WEDNESDAY 7TH FEBRUARY 2024 by THISDAY Newspapers Ltd

Cardoso: Nigerians Spent $40 Billion in 10 Years on Foreign Education, Medical Tourism Says spending worsening FX Crisis Attributes short-term volatilities to arbitrage, speculation Insists Nigeria at a turning point as a result of current reforms Deputy Speaker: Our decisions, policies must address people's needs Juliet Akoje in Abuja The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso,

yesterday said that the growing number of Nigerian students studying abroad, growing medical tourism as well as food imports have led to

the depreciation of the Naira against the Dollar. He disclosed that over the past decade, foreign exchange demand

for education and healthcare had totalled nearly $40 billion, surpassing the total current foreign exchange reserves of the CBN.

Cardoso, during his presentation at the sectorial debate organised by the House of Representatives, further disclosed that personal

travel allowances have accounted for a total of $58.7 billion during Continued on page 10

Wednesday 07 February, 2024 Vol 29. No 10528. Price: N400

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FG: Why Some Pharmaceutical Firms Left Nigeria... Page 6

Tinubu: No Room for Celebration Until Military Ends Insecurity, Returns to Nigeria Urges security agencies to step up game Seeks change in mind-set, strategy, tactics Inducts two NAF helicopters, aircraft Senate to grill service chiefs today

Deji Elumoye, Sunday Aborisade in Abuja, George Okoh in Makurdi and John Shiklam in Kaduna

President Bola Tinubu returned to the country yesterday from his two-week private visit to France.

Tinubu flew in just hours after he told the military and other security agencies in the country, through Vice

President Kashim Shettima, that in spite of their modest success, there would be no room for celebration

until they ended insecurity in the country. The president's official plane,

Nigeria Air Force 1, landed yesterday Continued on page 10

FG Convenes Emergency Meeting to Address Rising Food Prices Insists no food shortage in country Accuses opposition of using high cost of food, naira depreciation to cause crisis Urges millers, major traders to make their reserves available Tinubu directs committee to take immediate steps to arrest situation Lawmakers tell stakeholders to open national food reserve, explore grain importation, others APC, PDPtrade blame over protests in Kano, Niger

Deji Elumoye, Chuks Okocha, Juliet Akoje, Emma Okonji in Abuja and Segun Awofadeji in Bauchi

The federal government has convened an emergency meeting to address the spate of protests in some parts of the country following the rising cost of food nationwide. The meeting, held yesterday evening at State House, Abuja, was chaired by Chief of Staff to the President, Hon. Femi Gbajabiamila. It came on the heels of protests in Minna and Kano over the rising cost of living in the country. But even as convened the emergency meeting, it insisted there was enough food in the country, and accused opposition elements of trying to exploit the high food prices and the depreciation of the naira to cause havoc. The government urged millers and major commodity traders to make their food reserves available. Continued on page 10

PARTNERSHIP FOR A BETTER LIFE EXPECTANCY...

Kwara State Commissioner for Health, Dr. Amina Ahmed el-Imam; UNICEF Country Representative (Nigeria), Christiane Mundaute; Kwara State Governor, AbdulRahman AbdulRazaq (CON); and Dr. Gerida Birukila; during UNICEF's visit to the Government House in Ilorin... yesterday

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

T H I S D AY • WEDNESDAY, FEBRUARY 07, 2024

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

NEWS

Investing In African Mining...

L-R: Deputy Minister of Mines and Mineral Resources, Sierra Leone, Umaru Koroma; Minister of Mining, South Sudan, Hon. Martin Gama; Secretary of the African Minerals Strategy Group (AMSG), Moses Engadu; Nigeria's Minister of Solid Minerals Development, Dr. Dele Alake; Minister of Petroleum, Energy and Mineral Resources, Uganda, Hon. Ruth Nankabirwa Ssentamu; Minister, Mines and Mineral Resources, DRC, Antoinette N’Samba Kalambayi; Interim Director, African Mining Development Corporation AMDC, Dr. Marit Kitaw, attending the on-going opening ceremony of the 30th edition of Investing In African Mining Indaba alongside Presidents of South Africa, Cyril Ramaphosa, Hakainde Hichilema of Zambia (virtually) and 36 African Ministers, Cape Town, South Africa on Monday

Tinubu to Flag Off Construction of 3,112 Housing Units in Abuja

Emmanuel Addeh in Abuja

President Bola Ahmed Tinubu is set to flag-off the construction of 3,112 housing units at the Karsana area of the Federal Capital Territory (FCT) in Abuja on Thursday (tomorrow). The ground-breaking exercise, a statement by Mark Chiese, the Special Adviser, Media to the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, said, is part of a public-private partnership project signed in December 2023 between the Ministry and a consortium of companies. The consortium comprises Continental Civil and General Construction Limited and Ceezali Limited and the deal is for a total of 100,000 housing units nationwide. The first phase of 20,000 housing units is set to be delivered in the FCT, out of which 3,112 units are to be constructed at the Karsana site, the statement said. “The ground-breaking exercise to be conducted by the president will mark the official launch of the Renewed Hope Cities and Estates programme, initiated by the Ministry of Housing and Urban Development to increase the housing stock in the country and bridge the prevailing housing deficit. “The cities will have a minimum of 1,000 housing units per site in one location in each of the six geopolitical zones of the country and the FCT, while the estates will have a minimum of 500 housing units

per site in the remaining 30 states. “The Renewed Hope Cities and Estates, as the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, has continued to emphasise, will be designed as integrated living communities. “It will target all income brackets, and comprise one bedroom block of flats, two-bedroom blocks of flats, and three-bedroom blocks of flats targeting low – medium income earners; two-bedroom terraces, four-bedroom terraces, four-bedroom duplexes, and five-bedroom duplexes targeting high income earners,” the statement said. The PPP project at Karsana, the ministry said, is being funded by the developers who also sourced for the land, while the ministry is creating the enabling environment and will facilitate access by off-takers for the houses from subscribers to the National Housing Fund (NHF) Scheme managed by the Federal Mortgage Bank of Nigeria (FMBN). “The project is the first in a series that the ministry will be embarking on in the coming weeks. Others are the 2,500 Renewed Hope City housing units at the Ibeju-Lekki Coastal City, Lagos, 500-housing unit Renewed Hope Estate in Kano and 250 housing units in twelve 12 states, two in each geopolitical zone, as Renewed Hope Estates in Ogun, Oyo, Akwa Ibom, Delta, Abia, Ebonyi, Nasarawa, Benue, Yobe, Gombe, Katsina and Sokoto. “At the core of the Renewed Hope

Cities and Estates programme is the cross-subsidy component where 80 per cent of the housing units developed will be sold at commercial rate while 20 per cent will be sold at concessionary rates to low- and medium-income Nigerians who are members of the Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC). “The idea is to deploy profits

The Nigerian National Petroleum Company Limited (NNPC) has said it is working in collaboration with the United States Department of States and international management consultancy firm, Deloitte, to meet its net-zero carbon goals. A statement by the NNPC’s Chief Corporate Communications Officer, Olufemi Soneye, this is being done by embarking on a project aimed at reducing the emission of methane and other greenhouse gases from its upstream operations. The project which is at its conceptual stage was the focus of a three-day Technical Assistance on Oil & Gas Sector Global Methane

Abatement and Decarbonisation Workshop which kicked off at the PTDF Tower, in Abuja, on Monday. The workshop, which was a follow-up on an earlier one held in July 2023, was, amongst other things, aimed at defining the critical success elements of the project. Some of the critical elements of the project tabled at the workshop, Soneye said, include: Determining the scope of the project, establishing a baseline for methane and carbon emissions from the selected operation sites, collecting relevant data on the selected sites and helping the Deloitte consultants to understand the operations and expectations of NNPC Ltd. According to the statement,

by the FMBN, Rent-to-Own options where beneficiaries can move in and pay towards homeownership in monthly, quarterly or annual instalments, and outright purchase for high income earners,” the statement added. According to the ministry, the president earlier approved N100 billion for the in the 2023 supplementary budget and N18.9

billion in the 2024 budget for the implementation of the Renewed Hope Cities and Estates as well as Urban and Slum Upgrading programmes. “The Renewed Hope Cities and Estates project also made the list of the president's top 10 projects for 2024, spurring widespread optimism about his commitment to the project,” it added.

Nigeria Chairs African Mining Ministers’ Group Folalumi Alaran in Abuja Nigeria's Minister of Solid Minerals Development, Dele Alake, has been unanimously elected the pioneer chairman of the newest mining pressure group on the content, the Africa Minerals Strategy Group. Speaking at the signing of the resolution, Alake charged African leaders to forge a common front to get maximum benefits from the mineral resources on the continent. The event which held on the sidelines of the 30th edition of Investing in Africa Indaba, Cape Town, South Africa, was attended by ministers of Mineral Development of Uganda, Democratic Republic of Congo (DRC), Sierra Leone, Somalia, South Sudan, Chad, Botswana, Zambia and Namibia. More than 15 countries have pledged support, with the list

NNPC, US, Deloitte Collaborate on Greenhouse Gas Emission Reduction

Emmanuel Addeh in Abuja

made from the commercial units as a subsidy for the units reserved for low- and medium-income earners,” the ministry said. Also notable, it said, are the numerous ownership options available to Nigerians aimed at enhancing the affordability of the houses. “These include single-digit, 30year mortgage loans to be provided

participants at the workshop unanimously selected OML 34 located onshore in Western Niger Delta which has the Utorogu and Ughelli Fields, as the operation site for the pilot stage of the project. Participants were drawn from relevant NNPC Ltd.’s subsidiaries and Departments such as Exploration & Production; New Energy; Gas Infrastructure; Health, Safety, and Environment, as well as Federal Government agencies like the National Council on Climate Change. The project, the NNPC said, is sponsored by the United States Department of State Bureau of Energy Resources, Energy and Mineral Governance Programme (EMGP).

expected to grow as the group under Nigeria's leadership swings into action. Alake stressed that the era of carting away solid minerals is over, charging countries on the continent to speak with one voice on value addition as a prerequisite for investment in the mining sector. "Today, there is economic scramble for Africa. The critical metals needed for the energy transition are in Africa. Therefore, if we do not come

together this time around and take our destinies in our hands, we will go through the same harrowing experiences of the past. That is why we formed this body,” he said. Recall that Nigeria and Uganda in January rallied African Ministers of Solid Minerals/ Mineral Resources on the sidelines of the Future Minerals Forum (FMF) in Riyadh Saudi Arabia, on the need to unite and champion value addition in the mining sector to boost the economy

of African countries. " Let those who want our minerals know that if you go to country A, you have the same regulations and laws guiding the sector. You go to country B, you find the same. “So, there is no divide and rule anymore. That is when we can show sincerity of purpose, and the world will begin to take Africa seriously. On behalf of our president, I pledge our full support to achieve our objectives," the minister asserted.

SGF: FG Maps Out Strategy to End Food Importation Sunday Aborisade in Abuja The federal government yesterday said it had mapped out strategies to ensure that Nigerians would henceforth consume agricultural produce and other consumables produced in Nigeria. The Secretary to the Government of the Federation, (SGF), Senator George Akume, stated this at a two-day sensitisation workshop on the role of the local governments at enhancing the capacity of the grassroots to maximise the benefits of the federal government food security emergency programme, held in Abuja. He said the federal government was doing everything possible to remove Nigeria from the list of countries being referred to as dumping ground for foreign foods. Akume said to actualise this, the federal government has commenced engagement and support for local governments across the country on good governance to enhance food security. He said efforts were being made to make the third tier of government a catalyst for development towards the attainment of Nigeria's development

agenda. This he said was to achieve the food security agenda of the present administration. The SGF maintained that the federal government was not unaware of the challenges faced by local governments across the nation with regards to agricultural resources. Akume said, "I make bold to say that the Office of the SGF under my leadership is poised and disposed to providing the needed leadership necessary for sustainable initiatives that will cascade down to the grassroots in the overall interest of the country "The food security sensitisation programme is designed to create a forum for local government stakeholders to interface with the drafters and implementers of the food security emergency programme put in place by President Bola Ahmed Tinubu. "Nigeria has no reason to import from any other nations of the world to meet its food needs. We have enough fertile land and able bodied men and materials to cultivate the land and grow our crops to meet our food requirements. "As the giant of Africa , we need to get up from our slumber and

grow what we eat and eat what we grow." In his opening remarks the Chief Executive of SEGNIP Promotions Limited, the organising partners of the workshop, Engineer Kayode Adegbayo, said the resource persons assembled for the event were some of the best brains that would offer participants the requisite knowledge they need to drive the food security agenda of their present administration. Adegbayo, maintained that the local governments are the bedrock of agricultural resources and the moment the government gets it right at that level, the country would have set itself up for huge agricultural success and effortlessly end food importation. The Chairman, Association of Local Governments of Nigeria (ALGON) in Benue State, Phillips Achuwa, said being the food basket of the nation has the potential to feed a substantial part of the country if the agricultural challenges faced by the farmers were addressed. He pointed out that the state Governor Reverend Fr. Hyacinth Alia has demonstrated commitment in ensuring that the state achieves food sufficiency.

WEDNESDAY, FEBRUARY 07, 2024 • T H I S D AY

NEWS

JONATHAN ON ELECTION DUTY IN PAKISTAN...

Pakistan’s Caretaker Prime Minister Anwaar-ul-Haq Kakar receiving former President Dr. Goodluck Jonathan and other members of the Commonwealth Observer Group (COG) in the State House in Islamabad, Pakistan, yesterday, that are set to monitor conduct of the scheduled February 8 elections in the State House in Islamabad, Pakistan ... yesterday

FG: Why Some Pharmaceutical Firms Left Nigeria Onyebuchi Ezigbo in Abuja The federal government has explained that the exit of pharmaceuticals from Nigeria was due to the non-domestication of their products in the country. The Minister of State for Health and Social Welfare, Dr. Tunji Alausa, made this disclosure at a World Cancer Day symposium

organised by Project Pink Blue with the theme: “Economy, Tax and Cancer Control: The Exit of Pharmaceuticals from Nigeria” held in Abuja, yesterday. He further dismissed reports making the rounds that the reason behind pharmaceutical companies exit from Nigeria was because of difficulty in doing business, stating emphatically

that it was not the case. According to him, “We have to change this narrative of companies leaving our country because of difficulty of doing business, that’s not correct. Let’s face the fact, Nigeria is endowed with abundance of manpower. “If you go to any advanced democratic nation, the biggest chunk of any operating cost to

run a business is personnel, we have it in abundance in Nigeria, at a very reasonably and cheap rate. “These pharmaceutical companies left because we have pharmaceutical laws. There’s a NAFDAC policy of 5+5, after you have marketed drugs for five years, they are expected to domesticate their production.

Oxfam: Global Income Inequality Widening Since COVID-19 Five billion people grow poorer

Ndubuisi Francis in Abuja The gap between the rich and poor is widening rather than receding globally, with about five billion people or 60 per cent of the world’s eight billion population already poorer, a new report from Oxfam has revealed. Oxfam is a United Kingdombased charity, which looks at the extreme ends of income distribution around the globe. According to the report, global income inequality has grown for the first time in 25 years. This is defined as the gap between the Global North – the world’s developed, high-income countries mostly situated in the northern hemisphere – and the Global South, which describes developing and least-developed countries largely found in the southern hemisphere. Oxfam explained that when it came to wealth distribution,

over two-thirds (69 per cent) of global wealth was held by the developed nations, while less than a third could be found in the developing world. The world’s richest people and their share of wealth were also highly concentrated in the developed world, adding that, the top one per cent now owned 43 per cent of all global financial assets. The UK-based think-tank noted that at the same time, only 0.4 per cent of the world’s largest and most influential companies were committed to paying staff a living wage – that was remuneration that enabled people “to afford a decent standard of living.” According to Oxfam, 4.8 billion people had become poorer than they were in 2019, with women, racialised and marginalised communities bearing the brunt of this development. It stated that the wealth of

black households in the United States was typically less than 16 per cent of that of a white household. Similarly, in Brazil, the average income of white people was 70 per cent higher than that of descendants of African lineage. Oxfam also added that women had some of the poorest-paid and least secure jobs. Work undertaken by women was often seriously undervalued, it stressed, adding that the statistics also revealed that men owned $105 trillion more than women – equivalent to more than four times the size of the US economy. In addition to this was the high share of work undertaken by women in care and domestic work that went unpaid. According to Oxfam, women’s unpaid work in care alone was worth $10.8 trillion annually to the economy, three

Naira Depreciates at Official Window to N1,433/$1, Parallel Market Declines to N1,460 Daily turnover drops 20%

Nume Ekeghe

The Naira continued its depreciation trend yesterday, losing value against the US Dollar in both the official and parallel markets. At the official Nigerian Autonomous Foreign Exchange (NAFEX) window, the Naira

closed at N1,433/$1, marking an N14.03 decline from the previous day's closing rate of N1,419.86. However, the parallel market took a downward turn to close at N1,460 compared to the N1,450 it closed on Monday indicating an N10 loss in one day. Furthermore, the official win-

dow recorded a daily turnover of $465.29 million yesterday compared to $584.53 it recorded on Monday indicating a 20.42 per cent decline. The highest spot rate recorded yesterday was N1,519.78/$1 while the lowest spot rate recorded was N894.99/$1.

times the size of the global technology sector. On solutions to income inequality, the UK-based organisation noted that with only around one-tenth of the Sustainable Development Goals (SDG) for eradicating inequality achieved to date, the question remained as to which strategies might be deployed to close the gap.

“They didn’t domesticate their production, so they continued to market for decades. Now we’re reviewing our pharmaceutical laws to ensure we are not in this bad situation again. “As companies are leaving, the country is ripe for investment, other companies will come, we have abundance of opportunities here to manufacture. We have a population of 220 million, that’s a big consuming population. “There’s a new interest in coming back to the country. We have President Bola Ahmed Tinubu that is quickly working out the ease of doing business in the country. Our country is going to become the destination of investors in the nearest future, the policies are being put together. “So when a few companies exit, we shouldn’t be worried, we are working to encourage more companies to come in the country and we are also domesticating and enhancing our pharmaceutical companies to fill those gaps.” Alausa beseeched Nigerians that the federal government was empathetic towards the rising cost of pharmaceuticals and consumables in the country

and that executive orders will be issued to that effect. He said, “I feel the pain of Nigerians, President Bola Ahmed Tinubu feels the pain of Nigerians especially with this high cost of pharmaceuticals and consumables. But Tinubu has moved so quickly to palliate these high cost of pharmaceuticals and consumables so that in the near future, the citizens will begin to enjoy reasonable significant reduction in prices. “What we’ve done at the last Executive Council meeting, Tinubu made sure we discussed what needed to be done in immediate, short term and long term solutions to these problems. “The immediate solution we said was that Tinubu will be coming up with a set of executive order. As you know executive orders are laws to support pharmaceutical companies so that prices will come down and citizens of our country will begin to see the benefit of all this.” On his part, Executive Director, Project Pink Blue, Runcie Chidebe, emphasised the importance of the symposium, saying it was due to the suffering of patients and called for a decentralisation of cancer control in Nigeria.

OPL 245: IMPI Hails Tinubu's Approach in Ending 28 Years Controversy Juliet Akoje in Abuja The Independent Media and Policy Initiative (IMPI) has hailed President Bola Tinubu for putting an end to the controversy surrounding the Oil Prospecting Licence (OPL 245) after 28 years of litigation. OPL 245 holds a total estimated value of nine billion barrels of crude which Nigeria had not been able to exploit or benefit from since 1998, when it was first sold in controversial manner to Malabu Oil and Gas. However, since the sale, the transaction has remained the subject of various litigations starting with the administration of former President Olusegun Obasanjo, in 2001, who terminated the sale and, in turn, handed it to Shell without a public bid. Rather than resolve the matter, it triggered a deluge of criticism and calls to redeem the

transaction that now extended to Malabu on one hand, and Shell and the Italian firm, ENI on the other hand when the President Goodluck Jonathan administration facilitated a $1.3 billion settlement among the different claimants to the ownership of the oil fields. But its Chairman, Niyi Akinsiju, in a statement issued yesterday, said Tinubu acted in the national interest based on the potential economic benefits of developing the oil block. It said: "Like many Nigerians, we are familiar with the history of its controversial sale in August 1998 on the watch of the late Head of State, General Sani Abacha, to Malabu Oil and Gas, a company owned by the then former Petroleum Resources Minister, Dan Etete.” It noted: "The matter remained unresolved from the sovereign point of view upon which the administration of President Mu-

hammadu Buhari initiated a legal challenge against the sale based on the suspicion of corruption in the $1.3 billion settlement by Shell and ENI which was facilitated by the Nigerian Government. “We, however, observed that beginning in 2023, there had been moves to terminate the case in court. "It is against this backdrop that we welcome the President's approval of a negotiated settlement in order to pave way for oil prospecting in the lucrative oil block that has been described as one of Africa's juiciest but which had been idle for nearly 30 years despite holding billions of barrels of crude oil. "This will go a long way in boosting the country's daily crude and gas production output, meaning more revenue at a time the country has, for years, been struggling to meet its OPEC quota."

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

WEDNESDAY, FEBRUARY 07, 2024 • T H I S D AY

NEWS

state of the economy on their minds...

L-R: Minister of Budget & Planning, Mr. Abubakar Atiku Bagudu; Minister of Finance & Coordinating Minister of the Economy, Mr. Wale Edun; Majority Leader, House of Representatives, Hon Julius Ihonvbere; Deputy Speaker, House of Representatives, Hon. Benjamin Kalu; Governor, Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso; Member, Anambra North, House of Representatives, Hon. Ozodinobi George Ibezimako; Deputy Chief Whip, House of Representatives, Hon. Adewumi Onanuga; Deputy Governor, Operations, CBN, Ms. Emem Usoro; and Deputy Governor, Economic Policy, CBN, Mr. Muhammad Sani Abdullahi, at the sectoral briefing on the nation’s economy, at the House of Representatives plenary in Abuja... yesterday

UNICEF: Over 200 Million Girls, Women Worldwide Undergone Female Genital Mutilation

Hammed Shittu in Ilorin

The United Nation Children and Education Fund(UNICEF) Country Representative in Nigeria, Ms. Christiane Mundaute has disclosed that more than 200 million girls and women worldwide have undergone female genital mutilation. She, however, said Nigeria accounts for 10 per cent per cent of the figure, estimated at 19.9 million. Speaking in Ilorin, Kwara State yesterday, at the International Day of Zero Tolerance for Female Genital Mutilation(FGM) symposium organised by the office of the First Lady of the State, Prof. Olufolake AbdulRazaq, Mundaute stated that, the ugly development of the scenario meant that, "Nigeria holds the third-highest number of women and girls who have undergone Female Genital Mutilation around the world." According to her, "Despite a slight decrease in prevalence of FGM in the country, recent data shows the practice remains widespread, here in Kwara. "FGM prevalence is highest among women aged 15-49, reaching 58 per cent and for the 0-14 age bracket, it stands at 35 per cent this means approximately one in every three girls experienced FGM. "We must act with a collective commitment to change to address this issue comprehensively. UNICEF

along with our sister agency UNFPA have co-led the largest global program on the elimination of FGM aligning with the vision of the 2030 Agenda for Sustainable Development," she added. She stated that: "In Nigeria, a UN Joint Program, initiated in 2014 in high-prevalence states, that is expanding to other areas with the practice. "This demonstrated our commitment to eliminating FGM. This year's theme, "Her Voice. Her Future. Investing in Survivors-Led Movements to End Female Genital Mutilation," resonates with the journey we collectively embark upon to eradicate this harmful practice. "In every survivor's voice lies a testament to resilience, courage, and the unwavering spirit to shape a different future. "Today, we amplify those voices—the voices of survivors who are not just reclaiming their lives but are also leading movements to end FGM. "Their stories are a powerful testament to the strength within, inspiring us to action. A significant milestone achieved in 2023, ably led by the Government of Nigeria in collaboration with UNICEF is the Movement for Good to End FGM. “Facilitated by 10 youth-led civil society organisations, this initiative has successfully scaled-up grassroots social mobilisation efforts – so far

we have received over six million pledges - to protect girls at risk of FGM across the country. "Furthermore, adolescent girls, equipped with the knowledge and skills are advocating for change through community engagement,

resulting in more people openly disowning the practice and taking action to protect girls from FGM. "Every survivor who steps forward contributes to a future where no girl will endure the pain and consequences of FGM.”

The Ooni of Ife, Ooni Adeyeye Enitan Ogunwusi has pacified staff members of the Obafemi Awolowo University Teaching Hospital (OAUTHC), IleIfe who were recently disengaged by the hospital management with the sum of N10 million and one thousand bags of rice, with a view to ameliorating their suffering occasioned by the nonpayment of their 11 month unpaid salaries. The traditional ruler who announced the donation while addressing angry youths who occupied his Ile Oodua Palace yesterday, assured them that he was currently working with relevant stakeholders including the Federal Ministry of Health among others to resolve the crisis. He said, “It is your right to protest

if you feel injustice has been done to you all, but I want you to apply wisdom in order to achieve beneficial results. “I am dedicating myself and the ancient throne of Oduduwa to fight this fight to a logical conclusion. “I am happy that you all have demonstrated core Omoluabi ethos of descendants of Oduduwa by allowing operations to resume at the hospital upon receiving my message. You have honoured me and I pray that God will honour you all. “Beyond that, I wish to assure you that the Palace will support your dreams and aspirations in life even beyond the OAUTHC. I believe that most of you have big dreams and you are only looking for how to achieve it but I am calling on you all to use me as a ladder to reach

statistics on the prevalence of the practice favours the State less, the Kwara State Government under the leadership of His Excellency Mallam Abdulrahman Abdulrazaq is leaving no stone unturned in ensuring that the untoward trend is reversed.”

