MONDAY 6TH FEBRUARY 2023

Interim Government: Perish the Thought!

The All Progressives Congress (APC) presidential candidate, Asiwaju Bola Ahmed Tinubu alleged last week that there were subterranean forces working behind-the-scenes to disrupt the 2023 general election in a bid to impose an interim government on Nigeria.

“They want to provoke you to violence, so that election will be disrupted and postponed, and they can cunningly introduce an interim government, that's their plot,” Tinubu said at his campaign rally in Ekiti State.

Although Tinubu did not mention names or elaborate on

EDITORIAL how this scheme would work, coming from the candidate of the ruling party at the centre, such a weighty allegation is enough for us to warn against any attempt to scuttle the

presidential election slated for February 25. Whoever may be behind an idea of interim government, we must remind them that in the Nigeria of today, nobody can get power through the backdoor or by trying to foist their will on the collective.

To entrench constitutional democracy, credible periodic elections must be sacrosanct with the liberties and political rights of citizens guaranteed and protected. Any attempt to short-circuit that process under any guise is unacceptable. And it will be resisted by Nigerians.

Democracy may not be perfect but the idea that leaders can be peacefully replaced weakens all attempts at arbitrariness that were at the core of the other forms of government we tried in the past.

Continued on page 26

NNPC: 64.3 Million Litres of Petrol Released Daily...

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APC PCC: Aso Rock Cabal Wants Pliable Successor to Buhari Atiku: Tinubu Has History of Appropriating Public Assets Emmanuel Addeh, Adedayo Akinwale in Abuja, Ugo Aliogo in Lagos and Daji Sani in Yola The Presidential Campaign Council

(PCC) of the All Progressives Congress (APC), has alleged that Aso Rock cabal wanted a pliable candidate and not a strong willed and experienced member of the party

to succeed President Muhammadu Buhari, hence, the sabotage of the presidential candidate of the party, Bola Tinubu.

At the same time, the campaign

council has described a recent presidential election poll results released by Nextier as a pretext to cause political crisis and riots in Nigeria after the February 25

presidential election.

But the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has also alleged that his main rival, Tinubu,

would acquire federal government properties across the country if he got the country’s top job later this Continued on page 5

Naira Scarcity: Peter Obi Calls for Calm, Appeals to Nigerians to Bear with FG, CBN Urges apex bank to expedite circulation of new currencies UBA GMD: CBN, banks addressing challenges associated with new naira disbursement Atiku alleges APC conniving with banks to hoard new N1000, N500, N200 Police warn against lawlessness in Kwara as governor calls for calm MAN decries hiccups in implementation, says manufacturers will suffer 25% drop in sales Onyebuchi Ezigbo, James Emejo in Abuja, Amby Uneze in Owerri, Dike Onwuamaeze, Ugo Aliogo in Lagos and Hammed Shittu in Ilorin The presidential candidate of the Labour Party, Mr. Peter Obi has appealed to Nigerians to exercise

patience with the federal government and Central Bank of Nigeria over the challenges associated with the circulation of the new banknote, just as he appealed to the banking sector regulator to expedite action Continued on page 5

AWARD OF QUALITY AND TIMELY SERVICE DELIVERY...

The National Coordinator/Chief Executive Officer SERVICOM, Mrs Nnenna Akajemeli presents award to Chief Executive of NUPRC, Engr Gbenga Komolafe, in recognition of his support and commitment to customer-centreed service delivery on Friday

Onyeama: It’s Cheaper to Keep Foreign Missions Than Close Them...

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Nzan Ogbe: Arise News Has Put Nigeria on Global Map Says Nigeria’s economy would’ve been worse off without contributions of entrepreneurs Peter Uzoho Serial entrepreneur and Chairman of Levene Energy Holdings, Mr. Nzan Ogbe, has eulogised the Chairman of THISDAY and Arise News Channel, Prince Nduka Obaigbena for his exceptional entrepreneurial spirit and accomplishments, stating that his broadcasting arm, Arise News Channel has put Nigeria on the global map.

Ogbe made the assertion during an exclusive interview with THISDAY, which centred on his journey into entrepreneurship and how it could help in solving

Nigeria’s economic challenges among other issues, maintaining that if not for the immense contributions of small and big entrepreneurs in the country, Nigeria’s economy would have been worse off.

He described entrepreneurship as the bedrock of any economy, especially Nigeria, listing Obaigbena, Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote; Chairman of United Bank for African and Heirs Holdings, Mr. Tony Elumelu; and the Founder of Coscharis, Mr. Cosmas Maduka, as big entrepreneurs that rose from almost nothing to build

huge business empires that were contributing immensely to the growth of Nigeria’s economy.

He equally called for collaboration between government and the private sector players in order to create an enabling environment for businesses to thrive in the country, describing the lack of an enabling environment as the biggest challenge facing business operators in the country.

The Cross River-born business mogul said through Arise News Channel, people around the world now listen to and hear Nigerian stories, which he noted, had showed that the importance of the media

cannot be downplayed.

Ogbe said, “Imagine if you remove these people that I’ve mentioned from the scheme of things and what would become of Nigeria’s economy? So, this tells you of the power of entrepreneurship.

‘A man like Cosmas Maduka, I always refer to him, because I know his story. It’s not as if he had some family inheritance, but he built his business empire from nothing and there are many people like that in the East, also in the South-western part of Nigeria and also in the north.

“Alhaji Aliko. Yes, he might come from a privileged background but

he worked hard to be what he is today through entrepreneurship.

And these people have built huge entities that would leave a legacy in Nigeria and they will be more celebrated.

“Even your Chairman, Nduka Obaigbena, who I’ve known for over 20 years. When you look at what he’s doing today, whether you like it or not, Arise has put Nigeria on the global map because people are listening to our stories now, people are hearing our stories now and you cannot downplay the importance of the media.

“So, someone taking a bold step

like that to build a media empire in Nigeria is a huge step. I always tell him, Publisher, what you are doing, posterity will remember you right. So, these are all entrepreneurs in essence.”

Ogbe, however, called for collaboration between government and the private sector players in order to create an enabling environment for businesses to thrive in the country, describing the lack of an enabling environment as the biggest challenge facing business operators in the country.

Continued online

NAIRA SCARCITY: PETER OBI CALLS FOR CALM, APPEALS TO NIGERIANS TO BEAR WITH FG, CBN with its circulation.

This was just as the Group Managing Director and Chief Executive Officer of United Bank for Africa (UBA) Plc, Mr. Oliver Alawuba, at the weekend expressed support for the naira redesign project of the CBN, saying the apex bank and deposit money banks (DMBs) were working towards addressing challenges associated with the project.

However, the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, yesterday alleged that some bank executives were conniving with the ruling All Progressives Congress (APC) to frustrate the distribution of the new naira notes in a bid to frustrate the policy.

Speaking also on the matter, Kwara State governor, Alhaji AbdulRahman AbdulRazaq, called for more supply of the new naira notes to ease things for the masses and stabilise the currency swap policy.

But the National Chairman of the All Progressives Grand Alliance (APGA), Chief Victor Oye, has argued that contrary to the notion that the introduction of new naira notes would checkmate vote buying during forthcoming elections, politicians who are used to the act may still find ways to engage in the criminal act.

The Manufacturers Association of Nigeria (MAN) projected that the bottleneck militating against the effective implementation of the policy would cost manufacturers a 25 per cent decline in sales of manufactured products.

Obi, who spoke on Arise News Channel, yesterday, admitted that currency redesign was not peculiar to Nigeria and that it has long time economic and societal benefit but with a short time inconveniences and pain.

While calling on people of Nigeria to cooperate with the federal government and the CBN in addressing difficulties that come with the exercise, he called on the apex bank and other commercial banks to expedite action to make the new notes available to the various classes of the society, especially the masses and the unbanked.

Speaking further, the presidential candidate stated that there was nowhere the exercise would take place that would not come with some hitches.

He cited the example of India when the Asian country embarked on similar currency redesign and how Indians encountered difficulties during the process, which according to Obi later yielded a bountiful long term economic advantage for the people and their country.

“Currency redesign is not peculiar to Nigeria. This is an exercise that has long-term economic and social benefits, but comes with short-term inconveniences and pain. My appeal to Nigerians is that we should have patience with the federal government and the CBN, while at same time appealing to the CBN and the banks to expedite actions that would ensure that these new currencies are available to small depositors, small businesses, the unbanked and people in rural areas.

“I believe the CBN can make it available as quickly as possible.

Everywhere there have been redesign of currency in a third world country, it comes with challenges and in some

instance riots.

“Look at what happened in India, there were riots. But today, India is better off and their economy benefitted better. This policy was announced on 26th of October, 2022 and they gave extra 10 days and all of a sudden people are rioting and behaving as if it came overnight.

“For me, it is the poor people I see on the queues that we should quickly deal with as quickly as possible and I urge the CBN to deal with the issue of the low depositors and those who live in rural and unbanked areas.

It is critical and it is important. I am also urging Nigerians to bear with them. We have redesigned our currencies, we can’t do anything about it. Government has taken a decision and we can’t be using two currencies at same time. So, the decision has been taken, let’s run with it.”

UBA GMD: CBN, Banks Addressing Challenges Associated with New Disbursement

In a related development, Alawuba at the weekend expressed support for the naira redesign project of the CBN, saying the apex bank and deposit money banks (DMBs) were working towards addressing challenges associated with the project.

Alawuba, who said redesigning of the N200, N500 and N1000 denominations would support monetary policy, however, pointed out that the hardship Nigerians are currently passing through would easy off soonest.

Speaking after being conferred with an honorary doctoral degree in Banking and Finance at the 8th convocation ceremony of the Imo State University, Owerri, he said the new policy would stabilise the naira.

Alawuba assured that banks were working assiduously with the central bank to address the present hardship faced by Nigerians in accessing the new naira notes.

He said, "The redesign of the naira is a positive policy that will support the economy in the long run. It's true that we are passing though transition period and I believe that the CBN is working with banks to make sure that the aspiration and purpose of the redesign come into fruition for the good of the country."

On the allegations that the banks were are frustrating the intentions of the naira redesign, Alawuba urged Nigerians to focus rather on the positive sides of the policy.

He urged private sector to work in harmony with the public sector to ensure that the purpose of the naira redesign was achieved.

Whilst congratulating Alawuba, the Vice Chancellor, Prof. U.U. Chukwumaeze pointed out that the conferment was in recognition of Alawuba’s contribution to redefining Public Sector Banking in Nigeria and across Africa.

“The honour is in recognition of your numerous contributions to the financial sector in Nigeria and Africa and as one of the major drivers who contributed to taking modern banking to all state capitals and major cities in Nigeria where hitherto most banks primarily concentrated on the major commercial centres of the country,” Chukwumaeze stated.

Speaking after receiving the

recognition, Alawuba expressed his appreciation to the leadership of the university for the honour extended to him, just as he attributed his success to God and hard work. He took time out to encourage the students to stay focused and diligent whilst congratulating other fellow awardees.

Alawuba said. “I am grateful to the management of IMSU for the honour and recognition, and I want to thank the amiable governor, the VC and other top executives of this great institution for the honour that you have shown me today. I promise that I will continue to do my best to make this school and indeed the indigenes of this great state proud. I also seize this opportunity to advise the young ones to be focused and put their best in their studies, so that one day they will also be recognised globally.”

The visitor of the university and Governor of Imo State, Hope Uzodimma, said his administration would do all the needful to help the university, fulfil noble expectation of rising to the challenge of assuming greater responsibility to move the State forward.

The governor spoke in his capacity as the Visitor of Imo State University during the 8th Convocation Ceremony which held at the Convocation Ground in Owerri.

No less than 5000 graduands comprising first degrees, post graduate diplomas, higher degrees and honorary degrees from 20142015 set up to 2021-2022 set which produced 30 first class graduates were convoked.

APC Conniving with Banks to Hoard New Naira Notes, Atiku Alleges

The presidential candidate of the PDP, Atiku Abubakar, has alleged that some bank executives were conniving with the ruling APC to frustrate the distribution of the new naira notes in a bid to frustrate the policy.

Special Assistant on Public Communication to Atiku Abubakar, Mr. Phrank Shaibu, made the allegation in a statement yesterday, while reacting to a statement by the Speaker of the House of Representatives, Femi Gbajabiamila.

Shaibu said the viral videos showing government agencies busting banks hoarding the new naira notes was clear evidence of sabotage.

He said, “Intelligence reaching us is that the APC is in collusion with some top bank executives to frustrate the policy of the CBN. As shown in several trending videos posted by government agencies on social media, hundreds of millions of naira are in bank vaults but the banks are deliberately refusing to distribute them.

“It is no secret that all the commercial banks are headquartered in Lagos where Bola Tinubu holds sway as godfather.

“The ultimate goal is to frustrate the policy so that the APC will be able to bring out the old notes it has stashed for the sole purpose of vote buying and distribution with bullion vans. For this reason, we commend the EFCC and the ICPC for exposing these unscrupulous bankers.”

Shaibu lambasted Gbajabiamila, for using his position as the 4th most senior elected official in the country to play cheap politics.

He advised Gbajabiamila to play decent politics like the Senate President, Ahmad Lawan; and VicePresident Yemi Osinbajo.

He added, “It is the height of idiocy for the nation’s number four citizen to play cheap politics with

a monetary policy introduced by his own party which is in power.

Gbajabiamila wishes to become the chief of staff to Tinubu in the event that Tinubu wins so his overzealousness is quite understandable.

“However, his attempt to bring Atiku into this issue shows how mischievous he is. Gbajabiamila summoned the CBN Governor,

Godwin Emefiele, last week where they reached an understanding and issued a resolution which the House and the CBN agreed to.

“But because he is already seeing the imminent defeat of his master at the polls, he is now playing dirty politics.

“Nigerians must note that this is Continued on page 42

APC PCC: ASO ROCK CABAL WANTS PLIABLE SUCCESSOR TO BUHARI ATIKU: TINUBU HAS HISTORY OF APPROPRIATING PUBLIC ASSETS month.

Tinubu had recently in Abeokuta alleged that the ongoing fuel scarcity and Naira redesign were part of an orchestrated plot to frustrate his ambition.

In the same vein, the Governor of Kaduna State, Nasir el-Rufai while speaking on national television alleged that certain elements in the Villa were working against the party and its candidate.

But the Director, Special Duties (11) of the APC PCC, Chief Ayiri Emami, while addressing journalists on Sunday in Abuja, maintained that some Aso Rock elements were afraid of a successor with a strong social and political network with capacity to correct the error in governance.

His words, "Let me use myself as an example. Even in our small community. If you know your right and you know what you are doing and you want to lead, many people will come after you.

"Because a lot of people don't want somebody that understand the system to lead because all they know is how to manipulate.

Asiwaju knows the inner workings of governance. I am not saying that he knows it all.

"So you will see every day all kinds of battles or kind of blackmail, or kind of way to stop him and that is how I see Asiwaju. He knows a lot about governance, he knows what to do to make sure that this place works.

“And if it works, there are persons there doing dubious things would not be able to do it again. So, if such a person is to take over, it won't be an easy battle because they know he knows the inner workings of government and can't be manipulated," he said.

The party chieftain pointed out that with the revelations coming from the APC Governors at last Friday's meeting with President Buhari, it was now clear to Nigerians that the naira notes redesign did not enjoy the buy-in of the APC-led administration at all levels.

Emami insisted that those policies were not APC policy, saying the policies were only meant to sabotage the party's candidate.

“They are not policies of the APC at all, because if they were the policies of the APC, everybody would be involved. These are policies of some few persons to sabotage.

Why introduce such policies during the election?” he said.

On the perceived indifference of President Buhari to the APC Presidential campaign, Emami said it was not indicative of any lack of commitment or cold war between Tinubu and the president.

"To me, even his own election, it was other people that were actually championing his campaign. So, I just

feel that that is his normal style. All humans are not the same,” he said.

Meanwhile, in another development, the Director, Media and Publicity APC PCC, Bayo Onanuga, in another statement has alleged that the poll organisation might be preparing ground for violent protest by Obi supporters, who would allege rigging when their candidate is roundly defeated at the election, in which he was not likely to even come a distant 3rd.

He said the campaign was reacting for the sake of unsuspecting Nigerians, so that they were not misled by the Patrick Okigbo-led organisation, which appeared to have the agenda to create confusion and chaos in the country.

Onanuga said Nigerians should know that promoters of Nextier were members of Mr. Peter Obi’s Presidential Campaign Council and active campaigners for the Labour Party Presidential Candidate, stressing also that any poll conducted by such "intensely partisan" and prejudicially tainted organisation should be taken with a pinch of salt.

While noting that this was apart from the fact that the sample size of the so-called poll and methodology employed could not stand any integrity test, the APC campaign said it was quite ludicrous that Nextier Poll that projected a clean sweep of the South-East Region at over 90 per cent of registered votes also put Obi ahead of its presidential candidate, Tinubu,in the six South West states including Lagos.

"Assuming without absolutely conceding that Peter Obi will enjoy home advantage in his part of the country, we then wonder why the pollsters at Nextier, if they have any modicum of respect for the intellect of Nigerians, thought the factors that will propel landslide victory for Obi in South east will not work for the APC candidate in his own South West base," he said.

Onanuga contended that Nextier Pollsters, also put Labour Party ahead of Atiku Abubakar, the presidential candidate of the Peoples Democratic Party in his home state of Adamawa, adding that Nextier Pollsters called the entire South South region for the Labour Party at 60 per cent in AkwaIbom, the base of the Chairman of PDP Presidential Campaign Council.

He further pointed out that the partisan pollsters gave Bayelsa 62.9 per cent to Labour Party and also claimed the party would win Delta 65.9 per cent, home of PDP Vice Presidential Candidate.

At the same time, he stressed that "the jesters" in Nextier also claimed Obi would win Rivers by 77.8 per cent, Edo 76.9 per cent and Cross Rivers 63.2 per cent, adding that it did not matter to them that in these states, Labour Party has no serving

councillor in any ward.

Onanuga, therefore, maintained that it was important to alert Nigerians and the international community that the Pollsters at Nextier were working for the Labour Party and their poll results were all cooked up, far away from reality.

Atiku: Tinubu Has History of Appropriating Public Assets

The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, yesterday alleged that his counterpart in the All Progressives Congress (APC), Bola Tinubu, would acquire federal government properties across the country if he gets the country’s top job later this month.

Also, the Director of Communications, PDP Presidential Campaign Council (PCC), Dele Momodu, has expressed confidence over the party’s victory at the forthcoming general election, stating that the party would record a resounding success especially at the presidential polls.

In a statement signed by his Special Assistant on Public Communication, Phrank Shaibu, Atiku stated that Lagos State where Tinubu had been “ruling directly and indirectly” since 1999 had become his personal fiefdom and property.

The statement was in reaction to Tinubu’s claim in a number of his rallies that Atiku sold off government properties and diverted the proceeds.

Atiku noted that Tinubu in an interview with The News Magazine some 10 years ago, said he returned to Nigeria after the June 12 struggle with nothing.

“They dispossessed me of the house, as well as my office on Saka Tinubu Street. My vehicles and everything else I owned. They claimed they found bombs in it and dispossessed me of it. I was totally cleaned out. I had only five shirts, £2000 pounds and jackets,” he quoted Tinubu to have said in the then interview.

However, Atiku maintained that Tinubu had become stupendously wealthy by taking over critical government properties.

“Tinubu converted the land where Lagos Polytechnic (LASPOTECH) was located at Ikosi near the old toll gate. He chased away the students in 2006 and went ahead to locate the choice plots to himself, his cronies and political associates. The headquarters of Television Continental (TVC), which is owned by him, is located there. We dare him to deny this,” Atiku added.

He further stated that Tinubu became the first governor in history Continued on page 43

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NEWS

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

PRESENTATION OF “EKO GOLD COIN” TO MINISTER ZAINAB AHMED...

L-R: Director General of the Securities and Exchange Commission(SEC), Alhaji Lamido Yuguda; Managing Director Lagos Commodities and Futures Commodities Exchange, Mr. Akinsola Akeredolu - Ale; Minister of Finance, Budget and National Planning, Zainab Ahmed; Founder/CEO of IAC Gold, Alhaji. Ibrahim Atta; during the presentation of the “Eko Gold Coin” to the Honorable Minister in Abuja...recently KINGSLEY ADEBOYE

Ahmed: FG Considering Fiscal Incentives to Boost Private Sector Investment in Education Laments increasing attacks on schools, reiterates support for girl-child education UNFPA lauds FG’s strides

James Emejo in Abuja The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, has said the federal government is currently working to create fiscal incentives to encourage private sector investment in education.

The minister said the recent increase in attacks on educational institutions had made it imperative that the federal government prepares a holistic national plan, with inputs from states and key relevant sectors to create a safe learning environment in the country.

Speaking over the weekend at the Girl Child Now Summit with the theme: “Nurturing Our Women -Nigeria’s Own Wealth,” which was organised by the Emergency Coordination Center (ECC) and Wilton Park, Ahmed pointed out that it was crucial

to secure the education of the children as this remained vital for the economic progress and attainment of the much-needed social development indices in the country.

The minister noted that since President Muhammadu Buhari signed the Safe Schools Declaration in December 2019, her ministry had been proactive in staging stakeholder engagements on financing safe schools and creating safe learning environments.

The minister however stressed that much more needed to be done, adding that with the assurance from stakeholders that they remained collectively committed to ensuring adequate funding for the implementation of the safe schools’ declaration.

“We hope to see improvement,” she added.

Ahmed said for education to support growth, initiatives

across agencies, states, NGOs, and donor partners must be harmonised to achieve the maximum desired results.

She noted that the private sector was also committing to playing a key role under the private sector advisory group of the Sustainable Development Goal (SDG), via the adoption of schools and spending as much as N100 million for the provision of security, a good learning environment, and necessary tools for improved learning.

The minister said despite the financial challenges presented by the COVID-19 pandemic, “I remain steadfast in my commitment to ensuring that our country emerges from this crisis stronger and more resilient than ever before.

“I have had the privilege of serving my country, Nigeria, in navigating the complex financial challenges brought on by the COVID-19 pandemic and the war in Ukraine.

“But as we work to secure our financial future, we must

also ensure that our girls and women have the opportunities to reach their full potential.

“This is why I believe that female leadership is so critical.

By seeing women in positions of power and influence, girls are encouraged and inspired to reach for the stars and achieve their dreams.”

The minister told the gathering including development partners that investing in girls and women was not only a moral obligation but also a smart investment.

She added that studies had shown that when girls and women are empowered, they drive economic growth and development, contributing to a better future for all.

Ahmed said she remained committed as a minister, to ensure that the resources are in place to support investments in the education, health, and development of women and girls, pointing out that this required a multifaceted approach that leverages both public and private sector resources, as well

as the expertise and engagement of all stakeholders.

She said by fostering a supportive and inclusive environment for women and girls, “we can break down the barriers that prevent them from realising their full potential”.

“I understand the importance of providing female role models and mentors, and I am proud to be in a position where I can aspire and empower other women to pursue leadership positions and make a positive impact on society,” she added.

This came as the United Nations Population Fund (UNFPA)commended the Buhariled administration, particularly in the area of tackling out-of-school children.

Speaking in an interview with THISDAY on the sidelines of the summit, Resident Representative UNFPA Nigeria, Ms Ulla Mueller, said the federal government had done tremendous work in addressing the hitherto high numbers of children that were out-of-school.

She said the girl-child has become an important partnership for UNFPA, adding that it would continue to support the reproductive health of Nigerian girls and help to end gender-based violence as well as boost access to reproductive commodities in the country.

Mueller said despite the security challenges which had slowed efforts around the girl-child, “I think the political awareness is there, the commitment is there and at UNFPA, we are very happy to see that”.

She further commended the summit organisers whose efforts have given voices to the plights of the girl-child in Nigeria.

The Minister for Women Affairs Minister and Social Development, Pauline Tallen, said leveraging on the positive commitment of the present administration, the country has recorded major successes in the domestication of the Child Rights Act, particularly in the Northeast among other achievements.

Tems Bags Her First Grammy Award PSC Appoints Hafiz Inua, Ali Burna Boy misses a win

Vanessa Obioha Temilade Openiyi, popularly known as Tems on Sunday night bagged her first Grammy award.

Tems who featured alongside Drake on Future's 'Wait for You' took home the award for Best Rap Melodic Performance. The song was also nominated for the Best Rap Song award.

Tems now joins Sade Adu, the Nigerian-British singer as the female artists who have taken home the Grammy. Sade took home the Grammy Award in 1986 when she emerged as the winner of the Best New Artist award.

Burna Boy who has a Grammy award too on his shelf however missed out on the two nominations he featured in. His album 'Love Damini', and his song 'Last Last' were

nominated for Best Global Music Album and Best Global Music Performance awards respectively.

The winners of these categories respectively were the Japanese musician Masa Takumi for his album 'Sakura' and 'Bayethe' by Wouter Kellerman, Zakes Bantwini and Nomcebo Zikode.

The winners were announced at the premiere ceremony of the Grammys The Grammy has long eluded mainstream Nigerian artists but in 2021 when Burna Boy took home the award for Best Global Music Album for his album Twice as Tall, more artists have strived to clinch the golden gramophone. With Tems win, Nigerians took to social media to express the hope that indeed it's the time for Afrobeats.

Janga, Adeleke Adeyinka DIGs Suspends promotion of 8 CPs, 11 DCPs for failure to appear for interview Kingsley Nwezeh in Abuja The Police Service Commission (PSC), weekend, said it has approved the appointment of three Assistant Inspectors-General of Police to the rank of Deputy Inspector-General of Police (DIG).

A statement signed by the commissions spokesman, Ikechukwu Ani, stated the new DIGs were expected to fill the vacant duty posts created due to the retirements of three DIGs representing the North-central, North-east and North-west geopolitical zones.

It said the approval of the appointments of the new DIGs has also ensured that the defined succession policy in the Nigeria

Police was sustained.

AIG Hafiz Mohammed Inuwa, the Force Secretary, will be replacing retired DIG Mustapha Dan-Daura for the North-west slot.

The new appointments were part of the decisions of the reconvened 18th Plenary Meeting of the commission, which held in Abuja on Thursday, 2nd and Friday 3rd February, 2023, chaired by the Acting Chairman, Justice Clara Bata Ogunbiyi (rtd).

The statement noted further that, the commission suspended the promotion of eight Commissioners of Police to the rank of Assistant Inspectors General and eleven Deputy Commissioners of Police to the next rank of commissioner due

to their failure to appear before it for the mandatory promotion interview.

The commission had sent invitations to the officers to appear before it for the usual interaction to ascertain their suitability and capability for the new offices, but thhe commission expressed surprise on their failure to honour the invitation especially, as the 2023 general election were just days away.

The commission approved the promotion of 10 Assistant Commissioners of Police to the next rank of Deputy Commissioners; 17 Chief Superintendents of Police to Assistant Commissioners and 301 Superintendents of Police to Chief Superintendents.

It said 47, who skipped Deputy Superintendents of Police from previous recommendations to the commission were also promoted to Superintendents of Police while 665 Assistant Superintendents of Police were promoted to Deputy Superintendents of Police.

The recommendations for ACP Nwamanna Nelson , SP Iliyas Casmir and SP Alheri Mamman were also endorsed and the officers promoted to their next ranks after they were absolved of any Pending Disciplinary Matter (PDM).

Justice Ogunbiyi charged the newly promoted officers to give their best to the service of their nation especially, now that Nigeria would be going to the polls to elect new leaders.

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NEWS

PDAS FOR 2023 CENSUS… Chairman of Zinox Technologies, Mr. Leo Stan Ekeh,(right) handing over a sample of the Personal Digital Assistant (PDA) device to the Chairman, National Population Commission (NPC), Hon. Nasir Kwarra at a brief ceremony in Lagos at the weekend to mark the delivery of thousands of PDAs to the Commission for the 2023 census while other representatives of the NPC look on.... recently

NNPC: 64.3 Million Litres of Petrol Released Daily After FG’s intervention, Ijegun Tankfarm owners to sell fuel at N172 Ex-depot price To begin distribution of 127 million litres nationwide from today Emmanuel Addeh in Abuja In spite of the current prolonged period of petrol scarcity and rising pump prices nationwide, the Nigerian National Petroleum Company Limited (NNPC) yesterday disclosed that last week, 64.42 million litres of the product was released to the public daily.

This was just as it emerged that there appears to be some respite in the horizon from the prolonged petrol scarcity, with the Ijegun-Egba Tankfarm Owners and Operators Association, which controls about 35 per cent of supply nationwide, resolving to sell products at the approved N172 ex-depot price.

The NNPC data showed that during the week spanning January 28 to February 3, 2023, 450.92 million litres of fuel were dispatched. It indicated that the 64.42 million litres exceeded the average daily evacuation of 63.07 million litres in normal times by about 1.35 million litres per day.

The information which the national oil firm said it sourced from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed that Pinnacle depot had the highest loadout of products amounting to 57.28 million litres, Aiteo had 28.29 million litres while MRS Limited had 24.54 million litres.

In addition, Masters had 22.66 million litres distributed by the firm, NIPCO had 22.45 million litres, Bluefin had 20.08 million litres while 26 other depots recorded between 5 million to 16 million litres dispatch each. Furthermore, 29 other load-out depots recorded less than 5 million litres each.

Although the fuel scarcity which started in February 2022 has been intermittent in terms of availability, the last two months or so have been extraordinarily gruelling for Nigerians who continue to experience untold hardship foisted on them by shortages and high cost of the product.

Nigerians have had to endure long and tortuous queues even when the product now sells for between N250 and N600 per litre in many locations in the country.

Although the data did not explain why dispatch of petrol shot up in a period that the country is undergoing unprecedented shortages at the pumps, the Group Chief Executive Officer of the NNPC, Mallam Mele Kyari, had last week blamed smugglers for being partly responsible for the current scarcity.

But of the number of tankers dispatched 1,251 trucks went to Lagos state during the period, 847 fuel trucks were dispatched to the Federal Capital Territory (FCT), Abuja and 372 fuel trucks were dispatched to Oyo state.

In addition, 311 fuel trucks were dispatched to Ogun state, 268 fuel trucks were sent to Kano, 284 fuel trucks were dispatched to Delta state, 22 fuel trucks were sent to Ebonyi state and 159 fuel trucks were sent to Edo state.

Ekiti, Bayelsa and Ebonyi states received the lowest number of trucks which were pegged at 61,31 and 22 respectively.

The data further showed that 89 per cent of all evacuation took place at the top 32 loading depots with minimum evacuation of 5 million litres while other loading depots evacuated 11 per cent of total volume during the period under consideration.

Speaking on the state-owned Nigerian Television (NTA), Kyari had argued that the current fuel crisis in the country was not a result of supply challenges, but that of distribution and illegal export to neighbouring countries.

Kyari had disclosed that there were over 730 million litres of petrol in depots across the country and that the NNPC was supplying an average of 65 million litres per day to marketers.

He had blamed massive smuggling of the products to neighbouring countries for the problem, insisting that downstream operators were responsible for the challenge. He also accused depot operators of selling to filling station owners above approved ex-depot price.

“There is no shortage of fuel going into the market; they may be in the wrong destination. Nigerian fuel is smuggled to other countries and this

is not a secret and can only be done by all of us in this room or people connected to us or people buying from us,” he declared.

Meanwhile, rising from its meeting at the weekend, operators vowed to ensure that the 127 million litres allocated to it for the month of February are distributed to Nigerians without any hindrance.

The Ijegun-Egba Tankfarm Owners and Operators Association is the umbrella body of all the oil companies currently engaged in the operation of petroleum storage tankfarms and facilities at Ijegun-Egba, Satellite Town, Lagos, along the Ojo Creek Channel.

Its members include A.A. RANO Nigeria Limited, JGold Nigeria Limited, Chipet International Limited, Emadeb Energy Services Limited, First Royal Oil Nigeria Limited and MAO Petroleum Company Limited.

Others include Menj Oil Limited, Ocean Pride Energy Services Limited, Stallionaire Nigeria Limited, Wosbab Energy Solutions Limited and Rainoil Limited.

In a communiqué signed by its Chairman, Mr. Adebowale Olujimi, at the weekend, the association

restated its commitment to continue contributing to government's effort in building a robust business environment to stimulate economic growth, especially in making petrol, available to Nigerians.

The group vowed to utilise its storage networks to supply and distribute petroleum products to various parts of the country and do so in a transparent manner.

“The tankfarms at Ijegun, Satellite Town, Lagos State play a very pivotal part in petroleum distribution in Nigeria; accounting for approximately 35 per cent national petroleum product distribution.

“Our members are committed to ensuring efficient petroleum product distribution, and by extension ensuring energy security in line with the federal government's policies and regulations,” the operators pledged.

Stressing that its members have always risen to the occasion, at all times, in ensuring efficient supply and distribution of petroleum products to avoid scarcity of products, the association said it was in the same line that it was responding to the present national call, in view of the

challenges experienced across the nation.

“Having considered the current challenges in petroleum product distribution, resulting in scarcity across the nation, with attendant impact on the national economy, business and commercial activities, Ijegun Tankfarms have resolved as follows: “That, with the expected estimated over 127 million litres of Petroleum Motor Spirit (PMS) for our facilities in the month of February 2023, all our members will strive to ensure that the products are loaded and trucked without delay on receipt and discharge into our facilities. This will make the product available for Nigerians.

“That our tankfarms will continue to sell and load at the government regulated price of N172 ex-depot to all marketers. That all our members' retail outlets across the nation will continue to sell petroleum products at the government approved price.

“That commencing from Monday February 6, 2023, we welcome all our esteemed marketers, in line with the protocols set by the federal

government. The protocols must be strictly complied with for transparency and accountability,” the operators said.

To achieve this, the oil firms announced that they would work 24 hours daily to achieve the objective of making petroleum products, especially petrol available to Nigerians across the nation.

In addition, to underscore utmost transparency, the firms made public their receipts and or expected receipts of petrol for the month of February, 2023, amounting to 127 million litres.

