change (%)

Updated Time

February 2, 1.79 2024 February 2, 1.71 2024 February 2, 1.57 2024 February 2, 1.40 2024 February 2, 1.41 2024

CONTRACT Current TENOR Contract Rate ($/₦) (MONTH) NGUS FEB 13 26 2025 NGUS MAR 14 26 2025 NGUS APR 15 30 2025 NGUS MAY 16 28 2025 NGUS JUN 17 25 2025

Updated Time

February 2, 2024 February 2, 2024 February 2, 2024 February 2, 2024 February 2, 2024

MONDAY, FEBRUARY 5, 2024 ˾ T H I S D AY

BUSINESSWORLD

NEWS

U.S-Nigeria Business Council Announces Collaboration with Nigerian Software, AI Engineers Raheem Akingbolu U.S.-Nigeria Business Council has announced collaboration with NigeriaN Software and AI Engineers for Launch of MyAI, a groundbreaking transactional Artificial Intelligence software. According to a statement issued by the council, copy of which was sighted by THISDAY, the initiative, which was Led by one of its members, Mr. Kayode Aladesuyi, aims to revolutionize the field of AI and robotics in Nigeria, the United States, and the United Kingdom. Aladesuyi is a Nigerian American entrepreneur and technologist and founder/CEO of MYai Robotics LLC and a member of the U.S.-Nigeria Business Council, had recently organised an exclusive team of Nigerian software and AI engineers

based in the US, UK, and Nigeria for the project. “This is the result of many years of challenging work to cultivate business relationships between Nigerians in the diaspora and at home. Our efforts at the USNBC are not restricted to exports and imports, but also to offer advice on the economy and other collaborative activities that can influence the development of technology, products, and services that will create employment and benefits for Nigeria, ”Executive Director/CEO, of U.S.-Nigeria Business Council, Titus Olowokere, said. He added, “This represents a remarkable leap forward in AI technology, offering advanced transactional capabilities and opening a world of possibilities for various industries. This cutting-edge software will enhance operational

efficiency, promote growth, and drive innovation in both public and private sectors. “As part of this joint effort, the U.S.-Nigeria Business Council and MYai Robotics will facilitate strategic partnerships, knowledge sharing programs, and talent development initiatives. Such endeavors will create a vibrant ecosystem that fosters collaboration, entrepreneurship, and skill enhancement in the AI and robotics domain.” “Another component is the “MYai Sales Agent”, a revolutionary usertrained sales AI that will redefine how businesses engage visitors to their website, a highly active voice AI capable of engaging hundreds of visitors simultaneously while delivering critical sales presentations and support services to visitors on a website daily.

NICCI, FICCI Sign MoU to Boost Nigeria, India Trade Gilbert Ekugbe The Nigerian Indian Chamber of Commerce and Industry (NICCI) and the Federation of Indian Chamber of Commerce and Industry (FICCI) have signed a Memorandum of Understanding (MoU) to boost the trade volume between Nigeria and India. At the signing ceremony, which was conducted virtually by the leadership of both parties reaffirmed their commitments to fostering economic relationships between both countries to increase the current volume of trade estimated at $15 billion. The Chairman, NICCI, Dr. Uduimo Itsueli, said the move is aimed towards a significant deepen-

ing of trade relationship between Nigeria and India, pointing out that as apex business advocacy institutions, they are both suitably positioned and resolved to deepen existing commitments, encourage the exchange of opportunities between its members, contribute to national prosperity and cooperation. He added that the signing is against the background of a notable string of events and high-level government visitations on both sides, which are indicative of the growth trajectory of Nigeria-India relations. He added, “By today’s signing ceremony, both organisations affirm the already established and immense future potentials of the extensive

commercial relationship between India and Nigeria. Bilateral trade flows between both countries are estimated at $15 billion.” According to him, NICCI provides a platform for Nigerian and Indian business organisations to identify and discuss issues of common economic and commercial interest among members and other stakeholders. He said the Chamber’s principle objective is to promote activities to encourage and stimulate investment by Indian companies in Nigeria, adding that NICCI’s activities are geared towards fostering a conducive environment for business engagement, investments and promoting trade facilitation.

US-based Group Begins Aerospace Engineering Training for Students in Kwara Chinedu Eze In its bid to stimulate students’ passion and interest in aircraft manufacturing and flying, a non-governmental organization, Project Sunshine, has embarked on another training of students in selected public secondary schools in Kwara State on aerospace engineering and aircraft manufacturing. The training tagged, “Aerostem Fellowship”, which first edition was held in August last year at International Aviation College (IAC), Ilorin, was to assist students in Science, Technology, Engineering and Mathematics to realize their dreams of becoming aviators and aeronautical engineers. Project Sunshine is the brainchild

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

of a political scientist turned pilot, Captain Idris Ekungba, who hails from Owo, Ondo State but raised in Ilorin, Kwara State capital. Hundreds of students of senior section of public secondary schools including Queen Elizabeth Secondary School, Ilorin; Ilorin Grammar School (IGS) and Government Secondary School (GSS), Ilorin; Government High School, Adeta, Ilorin; Baboko Community Secondary School, Ilorin; and Unilorin Secondary School, Ilorin participated in the training. Unlike last year where selected students were camped at International Aviation College, Ilorin for few days, the current training was conducted in each school in furtherance of the fellowship. The students were taught the

processes involved in aircraft manufacturing and flying an aircraft, especially Remotely Piloted Aircraft (RPA). A student pilot, Musa Aliyu Damilola, who conducted the technical and practical session with the students in each school, said the participants were being enlightened on the prerequisites to build and fly an aircraft. He explained that the training was also designed to propagate the vision of Captain Idris Ekungba of building the next generation of aviators in the country. Damilola told journalists during the training at GSS, Ilorin that he enrolled for training in International aviation college having developed interest in the way aircraft is flown in the air in his formative years in Zaria, Kaduna State.

First Bank Clinches Corporate Bank Award at 2023 Euromoney awards FirstBank, Nigeria’s premier financial institution and financial inclusion services provider, was announced as the Best Corporate Bank at the recent prestigious Euromoney Awards for Excellence, Nigeria 2023. The Bank clinched the coveted award based on its 130-year commitment to enabling its corporate customers achieve success through relevant and tailored financial solutions. FirstBank’s continuous investment in technology has been crucial to its leading industry role in optimally meeting the needs of its corporate customers. Recent investments in technology include the development of its smart and interactive Transaction Banking Platform known as FirstDirect2.0.

Dedicating the awards to its customers, Dr Adesola Adeduntan, CEO FirstBank Group said: “We are thrilled to announce that we have been recognised as the Best Corporate Bank in Nigeria at the Euromoney Awards for Excellence 2023. “We say a heartfelt thank you to all our incredible customers for trusting us. This award is dedicated to YOU,” he concluded. According to Euromoney, the “Awards for Excellence” – is the definitive annual awards programme of the global banking industry. The awards represent the highest distinction to the banks and bankers who matter most in an industry where differentiation is highly sought after and exceptionally difficult to demonstrate.”

PenCom’s Guidelines Simplify Access to Residential Mortgages Us ing R eti r ement Savi ngs The Pension Reform Act 2014 (PRA 2014) introduced a crucial innovation by enabling pension contributors to utilise their Retirement Savings Account (RSA) balances for the payment of equity contributions for residential mortgages. This forward-thinking provision acknowledges the substantial housing deficit in Nigeria, particularly impacting the workforce. Many employees aspire to own homes before retiring, but the hurdle of providing equity for a mortgage often stands in their way. Recognising this challenge, Section 89 (2) of the PRA 2014 paved the way for Retirement Savings Account (RSA) holders to own their homes while in active service. In line with this provision, the National Pension Commission PENCOM DG, Aisha Dahir-Umar (PenCom) issued guidelines, outlining the processes for accessing up to a maximum of 25 percent of PAYMENT APPROVAL RSA balances to facilitate equity contributions PROCESS for residential mortgages. The Applicant approaches the PFA for The implementation of PenCom’s Guidelines payment of the equity contribution by in 2023 played a pivotal role in enabling obtaining and completing an Application numerous workers to achieve their dream of Form for 25% of his RSA balance and homeownership. From its inception until January providing an indemnity to the PFA. The 31, 2024, a total of 2,104 RSA holders accessed a PFA also computes and validates that the substantial amount of N21.81 billion from their requested amount is not more than 25% of RSA balances to contribute towards residential the RSA Balance. PFA forwards successful mortgage equity payments. The facilitation of applications to PenCom within two working homeownership by employees through this days. lofty initiative, amply testifies to the soundness PenCom reviews all applications for of the Contributory Pension Scheme (CPS). compliance with the extant guidelines prior This article explores key highlights of the to granting approval. Applications that do application process, equity payment approval not conform to the requirements are rejected process and implementation challenges. and reasons communicated. Upon approval, Eligibility, Mortgage Application Process the PFA issues a payment instruction to its While the Guidelines set out a detailed Pension Fund Custodian (PFC) to remit the eligibility criteria for RSA holders seeking to approved amount to the Mortgage Lender apply, it is important to state some key provisions. within two working days. First, the RSA must have both employer and employee’s mandatory contributions for a IMPLEMENTATION minimum cumulative period of 60 months prior CHALLENGES to the application. Furthermore, RSA holders Prospective applicants should note that that have less than 3 years to retirement shall strict adherence to PenCom’s guidelines is not be eligible to access their RSA balances for crucial for expediting the approval process. mortgage equity contribution. In the course of implementation, some issues An RSA holder intending to apply must first were noted as described hereunder. secure an offer letter for the property from the RSA funds accessed for Equity Contribution owner or an approved agent. Subsequently, the cannot be used for refinancing existing applicant would approach a Mortgage Lender mortgages, purchase of non-developed to complete an application form. The Mortgage lands, outright property purchases, or Lender reviews the application and validates building renovations. Additionally, the use the authenticity of the property offer. of RSA funds for acquiring mortgages for The Mortgage Lender, typically a Commercial non-residential buildings is not permitted. Bank or a Primary Mortgage Bank licensed by Furthermore, if 25% of an applicant’s RSA the Central Bank of Nigeria (CBN), conducts balance falls short of covering the Equity due diligence to ensure the genuineness of Contribution, the applicant is required to the offer and the property valuation report. deposit the shortfall with the mortgage Once confirmed, an applicant approaches the lender before accessing the 25% from the RSA Pension Fund Administrator (PFA) to request balance as equity contribution. Regrettably, his RSA Statement, seeking to access 25% instances have arisen where applicants or less of the RSA balance for the equity mistakenly paid the supplementary equity contribution. contribution directly to the property owner Subsequently, the PFA issues a duly endorsed instead of depositing it with the mortgage RSA statement to the applicant, who forwards it lender, leading to application rejections. to the Mortgage Lender. The Mortgage Lender RSA holders employed in organisations verifies if the 25% RSA balance is sufficient for without defined retirement ages must submit the equity contribution. If acceptable, a mortgage attestation letters from their employers offer letter is issued. Otherwise, if 25% of the to their PFAs, confirming that they have RSA balance is insufficient, the Mortgage more than three years until retirement, in Lender is required to request the payment of accordance with the Guidelines. supplementary equity contribution from the The Commercial Bank and Primary applicant. Upon confirmation of the additional Mortgage Banks participating as Mortgage equity contribution payment and meeting other Lenders must ensure that they possess a requirements, the Mortgage Lender shall offer valid Pension Clearance Certificate issued by a mortgage loan to the applicant. PenCom for a smoother application process. Within two working days of issuing the mortgage offer letter, the Mortgage Lender CONCLUSION sends copies of the letter, mortgage application The successful implementation of these form, and verified property offer letter to the Guidelines is an indication that the CPS applicant’s PFA. Additionally, the Mortgage has innovative provisions that address most Lender provides necessary information and concerns of the participants. PenCom remains evidence of payment where 25% of RSA falls dedicated to the effective regulation and short. supervision of Nigeria’s pension industry.