Gas Minister Meets Sector Operators, Seeks Affordable, Accessible LPG Blames gas flaring, inadequate infrastructure, others for Nigeria’s underperformance

Emmanuel Addeh in Abuja The Minister of State, Petroleum Resources (Gas), Ekperikpe Ekpo, yesterday met with major stakeholders in the gas sector, to among others, find ways to make Liquefied Petroleum Gas (LPG), more affordable and accessible to Nigerians. During the engagement which took place in Abuja, the minister promised that the federal government will intensify efforts to increase upstream gas production and bridge the significant gas supply gaps which continue to hamper the country’s strategic economic sectors. Ekpo noted that it was imperative to work together to unlock more

resources to provide gas for power, for export, domestic use, fostering economic growth and ensuring energy security and eradicating poverty. “We will prioritise the domestication and penetration of LPG and implement measures to significantly reduce the price of cooking gas for our people, ensuring it becomes more accessible, available, and affordable for our citizens,” the minister stated. He expressed the federal government’s dedication to the completion of major gas midstream infrastructure and projects, including the AKK Gas Pipeline Project, the OB3 Gas Pipeline Project, and the ANOH Project, as well as enabling flagship projects like the Brass Methanol Project, to

Ooni Pacifies Disengaged OAUTHC Workers with N10m 1,000 Bags of Rice as Palliatives Yinka Kolawole in Osogbo

Also speaking at the event, Prof. AbdulRazaq said a total of 19.9 million women in Nigeria were listed as having the world’s third highest number of females who had experienced FGM. She said that, "While current

your peak in life,” the Ooni said. Speaking on behalf of the disengaged workers, Samson Falope, revealed that the hospital management served them a circular last Wednesday, 31st January 2024, disengaging the over 1,500 workers from their duty posts, after serving the institution for about 15 months with most of them not getting paid a dime. On their move to create awareness about their predicament, Falope explained that they were left with no choice than to gather at the hospital complex main gate on February 1, 2024, in order to seek the audience with the management but the Chief Medical Director of OAUTHC, Prof. John Okeniyi and his team did not show up. Samson, an estate officer II of the Civil and Maintenance depart-

ment, lamented that they were taken through all recruitment and verification processes after which they were issued required documents with which they have been working since 2022. He said, “Kabiyesi you have wiped our tears and we pray that God Almighty perfect all your affairs sir. We cannot thank you enough especially as these people (OAUTHC Management) almost turned us to nuisance after using us for about 15 months without pay. “We were interviewed, screened, taken through orientation programs organised by the management, oath form was given to them, appointment letter was given to them, they had resumed their duties, observing both day and night shifts, only to be told to go home after serving with all we have for about 15 months.”

enhance the efficiency and capacity of our gas sector. Stressing that Nigeria is positioned as one of the leading gas-rich countries in the world, he explained, however, that the country has not unlocked the full potential of the valuable resource. “This underperformance can be attributed to issues such as gas flaring, inadequate infrastructure, pricing concerns, policy and regulatory gaps, limited funding, environmental concerns, the growing urgency for a smooth energy transition as well as a lack of comprehensive gas development blueprint,” he stated. The minister noted that it was his belief that by acknowledging these realities, Nigeria can proffer solutions. He expressed confidence that the discussions and deliberations over the course of the engagement will not only lead to developing a comprehensive roadmap but will also strengthen the bonds between the public and private sectors. “Together, we shall overcome challenges, unlock opportunities, and build a gas sector that stands the test of time and provides our nation the platform to be the regional industrial hub and powerhouse it is meant to be,” Ekpo said. The minister said the purpose of the engagement was to harness the collective wisdom, experiences, and insights of key players in the private sector. According to him, to secure a sustainable and thriving future for the gas sector, Nigeria must engage in open and constructive dialogue. “We must acknowledge the challenges that lie ahead, but equally, we must recognise the opportunities within our grasp. Today, we gather not just as individuals representing various entities, but as a united force with a shared responsibility to chart the path forward for our industry.

“The energy landscape is evolving rapidly, and the decisions we make today will profoundly impact generations to come. We must be strategic, innovative, and adaptable. “ This engagement provides us with an invaluable opportunity to gain insights into the diverse perspectives that shape our industry. I encourage each of you to share your experiences, expertise, insights, challenges and vision for the future,” he said. Ekpo emphasised that the government was committed to developing an adaptable roadmap and act decisively to create an environment that fosters growth, innovation, and sustainable development. Earlier in his opening address, the Permanent Secretary in the Ministry, Nicholas Agbo Ella, said the essence of the meeting was to deliberate on identified problems and proffer solutions to move forward in Nigeria’s quest for achieving its goals. “As we embark on this journey, it is essential to recognize the diverse expertise and perspectives represented in this room. Our collective vision for a maximum dividend from the gas resources requires the collaborative efforts of industry leaders, policymakers, experts, and advocates. “The challenges and opportunities within the gas sector are vast, ranging from technological advancements to environmental considerations and economic implications. “It is through open and transparent discussions, like this that we can uncover synergies, address concerns, and collectively arrive at solutions that not only meet the needs of the present but also ensure a sustainable and prosperous future,” he noted. According to him, the discourse will guide the ministry’s actions and serve as a testament to its commitment to responsible and effective resource management.

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WEDNESDAY, FEBRUARY 07, 2024 • T H I S D AY

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Analysts Hail Cardoso’s Interview on Arise TV Say move will boost investor confidence, stabilise naira, others

James Emejo in Abuja

Analysts yesterday, commended the recent intervention of the Governor of the Central bank of Nigeria (CBN), Mr. Olayemi Cardoso in clearing the air about the foreign exchange obligations of the federal government. The CBN governor in an interview Monday with Arise Television, the broadcast arm of THISDAY Newspapers, set the records straight about the actual FX commitments of government contrary to speculations. Before now, it was reported that the federal government’s total FX liabilities ranged in the region of between $7 billion and $10 billion, a figure which had been disputed for long and finally laid to rest by the CBN. Cardoso, who addressed various issues and efforts by the CBN to reposition the economy, had clarified that following a forensic audit commissioned by the bank, it was

discovered that $2.4 billion out of the acclaimed $7 billion outstanding foreign exchange liabilities of the federal government were not valid for settlement. The CBN governor also stated that the bank had settled verified FX requests which amounted to $2.3 billion adding that current total outstanding FX obligations remained at $2.2 billion. This was a far-cry to the headline FX backlog claims. He also explained the policy direction of the apex bank in terms of the various reform initiatives to correct the imperfections in the FX market and stabilise the Naira. Cardoso, who further indicated that part of the headline $7 billion outstanding FX claims was fraudulent, referred to the outcome of a forensic audit by Deloitte Management Consultant which was commissioned by the apex bank. Analysts who spoke to THISDAY in separate interviews said the central

bank governor’s clarification will boost investor confidence in the economy. They said Cardoso’s clarifications have shown the bank’s policy direction going forward. Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said the governor’s “comments have clarified certain hazy issues, thereby enhancing investors' confidence”. He said, “Mentioning the outstanding amount owed creditors gives investors’ confidence and hope. The interview clarified a good number of sketchy issues. And he was clear to state that they were going to concentrate on stabilising prices and reducing inflation.” Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said Nigerians and foreign investors will be buoyed by Cardoso’s utterances. He said, “Undoubtedly, the FX

situation has been a major concern to the Nigerian economy, given its rapid devaluation in recent times. “Foreign portfolio investors who may have hitherto shied away from investing in Nigerian securities may be more encouraged to do so now. “The much-highlighted backlog of FX demand has hopefully been deconstructed to provide a more positive outlook.” Shelleng said, “With the greatly reduced backlog figures touted, it is surely more palatable. It's easier to see how the government can resolve it, especially given the anticipated return of FPIs. “However, it remains to be seen if there will be increased activities in our equities and bond markets. What is likely is that sovereign bond yields are likely to increase to attract more FPI.” On his part, Managing Director/ Chief Executive, SD&D Capital Management Limited, Mr. Idakolo

FG Convenes Emergency Meeting to Address Rising Food Prices President Bola Tinubu, who returned to Abuja last night after a two-week private visit to France, had directed a special presidential committee to take immediate steps to arrest the worsening food situation. The House of Representatives, yesterday, appealed to the federal government and all critical stakeholders to open the national food reserve. The House also advised the government to explore the option of importation of grains, poultry products, meat, beverages, healthcare and pharmaceutical products as a short-term measure to tackle the growing shortages. However, the governing All Progressives Congress (APC) alleged that the opposition parties were instigating unsuspecting youths to protest against the cost of living, following the protests in Niger and Kano states on Monday. Youths in Minna, the Niger State capital, had on Monday blocked the busy Minna-Bida Road at the popular Kpakungu Roundabout, demanding that the Tinubu administration must address “hunger in the land”. The “crucial” meeting yesterday was attended by members of the Special Presidential Committee on Emergency Food Intervention. It was aimed at arresting the brewing crisis as a result of the soaring prices of food items and its attendant hardship on the citizenry. Briefing newsmen after the over three hours meeting, Minister of

Information and National Orientation, Mohammed Idris, expressed Tinubu's concerns about the worsening food crisis in the country. Idris said the president had directed that the situation should be arrested by the presidential committee. He stated, "We just rounded off a meeting. It is a special presidential committee to address the issue of food shortage or lack of enough food on the table of most Nigerians. This is just the beginning of that meeting. It is going to continue tomorrow and day after tomorrow. “The government is very concerned about what Nigerians are going through, especially what has happened in Minna yesterday, and, therefore, government is taking some action to ensure that Nigerians have some relief in terms of the availability of food on the table. "Of course, this meeting is not by itself exhaustive. It's just, like I said, the beginning. It is going to continue tomorrow and the day after. "Now, some of these will involve unlocking the foods that are available in most of the storage facilities (National Food Reserve) around the country. You know that the Federal Ministry of Agriculture has some food reserve. That is going to be made available to Nigerians." Idris said the government had opened discussions with millers and major commodity traders on how to open up their stores to make food

available to the Nigerian populace. According to him, "The government is also talking to major millers and major commodity traders, to also see what is available in their stores. To open it up so that government will provide some intervention, discuss with them, provide some intervention to make this food available to Nigerians. "What the government is noticing is that, actually, there is still food in this country. Some people are taking advantage of the situation, especially, because of the high cost, the depreciation in the value of our currency that has led to the cost of these food items also going up. "So all these issues were discussed. The governor of the central bank was here. The Minister of Finance and the Coordinating Minister of the Economy is in that meeting. “Of course, the Chief of Staff, the National Security Adviser, because it also has some national security implications. So, all these have been discussed. And like I said, this conversation or discussion is going to continue.” The information minister added, "What I will tell Nigerians is that the president has directed that government needs to step in to stem this tide. Government will not fold its arms and see the way Nigerians are suffering in terms of the availability of these food items. "So, I want to plead with you to understand with the government.

By the time these meetings are concluded, we'll be able to issue a definite statement on what the position of government is in this regard. But all I can say is that discussions are ongoing, and very soon a solution is in sight for Nigerians." On the possibility of some immediate actions, following the meeting, the minister said, "Some of them are dependent on the followup meeting on all this hardship. The government is stepping in a big way to ensure that Nigerians have succour going forward."

administration's continued support to the country's security forces through the modernisation of fleets, training, and welfare of personnel, and called for change in mind-set, tactics, and strategy. The appeal came as the senate, yesterday, said it would grill the service chiefs today and tomorrow over the insecurity in the country. Represented by Shettima, Tinubu admitted that coordination among security agencies had improved significantly, but he declared it was not yet uhuru. The president said, "There is no room for celebrations until we put an end to the security logjam; until we can bring our troops back to their localities, and until we can free up resources for our critical economic expansion programme. "I have no doubt that the deployment of these platforms would add impetus to the combat efficiency of the Nigerian Air Force in addressing our contemporary security challenges, not only within the shores of our country but also in the West African region. “We are committed to taking the right steps to achieve the desired results. The acquisition of these aircraft amongst other military equipment, despite our budgetary constraints, is an expression of our commitment.” Tinubu added, “We shall ensure that every sector of our nation benefits from the change that we promised. I, therefore, expect discipline in

operation and a strong maintenance culture that will enable the nation to derive maximum benefits from these acquisitions." The president recalled the inauguration and induction of four additional Diamond-62 surveillance aircraft into the arsenal of the Nigerian Air Force about two months ago, saying it is a symbol of his government's enduring commitment to the ideals of patriotism and investment in the nation's security. He said, “Indeed, our solemn commitment to safeguarding Nigeria’s security hinges upon the realisation that without vigilant attention to the needs of our Armed Forces, who are saddled with the maintenance of peace, law, order and stability, anarchy and lawlessness would surely prevail." Tinubu said the acquisition of aircraft had become necessary to improve the strategic use of air power in combating terrorism, insurgency and other security challenges plaguing the nation. He said since the Nigerian Air Force was established in 1964, it had played a critical role in national security, peace-keeping, and humanitarian operations globally. The president stated that its "contributions to the sustenance and maintenance of peace and security in places, like The Gambia, Guinea Conakry, Mozambique, Liberia, Sierra Leone, Mali, Guinea Bissau and Cameroun, have not only

The meeting held behind closeddoors at the Office of the Chief of Staff was attended by the National Security Adviser (NSA), Mallam Nuhu Ribadu, and Governor of Central Bank of Nigeria (CBN), Yemi Cardoso. In attendance also were Ministers of Education, Dr Tahir Mamman; Finance and Coordinating Minister of the Economy, Olawale Edun; Budget and National Planning, Atiku Bagudu; Agriculture and Food Security, Abubakar Kyari; and Minister of State for Agriculture and Food Security, Sabi Abdullahi.

Cardoso and ensure they are sourcing FX from CBN. The traditional role of the CBN which includes implementation of monetary policies and financial sector supervision needs to be improved and appropriate sanctions meted to offenders of laid down guidelines. “The new CBN team is on the right track if they can ensure stringent implementation of their policies.”

Lawmakers Want FG, Stakeholders to Open National Food Reserve The House of Representatives appealed to the federal government and critical stakeholders to immediately open the national food reserve and also consider importation of grains, poultry products, meat, beverages, healthcare and pharmaceutical products as a short-term measure. The lawmakers urged the governContinued on page 36

Cardoso: Nigerians Spent $40 Billion in 10 Years on Foreign Education, Medical Tourism

the same period. The CBN head noted that between January and September 2019, the CBN disbursed $9.01 billion to Nigerians for personal foreign travel, while food imports escalated from $2.63 billion in 1980 to $14.84 billion in 2019. "Report projects the number of Nigerian students studying abroad to exceed 100,000 by 2022. The UK's Higher Education Statistics Agency noted a 64 per cent increase in Nigerian students studying in the country, rising from 13,020 in the 2019/2020 academic session to 21,305 by the 2020/2021 session. "The UNESCO's Institute of Statistics shows the number of Nigerian students abroad increased

Tinubu: No Room for Celebration Until Military Ends Insecurity, Returns to Nigeria

evening at the Presidential wing of the Nnamdi Azikiwe International Airport, Abuja, about 8:55pm. Tinubu, who had left for France on January 24, was received at the airport by top government officials, including Secretary to the Government of the Federation (SGF), Senator George Akume; the president’s Chief of Staff, Hon Femi Gbajabiamila; National Security Adviser (NSA), Nuhu Ribadu; and Minister of the Federal Capital Territory (FCT), Nyesom Wike. At the airport also were Kaduna State Governor, Uba Sani; Minister of State for Petroleum Resources, Senator Heineken Lokpobiri; Director-General of the Department of State Services (DSS), and Alhaji Yusuf Magaji Bichi, among others. The president's latest trip to France was the third since he became president, and second private visit, one being official. The first was in June 2023, three weeks after assuming office, while the second was in September 2023. Tinubu, who was apparently worried by the rising security challenges bedevilling Nigeria, urged the security agencies to step up efforts at containing the multi-dimensional security problems facing the country. He gave the charge during the induction ceremony of two TK-129 ATAK Helicopters and a King Air 360i Aircraft at the Nigeria Air Force (NAF) Base, Makurdi. The president reiterated his

Gbolade, said the interview laid out the policy framework of Cardoso’s administration. He said, “The new management of CBN met a challenging situation in the bank and it will take bold and calculated measures to return the CBN back to its traditional position. “The new policies taken so far are aimed at helping the Naira to find its level and stop the profiteering of banks as regards our FX situation. “The willing buyer and willing seller policy for forex is a policy that will eventually strengthen and stabilise the Naira and the economy at large once the other policy measures start yielding fruit.” Idakolo, particularly expressed satisfaction with the central bank’s plan to streamline Bureau de Change operators are a critical stakeholder that could determine the success of the apex bank policy reforms. He said, “There is need to adequately monitor BDCS activity

been a source of pride to Nigeria, but have projected the nation as a reliable regional power. "This is, indeed, most commendable, just as the Nigerian Air Force continues to synergise with other security agencies in curtailing the threats posed by terrorists, insurgents and other criminal elements in the country." Recalling a promise during his inaugural speech last year that security would be the top priority of his administration, the president said about six months after the pledge, "So much has been achieved due to the gallant and synergistic efforts of our various security agencies." Tinubu assured that "professionalism, capacity building and adequate equipping of our Armed Forces and other security agencies are a major policy thrust" of his administration. He reiterated that under his watch, the federal government "will continue to re-professionalise and re-equip the armed forces and security agencies to effectively discharge their duties to our nation." He stated that as Chairman of ECOWAS, he was working diligently to enhance regional conflict management and development mechanisms. Inducting the aircraft and helicopters, the president said, "Finally, I congratulate the Chief of the Air Staff and all the personnel of the Air Force on this occasion of the Continued on page 36

from less than 15,000 in 1998 to over 71,000 in 2015. By 2018, this figure had reached 96,702 students, as per the World Bank. "It is crucial to highlight that between 2010 and 2020, foreign education expenses amounted to a substantial $28.65 billion, as per the CBN's publicly available Balance of Payments Statistics. Medical treatment abroad has incurred around $11.01 billion in costs during the same period," Cardoso stated. The CBN boss said that Nigeria's annual imports, which require dollars for payment, amounted to $16.65 billion in 1980 and by 2014, the annual import expenditure had significantly surged to $67.05 billion, although it gradually decreased to $54.71 billion as of last year. "Food imports escalated from $2.63 billion in 1980 to $14.84 billion in 2019. In 1980, more than 75 per cent of the vehicles used in Nigeria were domestically produced by companies like Volkswagen in Lagos, Peugeot in ° Kaduna, and others. Presently, over 99 per cent of the cars driven are imported, necessitating dollar payments. Similarly, in 1980, the majority of the clothing worn was sourced from Nigerian textile mills in Funtua, Asaba, Kano, Lagos, and various other towns and cities "Today, nearly all the clothing worn is made from imported fabrics. Given the substantial demand for education, healthcare, professional services, personal travel, and similar needs, the exchange rate is bound to face ongoing pressure. “On the supply side of the exchange rate, to bolster the inflow of US Dollars into a country, the economy must ‘earn’ these dollars through exports, whether oil or non-oil, or by attracting foreign investments. “A robust economic foundation is essential to produce goods and services that the global market is willing to pay for in US Dollars. When such supply surpasses demand, the exchange rate appreciates, causing the price of the dollar to fall. Unfortunately, in Nigeria, the contrary has taken place,” he explained. To underscore the interplay of demand and supply, Cardoso said that in 1980, for instance, import expenditure stood at $16.65 billion, while our exports amounted to $25.97

billion, resulting in a surplus of $9.32 billion. Thus, during that year, he stressed that Nigeria managed to fulfil the demand for US Dollars from its existing supply and still had over $9 billion in surplus. In such a situation, he said the exchange rate would not increase because similar to any commodity, its supply surpassed the demand. According to him, from 2003 to 2013, Nigeria experienced a surplus of $331.73 billion in the economy. This surplus of dollars, he said, would typically stabilise the exchange rate, leading to a "strong" Naira. Regrettably, over the past 12 years, Cardoso said oil exports, constituting over 90 per cent of Nigeria’s foreign exchange earnings, have declined from $93.89 billion in 2011 to $31.4 billion in 2020. From the aforementioned points, he argued that the genuine issue impacting the exchange rate is the simultaneous decrease in the supply and increase in the demand for US Dollars. "However, I want to emphasise that we are now at a turning point, and the bold reforms underway across different segments of the economy, though initially challenging, are aimed at addressing these challenges sustainably. “I am confident that positive outcomes are already emerging and will become more apparent in the near future. The dedicated and relentless efforts being made are certain to bring about significant and positive changes for our economy" "Notably, recent reports from international rating agencies such as Fitch, Moody's, S&P and commendations from multilateral banks like the World Bank reflect this positive trajectory, with upgrades to Nigeria's ratings from stable to positive. “These reports acknowledge the potential reversal of the deterioration in the country's fiscal and external position due to the authorities’ reform efforts. While recognising the painful adjustments, they all point to a direction that will unlock much needed growth and development for our economy in the medium to long term," he stated. Continued on page 37

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

WEDNESDAY, FEBRUARY 07, 2024 • T H I S D AY

NEWS

induction ceremony of T129 ATAK Helicopter and Beechcraft King Air 360ER...

L-R: Minister of Defence, Mohammed Badaru; Chief of Air Staff, Air Marshal Hasan Abubakar; Vice President Kashim Shettima; Governor Hyacinth Alia of Benue State and Speaker, House of Representatives, Tajudeen Abbas, during the induction ceremony of T129 ATAK Helicopter and Beechcraft King Air 360ER by the Nigerian Air Force at the NAF Base in Makurdi, Benue State... yesterday

Atiku: Presidency Failed to Provide Credible Defence for Tinubu’s Economic Failures Chuks Okocha in Abuja

Former Vice-President Atiku Abubakar, has faulted the Presidential Spokesman, Bayo Onanuga, in his response to the alleged poor management of the economy by President Bola Tinubu, stating that he failed to provide a credible defence for the administration’s failures in

tackling the economic challenges facing the country. In a statement by his media adviser, Paul Ibeh, Atiku said, Onanuga, in his characteristic manner, resorted to insults and name-calling, adding that he demonstrated ignorance in the happenings around him, denying, for example, that Tinubu’s policies were creating excruciating pain and

causing despair. Referring to Onanuga, the presidential candidate of the Peoples Democratic Party (PDP) in the last general election, asked, whether he offered any better policy options in his run for the presidency? "Yes, he did. His living prescriptions contrast sharply with Bola Tinubu’s morbid policies. Atiku’s

policy document, My Covenant With Nigerians, offers a clearly defined and robust roadmap for the socio-political and economic transformation of Nigeria. “On the economy, the policy document outlines the challenges we face and our vision to get the economy on its feet and create prosperity. If Bayo desires, he can

have a copy for free!" he said. On the second point, Atiku said all the major presidential candidates supported withdrawal of subsidy on PMS. He, however asked: "But so, what? Even if all the major candidates agreed that the fuel subsidy regime must end and that the multiple exchange rates must be

Africa Worst Hit By Russia/Ukrainian War, Spends $20bn Annually on Wheat Importation, Says TAAT Ahmad Sorondinki in Kano The Technologies for African Agricultural Transformation (TAAT) yesterday, stated that African countries spend $20 billion annually on the importation of wheat which made the continent the worst hit by the ongoing Russia-Ukraine war. Head of TAAT, Dr. Solomon Gizaw, disclosed this in Kano during a train the trainers’ workshop on wheat seed production in Nigeria. According to him, African

countries were currently paying the supreme price for the UkraineRussia war which has disrupted supply and led to high cost of wheat in Nigeria and Africa. He said Nigeria has all it takes to produce and feed itself and the rest of African countries. "The fight between Russia and Ukraine impacted the whole of Africa. You can imagine, two countries fighting elsewhere in Europe but the fight has caused a lot of supply disruption because

Abiodun Releases Another N1bn for Payment of Gratuity James Sowole in Abeokuta Ogun State Governor, Dapo Abiodun has released another N1 billion for payment of gratuity in fulfilment of his promise to cater to the welfare of pensioners. The Permanent Secretary, Bureau of State Pensions, Mr. Adesoji Adewuyi made this known in his office at Oke-Mosan, Abeokuta. Adewuyi explained that the money was released to cater for the state pensions which would be in two batches, with the first batch for pensioners in October 2014 list, as well as the outstanding of Basic, Rent and Transport (BRT) allowance for the month of March, 2013. He added that pensioners with urgent medical needs or hospital bills would be considered from the gratuity. The permanent secretary further noted that the second batch of the gratuity would be paid to pensioners who were listed for November 2014, adding that the BRT allowances for the remaining pensioners in March and April 2013, would equally

be taken care of. He appreciated Abiodun for his commitment towards the plight of the senior citizens, adding that the gesture would go a long way in bringing a positive impact to the lives of the pensioners. He enjoined those who were still awaiting payment to be patient with the present administration, as it would soon be their turn. The state government has in the last six months, released about N1.7 billion for the senior citizens. This covers full payment from September 2014 to November 2014; BRT balance covering January 2013 to May 2013; gratuity of retired judges; pensioners with health challenges and payment of gratuity of some permanent secretaries. Some of the beneficiaries, who spoke on the development, thanked God for sparing their lives to reap the fruits of their labour. They appreciated the governor for keeping to his promises and prayed that God would continue to guide and protect him in steering the ship of the state.

we Africans are the major importers of wheat across the continent. “This means we don't have food security as our food security is in the hands of the others. "Africa around this time annually spends nearly $20 billion to import wheat from another part of the world. They import fertilizer and wheat from Ukraine and Russia and as a result, the war between the duo has disrupted the supply of wheat and also fertilizer." he stated. "This affects African countries’ wheat prices and supply. It has a lot of problems and challenges to provide food, bread for the poor, and other food because of the high price of fertilizer. “Africa is hard-hit as a result of these two countries' war. Africa has technology, land, water and people. If we come together and work

together, Nigeria can feed itself and the rest of African countries. "In Africa today, we have several high-yielding wheat varieties that are giving a high yield of six to seven tonnes per hectare. But today in Nigeria, the wheat production is not exceeding two to three per hectare. You can imagine.” Speaking further, he said: “With one farmland, we can increase productivity by two to three folds. So the African Development Bank is working with the Nigerian government to expand wheat. And the government has committed to take this variety." The head of TAAT added, "If you produce the right quantity of seeds in Nigeria next year, all Nigerian wheat farmers can grow wheat and if you continue with this, in the next three, four or five years, Nigeria can completely

reverse wheat importation which is now about 95 per cent." He further explained that Nigeria has all it takes to be self-sufficient. "And our forecast in the potential of Nigeria shows Nigeria can produce, feed itself and the rest of Africa," Gizaw added. Earlier, TAAT Program Coordinator, Dr. Chrys Akem, lamented Nigeria’s poor wheat production. He said three countries namely Ethiopia, Sudan, and Nigeria - had set out for sufficiency in wheat production but Nigeria instead of progressing had been retrogressing. "We started a program 10 years ago called Support Agricultural Research for Development of Stability Crop in Africa, and wheat was one of the crops. There were three countries, Nigeria, Ethiopia, and Sudan that were ready for the revolution," he added.

fixed, this would not translate into endorsing Bola Tinubu’s failures in implementation. “The truth is that unlike Atiku, Bola Tinubu did not understand the reforms he embarked upon and had no idea what steps to take to mitigate their negative impact. "As a leader with foresight, Atiku anticipated that the withdrawal of subsidy and the unification of exchange rates could, in the absence of fundamental interventions, impact negatively on micro and small enterprises in the informal sector. “He anticipated that such policies could elevate the levels of vulnerability and deprivation of poor families, including the youth and adults with no incomes." The former Vice President, therefore, pledged to support Nigeria’s businesses by creating an Economic Stimulus Fund with an initial investment capacity of approximately US$10 billion to prioritise support to MSMEs across all the economic sectors, as they offered the greatest opportunities for achieving inclusive growth. 'The Fund was designed to make it easier for Nigeria’s 60 million micro and small enterprises to navigate the stormy seas in the aftermath of the withdrawal of subsidy on PMS. "In contrast, Bola Tinubu offered a paltry N125 billion to help the MSMEs, which at today’s exchange rate is no more than US100 million. Of course, Bayo Onanuga is aware that the pledge is yet to be redeemed by the president.