“We wish to assure all our esteemed customers and Nigerians of our utmost transparency and commitment in our dealings in rising to this national call,” the operators noted.

They extended their appreciation to the Governor of Lagos State, Babajide Sanwo-Olu, for his actions in improving the state of infrastructure and maintaining a good business environment, especially the interventions to ensure that the operators have smooth access to evacuate petroleum products to address the challenges currently experienced in the nation.

Nigeria, Niger Republic Sign Border Frequency Coordination Pact Emma Okonji Nigeria and Republic of Niger have signed a bilateral agreement in Abuja for coordination of frequency utilisation along their borders to ensure seamless deployment of services around and within the two countries.

The agreement signing ceremony was one of the highlights of the two-day Digital Economy Regional Conference, hosted by the Nigerian government and facilitated by the Federal Ministry of Communications and Digital Economy, which ended at the Transcorp Hilton Abuja.

Nigeria’s Minister of Communications and Digital Economy, Prof. Isa Ali Ibrahim

Pantami, signed on behalf of Nigeria, while his Nigerien counterpart, the Minister of Post and New Information Technologies, Mr. Moussa Baraze, signed on behalf of his country.

The Executive Vice Chairman and Chief Executive Officer (EVC/CEO) of the Nigerian Communications Commission (NCC), Prof. Umar Danbatta and Niger Republic’s Chairperson of the National Council for Regulation of Electronic Communications and Post, Mrs. Aichatou Oumani, were witnesses to the agreement, which applied to the co-ordination of frequencies existing in the Nigeria-Niger transboundary areas between 87.5 megahertz (MHz) to 30 gigahertz (GHz).

The agreement indicated it would help in effective coordination and sharing of frequencies and channels in the ‘buffer zone or area’ on borderlines between the two countries and also help to address one of the major issues of signal interference regulation that might arise in telecoms signal transmissions by terrestrial telecoms service providers, as it spelt out the procedures for regulating such cases.

The agreement, according to the two parties, provided, in part, that in case of harmful interference affecting one of the parties, the affected party shall inform the other party in writing for necessary action to be carried out.

“Also, the party from whence the

interference is originating shall ensure that all necessary means are used to resolve the harmful interference within 30 days of receipt of the notice,” the agreement says.

According to a press release by Director, Public Affairs, Reuben Muoka, while the Agreement was without prejudice to the rights and obligations of the parties specified in the Convention, the Constitution of the International Telecommunication Union (ITU) and other intergovernmental arrangements, the land and mobile services whose use was restricted for security, maritime and national defence or for which information was not available, shall not be subjected to the provisions of the agreement.

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NEWS

ALAWUBA GETS HONORARY DOCTORAL DEGREE...

R-L: Vice-Chancellor, Imo State University(IMSU), Prof. U.U. Chukwumaeze; Pro-Chancellor, Dr. Ernest Nwapa; Honorary Doctorate recipient and Group Managing Director/CEO, United Bank for Africa(UBA), Mr. Oliver Alawuba, and wife, Dr. Nkeiruka Oly-Alawuba; during the conferment of Honorary Doctoral Degree in Banking and Finance by the Imo State University on Alawuba at its Eight Convocation Ceremony held in Owerri…recently

Gbajabiamila: We'll Reconvene Before Elections If CBN Fails to Address Currency Swap Difficulties Udora Orizu in Abuja Speaker of the House of Representatives, Hon. Femi Gbajabiamila, has said the House would have no option but to reconvene before the February 25 elections if the Central Bank of Nigeria (CBN) failed to address the hardships Nigerians face due to the currency swap policy.

The speaker said the House would continue to monitor CBN's implementation of the policy closely following the Green Chamber's meeting with the CBN governor, Godwin Emefiele, on the issue.

Speaking during a town hall meeting with some ethnic groups in Surulere, Lagos, yesterday, Gbajabiamila said he was on the verge of signing an arrest warrant against Emefiele following his initial

failure to appear before an ad hoc panel of the House.

"The House of Representatives intervened on several occasions. We summoned the CBN governor the first time and again, but he refused to answer, because we had many hard questions for him. It was until I issued the threat of warrant of arrest before he came, and I would’ve signed that warrant; it would’ve been the first time in the history of National Assembly that a CBN governor would be arrested. I would’ve done it.

"Many have argued on the independence of CBN, the autonomy of CBN. That does not make CBN above the law. The constitution gives the House the power to issue an arrest warrant against anyone, we can summon anybody, and that was exactly what the House was going

Edo APC House Member Loses 3,000 Supporters to Rival PDP Candidate Adibe Emenyonu in Benin City Over 3000 members of the All Progressives Congress (PC) in Edo State have defected to the opposition Peoples Democratic Party (PDP) The defected APC members joined the PDP at several campaign rallies held at the weekend, in various communities in Ovia Southwest and Ovia Northeast local government areas that make up Ovia federal constituency.

They tore their APC membership cards and vowed to ensure the PDP emerged victorious in this month's general election.

Many of the defectors were key allies of the incumbent lawmaker representing Ovia federal constituency, Mr. Dennis Idahosa, in the House of Representatives.

Among those that defected were Chairman of all the Chairmen in APC Ovia South West, Sunday Kriya, the party Chairman, Ora Ward 6 Ovia South west, Osawaru Sunday, Comrade West Odaro, and his assistant Federick Igbinowanhia, a former APC Ward Chairman in the riverine area, Comrade Sunny Emuobor, Francis Kumukumu Achugbue from Okada ward amongst others.

Kumukumu, who predicted that the APC would fail at the elections said they regretted voting for Idahosa in 2019, adding that he had not kept any of his campaign promises.

Another former APC leader, Sunday Kriya, said they would deliver 100 per cent vote for the House of Representatives for.

Omosede Igbinedion He said Omosede Igbinedion provided empowerment for their youths as well gave financial support to their wives when she was first elected to the House of Representatives.

On her part, Omosede promised to work with the state government when elected to ensure communities benefit more.

She said her focus would be the farmers to boost food security as well as ensure empowerment for women.

Omosede who is the daughter of Chief Gabriel Igbinedion, the Esama of Benin, appealed to all PDP members to consider last week's Supreme Court judgement which affirmed her candidacy as the end of all factions within the party.

According to her, "We are united by a common purpose. We are united under the umbrella and we are united against a common enemy.

"It is PDP on the ballot and not any face or name. The people of Ovia, Edo State and Nigeria are relying on us to help rescue Nigeria..Let us not be carried away by personal selfish interest, but look toward the building and repairing our great constituency, Ovia our great country Nigeria."

to do until the CBN governor came.

So, we are watching, and we are monitoring very closely. If need be, we will reconvene the House, even though we’ve all been away for our elections. I will call the House back, if need be."

Gbajabiamila also said amidst the ongoing hardship, the presidential candidate of the APC, Bola Ahmed Tinubu, has identified with Nigerians and faulted the implementation of the policy at this time, which

necessitated the extension of the deadline for the collection of the old currency.

"On the currency swap, let me explain something to you. We are all very intelligent people. Many are suffering. We have paid your salary, and you cannot withdraw it; people cannot eat, what kind of thing is that? But I have news for you. There’s one man who is running for president of this country, and that man has courage and audacity.

This man came out boldly and identified the problem, that the fifth columnists, in cooperation with the PDP are the ones trying to sabotage this election.

"Many have said he’s talking about Buhari, but he told them 'no, I’m not talking about Buhari; I’m talking about fifth columnists.'

If you don’t know the meaning of fifth columnists, go and check your dictionary. Fifth columnists infiltrate people, they even infiltrate families,

otherwise how do you explain this type of policy?

"The president, being a compassionate person that he is, has asked for a few more days to look at everything that is going on and see if anything could change.

We pray that things will change. If nothing changes, we will intervene again, but be sure of one thing: that Asiwaju Bola Ahmed Tinubu stands with you and stands with Nigerians in their suffering.”

Onyeama: It’s Cheaper to Keep Foreign Missions Than Close Them The Minister of Foreign Affairs, Geoffrey Onyeama, has said unknown to a lot of people, it was cheaper to keep and maintain foreign missions than close them down, because the costs of pay-offs usually ran into millions in dollars, given local laws.

Speaking at the 22nd Edition of the PMB Administration Scorecard Series in Abuja, the nation’s capital, he said, “Reducing the mission, you are absolutely right. We do want to rationalise, but there are two challenges. Nigeria is a big country. We are the power in Africa and we aspire to Security Council membership.

“We are looked upon as a leader in Africa. So, we have to have

a wide presence in a number of countries. Of course, if we cannot afford it, what we have done, you can also rationalise the staffing of those missions. So, we have a lot smart missions, saving a lot of cost.

“Interestingly, when we started to reduce mission, it was extremely expensive. In fact, it was even cheaper to maintain those missions, because you have to pay off a lot of local staff and they have local laws – the pensions and so many things. So, you find out that to close one mission in one country comes to millions and millions of dollars.

“So, that was a big challenge, and we have to balance the two: our need to have that presence if

we want to be the big country, trade in many countries – Nigerians are all over as you mentioned in many different countries, supporting them and providing consular assistance and so forth.

But it’s still a work-in-progress.

We cannot reduce too much if we really want to be the Nigeria that we want to be – the big power that we want to be.”

On the issuance of advisories, when situations arise, Onyeama said, “Now, on advisories, you issue advisory on the advice of your embassy in that country. So, during the Ukraine issue, I was on the phone constantly with our ambassador in Ukraine. Do we issue an advisory? Do we start

evacuating? And he was, no, I think we are okay.

“There’s a BBC programme interviewing a lot of the Nigerians in Ukraine, where they said no, they were very happy; that they didn’t see any problem. And to tell you the truth, nobody saw a Russian invasion coming. Puttin came on and he said we are not going to invade.

“We give it to the US. They maintained from day one that these people are going to invade.

So, what do you do? We rely on our people on the ground in each country and that’s why we have embassies and missions to advise us on issuing advisories in those countries.”

PANDEF to Okowa: A Child Well Brought Up Doesn't Exchange Words With Father Publicly Sunday Aborisade in Abuja The Pan Niger Delta Forum has faulted the response of Governor Ifeanyi Okowa to the allegations by an elder statesman, Chief Edwin Clark, that his administration mismanaged N250bn Oil Derivation Funds so far paid to it by the President Muhammadu Buhari government.

Clark had at a press conference on Thursday last week, alleged that the Okowa administration had not been able to sufficiently justified the N250bn 13 per cent oil derivation paid to the state so far from 2015 till date.

He also accused the Governor of allegedly betraying his colleagues by conveying a meeting of southern governors which agreed that power must shift to the South in 2023 but went behind them to accept the vice

presidential ticket from the Peoples Democratic Party standard bearer, Atiku Abubakar, who is from the North.

Okowa, who responded to Clark’s allegations through his media aides, however, accused the 96 year-old man of fanning embers of disunity in Nigeria.

But a statement by PANDEF through its National Publicity Secretary, Ken Robinson, on Sunday, reprimanded Okowa for exchanging words with an elder publicly instead of providing answers to the posers raised by Clark.

"He (Okowa) was given an opportunity to redeem his soiled image, but rather than devoting time to conscientiously reflect on the issues raised in Chief's letter and re-consider his ways, he embarked on a futile campaign, through commissioned

proxies, to disparage our leader, which could be likened to one throwing pebbles into an ocean hoping to create ripples.

"Nonetheless, PANDEF gives Governor Ifeanyi Okowa, 48 hours to retract and withdraw his attacks on Chief Clark in his own interest.

In the same way that we started this statement, let us remind Governor Ifeanyi Okowa that, a child that is well brought up does not exchange words with his father when scolded in the public," PANDEF said.

The statement faulted Okowa for accusing Clark of causing disunity and explained that the elder stateman, as a federal commissioner after the civil war, carried out many programmes and policies which successfully unified Nigeria.

Part of the statement read: "Governor Ifeanyi Okowa needs to be

acquainted with an African proverb that says 'when your father scolds you in the public, a well-brought up child, does not exchange words with him, but goes home to reflect on the words of the old man' "At nearly 96, Chief Senator (Chief) Dr. E.K. Clark, OFR, CON is not only our national leader and elder statesman, but, more significantly, is old enough to be a father and even grandfather to most of us.

“PANDEF, thus, finds it stunning that less than 24 hours after Chief Clark wrote an open letter to the governor, raising various troubling issues, he, Ifeanyi Okowa and his media attack dogs, have been quick to reply him; avoiding answers to the veracity of the issues raised, but dwelling on the towering image, integrity and personality of this great national icon.

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NEWS

2023 ACCESS BANK LAGOS CITY MARATHON...

L-R: Deputy Governor, Lagos State, Obafemi Hamzat; Ethiopia, Winner , 42km Elite Runner Female Category in 2hours; 40 minutes, 54seconds, Alemenesh Guta; and Chairman, Access Bank, Ajoritsedere Awosika at the 2023 Access Bank Lagos City Marathon in Lagos…recently SUNDAY ADIGUN

INEC: We Didn't Withhold PVCs Belonging to Any Ethnic Group Says commission won't condone breakdown of law and order in polling unit Stakeholders express satisfaction with electoral body’s mock exercise in Rivers Adedayo Akinwale in Abuja and Blessing Ibunge in Port Harcourt The Independent National Electoral Commission (INEC) has denied withholding Permanent Voter Cards (PVCs) belonging to a particular ethnic group in the country ahead of the forthcoming elections.

The electoral body commenced the distribution of PVCs on 12 December 2022 and had previously said it would end the PVC collection on 22 January, before extending it to January 29, 2023. The commission subsequently extended the deadline to February 5.

However, reacting to allegations that the commission was denying Igbos in Lagos state the collection of their PVCs, the Chief Press Secretary to INEC Chairman, Rotimi Oyekanmi, yesterday said the commission did not discriminate against any ethnic stock.

He explained that the Commission initially delivered 940,200 PVCs to Lagos for new registrants, requests for transfers and replacement of cards, covering the period between June 2021 and July 2022.

Oyekanmi revealed that as of 26th January this year, 839,720

CDD Calls for Urgent Measures to Fix Lapses in INEC Mock Accreditation Emameh Gabriel in Abuja The Centre for Democracy and Development (CDD), has called on the Independent National Electoral Commission (INEC) to fix the setbacks experienced during the mock accreditation exercise carried out by the Commission at the weekend.

The CDD further expressed worries that observation from its field officials that some voters' confidence had been dampened over the misconception that the malfunction of the BVAS was responsible for the Election Petition Tribunal judgement, which nullified the victory of the candidate earlier declared by the INEC as winner in the Osun State governorship election conducted in July 2022.

CDD therefore recommended urgent steps by the INEC to address logistic challenges, particularly, the late arrival of poll officials.

The CDD in a report by its Director, Idayat Hassan, said it deployed no less than 111 field observers to monitor the mock accreditation exercise conducted

by INEC to test the functionality and reliability of the Bimodal Voter Accreditation System (BVAS) ahead of the February 25 and March 11, 2023 elections.

According to the report, "Based on field observers’ data on the exercise, CDD EAC found instances of late arrival of INEC officials to their respective polling units. In several cases, INEC poll officials had not arrived for commencement of the process by 11:30am, whereas

they were supposed to have arrived between 8:00 and 8:30am.”

For instance, the CDD observed that late arrival of poll officials were documented in polling units at Community Primary School, Enugu, Ngwo, where officials arrived at 11am. In Kungana Special Primary School, Suntai, Taraba State, and Polling Unit 002 at Damilu Primary School, Jimeta, observer data indicated that poll officials arrived at 11:30am, three and half hours behind the scheduled time, adding that, late arrival of INEC officials was recorded in much of the 36 states and in 58% of the 111 polling units observed.

The report stated that although, "observer data shows that the BVAS worked smoothly across the majority of polling units observed, at an average of between 30 seconds and two minutes, the BVAS accredited voters, who showed up for the exercise, observer data recorded isolated instances where the BVAS experienced glitches while trying to capture the finger prints and facial features of elderly voters."

Similarly, Idayat disclosed that, "Observation of the mock accreditation exercise documented a spate of low turnout of voters for the exercise, adding that, "In several polling units, less than 3 per cent of registered voters turned out to take part in the mock accreditation and voting.

The low turnout, according to the CDD Director, "was traced to low awareness. The poor awareness, and subsequent low turnout made comprehensive assessment of the BVAS impossible.

PVCs representing 89.3 per cent had been collected.

He stressed that additional PVCs were also delivered to Lagos recently and their owners have been collecting them.

Oyekanmi stated: "Now, look at it, is it really possible that Igbos will not be among these 839,720 persons? I am saying this because the allegation you referred to is not just from our Oshodi office.

We hear about it at other LGAs. "This issue came up recently when Pat Utomi invaded our Oshodi office based on the same allegation, and had the audacity to address a press conference there, which was totally unexpected of someone in his position.

"So, Seun Okinbaloye of Channels asked our Lagos Resident Electoral Commission (REC) about it. His response was that many of those complaining about not getting their PVCs actually registered twice. They moved from their former residence/ state and would like to vote in Lagos. There is nothing wrong with that.

"However, instead of applying for a transfer of their polling unit (from where they relocated to Lagos), they went ahead and registered a second time, which is against our laws."

Oyekanmi stated categorically that the commission's policy

was not to print PVCs for double registrants, because his/ her card would have been printed already and would be among the uncollected PVCs. He added: "Let me emphasise this: If they had applied for a transfer, which is the right thing to do, our system would have treated their application on its merit. But by registering twice, which is an infraction, our system will not allow their attempt to get a second PVC. "So, this is not about withholding PVCs belonging to a particular ethnic group. To me, it is an impractical thing to do. We have igbos among our Lagos office staff (in senior positions) and you cannot discriminate against any ethic group if you want to succeed as an organisation."

Also, the commission has said that it would not condone any breakdown of law and order at any polling unit on election day.

It added that the commission would have no problem in calling on the security agencies on ground to take any disruptive voter into custody.

INEC National Commissioner and Chairman Information and Voter Education Committee, Festus Okoye, stated this yesterday in a chat with reporters, where he revealed that one of the major roles of the Bi-modal Voter Accreditation

System (BVAS) was to prevent identify theft.

Responding to the non-validation of the permanent voter’s card (PVCs) of a registrant in Imo State during the Saturday's BVAS mock accreditation exercise in designated polling units (PUs) across the country, Okoye said BVAS won't allow identity theft.

He stated: "The lady in question is fair complexioned.

The picture captured during registration is that of a dark complexioned lady. No one can identify her with the picture. No one can identify the person on the register. The BVAS could not identify her 10 fingers.

"Someone registered for her.

So there is the possibility that the name belongs to her but the fingerprints and image on the BVAS belongs to another individual. All the observers agreed that she is not truthful.

That is the power of the BVAS. Identify theft will not be allowed."

Asked about the immediate measures in place to arrest and prosecute those found committing identity theft in the event that issues like this comes up during the elections, Okoye explained that on election day, the commission would deploy four ad-hoc staff to the Polling Unit (PU) consisting of the Presiding Officer and Assistant

President Officer one, two and three.

"The attention of the security agents will be drawn if such an individual becomes disruptive. In such circumstances, the security agents will devise strategies of taking the individual into custody for possible prosecution.

"The commission will not want a situation of complete breakdown of law and order in a PU. Each situation will be handled based on the specific issue at the PU."

Stakeholders Express Satisfaction with INEC Mock Exercise in Rivers

Meanwhile, stakeholders who participated in last Saturday’s Nationwide B-VAS Mock accreditation/ voting exercise in parts of Rivers State have expressed satisfaction with the exercise.

INEC held a nationwide mock B-VAS accreditation ahead of the February 25, and March 11 general election across the country.

At Obio/Akpor local government area of Rivers state, the stakeholders who monitored the exercise charged INEC, to pay attention to the critical issue of automatic voter migration, other areas identified by the mock election before the election day.

Continued online

Niger Delta Elders Write Monguno over FG's Panel on Oil Theft Say Nigeria loses $1.9bn monthly Olusegun Samuel in Yenagoa Elders and stakeholders from Niger Delta have expressed concern over the dwindling fortunes of the Presidential Amnesty Programme (PAP) due to the alleged divided attention of the Interim Administrator, Maj. Gen. Barry Ndiomu (rtd.) following his appointment as the substantive Chairman of an 11-man committee of the Special Investigative Panel on Oil Theft in the region by the presidency.

The elders and stakeholders in statement made available to newsmen in Yenagoa, Bayelsa State, alleged that despite the fact that the people of the region were elated that the Presidency found Ndiomu worthy of heading the Special Investigative panel, the

daily operations of the Presidential Amnesty Programme was suffering.

They listed some of the programs not getting the needed attention as staff welfare, payments to thousands of PAP beneficiaries, tuition fees payment to thousands of beneficiaries, empowerment programmes, payment to legitimate contractors and a host of other issues bordering on national security.

The stakeholders under the aegis of the Movement for the Sustainable Development of the Niger Delta (MSDND), in the letter addressed to the National Security Adviser (NSA), Ma. Gen. Babagana Monguno (rtd.), demanded that Ndiomu should focus on his tasks in the federal government’s fight against crude oil theft.

They also call for an urgent need for the appointment of an Interim

Administrator for the Presidential Amnesty programme to avoid the programme’s derailment from its mandates due to neglect of official duties and responsibilities, and lack of concentration emanating from the double-portfolio given to Ndiomu.

The letter dated February 3, 2023, and signed by the Convener of the MSDND, Chief Ayebatekena Olodi and its Secretary-General, Chief Godwin Pere-Ebikabowei, stated that “in-light of the unfolding, scary and scandalous revelations emanating from the office of the Group Chief Executive Officer (GCEO) of the Nigerian National Petroleum Corporation Limited (NNPCL), Mr. Mele Kyari, to the effect that Nigeria loses a staggering sum of $1.9 billion USD monthly to oil theft. This revelation is not only mind-boggling but calls for

urgent and proactive measures by the government of President Muhammadu Buhari to stem this ugly tide before insolvency sets in.”

“Our nation should not be losing $1.9billion monthly to crude oil thieves. Therefore, given that our nation’s security and livelihood is at stake, we urgently call on you to use your good office to empower Major General Barry T. Ndiomu (rtd.) – the Substantive Chairman of the Special Investigative Panel on Oil Theft in the Niger Delta region to focus on his herculean tasks in our nation’s fight against crude oil theft to ensure the smooth operations of his eleven-man committee without any distractions from over 30,000 ex-militants, staff, and thousands of stakeholders from across the nine (9) states of the Niger Delta region.”

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POLITICS

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

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

INEC’s Deft Moves Towards Hitch-free 2023 Poll The Independent National Electoral Commission has continued to engage relevant stakeholders including government agencies towards ensuring that the forthcoming polls hold as scheduled despite persistent attacks on its facilities, Adedayo Akinwale writes

W

ith exactly 19 days to the commencement of the 2023 election, the Independent National Electoral Commission (INEC), the body constitutionally saddled with the responsibility of conducting elections in the country, has continued to hold meetings with relevant stakeholders and government institutions to ensure that elections are held as scheduled.

Such meetings the Commission has had in recent past included the sensitisation meeting on the implementation of the commission’s Memorandum of Understanding (MoU) with the National Union of Road Transport Workers (NURTW), meeting with the management of the Nigerian National Petroleum Company Limited (NNPCL), political parties and the Director General of the National Youth Service Corps (NYSC).

Unlike previous elections, the Electoral Act 2022 allowed the electoral body ample opportunity to commence preparations for the 2023 election early enough and this has ensured that 12 out of 14 schedules of activities lined up by the commission have been successfully implemented.

To this end, tension associated with Nigerian politics have also reduced drastically.

However, despite the fact that the Commission is the only legal body saddled with the conduct of elections, there are critical government institutions that their contribution would ensure the forthcoming polls is a success.

Sadly, with a few days to the elections, attacks on INEC facilities have continued unabated.

Although, with the collaboration between the Commission and security agencies, the attacks on the commission’s facilities appear to have reduced, there is, however, the need for relevant security agencies to up their games with elections coming up nationwide in less than three weeks.

Attack on INEC Facilities Last Wednesday, INEC office in Idemili South Local Government Area (LGA) of Anambra State was attacked and set ablaze by unknown gunmen. The latest attack made it 51 attacks the commission has suffered in the last four years.

Items lost to the attack are 729 ballot boxes, 243 voting cubicles, 256 election bags, 11 megaphones, one electric power generator and large quantities of indelible ink and liquid gum.

The commission in a statement issued by its National Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, said uncollected Permanent Voters’ Cards (PVCs) kept in the fireproof cabinet were not affected by the inferno, while no sensitive materials have been delivered to the LGA office.

Despite this despicable incident, the Commission reassured the people of Idemili South LGA that contingency arrangements would be made to replace the materials and the Presidential and National Assembly elections would proceed on 25th February 2023 as scheduled, to be followed two weeks later by the State House of Assembly election.

INEC’s Assurance Following the attack, there were already reports in the media that the commission might postpone the presidential election for two weeks.

But the commission for the umpteenth time told whoever cared to listen that it was not contemplating the shifting, postponement or adjustment of the timelines for the forthcoming polls.

Okoye told THISDAY that on no account would it allow anti-democratic forces and fifth columnists confuse the Nigerian people on the plans and intentions of the Commission.

According to him: “There is no justifiable reason for the speculation relating to the postponement or rescheduling of the election. We must on no account allow anti-democratic forces

Yakubu

and fifth columnists to confuse the Nigerian people on the plans and intentions of the Commission. The Commission is working hard for the Nigerian people and will deliver free, fair, credible, verifiable and inclusion elections.”

Moreover, he added that Sections 132 and 178 of the 1999 Constitution (as amended) have circumscribed the period for the conduct of national and state elections. He further clarified that It was in the interest of the Nigerian people and in the interest of the country’s democracy to hold the elections on the dates and times set out by the Commission.

“We must continue to assure Nigerians that they will vote in a safe environment, that their votes will be safe and that their votes will count and be counted. We must not dignify fallacious speculations not grounded on facts and reality,” Okoye added.

Nevertheless, the commission, during the meeting with the NURTW and other transport unions, which also had in attendance the Federal Road Safety Corps (FRSC, warned that the lingering fuel scarcity might affect the arrangements of the commission negatively especially on election day.

Stakeholders’ commitment Chairman of the Commission, Prof. Mahmood Yakubu said the meeting with the unions was aimed at achieving two objectives –first is to put finishing touches for the implementation of the Memorandum of Understanding (MoU) signed between the commission and the unions about two months ago and to conclude on the modalities for the certification of vehicles by the FRSC, in the light of the emphasis placed on the safety of election personnel

and materials.

He explained that the issue of logistics had been a perennial problem in election administration in Nigeria, saying this was why for three electoral cycles, INEC has collaborated with the road transport unions to address the problem.

Yakubu explained that for the 2023 general election, the commission has included the Marine Workers Union of Nigeria for efficient maritime transportation. To him, the time has come to stop all excuses and provide effective logistics to ensure hitch-free arrangement for the 2023 general election.

The Chairman said this time around, Nigerians should not wait for the arrival of personnel and materials at the polling units, rather, INEC personnel should be there waiting for the arrival of voters. He was of the opinion that recent elections have shown that working in partnership with the unions and other stakeholders, could make the objectives achievable.

Yakubu noted that the commission was aware that the task was enormous, but said election is the largest deployment a nation periodically undertakes and mobilization of vehicles for election is a large and complex exercise.

He stated: “However, this comes only once in four years. What is critical here is forward planning. We have presented to the Union the number and specifications of the vehicles required for the election. We have also indicated to you the locations where the vehicles are needed.

“Happily, your members are spread across the country. Therefore, vehicles conveying personnel and materials will not travel long distances. In fact, all movements should be within a state and preferably within local government areas.

There should be no inter state movement.”

The chairman informed the Unions that the MOU covered both forward and reverse logistics, while there was also an obligation to return the personnel and materials to designated locations after the election.

According to him: “When you take election duty staff particularly those deployed to the polling units, pease don’t abandon these ad hoc staff, particularly the youth corpers. We

Sadly, with a few days to the elections, attacks on INEC facilities have continued unabated. Although, with the collaboration between the Commission and security agencies, the attacks on the commission’s facilities appear to have reduced, there is, however, the need for relevant security agencies to up their games with elections coming up nationwide in less than three weeks

have a responsibility to take them to locations in safety and to bring them back in safety to where you took them”.

He assured the unions that the commission was working with the security agencies to ensure the safety of their members and their vehicles during the elections.

Knowing fully well that various transport unions are on the payroll of state governors and some politicians in the country, the INEC boss stressed the need for them to subscribe to the oath of neutrality especially on election day.

He said, “I can’t conclude my remarks without reminding you of your obligation to neutrality.

The work of INEC requires non-partisanship.

Working in partnership with the Commission, you will be required to subscribe to the oath of neutrality and to demonstrate your nonpartisanship in the work you do practically on election day.”

Furthermore, Yakubu noted that the Commission shared the concern of the unions concerning the lingering fuel crisis which he said could hamper the preparations of the elections.

His words: “The Commission shares your concern about the fuel situation in the country and its impact on transportation on election day. The truth is that our arrangements may be negatively affected by the non availability of products.”

Getting NNPCL’s buy-in It was based on this that Yakubu led a delegation to the NNPCL management as part of the commission’s effort to engage every national institution for the success of the 2023 general election.

Without mincing words, the INEC Chairman told NNPCL management that the commission was determined to overcome the perennial challenge of late commencement of polls on grounds of logistics, but added the objective cannot be fully accomplished without the guaranteed supply of petroleum products to facilitate the movement of vehicles and boats.

Yakubu said the Commission would be mobilising about 100,000 vehicles and 4,000 boats for the deployment of personnel and materials to 176,846 polling units spread across 8,809 Registration Areas or electoral Wards in 774 Local Government Areas nationwide in the forthcoming elections.

The Chairman pointed out that the electoral body was aware of the efforts of the NNPC to ease the current situation in earnest, but still appealed to NNPC to consider the following proposals: “The use of the NNPC land and floating mega stations nationwide to service our election duty vehicles and boats. We will bear the cost of the products. By doing so, there will be guaranteed supply for elections; “A special arrangement with other marketers in locations where the NNPC may not have dedicated stations; and consider other options to support our seamless operations on Election Day.” NNPCL’s commitment Responding, the GMD of NNPCL, Mele Kyari, said it was a known fact that logistics is a major component of electoral duties. He stated that NNPC had always supported the INEC, especially in making sure that fuel is made available to all vehicles that are involved in the electoral process.

According to him: “Needless to say that there was no formal framework for that, and there were no even exact formal requests for this.

All the same, we are always conscious of the necessity to provide support to INEC whenever elections take place”.

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

19

T H I S D AY ˾ MONDAY FEBRUARY 6, 2023

MONDAY DISCOURSE

Intriques as Ikpeazu’s Favourite, Ahiwe, Wins Abia PDP Gubernatorial Ticket Emmanuel Ugwu-Nwogo reports about the political horse trading associated with the Abia State Peoples Democratic Party’s primary held at the weekend which resulted in the election of former Chief of Staff to Governor Okezie Ikpeazu, Chief Ambrose Ahiwe, as the party’s gubernatorial candidate

Ikpeazu

F

or the second time in the ongoing election process, a governorship candidate has been nominated by the Abia State chapter of the Peoples Democratic Party (PDP). Chief Ambrose Okechukwu Ahiwe, the immediate past Chief of Staff to Governor Okezie Ikpeazu has now emerged as the governorship candidate of the ruling party in Abia State. He won the fresh primary election conducted by the party to elect a new flag bearer for the March 11, 2023 gubernatorial race.

The fresh governorship primary was not by design. It came about due to the vacuum created by the death of the PDP governorship candidate, Professor Eleazar Uche Ikonne. The former Vicechancellor of the Abia State University Uturu (ABSU had emerged the party’s governorship flag bearer at the first primary held on May 25, 2022. But the cruel hands of death stopped him from finishing the governorship race.

Abia PDP was in quandary. But the Independent National Electoral Commission (INEC) promptly clarified the apparent hazy situation cretaed by Ikonne’s demise.

While the PDP leadership was still in a state of shock, wondering on the appropriate step to take, INEC came out to give direction.

Shortly after Ikonne’s death was confirmed by his family, the electoral body announced that he could be replaced.

The INEC National Commissioner in charge of Publicity and Voter Education, Mr. Festus Okoye, explained that PDP still had a window of opportunity to continue the governorship race with another flag bearer in line with the provisions of the Electoral Act. He therefore directed that the bereaved political party should conduct a fresh governorship primary within 14 days beginning from the very day the candidate passed on.

“Section 33 of the Electoral Act, 2022 is clear, unambiguous, and unequivocal that a political party shall not be allowed to change or substitute its candidate whose name has been submitted to the commission under section 29 of the Electoral Act except in the case of death or withdrawal,” Okoye had explained.

In directing PDP to replace its governorship candidate, INEC further clarified that the deputy governorship candidate of the party (Hon Okey Igwe) could not automatically assume the position of the gubernatorial candidate since the election was yet to start.

And so the Abia PDP on Saturday, February 4, 2023 assembled the same delegates that had elected the late governorship candidate at the same Umuahia Township Stadium to elect his replacement.

The delegates were to make their choice from among eight aspirants. Five of the contestants

Ahiwe

had participated in the first primary.

They include the Deputy Governor of Abia state, Ude Oko Chukwu; former Abia PDP chairman, Senator Emma Nwaka; Hon Sampson Orji, Ezinwanyi Jonah and Lucky Igbokwe.

They were joined by three fresh aspirants, Chief Ahiwe, Bob Ogu, who resigned as commissioner for works to join the race and an international businessman, Dr Eric Opah.

Before the fresh primary, the State Caucus of the party had met and resolved that the replacement for the late gubernatorial candidate should come from the same local government the deceased hailed from. The decision was contentious as it threw up the issue of zoning which had last year generated internal crisis from which the party has not fully recovered. The zoning arrangement was resolved in favour of Isiala Ngwa North Local Government after it was put to voting.