T H I S D AY ˾ MONDAY, FEBRUARY 5, 2024

BUSINESSWORLD

NEWS

BANKING FORUM…

L-R: Head, Digital Channels, Access Bank Plc, Oluremi Tinuolu-Gabriel; Chief Compliance Officer, Keystone Bank Limited, Oluwasegun Olatona; Head, Card Business, Zenith Bank Plc and Chairman, Committee of e-Business Industry Heads (CeBIH), Celestina Appeal; Group Head, Partnership and Ecosystem, Wema Bank Plc/Vice-Chairman, CeBIH, Ajibade Laolu-Adewale and Chief Digital Officer, Keystone Bank Limited, Bolajoko Agunlejika, at the meeting of CeBIH, hosted by Keystone Bank in Lagos…recently

FG to Collaborate with NICA to Develop Consumer Credit Framework Nume Ekeghe The National Institute of Credit Administration (NICA), has announced that it will partner with the federal government to create a comprehensive framework for consumer credit in the country. In a statement signed by the Registrar/CEO at NICA, Chris Onalo, it said the official launch is to be done by the President

shortly as the consumer credit ecosystem aims to provide Nigerians with a robust and sustainable economic structure. NICA said it will offer advisory services, assist in policy drafting, engage in legislative and regulatory advocacy, and act as a catalyst throughout the development process. “This initiative is expected to position Nigeria as a leading

economic power in Africa, fostering increased economic activities. It will grant individuals the opportunity to access consumer purchases using credit, along with the ability to secure business loans from banks. These loans will be provided under safe and sound sector-wide credit guarantee arrangements, specifically designed for the nation’s micro, small, and medium

enterprises (MSMEs). “In November 2022, the federal government had launched the NICA Act No 26 of 2022 with the objective to serve as a national body of expertise for matters relating to credit management in the country by setting professional standard, awarding professional qualifications in credit management; testing and assessing those who wish

to become members, controlling, supervising and regulating the profession of credit management in Nigeria. “This also includes; enhancing, promoting and protecting the interest of business credit, consumer credit, financial credit and trade credit providers and grantors across sectors of the economy. The Act also enables NICA to promote

the integrity and weigh the capacity of government at all levels to borrow for economic development against the backdrop of internal creditworthiness assessment of the overall economy, “it said. Onalo, commended the government’s efforts to revitalise the industries in the country to increase production, consumption and financial inclusion.

Aboderin Takes over Fraudsters Leverage New Business as SAHCOL MD Model to Expand Cryptocurrency Fraud Chinedu Eze

The Board of the Skyway Aviation Handling Company (SAHCO) Plc, has confirmed the appointment of Adenike Aboderin as Managing Director/Chief Executive Officer with effect from the February 1, 2024. Mrs. Adenike Aboderin who is taking over from Basil Agboarumi due to the completion of his tenure is a seasoned finance professional with many years of Executive Leadership, Financial and Management experience in both Private and Public Sectors. Her skills include policy/strategy formulation, financial advisory, oil & gas, infrastructural, marine and transport development, business/risk management and public policy.

She has held many Senior Executive Management positions in both the Public and Private sectors and until December 2023, she was the Director Finance and Accounts, Federal Airports Authority of Nigeria (FAAN) where she managed the finance, accounts, credit control and budget directorate of the organization. In the public sector, she worked as the Special Adviser to the Executive Governor of Ogun State on Trade and Investments, and also oversaw the state’s Economic Planning Department between 2011 and 2014. Mrs. Aboderin has huge interests in Manufacturing, Transportation, Investments and Social Development. In 2015, she had the responsibility of being the Chairman.

Emma Okonji Sophos, a global leader in innovating and delivering cybersecurity as a service, has revealed how sha zhu pan scammers that are conducting elaborate, romance-based cryptocurrency fraud, are leveraging a business model similar to cybercrime called ‘as-a-service’ by selling sha zhu pan kits on the dark web, thereby globally expanding to new markets. Sophos details these advanced sha zhu pan operations (also known as pig butchering) in its article, “Cryptocurrency Scams Metastasize into New Forms.”

Giving details about the fraud, Principal Threat Researcher at Sophos, Sean Gallagher, said: “When pig butchering first appeared during the time of the COVID pandemic, the technical aspects of the scams were still relatively primitive and required a lot of effort and guidance to successfully scam victims. Now, as the scams have become more successful and the fraudsters have refined their techniques, we are seeing a similar evolution to what we have seen with ransomware and other types of cybercrime in the past, which is the creation of an ‘as-a-service’ model. Pig butchering rings are creating

ready-made DeFi app kits, which other cybercriminals can purchase on the dark web. As a result, new pig butchering rings that are unaffiliated with Chinese organised crime groups are appearing in areas like Thailand, West Africa and even the US. “As with other types of commercialised cybercrime, these kits lower the entry barriers for cybercriminals interested in pig butchering and vastly expand the victim pool. Last year, pig butchering was already a multibillion-dollar fraud phenomenon, and the problem is likely only to grow exponentially this year.” Sophos X-Ops has been tracking

the evolution of pig butchering schemes for two years. The earliest iterations, dubbed by Sophos as ‘CryptoRom’ scams, involved connecting with potential victims on dating apps and then convincing them to download fraudulent crypto trading applications from third-party sources. In 2022, the scammers continued to refine their operations, this time finding ways to bypass app store review processes to sneak their fraudulent apps into the legitimate App Store and Google Play Store. This was also the year that a new scam pattern emerged: fake cryptocurrency trading pools (liquidity mining).

Ibom Air, Zenith Bank, GICL Completes Rollout of 10,000km of Fiber Optic Cables Nigeria, part of the IHS Holding Broadband Plan targeting 70 and public institutions in partnership Oladepo, said: “Limited Airbus Seal Partnership IHS Limited group, one of the largest per cent broadband penetration with its customers. metropolitan and long-haul fiber independent owners, operators, and in Nigeria by 2025. In addition to GICL’s fiber optic networks continue to be an on Aircraft Financing developers of shared communications More broadly, IHS Nigeria optic network, IHS Nigeria has obstacle to the improvement of Chinedu Eze Zenith Bank Plc, Ibom Air and Airbus have celebrated the successful closure of the commercial financing for Ibom Air’s first A220 delivered in November 2023. The airline said this historic collaboration also represents the bank’s commitment for aircraft financing. The agreement between Ibom Air and Zenith Bank, which was initiated by Airbus, is part of a broader shift which could provide much-needed financial momentum and signal a new era of financial support for the continent’s promising aviation sector. “At Zenith Bank, we know how important the role financial institutions play in acting as economic enablers. We also understand how important the aviation sector is to facilitating economic growth in Nigeria and across the broader African continent. This landmark agreement solidifies our commitment to supporting regional carriers and

advancing the landscape of African aviation financing”, Dr Ebenezer Onyeagwu, the Bank’s Group Managing Director said. Commenting on the development, Ibom Air Chief Operating Officer, George Uriesi said: “Aircraft financing is a collaborative effort and the support of regional banks is pivotal. This synergy fosters a sustainable aviation ecosystem, allowing us to soar higher and drive positive socio-economic impact in Nigeria and the broader continent. Nigeria is widely recognised as the African market with the highest growth potential and we aim to be at the forefront of that growth”. According to the 2023 Airbus Global Market Forecast (GMF), airlines serving Nigeria will require nearly 160 passenger and freight aircraft in the next two decades. This includes 131 single-aisle aircraft such as the A220, A320 families, and 28 widebody aircraft such as the A330 and A350 families.

infrastructure in the world by tower count, has said it has completed the rollout of more than 10,000 kilometers of fiber optic cables across Nigeria’s 36 states and the federal capital territory through its subsidiary, Global Independent Connect Limited (GICL). The company said the milestone would support the federal government’s National

continues to deploy Fiber-to-theTower (FTTT) to provide increased transmission capacity to help improve the performance of fiber access networks and introduction of next-generation technologies, such as 5G services. By connecting towers, IHS Nigeria is helping bring fiber infrastructure to core metropolitan areas and support the delivery of digital services to homes, corporates,

also implemented mobile network coverage in over 580 previously unconnected rural communities in Nigeria through its rural telephony program. By helping deliver voice and data services to these communities, IHS Nigeria is working to meet MNO’s rollout targets and support the federal government’s digital inclusion agenda. Vice President, GICL, Kazeem

existing communication services, and the introduction of emerging technologies and digital services in Nigeria. Our approach to fiber optic cable deployment concentrates on implementing networks on an open access, shared infrastructure basis, providing robust and scalable fiber pairs and alternate ducts to ensure multiple operators can utilise the infrastructure.”

Linkage Assurance Records Growth Across Market Indices in 2023 Ebere Nwoji

Underwriting firm, Linkage Assurance Plc in the financial year ended 31st December 23 recorded outstanding growth across all measurement indices, with gross premium written (GPW) rising to N16.33 billion, from N12.98 billion in 2022, indicating a 26 percent growth. This is contained in the Company’s Unaudited Financial Statements for 2023 filed with

Nigeria’s NGX Limited for shareholders and the investing public. Further breakdown of the result shows that Linkage Assurance came out strong in the outgone year, posting a Profit Before Tax (PBT) of N4.51 billion, a 67 percent increase from N2.70 billion in 2022. This is as Profit After Tax (PAT) rose to N4.22 billion, from N2.57 billion, a 64 per cent increase. The result also shows that the underwriting firm’s risk

management drive in the year under review was upbeat, despite meeting its claims obligation to clients in a year that had a bash impact of rising foreign exchange gap, inflation and high cost of living. In the review period, the Company recorded underwriting profit of N705.71 million from N506.12 million in 2022, indicating a 39 percent growth. It also paid out claims to clients for various losses incurred in the

review year, which amounted to N4.49 billion, from N3.09 billion paid out in 2022. Linkage Assurance also saw outstanding growth in investment income, which rose from N4.87 billion in 2022 to N9.02 billion in 2023. The investment and other operating incomes, according to the company was buoyed by dividend income received from investment in pension business, sundry income from share subscription and foreign exchange gains.

MONDAY, FEBRUARY 5, 2024 ˾ T H I S D AY

BUSINESSWORLD

ANALYSIS

Taming Capital Flight in Africa Recently, top financial experts in Africa met in Abuja to deliberate on how Africa could reduce capital flight and stop the loss of capital to the rest of the world. Chinedu Eze writes that their recommendations if implemented, could pull the region out of its current economic quagmire

ecently experts from regional financial institutions in Africa converged at the federal capital territory, Abuja to deliberate on how Nigeria and the rest of Africa could liberate themselves from global financial chains that tend to infringe on the development of the continent. The experts attended the graduation of the first cohort of the African Development Bank’s Public Financial Management Executive Training Series under its Public Finance Management Academy for Africa (PFMA). The executive training programme was built on the theme: “Enhancing Accountability, Transparency and Curbing Corruption and Illicit Financial Flows in Africa.” In his remarks, the Director General, African Development Bank Group, Mr. Lamin Barrow, stated that the challenge of combating corruption and financial crimes in Africa is huge. He referred to the Economic Development in Africa Report 2020, with the theme, “Tackling Illicit Financial Flow for Sustainable Development in Africa,” by the United Nations Conference on Trade and Development (UNCTAD), which noted that one-sixth of the continent’s aggregate government revenues derive from corporate tax and 10 per cent of that revenue ($6.7 billion) is lost to tax evasion. Lamin said the report estimated capital flight from Africa at $88.6 billion annually for the period 2013 – 2015, which represents 3.7 per cent of Africa’s GDP; whereas total Official Development Assistance (ODA) and Foreign Direct Investment (FDI) for the same period stood at $48 billion and $59 billion, respectively. According to Lamin, the report further suggests that between 2000 and 2015, the total illicit capital flight from Africa amounted to $836 billion, which is more than Africa’s total external debt estimated at $770 billion, in 2018. Lamin regretted that “Africa is therefore a ‘net

creditor to the world’. IFFs (Illicit Financial Flows) represents a major drain on capital and revenues on the continent, undermining productive capacity and prospects for achieving the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063 Goals.”