FCSC Chair Seeks Mentorship in Public Service, Harps on Youth Participation Emmanuel Addeh in Abuja The Chairman of the Federal Civil Service Commission (FCSC), Prof. Tunji Olaopa yesterday harped on the need to ensure youth participation in public service as part of the current inter-generational conversation. The former permanent secretary and professor of public administration, spoke when the Minister of Youths and Development, Dr Jamila Ibrahim, visited him in his office, a statement from the commission said. According to Olaopa, professionalism in the civil service must start with the greater weight given to authority of knowledge and expertise over and above the known conventional considerations. Stressing that this will depend on how far Nigeria goes to restore competency-based practices, he stated that the commission was determined

to align all its national values such as the federal character policy and other core elements of Nigeria’s diversity with the merit system. "The overarching goal is to build a new generation of leaders and public managers within framework of a value-based civil service that is people-focused, professional, technology-enabled, entrepreneurial and accountable to deliver quality service to the Nigerian people as a social compact," he added. He said the commission plans to work with the National Orientation Agency (NOA), the Federal Ministry of Education, National Universities Commission (NUC) and some agencies under the ministry, to develop an inter-agency public service orientation mentoring programme. "It is evident that what has been missing, among a few other factors in the Nigerian leadership equation, is effective mentoring, especially in

preparation for public service and its roles. “Effective mentorship affects and influences the processes and outcomes in leadership, including talent management, public service values and orientation, bureaucratic corruption, succession planning and performance management. “Mentoring produces leaders that ensure continuity and maintain the culture and values of the institution because such leaders have not only been taught but also groomed and nurtured. They climb on the shoulders of giants and therefore are far more effective and visionary in administration. Mentorship role is ‘earned’ by reputation and integrity of purpose not just by age and status in society," he added. According to him, the Nigerian youth is caught in-between the crisis of leadership development and the failure of mentorship.

“A system without mentors; the engine that the younger generation looks up to for inspiration and boost, will struggle with growth, efficiency and development. “There seems to be a general crisis of the poverty of spirits among the older generation in the country. It is a formidable challenge. “There is a dearth of men and women of integrity in the country, making it difficult to have mentors who will be looked upon as role models and agents that will motivate, energise and mobilise the younger generation as the needed change and ethical revolution in the country,” he stressed. As part of the process for reinstituting the merit system as the core of public service professionalism, he said the commission will want to include top three to five performers in each senatorial districts into the federal service annually.

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

T H I S D AY • WEDNESday FEBRUARY 7, 2024

politics

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

Parties Gear Up for Primaries Ahead of Edo 2024 Guber Race

With less than two weeks to parties’ primaries to elect candidates for the September, 2024 Governorship Poll in Edo State, Adibe Emenyonu looks at the game plan around those eyeing the number one seat in the Hearbeat of the Nation among the three main parties vis the Peoples Democratic Party, All Progressives Congress and Labour Party.

Ighodalo

n a short while, the primaries by political parties to choose candidates for the September 21, 2024 governorship election in Edo State would be conducted. Already, the aspirants and their supporters appear tensed up possibly due to the unpredictability of the outcome of the primaries. Prominent among the parties that have thrown up aspirants for the gubernatorial race are the Peoples Democratic Party (PDP), the All Progressives Congress (APC), and the Labour Party (LP) and some other less popular parties. On the platform of the PDP, notable names like Omosede Igbinedion, Asue Ighodalo, the state deputy governor, Mr. Philip Shaibu; Osaro Onaiwu, Anselm Ojezua, Felix Akhabue, Prof. Martin Ihomoibhi, Omoregie Ogbeide-Ihama, Arthur Esene and Umoru Hadizat are there to watch. For the APC, the much criticized screening has been a blessing in disguise as it has reduced the number of aspirants from 30 who previously indicated interest to contest to 10 as at the last count. The aspirants are Prof. Oserhiemen Osunbor, Pastor Osagie Ize-Iyamu, General Charles Airhiavbere (rtd), Mr. Lucky Imasuen, Dr. Ernest Umakhighe, Dr. David Imuse, Dennis Idahosa, Senator Monday Okpebholo, Prince Clem Agba, Gideon Ikhine and Anamero Dekeri. From the Labour Party angle, the contest for now has been reduced to four aspirants based on those who have bought the nomination form and include Kenneth Imansuangbon, Olumide Akpata, Dr. Angela Ason Aburimen, and Sunny Eremosele Eboh. The other 14 aspirants perhaps are still waiting for responses from the party’s National Working Committee over possible reduction in the amount requested for sale of interest and nomination forms for them. Against this backdrop, arrangements are in top gear by the various parties to conduct their primaries. While the PDP has fixed the primary election for February 22, APC will have theirs on the 17th of February, and LP may likely conduct theirs within the same period. Peoples Democratic Party Except the ongoing reconciliation within the party is genuine and concrete, the sharp division within the party would be detrimental to who will emerge as candidate. First is Governor Godwin Obaseki-led faction with Asue Ighodalo as the preferred aspirant. Second is the Dan Orbih faction projecting Ogbeide-Ihama as its preferred aspirant. There is also the third arm, propelled by the deputy governor, and lastly, the non alligned; that is those who are neither affiliated to Orbih, Obaseki or Shaibu but have suddenly now formed a bloc simply because they all perceive a common adversary.

Ize-Iyamu It was gathered that Sunday night before the Abuja screening, these aspirants with the exclusion of Asue Ighodalo met to request for the disqualification a particular hopeful before the Monday screening. At the meeting, the aspirants involved agreed that anyone among them that was favoured to fly the party flag will be supported by others. They were also said to have vehemently rejected Shaibu as, according to an insider at the meeting, it is neither the turn of Edo South not Edo North, but Edo Central. During the screening, the panel’s Chairman and Governor of Plateau State, Caleb Mutfwang, while addressing aspirants in Abuja, reassured all aspirants that the party will ensure fairness for all contestants and emphasized the PDP’s commitment to winning the governorship poll. Mutfwang who advised the governorship aspirants to have in mind that only one of them would ultimately become the opposition party’s candidate said: “I want to assure you that we will give all the support we can to ensure that PDP retains Edo State. Ultimately it is only one person that will emerge. If we believe that it is God that gives power, then it is not today neither is it on the election day that God is going to determine who will govern. He has already determined”. Should the proposed reconciliation among the warring factions fail, it means the 10 that have picked nomination forms will go for the primary election. They include the state deputy governor, Mr. Philip Shaibu; former Chairman of Sterling Bank, Asue Ighodalo; twotime member, representing Oredo federal constituency in the House of Representatives, Hon Omoregie

Akpata

Shaibu

Ogbeide-Ihama; former Chairman of Esan West LGC, Felix Akhabue; former State Chairman of APC, Anselm Ojezua, former member representing Ovia federal constituency, Omosede Igbinedion; Arthur Esene; a former diplomat, Prof Martin Uhomoibh; Hadizat Umoru and Osaro Onaiwu. However, nothing is cast in stone as some of the aspirants can possibly collapse their ambition before the day of primaries in support of a particular governorship hopeful depending on the offer proposed. The signs that this may happen are already there if the outcome of the party ward congresses is anything to go by. From the results so far, Obaseki’s preferred aspirant may have the upper hand on the day of primaries.

They are Senator Oserhiemen Osunbor; two-time governorship candidate of PDP and APC, Pastor Osagie Ize-Iyamu; a former candidate of the PDP, General Charles Airhiavbere (rtd); former deputy governor of Edo State, Mr. Lucky Imasuen; retired Permanent Secretary, Dr. Ernest Umakhighe; immediate past Chairman of Edo APC, Dr. David Imuse; House of Representatives member, representing Ovia federal constituency, Mr. Dennis Idahosa; Senator representing Edo Central district at the National Assembly, Monday Okpebholo; immediate past Minister of Budget and National Planning, Prince Clem Agba; former Chairman, Obaseki/ Shaibu Campaign Organisation, Gideon Ikhine; and member representing Etsako federal constituency, Anamero Dekeri. “This too is a crowd capable of causing another intra-party squabble”, the source further noted, adding that it is only the party national leadership that has the right to choose those who should contest and those who should stay back. According to him, “Even in a football team of 22 players, it is only 11 players that are allowed to be on the field of play. It does not mean that others are rejected but have to wait for their turn.”

All Progressives Congress In spite of the agitation by those who feel it’s their birth-right and entitlement to contest governorship primaries and possibly emerging as candidates of the party, even after they have tried severally, little or nothing would come out from their protests as the party heirachy at the national level is alleged to have made up its mind on those to contest the party primary. “It will be nothing short of those already pencilled down”, a party source told THISDAY in confidence. THISDAY further gathered that the Prof. Julius Ihonvbere-led committee which initially prune down the crowd of 30 aspirants to four was a blessing in disguise and a smokescreen of what is expected at the end of the day. It was also learnt that even those who were unsuccessful in that exercise were retained to give the upcoming primaries a semblance of free and fair contest as the party candidate is already known. Be that as it may, should the leaders see reasons to bend their already perceived rules, everyone would go to the field to test their popularity, it means all the 11 aspirants of the party who had already purchased nomination forms will all contest.

In a short while, the primaries by political parties to choose candidates for the September 21, 2024 governorship election in Edo State would be conducted. Already, the aspirants and their supporters appear tensed up possibly due to the unpredictability of the outcome of the primaries. Prominent among the parties that have thrown up aspirants for the gubernatorial race are the Peoples Democratic Party (PDP), the All Progressives Congress (APC), and the Labour Party (LP) and some other less popular parties.

Labour Party The party is at a crossroad and yet to decide whether to zone the governorship or not, especially with the coming into the race by the immediate past President of the Nigeria Bar Association, Olumide Akpata with a big bang. It is said that the party is in a fix as to what to do after eaten the irresistible pie served by Akpata when he joined the party. With the ongoing building of a state party secretariat along Airport road, Benin, and the donation of Sienna Space Bus to each of the 18 local government party headquarters, including members of the SWC, the party is finding it difficult to sing a different song to disfavour Akpata. As it stands presently, the governorship aspirants to look out for are Kenneth Imansuangbon, Olumide Akpata, Dr Angela Aburimen and Eremosele Eboh based on their acceptability among party leaders and members. Though the party had earlier ruled out zoning, it was however, gathered that the national chairman, Julius Abure, was scheming to ensure the candidate comes from the central district of the state just as Obaseki canvassed similar sentiment for the PDP. Presently, with Akpata in the wings, such earlier arrangement may no longer be feasible as he is rated one of the strongest contestants. But should the party hierachy negotiate its way and convince members from the two other senatorial districts (Edo South and Edo North) to support the emergence of Edo Central candidate, it is expected that Imansuangbon will be the leading aspirant, followed by Aburimen, and Eboh.

T H I S D AY • WEDNESday FEBRUARY 7, 2024

FEatures

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

InterswitchSPAK's Commitment to Empowering the African Youth

Recognising the importance of nurturing forward-thinking and proactive young minds as well as promoting sustainable development in Africa, Interswitch, a leading African digital payments and commerce company, has taken significant strides towards supporting STEM education in Africa through InterswitchSPAK, its flagship CSR initiative, Precious Ugwuzor reports

n recent years, there has been a growing recognition of the critical role that STEM (Science, Technology, Engineering, and Mathematics) education plays in shaping the future of nations across the globe. Africa in particular, with its rich potential and youthful population, stands to benefit significantly from a robust emphasis on STEM education. STEM education equips individuals with the necessary skills to address pressing challenges facing the continent. As Africa continues to strive for sustainable development, the expertise gained through STEM disciplines enables young minds to devise innovative solutions for issues such as healthcare and agriculture, among others. STEM education also serves as a catalyst for economic growth and job creation. By nurturing a workforce with proficiency in science, technology, engineering, and mathematics, African nations can attract and support the proliferation of industries that drive technological advancement. This consequently cultivates an environment favorable to entrepreneurship and innovation, reducing dependence on conventional sectors and creating a knowledge-based economy. Recognising the importance of nurturing forward-thinking and proactive young minds as well as promoting sustainable development in Africa, Interswitch, a leading African digital payments and commerce company, has taken significant strides towards supporting STEM education in Africa through InterswitchSPAK, its flagship CSR initiative. InterswitchSPAK was birthed in 2018 to recognise and reward the outstanding efforts of brilliant young minds striving for excellence in STEM subjects, by creating a platform that encourages healthy competition. The InterswitchSPAK National Science Competition brings together talented senior secondary school students from diverse backgrounds to showcase their remarkable Speed, Perseverance, Accuracy and Knowledge in line with the SPAK spirit. The competition also provides a unique opportunity for participants to interact with industry professionals, gaining insights into real-world applications of STEM and fostering mentorship opportunities. In the last five years, the competition has witnessed notable success stories, with students who emerged as winners subsequently carving their niche across diverse STEM disciplines, within and outside Nigeria. Having past winners of InterswitchSPAK attend prestigious tertiary institutions such as the University of Lagos, Texas A&M University, and Howard University both in the USA, underscores the far-reaching impact of the initiative. The continued success of these students on the global stage exemplifies their capacity to thrive and excel in varied academic landscapes, reflecting not only their dedication to excellence but also their relentless spirit fostered through their participation in the InterswitchSPAK competition. Now in its fifth year in Nigeria, the initiative has directly reached over 80,000 students, and in Kenya where the competition has run for four years, over 7,000 students have been directly impacted. These numbers are a testament to the expansive reach of the initiative across both counties and beyond. In Nigeria, the fifth milestone edition began with a national qualifying examination, with registrations received from over 17,000 students from private and public secondary schools nationwide. Of the lot, the top 81 students were selected to compete in the InterswitchSPAK 5.0 TV Show. From this pool of 81 outstanding students from various secondary schools across Nigeria, the participants were further narrowed down to the top nine finalists. In a dazzling display of brilliance, Abraham Daramola of Hallmark Secondary School, Ondo State, emerged as the overall winner of the fifth edition of the InterswitchSPAK National Science Competition. For his exemplary performance, Abraham received a university education scholarship

L-R: Tomijogun Ogunlesi, Divisional Head, Brands and Communications, Interswitch; Emmanuel Omoegbeleghan, second-place winner; Vincent Ogbunude, Managing Director, Interswitch Cards and Tokens (Verve); Abraham Daramola, Winner; Emmanuel Angelo-Hyuwa, third-place winner and Yemisi Owonubi, Head, Communications and CSR, Interswitch at the grand finale of the InterswitchSPAK 5.0 National Science Competition which held recently in Lagos

L-R: Tomijogun Ogunlesi, Divisional Head, Brands and Communications, Interswitch; Vincent Ogbunude, Managing Director, Interswitch Cards and Tokens (Verve); Abraham Daramola, Winner; Balogun Adedeji, Abraham’s teacher and Yemisi Owonubi, Head, Communications and CSR, Interswitch at the grand finale of the InterswitchSPAK 5.0 National Science Competition which held recently in Lagos valued at N7.5 million, spread over a period of 5 years, inclusive of a monthly stipend plus a brand-new laptop, and the prestigious recognition as the best STEM student in Nigeria. Emmanuel Omoegbeleghan from The Crescent International School, Ogun State, secured the second-place position, while Emmanuel Angelo-Hyuwa from The Ambassadors College, Ogun State, clinched the third place, earning them scholarships of N4 million and N1 million each, respectively. Beyond the competition, Interswitch has also implemented an informal mentorship program which connects the competition winners with some of its senior management staff who

themselves are experienced professionals in STEM fields. These interactions aim to provide invaluable guidance to the next generation of STEM leaders in Nigeria. Speaking at the grand finale of the competition, Vincent Ogbunude, Managing Director, Interswitch Cards and Tokens (Verve) said, “We believe that investing in STEM education is not just an obligation but a strategic initiative for shaping the future of Nigeria. "Through the InterswitchSPAK initiative, we are proud to contribute to the development of a skilled workforce that will drive innovation and excellence in Science, Technology, Engineering, and Mathematics”. Also speaking on the laudable initiative, the Divisional Head, Brands and Communication, Interswitch, Tomi Ogunlesi said “By empowering

Looking ahead, it remains crucial to foster the active participation of more students in initiatives like InterswitchSPAK. Interswitch, as a company, is committed to continuing its support for such initiatives, enabling platforms that fuel the burgeoning interest of African students in STEM

innovative young minds to drive progress in STEM, fostering a culture of healthy competition and providing mentorship opportunities, we aim to empower the young minds and catalyze positive change in the educational landscape. Interswitch is committed to being a catalyst for Nigeria's progress, and initiatives like InterswitchSPAK reflect our dedication to nurturing the next generation of STEM leaders who will shape the nation's technological future." STEM education nurtures core critical thinking, problem-solving, and analytical skills that are essential for developing well-rounded and adaptable individuals. These skills are not only valuable in the professional realm but also in everyday life, contributing to the overall resilience and capacity required for innovation within the African landscape. Looking ahead, it remains crucial to foster the active participation of more students in initiatives like InterswitchSPAK. Interswitch, as a company, is committed to continuing its support for such initiatives, enabling platforms that fuel the burgeoning interest of African students in STEM. Through sustained efforts, InterswitchSPAK will play a pivotal role in nurturing a generation of STEM leaders, charting a course toward a brighter and more innovative future for Nigeria and beyond.

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

THISDAY • WEDNESDAY, FEBRUARY 07, 2024

polity

Asue Ighodalo: The Round Peg in Round Hole for Edo? Ayoola Ajanaku “The price of greatness is responsibility” - Sir Winston Churchill. his profound statement by British statesman, soldier, and writer Sir Winston Churchill, who served as Prime Minister of the United Kingdom twice, from 1940 to 1945 during the Second World War, and again from 1951 to 1955, resonates deeply on the premise of this treatise. As the race to emerge as the next occupant of Dennis Osadebey House, Benin has started in earnest with gladiators throwing their hats into the ring as gubernatorial aspirants. In the face of this of development where there’s an unwritten agreement on transition of power between the senatorial districts of the big heart of the nation. The meat of this submission is hinged on the quest of well-respected lawyer, corporate titan and public figure christened Asue Ighodalo who’s known for his expertise in corporate law, finance, and investment banking, as he takes a dive into the murky waters of politics laden with intrigues, conspiracies, alignment and realignment, nocturnal locomotion in his quest to govern Edo State as the helmsman as the tenure of incumbent Godwin Obaseki winds downs. Fortune can be determined by one’s adeptness to navigate the intricate spaghetti of human existence. Despite these circumstances, there are persona’s who have experienced trajectories that shaped who they morphed into today, and over the years, they have proven themselves as true models of prominence. Asue Ighodalo, is one of such illustration. From his early years studying at the beginning of where nurtured boys transited to global men, King’s College, to where he sits today as Chairman of several top-notch business entities like Sterling Bank Plc, Nigeria Breweries Plc, Levene Energy, Dangote Flour Mills Plc, Asue has had a remarkable voyage, successfully led numerous high-stake negotiations, advised on critical legal matters, and directed strategic initiatives that has transformed organisations and achieved remarkable outcomes. He has also been involved in various public and private sector initiatives. However, whether he is the “round peg in a round hole” for Edo State would depend on several factors and the specific context in which his potential role in Edo State is being considered. Some considerations include leadership skills. Ighodalo’s

Asue Ighodalo leadership qualities, managerial abilities, and track record in various capacities would be critical in determining his suitability for a leadership role in Edo State. All things said politics is not a mathematical equation where one plus one equals two. Understanding of Edo State dynamics is key in the forthcoming off cycle political contest. Knowledge of the local dynamics, culture, challenges, and opportunities in Edo State would be essential for effectively leading and contributing to the development of the state. It’s stranger than fiction that Asue Ighodalo has been blackmailed in certain quarters that he’s not a son of the soil, as he’s unable to

speak and converse conveniently in the local Esan dialect. The corporate titan and eminent legal counsel has dispelled this smokescreen been bandied around by naysayers and fifth columnists in public domain. Ighodalo’s vision and plans for the socioeconomic development of Edo State, as well as his alignment with the aspirations of the people would play a crucial role in determining his suitability. On paper he fits the bill of who can ascend to the seat of the South South sub-national entity, but there are factors that might militate against his ambition in the short, mid and long term if he clinches the much-coveted ticket via the Peoples Democratic Party (PDP) platform. The

legion of party faithfuls who have an axe to grind with incumbent governor, Godwin Obaseki might truncate the ambition of Ighodalo. The current deputy governor, Comrade Phillip Shuaibu is daggers drawn with his principal on the forthcoming gubernatorial contest concerning his eligibility and the cold shoulder meted to his ambition by the governor. On the periphery, there has been a groundswell of support and endorsement for Ighodalo’s quest for Dennis Osadebey House with eminent candidates in the fold of PDP stepping down for his candidacy. One needs to take a cursory look at Ighodalo’s prior experience in public cum private sector as chairman of Alaghodaro Economic Summit and his stint as helmsman of Nigeria Economic Summit Group (NESG) come in handy, his strides in community development of Esan Land further enhances his suitability for a role in leading or contributing to Edo State’s development. Asue also has a high hurdle to surmount to engage with diverse stakeholders, including government officials, community leaders, business entities, and citizens that would be important for building consensus and collaboration in his quest to lead the heartbeat of the nation. In the realm of ethical standards and Integrity, Ighodalo has paid his dues beyond comprehension. The importance of upholding ethical standards and integrity in public service cannot be overstated. Any individual considered for a significant role in Edo State should demonstrate high ethical standards and integrity. His alignment with the development priorities and policies of Edo State and the ability to work within the existing governance structure would be crucial and will be key factor as the race for the gubernatorial contest gathers steam. It’s important to note that determining whether someone is a “round peg in a round hole” involves a comprehensive evaluation of their skills, experience, vision, and ability to address the specific needs and challenges of the role they are being considered for. Public perception, consensus among relevant and key stakeholders, and the overall context of the politicking via democratic tenets of emergence as the candidate of the PDP also play significant roles in determining suitability for leadership positions. Time will tell where the pendulum will swing and as they say: “One day is a long time in politics”. •Ayoola Ajanaku is a Communications and Advocacy Specialist based in Lagos, Nigeria...

NEWS

EFCC: Sirika’s Brother Did Not Execute N8bn Contract Awarded to His Company By Former Aviation Minister Kingsley Nwezeh in Abuja

The Economic and Financial Crimes Commission (EFCC) arrested Abubakar Sirika following

his failure to execute contracts awarded to him by the Federal Ministry of Aviation totalling N8 billion, THISDAY has learnt. Abubakar is a brother to the

former Minister of Aviation, Hadi Sirika. THISDAY Checks showed that the suspect was awarded four major contracts by his brother,

the former minister “without executing even a single one”. Sirika, a Level 16 officer (deputy director) in the Ministry of Water Resources was paid N8 billion

without executing any contract. The anti-graft agency arrested him on Sunday. He is presently facing interrogation at the Wuse Zonal Office of the agency.