An insider at the Caucus meeting held at Umuahia on January 29, 2023 told THISDAY that the issue of zoning was put to vote following “vehement opposition” by some party chieftains.

Those opposed to retaining the governorship ticket in Isiala Ngwa North had argued that it should go to Abia North Senatorial District.

Abia PDP had last year curiously zoned the ticket to both Abia North and Abia Central in order to wriggle out of the power rotation quagmire.

Members of PDP from Abia North had reasoned that since the late governorship candidate was from Abia Central, a replacement should come from Abia North to balance up the double zoning. But the Abia chief executive had other ideas.

It was learnt that Governor Ikpeazu

had insisted that his original plan to hand over to a successor from the Ngwa side of Abia Central remains sacrosanct hence he did not yield ground.

Right from the commencement of the ongoing transition programme, Ikpeazu has insisted that he “must point the torch” as his predecessors had done in deciding their successors. He had his way as overwhelming majority of the Caucus members sided with the man, who calls the shots.

It became obvious thatAhiwe has found favour with his boss to become the next governorship candidate of PDP. Ahiwe, who assumed duties as CoS mid April last year resigned his position few days after Ikonne’s death thereby fuelling speculations that Ikpeazu had picked him as the new anointed candidate. Ikonne enjoyed the same privilege which was the reason his emergence was a roller-coaster affair. It was not different for Ahiwe.

Ikpeazu deployed resources to ensure that his most recent CoS emerged as the governorship flag bearer. Apart from bearing the cost of Ahiwe’s expression of interest and nomination forms, Governor Ikpeazu, it was reliably gathered, also picked the bills for Bob Ogu and Eric Opah.

This largely accounted for the drama that played out at the venue of the fresh primary.

The contestants were called out and given five minutes each to make a speech. When Ogu was called up he expressed his gratitude to the party for zoning the ticket to Isiala Ngwa North.

He then called Opah to join him and announced that “myself and Opah have in the spirit of togetherness adopted Ahiwe”.

Opah said he he had “extensive discussion” with Ogu before they both arrived at their joint decision to step down for their kinsman, Ahiwe.

Earlier, the only female contestant, Ezinwanyi Jonah, announced her stepping down for Ahiwe and urged her supporters to vote for him in line with the zoning decision of the State Caucus.

After the three contestants stepped down

It was obvious the contestants that lost to Ahiwe left the venue with bottled up anger. None of them formally conceded defeat and congratulated the winner. The general sentiment in Abia North that PDP has dealt with them unfairly by denying them the governorship ticket still persists.

Even though “the guided” delegates from the zone did not express this sentiment in their voting at the primary, it is not going to wane too soon before the March 11 gubernatorial poll

for Ahiwe the remaining ones standing to slug it out with the anointed aspirant were from outside Ngwa area. Ude Oko Chukwu, Emma Nwaka and Sampson Orji, come from different local government areas all in Abia North while Lucky Igbokwe is from Umuahia North in Abia Central. Thus, it became clear that the fresh primary has revived the governorship ticket rift between Abia North PDP and their Abia Central counterpart.

There was a subtle attempt to compel the Deputy Governor to step down for Ahiwe.

After the four contestants had stepped down, the Vice-chairman/Acting state publicity secretary of Abia PDP, Hon Amah Abraham, who compered the event, repeatedly called Oko Chukwu to deliver his “goodwill message”.

The Deputy Governor, who had already delivered his speech and called on delegates to vote for him, was palpably embarrassed with the prodding to step down for Ahiwe.

Indeed, that was what he was expected to do in the “goodwill message” he was being asked to deliver. He didn’t budge.

The delegates cast their ballots for the remaining five contestants. The exercise was conducted by an eight-member Special Electoral Committee headed by the governor of Edo State, Godwin Obaseki. Other members of the Committee include Senator George Sekibo, Senator Felix Kola Ogunlawe, Hon. Binta Bello, Hon. Linda Ikpeazu, Mr. Atzer Terzungwe and Hon. Felix Hassan Hyatt who served as the Secretary.

INEC was on hand to supervise the fresh primary of Abia PDP with the presence of Festus Okoye and INEC Resident Electoral Commissioner(REC) for the state, Ike Izuchukwu.

After collation and tallying of votes by the eight-member Special Electoral Committee of the PDP sent by the National Secretariat to conduct the fresh primary, the result was declared by its Chairman and Edo State Governor, Godwin Obaseki. He returned Ahiwe elected having scored 496 votes or 91 percent of the total 516 votes cast. Both Oko Chukwu and Igbokwe got 12 votes each to be placed in joint distant second position while Orji came third with 11 votes.

It turned out that the fresh primary was a no contest for Ahiwe due to the heavy influence of the governor. Though the three contestants from Abia North all went into the fray without presenting a single front, their collective tally of votes showed that even delegates from their zone were influenced not to vote for their own. It was learnt that delegates could not be rewarded with the new notes due to the ongoing nationwide cash crunch. Instead they went home with $3.000 each.

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

20

T H I S D AY ˾ DAY FEBRUARY 6, 2023

CITYSTRINGS

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

Heightened Suffering for Nigerians in Buildup to 2023 General Elections As the buildup to the 2023 general elections heats up, Sunday Ehigiator writes that the lingering fuel scarcity crises, lack of Naira notes, insufficient power supply, inflation, increased food prices and the soaring cost of living, have caused Nigerians untold suffering and hardship like never experienced

“M

y name is Mrs Temitope, I am a textile trader at Mile 12 Market. I went to the GT Bank in Kosofe to deposit the old Naira I made for the day at the bank. The money was above N100,000.

“As soon as I was done depositing the money I realised I would need to top up my fuel and refill my cooking gas cylinder on my way home. So I attempted to withdraw money at the ATM but there was no money in it, then I decided to go to the counter inside the bank where I just deposited some money.

“They told me they can’t give me more than N5,000 cash. I was astonished because I just paid over N100,000 cash, so what’s the excuse for no cash all about?

“So I had no choice but to collect the N5,000 which came in N100 notes, with the hope of patronizing POS operators and paying with my Debit card at the filling station.

“I couldn’t go and queue up at filling stations selling N185 per litre, so I branched on of these other filling station selling fuel at N340 per litre, only for them to tell me that they are only selling fuel to those who have cash and not collecting payment by transfer or POS. “Can you imagine? As if that confusion and stress were not enough, I left my car at the filling station and visited a POS stand nearby to collect cash. The POS stand has new notes, and they are charging N1,000 for N10,000 withdrawals and N2,000 for N20,000 withdrawals, instead of the N200 and N300 they normally charge before.

“I withdrew eventually withdrew N30,000, paid N3,000 extra as charges, then bought fuel of N15,000 at N340 per litre, before going to the gas station to fill up my 12.5kg gas cylinder.

Upon getting there, 12.5kg of gas which used to be sold for N9,500, was now sold for N10,300.

Where are we going in this country?

“Nigerians are the problem of this country.

We take advantage of every already bad situation to exploit ourselves unnecessarily, making life harder for ourselves. Because look at everything I just told you, is everything the fault of the government? We need to talk to ourselves and change our attitude if we want a better Nigeria.”

This is the current experience of every average Nigerian out there. Just when they are still struggling to deal with rising inflation, high cost of living, soaring food prices, fuel scarcity and lack of Naira notes are the latest punishment, as they are being unnecessarily extorted to have cash in hand.

Naira Scarcity “How much is Naira to Naira today at the parallel market?” This is the joke currently making the rounds on social media since the episodes of Naira scarcity began in January.

As the scarcity of petrol continues to bite harder, access to the redesigned naira notes remains almost impossible as many banks are claiming to be out of speculation of the note thereby refusing to load their Automated Teller Machines (ATM) with the new notes.

The situation has caused queues at the few ATMs dispensing the money and made Point of Sales (PoS) machine operators take advantage of the people by profiteering from the already bad situation.

THISDAY reported that the CBN had earlier fixed January 31 as the deadline for the exchange of old N1,000, N500 and N200 notes.

Before extending the deadline by 10 days, the apex bank had refused to shift grounds despite coming under severe criticisms and significant pressure from the National Assembly, politicians, banks, customers, and key stakeholders.

Despite the extension of the deadline by the CBN, scarcity of the new naira notes has worsened as Nigerians are unable to get cash from counters in banks in many parts of the country. It is also tough getting money from ATMs of the banks as only a few of them are loading their ATMs with a limited amount per day.

This leaves many Nigerians at the mercy of PoS operators who now charge exuberantly to withdraw cash from them, hence the earlier question, “How much is Naira to Naira today at the parallel market?”

Not to ask how PoS operators can have access to the new Naira note and the public isn’t, Nigerians are charged as high as N1,000 for N10,000 new note withdrawal and N2,000 for N20,000 by PoS operators as against an initial N200 and N300 respectively, thereby

supply.

compounding the hardship already caused by the lingering fuel scarcity.

Lingering Fuel Crises The lingering fuel scarcity has compounded the woes of millions of Nigerians struggling to survive the inflationary period as prices of items continue to make a rapid climb.

A litre of petrol in Lagos sells for as high as N280 to N350 from the N169 it was being sold four months ago, choking cash-strapped Nigerians who are already grappling with high prices of goods and services, lack of power amongst others.

The increase in fuel price and the scarcity have added to the cost of living of Nigerians which surged to a 17-year high of 21.47 per cent in November 2022.

The lingering fuel crises have only caused a loss in working hours, as many Nigerians now spent most of their days in fuel queues, or lose time while waiting for affordable transport to work, it has likewise increased the cost of transportation, cost of goods and other services, thereby causing inflation and more hardship to the people.

Rising Inflation According to the Nigerian Bureau of Statistics (NBS), the annual inflation rate in Nigeria eased to 21.34 per cent in December of 2022, down slightly from a 17-year peak of 21.47 per cent in November 2022.

It follows 10 consecutive months of monthly increases amid a slight deceleration in prices of food at 23.75 per cent in December versus 24.13 per cent in November, 202, which is the most relevant in the Consumer Price Index (CPI) basket.

Prices also rose less for alcoholic beverages, tobacco and kola (18.10 per cent vs 18.48 per cent); clothing and footwear (17.55 per cent vs 17.66 per cent); recreation & culture (15.74 per cent vs 16.61 per cent) and communication (11.2 per cent vs 11.54 per cent).

Meanwhile, items such as transportation, miscellaneous goods and services, and education, among

others, became more expensive.

The annual core inflation rate, which excludes farm produce, accelerated for the ninth straight month to a near 16-year high of 18.5 per cent in December 2022, up from 18.2 per cent in November.

On a monthly basis, consumer prices inched up by 1.71 per cent, the most in four months, after a 1.39 per cent increase in the previous month.

While we await an updated report for January 2023, economic experts project a worsening situation considering the fuel scarcity and inflation in prices of foods, commodities and services occasioned by the high cost of fuel and current scarcity of the Naira note.

Soaring Cost of Living According to an update in January 2023,

by Numbeo, the world's largest 'cost of living database, the estimated monthly cost of living for a family of four in Nigeria, excluding house rent, now stands at N782,121.7.

“A single person’s estimated monthly cost of living now stands at N214,681, without house rent.”

It revealed that the cost of living in Nigeria is on average 58.5 per cent lower than the United States of America (USA), while house rent in Nigeria is on average 28.6 per cent lower than in the USA. “Monthly utilities which include basic needs such as power, water, garbage etc. now cost between N10,872.20 to N25,000; Internet now costs a minimum of N21,000 monthly; while clothing now costs between N7,798.08 to N50,000 monthly.”

Numbeo placed the cost of annual house rent for a one-bedroom apartment in city centres between N429,670 to N1,200,000 and N90,000 to N500,000 outside the city centres In terms of market commodities, “Regular 1ltr milk cost and average N1,296; loaf of fresh white bread, N544.14; 1kg of white rice, N1,103,40; a dozen of eggs, N844.32; 1kg of chicken fillets, N2,050.29; 1kg of beef-round, N2,060.92; 1kg of tomatoes, N861.35; 1kg of potatoes, N943.35; 1kg of onion, N650.49; and 1kg of apples at N1,425.90” It revealed that the average monthly cost for a child in preschool or kindergarten for a full day in private schools now stands at N41,816.07. The yearly cost for a child at an International Primary School now stands at an average of N951,432.42.

It revealed that Nigerians pay N18.66 for 1 minute of local prepaid meter tariff without discount, and yet, still suffer epileptic power

As Nigerians go to the polls on February 25, 2023, to elect the next leader to pilot the affairs of the country, they hope for relief not just in the economy, power, and every other sector, but in the cost of living for the common man, as it directly affects them

Insufficient Power Supply Power problem has remained a perennial issue in Nigeria, stifling the country’s industrial growth, limiting commercial ventures’ expansion and profitability and the well-being of its people.

The problem has manifested through unstable supply and lack of access to the grid. The latter necessitated the establishment of the Rural Electrification Agency in 2005 which was tasked with the electrification of rural and unserved communities.

Yet, according to the Energy Progress Report 2022 released by Tracking SDG 7, Nigeria has the lowest access to electricity globally, with about 92 million persons out of the country’s 200 million population lacking access to power.

The report, produced in conjunction with the International Energy Agency, International Renewable Energy Agency, United Nations Statistics Division, the World Bank and the World Health Organisation, indicated that Nigeria was followed by the Democratic Republic of Congo’s 72 million, Ethiopia’s 56 million and Pakistan’s 54 million access deficits.

The latest report, which covered 2020, noted that access to electricity in Nigeria remained poor because electrification advances failed to keep pace with population growth.

This, it said, was in contrast with Kenya and Uganda’s fastest progress in electrification due to their annualised increases of more than three per cent points between 2010 and 2020.

The report partly read, “The 20 countries with the largest access deficits were home to 76 per cent of the global population living without access to electricity (or 560 million people) in 2020. Most of the top 20 deficit countries are in Sub-Saharan Africa.

“The largest unserved populations are in Nigeria (92 million people), the Democratic Republic of Congo (72 million), and Ethiopia (56 million). The gains in the electrified population outpaced population growth in Ethiopia between 2010 and 2020; the same cannot be said of the Democratic Republic of Congo and Nigeria, where electrification advances failed to keep pace with population growth.”

The report noted that between 2010 and 2020, electrification proceeded slowly in Nigeria but that as population growth outpaced gains in access, the number of people without electricity grew by 3 million a year. It attributed this to fragility, underdevelopment and conflict.

It added, “Special attention to these countries is essential through prioritised investments and improvements in policy and regulatory frameworks to scale up electricity access toward the SDG 7 targets.”

It remains the hope of NigeNigeria to elect a leader that has the skills and attitude to overturn all these negative indices through a credible election as they go to the polls on February 25.

2023 General Elections As Nigerians go to the polls on February 25, 2023, to elect the next leader to pilot the affairs of the country, they hope for relief not just in the economy, power, and every other sector, but in the cost of living for the common man, as it directly affects them.

They hope for a selfless leader imbibed with empathy, fear of God and the skill to upturn the woes of the country thereby creating a better living standard for the people.

The general election will start on Saturday, February 25, 2023, with the national elections, i.e. the Presidential election and elections for the two Houses of the National Assembly (the Senate and House of Representatives).

On that day, legislators for 109 Senatorial Districts and 360 House of Representatives constituencies will be elected.

The State elections, i.e. election of Governors, as well as 993 members of the State Houses of Assembly, will be held two weeks later, on Saturday, March 11, 2023. Only 28 out of 36 Governors will be elected on that day.

The other eight do not fall due because of past electoral litigations that misaligned the tenures of the affected Governors.

The delimitation details are staggering 93,469,008 registered voters expected to elect a President, 28 Governors, and their representatives for 1,491 constituencies in 176,846 polling units.

With these analogies, most importantly, Nigerians are hopeful of a free, fair and credible election as they have been continually promised by the Independent National Electoral Commission (INEC).

MONDAY FEBRUARY 6, 2023 • T H I S D AY

21

T H I S D AY • MONDAY, FEBRUARY 6, 2023

22

This Week In Tech 08097710984

nosakhare.alekhuogie@thisdaylive.com

Nosa

Alekhuogie

Tech Top 5 News GOOGLE: NEW SEARCH REVEALS NIGERIANS GROWING INTEREST IN AI oogle recently released a new search trend which shows that people in Nigeria are increasingly interested in Artificial intelligence.

It reached a record high in 2022 in Nigeria and across the world. The top trending questions in Nigeria included “what is AI art, “what is deep learning in artificial intelligence,” “how to become an AI engineer,” and “when was artificial intelligence invented” - all of which have been searched 5,000 per cent more in 2022 than 2021.

Other searches included “what is artificial intelligence all about” (+370 per cent), “is artificial intelligence a course” (+260 per cent) and “what is artificial intelligence” (+130 per cent).

Google, which views AI as a solution for addressing significant societal challenges like climate change, recently shared their approach to pursuing AI responsibly, including prioritising building and testing for safety and its purpose for the public good.

The President of Google Europe, the Middle East, and Africa, Matt Brittin, said, “It’s great to see people in Nigeria showing more of an interest in the transformational technology that is AI. AI is already a key part of many of our lives - in fact, if you use Google tools regularly, you’re probably using AI without even realising: it’s what helps maps give you the fastest or most fuel-efficient route or search to find what you’re looking for.

We are continuing to pursue AI boldly and responsibly - creating tools that improve the lives of as many people as possible.”

Google is using AI to address security challenges - including on Gmail, which automatically blocks more than 99.9 per cent of malware, phishing and spam and protects more than 1.5 billion inboxes using AI.

G

APPLE DEFYING ODDS: NO MASS LAYOFF Apple has defied the storm of inflation and pandemic-related supply chain issues without significantly reducing its workforce.

In recent times, top tech companies have cut tens of thousands of employees combined, defying myths about the industry’s unstoppable growth.

The pandemic has slowed Apple’s headcount growth and continued demand for its core products, so it has not announced any significant reductions to date.

However, some analysts have predicted that modest cost cuts could be coming.

On the tech giant’s quarterly earnings call recently, the iPhone maker acknowledged the company’s hurdles but did not mention cost-cutting, layoffs, or strategy shifts.

Apple CEO Tim Cook, however, told Wall Street analysts on the call that “whatever challenges we face, our strategy is always the same,” including its investments “in innovation, in people.”

While they have not done so yet, like everyone else, they will adjust their headcount for the current level of demand,” he said.

While Apple has not announced layoffs, its business has been strained in other ways.

Like other Big Tech companies, it has faced threats of antitrust action in the United States and EU. Cook spotlighted that there were now two billion active Apple devices and shared that the supply chain issues that hampered the availability of the iPhone 14 and iPhone 14 Pro Max through the end of last year are now alleviated.

CHATGPT BECOMES FASTEST GROWING APP IN HISTORY ChatGPT, which uses AI to generate text, has become the fastest growing Application popular in many fields and for many uses, including writing essays, articles, resumes, and even jokes.

The artificial intelligence made huge headlines after its release in November 2022.

It is estimated to have reached 100 million

Tech Personality of The Week IFUNANYA CHIEGBOKA

T

his week’s tech personality is Ifunanya Chiegboka.

Ifunanya is a financial technology industry leader with 12 years of experience working at the crosssection of digital business building, expansion in Africa and global emerging markets.

She’s also keen on contributing to research and connecting the different players in the Fintech ecosystem.

Having worked in Flutterwave, Interswitch Group, and OPay digital services, three digital payment unicorns in Africa, she has a deep awareness of the digital payments industry in Africa.

Over the years, she dedicated time to publishing newsletters journaling the partnerships, acquisitions, mergers, and funding investments in the African fintech industry.

She contributes to the technology community through publications in the Fintech Nucleus, Business tabloids and speaking at conferences.

As a fintech leader, Ifunanya produced the first-ever comprehensive report on the Nigerian merchant acquiring industry, ‘The State of Play- Web Acquiring Business in Nigeria’.

Recognising her contribution to the fintech sector and opening new markets for fintech companies across Africa, the Hong Kong government awarded her a quality Migrant Status, while the UK government awarded her ‘Global Talent Migrant Leader Status’. monthly active users in January, just two months after launch.

According to a new study by UBS Research, it is becoming one of the most popular apps.

“In 20 years following the internet space, we cannot recall a faster ramp in a consumer internet app,” UBS analysts stated.

The large language model-powered artificial intelligence from OpenAI can almost instantly generate paragraphs of human-like, fluid text to answer any prompt you can come up with.

In the research, ChatGPT had 13 million unique visitors per day in January, which is more than double the number in December.

OpenAI has launched ChatGPT Plus, a paid version of the chatbot. It costs $20 per month, offering users access to ChatGPT during peak usage times, faster response times, and priority access to new features.

Microsoft, who was a previous investor in OpenAI, recently invested an additional $10 billion into the company and is said to be working on integrating ChatGPT into some of its services, including Bing.

ChatGPT also caught the attention of Google, which is said to be developing several public-facing AI tools of its own.

MTN NIGERIA’S ACTIVE FINTECH CUSTOMERS HIT 14.9M IN 2022 MTN Nigeria has recorded a 57.5 per cent growth in the number of customers using its fintech services in 2022, bringing its total active fintech customer base to 14.9 million.

It disclosed this in its 2022 financial statements and noted that its fintech revenue rose by 19.6 per cent to N84.4 billion in 2022.

The increase was driven by the 18.3 per cent growth in Xtratime, MTN’s airtime lending product, and core fintech services, which includes wallet and super-agent business.

Of the 14.9 million fintech customers, MTN said approximately two million were active MoMo wallet users. The company also disclosed that the number of registered MoMo wallets since the launch in May 2022 was 13.2 million, indicating the underlying momentum in the ecosystem.

The company’s digital revenue for the year also grew by 64.1 per cent as the adoption of its digital products continues to grow with user journey optimisation and the growth of the active base, up 37.5 per cent to 10.3 million.

Rich media services, mobile advertising, and content VAS continue to drive revenue growth. The company added that its instant messaging platform, Ayoba, also accounted for half of its active users.

FIRM UNVEILS MOBILE APP TO MONITOR POLITICAL PROJECTS, BILLS A non-partisan organisation, Pichledest, has urged enlightened Nigerians to get involved and engage in the nation’s political decisions to change the status quo.

The CEO, Patrick Imhen, noted this during the unveiling of a mobile application, Poliliod, that will provide Nigerians with political information to help them make informed and intelligent decisions to improve the quality of political leaders.

“The vision is to get at least 80 per cent of elective political offices occupied by competent leaders in the next 17 years of five general elections in Nigeria,” he said.

Imhen, however, highlighted a major

challenge confronting the nation for decades now.

“It is poor political leadership. We discovered that about 76 per cent of the electorate during the election were unenlightened Nigerians who cannot make intelligent electoral decisions,” he noted.

The CEO said the mission of the Poliliod app is to get enlightened Nigerians engaged with political activities while also giving them a platform to monitor and participate in governance.

It will avail Nigerians with the candidates from all political parties contesting for positions, including presidential, governorship, senate, federal house of representative, state house of assembly, local government chairman and ward councillors.

“If you ask many enlightened Nigerians today to mention those contesting to represent them in their state and federal constituencies, or which bills are being deliberated or passed in their state house of assembly, they don’t know,” he explained.

According to Imhen, the days of being oblivious will change with the app in place.

“Users will have free access to the profiles of the candidates and rate their competence based on several competency criteria,” he outlined.

Poliliod users can also view various bills being sponsored, deliberated or passed in the various state house of assemblies, the federal house of representatives or the senate and can promote or fault this bill and the press and the legislators can be availed of such vote results.

Other features of the app include monitoring government projects and programmes and the performance rating of elected officers.

“We urge Nigerians everywhere to take advantage of this solution,” the CEO stated.

MONDAY FEBRUARY 6, 2023 • T H I S D AY

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24 T H I S D AY MONDAY FEBRUARY 6, 2023 TR

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& RE A S O

Monday February 6, 2023 Vol 27. No 10160

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opinion@thisdaylive.com

www.thisdaylive.com

BONIFACE CHIZEA urges the central bank to gauge the volume of the currency released and ensures it is adequate

AGENDA FOR THE NEXT PRESIDENT

UZOR MAXIM UZOATU tasks the incoming President of Nigeria to organise a proper national conference

See page 25

MARKET TIMING IN A PERIOD OF UNCERTAINTY Many investors have made fortunes through constant use of market timing, writes SOLA ONI

See page 25

EDITORIAL

INTERIM GOVERNMENT: PERISH THE THOUGHT!

26

1

THE NAIRA DESIGN POLICY: MATTERS ARISING Having been fully engaged through television appearances on both Arise News and Nigerian Television Authority (NTA) to discuss the currency change and having been actively involved in the social media as we exchanged views with many compatriots not forgetting also the value of personal experience, I thought it wholesome to present herewith my impression of the entire exercise and most importantly to highlight valuable lessons for the road ahead.

Let me commence this review with two latest posts which I encountered in the social media. One showed a bank’s strong room ZLWK VRPHRQH DVNLQJ WKH EDQN VWDͿ ZK\ new notes were piled up, and instructing that the Automatic Teller Machines should be immediately loaded with the notes. This experience albeit as limited as it is will seem to lend credence to the observation by the Governor of the Central Bank that the banks have made themselves cog in the wheel to undermine as it were the success of the entire exercise. There were also obscene videos of bundles of these scarce notes being sprayed at some parties even as we were left with the impression that the source of the notes had been traced to a particular bank that ZDV ÀQHG 1 PLOOLRQ 7KH RWKHU ZDV KRZ a bandit kingpin with his base in Kaduna was shown with humongous piles of the QHZ QRWHV ULJKW LQ WKH IRUHVW FRQÀUPLQJ WKH view that the bandits are hand- in- gloves with some people in the corridors of power.

Hope you are not still left wondering why the EDQGLWV DUH SURYLQJ VR GL΀FXOW WR XSURRW The other video that really made me chuckle was the one that indicated that the President has asked to be allowed seven days to resolve issues around the currency scarcity.

Seven days will be at the end of the latest GHDGOLQH RI )HEUXDU\ ,W EHFDPH clear to me that people are refusing to read the handwriting clearly on the wall. This President for reasons he holds passionately is committed to ensuring that currency piled up in various silos across the length and breadth of this country for the purchase of votes during the elections will be demonetized and made worthless. The APC Governors under pressure themselves left a meeting with the President where they urged the President to allow both currency i.e. old and new to remain legal tender in the interim.

The President told them he was going to think about it. But one is left wondering why people are refusing to wake up to smell the FRͿHH ZLWK VXFK VWURQJ DURPD 7KH SODLQ IDFW is that there is a particular candidate who surprised the President by getting as far as KH GLG WR EHFRPH SDUW\ ÁDJEHDUHU EHFDXVH he leveraged on his very deep pockets, who the President is convinced is not the appropriate candidate to succeed him given his demonstrable incapacities. It does not appear to me that the President is about to slacken his opposition. But under pressure

some agents still believe that the President is going to be persuaded otherwise. But I know fully well that this is all a hiding to nothing: a wild goose chase as it were.

The other videos were some gory scenes of customers who have gone berserk with the fact that they are being put through excruciating pains and hardships to access money given to the banks in trust for safe keeping. In one of the videos, a man undressed completely, walking stark naked in the bank hall as if oblivious of the show of shame he was putting up. The other was a lady that dressed down to her braziers and underwear in an attempt to convey to WKH EDQN VWDͿ WKH GHVSHUDWH SRVLWLRQ VKH KDV unfortunately found herself. There were also bank customers with obviously frayed nerves who engaged themselves in dangerous ÀVWLFXͿV DV DQ DUJXPHQW HQVXHG DPRQJVW them. All these scenes took place because the bank customers thought they could forcefully convey their desperate situation to PDNH WKH EDQN VWDͿ FKDQJH WKHLU PLQGV DQG be sympathetic to give them some concession in the matter and to accede to their requests.

But sure customers now know better. The EDQN VWDͿ FDQ RQO\ DFW DV SHU LQVWUXFWLRQV and disregard such instructions at the risk of the security of their employment.

Let me also recall my personal experience IRU ZKDW PRUDOV LW PLJKW RͿHU , KDG ZDONHG into the bank hall asking if I could withdraw some cash. With a nice smile, the operations manager politely told me it was not possible.

Right there I asked if it was possible for me to avail myself of the ATM at the branch, and I was promptly informed that it was not loaded. Naturally, I was downcast as I left the branch, mission unaccomplished. I got WR ,NR\L &OXE ZKHUH WKH EDQNV ZRXOG normally ensure their ATMs are loaded mindful of the elite nature of their clientele only to discover to my chagrin that for once the ATMs were not loaded.

Let me also recall an experience I had as we also at the same time had to face long queues DW WKH ÀOOLQJ VWDWLRQV , KDG H[SORLWHG P\ FRQQHFWLRQ ZLWK WKH SURSULHWRU RI WKLV ÀOOLQJ station with nationwide presence to receive preferential treatment to avoid the long queue. But when it was time to pay, two cards IURP WZR GLͿHUHQW EDQNV GLG QRW DSSURYH payments most probably due to network

unavailability. I was lucky that I was able to make transfer payment. I have not stopped asking myself what mess I could have found P\VHOI LQ LI WKH WUDQVIHU IDLOHG Protests have been reported in Warri, Delta State, Ibadan, and of course in Lagos. It is good counsel that the Central Bank has stepped in to ease the pressure by allowing cash withdrawals across the counter. Otherwise the protests could hit boiling point and there are miscreants who are ready to exploit such a development to unleash mayhem on the polity and perpetrate all manner of carnage.

And there is this sentiment being pushed that these developments were aimed at derailing the elections which are around the corner. We must not also forget the recent reassignment of police commissioners.

There is the thinking that such moves are WDUJHWHG DW SURYLGLQJ D OHYHO SOD\LQJ ÀHOG for all contestants. Some notorious locations at some metropolis are being cleared of hoodlums who might be ready weapons for the intimidation of the opposition. Therefore, quite a lot is unfolding before our very eyes and we poised for a credible and transparent elections.

This exercise we have been duly informed by the monetary authorities has recorded over 75% success as the volume of currency in circulation outside the banking system VWDQGV QRZ DW 1 ELOOLRQ GRZQ IURP 1 trillion upon commencement. What is left is to gradually guide the process of attaining cashless status in a manner to manage the pains and hassles amongst the population, mindful of the particular circumstances of the country. Internet availability is unstable with often narrow bandwidth. Beyond the elections, to ensure that citizens in remote SDUWV RI WKH FRXQWU\ GR QRW VXͿHU DQ\ GHQLDO the currency swap program should be continued but closely monitored to avoid abuse of any kind.

The CBN should also gauge the volume of currency it has currently released to ensure its adequacy. And to possibly top up as the need arises to guarantee seamless transition.

7KH GHDGOLQH RI )HEUXDU\ PXVW remain sacrosanct. Any further extensions would project the authorities in poor light as rather unserious. The argument that currency notes are promissory and therefore must be redeemed at any time, does not wash. If I issue you a promissory note, I should be free to set a time limit within which it must be redeemed. It would appear this matter is now settled as the Governor of the Central Bank has promised that value will still be given after the expiry of legal status of the currency if the currency was returned to the Central Bank. I personally will not allow myself to be caught with old notes beyond the deadline.

Such notes no doubt face doubtful prospects.

Dr. Chizea writes from Lagos

T H I S D AY

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MONDAY FEBRUARY 6, 2023

UZOR MAXIM UZOATU tasks the incoming President of Nigeria to organise a proper national conference

Many investors have made fortunes through constant use of market timing, writes SOLA ONI

AGENDA FOR THE NEXT PRESIDENT

MARKET TIMING IN A PERIOD OF UNCERTAINTY

7KLV LV WKH VHDVRQ RI KLJK ZLUH politicking, and some contenders and wannabes are talking tough on rescuing Nigeria from ruin once they are elected as the country’s President. $Q\ERG\ HOHFWHG DV WKH 3UHVLGHQW RI Nigeria in this woebegone time must KDYH DV WKH ÀUVW LWHP RQ KLV DJHQGD WKH organization a proper national conference on how the diverse peoples of Nigeria can get to live together.

It is very imperative now that Nigerians QHHG WR WDON RQ KRZ WR FR H[LVW EHIRUH DQ\

progress whatsoever can be made. $ FRXQWU\ ULVNV H[WLQFWLRQ ZKHQ LW IDLOV WR UH LQYHQW LWVHOI -RVLS %UR] 7LWR ORRPHG large over the old Yugoslavia of unblessed memory, but after his death the country FRXOG QRW UH LQYHQW LWVHOI DQG WKXV IHOO WR pieces.

Soviet Union is no more because the diverse nationalities could not talk on a common front.

7KH QDWLRQDO TXHVWLRQ LV RQ WKH IURQW burner of discourse all over the world.

Minorities are insisting on the right WR VHOI GHWHUPLQDWLRQ (WKQLF JURXSV DUH KLJKOLJKWLQJ WKHLU GLͿHUHQFHV ZKLFK they maintain ought to be given due recognition.

The ferment cuts across races and regions of the world. Every interest group ZDQWV WR EH UHSUHVHQWHG LQ WKH DͿDLUV RI the nation. :KHQ WKH FRQIHUHQFH WDEOH FDQQRW provide an answer, violence supervenes.

The world has in fact lost count of the number of souls lost in the many EDWWOHÀHOGV WKDW RUGLQDU\ FRQIHUHQFHV would have prevented.

7KH 1LJHULD %LDIUD ZDU ZRXOG QRW KDYH EHHQ IRXJKW LI WKH $EXUL FRQIHUHQFH KDG succeeded in every material particular.

Many moons after that horrendous war, the issues that elicited the war in the ÀUVW SODFH UHPDLQ XQVROYHG 7KH HYROXWLRQ RI PXOWL HWKQLF QDWLRQV takes studied negotiation. One angry Nigerian, the late Sixtus Chibueze (]HQQD\D SRVHG WKLV ORDGHG TXHVWLRQ “One Nigeria! One Nigeria! One Nigeria! :KHQ ZDV LW DJUHHG XSRQ"µ The European colonial powers that set XS VKRS LQ %HUOLQ LQ WR DOORFDWH WKH area now known as Nigeria to colonial Britain acted in spite of the nationality groups then inhabiting the land.