LACK OF ACCOUNTABILITY

He said that lack of accountability and transparency, corruption and illicit financial flows (IFFs), create a vicious cycle of fiscal sinking hole in Africa’s public resources. “As governments lose revenues through IFFs

and corruption, they are forced to resort to more borrowing, which funds may also be stolen due to weak Public Financial Management (PFM) systems. Corruption and IFFs, therefore, fuel the debt vulnerabilities witnessed in many African countries. In his recommendation, he said that to overcome the challenges, sound public financial management must be addressed. He observed that governments in Africa must ensure that revenue mobilization, accountability, transparency, anti-corruption and anti-IFFs institutions are adequately resourced to perform their functions

effectively. To this end, he said the capacity and independence of the Supreme Audit Institutions and parliamentary oversight committees should be strengthened, while the voice and watchdog role of the media and civil society is protected. “Curbing IFFs will require enhanced international coordination and effective enforcement of international standards, such as the Financial Action Task Force (FATF)’s Standards on Anti-Money Laundering and Countering the Financing of Terrorism, Inclusive Framework on Base Erosion and Profit Shifting (BEPS), the Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI), Extractive Industry Transparency Initiatives (EITI) standards, like Publish What You Pay, etc,” he said. Concerning the training, Lamin said: “African Development Bank Group undertakes various training activities through the African Development Institute (ADI) to help build the capacity of officials of Regional Member Countries. “These activities include Executive Training on public finance and debt management under the Public Finance Management Academy for Africa (PFMA), and macroeconomic modelling and forecasting under the Macroeconomic Policy Management Academy for Africa (MEMA).” According to him, “Since June 2022, the PFMA has been running an 18-month structured Executive Training course covering the public financial management cycle and ecosystem since June 2022. We are pleased that the final training and graduation ceremony for the first cohort is taking place here in Abuja, starting today 11 to 15 December 2023 on the theme‘Enhancing Accountability, Transparency and Curbing Corruption and Illicit Financial Flows in Africa.” NOTE: Interested readers should continue in the online edition on www.thisdaylive.com

MONDAY, FEBRUARY 5, 2024 ˾ T H I S D AY

BUSINESSSPECIAL

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

Otunta: Nigeria’s Stock Market ‘ll Remain Bullish in 2024 Managing Director, Norrenberger Securities Limited, Elvis Otunta, spoke to Goddy Egene on the impressive performance of the nation’s stock market last year and its sustained bullish trend, saying that the market will continue to favour investors this year. Excerpts: issue around unclaimed dividends must be addressed as a matter of urgency, as it casts doubt in the minds of investors who invest in the market and have difficulties in getting their dividends.

The Nigerian stock market posted a record 45.9 per cent growth as measured by the Nigerian Exchange Limited All-Share Index in 2023. The performance came to many analysts as a very big surprise. What can you say was responsible for this performance? he year 2023 was indeed a mixed bag of emotions for investors in the Nigerian Stock market. Reason being that we had just come out from a pre-election year in 2022 where stock prices of major blue-chip companies were trading below their fair values. The apprehension of an election season 2023 also came with its negative sentiments as investors adopted a cautious approach to investing, shorting on stocks for liquidity preference. Participation of foreign portfolio investors was also on a low. So the market was starved of the required liquidity needed to drive demand and consequently, stock prices dipped. However, post 2023 elections and the fact that all predictions of doom and gloom came to nullity, this boosted confidence of investors in the market as once again, Nigeria had proven to be resilient politically despite her many challenges. The inauguration speech of the President of the Federal Republic of Nigeria,Bola Tinubu, also came with some pro-market sentiments that caused an instant positive reaction in the market and saw an influx of investors take long positions in fundamentally sound stocks. This invariably caused a rally for the most part of the year. Policy statements around petrol subsidy removal, unification of the exchange rate among others triggered investors’ appetite for these fundamentally sound stocks which were trading below their fair values. One other critical factor that drove activities in the stock market during this period was the dwindling interest rates in the money market, skyrocketing inflation rates nearing the 30 per cent mark. In order to hedge again this rising inflation rates, investors turned to the stock market as that is a market that potentially can provide returns that exceed inflation rate and therefore help preserve investors’ capital.

It is often said that the stock market is the mirror through which an economy of a nation could be seen. But given the state of the economy in 2023 and the performance of the stock, how would you assess the correlation? This assertion is quite apt and to a lot of market watchers, a mystery. In normal situations, the stock market actually is a barometer of the economy, but in our own peculiar circumstance, the disconnect rises from the fact that the factors driving activities in the stock market are at variance with what is happening in the real sector of the economy. All the factors earlier mentioned that drove stock prices could easily be predicted as a natural consequence to the policy statements made by the federal government. The market would always react to any information, be it good or bad. However, the reality in the real economy is that factors like rising inflation would still pose a significant challenge to the value of cash in the pockets of the average Nigerian. Issues around the country still being a largely import dependent nation that does not produce most of what it consumes persist. With the weakening Naira, it is always going to be a tough one for households and businesses. The purchasing power of the average Nigerian has been weakened significantly and consequently increased the misery index. Despite the bullish run in the stock market, the age-long fundamental issues plaguing the nation persist and this is a reason for the disconnect between investors excitement in the stock market versus the difficult times being experienced in the real sector of the economy. Surprisingly, the market has maintained a bullish trend in the ﬁrst month of 2024, how long can this positive trajectory continue. What are the sustaining factors? The bullish run experienced in the second half of 2023 has unsurprisingly continued in this first quarter of 2024, one of the reasons being that following the passing of the 2024 budget into law, it is expected that government spending would stimulate economic activities in the various sectors, of which companies listed on the Stock Exchange in those sectors will be the better for it. Also, the earnings season is upon us and there is the anticipation by investors of good corporate actions that may arise from better-than-expected full year results. The activities of institutional investors such as the pension funds administrators (PFAs), asset management firms among others, have also helped drive activities in the market. Finally, the major participants in the market now are domestic investors and the market is yet to see an influx of foreign portfolio investors. Positions are also being taken

Otunta on the mid to long term in expectations of another round of market rally when the foreign funds flow into the market. So, I expect to see periodic selloffs by investors who have hit their expected returns in the market, which would cause stock prices to dip, but then present an opportunity for bargain-hunters to take position in the market. Despite the bull -run in the secondary segment of the stock market, there was no corresponding upsurge in the primary market activities. Why was it so? Sadly, activities in the primary market had not been as impressive as those in the secondary market. As a matter of fact, the market even experienced the delisting of about five companies in 2023. This could have been attributed to strategic decisions of the various companies and they cannot be begrudged for taking decisions in their best interest. Despite the recent bullish run in the market, there are investors who are still pessimistic about the market due to previous experiences and as such, Issuers fear that coming to the primary market to raise capital may not be so successful due to some investors’ apathy for the stock market. The fear of an equity capital raise failing is a major reason Issuers would rather go by way of debt issuances. However, there is an expectation that more primary market activities would occur this year by way of Rights Issues, Initial Public Offerings, Mandatory Take Overs etc. Of particular interest, would be to see the Dangote Refinery and maybe the NNPCL get listed on the stock exchange. This will increase the market depth and improve investors’ confidence in the local bourse. Although raising funding from the equities market is said to be relatively cheaper than the debt market, why are many companies not taking advantage of this to raise funds through equities issuances. As earlier mentioned, one reason for the dwindling equity capital raise in the primary market is due to the fear of failure by Issuers. No company wants to come to the market to raise capital by parting with some of its shares and to not get it fully subscribed to. This can easily put the company in bad light that investors are not confident in its capacity to perform and are therefore not attracted to acquiring their shares. Also, equity capital raise means such a company is introducing many other investors to its

company and public scrutiny of its performances would increase. For a company that wants to stay private, an equity capital raise may not be an option of them. Despite the good performance of the stock market in 2023, which has extended to 2024, the market remained under patronised by investors considering our population, why is this so? One major reason is that so many investors who had played in the stock market pre-2008 global meltdown, were not particularly savvy in the workings of the stock market. There was a massive bandwagon effect between 2006 and 2007, where investments were being made in the market without proper knowledge of how the market worked. Thus, during the 2008 global financial meltdown and the extended bearish run in the Nigerian Stock Market, some investors have not fully recovered from that experience. As a matter of fact, those who did not even play in the market then are using the stories of others to stay off the market. We also cannot discountenance the general economic hardship and its attendant effect on the purchasing power of citizens. Therefore, it is a tough ask to get people who are still trying to meet their basic needs, to part with scarce cash to invest in the stock market, which despite its high returns also comes with a high volatility. What do you think should be done to make the market more attractive for investors because less than 10 per cent of the Nigerian population play in the market? I believe a lot more of investor education is required across all strata of the populace. People need to understand the concept of investing in the stock market as a long-term investment, which over time can generate returns that hedge against inflation, thereby preserving their capital and creating wealth. Investors’ confidence would also be boosted when they are sure that there is a water-tight regulatory framework to protect their investments from any sharp practices in the market. This we must give credit to our apex regulator, the Securities and Exchange Commission (SEC) and the Nigerian Exchange Group (NGX). Furthermore, more stockbroking firms must adopt the use of advanced technology in engaging with their clients, to provide a seamless engagement between their clients and the market. Finally, the

Speciﬁcally, what is Norrenberger Securities Limited doing in this regard. Do you have products or strategies to onboard investors into the market? This is most definitely one of our unique selling points in this space, as we tout ourselves as simplifiers of wealth creation. At Norrenberger Securities Limited, we had identified this issue of unclaimed dividends as a major challenge for existing and intending investors who think that they may not get their dividends from their investments. Therefore, we created a service called the Norrenberger Heritage Service, where for all subscribers to this service, we help you recover all unclaimed dividends and even shares you did not know their whereabout. Some family members of a deceased loved one may not know that they may have hidden treasures in the large pool of unclaimed dividends more than N190 billion. At Norrenberger, we help clients unlock those treasures and work with them through the entire process of recovery and transfer of the assets to the beneficiaries of those investments. At Norrenberger Securities Limited, most of our engagements with our clients are technology driven. You can start the onboarding process online and buy and sell stocks online too. For every client of ours, we grant them access upon request to the Direct Market Access (DMA), which enables clients trade in the stock market themselves via their mobile devices or computers. We also believe in educating students in primary, secondary and tertiary institutions of learning to understand the fundamentals of financial management and investment. In this regard, we have a School Investment Club wherein we partner with a couple of schools across the federation to set up this investment club. This is to ensure that the younger generation learn early the habits of better managing their finances, which invariably will help guarantee parents that their wealth will be well managed in their absence. To further promote financial inclusion, we have enlightenment campaigns around marketplaces and associations of artisans. What do you think is responsible for the impressive ﬁnancial performance of most of the companies amid challenging environments. Are the results real? The impressive financial performances so far released by some firms albeit their interim results could be attributed to more companies better managing their overheads. So many companies are increasingly adopting a hybrid work model or completely going remote, thereby cutting a massive cost on energy, office maintenance etc. Some other companies are posting extraordinary incomes resulting from valuation of their FX investments, due to the devaluation of the Naira. In some other cases, a lot of domestic companies have enjoyed increased patronage due to the FX scarcity and ballooning exchange rate, which has made importation of goods and services more expensive. So, consumers have turned to more local options of similar goods and services, which they hitherto may have had to patronize those from abroad. This particularly is the case with some listed companies in the agricultural, pharmaceutical, telecommunication, construction, and financial sectors of the economy. What will be your projection for the market at the end of 2024? Year to date, the Nigerian Stock market has broken several barriers in terms of the NGX All Share Index (NGX ASI) hitting new milestones and currently standing above the 100,000 psychological mark for the first time in its history. This has seen the Nigeria Stock market as the best performing market in the world, followed by Argentina. I believe this trend will continue due to a couple of factors such as the activities in the money market, that is declining rates, investors who are rate-sensitive and have some level of risk appetite, would opt for the stock market as an alternative. Should the inflation figures keep trending upwards, the natural instinct for investors would be to try to hedge against it and the stock market presents a good opportunity to achieve that. Also, at some point in the year, all things being equal, there most likely would be an inflow of foreign portfolio investors into our market, especially with a stability in our FX regime. This will help drive demand for stocks and subsequently another round of bullish momentum. Overall, the year is expected to see the market offer returns above those of any fixed income instruments, but investors must also act with a cautious sentiment. Clear investment objectives must be set, with respect to entry and exit plans. Greed must be avoided in this market at all cost.