Respite for Amosu, Others, Court Quashes N21.5 Billion Money Laundering Charge

Wale Igbintade

Respite came the way of a former Chief of Air Staff, Adesola Amosu, and two others as a Federal High Court sitting in Lagos, yesterday, quashed the N21.5billion money laundering charge filed against them. Justice Chukwujekwu Aneke, in a ruling, upheld a preliminary objection by defence challenging the jurisdiction of the court to entertain the case on the grounds that the defendants were serving officers of the military at the time the charge was filed before the court. The Economic and Financial Crimes Commission (EFCC) had re-arraigned the defendants on an amended 13-count charge bordering on money laundering to the tune of N21.5billion. The EFCC first arraigned the defendants before Justice Mohammed

Idris. Trial had began but subsequently, Justice Idris was elevated to the Supreme Court, and the case was transferred to Justice Aneke. The defendants were consequently, re-arraigned in 2018, on an amended 13-count charge bordering on conspiracy, criminal breach of trust and money laundering. But they all pleaded not guilty to the charge and were granted bails. Trial had since commenced before Aneke and the prosecution called its witnesses. On June 1, 2023, counsel to the 1st defendant, Chief Bolaji Ayorinde (SAN) filed a notice of preliminary objection and an affidavit of six paragraphs, challenging the jurisdiction of the court and urging it to quash the amended charge. Defence had also argued that the first defendant was at all times

material to the trial, a serving officer of the armed forces, who is subject to the trial by a court martial. He submitted that section 16 and 18(a) of the money laundering Act 2011, (as amended), did not create the offence of criminal breach of trust for which the defendants were charged. Also relying on an Appeal court’s decision in the case of Brig. Gen. Ja’faru Mohammed vs EFCC Chairman and others, defence had argued: “That the court had held that the said offences in that case, were triable by a ‘court martial’ by virtue of section 114 of the Armed Forces Act, as they formed part of other civil offences prescribed for persons subject to service law,” he argued. He had argued that the first defendant was at all time material to the instant trial, not just a serving officer but also the Chief

of Air Staff and was subject only to the provisions of the service law, with regards to arrest, invitation, interview or investigation. Defence had therefore, raised a sole issue for determination: “Whether the EFCC can arrest, arraign, and prosecute the first defendant, who was at all times material to trial, a serving military officer, without first complying with the provisions of section 114, 121, 123, and 270 of the Armed Forces Act, 2004. Delivering his ruling yesterday Justice Aneke held that the prosecution neither admitted not denied the depositions of the defendants. The judge held that as at June 23, 2016 when the original charge was filed before the court, one was not sure whether the first defendant was still a serving officer of the Armed forces, since his exact date of retirement was not stated.

The court, however, held that in the proof of evidence filed by the prosecution at paragraph 1688 and 1695, contained letters written by the prosecution to First City Monument Bank dated Jan. 30, 2015. The court held that the letters showed that investigations into the instant charge had already begun as at January 30, 2015, by which time the affidavit evidence proved that the first defendant was still in service of the armed forces. Reiterating the decision of the apex court in the case of Ja’faru Mohammed, the court held that the investigation of the first defendant was null and void. “Therefore, the investigation of the defendant, the original charge, the amended charge and the arraignment which are all based on the illegal, null and void investigation, are equally null and void.

“He received four contracts to the tune of N8 billion. All the money was paid to him but not a single job was executed”, a source close to the investigation told THISDAY. “We arrested him on Sunday. He is held at Wuse zonal office. He is telling us how he spent the money and where he kept it”, the source said. It was gathered that N3, 212,258,930.18 was traced to Engirios Nigeria Limited, owned by Abubakar. Sirika is listed as the company’s Managing Director/Chief Executive Officer. Besides, he was found to be the sole signatory to the two accounts linked to the firm with two banks. The four contracts the former minister awarded to his brother include construction of the Terminal Building in Katsina Airport (N1,345,586,500.00); Fire Truck Maintenance and Refurbishment Centre in Katsina Airport (N3, 811,497,685.00, procurement and installation of elevators, air conditioners and power generator house in Aviation House, Abuja (N615,195,275.000) and procurement of Magnus Aircraft and simulator for Nigerian College of Aviation Technology, Zaria (N2, 296,897, 404.00).

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

T H I S D AY • WEDNESday FEBRUARY 7, 2024

Education Otti Wants ASUU to Lead FUTA Leads Other Varsities in National Initiative for AbiaVarsity’s Research Fund Grants Financial Autonomy Fidelis David in Akure and other universities trailed menced in March 2023 with “We are proud that our the receipt of 4,287 concept notes institution is living up to its behind. Emmanuel Ugwu-Nwogo in Umuahia

The Academic Staff Union of Universities (ASUU) has been challenged to evolve means of making the Abia State University, Uturu (ABSU) financially independent. Governor Alex Otti threw the challenge at the union members during a meeting with the executives of ASUU-ABSU, saying that the state-owned university was old enough to start fending for itself. He stated that it was not sustainable for ABSU to rely solely on government subventions for survival. He added that the academic staff should be at the vanguard of the move to attain financial autonomy. “It is important that we put on our thinking cap and remove our begging cap because this whole idea of begging is the problem that we have in Nigeria,” Otti said. “Even as a country, we keep begging, we keep borrowing, and we need to think of being financially independent.” He told the ASUU-ABSU leadership, led by the Zonal Coordinator (ASUU National), Calabar Zone, Dr. Happiness Uduak, that “even from research alone, the university should be able to generate enough resources to attend to some of its needs. “We need to begin to think of how to make our universities financially independent. Let us rechannel our ABSU-ASUU to begin to think of how they

can contribute to making the university independent, and I will support you,” Otti said. The governor assured the leadership of ASUU that his government would look into the institution’s problems, resolve them and make ABSU stand out among its peers. He said the demands that the ASUU leaders tabled before him were not unreasonable, though a lot needed to be done, adding that the government would do everything within its capacity to meet the needs of the university. He expressed surprise over the “18 months salary differential,” which the union said its members in ABSU were owed between 2009-2010, in addition to 11 months salary arrears owed the lecturers by the immediate past administration. The governor promised to meet with the ABSU management to iron out several issues, including strengthening the institution’s corporate governance. He promised to set up a visitation panel at the university and look into enhancing ABSU’s subvention as requested by the union leadership. Uduak had earlier expressed ASUU members’ gratitude to Otti for the infrastructural transformation witnessed in Abia, some of which impacted the ABSU community. She commended Otti for the prompt release of the monthly subventions of the university, thereby paving the way for industrial harmony between the government and the union.

National Research Fund: UNIOSUN Tops State Universities, Wins Six Awards Yinka Kolawole in Osogbo Osun State University (UNIOSUN) has emerged as one of the two universities nationwide that leap-frogged to six awards with over N174 million from the National Research Fund. This research fund is an intervention of the federal government targeted at boosting research and development for Nigeria’s economic and technological advancement through the Tertiary Education Trust Fund (TETFund). The Vice-Chancellor, Prof Odunayo Adeboye, disclosed this at the official presentation of letters of the award to the winners of the 2023 TETFund national research fund and recent international grant held at the multipurpose hall of the university’s main campus. He noted a whooping increase of 486 per cent compared to 2022, when UNIOSUN won just two NRF grants valued at N36 million in the 2023 grant cycle. The VC stressed that UNIOSUN and two other universities in the Southwest led state universities in Nigeria, each with six successful research proposals. According to him “UNIOSUN also emerged as one of the two universities nationwide that

won the highest number of NRF research grants under the Humanities and Social Science (HSS) Research Category, both universities produced four awardees each in the HSS category.” He also acknowledged the contributions of the Office of Research and Innovation Management (ORIM) under the leadership of Professor Olukoya Ogen for the unprecedented success in the university’s annals. Adeboye disclosed that the university planned a serious mentorship strategy, campusto-campus grantsmanship and sensitisations campaigns, while the success as a university was the result of the invaluable technical inputs and guidance provided by the ORIM during the entire application process. The vice-chancellor expressed delight that the National Research Fund received high-quality 4,287 research proposals from all public universities and polytechnics in the country, which were painstakingly assessed and defended before a team of experts in the different research fields. He noted that at the end of the hotly competed exercise, only 185 research studies were successful and consequently approved for funding by the federal government, out of which UNIOSUN scholars won six grants.

Researchers from the Federal University of Technology Akure (FUTA) have won the highest number of grants out of the 185 research proposals scheduled for funding under the 2023 grant cycle by the Tertiary Education Trust Fund’s (TETFund) National Research Fund (NRF) initiative. With 17 grants, FUTA posted the best showings among other universities, with its researchers winning funding grants of N426,656,552.45. Obafemi Awolowo University and the Federal University of Technology Minna, with 16 grants each

TETFund’s Director of Public Affairs, Abdulmumin Oniyangi, while disclosing the winners in Akure, said they were selected following the report of the TETFund National Research Fund Screening and Monitoring Committee, NRFS&M and the approval of the Minister of Education, Tahir Mamman. He said for the current grant cycle, N5.1 billion will be released for the funding of 185 successful research proposals, adding that “the successful research proposals were picked after a rigorous screening exercise that com-

from prospective applicants.” He said the research funding continues the government’s efforts to boost research and development for economic and technological development in Nigeria, as enunciated in the renewed hope agenda of President Bola Tinubu’s administration. Meanwhile, the ViceChancellor of FUTA, Prof Adenike Oladiji, has described the university’s success in the 2023 grant cycle of the NRF as a major validation of its reputation as a research-intensive university.

billing as a research-intensive university with researchers ensuring that we live up to our motto of ‘Technology for Self-Reliance’. I am sure that our researchers will acquit themselves creditably well and deliver research findings and products that will contribute to the growth of the ivory tower and development of our country. “I congratulate all the principal investigators and their internal and external collaborators and wish them resounding success in the tasks ahead,” the VC said.

L- R: Chief Financial, MTN Nigeria, Modupe Kadiri; father of one-day CEO, Mr. Victor Nkanu, MTN Nigeria’s one day CEO, Daniel Victor Nkanu; Chief Marketing Officer, Adia Sowho; and Chief Human Resources Officer, Esther Akinnukawe, at the one-day CEO event, at the MTN Headquarters, Lagos... recently

12-Year-Old mPulse Spelling Bee Winner Resumes as MTN’s One-Day CEO Funmi Ogundare

A student of Intimacy with Christ Secondary School, Nasarawa State, Master Daniel Victor Nkanu, 12, was recently announced as the honorary One-Day CEO of MTN Nigeria following his success at the 2023 MTN mPulse Spelling Bee competition, a self-development proposition designed to promote digital literacy and academic excellence among students. Nkanu, who out-spelled over 30,000 participants, attends the same school as last year’s winner, showcasing the

school’s consistent commitment to nurturing such talent. In addition to his honorary CEO title, he was awarded a N2.5 million scholarship, a laptop, a smartphone, and an MTN goody bag. His English teacher and school also received a N500,000 grant and modern ICT devices, respectively, acknowledging their integral role in his success. With a confident stride, Nkanu stepped into the shoes of Karl Toriola at the helm of Africa’s largest telecommunications network. As CEO, he engaged with

members of MTN Nigeria’s executive team. He also met with journalists, where he confidently discussed key initiatives, including unveiling additional mPulse education data bundles. Speaking with journalists, he expressed excitement about his feat, saying, “I am honoured to be here today. Leading Nigeria’s largest telecommunications company, even just for today, is a very special experience for me, and I want to thank my family, my teachers and everyone who cheered me on while I prepared for this

competition. I look forward to learning a lot.” The Chief Executive Officer of MTN Nigeria, Mr Karl Toriola, who welcomed Nkanu during the symbolic handover, described him as one who has become a symbol of “what we strive to achieve: a future where young Nigerians lead the way in technology, innovation, and social progress.” He stated that Nkanu’s presence at the office for a day was a reminder of the responsibility the organisation carries and the opportunities it can create.

Firm Partners MSBM to Empower 5,000Youths with Quality Education To secure a brighter future for 5,000 individuals in underserved communities in Nigeria, Lead For Good Africa has partnered with the Metropolitan School of Business and Management (MSBM) UK, a UK-based online accredited school. The CEO of Lead For Good Africa, Nonye Clark, said her organisation recognises the alarming statistics of young unemployed Nigerians, plagued by the rising high cost of living, declining quality of education, and access to education. She added that all these factors continue to lead to brain drain, the mass exodus out of Nigeria, poverty, and an increase in social vices that jeopardise the future

of youths and women. With the urgent need for interventions that secure the future of young Nigerians, especially those in underserved communities, she noted that her organisation’s partnership with the Metropolitan School of Business and Management UK will empower over 5,000 youths, including men and women, with access to quality education. “The goal of this partnership is to solve the pervasive issue of poverty through quality and accessible education. With a shared vision that revolves around providing advanced educational pathways to beneficiaries, this partnership is geared towards empowering

youths and women with the knowledge and skills needed to cultivate their potential, seize opportunities and make sustained economic advancement despite the prevalent societal challenges,” Clark stressed. The founder expressed its commitment to reshaping mindsets and providing tangible skills that will enable individuals to overcome the challenges they face daily, adding, “The core of their approach is twofold: leadership development training programmes strategically designed to dismantle mindset limitations that hinder the realisation of untapped potentials, and skill empowerment initiatives, which have already impacted

countless youths and women to create sustainable solutions for societal demands.” Through the collaboration, she stated that the organisation receives a significant boost, which amplifies its efforts, enabling individuals to earn a living while addressing critical needs in their communities. “The ripple effect is that empowered individuals become catalysts for change, training others in a cascading cycle of empowerment. By joining forces with MSBM UK, Lead For Good Africa gains the strength to tackle poverty at its roots, focusing on education as the key to unlocking new possibilities,” Clark explained.

WEDNESDAY FEBRUARY 7, 2024 • T H I S D AY

WEDNESDAY, FEBRUARY 7, 2024 • T H I S D AY

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

floor of the Nigerian Stock Exchange. A REIT (Real Estate Investment Trust) is an investment vehicle that allows both small and large investors to part-own real estate ventures (eg. Offices, Houses, Hospitals) in proportion to their investments. The assets are divided into shares that are traded on the Nigerian Stock Exchange. GUIDE TO DATA: Date: All fund prices are quoted in Naira as at 05Feb-2024, unless otherwise stated.

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

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

AFRINVEST ASSET MANAGEMENT LTD aaml@afrinvest.com Web: www.afrinvest.com; Tel: +234 818 885 6757 Fund Name Bid Price Offer Price Yield / T-Rtn Afrinvest Equity Fund 364.72 364.72 17.70% Afrinvest Plutus Fund 100.00 100.00 10.14% Nigeria International Debt Fund 330.37 330.37 1.11% Afrinvest Dollar Fund 108.40 108.40 0.61% 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 13.38% AIICO Balanced Fund 5.70 5.82 12.16% ANCHORIA ASSET MANAGEMENT LIMITED info@anchoriaam.com Web:www.anchoriaam.com, Tel: 08166830267; 08036814510; 08028419180 Fund Name Bid Price Offer Price Yield / T-Rtn Anchoria Money Market 100.00 100.00 0.00% Anchoria Equity Fund 245.43 248.08 26.71% Anchoria Fixed Income Fund 1.24 1.24 -2.77% ARM INVESTMENT MANAGERS LTD enquiries@arminvestmentcenter.com info@anchoriaam.com Web: www.arm.com.ng; Tel: 0700 CALLARM (0700 225 5276) Fund Name Bid Price Offer Price Yield / T-Rtn ARM Aggressive Growth Fund 39.70 40.89 29.95% ARM Discovery Balanced Fund 794.30 818.25 19.90% ARM Ethical Fund 64.59 66.54 18.46% ARM Eurobond Fund ($) 1.11 1.11 2.59% ARM Fixed Income Fund 1.10 1.10 12.68% ARM Money Market Fund 1.00 1.00 10.03% ARM Short Term Bond Fund 1.01 1.01 8.70% AVA GLOBAL ASSET MANAGERS LIMITED info@avacapitalgroup.com Web: www.avacapitalgroup.com; Tel 08069294653 Fund Name Bid Price Offer Price Yield / T-Rtn AVA GAM Fixed Income Dollar Fund 107.54 107.54 380.00% AVA GAM Fixed Income Naira Fund 1,146.24 1,146.24 248.00% AXA MANSARD INVESTMENTS LIMITED investmentcare@axamansard.com Web: www.axamansard.com; Tel: +2341-4488482 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A AXA Mansard Equity Income Fund N/A N/A N/A AXA Mansard Money Market Fund CAPITAL EXPRESS ASSET AND TRUST LIMITED info@capitalexpressassetandtrust.com Web: www.capitalexpressassetandtrust.com; Tel: +234 803 307 5048 Fund Name Bid Price Offer Price Yield / T-Rtn N/A N/A N/A CEAT Fixed Income Fund N/A N/A N/A Capital Express Balanced Fund(Formerly: Union Trustees Mixed Fund) CARDINALSTONE ASSET MANAGEMENT LIMITED mutualfunds@cardinalstone.com Web: www.cardinalstoneassetmanagement.com; Tel: +234 (1) 710 0433 4 Fund Name Bid Price Offer Price Yield / T-Rtn 1.02 1.02 7.95% CardinalStone Fixed Income Alpha Fund CHAPELHILL DENHAM MANAGEMENT LTD investmentmanagement@chapelhilldenham.com Web: www.chapelhilldenham.com, Tel: +234 461 0691 Fund Name Bid Price Offer Price Yield / T-Rtn Chapelhill Denham Money Market Fund N/A N/A N/A Paramount Equity Fund N/A N/A N/A Women's Investment Fund N/A N/A N/A CHD Nigeria Bond Fund N/A N/A N/A CHD Nigeria Dollar Income Fund N/A N/A N/A CORDROS ASSET MANAGEMENT LIMITED assetmgtteam@cordros.com Web: www.cordros.com, Tel: 019036947 Fund Name Bid Price Offer Price Yield / T-Rtn Cordros Money Market Fund 100.00 100.00 10.48% Cordros Milestone Fund 182.75 183.99 5.64% Cordros Fixed Income Fund 108.55 108.55 7.96% Cordros Halal Fixed Income Fund 110.29 110.29 8.37% Cordros Dollar Fund ($) 115.10 115.10 6.15% CORONATION ASSETS MANAGEMENT investment@coronationam.com Web:www.coronationam.com, Tel: 012366215 Fund Name Bid Price Offer Price Yield / T-Rtn Coronation Money Market Fund N/A N/A N/A Coronation Balanced Fund N/A N/A N/A Coronation Fixed Income Fund N/A N/A N/A EDC FUNDS MANAGEMENT LIMITED mutualfundng@ecobank.com Web: www.ecobank.com Tel: 012265281 Fund Name Bid Price Offer Price Yield / T-Rtn EDC Nigeria Money Market Fund Class A N/A N/A N/A EDC Nigeria Money Market Fund Class B N/A N/A N/A EDC Nigeria Fixed Income Fund N/A N/A N/A EMERGING AFRICA ASSET MANAGEMENT LIMITED assetmanagement@emergingafricafroup.com Web:www.emergingafricagroup.com/emerging-africa-asset-management-limited/, Tel: 08039492594 Fund Name Bid Price Offer Price Yield / T-Rtn Emerging Africa Money Market Fund N/A N/A N/A Emerging Africa Bond Fund N/A N/A N/A Emerging Africa Balanced Diversity Fund N/A N/A N/A Emerging Africa Eurobond Fund N/A N/A N/A FBNQUEST ASSETS MANAGEMENT LIMITED invest@fbnquest.com Web: www.fbnquest.com/asset-management; Tel: +234-81 0082 0082 Fund Name Bid Price Offer Price Yield / T-Rtn FBN Bond Fund 1565.11 1565.11 11.94% FBN Balanced Fund 303.84 306.65 12.36% FBN Halal Fund 135.35 135.35 13.07% FBN Money Market Fund 100.00 100.00 11.38% FBN Dollar Fund 124.81 124.81 7.48% FBN Smart Beta Equity Fund 292.39 296.78 17.57% FBN Specialized Dollar Fund 112.88 112.88 9.19% FCMB ASSET MANAGEMENT LIMITED fcmbamhelpdesk@fcmb.com Web: www.fcmbassetmanagement.com; Tel: +234 1 462 2596 Fund Name Bid Price Offer Price Yield / T-Rtn Legacy Money Market Fund 1.00 1.00 8.11% Legacy Debt Fund 3.60 3.60 4.17% Legacy Equity Fund 3.51 3.58 26.77% Legacy USD Bond Fund 1.33 1.33 4.30% FSDH ASSET MANAGEMENT LTD coralfunds@fsdhgroup.com Web: www.fsdhaml.com; Tel: 01-270 4884-5; 01-280 9740-1 Fund Name Bid Price Offer Price Yield / T-Rtn Coral Balanced Fund N/A N/A N/A Coral Income Fund N/A N/A N/A Coral Money Market Fund N/A N/A N/A FSDH Dollar Fund N/A N/A N/A

GUARANTY TRUST FUND MANAGERS LIMITED enquiries@investment-one.com Web: www.gtcoplc.bank; Tel: +234 812 992 1045,+234 1 448 8888 Fund Name Bid Price Offer Price Yield / T-Rtn Guaranty Trust Money Market Fund N/A N/A N/A Guaranty Trust Balanced Fund N/A N/A N/A Vantage Guaranteed Income Fund N/A N/A N/A Guaranty Trust Equity Income Fund (VEIF) N/A N/A N/A Vantage Dollar Fund (VDF) - June Year End N/A N/A N/A LOTUS CAPITAL LTD fincon@lotuscapitallimited.com Web: www.lotuscapitallimited.com; Tel: +234 1-291 4626 / +234 1-291 4624 Fund Name Bid Price Offer Price Yield / T-Rtn Lotus Halal Investment Fund 1.92 1.96 59.09% Lotus Halal Fixed Income Fund 1,206.56 1,206.56 -7.26% MERISTEM WEALTH MANAGEMENT LTD info@meristemwealth.com Web: www.meristemwealth.com/funds/; Tel: +2348028496012 Fund Name Bid Price Offer Price Yield / T-Rtn Meristem Equity Market Fund 21.00 21.17 14.31% Meristem Money Market Fund 10.00 10.00 11.35% NORRENBERGER INVESTMENT AND CAPITAL MANAGEMENT LIMITED enquiries@norrenberger.com Web: www.norrenberger.com, Tel: +234 (0) 908 781 2026 Fund Name Bid Price Offer Price Yield / T-Rtn Norrenberger Islamic Fund (NIF) 103.27 103.27 10.75% Norrenberger Money Market Fund (NMMF) 100.00 100.00 10.67% Norrenberger Dollar Fund (NDF) ($) 103.29 103.29 9.45% PAC ASSET MANAGEMENT LTD info@pacassetmanagement.com Web: www.pacassetmanagement.com/mutualfunds; Tel: +234 1 271 8632 Fund Name Bid Price Offer Price Yield / T-Rtn PACAM Balanced Fund 2.66 2.70 14.25% PACAM Fixed Income Fund 12.47 12.74 N/A PACAM Money Market Fund 10.00 10.00 0.00% PACAM Equity Fund 2.53 2.56 17.37% PACAM EuroBond Fund 133.67 137.00 1.35% SCM CAPITAL ASSET MANAGEMENT LIMITED info@scmcapitalng.com Web: www.scmcapitalng.com; Tel: +234 1-280 2226,+234 1- 280 2227 Fund Name Bid Price Offer Price Yield / T-Rtn SCM Capital The Frontier Fund N/A N/A N/A SFS CAPITAL NIGERIA LTD investments@sfsnigeria.com Web: www.sfsnigeria.com, Tel: +234 (01) 2801400 Fund Name Bid Price Offer Price Yield / T-Rtn SFS Fixed Income Fund N/A N/A N/A STANBIC IBTC ASSET MANAGEMENT LTD assetmanagement@stanbicibtc.com Web: www.stanbicibtcassetmanagement.com; Tel: +234 1 280 1266; 0700 MUTUALFUNDS Fund Name Bid Price Offer Price Yield / T-Rtn Stanbic IBTC Balanced Fund 5,683.97 5,730.97 14.14% Stanbic IBTC Bond Fund 257.04 257.04 4.69% Stanbic IBTC Ethical Fund 2.43 2.46 18.12% Stanbic IBTC Guaranteed Investment Fund 355.11 355.36 0.54% Stanbic IBTC Iman Fund 481.27 486.67 27.51% Stanbic IBTC Money Market Fund 1.00 1.00 11.01% Stanbic IBTC Nigerian Equity Fund 21,536.43 21,793.25 18.71% Stanbic IBTC Dollar Fund (USD) 1.48 1.48 7.29% Stanbic IBTC Shariah Fixed Income Fund 129.14 129.14 6.50% Stanbic IBTC Enhanced Short-Term Fixed Income Fund 127.16 127.16 9.69% Stanbic IBTC Absolute Fund 5,060.59 5,060.59 9.62% Stanbic IBTC Aggressive Fund 6,407.70 6,486.61 19.08% Stanbic IBTC Conservative Fund 5,745.84 5,776.07 8.75% UNITED CAPITAL ASSET MANAGEMENT LTD unitedcapitalplcgroup.com Web: www.unitedcapitalplcgroup.com; Tel: +234 01-6317876 Fund Name Bid Price Offer Price Yield / T-Rtn United Capital Equity Fund 1.74 1.76 28.40% United Capital Balanced Fund 2.10 2.11 13.35% United Capital Wealth for Women Fund 1.74 1.76 22.58% United Capital Sukuk Fund 1.19 1.19 9.31% United Capital Fixed Income Fund 1.96 1.96 7.24% United Capital Eurobond Fund 124.97 124.97 5.30% United Capital Global Fixed Income Fund 1.10 1.10 8.90% United Capital Money Market Fund 1.00 1.00 10.59% Web: www.quantumzenith.com.ng; Tel: +234 1-2784219 Fund Name Bid Price Offer Price Yield / T-Rtn Zenith Balanced Strategy Fund 21.39 21.66 16.01% Zenith ESG Impact Fund 23.67 23.88 8.60% Zenith Income Fund 25.59 25.59 1.02% Zenith Money Market Fund 1.00 1.00 11.13% VETIVA FUND MANAGERS LTD funds@vetiva.com Web: www.vetiva.com; Tel: +234 1 453 0697 Fund Name Bid Price Offer Price Yield / T-Rtn Vetiva Banking Exchange Traded Fund 9.68 9.78 3.29% Vetiva Consumer Goods Exchange Traded Fund 14.76 14.86 0.54% Vetiva Griffin 30 Exchange Traded Fund 38.70 38.90 1.46% Vetiva Money Market Fund 1.00 1.00 10.18% Vetiva Industrial Goods Exchange Traded Fund 56.57 56.77 0.16% Vetiva S&P Nigeria Sovereign Bond Exchange Traded Fund 147.83 149.83 3.05%

REITS

NAV Per Share

Yield / T-Rtn

N/A 60.04 101.79 11.31

N/A 0.35% 127.46%

Bid Price

Offer Price

Yield / T-Rtn

29.07 1,038.90 808.92 23.33 43.30

32.14 1,038.90 808.92 23.75 43.79

-8.37% 107.78% 12.82% -0.60% 14.96%

NAV Per Share

Yield / T-Rtn

N/A

Fund Name

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

EXCHANGE TRADED FUNDS

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

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

Fund Name Chapel Hill Denham Nigeria Infrastructure Debt Fund

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.