Sir Frederick Lugard amalgamated the Northern and Southern Protectorates so that the South will serve as “the lady of PHDQVµ LQ WKH ZRUGV RI /RUG +DUFRXUW WR feed the arid North.

7KH PXWXDO EHQHÀW RI WKH FRQVWLWXHQW parts was not put into consideration.

Some 16 years earlier, Lugard’s girlfriend, Flora Shaw, had suggested a QDPH IRU WKH HPHUJHQW FRXQWU\ 1LJHULD a word formed from the River Niger, not minding that River Niger itself was named after the accursed racist word ´1LJJHUµ Thus from the very beginning Nigerian history has been replete with obfuscating contradictions.

Some smart military majors thought they could change history by staging a coup in January 1966.

The coup was read to mean an Igbo coup aimed at the ethnic group dominating the entire country.

1RUWKHUQ PLOLWDU\ R΀FHUV IRPHQWHG D revenge coup in July of the selfsame 1966. $IWHU WDNLQJ RYHU SRZHU <DNXEX Gowon had prepared a speech to announce the dissolution of the Nigerian )HGHUDWLRQ RQ $XJXVW DQG WKH secession (araba) of the North until he was prevailed upon to change his mind E\ WKH %ULWLVK +LJK &RPPLVVLRQHU LQ /DJRV 6LU )UDQFLV &XPPLQJ %UXFH The pogrom unleashed on the Igbo SHRSOH LQ WKH 1RUWK SXW D KHDY\ TXHVWLRQ mark on the existence of Nigeria.

7KH $EXUL FRQIHUHQFH LQ *KDQD KDG WR EH FRQYHQHG DV D ODVW GLWFK HͿRUW WR VDYH the country from war. The agreements at $EXUL EHFDPH VXEYHUWHG DQG WKH 1LJHULD Biafra war ensued. $IWHU WKH ZDU PLOLWDU\ DQG 1RUWKHUQ domination of power came to a head with the annulment of the June 12, 1993 presidential election won by Chief 0RVKRRG .DVKLPDZR $ELROD *HQHUDO 6DQL $EDFKD ORFNHG XS $ELROD and the country teetered on the precipice XQWLO VRPHKRZ $ELROD DQG $EDFKD GLHG after one another. ,W WRRN WKH UH HPHUJHQFH RI *HQ Olusegun Obasanjo for the Northern PLOLWDU\ WR DQRLQW D FLYLOLDQ ÀW HQRXJK WR be trusted with power.

Nigeria’s recent misadventures with Obasanjo’s Third Term Project, Umaru 0XVD <DU·$GXD·V GHDWK NQHOO SUHVLGHQF\ President Jonathan’s battle with the VR FDOOHG ]RQLQJ SROLF\ DQG %XKDUL·V nepotism and prebendalism do not need further elaborations here. :KDW WKH QH[W 3UHVLGHQW RI 1LJHULD needs to do is to organize a proper national conference.

The country should be delineated into constituencies for the election of the representatives of nationality groups, town unions, trade unions, academics, NGOs, professional bodies, citizens in exile, the security forces, etc., to come into conference to tackle issues such as WKH QDWLRQDO TXHVWLRQ FRQIHGHUDWLRQ census, federalism, devolution of powers, policing, martial and external relations, secession, etc.

The conference is sovereign to the extent that its result will be binding on all the peoples of Nigeria and not subject to GRFWRULQJ E\ WKH SRZHUV WKDW EH $Q\ IXUWKHU GLOO\ GDOO\LQJ E\ WKH QH[W President can cast him in the mould of Gorbachev who dithered in the old Soviet Union and saw his nation disintegrate.

Uzoatu is a Journalist and Poet

$W WKH QRUPDWLYH OHYHO WKHUH LV QHJDWLYH correlation between an increase in the nominal anchor, popularly called 0RQHWDU\ 3ROLF\ 5DWH 035 DQG HTXLW\ SULFHV LQ WKH VWRFN PDUNHW :KHQ WKHUH LV an increase in the MPR, speculators hit the panic button, dump their shares and move the money to the market to take advantage of rising interest rate. This often pushes a stock market into bearish trend. $V D FRUROODU\ ZKHQ WKH 035 GHFUHDVHV speculators withdraw from the money market to take position in the capital market.

Nigeria this year. The global rating agency, Moody’s Investors Service, has downgraded Nigeria’s rating from B3 to junk bonds and also issued red ÁDJV WR QLQH 1LJHULDQ EDQNV $FFHVV Bank Plc, Zenith Bank, First Bank of Nigeria Limited, Guaranty Trust Bank, First City Monument Bank (FCMB) and Sterling Bank. External reserve has declined by $ 64 million from $37.08bn to $37.01bn at the end of January 30, 2023. Naira has depreciated to N462 to one United States’ Dollar due to scarcity of Naira amid demand

$OWKRXJK DQ DQDO\VW FDQ SUHGLFW WKH market through fundamental analysis, technical analysis or random walk model, market occasionally takes its own course irrespective of an analyst’s forecast. This played out on the Nigerian Exchange Limited (NGX) in November 2022, when the Monetary Policy Committee (MPC) of Central Bank of Nigeria (CBN) raised the MPR to 16.5 percent as one of the last RSWLRQV WR WDPH WKH ULVLQJ LPSRUW LQÁDWLRQ But contrary to the usual expectation that speculators shall take advantage of anticipated higher interest rate and SXOO RXW RI WKH VWRFN PDUNHW WKH\ GHÀHG the new rate and continued to invest in HTXLWLHV RI TXRWHG FRPSDQLHV ZLWK VWURQJ fundamentals. Under this atmosphere, NGX gained above 20 percent, a VLJQLÀFDQW SHUIRUPDQFH E\ JOREDO standard against the background of tough operating environment. Top analysts attributed the market’s stella performance to heartwarming corporate earnings and great expectation of a new government after the upcoming Presidential Election. $W WKH PRPHQW WKH SHUPXWDWLRQ LV WKDW whoever emerges victorious among the WKUHH WRS FRQWHQGHUV ZLOO EH SUR PDUNHW DQG RSHUDWH D SULYDWH VHFWRU OHG HFRQRP\ These and other issues cut across the manifesto of each of the three leading DVSLUDQWV $V DW WKH SHULRG RI WKLV ZULWLQJ NGX is on bullish trend. By the recent development, the market has signaled that a change in MPR does not automatically WUDQVODWH WR QHJDWLYH FRUUHODWLRQ LQ HTXLW\ investment. There is nothing esoteric about the market performance. It has only FRQÀUPHG WKH SHUFHSWLRQ WKDW WKH PDUNHW LV LPEXHG ZLWK VHOI FRUUHFWLRQ PHFKDQLVP The Nigerian economy is tailspinning LQWR EOHDN IXWXUH HYHU\ GD\ :RUOG %DQN has lowered the Nigerian economic growth to 2.9 percent in 2023 from 3.1 percent in 2022 and also says there will be no growth in 2024. The projections may not be so realistic but they portend weak and slippery economic outlook for

SUHVVXUH IRU IRUH[ $W D SHULRG OLNH WKLV investors more than ever need strategic investment advice in order not to get WKHLU ÀQJHUV EXUQW 7KH\ QHHG WR VSHDN with their stockbrokers.

This is a moment of leveraging PDUNHW WLPLQJ WR SURÀW IURP investment in a stock market. timing is an act of switching funds between asset classes to maximize returns and minimize risk. It is a predictive method of purchase and sale of securities as a risk aversion method. Market timing is an integral part of active investment management. It is the opposite of EX\ DQG KROG LQYHVWPHQW VWUDWHJ\ Professionals that deploy market timing use tools like chart analysis, trend analysis, economic forecasts and even gut feelings to determine the optimal time for transaction. $FFRUGLQJ WR :LNLSHGLD PDUNHW timing is good for investors that have short time horizon. It can generate ELJ SURÀWV FXUWDLO ORVVHV DQG WDPH volatility. But some stockbrokers, fund and portfolio managers who shy away from market timing would argue that LW LV WLPH FRQVXPLQJ DQG UHTXLUHV paying daily attention to the market.

It is subject to higher transaction FRVW WD[ GLVDGYDQWDJHG VKRUW WLPH capital gain and risk of determining the time to enter and exit the market.

The investor’s risk tolerance and time horizon as revealed in his Investment Policy can help to determine his appetite for market timing as an investment strategy. Many investors had made fortunes from the market through constant use of market timing.

The strategy is close to technical analysis of securities.

Oni, an integrated Communications Strategist, Chartered Stockbroker and Commodities Broker, is the Chief ([HFXWLYH 2΀FHU 6RIXQL[ ,QYHVWPHQW DQG Communications

26 4

T H I S D AY

MONDAY FEBRUARY 6, 2023

EDITORIAL

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

INTERIM GOVERNMENT: PERISH THE THOUGHT! There is no room for an interim government. Government must ensure the elections take place as scheduled Contd.from page 1

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igerians may need to be reminded that the GHPRFUDF\ ZH QRZ HQMR\ WRRN WKH VDFULÀFH of far too many people. Some were killed or maimed for life. Many were forced into exiles from which they have not recovered.

Families and businesses were ruined. %HVLGHV IRU D JHQHUDWLRQ SDUWLFLSDWLQJ LQ WKHLU ÀUVW HOHFWLRQ attempts to scuttle the process before, during or after the ballots are cast will break their spirits in a way that the other failings of government have not done. The damage will be GL΀FXOW WR UHSDLU We have three weeks before the beginning of our seventh cycle of election in a republic. There is absolutely nothing to suggest that the elections cannot hold. So, the idea of forming an interim government is diversionary and dangerous. Elections must therefore hold as scheduled and President Muhammadu Buhari, who has pledged many times to leave a legacy of credible polls, must do everything to keep his pledge.

The 1999 constitution that we operate has no space for any interim government arrangement and the military can no longer be co-opted to initiate such illegality. On that score, the military must remain apolitical and uphold the constitution which they swore to uphold. Military involvement in governance is not only old fashioned but it also did the country no good.

Against the background of the relatively successful experiment with democracy in the last 24 years, the idea of an interim government is clearly an odious proposition.

But this week will be crucial for the federal government to remove all elements of a crisis which some dark forces could opportunistically exploit to foist on the nation such sinister agenda. A noxious combination of lingering insecurity in parts of Nigeria with fuel scarcity and cash shortage is a recipe for a breakdown of the social order. Decisive steps should be taken by the federal government to bring stability in the various departments of the nation’s life to create genuine conditions for the February 25 and March 11 elections.

However, there is nothing in the present challenges facing the nation that constitute a mortal threat to the elections. In any case, the business of the state is to confront and surmount challenges like insecurity, periodic fuel supply and the unintended consequences of a currency change.

Only the democratic process unhindered by extraneous PDFKLQDWLRQV RͿHUV WKH VRFLHW\ DQG WKH VWDWH WKH RSSRUWXQLW\ WR change faulty governments and replace them with something better. To interfere with the democratic process is to deny the nation the opportunity of peaceful transition, credible change, and sustainable self renewal.

More pointedly, the subversive suggestion of some interim government if the elections are sabotaged must be resisted.

Any such plan, if established as true, must be treated as a treasonous undertaking with all its implications. To seek to undermine the democratic process is to subvert the state and thwart the popular will.

It is to expose the nation to international ridicule. +RZHYHU WKH PRVW HͿHFWLYH deterrence to such a toxic proposition is to promptly eliminate all the pitfalls in the system that currently suggest state dysfunction. We must get gasoline to petrol stations across the nation. We must get the Naira into banking halls and the pockets of every citizen as quickly as possible. The security forces must demonstrate the capability to put all troublemakers in check through a superiority of convincing force.

Above all, the federal government must support the last line preparations of the Independent National Electoral Commission (INEC) for the elections. In cases and places where the credible threat of insecurity threatens the elections, special security arrangements must be put in place to ensure that elections take place all over the country as scheduled.

The federal government must come out forcefully to insist that it is not in support of any such move that is likely to roll back all the gains Nigeria has recorded in the last 24 years and could set in motion actions that can destabilise the country and our fragile sub-region. The responsibility lies with President Buhari. If there are anti-democratic forces around him, he must rein in such people. Let all those interested in power use the platform of electoral politics and let’s all have faith in the inbuilt self-correcting capacity of the democratic order.

Decisive steps should be taken by the federal government to bring stability in the various departments of the nation’s life to create genuine conditions for the February 25 and March 11 elections T H I S D AY EDITOR SHAKA MOMODU DEPUTY EDITORS WALE OLALEYE, OBINNA CHIMA MANAGING DIRECTOR ENIOLA BELLO DEPUTY MANAGING DIRECTOR ISRAEL IWEGBU CHAIRMAN EDITORIAL BOARD OLUSEGUN ADENIYI EDITOR NATION’S CAPITAL IYOBOSA UWUGIAREN MANAGING EDITOR BOLAJI ADEBIYI THE OMBUDSMAN KAYODE KOMOLAFE

T H I S D AY N E W S PA P E R S L I M I T E D EDITOR-IN-CHIEF/CHAIRMAN NDUKA OBAIGBENA GROUP EXECUTIVE DIRECTORS ENIOLA BELLO, KAYODE KOMOLAFE, ISRAEL IWEGBU, IJEOMA NWOGWUGWU, EMMANUEL EFENI DIVISIONAL DIRECTORS SHAKA MOMODU, PETER IWEGBU, ANTHONY OGEDENGBE DEPUTY DIVISIONAL DIRECTOR OJOGUN VICTOR DANBOYI SNR. ASSOCIATE DIRECTOR ERIC OJEH ASSOCIATE DIRECTOR PATRICK EIMIUHI CONTROLLERS ABIMBOLA TAIWO, UCHENNA DIBIAGWU, NDUKA MOSERI DIRECTOR, PRINTING PRODUCTION CHUKS ONWUDINJO 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 CAN BVAS BE TRUSTED IN 2023 ELECTIONS? Justice Tertsea Kume-led Osun Election Tribunal has delivered a judgement that is a dangerous signal to 2023 elections. The Bimodal Voter Accreditation System (BVAS) used in 749 polling units for the July 16, 2022 election have disappointed Nigerians by allowing the tribunal to annul the result earliHU DQQRXQFHG ,1(& DQG LWV VWDͿ VKRXOG H[SODLQ WR Nigerians whether the BVAS was manipulated or compromised. The judgement of the tribunal has raised a fundamental question about the BVAS. The annulment of about 749 polling units result has great implication for the trust on BVAS in delivering credible elections in 2023. Nigerians want to know what happened to BVAS. The implication of the judgement is that Nigerians will still wait for an outside expert to analyze BVAS at election tribunals, court of appeal and Supreme Court before we know the result of elections. Even with BVAS,

Nigerians cannot rely on INEC to conduct credible elections.

Justice Kume has explained that there was over voting in six polling units during the election and maintained that, after the deduction of valid votes cast from the over-voting at these polling units, Adegboyega Oyetola of the All Progressives Congress (APC) polled 314,941 while the Peoples Democratic Party (PDP) Ademola Adeleke polled 290,266.

Bimodal Voters Accreditation System is a device that replaced the smart card reader, which was used LQ ZLWK WKH GXDO FDSDFLW\ IRU ÀQJHUSULQW DQG IDFLDO DXWKHQWLFDWLRQ :LWK LWV ÀUVW RXWLQJ GXULQJ D by-election in Delta State on September 10, 2021, DFFRUGLQJ WR UHSRUWV VRPH SUHVLGLQJ R΀FHUV FRPSODLQHG WKDW WKH PDFKLQH KDG GL΀FXOWLHV FDSWXULQJ the thumbs and faces of some of the voters, espe-

cially the aged.

The 2023 general elections are too important to allow them go the way of the 2019 elections. The loopholes in the 2019 polls must be blocked at all costs. Even though there are improvements in the electoral processes over the years, there are equally criminality in other unsuspecting arears often SHUSHWUDWHG LQ FROODERUDWLRQ ZLWK VRPH ,1(& VWDͿ INEC is capable of giving us an appreciable election conduct if it wants and is equally capable of abusing its discretion at the same time. There was hardly any electoral fraud that has taken place successfully without the connivance of INEC. By this I am UHIHUULQJ WR VRPH DQG QRW DOO RI LWV VWDͿ ZKR DUH MXVW out to make money and compromise the elections.

Inwalomhe Donald, inwalomhe.donald@yahoo.com

T H I S D AY ˾ MONDAY, FEBRUARY 6, 2023

27

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

3 , 2 0 2 3

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

10.25%

INDEX LEVEL

613.31%

1/4 TO DATE

-0.85%

N416.86/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

9.56%

1-DAY

0.16%

YEAR TO DATE

7.64%

*AS AT LAST FRIDAY

3-MONTH

10.52%

MONTH-TO-DATE

0.44%

MPR: Tier-2 Banks Spent N413.5bn on Customers Deposit, Borrowings in 2022 Generate N225.9bn profit

Kayode Tokede Following aggressive inflation targeting that led to consistent hike in Monetary Policy Rate (MPR) by the Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) in 2022, a total of six Tier-2 banks spent a whopping sum of N413.5 billion on interest on customer deposits and local/ foreign borrowings during the year.

This represents an increase of 32.34 per cent over the N312.43 billion

reported in the 2021 financial year.

The six banks are: Fidelity Bank Plc, Unity Bank Plc, Wema Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings, and Sterling Bank Plc. Banks were forced to increase interest on customers’ deposit/ borrowings in a move to attract more deposits, generate interest income and boost profit.

The CBN Governor, Mr. Godwin Emefiele had admitted that the hike in MPR would increase cost of borrowing, especially in non-priority

sectors of the economy.

Emefiele, however, added that lending to key priority sectors, which had been identified to boost growth and generate employment, would remain at a single-digit interest rate of nine per cent.

He pointed out that the decision to raise interest rate was the last resort and a difficult one for the MPC, which had been crafting policies to stimulate economic growth as well as achieve financial stability.

Since the MPR was moved to

16.5 per cent by the MPC from 11.5 per cent, interest rate on 12-month deposit hit 8.22 per cent in 2022 from 6.79 per cent it closed in 2021.

Also, interest on one-month savings deposit also increased from 3.73 per cent to 8.15 per cent.

The breakdown by THISDAY revealed that Wema Bank reported N53.23 billion interest expenses on customers’ deposit/ borrowing, representing an increase of 52.4 per cent from N34.92 billion in 2021, while FCMB group announced

N97.58 billion interest expenses in 2022, 37.19 per cent increase from N71.13 billion in 2021.

As Stanbic IBTC Holdings reported N39.55 billion interest expenses to N29.38 billion in 2021, Fidelity Bank announced N141.62 billion interest expenses in 2022, representing an increase of 30.3 per cent from N108.69 billion reported in 2021.

In addition, Unity Bank’s interest expenses moved to N29.64 billion in 2022, an increase of 28.2 per cent from

N23.13 billion in 2021, while Sterling Bank posted N51.87 billion interest expenses on customers’ deposit/ borrowings in 2022, representing a growth of nearly 15 per cent when compared to N45.19 billion in 2021.

As interest on deposit/borrowing increased, the hike in MPR impacted on the maximum lending rate that closed 2022 at 29.13 per cent from 27.58 per cent in 2021.

These banks leveraged on the Continued on page 28

Report: Manufacturing, Agriculture Recorded Fastest Increase in Production Cost in January Dike Onwuamaeze The Purchase Manager Index (PMI) report of the Stanbic IBTC Plc showed that operational conditions in the Nigerian economy has resulted in the fastest input cost for operators in the manufacturing and agricultural sector in January 2023.

The PMI report attributed the increase in input cost to the rising fuel and raw material costs that were exacerbated by the weakness of the Naira in the foreign exchange

market.

Moreover, firms that were covered by the PMI survey also “reported having been hindered by issues with machinery and power supply.”

It said: “With input costs continuing to rise sharply, firms again increased their selling prices accordingly. As a result, January saw a further rapid pace of charge inflation that was well above the series average. The agriculture and manufacturing sectors posted the fastest increases in output prices.”

The report noted that although the “rate of overall input cost inflation continued to moderate in January, easing for the second month running to the softest for a year,” nevertheless the “input prices continued to rise sharply and to a greater extent than at any point prior to May 2021. Sector data showed that cost pressures were most pronounced at manufacturers.”

The PMI report further stated, “January data pointed to a further marked increase in purchase prices

in the Nigerian private sector, despite the rate of inflation easing to a three-month low. Higher costs for fuel and raw materials were widely reported, with a number of respondents indicating that currency weakness had exacerbated inflationary pressures.”

The report also showed that the headline PMI declined to 53.5 in January 2023 from 54.6 in December 2022 even though employment increased during the month under review at its fastest rate since June 2018.

It said: “The Nigerian private sector registered a slight loss of growth momentum in January.

Output and new business continued to rise markedly, but at softer rates than at the end of 2022. On a more positive note, firms raised employment at the fastest pace since June 2018 as part of efforts to complete work on time. On the price front, rates of inflation of input costs and output prices softened in January, but remained elevated.”

The headline figure derived from the January 2023 survey is the Purchasing Managers’ Index (PMI). Readings above 50.0 signal an improvement in business conditions on the previous month, while readings below 50.0 showed deterioration.

“The headline PMI dipped to 53.5 in January from 54.6 in December. Although still signaling a solid monthly strengthening of the private sector and the thirty-first Continued on page 28

M A R K E T D ATA A S AT F R I D AY, F E B R U A R Y 3 , 2 0 2 3 BONDS DESCRIPTION Price ^14.20 14MAR-2024 ^13.53 23MAR-2025 ^12.50 22JAN-2026 ^16.2884 17MAR-2027 ^13.98 23FEB-2028

10.335, 00 10.339, 00 10.129, 00 11.289, 00 10.543, 00

Yield 11.02 11.71 11.98 12.24 12.50

Change Updated Time (%) January -0.01 13, 2023 January 0.11 13, 2023 January -0.01 13, 2023 January 0.00 13, 2023 January 0.00 13, 2023

BILLS MATURITY

Discount

Yield

NTB 26-Jan23 NTB 9-Feb23 NTB 9-Mar23 NTB 27-Apr23

1.53

1.53

1.54

1.54

1.83

1.84

2.43

2.44

NTB 11May-23

2.70

2.72

Change Updated Time (%) January 0.00 13, 2023 January 0.00 13, 2023 January 0.01 13, 2023 January -0.31 13, 2023 January -0.54 13, 2023

OTC F X F U T U R E S

CPS MATURITY FDHP CP III 17-MAR-23 VHPL CP III 1-APR-23 MREP CP VI 11-APR-23

Change Updated Time (%) January 8.08 8.20 -0.24 13, 2023 January 13.12 13.50 -0.33 13, 2023 January 9.52 9.74 -0.39 13, 2023

Discount Yield

.

.

.

. .

.

.

.

. .

CONTRACT TENOR Contract (MONTH) NGUS JAN 25 1 2023 NGUS FEB 22 2 2023 NGUS MAR 29 3 2023 NGUS APR 26 4 2023 NGUS MAY 31 5 2023

Current Rate Updated Time ($/₦) January 469.87 13, 2023 January 472.05 13, 2023 January 474.23 13, 2023 January 476.42 13, 2023 January 478.60 13, 2023

T H I S D AY ˾ MONDAY, FEBRUARY 6, 2023

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BUSINESSWORLD

STATUS REPORT

Ardova Records N7.61bn Loss, Worst Performance in 10 Years

Kayode Tokede

D

espite growing revenue by 19.5 per cent year-on-year (YoY), Ardova Plc reported N7.61billion loss in its unaudited result & accounts for the year ended December 31, 2022 from N3.85 billion reported in the audited financial statement for period ended December 31, 2021.

The reported loss is the company’s worst performance since the new management takeover in 2018 and dividend pay out to shareholders may not come soon.

From the profit & loss figures, the group announced N7.14billion loss before tax in 2022 from N2.9 billion loss before tax in 2021, attributable to increased cost of sales, total operating expenses, and finance costs.

The management leveraged on its station expansion to drive revenue to N240.8 billion in 2022 from N201.44 billion, primarily due to an increase in fuel by 16 per cent to N202.54 billion in 2022 from N174.54 billion in 2021 that offset the gains recorded across the Lubricants and greases (+25.16per cent y/y); Solar system (+378per cent y/y); Liquefied Petroleum Gas (LPG) and Cylinder Sales (+378.32 per cent y/y); and Haulage and transportation services (+5166.9 per cent y/y) product lines.

Ardova’s poor performance came on the backdrop of N226.9billion cost of sales in unaudited 2022 results, representing an increase of 18.4per cent from N191.59billion reported in 2021FY. The group’s cost of selling fuel, and other petroleum products were a major driving factor.

Specifically, cost of selling fuel jumped by 15.4 per cent to N193.4billion in 2022 from N167.62billion in 2021, while lubricants and greases cost of sales increased to N27.65billion in 2022 from N21.28billion reported in 2021.

With the growth in revenue and significant increase in cost of sales, the group reported N13.96billion gross profit in 2022, representing an increase of

41.7per cent from N9.85billion in 2021.

Gross margin came in at 5.8 per cent in 2022 from 4.89 per cent in 2021, as cost of sales margin reduced to 94.2 per cent in 2022 from 95.1 per cent in 2021.

Ardova’s profit before tax margin stood at -three per cent in 2022 from -1.5 per cent in 2021 as profit after tax margin was at 3.2 per cent in 2022 from -1.9per cent in 2021.

The growth in finance cost was influenced

by N2.44 billion interest expense on bank loans and overdrafts in 2022 from N1.05 billion in 2021 and N2.53 interest on long term bond/ Trade loans in 2022 from N32.13 million in 2021.

It then closed 2022 with net finance cost of N4.6 billion from N3.43 billion reported in 2021.

Overall, the group closed 2022 with negative N5.83 Earning Per Share as against N0.95 in 2021.

NON-CORE BUSINESS GROWTH GROWING TRADE AND OTHER However, other non-core business income RECEIVABLES hits N2.12 billion in 2022, an increase of 144 per cent from N868.83 million in 2021, driven by sundry income that increased from N569.8million in 2021 to N1.5billion in 2022. Sundry income represents income from sales of scrap and empty packaging materials.

The group thus reported N18.57billion total operating expenses in 2022, representing an increase of 87 per cent from N9.93billion reported in 2021. The breakdown of total operating expenses showed a N6.39 billion distribution expenses in 2022, an increase of 40.1 per cent from N1.9billion in 2021, as administrative expenses rose significantly by 260.7 per cent to N12.18 billion in 2022 from N8.03 billion in 2021 It reported N2.5 billion operating loss in 2022 as against operating gain of N785.75 million in 2021.

The breakdown of operating loss linked to N4.7 billion operating loss in fuels segment in 2022 from N1.78 billion operating profit in 2021, while Lubricants and greases recorded 69.7 per cent increase in operating profit to N2.48 billion in 2022 from N1.46 billion reported in 2021.

As finance income closed 2022 at N405.53 million in 2022 from N157.07 million in 2021, finance cost rose by 41 per cent to N5.05 billion in 2022 from N3.58 billion in 2021.

Ardova’s total assets in the period under review increased by nearly six per cent N134.4 billion from N126.9 billion reported in 2021.

Key contributing factors to increase in total assets was 39 per cent increase in Trade and other receivables that moved to N54.25 billion in 2022 from N38.9 billion reported in 2021 and 43.05 per cent increase in trade and other payables to N68.46 billion in 2022 from N47.866 billion in 2021.

However, the group’s total current assets dropped by 12.16 per cent to N70.86 billion in 2022 from N80.7 billion in 2021, while total non-current assets appreciated by nearly 38 per cent to N63.56 billion in 2022 from N46.2 billion in 2021.

This brings the group’s total non-current assets/ total assets proportion to 47.28 per cent in 2022 from 36.42 per cent in 2021.

Also, from the balance sheet position, the group reported N125.15billion total liabilities in 2022, an increase of 14per cent from N109.78billion in 2021.

The breakdown of Ardova’s total liabilities shows a 11.47 per cent drop in total non-current liabilities to N47.1 billion in 2022 from N53.2 billion reported in 2021 as total current liabilities rises to N78.05 billion in 2022 from N56.57 billion in 2021.

BUSINESS OUTLOOK

The petroleum marketing company stated that the industry is likely to experience continued supply constraints and other uncertainties in 2023.

“In Nigeria, the full implementation of the Petroleum Industry Act will be a front burner during the year. As a team, we will strive to be strategically positioned to face these changes head-on. We understand that our lubricants business is a significant contributor to the sustainability of our business, hence, we will focus on increasing our customer base and enlarging our market share. As an organization, we sustain a high-performance culture across every stratum of our business to stay true to our vision,” the company explained.

The Chief Executive officer, Ardova, Mr. Olumide Adeosun in a statement said, “Despite the economic and market headwinds, we continued to make good progress on our strategic transformation in Q4, including advancing our lubricant business, imbibing a high-performance culture across every stratum of our business, and improving our operational structure and processes to drive efficiencies.”

“In 2023, we will continue to navigate the short-term challenges while striving to meet our long-term commitments, including delivering revenue growth anchored on redefining how we operate and improving quality of our customer base, powered by all-round efficiency and supercharged by our incredible team.”

The Chief Finance Officer, Ardova, Moshood Olajide said, “In the fourth quarter, we took steps to keep the organization on track, especially with delivering on our investments, prioritizing the areas where we can deliver the highest value for the long term.

“These actions underpin our productivity targets in 2023, and set the stage to achieve a gross profit to OPEX ratio of 1.4 in the year.”

REPORT: MANUFACTURING, AGRICULTURE RECORDED FASTEST INCREASE IN PRODUCTION COST IN JANUARY in consecutive months, the rate of improvement was the softest since August 2022.”

However, business activities, according to the PMI report, increased at a much slower pace at the start of the year, despite the rate of growth remaining marked.

“The latest rise was the weakest in five months. Demand continued to improve, but some firms reported a moderation in customer numbers.

Activity increased across each of the four broad sectors covered by the survey.

“The rate of expansion in new

business also softened in January, but remained sharp nonetheless, again reflecting higher demand from customers. A desire to try and complete projects on time led companies to ramp up their hiring activities at the start of the year. Employment increased at a solid pace that was the fastest since June 2018.

“Despite expanded staffing levels, backlogs of work increased for the first time in three months. Firms reported having been hindered by issues with machinery and power supply,” the report said.

MPR: TIER-2 BANKS SPENT N413.5BN ON CUSTOMERS DEPOSIT, BORROWINGS IN 2022 hike to grow interest income in 2022 as the six Tier-2 banks generated a total of N1.01 trillion as against N756.6 billion in 2021.

A Tier-2 top executive explained to THISDAY that MPR hike due to a steady increase in the inflation rate boosted banks’ interest income in the period under review.

He noted that banks increased lending over margins, stressing that consumers, salary earners and traders increased borrowing from the banks that eventually translated

into an increase in interest income accrual.

A group of analysts at Vetiva research in a report had anticipated stronger interest income earnings for the banks in, as yields continue to advance.

“Furthermore, the higher yields will also drive increased trading activity, supporting trading volumes,” they explained.

In the period under review, Fidelity Bank out of the six banks generated the highest interest

income by percentage, followed

by Wema Bank.

Fidelity Bank generated a total of N294.44 billion interest income in 2022, an increase of 44.6 per cent from N203.56 billion generated in 2022 as Wema Bank announced nearly 40per cent increase in interest income to N104.39billion in 2022 from N74.8billion reported in 2021.

However, the six banks generated a whopping sum of N225.9billion profit before tax in

2022, representing an increase of 44 per cent from N156.97billion in 2021.

Unity Bank was the only bank that reported drop in profit before tax to N1.47 billion in 2022 from N3.33 billion reported in 2022.

The bank’s 56 per cent drop in profit before tax caused 28 per cent increase in interest and similar expenses, among others.

FCMB Group announced 63.3 per cent increase in profit before tax to N37.11billion in 2022 from

N22.72 billion in 2022, while Stanbic IBTC Holdings announced N100.6billion profit before tax in 2022 unaudited financial statement from N66billion in 2021.

In addition, Sterling Bank reported 38.6 per cent increase in profit before tax to N20.07 billion and Fidelity bank announced N52.06 billion in 2022, a growth of 37 per cent from N38.07 billion in 2021, and Wema bank announced N14.59 billion profit before tax in 2022, an increase of 18 per

cent from N12.38 billion in 2021.

In a chat with THISDAY, Adnori noted that listed banks’ performance over the years has been the most consistent sector on the NGX. According to him, “The current unaudited results are impressive despite the challenging operating environments they faced in 2022.

We have seen improvement in Tier-2 banks’ performance lately and we expect robust dividend payout when it is announced.”

29

MONDAY, FEBRUARY 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

Buhari: Nigeria Has Attained 100% Broadband Penetration James Emejo in Abuja

INDUCTION OF NAMI…

L-R: Ist Vice President, Chartered Institute of Stockbrokers (CIS), Oluropo Dada; Chairman, Federal Inland Revenue Service (FIRS), Muhammad Nami; President, CIS, Oluwole Adeosun; 2nd Vice President, Fiona Ahimie and Registrar and Chief Executive, Josiah Akerewusi, during the induction of Nami as an Associate Member of CIS in Lagos at weekend

Komolafe Earns SERVICOM’s Commendation for Rendering Quality, Satisfactory Service to Nigeria Peter Uzoho The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr. Gbenga Komolafe, has received a hearty commendation from SERVICOM, in recognition of his quality and satisfactory customer-focused service delivery at the commission.

The National Coordinator and Chief Executive Officer of SERVICOM, Mrs Nnenna Akajemeli, gave the commendation in a letter she personally signed, dated January 20, 2023.

SERVICOM, which is an acronym for Service Compact with All Nigerians, is a special agency of the federal government established in 2004 to promote effective and efficient service delivery in ministries, departments and agencies (MDAs) to

ensure customer satisfaction, manage the performance-expectation gap between government and citizens as well as other members of the public, on issues of service delivery.