˜ ͳ˜ ͰͮͰͲ ˾ T H I S D AY

BUSINESS/MONEYGUIDE

EU, Oxfam Boost Food Security, Resilience of Vulnerable Households in Taraba James Emejo ÓØ ÌßÔË The European Union (EU) has enhanced the food security and resilience of 42,000 households in Taraba State. Through its project ProSell, a 66-month food security and resilience project implemented by Oxfam and Development Exchange Centre (DEC), the EU also improved the livelihoods of poor farming households in 80 rural communities in six Local Government Areas of the state. The programme seeks to build resilience of 40,000 small farmers, fishermen and livestock owners including women, youths and vulnerable households on commodity value chain and rural enterprise in the state. The “European Union Support to Food Security and Resilience in Taraba, July 2018 -January 2024”, had also led to 83.2 per cent of livelihood asset increase in

households while 82.1 per cent of farmers got improved production in livestock and fish value chain among others. Speaking at the opening of the ProSell close-out review meeting and dissemination/ knowledge sharing workshop in Abuja, Country Relationship Manager, Global Business Support, Oxfam Novib, Marina Van Dixhoorn, said the project had been a beacon of change in rural communities in the state over the past six years. Also, Country Director, Oxfam in Nigeria, Tijani Ahmed Hamza, said 55 per cent of women experienced increased access to resources and control over assets as well as the empowerment of 35 per cent of farmers, particularly women, contributing to improved livelihoods among other achievements. He said, “As we stand on the cusp of closing this chapter,

today’s gathering serves multiple purposes, Firstly, it allows us all to review the extent of the project implementation, evaluating our achievements against the set targets and deliverables. “This is an opportunity to reflect on the tangible changes we’ve witnessed on the ground and to strategize for the future.” Similarly, in her remarks, Executive Director, DEC, Helen Abah said, “Our commitment to economic empowerment has been the driving force behind our endeavors. We believed, wholeheartedly, that every individual has the potential to create a prosperous future for themselves and their communities. “Through skill-building programs, entrepreneurship initiatives, and access to financial resources, we have empowered individuals to unlock their true potential and break free from the chains of poverty.”

L- R: Terminal Manager, APM Terminals Apapa, Steen Knudsen; National President, Association of Nigerian Licensed Customs Agents (ANLCA), Nwokeji Emenike; Government Relations Manager, APM Terminals, Kayode Olufemi Daniel and Chairman, Terminal Committee, ANLCA, Seedon Ibitrokoemi, when the ANLCA executives visited APM Terminals Apapa in Lagos...recently

MARKET INDICATORS

APMTerminals Reiterates Need for Port Stakeholders Collaboration The Terminal Manager, APM Terminals Apapa, Steen Knudsen has reiterated the need for collaboration across all stakeholders in the logistics value chain to improve port operations. He made this known when the Executive Secretary/CEO of Nigerian Shippers’ Council (NSC), Akutah Pius Ukeyima, and a delegation of the Association of Nigerian Licensed Customs Agents (ANLCA) led by the National President, Nwokeji Emenike, visited the terminal separately. Knudsen said many of the factors militating against the prompt delivery of containers at the terminal are outside the control of the terminal operator. “The terminal has improved on its processes though automation, as importers and their agents can now book their containers for examination and carry out other transactions online from the comfort of their homes or offices without having to visit the terminal.

“Global trade needs efficient port operations and integrated solutions. We started a new and exciting journey in Apapa three years ago where we deployed a significant amount of new equipment. We have also improved our facilities and trained all employees across functions and levels. This journey is our transformation to international standards. “It is important that we embrace the transformation and accept that it is a multi-year journey, which is closely linked to our values as a company and our primary objective to create value for the Nigerian economy. This transformation offers all of us exciting new challenges, which we can all learn and grow from,” he said. He assured freight forwarders and licensed Customs agents of efficient service and timely delivery of their containers. He said the terminal had made substantial investment in digital technology and cargo handling equipment to ensure

prompt service delivery to its customers. Expressing optimism that cargo delivery to consignees would be faster with the deployment of more scanners to the port, Knudsen added that APM Terminals was in talks with the Nigeria Customs Service (NCS) to invest in more scanners. He also charged truck drivers to comply with the rules of engagement of the eto electronic call-up system created by Nigerian Ports Authority (NPA). “Truck drivers who by-pass the electronic truck appointment system create problems on the road and in the port, thereby hampering efficient cargo delivery,” he said. Encouraging investment in port operations, the NSC Executive Secretary, Akutah Pius Ukeyima, reaffirmed Council’s commitment to port efficiency. He also highlighted the Federal Government’s commitment to improving port infrastructure.

MONEY AND CREDIT STATISTICS (MILLION NAIRA) NOVEMBER, 24

Money Supply (M3)

72,014,274.74

-- CBN Bills Held by Money Holding Sectors

1,245,804.25

Money Supply (M2)

71,331,641.40

-- Quasi Money

45,146,611.59

-- Narrow Money (M1)

26,185,029.81

---- Currency Outside Banks

3,081,255.46

---- Demand Deposits

23,103,774.40

Net Foreign Assets (NFA)

32,212,549.50

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

39,801,725.20

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

59,737,156.08

--Other Assets Net

4,720,308.20

Reserve Money (Base Money

22,908,392.34

--Currency in Circulation --Banks Reserves --Special Intervention Reserves

3,347,716.33 19,560,676.02 0.00

NUTM Commits to Promoting Knowledge Economy in Nigeria Gilbert Ekugbe The Nigerian University of Technology and Management (NUTM) has announced plans to promote a knowledge economy in Nigeria deploying the use of entrepreneurship and innovation as well as supporting knowledge management and lifelong learning. The Academic Director, NUTM, Dr. Nubi Achebo, at a press conference to announce enrollment for its full-time undergraduate degree programs this February 2024, explained the need for Nigeria to churn out youths that conduct re-

search and development that would promote innovation and technological progress which he said are essential tools for achieving sustained and accelerated economic growth. He however stated that NUTM is a pioneering higher education institution with a focus on Science, Technology, Engineering, Mathematics (STEM), management and entrepreneurship. He added that with the approval of the National Universities Commission (NUC), NUTM will initially offer bachelor’s degrees spanning computer science, cyber

security, and information technology, stressing that the forward-thinking curriculum features computing, entrepreneurship capstones, professional skills development and industry experience. He added that NUTM pairs an Ivy League-caliber faculty with a world-class curriculum focused on advancing technology education in Nigeria, maintaining that students will benefit from partnerships with top institutions like Oxford University, Worcester Polytechnic Institute and Indian Institute of Technology, Madras.

Stockbrokers’Book, Documentary on Capital Market for Presentation A deep knowledge gap on the factors that shape the Nigerian Capital Market has been filled with the proposed launch of a definitive book entitled : “History of the Nigerian Capital Market” , authored by the Chartered Institute of Stockbrokers (CIS). An integral part of the historic event is also the launch of a

Documentary on “ History of the Nigerian Capital Market.” The Documentary is enriched by the interview of some personalities, including one of the founding fathers of the Market, late Otunba Subomi Balogun, who had been interviewed before he passed on last year. A statement from the Institute indicates that the special Guest

of Honour, is the Executive Governor of Edo State, Mr Godwin Obaseki, a Fellow of the Institute, the Chief Launcher, also a Fellow, is the Chairman, Nigerian Exchange Group Plc, Dr. Umaru Kwairanga, while the Chief Host is the President and Chairman of the Institute’s Governing Council, Mr Oluwole Adeosun.

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

December 2024

Inter-Bank Call Rate

16.99

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

18.75

Treasury Bill Rate

8.93

Savings Deposit Rate

5.28

1 Month Deposit Rate

7.24

3 Months Deposit Rate

7.56

6 Months Deposit Rate

8.42

12 Months Deposit Rate

9.75

Prime Lending rate

14.17

Maximum Lending Rate

26.62

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24TH JANUARY , 2024

The price of OPEC basket of twelve crudes stood at $81.30 a barrel on Tuesday, compared with $79.70 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Djeno (Congo), Zaﬁro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

˜ ͳ˜ ͰͮͰͲ ˾ T H I S D AY

MARKET NEWS

Industrial Goods Index Drive Market Cap by N1.12trn WoW Kayode Tokede The stock market of the Nigerian Exchange Limited (NGX) gained N1.12trilliion Week-on-Week (WoW), recovering from the previous session’s profit-taking over investors demand for stocks in the industrial goods index. Thus, the NGX All-Share Index advanced by 1.97 per cent week-on-week (WoW) to close at 104,421.23 basis points.

Similarly, the market cap increased by N1.12 trillion to the week at N57.158 trillion. Following a 9.9per cent gain recorded by Dangote Cement Plc and 4.90 per cent growth in BUA Foods Plc stock price, the NGX Industrial index outperformed, recording a 6.36 per cent weekon-week gain, while the NGX Consumer Goods index also ended the week positively, rising by 1.30 per cent.

P R I C E S MAIN BOARD

F O R DEALS

Conversely, NGX Banking and NGX Insurance indexes retreated by 4.52 per cent and 4.07 per cent, respectively for the week, while NGX Oil & Gas index recorded a weekly decline of 2.47 per cent. The market breadth for the last week was positive as 27 stocks appreciated in price, 64 stocks depreciated in price, while 64 stocks remained unchanged. Tripple Gee and Company led the gainers table by 42.05 per cent

S E C U R I T I E S MARKET PRICE

QUANTITY TRADED

to close at N4.02, per share. Meyer Plc followed with a gain of 20.79 per cent to close at N4.30, while Cornerstone Insurance went up by 20.25 per cent to close to N1.90, per share. On the other side, DAAR Communications led the decliners table by 22.22 per cent to close at 70 kobo, per share. Etera followed with a loss of 19.49 per cent each to close at N22.10, while SUNU Assurance

T R A D E D

VALUE TRADED ( N )

MAIN BOARD

A S O F

declined by 19.11 per cent to close at N1.82, per share. Overall, a total turnover of 3.893 billion shares worth N95.147 billion in 69,117 deals was traded last week by investors on the floor of the Exchange, in contrast to a total of 2.981billion shares valued at N57.873 billion that exchanged hands prior week in 67,962 deals. The Financial Services Industry (measured by volume) led the

F E B R U A RY DEALS

activity chart with 2.640 billion shares valued at N47.654 billion traded in 31,929 deals; contributing 67.81 per cent and 50.08 per cent to the total equity turnover volume and value respectively. The Oil and Gas Industry followed with 347.962 million shares worth N4.064 billion in 5,972 deals, while the Conglomerates Industry pulled a turnover of 337.682 million shares worth N4.709 billion in 5,493 deals.

/ 0 1 / 2 4 MARKET PRICE

QUANTITY TRADED

VALUE TRADED ( N)

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

SIFAX GROUP CONSORTIUM WITH LAGOS GOVERNMENT ON AVIATION DEVELOPMENT... L-R: Senior Manager, International Projects, Changi Airports International, Mrs Yi Ling Tan; Chairman, SIFAX Group Consortium, Dr. Taiwo Afolabi; Governor, Lagos State, Babajide Sanwo-Olu; Director, International Projects, Changi Airports International, Singapore, Roy Toh; Deputy Technical Director, Changi Airports International Singapore, Mr. Minn Sett Soe. Behind is Commissioner of Finance, Lagos State, Abayomi Oluyomi and Commissioner for Economic Planning and Budget, Lagos State, Ope George, during a meeting between SIFAX Group and its aviation partner, Changi Airport International and the Lagos State government on collaborations to develop the country’s aviation sector held in Lagos at the weekend

Investment Drive: Sanwo-Olu Visits China, Charges CCECC to Kick-start 4th Mainland Bridge Lagos State Governor Mr. Babajide Sanwo-Olu, on Saturday, took a trip from Beijing to Dalian, a city famous for its aquatic products and a coastline of about 1,900 kilometres in the Northeast of China, a government statement said. Sanwo-Olu, who is currently on a working visit to China with some government officials, it said, visited the famous Dalian Urban Planning Exhibition Centre in Xigang District. During the visit to the Exhibition Centre, the governor was conducted round the threefloor building loaded with historical changes in the city’s ongoing construction, its current conditions, and the blueprint for future development. The Dalian Urban Planning Exhibition centre provided the guests an opportunity to learn about the past of the Chinese city, the transition to the present day and its transformation and a demonstration of what the immediate future would look like. Also, Sanwo-Olu has reassured Lagos residents that the longawaited Fourth Mainland Bridge project would begin shortly as he urged the contractor handling the project, China

Civil Engineering Construction Corporation (CCECC) to ensure the ground-breaking of the project in March. He said his administration is committed to the delivery of the Fourth Mainland Bridge, noting that the legacy project is his government’s commitment to enhancing transportation for millions of Lagos residents. The governor spoke during a high-level meeting of Lagos State Government officials with the President and management of the China Civil Engineering Construction Corporation at its headquarters in Beijing, China, earlier in the week. Sanwo-Olu, who commended CCECC for several roads and bridges they have constructed in different parts of Lagos, said the state government will continue to partner with the company. He said: “The Fourth Mainland Bridge is one of our legacy projects. We are committed to that project. We want to do that project like yesterday. We have assured Lagosians that this administration is going to do it. “We are working with your team back in Nigeria to see how best we can start that project as soon as possible. We don’t

have all the funding to do it but we have a lot of pressure from different people. So, if CCECC can help us, we can sit together and try and see how much funding we both can raise and start the project. “I have to deliver this project. I have got only three years to

go and I have to deliver it. You (President of CCECC) have to help me to ensure that we deliver the Fourth Mainland Bridge. It is what we need in the State and it is something that we want to do. We have been talking about it for a long time and I want to put it behind me.