T H I S D AY • Wednesday, February 7, 2024

BUSINESSWORLD R A T E S MONEY MARKET

A S

A T

REPO

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

08056356325

F e b r u ar y

S & P INDEX

6 , 2 0 2 4

S & P INDEX

EXCHANGE RATE

OPR

11.25%

CALL

19.12%

INDEX LEVEL

611.31%

1/4 to daTE

-0.07%

N795.28/ 1 US DOLLAR*

OVERNIGHT

11.50%

1-MONTH

16.25%

1-DAY

0.03%

YEAR TO DATE

0.48%

*AS AT Monday, July 24, 2023

3-MONTH

15.75%

MONTH-TO-DATE

-0.7%

Dangote Cement. Airtel, 12 Others Contributed N47.34tn to NGX Market Cap in January

Kayode Tokede As the Nigerian stock market continue to sustain its positive rally in 2024, it has emerged that only 14 companies out of over 150 listed firms on the Nigerian Exchange Limited (NGX) contributed about 85.52 per cent or N47.34 trillion to the market capitalisation in January. Most of these stocks appreciated significantly in January to push the overall market capitalisation to N55.358 trillion as of January 31, 2024. The 14 companies are: Dangote Cement Plc, MTN Nigeria Communications Plc, Seplat Energy Plc BUA Foods Plc, Airtel Africa Plc, Geregu Power Plc, BUA Cement Plc, and Transcorp Hotels Plc Others include: Nestle Nigeria Plc,

Guaranty Trust Holding Company Plc, United Bank for Africa (UBA), Access Holdings Plc, Stanbic IBTC Holdings and Zenith Bank Plc. THISDAY had reported that the market capitalisation appreciated by N14.44 trillion in January on the backdrop of investors’ sentiment, despite rising insecurity, inflation, among other macro economic challenges, and global uncertainty. In January 2024, the stock market witnessed an unprecedented rally and buying interest, especially in the industrial goods sub-sector, which has continued to trigger massive bargain hunting in large company shares, most especially Dangote Cement. This has pushed the key performance indices and stimulated activities in the market, a development that has led to the

rating of the stock market as the best performing in the world. The stock market has recorded an upward trajectory since the entry of the new administration led by President Bola Tinubu, and it is due to the proactive implementation of reforms such as the removal of fuel subsidy and the liberalization of the foreign exchange market. Foreign investors and High Network Investors have continued to take positions in these 15 stocks amid Central Bank of Nigeria (CBN) foreign exchange policies as their prices in the past was undervalued on the bourse. Amid significant increase in overall market capitalisation, Dangote Cement, among others have seen stock price hitting 52week high and surpassed Airtel

Africa and MTN Nigeria. Dangote Cement’s stock price in January appreciated by N443.10 per share or 138.51 per cent to close January 31, 2024 at N763 per share from N319.90 per share it opened for trading this year. The cement maker’s market capitalisation gained N7.55trillion in one month to close at N13trillion as of January 31, 2024. It implies that Dangote Cement’s market capitalisation higher than all listed banks on the NGX. The positive momentum of Dangote Cements’ stock price commenced when it was announced to the capital market community that Nigeria’s billionaire investor, Mr. Femi Otedola has acquired some stake in the cement company. Otedola in a statement said

the recent acquisition of shares in Dangote Cement a strategic investment underscores his confidence in Dangote Cement’s potential to generate foreign exchange for the country and his dedication to supporting businesses that contribute to Nigeria’s economic resilience. Otedola’s investment aligns with his vision of long-term wealth preservation and the belief that shareholders should be the primary beneficiaries of a company’s success. According to the billionaire investor, “Dangote Cement’s unique position with two export terminals offers a substantial opportunity to earn foreign exchange, crucial for Nigeria’s economy. This, along with the company’s pan-African presence, makes it an ideal

investment choice.” Following Dangote Cement was Airtel Africa with N7.5trillion in market capitalisation as the telecommunication saw its stock price gaining 5.99 per cent to N2,000 per share from N1,887.00 per share it closed for trading in 2023. Further findings by THISDAY revealed that BUA Cement outshines MTN Nigeria Communication in market capitalisation, following a 90.72 per cent growth in its stock price to N185.00 per share. BUA Cement closed January with N6.26 trillion in market capitalisation, while MTN Nigeria’s market capitalisation stood at N5.899 trillion. The story continues online on www.thisdaylive.com

Credit to Government, Private Sector Up 49.77% to N62.5tn YoY

Nume Ekeghe

The Central Bank of Nigeria (CBN) has disclosed that banks’ credit to the economy rose by 49.77 per cent Year-on-Year (YoY) to N62.52 trillion in December 2023 from N41.74trillion reported in the corresponding period of 2022. Data from the CBN’s Money and Credit Statistics showed that credit to the private sector stood at N62.52 trillion for the month of December,

second to the highest recorded last year, with October recording highest with N63.57 trillion. A breakdown for 2023 showed that January started off with N41.54 trillion, providing a foundation for financial activities. This initial figure set the stage for subsequent months, indicating the baseline for lending operations. February saw a marginal uptick, with credit increasing to N41.75 trillion. This modest rise of approximately 0.51

per cent hinted at a steady pace in financial transactions, setting the tone for the following months. March witnessed a more pronounced surge, reaching N43.01 trillion. Analysts said the substantial increase of about 2.99 per cent hinted at growing economic activities and a heightened demand for credit in various sectors. Continuing the positive trajectory, April showed a credit figure of N43.66 trillion, marking a further increase of

approximately 1.51 per cent. The upward trend, analysts posited, suggested sustained confidence in the economy. May 2023 brought another boost, with credit reaching N44.79 trillion, signifying an increase of about 2.57 per cent. The consistent climb reflected a robust financial environment and an expanding private sector. June witnessed a significant leap, hitting N52.81 trillion. “This substantial increase of around 17.92 per cent

indicated a surge in credit demand, possibly linked to heightened economic activities or strategic investments, “said a market watcher. July continued the upward trend, recording a credit figure of N56.46 trillion, representing a growth of approximately 6.95 per cent. The consecutive monthly increases pointed towards sustained economic optimism. August saw a marginal rise to N56.95 trillion, reflecting an

increase of about 0.86 per cent. While relatively modest, the growth suggested stability and on-going economic transactions. September demonstrated a more substantial increase, with credit reaching N59.51 trillion, marking a rise of about 4.49 per cent. This upward trajectory hinted at sustained confidence in the economic landscape. The story continues online on www.thisdaylive.com

M a r k e t d ata A s at T u e s d ay, F e b r u a r y 6 , 2 0 2 4 BONDS Description Price Yield Change Updated Time (%) ^13.53 23January 101.02 12.51 0.52 29, 2024 MAR-2025 January ^12.50 22100.09 12.44 -0.01 29, 2024 JAN-2026 ^16.2884 17106.91 13.49 0,00 January MAR-2027 29, 2024 ^13.98 23January 100.78 13.71 0,00 FEB-2028 29, 2024 ^14.55 26January 101.40 14.15 0,00 APR-2029 29, 2024

BILLS Maturity

Discount Yield

Change (%) Updated Time

Maturity

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

1.25

0.00 January 29, 2024

11.54

11.61

4.20

4.22

2.61 January 29, 2024

CRSL CP II 18-FEB-24

13.01

13.16

4.87

4.91

2.84 January 29, 2024

FLOURMILLS CP III 29-FEB-24

10.55

10.70

5.60

5.69

3.26 January 29, 2024

11.67

11.97

6.47

3.67 January 29, 2024

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

9.69

9.97

6.33

OTC F X F U T U R E S

CPs Discount Yield

Change (%)

Updated Time

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

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

Updated Time

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

Wednesday, February 7, 2024 • T H I S D AY

BUSINESSWORLD

ECONOMY

As CBN Moves to Resolve FX Challenges, Stabilise Naira James Emejo, analyses the current reform initiatives by the CBN, which are targeted at resolving foreign exchange challenges, enhancing financial sector resilience, stabilising the Naira as well as boosting investor confidence in the economy.

ne of the major excuses adduced for the dearth of foreign investors in the country had been the liquidity crisis in the nation’s foreign exchange segment. The challenge precedes the present administration of President Bola Tinubu. Investors often complain about their inability to repatriate their funds whenever they choose to. The foreign airlines have regularly made headlines by suspending operations or threatening to do so because of the FX liquidity challenges bedevilling the country. Analysts believed Nigeria had become unattractive to foreign investors because of the FX shortages experienced. The problem is worsened by the fact that foreign capital inflows had continued to diminish in recent times partly as a result of insecurity and alleged unfriendly investment climate in the country. In December 2023, the National Bureau of Statistics (NBS) reported that the country’s total capital importation declined by 36.45 per cent to $654.65 million in the third quarter of last year (Q3 2023) compared to $1.03 billion in the preceding quarter. The dip in foreign capital inflow came at a time the President Bola Tinubu’s administration is making frantic efforts towards attracting foreign capital into the country amid the current FX shortages which had impaired investors’ confidence. The country’s inability to earn significant foreign exchange from non-oil exports is also responsible for the FX shortages, being largely a consumer economy.

Afrexim’s FX Liquidity Lifeline

The federal government recently announced that it received $2.25 billion out of the $3.3 billion foreign exchange (FX) facility from the African Export–Import Bank (Afreximbank). The long-awaited credit support was meant to ameliorate the acute FX shortage in the country, which had constrained economic activities and doused investors’ confidence.

Disputed FX claims

It was reported that the federal government’s total FX liabilities ranged in the region of between $7 billion and $10 billion, a figure which had been disputed for long and finally laid to rest by the CBN. In his recent major interview granted to Arise Television, the broadcast arm of THISDAY Newspapers, Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, clarified that the following a forensic audit commissioned by the bank, it was discovered that $2.4 billion out of the acclaimed $7 billion outstanding foreign exchange liabilities of the federal government were not valid for settlement. The CBN governor also stated that the bank had settled verified FX requests, which amounted to $2.3 billion adding that current total outstanding FX obligations remained at $2.2 billion. This was a far-cry to the headline FX backlog claims. If anything, the interview revealed recent policy direction of the apex bank in terms of the various reform initiatives to correct the imperfections in the FX market and stabilise the Naira. Cardoso, who further indicated that part of the headline $7 billion outstanding FX claims was fraudulent, referred to the outcome of a forensic audit by Deloitte Management Consultant, which was commissioned by the apex bank. The central bank governor also expressed confidence that that the outstanding FX liabilities would will shortly be addressed, maintaining that the CBN would not pay for FX requests that are not validly constituted, adding that the bank had written to authorised dealers to explain the disparities identified. He said, “And sadly, quite frankly, I think much of those have not been disputed to our satisfaction.” Commenting on the outstanding FX obligations, the central bank governor said, “And so, we contracted Deloitte Management Consultant to do a forensic of all these obligations and to actually tell us what was valid and what was not of course, we were committed to ensuring that we would pay all valid transactions. “And the result that came out of this was startling in a great respect; it was quite startling. We discovered that of the roughly $7 billion, about $2.4 had issues, which we believed has no business of being there – and the infractions from that range from so many things; for example, not having valid import documents and in some cases, even entities that did not exist and in some cases, beneficiaries and account parties that asked for FX and got more than they asked for. “And those who didn’t even ask for any and got. So, there were a whole load of infractions there which I said amounted to about $2.4 billion of out the $7 billion headline figure.” He said, “We are not paying if you don’t qualify; they are not a validly constituted requests; and of the validly constituted ones, we have settled about $2.3 billion and that applies to the airlines and a whole load of different entities spread throughout our economy – we’ve settled that already. “And now what remains is about $2.2 billion to be settled now and I am confident that we will shortly be addressing those and be able move on and make progress.

“Now, how are we dealing with those that are not valid? As they were identified, we wrote to the authorised dealers to come in and explain what the situation was and where the numbers differed. And sadly, quite frankly, I think much of those have not been disputed to our satisfaction.” Further reiterating the bank’s commitment to resolve outstanding liabilities, Cardoso said, “Yes, like I said, I think that would be what would be done very shortly. Now, you can imagine that having $2.2 billion outstanding and $7 billion outstanding are not the same figure. “So, I think we are at the end of this, to be honest, I will put it that way – we will clear all that very shortly and would move on to the next line of action. I am not concerned that the backlog would continue to be on overhang and I think we’ve come to the end of that road.”

Approvals from stakeholders

The various reforms initiatives of the CBN under Cardoso has continued to received applause from stakeholders and analysts who described the measures as necessary to reposition monetary policy as well as sanitise the FX segment. For instance, the Bank Directors Association of Nigeria (BDAN) recently commended the on going reform initiatives of Cardoso, which it said, were aimed at strengthening the resilience of the financial sector. The association, in a statement signed by its Chairman, BDAN, Mr. Mustafa Chike-Obi, pledged full support for the comprehensive measures that underscore the commitment of the central bank towards ensuring the stability and resilience of the banking sector, and urged all banks to fully comply with the new directives and actively participate in the implementation process to achieve full compliance. The association said it believed the recent guidelines/ circulars issued by the apex bank are aimed at fortifying the nation’s financial system. Specifically, BDAN pointed out that the recent policy that banks’ Net Open Position (NOP) limit for overall foreign currency assets and liabilities should not exceed 20 per cent short or zero per cent long of shareholders’ funds - along with other prudential requirements outlined in the circular, played a critical role in ensuring the effective management of foreign currency exposures. The bank directors added that by imposing these limits, the CBN seeks to mitigate potential losses that could pose significant systemic challenges, stressing that these regulatory interventions underscore a strategic initiative aimed at bolstering risk management, transparency, and accountability within the financial industry. The statement said, “The Bank Directors Association of Nigeria (BDAN) acknowledges and commends the Central Bank for its proactive stance in safeguarding the interests of depositors, investors, and the overall economic well-being of Nigeria. “BDAN views these requirements as a positive step towards creating a resilient financial landscape and preventing adverse effects on the banking sector. “The association applauds the CBN’s commitment to proactive regulation and remains supportive of initiatives that contribute to the stability and prosperity of the Nigerian economy.” The group further acknowledged the meticulous work undertaken by the apex bank in consulting stakeholders and experts to ensure a balanced and effective regulatory approach. “As advocates for responsible banking and ethical conduct, BDAN believes that these guidelines will

contribute significantly to the long-term sustainability, growth, as well as the overall efficiency, transparency, and stability of the banking sector, ultimately contributing to the nation’s economic development. “BDAN pledges its continuous collaboration with the Central Bank of Nigeria and other stakeholders to foster a dynamic and resilient financial ecosystem that serves the interests of all Nigerians. “We believe that these steps are in the right direction to improve the effectiveness of the banking system and we are fully in support,” the statement added. Also, analysts in separate interviews with THISDAY agreed that Cardoso’s Arise Television interview clarified number of sketchy issues. Analysts also commended the bank’s transparency and efforts towards clearing the outstanding FX obligations, adding that this would boost investor confidence in the economy. Wealth Management and Business Development Consultant, Mr. Ibrahim Shelleng, said, Nigerians and foreign investors will be encouraged by the utterances of the CBN governor. He said, “Undoubtedly, the FX situation has been a major concern to the Nigerian economy, given its rapid devaluation in recent times. Foreign portfolio investors who may have hitherto shied away from investing in Nigerian securities may be more encouraged to do so now.” Shelleng said, “The much-highlighted backlog of FX demand has hopefully been deconstructed to provide a more positive outlook. With the greatly reduced backlog figures touted, it is surely more palatable. It’s easier to see how the government can resolve it, especially given the anticipated return of FPIs. “However, it remains to be seen if there will be increased activities in our equities and bond markets. What is likely is that sovereign bond yields are likely to increase to attract more FPI.” Also, Managing Director/Chief Executive, SD&D Capital Management Limited, Mr. Idakolo Gbolade, said “The interview by Mr Cardoso, the CBN Governor can be seen as laying out the policy framework of his administration. The new management of CBN met a challenging situation in the bank and it will take bold and calculated measures to return the CBN back to its traditional position.” He said, “The new policies taken so far is aimed at helping the Naira to find its level and stop the profiteering of banks as regards our FX situation. The willing buyer and willing seller policy for forex is a policy that will eventually strengthen and stabilise the Naira and the economy at large once the other policy measures start yielding fruit. “I am very pleased with his plan to reform the Bureau de Change because they are a critical stakeholder that can help the new policies to be effective. There is need to adequately monitor BDCS activity and ensure they are sourcing FX from CBN.” Idakolo pointed out that the traditional role of the CBN, which includes implementation of monetary policies and financial sector supervision needed to be improved and appropriate sanctions meted to offenders of laid down guidelines. “The new CBN team is on the right track if they can ensure stringent implementation of their policies,” he said. On his part, Managing Director/Chief Executive, Dignity Finance and Investment Limited, Dr. Chijioke Ekechukwu, said, Cardoso’s interview clarified a number of sketchy policy issues. He said, the CBN governor was “clear to state that they were going to concentrate on stabilising prices and reducing inflation. And that CBN doesn’t have the capacity to deal with direct interventions.

They would have to use Development Finance Institutions (DFIs) to deal with interventions. “On the issues of settling outstanding FX obligations, he noted that very soon, the balance of $ 2.3 billion of verified amounts will be paid. Although no deadline was stated…”

Bouquet of reform initiatives

In the widely circulated interview, the CBN governor stressed that in the short term, the bank has put in significant work as well as witnessed results in improving the market structures and removing all the bottlenecks stifling the supply of FX into the country. Cardoso said, “We have addressed the challenges to remittance flows, reduced the ability of banks to hold on to positions, and more importantly, we now have the export proceeds from the national energy sector flowing back through the central bank. We have also initiated several short-term measures to make naira assets attractive to foreign investors. “Our policy focus is on achieving rate stability and maintaining market flexibility and liquidity. The move to unify the naira exchange rate and lift currency trading restrictions in June 2023 aims to establish market-driven rates through price discovery. “This strategy seeks to create a more efficient and transparent FX market to boost investor confidence and reduce market volatility. “Over the past six months, the bank has taken deliberate steps to enhance liquidity and FX supply in the forex market. All FX transaction windows have been consolidated into the NAFEM platform.” According to him, “Outstanding FX obligations, particularly those of foreign airlines, have been progressively settled. Enhanced monitoring of FX market activities and a continued emphasis on transparency and price discovery are key priorities. These efforts will be further consolidated in the future.” He pointed out that the eventual stability of the Naira will be driven by the bank’s ability to address the fundamental issues affecting the economy including bringing inflation under control and promoting the growth of Nigerian businesses to eventually export much more than the consumes as a nation. Cardoso, further explained that the recent removal of the exchange rate cap by the CBN was to enable International Money Transfer Operators (IMTOS) to disburse remittances at market-determined rates without restrictions, following a willing seller, willing buyer approach. Additionally, he explained that the recent presidential directive for transfer of the NNPC account to the CBN was meant to increase liquidity in the market, adding that these measures aim to address the FX market’s liquidity challenges, streamline capital flows, and mitigate currency risks. Also, he said in line with coordinated monetary and fiscal policies, efforts are underway to ensure that all USD-earning agencies and parastatals remit their earnings directly to the CBN to enhance transparency and liquidity in the FX market. Among other things, the CBN governor also said the bank was exploring mechanisms to incentivise individuals holding foreign currency (FCY) outside the banking system to deposit these funds within the banking system, necessitating the establishment of a legal framework. He added that discussions are underway on introducing a single FCY gateway bank to centralise all correspondent banking activities, currently dominated by two major banks in the corresponding banking space.

Punishing FX offenders

Perhaps, one of the nagging questions for Nigerians is whether the CBN intends to prosecute all those involved in fraudulent FX transactions as identified by the forensic audit? But this obviously is a matter of time.

T H I S D AY • Wednesday, February 7, 2024

BUSINESSWORLD

Insurance

Insurers Organise Seminar on Marine and Aviation Insurance Ebere Nwoji The Chartered Insurance Institute of London in Collaboration with Risk Analyst Consultants (UK) Limited is organising a flagship seminar on marine and aviation risk insurance in Nigeria. The organisers and Managing Director Risk Analyst Consultant, Dr Funmi Babington Ashaye, said registeration for the seminar is £350.00 but that 5 per cent discount applies for any one registering three participants while those registering four and above participants will

enjoy a 10 per cent discount. She said payment and registration should be made on or before 15th February 2024. According to Ashaye, marine and aviation risk insurance is a specialised sector within the insurance industry, dedicated to managing the unique risks of maritime and aviation activities. These vital industries, each with its distinct and complex challenges, rely on insurance to ensure the continuity of their operations. Professionals in this field need a deep understanding of these industries. These insurance policies are not only essential

for financial protection but also contribute significantly to the safety and sustainability of these global sectors. She said special highlights of the summit will include delivery by the Chartered Insurance Institute London Marine and Aviation Experts, and site visits to both Marine and Airports to explore the practical on-site risk assessment. These special highlights underscore the organiser’s commitment to delivering a summit that goes beyond traditional learning formats. by combining expert presentations with immersive on-site experiences.

CAMCONIA Chairman Solicits Partnership with Media The Newly elected Chairman of Corporate Affairs Managers Committee of the Nigerian Insurers Association (CAMCONIA), Mr Segun Bankole, has solicited the cooperation, support and partnership with the media especially members of the Nigerian Association of Insurance and Pension Editors (NAIPE) with CAMCONIA to achieve its mandate. The CAMCONIA Chairman who is also the Deputy General Manager, Corporate Communications & Investor

Relations, Sovereign Trust Insurance Plc, made the appeal during a special hangout with NAIPE executives and select members of the association in Lagos at the weekend. “I need the media community to make me excel, make the industry shine. That is basically what prompted my decision that let me have a hang-out with my people. Thank you all for the collaboration and partnership over the years. I joined Sovereign Trust Insurance in 2007, and from

then till now you guys have not for one day let me down. I just said, in a very convivial way, not all about work and work, let us have time to also relax, and share very lovely moments and that is basically why we are here, “he said. NAIPE members also spoke on the attitude of some Corporate Communication Managers of some insurance companies whom they said have turned themselves to ‘Semi-gods’ even refusing to answer their calls or respond to text messages.

WEDNESday, February 7, 2024, T H I S D AY

business/MOnEYGUIDE

BoI, IFC Collaborate to Enhance Finance Accessibility, Export Credit Nume Ekeghe

The Bank of Industry (BoI) and the International Finance Corporation (IFC) have partnered to enhance the accessibility of finance and export credit, contributing to the advancement of Nigeria’s industrialisation efforts Managing Director of BOI, Dr Olasupo Olusi, said this at the BOI-IFC Conference on Empowering Futures in Laos. He said the conference presented an opportunity to develop innovative ideas and initiatives towards improving access to finance, export credit, partial credit guarantees and other risk-sharing financing structures. He reiterated the importance of Nigeria’s current macroeconomic realities placing a lot of responsibility on development banks like BoI and multilateral and financial institutions like IFC to expand their risk appetite through out-of-the-box financing ideas. He added that the visit of IFC’s Regional Vice President for Africa, Sergio Pimenta, and his team, to Nigeria, underscored IFC’s strong commitment to supporting the development of Africa’s

largest economy even as the event also signified the strong bond that existed between the IFC and development finance institutions (DFIs). He said: “This conference is very important and timely which convenes leaders from the financial sector and other critical sectors of the economy to discuss how to advance Nigeria’s industrial sector. Few people may remember that the Nigerian Industrial Development Bank (NIDB) – which later became BoI – was set up in 1964 by the federal government in partnership with the IFC.” He said the event aimed at delivering a coherent and actionable plan to advance Nigeria’s industrial growth and development in line with President Bola Ahmed Tinubu’s ‘Renewed Hope Agenda’. Delivering his keynote, Pimenta said IFC’s investment portfolio in Nigeria is the second largest in Africa, and stands at $2 billion, concentrated across trade finance, manufacturing, financial markets, and infrastructure. He added that IFC’s strategic objectives in Nigeria are aimed at supporting diversified growth, enhancing inclusion,

and promoting sustainability and job creation. “In addition, IFC’s work boosts universal energy access and green energy adoption, fosters increased access to finance for micro, small, and medium-sized enterprises (MSMEs) through financial intermediaries, supports agribusiness and manufacturing to enhance food security, meet domestic needs, and grow export and foster digitisation,” he said. He stated that the Nigerian financial sector has a key role to play supporting trade, financial inclusion and access to finance for MSMEs. Speaking on the nation’s infrastructure gap, he said Nigeria’s rapidly growing population—projected to nearly double to 400 million by 2050 coupled with urbanisation underscore the urgent need for infrastructure development. “Estimates suggest that infrastructure deficits already cost Nigeria about 4 per cent of GDP growth annually. Therefore, it is imperative to work together to close infrastructure gaps, which are impeding private sector growth and overall economic development,” he advised.