In the letter obtained by THISDAY, Akajemeli commended Komolafe for his unwavering interest and commitment to improved, customer-focused service delivery in the commission.

The letter read, “I write on behalf of management and the entire staff of SERVICOM Presidency to commend your unwavering interest and commitment to improved, customer-focused service delivery in the commission. We are indeed encouraged by your inspiring strive in ensuring that Nigerians receive quality and timely service from the Nigerian state.

“We shall continue to count on your support and cooperation as a

key stakeholder in the provision of satisfactory services to all citizens in the realisation of the essence of governance. Once again, I thank you and assure you of my highest esteem and regards.”

This commendation no doubt reflects Komolafe’s excellent performance at the commission since he assumed office in October 2021, as the pioneer Chief Executive of the agency, as he has continued to steer the upstream segment of the Nigerian oil and gas industry on the part of growth, from the regulatory standpoint.

In line with the demands of his office and that of the Petroleum Industry Act (PIA), that created the commission, Komolafe has kept marshalling out and implementing policies geared towards restoring investor confidence, enabling busi-

nesses, entrenching transparency in the management of the nation’s petroleum sector.

Following his believe that NUPRC should be a business enabler, rather one set out to stifle businesses, he had pledged that the upstream commission would operate and regulate with best industry practices and would continue to remain very transparent, adding, “We will try as much as possible to remove all forms of bureaucracies that could escalate cost of production in the upstream.”

So far, NUPRC under Komolafe has recorded remarkable milestones including the successful conclusion of the 2020 marginal field bid round, with the award of Petroleum Prospecting Licenses (PPLs) to successful companies that vied for the 57 fields.

President Muhammadu Buhari has disclosed that the country has achieved 100 per cent broadband penetration.

Speaking at the maiden Digital Economy Conference themed: “Promoting a Vibrant Digital Economy - A catalyst for Economic Growth in Nigeria,” which was organised by the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), the president clarified that contrary to reports that the country had only achieved 43 per cent internet penetration, a lot of feats had been accomplished.

Represented by the Minister of Communication and Digital Economy, Prof. Isah Pantami, Buhari said, broadband coverage had improved by 77 per cent from 23 per cent in 2019 to 100 per cent in 2023.

He said, “One of the richest

persons in the world announced that Nigeria out of the 54 African countries has outstanding broadband. As of today, broadband can be accessed everywhere in the country whether in the urban, rural areas or desert. We are the first African country to attain this and the only one so far - 70 per cent is a distinction and the digital sector has surpassed it.”

On his personal note however, Pantami said, “I am proud to say today that Buhari is the founder of the digital economy in Nigeria, the first president to develop the National Digital Economy Policy and Strategy.”

However, the President of NACCIMA, John Udeagbala, said the government should enact policies that will build on existing laws and promote the growth of the technology ecosystem in the country.

Nigerdock Goes Solar; Starts Shift to Renewable Energy Nigerdock has announced that it has completed the first phase of its shift to renewable energy sources through the installation of solar solutions at Snake Island Integrated Free Zone.

In a statement on the initiative, Nigerdock CEO, Maher Jarmakani said: “As a self-sustaining economic hub, improving our energy consumption and reducing our carbon footprint is pivotal to our long-term operations and success. Our renewable energy solution will provide us and our growing clientele with consistent power and greater ease to conduct business.

“This project is part of a

wider push by Nigerdock to develop 20MW of sustainable, cost-effective, and reliable power within the free zone. Current solar operations enable Nigerdock to displace 40 per cent of its daytime energy consumption, reduce CO2 output by about 2,000 metric tons, and achieve significant emission reduction targets. The solar power expansion is the next step in Nigerdock’s journey towards green port status, highlighting the company’s vision and commitment to Nigeria’s Climate Change Act, the Blue Economy, and the United Nations’ Sustainable Development Goals.”

T H I S D AY ˾ MONDAY, FEBRUARY 6, 2023

30

BUSINESSWORLD

PERSPECTIVE

How MTN Emerged Most Compliant Listed Company at the NGX Godfrey Maduka

W

hen the announcement of MTN Nigeria’s first-ever public offer was made in December 2021, what followed, especially among young Nigerians, was a series of financial opinions, predictions and questions.

While a bulk of the conversations stemmed from the popularity of the company among Nigerians, being the telecommunications company with the most subscribers in the country, and the prospects of moving from just subscriber to shareholder, more interesting conversations came as a result of some of the innovative steps the company had taken to educate the public and increase access to as many people as possible.

One of such innovative steps taken by MTN Nigeria was the introduction of the PrimaryOffer app, through which most of the millennials and GenZs who are today MTN shareholders got in on their own piece of the pie.

This app made the process of buying MTN’s shares easier, with the addition of numerous educational explainer videos making things much more seamless. Not only were people buying shares, some were learning for the first time, stock trading terminologies such as CSCS accounts; 114,938 of which were opened as a result of the public offering from MTN. With innovation, people have come to often expect disruption, a move-away from the norms, and sometimes, a little rebellion. There are people today who believe that to birth new things, you have to break old rules. But in December 2022, a year after listing on the Nigerian Stock Exchange, MTN Nigeria emerged the Most Compliant Listed Company at the NGX Made of Africa Awards (MOA), and proved that innovation doesn’t equate breaking the rules or being shifty on standards.

Over the last two decades, MTN Nigeria has maintained a world-class business outlook that has effectively combined efficient service delivery with a human development mindset which has endeared it to its over 80 million subscribers, and many more non-subscribers. This love was clearly reflected in the fact that its initial offer of 575 million share units was exceeded by 139.47%, leading to an oversubscription and 661.25 million units of shares being allotted to 126,720 retail investors and some institutional investors.

By April 2022, four months after this public offer, shareholders benefited from a “whopping” N174.53 billion dividend which represented the company’s approved N8.57 per two kobo ordinary shares, a massive sign that the new investors made a good choice.

Since then, despite market fluctuations and different economic events, faith in stocks such as MTN Nigeria’s, ensured that investors in the Nigerian Stock Market ended 2022 with a N1.034 trillion gain, and it is not surprising why such belief is being easily repaid.

To celebrate 21 years of excellent service delivery, MTN Nigeria in the first quarter of 2022 unveiled a brand refresh and a renewed commitment to lead digital solutions for Africa’s progress and accelerate long-term business growth in Nigeria, under its Ambition 2025 strategy. Months after this, it unveiled its 5G Network offering, which became a validation of this commitment and an instant boost to business owners and individual subscribers.

The launch of its 5G Network routers meant that businesses who depend on fast internet to deliver value to their customers were being presented with a solid option to solve the data challenges that Nigerians complain about, thus boosting MTN’s brand equity and reaffirming its place as the trusted network provider in the country.

True to form, MTN Nigeria didn’t stop at doing things that make business operations easier, but kept to its promise of making life better as well. For a long time, the company has contributed to youth development in a way that very few organisations have, by recognising different ways to support the many talents that exist within Nigeria.

In the entertainment space, it launched a few new shows including the Nigerian adaptation of the popular ‘Family Feud’ show, and a spotlight show on Nigeria’s female football team, the Super Falcons.

While the MTN Foundation science and technology undergraduate scholarships have continued to support brilliant students through their university studies, more youths have also benefited from its ICT and Business Skills training. t (PEGSFZ .BEVLB JT B mOBODJBM BOBMZTU CBTFE JO -BHPT The story continues online on www.thisdaylive.com

AFEX Predicts Decline in Production of Grains in 2023 Oluchi Chibuzor Amid concerns of an impending food crisis and global recession, AFEX Limited has predicted a decline in production of grain commodities.

AFEX in its annual commodity outlook, 2023, attributed the surge in food prices to the low production of maize, paddy rice, sorghum, and cocoa.

According to the report, these commodities declined by an average of 11.5 per cent in the 2022/23 trading season due to price-induced low fertiliser usage because of the Russia-Ukraine war.

It also noted that climate change realities such as flooding also had a significant effect on the market among other unfavourable condi-

tions in the 2022/ 2023 trading season.

The Annual Commodities Outlook by AFEX also alludes to price pressures being exacerbated by the fact that 2023 is an election year, which could cause some market uncertainty. In his remarks, during the report launch, Head, Market Data and Research at AFEX, David Ibidapo, explained that, “Every year, AFEX reviews Nigeria’s commodity market and gives an in-depth analysis of the outlook for the new year. In the last 2 to 3 years, we have seen the commodities market susceptible to global shocks, as evidenced by the COVID-19 pandemic’s impact and the ongoing Russia-Ukraine

crisis on supply chain and food prices. It’s then critical to monitor the market closely and give an objective picture of these agricultural commodities which would bring transparency and clarity in a bid to ameliorate the impact of the next global shock.”

Speaking, Vice President, Financial Markets at AFEX, Oluwafunto Olasemo, said, “The shift in global commodities supply has greatly influenced the commodity market and exposed the vulnerabilities in our food system. There is a growing imbalance between the food supply and the demand of the growing population, putting upward pressure on prices.”

FGBacksNEPZA’sBidto DesignateVarsities as Economic Zones James Emejo in Abuja The federal government has commended the Nigeria Export Processing Zones Authority (NEPZA)’s accelerated initiatives towards designating willing universities as Special Economic Zones.

The Minister of Industry, Trade and Investment, Mr. Adeniyi Adebayo, said the initiative would speedily reconfigure the country’s academic environment to match global trends and competitiveness.

Speaking while playing host to the Vice Chancellor of the University of Abuja, Prof. Abdul-Rasheed Na’Allah, former Minister of Justice and Attorney-General of the Federation, Prince Adetokunbo Kayode (SAN) and the Managing Director/Chief Executive, NEPZA, Prof. Adesoji Adesugba, Adebayo pointed out

that the country’s industrialisation process could become much more prolific and all-encompassing when the country is able to coordinate its universities to also operate as profitable industries through the free zone scheme.

He said, “The MD NEPZA has given a brief background of what this is all about, and let me assure you that it is something that the federal government will be interested in.

“It is indeed a unique idea to be able to make the academic institutions have the freedom to break away from the overdependence on government for funding.”

On his part, Na’Allah said that the visit was a follow-up to a preliminary technical session held with NEPZA recently, adding

that both parties had worked assiduously in ensuring that the project was realized in the short possible time.

In a statement by the Head, Corporate Communications, NEPZA, Dr. Martins Odeh, the VC explained that the university was endowed with a number of solid minerals at commercial quantities, adding that opening the campus space for external investments using the free zone concept would be a landmark achievement.

He said, “We want the university to become the richest institution in Nigeria. We will open the space for tourism, estate, mining, agriculture, car production plants, dairy farms, light rail services, etc. Our proximity to the city and the airport makes movement seamless. This is our thinking; this is our project.”

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MONDAY, FEBRUARY 6, 2023 ˾ T H I S D AY

BUSINESSWORLD

NEWS

PFAs to Make Heavy Investments in Infrastructure in 2023 Ebere Nwoji Contrary to initial fears by pension fund managers that investment of pension funds in infrastructural development would sink contributors’ funds due to lack of safety, the PFAs have disclosed their plans to invest heavily in infrastructure this year.

The managers disclosed this at a recent virtual market outlook seminar where they reviewed their economic and investment performance in 2022 and deliberated on their investment out look for the current year.

In his presentation, the Chief Executive Officer, Pension Fund Operators Association of Nigeria (PenOp), Oguche Agudah, said 42 per cent of the Pension Fund Administrators (PFAs) indicated that they were actively looking for investments in infrastructure while another 50 per cent said they would also consider investments along that line of business in the current year.

The event, which attracted frontline economists was anchored on the theme: “The Nigerian Economic and

an Investment Outlook: A focus on Pension Fund Investment Strategies.”

Oguche, however, said although fund managers were cautious about private equity, they would consider a deal-by-deal basis.

According to him, 25 per cent of fund managers polled are actively looking to invest in private equity while 67 per cent say they will consider it.

He added, “Fund managers are looking to invest in impact focused funds but transparency and structure are key.”

Also speaking, Chief Economist at Africa Finance Corporation (AFC), Mrs. Rita Babihuga-Nsanze, outlined a number of steps the incoming government must take to put the economy on the right path, suggesting that oil subsidy policy must be halted.

She said the incoming government must address security in oil sector corridor, address subsidy regime and enthrone the expected reform in foreign exchange market.

She regretted that despite the

high international oil price, it failed to translate into foreign reserves accumulation for Nigeria, adding that the foreign exchange reserves fell by $3.5 billion or eight per cent between January and December 2022.

“The FGN earned no revenues from the sale of crude oil despite the windfall crude oil prices recorded in 2022 owing to the subsidy payments.

Government interest payments as a share of revenue have more than doubled from 19.7 per cent in 2018 to the current 48 per cent.

“Low amortisation requirements for 2023 and 2024 offer Nigeria some breathing space on the external front. But given that the majority of Nigeria’s external debt is multilateral based lending (47% of total stock) we do not foresee high levels of debt stress from its Eurobond repayments in the near term. Eurobond markets, however, remain inaccessible to Nigeria for its financing needs given its current sovereign spreads and credit rating, “she stated.

Yemisi Edun: Banks Must Collaborate to Fight Illicit Practices The Managing Director of First City Monument Bank (FCMB), Mrs Yemisi Edun, has advocated increased collaboration among banks, especially in information sharing, to effectively combat money laundering, terrorist financing and other illicit practices within the financial system. She stated that information sharing would make it easier to stop criminals from abusing the financial system.

She made the call while declaring open the quarterly meeting of the Association of Committee of Chief Compliance Officers of Banks in Nigeria (ACCOBIN), hosted by FCMB in Lagos.

According to Edun, the recent bold moves of the Central Bank of Nigeria (CBN) to redesign the naira and issue a revised Anti-

Money Laundering, Countering Financing of Terrorism and Proliferation Financing (AML/ CFT/CPF) policy is commendable. She also lauded the Nigeria Financial Intelligence Unit (NFIU) for prohibiting cash withdrawals from public accounts to promote a cashless economy in line with the framework of the law.

She said, “The policies and actions demand serious attention from us in the banking industry - operators and regulators alike.

They have come to change the face and mode of banking operations in Nigeria. It is a new day for all of us. None of us can claim to be an overall expert; as such, sharing experiences will go a long way in helping us optimise the benefits of these policies and face

the challenges that are bound to emerge. The law prohibiting cash withdrawals from public accounts presents a great business opportunity to sell our digital banking products to various government agencies while ensuring that we keep our country safe from financial crime.”

Also speaking, the Chairman of ACCOBIN, Mr Boye Ogunmolade, said: “As a Professional Association, we will continue to build the capacity and offer practical guidance to our members to better perform their functions of protecting their respective institutions and the banking industry. We commend the MD of FCMB for bringing her wealth of experience to bear through the impactful speech she delivered.”

Heifer, ColdHubs Enhance Smallholder Farmers with Solar-powered Storage Solutions Heifer International’s sponsored agritech storage solution; ColdHubs, was yesterday formally introduced into the Lagos market with the launch of the facility for smallholder farmers and sellers of perishable farm produce at the ABAT CBD Market in Ibeju-Lekki.

The ColdHubs innovation, which is being sponsored on a large scale

by Heifer International, is part of the measures to increase storage capacity and ensure last-mile connectivity to prevent post-harvest losses experienced by small-holder farmers and to ensure food security in Nigeria.

Stakeholders in the agriculture sector have variously attributed lack of storage and processing facilities, as one of the major problems facing agricultural development in Nigeria, stating that post-harvest

activities like storage must be given the right inputs.

At the launch in Lagos, which was witnessed by farmers, farm produce traders and government officials, Country Director of Heifer International, Nigeria, Rufus Idris explained that ColdHubs innovation will help Nigeria to attain food sufficiency and reduce hunger.

Rufus Idris, noted that young entrepreneurs across Africa have the capacity to develop homegrown solutions that will support farmers across the continent and encourage young people to develop a keen interest in the agriculture sector.

“We want to do our part to help young innovators deploy tech innovations that will boost farming and food production and provide smallholder farmers with the support they require to grow a sustainable,

profitable business,” said Idris.

Also speaking at the ceremony, the founder and CEO of ColdHubs, Mr. Nnaemeka Ikegwuonu, said “We are inspired by the need to provide storage solutions for smallholder farmers who have no way of keeping their produce fresh, forcing them to sell it soon after harvest. With support from Heifer International, we are expanding our affordable, pay-as-you-go refrigeration option and making it available right in the middle of local markets”.

According to him, the $500,000 (Five Hundred Thousand US Dollars) prize money from the AYuTe Africa Challenge has been the major catalyst for his firm’s innovation. The company has now launched an ambitious expansion strategy.

Air Peace Introduces Abuja-Banjul-Dakar Connections Chinedu Eze Nigeria’s leading airline, Air Peace, has announced the addition of Abuja-Banjul and Abuja-Dakar connections to its regional network of seven West African cities.

This is in addition to the airline’s plan to launch flight operations into Maiduguri and Jos. Air Peace Spokesperson, Stanley Olisa, who disclosed this in a news release issued to newsmen at the weekend, stated that the West Coast connections from Abuja would operate on Mondays and Fridays.

He added that Air Peace was finalising plans to expand its presence in the North East and North Central cities of Maiduguri and Jos respectively and the inaugural flight dates would be announced soon. Air Peace already operates three routes in the regions that include Gombe, Ilorin and Makurdi.

“These new connections and planned routes are a further testament to our determination to continually interconnect Nigeria, giving Nigerians more network options and seamless connectivity.

Also, Mumbai, Tel Aviv, Malabo and Congo Kinshasa are in the

works, “Olisa stated.

The airline said in January 2023 that it has 38 aircraft and is expecting eight brand new Embraer 195-E2s from its firm order in 2019 and additional 15 brand new Boeing 737 Max 8 and 10 order.

Air Peace leads Nigeria’s aviation industry with a network of 20 domestic routes, seven regional routes and three international destinations, with an increasing, mixed modern fleet comprising Boeing 777, Boeing 737, Embraer 195-E2, Airbus 320, ERJ 145 and Dornier 328 Jet.

Contributory Pension Scheme:

Pension Funds Recorded Significant Growth in 2022 Assets up N1.56trn in 1 year The sound regulation and supervision of the Contributory Pension Scheme (CPS) in Nigeria by the National Pension Commission (PenCom) has yielded positive results, as evidenced by significant growth in pension assets. Pension assets increased by N1.56 trillion in 2022 to stand at N14.99 trillion as of 31 December 2022. In 2021, pension assets increased by N1.12 trillion to end the year at N13.43 trillion.

PenCom oversees Pension Fund Administrators (PFAs) to ensure that employees’ pension funds are managed professionally, and their benefits are guaranteed. Under the CPS, pension assets have witnessed growth through pension contributions and investment returns. PENCOM DG, Aisha Dahir-Umar In terms of pension contributions, the the account and the returns on investment CPS, established by the Pension Reform Act accrued to the contributor during the reporting (PRA) 2014, is an arrangement where both period. In addition, to ensure transparency, the employer and the employee contribute a PenCom requires PFAs to publish on their portion of an employee’s monthly emolument websites the daily value of an accounting towards the payment of the employee’s pen- unit for the RSA Funds and disclose the sion at retirement. The PRA 2014 provides a three-year rolling average rates of returns minimum contribution rate of 18 percent of the on pension funds. employee’s monthly emoluments comprising Meanwhile, a vital benefit of the CPS is 10 percent by the employer and 8 percent by that the investment returns generated from the employee. An employee may also decide pension contributions are compounded over the to add to his contribution by voluntarily years, thus resulting in increased RSA balances making additional contributions through his that avail the contributor of financial security employer. PFAs invest pension contributions during retirement. Indeed, due to the sound on behalf of the employees. In 2022, the CPS investment regulatory framework established recorded 333,002 new contributors, bringing by PenCom, returns on investment have been the total CPS membership to 9.86 million. good over time, such that it contributes a Pension contributions from the new RSA significant proportion of the RSA balances of holders contributed to the overall growth contributors. Accordingly, the CPS provides in pension assets in the year. an opportunity to the contributor for higher For investment returns, PFAs invest pension retirement income, unlike the Defined Benefits contributions in a diversified portfolio of as- Scheme, where retirement benefit payments sets, including government bonds, stocks, real are fixed upfront. estate, and other asset classes such as private Due to the apparent benefits that penequity funds. The returns generated from sion contributors get from the investments investments in the above assets contribute to of their pension savings, employees need the growth of pension funds. Consequently, to monitor their employers and ensure workers participating in the CPS are assured prompt remittance of their monthly pension of adequate funds to cater for their pension contributions. Employers are obliged by law at retirement. Section 85(1) of the PRA 2014 to deduct and remit pension contributions states that “All Contributions made under into their employees’ RSAs not later than this Act shall be invested by the Pension seven working days from the date salaries Fund Administrator with the objectives of are paid. Consequently, employers that delay safety and maintenance of fair returns on the remitting pension contributions will eventually amount invested”. Furthermore, section 85(2) pay the delayed contribution plus a penalty states, “Pension funds and assets shall only of not less than 2 percent of the total unpaid be invested in accordance with regulations contributions monthly. and guidelines issued by the Commission, Overall, the CPS provide employees with a from time to time”. stable source of income during their retirement It is instructive to note that the returns on through a combination of contributions and all pension fund investments are apportioned investment returns. PenCom is committed to directly to the RSAs of pension contributors. the effective regulation of the pension industry Consequently, PFAs must indicate clearly in the in Nigeria to ensure that employees under RSA Statement of Accounts the total monthly the CPS receive their retirement benefits as pension contributions from the inception of and when due.

T H I S D AY ˾ MONDAY, FEBRUARY 6, 2023

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HOMES&DESIGN

Classy Lagos Sky Tower Shines in Atlantic City Lagos Sky Tower is designed and built as an exclusive residence and world-class project in a choice location on the coast of the Atlantic Ocean in Eko Atlantic City, Lagos. Bennett Oghifo writes

T

he famed Atlantic City on the edge of the Atlantic Ocean is home to many high-value skyscrapers designed for specific uptakers.

Lagos Sky Tower is one of such rare pieces, having been rendered by its promoter, Eko Pearl Nigeria Ltd., as a world-class, elite 26-storey super high-rise multifamily building with 123 units with various floor plans designs of two and three-bedroom apartments

with top-notch accessories.

The vast and luxurious apartments ensure a premium living experience while offering an unsurpassed and expansive panoramic view of Lagos City, with its well-designed rooftop swimming pool and rooftop bar.

Specifically, the Sky Tower has a total of 29 floors comprising five floors of parking space with 24 floors of two, three and fourbedroom apartments. It offers a

24-hour concierge service and a luxurious reception and lounge area.

Eko Pearl Nigeria. Ltd. is a property developer with a head office located in Eko Atlantic, Victoria Island, Lagos.

“We have two ongoing projects, two completed projects and four high-profile key contacts,” the company said.

The construction company,

RMCK Construction, said it had had a passion for investing in the property development market in Nigeria since 2003, which eventually led to the incorporation of RMCK Construction in 2008.

The company said Lagos Sky Tower Sky was among the first residential developments to be built in the dynamic new city of Eko Atlantic, more than 10,000,000sqm in the Atlantic Ocean.

MONDAY, FEBRUARY 6, 2023 ˾ T H I S D AY

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BUSINESSSPECIAL

Editor: Obinna Chima obinna.chima@thisdaylive.com 08024557078

Emefiele: Naira Redesign Not Targeted at Anyone, Politicians The Governor, Central Bank of Nigeria, Mr. Godwin Emefiele, during an interactive session with journalists in Lagos, at the weekend, gave an update on the naira redesign project and the ongoing cash swap. He appealed for understanding from members of the public and bank customers, even as he highlighted the benefits of the project. Obinna Chima and Nume Ekeghe present the excerpts: Why the naira redesign policy? s you all know, currency management is a key function of the Central Bank of Nigeria, as enshrined in Section 2(b) of the CBN Act 2007.

Indeed, the integrity of a local legal tender, the efficiency of its supply, as well as its efficacy in the conduct of monetary policy are some of the hallmarks of a great central bank.

Besides, the general practice across the globe is that a central bank should normally redesign its currency within five to eight years. From the on-set of this currency redesign program, we made it clear that for over 19 years, the CBN has not been able to undertake this important currency and liquidity management function that has important ramification for the effectiveness of monetary policy.

Our principal aim, with the currency redesign initiative, is to make our monetary policy decisions more efficacious and like you can see; we have started to see inflation trending downwards and exchange rates relatively stable. Secondly, we aim to increase financial inclusion in the country by reducing the number of the unbanked population.

Thirdly, our aim is to support the efforts of our security agencies in combating banditry and ransom-taking in Nigeria through this program and we can see that the Military are making good progress in this important. Available data at the Central Bank of Nigeria showed that in 2015, Currency-in-Circulation was only N1.4 trillion.

As of October 2022, currency in circulation had risen to N3.23 trillion; out of which only N500 billion was within the Banking System and N2.7 trillion held permanently in people’s homes.

Ordinarily, when CBN releases currency into circulation, it is meant to be used and after effluxion of time, it returns to the CBN thereby keeping the volume of currency in circulation under the firm control of the CBN. It should also be noted that the Notes in private homes and outside the banking system are not available for economic activities and thus may affect the economy attaining its potential growth. So far and since the commencement of this program, we have collected about N2.1 trillion; leaving us with about N900 billion. To achieve effective distribution, of the new currency the CBN has taken the following steps: We held several meetings with Deposit Money Banks (DMBs) and provided them with Guidance Notes on processes they must adopt in the collection of old notes and distribution of the New Notes to all Nigerians.

These includes specific directives to DMBs to load new notes into their ATMs nationwide to ensure an equitable/transparent mechanism for the distribution of the new notes to all Nigerians.

This approach was initially adopted following reports that some DMBs were favoring their Prime customers at the expense of their small account holders at bank branches. After sometime, and in a meeting with the DMBs, we decided to allow withdrawals over the Counter but subject to no more than N20,000. We also gave instructions that bank branches be kept open on Saturdays and Sundays. At our last meeting held this morning, the CEO of the banks reported that although calm was beginning to return to their banking halls, there were still some areas of pressure and everything is being done to divert more resources to such pressure points in order to ease the tension.

The meeting further resolved to extend the Cash swap initiative nationwide and expand the number of participating agents as well as formally include some microfinance banks in the cash swap initiative. We commenced a nationwide sensitization

business activities as the cashless policy forces more economic agents to open bank accounts, will also boost fiscal policy. With more transactions going through e-channels and bank accounts, more agents come within view of the government’s tax net. This enlarges the base of taxable activities and increases the possibility of more tax receipts by various tiers of government. In the longterm, the policy improves the sophistication of tax collection and would no doubt reduce tax evasion and tax avoidance. As experiences from other jurisdictions have shown, effective currency redesign can support regulatory reform, increased legislative reach and coordinated fiscal and structural policies.

A

There have been calls for further extension of the deadline for cash swap. Specifically, the state governors are demanding for a one-year extension, is it something the CBN is open to?

I would say no. I am sure that people are going to say only last week Tuesday, I had said no further extension before the deadline was extended. But I want to say unfortunately again that this time we would not be looking at an extension of the deadline because the CBN, the banks and other important stakeholders are looking at areas where there is pressure and we are doing everything possible to address those areas of pressure. We have had cases where in some areas, some bank branches had some cash in their vault because there was no demand for them. When CBN officials reported, we had to move those monies from those locations to areas where there is pressure. So, those are some of the logistical challenges that we face and we are doing everything possible to address it. So, I am not going to make any promise to anyone that there would be any further extension of this deadline.

Emefiele through the print and electronic media to create an awareness on the redesigned notes to Nigerians including collaboration with the National Orientation Agency to reach all Nigerians across multiple channels. We deployed 30,000 Super Agents nationwide to assist in our Cash Swap initiative in the hinterlands, rural areas, and regions underserved by banks in the Country to ensure that the weak and vulnerable ones amongst us can swap/exchange their old notes.

We deployed all our staff, particularly the Assistant Directors, Deputy Directors, and Directors in Abuja to proceed to all CBN branches Nationwide to join the mass mobilisation campaign and monitoring programs, working with the Deposit Money Banks, Agents, and our Branch Controllers across the 36 states of the Federation. This is meant to ensure compliance with all our guidelines already issued for smooth implementation of the program.

The CBN welcomed the participation of the EFCC, and ICPC who joined our monitoring teams nationwide and this has further enhanced compliance at bank branches and agent locations. We are happy that so far, the exercise has achieved a success rate of over 80 percent as about N2.7 trillion held outside the banking system has been returned.

Nigerians in the rural areas, villages, the aged and vulnerable have had the opportunity to swap their old notes, leveraging the agent

naira swap initiative as well as the CBN senior staff nationwide sensitisation team exercise.

Generally, currency redesign policies (sometimes called demonetisation policies) are designed by countries to strengthen the performance of key macroeconomic parameters and equally combat social improprieties.

Chiefly, it is expected to reduce the amount of cash in underground or illicit economy, truncate the activities of racketeers, and obliterate rent-seeking businesses in the black market. By reducing currency outside banks, it will shrink money stock and accordingly lower the long-run path of inflation. The ensuing deflationary pressure could elicit interest rate cuts that will in the short- to medium-term boost economic activities, spur aggregate demand, and enhance output growth.

The macroeconomic impacts of currency redesign are multidimensional and could seem uncertain especially at this early stage when its inconvenience is widespread. By spurring more people to use bank accounts, this policy will further increase bank account ownership and increase the use of accounts by enhancing people’s saving behavior. It could encourage some hitherto informal business operators to formalise the pattern of transactions and adopt more formal settlement channels.

In addition, the short-term decline in cash holding and the increased formalization of

We have 179.2 million individual account holders in the banking industry as at the end of 2021, based on statistics from NIBSS. Assuming that 25 per cent of this population are to collect N20,000 per day maximum, the CBN and the bank would have to release N896 billion into the system daily, are they getting up to that? Also, the reality on the ground is that in many bank branches in Lagos, they don’t have cash to give, in some, customers are getting N1,000 and Nigerian will like to know why. If the CBN is saying we have more than enough, why are Nigerians not getting this? In addition, there have been a lot of electronic channels’ hiccups, what is happening?

It doesn’t work the way you are analysing it.

If for instance we told you that in 2015 currency in circulation was N1.4 trillion, which is less than double of what you said we should inject into the banking industry in one day and indeed, as at October 2022, currency in circulation was N3.2 trillion out of which N2.7 trillion is outside the banking system. So, it doesn’t work the way you have analysed it. But what we are still saying is this: Your analysis does not mean that because N896 billion is not issued by the CBN into circulation in a day, that does not mean that there isn’t adequate supply of currency in circulation. What we are only saying, and we have to admit it, is that at this initial stage of the issue and circulation, we can’t put N896 billion in one day into circulation.

So, that is the reason that we said we are Continued on page 34

T H I S D AY ˾ MONDAY, FEBRUARY 6, 2023

34

BUSINESS SPECIAL

INTERVIEW

Emefiele: Naira Redesign Not Targeted at Anyone, Politicians begging people to show understanding and they should be calm. In our meetings with the banks, we have told them to set up tents and chairs, give people numbers, which I am sure some people would say is old fashion. But at this time that we are trying to get the currency circulate amongst everybody, people have to have numbers and they can come in under a queuing arrangement and when you come in you get served.

If it finishes, just be patient, by tomorrow, when you come back, the bank would start from where they stopped. You will not be cheated. Let’s just be calm and adopt a good queuing system. The assurance we give is that it will eventually go round, eventually the cash withdrawal limits would be raised and also removed eventually and people would be able to conduct their business transactions or exchanges in a way that it has always been in the past. But the point is this: If out of N3.2 trillion in circulation, at least N2.7 trillion is hidden in peoples’ homes, it does not augur well for the economy and the growth of the Nigerian economy.

It does not augur well for macroeconomic policy decisions that we take at the CBN. That is the reason we are appealing. We understand the pains. I have received several calls myself; some members of my family have complained, but we all have to show some understanding. It does not mean that when you queue and it doesn’t get to you, that you now begin to descend to wanton destruction of bank properties. Those bank properties are meant to serve, you chose the institution because you have trust in them, so at this time they are facing this temporary and transient situation, we crave everybody’s understanding. Please, be calm. We are monitoring all the situation 24/7, both the cash channels and electronic channels.

I even had to call some banks whose systems were down. We can’t run away from the fact that banks’ electronic channels sometimes have down time. I called a bank this afternoon and within 20 to 30 minutes, they restored it. I understand the agitation, but I am appealing in God’s name that we should be calm. Let’s take things easy.

I am appealing to petrol stations to continue to accept PoS, you will get your money. If you were getting your accounts credited instantly, it is possible that because of the deluge in volume, they would have delays, but that doesn’t mean you will not get your money. You will get your money and your account credited. If your account is not credited, you have a right to complain.

I am sure those who know what we are doing in consumer protection know that we have always shown sympathy towards those customers that have complaints against their banks. We are committed to this; we just need your understanding. I am not going to pretend; it is a difficult time that we are adopting this ambitious programme. But if we have not done this for 19 years, what we are supposed to do every five to eight years, we should expect that there would be some hiccups. But we are assuring all of us that those hiccups are being addressed. " MPU PG /JHFSJBOT FBTJMZ BTTFTT UIF 1P4 BHFOUT TP JT JU QPTTJCMF UP JODMVEF UIFN JO UIF QMBO UP NBLF UIF DJSDVMBUJPO FBTJFS BOE GBTUFS CFDBVTF QSFTFOUMZ UIFZ BSF DIBSHJOH FYPSCJUBOU GFFT We are going to go back and I am sure when we meet, if those charges are being charged through the banks, we are going to have an arrangement with the telcos to see how those charges can at this time be stopped because we don’t want this to continue to create pain on those who want to use alternative channels when they cannot have cash in their pocket. We would go into this and we are going to call a meeting of the banks, mobile networks, that at this time nobody should be charged outrageously. We want this service to continue to be offered; whatever it is in terms of volume and number that you have carried out; we would look for ways to pay you your money. But please let’s render this service so that those who are moving from cash into electronic channels can enjoy seamless transactions on these channels.