“It has to start very soon. I made a commitment before the end of the first quarter; if I can achieve that, I will be very happy. I want to break ground may be in March or April to start that project. I will be happy if Mr. President of CCECC helps me to achieve this. It would be one

of my greatest joy as a governor in the state.” Sanwo-Olu, while stressing the need for a continuous relationship between the Lagos state government and the CCECC for infrastructural development in the State, said Lagos views the company as a partner.

Google Developers Group, Others to Host Internet Protocol Events for Young Nigerians Kuni Tyessi in Abuja Google Developers Group (GDG) in Akure, Ondo state has been confirmed as one of the hosts of the premiere internet computer protocol (ICP) events designed to empower software developers in the country. According to Adedayo Adebajo, co-founder of ICP. Sahara Hub, the organisation is set to host a series of programmes in February through March, bringing industry leaders, developers, and tech enthusiasts together to explore the vast potential of

Internet Computer Protocol (ICP) in Nigeria. In a statement on Sunday, Adebajo said the event will also hold at the University of Nigeria Nsukka (UNN) in Enugu state. He said the event at the UNN: “Beyond the Campus Walls: Building a Tech Career as a Student” to be hosted by Techyjaunt will guide 3000 students from across four universities in Enugu state on the path to building a successful tech career. He added that youngsters across Nigeria and West Africa will also benefit from Learn

to Code partnership which targets 8000 eager minds on a transformative journey with "CodeSphere". Adebajo said CodeSphere is a virtual bootcamp set to ignite the internet computer revolution among young Nigerians. The co-founder of ICP.Sahara Hub noted that Akure will host ICP blockchain developers’ meetup, a virtual gathering of 200 developers on ICP and another event tagged “HackSphere Akure".leading to a physical hackathon. He said HackSphere Akure, a physical hackathon will bring

200 developers together to unleash their potential on the Internet Computer Protocol frontier. He added that a mini hack fiesta that will boost innovation among 2000 developers at the TechFiesta Launchpad will be hosted virtually while hack and earn focusing on rewarding and certifications will be hosted by ICP.Hub Sahara. “These events collectively represent a significant milestone in the Nigerian tech landscape, providing a platform for collaboration, learning, and innovation,” he said.

S&P GLOBAL AFFIRMS NIGERIA’S CREDIT OUTLOOK REMAINS STABLE AT ‘B-/B' fiscal challenge, and explains the continued relative dependency on hydrocarbon production for tax revenue,” it stressed. As a result of current efforts, alongside some investment in new production, S&P said it expects oil production to slowly recover to 1.52 mbpd in 2024, but remain below Nigeria's new and reduced quota of 1.58 mbpd. “An overhaul of the governance structure and fiscal terms in the oil sector under the Petroleum Investment Act (PIA), it said should, over time, unlock further investment

in the hydrocarbons sector, despite environmental considerations. “We anticipate that refining capacity will substantially increase as a large refinery (and petrochemicals facility)--owned by the private-sector Dangote group, with capacity of 650,000 barrels per day--starts large-scale production in 2024. “In addition, several other refineries--such as at Port Harcourt, Warri, and Kaduna--are being rehabilitated, which should significantly contribute to the country's refining capacity in the

next few years. This anticipated new refining capacity made it easier for the new president to stick to the removal of the petroleum subsidies as pledged in the 2023 budget. “We expect Nigerian economic growth to average 3.3 per cent over 2024-2027 (roughly 1 percentage point above population growth). While reforms will improve growth in the later years of our forecast period, in 2024, tightening monetary and fiscal policy could dampen growth potential. “Growth in terms of GDP per

capita will remain low, partly reflecting the country's high population growth as well as the recent depreciation of the Nigerian naira,” it added. According to the US based ratings agency, the government's focus on non-oil revenue mobilisation should help improve the fiscal position in 2024 and 2025, as it works to simplify the tax code, modernise collections and administration, and increase compliance. “Securitisation of the ways and means facility has improved the

interest to general government revenue position, but the ratio remains high, averaging about 22 per cent over 2024-2027. “Despite current account surpluses, we anticipate limited growth in usable FX reserves, given the strong demand for FX in the economy. “Over 2024-2027, we project some fiscal consolidation, which will be supported by savings made via the elimination of the petroleum subsidies and an increase in the collection of non-oil taxes and other revenue owing to

ongoing digitisation and improved compliance, and savings on interest costs due to the securitization of the central bank's Ways and Means advances. “Revenues will also be supported by naira depreciation, which improves oil revenues in naira terms. We project the general government deficit--which includes the federal government, states, and local governments combined--will stand at 4.0 per cent of GDP in 2024, following an estimated 4.6 per cent in 2023, down from an almost 6 per cent average over 2020-2022,” it added.

T H I S D AY • MONDAY, FEBRUARY 5, 2024

NEWS

60TH BIRTHDAY CELEBRATION OF OMOWUNMI LAKANU... L-R: Alara of Iiara-Epe, Oba Olufolarin Olukayode Ogunsanwo; Celebrant's husband, Rtd. Police DIG Taiwo Lakanu; Ooni of Ife, Oba Adeyeye Enitan Ogunwusi and the celebrant, Omowunmi Lakanu during the 60th birthday celebration of Omowunmi in Lagos...weekend ABIODUN AJALA

Edo Guber: PDP Appoints Three Govs to Conduct Ward Congresses Makinde rejects nomination as c’ttee chair

Chuks Okocha in Abuja Following the rejection by the Oyo State Governor, Seyi

Makinde, to head the Edo State ward Congresses committee, the party has replaced him with two governors to ensure fairness.

Obaseki Pledges to Complete All Ongoing Projects The Edo State Governor, Mr. Godwin Obaseki, has pledged to complete all major projects embarked upon by his administration before leaving office on November 12, 2024. Obaseki said this while inspecting the progress of work at the Education Hub in Iyaro, Benin City Edo State. The governor said: “Like I promised, I will complete all the major projects I started, including this one. This is due for delivery between August and September 2024. “I am here to inspect, check and follow up to keep contractors on their toes to deliver as we agreed. So far, so good, two buildings are almost ready. “The first building is the

primary health centre to serve this facility as this hub will host a basic school, and the facilities will handle almost 3,000 people. So, it's important we build a health facility here.” According to him, the block of the Ministry of Education is almost ready, explaining that hopefully, they will move in by May 2024. “They have a cafeteria; there is a block for SUBEB and another for Secondary School Education Board, as well as the Technical Education Board and Quality Assurance Board. Also, the State digital library is being rebuilt and all facilities needed for education will be located here.” “The quality of these buildings is the best as the job is not shoddy at all,” Obaseki added.

Abia to Pay Medical Bills for 30 Residents in Need of Urgent Surgery Emmanuel Ugwu-Nwogo in Umuahia Succour has come for 30 residents of Abia State in need of urgent surgery to stay alive as the state government has offered to pay the medical bills for their various operative surgical ailments. Governor of Abia, Alex Otti gave government's commitment to pay for the medical needs of the patients following a request by Revive, a Bulgarian nongovernmental organisation on a medical mission to Abia. The urgent surgical needs of the Abia residents was brought to the notice of Otti at the weekend when the Revive medical team visited him at the conclusion of their 13 days medical outreach. Led by a Nigerian of Abia origin, Mr. Smart Oriaku, the medical

team thanked the governor for the support they received from the government and the people of the state during while the medical outreach lasted. During the outreach, the team comprising, doctors, nurses, surgeons and other support medical professionals carried out consultations, diagnosis, laboratory tests and scans, prescriptions, surgery, among others. Otti told the visitors that his administration was committed to ensuring the comprehensive overhaul of the healthcare facilities in the state, including building new ones, in order to improve the overall well-being of the citizens. He said that healthcare ranked among the priorities of his administration, hence the focus on renovating and retrofitting the health facilities.

The two governors included the Governor of Enugu State, Peter Mbah, who would serve as chairman, while his Taraba State counterpart, Agbu Kafas, would serve as a member of the committee. Other members were Marrie Ebikake Dare Akinwale and Pascal Adigwe, who was assigned to serve as secretary. According to a statement by the National Organising Secretary, Bature Umar, "The approved reconstitution of the Ward Congresses Electoral Committee to conduct the 3-man Ad Hoc Ward Congresses for the purpose of electing 3Ad-Hoc Delegate (one of whom shall be a Woman) per Ward in each of the 192 Wards

of Edo State. Earlier, Makinde, had rejected his chairmanship of the committee citing late appointment as he was already engaged for other things on scheduled appointment. Makinde, in a letter to the NWC of the PDP, hinged his decision on late information to his appointment and the adulteration of the list of electoral officers with government officials from Edo and Delta States. He particularly cited the appointment of the Speaker of the Edo State House of Assembly as the Electoral Officer for his local government. In rejecting his appointment, Makinde said he was only informed on Friday, February

2, 2024, of his appointment for the conduct of the ward congresses scheduled to commence between February 3 and 4, 2024. The governor noted that he had already scheduled activities for those days, saying the late information of his appointment prevented him from rescheduling his activities. “Our great party is known for conducting very transparent primaries including presidential primaries. This, in my opinion, should be the benchmark for the NWC’s conduct of elections and associated activities across the board,” he said. The withdrawal of Governor Makinde came as nine of the governorship aspirants in a

letter to the NWC expressed outrage over the adulteration of the lists of electoral officials with government officials. The governorship aspirants cited irregularities in the membership of the members of ward congresses that would pick the governorship candidate of the PDP in Edo State. The petition by the aspirants was signed by the Deputy Governor of Edo State, Philip Shaibu, Omoregie OgbeideIhama, Anslem Ojezua, and Felix Akhabue. Others were Martin Uhomibhi, Hadizat Umoru, Omosede Igbinedion, Osaro Oaiwu, and Arthure Esene. The exception was Asue Ighodalo.