Firm Launches Mobile App, Gets APM Terminals Support Indigenous recycling company in Nigeria, ‘Freee Recycling Limited’, has launched its recycling mobile application in Lagos, just as it garnered support from maritime container terminal operator, AP Moller Terminal The Managing Director, Freee Recycling Limited, Ms Ifedolapo Omisore, while unveiling the mobile App to the Head of Procurement AP Moller Terminals, Nigeria, Ms Chinyere Adenaike, revealed that the mobile App was built to encourage efficient product and data collection to serve a variety of clients across the tyre recycling value chain. AP Moller Terminal had in

2022 signed a Memorandum of Understanding (MoU) with Freee Recycle Limited to supply used tyres which the recycling company would recycle into various products like rubber interlocking tiles amongst others with a vision to deploy the recycled tiles into the tiling of no less than 10 school playgrounds in Lagos. The MoU, which would run for five years would help to create environmentally friendly pieces for public use through collaboration between AP Moller Terminal and Freee Recycling Limited. Omisore explained that, “while the pilot project has

only been deployed to one school of the projected 10, we have built a mobile App to expedite the process of aggregating and collecting tyre waste which connects all stakeholders in the tyre value chain. Also speaking, the Executive Director, of Sage-Grey Technologies and App Developer of the Freee Recycle app, Atiba Adejumo, noted that the App is a game changer for the recycling industry as it would “help Freee to reach a lot more people who want to recycle responsibly culminating in positive impact for the environment through recycling.”

Nigeria’s X3M Ideas Listed in 2023 Loeries Official Ranking Raheem Akingbolu For the first time, a Nigerian agency, X3M Ideas, has been listed in the Loeries 2023 Official Ranking in three categories; top agencies in Africa and the Middle East, ranking by agencies in Africa (excluding South Africa) and list of top agencies, digital category. Impact BBDO tops the list in the agency in Africa category while FP7 McCann Dubai comes second and Leo Bunnet Dubai third in this section. Others are; Saatchi & Satchi Dubai, Publicis Middle East, Scannad Kenya, Leo Burnnet Beirut, TBWA Instanbul,

among other selected agencies spread across various African countries. X3M Ideas, which is on number 9 is the only West African agency in the list. Reacting to the new feat, the Chief Executive Officer of X3M Ideas, Steve Babaeko, who dedicated the award to the agency’s array of clients and his team described the achievement as a morale booster. He said, “We’re extremely proud to have been listed in the globally respected Loeries rankings. Our strong agency representation across threee categories showcases both

the power of our ideas and the strength of our partnerships with clients. This recognition from Loeries is a great endorsement of our amazing teams and their ability to deliver creative and innovative work that has a transformative impact around the world.” Reflecting on the rankings, Dani Richa, chairperson and CEO of BBDO Middle East Africa and Pakistan had stated: “We take the Loeries ranking very seriously as it’s a true measure of our performance and our work across the Middle East and Africa.

Brand Extension: Nigerian Breweries Introduces ‘Legend Twist’

Raheem Akingbolu

In a bold move to meet the evolving demands of a dynamic consumer base and redefine the stout landscape in Nigeria, foremost brewer, Nigerian Breweries Plc has unveiled the latest addition to its teeming portfolio – ‘Legend Twist.’ This innovative addition stands as a testament to the company’s commitment to

brewing excellence and an acute awareness of the evolving tastes of the modern consumer. Portfolio Manager, Dark Beer, Nigerian Breweries PLC, Ita Bassey, shared insights into the inspiration behind ‘Legend Twist’. “In crafting Legend Twist, we wanted to offer consumers more than just a beverage; we aimed to deliver a transformative experience.

This brand is a testament to our commitment to innovation and satisfying the diverse tastes of our consumers. ‘Legend Twist’ is not just a drink; it’s an ode to those who crave something extraordinary. Legend Twist encapsulates the spirit of exploration, daring consumers to enter a world where flavours intertwine, creating a resonant experience.

L-R: Executive Commissioner , Corporate Services, Securities and Exchange Commission (SEC), Ibrahim Boyi; Registrar and Chief Executive, Chartered Institute of Stockbrokers (CIS), Josiah Akerewusi; 1st Vice President, CIS, Oluropo Dada; Director General, SEC, Lamido Yuguda; Chairman, Senate Committee on Capital Market and Institutions, Senator Osita Izunaso; President, CIS, Oluwole Adeosun; 2nd Vice President, Fiona Ahimie; Executive Commissioner, Operations, SEC , Dayo Obisan and Executive Commissioner , Legal and Enforcement, SEC, Reginald Karawusa during courtesy visit of the House Committee Chairman and SEC leadership to CIS yesterday in Lagos

MARKET INDICATORS MONEY AND CREDIT STATISTICS (MILLION NAIRA) November, 24

Money Supply (M3)

72,014,274.74

-- CBN Bills Held by Money Holding Sectors

1,245,804.25

Money Supply (M2)

71,331,641.40

-- Quasi Money

45,146,611.59

-- Narrow Money (M1)

26,185,029.81

---- Currency Outside Banks

3,081,255.46

---- Demand Deposits

23,103,774.40

Net Foreign Assets (NFA)

32,212,549.50

Net Domestic Assets(NDA)

58,300,995.27

-- Net Domestic Credit (NDC)

39,801,725.20

---- Credit to Government (Net)

32,511,333.17

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

0.00

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

0.00

---- Credit to Private Sector (CPS)

59,737,156.08

--Other Assets Net

4,720,308.20

Reserve Money (Base Money

22,908,392.34

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

3,347,716.33 19,560,676.02 0.00

• Source - CBN

Money Market Indicators (in Percentage) Month

December 2024

Inter-Bank Call Rate

16.99

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

18.75

Treasury Bill Rate

8.93

Savings Deposit Rate

5.28

1 Month Deposit Rate

7.24

3 Months Deposit Rate

7.56

6 Months Deposit Rate

8.42

12 Months Deposit Rate

9.75

Prime Lending rate

14.17

Maximum Lending Rate

26.62

• Monetary Policy Rate - 13%

OPEC DAILY BASKET PRICE As At 24th JANUARY , 2024

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

WEDNESday, February 7, 2024 • T H I S D AY

mARKET NEWS

Senator Urge PenCom to Utilise Capital Market for Better Returns Kayode Tokede The Chairman, Senate Committee on Capital Market and Institutions, Osita Izunaso, yesterday advocated for the National Pension Commission (PenCom)’s N 19 trillion exposure in the capital market, calling on Pension Fund Administrators to utilize the market for better return on investment. The Senator said this when he led other Senators, alongside the

Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda on a tour to the Chartered Institute of Stockbroker (CIS) building in Lagos. He disclosed that the Senate would be having a public hearing on the Investment and Securities Bill that was not passed into law by the past administration of President Muhmmadu Buhari. Speaking earlier, the president, CIS, Mr. Oluwole Adeosun seeks

P R I C E S MaiN Board

F O R DEALS

the support of the Senate Committee on Capital Market in its quest to get the CISIN Bill passed and signed by President Bola Tinubu. Speaking further, he said, “Another area where the institute urgently needs your support is in relation to our advocacy activities. The market capitalisation of the Nigerian capital market, as at today, is just about 14 per cent of the country’s Gross Domestic Product (GDP).

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

quantity traded

“Given this scenario, it is difficult for the market to serve its traditional role of being a barometer for gauging the economy, or to galvanise economic growth effectively. “The government therefore needs to come up with policies that will encourage and stimulate participation in the capital market. Large companies in the country should be encouraged to list their shares on the stock exchanges,

T R A D E D

value traded ( N )

A S O F

MaiN Board

through tax concessions and ease of doing business programmes. “Securities dealing firms should also be encouraged through easier access to liquidity, particularly from the banks. Pension funds in the country should be guided to invest a much higher proportion of their funds in the equities market as is done in the advanced countries.” When the delegations visited the Nigerian Exchange Limited (NGX), Izunazo assured the commitment of the Senate in driving legislative

F E B R U A RY DEALS

reforms that would propel the Nigerian capital market to new heights. He emphasized the pivotal role of the capital market in fostering economic prosperity and urged stakeholders to work together towards achieving common objectives. He said, “We are going to look at all the legislative framework in the National Assembly waiting for amendment in one form or the other.

/ 0 6 / 2 4 Market Price

quantity traded

value traded ( N)

WEDNESDAY, FEBRUARY 07, 2024 • T H I S D AY

NEWS

Getting Set For Senate Plenary...

L-R: Senator representing Rivers West Senatorial District, Ipalibo Harry Banigo; Senator representing FCT, Ireti Heebah Kingibe and President of the Senate, Godswill Akpabio, shortly before Senate Plenary... yesterday

Trump Has No Immunity from January 6 Prosecution, Appeal Court Rules

A United States Federal Appeals Court has ruled that former President Donald Trump can be put on trial for trying to stay in power after losing the 2020 election. The court in a unanimous decision, rejected Trump’s sweeping claim of presidential immunity as dangerous and unsupported by the U.S. Constitution. At public arguments in January, the three judges expressed concern over the most extreme implications of Trump’s view, with one suggesting it would allow a future president to order the assassination of a political rival. But in their opinion yesterday, they say it is Trump’s own alleged crimes — “an unprecedented assault on the structure of our government” — that threaten democracy if left beyond the reach of criminal prosecution. “We cannot accept former President Trump’s claim that a President has unbounded authority to commit crimes that would neutralize the most fundamental check on executive power — the recognition and implementation of election results. “Nor can we sanction his apparent contention that the Executive has carte blanche to violate the rights of individual citizens to vote and to have their

votes count,” the judges wrote. The ruling, according to The Washington Post, is one of several expected this spring that could determine whether Trump will campaign for president this fall from behind bars — and whether he is able to compete for election at all. It comes days before the Supreme Court considers another untested question raised by Trump’s candidacy — whether the former president is an insurrectionist prohibited by the Constitution from returning to the White House because of his actions around January 6. Trump was appealing a decision made by Tanya. S. Chutkan, the judge overseeing his trial in D.C., and has made clear he plans to keep pressing his case in higher courts. The D.C. Circuit panel set tight deadlines for that review, saying it would give Trump only until Feb. 12 to ask the Supreme Court to intervene. That would make it hard for Trump to ask the full U.S. Court of Appeals for the D.C. Circuit to review the ruling first. While his legal arguments keep failing in court, even rulings against him increase his chances of delaying any federal trial in D.C. until after the presidential election, in which he is the Republican front-runner. Trump’s trial had been scheduled

for March 4, one of four criminal prosecutions Trump faces while simultaneously campaigning to regain the White House. But it was postponed indefinitely last week for the appeals process on the immunity issue to continue. The panel wrote “per curiam,” meaning they are “speaking with one voice,” in a 57-page opinion addressing all of the arguments Trump’s attorneys made during arguments before the appellate court in January. “This opinion is as strong an argument against Supreme Court intervention as there could

have been,” said Steve Vladeck, a professor at the University of Texas School of Law. “Whether it’s strong enough is up to the justices.” Five justices would have to agree to keep the trial on hold for Trump’s appeal. Vladeck predicted that the Court would either take the case quickly and decide it before the term ends in late June or early July or not take it at all. “They don’t want to be seen as running out the clock,” he said. “If they want to step in, I think they would want to step in this term.” The Justice Department has

The private security firm contracted by the federal government in the fight against crude oil theft, Tantita Security Services Limited (TSSL) has arrested another ocean-going vessel with 88,000 litres of stolen crude oil offshore Bayelsa state. The vessel named MT Harbour Spirit with IMO 8226272 was apprehended by a joint operation by the officials of TSSL, owned by a former militant commander in the Niger Delta, Chief Government Ekpemupolo, alias Tompolo and men of the Nigerian Security and Civil Defence Corps (NSCDC). Director of Operations of TSSL, Captain Warredi Enisuoh, who paraded the vessel and crew members yesterday at Oporoza in Warri South West Local Government area of Delta State, said the vessel was apprehend in the early hours of last Sunday, February 4.

He said the vessel and the crew were put under surveillance for months before they were finally caught in the act while loading crude oil illegally at Segana oil field off Bayelsa coast by operatives of Tantita in conjunction with the NSCDC personnel as well as the operatives of the military. Enisuoh disclosed that the vessel had been loaded with 88,000 litres of crude oil when the operatives swooped on them at about 1 am on Sunday, adding that their swift response minimised the quantity already stolen. He said the vessel was not a Nigerian registered ship, stressing that it was a "Maldovan" ship but that the crew were Nigerians. The director of operations of TSSL disclosed that 13 crew members were arrested on-board the vessel while three jumped into the sea to escape being apprehended. He said they have been cooperative

during the oral argument, she called it “paradoxical” that a president’s duty to faithfully execute the laws would allow him to violate them. That characterization is reflected in the final opinion, which calls Trump’s position “a striking paradox.” It also suggests that some fear of future prosecution serves an important purpose: “to deter possible abuses of power and criminal behavior.” The court quoted Chutkan’s earlier ruling: “Every President will face difficult decisions; whether to intentionally commit a federal crime should not be one of them.”

FG Seeks Partnership with Germany on Migration Launch resource centre

Onyebuchi Ezigbo and Kassim Sumaina in Abuja

The federal government yesterday, called for a stronger partnership with the government of the Republic of Germany on migration. The Minister of State for Labour and Employment, Nkeiruka

Onyejeocha, made the call in her remark during the official opening of a new Migrant Resource Centre (MRC) in Ado, Nasarawa State. The event highlighted the growing partnership between Nigeria and Germany on promoting safe and regular labour migration. Onyejeocha while highlighting the

Tompolo’s Firm, Tantita Arrests Another Vessel with Stolen Crude Oil in Bayelsa

Sylvester Idowu in Warri

long held that a current president cannot be prosecuted. But Trump raised the novel claim that former presidents cannot either, at least for actions related to their official duties, unless impeached and convicted by Congress first. Having been acquitted by the Senate of inciting the deadly attack on the Capitol on Jan. 6, 2021, Trump said that to try him in federal court would be a double jeopardy violation. The lone Republican appointee on the panel, Karen L. Henderson, has historically been sympathetic to broad presidential power. But

so far since the arrest. He commended the new synergy between TSSL operatives and the military and in particular the Nigerian Army, Nigerian Navy and others as directed by the Chief of Defence Staff, Gen. Christopher Musa and Chief of Naval Staff, Vice Admiral Emmanuel Ogalla. Enisuoh also expressed appreciation to the Inspector General of Police, Kayode Egbetokun, for deploying a special force to be part of investigation to unravel the perpetrators of the dastardly act. Head of Investigations of the Nigerian Police Special Task Force on Petroleum and Illegal Bunkering, Omar Sini, a Chief Superintendent of Police (CSP) accompanied by Faith Okwuego, a Deputy Superintendent of Police (DSP) assured that thorough investigation would be carried out and the report will be released to the public.

"As always investigation has since commenced and further progress and eventual outcome of the investigation will be made public through the office of the Force Public Relations office", he said. Captain of the arrested vessel, Shittu Joseph, confirmed that they were apprehended at the spot where their vessel was been loaded with stolen crude oil, adding that they were 16 crew members but three jumped into the sea and can't be accounted for now. He said they were misguided by their employer who gave them the impression they were on genuine business trip and that everything was properly documented. Shittu disclosed that at a point they became uncomfortable with the arrangement and were about to leave the ship when Tantita operatives and NSCDC personnel swooped on them.

importance of the center, stated, "This MRC will provide crucial support to potential and returning migrants, offering information, guidance, and training opportunities to help them make informed decisions about their migration journey." Onyejeocha emphasised the long-standing cooperation between the two countries, citing the establishment of the Nigerian-German Centre for Migration and Development (NGC) in 2018. She noted that the collaboration funded by the German Federal Ministry for Economic Cooperation and Development and implemented by GIZ, has supported capacity building, policy development, and awareness campaigns around migration. Highlighting significant achievements recorded through the collaboration between the two countries, the Minister outlined the programme's results, including, "320,000 individuals receiving individual support measures like job placement, business startups, and education. "37,600 beneficiaries securing employment and 53,300 launching businesses. Over 63,000 receiving individual counseling and nearly 10,000 receiving psychosocial support." On expanding opportunities in the future, the Minister stressed the critical role of MRCs in fostering safe and regular migration pathways to Germany and other European countries. She called for further collaboration

and proposed a Bilateral Labour Migration Agreements (BLMAs) or Memoranda of Understanding (MoUs) to facilitate regulated labour migration benefiting both nations. Establishing new MRCs in strategic locations across Nigeria to widen access to these resources. Onyejeocha, however expressed gratitude to the German government and the GIZ for their ongoing support. She reaffirmed Nigeria's commitment to the partnership and the successful implementation of the ZME project, aiming to create more opportunities for its citizens and strengthen ties with Germany. Similarly, German Minister for Economic Cooperation and Development, Svenja Schulze, celebrated the launch of a new Migration Resource Center in Ado Nasarawa, Nigeria. She emphasised the positive impact migration could have on individuals, communities, and nations. According to her, "Migration is a reality that needs to be shaped so that it benefits everyone. This center provides a space for migrants and potential migrants to access information, training, and support, fostering legal migration options and entrepreneurial opportunities.” The Minister highlighted the mutually beneficial nature of migration partnerships, nothing that, "the center aims to create opportunities for Nigerians seeking jobs, address skill gaps in the Nigerian labor market, and connect German companies with qualified workers."

T H I S D AY • WEDNESDAY, FEBRUARY 07, 2024

NEWS

Minister's visit to FCSC...

L-R: A Commissioner in the Federal Civil Service Commission (FCSC) Dr Jonah Madugu; another commissioner, Mrs Rukiyat Odekunle; the Chairman FCSC, Prof Tunji Olaopa; the Minister of Youths and Development, Dr. Jamila Bio Ibrahim; and Amb. Aminu Nabegu, during the visit of the minister to Olaopa in Abuja... yesterday

Be Courageous to Implement 2014 Confab Report on Restructuring, SMBLF Tells Tinubu Says worsening insecurity reinforces call for state policing Warns against tolerating Miyetti Allah militia group Says release of Nnamdi Kanu best interest of the country

Alex Enumah in Abuja

The Southern and Middle Belt Leaders Forum (SMBLF) has urged President Bola Tinubu to immediately put machineries towards the implementation of the report of the 2014 National Conference on restructuring, so as to mitigate the myriads of challenges currently confronting the country. According to the forum Nigeria

has continued to remain "fractured, divided and retrogressing because of the faulty federal system being practice". In a communique issued at the end of a meeting of leaders of the forum on Monday in Abuja, the SMBLF, observed that President Tinubu had in the past carved out a name through his efforts in fighting for true federalism in the country and as such "have the courage to

lead the country into proper practice of federalism as obtained all over the world ". The meeting chaired by elder statesman, Chief Edwin Clarke, alongside Ayo Adebanjo, Emmanuel Iwuanyanwu, Dr Pogu Bitrus and Senator Emmanuel Essien amongst others therefore urged the president to, "set in motion the machinery towards the eventual constitutional amendment by implementing the

2014 National Conference Report and the el Rufai Committee Report on True Federalism of 2018 set up by the APC government ". Meanwhile, the forum has called on the president to do all within his powers to bring under control the worsening insecurity in the country, stressing that it is inconceivable that criminal groups have taken over some villages, communities and highways without adequate response from those

Akpata Denies Involvement in Last Sunday’s Attack on Abure Adibe Emenyonu in Benin City

A governorship aspirant on the platform of Labour Party (LP) in Edo State, Mr. Olumide Akpata, has denied any involvement in last Sunday’s protest at the party secretariat in Benin City. Last Sunday, hundreds of youths of the party protested against the National Chairman, Mr. Julius Abure, over alleged support for some aspirants ahead the party governorship primary to be held

later this month. The angry youths, who besieged the state party secretariat with placards bearing different inscriptions, while chanting, "Abure must go, Abure must go," were prevented from entering the building by security operatives, who confiscated video cameras belonging to two national television stations while recording the protest. It took the intervention of the Chairman of the Nigerian Union of Journalists, Edo State Council, Festus

Alenkhe before the cameras were retrieved from the security operatives. The protesting youths alleged that the party’s national chairman, had compromised his position and therefore, should not be allowed to superintend over the party primary election. After the protest, rumours began to filter in that the protest was masterminded by Olumide Akpata. However, addressing journalists in Benin City, yesterday, the LP hopeful, said he had nothing to do with the

protest, wondering how people could rope him in with the protest when in actual fact he had nothing to do with the youths protest. "It has come to my attention that there was a protest, Sunday, 4th February 2024, at the Labour Party State Secretariat in Benin City, Edo State, which allegedly turned violent. I want to clearly and unequivocally state that I have absolutely no knowledge of this protest, nor have I sanctioned or approved it in any way.

responsible for securing the nation. The forum which stated that the primary duty of government is the protection of lives and property of its citizens, reminded Tinubu that the buck stops on the table of Mr President and as such he should take drastic measures to tackle the insecurity in the country. They also called on the heads of security agencies in the country to redouble their efforts, adding that the development has further reinforce the call for the rejigging of the country's security architecture and the urgent need for the creation of state policing. Besides, the forum "vehemently condemn the setting up of an ethnic militia by the Miyetti Allah Kauote Hore" a fortnight ago in Lafia, Nasarawa State, warning

NDLEA Set to Establish Offices in 774 LGAs

Hammed Shittu in Ilorin

The National Drug Law Enforcement Agency (NDLEA) yesterday said that it has concluded arrangement to establish offices in all the 774 local government areas in the

EFCC: Kogi Raises the Alarm over Attempt to Tarnish Bello's Image Witness falls ill testifying against ex-governor's cousin

Alex Enumah in Abuja and Ibrahim Oyewale in Lokoja

The Kogi State Government has raised the alarm over alleged desperate attempt by "criminals masquerading as politicians" to tarnish the image of former governor of Kogi State, Yahaya Bello, using the Economic and Financial Crimes Commission (EFCC). In a related development, a witness of the EFCC, Rabiu Musa, yesterday, suddenly took ill, while giving evidence in the trial of Ali Bello, Bello’s cousin and Dauda Suleiman. However, the Kogi State government said, in its desperation, the EFCC had in an amended charge, accused Bello of diverting Kogi State Government funds in September 2015, four months before he assumed the position of a governor. It said this was not only laughable but portrayed the EFCC as an agency

populated by persons whose intents disagreed with the noble intention of President Bola Tinubu to defeat corruption in Nigeria. This was contained in a statement signed by the Commissioner for Information in Kogi State, Kingsley Fanwo. "The fact that the EFCC, in charge No. FHC/ABJ/CR/550/2022: FRN V. 1. Ali Bello 2. Dauda Suleiman, currently pending before Honorable Justice J.K. Omotosho of the Federal High Court, Abuja Division further amended the 'Amended Charge' to include in the count, the name of former governor Yahaya Bello, describing him as being "at large" is ridiculous, laughable and portrays the EFCC as an agency infested with persons whose intents disagree with the noble intention of Mr. President to defeat corruption in Nigeria. "Being 'at large' of course means that a person is evading arrest or is on the run and cannot be found

after an attempt to arrest. For the sake of clarity, the original charge is against Ali Bello and Dauda Suleiman, Ali’s associate. “The offence which Yahaya Bello is alleged to have committed upon which he has been named in the count is conspiracy to convert the total sum of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand, Eighty Nine Naira, Eighty Eight Kobo) which offence is said to have occurred on or about September 2015 in Abuja. “His co-conspirators according to the Count are Abdulsalami Hudu (Kogi State Government House Cashier) described as being ‘at large’ too, Ali Bello and Dauda Suleiman. In the EFCC's desperation to nail H.E Yahaya Bello, they forgot their thinking hammer at home. "The Count of the offence is most laughable as the election that produced Yahaya Bello as Governor

of Kogi was only conducted in November 2015. Indeed, Captain Idris Wada of the PDP held sway as Governor of Kogi State at the material time until he handed over to Yahaya Bello on the 27th day of January 2016. "Yahaya Bello could therefore not have as of September 2015 conspired with anyone, including Abdulsalami Hudu, a Kogi Government House Cashier to convert any money belonging to the Kogi State Government.” Meanwhile, a witness of the EFCC, Rabiu Musa, suddenly took ill yesterday, while giving evidence in the trial of Bello Suleiman. The duo are standing trial before Justice James Omotosho of a Federal High Court in Abuja, on a 10-count charge bordering on misappropriation and money laundering of funds belonging to Kogi State. At the resumed trial yesterday, the prosecution called its third witness,

that should the federal government condone the action, it would force other ethnicities into setting up their own armies thereby leading to the disintegration of the country. Meanwhile, the forum has joined calls for the release of the leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, arguing that Kanu's release would go a long way in restoring peace in the South East of the country. On the economy and the continued downward slide of the nation's currency, the Naira, the forum urged the president and his team to immediately come up with tangible solutions to end the suffering of Nigerians. According to the forum, the rising poverty in the country puts the very existence of the federation to a great risk.

Musa, who claimed to be a bureau de change operator, based in Abuja. The witness while being led in evidence by the prosecution lawyer, Rotimi Oyedepo, SAN, tendered two record books containing financial dealings of his business. Although he claimed to be familiar with the defendants, he however said he could not recall details of his relationship with them. He, however, denied knowing one Hudu's driver whose name was contained in one of the record books tendered by the prosecution, which was marked as Exhibit G. The witness, who said he could not speak English and could neither read nor write, testified through an interpreter, who translated his testimony in Hausa to English. Midway into his testimony, the witness suddenly became uncomfortable, prompting the judge, Justice James Omotosho, to ask what the problem was.

country as part of measures to tackle the problem of drug abuse at the grassroots level. The Chairman and Chief executive of NDLEA, Brig.- Gen. Buba Marwa (rtd) stated this yesterday in Ilorin, the Kwara State capital, during the presentation of two books written by the Commander of the NDLEA, Kwara Command, Mr. Mohammed Ibrahim. Marwa called on state governments to provide lands for the establishment of the agency's barracks across the country. He also requested them to assist the agency in the provision of operational vehicles to enhance its fight against illicit drugs and substance at the various commands . While commending the author of the books: "Look Before You Leap" and "Drug Slaves" ,Marwa said that the books will provide the youths with information about how to guard themselves against drug abuse, while those who have fallen victims can be treated and cured. Represented by the Director of Internal Affairs and Provost Marshall in the agency, Dr Malami Sokoto, Marwa enjoined traditional rulers to join hands with the agency in tackling the menace of drug abuse at the grassroots. In his keynote address, the Director General, Michael Imoudu National Institute for Labour Studies (MINILS), Isa Aremu, advocated stiffer penalties for drug barons in the society.