4P GBS IPX NBOZ CBOLT UIBU CSFBDIFE ZPVS HVJEBODF PO UIF DJSDVMBUJPO PG UIF OFX OPUFT IBWF CFFO TBODUJPOFE I have seen nauseating videos about people who spray money at parties. It is extremely annoying and you feel like vomiting when you see these things happen. If you have earned your money properly, you will not be spraying

“It is a pain to all of us and I am appealing to everybody that we should show understanding. I repeat, this policy is not targeted at anybody, we are doing our job in line with the line that set us up and we should please be allowed to do our job in a way that benefits Nigerians and the Nigerian economy.“ Emefiele money the way we see people spraying money. Some of them have been arrested, those who went to Twitter to announce the sale of the money are currently under ICPC. The lady who was spraying packs of money in the viral video has also been arrested. We would find all of them and some of them are with the EFCC. They would go to jail because they have broken the law. We would not allow you to create pain on Nigerians when others are suffering. You cannot collaborate with bank officials and be causing pain to Nigerians. I have told ICPC, I have pleaded with EFCC and other enforcement agencies that when they find the culprits, they should trace them down to the bank officials or central bank officials, my hands are clean and I am not going to be involved. Nobody should get themselves involved in colluding with anybody to be involved in giving money to people to go and spray at parties or to be using multiple ATM cards.

It is a pain to all of us and I am appealing to everybody that we should show understanding. I repeat, this policy is not targeted at anybody, we are doing our job in line with the line that set us up and we should please be allowed to do our job in a way that benefits Nigerians and the Nigerian economy. I can assure you that these people – either those caught in Kano by the Nigeria Police or EFCC in Lagos or Abuja, they would go to jail. We are going to monitor to ensure that they go to jail because they broke the law.

4PNF IBWF JO UIF SVMJOH QBSUZ IBWF TBJE UIJT QPMJDZ JT UBSHFUFE BU B UIFN XIBU JT ZPVS UBLF PO UIBU "MTP ZPV IBWF SFQFBUFE BDDVTFE CBOLT GPS USZJOH UP GSVTUSBUF UIF QPMJDZ EPO U ZPV UIJOL UIJT XJMM BGGFDU UIF DPOmEFODF JO UIF mOBODJBM TZTUFN 5IF EJSFDUJWF XBT UIBU CBOLT TIPVME QBZ / PWFS UIF DPVOUFS #VU JO -BHPT TPNF QBZ BT MPX BT / PWFS UIF DPVOUFS 8IBU JT SFTQPOTJCMF GPS UIBU CFDBVTF XF IBWF TUBSUFE TFFJOH QSPUFTU I want to appeal. We are bankers. The point is this. I heard the minister of information, Alhaji Lai Mohammed, he addressed that matter that nobody is being targeted and nobody is going to be seen to be preferred and I think you should please accept that as an explanation from me as well. Would this not affect confidence? I don’t think it will affect any confidence in the banking sector. The monies are in the bank and they are safe.

At this initial stage we have admitted that there are some hiccups, it is expected and it is

transient. We can only just appeal that what is happening now should not result in loss of confidence. That is the reason we are appealing that if for instance you go to the bank, you go

on a queuing arrangement and they pay N20,000 to some, if you can just show understanding, come back the following day. If for instance the number stopped at 500, we have told the banks that the following day, they should start from 501, which means tomorrow you will get. But what you see is that those who are from 501 and above, they begin to fight the bank manager.

So, what will the branch manager do? He will as well reduce the amount for it to go round. That is why you see instead of the N20,000, some banks have reduced the threshold. Those are the kind of dilemma in decision-making that the banks face.

Yes, we have given them a mandate of N20,000, but if they use their discretion because they are afraid that if they don’t give everybody present, it will result into wanton destruction of their properties, then they don’t have a choice but to lower the threshold and to see that they pay a substantial number of people so that they don’t destroy their properties. So, everything boils down to people showing understanding and I will like to plead with members of the public to please show understanding.

Now, you talked about protest, again I want to say that this policy is not targeted at anybody.

We are doing our work in line with our laws.

We are appealing that those who are involved in protest should not allow themselves to be used.

We know for a fact that one of those who carried the protest banner in Lagos was sponsored, but there is no need for us to go into that. We are just pleading because we understand the pain.

I am not saying the person who carried the banner doesn’t have the justification, he has a justification because he wants his cash, but we are doing everything possible to make sure that we release the cash. So, please show understanding.

We appeal to you all for understanding so that we can have a peaceful transition from the old to the new currency.

NextGen 5G Smartphone: Six Things You Must Know Rami Osman

E

very day, technology advances dramatically. We have progressed through the first Industrial Revolution, which saw production lines mechanised, to the Second, which was a period of rapid scientific progress. Currently, in the third, we have seen massive digital advances. Arguably one of the biggest innovations during this period, which started in the 1970s, is the smartphone, which has made a massive impact on communities around the world and made the globe accessible. Someone from Lagos in Nigeria can seamlessly communicate with a person in Oslo, Norway, chatting or sharing videos, documents, and emails.

The adoption of smartphones in Nigeria has been very positive. According to Statistica.com, the number of smartphone users in Nigeria, Africa’s biggest economy and most populous country, is forecast to grow to more than 140 million by 2025.

As with all technology, user needs drive improvements and evolution. The newest trend in this field is the introduction of 5G, which offers vastly superior speeds in the order of 20 gigabits per second peak data rates and more than 100 megabits per second average data rates. As mobile network operators roll out of this spectrum, demand for the handsets that can take advantage of the speed is increasing.

Smartphones, as we know them, will rapidly evolve, offering an even greater end-user experience.

The MediaTek Dimensity chipset series is a powerful component that is sought after by smartphone manufacturers. Below are six reasons why.

5G smartphones powered by MediaTek Dimensity chipset series will increase download speed by leaps and bounds.

It provides greater power than other competitors when it comes to gaming, streaming media, and video conferencing.

The chipset series offers leading 3GPP Release-16 5G Smartphone Modem, which means even faster 5G connectivity and double-fast download times.

Using the latest and most advanced TSMC N4 (4nm-class) production process, the MediaTek Dimensity 9000 chipset delivers unmatched power efficiency. Its LPDDR5X 7500Mbps support provides 20% more power efficiency than LPDDR5. It also integrates the latest Armv9 architecture processors, which deliver unparalleled performance and security. Its octa-core CPU includes an Arm Cortex-X2 that allows processing speeds of as much as an impressive 3.05GHz. The MediaTek Dimensity chipsets feature MediaTek 5G ultra save technology, contributing to significant power savings, extending battery life and improving Bluetooth, and Wi-Fi, while also preventing smartphones from overheating.

MediaTek’s Dimensity flagship 18-bit HDR-ISP design lets users record video on three cameras simultaneously. It offers a whopping 320 megapixels, which makes it the first mobile processor to provide such support. It also features a powerful 9Gpixel/s ISP. Powering an exciting gaming experience on 5G smartphones, MediaTek’s HyperEngine 5.0 technologies ensure users can enjoy long-lasting, smooth gameplay without suffering connection drops, FPS jitter, input misses, or game hiccups. The speeds of the Arm Cortex-X2 CPU and Arm Mali-G710 MC10 graphics engine further raise the experience to the next level.

The chipset became available in Africa with the launch of the Tecno Phantom X2 Series in East and West Africa on 7 December 2022. Device makers can use MediaTek’s Dimensity Open Resource Architecture (DORA) to customise the MediaTek Dimensity 9000 features for local markets, customer needs, and smartphone requirements. As we see smartphones continue to evolve, MediaTek will continue to be at the forefront of new developments, releasing them into the market ahead of competitors and providing superior experiences for end-users. t 0TNBO JT UIF %JSFDUPS GPS $PSQPSBUF 4BMFT BOE .BSLFUJOH .FEJB5FL .JEEMF &BTU BOE "GSJDB

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MONDAY, FEBRUARY 6, 2023 ˾ T H I S D AY

BUSINESS SPECIAL

INTERVIEW

‘Despite Challenges, Opportunities i n Nige ria A re I m m ense’ The Head of Wealth Management, Standard Chartered Bank Nigeria and West Africa, Lanre Olajide, and the bank’s Chief Investment Officer for Africa and Middle East/E & Head of Fixed Income, Currencies and Commodities Strategy, Manpreet Gill, in this joint interview spoke about their bank’s economic outlook for 2023 as well as investment opportunities for discerning investors. Obinna Chima brings the excerpts: We have seen the World Bank, IMF and other notable organisations predicting a gloomy economic outlook for 2023, what is Standard Chartered Bank’s projection for the year? ill: We agree with the view that economic growth is expected to slow globally. The point to note primarily is that it is driven by the United States economy. We focus on that because economically and market-wise, that is the one that matters for us all. We agree that the global economic outlook would keep getting weaker and we are only starting to see that to some extent. We expect the Federal Reserve to raise interest rate and the goal at the end of the day is to try and slow the economy down. That is how you get inflation under control over a long period of time. But I think we have already seen that to some degree. If you look at high frequency data like the Monthly Manufacturing PMI data, growth has already started to slow down and in our view, we would end up with an economic recession at some point over the next year.

The US is still the world’s largest economy and remains one of the largest sources of global demand. But even for financial market investors, that gives us something we can hang on because for example, bond yields tend to move lower during recession; equities move lower but tend to bottom before the economic recession ends.

This US-centric view notwithstanding, China is at the opposite point in the cycle. China was already facing a significant growth slowdown last year and its central bank was already cutting rates. Its government was already trying to stimulate the economy. However, it had ongoing mobility restrictions. I think for Europe to a large degree, Europe is linked to what is going on in the United States because many of the challenges centre around inflation and the central banks trying to slowdown the economies.

I also think there are some divergences within the Eurozone with Germany turning out stronger than what we expected last year, but inflation is still high, and I think that is the most important thing because it means the ECB is expected to keep trying to slow the economy down. So, their situation is not too different from that of the US. For Africa and indeed emerging markets, I think they fall somewhere in the middle because on one hand, the US economy is still a big source of the demand. Usually, when the US goes into a recession, demand slows around the world. But there are two offsetting factors this time which makes it a bit different – Firstly, is the Chinese demand and the second is usually through economic recession the dollar weakens and weak dollars is usually a good environment for most emerging and African markets.

G

How can economies navigate through these challenges this year?

Gill: Speaking on the economic or market point of view, the way to navigate through these challenges is likely to differ somewhat depending on one’s circumstances.

I think policy makers are always good at navigating these challenges, though they often have to make some difficult trade-offs. But the perspective we take is that as investors, navigating economic recessions is going to be key. The first thing to keep in mind is that the economy is not the market. I think if we can get that mindset in place, it makes navigating a lot easier.

Economic recession can be difficult as slower growth means slower exports in the US, it means job losses and it is not pleasant. But for markets, the pattern historically has been relatively consistent. Bonds tend to do quite well during economic recessions, even stock markets usually bottom before the end of economic recessions. So, once we get to the point where the market believes that policymakers would support the economy, then markets are likely to stay rising. As investors, the key thing is not to wait for the end of the economic recession and that can be hard because it almost always means doing the opposite of what the headlines would suggest. The headlines would talk about slowing growth and others, which is what we see in many markets. So, the key thing here in navigating economic crisis is the market not being viewed as the economy.

Standard Chartered bank is known as one of the industry leaders in terms of wealth management.

Can you tell us about your overall strategy for Africa and Middle East and how this feeds into the Nigerian market?

Olajide: Yes, as a bank, Standard Chartered is quite strong in wealth management. Our vision is to help people prosper and achieve their life goals, and we vigorously pursue this across the various markets in which we operate, including Nigeria. We are a market

Olajide (right) and Gill leader and leveraging on our global reach, expertise, and experience – we intend to continue offering world class wealth management solutions to our clients and prospects.

The processes, the systems/platforms, the products, the people - we basically have everything here in Nigeria and we plan to keep using these resources effectively to help our clients build, manage and protect their wealth. We have principles here, and these really guide us as we go about the execution bit. One of the things you will see us do at Standard Chartered, which is not so common locally, is to really know a client through what we call a client investment profile. It helps us identify risk-tolerance levels, investment objectives, time horizon etc. Without these, we would not even recommend products. We also aim to deliver best in class advisory.

We bring our clients together at the beginning of every year for this Global Market Outlook event to review the previous year and share our views about the future. This sets proper context for activities in the new year and then we begin to look at individual portfolios and needs, and to provide advisory based on appropriateness and suitability. Now, talking about products, we have investment products such as Mutual Funds from some of the best Fund Houses in the world (we have partnerships with the likes of BlackRock, Franklin Templeton, Allianz) and we also have Fixed Income Securities (Sovereign and Corporate Bonds) – both local currency denominated as well as in foreign currencies. We have FX solutions (for transactional and investment purposes), and we have credit solutions.

Our credit solutions basically give clients the opportunity to use the investment products I mentioned earlier collateral to access funds and do further investments or just to meet other financial obligations and of course we have bancassurance, which is basically Standard Chartered partnering with insurance companies to provide insurance solutions to our clients. We pride ourselves in our people; they are well-trained, and certified.

Our Relationship Managers at Standard Chartered can have deep discussions with you about your investment portfolio and a range of other wealth management related matters. The RMs are fully supported by Wealth Specialists (Investment Advisors, Treasury Specialists, Wealth Lending Specialists) and they are all accessible to our clients.

To us, investment and wealth management is not just about selling products and moving on, it is an end-to-end journey. Finally, the platforms – quite robust. The digital agenda is a huge part of our wealth management strategy. Shortly Before the pandemic in 2020, we had invested very strongly in our digital capabilities. So even during the lockdown our clients were not negatively impacted. Today

most of them do their investments (subscriptions and redemptions) in Mutual Funds and Fixed Income Securities on our mobile platforms. Clients can continue to monitor their investment portfolios and also access up-to-date market information on the same platform.

Can you tell us your priorities for your wealth management business and clients in Nigeria?

Olajide: Our goal is to build, manage and protect our clients’ wealth. In 2023, our priorities would be to achieve these goals for even more people (deepening our client base and getting our prospects on board too). We will also continue to deliver new, innovative solutions. 2022 was a very volatile year and we spent considerable time in engagements with our clients – in 2023, we do expect less volatility but we will keep up the engagements and make them even more robust.

When you talk to your clients, both local and foreign, what do you tell them about Nigeria, are there concerns?

Olajide: It is pretty much what we tell ourselves in Nigeria. Things are not as rosy as most of us expect them to be in Nigeria, but the opportunities are immense. And again, going back to what my colleague said, the markets are not the economy. In Nigeria today, you hear people talk about currency devaluation, and inflation.

You probably would not see a fixed income security that would help you beat inflation today, but what we tell people is that inaction is a great killer. Inflation closed at 21.3 per cent in December, 2022, you will be hard-pressed to see any local bond that would give you more than 15 per cent today. So, your real return on your investment effectively is negative. But would you rather have zero because that is what you will have if you don’t do any investment.

However, if you take 15 per cent and you are battling 21.3 per cent inflation, that is a negative return of six per cent. As you know, fixed income has capital appreciation potential and if that crystalizes, you could see yourself making as much as 20 per cent capital gains.

Now, talking about foreign currency devaluation, which is a big issue for most of us in Nigeria, you are aware that there are Eurobonds in Nigeria such as the FGN Eurobonds. Those bonds offer yields of about 10/11 per cent currently. One of the things Standard Chartered did was to democratize that space. You would traditionally need about $200,000 to invest in Eurobonds.

Standard Chartered has recently created a solution that allows clients invest with as little as $20,000.

Gill: The other key point is about the global context. In every emerging market, while there is

the understanding of what is happening in the domestic market, which is important, the global context matters a lot. One is our view on the US dollar and what is happening with liquidity. That has a surprisingly strong impact. We actually think part of the reasons you have seen so much pressure on financial assets is because we have seen a very strong dollar over the last two years. In 2023, we think that would reverse. The second point about Eurobond is that part of what delivers those investments is that they are dollar-denominated and so what happens with interest rate in the US matters a lot.

What areas do you think offers the best investment opportunities in Nigeria?

Olajide: One thing we say at Standard Chartered is that we have everything for everyone regardless of what your risk rating is (so long as you’re not risk averse) and regardless of what your investment objectives are. Now, when you talk of areas where we have opportunities, we see it everywhere (Fixed Income, Equities, Mutual Funds) because we are also a strong believer in diversification. We would never tell you to put all your eggs in one basket. We have an array of products and we do not recommend any single asset class for our clients to put 100 per cent of their investible funds in.

We diversify across all asset classes and even across currencies - based on your risk rating. Incidentally, we don’t offer local equities as we speak, but we don’t discourage clients from putting some of their money in the local equities market. The other thing I would say is that the fact that there is short-term pain in any particular area presently, does not mean people should avoid it completely. The global equities markets may be struggling today but there are strategies to mitigate some of the challenges. You can reduce your weight in that area and tilt towards fixed income, or maybe rebalance within sectors or geographical location. But we would not necessarily tell you to leave the equities market totally, because it is an area that has consistently delivered strong returns over the long term – and once the fundamentals are good, it is only a matter of time before it rebounds.

An effective way to also access opportunities in the markets is Mutual Funds. They are well diversified and can help you get exposure to any asset class you desire – whether it’s equities or bonds or a hybrid (combination of both). There are also Mutual Funds that have Real Estate, Commodities etc as underlying assets. In terms of geographical exposure (US, North America, China, Emerging Markets) and currencies (USD, EUR, GBP), we also have Mutual Funds that provide these exposures. As I said earlier, our approach to investments is quite encompassing.

Our periodic portfolio review process ensures that we examine clients’ portfolios regularly and help them take advantage of suitable opportunities on a continuous basis.

T H I S D AY ˾ AY, FEBRUARY 6, 2023

36

BUSINESS/MONEYGUIDE

Naira Redesign: Hope PSBank Commences New Initiative to Drive CBN Policy Nume Ekeghe

In furtherance of its commitment to support the Central Bank of Nigeria (CBN) Naira redesign policy, Nigeria’s premier digital-first bank, Hope PSBank, has launched Hope Wallet, an Unstructured Supplementary Service Data (USSD) application to hasten financial inclusion.

Speaking at a press conference to unveil the initiative over the weekend, the Managing Director Hope PSB, Ogechi Altraide, explained that this initiative is targeted at promoting a cashless economy and ensuring that Nigerians, particularly the unbanked,

perform transactions through electronic channels across the country. She disclosed that the initiative would enable Nigerians to open Hope Wallet from their phones by simply dialling *569*9#. The wallet holders can deposit their cash into the wallet at any agency banking outlet in different communities across the country.

She further stated that the bank has offered to give everyone N500 cash incentive for opening the wallet, saying that all transactions can be performed using their phone numbers.

“Hope PSBank is giving N500 to everyone that opens the Hope Wallet. The phone

number is the wallet, account number, and ATM card. The phone number can be used to transfer money, make payments and withdrawals at PoS, ATM and Web”, she said.

Also speaking, Group Head, of Corporate Services, Hope PSBank, Cletus Igah, stated that the initiative is designed to accommodate all Nigerians by ensuring that they can perform any transaction without any hindrance using their digital wallet.

According to Igah, the company remains committed to supporting Nigerians to leverage digital financial services for inclusion, irrespective of their socioeconomic status.

BoI to Support Nasarawa Skills Graduands from N500m Revolving Scheme Igbawase Ukumba ÓØ ËʨË The Bank of Industry (BoI) is to support graduands of the Wing Commander Abdullahi Ibrahim Vocational and Technical Institute, Lafia, from the N500 million Youths Revolving Scheme set up in collaboration with the Nasarawa State government.

Executive Director of the bank, Shekarau Umar, disclosed this at the graduation of the first batch of 70 trainees of the institute in Lafia, having undergone an intensive three-month training in Information Communication Technology (ICT) and welding and fabrication.

The BoI Executive Director added that the bank, under

the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), has disbursed over N4.8 billion to Nigerians across the 36 states.

He continued that the bank would ensure that the graduands of the Wing Commander Abdullahi Ibrahim Vocational and Technical Institute Lafia benefit from that project.

“I also want to make it very clear to the graduands that funds to support you have been provided for by the state government and is sitting with us. We will support you in the best way we can,” Umar assured. \On his part, the state governor, Abdullahi Sule,

announced that his administration would also support the graduands before they were finally able to access financial support from the Bank of Industry.

He stressed that the state government would give one laptop each to the best 10 ICT graduands, while the best graduands in welding and fabrication would each receive a mobile welding machine.

He, however, confirmed the willingness of the BoI to support the graduands with various sums of money, ranging from N3 million for individuals and N10 million for groups, in order for the graduands to establish businesses of their own.

L-R: Heifer International, Country Director, Nigeria, Rufus Idris; Director, Lagos State AgricultureTraining Institute, who represented Lagos State Commissioner for Agriculture, Emmanuel Audu, Adesola Olusanya; Olanrewaju Oniyitan of Heifer International and Founder, CEO of ColdHubs, Nnaemeka Ikegwuonu during the Launch of ColdHubsinIbeju-LekkiMarket,Lagos...recently

MARKET INDICATORS MONEY AND CREDIT STATISTICS

(MILLION NAIRA)

AUGUST 2022 Money Supply (M3)

49,356,443.6

-- CBN Bills Held by Money Holding Sectors

50,601.36

Money Supply (M2)

49,305,842.3

-- Quasi Money

27,869,678.3

-- Narrow Money (M1)

21,436,164

---- Currency Outside Banks

2,680,236.81

---- Demand Deposits

18,755,927.2

Net Foreign Assets (NFA)

5,074,909.92

Net Domestic Assets(NDA)

27,869,678.3

-- Net Domestic Credit (NDC)

61,195,142.4

---- Credit to Government (Net)

21,001,401.5

Smile Expands Telecom Business to Kano City

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

0.00

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

0.00

Nosa Alekhuogie

---- Credit to Private Sector (CPS)

40,193,740.9

--Other Assets Net

6,785,979.22

Reserve Money (Base Money

14,040,351.9

Smile communications, Nigeria’s mobile broadband 4G LTE services provider has expanded its footprint in Nigeria by launching Smile services in Kano City. Practitioners within the telecoms space, say it is a well-planned launch for a brand that has consistently delivered quality service in every city of presence.

Kano becomes the 9th city in Nigeria where Smile offers its services. The citizens of Kano are already excited about the launch, with a lot of people visiting the Smile office at No C-2 Muhammadu Buhari Way

Tudun Yola Kano.

Smile’s Chief Marketing Officer, Mr. Abdul Hafeez, said: “Our customers in Kano will have unlimited FREE Smile-to-Smile calls with the new Smile eSIM, and within the next few weeks we are expanding our other world class services which Smile is known for.”

An electronics shop owner within the community, Mohammed Adamu, said: “Indeed, I am so excited that Smile is in Kano. Imagine paying nothing for calls to my family and friends, and so easy to join.

That puts a Smile on my face.”

Again Smile has reiterated its commitment to expand-

ing its footprint in Nigeria, especially in 2023, to ensure Nigerians have access to SuperFast mobile internet and voice services.

Smile Communications provides 4G LTE mobile broadband in several countries in Africa. Our objective is to become the broadband provider of choice for SuperFast mobile broadband internet and SuperClear voice services in each of our markets and to provide over 300 million potential customers in our countries of operation with fast, reliable, and high-quality broadband internet to accelerate development and wealth creation.

Terra Launches Jollof Seasoning Cube From the popular “party jollof” cooked with firewood in large aluminum pots to homemade jollof rice, the need to achieve a distinct jollof flavour that excites the palates with the right seasoning cube is a meeting point for all. In response to this requirement, TGI Group, makers of Terra Seasoning Cubes have unveiled Terra Jollof Cube, a complete Jollof seasoning with an inviting taste and flavour.

Jollof rice is a meal that cuts across every tribe and ethnic group in Nigeria.

Everyone makes it just a little bit differently, and over the years, it has been the base

for several other similar and derivative dishes. But no matter how you choose to make it, it has become a big part of our culture, our cuisine, and especially our celebrations.

Group Executive Director, TGI, Deepanjan Roy said that the new Terra Jollof Seasoning Cube was designed to meet the specific taste needs of consumers who love cooking or enjoying jollof rice for its quintessential smoky bottom pot taste, flavour, and aroma anytime.

“With its key ingredients of onion, pepper, thyme, turmeric and garlic, a new

dimension of value has been added to the preparation of one of the country’s favourite dishes” he stated Chief Marketing Officer, TGI Group, Probal Bhattacharya expressed confidence that the new Terra Jollof Seasoning will excite food lovers and create a value that is unmatched amongst seasoning products.

“In no distance time, we are confident that Terra Jollof seasoning cube will be the preferred seasoning cube of choice for chefs, caterers and homemakers across Nigeria for cooking their tasty, bottom pot flavourful Jollof rice”

--Currency in Circulation

3,210,664.98

--Banks Reserves --Special Intervention Reserves

10,829,686.9 390,557.8

˾ ÙßÜÍÏ ̋

Money Market Indicators (in Percentage) Month

July 2022

Inter-Bank Call Rate

13.00

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

14.00

Treasury Bill Rate

2.76

Savings Deposit Rate

1.42

1 Month Deposit Rate

3.64

3 Months Deposit Rate

4.96

6 Months Deposit Rate

5.87

12 Months Deposit Rate

5.76

Prime Lending rate

12.10

Maximum Lending Rate

27.61

˾ ÙØÏÞËÜã ÙÖÓÍã ËÞÏ ̋ ͯͱϱ

OPEC DAILY BASKET PRICE AS AT 24 OCTOBER, 2022

The price of OPEC basket of thirteen crudes stood at $92.17 a barrel on Monday, compared with $92.09 the previous Friday, according to OPEC Secretariat calculations.

The OPEC Reference Basket of Crudes (ORB) is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Islamic Republic of Iran), Basrah Medium (Iraq), Kuwait Export (Kuwait), Es Sider (Libya), Bonny Light (Nigeria), Arab Light (Saudi Arabia), Murban (UAE) and Merey (Venezuela).

37

T H I S D AY ˾ AY, FEBRUARY 6, 2023

Analysts Express Concern over Double-dight Inflation on Investment Kayode Tokede Analysts during the weekend x-rayed the state of Nigeria’s double-digit inflation rate on investment in 2023, urging investors to utilize other opportunities in a tough business environment.

The Nigerian economy is going through a tough period with headwinds, including imported inflation, high exchange rates, foreign exchange scarcity, and

uncertainty about the outcome of the upcoming presidential election, amongst others.

Speaking at a separate time during the first webinar in 2023 which was organized by Nairametrics on Economic Outlook with the theme: 2023 Economic Opportunities to mitigate the impact of headwinds, three prominent analysts, Mr. Ugodre Obi-Chukwu, Chief Analyst / Founder of Nairametrics; Mr. Kalu Aja, a certified financial

P R I C E S MAIN BOARD

DEALS

F O R MARKET PRICE

education instructor and Dr. Andrew Nevin who is the Advisory Partner & Chief Economist of PricewaterhouseCoopers (PwC), expressed concerns over rising inflation rate in Nigeria and ways it is eroding investors return on investment.

First to speak during the meeting was Obi-Chukwu who explained in his presentation that the country is in an election year which will make investors slow down and remain on the sideline

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to watch the outcome of the elections.

The Founder of Nairametrics stated that following rising inflation and other operational challenges a lot of companies may turn in not impressive results.

He advised investors not to buy stocks when dividends are being announced by companies but before dividend declaration to achieve capital gains.

He highlighted that the Cen-

T R A D E D MAIN BOARD

tral Bank of Nigeria (CBN) in 2023 will continue with capital controls to manage the demand side of foreign exchange, adding that new foreign exchange policies will affect payment for online subscriptions as banks are forced to further cut transaction limits.

Low priced goods market, exchange rate that is inelastic to consumers will experience huge demand, foreign exchange crisis is a big opportunity for

AS O F

local manufacturers who can replace the demand for foreign exchange-sensitive imports and CBN’s financial inclusion drive will be a major boost for utilizes ass Nigerians are forced to go cashless, are opportunities he highlighted in a touch business environment.

Speaking also, Aja noted that investors may not make up to 21per cent return on investment, given the high inflation rate in Nigeria.

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38

MONDAY, FEBRUARY 6, 2023 • T H I S D AY

MARKET NEWS A Mutual fund (Unit Trust) is an investment vehicle managed by a SEC (Securities and Exchange Commission) registered Fund Manager.

Investors with similar objectives buy units of the Fund so that the Fund Manager can buy securities that willl generate their desired return.

An ETF (Exchange Traded Fund) is a type of fund which owns the assets (shares of stock, bonds, oil futures, gold bars, foreign currency, etc.) and divides ownership of those assets into shares. Investors can buy these ‘shares’ on the

floor of the Nigerian Stock Exchange.

A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg.

Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange.

GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 02Feb-2023, unless otherwise stated.

Offer price: The price at which units of a trust or ETF are bought by investors.

Bid Price: The price at which Investors redeem (sell) units of a trust or ETF. Yield/Total Return: Denotes the total return an investor would have earned on his investment. Money Market Funds report Yield while others report Year- to-date Total Return.

NAV: Is value per share of the real estate assets held by a REIT on a specific date.

DAILY PRICE LIST FOR MUTUAL FUNDS, REITS and ETFS MUTUAL FUNDS / UNIT TRUSTS AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund N/A N/A N/A Afrinvest Plutus Fund N/A N/A N/A Nigeria International Debt Fund N/A N/A N/A Afrinvest Dollar Fund N/A N/A N/A AIICO CAPITAL LTD ammf@aiicocapital.com Web: www.aiicocapital.com, Tel: +234-1-2792974 Fund Name Bid Price Offer Price Yield / T-Rtn AIICO Money Market Fund 100.00 100.00 13.12% AIICO Balanced Fund 3.86 3.93 13.70% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market N/A N/A N/A Anchoria Equity Fund N/A N/A N/A Anchoria Fixed Income Fund N/A N/A N/A ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 23.26 23.96 6.00% ARM Discovery Balanced Fund 546.15 562.62 4.78% ARM Ethical Fund 46.27 47.67 2.57% ARM Eurobond Fund ($) 1.13 1.13 0.52% ARM Fixed Income Fund N/A N/A N/A ARM Money Market Fund 1.00 1.00 10.71% ARM Short Term Bond Fund 1.04 1.04 0.61% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund N/A N/A N/A AVA GAM Fixed Income Naira Fund N/A N/A N/A AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund N/A N/A N/A CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn CEAT Fixed Income Fund 2.14 2.14 3.23% Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) 2.36 2.41 8.19% CAPITALTRUST INVESTMENTS AND ASSET MANAGEMENT LIMITED halalfif@capitaltrustnigeria.com Web: www.capitaltrustnigeria.com; Tel: 08061458806 Fund Name Bid Price Offer Price Yield / T-Rtn Capitaltrust Halal Fixed Income Fund N/A N/A N/A CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn CardinalStone Fixed Income Alpha Fund N/A N/A N/A CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund 100.00 100.00 12.30% Paramount Equity Fund 18.53 18.87 6.29% Women's Investment Fund 152.42 154.30 5.00% CHD Nigeria Bond Fund 108.04 108.04 11.88% CHD Nigeria Dollar Income Fund 1.06 1.06 9.16% CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund N/A N/A N/A Cordros Milestone Fund N/A N/A N/A Cordros Fixed Income Fund N/A N/A N/A Cordros Halal Fixed Income Fund N/A N/A N/A Cordros Dollar Fund ($) N/A N/A N/A CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1486.79 1486.79 12.55% FBN Balanced Fund 209.51 211.01 4.92% FBN Halal Fund 124.31 124.31 13.19% FBN Money Market Fund 100.00 100.00 13.37% FBN Dollar Fund 120.92 120.92 6.88% FBN Smart Beta Equity Fund 177.16 179.78 6.98% FBN Specialized Dollar Fund 104.84 104.84 9.80% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 9.28% Legacy Debt Fund 3.54 3.54 -11.58% Legacy Equity Fund 2.05 2.09 17.86% Legacy USD Bond Fund 1.26 1.26 4.44% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1

Fund Name Coral Balanced Fund Coral Income Fund Coral Money Market Fund

Bid Price 4,327.50 3,739.50 100.00

Offer Price 4,359.00 3,739.50 100.00

Yield / T-Rtn 31.43% 8.15% 13.80%

FSDH Dollar Fund 1.14 1.14 5.78% GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Abacus Money Market Fund 100.00 100.00 10.68% Vantage Balanced Fund 3.15 3.20 6.74% Vantage Guaranteed Income Fund 1.00 1.00 6.00% Kedari Investment Fund (KIF) 0.00 0.00 0.00% Vantage Equity Income Fund (VEIF) - June Year End 1.28 1.31 4.92% Vantage Dollar Fund (VDF) - June Year End 1.05 1.05 8.24% LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund N/A N/A N/A Lotus Halal Fixed Income Fund N/A N/A N/A MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 12.96 13.00 5.12% Meristem Money Market Fund 10.00 10.00 11.78% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 101.45 101.45 8.82% Norrenberger Money Market Fund (NMMF) 100.00 100.00 11.27% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund N/A N/A N/A PACAM Fixed Income Fund N/A N/A N/A PACAM Money Market Fund N/A N/A N/A PACAM Equity Fund N/A N/A N/A PACAM EuroBond Fund N/A N/A N/A SCM CAPITAL LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital Frontier Fund 131.80 134.14 0.05% SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund 1.00 1.00 11.03% STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 3,784.60 3,816.28 11.66% Stanbic IBTC Bond Fund 246.03 246.03 4.44% Stanbic IBTC Ethical Fund 1.50 1.52 19.84% Stanbic IBTC Guaranteed Investment Fund 334.45 334.45 6.81% Stanbic IBTC Iman Fund 273.30 276.57 17.01% Stanbic IBTC Money Market Fund 1.00 1.00 12.91% Stanbic IBTC Nigerian Equity Fund 12,959.67 13,109.66 18.66% Stanbic IBTC Dollar Fund (USD) 1.37 1.37 6.27% Stanbic IBTC Shariah Fixed Income Fund 121.68 121.68 4.08% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 115.90 115.90 8.95% Stanbic IBTC Absolute Fund 4,599.87 4,599.87 8.13% Stanbic IBTC Aggressive Fund 3,466.03 3,510.11 24.68% Stanbic IBTC Conservative Fund 4,351.61 4,368.67 14.31% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.02 1.05 7.23% United Capital Balanced Fund 1.53 1.56 11.73% United Capital Wealth for Women Fund 1.20 1.22 3.57% United Capital Sukuk Fund 1.11 1.11 9.96% United Capital Fixed Income Fund 1.96 1.96 7.44% United Capital Eurobond Fund 125.99 125.99 5.60% United Capital Money Market Fund 1.00 1.00 12.98% QUANTUM ZENITH ASSET MANAGEMENT & INVESTMENTS LTD service@quantumzenithasset.com.ng Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 14.33 14.47 3.35% Zenith ESG Impact Fund 16.35 16.51 3.44% Zenith Income Fund 23.72 23.72 0.68% Zenith Money Market Fund 1.00 1.00 10.51% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund N/A N/A N/A Vetiva Consumer Goods Exchange Traded Fund N/A N/A N/A Vetiva Griffin 30 Exchange Traded Fund N/A N/A N/A Vetiva Money Market Fund N/A N/A N/A Vetiva Industrial Goods Exchange Traded Fund N/A N/A N/A Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund N/A N/A N/A REITS NAV Per Share

Yield / T-Rtn

114.09 53.06 101.31 9.91

7.63% 3.98% -13.22%

Bid Price

Offer Price

Yield / T-Rtn

16.29 141.48 109.48 17.40 16.40

16.39 143.95 111.38 17.50 16.50

5.27% 10.87% 9.50% 1.60% 0.88%

NAV Per Share

Yield / T-Rtn

106.75

0.00%

Fund Name

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

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

INFRASTRUCTURE FUND Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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

MONDAY FEBRUARY 6, 2023 • T H I S D AY

39

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MONDAY FEBRUARY 6, 2023 •T H I S D AY

T H I S D AY • MONDAY, FEBRUARY 6, 2023

41

FOCUS Emefiele and the Currency Redesign Project

T

he power of focussed presidential resolve was dramatically demonstrated last week when US President Joe Biden ordered his military to shoot down a Chinese ‘spy’ balloon loitering at 60, 000ft over continental US airspace.