Defamation: A’Court Orders Bank to Deposit N540M in Favour of Magu's Prophet Alex Enumah in Abuja The Court of Appeal, Abuja, has ordered the First City Monument Bank (FCMB) to deposit the sum of N540 million in an interest yielding bank as a condition for hearing its appeal against the judgment of a High Court of the Federal Capital Territory (FCT), Abuja. Justice Yusuf Halilu of the High Court of the FCT, in a judgment on October 4, 2022, awarded the said sum against the bank for defaming a preacher, Emmanuel Omale, of the Divine Hand of God Prophetic Ministry and his wife, Deborah. The court, in its judgment, had held that the bank recklessly breached the duty of care it owed to the claimants – Omale, his wife and their church – by making false claim that a former Chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, paid N573 million into the church's account. Dissatisfied, FCMB in 2022, appealed the judgment and asked the appellate court to "stay

the execution of the judgment" pending the determination of its appeal against the judgment. Delivering ruling in the motion for "stay" on February 1, 2024, a three-member panel of the Court of Appeal, presided over by Justice Muhammed Shuaibu, granted a conditional stay of the execution of the judgment by ordering the bank to pay the judgment sum of N540million into an interest-yielding account in the name of the court's Chief Registrar. A Certified True Copy (CTC) of the ruling dated February 2, read in part: "The application is granted as prayed in terms of the first prayer in the appellant's motion filed on 3/11/2022. "Consequently, conditional stay of execution of the judgment is hereby granted to the appellant. "The condition being that the judgment sum shall be deposited into an interest-yielding bank account of the court to be opened by the Chief Registrar of this court within 48 hours of the grant of

this order." Meanwhile, the CTC signed by a Principal Registrar of the Court, Zainab Kassim, stated that further hearing would be on a date to be communicated to parties. The conditional stay granted by the Court of Appeal was alternatively conceded by the respondents – Omale, his wife and the church – in their counter affidavit to the appellant's motion, which they had actually sought to be dismissed. The October 4 judgment by Justice Halilu was on a defamation suit marked: FCT/ HC/CV2541/2020 filed by Omale, his wife and the church against the bank. During the investigation of Magu by the Justice Isa Salamiled presidential investigation panel, it was claimed that an investigation by the Nigerian Financial Intelligence Unit (NFIU) revealed that the ex-EFCC Chair paid N573 million into Omale's church’s account with which a

property was allegedly bought in Dubai, the United Arab Emirates (UAE). Justice Halilu, in the judgment noted that evidence before his court showed that the bank admitted error in its report, to the NFIU, of entries in Divine Hand of God Prophetic Ministry’s account. The judge further noted that the bank claimed that the purported N573 million was wrongly reflected as credit entry in Divine Hand of God Prophetic Ministry’s account by its reporting system, which it recently upgraded. Justice Halilu noted that the bank admitted the error, which occasioned incalculable damage to the reputation of the claimants both within and outside the country. He held that the claimants provided sufficient evidence to establish case of negligence against the bank. Justice Halilu proceeded to award N200 million as aggravated damages; N140,500,000 as specific damages and N200 million as general damages.

MONDAY FEBRUARY 5, 2024 • T H I S D AY

T H I S D AY • MONDAY, FEBRUARY 5, 2024

BACKPAGE CONTINUATION ECO-WAS, ECO-IS, ECO-MUST know that without the USSR and its allies’ help in the 1960s and 1970s, much of Africa may still be under colonial and apartheid rule by now. For that we are very grateful to Russia, USSR’s eldest son and chief heir. Russia today is however only a shadow of USSR. It does not have the military muscle, global reach, Warsaw Pact, strong Cuban, North Korean, Vietnamese and Syrian allies, the ideological clarity or even the keen strategic sense of USSR. Besides, Russia today has its own chestnuts burning in Ukraine. Any rational person will pause and reflect on these realities before he opts out of ECOWAS, but probably not a young soldier who equates foolishness with bravery. Now, soldiers all over the world are known for bravado, an essential quality in men who bear arms. But senior military men, in particular, are also known for rational calculations of risk. Both Traore and Goita are junior military officers to whom bravado and posturing are more important than rational assessment of situations The military rulers’ coordinated announcement reminded me of a phrase that US President George Bush Senior used during the Gulf War of 1991: “a cruel hoax.” Trying to pull these countries out of the regional bloc is, when viewed in the long term, a cruel hoax. Tchiani, Goita and Toure seek to create a severe disruption to my generation of West Africans, who have been brought up to believe in “free movement of goods and persons” within the region. It permeated all our thinking, down to the ridiculous. In the 1980s, when some university students were caught passing pieces of paper around in the exam hall, they said it was in the spirit of ECOWAS, i.e. free movement of answers in the exam hall.

Governments are a continuum, but Ibrahim Traore, Assimi Goita and Abdurrahmane Tchiani are historically too miniscule to tear up an agreement signed by Aboubakar Sangoule Lamizana, Musa Traore and Seyni Kountche. The first two were civilianized Presidents, and their respective, democratically elected parliaments also ratified the ECOWAS treaty. I say that Tchiani, Goita and Toure are historical minions when compared to West African leaders who were present at the signing of the ECOWAS treaty in Lagos in 1975. Think of Ahmadou Sekou Toure of Guinea, Leopold Sedar Senghar Senghor of Senegal, Sir Dauda Jawara of Gambia, Felix Houphouet-Boigny of Ivory Coast, Siaka Stevens of Sierra Leone, Luis Cabral of Guinea-Bissau, William Tolbert of Liberia and Mukhtar Ould Daddah of Mauritania. Even though Ould Daddah’s military successors withdrew Mauritania from the bloc in 2000 AD, it came back 17 years later and sought associate membership. I was not surprised because I kind of knew Ould Daddah to be thoughtful and considerate. In 1974 when General Yakubu Gowon brought him to Sokoto, I was among the school pupils that lined up the road to wave Nigerian and Mauritanian flags. His successors later realized their folly in ripping up a treaty that Daddah signed. In addition to these presidents, several military rulers were also present to sign the Treaty of Lagos. They included Yakubu Gowon, Mathieu Kerekou of Benin, Gnassingbe Eyadema of Togo and Ignatius Kutu Acheampong of Ghana. Those old soldiers were all more visionary and loomed larger in African affairs than Goita, Tchiani and Traore. In those days, when so many African countries were ruled by soldiers,

it was understandable that democracy did not feature in the Treaty of Lagos. It did not feature in the Charter of the Organisation of African Unity [OAU] either. The governing principle in those days was “non-interference in the internal affairs of member states.” But Africa has since transformed alongside the rest of the world, and democratic governance has come to occupy a place alongside economic integration, good governance and respect for human rights as a major principle of inter-African affairs. It is legally, politically, psychologically and historically dubious for a young soldier to abrogate a treaty that was negotiated by a predecessor with much more vision, much more African patriotism and much more political weight than himself. It was also ratified by his country’s parliament, made up at the time of men and women more experienced, more visionary and imbued with more African patriotism than himself. Only so that he must continue to rule his country as a military ruler? The allegation made by Tchiani at the weekend that ECOWAS leaders were acting under the dictates of France is laughable. As a reporter for Citizen magazine, I was in Niamey in 1991 to report on his country’s Conference Nationale, and will never forget the hunger for democratic liberalisation that I saw in Nigeriens’ eyes. Was it caused by France as well? Rather than this rash action, there was actually a good escape hatch. At its last summit meeting in Abuja in December, the Authority of ECOWAS Heads of State and Government appointed a committee of three Heads of State to negotiate with the military rulers. It was stated that progress in those talks will also lead to steady easing of sanctions and reintegration back into the bloc. ECOWAS had dropped its

initial demand, that deposed President Mohammed Bazoum must be restored to power. It also played down on its threat to use force. Instead, the main demand was for a quick and credible program of restoring constitutional rule, plus the release of Bazoum and his family members for them to leave the country. If I remember right, this practical principle, if it can be called that, was first applied by the Western Powers, UN and African Union with respect to Mauritania in 2005. When that country’s soldiers deposed President Maaouya Ould Taya in a coup, I was expecting the “international community,” as the Western powers arrogantly call themselves, to insist on a reversal. Instead, they asked the new military rulers to try to restore constitutional rule within two years. ECOWAS leaders were trying to nudge Traore, Goita and Tchiani along the same path. A likely sticking point could be that these soldiers could agree to adopt a transition program, only to try to transmute into civilian rulers, as was done in many African countries. That will not meet the test of credible transition programs that ECOWAS was demanding. To this Nigerian joke of ECO-WAS and ECO-IS, I add a prediction that anyone who is alive some years down this road will see another map called ECO-MUST. It will not only mark the return of these three countries but most likely incorporation into ECOWAS of some new members as well. Among the possible ones are Cameroon, Chad, Gabon, Equatorial Guinea, Mauritania, Western Sahara and even Morocco, which tried to join ECOWAS a few years ago. Better come back Goita, Tchiani and Traore. ECOWAS is a regional economic, political, security and integration must.

be negatively impacted, leading to projects being put on hold. How did we tumble in such a short time from a respectable nation to a butt of jokes? Not only amongst us but within the global community? A brief historical odyssey on Naira volatility suffices. The tragic history dates back to 1983 when the Naira began her nosedive and successive

governments have failed to ameliorate the plunge. In 1983, $1 was exchanged for about 72 Kobo. But the Naira fell to trade at about N9 to $1 by 1990. In 2000, $1 was exchanged for about N85 at the official window. In 2010, $1 was officially exchanged for about N150, but more at the notorious black market. By 2020, $1 was exchanged for about N360 at the official window. In recent years, the Naira has faced challenges related to external factors. These include fluctuations in oil prices, the global economic impact of the COVID-19 pandemic and serial mismanagement. A cursory look at this Administration's response to the Naira crisis shows an attitude of calm amidst the panic at the early stages of the free-floating of the Naira, as policymakers expected the fall in Naira. However, there were more panic reactions to this problem as the President and his economic team worked to stem the tidal wave blowing the Naira. Recently, we have seen monetary policy adjustments and currency interventions to boost the Naira. They have implemented fiscal policies to promote economic growth and stability while adjusting tax policies to encourage investment and economic activity. Structural reforms by taking steps to diversify the economy to reduce dependency on a single sector and improving the business environment to attract foreign investment is ongoing. Unfortunately, these policies and actions have not stabilized the Naira in the short run. More needs to be done and quickly too. There is no one-size-fits-all solution, and a combination of strategies may be necessary. Additionally, the success of these measures depends on practical implementation and the cooperation of various stakeholders. Investor confidence remains our greatest challenge. It is advisable for this Administration to carefully analyse the specific economic conditions and consult with experts to tailor appropriate solutions for the country. Every good head, home and abroad must be brought into the room to stop us from remaining a butt of jokes. Saving the Naira is most important now and all stakeholders must work together to end this comedy show.

NAIRA: COMEDY INSIDE A TRAGEDY or have lost a sense of patriotism. These hilarious jokes and caricatures are a metaphor for a bigger problem. There are genuine concerns that Nigeria may follow a similar trajectory to Zimbabwe and Venezuela. This concern is wellfounded. The echoes of Zimbabwe ring eerily and loudly in Nigeria today. There are many reasons why history students could look back on the crash of the Naira and its impact on our reputation, global stature and the living standard of our people. This concern is heightened for many reasons. However, I will highlight only a few. The first is poor policy articulation and implementation. Recall that the policy origin of the current Naira tumble can be traced to the simultaneous removal of subsidies and years' long currency pegs last year by the current administration. This was done without considering other factors that need to be in place to make the economy function optimally. Nigerians are worried that our economy handlers are not doing enough to stem the decline . The second is the damaged reputation of the country occasioned by the Naira crash and the ongoing economic and security instability. Local and foreign investors are losing confidence in the Nigerian economy because of high-level financial, economic and policy instability. The next is that the cost-of-living crisis escalates and inflation ravages the country. Prices of essential goods and services are going off the roof and people are perplexed at the rate of degeneration. The fourth is that microeconomic indices are unfavourable given the reduction in demand for goods and services due to high prices and reduced supply. The latter itself is due to lack of production or high cost of importation. Also, there are unfavourable macroeconomic indices such as escalation of unemployment. This correlates with a high crime rate, high inflation occasioned by a fall in the value of the Naira, banks' inability to grant medium to long-term loans and general perception of impending economic catastrophe hovering over Nigeria like an ominous overcast. The fifth is that wealthy Nigerians and

Cardoso

other average citizens worried about the erosion of the value of their money and assets are converting them into Dollars or are moving their assets to dollardenominated investments abroad to hedge for further loss. Finally, the volatility of the Naira implies that fresh capital investments in infrastructure and power, mainly dependent on imported plants and machinery, shall

MONDAY FEBRUARY 5, 2024˾ T H I S D AY

,NEWS

FIGHTING TERRORISM…

Malian Minister for Defence, Col. Sadio Camara (left), exchanging a souvenir with Nigeria’s Minister of State for Defence, Mr. Bello Matawalle, at the Islamic Military Counter Terrorism Coalition (IMCTC) meeting in Riyadh, Saudi Arabia... recently

NDLEA Intercepts 14.5 tons of Illicit Drugs Linked to Wanted Baron Michael Olugbode in Abuja Operatives of the National Drug Law Enforcement Agency (NDLEA) have intercepted large consignments of Ghanaian Loud, a strong strain of cannabis sativa, smuggled into Lagos from Ghana loaded in two trucks and a J5 bus with a total weight of 14,524.8 kilogrammes. A statement issued yesterday by the spokesman of the anti-narcotics

agency, Femi Babafemi, said the three vehicles conveying jumbo bags of the psychoactive substance were trailed and intercepted at Ojuelegba area of Lagos State in the early hours of January 28, 2024. Babafemi added that in the process of blocking the vehicles, two of the drivers jumped off in motion while the third driver, 66-year-old Nasiru Ojomu, who works with wanted Akala, a Mushin-based drug baron, Suleiman Jimoh (alias

Group Faults Katsina Elders over Comment against Tinubu Onuminya InnocentinSokoto

A group, Northwest Youths Progressives Forum (NYPF) has faulted the position of the Katsina Elders Forum (KEF) that asked President Bola Ahmed Tinubu to reverse his administration’s decisions or risk losing the support of the North in the 2027 general election. The Coordinator of the NYPF, Mr. Murtala Aliyu Ka’oje, said in a press briefing on Sunday in Sokoto that the KEF has no moral justifications to challenge

any decision taken by the current government having failed in the past to challenge former President Muhammadu Buhari’s led administration’s impunity and loophole decisions. Ka’oje recalled that despite the wanton destruction of lives, properties and economy of the north, no northern elder from Katsina stood up to speak against those bad policies taken by the previous government that have adversely affected the north and northerners.