WEDNESDAY, FEBRUARY 07, 2024 • T H I S D AY

NEWS

Umakhihe submitting his nomination form...

R-L: All Progressives Congress Deputy National Organising Secretary, Mr. Eze Chidi Duru receiving the completed 2024 Edo Governorship Nomination form from Dr. Ernest Afolabi Umakhihe, in company of his wife Mrs. Florence Umakhihe at the party secretariat in Abuja... yesterday

FG Convenes Emergency Meeting to Address Rising Food Prices

ment to increase trade finance and enhance the supply chains as a vital tool in addressing the current cost of living crisis. The House further appealed to manufacturers, producers, middlemen, sellers of goods and services, and other relevant stakeholders to be realistic in fixing prices of their goods and services, especially, items not dependent on the foreign exchange, like raw materials for cement, which are sourced locally. The resolutions followed the adoption of a motion under matters of urgent national importance on the urgent need for government action to reduce cost of living, moved by Hon. Isiaka Ibrahim, at plenary yesterday. Ibrahim, while presenting the motion, anchored his argument on, "The cost of living, which has been a pressing issue for many citizens around the world, and the situation has only worsened in recent times,” adding, “The impact it has on individuals and families and the urgent need for government intervention to bring down the cost of living in Nigeria.” He identified, "The skyrocketing expenses, such as housing, food, healthcare, and education, all of which have seen significant increases in prices.” Ibrahim stated, “The current inflation has eroded the purchasing power of individuals with higher prices for goods and services. Stagnant wages and limited job opportunities have also further exacerbated the financial strain on individuals and families, making it increasingly difficult to make ends meet." He stressed that the effect of the rising cost of living was particularly severe for low-income households, who were forced to make difficult choices between basic necessities. Ibrahim stated, "The financial burden has also led to increased levels of stress and anxiety, contributing to a decline in overall well-being of the Nigerian citizens. “Furthermore, the high cost of living hinders economic mobility, making it challenging for individuals to save for the future or invest in their education and career advancement. "Aware that as at date, poultry meat is one of the most traded products in the world, the top exporters of poultry meat are Brazil, the United States, and other countries that export beef in the world are Japan; frozen bovine meat exports, Republic of Belarus, Republic of Nicaragua, Netherlands, Republic of Poland, Republic of Ireland, Canada and Republic of Paraguay. "Despite its current export restrictions, India remains the world's largest rice exporting country with other major rice exporters that include Thailand, Vietnam, Pakistan, the United States, China, Burma, and Cambodia. “These eight countries account for about 90 percent of the total volume

of annual global rice exports." The lawmaker said the various radical policies and approaches of the Nigerian government were not only necessary but compulsory to stimulate the economy, improve the standard of living and emergence of Nigeria as an economic destination of the world. "But, the caveat is, the gestation period that has to come with unbearable hardship. Truly, incisions of tribal marks are associated with pains and only when it heals that the beauty radiates,” Ibrahim said.

Bauchi Governor to Introduce Policies to Stem Economic Hardship Bauchi State Governor, Senator Bala Mohammed, expressed his determination to introduce policies and programmes aimed at alleviating the suffering among the citizenry. Mohammed disclosed this yesterday at Jama'are during the continuation of the week-long activities for the inauguration of road projects in some parts of the state. The governor expressed concern over the rising price of essential commodities and the hardship it had brought on the citizens. He assured that his administration was determined to introduce measures that would improve commercial activities in the state. He said the ongoing construction of rural roads was aimed at connecting communities to their farmlands and enabling smooth movement of goods and services. Mohammed urged the people of Jama'are Emirate to cooperate with the contactors handling the project in the area to facilitate timely and successful completion. Responding on behalf of the benefiting communities, Emir of Jama'are, Alhaji Nuhu Muhammadu Wabi, pledged the people’s readiness to support all policies aimed at improving the wellbeing of residents.

APC: Opposition Parties Instigating Protests to Undermine Government APC alleged that opposition parties had resorted to instigating unsuspecting young people to protest, following the protests that rocked Minna and Kano on Monday over the hardship in the country. A statement issued yesterday by National Publicity Secretary of APC, Felix Morka, claimed that the protests in Minna and Kano on Monday were the manifestation of some devious and unpatriotic plot. Morka stated, "It was part of desperation to portray the ruling party as underperforming. In its arrant desperation to portray the APC-led administration as underperforming, opposition parties have resorted to instigating unsuspecting young people to protests in the streets

of some major cities. "The protests in Minna and Kano on Monday were the manifestation of this devious and unpatriotic plot. That the protests happened simultaneously in both cities is not coincidental. It bears a bold stamp of an orchestrated and coordinated effort to instigate unrest and undermine the government. “This mercenary opposition tactic is a clear and present threat to public peace and national security. “While the party recognised the right of citizens to engage in peaceful protest, it urged the people to be vigilant and not lend themselves to the treacherous attempt by the opposition to promote social strife by its incendiary rhetoric and manipulative plots.” Morka stressed that the President Bola Tinubu administration was solidly committed to doing everything in its power to mitigate the transient pains of critically important reforms that were crucial to economic recovery and sustainable prosperity for all Nigerians.

PDP Slams Tinubu, APC for Attempting to Politicise Hardship, Insists Nigerians Have Right to Protest The Peoples Democratic Party (PDP) condemned attempts by the presidency and APC to politicise the protests by Nigerians over economic hardship and worsening insecurity in the country. National Publicity Secretary of PDP Debo Ologunagba said, "The action of the APC in threatening Nigerians for exercising their democratic and constitutional right to protest in the face of misrule, agonising poverty, hunger, killings and other harrowing experiences under the Tinubu administration

shows that the APC is insensitive and relishes the life-discounting situation in the country. "This approach by the APC, instead of listening to the people, is not only offensive, but akin to pushing Nigerians to the wall and daring them to do their worse." The PDP spokesman said it was an assault on the sensibility of the people that rather than provide answers to how the Tinubu-led APC government, in a space of nine months, turned the country’s economy upside down, leading to terrifying food scarcity and catastrophic high cost of living, APC was seeking to label and clamp down on the suffering masses. According to Ologunagba, "The APC is insensitive to the fact that because of its policies more than 104 million citizens have sunk deeper into poverty; Nigerians can no longer afford their daily meals, with families now going to bed on empty stomach, as poverty rate soars to over 46 per cent. "Any government that has an idea of macro-economic policy management ought to have recognised that the suffocating policies of abrupt increase in the pump price of petroleum products, high cost of electricity, and arbitrary floating of the naira, as executed by the Tinubu administration without due considerations, would have excruciating consequences to the economy, as being witnessed today." PDP alleged, “The thoughtless policies by President Tinubu and the APC are responsible for the crippling of the productive sector with 28 per cent inflation rate, crashing of the naira from N167 to over N1, 500 to a dollar, closure of millions of businesses, and mass exodus of international companies from Nigeria, resulting to a distressing 41

per cent unemployment rate and unbearable pressure on millions of families across the country. "Today, Nigerians are resorting to suicide while thousands of our promising youths are leaving the country in droves. "Is it not provocative that in the last eight years and nine months, instead of deploying the nation’s resources for the improvement of critical infrastructure and the productive sectors, Nigerians have witnessed massive looting of over N20 trillion by APC leaders and its officials in government through direct pillaging of government vaults, budget padding, contract inflation, oil subsidy scam, palliative racketeering and phony programmes, which have no benefit and consequence to the lives of the citizens? "Since President Tinubu took office on May 29, 2023, no fewer than 5,000 Nigerians have been killed by terrorists, apparently, emboldened by the laidback attitude and body language of Mr. President, who has failed to show seriousness on issues of security or empathy to victims either by words or action."

Report: Nigerians Burdened with Food Price Fluctuation, Rising Cost A research conducted between November and December 2023 by Consumer Advocacy and Empowerment Foundation (CADEF) revealed concerning trends in Nigeria's food pricing landscape. According to the research report released yesterday, which spans the six geo-political zones, there were fluctuations in food prices, especially staple items, like yam, garri, rice, beans, chicken, and groundnut oil, within the period that the research was conducted.

Earlier research in August last year by both CADEF and Consumers International also revealed a substantial rise in retail/consumer prices compared to wholesale/ market prices for essential food items. This, according to analysts, suggested that Nigerian consumers were disproportionately burdened with increased costs, raising questions about fairness in the market. Consumers International, representing consumers worldwide, developed a tool called the Fair Food Price Monitor. The tool tracks the relationship between food prices at different supply chain stages, utilising data from reputable sources, such as the National Bureau of Statistics and FEWS NET. Specialist in Fair Food Prices in Africa at Consumers International, Davine Minayo, highlighted the importance of data-driven decision-making to address market imbalances. According to Minayo, "Our collaborative efforts aim to shed light on the issues affecting consumers and farmers in Nigeria. Calls for a thorough investigation by national authorities have been made, especially in markets of concern." Detailed analysis of farm gate, wholesale, and retail prices for commodities, such as maize, rice, beans, yam, palm oil, and chicken over the past three weeks revealed notable price fluctuations. Executive Director of CADEF, Professor Chiso Okafor, stressed the need for regulatory intervention to ensure fair pricing in food markets. Okafor said, "The findings underscore the urgent need for authorities to investigate and address any unfair practices that may be contributing to the burden on consumers and farmers."

Tinubu: No Room for Celebration Until Military Ends Insecurity, Returns to Nigeria commissioning of the T-129 ATAK helicopters and King Air 360i aircraft into the Service. “At this juncture, I hereby induct the 2 x T -129 ATAK helicopters as NAF 500 and NAF 501 and King Air 360i as NAF 205 into the Service of the Nigerian Air Force and our country." Earlier, in his welcome address, the Chief of Air Staff, Air Marshal Hassan Abubakar, said the acquisition and induction of the T129 Atak helicopter and Beechcraft King Air 360i aircraft was a testimony of the federal government’s unwavering resolve to equip and empower the air force and enhance its capacity to address security challenges confronting the country, in conjunction with sister forces and security agencies. Abubakar thanked Tinubu for the provision to enable the Nigerian Air Force to acquire seven brand-new aircraft within six months of his

administration. He disclosed that the air force was currently overhauling its operational platforms, equipment and the entire environment to improve efficiency and service delivery. Speaking at the occasion, Minister of Defence, Alhaji Abubakar Badaru, said the induction of the new platforms for the Air Force was a testimony of Tinubu’s resolve to add impetus to the armed forces' fight against security challenges in the country. Badaru commended the armed forces for the commitment to executing their assignments in line with the counter-terrorism plan of the present administration. He urged the military to imbibe a positive maintenance culture in utilising platforms purchased by the government.

Senate Grills Service Chiefs Today

The senate said it would grill the service chiefs today and tomorrow over the deplorable state of security in the country. Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Senator Adetokunbo Abiru, stated this while addressing journalists. Abiru said the planned interface with Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, was shifted from Tuesday to Friday, since Wednesday and Thursday had been slated for questioning the service chiefs by the senate. He said the invitation had been extended to members of the President’s Economic Team. The senate had by its resolution last Tuesday, summoned the service chiefs to appear before it in plenary for explanations on the worsening security situation in the country. The committee on banking had

last week, also, summoned the CBN governor to appear before it yesterday on the state of the country's economy and free flow of the naira. Members of the committee were already gathered at the venue of the planned interface with the CBN governor when it was obvious that Cardoso would have been overstressed in the House of Representatives. Abiru said, "After waiting for close to two hours for the CBN governor on the planned interface, we have resolved to postpone it to Friday this week by 9:00am prompt. "Postponement of the interface between our committee and the CBN governor arose from the fact that he and other managers of the nation's economy have been interfacing with our colleagues in the House of Representatives since morning without knowing when exactly the session would end.

T H I S D AY • WEDNESDAY, FEBRUARY 07, 2024

NEWS

Interactive session with the EVC of NCC...

L-R: Publisher, 21st Century Chronicle, Mahmud Jega; Editor-in- Chief/Chief Operating Officer, Premium Times, Musikilu Mojeed; Executive Commissioner, Stakeholder Management, Nigerian Communications Commission (NCC), Adeleke Adewolu; Executive Vice Chairman/Chief Executive Officer (EVC/CEO), NCC, Dr. Aminu Maida; Executive Commissioner, Technical Services, NCC, Ubale Maska; Chairman, Editorial Board, Blueprint Newspapers, Zainab Okino, and Editor-in-Chief, Leadership Newspapers, Azu Ishiekwene, at the interactive session with the EVC of NCC in Abuja ... on Monday

Ogalla: Navy’s Policies, Operations to Boost Crude Oil Production, Curb Oil Theft Convenes stakeholders' meeting

Kingsley Nwezeh in Abuja The Chief of the Naval Staff, Vice Admiral Ikechukwu Ogalla, yesterday, said the Nigerian Navy under his leadership had emplaced policies and conducted operations aimed at boosting crude oil production

as well as curbing oil theft. Ogalla spoke at a stakeholders' meeting he convened at the Naval Headquarters in Abuja to chart the way forward for the maritime sector. He said the meeting would focus on addressing some pertinent concerns that would strengthen

partnerships and working relationships between the navy and major stakeholders. "Under my leadership, I have steered the Nigerian Navy towards ensuring maritime security by conducting several operations and emplacing policies aimed at

boosting crude oil production and curbing the menace of oil theft," he said. He stated that the stakeholders' meeting was called with the understanding that collective efforts of the players in the sector was imperative in order to move the

INEC Holds Supplementary Polls in Taraba, Rerun in Enugu February 14 Juliet Akoje The Independent National Electoral Commission (INEC), yesterday, said it had resolved to conduct a new supplementary election in Taraba State and a new re-run election in Enugu State on Wednesday 14th February 2024. INEC National Commissioner and Chairman, Information and Voter Education Committee, Sam Olumekun, in a statement, said due to security concerns, the election in Kunchi/Tsanyawa State Constituency would be held at a later date, after further discussions with security agencies and stakeholders. The recent by-elections and re-run elections held on Saturday February 3, 2024, and by-elections were held in nine constituencies to fill seats left vacant by the demise or resignation of members elected during the 2023 general election, both in the National and State Houses of Assembly. However, re-run elections took place in 39 constituencies as ordered by the Election Petition Appeal Tribunals. The by-elections were concluded successfully across all designated constituencies, with the exception of the Jalingo/ Yorro/Zing Federal Constituency, where, the final declaration was postponed due to over voting in certain Polling Units, impacting the margin of lead between the candidates with the highest number of votes. The commission noted that details of the Polling Units would be published today (Wednesday). "The Commission held its regular meeting today, Tuesday, 6th February 2024, to deliberate, among other issues, the outcome of the bye-elections and re-run elections conducted last weekend.

"Regarding the re-run elections, disruptions occurred at two Polling Units in the Ikono/Ini Federal Constituency of Akwa Ibom State and across all Polling Units in the Enugu South State Constituency of Enugu State and Kunchi/Tsanyawa State Constituency of Kano State, due to violence, thuggery and the hijacking of election materials. "The Commission had previously suspended the rerun elections in these areas in accordance with Section 24(3)

of the Electoral Act 2022. "Following additional reports from our officials in the affected States, the Commission supports the Returning Officer's decision to announce results in the Ikono/Ini Federal Constituency, as the number of registered voters in the two Polling Units did not affect the outcome of the election. "The Commission has resolved to conduct a supplementary election in Taraba State and a new re-run election in Enugu State,

both scheduled for Wednesday 14th February 2024. "Due to security concerns, the election in Kunchi/Tsanyawa State Constituency will be held at a later date, after further discussions with security agencies and stakeholders,"Olumekun noted. The commission urged all eligible voters and stakeholders in the impacted Polling Units in Taraba and Enugu States to participate peacefully in the upcoming elections and support their preferred candidates.

sector forward. "Owing to the fact that the collective effort of our maritime stakeholders is required to create a conducive environment for increased oil production and maritime economic activities, the Nigerian Navy has deemed it necessary to call this all important stakeholders meeting," he said. Ogalla said the Navy had recorded successes through various operations and bilateral engagements to attain its strategic goals. "In realisation of the need to consolidate on gains recorded in our various operations, we have deemed it imperative for us all to jointly look at the salient issues bothering on maritime security, ease of doing maritime businesses and observance of operational procedures among others, for enhanced national security and economic prosperity," he said. The naval chief said the meeting was one of the regular engagements with the Nigerian Navy aimed at fostering common understanding, synergy and mutual trust among maritime stakeholders. He noted further that the meeting would focus on addressing some pertinent concerns that would

strengthen partnerships in order to engender optimal benefits from the maritime environment and foster the nation’s blue economy for Nigeria’s national development. "With the crop of sound and progressive minds present at this meeting today, I am optimistic that our deliberations will advance our common comprehension of what is required of us all to contribute meaningfully towards realising the objectives of the newly created Ministry of Marine and Blue Economy in line with the Renewed Hope Agenda of Mr President. "It is my expectation that this meeting will bring about renewed action and a reaffirmation of our commitment to jointly protect our maritime domain. "I am hopeful that we will leave here not with words, but with strategies that will assist us in securing a prosperous maritime future for Nigeria. "Together, we shall evolve approaches that leave no loophole for the criminal elements and economic saboteurs to exploit. “So, as we deliberate, I urge you to air your views freely and let sustainable solutions be forged in our shared experiences," he said.

Cardoso: Nigerians Spent $40 Billion in 10 Years on Foreign Education, Medical Tourism He acknowledge that despite the commendations, the concerns regarding the cost of living and currency exchange rates remain. Indeed, Cardoso stated that this is the major topic of concern in the villages, towns and our cities, noting that the urgency of the matter is not lost on the Central Bank. The CBN boss while speaking on the domestic outlook said that the federal government anticipates a 3.76 per cent real Gross Domestic Product (GDP) growth in 2024, slightly surpassing the estimated 3.75 per cent for 2023. This optimism, he said, is backed by key government reforms and the expectation of improved crude oil prices and production, which are set to drive economic growth. According to him, inflationary pressures are expected to decline in 2024 due to the CBN's inflationtargeting policy, aiming to rein in inflation to 21.4 per cent, aided by improved agricultural productivity and easing global supply chain pressures. "The shift to a market-driven exchange rate was intended to create a stable macroeconomic environment and discourage currency hoarding. However, short-term volatilities are attributed to arbitrage and speculation.

“ To address exchange rate volatility, a comprehensive strategy has been initiated to enhance liquidity in the FX markets. This includes unifying FX market segments, clearing outstanding FX obligations, introducing new operational mechanisms for BDCs, enforcing the Net Open Position limit, and adjusting the remunerable Standing Deposit Facility cap," he added. According to him, the exchange rate is determined by the dynamics of supply and demand for a product or service, in essence, similar to the pricing of cows or cars. On the relocation of some department of CBN to Lagos, Cardoso said it was not political but that the CBN only implemented what has been done before now. "We did not change anything we have always done this in order to get closer to the banks for best results," he said. The Executive Chairman Federal Inland Revenue Service (FIRS), Zacch Adedeji, during his presentation at the sectorial debate said that the federal government has no plans to increase tax but to re-strategise in ways that will yield positive and more results. "We plan to collect N19.2 trillion. We are not going to increase any tax but to re-strategise to bring more

people into the tax net and that has led to restructuring. The focus of Mr. President is not to tax, but tax return on investment," he stated. Also, the Minister of Budget and National Planning, Atiku Bagudu, said that the current economic challenges being faced was being looked into with a strategic plan to resolve the challenge. "We will overcome the challenges of the moment. People will be inconvenienced, but things will get better as government implements the reforms," he said The Minister of Finance, Wale Edun, during his presentation said that the country is where it is at the moment due to series of economic policies over the years. "We are where we are today as a result of series of economic policies over the years. The president has promised to take measures that will address major stumbling blocks to the nation's economic growth," he noted. Edun added that oil production has steadily increased as a result of improved security in oil producing areas and fight against oil bunkering and other criminalities in the area. "The measures have increased investor confidence in the sector while the nation improves its crude oil output. Inflation, exchange rates

fluctuations and other factors are also being addressed while agriculture is being strengthened for maximum production and non-oil sector economic diversification," the minister added. He maintained that as things improve, many sectors will pick up and drive the economy and further called on Nigerians to be calm, confident and have faith in the ability of the government to turn around the economy for the citizens to prosper. The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, said that the collective decisions of the parliament and the policy implementation of the government must impact Nigerians positively. The deputy speaker said that large-scale reform measures were needed to pull Nigeria out of its current daunting economic challenges and that the interconnection among the CBN, the FIRS, the Ministry of Planning, and the Ministry of Finance embodied the holistic approach which must be adopted to address the multifaceted challenges that confront the nation. Kalu said: "As we gather in this sectoral debate with the CBN governor, the chairman of FIRS, the Minister of Budget and Economic Planning, and the Minister of Finance,

it is imperative to recognise the urgency and importance of the agenda before us. “We must also confront the stark realities of the economic, fiscal, and revenue challenges that our beloved nation, Nigeria, is currently facing" "We are at a pivotal moment where the decisions we make and the policies we implement will impact the lives of millions of Nigerians. The reforms we envisage should not only address the immediate needs but also lay a resilient and dynamic framework that can adapt to future challenges and opportunities. These measures should stimulate growth, foster innovation, and uplift the lives of every Nigerian," he added. He emphasised that the essence of synergy is further subsumed in lawmakers quest for economic stability and growth and further reminded his colleagues and indeed all the stakeholders that the eyes of the people were on them with high expectations. "As we engage in this sectoral debate, let us remember that the eyes of our nation are upon us, looking with hope and expectation for outcomes that will reinforce the pillars of our economy, safeguard our fiscal integrity, and ensure a prosperous and inclusive future for all Nigerians," he noted.

wednESday february 7, 2024• T H I S D AY

NEWS

UNIVERSITY DEGREES FOR COACHING…

Founder and Chief Catalyst, OLCA Coaching Limited, Dr Lanre Olusola(left), and Myles Leadership University (MLU) Director of Programmes in Africa, Dr. Mathew Godwin Mario, at a conference in Lagos, to announce the strategic partnership where OLCA will offer university diplomas, degrees and masters programmes at MLU campuses globally…recently

Insecurity: Amotekun Nabs 149 Suspects with Guns, Charms, Swords in Ondo

Fidelis David in Akure

Men of the Ondo State Security Network Agency, codenamed Amotekun, have arrested 149 suspected criminals with guns, charms, cutlasses, swords,

catapults loaded in trucks from different black spots across the state. The Ondo State Commander of Amotekun, Mr. Adetunji Adeleye, who paraded the suspects at the command’s

headquarters in Akure, said that the state has been experiencing influx of strange people within the state forest reserve areas. Adleye explained that the suspects were inside trucks

when they were arrested from three local government areas of the state. He said: “A couple of weeks ago, we started having very heavy influx of strange people

within our forest reserve areas and within the Ondo State territory. “Majority of these people who claimed that they were coming into the state

as hunters, were arrested around the black spots where we have robbery operations and kidnapping in the local governments where they were nabbed.

African Cancer Foundation Debunks Viral Beverage Workers Protest Ban of Sachet Alcoholic Drinks in Lagos Say jobs of 500,000 Nigerians on the line Message on Free Breast Cancer Surgeries Raheem streets in Lagos to protest the placards with various inscriptions Nigerians’ Hardship’; ‘All We Need Akingbolu Says message is for 2022, not 2024

Sunday Okobi

The African Cancer Foundation (ACF) has discredited a widely circulated message that the foundation is offering free breast cancer surgeries in 2024, saying the statement was for 2022 programme not 2024(not current). In a statement issued yesterday and made available to THISDAY by the ACF, and titled: ‘Fact Check: 2022 Information Wrongly Reshared In 2024’, Africa Cancer Foundation (ACF) stated that “the message for free breast cancer surgeries is not current. Please disregard it, as it was sent in 2022 for 200 women with breast cancer for

free surgeries. The surgeries were conducted then, and no more funding exists to continue. Please stop forwarding the message. “Africa Cancer Foundation is not offering free breast cancer surgeries in 2024.” The viral message, which the Foundation described as misinforming the public had earlier stated in 2022 that: “Dear all, please if you know of any lady battling breast cancer of whatever stage please advise her to contact Dor@africacancerfoundation. org before march 7, all medical expenses are free. Please don’t keep this message to yourself, Share or forward to groups, and save that woman’s life.”

Nigerian workers under the auspices of Food Beverage and Tobacco Senior Staff Association and National Union of Food Beverages yesterday took to the

The newly deployed Ekiti State Commissioner of Police, Adeniran Kunle Adewale, has officially assumed office in Akure, the state capital. Adewale took over from Dare Ogundare, who was elevated to the post of the Assistant Inspector General of Police (AIG). Addressing journalists in Ado Ekiti, the new CP said his

deployment was not a mistake, but a call to serve. He said: “This time call for sober reflection because of the upsurge in insecurity, but the government is doing everything possible to arrest the situation. “I am here, and I am in charge; I am fully on ground. I am warning those with weapons to submit them because I will come after them, so all kidnappers, and other criminals in Ekiti State should steer clear.”

and insisted that the ban would again throw out a lot of Nigerians into the labour market. Some of the inscriptions included: ‘NAFDAC, Our Jobs Are on the Line’; ‘NAFDAC, don’t Worsen

is Good Regulation, Not Total Ban’, and other similar messages. The protest, which began under the Iyana-Isolo Bridge, saw the workers through adjoining streets, singing different solidarity songs.

Absence of Good Governance Hurting Africa’s Economic Devt, Says Ezekwesili Kuni Tyessi in Abuja

The Founder, School of Politics, Policy and Governance, and Chair, #FixPolitics, Dr. Obiageli Ezekwesili, has linked Africa’s under-development to the absence of good

governance and quality political leadership. Ezekwesili spoke at the inaugural session of the SPPG Distinguished Guest Speaker Series, which was attended by thousands of Africans and global stakeholders. Speaking on the theme,

“Power, Performance and Legitimacy: Renewing Global Democratic Momentum,” she explained that the central thesis of #FixPolitics research was that “the absence of good governance is the greatest obstacle” to Nigeria’s economic development.