Significantly, President Muhammadu Buhari demonstrated a similar resolve when he sternly backed Central Bank of Nigeria (CBN) Governor Godwin Emefiele to maintain course in actualising the new currency policy despite extreme efforts by some shadowy and well-known politicians - and worse - even some banks to scttle the well thought out economic plan.

Governor Nasir El-Rufai of Kaduna State, last week, captured the heart of seeming sabotage by banks of the new currency policy berthed by the Godwin Emefiele-led CBN. The nimble and savvy governor alleged a certain state governor collected N500 million new naira notes from an unnamed bank. This was disdain for law and ungoverned influence at its worst.

El-Rufai also fingered unnamed politicians who, though targets of the new policy, would not feel suffer because of their ability to circumvent most economic strategies. In a recent interview with BBC Hausa Service, El-Rufai said politicians who are targets of the naira redesign policy already have their way.

His words: “I tell you this change does not affect politicians, they have their money and they are prepared, they know how to access the new notes, it is poor don’t have ways, even yesterday we were told one of the governors was given N500 million of the new notes.”

Although supporting the currency redesign policy, he expressed reservations about the allotted time-frame of the new currency policy. Hear him: “It is not wrong to change currencies, every country does but you cannot change it at this season of elections and give this limited time, where in this world that ever happened? Politicians and big businessmen who are targeted by the policy have their ways of accessing the new notes, some of them own the banks, but what of poor, petty traders?”

In his stated position, El-Rufai finds a soul mate in Senator Rabiu Kwankwaso, the presidential candidate of New Nigeria Peoples Party (NNPP) who also said the policy would not affect the rich.

But if El-Rufai and Kwankwaso were tame in their observations, the Borno State Governor, Prof. Babagana Zulum who supports the CBN policy was more activist. Following the alleged hoarding of the naira notes by the banks, he directed banks in the state, last week, to dispense the new notes via Automated Teller Machines (ATMs) and banking halls or risk losing their lands to the state government.

“Any bank in Borno State unwilling to ensure their ATMs are fully dispensing new naira notes cash to ease the suffering of our people, we will withdraw their land title immediately. We will only spare Banks with verifiable constraints. As you can see here, only the less-privileged people are queued up. I didn’t see rich people here.” Zulum said.

Further according to Zulum, “We just released salaries of about N5 billion, and the banks don’t have money; some of the ATMs are not working. We don’t have any problem with the CBN policy or the withdrawal limit, they said individuals could only withdraw N20,000, but why can’t everyone have access to that N20,000?”

On the directive of the CBN Governor Emefiele, the Independent Corrupt Practices and Other Related Offences Commission (ICPC) and Economic and Financial Crimes Commission (EFCC)

With banks allegedly frustrating the new currency redesign project and jittery politicians targeting the Central Bank of Nigeria Governor, Godwin Emefiele, the new economic strategy is on course, Louis Achi writes

Emefiele

have waded in to stop sabotage of the new currency by banks and other quirky players.

The ICPC last week arrested bank officials in Dei Dei, Abuja, for hoarding cash. One of the bank officials, the branch service head of the Deidei Branch of the bank, was taken into custody for her deliberate refusal to upload cash into the branch’s ATM even when the money was available and people were queuing at the ATMs. In a related development, the ICPC Compliance Team in Osogbo, the Osun State capital, last week busted another bank where some ATMs were loaded with cash with their wrappers unremoved, thus preventing the money from being dispensed.

It could be recalled that on October 26, 2022, Emefiele, announced that new naira notes would be introduced to replace the current N200, N500, and N1,000 notes and that the redesign will take effect from Thursday, December 15, 2022. At the unveiling of the new naira notes at the State House on November 23, 2022, the CBN boss told newsmen that existing notes would cease to be legal tender by January 31, 2023.

Since this policy enunciation and rollout, all hell broke loose as politicians who nursed unconventional agenda to corner power in the looming elections were seriously threatened.

Even some state institutions were curiously roped in to achieve the illegal objective of caging Emefiele.

But in all of the Machiavellian plots to remove Emefiele on specious, trumped up charges, one fact stood out starkly and ultimately saved the day: President Muhammadu Buhari who appointed the top banker was stoutly behind him. President Buhari has repeatedly assured Nigerian that he wants to leave an economy reasonably stabilised even against the enervating vagaries of the global village.

Coming ahead of a crucial general election, especially the presidential poll, the currency redesign policy is perceived to have spooked many politicians who see the new economic footing as potentially disruptive of their plots to game the election and achieve pre-planned agenda.

Moves by even state security institutions, the judiciary and even the federal legislature to hobble the policy, subtly garbed in the borrowed robes of public interests hardly diverted the focus of the CBN boss.

It could be recalled that Reps’ Speaker Femi Gbajabiamila, a protégé of Asiwaju Bola Ahmed Tinubu, unendingly summoned Emefiele to the National Assembly to ‘explain’ the new currency policy. But the perceived subterfuge fooled pretty

few Nigerians as they believed other motives were at play.

Incidentally, when Emefiele who was away on leave returned to the country, he went to the House of Representatives with his team and succinctly explained the new currency policy move. During the meeting with the House of Representatives Ad-hoc Committee on the Review of the CBN’s Cashless Policy and Extension of the Timeframe of the Currency Swap programme, held in Abuja, the CBN boss assured Nigerians that nobody would lose their legitimately earned money due to the naira redesign project and that the exercise was in the overall interest of Nigerians and the economy.

The CBN Governor who was accompanied to the meeting by all the four Deputy Governors of the CBN, also explained to the parliament that the value of old naira notes of N200, N500 and N1000 would still be redeemed even after they have ceased to be legal tender after the February 10 deadline, at the CBN. He explained the redemption was in tandem with the law, precisely section 20 (3) of CBN Act. The essence was to mop up the old notes in circulation, he stated.

While laying out steps taken by CBN to ensure effective distribution of the new banknotes, he revealed that about N1.9 trillion of the old banknotes had so far been collected since the commencement of the exercise. The currency redesign policy has so far recorded about a 75 per cent success rate given the fact that many of those in the rural and underserved locations across the 36 states of the country have had the opportunity of swapping their old banknotes for the new series of the banknotes, he further clarified.

Stating that one of the reasons for the naira redesign was to bring in the N2.7 trillion outside the banking system which is currently being held in people’s homes, he accused commercial banks of breaching the apex bank guidelines, with the way the new naira was being sprayed in parties.

He also explained the apex bank was working closely with relevant agencies of the federal government to ensure full compliance with the CBN guidelines issued to the banks for the seamless distribution of the new banknotes, he further apprised the lawmakers.

Emefiele appealed for Nigerians’ support, stressing that the naira redesign was for the country’s good. Hear him: “I addressed the bankers on Sunday and I expressed to them my disappointment and in fact, the disappointment of the president, the disappointment of leaders in the country with the way this has gone on because many of us have unfortunately seen the new naira instead of being used for the purpose it was meant, the new naira is being used in parties, in celebrations.

To check deviance by banks, he explained the CBN has secured the support of security agencies to track the policy compliance. In his words, “When I met President Buhari, I told him that we have met with the EFCC, the ICPC and NFIU and that we are now going to bring EFCC, ICPC, NFIU to join us in monitoring the flow of this currency to our people. We are beginning to see some of the benefits.

“Inflation last month is not rising, not stagnating but somehow moderating.

We are expecting that it will continue to moderate. The exchange rate to be stable and we are hoping that with this exercise, the naira can even get stronger.”

42

MONDAY, FEBRUARY 6, 2023 • T H I S D AY

NEWS

HANDING OVER CEREMONY OF THE RENOVATED IJEDE POLICE STATION… L-R: Obateru of Egbin Kingdom, HRM Alaiyeluwa Oba (Dr) Adeoriyomi A.O Oyebo (OYEBO 2); Director, Sustainability and Governance, Sahara Group Limited, Ejiro Gray; CEO, Egbin Power Plc, Mokhtar Bounour; DCP Administration, Lagos State, DCP Bassey Ewah, and Regent of Ijede, High Chief Aliyu Kayode Musediku, at the handing over ceremony of the renovated Ijede Police Station done by Egbin Power through Sahara Foundation in Lagos on Saturday

Aluko: Osun Has Taught INEC to Transmit Accreditation, Poll Results Simultaneously The Independent National Electoral Commission (INEC) Director for Voter Education, Victor Aluko, yesterday, re-echoed the position of the INEC chairman, Mahmood Yakubu, when he said one of the lessons from the Osun State governorship election dispute was that going forward, the commission would now transmit accreditation and election results simultaneously

to its INEC Results Viewing Centres (IReV).

Addressing concerns relating to BVAS with respect to the Osun election, Aluko, who spoke on the Arise News Channel, during a programme anchored by Dr. Reuben Abati, said, “The truth is, without prejudice to the legal issues in Osun, BVAS did not fail in Osun. BVAS did what it was supposed to do, to accredit

voters.

“But we have learnt our lessons from that and we’ve moved on, and one of the lessons we learnt is that, we must transmit the accreditation details along with the results of the election to our IReV, that is, INEC Results Viewing Centres.

“And of course, during this mock accreditation, we were able to try that. We created a new URL

in our IReV and we transmitted the accreditation details along with the results to the IReV portal and this is important. That’s the lesson we have learnt.

“And of course, in the next general election, in all the 176,846 polling units, the BVAS will do what it is supposed to do: accredit voters and then transmit the result to the IReV and of course, while transmitting results simultaneously

and accurately, it also transmits the accreditation details.

“So, there’s nothing to worry about. There wouldn’t be any problem with BVAS during the general election, because all that’s to be done, has been done by the commission. We have all the BVAS with us that we are going to use for the general election; we’ve been testing them in-house.

“Yesterday, we were able

to test them on the field with actual voters and in all parts of the country – in different terrains – hilly areas and various places we were able to test the BVAS machine, and of course, what I said that, we’ve created a new URL on our IReV and we’ll be able to transmit the accreditation details, simultaneously and accurately along with the results of the election.”

NAIRA SCARCITY: PETER OBI CALLS FOR CALM, APPEALS TO NIGERIANS TO BEAR WITH FG, CBN a policy being implemented by an APC government. However, the likes of Gbajabaimila are too timid to approach President Buhari to reverse this policy. His aversion for this CBN policy has nothing to do with the masses. It is about the inability of his master to deploy bullion vans on election day.”

Shaibu described Gbajabiamila as a hypocrite who pretends to be on the side of the masses during crisis but is actually working for his own selfish reasons.

He recalled that during the eight-month strike embarked on by the Academic Staff Union of Universities (ASUU), Gbajabiamila pretended to be on the side of the lecturers only for him to abandon them at sea.

Shaibu said, “Gbajabiamila promised the lecturers that they would be paid their arrears. After the lecturers called off their strike, he denied making the statement in the first place. Such a liar should not be believed by the masses.

“When dirty petrol was imported last February, Gbajabiamila set up a committee to investigate it. Till date he has done nothing about it.

The fuel scarcity has continued to linger for over eight months but he remains mute.

“This is the same man who scuttled the ongoing probe of the Niger Delta Development Commission (NDDC) at the House of Representatives for selfish reasons.”

“However, huge volumes of the new notes must not get into the hands of unscrupulous politicians who plan on using bullion vans to distribute money on election day.

The desperate APC must not be allowed to steal this election,” he said.

Also, the PDP has called on the CBN to monitor distribution of new Naira notes and also provide mobile banks in rural areas. The National Publicity Secretary of the party,

Debo Ologunagba in a statement issued yesterday, also decried the excruciating pain and distress being faced by Nigerians arising from their inability to access the new naira notes.

He said the pain was occasioned by the reported nefarious activities of corrupt All Progressives Congress (APC) leaders who were allegedly compromising the system to intercept and hoard the new bank notes for their selfish vote-buying plans ahead of the February 25, 2023, presidential election.

The main opposition party expressed sadness that the cash crunch had persisted due to the alleged sabotage of corrupt APC leaders, including the APC presidential candidate, Bola Ahmed Tinubu, who was alleged to have masterminded the intercepting and hoarding of the new notes for their selfish agenda.

The PDP said it was disgusted by the hypocrisy being exhibited by the APC presidential candidate, who, despite his alleged role in the cash scarcity was pointing accusing fingers at others and seeking to exploit the ugly situation to incite unsuspecting Nigerians with the view to disrupting the 2023 general elections.

Ologunagba said Tinubu and his apologists in the APC were aware that he had no chance in the election and thus are devising all manner of shenanigans to overheat the polity, derail the electoral process and force an undemocratic situation upon country.

He, however, expressed optimism that the hopelessness and anguish brought upon the nation by the APC administration would be a thing of the past when the PDP presidential candidate, Atiku Abubakar assumes office as President come May 29, 2023.

The PDP called on president Muhammadu Buhari to protect Nigerians by going after these

felonious APC leaders as well as the saboteurs in the system who are reportedly working with the APC Presidential Campaign to mop up cash meant for distribution to our citizens.

MAN Decries Hiccup in Implementing Naira Redesign

However, MAN projected that the bottleneck militating against the effective implementation of the policy would cost manufacturers a 25 per cent decline in sales of manufactured products.

This view was expressed by the Director General of MAN, Mr. Segun Ajayi-Kadir, in an exclusive interview with THISDAY at the weekend, in which he warned that no effort should be, “spared to ensure that the price to be paid for this otherwise laudable policy does not outpace its gains.”

Ajayi-Kadir said: “To be clear and I want to put this first, there is no doubt that the currency redesign is desirable. There are socioeconomic and political imperatives for the change. It is a critical element of the CBN ‘cashless economy’ policy that should have far reaching positive results for our economic.

“However, the continued scarcity of new the redesigned naira notes is quite worrisome. With our growth prospects heading further south, we can ill afford a downturn in our GDP. The negative impact it portends for local producers, the agricultural and distributive segments of our economy is huge and may worsen the bashing our economy has received from both external and internal shocks in recent times.

“I would put a rough estimate of 25 per cent drop on monthly sales of domestic goods if the situation should persist for the next three weeks.

“As the purchases from the retail end that is mostly transacted in

cash dries up, you will immediately notice a sharp drop in wholesale purchases and instant buildup of unsold inventory in our industries.”

He warned that the prevailing cash crunch where naira notes are not readily available to businesses, individuals and households, “is not good for anyone, including the industry, the government and the ordinary citizen. You will have a compounded crippling lack of patronage for the domestic manufacturer; the denial of government revenue that would have accrued from consumption taxes and the disruption of the daily life and need of the average Nigerian.”

The Director General of MAN told THISDAY that he had expected that the CBN and the banks should be engaging at the highest level at this time.

He said: “There is need for strategic communication and joint operations to ensure widespread and sustained availability and circulation of the redesigned Naira notes. It is baffling to approach a bank only to be told that there is neither the old nor the new Naira notes!

“We hope that the resumption of payment across the counter in the banks and the intensification of the CBN special cash swap arrangement in remote areas may yield positive results.”

Police Warns against Lawlessness in Kwara, Governor Calls for Calm Kwara State Police Command at the weekend warned that any move by the hoodlums to cause lawlessness that was unleashed on some banks in the country due to scarcity of the naira would be vehemently resisted in the state.

Already, the command has directed the aggressive patrols of banks and other financial facilities across the state in order to check any breaking down of law and order.

Also, at the weekend, the

state governor called for calm and patient over the scarcity of naira notes on some banks ATMs in the state.

In a statement issued in Ilorin, that was signed by the command's Public Relations Officer(PPRO), Mr. Okasanmi Ajayi, the police explained that, "Intelligence available to the command indicates that hoodlums have perfected plans to cause crisis in Kwara state over the naira notes swap that is ongoing in Nigeria at present, which the government is doing all within its power to normalise."

The statement added, "The command wishes to assure the good people of Kwara State of the command's capacity to deal ruthlessly with any lawbreaker.

"Criminals are therefore advised to shelve any such dastardly idea and consequently, the Commissioner of Police, Kwara State, CP Paul Odama has ordered aggressive patrols of banks and other financial facilities across the length and breadth of the state."

The statement however warned that, criminal elements in the state to change their minds as anyone arrested would be met with heavy consequences. A word, they say, is enough for the wise."

In a related development, the state governor has called for more supply of the new naira notes to the citizens to ease things for the masses and stabilise the currency swap policy.

Speaking during a courtesy meeting with the CBN Consumer Protection Department in Ilorin, led by Mrs. Rashidat Jumoke Monguno, the governor called for calm while all stakeholders work to ease the situation.

“It’s quite proactive for you to come down to various states to see that compliance is being followed through down to the grassroots level. Our people really need this at this time,” the governor said.

“We appreciate your coming and we will continue to engage the citizens, traditional institutions, students, all other segments of the society, farmers and NGOs to pass the message through for us to have calmness and make sure the process is seamless.”

Naira Redesign Policy May Not Stop Vote Buying, Says Oye

The National Chairman of APGA, Chief Victor Oye has said contrary to the notion that redesigning the naira would checkmate vote buying during forthcoming elections, politicians who are used to the act may still find ways to engage it.

He said as noble as the naira redesign policy may be, it's poor timing had robbed off on the advantages and is currently causing hardship to people around the country.

Speaking to THISDAY at the weekend, Oye said there was no way desperate politicians would not find ways of circumventing the rule and still perpetrate vote buying.

He said APGA's worry was that the crisis of new naira notes and fuel shortages came in less than one month to the national election.

“For us, we believe that the timing is not the best, " he said.

Oye said the crisis of new naira note may lead to serious disruptions in social and economic activities and might ultimately have negative impact on the conduct of the forthcoming national election in the country.”

He said: " For me government, didn't have enough time to articulate the situation well. They did not carry people along and if they had carried out a referendum, they would have found out that Nigerians would have requested for a longer period for the implementation of the naira design.

Continued online

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MONDAY, FEBRUARY 6, 2023 • T H I S D AY

NEWS

STAKEHOLDERS FORUM ON SUSTAINABLE URBAN DRAINAGE SYSTEM...

L-R: Permanent Secretary, Office of Environmental Services, Dr Omobolaji Gaji, Chairman, House Committee on Environment, Hon. Rotimi Abiru, Permanent Secretary Office of Drainage Services Engr.

Lekan Shodeinde, Representative of Permanent Secretary, Ministry of Physical Planning and Urban Development, Tpl. Bello Risikat and Permanent Secretary Office of Works, Arc. Odusanya Adebayo, during the stakeholders forum on sustainable urban drainage system (SUDS), held over the weekend at the Folarin Coker Staff Clinic Conference room, the Secretariat Alausa, Ikeja.

PDP: Voting Tinubu Will Stifle Nigeria’s Democracy Wants judgment recognising Enyong as A’Ibom guber candidate nullified Enang takes APC's case to Supreme Court, seeks declaration as candidate Alex Enumah in Abuja The Peoples Democratic Party (PDP) Presidential Campaign Council has cautioned Nigerians against voting the All Progressives Congress (APC) presidential candidate, Bola Tinubu, saying a vote for him would lead to the death of democracy in the country.

This is as the party leadership has asked the Abuja Division of the Court of Appeal to set aside the judgment of a Federal High Court in Abuja, which declared Hon Michael Enyong as its authentic candidate in the March 11 governorship election in Akwa Ibom State.

In a related development, a former aide to President Muhammadu Buhari, Senator Ita Enang, has taken his grievances against the outcome of the APC governorship election primary in Akwa Ibom State to the Supreme Court.

One of the spokesmen of the Atiku-Okowa Presidential Campaign Council, Mr. Charles Aniagwu, gave the advice at a news conference,

yesterday, in Asaba, Delta State.

According to him, Tinubu had stifled opposition in Lagos State to the extent that it had become almost impossible to display the insignia of other opposition parties in the state without being attacked by elements loyal to the APC candidate.

"Today, democracy has taken a nose dive in Lagos, you cannot even go and advertise any candidate or place the insignia of any political party apart from the APC in Lagos.

Imagine if that kind of person becomes the president of Nigeria, it means it would be worse than military rule.

“Any vote for Tinubu is a vote for the death of democracy in Nigeria; it’s a vote for the death of electoral democracy in Nigeria, hence, Nigerians must take notice that the issue is not about his state of mind at the moment but that those canvassing for him, have ulterior motive.

"We don't believe that their interest is Nigeria because they would have understood quite well that Bola Tinubu does not

believe in democracy. If he does, he will not prevent people from being able to freely participate in democracy in Lagos.

"You will recall what happened in 2019 to our brothers in FESTAC area of Lagos, today you can't have any billboard showcasing the insignia or the picture or campaign message of any of the political parties apart from the APC in Lagos.

"Is that the kind of person we want in our Nigeria where we believe that freedom is the major ingredient of democracy? Therefore, this election is not just about voting but about the democratic and socioeconomic survival of our country, which Bola Tinubu cannot provide solution to," Aniagwu stated.

On the Akwa Ibom governorship debacle, PDP's request was contained in an appeal against the entire judgment of Justice Fadima Aminu, who had on January 20, ordered the Independent National Electoral Commission (INEC) to recognise and publish Enyong’s name as the candidate of the party in the said forthcoming

governorship election in the state.

Delivering judgment in the suit marked: FHC/ ABJ/CS/1295/2022, the trial judge had berated the PDP which was the 2nd defendant in the suit for acting arbitrarily, adding that political parties and politicians must learn to subject themselves to the Constitution and their own rules.

The court also observed that the defendants did not file any process to controvert the plaintiff, and based on this, it held that the plaintiff successfully proved his case on the preponderance of evidence and went ahead to declare Enyong as the validly nominated governorship candidate of the party in the state.

Dissatisfied with this decision, the PDP through his lawyer, Mr. Paul Usoro (SAN), approached the appellate court to set it aside on the grounds that the trial court breached its right to fair hearing, was misdirected by the 1st respondent in the appeal, and that the suit was statute barred as at when it was filed on August 1 by the 1st respondent.

In the appeal filed on January 30, the PDP claimed that the trial court was without jurisdiction when it entertained and adjudicated over and determined Enyong's suit against it when it was not served with the Originating Summons and as such erred in law and occasioned a miscarriage of justice.

In the seven grounds of appeal against the judgment of Justice Aminu, PDP accused the trial court of breaching its fundamental rights to be heard in the matter, when the court proceeded to hear and determine the case against it without service of the Originating Summons.

The PDP further disagreed with the 1st respondent that he became aware that his name was not submitted on July 22, when INEC published names of candidates in the 2023 general election.

Similarly, PDP in grounds four of the appeal argued that the trial judge was misdirected in entering judgment in favour of Enyong based on May 18, 2022 the order of Justice Obiora Egwuatu which was made

in ultra vires powers of the court.

The appellant accordingly prayed the Court of Appeal, to allow the appeal and set aside the judgment of Justice Aminu, which declared Enyong as its candidate for the March 11 governorship election in Akwa Ibom State.

Meanwhile, Enang, who has also approached the Supreme Court on his governorship bid, sought the apex court's order compelling the Independent National Electoral Commission (INEC), to recognise him as authentic candidate of the APC in the forthcoming governorship election in Akwa Ibom State.

The former adviser to President Buhari on Niger Delta Affairs in his eight grounds of appeal equally prayed the apex court to set aside the judgment of the Abuja Division of the Court of Appeal, which had on January 19, upheld the nomination of Mr. Akanimo Udofia as the governorship candidate of the APC for the said election.

Continued online

APC PCC: ASO ROCK CABAL WANTS PLIABLE SUCCESSOR TO BUHARI... ATIKU: TINUBU HAS HISTORY OF APPROPRIATING PUBLIC ASSETS to sign an obnoxious pension law that guaranteed lifetime benefits for himself and his family.

The obnoxious pension law, he argued, provides that a former governor of Lagos gets a residential house at any location of his choice in Lagos State and one residential house in the Federal Capital Territory (FCT) for the governor on two consecutive terms.

“Tinubu’s law also stated that he will get six brand new cars every three years, 100 per cent of the basic salary of the serving governor, free health care for himself and members of his family; furniture allowance, which is 300 percent of their annual basic salary house maintenance allowance, which is 10 per cent of basic salary utility allowance, which is 20 per cent of the salary and car maintenance allowance, which is 30 per cent of the annual basic salary.

“Other benefits include entertainment allowance, which is 10 per cent of the basic salary and a personal assistant, who will earn 25 per cent of the governor’s annual basic salary. Even former presidents of Nigeria do not enjoy such largesse.

This is the state-sanctioned profligacy that Tinubu entrenched as a former governor,” the former vice president stressed.

He added that Tinubu’s residence at 26 Bourdillon Road, Ikoyi was initially falsely presented as the Guest

House of an oil company which he purportedly bought and used public funds to rebuild and renovate.

“The Lagos State government bought the property and paid an undisclosed sum to him and thereafter gave the property back to him under the bogus Pension Bill he signed into law shortly before he left office in 2007.

“The annex of the Lagos State Guest House in Asokoro, Abuja was bought by the State Government in 2006 for N450 million, purportedly to protect the main house from security breach. Shortly after Tinubu left office, the property was transferred to him under the pension plan he signed into law before leaving office,” Atiku alleged.

He added that the tollgates along the Lekki-Epe Expressway, the Alpha Beta Consulting which has exclusive rights to collect taxes on behalf of the Lagos State Government as well as many other revenue generating firms in Lagos were under the control of Tinubu.

“What Tinubu has done in Lagos is state capture. He appropriated everything to himself including but not limited to cemeteries. He has pocketed the sources of the state and that is why he claims to be wealthier than Osun State,” he said.

According to the former vice president, while in office, Tinubu allocated to himself the former Strabag

yard beside the Lagos State Secretariat at Alausa, Ikeja which has now been converted to the Ikeja City Mall.

“If Tinubu becomes president, he will take ownership of the federal secretariat, Ikoyi; the Tafawa Balewa Square and every other federal property in Ikoyi to the detriment of Nigeria.

“Already, his wife is a senator, his daughter is market woman leader and she extorts levies from traders across the state. His sister-in-law is a commissioner; his son enjoys advertisement monopoly in Lagos.

“His godson, MC Oluomo, is the transport kingpin who extorts billions of naira monthly from bus drivers.

If Tinubu takes over as president, the entire country will become the property of his family. Nigerians will become second class citizens in their own country,” he added.

Atiku said it was curious that Tinubu had continued to divert state owned properties despite the huge housing deficit in Lagos State which is one of the highest in the world.

“The World Bank says two out of every three Lagosians live in a slum. But how can Lagos tackle its housing deficit when its godfather has been diverting properties that could have been used in constructing affordable homes?

“In just four years, Lateef Jakande built over 30,000 housing units.

Jakande lived in Ilupeju all his

life. Can the same be said of the self-acclaimed architect of modern Lagos who has spent more time allocating properties to himself and his family?” he queried.

Atiku’s Media Adviser Tackles Tinubu

In a related development, the Media Adviser to Atiku, Mr. Paul Ibe has faulted a publication stating that Adamawa State Governor, RT Hon Ahmadu Umaru Fintiri was in silent war with the former vice president.

Ibe faulted the publication in a statement signed by him and made it available to journalists in Yola, yesterday.

According to the statement: "We have read with bemusement a certain story published in the Saturday, 4 February edition of The Nation newspapers captioned: Atiku, Fintiri in silent war.

"Without so much ado, it is necessary that we put it on record that every aspect of the so-called story in all material particular is a figment of the writer's imagination."

The release state that for the avoidance of doubt, the relationship between the presidential candidate of the PDP and his home governor of Adamawa State, Ahmadu Fintiri was cordial.

It further explained that it was

also not surprising that the APC, “in reading the handwriting of their impending defeat on the wall in bold reliefs, have resorted to sponsoring propaganda, the only thing they are good at doing, to blackmail and tell outright lies about the presidential campaign of the PDP and its presidential candidate.”

Atiku Condemns Bakori Killings

Also, Atiku has condemned the gruesome killing of 41 people in the Bakori area of Katsina State, saying the incident was one too many.

Terrorists had last Friday atta cked Bakori where 41 people were reportedly killed.

But Atiku in a statement issued yesterday by his Media Adviser, Ibe, described the incident as another ugly episode of senseless killing.

He said: "The confirmation of the incident by the Nigeria Police on Saturday, was a foreboding moment.

Another ugly episode of the senseless killings of Nigerians on account of terror attacks,” Atiku said.

“While terrorism is a serious problem affecting most countries of the world, the solution to the problem must differ among countries.

Therefore, a multi-sectoral initiative that will evaluate how to decimate the capacity of these terrorists should be on the table. We must be ready

to do all that it takes to put a stop to these attacks."

The former Vice President, however, condoled with families of the deceased and called for a holistic, multi-dimensional strategy that would put a stop to act of terrorism in the country.

Momodu Predicts PDP’s Victory, Says It Will Triumph in 25 States

The Director of Communications, PDP PCC, Dele Momodu, has expressed confidence over the party’s victory at the forthcoming general elections, stating that the party would record a resounding success especially at the presidential polls.

He also predicted the party’s triumph in 24 states and the Federal Capital Territory (FCT), Abuja.

Momodu, who disclosed this during a courtesy to Arise Play Office, a sister company of THISDAY Newspaper, said a critical analysis of the presidential election revealed that the Labour Party’s (LP) presidential candidate, Mr. Peter Obi, would win some parts in the south-east, but not the entire region, adding that voters should not assume that because he is Igbo, he would take everything.

He argued that the PDP was still very strong in the south-east.

Continued online

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MONDAY FEBRUARY 6, 2023 •T H I S D AY

MONDAY FEBRUARY 6, 2023˾ T H I S D AY

45

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ACCEPT OUR CONDOLENCES…

L-R: Chief Executive Officer (CEO) of NEMEL Pharmaceutical Company Limited, Nnaemeka Ugwu; Chairman of Isi-Uzo Local Government Area, Obiora Obeagu, and Governor Ifeanyi Ugwuanyi of Enugu State, during the funeral of Ugwu’s mother, Lolo Ugoeze Felicia Oyibo Ugwu (Okwesilieze) at Mbu, Isi-Uzo Local Government Area of the state... recently

Middle Belt Forum Calls for Probe of Killings in Middle Belt Region :DUQV IRUPHU .DQR (PLU DJDLQVW LQÁDPPDWRU\ UHPDUNV

Kingsley Nwezeh in Abuja The Middle Belt Forum has called on President Muhammadu Buhari to probe the killings of unarmed and defenceless citizens in various states of the Middle Belt region in the interest of justice and fair play.

The group also called on the federal government to investigate the recent alleged killing of 37 herdsmen in Rukubi community

of Doma Local Government Area of Nasarawa State on Wednesday, January 26, 2023, in order to ascertain the true state of affairs.

Thousands of people have been killed in the region by armed groups over the years.

Most of the killings were concentrated in Plateau and Benue States with the recent one in Nasarawa State.

The group, in a statement issued in Abuja, also called on

NSIP Beneficiaries in Nasarawa Hail Buhari Igbawase Ukumba in Lafia

No fewer than 200,000 beneficiaries of the National Social Investment Programme at the weekend thronged the Lafia Township Square in Nasarawa State to appreciate President Muhammadu Buhari for ‘lifting the poor and vulnerable persons out of poverty in the state’.

The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, also joined the beneficiaries to thank the president at a rally in Lafia.

Speaking at the event, the minister explained that the total number of beneficiaries of N-Power, Government Enterprise Empowerment

Programme, Conditional Cash Transfer and the National Home Grown School Feeding programme has helped the administration to wade out of recession.

Farouq said: “The National Social Investment Programme is unprecedented in the history of previous Nigerian Governments.

The programme has helped to alleviate abject poverty in the country.