Olowo Idi Ogede, also known as Temo), was arrested. The spokesman said in the last three years, NDLEA operatives have seized several shipments of same psychoactive substance worth

billions of naira linked to Temo, the wanted Akala-based drug lord, who has since gone into hiding while the agency has continued manhunt for him. Babafemi said the NDLEA

operatives on routine patrol around a warehouse sealed at Church street, Idumota, Lagos Island, by the agency over an ongoing investigation last Thursday arrested three suspects-Joseph Joshua,

Muhammed Adamu, and Balarabe Musa-who burgled the store and loaded 546,700 pills of tramadol and other opioids into a waiting yellow bus marked BDG 447 XD and an unregistered Suzuki minibus.

Insecurity: Tinubu Needs Support, Not Criticism, APC Chieftain Tells Nigerians Yinka Kolawole in Osogbo

A chieftain of the All Progressives Congress (APC) in Osun State, Hon, Olatunbosun Oyintiloye, has called on Nigerians to support President Bola Tinubu in the fight against insecurity in the country, and stop negative criticism, which

he said can distract him. Oyintiloye, while speaking with journalists yesterday in Osogbo, said the rate of insecurity in the country is becoming alarming, adding that the development called for a sober reflection. He stated that this is a period all Nigerians need to rally

round the president and its administration to find a common solution to the various security challenges facing the country. Oyintiloye, a former member of the defunct APC Presidential Campaign Council (PCC), who condemned the recent killings, banditry, terrorism, kidnapping and other criminalities by men

of the underworld across the country, said there was no doubt that the president was doing everything humanly possible to restore peace in the country. According to him, this is a trying period for all Nigerians, who are saddened by the latest multiple killings and kidnapping ravaging the country.

COPSUN Decries House of Reps Encroachment on State Varsity Autonomy KuniTyessi in Abuja The committee of Pro-Chancellors of State-owned Universities (COPSUN) has accused the House of Representatives of encroachment on university autonomy over its directive to suspend the implementation of

Tertiary Education Trust Fund (TETFund) interventions. Adding that it is also an infringement on the doctrine of the separation of powers which has the potential for conflict among the tiers and branches of government, the committee said it is respectfully reminding the House that the

funds disbursed by TETFUND belong to the states and are subject to appropriation and exclusive oversight by the various states’ Houses of Assembly. In a statement signed by the Secretary on behalf of the Chairman, Suleiman Abubakar Mahdi, stated that the directive,

even if valid, should not apply to the state-owned universities. He added that time is of the essence in executing proposed contracts in the institutions, and with the upward trend in the dollar exchange rate with the resultant inflation, this could ultimately increase costs.

Gombe Seeks Partnership with NASENI for Indigenous Industrial Growth

He said: “We are here to Ahmed told his host that produced in the state to support Caverton Sponsored Trainees Receive SegunAwofadejiinGombe Gombe State has many talented register our support and seek a indigenous industrialisation. The Gombe State Commissioner of individuals who have invented partnership between the Gombe Gombe State Government is Certificates in Aircraft Maintenance The seeking partnership with the National Science, Technology and Innovation, many prototypes, but have not State Ministry of Science, Technology

The Cameroon Civil Aviation Authority (CCAA) with the support of Caverton issued out Certificate of Competence in Aircraft Maintenance and Recycling (CAMRA 2024) to the first batch of 14 students that started their training on November 14, 2022 for 10 months conducted by the CCAA Training School jointly with the National Advanced School of Engineering, Cameroon, Yaoundé. The CAMRA Training, which is the result of the partnership between the University of Yaounde and the CCAA is

designed to meet industry and authorities demand for aviation managers responsible for Aircraft Maintenance, Continuing Airworthiness management and aircraft recycling in compliance with safety and environmental protection standards. During the training, four of the trainees had their three month internship in Caverton Helicopters Ikeja, Lagos and two in Caverton Aviation Cameroon, Douala. Two of the trainees who were sponsored by Caverton Helicopters will be given employment.

Igbawase Ukumba in Lafia

yesterday inspected the ongoing installation of the facility in Akwanga, headquarters of Akwanga Local Government Area of the state. The Nasarawa State Right of Way (RoW) Regulation 2023 waives RoW charges for installing, placing, laying, and maintaining telecommunications network facilities in Nasarawa State. Speaking to journalists during the inspection, Govenor Sule said the passage of the law was a significant step towards a thriving digital economy in the state.

Agency For Science and Engineering Infrastructure (NASENI) to harness the talent of its young people as well as develop research outputs and commercialise the prototypes

Dr. Abdullahi Bappah Ahmed, gave this indication when he visited the Executive Vice Chairman/Chief Executive Officer of NASENI, Khalil Suleiman Halilu, in Abuja yesterday.

received adequate support and attention hence his visit to explore the possibility of collaborating with NASENI to support the potential of those young people.

and Innovations and NASENI on areas of developing our research outputs and commercialization of our prototypes as well as harnessing the talent of Gombe State youths.

Advocate against Land Grabbing, Group Tells Rivers Farmers BlessingIbungeinPortHarcourt

The Health of Mother Earth Foundation (HOMEF) has sensitised farmers in Eteo community in Eleme, Rivers State, on the Land Use Act. The group at a two-day sensitisation programme in Eteo said the training would help the

farmers understand the land rights and advocate against land grabbing in the area.The Programme Manager of HOMEF, Stephen Oduware, who spoke at the training, explained that the community have allegedly been disposed of their lands, adding: “They have been stripped of their rights and we are here to sit together to

look at these things.” “We are here to examine the Land Use Act 1978, which takes the land from the people and puts it in the hands of the government under the pretext of putting it in the care of the government to hold it in trust for the people. But we have seen that the lands and peoples right have

been taken from the people. “So we see the Act as an instrument used to grab land from the people. How on earth can the government claim that what is on the surface is for the people and what is beneath is for government? I think that is the height of deception and disrespect to the communities.

President, Academia, Others Train Information Officers in Kwara NCC Begins Installation of Wireless NIPR “which include understanding your Officers to Public Relations Officers. The President of the Nigerian management. Also, Associate Prof. Saadat At the one-day training operating environment, stakeholders, Institute of Public Relations (NIPR), Internet Cloud in Nasarawa Dr. Ike Nellaku; Prof Saadat programme held recently at the the significance of the message, and Abdulbaki, a member of NIPR

The Nigerian Communications Commission (NCC) has commenced the installation of a Wireless Internet Cloud at the Nasararwa State College of Education Akwanga. This was in keeping with the commission’s earlier promise in appreciation of the recent passage of the Right of Way Regulation 2023 by the Nasararwa State Government. Consequently, the state Governor, Abdullahi Sule,

Abdulbaki of the University of Ilorin, and other A-rated speakers have corroborated to train Information Officers in the Kwara State Ministries, Agencies and Departments (MDAs) on effective information

Wingate Hotel, Tanke in Ilorin, the state capital. Dr. Nellaku spoke on the strategies to become efficient Information Officers and Public Relations Managers by outlining the tools for successful public relations

the feedback from the audience.” The NIPR president, while appreciating the state governor for running-media friendly administration, called for a change to the nomenclature of Information

governing council, in her submission, advised participants to constantly analyse trends, predicting consequences, counseling organisational leaders, and implementing planned programmes.

Fire Destroys Planks worth Millions of Naira in Lagos Raheem Akingbolu

Popular sawmill and plank market located at Awori bus stop, Abule Egba, Lagos State was yesterday gutted by fire. The Permanent Secretary, Lagos

State Emergency Management Agency (LASEMA), Dr Olufemi Oke-Osanyintolu, confirmed this in a statement. Oke-Osanyintolu said the fire was caused by a high tension cable. “At 16:20hrs, the agency

received a distress call via its toll free emergency numbers and activated the LASEMA response plans. “The Igando zone responded accordingly with LASEMA Response Unit responding from

the agency’s hub at Cappa Base. “On arrival of the response teams, it was discovered that the sawmill, plank and building material market at the aforementioned address was being gutted by fire.

T H I S D AY ˾ ˜ ͸ͽ˜ ͺ͸ͺͼ

MONDAYSPORTS

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

0811 181 3083 SMS ONLY

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

Odegbami Tips Nigeria, Cote d’Ivoire Final on February 11 Oliseh warns South Africa’s Bafana Bafana dangerous Duro Ikhazuagbe Former Green Eagles Captain, Dr. Olusegun Odegbami, has tipped Nigeria to play the final of the 34th Africa Cup of Nations with host Côte d’Ivoire on February 11. Both Nigeria and Côte d’Ivoire are in the Last Four stage of the AFCON 2023 and will play South Africa and DR Congo respectively. Odegbami who won the Africa Cup of Nations gold and two

bronze medals in seven years of energetic and diligent service to Nigeria when the tournament was then known as Green Eagles, had predicted even before the end of the group stage matches that the two West African countries would play in the final scheduled for the Stade Olympique Alassane Ouattara. “I said long before the finals that we would be champions of Africa. Many people thought I was just sounding off. Now, they

are seeing their light. Everyone appears to believe now that the Super Eagles can do it. “Now that we are in the semifinals, I am seeing that we are going to be playing the host nation, Cote d’Ivoire in the Final. We are beating South Africa and Cote d’Ivoire will beat Democratic Republic of Congo. The stage is set for a classic Final match on February 11, stressed the ex international fondly called Mathematical in his

days with the senior national team. Even as Odegbami addressed the Super Eagles at their Pullman Hotel in Abidjan on the eve of their encounter with Guinea Bissau (final match of the group phase), some persons who were there did not quite share in his conviction that the Eagles would be champions. Today, many have been ‘converted’, and the 71-year- old legend says he is happy that things are going according to his expectations.

Super Eagles to Arrive Bouake Tuesday for Semi-final Clash with South Africa

African champions-in-waiting Nigeria will only arrive in the city of Bouake Tuesday morning, for their potentially-explosive first semi-final of the 34th Africa Cup of Nations against South Africa’s Bafana Bafana. The three-time champions continued their preparations for the encounter in Abidjan yesterday and today, and will only have the official training on arrival in Cote d’Ivoire’s second city tomorrow afternoon. When Cote d’Ivoire hosted their only previous Africa Cup of Nations finals 40 years ago, Nigeria also played their semi-final match in

the city of Bouake, against Egypt. In what was easily ranked as the match of the tournament, the Pharaohs, led by Mahmoud Al-Khatib and including Taher Abou Zeid, Magdi Abdel Ghani, Ali Shehata, Ibrahim Youssef, and goalkeeper Thabet El-Batal, led 2-0 before the half hour. But Stephen Keshi pulled one back from the penalty spot before half time and then made the inch-perfect pullout from which Bala Ali netted the equalizer in the second half. Nigeria won the ensuing penalty shootout 8-7. Nigeria’s squad that day included

goalkeeper Peter Rufai, Kingsley Paul, Yisa Sofoluwe, Sunday Eboigbe, Humphrey Edobor, Chibuzor

Ehilegbu, Ademola Adeshina, Mudashiru Lawal, Henry Nwosu and Rashidi Yekini.