Ezekwesili told the participants that “the failure of the country’s variant of politics and public leadership inherently subverts public good and places their personal and narrow interests above the collective wellbeing of citizens.

Michael Okpara Varsity Shut as Students Protest Fee Hike Emmanuel Ugwu-Nwogo in Umuahia

Michael Okpara University New CP, Adewale, Assumes Office in Ekiti The of Agriculture Umudike

Gbenga Sodeinde in Ado Ekiti

ban on sachet alcoholic drinks by the National Agency for Food, Drug Administration and Control (NAFDAC). The workers, who trooped out in their hundreds, displayed

(MOUAU) was yesterday shut down indefinitely by school management following a violent protest by students over hike

in school fees. The Vice-Chancellor, Professor Maduebibisi Ofo Iwe, said in a statement he personally signed that the school management took the drastic action in order “to safeguard lives and properties on campus.” It was gathered that students,

who were prevented from writing the ongoing first semester examination for failing to pay their school fees, mobilised and embarked on protest march against management. But the MOUAU VC blamed “miscreants and hoodlums” for the protest, saying that the

university community “woke up to experience the violation of the long-existing peace of the university.” He said that he was attacked “by miscreants who took over the university”, damaged his official vehicle and those of other officials.

Gunmen Lay Siege to Communities in Three Local Govts in Niger areas are Munya, Shiroro and Rafi. motorcycles with all the bandits of the local government have sent Laleye Dipo inMinna

Gunmen have laid siege to communities in three local government areas in Niger State, killing and abducting some of the villagers in the process. The affected local government

Reliable sources told THISDAY that not less than 900 of the gunmen have settled in communities in Sarkinpawa headquarters of the local government area. They reportedly stormed the local government areas on about 600

carrying AK-47 rifles. It was said that these gunmen have surrounded Pai and Dangunu villages where they abducted 40 people mostly women and children. It was learnt that the authorities

SoS to the Special Security Task Force (SSTF) in Minna. THISDAY was told that the gunmen have threatened to kill and kidnap as many people as possible because of the killing of their leader, Mr. Ali Kachala.

Onaiwu Calls on Obaseki, Aides to Stop G5 Governors’ Link Chuks Okocha in Abuja

A frontline Peoples Democratic Party (PDP) governorship aspirant in the Edo State forthcoming governorship election, Osaro Onaiwu, has on behalf of the eight faithful and loyal PDP gubernatorial

aspirants in state, who have been fighting against the ‘flawed’ ward congress of the party last weekend, called on the state Governor, Godwin Obaseki, and his aides to end “the baseless blackmail by spreading rumours that they are sponsored by the G5

Governors. “Contrary to the false narrative being peddled by the governor and his team to canvass for the support of Alhaji Atiku Abubarkar,” Onaiwu emphasised that the aspirants are not supported by the G5 Governors, adding that

as a former director-general of the PDP Governors Forum, he enjoys a relationship with the G5 Governors. He said: “Is it not ironic that Dr. Peter Mbah, governor of Enugu State, who midwifed the flawed congress, is a product of G5?”

Power Supply: Women Protest Blackout in Rivers

Blessing Ibunge in PortHarcourt

Some aggrieved women yesterday took their protest to the office of the Port Harcourt Electricity Distribution (PHED) in Mile 1 Diobu, Rivers State, alleging total blackout in the

Mile 2 and Mile 3 axis in Port Harcourt. The protesting women marched through Dim, Wokoma, Wokoma lane, Obaziolu, Dim lane, Egbuagu, Azikiwe, Ojoto Streets before heading to the PHEDC office.

They were sighted with different placards with inscriptions such as ‘No light, no bill’. ‘Dim Street no light’. ‘No light, no payment’. ‘The Heat is too much’, among others. Meanwhile, the Managing Director of the Port Harcourt

Electricity Distribution (PHED) PLC, Dr. Benson Uwheru, has sympathised with customers within their coverage over the challenge of blackouts that ran into days, as a result of the recent national electricity power grid collapse.

T H I S D AY • WEDNESDAY, FEBRUARY 07, 2024

WEDNESdaysports

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

0811 181 3083 SMS ONLY

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

Super Eagles, Bafana Bafana in Crunchy Battle for Final Ticket Duro Ikhazuagbe Today’s AFCON 2023 semi final clash between Nigeria and South Africa has generated so much tension beyond the Ivorian city of Bouake. It is not the first time that both countries will be meeting at this stage of the African football showpiece. But this particular match appears one that the South Africans are looking forward to to make a statement. When Bafana Bafana won their only title on home soil in 1996, Super Eagles were not at that tournament to defend the title they won two years earlier in Tunisia. Nigeria’s then maximum ruler, Sani Abacha denied, Stephen Keshi and his teammates the opportunity to retain the trophy. It was the fallout of Nelson Mandela’s call for the imposition of sanctions on Nigeria over the execution of environmental rights activist, Ken Saro Wiwa, and eight others in November 1995. Super Eagles were then ‘hot’ and the team of the moment in the continent. The squad was the partly made up of the ‘Golden Generation’ and the emerging new stars. Part of that

team went on to the 1996 Atlanta Olympics to win the men’s football tournament for Africa for the first time. The Jo Bonfrere lads subdued both Argentina and Brazil enroute winning the Olympic football gold for Nigeria. While the South Africans were celebrating winning the 1996 AFCON, the majority of Nigerian football fans dismissed the feat of the Bafana Bafana, insisting that they did so because of the absence of the Super Eagles. South Africans felt offended by such insinuations. Of course, CAF’s punishment to Nigeria for boycotting the AFCON in South Africa meant the Super Eagles were not going to play at the next edition hosted by Burkina Faso two years later in 1998. But as joint AFCON hosts with Ghana in year 2000, Super Eagles returned from the self-inflicted ‘exile’ to beat South Africa 2-0 at this same semi final stage. Tijani Babangida scoring both goals, and four years later, an Eagles’ team wounded by Morocco in their first match descended heavily on the Bafana, beating the latter 4-0 in

TODAY Nigeria v S’Africa (6pm) C’ d’Ivoire v DR Congo (9pm) a group phase match in Monastir, Tunisia. Four years ago at Egypt 2019, the Super Eagles edged the Bafana Bafana 2-1 in the quarter finals in Cairo, with the goals scored by Samuel Chukwueze and William Troost-Ekong. Both players will be in action in Bouake this evening with Ekong leading the squad on the field while Chukwueze is likely to

play some part in the proceedings. It is against this backdrop that, perhaps, informed why South African Head Coach Hugo Broos, is full of trepidation. The former Belgium international who won the 2017 AFCON edition with Cameroon, has high regards for Eagles. “When I saw them against Angola, they looked a good team. “They have a very good side and some very good players, like the player scoring the goals, Ademola Lookman — he’s a very good player. “So we have to analyse a bit more … and we will see how we can use the weaknesses, but also look at the good qualities — and there are a

lot of good qualities in that team,” stressed the Bafana gaffer who is obvious aware of another date with Super Eagles in a 2026 World Cup qualifying match in Uyo in June. “It will also be a bit special (today’s match in Bouake) because in a few months we play them (Nigeria) in the World Cup qualifiers. So it can be a test for both of us,” he concluded. If Jose Peseiro is counting on his team with the best defence in this tournament, conceding just one goal so far, Hugo Broos also have a compact team, mostly from Mamelodi Sundowns. Ten players from this team owned by CAF President, Patrice Motsepe, are

in South Africa’s 27-man squad. In short, nine of them played in Bafana’s energy sapping quarter final clash with Cape Verde where they booked the ticket for the semi final clash with Nigeria this evening.They equally have in Romwen Williams, a magnificent goalkeeper whose heroics of stopping four penalty kicks by Cape Verde has made him sure bet for the golden glove award of the tournament in Côte d’Ivoire. Whether Super Eagles' Goalkeeper Stanley Nwabali's experience with South Africa’s Chippa United will count as advantage will be known at the end of 90 minutes this evening in Bouake.

...Osimhen Declared Fit to Face South Africa

The doubts surrounding the availability of African Player of the Year, Victor Osimhen, for Nigeria’s clash with South Africa in Wednesday's semi final has been cleared. Media Officer of the Super Eagles, Babafemi Raji, announced Tuesday evening that the Napoli front man has been declared fit by the team's medical crew and so fit to lace his boots against the Bafana Bafana. Raji's brief statement read: "Victor Osimhen has been declared fit and available for selection in the semi-final clash against South Africa on Wednesday. " He has joined the team in Bouaké and has trained with the squad today," the Media Officer of the team stressed in the statement issued Tuesday evening

from Bouake. Osimhen didn’t travel with the team to Bouake on Monday because he had some abdominal pain and required medical clearance before linking up with the rest of the squad in Bouake. A doctor was detailed from the Super Eagles medical crew to be on his case back in camp in Abidjan The all-clear verdict of Eagles doctors for the Nigerian talisman must be sweet news to millions of supporters of the three-time African champions who are dreaming of a fourth title at Côte d’Ivoire 2023. Osimhen has only scored a goal and one assist in this tournament but his overall performance has propelled the Super Eagles to this Last 4 stage of the tournament.

Super Eagles at training yesterday in Bouaké, Côte d’Ivoire ahead of this evening's AFCON 2023 semi final clash with South Africa’s Bafana Bafana

MTN Roots for Eagles to Lift AFCON Semifinals Live on StarTimes the Trophy in Côte d’Ivoire

Ahead of today’s crucial outing at the 34th Africa Cup of Nations in Cote d’Ivoire, MTN Nigeria, the official and exclusive communications partner of the Nigerian Football Federation, has sent a note of support to the Super Eagles of Nigeria. The Eagles will play against South Africa’s Bafana Bafana today in a semi-final match that will be watched by millions around the world. ‘’As always, we are solidly behind our boys, and wish them a well-deserved victory,” says MTN Nigeria CEO, Karl Toriola. ‘’I am sure I speak for all Nigerians and fans of Nigerian football everywhere when I say we are actively rooting for you, and confident that you will not only emerge victorious over the South African team on Wednesday, but you will bring the AFCON trophy back home again.” MTN Nigeria has been a big supporter of Nigerian football for 20 years and counting; partnering the Nigeria Football Federation

and the Nigerian Premier Football League. MTN’s support of the Super Eagles, and all other national teams is part of a long-standing tradition from the highest levels to state and grassroots teams. In addition to expanding the scope and depth of this support as official communications partner, the company has invested billions in the development of local football. “We are building a sustainable legacy of collaboration, growth and development in the football space and remain grateful to the players, coaches, technical teams and supporters club; for bringing exciting experiences and joy to all Nigerians through a game we all love so much. “We want the Eagles to know as they go out to play at the Stade de la Paix in Bouake on Wednesday, that MTN is delighted at their performance so far, thrilled about the game we know they’ll play tomorrow, and confident that they will make all Nigerians proud,” the MTN Nigeria statement concluded.

AFCON semi-final matches are set to serve up a continental feast on Wednesday as Nigeria face South Africa at 6pm while host nation Côte d’Ivoire square-up with DR Congo at 9pm. Both matches will be aired on StarTimes’ Sports Premium and Beta Sports channels as low as N1500 weekly, as well as the StarTimes-ON mobile app. Nigeria, the three-time champions, arrive with the swagger of a team on a mission. Victor Osimhen and Moses Simon are capable of weaving magic on their own. The Super Eagles of Nigeria are brimming with an insatiable hunger for glory, while the resurgent Bafana Bafana of South Africa have a point to prove and a never-say-die spirit. South Africa, the 1996 champions, are a team reborn. After years of wilderness, they've rediscovered their fighting spirit. They've silenced doubters with their resilience, grinding out results with a newfound defensive solidity. But can they match the attacking fireworks of the Super Eagles? The stakes are high. Will Nigeria continue their dominant march, or will South Africa spring a surprise and rewrite the script? The fate will be sealed on Wednesday live on StarTimes, starting at 6pm.

Their only previous meeting at the same stage, at the National Stadium in Lagos when Nigeria co-hosted the 2000 finals with Ghana, ended 2-0 in favour of Nigeria. South Africa has only beaten

Nigeria twice in 14 previous meetings at full senior level, though Nigeria edged an African Nations Championship clash by beating the hosts 3-1 in Cape Town in 2014. The pre-match banter is already

spicy. Nigerian fans are confident, their chants echoing "We are the Champions!" South African supporters are fired up, reminding everyone that Bafana Bafana are back with a vengeance.

Fans Eager to Celebrate S’Eagles’ AFCON Final Ticket with Goldberg, Life & ZAGG Fans and loyal consumers of Nigerian Breweries brands Goldberg, Life Continental beer and Zagg energy malt drink have reiterated their desire to continue with the Super Eagles as they step up their chase for a fourth AFCON title in Cote d’Ivoire. After dispatching Angola in the quarter-final stage, the next assignment for the Super Eagles is a tricky semi-final tie against South Africa’s Bafana Bafana who dramatically edged out Cape Verde on penalties. Wednesday’s clash in Bouake is a direct repeat of the AFCON 2000 semi-final in which Nigeria triumphed 2-0 over South Africa at the National Stadium Surulere, in the heart of Lagos. Twenty-four years down the line,

fans remain positive that with the kind of support the trio of Goldberg, Life and ZAGG have been able to galvanise for the Super Eagles, they should be soaring into the final in style. With each matchday, fans eagerly anticipate not just the game, but also the immersive experiences created by these brands. Goldberg has painted the nation gold with exhilarating viewing centres, transforming them into vibrant hubs of Super Eagles pride. "The viewing centres are incredible," exclaims Tolu Ashaolu, a Lagos fan. "The energy is electric, the decorations are amazing, and the screens give you the feeling you are in the stadium. It feels like we're

all cheering together, pushing the Eagles towards victory." Life Continental Beer, the official and trusted brand for the Super Eagles is also adding to the excitement with their one-of-a-kind viewing centres and high-end matchday gifts and souvenirs. The energetic displays fuelled by ZAGG Energy drink with Malt mirror the extra shift the Super Eagles are putting in to ensure they shut out all obstacles to their fourth AFCON crown. “We'll stand by them, cheering them on until the very last whistle!" Head of Marketing Communications, Nigerian Breweries Plc, Sandra Amachree declared ahead of Wednesday’s encounter.

Wednesday, February 07, 2024

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& RE A SO

Price: N400

MISSILE APC Chieftain to President Tinubu, Party

“I really do not understand the hesitation on the part of the President and the party leadership to lead the charge. Many state governments and LG Councils are being controlled by APC. The party also controls the National Assembly. Majority of State Houses of Assembly. So, it means the party can obtain the legislative consensus within one week to bring to birth State Policing” --APC Chieftain, Gbenga Olawepo-Hashim, calling Tinubu and his party to actualise State Policing, to stem the tide of worsening insecurity and terrorism in the country.

LAWSONOMOKHODION guest columnist

Exchange Rate Unification: President Tinubu’s Poisoned Chalice (Part 2)

The current economic crisis provides Nigeria the perfect opportunity to redefine its economic future by itself. But this can only happen if the IMF and the World Bank are interested in a better future for Nigeria. Yet the time is overdue to review and discard the undesirable consequences of SAP which we have been coerced to live with it in the last 37 years. As it is well known, the exchange rate is the major driver of the economy in an import dependent environment as Nigeria. The realistic exchange rate can only be determined through an interplay of both monetary policies and fiscal policies where the weight of importance does not tilt in favour of any side. Right now the monetary authority, the CBN, is taking unfair advantage of its position. It is through the application of the Keynesian economic model that the fiscal authorities are able to stand up to the monetary agencies. A good question to ask is why must both the federal and state governments be schooled in the lazy and false doctrine that “government has no business in business”? Examples from China, Russia, Malaysia, France, Indonesia and Bangladesh contradict this statement. Growth strategy that defined Nigeria in the 1st, 2nd, 3rd and 4th national development planning years must be reenacted. Such similar growth strategy has made Morocco, Egypt, Algeria, and Tunisia the successful economies they have become today. There is a solemn need to critically and objectively examine the contributions of public enterprises that made Nigeria a great economy in the years prior to September 1986. The SAP we implemented, taught us that only the private sector can develop the economy and therefore all commercial public enterprises must be privatized. The experience has been a calamity. It remains a mystery how the public enterprise sector which harbours the public wealth of this economy has been made redundant in the development of the country’s economy. Even the basic side of the economy, the social services, are not any better. Privatization has killed job creation in Nigeria, it has encouraged government corruption, idleness and waste, and has promoted the flight of young Nigerian professionals. The reason is that, while it is steadily developing, the private sector is yet in its infancy because most private wealth in Nigeria is derived from public resources, one way or the other. In the preamble to the 1986 SAP, the Breton woods institutions did not blame Nigeria for corruption, it only noted that Nigeria invested its petrol dollars in public enterprises that its people could not manage and therefore the enterprises did not do well. But it is not correct to say that all the public enterprises did not do well. Judging by the success of the commodity boards, the vehicle assembly plants and the rolling mills and steel companies, etc. it is correct to say that many of these enterprises did well. The public enterprises existed side by side with Lever Brothers, PZ, Flour Mills, Cadbury, John Holt, and others. However, the financial crisis that Nigeria encountered in the years of a downturn in the crude oil market in the period 1983 to 1985 affected both the public and private enterprises. A loan request of only US1 billion in 1983 to the International Monetary Fund (IMF), to address a temporary balance of payment problem and renewed in 1985 was over exploited to wreck Africa’s most prosperous economy. Nigeria was given poison to cure malaria. And years later, the oil market recovered but the Nigerian prosperity had gone for good. That was how darkness enveloped Nigeria till this day. In its report on July 12, 2021, the Director-General of Bureau of Public Enterprises (BPE), announced that between the years of 1989 and 2020, a total of 234 federal public enterprises were privatized and the federal government realized a princely sum of one trillion naira as proceeds from the exercise. The affected privatized sectors were in agriculture (32), banking and finance (31), cement (15), energy, construction and services (14), hotels and tourism (13), industry and manufacturing (9), oil and gas (1), ports (31), mines and steel (38), automobile (8),

President Bola Tinubu paper and packaging (4), sugar (4), and telecoms (1). Companies that could have benefited from sensible recapitalization efforts, like NAFCON, Nigeria Shipping Company, Newsprint Manufacturing Company, Delta steel company, Volkswagen of Nigeria, Peugeot Automobile of Nigeria, ALSCON, Nigeria Airways and a myriad of others were sold off. The jobs created by these companies were laid to waste because many of the buyers merely stripped these companies and deposited the proceeds in their foreign bank accounts. Monies realized as privatization proceeds were embezzled, and/or wasted, workers were retrenched in their millions and no replacement has come ever since. University graduates are being produced into an unemployment market in tens of thousands annually. Nigerians have become “hewers of wood and drawers of water.” In 37 years, we have lived with these consequences. And most tragically, the raw materials used by most of the so-called private sector companies in Nigeria are imported and because they are not grown or made in Nigeria, they have created no new skilled jobs except in sales/marketing, finance, and accounting. A quick look at the pharmaceutical companies, as an example, will note that their research and development (R&D) departments are located, in their corporate headquarters in home countries and therefore the biochemists, biological sciences, chemistry and physics graduates and pharmacists produced by Nigerian universities are either teaching in schools or in sales department but not in their defined area of study. Yet this mindless privatization exercise continues as we speak. If an economic prescription has brought more problems than solution, why can we not change it? Are we welded to the discredited recommendations of the Breton Woods with no capacity to forge a new path? Nigeria has lost both ways – first in job creation and in foreign exchange loss. Why must we remain in this blind alley? President Tinubu’s government has a unique opportunity to redress this bad situation and possibly call for a new economic dialogue. The sole reliance on private sector as the Nigerian engine of economic growth is unconstitutional. In Article 16 (1)(a) to (d); (2)a, b, c, and d; (3)a and b; and (4)a, b and c; of the 1999 Nigerian constitution, as amended, the role of government in the economic life of the country is clearly defined. The constitution prescribes the involvement of government in all aspects of ownership, production, distribution and control of “economic activities.” So why is the State, at federal,

state and local government levels shying away from their fiscal responsibilities? The 1972 and 1977 indigenization decrees (Acts), were designed to specifically create jobs for Nigerians. Therefore, both federal and state governments must return to the constitution so that the youths can regain their buoyancy in accessing quality jobs and be able to make their contributions to the nation’s economic growth. At present there exists a code of professional conduct for company directors, well trained, experienced and knowledgeable managers of the economy exist all over the land, and the anti-corruption agencies like the EFCC and ICPC are available to look into the conduct and operations of government companies, when directed to do so. Public accounting firms exist at both small and large scale levels. No on can claim any dearth of executive capacity now. Can anyone imagine what the involvement of local government, state government and federal government authorities would mean to job creation if the 774 local government areas, 36 state governments plus FCT, 108 senatorial districts, and the federal government begin to set up properly programmed companies, along side the private sector, in their various localities in Nigeria? These companies would have been carefully planned out as revealed in a feasibility study and if they are cottage industries based on local raw materials, the government can go it alone and if needed, partnership with private individuals and other private corporate entities would be adequate. The LNG model is recommended for medium scale and large enterprises and will be ideal for government participation in these companies. Government can always provide land, infrastructure, or funds as their share of equity in companies they wish to invest in. The present situation where governors play with security votes and privatise a sizeable share of the monthly statutory allocations is unhealthy. The effect of this corruption on the naira exchange rate and the instability it creates in the black market is killing the economy. Let these monies be put into productive use as was the practice in the days of the four Nigerian regions and the 12-state structure in Nigeria. Contributions to the nation’s GDP from the new jobs and prosperity that will arise from government participation in industry plus the steady development of the private sector in its contribution to the economy will be good for Nigeria. The initial dislocation caused by the exchange rate unification can become an impetus for a radical transformation of the economy under President Tinubu. This poisoned chalice should be neutralized. Both the Nigerian private and public sectors must produce to achieve a usable and dynamic exchange rate. It is impossible to hold down the public sector so that the private sector can grow. It is akin to the outcome of the quota system we have practiced over several decades. It has failed. The wonderful example of former governor Udom Emmanuel of Akwa Ibom state in the establishment of the “IBOM AIR” is an example of a public enterprise project. The expected national carrier, Nigeria Airline, currently mired in an unending controversy is a must for Nigeria. The interview granted by Yemi Cardoso, CBN governor, to AriseTV on Monday, February 5, 2024, specifically mentioned the huge arrears of debt the CBN held before he became the CBN chief. It was estimated at US$7 billion and after a forensic audit by Deloitte management consultancy, a total of US$2.3 billions was found to be fraudulent or invalid while US$2.4 billion had been paid. All the companies that submitted the fraudulent claims must be investigated to determine other fraudulent foreign exchange activities they have been involved in the past eight years. The banks that acted as the channels to submit these invalid claims must be penalized and fined up to the amount of the claims. To date, the sum of US$2.2 billion remains outstanding but to be settled soon. Of the paid and outstanding debt were hundreds of millions of debt owed to foreign airlines. Nigerians can only imagine what a properly managed national

airline, with flights to major capital cities of the world, would do in reducing debts arising from remittances of ticket sales and profits to foreign airlines. A Nigerian airline will operate using the local currency and only bothers to access foreign exchange to buy spares and repatriate dividends to foreign equity partners. This economy has a huge potential for growth. However, the naira exchange rate cannot be treated in a cavalier manner if a sustained growth is anticipated. The current exchange rate management style is inimical to economic growth. Despite the CBN governor’s explanation in his recent interview, it is totally beyond comprehension how the official exchange rate moved from N463/$ to N785/$ on June 14, 2023 and then to N1,456/$ on January 30, 2024? This rate has made life unbearable for both rich and poor Nigerians and has created a permanent structure for the immiseration of the people. The Nigerian economy cannot recover from this blow in the next several decades except it is part of a strategy to revalue the currency. Many of us do not support running a race with the black market in the dollar chase. It is also unethical and immoral to allow a shallow and supply starved black market to determine the exchange rate of the naira. The idea that the parallel market woke up to N1,400/$ and the official CBN rate followed it with a rate of N1,482.57/$ in a race of supremacy is distressing to this economy. It is obvious that the naira has finally lost whatever honour and value it previously held even in the eyes of the CBN. The clamp down of the excessive net open positions for Nigerian banks and the new restrictions placed on IMTOs (International Money Transfer Operators) banning them from outward foreign exchange transfers are steps in the right direction. Similarly, mandating banks to pay inward foreign exchange transfers only in naira into payees bank accounts is a good step. Similarly, restricting dollar payment of US$200 maximum to beneficiaries of inward foreign exchange transfer is encouraging. But the big fish in the waters remains the government officials - state governors, NASS members, ministers, local government chairmen and assembly speakers who give strength and vitality to the black market after every statutory allocation. Corruption and corruption and corruption is killing Nigeria. The delay in reconstituting the full board of the CBN and in calling a meeting of the MPC (Monetary Policy Committee) by the CBN governor is not acceptable as it denies the CBN of guidance and diverse perspectives. It was gladdening, when Cardoso announced at his interview, that a meeting of the MPC would be called before the end of February. The exchange rate of the naira is important to the citizens of this country not only in the determination of the general price levels but in the assessment of the personal worth of individuals. Every move that devalues the naira devalues its citizens and sinks the poor deeper in poverty. In the structural adjustment programme commencing in 1986 the second-tier foreign exchange market (SFEM) was the mechanism that was used to systematically devalue the currency over several years. The CBN and the Finance Ministry should now consider introducing a variant of SFEM and use the mechanism to achieve a revaluation of the naira. The CBN governor agrees that the naira is undervalued. Experts believe that the naira is currently undervalued by as much as 65%. A new SFEM should be used to promote the productive sectors of the economy and should not allow frivolous imports in the market. The guidelines to banks under the new SFEM should clearly indicate the list of items not eligible on the market, such as foreign school fees, tooth picks, matches, electronics, food items available locally, and only airline remittances for tickets where the users are resident in and flights originating from Nigeria and not anywhere else. Continued online

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