“Your excellency, let me state that since independence, no government has done what you have done for the poor people in this country. Without fear of contradiction, Your Excellency, you have done so much for the poor and vulnerable in your primary constituency.

Ignore Call to Boycott 2023 Elections, Group Urges Ndigbo The umbrella body of Igbo organisations globally, the Igbo World Assembly (IWA), has called on Ndigbo across Nigeria to ignore the call to boycott the 2023 general election in Nigeria.

The group has also declared its support for the presidential standard bearer of the Labour Party (LP), Peter Obi. Making the call at a world press conference recently, which was jointly addressed by IWA Vice Chairman Christian Onuorah, and Secretary-General, Oliver Nwankwor, after their global zoom teleconference with optimism, noted that Obi, if elected, would make positive changes in Nigerian political history.

The Igbo Diaspora group from 35-member countries disclosed that they voted unanimously to endorse and support Obi and the LP vice presidential candidate, Senator Yusuf Datti Baba-Ahmed, in

the Nigerian presidential election.

According to IWA, “We have taken a critical and extensive view of the major political parties, their candidate’s track records, characters, capacity and capabilities, and party manifestoes, before unanimously voting for the endorsement of the LP presidential candidates, Obi and his running-mate, Datti Baba-Ahmed, as the next president and vice president of Nigeria. We insist that Nigerians should come out to participate in the democratic election without fear or favour and vote for Obi and his running-mate.”

The choice of Obi, according to IWA, has generated widespread acceptance by many Nigerians, particularly among the youths and women worldwide given the fact that he is the only governor that is not in the radar of the Economic and Financial Crimes Commission (EFCC).

the former Emir of Kano, Lamido Sanusi Lamido, to exercise restraint in his unsubstantiated comments about the Nasarawa incident.

It also faulted allegations of involvement of the Benue State Governor, Samuel Ortom, in the

Nasarawa incident.

The statement signed by its National President, Dr. Pogu Bitrus, called on President Buhari to probe killings in the states of the Middle Belt region in order ensure that justice is done to victims of violence.

“We call on President Muhammadu Buhari to probe the killings of unarmed and defenceless citizens in various states of the Middle Belt Region in the interest of justice and fair play.

“For equity and justice to hold

sway, Nigerian leaders must learn to treat all citizens across political, ethnic and religious divides.

We must eschew enthroning the supremacy of one ethnic nationality over others if we ever hope to build a just nation for all,” it said.

Toyin Abraham Terminates Contract with RevolutionPlus Property

Nollywood Actress, Mrs. Olutoyin Abraham, has terminated her contract with RevolutionPlus Property Development Company Limited as a brand ambassador.

A letter from her legal adviser read: “Our client wishes to disassociate herself from the brand, Revolutionplus. This

disclaimer is premised on the fact that our chent’s contract with the company as a Brand Ambassador has been effectively terminated and the compelling need to disassociate herself from the image of the Brand.”

Abraham in the letter stated that she took the decision to terminate her contract after

when she started receiving a lot of allegations and complaints from investors who claimed that the company has not allocated lands nor refunded them their monies, adding that some of these investors were in my DM (Direct Message) demanding for refund of their monies or allocation of the lands they

paid for.

She also noted that when the harassment became unbearable both online on all her social media platforms and offline, and with her integrity at stake, she sent a mail to the company on the 15th of June, 2022 notifying them of her intent to terminate the contract as a brand ambassador.

Bauchi Gov’s Re-election Boosted as PDP Receives 5,060 APC Defectors Segun Awofadeji in Bauchi

The re-election bid of Bauchi State Governor, Senator Bala Abdulkadir Mohammed, has received a boost ahead of the general election as no fewer than 5,060 supporters of the All Progressives Congress (APC) have defected to Peoples Democratic Party (PDP) in the

state.

Speaking during the rally in Bununu, the headquarters of Tafawa Balewa Local Government Area, leader of the APC defectors, Malam Adbullahi Bafala, said they made the decision to move to the PDP because of the massive infrastructural development recorded under the leadership

of Governor Mohammed in less than three years.

“I left APC to join PDP with 5,060 followers. What impressed me was the good work of the governor. He is working for the people of Bauchi State and not for his pocket,” Bafala said “I cried when l saw the work he did on the Tafawa Balewa road

to Yelwa Duguri, 52 kilometres road. It was a virgin land and the people of the area suffered for a long time because of the terrible road. Now we are smiling because of that road. We are praying to God that he would be re-elected to construct more roads linking the grassroots areas to Tafawa Balewa and beyond,” he added.

SERAP Sues Lawan, Gbajabiamila over Failure to Cut N228.1bn N’Assembly Budget Udora OrizuinAbuja The Socio-Economic Rights and Accountability Project (SERAP) has filed a suit against the Senate President, Dr. Ahmad Lawan and Speaker of House of Representatives, Femi Gbajabiamila over their failure to cut National Assembly budget of N228.1 billion, including the N30.17

billion severance payments and inauguration costs for members.

The suit followed the move by the National Assembly to increase its 2023 budget from the N169 billion proposed by President Muhammadu Buhari to N228.1 billion. The approved budget showed an increase of about N59.1 billion. The country’s budget of N21.83 trillion was based on a

N10.49 trillion revenue and N11.34 trillion deficit.

In the suit number FHC/ABJ/ CS/152/2023 filed last Friday, at the Federal High Court in Abuja, SERAP sought an order of mandamus to direct and compel Lawan and Gbajabiamila to review and reduce the budget of N228.1 billion the leadership and members of the National Assembly allocated

for their own benefit.

SERAP also sought an order restraining and stopping Mrs. Zainab Ahmed, Minister of Finance, Budget and National Planning from releasing to the National Assembly the budget of N228.1 billion, until an impact assessment of the spending on access to public goods and services and the country’s debt crisis, is carried out.

Future of Kogi ‘ll Depend Largely on Mining Sector, Says Varsity Don

IbrahimOyewaleinLokoja

The Vice Chancellor of Confluence University of Science and Technology (CUSTECH), Osara, Kogi State, Professor Salawu Shadiku, has disclosed that the future of Kogi and other Central States would largely depend on mining activities

in view of the enormous mineral resources available in the zone .

Professor Shadiku made this known while conducting round journalists who were on projects tour of the University at main Campus in Osara ,Adavi Local Government Area of Kogi State at the weekend.

The university don explained that the importance of the specialised university cannot be over emphasised, noting that the institution aimed at providing human resources to the emerging mining industries in Kogi and Nigeria as whole.

He added that most of the

secondary school graduates from Kogi State in particular have flair for science education such as mathematics ,Physics as well as engineering courses, stressing that the ongoing project at the main campus of the institution will create opportunities for them to pursue career in life.

FG to Scale Up Funding for Tuberculosis Preventive Therapy

Onyebuchi Ezigbo in Abuja

The federal government has said it would take further steps to tackle tuberculosis in the country by increasing domestic funding for treatment and preventive therapy.

Speaking at the weekend, during the unveiling of findings

of the Mid-term review of the National Strategic Plan 2021-2025 by the National Tuberculosis and Buruli Ulcer Control Programme, the Minister of State for Health, Mr. Ekumankama Joseph Nkana said the report had identified progress so far made and challenges in the effort to eradicate

the disease.

The minister said in 2020, the federal government through the National Tuberculosis, leprosy and Buruli Ulcer control programme, took a step to address the low TB case detection by developing the National Strategic Plan for the Control of TB 2021- 2025 with

the main goal of accelerating efforts at ending TB epidemic in Nigeria.

He said the target was to be achieved by ensuring access to comprehensive and highquality-patient-centered and community-owned TB services for all Nigerians.

MONDAY FEBRUARY 6, 2023 ˾ T H I S D AY

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NEWS XTRA

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L-R: Co-founder of Inkblot Productions, Mr. Damola Ademola; Founder, Shutterspeed Projects, Biodun Stephen; and other Co-founders of Inkblot Productions, Zulumoke Oyibo and Chinaza Onuzo, during the unveiling of Biodun Stephen as the writer and director of Inkblot Production’s new film titled: ‘Big Love’ in Lagos…recently

NDLEA Intercepts Europe-bound Cocaine, Heroin, Meth Consignments

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Operatives of the National Drug Law EnforcementAgency (NDLEA) have frustrated attempts to export large consignments of illicit drugs concealed in various disingenuous modes by desperate drug cartels via the Murtala Muhammed International Airport, Lagos.

A statement yesterday by the spokesman of the anti-narcotics agency, Femi Babafemi while disclosing that among the illicit drugs intercepted include cocaine, heroin, methamphetamine and ephedrine to Dubai, UAE and Europe, noted that top on the list of those so far arrested in connection with the seizures is a

Nigerian based in Athens, Greece, Iwuozor Chinedu, who was debarked from an Ethiopian airline flight last Friday after officers in the tarmac team of NDLEAintercepted two bags during a secondary check exercise at the foot of the aircraft.

Babafemi said when the bags were searched in the presence of Chinedu and other airport stakeholders, two big pellets wrapped with foil papers and some sprinkles of pepper were recovered from each of the two sides of one of the bags. The pellets were used to construct false walls at the sides of the bag.

He said the two parcels contained substances that tested positive to cocaine and heroin with a gross

Gunmen Kill Six in Ondo Communities Fidelis David inAkure No fewer than six farmers, traders and passengers have been gruesomely murdered at Arimogija and Molege axis of Ose Local Government Area of Ondo state in the last two weeks.

THISDAY gathered that the recent attack was triggered by effort by farmers to repel the continued wanton destruction of their crops by the herdsmen.

It was also learnt that many houses, cars and motorcycles were burnt during the attack while the families of the victims killed some cows to fight back.

A community leader, Mr. Owolafe Folorunsho, while narrating the incident said: “The herders have continued to invade our farmlands at night,

harvest our crops to feed their cows and in many occasions, they will come during the day, forced us to uproot the cassava by ourselves at gunpoint, command us to cut them into pieces to feed their cows.”

“In order not to take laws into our hands, we reported this act of economic sabotage to the appropriate authority who took prompt action to chase them out of the farming areas only for the Fulanis to come back and attacked us with AK-47, pump action, axes and cutlasses and killed our people at night”.

According to him, in a broad daylight, the terrorists laid ambush, attacked some traders coming from Akure and killed all the occupants before taking their money and set the car ablaze.

Experts Call on Govt’s Intervention as Brain Drain Deepens Kuni Tyessi in Abuja The Chief Executive Officer of Nisa Hospital, Dr. Ibrahim Wada, has called on the government to intervene and halt the ravaging effects of brain drain on the health sector.

Wada, who was represented

by Dr. Nabasu Ezra, made this call in Abuja during the commemoration of the 2023 World Cancer Day, which is themed “Close the Care Gap. He stated that data from the Nigerian Association of Resident Doctors, (NARD), showed that over 2,000 doctors left the country in 2022 in search of greener pastures abroad.

Wada said, “It is absolutely important that the world set out today to remember specific

conditions. We are highlighting cancer today, to inform and remind people of the importance of screening ourselves so that we can treat them early and do something in terms of care.

“Awareness is important because when it (cancer) starts, nobody knows. When it starts, it may not start with symptoms, so people need to be aware so they can come for a check-up.

“The impact of brain drain in the health sector is grievous. It is something that we all know.

The number of doctors keeps reducing every day and it means that if you were supposed to be in a queue for 30 minutes to see two doctors and only one doctor is available, the waiting time doubles.

weight of 1.30 kilogrammes and 900 grammes respectively, revealing that during preliminary interrogation, Chinedu claimed he came to Nigeria three months ago to do a surgery, which he was not comfortable doing in Athens, and further claimed he was given the

bag to deliver in Greece for a fee of N2 million.

Babafemi also said NDLEA operatives at the NAHCO export shed of the airport last Monday arrested a pregnant woman, Mrs. Sylvester Onome after 800 grammes of skunk were discovered concealed

in two small radio sets she was sending to Dubai, United Arab Emirate.

He said the same day, operatives also intercepted a consignment going to Congo Kinshasa, containing 111 bottles of body cream that were used to conceal 24.5 kilogrammes

of ephedrine, a chemical precursor and active ingredient to produce methamphetamine, adding that the cargo was later traced to a trader at Alaba trade fair complex, Ojo area of Lagos, Onyekachukwu Uduekwelu after the initial arrest of two freight agents.

2023: Yakasai Raises the Alarm over Plot to Rig Presidential Election

Ibrahim Shuaibu in Kano

An elder statesman, Alhaji Tanko Yakasai yesterday raised alarm over a plot by undemocratic elements who want to manipulate the results of the coming presidential elections with its attendant consequences.

The former Special Adviser to late President Shehu Shagari said:

“My concern is not for myself, but for Nigeria and its people. I believe that for Nigeria to properly care for its teeming God given population everyone in the country must live in peace and harmony.”

Yakasai in press statement titled “Reflections of a 98-YearOld Patriot: A Message to those Planning to Rig the Elections”, that was made available to journalists

in Kano, explained that his fear was rooted on the fact that “when people are consumed by their inordinate desires, they become blind to the bigger picture.”

The statement read: “Those who prioritize winning the upcoming elections at all cost may not understand my concern for the survival of Nigeria and its people, which only stems from

my patriotism. Unfortunately, there are unpatriotic individuals who are solely focused on their own selfish and narrow interests and do not care about the future of the country and its people. “ “I have been pondering on what motivates those who plan to rig or scuttle the upcoming elections in Nigeria and particularly the presidential election.”

UTME : Over 789 Students Impersonated So Far, Says JAMB Registrar

Yinka Kolawole in Osogbo

The Registrar, Joint Admissions and Matriculation Board (JAMB), Prof Isiaq Oloyede, at the weekend disclosed that about 789 students had been impersonated in the course of registration for this year’s Unified Tertiary Matriculation

Examination in the country.

The registrar also stressed that impersonation was done by instead of putting the ten fingers of the candidate, they would go there to pay some people to register several fingers, so that any of them can enter into the examination hall.

Professor Oloyede, who spoke

during an inspection tour of some JAMB Computer-based Centres in Osogbo, Osun State capital, at the weekend said: “After we have blocked that, they have now engaged CBT workers who will work with centres, and innocently, the centres may not pay them well not knowing they are

impersonator, so he will now come with his own students and he put his fingers and register his own fingers along with the fingers of the candidate.

Oloyede opined that by God’s grace, “JAMB is picking them up, and we have enough intelligence to detect them, and we arrest them.”

I’ll Make Ijebu Central a Model, Says Ogun SDP Reps Candidate James Sowole inAbeokuta

The House of Representatives Candidate for Ijebu Central Federal Constituency on the platform of the Social Democratic Party (SDP), Mrs. Adeola Azeez, at the weekend promised to make the constituency a model for others in the state if she emerged winner of the February 25, 2023 election.

Azeez made the promise, at Ijebu-Ode, which is the headquarters of the Ijebu Central Federal Constituency while flagging of her campaign for the House of Representatives’ election.

The flag off of the campaign also witnessed defection of some members of Democracy Integrity Achievers (DIA) from 20 local government areas of the state to

the SDP. While addressing the people, who gathered from the three local government, Ijebu Ode, Odogbolu and Ijebu North-east, she said that the day of her swearing would mark a new dawn for her federal constituency if she would win the election.

The candidate promised to contribute to enacting laws that

would make life meaningful for Nigerians.

She said: “A new dawn is coming to Ogun State. A new dawn is coming to the Ijebu Central Constituency.

I am promising you youths, women and all residents of the constituency, that you shall not regret voting for me. There are plans for everyone.

Wike Urges Military to be Apolitical in 2023 Elections Blessing Ibunge in PortHarcourt Governor Nyesom Wike of Rivers State has advised the military to be apolitical throughout the 2023 general elections in state.

Wike specifically advised the officers and men of the 6 Division of the Nigerian Army in Port Harcourt on the need to

be apolitical in the discharge of their duties, saying the call was for the interest of the country’s democratisation process.

Governor Wike said the military must adhere to President Muhammadu Buhari, Chief of Defence Staff and Chief of Army’s commitment not to interfere in the 2023 general election.

The governor gave the advice, during the 6 Division West African Social Activities (WASA) 2022, held in Port Harcourt over the weekend.

Governor Wike, who was the special guest of honour on the occasion, was represented by the Chief of Staff, Government House, Port Harcourt, Chief

Emeka Woke.

The governor commended the military for its active role in fighting crime in the State and urged officers and men of the 6 Division to work assiduously with personnel of other security to provide level playing for all political parties and politicians in the State.

$4.6m Debt: Lionstone Offshore Denies Indebtedness, Alleges False Representations

Wale Igbintade

The Chairman and Chief Executive Officer of Lionstone Offshore Services Limited, Mr. Amaechi Ndili, has denied owing Hercules Offshore Nigeria Limited to the tune of $4.6 million.

Ndili alleged that there were

false representations in the precise nature of the business relationship between his company, Lionstone Offshore Services Limited (LOS), and Hercules Offshore Nigeria Limited.

Ndili and his wife, Njide, have been arraigned before the Special Offences Court in Lagos over a

business dispute between their company and Hercules Offshore Nigeria Limited.

The defendants were alleged to have fraudulently converted the sum of $4.6 million for their personal use said to belong to Hercules Offshore Nigeria Limited.

However, Ndili in a court

document stated that he was led to believe that he was effectively the exclusive local partner, and would continue to be, and that the formal confirmation of this in the form of an appropriate corporate structure and equity sharing arrangement was a simple formality.

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MONDAYSPORTS

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

0811 181 3083 SMS ONLY

Red-hot Osimhen Apologises to Fan Hit

by His Shot as Napoli Go 16 Points Clear Nigeria and Napoli forward, Victor Osimhen, climbed through the perimeter fence into the crowd yesterday to apologise to a young girl who was unintentionally hitting by his shot during his warm-up in the clash with Spezia.

ITALIAN SERIE A But when the striker tried to return to the pitch to re-join his team-mates, fans surrounded the in-form goal-scorer, desperate to

CAF Okays MKO Abiola, Uyo Stadiums for 2023 AFCON Qualifiers Femi Solaja

The Confederation of Africa Football (CAF) has finally given the MKO Abiola Stadium in Abuja and Godswill Akpabio International Stadium, Uyo clean bill as venues for Super Eagles home games for the 2023 Africa Cup of Nations (AFCON) qualifiers.

CAF over the weekend approved several stadiums to host the qualifying matches across the continent and only 24 of the 48 nations participating had their home grounds given go-ahead to stage the matches.

Super Eagles are currently top of Group B with six points from two games after defeating Sierra Leone and Sao Tome and Principe respectively.

The last time the team played at the Abuja Stadium was against the Black Stars of Ghana, where Nigeria crashed out of the 2022 World Cup on the away goal rules.

However, with action set to resume next month, one of the two stadiums may play host to the Super Eagles against Guinea- Bissau

in a back-to-back clash.

Nigeria and Zambia have the least number of approved grounds with just two while Equatorial Guinea had three stadiums in the pool.

The host of the last AFCON tournament, Cameroon had the luxury of four of their stadiums used for the continental event approved.

Continental rivals, Morocco and Algeria have six of their stadiums approved each with fellow North African nation, Egypt with six stadiums that passed the mandatory test.

South Africa, the host of multiple sporting events including the FIFA World Cup in 2010, topped the list with eight stadiums approved to host Bafana Bafana matches.

CAF also directed that countries without approved stadiums will have the option of an adopted ground to host their home matches.

Morocco hosted many countries’ matches in the last AFCON and FIFA World Cup qualifying matches.

The 2023 AFCON will be staged in Cote d’Ivoire next January.

take selfies with him.

Such is the popularity of the Super Eagles striker in Italy that he can hardly walk the street without Napoli fans mobbing him for autograph.

In the match proper, Osimhen picked up from where he stopped the previous weekend, scoring two of Napoli’s 3-0 defeat of Spezia to establish a 16-point lead at the top of the Italian topflight.

Footage emerged yesterday showing Osimhen climbing up the seats towards the young fan, before giving her a heartfelt hug.

As he made his way back to continue his warm-up, the Nigerian struggled to exit the crowd, with footage also showing fans holding on to the striker by the arm.

One opportunistic supporter leaned in to talk to Osimhen as he climbed over the advertising

board.

Osimhen has been in exceptional goal-scoring form so far this season, netting 16 Serie A goals and one in the UEFA Champions League.

Osimhen has been heavily linked with a move to Manchester United in the summer, with Erik ten Hag's side eager to recruit a striker following the acrimonious exit from Old Trafford last year of Cristiano Ronaldo.

The Red Devils will have to pay at least £90million if they are to sign the Napoli striker, according to reports in Italy.

Osimhen joined Napoli from Lille in 2020 for £62.4m, with him scoring 43 goals in 82 appearances across all competitions since.

His contract with Luciano Spalletti's side is due to expire in 2025 and talks over a new deal are thought to not have taken place yet.

Victor Osimhen (centre) and his Napoli teammates symbolically gazing at the Serie A Scudetto as now within reaching distance after defeating Spezia 3-0 to go 16 points clear at the top of the Italian topflight...yesterday

Kane Sinks Man City with Spur’s All-time Record Goal 1st National Cross PREMIER LEAGUE Country Championships to Hold in Jos Feb 18 As part of his long term plans to develop long distance running in Nigeria to world-class standard, the Minister of Youth and Sports Development, Sunday Dare, has disclosed that the first National Cross Country Championships to be organised by his ministry will hold on February 18in Jos. The championship, according to the Sports Minister, becomes necessary to enable the athletes to develop their strenghth and make them better runners.

“Cross country running, experts tell us is excellent for developing strenghth,” says Dare who began the move to develop distance running in Nigeria last year.

“We have enormous potentials to rival the east Africans and win

laurels for the country at continental and international championships and games. More importantly, we want to positively engage the mass of distance runners in this country and make them earn good living from running around the world like their east and north African counterparts,” said the Minister.

Project Coordinator, Chief Tony Osheku shares in the minister’s dream, insisting that Dare will be remebered as the first Sports Minister in over four decades who has taken positive and proactive interest in long distance running and runners.

He also explains why cross country is a necessary start for distance runners who want to succeed on the road or the track.

Harry Kane became Tottenham's all-time record scorer, surpassing the great Jimmy Greaves, as his 267th goal for the club dented Manchester City's title ambitions at a raucous Tottenham Hotspur Stadium.

The England captain reached the landmark with a composed finish from 10 yards out after Pierre-Emile Hojbjerg did exceptionally well to find Kane inside the box.

Fans jumped from their seats to applaud the 29-year-old striker, whose first Spurs goal came on 15 December 2011, while a message flashed up on the scoreboard inside the ground which read 'Congratulations Harry Kane'.

The 15th-minute finish was also Kane's 200th on the Premier League stage - only Alan Shearer (260 goals) and Wayne Rooney (208) have scored more.

It came against the run of play and with Spurs boss Antonio Conte recovering at home after surgery to remove his gallbladder.

Tottenham, who finished with 10 men after defender Cristian Romero was sent off in the 87th minute for two bookable offences, dug deep in their Italian manager's absence to frustrate City.

Pep Guardiola's side missed the chance to cut Arsenal's fivepoint lead at the top of the table following the Gunners' defeat at Everton on Saturday.

Elsewhere yesterday, Keylor Navas immediately showed his class on his Nottingham Forest debut as he helped his new club to a 1-0 win over Leeds in a crunch class at the bottom of the Premier League.

Harry Kane scored the lone goal winner as Tottenham Hotspur defeated Manchester City 1-0 to dent their push to catch up with Arsenal at the top of the Premier League

Abuja International Marathon NPFL: Akwa Utd Dent Remo Stars’ Push to Top of Group A RESULTS holds April 29, 2023 The inaugural edition of the Abuja International Marathon, which is the only full marathon authorised by the FCTA and with route measured and calibrated by AIMS and approved by World Athletics holds on April 29, 2023 In a statement signed by the Race Director, Olukayode Thomas, the new date was arrived at after extensive consultations with all the stakeholders in the industry from runners to sponsors, officials of FCTA, elite runners at home and abroad, and others.

Thomas said the decision to postpone the race from the

original date was painful, “The management and staff of Unicentral Resources Generation Limited will like to use this opportunity to appreciate the general public and all the security agencies in particular for the decision to postpone the race because lives of everyone matters.

"Secondly, though we have put everything in place that will ensure we organize the first full international marathon and make it a memorable one, we prioritized the safety of human lives, so we had to postpone the race to April 29, 2023’’.

Ikenne club, Remo Stars suffered yet another defeat in their Match-day 6 fixture against Akwa United at the Godswill Akpabio Stadium in Uyo yesterday.

Despite the defeat, Remo Stars remain in the second spot behind Bendel Insurance in the Group A of the 2022/23 Nigeria Premier Football League log.

Cyril Olisema fired Akwa United ahead in the fifth minute from the spot.

Qudus Akanni however unsettled the home fans in the 24th minute as he brought scores level.

But just as the first time half was about to close, Uche Collins restored Akwa’s advantage, while Oluwasegun Olalaere’s 60th minute own goal guaranteed maximum

points for the Promise Keepers.

For the third week running, Akwa United remain in the fourth place of the group.

At the Enyimba International Stadium in Aba, the People’s Elephant struck twice, thanks to Chukwuemeka Obioma in the 27th and 45th minutes as they sent El-Kanemi Warriors back home empty-handed.

The result enable Enyimba to retain their third spot in Group A. Plateau United are fifth as an own goal by Oriyomi Lawal ensured that Kwara United lost at the Jos International Stadium.

Shooting Stars defeated Nasarawa United 2-0 at the Adamasingba Stadium in Ibadan. Samuel Ayanrinde’s brace in the 40th

and 44th minutes settled the game.

Shooting Stars moved a step up to No 6, replacing Gombe United, who had played goalless with log leaders Bendel Insurance on Saturday.

In Group B, Lobi Stars displaced defending champions Rivers United at the top. While the Ortom Boys settled for a barren result at the Ahmadu Bello Stadium in Kaduna against homeside Niger Tornadoes.

Rivers shocked their hosts, Doma United in the 25th minute through the Cameroonian defender Ngweni Ndasi at Pantami Township Stadium, Gombe. But that lead lasted only five minutes as Musa Usman brought the match to a deadlock in the 30th minute. He then got the winner for Doma in the 68th minute.

GROUP A Insurance 0-0 Gombe Utd Enyimba 2-0 El-Kanemi Shooting 2-0 Nasarawa Akwa Utd 3-1 Remo Stars Plateau Utd 1-0 Kwara Utd

GROUP B Dakkada 2-4 Abia Warriors Sunshine 1-0 Bayelsa Utd Tornadoes 0-0 Lobi Stars Doma Utd 2-1 Rivers Utd Wikki 1-0 Rangers

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MISSILE Gana to INEC

“The elections are coming and Nigerians expect a free, fair and credible election.

We want to really thank INEC for the hard work and technological innovation they have done. They should make sure nobody convinces them to change the date of this election. The election must hold and we want every agency within the security forces to please cooperate with INEC to give us a free, fair and credible election ” –Former Information Minister, Prof. Jerry Gana, urging INEC not to give in to any manipulation, but conduct a free, fair and credible polls..

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MAHMUDJEGA VIEW FROM THE GALLERY

Wisdom of the Holy Guru I n one episode of the 1970s British sit com Mind Your Language, the Sikh man Ranjit entered the cafeteria, went straight to the gambling machine in one corner and inserted some coins.

Nothing came out. Having ran out of coins, he rushed to a classmate nearby and asked to borrow some coins, saying he was sure he will win in his next try. Before he could return, his Pakistani classmate and chief adversary Ali Nadim [they imported the India-Pakistan conflict into the classroom] entered the cafeteria, went straight to the gambling machine, inserted a coin and pronto! A lot of coins gushed out. Ranjit charged at him and said it was his money.

As they were about to fight, their English teacher Jeremy Brown walked in, heard what the problem was and advised that they should share the win. To which Ranjit looked gratefully at Mr. Brown and said, “You have wisdom like the Holy Guru!”

The situation prevailing in Nigeria today seriously needs the wisdom of the Holy Guru. On Thursday last week, President Buhari asked APC governors to give him ten days to resolve the impasse of the currency redesign exercise caused by the severe shortage of new notes. Up until recently, it was widely thought that Central Bank of Nigeria was the main power behind the currency redesign palaver, but many Nigerians now think that the president himself is the main force behind it. Not surprisingly, state governors reached that conclusion earlier than the public did, which was why, first the Nigeria Governors Forum and then Progressive [i.e. APC] Governors Forum went directly to him on the matter, after having had inconclusive talks with the CBN Governor.

The seven days’ grace period to take a decision will only be worthwhile if, within that period, the new notes become widely available at ATMs, across bank counters and through roadside POS operators. That seems unlikely; the naira-to-naira currency black market is now flourishing more than the old naira to forex black market. Right now, the public is not sure who is responsible for the new notes’ scarcity. Even the president does not know the answer, because he told APC governors that he will consult with CBN and bankers to find out what the problem is.

Is it CBN, as bankers privately allege; is it the Mint that does not have the capacity to meet CBN’s orders, as some suspect; was it the president’s decision to print the new notes strictly at home, as he told APC governors; or is it the bankers that are hoarding the notes, as CBN and the anti-corruption agencies now allege?

ICPC was able to prove some of the latter charge because it leaked a video of its agents entering one bank’s vault, only to discover new notes neatly hidden behind a stack

Buhari

of old money.

The only thing we can say is that, just as is the case with fuel, fertilizer and jobs, hoarding is done because there is scarcity.

When a commodity is in short supply, people responsible for supplying it are tempted to take advantage of the situation for their own personal gain. Nigerian bankers have never been candidates for sainthood. Yet, they were not known to hoard the old notes all these years because there was no imperative for it. The only part of the old notes that they hoarded were the “mint,” the brand-new ones that bankers sold through hawkers to people who were going to birthday and wedding parties, where they “sprayed” it.

In fairness to bankers, they are under the same social pressures that those who award contracts, control employment, distribute fuel or fertilizer and other scarce goodies are subjected to in Nigeria. A big customer will phone the bank manager and demand the new notes. In all the queues prevailing at ATMs and bank counters, you don’t see a big man or madam. If a bank manager fails to meet the big customer’s request in this time of need, he or she will pay a price when it comes time for “marketing”, trying to convince wealthy customers to deposit more money in their accounts so that the manager will meet the stiff annual target imposed by his or her top management bosses. Bank managers did not settle me to make this case for them, but I can imagine that it happens. The same way that petrol station managers hoard fuel in their tanks, drive ordinary motorists away by saying it has finished, only to reopen the station in the wee hours and fill prized customers’ and friends’ tanks. No need to do that when fuel supply is plentiful.

The presidency’s deep involvement in the currency change scheme increasingly suggests that the political motive of catching some politicians flatfooted and curbing vote buying triumphed over CBN’s economic motives of curbing inflation, curbing naira depreciation at the official and unofficial exchange windows, as well as mopping up trillions of naira outside the banking system, which makes monetary policy management difficult. As is so often the case with political motives, they are often irrational and they end up catching the wrong person. Some people have already said that if President Buhari was truly concerned about vote buying, he should have unrolled these measures in 2019, when he was a candidate in the election.

Instead, he enabled Vice President Yemi Osinbajo to enter markets all over the country, with cash in bags, and distributed it to market women and artisans in the name of Trader Moni and other official vote-buying schemes. No wonder the Vice President was stiff-lipped last week when he spoke about the currency redesign, sounding more like an NGO activist than a top government official. Even NISRAL loans and Anchor Borrowers rice growing scheme served a lot of pre-2019 vote buying purposes.

The President is by now reaping the wages of inadequate consultation before he approved this scheme. Remember that the minister in charge of finance, budget and national planning told a House of Representatives committee the day after the scheme was announced that she did not know about it.

Apparently, the matter was not discussed at the National Economic Council, otherwise state governors wouldn’t be trooping to State House now and asking for a change. Okay, it

is slightly understandable that some secrecy is needed for a scheme like this. Buhari achieved that in 1984 when only himself, Chief of Staff Major General Tunde Idiagbon and the then CBN Governor knew about the impending currency change. Twenty other members of the Supreme Military Council apparently knew nothing about it, because the wife of one of them was caught flatfooted with a lot of money in her farm.

The big difference is that in 1984, Buhari was a military ruler who did not need anyone’s vote. This time too he does not personally need anyone’s vote but his party does. APC candidates at all levels fear that the chaos at banks and ATMs and the collapse of POS points could affect them in the election now less than three weeks away, hence the stampede by APC governors to get the president to alter course. It has also led to a most unusual situation, with APC leaders alleging that a cabal within the presidency is out to sabotage their election chances. Kaduna State Governor Nasiru el-Rufa’i, whose mouth is the deadliest in Nigerian power circles after Governor Nyesom Wike’s, publicly made this charge last week. It is not clear if other APC governors share his thoughts, but none of them has contradicted him.

The situation left PDP presidential candidate Atiku Abubakar in an awkward situation. Ordinarily, he should be the one who is criticizing the policy and aiming to reap benefits from the anger it has caused in the public. Instead, he urged CBN not to extend the February 10 deadline, clearly because he did not want to take the same stand as APC governors and its presidential candidate Asiwaju Tinubu, all of whom have criticized the policy’s timing. Atiku suspects that an extension of time could work to APC’s financial advantage.

So, the situation is confusing. Which is why we need the wisdom of the Holy Guru in order to get out of this situation. Right now, the options are to stick to the announced deadline, as Emefiele said on Friday will be done; to slightly extend the deadline until after the election, as some Presidency folks are said to be contemplating; to extend it by six months, as both chambers of the National Assembly have demanded; to extend it until year’s end, as state governors are demanding; or to extend it indefinitely British-style and gradually withhold old notes that enter banks, as some others have suggested.

I don’t know the answer. One danger of waiting for a week is that the “solution” implemented by the mob that sacked and looted Wema Bank’s Agodi, Ibadan branch could spread like wildfire EndSARS style.

Where is the English teacher Jeremy Brown to broker a solution with the wisdom of the Holy Guru?

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