Odegbami was the star of the 12th edition of the Africa Cup of Nations, hosted by Nigeria in 1980, scoring two excellent goals in a Final that saw Nigeria spank the Fennecs of Algeria 3-0 at the National Stadium, Lagos. During that tournament, he scored three goals, just as he did at the 1978 finals in Ghana, where Nigeria picked up bronze medals after Tunisia abandoned the classification match as a result of Baba Otu Mohammed’s equaliser. He also played at the 1976 edition in Ethiopia, where the Green Eagles finished third behind Morocco and Guinea – the only AFCON played on league basis till date. However, another former Super Eagles Captain, Sunday Oliseh warned yesterday that South Africa will be dangerous when

both teams clash in an AFCON semifinal Wednesday.y Oliseh said Bafana Bafana are dangerous when they break forward and in captain Ronwen Williams they have a proven match winner, whose penalty kick heroics mean the Super Eagles cannot afford for the semifinal to drag into a penalty shootout. “South Africa are compact and dangerous when they go forward,” Oliseh said on a Channels TV programme yesterday. “When they go forward, they can hurt us. And we should not allow the game to go to a penalty shootout because of the aura around the heroics of the goalkeeper. He saved four penalties and the Super Eagles must have watched that,” concludes Oliseh a former head coach of the Nigerian senior national team.

Gunners Cut Reds’ Lead to Two Points at the Top Liverpool goalkeeper Alisson Becker made a brace of costly errors as the 10-man Reds lost 3-1 at Arsenal to see their lead at the top of the Premier League cut to two points. The Gunners themselves had gifted an equaliser to the visitors as a Gabriel Magalhaes own goal on the stroke of half-time cancelled out Bukayo Saka’s opener. But Mikel Arteta’s men would ul-

PREMIER LEAGUE timately run out winners as a mix-up between Virgil van Dijk and Alisson allowed Gabriel Martinelli to round off a fine individual performance by re-establishing the lead before substitute Leandro Trossard fired straight through the goalkeeper’s legs in stoppage time.

Super Eagles have been warned to beware of South Africa’s Bafana Bafana as they meet in the semi ﬁnal on Wednesday in Bouake.

AFCON 2023: How Goldberg, Life Beer, and Zagg are Propelling Super Eagles to Glory Femi Solaja From the electrifying viewing centres of Lagos to the jubilant streets of Yola, the unwavering support for the Super Eagles as they chase their fourth AFCON title is evident across Nigeria and beyond. This unshaking belief isn't just fuelled by passion – it's ignited by the strategic partnerships with iconic Nigerian Breweries brands: Goldberg, Life Beer, and Zagg Energy Malt Drink. These brands haven't merely thrown money at the team; they've steadfastly remained as partners in progress with the Nigeria Football Federation; offering the needed support to the various national teams. Faced with the daunting task of galvanizing support for the Super Eagles who fans were gradually losing faith in no thanks to successive underwhelming performances, the trio of Goldberg, Life Beer, and Zagg Energy Malt Drink knew they needed to come up with something spectacular. Goldberg, the premium lager with a rich heritage, launched the #OmoluabiGameOn and #NaijaGameOnraising the stakes with their interactive Fantasy Premier League (FPL).

Fans were accorded a chance to predict match outcomes and score points, with top predictors walking away with amazing prizes. The iconic "OmoluabiGameOn!" chants echoed from over 1,200 viewing centres sponsored by Goldberg and Life Beer, creating a symphony of cheers that propelled the team forward. Life Continental Beer, the official beer for the Super Eagles with its special viewing events and exciting in-bar activations provided platforms

for Nigerians to connect and celebrate victories. They passionately projected the #JeeTuruUgo#GoForGlory agenda to the Super Eagles and the team has remained focused in their drive to do the country proud. Fans like Amaka Nwokedi in Enugu proudly declared, "I love the Life Beer campaign for the Super Eagles! It's a constant reminder that is pushing the team to glory!" Zagg Energy Malt Drink injected a vital dose of energy through their

#GameUnmatched #ThatsOurKindOfEnergy campaigns. Energetic dance challenges and interactive games kept fans engaged and fuelled their support. Emeka Chukwuemeka in Port Harcourt shared, "Zagg's challenges are so much fun! They keep us active and pumped up for the game." The Super Eagles' journey to the cusp of glory hasn't been without its challenges. They started with a shaky 1-1 draw against Equatorial Guinea, but Goldberg's unwavering

support kept the spirit high. A crucial 1-0 win over hosts Cote d'Ivoire, fuelled by Life Beer's refreshing spirit, ignited the nation's passion. A narrow victory against Guinea-Bissau, where Zagg's energy undoubtedly played a role, solidified their determination. The crucial knockout stages saw the Eagles soar. Ademola Lookman a true Omoluabi indeed ignited the cheers across the Goldberg-sponsored viewing centres with his brace in the 2-0 victory over Cameroon’s

Football fans enjoying Super Eagles matches on large screens at viewing centre spread across Nigeria powered by Nigerian Breweries Plc brands

Indomitable Lions. The Atalanta attacking midfielder again was the hero of the night in the quarter final as he latched on a Moses Simon cross from the left flank to sink ambitious Angola. And now, with possibly 180 minutes (semi and final matches) separating Super Eagles from their AFCON dream, the entire nation stands united behind them, fuelled by the golden touch of Goldberg, the refreshing spirit of Life Beer, and the energizing support of Zagg. "The viewing centres are amazing," exclaimed Mary Johnson, a Lagos fan enjoying the match at Carzima Hotel. "The atmosphere is electric, and the free Goldberg makes it even better!" This sentiment is echoed across the nation, with fans united in their belief. "We're proud to be part of this national movement," said Head of Marketing Communications, Nigerian Breweries Plc, Sandra Amachree. "Seeing Nigerians come together, united by their love for the Super Eagles, is truly inspiring. "It's more than just sponsoring a team," she added. "We're creating a shared experience, a sense of community that transcends boundaries." The combined efforts of these brands have created a powerful narrative of unity and support.

Monday, February 5, 2024

UT H

& RE A SO

Price: N400

MISSILE Sule Lamido to APC “To me, all the bad eggs in PDP are out.They have defected to APC, leaving honest individuals like me in PDP. In the last eight years of APC government, we have been through hell and we have been overwhelmed and are now being pushed to the extreme. Now both the rich and poor men are all crying. For the ﬁrst time, we have a common factor uniting us, which is hardship" –Former Jigawa State Governor, Sule Lamido, berates APC, says all treasury looters in PDP have defected to the ruling party.

MAHMUDJEGA VIEW FROM THE GALLERY

Eco-was, Eco-is, Eco-must T

rust Nigeria’s large army of social media activists to inject a joke even in very serious matters. In the wake of the sychronised announcement by the military rulers of Mali, Burkina Faso and Niger Republic that they were withdrawing their countries from the 49 years old regional integration group ECOWAS, two hastily constructed maps quickly appeared on social media. One, made up of the bloc’s 15 member nations, was tagged ECO-WAS. The second, a map of the regional bloc after deleting the three departing states, was tagged ECO-IS. On geographical maps at least, these three countries’ departure from ECOWAS is impressive because they have 54% [2.7 million km2] of the bloc’s total land area of 5.1 million km2. Niger Republic and Mali are the bloc’s two largest members in terms of land area. Other statistics are however less impressive. The three Tinubu countries have a total 55.5 million people, or 13% of the bloc’s total. Economically, billion, or about 5% of the bloc’s total. All three countries are landlocked, there standing is even less impressive because they have a nominal GDP of $30 hundreds of kilometres away from the

Atlantic Ocean to the south or west and thousands of kilometres away from the Mediterranean Sea to the north. For that matter, their possible access to the Mediterranean is across the Sahara Desert, infested as it is by terrorists and secessionists. Their access to the Atlantic Ocean on any side is controlled by ECOWAS member states. Environmentally, Mali, Burkina Faso and Niger Republic are some of the most fragile states in Africa. All their vast land is situated in deserts and the Sahel. Most of the land cannot grow food or feed cattle, hence the need for good trading relations with neighbours in order to feed their populations. Environmental problems almost always require regionwide solutions. Even locust swarms that appear every now and then in these countries require regional efforts and the help of international organisations to combat. To stop Sahara Desert from advancing southwards also requires a regional approach, which we have been trying to do by erecting a belt of trees in the last twenty years. And when the worst

happens, such as the 1973-74 drought, millions of Sahelian citizens from these countries pour into neighbouring countries to the south. ECOWAS protocol ensures that they don’t need visas for three months. Of course no one is gloating here, because when Boko Haram ravaged Nigeria’s north east region, thousands of Nigerians fled to Niger Republic, where they received much needed help. On top of all these are the security issues. All three rebel nations, particularly Mali and Burkina Faso, are bedeviled by terrorist insurgencies easily beyond their power to cope with. A military alliance of the three of them, such as they announced last year, is a dubious proposition because it is an alliance of the weak. Even though the French Foreign Legion helped to stop Tuareg rebels from overrunning northern Mali 12 years ago, the soldiers’ decision to expel the French appears to have popular backing, but it could also backfire in future. Unfortunately, Russian help does not promise to be much better. We Africans Continued on page 37

DAKUKUPETERSIDE Naira: Comedy Inside a Tragedy BENEATH THE SURFACE

n Sunday, August 15, 1971, the United States economy was literally facing a firing squad. The Dollar was in a mess. Price gougers were everywhere and foreign exchange was cruel to the Dollar. The newspaper headlines were of scorn and ridicule but President Richard Nixon did one thing. He faced the issue squarely. "The strength of a nation's currency is based on the strength of that nation's economy," he said. Nixon nipped the problem in the bud. Everything changed. He rescued his country from financial and social crises. Today, Nigeria is in a similar situation, albeit slightly dissimilar, given that the American economy is by far the strongest in the world. Thus, President Bola Tinubu needs to act in a manner that moves the nation from "Renewed Hope" to "Renewed Confidence". The loss of hope was what triggered the Arab Spring and other springs. In December 2010 in the town of Sidi Bouzid, Tunisia, Tarek El-Tayeb

Bouazizi, a street vendor who had lost hope in the economy of his country set himself on fire. That act became a catalyst for countrywide protests. The protests included several men who emulated Bouazizi's act of self-sacrifice. Hope is good. However, hope is not edible. In Nigeria, there are reported and unreported suicide cases due to economic hardship in the country. A few weeks back, a woman who works at a Bank locked herself in the convenience of her company and swallowed poison, leaving behind a suicide note which points at her giving up on Nigeria. With the free fall in the value of our currency, we are beginning to see more public expression of frustration. In the coming months, the unrelenting fall of the Naira could lead to an increased risk of suicide and even social unrest. In Kano State, where social unrest forms quickly, a group of local bakers warned the government about things to come. They protested the high cost of flour with a bag that sold N10,000 a few years ago now

selling at N41,000. The Kano bakers cannot afford the price spiral and social unrest arising therefrom could pose additional risks to economic recovery and create setbacks with lasting impact on general economic performance. For a government looking for an economic spark plug through Foreign Direct Investment (FDI)and business startups, the fall of the Naira and global jokes about it are downright depressing. The fall of Naira indeed poses grave dangers to the viability of businesses in Nigeria. Last August, Iyinoluwa Aboyeji, a young Nigerian celebrated all over the world for creating two unicorns and a general partner at early-stage venture capital firm, Future Africa, told Rest of World, an America-based publication, that his firm is advising its portfolio companies to explore business abroad to avoid Nairarelated challenges. "Generally speaking, we want to move as many of our companies as possible to start to export software and labour because we think that's the only way to stay on the better side of

this crisis — when revenues are in US dollars," he said. Over the past two weeks, social media have been awash with hilarious jokes about the Naira. This is not restricted to Nigerians. First, a Toronto-based Television station announced that Nigeria's currency was now worth 0.0011 American Dollars. This was followed closely by a South African Prokerala showing that one Zimbabwean Dollar equals 2.77 Naira. In its 2nd February 2024 edition, Bloomberg described the Naira as the worst-performing currency in the world. In their cartoon section, two US newspapers taunted Nigeria over the Naira. This is infinitesimal compared to the number of local jokes about the Naira in our media. Besides, social media has amplified the crash of the Naira to such an extent that Nigeria has literarily and metaphorically become a laughing stock. Nigerians are either losing faith in the country Continued on page 37

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 P.O. Box 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